As filed with the Securities and Exchange Commission on August 26, 2005
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4255
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
(Exact Name of the Registrant as Specified in Charter)
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices - Zip Code)
Registrant's Telephone Number, including area code: (212) 476-8800
Peter E. Sundman, Chief Executive Officer
Neuberger Berman Advisers Management Trust
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
(Names and Addresses of agents for service)
Date of fiscal year end: December 31, 2005
Date of reporting period: June 30, 2005
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (the "Act")(17 CFR 270.30e-1). The
Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the
collection of information contained in Form N-CSR unless the Form displays a
currently valid Office of Management and Budget ("OMB") control number. Please
direct comments concerning the accuracy of the information collection burden
estimate and any suggestions for reducing the burden to Secretary, Securities
and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has
reviewed this collection of information under the clearance requirements of 44
U.S.C. Section 3507.
ITEM 1. REPORTS TO SHAREHOLDERS
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
BALANCED PORTFOLIO(R)
B0731 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
BALANCED PORTFOLIO Managers' Commentary
In a stagnant period for stocks, the Neuberger Berman AMT Balanced
Portfolio's equity investments provided a modest gain in the first half of
2005, while the portfolio's fixed income investments generated a positive
total return in the face of ongoing monetary tightening by the Federal
Reserve.
At the start of 2005, prognosticators were almost unanimous in their belief
that interest rates would move higher, the dollar would drop, and stocks
would provide gains. The markets, in all three cases, moved against
prevailing wisdom, as long-term interest rates fell, the dollar traded
higher and stocks languished, even as earnings growth remained strong. The
Fed's short-term interest rate hikes, high oil prices and competition from
alternative investments all worked to hinder the stock market.
As for bonds, the early months of the year were challenging. Investors
reacted negatively to inflationary economic data and Federal Reserve
Chairman Alan Greenspan's concern that market interest rates were not
rising with the Fed Funds Rate. Later, however, fixed income securities
generally advanced (and yields fell), especially in the intermediate and
long areas of the market, apparently reflecting anticipation of an economic
slowdown. All told, the two-year Treasury yield rose from 3.1% to 3.6% over
the course of the six-month reporting period.
In the equity portion of the portfolio, security selection helped the
portfolio's six-month performance versus the index, with the largest
contributions coming from Energy, Consumer Staples and Telecom. Energy
names that did well included companies specializing in the exploration and
production of oil and gas, such as Canadian Natural Resources and
Quicksilver Resources. Within Consumer Staples, industries including
beverages and grocery stores were a primary reason for our outperformance,
with Whole Foods Market performing well. Within Telecom, our emphasis on
wireless companies helped returns, with both Nextel Partners and Western
Wireless providing standout results. Our sector allocation also boosted
relative performance, fueled by our overweight in Energy and Telecom, which
were the top performing sectors of the period.
On the downside, the largest detractor from relative performance came from
our security selection in Information Technology. Although this area of the
portfolio had strong performers such as Apple Computer, their
outperformance was more than offset by weakness in names such as Sigmatel
and Zebra Technologies.
In the portfolio's bond segment, we entered the first half of calendar 2005
in a defensive posture, with a duration (a standard measure of volatility
in response to changes in market interest rates) slightly lower than that
of our benchmark index. Reflecting our concern that low bond yields
provided little cushion to offset potential price declines, we maintained a
below average duration throughout the reporting period.
However, we enhanced yield by increasing our allocation to higher yielding
sectors, which included corporate bonds and AAA-rated asset-backed
securities, that we viewed as safe alternatives to U.S. Treasuries. We
reduced our commitment to Treasuries, and also lowered our weighting in
mortgage-backed securities because we believed that this sector would
underperform as interest rates trended higher.
Importantly, we enhanced yield in the bond portion of the portfolio while
maintaining our high credit quality standards. We have been especially
credit sensitive in the corporate bond arena. In this uneven economic
environment, in which some companies are prospering and others are
faltering, we have become even more diligent in evaluating company-specific
event risk. It has always been our policy to enhance portfolio yield
without sacrificing credit quality.
1
<Page>
Bonds have held up remarkably well in the face of this year's Federal
Reserve rate hikes, which totaled 100 basis points through June 30. We do
not believe that inflation is a near-term problem but we expect interest
rates to continue to drift higher. Consequently, we head into the second
half of 2005 with a relatively short duration in the bond segment in order
to minimize interest rate risk. We are prepared to alter our duration
stance in response to any significant change in economic trends or Fed
policy, which we are carefully monitoring.
Looking ahead at the equity market, we expect that economic concerns and
uncertainty about the Federal Reserve should keep stocks from making much
upward progress. However, relative to interest rates, equities stand to
benefit from improving valuations, particularly as earnings growth remains
good, albeit slowing from prior years.
Sincerely,
/s/ Ted Giuliano /s/ John Dugenske,
/s/ Jon D. Brorson /s/ Kenneth J. Turek
TED GIULIANO, JOHN DUGENSKE,
JON D. BRORSON, KENNETH J. TUREK
PORTFOLIO CO-MANAGERS
ASSET DIVERSIFICATION
(% BY ASSET CLASS)
Asset Backed 9.4%
Corporate Debt 17.0
Foreign Government Securities 1.6
U.S. Government Agency Securities 3.8
Mortgage-Backed Securities 0.3
U.S. Treasury Securities 1.0%
Common Stock 65.2
Short Term Investments 5.7
Liabilities, less cash, Receivables and
Other Assets (4.0)
2
<Page>
ENDNOTES
1. 1.35% was the cumulative total return for the 6-month period, 6.61%,
-4.36% and 6.07% were the average annual total returns for the 1-, 5-
and 10-year periods ended June 30, 2005. Neuberger Berman Management
Inc. ("NBMI") has agreed to absorb certain expenses of the AMT
Portfolios. Without this arrangement, which is subject to change, the
total returns of the Portfolios would be less. Total return includes
reinvestment of dividends and capital gain distributions. Performance
data quoted represent 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. Current
performance may be lower or higher than the performance data quoted.
For performance data current to the most recent month end, please
visit www.nb.com/amtperformance. The performance information does not
reflect fees and expenses of the variable annuity and variable life
insurance policies or the pension plans whose proceeds are invested in
the portfolio.
2. The Russell Midcap(R) Growth Index measures the performance of those
Russell Midcap(R) Index companies with higher price-to-book ratios and
higher forecasted growth values. The Russell Midcap Index measures the
performance of the 800 smallest companies in the Russell 1000(R)
Index, which represents approximately 25% of the total market
capitalization of the Russell 1000 Index (which, in turn, consists of
the 1,000 largest U.S. companies, based on market capitalization). 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 Merrill Lynch
1-3 Year Treasury Index is an unmanaged total return market value
index consisting of all coupon-bearing U.S. Treasury publicly placed
debt securities with maturities between 1 to 3 years. 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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 certain qualified pension and
retirement plans.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of
the table provides information
about actual account values
and actual expenses in
dollars. You may use the
information in this line,
together with the amount you
invested, to estimate the
expenses you paid over the
period. Simply divide your
account value by $1,000 (for
example, an $8,600 account
value divided by $1,000 =
8.6), then multiply the result
by the number in the first
section of the table under the
heading entitled "Expenses
Paid During the Period" to
estimate the expenses you paid
over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON
PURPOSES: The second section
of the table provides
information about hypothetical
account values and
hypothetical expenses based on
the Fund's actual expense
ratio and an assumed rate of
return at 5% per year before
expenses. This return is not
the Fund's actual return. The
hypothetical account values
and expenses may not be used
to estimate the actual ending
account balance or expenses
you paid for the period. You
may use this information to
compare the ongoing costs of
investing in this Fund versus
other funds. To do so, compare
the expenses shown in this 5%
hypothetical example with the
5% hypothetical examples that
appear in the shareholder
reports of other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BALANCED PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,013.50 $ 5.64
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,019.19 $ 5.66
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Balanced Portfolio
NUMBER OF SHARES MARKET VALUE**
COMMON STOCKS (65.2%)
AEROSPACE (0.8%)
3,000 Goodrich Corp. $ 122,880
10,500 Rockwell Collins 500,640
------------
623,520
BASIC MATERIALS (1.4%)
17,000 Airgas Inc. 419,390
12,000 Peabody Energy 624,480
------------
1,043,870
BIOTECHNOLOGY (3.0%)
19,800 Celgene Corp. 807,246*
9,100 Genzyme Corp. 546,819*
17,600 Gilead Sciences 774,224*
4,000 Martek Biosciences 151,800*
------------
2,280,089
BUILDING, CONSTRUCTION & FURNISHING (0.4%)
7,000 D.R. Horton 263,270
BUSINESS SERVICES (4.9%)
23,000 Alliance Data Systems 932,880*
13,200 CB Richard Ellis Group 578,952*
15,050 Corporate Executive Board 1,178,866^^
9,650 Getty Images 716,609*
5,900 NAVTEQ 219,362*
1,400 NeuStar, Inc. 35,840*
------------
3,662,509
COMMUNICATIONS EQUIPMENT (1.0%)
5,000 F5 Networks 236,175*
21,000 Juniper Networks 528,780*
------------
764,955
COMPUTER RELATED (0.3%)
7,000 Apple Computer 257,670*
CONSUMER DISCRETIONARY (0.9%)
6,100 Fortune Brands 541,680
3,000 Laureate Education 143,580*
------------
685,260
CONSUMER STAPLES (0.4%)
7,900 Estee Lauder 309,127
DEFENSE (0.6%)
7,000 CACI International 442,120*
DIAGNOSTIC EQUIPMENT (0.8%)
26,700 Cytyc Corp. 589,002*
ELECTRICAL & ELECTRONICS (0.8%)
12,500 Dolby Laboratories 275,750*
11,200 Jabil Circuit 344,176*
------------
619,926
ENERGY (4.6%)
18,200 Canadian Natural
Resources 662,116
15,000 Denbury Resources 596,550*
13,400 National-Oilwell Varco 637,036*
9,600 Smith International 611,520
27,233 XTO Energy 925,650
------------
3,432,872
ENTERTAINMENT (1.5%)
15,500 Station Casinos $ 1,029,200
2,100 WMS Industries 71,099*
------------
1,100,299
5
FINANCIAL SERVICES (4.4%)
26,300 CapitalSource Inc. 516,269*^^
2,100 Chicago Mercantile
Exchange 620,550
12,900 Investors Financial
Services 487,878
8,500 Legg Mason 884,935^^
13,000 Moody's Corp. 584,480
6,000 Nuveen Investments 225,720
------------
3,319,832
FOOD & BEVERAGE (0.8%)
5,300 Whole Foods Market 626,990
HEALTH CARE (5.0%)
5,000 American Healthways 211,350*
12,800 C. R. Bard 851,328
8,000 Cerner Corp. 543,760*^^
8,000 Invitrogen Corp. 666,320*
10,400 Omnicare, Inc. 441,272
8,500 PacifiCare Health Systems 607,325*
18,000 VCA Antech 436,500*
------------
3,757,855
INDUSTRIAL (4.7%)
15,500 Danaher Corp. 811,270
16,000 Donaldson Co. 485,280
13,400 Fastenal Co. 820,884
6,000 Harman International
Industries 488,160
13,500 Monster Worldwide 387,180*
10,100 Rockwell International 491,971
------------
3,484,745
INTERNET (0.3%)
9,500 McAfee Inc. 248,710*
LEISURE (3.2%)
12,000 Gaylord Entertainment 557,880*
9,600 Marriott International 654,912
13,800 MGM MIRAGE 546,204*
13,600 Royal Caribbean Cruises 657,696
------------
2,416,692
MEDICAL EQUIPMENT (3.2%)
12,000 Kinetic Concepts 720,000*
14,400 Kyphon Inc. 500,976*
10,100 ResMed Inc. 666,499*
14,000 Varian Medical Systems 522,620*
------------
2,410,095
OIL & GAS (1.2%)
6,200 GlobalSantaFe Corp. 252,960
10,100 Quicksilver Resources 645,693*
------------
898,653
See Notes to Schedule of Investments
6
<Page>
NUMBER OF SHARES MARKET VALUE**
RETAIL (5.4%)
2,700 Abercrombie & Fitch $ 185,490
9,000 Advance Auto Parts 580,950*
35,800 Coach, Inc. 1,201,806*
7,000 Dick's Sporting Goods 270,130*
6,000 Michaels Stores 248,220
11,200 Nordstrom, Inc. 761,264
17,600 PETsMART, Inc. 534,160
5,200 Urban Outfitters 294,788*
------------
4,076,808
SEMICONDUCTORS (3.9%)
6,500 Broadcom Corp. 230,815*
6,900 International Rectifier 329,268*
3,000 KLA-Tencor 131,100
16,000 Marvell Technology Group 608,640*
8,000 MEMC Electronic Materials 126,160*
18,500 Microchip Technology 547,970
29,000 Microsemi Corp. 545,200*
17,100 National Semiconductor 376,713
------------
2,895,866
SOFTWARE (1.3%)
11,200 Cognos, Inc. 382,368*
15,000 Mercury Interactive 575,400*
------------
957,768
TECHNOLOGY (5.9%)
22,500 Activision, Inc. 371,700*
13,900 Autodesk, Inc. 477,743
22,400 Cognizant Technology
Solutions 1,055,712*
11,500 Lipman 353,855
10,000 Macromedia, Inc. 382,200*
27,500 Seagate Technology 482,625*
9,600 VeriSign, Inc. 276,096*
23,200 Zebra Technologies 1,015,928*
------------
4,415,859
TELECOMMUNICATIONS (3.1%)
20,800 American Tower 437,216*^^
21,000 Leap Wireless
International 582,750*
38,700 Nextel Partners 974,079*^^
5,000 NII Holdings 319,700*
------------
2,313,745
TRANSPORTATION (1.4%)
9,100 C.H. Robinson Worldwide 529,620
25,200 J.B. Hunt Transport
Services 486,360
------------
1,015,980
TOTAL COMMON STOCKS
(COST $35,311,268) $ 48,914,087
------------
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE **
MOODY'S S&P
U.S. TREASURY SECURITIES-BACKED BY THE FULL FAITH AND CREDIT OF THE
U.S. GOVERNMENT (1.0%)
$ 800,000 U.S. Treasury Notes, 3.13%, due 10/15/08
(COST $786,448) TSY TSY $ 786,031
U.S. GOVERNMENT AGENCY SECURITIES (3.8%)
500,000 Fannie Mae, Notes, 5.25%, due 4/15/07 AGY AGY 512,042
600,000 Federal Home Loan Bank, Bonds, 2.88%, due 8/15/06 AGY AGY 594,008
750,000 Federal Home Loan Discount Notes, 3.12%, due 7/20/05 AGY AGY 748,737
1,000,000 Freddie Mac, Notes, 3.75%, due 4/15/07 AGY AGY 999,100
--------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $2,854,047) 2,853,887
--------------
MORTGAGE-BACKED SECURITIES (0.3%)
FANNIE MAE
52,190 Collateralized Mortgage Obligations, Planned Amortization
Certificates, Ser. 2003-16, Class PA, 4.50%,
due 11/25/09 AGY AGY 52,178
FREDDIE MAC
59,786 Pass-Through Certificates, 5.00%, due 2/1/07 AGY AGY 60,617
85,641 Pass-Through Certificates, 5.50%, due 2/1/07 AGY AGY 86,946
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
23,800 Pass-Through Certificates, 4.50%, due 8/15/33 AGY AGY 23,548
--------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $222,891) 223,289
--------------
CORPORATE DEBT SECURITIES (17.0%)
285,000 American Express Co., Notes, 5.50%, due 9/12/06 A1 A+ 289,415
200,000 AT&T Wireless Services, Inc., Senior Notes, 7.35%,
due 3/1/06 Baa2 A 204,370
200,000 Bank of America Corp., Senior Notes, 3.88%, due 1/15/08 Aa2 AA- 199,213
335,000 Bank of New York Co., Inc., Senior Notes, 5.20%,
due 7/1/07 Aa3 A+ 341,380
200,000 Bank One Corp., Notes, 6.50%, due 2/1/06 Aa3 A+ 203,059
250,000 BankBoston N.A., Subordinated Notes, 6.50%,
due 12/19/07 Aa2 AA- 264,927
275,000 Bear Stearns Co., Inc., Notes, 6.50%, due 5/1/06 A1 A 280,668
400,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 394,846
300,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A3 A 308,050
300,000 Caterpillar Financial Services Corp., Medium-Term Notes,
2.59%, due 7/15/06 A2 A 295,772
145,000 Chase Manhattan Corp., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 152,853
300,000 CIT Group, Inc., Senior Notes, 4.13%, due 2/21/06 A2 A 300,553
500,000 Citigroup Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- 508,495
285,000 Coca-Cola Enterprises, Notes, 5.38%, due 8/15/06 A2 A 288,299
275,000 Comcast Cable Communications, Notes, 8.38%, due 5/1/07 Baa2 BBB+ 295,008
350,000 Credit Suisse First Boston USA, Inc., Notes, 5.88%,
due 8/1/06 Aa3 A+ 357,297
140,000 Daimler Chrysler N.A. Holdings Corp., Guaranteed Notes,
6.40%, due 5/15/06 A3 BBB 142,734
300,000 Diageo Finance BV, Guaranteed Notes, 3.00%,
due 12/15/06 A2 A 294,505
135,000 Enterprise Products Operating, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 133,651
110,000 Ford Motor Credit Co., Notes, 6.50%, due 1/25/07 Baa2 BB+ 110,790
</Table>
See Notes to Schedule of Investments
8
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE **
MOODY'S S&P
$ 525,000 General Electric Capital Corp., Notes, 3.50%, due 5/1/08 Aaa AAA $ 516,482
130,000 General Motors Acceptance Corp., Notes, 6.13%,
due 9/15/06 Baa2 BB 130,093
365,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 364,791
280,000 Hewlett-Packard Co., Notes, 5.50%, due 7/1/07 A3 A- 286,919
285,000 HSBC Finance Corp., Notes, 5.75%, due 1/30/07 A1 A 292,323
285,000 International Lease Finance Corp., Notes, 5.75%,
due 2/15/07 A1 AA- 291,364
300,000 John Deere Capital Corp., Notes, 5.13%, due 10/19/06 A3 A- 304,298
250,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 251,632
190,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB 198,389
350,000 Merrill Lynch & Co., Notes, 6.13%, due 5/16/06 Aa3 A+ 356,092
285,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 292,946
280,000 National Rural Utilities Cooperative Finance Corp.,
Collateral Trust, 6.00%, due 5/15/06 A1 A+ 285,031
61,000 Raytheon Co., Notes, 6.50%, due 7/15/05 Baa3 BBB- 61,041
200,000 Reliant Energy Resources Corp., Notes, Ser. B, 8.13%,
due 7/15/05 Ba1 BBB 200,209
280,000 SBC Communications, Inc., Notes, 5.75%, due 5/2/06 A2 A 283,986
200,000 Sprint Capital Corp., Guaranteed Notes, 6.00%,
due 1/15/07 Baa3 BBB- 204,949
250,000 Target Corp., Notes, 3.38%, due 3/1/08 A2 A+ 246,090
250,000 Time Warner Entertainment Co. LP, Notes, 7.25%,
due 9/1/08 Baa1 BBB+ 270,757
300,000 Toyota Motor Credit Corp., Medium-Term Notes, 2.70%,
due 1/30/07 Aaa AAA 294,041
300,000 U.S. Bank NA, Notes, 2.85%, due 11/15/06 Aa1 AA- 295,051
250,000 Union Bank of Switzerland-NY, Subordinated Notes, 7.25%,
due 7/15/06 Aa3 AA 256,435
150,000 Univision Communications, Inc., Guaranteed Notes, 3.50%,
due 10/15/07 Baa2 BBB- 146,707
290,000 Verizon Global Funding Corp., Notes, 4.00%, due 1/15/08 A2 A+ 289,047
280,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A3 A+ 285,354
450,000 Wachovia Corporation, Notes, 4.95%, due 11/1/06 Aa3 A+ 454,816
285,000 Washington Mutual, Inc., Senior Notes, 5.63%,
due 1/15/07 A3 A- 291,285
200,000 Weyerhaeuser Co., Notes, 6.00%, due 8/1/06 Baa2 BBB 203,562
--------------
TOTAL CORPORATE DEBT SECURITIES
(COST $12,830,901) 12,719,575
--------------
FOREIGN GOVERNMENT SECURITIES^ (1.6%)
EUR 600,000 Bundesobligation, 3.50%, due 10/10/08 Aaa AAA 755,105
EUR 330,000 Bundesobligation, 3.25%, due 4/17/09 Aaa AAA 412,886
--------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $1,170,308) 1,167,991
--------------
ASSET-BACKED SECURITIES (9.4%)
574,947 Banc of America Commercial Mortgage Inc., Series 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 577,035
550,000 Capital Auto Receivables Asset Trust, Ser. 2004-2,
Class A3, 3.58%, due 1/15/09 Aaa AAA 544,552
350,000 Capital One Prime Auto Receivables Trust, Ser. 2004-3,
Class A3, 3.39%, due 1/15/09 Aaa AAA 346,924
360,000 Chase Funding Mortgage Loan Asset-Backed, Ser. 2003-6,
Class 1A3, 3.34%, due 5/25/26 Aaa AAA 354,675
590,000 Chase Manhattan Auto Owner Trust, Ser. 2003-C,
Class A4, 2.94%, due 6/15/10 Aaa AAA 579,777
</Table>
See Notes to Schedule of Investments
9
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE **
MOODY'S S&P
$ 700,000 Citibank Credit Card Issuance Trust, Ser. 2004-A1,
Class A1, 2.55%, due 1/20/09 Aaa AAA $ 685,285
750,000 Daimler Chrysler Auto Trust, Ser. 2003-B,
Class A4, 2.86%, due 3/9/09 Aaa AAA 737,612
425,000 Ford Credit Auto Owner Trust, Ser. 2005-A,
Class A3, 3.48%, due 11/15/08 Aaa AAA 422,229
775,000 Honda Auto Receivables Owner Trust, Ser. 2004-3,
Class A4, 3.28%, due 2/18/10 Aaa AAA 758,105
200,000 John Deere Owner Trust, Ser. 2005-A,
Class A3, 3.98%, due 6/15/09 Aaa AAA 199,984
700,000 MBNA Credit Card Master Note Trust, Ser. 2002-A1,
Class A1, 4.95%, due 6/15/09 Aaa AAA 711,677
425,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 422,159
110,000 Nissan Auto Receivables Owner Trust, Ser. 2004-A,
Class A4, 2.76%, due 7/15/09 Aaa AAA 107,293
370,000 Saxon Asset Securities Trust, Ser. 2004-2,
Class AF2, 4.15%, due 8/25/35 Aaa AAA 367,279
200,000 USAA Auto Owner Trust, Series 2005-1,
Class A3, 3.90%, due 7/15/09 Aaa AAA 199,720
--------------
TOTAL ASSET-BACKED SECURITIES
(COST $7,069,994) 7,014,306
--------------
REPURCHASE AGREEMENTS (0.3%)
255,000 State Street Bank and Trust Co. Repurchase Agreement,
2.60%, due 7/1/05, dated 6/30/05, Maturity Value
$255,018, Collateralized by $270,000 U.S. Treasury
Bonds, 3.00%, due 12/31/06
(Collateral Value $267,553)
(COST $255,000) 255,000#
--------------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (5.4%)
3,619,200 Neuberger Berman Securities Lending Quality Fund, LLC 3,619,200++
446,546 Neuberger Berman Prime Money Fund Trust Class 446,546@
--------------
TOTAL SHORT-TERM INVESTMENTS
(COST $4,065,746) 4,065,746
--------------
TOTAL INVESTMENTS (104.0%)
(COST $64,566,603) 77,999,912##
Liabilities, less cash, receivables and other assets [(4.0%)] (2,994,842)
--------------
TOTAL NET ASSETS (100.0%) $ 75,005,070
--------------
</Table>
See Notes to Schedule of Investments
10
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Balanced Portfolio
** Investments in equity securities by Neuberger Berman Advisers Management
Trust Balanced Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; equity securities for which no sales
were reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. Investments in debt securities by the
Fund are valued daily by obtaining bid price quotations from independent
pricing services on all securities available in each service's data base.
For all other securities requiring daily quotations, bid prices are
obtained from principal market makers in those securities. The Fund values
all other securities by a method the Board of Trustees of Neuberger Berman
Advisers Management Trust (the "Board") believes accurately reflects fair
value. Numerous factors may be considered when determining the fair value
of a security, including available analyst, media or other reports, trading
in futures or ADRs and whether the issuer of the security being fair valued
has other securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $64,566,603. Gross unrealized appreciation of investments was
$13,991,816 and gross unrealized depreciation of investments was $558,507,
resulting in net unrealized appreciation of $13,433,309, based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
^ Principal amount is stated in the currency in which the security is
denominated.
EUR = Euro Currency
See Notes to Financial Statements
11
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)-see Schedule of
Investments:
Unaffiliated issuers $ 73,934,166
- --------------------------------------------------------------------------------------------------
Affiliated issuers 4,065,746
==================================================================================================
77,999,912
Cash 243,704
- --------------------------------------------------------------------------------------------------
Dividends and interest receivable 274,235
Receivable for forward foreign currency exchange contracts (Note C) 78,193
- --------------------------------------------------------------------------------------------------
Receivable for securities sold 1,182,550
Receivable for Fund shares sold 3,947
- --------------------------------------------------------------------------------------------------
Prepaid expenses and other assets 4,784
==================================================================================================
TOTAL ASSETS 79,787,325
==================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 3,619,200
Payable for securities purchased 1,028,253
- --------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 44,628
Payable to investment manager-net (Notes A & B) 33,117
- --------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 18,096
Accrued expenses and other payables 38,961
==================================================================================================
TOTAL LIABILITIES 4,782,255
==================================================================================================
NET ASSETS AT VALUE $ 75,005,070
==================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 100,065,966
Undistributed net investment income (loss) 568,939
-----------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (39,140,014)
Net unrealized appreciation (depreciation) in value of investments 13,510,179
===============================================================================================
NET ASSETS AT VALUE $ 75,005,070
==================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 7,673,988
==================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 9.77
==================================================================================================
+SECURITIES ON LOAN, AT MARKET VALUE $ 3,461,966
==================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 60,500,857
Affiliated issuers 4,065,746
-----------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 64,566,603
==================================================================================================
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income-unaffiliated issuers $ 509,594
Income from investments in affiliated issuers (Note F) 7,648
- --------------------------------------------------------------------------------------------------
Dividend income-unaffiliated issuers 81,264
==================================================================================================
Income from securities loaned-affiliated issuer (Note F) 4,959
- --------------------------------------------------------------------------------------------------
Foreign taxes withheld (251)
==================================================================================================
Total income 603,214
==================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 210,472
Administration fee (Note B) 114,803
- --------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 45,619
- --------------------------------------------------------------------------------------------------
Insurance expense 1,309
Legal fees 8,580
- --------------------------------------------------------------------------------------------------
Registration and filing fees 10,828
Shareholder reports 772
- --------------------------------------------------------------------------------------------------
Shareholder servicing agent fees 7,034
Trustees' fees and expenses 12,713
- --------------------------------------------------------------------------------------------------
Miscellaneous 2,713
==================================================================================================
Total expenses 434,786
Investment management fee waived (Note A) (260)
Expenses reduced by custodian fee expense offset and commission recapture
arrangements (Note B) (3,338)
==================================================================================================
Total net expenses 431,188
==================================================================================================
Net investment income (loss) 172,026
==================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 1,066,732
----------------------------------------------------------------------------------------------
Foreign currency 43,380
----------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (423,723)
----------------------------------------------------------------------------------------------
Foreign currency 88,994
==============================================================================================
Net gain (loss) on investments 775,383
==================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 947,409
==================================================================================================
</Table>
See Notes to Financial Statements
13
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
BALANCED PORTFOLIO
----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 172,026 $ 459,923
Net realized gain (loss) on investments 1,110,112 3,240,524
- ----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (334,729) 3,477,455
================================================================================================================
Net increase (decrease) in net assets resulting from operations 947,409 7,177,902
================================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (989,988)
================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 2,262,155 6,616,445
Proceeds from reinvestment of dividends and distributions -- 989,988
- ----------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (9,322,717) (17,621,711)
================================================================================================================
Net increase (decrease) from Fund share transactions (7,060,562) (10,015,278)
================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS (6,113,153) (3,827,364)
NET ASSETS:
Beginning of period 81,118,223 84,945,587
================================================================================================================
End of period $ 75,005,070 $ 81,118,223
================================================================================================================
Undistributed net investment income (loss) at end of period $ 568,939 $ 396,913
================================================================================================================
</Table>
See Notes to Financial Statements
14
<Page>
NOTES TO FINANCIAL STATEMENTS Balanced Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Balanced Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers only Class I shares. The Board of Trustees
of the Trust (the "Board") may establish additional series or classes
of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 market discount on
long-term bonds and short-term investments, is recorded on the accrual
basis. Realized gains and losses from securities transactions and
foreign currency transactions, if any, are recorded on the basis of
identified cost and stated separately in the Statement of Operations.
Included in net realized gain (loss) on investments are proceeds from
the settlements of class action litigation in which the Fund
participated as a plaintiff. The amount of such proceeds for the six
months ended June 30, 2005 was $208.
5 FORWARD FOREIGN CURRENCY CONTRACTS: The Fund may enter into forward
foreign currency contracts ("contracts") in connection with planned
purchases or sales of securities to hedge the U.S. dollar value of
portfolio securities denominated in a foreign currency. The gain or
loss arising from the difference
15
<Page>
between the original contract price and the closing price of such
contract is included in net realized gains or losses on foreign
currency transactions on settlement date. Fluctuations in the value of
forward foreign currency contracts are recorded for financial
reporting purposes as unrealized gains or losses by the Fund until the
contractual settlement date. The Fund has no specific limitation on
the percentage of assets which may be committed to these types of
contracts. The Fund could be exposed to risks if a counter party to a
contract were unable to meet the terms of its contract or if the value
of the foreign currency changes unfavorably. The U.S. dollar value of
foreign currency underlying all contractual commitments held by the
Fund is determined using forward foreign currency exchange rates
supplied by an independent pricing service.
6 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for foreign currency
gains and losses, paydown gains and losses, amortization of bond
premium, and mortgage dollar rolls, were reclassified at year end.
These reclassifications had no effect on net income, net assets or net
assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM: ORDINARY INCOME TOTAL
2004 2003 2004 2003
$ 989,988 $ 1,410,014 $ 989,988 $ 1,410,014
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNREALIZED LOSS
UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME (DEPRECIATION) AND DEFERRALS TOTAL
$ 711,015 $ 13,482,384 $ (40,201,704) $ (26,008,305)
</Table>
16
<Page>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales, mark to
market on certain forward foreign currency contracts, and amortization
of bond premium.
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. As determined at December 31, 2004, the Fund
had unused capital loss carryforwards available for Federal income tax
purposes to offset net realized capital gains, if any, as follows:
<Table>
<Caption>
EXPIRING IN:
2009 2010
$ 26,467,694 $ 13,734,010
</Table>
During the year ended December 31, 2004, the Fund utilized capital
loss carryforwards of $2,378,120.
7 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
8 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
9 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
10 FINANCIAL FUTURES CONTRACTS: The Fund may buy and sell financial
futures contracts to hedge against changes in securities prices
resulting from changes in prevailing interest rates. 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.
17
<Page>
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 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, possibly at a time of rapidly declining prices, 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.
During the six months ended June 30, 2005, the Fund did not enter into
any financial futures contracts.
11 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $606 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
12 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund
18
<Page>
requires that the securities purchased in a repurchase agreement be
transferred to the custodian in a manner sufficient to enable the Fund
to assert a perfected security interest in 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.
13 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest available current
income consistent with safety and liquidity. For any cash that the
Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives from Prime
Money on those assets (the "Arrangement"). For the six months ended
June 30, 2005, management fees waived under this Arrangement amounted
to $260. For the six months ended June 30, 2005, income earned under
this Arrangement amounted to $7,648 and is reflected in the Statement
of Operations under the caption "Income from investments in affiliated
issuers."
14 DOLLAR ROLLS: The Fund may enter into dollar roll transactions with
respect to mortgage-backed securities. In a dollar roll transaction,
the Fund sells securities for delivery in the current month and
simultaneously agrees to repurchase substantially similar (i.e., same
type and coupon) securities on a specified future date from the same
party. During the period before the repurchase, the Fund foregoes
principal and interest payments on the securities. The Fund is
compensated by the difference between the current sales price and the
forward price for the future purchase (often referred to as the
"drop"), as well as by the interest earned on the cash proceeds of the
initial sale. Dollar rolls may increase fluctuations in the Fund's net
asset value and may be viewed as a form of leverage. There is a risk
that the counter party will be unable or unwilling to complete the
transaction as scheduled, which may result in losses to the Fund.
15 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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
19
<Page>
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, 0.425% of the next
$2.5 billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund for its operating expenses (excluding the fees
payable to Management, 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, 2005, no reimbursement to the Fund was required. The Fund has
agreed to repay Management through December 31, 2011 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. During the six
months ended June 30, 2005, there was no reimbursement to Management
under this agreement. At June 30, 2005, the Fund has no contingent
liability to Management under this agreement.
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $3,209.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $129.
20
<Page>
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding financial futures contracts and foreign currency
contracts) for the six months ended June 30, 2005 were as follows:
<Table>
<Caption>
SALES AND MATURITIES
PURCHASES OF PURCHASES EXCLUDING SALES AND MATURITIES EXCLUDING
U.S. GOVERNMENT U.S. GOVERNMENT OF U.S. GOVERNMENT U.S. GOVERNMENT AND
AND AGENCY AND AGENCY AND AGENCY AGENCY
OBLIGATIONS OBLIGATIONS OBLIGATIONS OBLIGATIONS
$ 9,632,449 $ 23,817,121 $ 16,693,897 $ 25,229,294
</Table>
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $48,333, of which Neuberger
received $141, Lehman received $8,612, and other brokers received
$39,580.
During the six months ended June 30, 2005, the Fund entered into
various contracts to deliver currencies at specified future dates. At
June 30, 2005, open contracts were as follows:
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
DELIVER FOR DATE VALUE APPRECIATION
SELL
Euro Dollar 476,000 EUR $ 618,453 7/19/05 $ 576,253 $ 42,200
Euro Dollar 485,000 EUR 606,177 7/19/05 587,149 19,028
</Table>
At June 30, 2005, closed but unsettled contracts were as follows:
<Table>
<Caption>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
SELL
Euro Dollar 485,000 EUR $ 630,146 7/19/05 $ 587,149 $ 42,997
BUY
Euro Dollar 485,000 EUR $ 613,181 7/19/05 $ 587,149 $ (26,032)
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 237,837 728,457
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 110,613
SHARES REDEEMED (980,864) (1,933,718)
-------- ----------
TOTAL (743,027) (1,094,648)
-------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A
21
<Page>
facility fee of 0.10% per annum of the available line of credit is
charged, of which the Fund has agreed to pay its pro rata share, based
on the ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual Fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 2,965,200 78,229,040 77,575,040 3,619,200 $ 3,619,200 $ 4,959
Neuberger Berman
Prime Money Fund
Trust Class*** 368,172 11,549,598 11,471,224 446,546 446,546 7,648
----------- ------------
TOTAL $ 4,065,746 $ 12,507
=========== ============
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
22
<Page>
FINANCIAL HIGHLIGHTS Balanced Portfolio+++
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, YEAR ENDED DECEMBER 31,
---------------- ----------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.64 $ 8.93 $ 7.81 $ 9.66 $ 17.28 $ 20.89
------------ --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .02 .05 .07 .12 .22~ .30
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .11 .77 1.20 (1.75) (2.27)~ (.61)
------------ --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS .13 .82 1.27 (1.63) (2.05) (.31)
------------ --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.11) (.15) (.22) (.28) (.37)
NET CAPITAL GAINS -- -- -- -- (5.29) (2.93)
------------ --------- --------- --------- --------- ---------
TOTAL DISTRIBUTIONS -- (.11) (.15) (.22) (5.57) (3.30)
------------ --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 9.77 $ 9.64 $ 8.93 $ 7.81 $ 9.66 $ 17.28
------------ --------- --------- --------- --------- ---------
TOTAL RETURN++ +1.35%** +9.31% +16.28% -17.15% -13.36% -4.55%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 75.0 $ 81.1 $ 84.9 $ 80.5 $ 112.0 $ 147.6
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# 1.14%* 1.10% 1.12% 1.12% 1.07% .99%
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS^ 1.13%* 1.09% 1.11% 1.12% 1.07% .99%
RATIO OF NET INVESTMENT INCOME (LOSS)
TO AVERAGE NET ASSETS .45%* .56% .82% 1.37% 2.10%~ 1.49%
PORTFOLIO TURNOVER RATE 44%** 110% 121% 106% 88% 124%
</Table>
See Notes to Financial Highlights
23
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Balanced Portfolio
+++ The per share amounts and ratios which are shown reflect income and
expenses, including the Fund's proportionate share of AMT Balanced
Investment's income and expenses through April 30, 2000 under the prior
master/feeder fund structure.
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 waived 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. Performance data current to the most recent
month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
^^ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
^ After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such action, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
SIX MONTHS ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
1.13% 1.09% 1.11%
</Table>
~ For fiscal years ended after December 31, 2000, funds are required by the
American Institute of Certified Public Accountants to amortize premiums and
discounts on fixed income securities. Accordingly, for the year ended
December 31, 2001, the per share amounts and ratios shown decreased or
increased as follows:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2001
Net Investment Income (.004)
Net Gains or Losses on Securities .004
Ratio of Net Investment Income to Average Net Assets (.04%)
</Table>
* Annualized
** Not Annualized
24
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
25
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
FASCIANO PORTFOLIO
D0312 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
FASCIANO PORTFOLIO Manager's Commentary
After poor absolute and relative performance through the first four months
of the year, small-cap stocks came roaring back during the May/June market
rally. By the end of first-half 2005, the Russell 2000 was just shy of
positive territory and had almost caught up to leading large-cap stock
indices. For the six-month period, the Neuberger Berman AMT Fasciano
Portfolio trailed the Russell 2000 benchmark by a small margin.
Our Health Care investments had the most positive impact on returns, with
specialty pharmaceuticals distributor Priority Healthcare and dental
supplies distributor Young Innovations posting solid gains. Financials
sector investments, highlighted by municipal bond insurer Assured Guaranty
and property and casualty insurer HCC Insurance Holdings, were also major
contributors to performance.
Although our Energy holdings generated respectable returns, they trailed
their counterparts in the Russell Index. Principally responsible was our
ownership of oil services companies rather than the small exploration and
production companies whose stocks skyrocketed along with the price of oil
and natural gas.
Our sector allocation is largely a function of where we are finding the
most compelling individual investment opportunities, rather than a
reflection of our opinions on prospects for industry groups. Consequently,
I think it is pertinent to discuss what went right and what went wrong for
a sampling of portfolio holdings.
In this case, I will start with three very different companies--Rollins,
Landauer and Stericycle--all of which appeared on our top-ten performance
list for this reporting period. You may not be familiar with the name
Rollins, but you know the "Orkin Man," one of the leading brands in the
pest control business. Landauer makes and monitors the badges worn by X-ray
technicians in hospitals and doctors' and dentists' offices, a critical
safety feature for health care workers. Stringent regulation has forced
medical care facilities to outsource medical waste disposal and Stericycle
is becoming a leader in the business. All three of these companies enjoy
steady streams of recurring revenues through fixed fee contracts with their
customers. They also have attractive growth dynamics. Rollins (Orkin) has
the ability to grow share in the highly fragmented pest control market;
Landauer's growth comes both from research-and-development-driven new
products and favorable health care industry demographics; Stericycle's
growth is coming from market share gains among hospitals and its aggressive
marketing to clinics and doctors' offices--a less competitive, higher
margin business.
Of course, we are obliged to mention several holdings that penalized
first-half 2005 returns as well. Not surprisingly, in view of our patient
long-term perspective, several of our biggest losers during this reporting
period have been very rewarding long-term holdings. Old favorite G&K
Services, a uniform rental company, was a victim of higher energy prices.
Its inability to quickly pass on materially higher costs for the natural
gas that runs its washers and dryers, and the gasoline that runs its
delivery trucks, resulted in significant margin pressure. Going forward,
however, G&K should be able to pass these higher costs along to its
customers and restore margins. Trucking logistics company Landstar System,
another long-time holding that has generously rewarded us, also declined
significantly in the reporting period. Since Landstar does not own its
trucks, this was not a function of more expensive gasoline, but rather the
result of investor concern that a slowing economy would penalize companies
in the commercial transportation industry. However,
1
<Page>
while Landstar's near-term growth may slow along with the economy, it
remains a unique company with positive long-term secular growth prospects.
We choose to spend our time and energy analyzing individual companies
rather than forecasting macroeconomic or stock market trends. However, we
will venture brief opinions on the intermediate-term outlook for the
economy and markets. We think the economy is settling into a more moderate
growth path that will continue to support respectable corporate earnings
gains. Over the last 18 months, earnings growth has outpaced stock price
appreciation by a wide margin, making equity valuations more compelling. As
a result, if investor sentiment improves, we believe that stocks can make
some progress. With an above-market-average return on equity,
earnings-per-share growth in line with the market and a
below-market-average P/E, we believe the AMT Fasciano Portfolio can perform
well in a more buoyant market environment.
Sincerely,
/s/ Michael F. Fasciano
MICHAEL F. FASCIANO
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Auto/Truck Replacement Parts 1.4%
Banking & Financial 1.9
Basic Materials 0.5
Biotechnology 1.3
Business Services 7.0
Commercial Services 2.8
Consumer Products & Services 6.6
Distributor 4.7
Educational 0.2
Electrical & Electronics 1.0
Entertainment 3.2
Filters 0.9
Financial Services 8.1
Health Care 2.2
Health Products & Services 11.4
Heavy Industry 1.8
Industrial & Commercial Products 0.6
Insurance 5.5%
Internet 0.9
Machinery & Equipment 5.5
Oil & Gas 5.0
Oil Services 0.6
Publishing & Broadcasting 9.0
Real Estate 1.1
Restaurants 3.2
Retail 2.0
Semiconductors 0.5
Technology 2.3
Transportation 7.2
Waste Management 3.7
Short-Term Investments 2.3
Liabilities, less cash, receivables and other assets (4.4)
2
<Page>
ENDNOTES
1. -3.04% was the cumulative total return for the 6-month period, 2.76%
and 10.51% were the average annual total returns for the 1-year and
since inception (07/12/02) periods ended June 30, 2005. Neuberger
Berman Management Inc. ("NBMI") has agreed to absorb certain expenses
of the AMT Portfolios. Without this arrangement, which is subject to
change, the total returns of the Portfolios would be less. Total
return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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. Current performance may be lower or higher than
the performance data quoted. For performance data current to the most
recent month end, please visit www.nb.com/amtperformance. The
performance information does not reflect fees and expenses of the
variable annuity and variable life insurance policies or the pension
plans whose proceeds are invested in the portfolio.
2. The Russell 2000(R) Index is an unmanaged index consisting of
securities of the 2,000 issuers having the smallest capitalization in
the Russell 3000(R) Index (which measures the performance of the 3,000
largest U.S. companies based on total market capitalization),
representing approximately 8% of the Russell 3000 total market
capitalization. The smallest company's market capitalization is
roughly $183 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 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
ACTUAL EXPENSES: The first section
of the table provides
information about actual
account values and actual
expenses in dollars. You may
use the information in this
line, together with the
amount you invested, to
estimate the expenses you
paid over the period. Simply
divide your account value by
$1,000 (for example, an
$8,600 account value divided
by $1,000 = 8.6), then
multiply the result by the
number in the first section
of the table under the
heading entitled "Expenses
Paid During the Period" to
estimate the expenses you
paid over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON
PURPOSES: The second section
of the table provides
information about
hypothetical account values
and hypothetical expenses
based on the Fund's actual
expense ratio and an assumed
rate of return at 5% per
year before expenses. This
return is not the Fund's
actual return. The
hypothetical account values
and expenses may not be used
to estimate the actual
ending account balance or
expenses you paid for the
period. You may use this
information to compare the
ongoing costs of investing
in this Fund versus other
funds. To do so, compare the
expenses shown in this 5%
hypothetical example with
the 5% hypothetical examples
that appear in the
shareholder reports of other
funds.
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FASCIANO PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS S $ 1,000 $ 969.60 $ 6.84
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,017.85 $ 7.00
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Fasciano Portfolio
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (102.1%)
AUTO/TRUCK REPLACEMENT PARTS (1.4%)
9,190 American Axle & Manufacturing Holdings $ 232,231
BANKING & FINANCIAL (1.9%)
6,970 Boston Private Financial Holdings 175,644
2,620 Wintrust Financial 137,157
------------
312,801
BASIC MATERIALS (0.5%)
4,720 AMCOL International 88,689
BIOTECHNOLOGY (1.3%)
4,560 Techne Corp. 209,350*
BUSINESS SERVICES (7.0%)
11,810 G & K Services 445,591
400 iPayment Holdings 14,608*
100 Open Solutions 2,031*
4,930 Ritchie Bros. Auctioneers 190,051
16,865 Rollins, Inc. 337,975
5,760 Watson Wyatt & Co. 147,629
------------
1,137,885
COMMERCIAL SERVICES (2.8%)
7,450 Modine Manufacturing 242,572
8,500 OM Group 209,865*
------------
452,437
CONSUMER PRODUCTS & SERVICES (6.6%)
10,520 Blyth, Inc. 295,086
9,520 Plantronics, Inc. 346,147
15,950 Spartech Corp. 283,910
5,542 Tootsie Roll Industries 162,104
------------
1,087,247
DISTRIBUTOR (4.7%)
13,960 MSC Industrial Direct 471,150
7,050 ScanSource, Inc. 302,727*
------------
773,877
EDUCATIONAL (0.2%)
800 Universal Technical Institute 26,560*
ELECTRICAL & ELECTRONICS (1.0%)
3,420 Daktronics, Inc. 68,434
5,480 LoJack Corp. 96,229*
------------
164,663
ENTERTAINMENT (3.2%)
9,340 International Speedway 525,468
5
FILTERS (0.9%)
5,200 CLARCOR Inc. 152,100
FINANCIAL SERVICES (8.1%)
2,780 FactSet Research Systems $ 99,635
4,320 Financial Federal 166,925
3,100 Greater Bay Bancorp 81,747
13,590 HCC Insurance Holdings 514,653
5,090 ITLA Capital 274,351*
7,840 W.P. Stewart & Co. 189,493
------------
1,326,804
HEALTH CARE (2.2%)
10,260 Apria Healthcare Group 355,406*
HEALTH PRODUCTS & SERVICES (11.4%)
31,050 Hooper Holmes 128,857
3,780 ICU Medical 121,603*
16,540 K-V Pharmaceutical 277,045*
6,200 Landauer, Inc. 321,842
13,670 Priority Healthcare 346,671*
10,810 STERIS Corp. 278,574
10,190 Young Innovations 380,393
------------
1,854,985
HEAVY INDUSTRY (1.8%)
12,800 Chicago Bridge & Iron 292,608
INDUSTRIAL & COMMERCIAL PRODUCTS (0.6%)
1,800 Middleby Corp. 95,148*
INSURANCE (5.5%)
5,900 American Equity Investment Life Holding 70,092
23,810 Assured Guaranty 556,202
3,190 Hilb, Rogal and Hamilton 109,736
3,830 RLI Corp. 170,818
------------
906,848
INTERNET (0.9%)
4,400 j2 Global Communications 151,536*
MACHINERY & EQUIPMENT (5.5%)
10,010 IDEX Corp. 386,486
5,600 Lindsay Manufacturing 132,048
6,220 Regal-Beloit 181,375
9,170 Robbins & Myers 197,247
------------
897,156
OIL & GAS (5.0%)
3,815 CARBO Ceramics 301,232
4,980 FMC Technologies 159,211*
6,830 Offshore Logistics 224,297*
4,200 TETRA Technologies 133,770*
------------
818,510
OIL SERVICES (0.6%)
1,700 Hydril 92,395*
6
<Page>
NUMBER OF SHARES MARKET VALUE+
PUBLISHING & BROADCASTING (9.0%)
4,850 Courier Corp. $ 186,289
20,360 Emmis Communications 359,761*^
16,940 Journal Communications 284,592
18,010 Journal Register 315,355*
6,600 Meredith Corp. 323,796
------------
1,469,793
REAL ESTATE (1.1%)
3,060 Beazer Homes USA 174,879
RESTAURANTS (3.2%)
8,730 Ruby Tuesday 226,107
16,050 Steak n Shake 298,851*
------------
524,958
RETAIL (2.0%)
4,840 Christopher & Banks 88,378
6,000 Regis Corp. 234,480
------------
322,858
SEMICONDUCTORS (0.5%)
2,910 Cabot Microelectronics 84,361*
TECHNOLOGY (2.3%)
1,900 Computer Programs and Systems 70,813
7,300 Kanbay International 168,703*
11,680 Methode Electronics 138,642
------------
378,158
TRANSPORTATION (7.2%)
6,050 Forward Air 171,033
13,855 Heartland Express 269,203
3,700 Hub Group Class A 92,685*
21,120 Landstar System 636,134*
------------
1,169,055
WASTE MANAGEMENT (3.7%)
7,310 Stericycle, Inc. 367,839*
6,165 Waste Connections 229,893*
------------
597,732
TOTAL COMMON STOCKS
(COST $15,359,751) 16,676,498
------------
SHORT-TERM INVESTMENTS (2.3%)
370,500 Neuberger Berman Securities Lending
Quality Fund, LLC $ 370,500++
1 Neuberger Berman Prime Money Fund Trust Class 1@
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $370,501) 370,501#
------------
TOTAL INVESTMENTS (104.4%)
(COST $15,730,252) 17,046,999##
Liabilities, less cash,
receivables and other assets [(4.4%)] (715,401)
------------
TOTAL NET ASSETS (100.0%) $ 16,331,598
------------
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Fasciano Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Fasciano Portfolio (the "Fund") are valued at the latest sales price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $15,730,252. Gross unrealized appreciation of investments was
$1,860,693 and gross unrealized depreciation of investments was $543,946,
resulting in net unrealized appreciation of $1,316,747, based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)-SEE SCHEDULE OF INVESTMENTS
Unaffiliated issuers $ 16,676,498
- ----------------------------------------------------------------------------------------------------------------
Affiliated issuers 370,501
================================================================================================================
17,046,999
Dividends and interest receivable 14,080
- ----------------------------------------------------------------------------------------------------------------
Receivable for securities sold 11,112
Receivable for Fund shares sold 67,837
- ----------------------------------------------------------------------------------------------------------------
Receivable from administrator-net (Note B) 636
Prepaid expenses and other assets 708
================================================================================================================
TOTAL ASSETS 17,141,372
================================================================================================================
LIABILITIES
Due to custodian 316,223
Payable for collateral on securities loaned (Note A) 370,500
- ----------------------------------------------------------------------------------------------------------------
Payable for securities purchased 28,419
Payable for Fund shares redeemed 56,243
- ----------------------------------------------------------------------------------------------------------------
Payable to investment manager-net (Notes A & B) 12,507
Accrued expenses and other payables 25,882
================================================================================================================
TOTAL LIABILITIES 809,774
================================================================================================================
NET ASSETS AT VALUE $ 16,331,598
================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 14,689,560
Undistributed net investment income (loss) (35,378)
-----------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 360,669
Net unrealized appreciation (depreciation) in value of investments 1,316,747
===========================================================================================================
NET ASSETS AT VALUE $ 16,331,598
================================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 1,218,235
================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 13.41
================================================================================================================
+SECURITIES ON LOAN, AT MARKET VALUE $ 344,565
================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 15,359,751
Affiliated issuers 370,501
-----------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 15,730,252
================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 58,787
Income from securities loaned--affiliated issuer (Note F) 1,240
- ----------------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 25,845
Foreign taxes withheld (264)
================================================================================================================
Total income 85,608
================================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 73,406
Administration fee (Note B) 25,908
- ----------------------------------------------------------------------------------------------------------------
Distribution fees (Note B) 21,590
Audit fees 19,943
- ----------------------------------------------------------------------------------------------------------------
Custodian fees (Note B) 15,163
Insurance expense 247
- ----------------------------------------------------------------------------------------------------------------
Legal fees 1,572
Shareholder reports 6,459
- ----------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 11,985
Miscellaneous 1,112
================================================================================================================
Total expenses 177,385
Expenses reimbursed by administrator (Note B) (55,036)
Investment management fee waived (Note A) (836)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (527)
================================================================================================================
Total net expenses 120,986
================================================================================================================
Net investment income (loss) (35,378)
================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 319,311
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (729,807)
-----------------------------------------------------------------------------------------------------------
Net gain (loss) on investments (410,496)
================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (445,874)
================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FASCIANO PORTFOLIO
-----------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (35,378) $ (55,929)
Net realized gain (loss) on investments 319,311 138,488
- ----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (729,807) 1,210,790
================================================================================================================
Net increase (decrease) in net assets resulting from operations (445,874) 1,293,349
================================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments -- (36,107)
================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 7,267,168 12,465,780
Proceeds from reinvestment of dividends and distributions -- 36,107
- ----------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (6,420,477) (4,020,120)
================================================================================================================
Net increase (decrease) from Fund share transactions 846,691 8,481,767
================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 400,817 9,739,009
NET ASSETS:
Beginning of period 15,930,781 6,191,772
================================================================================================================
End of period $ 16,331,598 $ 15,930,781
================================================================================================================
Undistributed net investment income (loss) at end of period $ (35,378) $ --
================================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS Fasciano Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Fasciano Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers only Class S shares. The Board of Trustees
of the Trust (the "Board") may establish additional series or classes
of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
12
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for net operating
losses were reclassified at year end. These reclassifications had no
effect on net income, net assets or net assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2004 2003 2004 2003 2004 2003
$ 4,205 $ 2,283 $ 31,902 $ -- $ 36,107 $ 2,283
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED LOSS
ORDINARY LONG TERM APPRECIATION CARRYFORWARDS
INCOME GAIN (DEPRECIATION) AND DEFERRALS TOTAL
$ 44,290 $ 40,383 $ 2,005,847 $ (2,608) $ 2,087,912
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales and
post-October losses.
Under current tax law, certain net capital and net foreign currency
losses realized after October 31 within the taxable year may be
deferred and treated as occurring on the first day of the following
tax year. For the year ended December 31, 2004, the Fund elected to
defer $2,608 of net capital losses arising between November 1, 2004
and December 31, 2004.
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.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
13
<Page>
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $635 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest available current
income consistent with safety and liquidity. For any cash that the
Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives from Prime
Money on those assets (the "Arrangement"). For the six months ended
June 30, 2005, management fees waived under this Arrangement amounted
to $836. For the six months ended
14
<Page>
June 30, 2005, income earned under this Arrangement amounted to
$25,845, and is reflected in the Statement of Operations under the
caption "Income from investments in affiliated issuers."
11 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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 0.85% of the first
$500 million of the Fund's average daily net assets, 0.825% of the
next $500 million, 0.80% of the next $500 million, 0.775% of the next
$500 million, 0.75% of the next $500 million, and 0.725% of average
daily net assets in excess of $2.5 billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
Management acts as agent in arranging for the sale of Fund shares
without commission and bears advertising and promotion expenses. The
Board has adopted a distribution plan (the "Plan") with respect to the
Fund, pursuant to Rule 12b-1 under the 1940 Act. The Plan provides
that, as compensation for administrative and other services provided
to the Fund, Management's activities and expenses related to the sale
and distribution of the Fund's shares, and ongoing services provided
to investors in the Fund, Management receives from the Fund a fee at
the annual rate of 0.25% of the Fund's average daily net assets.
Management receives this amount to provide distribution and
shareholder servicing for the Fund and pays a portion of it to
institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged
in sales and/or shareholder servicing. The amount of fees paid by the
Fund during any year may be more or less than the cost of distribution
and other services provided to the Fund. NASD rules limit the amount
of annual distribution fees that may be paid by a mutual fund and
impose a ceiling on the cumulative distribution fees paid. The Trust's
Plan complies with those rules.
15
<Page>
Management has contractually undertaken through December 31, 2008 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, 1.40% per annum
of the Fund's average daily net assets (the "Expense Limitation"). For
the six months ended June 30, 2005, such excess expenses amounted to
$55,036. The Fund has agreed to repay Management through December 31,
2011 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. During the six months ended June 30, 2005, there was no
reimbursement to Management under this agreement. At June 30, 2005,
contingent liabilities to Management under this agreement were as
follows:
<Table>
<Caption>
EXPIRING IN
2005 2006 2007 2008 TOTAL
$ 44,573 $ 92,031 $ 108,225 $ 55,036 $ 299,865
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $518.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $9.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $4,750,650 and
$2,053,970, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $8,098, of which Neuberger
received $0, Lehman received $1,094, and other brokers received
$7,004.
16
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and year ended
December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 548,324 964,058
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 2,821
SHARES REDEEMED (481,381) (315,110)
-------- --------
TOTAL 66,943 651,769
-------- --------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual Fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 211,800 7,136,600 6,977,900 370,500 $ 370,500 $ 1,240
Neuberger Berman
Prime Money Fund
Trust Class*** 1,217,013 7,698,106 8,915,118 1 1 25,845
--------- --------
TOTAL $ 370,501 $ 27,085
========= ========
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
17
<Page>
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
18
<Page>
FINANCIAL HIGHLIGHTS Fasciano Portfolio
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.+++
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED JULY 12, 2002^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- ----------------------- ---------------
2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.84 $ 12.40 $ 9.92 $ 10.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) (.03) (.08) (.08) (.01)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.40) 1.56 2.57 (.07)
-------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS (.43) 1.48 2.49 (.08)
-------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- (.04) (.01) --
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 13.41 $ 13.84 $ 12.40 $ 9.92
-------- -------- -------- --------
TOTAL RETURN++ -3.04%** +11.96% +25.06% -0.80%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 16.3 $ 15.9 $ 6.2 $ 0.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.41%* 1.41% 1.42% 1.40%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.40%* 1.40% 1.40% 1.40%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.41%)* (.60%) (.69%) (.31%)*
PORTFOLIO TURNOVER RATE 13%** 10% 70% 20%**
</Table>
See Notes to Financial Highlights
19
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Fasciano Portfolio
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 and/or waived 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. Performance data
current to the most recent month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
^^ After reimbursement of expenses by the administrator. Had the administrator
not undertaken such action, the annualized ratio of net expenses to average
daily net assets would have been:
PERIOD FROM
JULY 12, 2002 TO
DECEMBER 31, 2002
38.27%
After reimbursement of expenses by the administrator and/or waiver of a portion
of the investment management fee. Had Management not undertaken such actions,
the annualized ratios of net expenses to average daily net assets would have
been:
<Table>
<Caption>
FOR THE SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
2.05% 2.56% 4.58%
</Table>
^ The date investment operations commenced.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
20
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll free).
21
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
FOCUS PORTFOLIO
D0313 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
FOCUS PORTFOLIO Managers' Commentary
For the six months ending June 30, 2005, the Neuberger Berman AMT Focus
Portfolio posted a modest decline, outperforming the S&P 500 but trailing
the Russell 1000 Value Index.
The approach we use to manage the portfolio has not changed. We continue to
seek out companies that we believe are undervalued. We have sought to
construct a portfolio whose price/earnings ratio (P/E) is less than that of
the overall market (as represented by the S&P 500) but whose earnings
prospects are, in our view, superior.
The fund's overall metrics as of the end of the reporting period would
indicate that we have done just that. The P/E on the portfolio is 13.8
times expected 2005 earnings and 11.1 times 2006 estimates, or 14% and 23%
less, respectively, than comparable numbers for the S&P 500. The
portfolio's expected earnings growth rate, however, is 16.7% or some 44%
HIGHER than that of the S&P. While this analysis is based on projections,
we believe that if you can pay about 20% less and get over 40% more, the
results will be rewarding over time. It requires a long-term investment
horizon, something few people on Wall Street seem to have anymore, but it
has served us well over a long period of time.
Stocks with discounted valuations and premium growth rates are not all that
plentiful. They tend to be clustered in a few industries at any given time,
and since we direct our investments toward those areas, we end up with a
portfolio that is quite overweight in some areas and underweight in others.
Running a closet index fund is not our objective.
As of June 30, for example, 42% of the Fund was in Financial stocks and 37%
was in Information Technology. This is not because we have some broad
overall point of view about interest rates or PC sales. Rather, these
sectors are where we currently find many of the stocks whose current
valuations do not seem to reflect their long-term prospects.
In the first half of the year, we eliminated Computer Associates and
Providian Financial from the portfolio, since they seemed to have realized
most of the potential we had seen in purchasing them. We also sold Fifth
Third Bancorp, because our assumptions were not being borne out.
We took new positions in Home Depot, American International Group and
Goldman Sachs, all of which had fallen out of favor and reached valuation
levels that we found compelling. They have excellent records and balance
sheets. More importantly, we believe that they also have very good
prospects.
We also made a significant increase in the size of our Nokia position. Not
only have our original expectations for the company's prospects been
exceeded, but the longer term outlook is turning out to be much better than
we originally thought.
Going where the values are and focusing on the longer term have provided us
with success over the years. We think that this approach will continue to
do so in the future.
Sincerely,
/s/ Kent Simons /s/ Robert B. Corman
KENT SIMONS
AND
ROBERT B. CORMAN
PORTFOLIO CO-MANAGERS
1
<Page>
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Auto & Housing 9.7%
Consumer Goods & Services 2.7
Financial Services 41.8
Retail 7.2
Technology 37.4
Short-Term Investments 2.8
Liabilities, less cash, receivables
and other assets (1.6)
2
<Page>
ENDNOTES
1. -0.51% was the cumulative total return for the 6-month period, 8.92%
and 31.54% were the average annual total returns for the 1-year and
since inception (08/08/02) periods ended June 30, 2005. Neuberger
Berman Management Inc. ("NBMI") has agreed to absorb certain expenses
of the AMT Portfolios. Without this arrangement, which is subject to
change, the total returns of the Portfolios would be less. Total
return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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. Current performance may be lower or higher than
the performance data quoted. For performance data current to the most
recent month end, please visit www.nb.com/amtperformance. The
performance information does not reflect fees and expenses of the
variable annuity and variable life insurance policies or the pension
plans whose proceeds are invested in the portfolio.
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(R)
Index measures the performance of the 1,000 largest companies in the
Russell 3000(R) Index (which measures 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
ACTUAL EXPENSES: The first section of
the table provides information
about actual account values
and actual expenses in
dollars. You may use the
information in this line,
together with the amount you
invested, to estimate the
expenses you paid over the
period. Simply divide your
account value by $1,000 (for
example, an $8,600 account
value divided by $1,000 =
8.6), then multiply the result
by the number in the first
section of the table under the
heading entitled "Expenses
Paid During the Period" to
estimate the expenses you paid
over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON
PURPOSES: The second section
of the table provides
information about hypothetical
account values and
hypothetical expenses based on
the Fund's actual expense
ratio and an assumed rate of
return at 5% per year before
expenses. This return is not
the Fund's actual return. The
hypothetical account values
and expenses may not be used
to estimate the actual ending
account balance or expenses
you paid for the period. You
may use this information to
compare the ongoing costs of
investing in this Fund versus
other funds. To do so, compare
the expenses shown in this 5%
hypothetical example with the
5% hypothetical examples that
appear in the shareholder
reports of other funds.
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOCUS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS S $ 1,000 $ 994.90 $ 6.68
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,018.10 $ 6.76
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Focus Portfolio
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (98.8%)
AUTOS & HOUSING (9.7%)
500 Autoliv, Inc. $ 21,900
500 Centex Corp. 35,335
600 Lennar Corp. 38,070
1,200 Rush Enterprises Class A 16,008*
----------
111,313
CONSUMER GOODS & SERVICES (2.7%)
800 Vertrue Inc. 31,168*
FINANCIAL SERVICES (41.8%)
400 American International Group 23,240
1,732 Bank of America 78,997
2,000 Capital One Financial 160,020
1,250 Citigroup Inc. 57,787
500 Fannie Mae 29,200
100 Goldman Sachs 10,202
650 J.P. Morgan Chase 22,958
1,000 Merrill Lynch 55,010
400 Redwood Trust 20,640
500 Washington Mutual 20,345
----------
478,399
RETAIL (7.2%)
600 Home Depot 23,340
1,700 Select Comfort 36,431*
900 TJX Cos. 21,915
----------
81,686
TECHNOLOGY (37.4%)
700 Advanced Micro Devices 12,138*
1,200 Amdocs Ltd. 31,716*
1,700 Flextronics International 22,457*
3,500 International Rectifier 167,020*
1,400 Jabil Circuit 43,022*
3,000 Nokia Corp. ADR 49,920
2,000 Novell, Inc. 12,400*
10,000 NYFIX, Inc. 59,100*
400 Thermo Electron 10,748*
700 VeriSign, Inc. 20,132*
----------
428,653
TOTAL COMMON STOCKS
(COST $834,592) 1,131,219
----------
SHORT-TERM INVESTMENTS (2.8%)
32,623 Neuberger Berman
Prime Money Fund
Trust Class
(COST $32,623) $ 32,623@#
----------
TOTAL INVESTMENTS (101.6%)
(COST $867,215) 1,163,842##
Liabilities, less cash,
receivables and other assets
[(1.6%)] (18,618)
----------
TOTAL NET ASSETS (100.0%) $1,145,224
----------
See Notes to Schedule of Investments
5
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Focus Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Focus Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $867,215. Gross unrealized appreciation of investments was
$304,507 and gross unrealized depreciation of investments was $7,880,
resulting in net unrealized appreciation of $296,627, based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
6
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
FOCUS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTES A & F)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 1,131,219
- ---------------------------------------------------------------------------------------------------------------
Affiliated issuers 32,623
===============================================================================================================
1,163,842
Cash
- ---------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 352
- ---------------------------------------------------------------------------------------------------------------
Receivable from administrator-net (Note B) 6,521
Prepaid expenses and other assets 247
===============================================================================================================
TOTAL ASSETS 1,170,962
===============================================================================================================
LIABILITIES
Payable for Fund shares redeemed 50
Payable to investment manager-net (Notes A & B) 493
Accrued expenses and other payables 25,195
===============================================================================================================
TOTAL LIABILITIES 25,738
===============================================================================================================
NET ASSETS AT VALUE $ 1,145,224
===============================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 781,409
Undistributed net investment income (loss) 585
----------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 66,603
Net unrealized appreciation (depreciation) in value of investments 296,627
==========================================================================================================
NET ASSETS AT VALUE $ 1,145,224
===============================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 58,800
===============================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 19.48
===============================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 834,592
Affiliated issuers 32,623
----------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 867,215
===============================================================================================================
</Table>
See Notes to Financial Statements
7
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOCUS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 6,700
Income from securities loaned-affiliated issuer 1,240
- ---------------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 190
Foreign taxes withheld (185)
===============================================================================================================
Total income 7,945
===============================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 3,003
Administration fee (Note B) 1,638
- ---------------------------------------------------------------------------------------------------------------
Distribution fees (Note B) 1,365
Audit fees 19,943
- ---------------------------------------------------------------------------------------------------------------
Custodian fees (Note B) 4,037
Insurance expense 19
- ---------------------------------------------------------------------------------------------------------------
Legal fees 221
Shareholder reports 6,339
- ---------------------------------------------------------------------------------------------------------------
Trustees' fees and expenses 12,681
Miscellaneous 920
===============================================================================================================
Total expenses 50,166 Expenses reimbursed by administrator (Note B) (42,733)
Investment management fee waived (Note A) (6) Expenses reduced by custodian fee
expense offset and commission recapture arrangements (Note B) (67)
===============================================================================================================
Total net expenses 7,360
===============================================================================================================
Net investment income (loss) 585
===============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 46,934
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (54,536)
========================================================================================================
Net gain (loss) on investments (7,602)
===============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (7,017)
===============================================================================================================
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOCUS PORTFOLIO
------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 585 $ (1,395)
Net realized gain (loss) on investments 46,934 23,999
- ------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (54,536) 41,950
============================================================================================================
Net increase (decrease) in net assets resulting from operations (7,017) 64,554
============================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments -- (120,549)
============================================================================================================
Total distributions to shareholders -- (120,549)
============================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 35,375 112,127
Proceeds from reinvestment of dividends and distributions -- 120,549
- ------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (68,875) (174,997)
============================================================================================================
Net increase (decrease) from Fund share transactions (33,500) 57,679
============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS (40,517) 1,684
NET ASSETS:
Beginning of period 1,185,741 1,184,057
============================================================================================================
End of period $ 1,145,224 $ 1,185,741
============================================================================================================
Undistributed net investment income (loss) at end of period $ 585 $ --
============================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NOTES TO FINANCIAL STATEMENTS Focus Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Focus Portfolio (the "Fund") is a separate operating series
of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except the Fund) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers only Class S shares. The Board of Trustees
of the Trust (the "Board") may establish additional series or classes
of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
10
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for net operating
losses were reclassified at year end. These reclassifications had no
effect on net income, net assets or net assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG TERM CAPITAL GAIN TOTAL
2004 2003 2004 2003 2004 2003
$ 113,929 $ 7,067 $ 6,620 $ -- $ 120,549 $ 7,067
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNREALIZED LOSS
UNDISTRIBUTED UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME LONG-TERM GAIN (DEPRECIATION) AND DEFERRALS TOTAL
$ -- $ 19,811 $ 351,021 $ -- $ 370,832
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales.
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.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which
11
<Page>
Management serves as investment manager, that are not directly
attributed to a Series or the Trust are allocated among the Fund and
the other investment companies in the complex or series thereof on the
basis of relative net assets, except where a more appropriate
allocation of expenses to each investment company in the complex or
series thereof can otherwise be made fairly.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger did not receive any revenue under the
Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest available current
income consistent with safety and liquidity. For any cash that the
Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives from Prime
Money on those assets (the "Arrangement"). For the six months ended
June 30, 2005, management fees waived under this Arrangement amounted
to $6. For the six months ended June 30, 2005, income earned under
this Arrangement amounted to $190, and is reflected in the Statement
of Operations under the caption "Income from investments in affiliated
issuers."
11 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their
12
<Page>
duties to the Trust. In addition, both in some of its principal
service contracts and in the normal course of its business, the Trust
enters into contracts that provide indemnifications to other parties
for certain types of losses or liabilities. The Trust's maximum
exposure under these arrangements is unknown as this could involve
future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
Management acts as agent in arranging for the sale of Fund shares
without commission and bears advertising and promotion expenses. The
Board has adopted a distribution plan (the "Plan") with respect to the
Fund, pursuant to Rule 12b-1 under the 1940 Act. The Plan provides
that, as compensation for administrative and other services provided
to the Fund, Management's activities and expenses related to the sale
and distribution of the Fund's shares, and ongoing services provided
to investors in the Fund, Management receives from the Fund a fee at
the annual rate of 0.25% of the Fund's average daily net assets.
Management receives this amount to provide distribution and
shareholder servicing for the Fund and pays a portion of it to
institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged
in sales and/or shareholder servicing. The amount of fees paid by the
Fund during any year may be more or less than the cost of distribution
and other services provided to the Fund. NASD rules limit the amount
of annual distribution fees that may be paid by a mutual fund and
impose a ceiling on the cumulative distribution fees paid. The Trust's
Plan complies with those rules.
Management has contractually undertaken through December 31, 2008 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, 1.25% per annum
of the Fund's average daily net assets (the "Expense Limitation"). For
the six months ended June 30, 2005, such excess expenses amounted to
$42,733. The Fund has agreed to repay Management through December 31,
2011 for its excess Operating Expenses previously reimbursed by
13
<Page>
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, 2005, there was no
reimbursement to Management under this agreement. At June 30, 2005,
contingent liabilities to Management under this agreement were as
follows:
<Table>
<Caption>
EXPIRING IN
2005 2006 2007 2008 TOTAL
$ 37,435 $ 77,957 $ 80,604 $ 42,733 $ 238,729
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $67.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $0.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $177,184 and
$248,217, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $818, of which Neuberger received
$134, Lehman received $9, and other brokers received $675.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 1,918 5,164
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 7,275
SHARES REDEEMED (3,669) (8,787)
------ ------
TOTAL (1,751) 3,652
------ ------
</Table>
14
<Page>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 9,673 136,071 113,121 32,623 $ 32,623 $ 190
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
15
<Page>
FINANCIAL HIGHLIGHTS Focus Portfolio
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.+++
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED AUGUST 8, 2002^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- ------------------------- ---------------
2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.58 $ 20.81 $ 11.00 $ 10.00
---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .01 (.02) (.09) (.03)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (0.11) 0.93 10.03 1.03
---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT OPERATIONS (0.10) 0.91 9.94 1.00
---------- ---------- ---------- ----------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- (2.14) (.13) --
---------- ---------- ---------- ----------
NET ASSET VALUE, END OF PERIOD $ 19.48 $ 19.58 $ 20.81 $ 11.00
---------- ---------- ---------- ----------
TOTAL RETURN++ -0.51%** +6.21% +90.42% +10.00%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 1.1 $ 1.2 $ 1.2 $ 0.2
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.36%* 1.30% 1.32% 1.25%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.35%* 1.29% 1.29% 1.25%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS .11%* (.12%) (.51%) (.69%)*
PORTFOLIO TURNOVER RATE 16%** 33% 101% 63%**
</Table>
See Notes to Financial Highlights
16
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Focus Portfolio
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 and/or waived 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. Performance data
current to the most recent month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
^^ After reimbursement of expenses by the administrator. Had the administrator
not undertaken such action, the annualized ratio of net expenses to average
daily net assets would have been:
PERIOD FROM
AUGUST 8, 2002
TO DECEMBER 31,
2002
63.28%
After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such actions, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
9.17% 8.20% 12.48%
</Table>
^ The date investment operations commenced.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
17
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
18
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
GROWTH PORTFOLIO(R)
B0732 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
GROWTH PORTFOLIO Managers' Commentary
The Neuberger Berman AMT Growth Portfolio provided a modest gain in the
first half of 2005, slightly outperforming its benchmark, the Russell
Midcap Growth Index. Overall, the markets rewarded stocks based on
fundamentals, which tended to favor our investment process.
During the six-month reporting period, security selection was additive to
the portfolio's performance relative to the index, with the largest
contributions coming from Energy, Consumer Staples and Telecom. Energy
names that did well included companies specializing in the exploration and
production of oil and gas, such as Canadian Natural Resources and
Quicksilver Resources. Within Consumer Staples, industries such as
beverages and grocery stores were a primary reason for this outperformance,
with Constellation Brands and Whole Foods Market both performing well.
Within Telecom, our emphasis on wireless companies helped returns, with
both Nextel Partners and Western Wireless providing standout results. Our
sector allocation was also additive to relative performance, fueled by our
overweight in Energy and Telecom, which were the top performing sectors of
the period.
The largest detraction from relative performance came from our security
selection in Information Technology. Although, this area of the portfolio
had strong performers such as Apple Computer, their outperformance was more
than offset by weakness in names such as Sigmatel and Zebra Technologies.
At the start of 2005, prognosticators were almost unanimous in their calls
for interest rates to move higher, the dollar to drop and stocks to provide
gains. The markets, in all three cases, moved against prevailing wisdom, as
long-term interest rates fell, the dollar traded higher and stocks
languished during the first six months of the year. In other developments,
oil prices increased, as did prices of other commodities. And the Federal
Reserve continued to raise interest rates by 25 basis points at each
meeting, causing the yield curve to flatten.
So far this year, corporate earnings growth has been strong, but the equity
market has been kept in check by rising short-term interest rates. Other
factors inhibiting stock performance have included slowing monetary growth,
competition from alternative investments, and fears that the Federal
Reserve would push interest rates too high and cause the economy to go into
recession. However, the flipside of stock weakness has been the continued
compression of the market's P/E multiple. Since the stock market's peak
back in 2000, reported earnings have increased approximately 33%, but the
S&P 500 has declined by 20% (price only). As a result, broad-based P/E
averages are now approaching 16 times current earnings estimates.
The sectors that have led the market for several quarters got even stronger
during this reporting period. Energy, Utilities, Telecom and REITs netted
significant returns as investors reacted to higher energy prices and
searched for yield. Cyclical sectors such as Materials and Industrials
underperformed in the first half, as fears developed over economic growth
in the United States, Europe and Asia.
In our view, economic concerns and uncertainty about the Federal Reserve
should keep the equity market from making substantial upward progress.
However, relative to interest rates, equities should benefit from improving
valuations, particularly as earnings growth remains good, albeit slowing
from prior years. At some point, as the economy
1
<Page>
maintains a steady growth pace, we expect the market to shift toward
larger-cap and traditional growth stocks, rotating away from smaller and
cyclical issues.
In terms of sector allocations, we are currently overweight in Information
Technology, Energy and Telecom, but underweight in Financials, Consumer
Discretionary and Utilities. In most other sectors, we are neutrally
positioned relative to the benchmark.
Sincerely,
/s/ Jon D. Brorson
JON D. BRORSON
PORTFOLIO MANAGER AND
GROWTH EQUITY GROUP TEAM LEADER
/s/ Kenneth J. Turek
KENNETH J. TUREK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Aerospace 1.3%
Auto/Truck Replacement Parts 0.9
Biotechnology 4.3
Building, Construction & Furnishing 0.5
Business Services 8.0
Communications Equipment 1.6
Computer Related 0.5
Cosmetics 0.6
Defense 0.9
Diagnostic Equipment 1.2
Electrical & Electronics 0.7
Energy 7.9
Entertainment 3.3
Financial Services 6.8
Health Care 9.0
Industrial 6.9%
Industrial Gases 0.9
Internet 0.5
Leisure 3.9
Medical Equipment 4.0
Oil & Gas 1.7
Retail 10.5
Semiconductors 5.3
Software 1.9
Technology 9.4
Telecommunications 4.6
Transportation 2.1
Short-Term Investments 21.9
Liabilities, less cash, receivables and
other assets (21.1)
2
<Page>
ENDNOTES
1. 1.81% was the cumulative total return for the 6-month period, 10.45%,
-10.38% and 5.74% were the average annual total returns for the 1-, 5-
and 10-year periods ended June 30, 2005. Neuberger Berman Management
Inc. ("NBMI") has agreed to absorb certain expenses of the AMT
Portfolios. Without this arrangement, which is subject to change, the
total returns of the Portfolios would be less. Total return includes
reinvestment of dividends and capital gain distributions. Performance
data quoted represent 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. Current
performance may be lower or higher than the performance data quoted.
For performance data current to the most recent month end, please
visit www.nb.com/amtperformance. The performance information does not
reflect fees and expenses of the variable annuity and variable life
insurance policies or the pension plans whose proceeds are invested in
the portfolio.
2. The Russell Midcap(R) Growth Index measures the performance of those
Russell Midcap(R) Index companies with higher price-to-book ratios and
higher forecasted growth values. The Russell Midcap Index measures the
performance of the 800 smallest companies in the Russell 1000(R)
Index, which represents approximately 25% of the total market
capitalization of the Russell 1000 Index (which, in turn, consists of
the 1,000 largest U.S. companies, based on market capitalization). 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. 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides information about
actual account values and actual expenses in dollars. You
may use the information in this line, together with the
amount you invested, to estimate the expenses you paid
over the period. Simply divide your account value by
$1,000 (for example, an $8,600 account value divided by
$1,000 = 8.6), then multiply the result by the number in
the first section of the table under the heading entitled
"Expenses Paid During the Period" to estimate the
expenses you paid over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides information
about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio and an
assumed rate of return at 5% per year before expenses.
This return is not the Fund's actual return. The
hypothetical account values and expenses may not be used
to estimate the actual ending account balance or expenses
you paid for the period. You may use this information to
compare the ongoing costs of investing in this Fund
versus other funds. To do so, compare the expenses shown
in this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of other
funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,018.10 $ 4.80
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.03 $ 4.81
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Growth Portfolio
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (99.2%)
AEROSPACE (1.3%)
12,000 Goodrich Corp. $ 491,520
41,000 Rockwell Collins 1,954,880
-------------
2,446,400
AUTO/TRUCK REPLACEMENT PARTS (0.9%)
26,000 Advance Auto Parts 1,678,300*
BIOTECHNOLOGY (4.3%)
70,000 Celgene Corp. 2,853,900*
30,000 Genzyme Corp. 1,802,700*
71,000 Gilead Sciences 3,123,290*
14,000 Martek Biosciences 531,300*~
-------------
8,311,190
BUILDING, CONSTRUCTION & FURNISHING (0.5%)
27,500 D.R. Horton 1,034,275
BUSINESS SERVICES (8.0%)
90,000 Alliance Data Systems 3,650,400*
53,500 CB Richard Ellis Group 2,346,510*
62,000 Corporate Executive Board 4,856,460~
40,000 Getty Images 2,970,400*~
12,000 Laureate Education 574,320*
22,500 NAVTEQ 836,550*
5,400 NeuStar, Inc. 138,240*
-------------
15,372,880
COMMUNICATIONS EQUIPMENT (1.6%)
20,500 F5 Networks 968,317*
85,000 Juniper Networks 2,140,300*~
-------------
3,108,617
COMPUTER RELATED (0.5%)
26,000 Apple Computer 957,060*
COSMETICS (0.6%)
31,500 Estee Lauder 1,232,595
DEFENSE (0.9%)
26,500 CACI International 1,673,740*
DIAGNOSTIC EQUIPMENT (1.2%)
106,000 Cytyc Corp. 2,338,360*
ELECTRICAL & ELECTRONICS (0.7%)
5,700 Dolby Laboratories 125,742*
41,000 Jabil Circuit 1,259,930*
-------------
1,385,672
ENERGY (7.9%)
75,000 Canadian Natural Resources 2,728,500
31,500 Denbury Resources 1,252,755*
53,000 National-Oilwell Varco 2,519,620*
49,000 Peabody Energy 2,549,960
39,500 Smith International 2,516,150~
109,833 XTO Energy 3,733,224
-------------
15,300,209
ENTERTAINMENT (3.3%)
42,500 Gaylord Entertainment $ 1,975,825*
63,000 Station Casinos 4,183,200
8,000 WMS Industries 270,853
-------------
6,429,878
5
FINANCIAL SERVICES (6.8%)
100,000 CapitalSource Inc. 1,963,000*~
9,000 Chicago Mercantile
Exchange 2,659,500~
53,000 Investors Financial
Services 2,004,460
32,750 Legg Mason 3,409,602~
53,000 Moody's Corp. 2,382,880
20,000 Nuveen Investments 752,400
-------------
13,171,842
HEALTH CARE (9.0%)
20,000 American Healthways 845,400*~
55,000 C. R. Bard 3,658,050
31,000 Cerner Corp. 2,107,070*~
32,000 Invitrogen Corp. 2,665,280*~
41,000 Omnicare, Inc. 1,739,630
33,000 PacifiCare Health Systems 2,357,850*
56,500 Varian Medical Systems 2,109,145*~
73,500 VCA Antech 1,782,375*
-------------
17,264,800
INDUSTRIAL (6.9%)
53,500 Danaher Corp. 2,800,190
65,800 Donaldson Co. 1,995,714
54,500 Fastenal Co. 3,338,670~
25,500 Harman International
Industries 2,074,680
50,000 Monster Worldwide 1,434,000*
36,000 Rockwell International 1,753,560
-------------
13,396,814
INDUSTRIAL GASES (0.9%)
70,000 Airgas Inc. 1,726,900
INTERNET (0.5%)
35,000 McAfee Inc. 916,300*
LEISURE (3.9%)
39,500 Marriott International 2,694,690~
56,000 MGM MIRAGE 2,216,480*~
53,000 Royal Caribbean Cruises 2,563,080
-------------
7,474,250
MEDICAL EQUIPMENT (4.0%)
48,500 Kinetic Concepts 2,910,000*
59,500 Kyphon Inc. 2,070,005*
41,000 ResMed Inc. 2,705,590*
-------------
7,685,595
OIL & GAS (1.7%)
23,500 GlobalSantaFe Corp. 958,800
37,500 Quicksilver Resources 2,397,375*~
-------------
3,356,175
</Table>
See Notes to Schedule of Investments
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
RETAIL (10.5%)
35,500 Abercrombie & Fitch $ 2,438,850
151,000 Coach, Inc. 5,069,070*
15,500 Dick's Sporting Goods 598,145*
24,500 Fortune Brands 2,175,600
22,500 Michaels Stores 930,825
44,500 Nordstrom, Inc. 3,024,665~
70,500 PETsMART, Inc. 2,139,675
21,000 Urban Outfitters 1,190,490*
22,000 Whole Foods Market 2,602,600~
-------------
20,169,920
SEMICONDUCTORS (5.3%)
22,500 Broadcom Corp. 798,975*
11,000 KLA-Tencor 480,700
63,500 Marvell Technology Group 2,415,540*~
30,500 MEMC Electronic Materials 480,985*
74,000 Microchip Technology 2,191,880
120,100 Microsemi Corp. 2,257,880*
70,000 National Semiconductor 1,542,100
-------------
10,168,060
SOFTWARE (1.9%)
45,000 Cognos, Inc. 1,536,300*
55,000 Mercury Interactive 2,109,800*
-------------
3,646,100
TECHNOLOGY (9.4%)
85,500 Activision, Inc. 1,412,460*
54,100 Autodesk, Inc. 1,859,417
91,500 Cognizant Technology
Solutions 4,312,395*~
26,500 International Rectifier 1,264,580*
30,000 Lipman 923,100
36,000 Macromedia, Inc. 1,375,920*
105,500 Seagate Technology 1,851,525
38,500 VeriSign, Inc. 1,107,260*
93,900 Zebra Technologies 4,111,881*
-------------
18,218,538
TELECOMMUNICATIONS (4.6%)
85,000 American Tower 1,786,700*~
82,000 Leap Wireless International 2,275,500*
150,000 Nextel Partners 3,775,500*~
16,000 NII Holdings 1,023,040*
-------------
8,860,740
TRANSPORTATION (2.1%)
36,500 C.H. Robinson Worldwide 2,124,300
96,800 J.B. Hunt Transport
Services 1,868,240
-------------
3,992,540
TOTAL COMMON STOCKS
(COST $133,834,963) 191,317,750
-------------
SHORT-TERM INVESTMENTS (21.9%)
41,427,850 Neuberger Berman
Securities Lending
Quality Fund, LLC $ 41,427,850+++
746,536 Neuberger Berman
Prime Money Fund
Trust Class 746,536@
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $42,174,386) 42,174,386#
-------------
7
TOTAL INVESTMENTS (121.1%)
(COST $176,009,349) 233,492,136##
Liabilities, less cash,
receivables and other assets
[(21.1%)] (40,754,022)
-------------
TOTAL NET ASSETS (100.0%) $ 192,738,114
-------------
</Table>
See Notes to Schedule of Investments
8
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Growth Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Growth Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $176,009,349. Gross unrealized appreciation of investments was
$58,854,380 and gross unrealized depreciation of investments was
$1,371,593, resulting in net unrealized appreciation of $57,482,787, based
on cost for U.S. Federal income tax purposes.
* Non-income producing security.
~ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
+++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
9
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 191,317,750
- ------------------------------------------------------------------------------------------------------------------
Affiliated issuers 42,174,386
==================================================================================================================
233,492,136
Cash 814,055
- ------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 44,114
- ------------------------------------------------------------------------------------------------------------------
Receivable for securities sold 2,216,917
Receivable for Fund shares sold 1,860
Prepaid expenses and other assets 17,915
==================================================================================================================
TOTAL ASSETS 236,586,997
==================================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 41,427,850
Payable for securities purchased 1,963,746
Payable for Fund shares redeemed 298,358
- ------------------------------------------------------------------------------------------------------------------
Payable to investment manager-net (Notes A & B) 84,206
- ------------------------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 45,960
Accrued expenses and other payables 28,763
==================================================================================================================
TOTAL LIABILITIES 43,848,883
==================================================================================================================
NET ASSETS AT VALUE $ 192,738,114
==================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 412,247,952
Undistributed net investment income (loss) (531,482)
- ------------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (276,461,179)
Net unrealized appreciation (depreciation) in value of investments 57,482,823
==================================================================================================================
NET ASSETS AT VALUE $ 192,738,114
==================================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 15,581,311
==================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.37
==================================================================================================================
+SECURITIES ON LOAN, AT MARKET VALUE $ 39,934,745
==================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 133,834,963
Affiliated issuers 42,174,386
==================================================================================================================
TOTAL COST OF INVESTMENTS $ 176,009,349
==================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 355,376
Income from securities loaned-affiliated issuer (Note F) 37,192
- ------------------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 5,233
Foreign taxes withheld (1,070)
==================================================================================================================
Total income 396,731
==================================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 530,091
Administration fee (Note B) 289,141
- ------------------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 51,806
- ------------------------------------------------------------------------------------------------------------------
Insurance expense 3,339
Legal fees 21,525
- ------------------------------------------------------------------------------------------------------------------
Shareholder reports 7,085
Trustees' fees and expenses 12,762
- ------------------------------------------------------------------------------------------------------------------
Miscellaneous 4,342
==================================================================================================================
Total expenses 940,034
Investment management fee waived (Note A) (159)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (11,662)
==================================================================================================================
Total net expenses 928,213
==================================================================================================================
Net investment income (loss) (531,482)
==================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 7,877,773
-----------------------------------------------------------------------------------------------------------
Foreign currency 58
-----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (4,387,965)
-----------------------------------------------------------------------------------------------------------
Foreign currency (8)
===========================================================================================================
Net gain (loss) on investments 3,489,858
==================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,958,376
==================================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GROWTH PORTFOLIO
----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (531,482) $ (1,041,745)
Net realized gain (loss) on investments 7,877,831 15,038,319
- --------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (4,387,973) 17,202,489
==============================================================================================================
Net increase (decrease) in net assets resulting from operations 2,958,376 31,199,063
==============================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 2,821,134 8,526,677
Payments for shares redeemed (21,179,941) (46,456,630)
==============================================================================================================
Net increase (decrease) from Fund share transactions (18,358,807) (37,929,953)
==============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS (15,400,431) (6,730,890)
NET ASSETS:
Beginning of period 208,138,545 214,869,435
==============================================================================================================
End of period $ 192,738,114 $ 208,138,545
==============================================================================================================
Undistributed net investment income (loss) at end of period $ (531,482) $ --
==============================================================================================================
</Table>
See Notes to Financial Statements
12
<Page>
NOTES TO FINANCIAL STATEMENTS Growth Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Growth Portfolio (the "Fund") is a separate operating series
of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers only Class I shares. The Board of Trustees
of the Trust (the "Board") may establish additional series or classes
of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations. Included in net
realized gain (loss) on investment securities sold are proceeds from
the settlements of class action litigation in which the Fund
participated as a plaintiff. The amount of such proceeds for the six
months ended June 30, 2005 was $925.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated
13
<Page>
investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no Federal income or excise
tax provision is required.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for net operating
losses and foreign currency gains and losses were reclassified at year
end. These reclassifications had no effect on net income, net assets
or net assets per share of the Fund.
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED LOSS
ORDINARY APPRECIATION CARRYFORWARDS
INCOME (LOSS) (DEPRECIATION) AND DEFERRALS TOTAL
$ -- $ 61,557,990 $ (284,026,204) $ (222,468,214)
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales.
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. As determined at December 31, 2004, the Fund
had unused capital loss carryforwards available for Federal income tax
purposes to offset net realized capital gains, if any, as follows:
<Table>
<Caption>
EXPIRING IN:
2009 2010
$ 213,906,407 $ 70,119,797
</Table>
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
14
<Page>
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $2,016 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest
15
<Page>
available current income consistent with safety and liquidity. For any
cash that the Fund invests in Prime Money, Management waives a portion
of its management fee equal to the management fee it receives from
Prime Money on those assets (the "Arrangement"). For the six months
ended June 30, 2005, management fees waived under this Arrangement
amounted to $159. For the six months ended June 30, 2005, income
earned under this Arrangement amounted to $5,233 and is reflected in
the Statement of Operations under the caption "Income from investments
in affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund for its operating expenses (excluding the fees
payable to Management, 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, 2005, no reimbursement to the Fund was required. The Fund has
agreed to repay Management through December 31, 2011 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
16
<Page>
reimbursement. During the six months ended June 30, 2005, there was no
reimbursement to Management under this agreement. At June 30, 2005,
the Fund has no contingent liability to Management under this
agreement.
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $11,548.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $114.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $55,273,599 and
$77,581,636, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $183,081, of which Neuberger
received $200, Lehman received $33,207, and other brokers received
$149,674.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 236,369 794,788
SHARES REDEEMED (1,783,984) (4,284,573)
---------- ----------
TOTAL (1,547,615) (3,489,785)
========== ==========
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay
17
<Page>
its pro rata share, based on the ratio of its individual net assets to
the net assets of all participants at the time the fee is due and
payable. The fee is paid quarterly in arrears. No compensating balance
is required. Because several investment companies participate, there
is no assurance that an individual Fund will have access to all or any
part of the $150,000,000 at any particular time. There were no loans
outstanding pursuant to this line of credit at June 30, 2005. During
the six months ended June 30, 2005, the Fund did not utilize this line
of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 39,393,450 813,621,600 811,587,200 41,427,850 $ 41,427,850 $ 37,192
Neuberger Berman
Prime Money Fund
Trust Class*** 1 20,482,245 19,735,710 746,536 746,536 5,233
------------- -------------
TOTAL $ 42,174,386 $ 42,425
============= =============
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
18
<Page>
FINANCIAL HIGHLIGHTS Growth Portfolio~
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, YEAR ENDED DECEMBER 31,
---------------- ------------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.15 $ 10.42 $ 7.93 $ 11.52 $ 30.65 $ 37.27
--------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) (.03) (.06) (.05) (.06) (.07) (.17)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .25 1.79 2.54 (3.53) (7.41) (3.16)
--------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS .22 1.73 2.49 (3.59) (7.48) (3.33)
--------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- -- -- -- (11.65) (3.29)
--------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 12.37 $ 12.15 $ 10.42 $ 7.93 $ 11.52 $ 30.65
--------- --------- --------- --------- --------- ---------
TOTAL RETURN++ +1.81%** +16.60% +31.40% -31.16% -30.36% -11.66%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 192.7 $ 208.1 $ 214.9 $ 185.8 $ 356.2 $ 640.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .98%* .96% .94% .96% .89% .90%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .96%*^ .94%^ .93%^ .96% .89% .90%
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.55%)* (.51%) (.58%) (.65%) (.50%) (.45%)
PORTFOLIO TURNOVER RATE 28%** 83% 149% 97% 91% 125%
</Table>
See Notes to Financial Highlights
19
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Growth Portfolio
~ The per share amounts and ratios which are shown reflect income and
expenses, including the Fund's proportionate share of AMT Growth
Investment's income and expenses through April 30, 2000 under the prior
master/feeder fund structure.
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 waived 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. Performance data current to the most recent
month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
^ After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such action, the annualized ratios of net expenses to average daily net
assets would have been:
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
0.96% 0.94% 0.93%
* Annualized.
** Not annualized.
20
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
21
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
GUARDIAN PORTFOLIO
B0733 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
GUARDIAN PORTFOLIO Manager's Commentary
Corporate earnings continued to be impressive in the first half of 2005,
but stocks were unable to make much progress in the face of ongoing Federal
Reserve tightening and skyrocketing energy prices. For the period, the
Neuberger Berman AMT Guardian Portfolio declined slightly, roughly in line
with the S&P 500 Index but behind the Russell 1000 Value Index, which
posted a modest gain.
With the exception of fourth quarter 2004, the stock market has generally
moved sideways over the past 18 months. Despite the market's apparent calm,
however, we have experienced relatively high stock price volatility within
and between different market sectors. Volatility translates into both risk
and opportunity. For example, when growth in global oil inventories began
to accelerate in mid-2004, we saw increased risk in the Energy sector. In
response, we began trimming and, by the start of this year, had gone from
an overweight to neutral weighting. Although this decision penalized
relative returns in the short run, it was consistent with our commitment to
risk management. Conversely, downside price volatility in the Retail and
Auto sectors presented us with the opportunity to establish positions in
Costco Wholesale and Toyota Motor Corp., two of the highest-quality
companies in their respective industries, at very attractive valuations.
Despite our reduced allocation in Energy, our holdings in the group still
had the most positive impact on returns of any sector during the six-month
reporting period. Newfield Exploration was our best performing stock and BP
PLC also appeared on our top-ten list. Our Health Care investments, most
notably long-term holdings UnitedHealth Group and Quest Diagnostics,
continued to excel. In addition to benefiting from favorable long-term
demographics in the health care industry, these two companies continue to
distinguish themselves from the competition through the effective execution
of well conceived business strategies. We only owned one Materials stock,
but a solid gain in Praxair produced a positive return for the portfolio in
the stock market's worst performing sector. Praxair is a global leader in
industrial gases. Because many of the processes it has developed enhance
the energy efficiency of its customers, Praxair has been an indirect
beneficiary of rising energy costs.
Our Financial sector investments disappointed on an absolute- and
relative-return basis. Anticipating that longer-term interest rates would
follow short-term rates higher as the Fed tightened, beginning in 2003, we
rotated out of financial companies whose profits are driven by interest
rate spreads (banks) and into premium-based businesses, most notably
property and casualty insurers. Unfortunately, this group was uniformly
pressured by New York State Attorney General Spitzer's investigation into
industry business practices.
Our returns in the Information Technology sector were decidedly mixed. We
were hurt by the performance of leading semiconductor testing equipment
manufacturer Teradyne, a victim of a semiconductor component inventory
imbalance that developed as the economy slowed in the second half of 2004.
That surplus has now been worked off and, as semiconductor output
increases, demand for Teradyne's testing equipment should recover quickly.
Conversely, semiconductor manufacturer Texas Instruments was a leading
performer as its business was one of the first to recover from the same
inventory cycle.
Our interest in quality and valuation has recently led us to establish a
position in Toyota. The company enjoys the benefits of lean and flexible
manufacturing capability and maintains a commitment to continuous
improvement. Toyota's manufacturing strategy differs from traditional mass
production approaches used by competitors in that its factories are capable
of building multiple car models. This allows Toyota to quickly cut back
production of models that aren't selling and increase production of models
in highest demand, translating into less discounting and higher profit
margins.
1
<Page>
Toyota continually puts profits back into research and development -- one
of the reasons it has taken the lead in hybrid automobile technology, which
in the years ahead could be among the fastest growing auto segments. With
an 11.5% global market share, Toyota is already one of the giants of the
industry. It has achieved this enviable position with limited penetration
in Europe, where over the next five years we expect it to gain meaningful
share. We have long recognized Toyota as one of the highest-quality
companies in the auto business, but until recently, it did not pass our
valuation hurdles. However, when Toyota stock fell to ten-year valuation
lows, it qualified as our kind of bargain.
In closing, while there are many economic crosscurrents, corporate earnings
continue to expand and balance sheets are generally strong. Against the
backdrop of a relatively flat equity market, we see opportunity and
continue to devote our time and energy to building a diversified portfolio
of companies that combine high quality with value -- in our opinion, the
kind of portfolio capable of producing superior long-term returns.
Sincerely,
/s/ Arthur Moretti
ARTHUR MORETTI
PORTFOLIO MANAGER
AMT GUARDIAN PORTFOLIO
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Automotive 2.5%
Banking & Financial 4.1
Business Services 1.2
Consumer Cyclicals 5.1
Defense 3.6
Diversified 3.3
Energy 2.4
Financial Services 7.3
Health Products & Services 6.2
Industrial Gases 3.0
Insurance 4.2
Media 10.7
Oil & Gas 4.4
Oil Services 0.5%
Pharmaceutical 5.6
Real Estate 4.0
Technology 6.1
Technology-Semiconductor 8.2
Technology-Semiconductor Capital Equipment 2.6
Telecommunications 3.3
Transportation 3.4
Utilities 3.1
Waste Management 3.2
Short-Term Investments 9.4
Liabilities, less cash, receivables and other assets (7.4)
2
<Page>
ENDNOTES
1. For Class I, -0.87% was the cumulative total return for the 6-month
period, 10.16%, 1.33% and 7.69% were the average annual total returns
for the 1-year, 5- year and since inception (11/03/97) periods ended
June 30, 2005. For Class S, -1.05% was the cumulative total return for
the 6-month period, 9.79%, 1.17% and 7.58% were the average annual
total returns for the 1-year, 5-year and since inception (11/03/97)
periods ended June 30, 2005. Performance shown prior to August 2002
for the Class S shares is of the Class I shares, which has lower
expenses and typically higher returns than Class S shares. Neuberger
Berman Management Inc. ("NBMI") has agreed to absorb certain expenses
of the AMT Portfolios. Without this arrangement, which is subject to
change, the total returns of the Portfolios would be less. Total
return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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. Current performance may be lower or higher than
the performance data quoted. For performance data current to the most
recent month end, please visit www.nb.com/amtperformance. The
performance information does not reflect fees and expenses of the
variable annuity and variable life insurance policies or the pension
plans whose proceeds are invested in the portfolio.
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(R)Index measures the performance of the 1,000 largest companies
in the Russell 3000(R) 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 composition, industries and holdings of the Portfolio are subject
to change.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
ACTUAL EXPENSES: The first section of
the table provides information
about actual account values and
actual expenses in dollars. You
may use the information in this
line, together with the amount
you invested, to estimate the
expenses you paid over the
period. Simply divide your
account value by $1,000 (for
example, an $8,600 account value
divided by $1,000 = 8.6), then
multiply the result by the number
in the first section of the table
under the heading entitled
"Expenses Paid During the Period"
to estimate the expenses you paid
over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES:
The second section of the table
provides information about
hypothetical account values and
hypothetical expenses based on
the Fund's actual expense ratio
and an assumed rate of return at
5% per year before expenses. This
return is not the Fund's actual
return. The hypothetical account
values and expenses may not be
used to estimate the actual
ending account balance or
expenses you paid for the period.
You may use this information to
compare the ongoing costs of
investing in this Fund versus
other funds. To do so, compare
the expenses shown in this 5%
hypothetical example with the 5%
hypothetical examples that appear
in the shareholder reports of
other funds.
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GUARDIAN PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 991.30 $ 4.89
CLASS S $ 1,000 $ 989.50 $ 6.12
</Table>
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
<Table>
CLASS I $ 1,000 $ 1,019.89 $ 4.96
CLASS S $ 1,000 $ 1,018.65 $ 6.21
</Table>
* For each class of the Fund, expenses are equal to the expense
ratio for the class, multiplied by the average account value
over the period, multiplied by 181/365 (to reflect the one-half
year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year
divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS Guardian Portfolio
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (98.0%)
AUTOMOTIVE (2.5%)
57,150 Toyota Motor Corp. ADR $ 4,085,654
BANKING & FINANCIAL (4.1%)
136,200 State Street 6,571,650
BUSINESS SERVICES (1.2%)
48,500 Manpower Inc. 1,929,330
CONSUMER CYCLICALS (5.1%)
75,900 Costco Wholesale 3,401,838
87,900 Target Corp. 4,782,639^
---------------
8,184,477
DEFENSE (3.6%)
75,550 L-3 Communications Holdings 5,785,619
DIVERSIFIED (3.3%)
102,750 Danaher Corp. 5,377,935^
ENERGY (2.4%)
58,150 BP PLC ADR 3,627,397
5,700 ChevronTexaco Corp. 318,744
---------------
3,946,141
FINANCIAL SERVICES (7.3%)
17,300 Ambac Financial Group 1,206,848
119,700 Citigroup Inc. 5,533,731
49,400 Goldman Sachs 5,039,788
---------------
11,780,367
HEALTH PRODUCTS & SERVICES (6.2%)
91,800 Quest Diagnostics 4,890,186
99,700 UnitedHealth Group 5,198,358
---------------
10,088,544
INDUSTRIAL GASES (3.0%)
103,900 Praxair, Inc. 4,841,740
INSURANCE (4.2%)
208,100 Willis Group Holdings 6,809,032
MEDIA (10.7%)
91,150 Comcast Corp. Class A Special 2,729,942*
151,421 Liberty Global 7,066,818*
739,356 Liberty Media 7,534,038*
---------------
17,330,798
OIL & GAS (4.4%)
22,900 Cimarex Energy 891,039*
154,800 Newfield Exploration 6,174,972*
---------------
7,066,011
OIL SERVICES (0.5%)
11,400 Schlumberger Ltd. 865,716
PHARMACEUTICAL (5.6%)
60,300 Millipore Corp. 3,420,819*
117,150 Novartis AG ADR 5,557,596
---------------
8,978,415
REAL ESTATE (4.0%)
74,950 AMB Property $ 3,255,078
88,900 Equity Residential 3,273,298
---------------
6,528,376
5
TECHNOLOGY (6.1%)
126,650 Dell Inc. 5,003,941*
231,650 National Instruments 4,910,980
---------------
9,914,921
TECHNOLOGY-SEMICONDUCTOR (8.2%)
331,900 Altera Corp. 6,578,258*
240,900 Texas Instruments 6,762,063^
---------------
13,340,321
TECHNOLOGY-SEMICONDUCTOR CAPITAL EQUIPMENT (2.6%)
352,100 Teradyne, Inc. 4,214,637*
TELECOMMUNICATIONS (3.3%)
216,900 Vodafone Group ADR 5,275,008
TRANSPORTATION (3.4%)
95,850 Canadian National Railway 5,525,753
UTILITIES (3.1%)
488,600 National Grid Transco 4,738,825
6,300 National Grid Transco ADR 307,251
---------------
5,046,076
WASTE MANAGEMENT (3.2%)
95,000 Republic Services 3,420,950
63,950 Waste Management 1,812,343
---------------
5,233,293
TOTAL COMMON STOCKS
(COST $119,707,363) 158,719,814
---------------
SHORT-TERM INVESTMENTS (9.4%)
12,877,200 Neuberger Berman
Securities Lending
Quality Fund, LLC 12,877,200++
2,321,256 Neuberger Berman
Prime Money Fund
Trust Class 2,321,256@
---------------
TOTAL SHORT-TERM INVESTMENTS
(COST $15,198,456) 15,198,456#
---------------
TOTAL INVESTMENTS (107.4%)
(COST $134,905,819) 173,918,270##
Liabilities, less cash, receivables
and other assets [(7.4%)] (11,994,175)
---------------
TOTAL NET ASSETS (100.0%) $ 161,924,095
---------------
See Notes to Schedule of Investments
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Guardian Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Guardian Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $134,905,819. Gross unrealized appreciation of investments was
$41,074,094 and gross unrealized depreciation of investments was
$2,061,643, resulting in net unrealized appreciation of $39,012,451, based
on cost for U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 158,719,814
- ---------------------------------------------------------------------------------------------------------------
Affiliated issuers 15,198,456
===============================================================================================================
173,918,270
Foreign currency 27
- ---------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 370,092
Receivable for securities sold 1,304,184
- ---------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 18,436
Prepaid expenses and other assets 8,157
===============================================================================================================
TOTAL ASSETS 175,619,166
===============================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 12,877,200
Payable for securities purchased 625,149
- ---------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 44,796
Payable to investment manager--net (Notes A & B) 72,135
- ---------------------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 39,491
Accrued expenses and other payables 36,300
===============================================================================================================
TOTAL LIABILITIES 13,695,071
===============================================================================================================
NET ASSETS AT VALUE $ 161,924,095
===============================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 159,749,104
Undistributed net investment income (loss) 647,797
----------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (37,482,289)
Net unrealized appreciation (depreciation) in value of investments 39,009,483
==========================================================================================================
NET ASSETS AT VALUE $ 161,924,095
===============================================================================================================
NET ASSETS
Class I $ 161,599,620
Class S 324,475
----------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 10,083,906
Class S 20,238
----------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 16.03
Class S 16.03
----------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE $ 12,481,597
===============================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 119,707,363
Affiliated issuers 15,198,456
----------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 134,905,819
===============================================================================================================
TOTAL COST OF FOREIGN CURRENCY $ 28
===============================================================================================================
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 1,062,877
Interest Income--unaffiliated issuers 28
- ---------------------------------------------------------------------------------------------------------------
Income from securities loaned--affiliated issuer (Note F) 12,397
Income from investments in affiliated issuers (Note F) 36,334
- ---------------------------------------------------------------------------------------------------------------
Foreign taxes withheld (54,789)
===============================================================================================================
Total income 1,056,847
===============================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 455,589 Administration fee (Note B):
Class I 248,057
Class S 446
----------------------------------------------------------------------------------------------------------
Distribution fees (Note B):
Class S 372
----------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 51,709
- ---------------------------------------------------------------------------------------------------------------
Insurance expense 2,836
Legal fees 18,172
- ---------------------------------------------------------------------------------------------------------------
Shareholder reports 8,669
Trustees' fees and expenses 12,748
- ---------------------------------------------------------------------------------------------------------------
Miscellaneous 3,745
===============================================================================================================
Total expenses 822,286
Investment management fee waived (Note A) (1,180)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (3,641)
===============================================================================================================
Total net expenses 817,465
===============================================================================================================
Net investment income (loss) 239,382
===============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 8,690,267
----------------------------------------------------------------------------------------------------------
Foreign currency (86)
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (10,600,807)
----------------------------------------------------------------------------------------------------------
Foreign currency (2,582)
==========================================================================================================
Net gain (loss) on investments (1,913,208)
===============================================================================================================
Net increase (decrease) in net assets resulting from operations $ (1,673,826)
===============================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GUARDIAN PORTFOLIO
------------------------------
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 239,382 $ 410,846
Net realized gain (loss) on investments 8,690,181 10,562,557
- ----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (10,603,389) 13,245,052
====================================================================================================
Net increase (decrease) in net assets resulting from operations (1,673,826) 24,218,455
====================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income:
Class I -- (201,368)
=============================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 5,998,754 21,432,013
---------------------------------------------------------------------------------------------
Class S 45,022 120,664
Proceeds from reinvestment of dividends and distributions:
Class I -- 201,368
Payments for shares redeemed:
Class I (20,023,831) (37,552,627)
Class S (5,799) (14,269)
=============================================================================================
Net increase (decrease) from Fund share transactions (13,985,854) (15,812,851)
====================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS (15,659,680) 8,204,236
NET ASSETS:
Beginning of period 177,583,775 169,379,539
====================================================================================================
End of period $ 161,924,095 $ 177,583,775
====================================================================================================
Undistributed net investment income (loss) at end of period $ 647,797 $ 408,415
====================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS 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 statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers Class I and Class S shares. The Board of
Trustees of the Trust (the "Board") may establish additional series or
classes of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
11
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for distributions
from real estate investment trusts, and foreign currency gains and
losses, were reclassified at year end. These reclassifications had no
effect on net income, net assets or net assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2004 2003 2004 2003
$ 201,368 $ 1,313,998 $ 201,368 $ 1,313,998
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNREALIZED LOSS
UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME (DEPRECIATION) AND DEFERRALS TOTAL
$ 408,415 $ 49,232,846 $ (45,792,444) $ 3,848,817
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales, return
of capital distributions from real estate investment trusts, and
post-October losses.
Under current tax law, certain net capital and net foreign currency
losses realized after October 31 within the taxable year may be
deferred and treated as occurring on the first day of the following
tax year. For the year ended December 31, 2004, the fund elected to
defer $341,556 net capital losses arising between November 1, 2004 and
December 31, 2004.
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. As determined at December 31, 2004, the Fund
had unused capital loss carryforwards available for Federal income tax
purposes to offset net realized capital gains, if any, as follows:
<Table>
<Caption>
EXPIRING IN:
2009 2010 2011
$ 852,650 $ 39,047,105 $ 5,551,133
</Table>
12
<Page>
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
The Fund's expenses (other than those specific to each class) are
allocated proportionally each day between the classes based upon the
relative net assets of each class.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Funds' lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $17,228 under the Agreement.
13
<Page>
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money
seeks to provide the highest available current income consistent with
safety and liquidity. For any cash that the Fund invests in Prime
Money, Management waives a portion of its management fee equal to the
management fee it receives from Prime Money on those assets (the
"Arrangement"). For the six months ended June 30, 2005, management
fees waived under this Arrangement amounted to $1,180. For the six
months ended June 30, 2005, income earned under this Arrangement
amounted to $36,334 and is reflected in the Statement of Operations
under the caption "Income from investments in affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
13 OTHER: All net investment income and realized and unrealized capital
gains and losses of the Fund are allocated, on the basis of relative
net assets, pro rata among its respective classes.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
14
<Page>
The Fund retains Management as its administrator under an
Administration Agreement. Each class pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund's Class I.
For the Fund's Class S, Management acts as agent in arranging for the
sale of class shares without commission and bears advertising and
promotion expenses. The Board has adopted a distribution plan (the
"Plan") with respect to this class, pursuant to Rule 12b-1 under the
1940 Act. The Plan provides that, as compensation for administrative
and other services provided to this class, Management's activities and
expenses related to the sale and distribution of this class of shares,
and ongoing services provided to investors in this class, Management
receives from this class a fee at the annual rate of 0.25% of Class
S's average daily net assets. Management receives this amount to
provide distribution and shareholder servicing for this class and pays
a portion of it to institutions that provide such services. Those
institutions may use the payments for, among other purposes,
compensating employees engaged in sales and/or shareholder servicing.
The amount of fees paid by this class during any year may be more or
less than the cost of distribution and other services provided to this
class. NASD rules limit the amount of annual distribution fees that
may be paid by a mutual fund and impose a ceiling on the cumulative
distribution fees paid. The Trust's Plan complies with those rules.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund's Class I and Class S shares for their operating
expenses (excluding the fees payable to Management (including the fees
payable to Management with respect to the Fund's Class S shares),
interest, taxes, brokerage commissions, extraordinary expenses, and
transaction costs) ("Operating Expenses") which exceed, in the
aggregate, 1.00% and 1.25%, respectively, per annum of their average
daily net assets (the "Expense Limitation"). For the six months ended
June 30, 2005, no reimbursement to the Fund's Class I and Class S
shares was required. The Fund's Class I and Class S shares each have
agreed to repay Management through December 31, 2011 for their excess
Operating Expenses previously reimbursed by Management, so long as
their annual Operating Expenses during that period do not exceed their
Expense Limitations, and the repayments are made within three years
after the year in which Management issued the reimbursement. During
the six months ended June 30, 2005, there was no reimbursement to
Management under these agreements. At June 30, 2005, the Fund's Class
I and Class S shares have no contingent liability to Management under
these agreements.
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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.
15
<Page>
The Fund has entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $3,576.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement, was a reduction of expenses of $65.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $21,161,176 and
$32,311,873, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $53,815, of which Neuberger
received $0, Lehman received $10,265 and other brokers received
$43,550.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
FOR THE SIX MONTHS ENDED JUNE 30, 2005
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARE SOLD DISTRIBUTIONS REDEEMED TOTAL
Class I 381,548 -- (1,261,667) (880,119)
Class S 2,847 -- (368) 2,479
</Table>
FOR THE YEAR ENDED DECEMBER 31, 2004
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARE SOLD DISTRIBUTIONS REDEEMED TOTAL
Class I 1,465,738 13,945 (2,616,915) (1,137,232)
Class S 8,295 -- (973) 7,322
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual fund will have
16
<Page>
access to all or any part of the $150,000,000 at any particular time.
There were no loans outstanding pursuant to the line of credit at June
30, 2005. During the six months ended June 30, 2005, the Fund did not
utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC ** 12,113,700 305,109,226 304,345,726 12,877,200 $ 12,877,200 $ 12,397
Neuberger Berman
Prime Money Fund
Trust Class*** 5,483,289 23,120,984 26,283,017 2,321,256 2,321,256 36,334
------------ ------------
TOTAL $ 15,198,456 $ 48,731
============ ============
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
17
<Page>
FINANCIAL HIGHLIGHTS Guardian Portfolio
The following tables include selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.+++
CLASS I+
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
---------------- ----------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.17 $ 13.98 $ 10.70 $ 14.64 $ 15.93 $ 15.85
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .02 .04 .03 .10 .11 .09
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.16) 2.17 3.36 (3.95) (.33) .08@@
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS (.14) 2.21 3.39 (3.85) (.22) .17
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.02) (.11) (.09) (.07) (.09)
NET CAPITAL GAINS -- -- -- -- (1.00) --
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- (.02) (.11) (.09) (1.07) (.09)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 16.03 $ 16.17 $ 13.98 $ 10.70 $ 14.64 $ 15.93
-------- -------- -------- -------- -------- --------
TOTAL RETURN++ -0.87%** +15.81% +31.76% -26.45% -1.51% +1.13%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 161.6 $ 177.3 $ 169.2 $ 140.3 $ 190.8 $ 131.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .99%* .98% .97% .98% .99% 1.00%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS ~ .99%* .97% .97% .98% .99% 1.00%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .29%* .25% .25% .81% .74% .57%
PORTFOLIO TURNOVER RATE 13%** 24% 58% 147% 79% 124%
</Table>
CLASS S
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED AUGUST 2, 2002^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- ----------------------- ---------------
2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.20 $ 14.02 $ 10.69 $ 11.23
--------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .01 .00 .00 .03
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.18) 2.18 3.35 (.57)
--------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS (.17) 2.18 3.35 (.54)
--------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- -- (.02) --
NET CAPITAL GAINS -- -- -- --
--------- -------- -------- --------
TOTAL DISTRIBUTIONS -- -- (.02) --
--------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 16.03 $ 16.20 $ 14.02 $ 10.69
--------- -------- -------- --------
TOTAL RETURN++ -1.05%** +15.55% +31.39% -4.81%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 0.3 $ 0.3 $ 0.1 $ 0.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.24%* 1.23% 1.22% 1.24%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS ~ 1.24%* 1.22% 1.22% 1.24%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .07%* .03% .02% .63%*
PORTFOLIO TURNOVER RATE 13%** 24% 58% 147%^^
</Table>
See Notes to Financial Highlights
18
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Guardian Portfolio
+ The per share amounts and ratios which are shown reflect income and
expenses, including the Fund's Class I proportionate share of AMT Guardian
Investment's income and expenses through April 30, 2000 under the prior
master/feeder fund structure.
++ 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. Current returns may be lower or higher than the performance data
quoted. 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/higher if Management had not waived/recouped 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. Performance data
current to the most recent month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
~ After reimbursement of expenses previously paid by Management. Had
Management not been reimbursed, the annualized ratios of net expenses to
average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2001 2000
GUARDIAN PORTFOLIO CLASS I .97% .99%
</Table>
After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such actions, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
SIX MONTHS YEAR ENDED YEAR ENDED
ENDED JUNE 30, DECEMBER 31, DECEMBER 31,
2005 2004 2003
GUARDIAN PORTFOLIO CLASS I .99% .97% .98%
GUARDIAN PORTFOLIO CLASS S 1.24% 1.22% 1.22%
</Table>
^ The date investment operations commenced.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
@@ 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 class shares in
relation to fluctuating market values for the Fund.
^^ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2002.
19
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
20
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
HIGH INCOME BOND PORTFOLIO
F0323 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
HIGH INCOME BOND PORTFOLIO Manager's Commentary
For the six months ending June 30, 2005, the Neuberger Berman AMT High Income
Bond Portfolio posted a slightly positive return, trailing both the Lehman
Brothers Intermediate Ba U.S. High Yield Index and the Lipper High Current
Yield Fund Index.
The high-yield segment of the bond market ended calendar 2004 on a reasonably
strong note and held onto that strength until March of this year. In
mid-February of 2005, the Treasury market began to more seriously consider
inflation and interest rate risks, with the 10-Year Treasury moving from a
yield range of 4.0%-4.2% out to 4.6% in the wake of Federal Reserve Chairman
Alan Greenspan's comment that he found the low rates on long-term bonds a
"conundrum." Concerned investors began to fear that he might seek to push
interest rates up more rapidly than expected. This movement was mostly
absorbed by spread narrowing in the high-yield market.
In mid-March, General Motors revised expectations of cash flows from $2
billion to negative $2 billion, an announcement that focused investors on
credit risk and accelerated expectations for a ratings downgrade of GM. Auto
and auto-related sectors were hit particularly hard, but tight spreads
generally were increasingly viewed as inadequately pricing the risk in the
marketplace. As a result, high-yield spreads widened by about 125-135 basis
points between the end of February and the end of April 2005, both because
absolute yields began to rise, and because investors fled to the relative
safety of U.S. Treasuries, pushing Treasury yields back to the 4.0%-4.2%
range, where they remain at the time of this writing.
In early May, Standard & Poor's rating agency downgraded GM and Ford
corporate debt to non-investment grade status, out of concern that the
managerial strategies of the top U.S. auto makers might prove ineffective in
addressing mounting competitive challenges. Fitch downgraded GM to high-yield
status, pushing GM into the high-yield indices, but left Ford investment
grade. Moody's still rates the debt of both companies as investment grade,
but is reviewing them for a possible further downgrade. The ratings affect
the issuer's status in the various high-yield indexes, with each index using
different methodologies for inclusion. GM now makes up more than 6% of the
high-yield corporate bond market, and will significantly affect the
performance and characteristics of the high-yield indexes in which it is
included.
The recent success of GM's Friends and Family incentive program has been a
short-term positive for the company from a volume and market share
perspective, but we believe its long-term impact remains suspect. Our feeling
on the auto sector overall is skepticism; we expect to see continued
volatility in this area, with a general downward trend over time. In the
meantime, the uncertainty surrounding the sector may provide some meaningful
trading opportunities.
The new issue market remained fairly strong throughout the reporting period,
although the nature of the new issues has changed. Generally speaking, we are
seeing fewer, but larger, offerings from higher quality issues than last
year, when there was more issuance from lower quality creditors, in greater
volume. The overall affect on new issues has been marginal. Default rates
have continued to decline, but we expect to see an up-tick in the next two
years, reflecting the increased proportion of lower quality issuers that came
to market in 2004.
Given this period's news, autos and auto parts issues were quite volatile.
They were among the worst performing sectors in high yield early in the
period, but pulled off a significant recovery in June. Airlines continued to
be hurt by high fuel prices, and the homebuilding sector's longer maturity
bonds underperformed in the wake of the
1
<Page>
Fed's ongoing interest rate increases. Continued high oil prices and concern
that they will be an ongoing drag on economic growth negatively affected
related areas of the market.
The yield curve has flattened considerably since December, with the Fed
publicly pondering the lack of upward movement on long-term bond rates.
Clearly, investors are not being compensated for taking on longer term risk.
Similarly, investors are not being compensated for taking on greater credit
risk, as spreads on BB bonds are trading much closer to their historical
averages than lower rated bonds. As such, we continue to believe that a
conservative approach, both in terms of duration and credit quality, within
the high-yield space, is the best strategy going forward.
In this environment, our strategy is to stay relatively short and vigilant
regarding issuer quality. Therefore, we are maintaining a relatively short
duration and maturity stance and are continuing to pare back the number of
issuers in the portfolio. As of June 30, 2005, the portfolio's average
duration and weighted average maturity were 4.1 years and 6.3 years,
respectively.
Despite the "holding pattern" we find ourselves in, we are maintaining an
optimistic, but cautious, outlook for the high-yield market and for the
portfolio. We believe that the recent environment provided an opportunity for
reallocation and that the future will hold further opportunities for value
within the market. We exited select issues at what we considered to be
acceptable price levels and opportunistically acquired bonds we believed were
temporarily mispriced relative to our estimation of their total return
potential.
Sincerely,
/s/ Wayne C. Plewniak
WAYNE PLEWNIAK
PORTFOLIO MANAGER
RATING DIVERSIFICATION
(% BY RATINGS)
AAA/Government/Government Agency 0.0%
AA 0.0
A 0.0
BBB 0.0
BB 65.6
B 34.4
CCC 0.0%
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 0.0
2
<Page>
ENDNOTES
1. 0.20% and 2.64% were the cumulative total returns for the 6-month and
since inception (09/15/04) periods ended June 30, 2005. Neuberger
Berman Management Inc. ("NBMI") has agreed to absorb certain expenses
of the AMT Portfolios. Without this arrangement, which is subject to
change, the total returns of the Portfolios would be less. Total
return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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 of the insurance companies.
2. Lehman Brothers Intermediate Ba U.S. High Yield Bond Index is an
unmanaged index comprised of BB rated bonds with maturities of less
than 10 years. 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 those indices are prepared or obtained by
NBMI and include reinvestment of all dividends and capital gain
distributions. The Portfolio many 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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides information about actual
account values and actual expenses in dollars. You may use the
information in this line, together with the amount you invested, to
estimate the expenses you paid over the period. Simply divide your
account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in
the first section of the table under the heading entitled "Expenses
Paid During the Period" to estimate the expenses you paid over the
period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides information about
hypothetical account values and hypothetical expenses based on the
Fund's actual expense ratio and an assumed rate of return at 5% per
year before expenses. This return is not the Fund's actual return.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing
costs of investing in this Fund versus other funds. To do so,
compare the expenses shown in this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of
other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS S $ 1,000 $ 1,002.00 $ 5.61
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,019.19 $ 5.66
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS High Income Bond Portfolio
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE ^
MOODY'S S&P
CORPORATE DEBT SECURITIES (91.5%)
$ 125,000 Abitibi-Consolidated Inc., Notes, 8.55%, due 8/1/10 Ba3 BB- $ 130,312
100,000 Allied Waste North America, Inc., Guaranteed Senior Secured
Notes, Ser. B, 9.25%, due 9/1/12 B2 BB- 108,000
125,000 Aviall, Inc., Senior Notes, 7.63%, due 7/1/11 B1 BB 131,875
125,000 Case New Holland, Inc., Senior Notes, 6.00%, due 6/1/09 Ba3 BB- 120,000*
125,000 CSC Holdings, Inc., Senior Notes, Ser. B, 8.13%, due 7/15/09 B1 BB- 126,563
125,000 Ferrellgas L.P., Senior Notes, 6.75%, due 5/1/14 Ba3 B+ 120,625
75,000 Fisher Scientific International, Inc., Senior Subordinated Notes,
6.13%, due 7/1/15 Ba3 BB+ 75,000*
100,000 Georgia Gulf Corp., Senior Notes, 7.13%, due 12/15/13 Ba3 BB- 104,375
75,000 HCA, Inc., Notes, 5.50%, due 12/1/09 Ba2 BB+ 75,222
125,000 L-3 Communications Corp., Guaranteed Senior Subordinated
Notes, 7.63%, due 6/15/12 Ba3 BB+ 133,125
125,000 Lamar Media Corp., Guaranteed Notes, 7.25%, due 1/1/13 Ba3 B 131,875
125,000 Lyondell Chemical Co., Guaranteed Senior Notes, 10.50%,
due 6/1/13 B1 BB- 142,969
125,000 MGM Mirage, Inc., Senior Notes, 6.00%, due 10/1/09 Ba2 BB 125,625
125,000 Nalco Co., Senior Notes, 7.75%, due 11/15/11 B2 B- 133,125
125,000 Norampac, Inc., Senior Notes, 6.75%, due 6/1/13 Ba2 BB+ 125,313
100,000 Norske Skog Canada, Ltd., Guaranteed Senior Notes, Ser. D,
8.63%, due 6/15/11 Ba3 BB- 103,125
125,000 Owens-Brockway Glass Container, Inc., Senior Notes, 8.25%,
due 5/15/13 B2 B 135,781
125,000 Salem Communications Holding Corp., Guaranteed Senior
Subordinated Notes, 7.75%, due 12/15/10 B2 B- 130,000
125,000 Smithfield Foods, Inc., Senior Notes, 7.00%, due 8/1/11 Ba2 BB 131,562
125,000 Stewart Enterprises, Senior Notes, 6.25%, due 2/15/13 B1 BB- 123,750*
100,000 Tembec Industries, Inc., Guaranteed Senior Unsecured Notes,
8.50%, due 2/1/11 B3 B 77,250
75,000 Toll Corp., Senior Subordinated Notes, 8.25%, due 12/1/11 Ba2 BB+ 80,625
75,000 TXU Corp., Notes, 4.80%, due 11/15/09 Ba1 BB+ 73,633*
50,000 Valmont Industries, Inc., Guaranteed Notes, 6.88%, due 5/1/14 Ba3 B+ 50,000
125,000 Ventas Realty LP/CAP Corp., Senior Notes, 6.75%, due 6/1/10 Ba3 BB 129,694*
125,000 Vintage Petroleum, Inc., Senior Notes, 8.25%, due 5/1/12 Ba3 BB- 135,625
125,000 Warner Music Group, Senior Subordinated Notes, 7.38%,
due 4/15/14 B3 B- 126,250
----------
TOTAL CORPORATE DEBT SECURITIES (COST $3,135,552) 3,081,299
----------
CONVERTIBLE BONDS (7.1%)
125,000 Fairchild Semiconductor, Inc., Senior Subordinated Notes,
5.00%, due 11/1/08 B 121,719
125,000 Nortel Networks Corp., Notes, 4.25%, due 9/1/08 B3 B- 116,562
----------
TOTAL CONVERTIBLE BONDS (COST $244,970) 238,281
----------
TOTAL INVESTMENTS (98.6%) (COST $3,380,522) 3,319,580#
Cash, receivables and other assets, less liabilities (1.4%) 48,603
----------
TOTAL NET ASSETS (100.0%) $3,368,183
----------
</Table>
See Notes to Schedule of Investments
5
<Page>
NOTES TO SCHEDULE OF INVESTMENTS High Income Bond Portfolio
^ Investments in securities by Neuberger Berman Advisers Management Trust
High Income Bond Portfolio (the "Fund") are valued daily by obtaining bid
price quotations from independent pricing services on all securities
available in each service's data base. For all other securities requiring
daily quotations, bid prices are obtained from principal market makers in
those securities or, if quotations are not available, by a method the Board
of Trustees of Neuberger Berman Advisers Management Trust believes
accurately reflects fair value. Numerous factors may be considered when
determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are translated
from the local currency into U.S. dollars using the exchange rate as of
12:00 noon, Eastern time. 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.
# At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $3,380,522. Gross unrealized appreciation of investments was
$13,790 and gross unrealized depreciation of investments was $74,732,
resulting in net unrealized depreciation of $60,942, based on cost for U.S.
Federal income tax purposes.
* 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 and are deemed liquid. At
June 30, 2005, these securities amounted to $522,077 or 15.5% of net assets.
See Notes to Financial Statements
6
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME
BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 3,319,580
- ----------------------------------------------------------------------------------------------------------------
Cash 58,677
- ----------------------------------------------------------------------------------------------------------------
Interest receivable 50,487
- ----------------------------------------------------------------------------------------------------------------
Receivable for securities sold 126,875
Receivable for Fund shares sold 10,926
Receivable from administrator-net (Note B) 5,521
- ----------------------------------------------------------------------------------------------------------------
Prepaid expenses and other assets 99
================================================================================================================
TOTAL ASSETS 3,572,165
================================================================================================================
LIABILITIES
Payable for securities purchased 199,315
Payable to investment manager (Note B) 1,255
Accrued expenses and other payables 3,412
================================================================================================================
TOTAL LIABILITIES 203,982
================================================================================================================
NET ASSETS AT VALUE $ 3,368,183
================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 3,325,502
Undistributed net investment income (loss) 79,555
-----------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 24,068
Net unrealized appreciation (depreciation) in value of investments (60,942)
===========================================================================================================
NET ASSETS AT VALUE $ 3,368,183
================================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 333,024
================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.11
================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 3,380,522
</Table>
See Notes to Financial Statements
7
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
HIGH INCOME
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
INVESTMENT INCOME
Interest income-unaffiliated issuers (Note A) $ 96,942
- ----------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Note B) 7,387
Administration fee (Note B) 4,617
- ----------------------------------------------------------------------------------------------------------------
Audit fees 9,608
Custodian fees (Note B) 4,590
- ----------------------------------------------------------------------------------------------------------------
Distribution fees (Note B) 3,847
Insurance expense 48
- ----------------------------------------------------------------------------------------------------------------
Legal fees 5,888
Shareholder reports 6,116
Trustees' fees and expenses 12,803
- ----------------------------------------------------------------------------------------------------------------
Miscellaneous 473
================================================================================================================
Total expenses 55,377
Expenses reimbursed by administrator (Note B) (37,624)
Expenses reduced by custodian fee expense offset arrangement (Note B) (366)
================================================================================================================
Total net expenses 17,387
================================================================================================================
Net investment income (loss) 79,555
================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 712
---------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (66,624)
---------------------------------------------------------------------------------------------------------
Net gain (loss) on investments (65,912)
================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 13,643
================================================================================================================
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
HIGH INCOME BOND PORTFOLIO
-----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PERIOD FROM
SIX MONTHS SEPTEMBER 15, 2004
ENDED (COMMENCEMENT
JUNE 30, OF OPERATIONS) TO
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 79,555 $ 39,200
Net realized gain (loss) on investments 712 28,243
- --------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (66,624) 5,682
====================================================================================================================
Net increase (decrease) in net assets resulting from operations 13,643 73,125
====================================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (41,910)
- --------------------------------------------------------------------------------------------------------------------
Net realized gain on investments -- (4,080)
====================================================================================================================
Total distributions to shareholders -- (45,990)
====================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 281,542 3,000,000
Proceeds from reinvestment of dividends and distributions -- 45,990
- --------------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (127) --
====================================================================================================================
Net increase (decrease) from Fund share transactions 281,415 3,045,990
====================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 295,058 3,073,125
NET ASSETS:
Beginning of period 3,073,125 --
====================================================================================================================
End of period $ 3,368,183 $ 3,073,125
====================================================================================================================
Undistributed net investment income (loss) at end of period $ 79,555 $ --
====================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NOTES TO FINANCIAL STATEMENTS High Income Bond Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: High Income Bond Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated
May 23, 1994. The Trust is currently comprised of twelve separate
operating series (each a "Series," collectively, the "Funds") each of
which (except Focus Portfolio) is diversified. The Trust is registered
as an open-end management investment company under the Investment
Company Act of 1940, as amended (the "1940 Act"), and its shares are
registered under the Securities Act of 1933, as amended (the "1933
Act"). The Fund had no operations until September 15, 2004, other than
matters relating to its organization and registration of its shares as a
Series of the Trust under the 1933 Act. The Fund currently offers only
Class S shares. The Board of Trustees of the Trust (the "Board") may
establish additional series or classes of shares without the approval of
shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at the
date of the financial statements. Actual results could differ from those
estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars using the exchange rate as of 12:00 noon, Eastern time, to
determine the value of investments, other assets and liabilities.
Purchase and sale prices of securities, and income and expenses, are
translated into U.S. dollars at the prevailing rate of exchange on the
respective dates of such transactions. Net unrealized foreign currency
gain (loss) arises from changes in the value of assets and liabilities,
other than investments in securities, as a result of changes in exchange
rates and is stated separately in the Statement of Operations.
4 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
and foreign currency transactions, if any, are recorded on the basis of
identified cost and stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code applicable
to regulated investment companies and to distribute substantially all of
its earnings to its shareholders. Therefore, no Federal income or excise
tax provision is required.
10
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund
may also utilize earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for
income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for characterization of
distributions made by the Fund and non-deductible start-up costs were
reclassified at year end. These reclassifications had no effect on net
income, net assets or net assets per share of the Fund.
The tax character of distributions paid during the period ended December
31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME
$ 45,990
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as follows:
<Table>
<Caption>
UNREALIZED LOSS
UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME (DEPRECIATION) AND DEFERRALS TOTAL
$ 23,356 $ 5,682 $ -- $ 29,038
</Table>
There were no differences between book basis and tax basis distributable
earnings.
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.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net
of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain distributions
to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds can
otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end investment
companies for which Management serves as investment manager, that are
not directly attributed to a Series or the Trust are allocated among the
Fund and the other investment companies in the complex or series thereof
on the
11
<Page>
basis of relative net assets, except where a more appropriate allocation
of expenses to each investment company in the complex or series thereof
can otherwise be made fairly.
9 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy. Each
repurchase agreement is recorded at cost. The Fund requires that the
securities purchased in a repurchase agreement be transferred to the
custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
10 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to
the Trust. In addition, both in some of its principal service contracts
and in the normal course of its business, the Trust enters into
contracts that provide indemnifications to other parties for certain
types of losses or liabilities. The Trust's maximum exposure under these
arrangements is unknown as this could involve future claims against the
Trust.
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 and are also offered directly to qualified pension and
retirement plans.
The Fund retains 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 0.48% of its average daily net
assets.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street Bank and Trust Company
("State Street") as its sub-administrator under a Sub-Administration
Agreement. Management pays State Street a fee for all services received
under this agreement.
Management acts as agent in arranging for the sale of Fund shares
without commission and bears advertising and promotion expenses. The
Board has adopted a distribution plan (the "Plan") with respect to the
Fund, pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that,
as compensation for administrative and other services provided to the
Fund, Management's activities and expenses related to the sale and
distribution of the Fund's shares, and ongoing services provided to
investors in the Fund, Management receives from the Fund a fee at the
annual rate of 0.25% of the Fund's average daily net assets. Management
receives this amount to provide distribution and shareholder servicing
for the Fund and pays a portion of it to institutions that provide such
services. Those institutions may use the payments for,
12
<Page>
among other purposes, compensating employees engaged in sales and/or
shareholder servicing. The amount of fees paid by the Fund during any
year may be more or less than the cost of distribution and other
services provided to the Fund. NASD rules limit the amount of annual
distribution fees that may be paid by a mutual fund and impose a ceiling
on the cumulative distribution fees paid. The Trust's Plan complies with
those rules.
Management has contractually undertaken through December 31, 2008 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, 1.10% per annum of the Fund's
average daily net assets (the "Expense Limitation"). For the six months
ended June 30, 2005, such excess expenses amounted to $37,624. The Fund
has agreed to repay Management through December 31, 2011 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. During the six months
ended June 30, 2005, there was no reimbursement to Management under this
agreement. At June 30, 2005, contingent liabilities to Management under
this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2007 2008 TOTAL
$ 31,571 $ 37,624 $ 69,195
</Table>
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 Lehman Brothers Holdings Inc., a publicly-owned holding
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. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $366.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities for the six months ended June 30, 2005 were as follows:
<Table>
<Caption>
SALES AND MATURITIES
PURCHASES OF PURCHASES EXCLUDING SALES AND MATURITIES EXCLUDING
U.S. GOVERNMENT U.S. GOVERNMENT OF U.S. GOVERNMENT U.S. GOVERNMENT AND
AND AGENCY AND AGENCY AND AGENCY AGENCY
OBLIGATIONS OBLIGATIONS OBLIGATIONS OBLIGATIONS
$ -- $ 2,617,537 $ -- $ 2,241,104
</Table>
13
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the period
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE PERIOD ENDED DECEMBER 31,
2005 2004
SHARES SOLD 28,479 300,000
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 4,558
SHARES REDEEMED (13) --
------ -------
TOTAL 28,466 304,558
------ -------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used only
for temporary or emergency purposes. Other investment companies managed
by Management also participate in this line of credit on the same terms.
Interest is charged on borrowings under this agreement at the overnight
Federal Funds Rate plus 0.50% per annum. A facility fee of 0.10% per
annum of the available line of credit is charged, of which the Fund has
agreed to pay its pro rata share, based on the ratio of its individual
net assets to the net assets of all participants at the time the fee is
due and payable. The fee is paid quarterly in arrears. No compensating
balance is required. Because several investment companies participate,
there is no assurance that an individual Fund will have access to all or
any part of the $150,000,000 at any particular time. There were no loans
outstanding pursuant to this line of credit at June 30, 2005. During the
six months ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from
the records of the Fund without audit by an independent registered
public accounting firm. Annual reports contain audited financial
statements.
14
<Page>
FINANCIAL HIGHLIGHTS High Income Bond Portfolio
The following table includes selected data for a share outstanding
throughout each period and other performance information derived from the
Financial Statements.+++
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED SEPTEMBER 15, 2004^
JUNE 30, TO DECEMBER 31,
---------------- -------------------
2005 2004
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.09 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .26 .13
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.24) .11
--------- ---------
TOTAL FROM INVESTMENT OPERATIONS .02 .24
--------- ---------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.14)
NET CAPITAL GAINS -- (.01)
--------- ---------
TOTAL DISTRIBUTIONS -- (.15)
--------- ---------
NET ASSET VALUE, END OF PERIOD $ 10.11 $ 10.09
--------- ---------
TOTAL RETURN++ +0.20%** +2.43%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 3.4 $ 3.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.15%* 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.13%* 1.10%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 5.17%* 4.39%*
PORTFOLIO TURNOVER RATE 75%** 104%**
</Table>
See Notes to Financial Highlights
15
<Page>
NOTES TO FINANCIAL HIGHLIGHTS High Income Bond Portfolio
++ 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. Current returns may be lower or higher than the performance data
quoted. 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. Performance data current to the most
recent month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset arrangements.
^^ After reimbursement of expenses by the administrator. Had the administrator
not undertaken such action, the annualized ratio of net expenses to average
daily net assets would have been:
PERIOD FROM
SIX MONTHS ENDED SEPTEMBER 15, 2004 TO
JUNE 30, DECEMBER 31,
2005 2004
3.57% 4.64%
^ The date investment operations commenced.
+++The per share amounts which are shown have been computed based on the average
number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
16
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to
determine how to vote proxies relating to portfolio securities is
available, without charge, by calling 1-800-877-9700 (toll-free) and on the
website of the Securities and Exchange Commission at www.sec.gov.
Information regarding how the Trust voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 will also
be available without charge, by calling 1-800-877-9700 (toll-free), on the
website of the Securities and Exchange Commission at www.sec.gov and on the
Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Funds
with the Securities and Exchange Commission for the first and third
quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are
available on the Securities and Exchange Commission's website at
www.sec.gov and may be reviewed and copied at the Securities and Exchange
Commission's Public Reference Room in Washington, DC. Information on the
operation of the Public Reference Room may be obtained by calling
1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
17
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
INTERNATIONAL PORTFOLIO(R)
F0324 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
INTERNATIONAL PORTFOLIO Manager's Commentary
The Neuberger Berman AMT International Portfolio was introduced on April
29, 2005, and has gotten off to a strong start, almost doubling the return
of its MSCI EAFE benchmark through June 30, 2005.
Over this two-month period, Energy holdings made the largest contribution
to our results. The portfolio was nearly double-weighted in energy versus
the EAFE benchmark, in part because we have looked for energy stocks
outside of EAFE's boundaries. Of the eight energy stocks that appear on our
top-ten performance list, five are from non-EAFE nations (three from Canada
and one each from Brazil and Argentina).
Our focus in the sector has been on "upstream" operators, notably
exploration and production companies, rather than "downstream" energy
companies such as refiners and marketers. Also, we have been biased in
favor of companies operating in under explored areas. For example, U.K.
holding Burren Energy is active in Turkmenistan, Australia's Hardman
Resources is exploring in Mauritania (West Africa), and Petroleo Brasileiro
is focused on Brazil. We believe that the secular supply/demand imbalance
that has pushed oil prices to record levels and supported strong profit
growth for energy companies will persist for the foreseeable future.
Consequently, at this writing, we are comfortable with our commitments in
the sector.
During the reporting period, we were modestly underweight in Information
Technology (IT) but, collectively, our holdings outperformed the EAFE's IT
components. Among our tech sector holdings, Hong Kong's TPV Technology, was
a standout performer. TPV is the world's low-cost producer of flat screen
computer monitors. It is acquiring Philips' flat screen television
manufacturing business, a deal that should energize growth.
Although we were approximately half-weighted in the Consumer Staples
sector, the excellent performance of Ireland's C&C Group helped us
outperform EAFE sector components. C&C is the leading producer and
distributor of alcoholic cider in Ireland, where one cider is consumed for
every nine beers. C&C is moving into the U.K., a much larger market, and
early indications are that it is gaining a solid foothold.
In general, our Industrial holdings disappointed. Japan's Takuma Co. was
among our poorest performers in this sector. Takuma, which makes waste
recycling and water treatment equipment, suffered when it reported a
disappointing fourth quarter (in the March fiscal year). However, our
interest in Takuma is not based on its earnings progress, but rather on its
balance sheet, where cash and marketable securities represent more than
100% of the company's current market capitalization.
Relative returns were also penalized by our overweight position in the
Consumer Discretionary sector, which showed mediocre performance. This is a
broad sector, so performance is mainly determined by specific stock
situations. In particular, Japanese arcade equipment manufacturer Mars
Engineering reported weak results and French property rental company Pierre
& Vacances warned that a tough summer lay ahead.
On a country basis, we generated good returns from investments in
Argentina, Brazil and Canada, three countries not represented in the EAFE
benchmark. Our Hong Kong and Australian holdings also performed well. We
had negative returns in Sweden, Japan and Greece.
Since this is our first opportunity to address our new constituents, it
seems appropriate to discuss our investment methodology. We are "bottom-up"
stock pickers, evaluating companies based on a variety of fundamental
characteristics including
1
<Page>
financial returns, earnings growth prospects, and valuations. In a
nutshell, we are looking for quality companies trading at prices that are
reasonable in light of projected returns. We may consider companies from
all countries outside the U.S. and all sectors, and of all sizes, and can
stray from the EAFE Index by investing in Canada and in emerging markets.
We mitigate risk by remaining diversified across industries and regions,
and by taking a long-term shareholding perspective.
In closing, we are often asked by American investors why they should invest
in international equities. The traditional rationale is that, because
global stock markets do not move in sync with the U.S. market,
international equity investing provides additional diversification. To that
we would add that, in this age of globalization, there are outstanding
companies all around the world. International markets often offer some of
the world's best companies trading at significant valuation discounts to
their U.S. peers.
Sincerely,
/s/ Benjamin Segal
BENJAMIN SEGAL
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Advertising 3.1%
Automotive 1.8
Banking 4.1
Banking & Financial 5.0
Building Products 1.9
Building, Construction & Furnishing 3.6
Business Services 1.3
Capital Goods 0.4
Chemicals 0.5
Commercial Services 1.4
Consumer Cyclical - Leisure & Consumer Services 1.7
Consumer Discretionary 1.2
Consumer Products & Services 2.1
Diversified 1.0
Energy 5.6
Entertainment 0.8
Food & Beverage 2.2
Health Products & Services 1.5
Home Furnishings 0.7%
Insurance 1.6
Manufacturing 2.9
Materials - Metal & Mining 0.8
Media 1.7
Oil & Gas 9.2
Paper 0.5
Pharmaceutical 0.8
Retailing 0.4
Specialty Chemical 0.2
Steel 0.7
Technology - Hardware 1.6
Telecommunications 2.9
Telecommunications - Wireless 1.3
Transportation 0.6
Utilities 1.2
Short-Term Investments 14.5
Cash and Cash Equivalents, receivables and other assets, less
liabilities 19.2
2
<Page>
ENDNOTES
1. 4.10% was the cumulative total return from April 29, 2005 (date of
inception) through June 30, 2005. Neuberger Berman Management Inc.
("NBMI") has agreed to absorb certain expenses of the AMT Portfolios.
Without this arrangement, which is subject to change, the total
returns of the Portfolios would be less. Total return includes
reinvestment of dividends and capital gain distributions. Performance
data quoted represent 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. Current
performance may be lower or higher than the performance data quoted.
For performance data current to the most recent month end, please
visit www.nb.com/amtperformance. The performance information does not
reflect fees and expenses of the variable annuity and variable life
insurance policies or the pension plans whose proceeds are invested in
the portfolio.
2. The EAFE Index, also known as the Morgan Stanley Capital International
Europe, Australasia, Far East Index, is an unmanaged index of over
1,000 foreign stock prices. The index is translated into U.S. dollars.
Investing in Foreign securities involves greater risks than investing
in securities of U.S. issuers, including currency fluctuations,
interest rates and political conditions. In an attempt to reduce
volatility, Neuberger Berman Management diversifies the portfolio
holdings over a wide array of countries and individual stocks.
The risks involved in seeking capital appreciation from investments
primarily in companies based outside the United States are set forth
in the prospectus and statement of additional information.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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 certain qualified pension and
retirement plans.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
ACTUAL EXPENSES: The first section of
the table provides information
about actual account values
and actual expenses in
dollars. You may use the
information in this line,
together with the amount you
invested, to estimate the
expenses you paid over the
period. Simply divide your
account value by $1,000 (for
example, an $8,600 account
value divided by $1,000 =
8.6), then multiply the result
by the number in the first
section of the table under the
heading entitled "Expenses
Paid During the Period" to
estimate the expenses you paid
over the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON
PURPOSES: The second section
of the table provides
information about hypothetical
account values and
hypothetical expenses based on
the Fund's actual expense
ratio and an assumed rate of
return at 5% per year before
expenses. This return is not
the Fund's actual return. The
hypothetical account values
and expenses may not be used
to estimate the actual ending
account balance or expenses
you paid for the period. You
may use this information to
compare the ongoing costs of
investing in this Fund versus
other funds. To do so, compare
the expenses shown in this 5%
hypothetical example with the
5% hypothetical examples that
appear in the shareholder
reports of other funds.
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST INTERNATIONAL PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS S $ 1,000 $ 1,041.00 $ 2.64
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,006.04 $ 2.60
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 63/365 (to
reflect the period shown of April 29, 2005 to June 30, 2005).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent period divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS International Portfolio
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (64.3%)
ARGENTINA (1.1%)
225 Tenaris SA ADR $ 17,611
AUSTRALIA (2.9%)
670 Australia & New Zealand
Banking Group 11,099
9,850 Hardman Resources 16,130*
820 Sigma Company 5,777
640 Woodside Petroleum 14,258
-----------
47, 264
BELGIUM (3.1%)
550 InBev NV 18,612
910 Option NV 31,410*
-----------
50,022
BRAZIL (1.3%)
385 Petroleo Brasileiro ADR 20,070
CANADA (7.1%)
480 Canadian Natural Resources 17,388
760 Canadian Western Bank 17,876
1,000 Great Canadian Gaming 15,991*
700 MacDonald Dettwiler 17,990*
600 PetroKazakhstan, Inc. 21,948
620 Talisman Energy 23,218
-----------
114,411
DENMARK (0.5%)
100 Topdanmark AS 7,289*
FRANCE (4.4%)
200 BNP Paribas 13,720
450 Credit Agricole 11,411
90 Ipsos 9,397
50 Pierre & Vacances 3,693
140 Publicis Groupe 4,138
80 Rodriguez Group 4,198
70 Societe Generale, A Shares 7,127
145 Total SA ADR 16,943
-----------
70,627
GERMANY (1.2%)
80 Continental AG 5,768
130 Premiere AG 4,498*
130 Rhoen-Klinikum AG 9,012
-----------
19,278
GREECE (1.9%)
710 Public Power Corp. 17,764
400 Titan Cement 12,350
-----------
30,114
HONG KONG (1.0%)
24,000 TPV Technology 16,521
IRELAND (5.8%)
540 Allied Irish Banks 11,609
2730 Anglo Irish Bank 33,842
6,500 C&C Group $ 29,411
690 CRH PLC 18,165
-----------
93,027
5
ITALY (1.6%)
100 Fastweb 4,331*
910 Indesit Co. 11,549
1,570 Milano Assicurazioni 9,782
-----------
25,662
JAPAN (12.2%)
70 Acom Co. 4,487
700 Aica Kogyo 7,795
200 Bandai Co. 4,039
200 Belluna Co. 5,897
2,000 Brother Industries 18,339
500 F.C.C. Co. 19,250
5 Fullcast Co. 12,668
800 Heiwa Corp. 11,231
500 Mars Engineering 12,736
500 Maruichi Steel Tube 10,729
50 Moshi Moshi Hotline 4,783
1,000 Nissan Motor 9,900
500 Nissha Printing 8,606
200 Nissin Healthcare Food Service 3,201
400 PLENUS Co. 14,138
1,000 Takuma Co. 7,096
1,100 Tamron Co. 18,199
800 TENMA Corp. 14,931
500 TKC Corp. 8,430
-----------
196,455
NETHERLANDS (1.8%)
240 Hunter Douglas 12,001*
480 Imtech NV 16,835
-----------
28,836
NORWAY (1.2%)
650 Prosafe ASA 19,529
SOUTH AFRICA (0.7%)
4,750 Steinhoff International 10,953
SPAIN (1.1%)
600 Banco Popular Espanol 7,252
208 Telefonica SA ADR 10,171
-----------
17,423
SWEDEN (1.5%)
600 Capio AB 8,841*
800 Lundin Petroleum AB 6,868*
600 Nobia AB 8,726
-----------
24,435
UNITED KINGDOM (13.9%)
2,420 Amlin PLC 7,853
1,030 Barratt Developments 13,230
990 Burren Energy 11,874
8,950 Dragon Oil PLC 17,208*
320 GlaxoSmithKline PLC 7,750
See Notes to Schedule of Investments
6
<Page>
NUMBER OF SHARES MARKET VALUE+
2,410 Kensington Group $ 24,303
4,520 MFI Furniture Group 8,974
1,000 Northern Rock 14,252
1,210 Punch Taverns PLC 15,900
2,130 Redrow PLC 15,885
6,680 RPS Group 18,472
470 Shire Pharmaceuticals 5,157
1,170 Trinity Mirror 12,963
5,110 Tullow Oil PLC 17,085
8,640 Vodafone Group 21,066
1,256 William Hill 12,148
-----------
224,120
-----------
TOTAL COMMON STOCKS
(COST $1,001,839) 1,033,647
-----------
PREFERRED STOCKS (2.0%)
BRAZIL (0.8%)
500 Companhia Vale do Rio
Doce ADR 12,700
GERMANY (1.2%)
25 Porsche AG 18,802
-----------
TOTAL PREFERRED STOCKS
(COST $28,808) 31,502
-----------
SHORT-TERM INVESTMENTS (14.5%)
232,577 Neuberger Berman Prime
Money Fund Trust Class
(COST $232,577) 232,577@#
-----------
TOTAL INVESTMENTS (80.8%)
(COST $1,263,224) 1,297,726##
Cash, receivables and other assets,
less liabilities (19.2%) 308,939
-----------
TOTAL NET ASSETS (100.0%) $ 1,606,665
-----------
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS International Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust International Portfolio (the "Fund") are valued at the latest sale
price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued at the last available bid
price. Securities traded primarily on the NASDAQ Stock Market are normally
valued by the Fund at the NASDAQ Official Closing Price ("NOCP") provided
by NASDAQ each business day. The NOCP is the most recently reported price
as of 4:00:02 p.m., Eastern time, unless that price is outside the range of
the "inside" bid and asked prices (i.e., the bid and asked prices that
dealers quote to each other when trading for their own accounts); in that
case, NASDAQ will adjust the price to equal the inside bid or asked price,
whichever is closer. Because of delays in reporting trades, the NOCP may
not be based on the price of the last trade to occur before the market
closes. The Fund values all other securities by a method the Board of
Trustees of Neuberger Berman Advisers Management Trust (the "Board")
believes accurately reflects fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are translated
from the local currency into U.S. dollars using the exchange rate as of
12:00 noon, Eastern time. The Board has approved the use of FT Interactive
Data Corporation ("FT Interactive") to assist in determining the fair value
of the Fund's foreign equity securities in the wake of certain significant
events. When changes in the value of a certain index suggest that the
closing prices on the foreign exchanges may no longer represent the amount
that the Fund could expect to receive for those securities, FT Interactive
will provide adjusted prices for certain foreign equity securities using an
analysis based on multiple factors. In the absence of precise information
about the market values of these foreign securities as of the close of the
New York Stock Exchange, the Board has determined on the basis of available
data that prices adjusted in this way are likely to be closer to the prices
the Fund could realize on a current sale than are the prices of those
securities established at the close of the foreign markets in which the
securities primarily trade. However, fair value prices are necessarily
estimates, and there is no assurance that such a price will be at or close
to the price at which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $1,263,224. Gross unrealized appreciation of investments was
$58,603 and gross unrealized depreciation of investments was $24,101,
resulting in net unrealized appreciation of $34,502, based on cost for U.S.
Federal income tax purposes.
* Non-income producing security.
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
INTERNATIONAL
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 1,065,149
- ---------------------------------------------------------------------------------------------------------------
Affiliated issuers 232,577
===============================================================================================================
1,297,726
Foreign currency 2,858
- ---------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 2,835
Receivable for securities sold 13,656
- ---------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 312,328
Receivable from administrator--net (Note B) 4,736
===============================================================================================================
TOTAL ASSETS 1,634,139
===============================================================================================================
LIABILITIES
Payable for securities purchased 26,701
Payable to investment manager--net (Notes A & B) 773
===============================================================================================================
TOTAL LIABILITIES 27,474
===============================================================================================================
NET ASSETS AT VALUE $ 1,606,665
===============================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 1,561,678
Undistributed net investment income (loss) 4,707
- ---------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 5,852
Net unrealized appreciation (depreciation) in value of investments 34,428
===============================================================================================================
NET ASSETS AT VALUE $ 1,606,665
===============================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 154,294
===============================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.41
===============================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 1,030,647
Affiliated issuers 232,577
- ---------------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 1,263,224
===============================================================================================================
TOTAL COST OF FOREIGN CURRENCY $ 2,869
===============================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE PERIOD FROM APRIL 29, 2005
(COMMENCEMENT OF OPERATIONS) TO JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
INTERNATIONAL
PORTFOLIO
-----------------
PERIOD FROM
APRIL 29, 2005
(COMMENCEMENT
OF OPERATIONS) TO
JUNE 30, 2005
(UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 7,113
Interest income-unaffiliated issuers 357
- ---------------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 546
- ---------------------------------------------------------------------------------------------------------------
Foreign taxes withheld (529)
===============================================================================================================
Total income 7,487
===============================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 1,575
Administration fee (Note B) 556
- ---------------------------------------------------------------------------------------------------------------
Audit fees 4,065
Custodian fees (Note B) 1,512
- ---------------------------------------------------------------------------------------------------------------
Distribution fees (Note B) 463
Legal fees 36
- ---------------------------------------------------------------------------------------------------------------
Shareholder reports 2,032
Trustees' fees and expenses 3,969
===============================================================================================================
Total expenses 14,208
Expenses reimbursed by administrator (Note B) (11,405)
Investment management fee waived (Note A) (15)
Expenses reduced by custodian fee expense offset arrangement (Note B) (8)
===============================================================================================================
Total net expenses 2,780
===============================================================================================================
Net investment income (loss) 4,707
===============================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ( NOTE A ) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 5,527
--------------------------------------------------------------------------------------------------------
Foreign currency 325
--------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 34,502
--------------------------------------------------------------------------------------------------------
Foreign currency (74)
===============================================================================================================
Net gain (loss) on investments 40,280
===============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 44,987
===============================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
-----------------------
PERIOD FROM
APRIL 29, 2005
(COMMENCEMENT
OF OPERATIONS) TO
JUNE 30, 2005
(UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 4,707
Net realized gain (loss) on investments 5,852
- ---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments 34,428
===============================================================================================================
Net increase (decrease) in net assets resulting from operations 44,987
===============================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 1,561,829
- ---------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (151)
===============================================================================================================
Net increase (decrease) from Fund share transactions 1,561,678
===============================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 1,606,665
NET ASSETS:
Beginning of period --
===============================================================================================================
End of period $ 1,606,665
===============================================================================================================
Undistributed net investment income (loss) at end of period $ 4,707
===============================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS International Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: International Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended
(the "1933 Act"). The Fund had no operations until April 29, 2005,
other than matters relating to its organization and registration of
its shares as a Series of the Trust under the 1933 Act. The Fund
currently offers only Class S shares. The Board of Trustees of the
Trust (the "Board") may establish additional series or classes of
shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions are recorded on the basis of identified cost and stated
separately in the Statement of Operations.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for
U.S. Federal income tax purposes. It is the intention of the Fund to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable
to regulated investment companies and to distribute substantially all
of its earnings to its shareholders. Therefore, no Federal income or
excise tax provision is required.
12
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 ORGANIZATION EXPENSES: Costs incurred by the Fund in connection with
its organization, which amounted to $49,227, were paid by Management.
9 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
11 REDEMPTION OF FUND SHARES: The Fund charges a redemption fee of 1% on
shares redeemed or exchanged for shares of another fund within 60 days
or less of the purchase date. All redemption fees are paid to and
recorded by the Fund as Paid-in capital. During the period ended June
30, 2005, the Fund did not receive any redemption fees.
12 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime
13
<Page>
Money Fund ("Prime Money"), as approved by the Board. Prime Money
seeks to provide the highest available current income consistent with
safety and liquidity. For any cash that the Fund invests in Prime
Money, Management waives a portion of its management fee equal to the
management fee it receives from Prime Money on those assets (the
"Arrangement"). For the period ended June 30, 2005, management fees
waived under this Arrangement amounted to $15. For the period ended
June 30, 2005, income earned under this Arrangement amounted to $546
and is reflected in the Statement of Operations under the caption
"Income from investments in affiliated issuers."
13 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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 0.85% of the first
$250 million of the Fund's average daily net assets, 0.825% of the
next $250 million, 0.80% of the next $250 million, 0.775% of the next
$250 million, 0.75% of the next $500 million, 0.725% of the next $1
billion, and 0.70% of average daily net assets in excess of $2.5
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street Bank and
Trust Company ("State Street") as its sub-administrator under a
Sub-Administration Agreement. Management pays State Street a fee for
all services received under this agreement.
Management acts as agent in arranging for the sale of Fund shares
without commission and bears advertising and promotion expenses. The
Board has adopted a distribution plan (the "Plan") with respect to the
Fund, pursuant to Rule 12b-1 under the 1940 Act. The Plan provides
that, as compensation for administrative and other services provided
to the Fund, Management's activities and expenses related to the sale
and distribution of the Fund's shares, and ongoing services provided
to investors in the Fund, Management receives from the Fund a fee at
the annual rate of 0.25% of the Fund's average daily net assets.
Management receives this amount to provide distribution and
shareholder servicing for the Fund and pays a portion of it to
institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged
in sales and/or shareholder servicing. The amount of fees paid by the
Fund during any year may be more or less than the cost of
14
<Page>
distribution and other services provided to the Fund. NASD rules limit
the amount of annual distribution fees that may be paid by a mutual
fund and impose a ceiling on the cumulative distribution fees paid.
The Trust's Plan complies with those rules.
Management has contractually undertaken through December 31, 2008 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, 2.00% per annum
of the Fund's average daily net assets (the "Expense Limitation").
Moreover, Management has voluntarily committed to reimburse certain
expenses, as stated above, for an additional 0.50% per annum of the
Fund's average daily net assets to maintain the Fund's Operating
Expense at 1.50%. Management may, at its sole discretion, terminate
this additional voluntary reimbursement commitment without notice. For
the period ended June 30, 2005, such excess expenses amounted to
$11,405. The Fund has agreed to repay Management through December 31,
2011 for its excess Operating Expenses previously reimbursed by
Management under the contractual Expense Limitation, 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 period
ended June 30, 2005, there was no reimbursement to Management under
this agreement. At June 30, 2005, the Fund had a contingent liability
to Management under the agreement of $10,479, which expires in 2008.
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 Lehman Brothers Holdings Inc. ("Lehman"),
a publicly-owned holding 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. For the period ended June 30, 2005, the impact of
this arrangement was a reduction of expenses of $8.
NOTE C--SECURITIES TRANSACTIONS:
During the period ended June 30, 2005, there were purchase and sale
transactions (excluding short-term securities) of $1,109,267 and
$84,606, respectively.
During the period ended June 30, 2005, brokerage commissions on
securities transactions amounted to $1,270, of which Neuberger
received $0, Lehman received $887, and other brokers received $383.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended June 30, 2005 was as follows:
FOR THE PERIOD ENDED JUNE 30,
2005
SHARES SOLD 154,309
SHARES REDEEMED (15)
-------
TOTAL 154,294
-------
15
<Page>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was one of three holders of a single
$20,000,000 uncommitted, secured line of credit with State Street to
be used only for temporary or emergency purposes or for leverage.
Other investment companies managed by Management also participate in
this line of credit on the same terms. Interest is charged at LIBOR,
or the overnight Federal Funds Rate, plus a spread to be determined at
the time of borrowing. Because several investment companies
participate, there is no assurance that the Fund will have access to
the entire $20,000,000 at any particular time. There were no loans
outstanding pursuant to this line of credit at June 30, 2005. During
the period ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
APRIL 29, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** -- 500,106 267,529 232,577 $ 232,577 $ 546
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
16
<Page>
FINANCIAL HIGHLIGHTS International Portfolio
The following table includes selected data for a share outstanding throughout
the period and other performance information derived from the Financial
Statements.@
<Table>
<Caption>
PERIOD FROM
APRIL 29,^
TO JUNE 30,
-----------
2005
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .05
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .36
---------
TOTAL FROM INVESTMENT OPERATIONS .41
---------
NET ASSET VALUE, END OF PERIOD $ 10.41
---------
TOTAL RETURN++ +4.10%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 1.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.50%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS+++ 1.50%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 2.54%*
PORTFOLIO TURNOVER RATE 12%**
</Table>
See Notes to Financial Highlights
17
<Page>
NOTES TO FINANCIAL HIGHLIGHTS International Portfolio
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 and/or waived 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. Performance data
current to the most recent month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
+++ After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such actions, the annualized ratios of net expenses to average daily net
assets would have been:
PERIOD FROM
APRIL 29, 2005 TO
JUNE 30, 2005
7.66%
^ The date investment operations commenced.
@ The per share amounts which are shown have been computed based on the
average number of shares outstanding during the fiscal period.
* Annualized.
** Not annualized.
18
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
19
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
LIMITED
MATURITY
BOND
PORTFOLIO(R)
B0734 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
LIMITED MATURITY BOND PORTFOLIO Managers' Commentary
For the six months ending June 30, 2005, the Neuberger Berman AMT Limited
Maturity Bond Portfolio posted a positive return, slightly trailing its
benchmark, the Merrill Lynch 1-3 Year Treasury Index.
Bonds retreated in the first few months of the year following an upward
revision in calendar fourth quarter 2004 GDP growth, the release of
economic data indicating increased inflationary pressure in the economy,
and Federal Reserve Chairman Alan Greenspan's expression of surprise that
market interest rates had not followed the Fed Funds Rate higher. After the
dust settled, short-term yields were appreciably higher, with the two-year
Treasury yielding 3.6% at the end of the reporting period compared to 3.1%
at its start.
We entered the first half of calendar 2005 in a defensive posture, with a
duration (a standard measure of volatility in response to changes in market
interest rates) slightly lower than that of our benchmark index. Reflecting
our concern that low bond yields provided little cushion to offset
potential price declines, we maintained a below benchmark duration
throughout the six-month period.
Over the course of first-half 2005, we enhanced portfolio yield by
increasing our allocation to higher yielding sectors that we viewed as safe
alternatives to U.S. Treasuries. Over this six-month reporting period, we
maintained our allocation to corporate bonds, which as of June 30
represented 42.0% of the portfolio. We increased our allocation to
AAA-rated asset-backed securities from 12.6% to 20.9% and our allocation to
government agency securities from 10.7% to 18.4%, while reducing our
commitment to Treasuries from 23.4% to 12.1%. We also lowered our weighting
in mortgage-backed securities from 1.3% to 0.3% because we believed that
this sector will underperform as interest rates trended higher.
This strategy was largely responsible for the portfolio's approximately
20-basis-point yield-to-maturity advantage over its Merrill Lynch 1-3 Year
Treasury Index benchmark at the close of this reporting period.
Importantly, we have enhanced yield while maintaining our high credit
quality standards. We have been especially credit sensitive in the
corporate bond arena. In this uneven economic environment, in which some
companies are prospering and others are faltering, we have become even more
diligent in evaluating company-specific event risk. With all the negative
publicity surrounding Fannie Mae and Freddie Mac, increasing our exposure
to government agency securities could be perceived as risky business.
However, we do not believe that the current debate about restructuring and
restricting the size of these agencies will hurt the short duration issues
in our portfolio. It has always been our policy to enhance portfolio yield
without sacrificing credit quality. We believe that this can be
accomplished through research-driven security selection, opportunistic
sector allocation and duration management.
Bonds have held up remarkably well in the face of this year's Federal
Reserve rate hikes, which totaled 100 basis points through June 30. The
bond market appears to be telling us that the Federal Reserve is simply
raising short-term interest rates to more normalized levels rather than
responding to a serious inflationary threat. We do not believe that
inflation is a near-term problem but we expect interest rates to continue
to drift higher. Consequently, we head into the second half of 2005 with a
shorter-than-benchmark portfolio duration in order to minimize interest
rate risk. Of course, we will be carefully monitoring employment and
inflation trends that could prompt the Fed to tighten more aggressively or,
alternatively, to take its foot off the monetary
1
<Page>
brakes. We are prepared to alter our portfolio duration in response to any
significant change in economic trends or Fed policy.
In closing, only hindsight reveals to us the best and worst times to be
invested in any particular asset class. A year ago, consensus wisdom
dictated that bonds would be major casualties of the reversal in Federal
Reserve policy. Once again, the consensus was wrong. Investors with true
foresight realize that bonds provide income and relative safety of
principal -- two important ingredients in the recipe for long-term
investment success.
Sincerely,
/s/ TED GIULIANO JOHN DUGENSKE
TED GIULIANO
AND
JOHN DUGENSKE
PORTFOLIO CO-MANAGERS
RATING DIVERSIFICATION
(% BY RATINGS)
AAA/Government/Government Agency 55.4%
AA 5.7
A 25.1
BBB 6.0
BB 1.2
B 0.0
CCC 0.0%
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 6.6
2
<page>
ENDNOTES
1. 0.78% was the cumulative total return for the 6-month period, 1.57%,
4.54% and 4.59% were the average annual total returns for the 1-, 5-
and 10-year periods ended June 30, 2005. Neuberger Berman Management
Inc. ("NBMI") has agreed to absorb certain expenses of the AMT
Portfolios. Without this arrangement, which is subject to change, the
total returns of the Portfolios would be less. Total return includes
reinvestment of dividends and capital gain distributions. Performance
data quoted represent 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. Current
performance may be lower or higher than the performance data quoted.
For performance data current to the most recent month end, please
visit www.nb.com/amtperformance. The performance information does not
reflect fees and expenses of the variable annuity and variable life
insurance policies or the pension plans whose proceeds are invested in
the portfolio.
2. The Merrill Lynch 1-3 Year U.S. Treasury Index is an unmanaged total
return market value index consisting of all coupon-bearing U.S.
Treasury publicly placed debt securities with maturities between 1 to
3 years. 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 composition, industries and holdings of the Portfolio are subject
to change.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides information
about actual account values and actual expenses in
dollars. You may use the information in this line,
together with the amount you invested, to estimate the
expenses you paid over the period. Simply divide your
account value by $1,000 (for example, an $8,600 account
value divided by $1,000 = 8.6), then multiply the
result by the number in the first section of the table
under the heading entitled "Expenses Paid During the
Period" to estimate the expenses you paid over the
period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides information
about hypothetical account values and hypothetical
expenses based on the Fund's actual expense ratio and
an assumed rate of return at 5% per year before
expenses. This return is not the Fund's actual return.
The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or
expenses you paid for the period. You may use this
information to compare the ongoing costs of investing
in this Fund versus other funds. To do so, compare the
expenses shown in this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder
reports of other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED
MATURITY BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,007.80 $ 3.63
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,021.17 $ 3.66
</Table>
* Expenses are equal to the expense ratio for the class, multiplied
by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year
divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS Limited Maturity Bond Portfolio
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
U.S. TREASURY SECURITIES-BACKED BY THE FULL FAITH AND CREDIT OF
THE U.S. GOVERNMENT (12.1%)
$ 10,965,000 U.S. Treasury Notes, 2.25%, due 4/30/06 TSY TSY $ 10,852,356
4,750,000 U.S. Treasury Notes, 3.63%, due 4/30/07 TSY TSY 4,747,402
25,000,000 U.S. Treasury Notes, 3.13%, due 10/15/08 TSY TSY 24,563,475
---------------
TOTAL U.S. TREASURY SECURITIES-BACKED BY THE FULL FAITH
AND CREDIT OF THE U.S. GOVERNMENT (COST $40,208,267) 40,163,233
--------------
U.S. GOVERNMENT AGENCY SECURITIES (18.4%)
7,750,000 Fannie Mae, Notes, 5.25%, due 4/15/07 AGY AGY 7,936,643
22,500,000 Federal Home Loan Bank, Bonds, 2.88%, due 8/15/06 AGY AGY 22,275,315
8,000,000 Federal Home Loan Bank, Disc. Notes, 3.12%, due 7/20/05 AGY AGY 7,986,528
23,230,000 Freddie Mac, Notes, 3.75%, due 4/15/07 AGY AGY 23,209,093
--------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $61,543,885) 61,407,579
--------------
MORTGAGE-BACKED SECURITIES (0.3%)
FANNIE MAE
443,619 Collateralized Mortgage Obligations, Planned Amortization
Certificates, Ser. 2003-16, Class PA, 4.50%,
due 11/25/09 AGY AGY 443,517
FREDDIE MAC
12,677 Mortgage Participation Certificates, 10.00%, due 4/1/20 AGY AGY 14,334
358,715 Pass-Through Certificates, 5.00%, due 2/1/07 AGY AGY 363,702
--------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $832,306)
821,553
--------------
CORPORATE DEBT SECURITIES (42.0%)
3,300,000 American Express Co., Notes, 5.50%, due 9/12/06 A1 A+ 3,351,120
1,765,000 AT&T Wireless Services, Inc., Senior Notes, 7.35%,
due 3/1/06 Baa2 A 1,803,569
4,130,000 Bank of America Corp., Senior Notes, 3.88%, due 1/15/08 Aa2 AA- 4,113,757
2,990,000 Bank of New York Co., Inc., Senior Notes, 5.20%,
due 7/1/07 Aa3 A+ 3,046,942
3,500,000 Bank One Corp., Notes, 6.50%, due 2/1/06 Aa3 A+ 3,553,529
2,650,000 Bear Stearns Co., Inc., Notes, 6.50%, due 5/1/06 A1 A 2,704,619
3,100,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 3,060,056
3,250,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A3 A 3,337,210
3,400,000 Caterpillar Financial Services Corp., Medium-Term Notes,
2.59%, due 7/15/06 A2 A 3,352,084
1,285,000 Chase Manhattan Corp., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 1,354,593
3,200,000 CIT Group, Inc., Senior Notes, 4.13%, due 2/21/06 A2 A 3,205,904
6,300,000 Citigroup Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- 6,407,037
3,250,000 Coca-Cola Enterprises, Notes, 5.38%, due 8/15/06 A2 A 3,287,622
3,000,000 Comcast Cable Communications, Notes, 8.38%, due 5/1/07 Baa2 BBB+ 3,218,271
3,870,000 Credit Suisse First Boston USA, Inc., Notes, 5.88%,
due 8/1/06 Aa3 A+ 3,950,682
2,800,000 Daimler Chrysler N.A. Holdings Corp., Guaranteed Notes,
6.40%, due 5/15/06 A3 BBB 2,854,676
3,400,000 Diageo Finance BV, Guaranteed Notes, 3.00%,
due 12/15/06 A2 A 3,337,722
1,150,000 Enterprise Products Operating, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 1,138,510
1,345,000 Ford Motor Credit Co., Notes, 6.50%, due 1/25/07 Baa2 BB+ 1,354,654
6,200,000 General Electric Capital Corp., Notes, 3.50%, due 5/1/08 Aaa AAA 6,099,405
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
$ 700,000 General Motors Acceptance Corp., Notes, 6.13%,
due 9/15/06 Baa2 BB $ 700,501
710,000 General Motors Acceptance Corp., Notes, 6.13%,
due 2/1/07 Baa2 BB 705,132
4,100,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 4,097,651
3,300,000 Hewlett-Packard Co., Notes, 5.50%, due 7/1/07 A3 A- 3,381,543
3,200,000 HSBC Finance Corp., Notes, 5.75%, due 1/30/07 A1 A 3,282,224
3,250,000 International Lease Finance Corp., Notes, 5.75%,
due 2/15/07 A1 AA- 3,322,576
1,500,000 J.P. Morgan Chase & Co., Senior Notes, 5.63%, due 8/15/06 Aa3 A+ 1,526,265
2,700,000 John Deere Capital Corp., Notes, 5.13%, due 10/19/06 A3 A- 2,738,683
2,175,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 2,189,198
1,550,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB 1,618,433
4,100,000 Merrill Lynch & Co., Notes, 6.13%, due 5/16/06 Aa3 A+ 4,171,369
3,850,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 3,957,342
3,200,000 National Rural Utilities Cooperative Finance Corp.,
Collateral Trust, 6.00%, due 5/15/06 A1 A+ 3,257,494
594,000 Raytheon Co., Notes, 6.50%, due 7/15/05 Baa3 BBB- 594,403
1,600,000 Reliant Energy Resources Corp., Notes, Ser. B, 8.13%,
due 7/15/05 Ba1 BBB 1,601,672
3,750,000 SBC Communications, Inc., Notes, 5.75%, due 5/2/06 A2 A 3,803,385
1,540,000 Sprint Capital Corp., Guaranteed Notes, 6.00%, due 1/15/07 Baa3 BBB- 1,578,109
3,300,000 Target Corp., Notes, 3.38%, due 3/1/08 A2 A+ 3,248,391
3,000,000 Time Warner Entertainment Co. LP, Notes, 7.25%,
due 9/1/08 Baa1 BBB+ 3,249,087
3,400,000 Toyota Motor Credit Corp., Medium-Term Notes, 2.70%,
due 1/30/07 Aaa AAA 3,332,459
3,100,000 U.S. Bank NA, Notes, 2.85%, due 11/15/06 Aa1 AA- 3,048,856
2,150,000 Union Bank of Switzerland-NY, Subordinated Notes, 7.25%,
due 7/15/06 Aa3 AA 2,205,339
1,600,000 Univision Communications, Inc., Guaranteed Notes, 3.50%,
due 10/15/07 Baa2 BBB- 1,564,872
3,200,000 Verizon Global Funding Corp., Notes, 4.00%, due 1/15/08 A2 A+ 3,189,485
3,990,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A3 A+ 4,066,289
4,100,000 Wachovia Corporation, Notes, 4.95%, due 11/1/06 Aa3 A+ 4,143,882
3,100,000 Washington Mutual, Inc., Senior Notes, 5.63%, due 1/15/07 A3 A- 3,168,361
1,600,000 Weyerhaeuser Co., Notes, 6.00%, due 8/1/06 Baa2 BBB 1,628,498
--------------
TOTAL CORPORATE DEBT SECURITIES
(COST $141,106,818) 139,903,461
--------------
FOREIGN GOVERNMENT SECURITIES^ (2.8%)
EUR 4,800,000 Bundesobligation, 3.50%, due 10/10/08 Aaa AAA 6,040,841
EUR 2,540,000 Bundesobligation, 3.25%, due 4/17/09 Aaa AAA 3,177,965
--------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $9,241,152) 9,218,806
--------------
ASSET-BACKED SECURITIES (20.9%)
5,606,919 Banc of America Commercial Mortgage Inc., Series 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 5,627,281
5,000,000 Capital Auto Receivables Asset Trust, Ser. 2004-2, Class A3,
3.58%, due 1/15/09 Aaa AAA 4,950,472
3,100,000 Capital One Prime Auto Receivables Trust, Series 2004-3,
Class A3, 3.39%, due 1/15/09 Aaa AAA 3,072,761
4,140,000 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1A3,
3.34%, due 5/25/26 Aaa AAA 4,078,759
6,580,000 Chase Manhattan Auto Owner Trust, Ser. 2003-C, Class A4,
2.94%, due 6/15/10 Aaa AAA 6,465,988
</Table>
6
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
$ 6,400,000 Citibank Credit Card Issuance Trust, Ser. 2004-A1,
Class A1, 2.55%, due 1/20/09 Aaa AAA $ 6,265,466
6,500,000 Daimler Chrysler Auto Trust, Ser. 2003-B,
Class A4, 2.86%, due 3/9/09 Aaa AAA 6,392,636
3,800,000 Ford Credit Auto Owner Trust, Ser. 2005-A,
Class A3, 3.48%, due 11/15/08 Aaa AAA 3,775,222
6,905,000 Honda Auto Receivables Owner Trust, Ser. 2004-3,
Class A4, 3.28%, due 2/18/10 Aaa AAA 6,754,469
2,000,000 John Deere Owner Trust, Ser. 2005-A,
Class A3, 3.98%, due 6/15/09 Aaa AAA 1,999,840
6,400,000 MBNA Credit Card Master Note Trust, Ser. 2002-A1,
Class A1, 4.95%, due 6/15/09 Aaa AAA 6,506,762
3,800,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 3,774,596
3,660,000 Nissan Auto Receivables Owner Trust, Ser. 2004-A,
Class A4, 2.76%, due 7/15/09 Aaa AAA 3,569,936
4,614,000 Saxon Asset Securities Trust, Ser. 2004-2,
Class AF2, 4.15%, due 8/25/35 Aaa AAA 4,580,065
1,950,000 USAA Auto Owner Trust, Series 2005-1,
Class A3, 3.90%, due 7/15/09 Aaa AAA 1,947,275
--------------
TOTAL ASSET-BACKED SECURITIES
(COST $70,267,448) 69,761,528
--------------
REPURCHASE AGREEMENTS (4.3%)
14,355,000 State Street Bank and Trust Co. Repurchase Agreement,
2.60%, due 7/1/05, dated 6/30/05, Maturity Value
$14,356,037, Collateralized by $14,925,000 U.S. Treasury
Bonds, 3.00%, due 12/31/06
(Collateral Value $14,789,750)
(COST $14,355,000) 14,355,000#
--------------
TOTAL INVESTMENTS (100.8%)
(COST $337,554,876) 335,631,160##
Liabilities, less cash, receivables and other assets [(0.8%)] (2,548,622)
--------------
TOTAL NET ASSETS (100.0%) $ 333,082,538
--------------
</Table>
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Limited Maturity Bond Portfolio
+ Investments in securities by Neuberger Berman Advisers Management Trust
Limited Maturity Bond Portfolio (the "Fund") are valued daily by obtaining
bid price quotations from independent pricing services on all securities
available in each service's data base. For all other securities requiring
daily quotations, bid prices are obtained from principal market makers in
those securities or, if quotations are not available, by a method the Board
of Trustees of Neuberger Berman Advisers Management Trust believes
accurately reflects fair value. Numerous factors may be considered when
determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are translated
from the local currency into U.S. dollars using the exchange rate as of
12:00 noon, Eastern time. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $337,554,876. Gross unrealized appreciation of investments was
$265,037 and gross unrealized depreciation of investments was $2,188,753,
resulting in net unrealized depreciation of $1,923,716 based on cost for
U.S. Federal income tax purposes.
^ Principal amount is stated in the currency in which the security is
denominated.
EUR = Euro Currency
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
LIMITED MATURITY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)-SEE SCHEDULE OF
INVESTMENTS:
Unaffiliated issuers $ 335,631,160
- ---------------------------------------------------------------------------------------------------
Cash 5,786
Interest receivable 3,292,560
- ---------------------------------------------------------------------------------------------------
Receivable for forward foreign currency exchange contracts (Note C) 588,207
Receivable for securities sold 7,856,482
- ---------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 305,244
Prepaid expenses and other assets 12,367
===================================================================================================
TOTAL ASSETS 347,691,806
===================================================================================================
LIABILITIES
Payable for securities purchased 14,017,549
Payable for Fund shares redeemed 366,920
- ---------------------------------------------------------------------------------------------------
Payable to investment manager (Note B) 64,418
Payable to administrator (Note B) 103,066
Accrued expenses and other payables 57,315
===================================================================================================
TOTAL LIABILITIES 14,609,268
===================================================================================================
NET ASSETS AT VALUE $ 333,082,538
===================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 340,356,651
Undistributed net investment income (loss) 10,940,962
- ---------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (16,868,929)
Net unrealized appreciation (depreciation) in value of investments (1,346,146)
===================================================================================================
NET ASSETS AT VALUE $ 333,082,538
===================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 25,789,269
===================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.92
===================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 337,554,876
===================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
FOR THE SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
LIMITED MATURITY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
INVESTMENT INCOME
Interest income-unaffiliated issuers (Note A) $ 5,227,971
EXPENSES:
Investment management fee (Note B) 398,070
Administration fee (Note B) 636,910
- ---------------------------------------------------------------------------------------------------
Audit fees 18,797
Custodian fees (Note B) 64,068
- ---------------------------------------------------------------------------------------------------
Insurance expense 5,177
Legal fees 33,424
- ---------------------------------------------------------------------------------------------------
Trustees' fees and expenses 12,813
===================================================================================================
Total expenses 1,169,259
Expenses reduced by custodian fee expense offset arrangement (Note B) (524)
===================================================================================================
Total net expenses 1,168,735
===================================================================================================
Net investment income (loss) 4,059,236
===================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers (962,607)
--------------------------------------------------------------------------------------------
Foreign currency 339,512
--------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (1,804,547)
--------------------------------------------------------------------------------------------
Foreign currency 672,665
============================================================================================
Net gain (loss) on investments (1,754,977)
===================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,304,259
===================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
<Table>
<Caption>
LIMITED MATURITY BOND PORTFOLIO
----------------------------------
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 4,059,236 $ 7,142,132
Net realized gain (loss) on investments (623,095) (703,464)
- ---------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (1,131,882) (3,920,292)
=====================================================================================================================
Net increase (decrease) in net assets resulting from operations 2,304,259 2,518,376
=====================================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (11,800,669)
=====================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 39,690,258 93,280,732
Proceeds from reinvestment of dividends and distributions -- 11,800,669
- ---------------------------------------------------------------------------------------------------------------------
Payments for shares redeemed (32,266,720) (78,807,440)
=====================================================================================================================
Net increase (decrease) from Fund share transactions 7,423,538 26,273,961
=====================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 9,727,797 16,991,668
NET ASSETS:
Beginning of period 323,354,741 306,363,073
=====================================================================================================================
End of period $ 333,082,538 $ 323,354,741
=====================================================================================================================
Undistributed net investment income (loss) at end of period $ 10,940,962 $ 6,881,726
=====================================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NOTES TO FINANCIAL STATEMENTS Limited Maturity Bond Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Limited Maturity Bond Portfolio (the "Fund") is a separate
operating series of Neuberger Berman Advisers Management Trust (the
"Trust"), a Delaware statutory trust organized pursuant to a Trust
Instrument dated May 23, 1994. The Trust is currently comprised of
twelve separate operating series (each a "Series," collectively, the
"Funds") each of which (except Focus Portfolio) is diversified. The
Trust is registered as an 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 Fund
currently offers only Class I shares. The Board of Trustees of the
Trust (the "Board") may establish additional series or classes of
shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency transactions, if any, are recorded
on the basis of identified cost and stated separately in the Statement
of Operations.
5 FORWARD FOREIGN CURRENCY CONTRACTS: The Fund may enter into forward
foreign currency contracts ("contracts") in connection with planned
purchases or sales of securities to hedge the U.S. dollar value of
portfolio securities denominated in a foreign currency. The gain or
loss arising from the difference between the original contract price
and the closing price of such contract is included in net realized
gains or losses on foreign currency transactions on settlement date.
Fluctuations in the value of forward foreign currency contracts are
recorded for financial reporting purposes as unrealized gains or
losses by the Fund until the contractual settlement date. The Fund has
no specific limitation on the percentage of assets which may be
committed to these types of contracts, but the Fund may not invest
more than 25% of its total assets in foreign securities denominated in
or indexed to foreign currencies. The Fund could be
12
<Page>
exposed to risks if a counter party to a contract were unable to meet
the terms of its contract or if the value of the foreign currency
changes unfavorably. The U.S. dollar value of foreign currency
underlying all contractual commitments held by the Fund is determined
using forward foreign currency exchange rates supplied by an
independent pricing service.
6 FINANCIAL FUTURES CONTRACTS: The Fund may buy and sell financial
futures contracts to hedge against changes in securities prices
resulting from changes in prevailing interest rates. 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 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, possibly at a time of rapidly declining prices, 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.
During the six months ended June 30, 2005, the Fund did not enter into
any financial futures contracts.
7 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
13
<Page>
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for foreign currency
gains and losses, paydown gains and losses, amortization of bond
premium, and mortgage dollar rolls were reclassified at year end.
These reclassifications had no effect on net income, net assets or net
assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2004 2003 2004 2003
$ 11,800,669 $ 14,350,033 $ 11,800,669 $ 14,350,033
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNREALIZED LOSS
UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME (DEPRECIATION) AND DEFERRALS TOTAL
$ 9,539,330 $ (2,911,393) $ (16,206,309) $ (9,578,372)
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales, mark to
market on certain forward foreign currency contracts, amortization of
bond premium, and post-October losses.
Under current tax law, certain net capital and net foreign currency
losses realized after October 31 within the taxable year may be
deferred and treated as occurring on the first day of the following
tax year. For the year ended December 31, 2004, the Fund elected to
defer $633,692 net capital losses arising between November 1, 2004 and
December 31, 2004.
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. As determined at December 31, 2004, the Fund
had unused capital loss carryforwards available for Federal income tax
purposes to offset net realized capital gains, if any, as follows:
<Table>
<Caption>
EXPIRING IN: 2005 2006 2007 2008 2012
$ 21,426 $ 2,478,607 $ 3,975,890 $ 6,386,624 $ 2,710,070
</Table>
8 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
9 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
14
<Page>
10 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
11 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
12 DOLLAR ROLLS: The Fund may enter into dollar roll transactions with
respect to mortgage-backed securities. In a dollar roll transaction,
the Fund sells securities for delivery in the current month and
simultaneously agrees to repurchase substantially similar (i.e., same
type and coupon) securities on a specified future date from the same
party. During the period before the repurchase, the Fund foregoes
principal and interest payments on the securities. The Fund is
compensated by the difference between the current sales price and the
forward price for the future purchase (often referred to as the
"drop"), as well as by the interest earned on the cash proceeds of the
initial sale. Dollar rolls may increase fluctuations in the Fund's net
asset value and may be viewed as a form of leverage. There is a risk
that the counter party will be unable or unwilling to complete the
transaction as scheduled, which may result in losses to the Fund.
13 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
15
<Page>
The Fund retains 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. The Fund pays Management an administration
fee at the annual rate of 0.40% of its average daily net assets under
this agreement. Additionally, Management retains State Street Bank and
Trust Company ("State Street") as its sub-administrator under a
Sub-Administration Agreement. Management pays State Street a fee for
all services received under this agreement.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund for its operating expenses (excluding the fees
payable to Management, 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, 2005, no reimbursement to the Fund was required. The Fund has
agreed to repay Management through December 31, 2011 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. During the six
months ended June 30, 2005, there was no reimbursement to Management
under this agreement. At June 30, 2005, the Fund had no contingent
liability to Management under this agreement.
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 Lehman Brothers Holdings Inc., a
publicly-owned holding 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. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $524.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding short-term securities, financial futures
contracts and foreign currency contracts) for the six months ended
June 30, 2005 were as follows:
<Table>
<Caption>
SALES AND MATURITIES
PURCHASES OF PURCHASES EXCLUDING SALES AND MATURITIES EXCLUDING
U.S. GOVERNMENT U.S. GOVERNMENT OF U.S. GOVERNMENT U.S. GOVERNMENT AND
AND AGENCY AND AGENCY AND AGENCY AGENCY
OBLIGATIONS OBLIGATIONS OBLIGATIONS OBLIGATIONS
$ 133,284,451 $ 64,801,456 $ 143,570,477 $ 42,110,539
</Table>
16
<Page>
During the six months ended June 30, 2005, the Fund entered into
various contracts to deliver currencies at specified future dates. At
June 30, 2005, open contracts were as follows:
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
SELL DELIVER FOR DATE VALUE APPRECIATION
Euro Dollar 2,060,000 EUR $ 2,676,496 7/19/05 $ 2,493,869 $ 182,627
Euro Dollar 5,465,000 EUR 6,830,430 7/19/05 6,616,017 214,413
</Table>
At June 30, 2005, closed but unsettled contracts were as follows:
<Table>
<Caption>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
SELL
Euro Dollar 5,465,000 EUR $ 7,100,511 7/19/05 $ 6,616,017 $ 484,494
BUY
Euro Dollar 5,465,000 EUR 6,909,344 7/19/05 6,616,017 (293,327)
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, 2005 DECEMBER 31, 2004
SHARES SOLD 3,088,564 7,077,380
SHARES ISSUED ON REINVESTMENT
OF DIVIDENDS AND DISTRIBUTIONS -- 919,055
SHARES REDEEMED (2,514,675) (5,990,106)
------------------- ------------------
TOTAL 573,889 2,006,329
------------------- ------------------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
NOTE F--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
17
<Page>
FINANCIAL HIGHLIGHTS Limited Maturity Bond Portfolio^
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, YEAR ENDED DECEMBER 31,
---------------- ---------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.82 $ 13.20 $ 13.50 $ 13.47 $ 13.19 $ 13.24
---------------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .16 .30 .37 .53 .74+++ .77
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.06) (.20) (.05) .16 .37+++ .07
---------------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS .10 .10 .32 .69 1.11 .84
---------------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME - (.48) (.62) (.66) (.83) (.89)
---------------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.92 $ 12.82 $ 13.20 $ 13.50 $ 13.47 $ 13.19
---------------- -------- -------- -------- -------- --------
TOTAL RETURN^^ +0.78%** +0.78% +2.42% +5.34% +8.78% +6.78%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 333.1 $ 323.4 $ 306.4 $ 372.6 $ 292.8 $ 214.4
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .73%* .73% .74% .76% .73% .76%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .73%* .73% .74% .76% .73% .76%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS 2.55%* 2.28% 2.73% 4.01% 5.63%+++ 5.93%
PORTFOLIO TURNOVER RATE 59%** 132% 84% 120% 89% 109%
</Table>
See Notes to Financial Highlights
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
NOTES TO FINANCIAL HIGHLIGHTS Limited Maturity Bond Portfolio
^ The per share amounts and ratios which are shown reflect income and
expenses, including the Fund's proportionate share of AMT Limited Maturity
Bond Investment's income and expenses through April 30, 2000 under the
prior master-feeder fund structure.
^^ 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. Current returns may be lower or higher than the performance data
quoted. 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. Performance data current to the most recent month-end
are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
+++ For fiscal years ended after December 31, 2000, funds are required by the
American Institute of Certified Public Accountants to amortize premiums and
discounts on fixed income securities. Accordingly, for the year ended
December 31, 2001, the per share amounts and ratios shown decreased or
increased as follows:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2001
Net Investment Income (.02)
Net Gains or Losses on Securities .02
Ratio of Net Investment Income to Average Net Assets (.11%)
</Table>
* Annualized.
** Not annualized.
19
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
20
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
MID-CAP GROWTH PORTFOLIO(R)
B0736 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
MID-CAP GROWTH PORTFOLIO Managers' Commentary
The Neuberger Berman AMT Mid-Cap Growth Portfolio provided modest gains in
the first half of 2005, slightly outperforming its benchmark, the Russell
Midcap Growth Index. Overall, the markets rewarded stocks based on
fundamentals, which tended to favor our investment process.
During the six-month reporting period, security selection was additive to
the portfolio's performance relative to the index, with the largest
contributions coming from Energy, Consumer Staples and Telecom. Energy
names that did well included companies specializing in the exploration and
production of oil and gas, such as Canadian Natural Resources and
Quicksilver Resources. Within Consumer Staples, industries such as
beverages and grocery stores were a primary reason for this outperformance,
with Constellation Brands and Whole Foods Market both performing well.
Within Telecom, our emphasis on wireless companies helped returns, with
both Nextel Partners and Western Wireless providing standout results. Our
sector allocation was also additive to relative performance, fueled by our
overweight in Energy and Telecom, which were the top performing sectors of
the period.
The largest detraction from relative performance came from our security
selection in Information Technology. Although this area of the portfolio
had strong performers such as Apple Computer, their outperformance was more
than offset by weakness in names such as Sigmatel and Zebra Technologies.
At the start of 2005, prognosticators were almost unanimous in their calls
for interest rates to move higher, the dollar to drop and stocks to provide
gains. The markets, in all three cases, moved against prevailing wisdom, as
long-term interest rates fell, the dollar traded higher and stocks
languished during the first six months of the year. In other developments,
oil prices increased, as did prices of other commodities. And the Federal
Reserve continued to raise interest rates by 25 basis points at each
meeting, causing the yield curve to flatten.
So far this year, corporate earnings growth has been strong, but the equity
market has been kept in check by rising short-term interest rates. Other
factors inhibiting stock performance have included slowing monetary growth,
competition from alternative investments, and fears that the Federal
Reserve would push interest rates too high and cause the economy to go into
recession. However, the flipside of stock weakness has been the continued
compression of the market's P/E multiple. Since the stock market's peak
back in 2000, reported earnings have increased approximately 33%, but the
S&P 500 has declined by 20% (price only). As a result, broad-based P/E
averages are now approaching 16 times current earnings estimates.
The sectors that have led the market for several quarters got even stronger
during this reporting period. Energy, Utilities, Telecom and REITs netted
significant returns as investors reacted to higher energy prices and
searched for yield. Cyclical sectors such as Materials and Industrials
underperformed in the first half, as fears developed over economic growth
in the United States, Europe and Asia.
In our view, economic concerns and uncertainty about the Federal Reserve
should keep the equity market from making substantial upward progress.
However, relative to interest rates, equities should benefit from improving
valuations, particularly as earnings growth remains good, albeit slowing
from prior years. At some point, as the economy
1
<Page>
maintains a steady growth pace, we expect the market to shift toward
larger-cap and traditional growth stocks, rotating away from smaller and
cyclical issues.
In terms of sector allocations, we are currently overweight in Information
Technology, Energy and Telecom, but underweight in Financials, Consumer
Discretionary and Utilities. In most other sectors, we are neutrally
positioned relative to the benchmark.
Sincerely,
/s/ Jon D. Brorson
JON D. BRORSON
PORTFOLIO MANAGER AND
GROWTH EQUITY TEAM LEADER
/s/ Kenneth J. Turek
KENNETH J. TUREK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Aerospace 2.0%
Automotive 0.8
Biotechnology 4.5
Building, Construction & Furnishing 0.5
Business Services 7.0
Communications Equipment 1.5
Computer Related 0.5
Cosmetics 0.6
Defense 0.9
Diagnostic Equipment 1.2
Electrical & Electronics 0.7
Energy 7.4
Entertainment 3.1
Financial Services 6.6
Health Care 7.5
Health Products & Services 0.5
Industrial 6.7%
Industrial Gases 1.0
Internet 0.4
Leisure 3.6
Medical Equipment 3.7
Oil & Gas 2.4
Retail 9.6
Semiconductors 5.1
Software 3.2
Technology 8.3
Telecommunications 4.5
Transportation 1.9
Short-Term Investments 30.3
Liabilities, less cash, receivables and
other assets (26.0)
2
<Page>
ENDNOTES
1. For Class I, 2.19% was the cumulative total return for the 6-month
period, 10.56%, -7.84% and 8.62% were the average annual total returns
for the 1-year, 5-year and since inception (11/03/97) periods ended
June 30, 2005. For Class S, 2.09% was the cumulative total return for
the 6-month period, 10.30%, -7.96% and 8.52% were the average annual
total returns for the 1-year, 5-year and since inception (11/03/97)
periods ended June 30, 2005. Performance shown prior to February 2003
for the Class S shares is of the Class I shares, which has lower
expenses and typically higher returns than the Class S shares.
Neuberger Berman Management Inc. ("NBMI") has agreed to absorb certain
expenses of the AMT Portfolios. Without this arrangement, which is
subject to change, the total returns of the Portfolios would be less.
Total return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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. Current performance may be lower or higher than
the performance data quoted. For performance data current to the most
recent month end, please visit ww.nb.com/amtperformance. The
performance information does not reflect fees and expenses of the
variable annuity and variable life insurance policies or the pension
plans whose proceeds are invested in the portfolio.
2. The Russell Midcap(R) Growth Index measures the performance of those
Russell Midcap(R) Index companies with higher price-to-book ratios and
higher forecasted growth values. The Russell Midcap Index measures the
performance of the 800 smallest companies in the Russell 1000(R)
Index, which represents approximately 25% of the total market
capitalization of the Russell 1000 Index (which, in turn, consists of
the 1,000 largest U.S. companies, based on market capitalization).
Please note that indices do not take into account any fees and
expenses of investing in the individual securities that they track,
and that individuals cannot invest 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides
information about actual account values and actual
expenses in dollars. You may use the information in this
line, together with the amount you invested, to estimate
the expenses you paid over the period. Simply divide
your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply
the result by the number in the first section of the
table under the heading entitled "Expenses Paid During
the Period" to estimate the expenses you paid over the
period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of
the table provides information about hypothetical
account values and hypothetical expenses based on the
Fund's actual expense ratio and an assumed rate of
return at 5% per year before expenses. This return is
not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the
actual ending account balance or expenses you paid for
the period. You may use this information to compare the
ongoing costs of investing in this Fund versus other
funds. To do so, compare the expenses shown in this 5%
hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST MID-CAP GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,021.90 $ 4.51
CLASS S $ 1,000 $ 1,020.90 $ 5.76
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.33 $ 4.51
CLASS S $ 1,000 $ 1,019.09 $ 5.76
</Table>
* For each class of the Fund, expenses are equal to the expense ratio for
the class, multiplied by the average account value over the period,
multiplied by 181/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Mid-Cap Growth Portfolio
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (95.7%)
AEROSPACE (2.0%)
35,000 Goodrich Corp. $ 1,433,600
52,500 Precision Castparts 4,089,750
115,500 Rockwell Collins 5,507,040^
--------------
11,030,390
AUTOMOTIVE (0.8%)
73,000 Advance Auto Parts 4,712,150*^
BIOTECHNOLOGY (4.5%)
218,000 Celgene Corp. 8,887,860*
92,000 Genzyme Corp. 5,528,280*
213,000 Gilead Sciences 9,369,870*^
40,000 Martek Biosciences 1,518,000*
--------------
25,304,010
BUILDING, CONSTRUCTION & FURNISHING (0.5%)
77,500 D.R. Horton 2,914,775
BUSINESS SERVICES (7.0%)
256,500 Alliance Data Systems 10,403,640*^
151,500 CB Richard Ellis Group 6,644,790*
144,000 Corporate Executive Board 11,279,520^
95,000 Getty Images 7,054,700*^
30,000 Laureate Education 1,435,800*
56,000 NAVTEQ 2,082,080*
15,500 NeuStar, Inc. 396,800*
--------------
39,297,330
COMMUNICATIONS EQUIPMENT (1.5%)
58,000 F5 Networks 2,739,630*
230,000 Juniper Networks 5,791,400*
--------------
8,531,030
COMPUTER RELATED (0.5%)
75,000 Apple Computer 2,760,750*
COSMETICS (0.6%)
88,600 Estee Lauder 3,466,918
DEFENSE (0.9%)
75,500 CACI International 4,768,580*
DIAGNOSTIC EQUIPMENT (1.2%)
300,000 Cytyc Corp. 6,618,000*
ELECTRICAL & ELECTRONICS (0.7%)
15,400 Dolby Laboratories 339,724*
109,000 Jabil Circuit 3,349,570*
--------------
3,689,294
ENERGY (7.4%)
177,000 Canadian Natural
Resources 6,439,260
71,000 Murphy Oil 3,708,330
146,000 National-Oilwell Varco 6,940,840*
131,000 Peabody Energy 6,817,240
92,800 Smith International 5,911,360
328,200 XTO Energy 11,155,518
--------------
40,972,548
5
ENTERTAINMENT (3.1%)
129,500 Gaylord Entertainment $ 6,020,455*
156,000 Station Casinos 10,358,400
23,000 WMS Industries 778,702*
--------------
17,157,557
FINANCIAL SERVICES (6.6%)
290,000 CapitalSource Inc. 5,692,700*^
25,000 Chicago Mercantile
Exchange 7,387,500^
150,300 Investors Financial Services 5,684,346
86,250 Legg Mason 8,979,487^
148,200 Moody's Corp. 6,663,072^
70,000 Nuveen Investments 2,633,400
--------------
37,040,505
HEALTH CARE (7.5%)
113,000 C. R. Bard 7,515,630
90,000 Cerner Corp. 6,117,300*^
74,500 Invitrogen Corp. 6,205,105*^
116,000 Omnicare, Inc. 4,921,880
91,500 PacifiCare Health Systems 6,537,675*
141,000 Varian Medical Systems 5,263,530*^
207,500 VCA Antech 5,031,875*
--------------
41,592,995
HEALTH PRODUCTS & SERVICES (0.5%)
70,000 American Healthways 2,958,900*^
INDUSTRIAL (6.7%)
148,000 Danaher Corp. 7,746,320^
171,700 Donaldson Co. 5,207,661
138,300 Fastenal Co. 8,472,258^
73,500 Harman International
Industries 5,979,960
150,000 Monster Worldwide 4,302,000*^
112,000 Rockwell International 5,455,520
--------------
37,163,719
INDUSTRIAL GASES (1.0%)
225,000 Airgas Inc. 5,550,750
INTERNET (0.4%)
125,000 aQuantive, Inc. 2,215,000*
LEISURE (3.6%)
98,500 Marriott International 6,719,670^
160,000 MGM MIRAGE 6,332,800*^
150,000 Royal Caribbean Cruises 7,254,000
--------------
20,306,470
MEDICAL EQUIPMENT (3.7%)
134,500 Kinetic Concepts 8,070,000*^
150,500 Kyphon Inc. 5,235,895*^
108,000 ResMed Inc. 7,126,920*
--------------
20,432,815
OIL & GAS (2.4%)
90,000 Denbury Resources 3,579,300*
70,000 GlobalSantaFe Corp. 2,856,000^
110,500 Quicksilver Resources 7,064,265*^
--------------
13,499,565
See Notes to Schedule of Investments
6
<Page>
NUMBER OF SHARES MARKET VALUE +
RETAIL (9.6%)
94,000 Abercrombie & Fitch $ 6,457,800
331,200 Coach, Inc. 11,118,384*
55,000 Dick's Sporting Goods 2,122,450*^
67,000 Fortune Brands 5,949,600
68,000 Michaels Stores 2,813,160
124,500 Nordstrom, Inc. 8,462,265^
195,000 PETsMART, Inc. 5,918,250
60,000 Urban Outfitters 3,401,400*
60,000 Whole Foods Market 7,098,000
--------------
53,341,309
SEMICONDUCTORS (5.1%)
70,000 Broadcom Corp. 2,485,700*
30,500 KLA-Tencor 1,332,850
181,000 Marvell Technology Group 6,885,240*^
87,500 MEMC Electronic Materials 1,379,875*
206,500 Microchip Technology 6,116,530
309,000 Microsemi Corp. 5,809,200*
195,000 National Semiconductor 4,295,850
--------------
28,305,245
SOFTWARE (3.2%)
240,000 Activision, Inc. 3,964,800*
128,000 Cognos, Inc. 4,369,920*
135,000 McAfee Inc. 3,534,300*^
160,000 Mercury Interactive 6,137,600*^
--------------
18,006,620
TECHNOLOGY (8.3%)
155,000 Autodesk, Inc. 5,327,350
216,000 Cognizant Technology
Solutions 10,180,080*
77,500 International Rectifier 3,698,300*^
80,000 Lipman 2,461,600
115,500 Macromedia, Inc. 4,414,410*
304,000 Seagate Technology 5,335,200
104,000 VeriSign, Inc. 2,991,040*^
266,900 Zebra Technologies 11,687,551*
--------------
46,095,531
TELECOMMUNICATIONS (4.5%)
235,000 American Tower 4,939,700*^
230,000 Leap Wireless International 6,382,500*
432,000 Nextel Partners 10,873,440*^
48,000 NII Holdings 3,069,120*
--------------
25,264,760
TRANSPORTATION (1.9%)
86,500 C.H. Robinson Worldwide 5,034,300
280,000 J.B. Hunt Transport Services 5,404,000
--------------
10,438,300
TOTAL COMMON STOCKS
(COST $384,125,248) 533,435,816
--------------
SHORT-TERM INVESTMENTS (30.3%)
144,937,600 Neuberger Berman
Securities Lending
Quality Fund, LLC $ 144,937,600++
23,595,574 Neuberger Berman Prime
Money Fund Trust Class 23,595,574@
--------------
TOTAL SHORT-TERM INVESTMENTS
(COST $168,533,174) 168,533,174#
--------------
TOTAL INVESTMENTS (126.0%)
(COST $552,658,422) 701,968,990##
Liabilities, less cash, receivables and other
assets [(26.0%)] (144,697,474)
--------------
TOTAL NET ASSETS (100.0%) $ 557,271,516
--------------
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Mid-Cap Growth Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Mid-Cap Growth Portfolio (the "Fund") are valued at the latest sales
price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $552,658,422. Gross unrealized appreciation of investments was
$153,428,301 and gross unrealized depreciation of investments was
$4,117,733, resulting in net unrealized appreciation of $149,310,568, based
on cost for U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Schedule of Investments
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 533,435,816
- ----------------------------------------------------------------------------------------------------------------------
Affiliated issuers 168,533,174
======================================================================================================================
701,968,990
Cash 2,532,614
- ----------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 134,517
Receivable for securities sold 5,416,689
- ----------------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 201,137
Prepaid expenses and other assets 36,838
======================================================================================================================
TOTAL ASSETS 710,290,785
======================================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 144,937,600
Payable for securities purchased 7,415,901
- ----------------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 261,174
Payable to investment manager--net (Notes A & B) 232,802
- ----------------------------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 135,172
Accrued expenses and other payables 36,620
======================================================================================================================
TOTAL LIABILITIES 153,019,269
======================================================================================================================
NET ASSETS AT VALUE $ 557,271,516
======================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 738,801,134
Undistributed net investment income (loss) (1,119,010)
-----------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (329,721,259)
Net unrealized appreciation (depreciation) in value of investments 149,310,651
=================================================================================================================
NET ASSETS AT VALUE $ 557,271,516
======================================================================================================================
NET ASSETS
Class I $ 538,339,953
Class S 18,931,563
-----------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 29,540,465
Class S 1,046,002
-----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 18.22
Class S 18.10
-----------------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE $ 139,784,304
======================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 384,125,248
Affiliated issuers 168,533,174
-----------------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 552,658,422
======================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2005 (UNAUDITED)
STATEMENT OF OPERATIONS
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 909,054
Income from securities loaned--affiliated issuer (Note F) 111,576
- ----------------------------------------------------------------------------------------------------------------------
Interest income--unaffiliated issuers 78,147
Income from investments in affiliated issuers (Note F) 200,866
- ----------------------------------------------------------------------------------------------------------------------
Foreign taxes withheld (2,526)
======================================================================================================================
Total income 1,297,117
======================================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 1,429,641 Administration fee (Note B):
- ----------------------------------------------------------------------------------------------------------------------
Class I 776,911
Class S 25,087
-----------------------------------------------------------------------------------------------------------------
Distribution fees (Note B):
Class S 20,906
-----------------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 77,452
- ----------------------------------------------------------------------------------------------------------------------
Insurance expense 8,893
Legal fees 56,879
- ----------------------------------------------------------------------------------------------------------------------
Shareholder reports 12,206
Trustees' fees and expenses 12,886
- ----------------------------------------------------------------------------------------------------------------------
Miscellaneous 10,102
======================================================================================================================
Total expenses 2,450,906
Investment management fee waived (Note A) (6,647)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (28,132)
======================================================================================================================
Total net expenses 2,416,127
======================================================================================================================
Net investment income (loss) (1,119,010)
======================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 10,005,376
---------------------------------------------------------------------------------------------------------------
Foreign currency 136
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 2,363,341
---------------------------------------------------------------------------------------------------------------
Foreign currency (21)
===============================================================================================================
Net gain (loss) on investments 12,368,832
======================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 11,249,822
======================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
MID-CAP GROWTH PORTFOLIO
----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (1,119,010) $ (2,190,170)
Net realized gain (loss) on investments 10,005,512 25,635,855
- -----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments 2,363,320 53,362,918
===========================================================================================================
Net increase (decrease) in net assets resulting from operations 11,249,822 76,808,603
===========================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 31,358,832 81,076,473
------------------------------------------------------------------------------------------------------
Class S 5,178,425 10,633,301
Payments for shares redeemed:
Class I (47,160,560) (72,473,549)
Class S (1,681,331) (3,741,232)
------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (12,304,634) 15,494,993
===========================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS (1,054,812) 92,303,596
NET ASSETS:
Beginning of period 558,326,328 466,022,732
===========================================================================================================
End of period $ 557,271,516 $ 558,326,328
===========================================================================================================
Undistributed net investment income (loss) at end of period $ (1,119,010) $ --
===========================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS Mid-Cap Growth Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Mid-Cap Growth Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers Class I and Class S shares. The Board of
Trustees of the Trust (the "Board") may establish additional series or
classes of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
12
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for net operating
losses and foreign currency gains and losses were reclassified at year
end. These reclassifications had no effect on net income, net assets
or net assets per share of the Fund.
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
UNREALIZED LOSS
APPRECIATION CARRYFORWARDS
(DEPRECIATION) AND DEFERRALS TOTAL
$ 146,474,302 $ (339,253,743) $(192,779,441)
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales.
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. As determined at December 31, 2004, the Fund
had unused capital loss carryforwards available for Federal income tax
purposes to offset net realized capital gains, if any, as follows:
EXPIRING IN:
2009 2010 2011
$ 214,771,203 $ 113,423,118 $ 11,059,422
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
13
<Page>
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
The Fund's expenses (other than those specific to each class) are
allocated proportionally each day between the classes based upon the
relative net assets of each class.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $87,305 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest
14
<Page>
available current income consistent with safety and liquidity. For any
cash that the Fund invests in Prime Money, Management waives a portion
of its management fee equal to the management fee it receives from
Prime Money on those assets (the "Arrangement"). For the six months
ended June 30, 2005, management fees waived under this Arrangement
amounted to $6,647. For the six months ended June 30, 2005, income
earned under this Arrangement amounted to $200,866 and is reflected in
the Statement of Operations under the caption "Income from investments
in affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
13 OTHER: All net investment income and realized and unrealized capital
gains and losses of the Fund are allocated, on the basis of relative
net assets, pro rata among its respective classes.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. Each class pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund's Class I.
For the Fund's Class S, Management acts as agent in arranging for the
sale of class shares without commission and bears advertising and
promotion expenses. The Board has adopted a distribution plan (the
"Plan") with respect to this class, pursuant to Rule 12b-1 under the
1940 Act. The Plan provides that, as compensation for administrative
and other services provided to this class, Management's activities and
expenses related to the sale and distribution of this class of shares,
and ongoing services provided to
15
<Page>
investors in this class, Management receives from this class a fee at
the annual rate of 0.25% of Class S's average daily net assets.
Management receives this amount to provide distribution and
shareholder servicing for this class and pays a portion of it to
institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged
in sales and/or shareholder servicing. The amount of fees paid by this
class during any year may be more or less than the cost of
distribution and other services provided to this class. NASD rules
limit the amount of annual distribution fees that may be paid by a
mutual fund and impose a ceiling on the cumulative distribution fees
paid. The Trust's Plan complies with those rules.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund's Class I and Class S shares for their operating
expenses (excluding fees payable to Management (including the fees
payable to Management with respect to the Fund's Class S shares),
interest, taxes, brokerage commissions, extraordinary expenses, and
transaction costs) ("Operating Expenses") which exceed, in the
aggregate, 1.00% and 1.25%, respectively, per annum of the Fund's
average daily net assets (the "Expense Limitation"). For the six
months ended June 30, 2005, no reimbursement to the Fund's Class I and
Class S shares was required. The Fund's Class I and Class S shares
each have agreed to repay Management through December 31, 2011 for
their excess Operating Expenses previously reimbursed by Management,
so long as their annual Operating Expenses during that period do not
exceed their Expense Limitation, and the repayments are made within
three years after the year in which Management issued the
reimbursement. During the six months ended June 30, 2005, there was no
reimbursement to Management under these agreements. At June 30, 2005,
the Fund's Class I and Class S shares had no contingent liability to
Management under these agreements.
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $27,877.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $255.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $180,681,831
and $187,597,994, respectively.
16
<Page>
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $515,445, of which Neuberger
received $893, Lehman received $88,852, and other brokers received
$425,700.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, 2005 FOR THE YEAR ENDED DECEMBER 31, 2004
SHARES SHARES SHARES SHARES
SOLD REDEEMED TOTAL SOLD REDEEMED TOTAL
CLASS I 1,777,634 (2,702,661) (925,027) 5,076,695 (4,607,909) 468,786
CLASS S 297,364 (96,764) 200,600 672,353 (237,618) 434,735
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual Fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
17
<Page>
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 125,896,400 2,745,359,700 2,726,318,500 144,937,600 $ 144,937,600 $ 111,576
Neuberger Berman
Prime Money Fund
Trust Class*** 30,889,296 138,854,094 146,147,816 23,595,574 23,595,574 200,866
--------------- ---------------
TOTAL $ 168,533,174 $ 312,442
--------------- ---------------
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
18
<Page>
FINANCIAL HIGHLIGHTS Mid-Cap Growth Portfolio
The following tables include selected data for a share outstanding
throughout each period and other performance information derived from the
Financial Statements.+++
CLASS I##
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
---------------- -------------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.83 $ 15.33 $ 11.97 $ 16.94 $ 22.48 $ 24.30
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) (.04) (.07) (.07) (.08) (.07) (.09)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .43 2.57 3.43 (4.89) (5.47) (1.72)
----------- --------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS .39 2.50 3.36 (4.97) (5.54) (1.81)
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- -- -- -- -- (.01)
----------- --------- --------- --------- --------- ---------
NET ASSET VALUE, END OF PERIOD $ 18.22 $ 17.83 $ 15.33 $ 11.97 $ 16.94 $ 22.48
----------- --------- --------- --------- --------- ---------
TOTAL RETURN++ +2.19%** +16.31% +28.07% -29.34% -24.64% -7.46%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 538.3 $ 543.3 $ 459.7 $ 362.2 $ 530.7 $ 624.1
RATIO OF GROSS EXPENSES TO AVERAGE NET
ASSETS# .91%* .92% .89% .95% .91% .98%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .90%*^^ .90%^^ .88%^^ .95% .91% .98%^^
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.41%)* (.45%) (.52%) (.57%) (.38%) (.34%)
PORTFOLIO TURNOVER RATE 35%** 92% 161% 124% 99% 109%
</Table>
CLASS S
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED YEAR ENDED FEBRUARY 18, 2003^
JUNE 30, DECEMBER 31, TO DECEMBER 31,
---------------- ------------- ------------------
2005 2004 2003
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.73 $ 15.28 $ 11.15
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) (.06) (.11) (.09)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .43 2.56 4.22
-------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS .37 2.45 4.13
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 18.10 $ 17.73 $ 15.28
-------- -------- --------
TOTAL RETURN++ +2.09%** +16.03% +37.04%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 18.9 $ 15.0 $ 6.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.16%* 1.17% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.15%* 1.15% 1.11%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS (.66%)* (.70%) (.71%)*
PORTFOLIO TURNOVER RATE 35%** 92% 161%~
</Table>
See Notes to Financial Highlights
19
<Page>
## The per share amounts and ratios which are shown reflect income and
expenses, including the Fund's Class I proportionate share of AMT Mid-Cap
Growth Investment's income and expenses through April 30, 2000 under the
prior master/feeder fund structure.
++ 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. Current returns may be lower or higher than the performance data
quoted. 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/higher if Management had not reimbursed, waived and/or
recouped 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.
Performance data current to the most recent month-end are available at
www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
^^ After reimbursement of expenses previously paid by the administrator. Had
the administrator not been reimbursed, the annualized ratio of net expenses
to average daily net assets would have been:
YEAR ENDED
DECEMBER 31,
2000
MID-CAP GROWTH PORTFOLIO CLASS I 0.95%
After reimbursement of expenses by the administrator and/or waiver of
a portion of the investment management fee. Had Management not
undertaken such action, the annualized ratios of net expenses to
average daily net assets would have been:
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
MID-CAP GROWTH PORTFOLIO CLASS I 0.90% 0.90% 0.89%
MID-CAP GROWTH PORTFOLIO CLASS S 1.15% 1.16% 1.11%
^ The date investment operations commenced.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
~ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2003.
* Annualized.
** Not annualized.
20
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll free).
21
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
PARTNERS PORTFOLIO(R)
B0737 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
PARTNERS PORTFOLIO Manager's Commentary
In the first half of 2005, equity investors were generally more focused on
Federal Reserve tightening and sky-high oil prices than on the healthy
economy and strong corporate earnings growth. The end result was a flat
market, with the Russell 1000 Value Index gaining a modest 1.76% and the
S&P 500 declining -0.81%. We are pleased to report that the Neuberger
Berman AMT Partners Portfolio delivered a solid return in this lackluster
stock market environment, outperforming both of its benchmark indices.
Our Energy sector investments had the most positive impact on returns. We
were substantially overweight in this top-performing sector and our
emphasis on companies with production from non-conventional energy sources
and coal companies enhanced relative returns. Canadian Natural Resources,
the leading oil sands producer, was our single best performing stock. EOG
Resources, a natural gas exploration and production company with large and
growing shale gas reserves, was our second best performer. Peabody Energy,
the largest coal mining company in the U.S., also made our top-ten
performance list. In our opinion, the thesis that led us to overweight
Energy more than a year ago remains valid. We expect supply to continue to
lag demand growth for the foreseeable future, supporting high energy prices
and ongoing profit growth for energy companies.
Consumer Discretionary sector investments also contributed significantly to
returns. We believed that consumer spending would be better than consensus
expectations and that the housing market would remain robust. As a result,
we were overweight in Consumer Stocks, with substantial positions in
leading retailers such as Best Buy and homebuilders including Pulte Homes,
KB Home and Centex Corp., all three of which finished in our top ten. With
oil hovering at around $60 per barrel early in June and gasoline prices at
record levels, low-end consumer spending may well flag in the quarters
ahead. However, we think that more affluent consumers will continue to
spend. In retail, we remain focused on companies that have distinguished
themselves from the competition. Best Buy, the consumer electronics
retailer with an outstanding customer focus, is a good example. As for
homebuilding, as long as mortgage rates remain low, demand for housing
should remain strong. Although the homebuilders have been exceptional
performers over the last several years, earnings growth has outpaced stock
price appreciation, such that the group still represents good value.
Our Financials and Information Technology (IT) investments had a negative
impact on absolute and relative returns. In the Financial sector, we
avoided the banks because we thought market interest rates would rise and
pinch rate-spread-driven profits. We preferred fee/transaction-oriented
businesses such as brokerage firms and property and casualty insurers.
Unfortunately, brokerage stocks didn't do much and blue chip property and
casualty insurer American International Group (AIG) was one of the
portfolio's biggest casualties. We remain positive about AIG, because we
are confident that the write-offs the company will be forced to take as a
result of regulatory scrutiny will not have a major impact on earnings or
book value.
Our IT holdings, most notably Veritas Software and Check Point Software
Technologies, detracted from performance despite solid fundamental
progress. Veritas stock declined when it appeared that the company's merger
with Symantec would not be consummated. However, the stock bounced right
back when the deal closed after the end of the second quarter. In addition,
Check Point declined due to disappointing capital spending on technology.
We believe that the additional expense of complying with Sarbanes-Oxley has
temporarily dampened technology spending and that, as corporate America
adjusts to this legislation, the resurgence in tech spending we have been
waiting for will finally arrive.
1
<Page>
Looking ahead, we think that the outlook for the economy and stock market
is relatively favorable. The economy appears to have successfully made the
transition from monetarily and fiscally stimulated growth to self-sustained
expansion. Inflation remains subdued, so we think that the Fed will shift
into neutral at some point later this year. Energy remains the biggest
economic wild card. The economy shrugged off $50 per barrel oil. Whether it
can withstand $60-$70 oil is a matter of conjecture.
Over the last 18 months, earnings-per-share growth has outpaced stock price
appreciation. Consequently, equity valuations have become more compelling.
We think that ongoing corporate profit growth combined with today's good
value will improve investor sentiment in the second half, and we would not
be surprised to see relatively attractive returns for broad-based market
indices for full-year 2005. We believe investors who share our appreciation
for "best of breed" companies trading at below-market-average
price/earnings ratios will be rewarded more generously.
Sincerely,
/s/ S. Basu Mullick
S. BASU MULLICK
PORTFOLIO MANAGER
AMT PARTNERS PORTFOLIO
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Auto Related 1.4%
Banking & Financial 3.8
Broadcasting 0.7
Building, Construction & Furnishing 14.8
Business Services 1.6
Capital Equipment 0.9
Coal 1.7
Communication Services 1.5
Communications 0.6
Consumer Cyclicals 2.0
Consumer Goods & Services 0.8
Defense & Aerospace 0.8
Diversified 1.4
Electrical & Electronics 1.5
Energy 11.8%
Financial Services 12.7
Health Care 7.8
Insurance 4.9
Metals 2.4
Oil & Gas 9.2
Pharmaceutical 1.8
Retail 1.6
Software 4.6
Technology 1.9
Telecommunications 0.3
Transportation 5.9
Short-Term Investments 16.1
Liabilities, less cash, receivables and other assets (14.5)
2
<Page>
ENDNOTES
1. 7.48% was the cumulative total return for the 6-month period, 21.33%,
5.21% and 10.64% were the average annual total returns for the 1-year,
5-year and 10-year periods ended June 30, 2005. Neuberger Berman
Management Inc. ("NBMI") has agreed to absorb certain expenses of the
AMT Portfolios. Without this arrangement, which is subject to change,
the total returns of the Portfolios would be less. Total return
includes reinvestment of dividends and capital gain distributions.
Performance data quoted represent 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.
Current performance may be lower or higher than the performance data
quoted. For performance data current to the most recent month end,
please visit www.nb.com/amtperformance. The performance information
does not reflect fees and expenses of the variable annuity and
variable life insurance policies or the pension plans whose proceeds
are invested in the portfolio.
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(R)
Index measures the performance of the 1,000 largest companies in the
Russell 3000(R) 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides information about actual
account values and actual expenses in dollars. You may use the
information in this line, together with the amount you invested, to
estimate the expenses you paid over the period. Simply divide your
account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in
the first section of the table under the heading entitled "Expenses
Paid During the Period" to estimate the expenses you paid over the
period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides information about
hypothetical account values and hypothetical expenses based on the
Fund's actual expense ratio and an assumed rate of return at 5% per
year before expenses. This return is not the Fund's actual return.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing
costs of investing in this Fund versus other funds. To do so,
compare the expenses shown in this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of
other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PARTNERS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,074.80 $ 4.53
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.43 $ 4.41
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Partners Portfolio
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (98.4%)
AUTO RELATED (1.4%)
178,500 Harley-Davidson $ 8,853,600
BANKING & FINANCIAL (3.8%)
67,400 Fannie Mae 3,936,160
690,570 Hudson City Bancorp 7,879,404
228,900 Merrill Lynch 12,591,789
---------------
24,407,353
BROADCASTING (0.7%)
146,600 EchoStar Communications 4,419,990
BUILDING, CONSTRUCTION & FURNISHING (14.8%)
262,700 Centex Corp. 18,565,009
308,166 D.R. Horton 11,590,123
262,200 Home Depot 10,199,580
191,800 KB HOME 14,620,914
256,400 Lennar Corp. 16,268,580^
7,600 NVR, Inc. 6,156,000*^
206,100 Pulte Homes 17,363,925^
---------------
94,764,131
BUSINESS SERVICES (1.6%)
276,000 Career Education 10,104,360*^
CAPITAL EQUIPMENT (0.9%)
175,700 Joy Global 5,901,763
COAL (1.7%)
202,900 Arch Coal 11,051,963^
COMMUNICATION SERVICES (1.5%)
295,600 Scientific-Atlanta 9,834,612
COMMUNICATIONS (0.6%)
121,900 Cablevision Systems 3,925,180*
CONSUMER CYCLICALS (2.0%)
92,100 Best Buy 6,313,455
198,000 Masco Corp. 6,288,480
---------------
12,601,935
CONSUMER GOODS & SERVICES (0.8%)
103,100 Colgate-Palmolive 5,145,721^
DEFENSE & AEROSPACE (0.8%)
147,800 Embraer-Empresa Brasileira
de Aeronautica 4,887,746^
DIVERSIFIED (1.4%)
1,405,300 ABB Ltd. 9,202,869*
ELECTRICAL & ELECTRONICS (1.5%)
320,700 Tyco International 9,364,440
ENERGY (11.8%)
105,400 Anadarko Petroleum 8,658,610
407,100 Canadian Natural Resources 14,810,298
168,000 ConocoPhillips 9,658,320
117,200 Cooper Cameron 7,272,260*
235,400 Peabody Energy 12,250,216
312,700 Talisman Energy 11,748,139^
133,200 TXU Corp. 11,067,588
---------------
75,465,431
5
FINANCIAL SERVICES (12.7%)
70,300 American Express $ 3,742,069
5,000 Berkshire Hathaway Class B 13,917,500*
175,000 Citigroup Inc. 8,090,250
348,398 Countrywide Financial 13,451,647
292,200 General Electric 10,124,730
103,900 Goldman Sachs 10,599,878^
122,700 Hartford Financial Services
Group 9,175,506
9,800 J.P. Morgan Chase 346,136
222,600 PMI Group 8,676,948
45,696 XL Capital 3,400,696^
---------------
81,525,360
HEALTH CARE (7.8%)
372,700 Boston Scientific 10,062,900*
128,600 Caremark Rx 5,725,272*
323,000 NBTY, Inc. 8,378,620*
148,800 PacifiCare Health Systems 10,631,760*
295,600 Teva Pharmaceutical
Industries ADR 9,204,984^
87,400 WellPoint Inc. 6,086,536*
---------------
50,090,072
INSURANCE (4.9%)
127,500 Aetna Inc. 10,559,550
284,800 American International
Group 16,546,880^
149,900 Marsh & McLennan 4,152,230^
---------------
31,258,660
METALS (2.4%)
124,400 Nucor Corp. 5,675,128
108,200 Phelps Dodge 10,008,500^
---------------
15,683,628
OIL & GAS (9.2%)
161,800 EOG Resources 9,190,240
187,500 Exxon Mobil 10,775,625
159,800 National-Oilwell Varco 7,596,892*
138,800 Petroleo Brasileiro 7,235,644^
128,600 Pioneer Natural Resources 5,411,488
116,600 Quicksilver Resources 7,454,238*
338,633 XTO Energy 11,510,136
---------------
59,174,263
PHARMACEUTICAL (1.8%)
86,200 Express Scripts 4,308,276*
211,600 Shire Pharmaceuticals
Group ADR 6,940,480
---------------
11,248,756
RETAIL (1.6%)
189,700 J.C. Penney 9,974,426
SOFTWARE (4.6%)
261,300 Check Point Software
Technologies 5,173,740*
428,200 Microsoft Corp. 10,636,488
653,900 Oracle Corp. 8,631,480*
209,800 VERITAS Software 5,119,120*
---------------
29,560,828
See Notes to Schedule of Investments
6
<Page>
NUMBER OF SHARES MARKET VALUE +
TECHNOLOGY (1.9%)
32,100 IBM $ 2,381,820
149,700 Lexmark International
Group 9,705,051*
---------------
12,086,871
TELECOMMUNICATIONS (0.3%)
625,700 Nortel Networks 1,633,077*
TRANSPORTATION (5.9%)
258,600 Frontline Ltd. 10,359,500
163,100 General Maritime 6,915,440^
131,300 Overseas Shipholding
Group 7,832,045
167,893 Ship Finance International 3,174,856^
223,100 Teekay Shipping 9,794,090^
---------------
38,075,931
TOTAL COMMON STOCKS
(COST $487,181,419) 630,242,966
---------------
SHORT-TERM INVESTMENTS (16.1%)
92,757,200 Neuberger Berman
Securities Lending
Quality Fund, LLC 92,757,200++
10,141,200 Neuberger Berman
Prime Money
Fund Trust Class 10,141,200@
---------------
TOTAL SHORT-TERM INVESTMENTS
(COST $102,898,400) 102,898,400#
---------------
TOTAL INVESTMENTS (114.5%)
(COST $590,079,819) 733,141,366##
Liabilities, less cash, receivables and
other assets [(14.5%)] (92,999,027)
---------------
TOTAL NET ASSETS (100.0%) $ 640,142,339
---------------
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Partners Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Partners Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $590,079,819. Gross unrealized appreciation of investments was
$147,147,685 and gross unrealized depreciation of investments was
$4,086,138, resulting in net unrealized appreciation of $143,061,547, based
on cost for U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 630,242,966
- ----------------------------------------------------------------------------------------------------------------------
Affiliated issuers 102,898,400
======================================================================================================================
733,141,366
Foreign currency 737,422
- ----------------------------------------------------------------------------------------------------------------------
Dividends and interest receivable 385,121
Receivable for securities sold 1,273,434
- ----------------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 1,391,491
Prepaid expenses and other assets 41,489
======================================================================================================================
TOTAL ASSETS 736,970,323
======================================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 92,757,200
Payable for securities purchased 3,190,492
- ----------------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 373,364
Payable to investment manager--net (Notes A & B) 264,902
- ----------------------------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 150,357
Accrued expenses and other payables 91,669
======================================================================================================================
TOTAL LIABILITIES 96,827,984
======================================================================================================================
NET ASSETS AT VALUE $ 640,142,339
======================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 463,446,446
Undistributed net investment income (loss) 8,749,958
-----------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 24,880,129
Net unrealized appreciation (depreciation) in value of investments 143,065,806
=================================================================================================================
NET ASSETS AT VALUE $ 640,142,339
======================================================================================================================
SHARES OUTSTANDING ($.001 PAR VAUE; UNLIMITED SHARES AUTHORIZED) 32,518,962
======================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 19.69
======================================================================================================================
+SECURITIES ON LOAN, AT MARKET VALUE $ 90,151,386
======================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 487,181,419
Affiliated issuers 102,898,400
-----------------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 590,079,819
======================================================================================================================
TOTAL COST OF FOREIGN CURRENCY $ 734,537
======================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE
SIX MONTHS ENDED JUNE 30, 2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 4,797,244
Income from securities loaned--affiliated issuer (Note F) 49,589
- ----------------------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 106,687
Foreign taxes withheld (48,270)
======================================================================================================================
Total income 4,905,250
======================================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 1,593,116
Administration fee (Note B) 900,082
- ----------------------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 77,563
- ----------------------------------------------------------------------------------------------------------------------
Insurance expense 9,472
Legal fees 58,271
- ----------------------------------------------------------------------------------------------------------------------
Shareholder reports 2,613
Trustees' fees and expenses 12,907
- ----------------------------------------------------------------------------------------------------------------------
Miscellaneous 11,991
======================================================================================================================
Total expenses 2,685,958
Investment management fee waived (Note A) (3,394)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (42,191)
======================================================================================================================
Total net expenses 2,640,373
======================================================================================================================
Net investment income (loss) 2,264,877
======================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 27,339,282
---------------------------------------------------------------------------------------------------------------
Foreign currency (60,761)
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 13,908,809
---------------------------------------------------------------------------------------------------------------
Foreign currency (5,187)
===============================================================================================================
Net gain (loss) on investments 41,182,143
======================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 43,447,020
======================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
PARTNERS PORTFOLIO
----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 2,264,877 $ 6,516,363
Net realized gain (loss) on investments 27,278,521 103,984,145
- -----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments 13,903,622 (8,425,876)
===========================================================================================================
Net increase (decrease) in net assets resulting from operations 43,447,020 102,074,632
===========================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (62,733)
===========================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 61,486,927 69,346,230
Proceeds from reinvestment of dividends and distributions -- 62,733
- -----------------------------------------------------------------------------------------------------------
Payments for shares redeemed (54,568,476) (251,283,347)
===========================================================================================================
Net increase (decrease) from Fund share transactions 6,918,451 (181,874,384)
===========================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 50,365,471 (79,862,485)
NET ASSETS:
Beginning of period 589,776,868 669,639,353
===========================================================================================================
End of period $ 640,142,339 $ 589,776,868
===========================================================================================================
Undistributed net investment income (loss) at end of period $ 8,749,958 $ 6,485,081
===========================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS 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 statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended.
The Fund currently offers only Class I shares. The Board of Trustees
of the Trust (the "Board") may establish additional series or classes
of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
12
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for foreign currency
gains and losses were reclassified at year end. These
reclassifications had no effect on net income, net assets or net
assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME TOTAL
2004 2003 2004 2003
$ 62,733 $ -- $ 62,733 $ --
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED LOSS
ORDINARY LONG TERM APPRECIATION CARRYFORWARDS TOTAL
INCOME GAIN (DEPRECIATION) AND DEFERRALS
$ 6,485,081 $ 147,586 $ 126,616,206 $ -- $ 133,248,873
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales.
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. During the year ended December 31, 2004, the
Fund utilized capital loss carryforwards of $102,078,848.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as
13
<Page>
investment manager, that are not directly attributed to a Series or
the Trust are allocated among the Fund and the other investment
companies in the complex or series thereof on the basis of relative
net assets, except where a more appropriate allocation of expenses to
each investment company in the complex or series thereof can otherwise
be made fairly.
9 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
10 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Funds and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $66,075 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest available current
income consistent with safety and liquidity. For any cash that the
Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives
14
<Page>
from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2005, management fees waived under this
Arrangement amounted to $3,394. For the six months ended June 30,
2005, income earned under this Arrangement amounted to $106,687 and is
reflected in the Statement of Operations under the caption "Income
from investments in affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2008 to
reimburse the Fund for its operating expenses (excluding fees payable
to Management, 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,
2005, no reimbursement to the Fund was required. The Fund has agreed
to repay Management through December 31, 2011 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. During the six
months ended June 30, 2005, there was no reimbursement to Management
under this agreement. At June 30, 2005, the Fund had no contingent
liability to Management under this agreement.
15
<Page>
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $41,834
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $357.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $208,681,904
and $201,331,448, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $490,916, of which Neuberger
received $318, Lehman received $106,404, and other brokers received
$384,194.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 3,263,458 4,246,276
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 3,906
SHARES REDEEMED (2,929,512) (15,536,771)
---------- -----------
TOTAL 333,946 (11,286,589)
---------- -----------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the
16
<Page>
time the fee is due and payable. The fee is paid quarterly in arrears.
No compensating balance is required. Because several investment
companies participate, there is no assurance that an individual Fund
will have access to all or any part of the $150,000,000 at any
particular time. There were no loans outstanding pursuant to this line
of credit at June 30, 2005. During the six months ended June 30, 2005,
the Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS GROSS SHARES AFFILIATED
HELD PURCHASES SALES HELD VALUE ISSUERS
DECEMBER 31, AND AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 99,015,450 1,942,922,600 1,949,180,850 92,757,200 $ 92,757,200 $ 49,589
Neuberger Berman
Prime Money Fund
Trust Class*** 5,866,332 59,120,079 54,845,211 10,141,200 10,141,200 106,687
------------- ---------
TOTAL $ 102,898,400 $ 156,276
------------- ---------
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
17
<Page>
FINANCIAL HIGHLIGHTS Partners Portfolio^
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, YEAR ENDED DECEMBER 31,
---------------- ---------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 18.32 $ 15.40 $ 11.40 $ 15.10 $ 16.17 $ 19.64
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .07 .17 .00 .01 .06 .07
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.30 2.75 4.00 (3.64) (.50) (.20)
-------- -------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 1.37 2.92 4.00 (3.63) (.44) (.13)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.00) -- (.07) (.06) (.15)
NET CAPITAL GAINS -- -- -- -- (.57) (3.19)
-------- -------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS -- (.00) -- (.07) (.63) (3.34)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 19.69 $ 18.32 $ 15.40 $ 11.40 $ 15.10 $ 16.17
-------- -------- -------- -------- -------- --------
TOTAL RETURN++ +7.48%** +18.98% +35.09% -24.14% -2.83% +0.70%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 640.1 $ 589.8 $ 669.6 $ 522.6 $ 795.4 $ 808.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .89%* .91% .91% .91% .87% .92%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .88%*~ .89%~ .90%~ .91% .87% .92%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .75%* 1.05% .01% .05% .43% .42%
PORTFOLIO TURNOVER RATE 34%** 71% 76% 53% 74% 97%
</Table>
See Notes to Financial Highlights
18
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Partners Portfolio
^ 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 through April 30, 2000 under the prior
master/feeder fund structure.
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 waived 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. Performance data current to the most recent
month-end are available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
~ After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had Management not undertaken
such action, the annualized ratios of net expenses to average daily net
assets would have been:
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003
0.88% 0.90% 0.90%
* Annualized.
** Not annualized.
19
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
20
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
REGENCY PORTFOLIO
C0244 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
REGENCY PORTFOLIO Manager's Commentary
The first half of 2005 saw a tug of war between strong corporate earnings
growth and Federal Reserve tightening combined with record high energy
prices. As shown by the flat performance of the leading large-cap market
indices, neither side won the battle. However, mid-cap value stocks fared
considerably better, with the Russell Midcap Value Index returning 5.52%.
For the period, the Neuberger Berman AMT Regency Portfolio posted positive
returns but lagged this benchmark.
Our Health Care holdings had the most favorable impact on returns during
first-half 2005. We were nearly double-weighted in Health Care and our
investments (primarily HMOs and hospital companies) materially outperformed
the benchmark index's Health Care components. Cost pressures in health care
service businesses are moderating and the pricing environment is more
benign, giving us good reason to maintain our commitments in this sector.
Although we were significantly underweight in Energy for most of the past
six months, our holdings in this top-performing sector had a very positive
influence on returns. We were modestly underweight in Information
Technology, but stock selection helped us achieve good results in what was
the worst performing mid-cap market sector of first-half 2005.
During the reporting period, Consumer Discretionary sector investments
restrained absolute and relative returns. We were more than double-weighted
in consumer stocks and, collectively, our holdings declined versus a
respectable gain for the benchmark's Consumer Discretionary sector
component. Industrial holdings also disappointed.
Our team took over management of AMT Regency on June 7, 2005 and made a
number of changes to the portfolio. One of the most significant changes was
to substantially increase the weighting in Energy. Our thesis is that the
secular supply/demand imbalance that has been driving energy prices and
energy company profits will persist for the foreseeable future. We are
particularly attracted to companies producing energy from non-conventional
sources such as oil sands and oil and gas shale.
We also significantly reduced the portfolio's exposure to Consumer
Discretionary stocks and reoriented it toward sub-sectors such as niche
retailers and homebuilders. We believe retailers that distinguish
themselves from the competition will continue to shine. Unless mortgage
rates move significantly higher, demand for housing should remain strong.
Still, quality homebuilders are trading at below market multiples.
In addition, we have reduced the allocation to the Financials sector,
shifting out of the highly interest-rate-sensitive banks and into
fee/transaction-oriented financial businesses such as brokerage firms and
property and casualty insurers. We are also establishing new positions in
the Utilities sector, where the portfolio formerly had no exposure. The
principles underlying AMT Regency's investment strategy have not changed.
It remains a pure mid-cap value portfolio managed by people who believe
that research-driven bottom-up stock selection is the key to superior
long-term investment returns.
Looking ahead, we believe that the intermediate-term prospects for the
economy and the stock market are quite good. Despite the absence of fiscal
stimulus and the impact of the Federal Reserve's interest rate increases,
the economy appears to have settled comfortably into self-sustaining
moderate growth. If, as we anticipate, inflation remains subdued, the
Federal Reserve could shift into neutral later this year.
Energy and terrorism remain the biggest economic wild cards. The economy
was able to digest $50 per barrel oil. However, $60-$70 oil may prove more
taxing. The terrorist bombings in London reminded everyone that while we
have made great progress in the war on terror, we can't declare victory
yet. We are encouraged that the financial markets did not overreact to this
tragic
1
<Page>
event, indicating that investors have learned to more quickly assess the
economic impact of terrorist events.
Over the past 18 months, earnings-per-share growth has outpaced stock price
appreciation by a fairly large margin. As a result, in our view, equity
valuations have become quite attractive. If investors begin focusing on the
positives -- a stable economy, good corporate profit growth, and compelling
value in the equities market -- we could see an equity rally in the second
half of 2005. Of course, we hope that our focus on quality combined with
value will allow us to do better than the market over the short and long
term.
Sincerely,
/s/ S. Basu Mullick
S. BASU MULLICK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Auto Related 4.9%
Banking & Financial 11.0
Building, Construction & Furnishing 9.2
Business Services 3.1
Capital Equipment 0.9
Coal 4.0
Communication Services 1.0
Consumer Cyclicals 3.8
Energy 7.2
Financial Services 5.8
Food & Beverage 1.0
Health Care 8.1
Home Furnishings 0.9
Insurance 7.1%
Manufacturing 4.4
Metals 1.3
Oil & Gas 4.3
Restaurants 1.3
Retail 6.4
Software 1.1
Technology 1.6
Transportation 5.0
Short-Term Investments 21.7
Liabilities, less cash, receivables and other assets (15.1)
2
<Page>
ENDNOTES
1. For the Class I, 3.25% was the cumulative total return for the 6-month
period, 17.13% and 11.65% were the average annual total returns for
the 1-year and since inception (08/22/01) periods ended June 30, 2005.
For Class S, 3.18% was the cumulative total return for the 6-month
period, 17.05% and 11.63% were the average annual total returns for
the 1-year and since inception (08/22/01) periods ended June 30, 2005.
Performance shown prior to April 29, 2005, for the Class S shares is
of the Class I shares, which has lower expenses and typically higher
returns than Class S shares. Neuberger Berman Management Inc. ("NBMI")
has agreed to absorb certain expenses of the AMT Portfolios. Without
this arrangement, which is subject to change, the total returns of the
Portfolios would be less. Total return includes reinvestment of
dividends and capital gain distributions. Performance data quoted
represent 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. Current
performance may be lower or higher than the performance data quoted.
For performance data current to the most recent month end, please
visit www.nb.com/amtperformance. The performance information does not
reflect fees and expenses of the variable annuity and variable life
insurance policies or the pension plans whose proceeds are invested in
the portfolio.
2. The Russell Midcap(R) Value Index measures the performance of those
Russell Midcap(R) Index companies with lower price-to-book ratios and
lower forecasted growth values. The Russell Midcap Index measures the
performance of the 800 smallest companies in the Russell 1000(R)
Index, which represents approximately 25% of the total market
capitalization of the Russell 1000 Index (which, in turn, consists of
the 1,000 largest U.S. companies, based on market capitalization).
Please note that indices do not take into account any fees and
expenses of investing in the individual securities that they track,
and that individuals cannot invest 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides
information about actual account values and actual
expenses in dollars. You may use the information
in this line, together with the amount you
invested, to estimate the expenses you paid over
the period. Simply divide your account value by
$1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result
by the number in the first section of the table
under the heading entitled "Expenses Paid During
the Period" to estimate the expenses you paid over
the period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides
information about hypothetical account values and
hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return at 5%
per year before expenses. This return is not the
Fund's actual return. The hypothetical account
values and expenses may not be used to estimate
the actual ending account balance or expenses you
paid for the period. You may use this information
to compare the ongoing costs of investing in this
Fund versus other funds. To do so, compare the
expenses shown in this 5% hypothetical example
with the 5% hypothetical examples that appear in
the shareholder reports of other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST REGENCY PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 1,032.50 $ 4.89
CLASS S $ 1,000 $ 1,088.40 $ 2.22
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,019.98 $ 4.86
CLASS S $ 1,000 $ 1,006.51 $ 2.13
</Table>
* For each class of the Fund, expenses are equal to the expense ratio
for the class, multiplied by the average account value over the
period, multiplied by 181/365 for Class I (to reflect the one-half
year period shown) and 63/365 for Class S (to reflect the period shown
of April 29, 2005 to June 30, 2005).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent period divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Regency Portfolio
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (93.4%)
AUTO RELATED (4.9%)
59,300 Advance Auto Parts $ 3,827,815*^
3,100 AutoZone, Inc. 286,626*
42,600 Borg-Warner Automotive 2,286,342^
49,200 Johnson Controls 2,771,436
-------------
9,172,219
BANKING & FINANCIAL (11.0%)
91,000 Astoria Financial 2,590,770
111,400 Commerce Bancorp 3,376,534^
76,300 First Horizon National 3,219,860^
311,900 Hudson City Bancorp 3,558,779
76,000 IndyMac Bancorp 3,095,480
132,765 North Fork Bancorp 3,729,369
45,300 TCF Financial 1,172,364^
-------------
20,743,156
BUILDING, CONSTRUCTION & FURNISHING (9.2%)
61,100 Centex Corp. 4,317,937
34,700 Hovnanian Enterprises 2,262,440*
66,900 Lennar Corp. 4,244,805
51,100 Pulte Homes 4,305,175^
66,200 WCI Communities 2,120,386*
-------------
17,250,743
BUSINESS SERVICES (3.1%)
91,200 Career Education 3,338,832*
62,000 Manpower Inc. 2,466,360
-------------
5,805,192
CAPITAL EQUIPMENT (0.9%)
53,700 Joy Global 1,803,783
COAL (4.0%)
74,100 Alpha Natural Resources 1,769,508*
67,400 Arch Coal 3,671,278
38,900 Peabody Energy 2,024,356
-------------
7,465,142
COMMUNICATION SERVICES (1.0%)
54,400 Scientific-Atlanta 1,809,888
CONSUMER CYCLICALS (3.8%)
25,300 Black & Decker 2,273,205
30,800 Mohawk Industries 2,541,000*
35,000 Whirlpool Corp. 2,453,850^
-------------
7,268,055
ENERGY (7.2%)
114,100 Canadian Natural Resources 4,150,958
16,100 Sunoco, Inc. 1,830,248
22,400 TXU Corp. 1,861,216
167,576 XTO Energy 5,695,908
-------------
13,538,330
FINANCIAL SERVICES (5.8%)
50,000 Ambac Financial Group 3,488,000
31,800 Bear Stearns 3,305,292^
80,800 CIT Group 3,471,976
32,000 Waddell & Reed Financial 592,000
-------------
10,857,268
FOOD & BEVERAGE (1.0%)
68,500 Fresh Del Monte Produce $ 1,844,020
5
HEALTH CARE (8.1%)
52,500 Coventry Health Care 3,714,375*
23,700 Health Management Associates 620,466^
123,300 NBTY, Inc. 3,198,402*
105,900 Omnicare, Inc. 4,493,337
46,600 WellPoint Inc. 3,245,224*
-------------
15,271,804
HOME FURNISHINGS (0.9%)
72,000 Rent-A-Center, Inc. 1,676,880*
INSURANCE (7.1%)
60,100 Arch Capital Group 2,707,505*
31,800 Endurance Specialty Holdings 1,202,676
85,900 PMI Group 3,348,382
69,300 Radian Group 3,272,346
58,700 RenaissanceRe Holdings 2,890,388^
-------------
13,421,297
MANUFACTURING (4.4%)
83,600 Briggs & Stratton 2,894,232^
32,500 Ingersoll-Rand 2,318,875
99,800 Masco Corp. 3,169,648
-------------
8,382,755
METALS (1.3%)
26,100 Phelps Dodge 2,414,250
OIL & GAS (4.3%)
57,100 Denbury Resources 2,270,867*
34,800 Quicksilver Resources 2,224,764*
96,500 Talisman Energy 3,625,505
-------------
8,121,136
RESTAURANTS (1.3%)
97,000 Ruby Tuesday 2,512,300
RETAIL (6.4%)
59,000 Dollar Tree Stores 1,416,000*
62,300 Foot Locker 1,695,806
49,200 Liz Claiborne 1,956,192^
80,300 Reebok International 3,358,949
22,200 Timberland Co. 859,584*
47,500 V. F. Corp. 2,717,950
-------------
12,004,481
SOFTWARE (1.1%)
102,000 Check Point Software Technologies 2,019,600*
TECHNOLOGY (1.6%)
47,300 Lexmark International Group 3,066,459*
See Notes to Schedule of Investments
6
<Page>
NUMBER OF SHARES MARKET VALUE+
TRANSPORTATION (5.0%)
91,000 Frontline Ltd. ADR $ 3,661,840^
59,500 General Maritime 2,522,800
40,900 Overseas Shipholding Group 2,439,685
18,600 Teekay Shipping 816,540^
-------------
9,440,865
TOTAL COMMON STOCKS
(COST $160,534,951) 175,889,623
-------------
SHORT-TERM INVESTMENTS (21.7%)
27,843,000 Neuberger Berman Securities Lending
Quality Fund, LLC 27,843,000++
13,040,246 Neuberger Berman Prime Money Fund Trust
Class 13,040,246@
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $40,883,246) 40,883,246#
-------------
TOTAL INVESTMENTS (115.1%)
(COST $201,418,197) 216,772,869##
Liabilities, less cash, receivables and other assets
[(15.1%)] (28,495,958)
-------------
TOTAL NET ASSETS (100.0%) $ 188,276,911
-------------
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Regency Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Regency Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. The Board
has approved the use of FT Interactive Data Corporation ("FT Interactive")
to assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $201,418,197. Gross unrealized appreciation of investments was
$17,170,949 and gross unrealized depreciation of investments was
$1,816,277, resulting in net unrealized appreciation of $15,354,672, based
on cost for U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 175,889,623
- -----------------------------------------------------------------------------------------------------------------
Affiliated issuers 40,883,246
=================================================================================================================
216,772,869
Dividends and interest receivable 93,721
- -----------------------------------------------------------------------------------------------------------------
Receivable for securities sold 5,736,297
- -----------------------------------------------------------------------------------------------------------------
Receivable for Fund shares sold 222,006
Prepaid expenses and other assets 6,075
=================================================================================================================
TOTAL ASSETS 222,830,968
=================================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 27,843,000
Payable for securities purchased 6,559,482
- -----------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 9,931
Payable to investment manager-net (Notes A & B) 78,798
- -----------------------------------------------------------------------------------------------------------------
Payable to administrator (Note B) 43,347
Accrued expenses and other payables 19,499
=================================================================================================================
TOTAL LIABILITIES 34,554,057
=================================================================================================================
NET ASSETS AT VALUE $ 188,276,911
=================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 152,094,021
Undistributed net investment income (loss) 423,969
------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 20,404,209
Net unrealized appreciation (depreciation) in value of investments 15,354,712
============================================================================================================
NET ASSETS AT VALUE $ 188,276,911
=================================================================================================================
NET ASSETS
Class I $ 188,000,126
Class S 276,785
------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 12,313,264
Class S 18,143
------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 15.27
Class S 15.26
------------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE $ 26,990,227
=================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 160,534,951
Affiliated issuers 40,883,246
------------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 201,418,197
=================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 924,932
Interest income-unaffiliated issuers 9,800
- -----------------------------------------------------------------------------------------------------------------
Income from securities loaned-affiliated issuer (Note F) 9,917
Income from investments in affiliated issuers (Note F) 77,543
- -----------------------------------------------------------------------------------------------------------------
Foreign taxes withheld (616)
=================================================================================================================
Total income 1,021,576
=================================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 432,553 Administration fee (Note B):
Class I 235,862
Class S 77
----------------------------------------------------------------------------------------------------------
Distribution fees (Note B):
Class S 65
----------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 43,952
- -----------------------------------------------------------------------------------------------------------------
Insurance expense 2,180
Legal fees 13,704
- -----------------------------------------------------------------------------------------------------------------
Shareholder reports 10,186
Trustees' fees and expenses 12,725
- -----------------------------------------------------------------------------------------------------------------
Miscellaneous 2,514
=================================================================================================================
Total expenses 773,761
Investment management fee waived (Note A) (2,401)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (5,236)
=================================================================================================================
Total net expenses 766,124
=================================================================================================================
Net investment income (loss) 255,452
=================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 8,779,133
----------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (3,078,663)
----------------------------------------------------------------------------------------------------------
Foreign currency 40
==========================================================================================================
Net gain (loss) on investments 5,700,510
=================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 5,955,962
=================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
REGENCY PORTFOLIO
----------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
(UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 255,452 $ 169,088
Net realized gain (loss) on investments 8,779,133 11,806,209
- ---------------------------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (3,078,623) 8,698,062
=================================================================================================================================
Net increase (decrease) in net assets resulting from operations 5,955,962 20,673,359
=================================================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income
Class I -- (27,438)
==========================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold
Class I 46,558,912 84,655,239
--------------------------------------------------------------------------------------------------------------------------
Class S 268,333 --
Proceeds from reinvestment of dividends and distributions
Class I -- 27,438
Payments for shares redeemed
Class I (3,046,573) (26,642,845)
--------------------------------------------------------------------------------------------------------------------------
Class S (2,282) --
==========================================================================================================================
Net increase (decrease) from Fund share transactions 43,778,390 58,039,832
=================================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 49,734,352 78,685,753
NET ASSETS:
Beginning of period 138,542,559 59,856,806
=================================================================================================================================
End of period $ 188,276,911 $ 138,542,559
=================================================================================================================================
Undistributed net investment income (loss) at end of period $ 423,969 $ 168,517
=================================================================================================================================
</Table>
See Notes to Financial Statements
11
<Page>
NOTES TO FINANCIAL STATEMENTS Regency Portfolio
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Regency Portfolio (the "Fund") is a separate operating series
of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument
dated May 23, 1994. The Trust is currently comprised of twelve
separate operating series (each a "Series," collectively, the "Funds")
each of which (except Focus Portfolio) is diversified. The Trust is
registered as an open-end management investment company under the
Investment Company Act of 1940, as amended (the "1940 Act"), and its
shares are registered under the Securities Act of 1933, as amended
(the "1933 Act"). The Fund currently offers Class I and Class S
shares. Class S had no operations until April 29, 2005, other than
matters relating to its organization and registration of its shares
under the 1933 Act. The Board of Trustees of the Trust (the "Board")
may establish additional series or classes of shares without the
approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment
12
<Page>
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is
required.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for foreign currency
gains and losses were reclassified at year end. These
reclassifications had no effect on net income, net assets or net
assets per share of the Fund.
The tax character of distributions paid during the years ended
December 31, 2004 and December 31, 2003 were as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME TAX RETURN OF CAPITAL TOTAL
2004 2003 2004 2003 2004 2003
$ 27,438 $ -- $ -- $ -- $ 27,438 $ --
</Table>
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNDISTRIBUTED UNDISTRIBUTED UNREALIZED LOSS
ORDINARY LONG TERM APPRECIATION CARRYFORWARDS
INCOME GAIN (DEPRECIATION) AND DEFERRALS TOTAL
$ 4,449,542 $ 8,209,001 $ 17,568,385 $ -- $ 30,226,928
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales.
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. During the year ended December 31, 2004, the
Fund utilized capital loss carryforwards of $65,315.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
13
<Page>
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which Management serves as investment
manager, that are not directly attributed to a Series or the Trust are
allocated among the Fund and the other investment companies in the
complex or series thereof on the basis of relative net assets, except
where a more appropriate allocation of expenses to each investment
company in the complex or series thereof can otherwise be made fairly.
The Fund's expenses (other than those specific to each class) are
allocated proportionally each day between the classes based upon the
relative net assets of each class.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event a borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicle from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $42,984 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in those securities in the event of a
default under the repurchase agreement. The Fund monitors, on a daily
basis, the value of the securities
14
<Page>
transferred to ensure that their value, including accrued interest, is
greater than amounts owed to the Fund under each such repurchase
agreement.
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT
INC.: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund may invest in a money market fund
managed by Management or an affiliate. The Fund invests in the
Neuberger Berman Prime Money Fund ("Prime Money"), as approved by the
Board. Prime Money seeks to provide the highest available current
income consistent with safety and liquidity. For any cash that the
Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives from Prime
Money on those assets (the "Arrangement"). For the six months ended
June 30, 2005, management fees waived under this Arrangement amounted
to $2,401. For the six months ended June 30, 2005, income earned under
this Arrangement amounted to $77,543 and is reflected in the Statement
of Operations under the caption "Income from investments in affiliated
issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
13 OTHER: All net investment income and realized and unrealized capital
gains and losses of the Fund are allocated, on the basis of relative
net assets, pro rata among its respective classes.
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. Each class pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund's Class I.
15
<Page>
For the Fund's Class S, Management acts as agent in arranging for the
sale of class shares without commission and bears advertising and
promotion expenses. The Board has adopted a distribution plan (the
"Plan") with respect to this class, pursuant to Rule 12b-1 under the
1940 Act. The Plan provides that, as compensation for administrative
and other services provided to this class, Management's activities and
expenses related to the sale and distribution of this class of shares,
and ongoing services provided to investors in this class, Management
receives from this class a fee at the annual rate of 0.25% of Class
S's average daily net assets. Management receives this amount to
provide distribution and shareholder servicing for this class and pays
a portion of it to institutions that provide such services. Those
institutions may use the payments for, among other purposes,
compensating employees engaged in sales and/or shareholder servicing.
The amount of fees paid by this class during any year may be more or
less than the cost of distribution and other services provided to this
class. NASD rules limit the amount of annual distribution fees that
may be paid by a mutual fund and impose a ceiling on the cumulative
distribution fees paid. The Trust's Plan complies with those rules.
Management has contractually undertaken to reimburse the Fund's Class
I and Class S shares for their operating expenses (including the fees
payable to Management but excluding interest, taxes, brokerage
commissions, extraordinary expenses, and transaction costs)
("Operating Expenses") which exceed the expense limitation as detailed
in the following table:
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE PERIOD ENDED
LIMITATION(1) EXPIRATION JUNE 30, 2005
CLASS I 1.50% 12/31/08 --
CLASS S 1.25% 12/31/15 --
(1) Expense limitation per annum of the respective class' average
daily net assets.
Each respective class has agreed to repay Management 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. During the period
ended June 30, 2005, there was no reimbursement to Management under
this agreement. At June 30, 2005, neither class had a contingent
liability to Management under this agreement.
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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 entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $4,864.
16
<Page>
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $372.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $112,024,386
and $75,552,254, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $91,384, of which Neuberger
received $43, Lehman received $15,132, and other brokers received
$76,209.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
FOR THE PERIOD ENDED JUNE 30, 2005*
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS
SHARES AND SHARES
SOLD DISTRIBUTIONS REDEEMED TOTAL
Class I 3,153,864 -- (208,266) 2,945,598
Class S 18,295 -- (152) 18,143
FOR THE YEAR ENDED DECEMBER 31, 2004
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS
SHARES AND SHARES
SOLD DISTRIBUTIONS REDEEMED TOTAL
Class I 6,495,897 2,128 (2,081,049) 4,416,976
* For the six months ended June 30, 2005 for Class I. For the
period from April 29, 2005 (commencement of operations) to June
30, 2005 for Class S.
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the
17
<Page>
time the fee is due and payable. The fee is paid quarterly in arrears.
No compensating balance is required. Because several investment
companies participate, there is no assurance that an individual Fund
will have access to all or any part of the $150,000,000 at any
particular time. There were no loans outstanding pursuant to this line
of credit at June 30, 2005. During the six months ended June 30, 2005,
the Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 24,052,200 597,724,700 593,933,900 27,843,000 $ 27,843,000 $ 9,917
Neuberger Berman
Prime Money Fund
Trust Class*** 5,303,851 48,766,231 41,029,836 13,040,246 13,040,246 77,543
------------- ------------
TOTAL $ 40,883,246 $ 87,460
============= ============
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
*** Prime Money is also managed by Management and may be considered
an affiliate since it has the same officers, Board members, and
investment manager as the Fund and because, at times, the Fund
may own 5% or more of the outstanding voting securities of Prime
Money.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
18
<Page>
FINANCIAL HIGHLIGHTS Regency Portfolio
The following tables include selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.+++
<Table>
<Caption>
CLASS I SIX MONTHS PERIOD FROM
ENDED AUGUST 22, 2001^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
----------- ------------------------------------ ----------------
2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.79 $ 12.09 $ 8.90 $ 9.97 $ 10.00
----------- ---------- --------- --------- ----------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .02 .02 .01 (.00) .01
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .46 2.68 3.18 (1.05) (.04)
----------- ---------- --------- --------- ----------------
TOTAL FROM INVESTMENT OPERATIONS .48 2.70 3.19 (1.05) (.03)
----------- ---------- --------- --------- ----------------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.00) -- (.01) --
TAX RETURN OF CAPITAL -- -- -- (.01) --
----------- ---------- --------- --------- ----------------
TOTAL DISTRIBUTIONS -- (.00) -- (.02) --
----------- ---------- --------- --------- ----------------
NET ASSET VALUE, END OF PERIOD $ 15.27 $ 14.79 $ 12.09 $ 8.90 $ 9.97
----------- ---------- --------- --------- ----------------
TOTAL RETURN++ +3.25%** +22.36% +35.84% -10.56% -0.30%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 188.0 $ 138.5 $ 59.9 $ 29.1 $ 23.8
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# .98%* 1.04% 1.16% 1.28% 1.50%*
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS~ .97%* 1.02% 1.16% 1.28% 1.50%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS .32%* .19% .07% (.02%) .36%*
PORTFOLIO TURNOVER RATE 49%** 68% 55% 81% 71%**
</Table>
<Table>
<Caption>
CLASS S PERIOD FROM
APRIL 29, 2005^
TO JUNE 30,
----------------
2005
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.02
----------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .00
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.24
----------------
TOTAL FROM INVESTMENT OPERATIONS 1.24
----------------
NET ASSET VALUE, END OF PERIOD $ 15.26
----------------
TOTAL RETURN++ +8.84%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 0.3
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# 1.24%*
RATIO OF NET EXPENSES TO AVERAGE NET
ASSETS~ 1.23%*
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS .15%* PORTFOLIO TURNOVER RATE 49%~~**
</Table>
See Notes to Financial Highlights
19
<Page>
++ 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. Current returns may be lower or higher than the performance data
quoted. 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 and/or waived certain
expenses. Total return would have been higher if Management had not
recouped previously reimbursed 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. Performance data current to the most recent month-end are
available at www.nb.com.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
~ After reimbursement of expenses by the administrator. Had the administrator
not undertaken such action, the annualized ratio of net expenses to average
daily net assets would have been:
PERIOD FROM
AUGUST 22, 2001 TO
DECEMBER 31,
2001
REGENCY PORTFOLIO CLASS I 1.69%
After reimbursement of expenses previously paid by the administrator. Had the
administrator not been reimbursed, the annualized ratio of net expenses to
average daily net assets would have been:
YEAR ENDED
DECEMBER 31,
2002
REGENCY PORTFOLIO CLASS I 1.23%
After waiver of a portion of the investment management fee. Had the investment
manager not undertaken such action, the annualized ratios of net expenses to
average daily net assets would have been:
PERIOD ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005^^ 2004 2003
REGENCY PORTFOLIO CLASS I 0.98% 1.02% 1.17%
REGENCY PORTFOLIO CLASS S 1.24% -- --
^ The date investment operations commenced.
+++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
~~ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the six months ended June 30, 2005.
^^ For the six months ended June 30, 2005 for Class I. For the period from
April 29, 2005 (commencement of operations) to June 30, 2005 for Class S.
* Annualized.
** Not annualized.
20
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
21
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
SOCIALLY
RESPONSIVE
PORTFOLIO(R)
B0738 08/05
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
SOCIALLY RESPONSIVE PORTFOLIO Managers' Commentary
Despite good news on the earnings front, stocks made little headway in the
first half of 2005 as Fed tightening and skyrocketing energy prices
unsettled investors. The S&P 500 Index finished the period with a -0.81%
decline and the Russell 1000 Value Index gained 1.76%. The Neuberger Berman
AMT Socially Responsive Portfolio modestly trailed both benchmarks.
Over the past 18 months, the stock market has, on the surface, seemed
relatively tranquil. However, beneath the market's calm, we have
experienced price volatility within and between different sectors.
Volatility creates risk and opportunity. When growth in global oil
inventories began to accelerate in mid-2004, we thought it prudent to
reduce our allocation to the Energy sector. Although this decision
penalized relative returns during first-half 2005 as energy stocks
continued to move higher, it reflects our commitment to risk management.
Conversely, recent downside volatility in the retail and auto sectors
provided an opportunity to establish positions in Costco Wholesale and
Toyota Motor Corp., two of the leading companies in their respective
businesses, at very compelling valuations.
Despite moving from an overweight to neutral weighting in Energy, our
holdings in the sector still had the most positive impact on total returns
in first-half 2005. Our Health Care investments, most notably long-time
favorites UnitedHealth Group and Quest Diagnostics, continued to excel.
Industrial gases industry leader Praxair was our sole holding in the
Materials sector. The stock's solid gain produced a positive return for the
portfolio in the stock market's worst performing sector.
Our Financial sector investments disappointed. Expecting longer term market
interest rates to follow short-term rates higher as the Fed tightened, we
avoided the banks for which profits are driven by interest rate spreads.
Instead, we favored less interest-rate sensitive financial companies such
as property and casualty insurers. Unfortunately, New York Attorney General
Spitzer's investigation into business practices cast a shadow over the
entire property and casualty insurance industry and our holdings declined.
Our Information Technology holdings were mixed for the six-month reporting
period. Returns were penalized by semiconductor testing equipment
manufacturer Teradyne, our worst performing stock. Demand for Teradyne's
equipment fell when a surplus in semiconductors developed as the economy
slowed in second-half 2004. That surplus has now been worked off and, as
semiconductor output increases, demand for Teradyne's testing equipment
should recover quickly. Conversely, semiconductor manufacturer Texas
Instruments was among our best performers, as investors quickly recognized
that a turn in the inventory cycle appeared to be underway.
The key to the success of our brand of value investing is to take advantage
of opportunities to buy high-quality businesses at bargain prices.
Recently, we have seen such an opportunity in Toyota. The company
introduced mass customization to the auto industry. This term refers to the
coordinated effort, from design to manufacturing to marketing, that allows
Toyota to respond quickly to changes in the marketplace. Toyota designs
cars and trucks so that many models can be manufactured in the same
facilities. This gives the company the ability to quickly cut back
production of models that aren't selling and to increase production of
models in highest demand, translating into less discounting and higher
profit margins.
Toyota doesn't rest on its laurels. It spends a higher percentage of
profits on research and development than most of its competitors, which is
one of the reasons it has moved into the lead in hybrid auto technology. By
creating more energy-efficient, environmentally friendly products, Toyota
qualifies as a good corporate citizen. Toyota introduced two new hybrid
models this year and is scheduled to
1
<Page>
introduce another in 2006. By the end of 2007, industry analysts expect
hybrid vehicles to account for 11% of Toyota's total U.S. sales.
With an 11.5% global market share, Toyota is already one of the giants of
the industry. It has achieved this enviable position with limited
penetration in Europe, where over the next five years we expect it to gain
meaningful share. We have long recognized Toyota as one of the highest
quality companies in the auto business, but until recently, it didn't pass
our valuation hurdles. However, when Toyota stock fell to 10-year valuation
lows, we felt quite comfortable adding it to the portfolio.
In closing, after all the surprises of the past year, we are even more
reluctant than usual to make any short-term economic or market forecasts.
We would venture the opinion that with earnings growth running well ahead
of stock price appreciation over the last 18 months, equity valuations have
become more attractive, especially in this low interest-rate environment.
We are also encouraged by the quality of earnings and balance sheet
strength. More importantly, with a combination of quality and value in our
portfolio, we believe that the longer term outlook is bright.
Sincerely,
/s/ ARTHUR MORETTI /s/ INGRID S DYOTT
ARTHUR MORETTI
AND
INGRID DYOTT
PORTFOLIO CO-MANAGERS
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Automotive 2.5%
Banking & Financial 3.9
Business Services 3.1
Consumer Cyclicals 5.0
Diversified 3.3
Energy 2.0
Financial Services 7.7
Health Products & Services 6.2
Industrial Gases 3.0
Insurance 4.9
Media 10.5
Oil & Gas 5.2
Pharmaceutical 7.1%
Real Estate 4.1
Technology 6.0
Technology-Semiconductor 8.1
Technology-Semiconductor Capital Equipment 2.3
Telecommunications 3.5
Transportation 3.4
Utilities 3.5
Repurchase Agreements 5.9
Short-Term Investments 2.6
Liabilities, less cash, receivables
and other assets (3.8)
2
<Page>
ENDNOTES
1. -2.07% was the cumulative total return for the 6-month period, 8.82%,
4.81% and 5.32% were the average annual total returns for the 1-year,
5-year and since inception (02/18/99) periods ended June 30, 2005.
Neuberger Berman Management Inc. ("NBMI") has agreed to absorb certain
expenses of the AMT Portfolios. Without this arrangement, which is
subject to change, the total returns of the Portfolios would be less.
Total return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent 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. Current performance may be lower or higher than
the performance data quoted. For performance data current to the most
recent month end, please visit www.nb.com/amtperformance. The
performance information does not reflect fees and expenses of the
variable annuity and variable life insurance policies or the pension
plans whose proceeds are invested in the portfolio.
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(R) Index measures the performance of the 1,000 largest companies
in the Russell 3000(R) 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
Neuberger Berman's own projections, and they may or may not be
realized. In addition, any revision to a forecast could affect the
market price of a security. By quoting them herein, Neuberger Berman
does not offer an opinion as to the accuracy of and does not guarantee
these forecasted numbers.
The composition, industries and holdings of the Portfolio are subject
to change.
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 this
Portfolio 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.
(C) 2005 Neuberger Berman Management Inc., distributor. All rights
reserved.
3
<Page>
INFORMATION ABOUT YOUR FUND'S EXPENSES
This table is designed to provide information regarding costs related to your
investments. All mutual funds incur operating expenses, which include management
fees, fees for administrative services and costs of shareholder reports, among
others. The following examples are based on an investment of $1,000 made at the
beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
<Table>
ACTUAL EXPENSES: The first section of the table provides information about actual
account values and actual expenses in dollars. You may use the
information in this line, together with the amount you invested, to
estimate the expenses you paid over the period. Simply divide your
account value by $1,000 (for example, an $8,600 account value
divided by $1,000 = 8.6), then multiply the result by the number in
the first section of the table under the heading entitled "Expenses
Paid During the Period" to estimate the expenses you paid over the
period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES: The second section of the table provides information about
hypothetical account values and hypothetical expenses based on the
Fund's actual expense ratio and an assumed rate of return at 5% per
year before expenses. This return is not the Fund's actual return.
The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing
costs of investing in this Fund versus other funds. To do so,
compare the expenses shown in this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of
other funds.
</Table>
EXPENSE INFORMATION As of 6/30/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
ACTUAL
CLASS I $ 1,000 $ 979.30 $ 6.38
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,018.35 $ 6.51
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 181/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by
multiplying the number of days in the most recent half year divided by
365.
4
<Page>
SCHEDULE OF INVESTMENTS Socially Responsive Portfolio
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (95.3%)
AUTOMOTIVE (2.5%)
9,850 Toyota Motor Corp. ADR $ 704,177
BANKING & FINANCIAL (3.9%)
22,950 State Street 1,107,338
BUSINESS SERVICES (3.1%)
21,660 Manpower Inc. 861,635
CONSUMER CYCLICALS (5.0%)
12,650 Costco Wholesale 566,973
15,325 Target Corp. 833,833
------------
1,400,806
DIVERSIFIED (3.3%)
17,550 Danaher Corp. 918,567
ENERGY (2.0%)
9,110 BP PLC ADR 568,282
FINANCIAL SERVICES (7.7%)
5,175 Ambac Financial Group 361,008
20,685 Citigroup Inc. 956,268
8,400 Goldman Sachs 856,968
------------
2,174,244
HEALTH PRODUCTS & SERVICES (6.2%)
15,450 Quest Diagnostics 823,021
17,540 UnitedHealth Group 914,536
------------
1,737,557
INDUSTRIAL GASES (3.0%)
17,800 Praxair, Inc. 829,480
INSURANCE (4.9%)
2,230 Progressive Corp. 220,346
35,150 Willis Group Holdings 1,150,108
------------
1,370,454
MEDIA (10.5%)
15,725 Comcast Corp. Class A
Special 470,964*
25,791 Liberty Global 1,203,666*
125,300 Liberty Media 1,276,807*
------------
2,951,437
OIL & GAS (5.2%)
11,150 Cimarex Energy 433,846*
25,530 Newfield Exploration 1,018,392*
------------
1,452,238
5
PHARMACEUTICAL (7.1%)
10,950 Millipore Corp. 621,194*
19,950 Novartis AG ADR 946,428
8,300 Novo Nordisk A/S Class B 422,414
------------
1,990,036
REAL ESTATE (4.1%)
13,500 AMB Property 586,305
15,575 Equity Residential 573,471
------------
1,159,776
TECHNOLOGY (6.0%)
21,900 Dell Inc. $ 865,269*
38,637 National Instruments 819,104
------------
1,684,373
TECHNOLOGY--SEMICONDUCTOR (8.1%)
56,725 Altera Corp. 1,124,289*
40,900 Texas Instruments 1,148,063^
------------
2,272,352
TECHNOLOGY--SEMICONDUCTOR
CAPITAL EQUIPMENT (2.3%)
55,000 Teradyne, Inc. 658,350*
TELECOMMUNICATIONS (3.5%)
40,100 Vodafone Group ADR 975,232
TRANSPORTATION (3.4%)
16,362 Canadian National Railway 943,269
UTILITIES (3.5%)
10,700 National Grid Transco 521,839^
46,700 National Grid Transco ADR 452,933
------------
974,772
TOTAL COMMON STOCKS
(COST $24,195,871) 26,734,375
------------
SHORT-TERM INVESTMENTS (2.6%)
724,700 Neuberger Berman Securities
Lending Quality Fund, LLC
(COST $724,700) 724,700++#
------------
PRINCIPAL AMOUNT
REPURCHASE AGREEMENTS (5.9%)
$ 1,658,000 State Street Bank and
Trust Co., Repurchase
Agreement, 2.60%,
due 7/1/05, dated
6/30/05, Maturity
Value $1,658,120,
Collateralized by
$1,725,000 U.S. Treasury
Bonds, 3.00%, due
12/31/06 (Collateral
Value $1,709,368)
(COST $1,658,000) 1,658,000#
------------
TOTAL INVESTMENTS (103.8%)
(COST $26,578,571) 29,117,075##
Liabilities, less cash,
receivables and other
assets [(3.8%)] (1,079,259)
------------
TOTAL NET ASSETS (100.0%) $ 28,037,816
------------
See Notes to Schedule of Investments
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS Socially Responsive Portfolio
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Socially Responsive Portfolio (the "Fund") are valued at the latest
sales price where that price is readily available; securities for which no
sales were reported, unless otherwise noted, are valued at the mean between
the closing bid and asking prices. Securities traded primarily on the
NASDAQ Stock Market are normally valued by the Fund at the NASDAQ Official
Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is
the most recently reported price as of 4:00:02 p.m., Eastern time, unless
that price is outside the range of the "inside" bid and asked prices (i.e.,
the bid and asked prices that dealers quote to each other when trading for
their own accounts); in that case, NASDAQ will adjust the price to equal
the inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities by
a method the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") believes accurately reflects fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. 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 the exchange rate as of 12:00 noon., Eastern time. The Board has
approved the use of FT Interactive Data Corporation ("FT Interactive") to
assist in determining the fair value of the Fund's foreign equity
securities in the wake of certain significant events. When changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities, FT Interactive will provide adjusted prices
for certain foreign equity securities using an analysis based on multiple
factors. In the absence of precise information about the market values of
these foreign securities as of the close of the New York Stock Exchange,
the Board has determined on the basis of available data that prices
adjusted in this way are likely to be closer to the prices the Fund could
realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. 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.
# At cost, which approximates market value.
## At June 30, 2005, the cost of investments for U.S. Federal income tax
purposes was $26,578,571. Gross unrealized appreciation of investments was
$3,191,388 and gross unrealized depreciation of investments was $652,884,
resulting in net unrealized appreciation of $2,538,504, based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 28,392,375
- --------------------------------------------------------------------------------------------------------------------
Affiliated issuers 724,700
====================================================================================================================
29,117,075
Cash 700
- --------------------------------------------------------------------------------------------------------------------
Foreign currency 381
Dividends and interest receivable 62,925
- --------------------------------------------------------------------------------------------------------------------
Receivable for securities sold 16,659
Receivable for Fund shares sold 92,743
- --------------------------------------------------------------------------------------------------------------------
Prepaid expenses and other assets 867
====================================================================================================================
TOTAL ASSETS 29,291,350
====================================================================================================================
LIABILITIES
Payable for collateral on securities loaned (Note A) 724,700
Payable for securities purchased 487,990
- --------------------------------------------------------------------------------------------------------------------
Payable for Fund shares redeemed 399
Payable to investment manager (Note B) 12,124
- --------------------------------------------------------------------------------------------------------------------
Payable to administrator--net (Note B) 6,156
Accrued expenses and other payables 22,165
====================================================================================================================
TOTAL LIABILITIES 1,253,534
====================================================================================================================
NET ASSETS AT VALUE $ 28,037,816
====================================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 25,147,298
Undistributed net investment income (loss) 11,720
---------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments 340,244
Net unrealized appreciation (depreciation) in value of investments 2,538,554
===============================================================================================================
NET ASSETS AT VALUE $ 28,037,816
====================================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 2,046,561
====================================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 13.70
====================================================================================================================
+SECURITIES ON LOAN, AT MARKET VALUE $ 702,692
====================================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 25,853,871
Affiliated issuers 724,700
---------------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 26,578,571
====================================================================================================================
TOTAL COST OF FOREIGN CURRENCY $ 409
====================================================================================================================
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2005 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 164,210
Interest income--unaffiliated issuers 16,603
- --------------------------------------------------------------------------------------------------------------------
Income from securities loaned--affiliated issuer (Note F) 1,240
Foreign taxes withheld (9,460)
====================================================================================================================
Total income 172,593
====================================================================================================================
EXPENSES:
Investment management fee (Note B) 68,259
Administration fee (Note B) 37,232
- --------------------------------------------------------------------------------------------------------------------
Audit fees 19,943
Custodian fees (Note B) 20,616
- --------------------------------------------------------------------------------------------------------------------
Insurance expense 325
Legal fees 1,887
- --------------------------------------------------------------------------------------------------------------------
Shareholder reports 6,527
Trustees' fees and expenses 12,687
- --------------------------------------------------------------------------------------------------------------------
Miscellaneous 1,266
====================================================================================================================
Total expenses 168,742
Expenses reimbursed by administrator (Note B) (6,716)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (1,153)
====================================================================================================================
Total net expenses 160,873
====================================================================================================================
Net investment income (loss) 11,720
====================================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A) Net realized gain
(loss) on:
Sales of investment securities of unaffiliated issuers 295,188
---------------------------------------------------------------------------------------------------------------
Foreign currency (53)
---------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (700,782)
---------------------------------------------------------------------------------------------------------------
Foreign currency 60
===============================================================================================================
Net gain (loss) on investments (405,587)
====================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (393,867)
====================================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
SOCIALLY RESPONSIVE PORTFOLIO
------------------------------
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2005 DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (UNAUDITED) 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 11,720 $ (3,584)
Net realized gain (loss) on investments 295,135 237,052
- -----------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments (700,722) 1,747,426
=================================================================================================================
Net increase (decrease) in net assets resulting from operations (393,867) 1,980,894
=================================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 10,896,250 14,077,820
Payments for shares redeemed (4,188,262) (2,077,105)
=================================================================================================================
Net increase (decrease) from Fund share transactions 6,707,988 12,000,715
=================================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 6,314,121 13,981,609
NET ASSETS:
Beginning of period 21,723,695 7,742,086
=================================================================================================================
End of period $ 28,037,816 $ 21,723,695
=================================================================================================================
Undistributed net investment income (loss) at end of period $ 11,720 $ --
=================================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS 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 statutory trust organized pursuant to a Trust
Instrument dated May 23, 1994. The Trust is currently comprised of
twelve separate operating series (each a "Series," collectively, the
"Funds") each of which (except Focus Portfolio) is diversified. The
Trust is registered as an open-end management investment company under
the Investment Company Act of 1940, as amended (the "1940 Act"), and
its shares are registered under the Securities Act of 1933, as
amended. The Fund currently offers only Class I shares. The Board of
Trustees of the Trust (the "Board") may establish additional series or
classes of shares without the approval of shareholders.
The assets of each Series belong only to that Series, and the
liabilities of each Series are borne solely by that Series and no
other.
The preparation of financial statements in accordance with U.S.
generally accepted accounting principles requires Neuberger Berman
Management Inc. ("Management") to make estimates and assumptions at
the date of the financial statements. Actual results could differ from
those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in
the notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern
time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of
assets and liabilities, other than investments in securities, as a
result of changes in exchange rates and is stated separately in the
Statement of Operations.
4 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 and foreign currency
transactions, if any, are recorded on the basis of identified cost and
stated separately in the Statement of Operations.
5 INCOME TAX INFORMATION: 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 requirements of Subchapter M of the Internal Revenue Code
applicable to regulated investment companies and to distribute
substantially all of its earnings to shareholders. Therefore, no
Federal income or excise tax provision is required.
11
<Page>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are
primarily due to differing treatments of income and gains on various
investment securities held by the Fund, timing differences and
differing characterization of distributions made by the Fund as a
whole. The Fund may also utilize earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
As determined on December 31, 2004, permanent differences resulting
primarily from different book and tax accounting for distributions
from real estate investment trusts, net operating losses and foreign
currency gains and losses, were reclassified at year end. These
reclassifications had no effect on net income, net assets or net
assets per share of the Fund.
As of December 31, 2004, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as
follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED LOSS
UNDISTRIBUTED LONG TERM APPRECIATION CARRYFORWARDS
ORDINARY INCOME GAIN (DEPRECIATION) AND DEFERRALS TOTAL
$ -- $ 93,081 $ 3,198,101 $ (6,797) $ 3,284,385
</Table>
The difference between book basis and tax basis distributable earnings
is attributable primarily to timing differences of wash sales, return
of capital distributions from real estate investment trusts, and
post-October losses.
Under current tax law, certain net capital and net foreign currency
losses realized after October 31 within the taxable year may be
deferred and treated as occurring on the first day of the following
tax year. For the year ended December 31, 2004, the fund elected to
defer $6,797 net capital losses arising between November 1, 2004 and
December 31, 2004.
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.
6 DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income,
net of expenses, daily on its investments. Income dividends and
distributions from net realized capital gains, if any, generally are
distributed in October. Income dividends and capital gain
distributions to shareholders are recorded on the ex-dividend date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by
foreign tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the Funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds
can otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end
investment companies for which
12
<Page>
Management serves as investment manager, that are not directly
attributed to a Series or the Trust are allocated among the Fund and
the other investment companies in the complex or series thereof on the
basis of relative net assets, except where a more appropriate
allocation of expenses to each investment company in the complex or
series thereof can otherwise be made fairly.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Fund entered into a Securities
Lending Agreement ("Agreement") with Neuberger Berman, LLC
("Neuberger") an affiliate of the Fund, pursuant to which Neuberger
acts as the Fund's lending agent. Securities loans involve certain
risks including delays or inability to recover the loaned securities
or, in the event the borrower should fail financially, foreclosure
against the collateral. Neuberger, under the general supervision of
the Board, 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 the Fund from qualifying as a regulated investment
company. The Fund receives cash collateral equal to at least 102% of
the current market value of the loaned securities. Prior to February
7, 2005, the Fund invested the cash collateral in the N&B Securities
Lending Quality Fund, LLC ("Old Fund"), which was managed by State
Street Bank and Trust Company ("State Street") pursuant to guidelines
approved by Management. Effective February 7, 2005, the Fund changed
the collateral investment vehicles from the Old Fund to the Neuberger
Berman Securities Lending Quality Fund, LLC ("Quality Fund"), a fund
managed by Lehman Brothers Asset Management LLC (formerly Lincoln
Capital Fixed Income Management Company, LLC), an affiliate of
Management, as approved by the Board.
Under the Agreement, Neuberger guarantees a certain amount of revenue
to the Fund and receives any revenue earned in excess of the
guaranteed amount as a lending agency fee. For the six months ended
June 30, 2005, Neuberger received $3,191 under the Agreement.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuer."
10 REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements
with institutions that Management has determined are creditworthy.
Each repurchase agreement is recorded at cost. The Fund requires that
the securities purchased in a repurchase agreement be transferred to
the custodian in a manner sufficient to enable the Fund to assert a
perfected security interest in 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.
11 INDEMNIFICATIONS: Like many other companies, the Trust's
organizational documents provide that its officers and trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Trust. In addition, both in some of its
principal service contracts and in the normal course of its business,
the Trust enters into contracts that provide indemnifications to other
parties for certain types of losses or liabilities. The Trust's
maximum exposure under these arrangements is unknown as this could
involve future claims against the Trust.
13
<Page>
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 and are also offered directly to qualified pension
and retirement plans.
The Fund retains 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, 0.425% of the next $2.5
billion, and 0.40% of average daily net assets in excess of $4
billion.
The Fund retains Management as its administrator under an
Administration Agreement. The Fund pays Management an administration
fee at the annual rate of 0.30% of its average daily net assets under
this agreement. Additionally, Management retains State Street as its
sub-administrator under a Sub-Administration Agreement. Management
pays State Street a fee for all services received under this
agreement.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2008 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").
Moreover, Management has voluntarily committed to reimburse certain
expenses, as stated above, for an additional 0.20% per annum of the
Fund's average daily net assets to maintain the Fund's Operating
Expenses at 1.30%. Management may, at its sole discretion, terminate
this additional voluntary reimbursement commitment without notice. For
the six months ended June 30, 2005, such excess expenses amounted to
$6,716. The Fund has agreed to repay Management through December 31,
2011 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. During the six months ended June 30, 2005, there was no
reimbursement to Management. At June 30, 2005, contingent liabilities
to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN
2005 2006 2007 2008 TOTAL
$ 54,400 $ 57,506 $ 54,057 $ 6,716 $ 172,679
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange
and sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman
Brothers Holdings Inc. ("Lehman"), a publicly-owned holding 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.
14
<Page>
The Fund has entered into a commission recapture program, which
enables it to pay some of its operational expenses by recouping a
portion of the commissions it pays to a broker that is not a related
party of the Fund. Expenses paid through this program may include
costs of custodial, transfer agency or accounting services. For the
six months ended June 30, 2005, the impact of this arrangement was a
reduction of expenses of $1,142.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2005, the impact
of this arrangement was a reduction of expenses of $11.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2005, there were purchase and
sale transactions (excluding short-term securities) of $11,848,878 and
$3,185,756, respectively.
During the six months ended June 30, 2005, brokerage commissions on
securities transactions amounted to $17,733, of which Neuberger
received $266, Lehman received $3,356, and other brokers received
$14,111.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2005 and for the year
ended December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 799,289 1,089,692
SHARES REDEEMED (305,648) (163,804)
-------- ---------
TOTAL 493,641 925,888
-------- ---------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with State Street, to be used
only for temporary or emergency purposes. Other investment companies
managed by Management also participate in this line of credit on the
same terms. Interest is charged on borrowings under this agreement at
the overnight Federal Funds Rate plus 0.50% per annum. A facility fee
of 0.10% per annum of the available line of credit is charged, of
which the Fund has agreed to pay its pro rata share, based on the
ratio of its individual net assets to the net assets of all
participants at the time the fee is due and payable. The fee is paid
quarterly in arrears. No compensating balance is required. Because
several investment companies participate, there is no assurance that
an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2005. During the six
months ended June 30, 2005, the Fund did not utilize this line of
credit.
15
<Page>
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 631,300 28,438,046 28,344,646 724,700 $ 724,700 $ 1,240
</Table>
* Affiliated issuers, as defined in the 1940 Act, include issuers
in which the Fund held 5% or more of the outstanding voting
securities.
** Prior to February 7, 2005, the Old Fund, an investment vehicle
established by the Fund's custodian, was used to invest cash the
Fund received as collateral for securities loans. Effective
February 7, 2005, the Fund changed the collateral investment
vehicle from the Old Fund to the Quality Fund, a fund managed by
Lehman Brothers Asset Management LLC, an affiliate of Management,
as approved by the Board. The Fund's shares in the Old Fund and
Quality Fund were and are non-voting. However, because all shares
of the Old Fund and Quality Fund were and are held by funds in
the related investment company complex, the Old Fund and Quality
Fund may have been and may be considered affiliates of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken
from the records of the Fund without audit by an independent
registered public accounting firm. Annual reports contain audited
financial statements.
16
<Page>
FINANCIAL HIGHLIGHTS Socially Responsive Portfolio~
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, YEAR ENDED DECEMBER 31,
---------------- ------------------------------------------------------
2005 2004 2003 2002 2001 2000
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.99 $ 12.35 $ 9.19 $ 10.78 $ 11.17 $ 11.54
---------------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS) .01 (.00) (.01) (.01) -- (.04)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.30) 1.64 3.17 (1.58) (.39) (.17)
---------------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS (.29) 1.64 3.16 (1.59) (.39) (.21)
---------------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- -- -- -- -- (.03)
NET CAPITAL GAINS -- -- -- -- -- (.13)
---------------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS -- -- -- -- -- (.16)
---------------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 13.70 $ 13.99 $ 12.35 $ 9.19 $ 10.78 $ 11.17
---------------- ------- ------- ------- ------- -------
TOTAL RETURN^ -2.07%** +13.28% +34.39% -14.75% -3.58% -1.61%
---------------- ------- ------- ------- ------- -------
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 28.0 $ 21.7 $ 7.7 $ 5.0 $ 3.6 $ 2.2
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS+++ 1.31%* 1.31% 1.35% 1.52% 1.59% 1.68%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS++++ 1.30%* 1.29% 1.34% 1.51% 1.53% 1.54%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .09%* (.03%) (.08%) (.07%) .04% (.33%)
PORTFOLIO TURNOVER RATE 13%** 21% 45% 38% 277% 92%
</Table>
See Notes to Financial Highlights
17
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Socially Responsive Portfolio
~ 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 through April 30, 2000 under
the prior master/feeder fund structure.
^ 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. Current returns may be lower or higher than the performance data
quoted. 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. Performance data current to the most
recent month-end are available at www.nb.com.
+++ The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
++++ After reimbursement of expenses by the administrator and/or waiver of a
portion of the investment management fee. Had management not undertaken
such actions, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2005 2004 2003 2002 2001 2000
1.35% 1.73% 2.30% 2.87% 4.33% 2.40%
</Table>
++ The per share amounts which are shown have been computed based on the
average number of shares outstanding during each fiscal period.
* Annualized.
** Not annualized.
18
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
19
ITEM 2. CODE OF ETHICS
Not applicable. Only required in an annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable. Only required in an annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable. Only required in an annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is included as a part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable
ITEM 11. CONTROLS AND PROCEDURES
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in rule 30a-2(c) under the Act) as of a date within 90 days of
the filing date of this report, the Chief Executive Officer and
Treasurer of the Registrant have concluded that such disclosure
controls and procedures are effectively designed to ensure that
information required to be disclosed by the Registrant is accumulated
and communicated to the Registrant's management to allow timely
decisions regarding required disclosure.
(b) There was no change in the Registrant's internal controls over
financial reporting (as defined in rule 30a-3(d) under the Act) that
occurred during the Registrant's second fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
(a) (1) Not applicable. Only required in an annual report.
(2) The certifications required by Rule 30a-2(a) under the Act,are
attached hereto.
(3) Not applicable.
(b) The certification required by Rule 30a-2(b) under the Act,
Rule13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of
1934 ("Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of
the United States Code are attached hereto.
The certifications provided pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section.
Such certifications will not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933 or the Exchange Act, except to the
extent that the Registrant specifically incorporates them by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Advisers Management Trust
By: /s/ Peter E. Sundman
---------------------------------
Peter E. Sundman
Chief Executive Officer
Date: August 26, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /s/ Peter E. Sundman
----------------------------------
Peter E. Sundman
Chief Executive Officer
Date: August 26, 2005
By: /s/ John M. McGovern
-----------------------------------
John M. McGovern
Treasurer, Principal Financial
and Accounting Officer
Date: August 26, 2005