<PAGE>
LIQUID ASSET PORTFOLIO
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
A0076 08/00
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Liquid Asset Portfolio
TED GIULIANO & JOSEPHINE MAHANEY, PORTFOLIO CO-MANAGERS
Neuberger Berman AMT Liquid Asset Portfolio produced a 2.60% return during
the first six months of 2000,(1) while its benchmark, the iMoneyNet Inc. Taxable
First Tier Retail Average, produced a 2.71% return. The portfolio's current and
effective (compounded) yields as of June 30, 2000 were 5.84% and 6.01%
respectively.(2)
Overall, the first half of 2000 was a very good period for money market
securities. The Federal Reserve Board raised interest rates three times, by a
total of 100 basis points, to 6.50%. The moves were an attempt to forestall a
re-acceleration of inflation in a fast-growing economy, and caused money market
yields to rise.
The money markets were also affected by a widening of spreads over Treasury
securities as investors continued to seek refuge from broad market volatility by
buying short-term paper. Buyers of Treasury debt flooded the market after the
Treasury department announced plans to significantly reduce the national debt,
but corporations continued to be heavy issuers of commercial and floating rate
paper.
During the second quarter, yields rose sharply on 90-day agency discount
notes--from 32 basis points over Treasuries on March 31 to 73 basis points over
Treasuries on June 30. Commercial paper likewise rose from 40 basis points over
Treasuries on 90-day paper on March 31 to 87 basis points over on June 30.
Similar yield spikes were seen in 180-day agency discount notes and commercial
paper during the period.
In this investment environment, we maintained a relatively defensive posture
as the Fed completed its work, with an emphasis on maintaining a very
high-quality and liquid portfolio. Through April, we generally maintained an
emphasis on short paper, concentrating the fund's assets in 90-day and floating
rate securities with 7- or 30-day puts. In May and early June, we sharply
increased our positions in longer term paper, giving a significant boost to
overall yield. We also significantly increased the portfolio's holdings in
commercial paper (82.5% of net assets as of June 30, 2000) and variable-rate
securities (15.2% of net assets), while eliminating the position in U.S.
government agency securities (0% of net assets). Other instruments in the
portfolio included certificates of deposit (4.3% of net assets).
Looking forward, we remain optimistic about the fixed-income markets. U.S.
economic growth appears to be strong, and although inflation remains low due to
productivity gains, the Federal Reserve Board may have completed its rate
increases for 2000. These developments have the potential to benefit the
portfolio, and we intend to continue to carefully monitor the yield curve.
Meanwhile, we believe that money market securities remain a very attractive
alternative for investors with cash that is earmarked for capital preservation
or is awaiting reinvestment in longer-term markets.
Sincerely,
/s/ Ted Giuliano /s/ Josephine Mahaney
TED GIULIANO JOSEPHINE MAHANEY
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
A-1
<PAGE>
PORTFOLIO MANAGERS' COMMENTARY (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000
--------------------------------------------------------------------------------
Liquid Asset Portfolio
(1)4.89%, 4.66% and 5.34% were the average annual returns for the 1-, 5-year and
since inception periods ended June 30, 2000. Results are shown on a "total
return" basis and include reinvestment of all dividends and capital gain
distributions. Performance data quoted represents past performance, which is
no guarantee of future results. Although the portfolio is managed to maintain
a stable net asset value of $1.00, the investment return and principal value
of an investment may fluctuate so that the shares, when redeemed, may be
worth more or less than their original cost. The value of the Portfolio's
shares, like the share values of all other mutual funds, is neither insured
nor guaranteed by the U.S. Government. Neuberger Berman Management Inc.
currently absorbs certain operating expenses of the Portfolio. Absent such
arrangement, which is subject to change, the total returns would have been
less. The performance does not reflect separate account and insurance policy
fees and expenses.
The iMoneyNet Inc. Taxable First Tier Retail Average is an unweighted average
of 311 money market funds. Please note that indices do not take into account
any fees and expenses of investing in the individual securities that they
track, and that individuals cannot invest directly in any index.
Data about the performance of this index are prepared or obtained by
Neuberger Berman Management Inc. and include reinvestment of all dividends
and capital gains distributions. The portfolio invests in many securities not
included in the above-described index. The composition, industries and
holdings of the portfolio are subject to change. Shares of the separate
Portfolios of Neuberger Berman Advisers Management Trust are sold only
through the currently effective prospectus and are not available to the
general public. Shares of the AMT Portfolios may be purchased only by life
insurance companies to be used in their separate accounts that fund variable
annuity and variable life insurance policies and by qualified pension and
retirement plans.
(2)"Current yield" refers to the income generated by an investment in the
portfolio over a 7-day period. This income is then "annualized." The
"effective yield" is calculated similarly but, when annualized, it is assumed
that the income earned by an investment in the Fund is reinvested. The
"effective yield" will be slightly higher than the "current yield" because of
the compounding effect of this assumed reinvestment. Yields of a money market
fund will fluctuate and past performance is no guarantee of future results.
An investment in a money market fund is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund.
This material is authorized for distribution only when preceded or
accompanied by a current prospectus.
A-2
<PAGE>
SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
Principal Rating
Amount Moody's S&P Value(1)
--------------------- -------- -------- -----------
<C> <S> <C> <C> <C>
ASSET-BACKED COMMERCIAL PAPER
(16.1%)
$ 500,000 Monte Rosa Capital Corp.,
6.55%, due 7/17/00 P-1 A-1+ $ 498,545
1,000,000 Corporate Receivables Corp.,
6.53%, due 7/18/00 P-1 A-1+ 996,916
845,000 Ciesco LP, 6.60%, due 7/24/00 P-1 A-1+ 841,437
640,000 Corporate Asset Funding
Company, Inc., 6.56%,
due 8/7/00 P-1 A-1+ 635,685
750,000 GOVCO Inc., 6.42%,
due 8/14/00 P-1 A-1+ 744,115
-----------
TOTAL ASSET-BACKED COMMERCIAL
PAPER 3,716,698
-----------
CORPORATE COMMERCIAL PAPER
(66.4%)
758,000 UBS Finance, Inc., 7.00%,
due 7/3/00 P-1 A-1+ 757,705
835,000 Metlife Funding, Inc., 6.12%,
due 7/5/00 P-1 A-1+ 834,432
502,000 Emerson Electric Co., 6.52%,
due 7/6/00 P-1 A-1+ 501,546
400,000 American Express Credit Corp,
6.75%, due 7/7/00 P-1 A-1 399,550
745,000 Province of Ontario, 6.06%,
due 7/7/00 P-1 A-1+ 744,247
600,000 Vulcan Materials Co., 6.51%,
due 7/10/00 P-1 A-1 599,023
570,000 USAA Capital Corp., 6.43%,
due 7/10/00 P-1 A-1+ 569,084
300,000 Westpac Capital Corp., 6.09%,
due 7/12/00 P-1 A-1+ 299,442
695,000 General Electric Capital
Corp., 6.55%, due 7/13/00 P-1 A-1+ 693,483
840,000 Gannett Co., Inc., 6.55%,
due 7/19/00 P-1 A-1+ 837,249
418,000 General Motors Acceptance
Corp., 6.19%, due 7/25/00 P-1 A-1 416,275
900,000 Potomac Electric Power
Company, 6.58%, due 8/2/00 P-1 A-1+ 894,736
715,000 E.I. Dupont de Nemours & Co.,
6.55%, due 8/11/00 P-1 A-1+ 709,666
800,000 British Telecommunications
PLC, 6.64%, due 8/31/00 P-1 A-1+ 790,999
535,000 American Express Credit Corp.,
6.58%, due 9/1/00 P-1 A-1 528,937
400,000 Merrill Lynch & Co., Inc.,
6.60%, due 9/8/00 P-1 A-1+ 394,940
250,000 British Telecommunications
PLC, 6.07%, due 9/15/00 P-1 A-1+ 246,796
174,000 Motorola, Inc., 6.60%,
due 9/18/00 P-1 A-1 171,480
640,000 Anheuser-Busch Companies,
Inc., 6.20%, due 9/25/00 P-1 A-1 630,521
750,000 Motorola, Inc., 6.57%,
due 9/27/00 P-1 A-1 737,955
481,000 SBC Communications, Inc.,
6.20%, due 10/2/00 P-1 A-1+ 473,296
515,000 AT&T Corp., 6.56%,
due 10/3/00 P-1 A-1+ 506,179
550,000 Goldman Sachs Group, Inc.,
6.25%, due 10/6/00 P-1 A-1+ 540,738
750,000 DaimlerChrysler Holding Corp.,
6.59%, due 10/11/00 P-1 A-1 735,996
600,000 Prudential Funding Corp.,
6.23%, due 10/11/00 P-1 A-1 589,409
</TABLE>
B-1
<PAGE>
SCHEDULE OF INVESTMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
Principal Rating
Amount Moody's S&P Value(1)
--------------------- -------- -------- -----------
<C> <S> <C> <C> <C>
$ 500,000 Goldman Sachs Group, Inc.,
6.61%, due 10/16/00 P-1 A-1+ $ 490,177
286,000 General Electric Capital
Corp., 6.65%, due 11/22/00 P-1 A-1+ 278,392
-----------
TOTAL CORPORATE COMMERCIAL
PAPER 15,372,253
-----------
TAXABLE REVENUE BONDS (15.2%)
1,000,000 Riverside County California,
Certificates of Participation,
Ser. 1997, 6.85%, VRDN
due 11/1/27 MIG1 A-1+ 1,000,000
800,000 Los Angeles California Multi
Family Housing, Revenue Bonds,
Ser. 1999 Q, 6.60%, VRDN
due 4/15/33 MIG1 A-1+ 800,000
1,000,000 Rhode Island Student Loan,
Revenue Bonds, Ser. 4, 6.60%,
VRDN due 12/1/34 MIG1 A-1+ 1,000,000
700,000 Florida Housing Finance Corp.,
Revenue Bonds, Ser. 1999 A,
6.55%, VRDN due 1/1/44 MIG1 A-1+ 700,000
-----------
TOTAL TAXABLE REVENUE BONDS 3,500,000
-----------
CERTIFICATE OF DEPOSIT (4.3%)
1,000,000 First Union National Bank NC,
7.00%, due 11/22/00 P-1 A-1 1,000,000
-----------
TOTAL INVESTMENTS (102.0%) 23,588,951
Liabilities, less cash,
receivables and other assets
[(2.0%)] (452,087)
-----------
TOTAL NET ASSETS (100.0%) $23,136,864
-----------
</TABLE>
SEE NOTES TO SCHEDULE OF INVESTMENTS
B-2
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
1) Investment securities of the Fund are valued at amortized cost, which
approximates U.S. Federal income tax cost.
SEE NOTES TO FINANCIAL STATEMENTS
B-3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
June 30,
2000
(UNAUDITED)
<S> <C>
-------------
ASSETS
Investments in securities, at value (Cost
$23,588,951)
(Note A) -- see Schedule of Investments $ 23,588,951
Cash 841
Interest receivable 23,717
Prepaid expenses and other assets 135
-------------
23,613,644
-------------
LIABILITIES
Payable for Fund shares redeemed 336,250
Dividends payable 109,488
Accrued expenses 18,682
Payable to administrator (Note B) 7,606
Payable to investment manager (Note B) 4,754
-------------
476,780
-------------
NET ASSETS at value $ 23,136,864
-------------
NET ASSETS consist of:
Par value $ 23,138
Paid-in capital in excess of par value 23,115,577
Accumulated net realized loss on investments (1,851)
-------------
NET ASSETS at value $ 23,136,864
-------------
SHARES OUTSTANDING
($.001 par value; unlimited shares
authorized) 23,138,715
-------------
NET ASSET VALUE, offering and redemption price per
share $1.00
-------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-4
<PAGE>
STATEMENT OF OPERATIONS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Liquid Asset Portfolio
<TABLE>
<CAPTION>
For the
Six Months
Ended
June 30,
2000
(UNAUDITED)
<S> <C>
-----------
INVESTMENT INCOME
Interest income $ 694,049
-----------
Expenses:
Administration fee (Note B) 45,607
Investment management fee (Note B) 28,559
Custodian fees (Note B) 16,368
Shareholder reports 6,967
Amortization of deferred organization and
initial offering expenses (Note A) 1,480
Trustees' fees and expenses 1,009
Legal fees 759
Auditing fees 525
Miscellaneous 3,414
-----------
Total expenses 104,688
Expenses reduced by custodian fee expense
offset arrangement (Note B) (297)
-----------
Total net expenses 104,391
-----------
Net investment income 589,658
-----------
REALIZED LOSS ON INVESTMENTS
Net realized loss on investment
securities sold (281)
-----------
Net increase in net assets
resulting from operations $ 589,377
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Neuberger Berman Advisers Management Trust
--------------------------------------------------------------------------------
Liquid Asset 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 $ 589,658 $ 651,927
Net realized gain (loss) on
investments (281) (46)
--------------------------
Net increase in net assets resulting
from operations 589,377 651,881
--------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (589,658) (651,927)
--------------------------
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 17,794,951 18,043,401
Proceeds from reinvestment of
dividends 544,831 639,312
Payments for shares redeemed (20,991,384) (7,723,441)
--------------------------
Net increase (decrease) from Fund
share transactions (2,651,602) 10,959,272
--------------------------
NET INCREASE (DECREASE) IN NET ASSETS (2,651,883) 10,959,226
NET ASSETS:
Beginning of period 25,788,747 14,829,521
--------------------------
End of period $ 23,136,864 $25,788,747
--------------------------
NUMBER OF FUND SHARES:
Sold 17,794,951 18,043,401
Issued on reinvestment of dividends 544,831 639,312
Redeemed (20,991,384) (7,723,441)
--------------------------
Net increase (decrease) in shares
outstanding (2,651,602) 10,959,272
--------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS
B-6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1) GENERAL: Liquid Asset 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 Liquid Asset 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
Liquid Asset Investments in return for delivery of the portfolio securities,
at current net asset value, subject to the liabilities of AMT Liquid Asset
Investments.
It is the policy of the Fund to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, valuation, and
dividend and distribution policies, which conform to general industry
practice, to enable it to do so. However, there is no assurance the Fund will
be able to maintain a stable net asset value per share.
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. Interest income, including accretion of
discount (adjusted for original issue discount, where applicable) and
amortization of premium, where applicable, 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: It is the policy of the Fund to
declare dividends from net investment income on each business day; such
dividends are paid and reinvested monthly. Distributions from net realized
capital gains, if any, are normally distributed in February. To the extent
the Fund's net realized capital gains, if any, can be offset by capital loss
carryforwards ($1,012, $496, $16, and $46, expiring in 2002, 2005, 2006, and
2007, respectively, determined as of December 31, 1999), it is the policy of
the Fund not to distribute such gains.
B-7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
The Fund distinguishes between dividends on a tax basis and a financial
reporting basis and only distributions in excess of tax basis earnings and
profits are reported in the financial statements as a return of capital.
Differences in the recognition or classification of income between the
financial statements and tax earnings and profits which result in temporary
over-distributions for financial statement purposes are classified as
distributions in excess of net investment income or accumulated net realized
gains.
6) ORGANIZATION EXPENSES: Organization expenses incurred by the Fund were fully
amortized as of June 30, 2000.
7) 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.
8) REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements with
institutions that the Fund's investment manager has determined are
creditworthy. Each repurchase agreement is recorded at cost. The Fund
requires that the securities purchased in a repurchase transaction be
transferred to the custodian in a manner sufficient to enable the Fund to
obtain those securities in the event of a default under the repurchase
agreement. The Fund monitors, on a daily basis, the value of the securities
transferred to ensure that their value, including accrued interest, is
greater than amounts owed to the Fund under each such repurchase agreement.
NOTE B -- MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS, AND
OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life insurance
policies issued through separate accounts of life insurance companies.
The Fund retains Neuberger Berman Management Inc. ("Management") as its
investment manager under a Management Agreement. For such investment management
services, the Fund pays Management a fee at the annual rate of 0.25% of the
first $500 million of the Fund's average daily net assets, 0.225% of the next
$500 million, 0.20% of the next $500 million, 0.175% of the next $500 million,
and 0.15% of average daily net assets in excess of $2 billion.
The Fund retains Management as its administrator under an Administration
Agreement ("Agreement"). Pursuant to this Agreement the Fund pays Management an
administration fee at the annual rate of 0.40% of the Fund's average daily net
assets.
Effective May 1, 1995, the trustees of the Trust adopted a non-fee
distribution plan for each series of the Trust.
Management has contractually undertaken through April 30, 2001 to reimburse
the Fund for its operating expenses (including the fees payable to Management,
but excluding 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 $297.
B-8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Cont'd)
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
NOTE C -- 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
--------------------------------------------------------------------------------
Liquid Asset Portfolio(1)
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<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 $.9999 $ .9999 $ .9999 $ .9999 $1.0000 $ .9997
-----------------------------------------------------------------------
Income From Investment Operations
Net Investment Income .0257 .0419 .0456 .0461 .0443 .0493
Net Gains or Losses on Securities -- -- -- -- (.0001)(2) .0003
-----------------------------------------------------------------------
Total From Investment Operations .0257 .0419 .0456 .0461 .0442 .0496
-----------------------------------------------------------------------
Less Distributions
Dividends (from net investment
income) (.0257) (.0419) (.0456) (.0461) (.0443) (.0493)
-----------------------------------------------------------------------
Net Asset Value, End of Period $.9999 $ .9999 $ .9999 $ .9999 $ .9999 $1.0000
-----------------------------------------------------------------------
Total Return(3) +2.60%(4) +4.27% +4.66% +4.71% +4.52% +5.04%
-----------------------------------------------------------------------
Ratios/Supplemental Data
Net Assets, End of Period (in
millions) $ 23.1 $ 25.8 $ 14.8 $ 13.4 $ 13.5 $ 31.9
-----------------------------------------------------------------------
Ratio of Gross Expenses to Average
Net Assets(5) .92%(6) 1.01% 1.01% 1.01% 1.01% 1.02%
-----------------------------------------------------------------------
Ratio of Net Expenses to Average Net
Assets(7) .92%(6) 1.00% 1.00% 1.00% 1.00% 1.01%
-----------------------------------------------------------------------
Ratio of Net Investment Income to
Average Net Assets 5.17%(6) 4.21% 4.56% 4.61% 4.44% 4.90%
-----------------------------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL HIGHLIGHTS
B-10
<PAGE>
NOTES TO FINANCIAL HIGHLIGHTS
Neuberger Berman Advisers Management Trust June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Liquid Asset Portfolio
1) The per share amounts and ratios which are shown reflect income and expenses,
including the Fund's proportionate share of AMT Liquid Asset Investment's
income and expenses under the prior master/feeder fund structure.
2) 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 year because
of the timing of sales and repurchases of Fund shares.
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. Total return would
have been lower if Management had not reimbursed certain expenses. 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.
7) 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>
YEAR ENDED DECEMBER 31,
1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Expenses 1.09% 1.14% 1.12% 1.21% 1.25%
</TABLE>
B-11
