As filed with the Securities and Exchange Commission on March 2, 2006
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)
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)
Registrant's Telephone Number, including area code: (212) 476-8800
Date of fiscal year end: December 31
Date of reporting period: December 31, 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
The following are copies of the annual reports transmitted to shareholders
pursuant to Rule 30e-1 under the Act.
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
BALANCED PORTFOLIO(R)
B1014 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
BALANCED PORTFOLIO MANAGERS' COMMENTARY
Over the course of 2005, impressive corporate earnings gains, a strong economy
and healthy profit margins supported the performance of the equity markets, but
were offset by the Federal Reserve's relentless increases in short-term interest
rates. Energy was the best performing equity sector, reflecting record highs in
crude oil prices due to increased Asian demand and a strong U.S. economy.
Sectors tied to the consumer were generally the weakest, as personal income was
squeezed by higher energy costs and higher interest rates.
For the year, the equity portion of the Neuberger Berman Advisers Management
Trust (AMT) Balanced Portfolio generated a positive return. Financial and Energy
holdings were significant contributors to the Portfolio's equity performance.
Within Financials, stocks that did well included business services companies and
brokerage firms. Stock selection within Health Care also benefited returns.
Holdings in the Consumer Staples sector were also additive. In aggregate, sector
allocation contributed to performance, with Portfolio overweights in Telecom and
Energy--two of 2005's best performing sectors--providing much of the value
added.
Stock selection within Information Technology had the most negative impact on
the equity segment's relative performance. Within this sector, various software
companies showed weakness, while some business services companies also
underperformed.
Like the equity markets, the fixed income markets were focused on the Federal
Reserve during 2005. Over the course of the year, long rates did not rise as
much as they have historically during Fed tightening campaigns. In fact, the
U.S. Treasury yield curve inverted at year-end, meaning that long-term bonds
provided smaller yields than short-term bonds. The difference was slight, but
the inversion is significant as it marks the first time this has happened since
2000.
The fixed income component of the Portfolio generated a modestly positive return
for 2005. Throughout the year, we maintained a defensive posture in this
segment, restraining the overall duration (a standard measure of the sensitivity
of a bond's price to interest rate movements) of our holdings. During the year,
we made opportunistic changes to sector allocation in order to enhance yield. We
substantially reduced our allocation to Treasuries, reinvesting the proceeds in
higher yielding alternatives. We significantly increased our allocation to
AAA-rated asset-backed and mortgage-backed securities with well-defined
maturities. Given the current economic environment, we decreased our allocation
to BBB-rated securities, so that by fiscal year-end, much of the fixed income
segment of the Portfolio was in AAA securities.
Looking ahead, we are encouraged that at its December meeting, the Fed removed
the reference to "accommodative" from its policy statement, and indicated that
it is getting closer to the end of its tightening campaign.
Domestic consumers, however, remain financially stretched. Real wage growth has
been non-existent this economic cycle. Instead, consumer spending has been
driven by strong housing gains and additional debt. Housing now contributes over
6% of GDP and is showing signs of slowing. We do not expect a housing price
collapse, but this major support for U. S. consumer spending is weakening, which
could slow economic activity. In contrast,
1
<Page>
foreign economies in Asia, Japan and even Europe are exhibiting increased
economic activity. Therefore, we currently plan to tilt the equity segment of
the Portfolio toward beneficiaries of global economic expansion and corporate
spending and away from exposure to the beleaguered American consumer. As for our
fixed income investments, we will remain conservative from a duration
standpoint, until we have clearer direction from the Fed.
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
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MERRILL LYNCH RUSSELL
BALANCED 1-3 YEAR MIDCAP(R) RUSSELL
PORTFOLIO TREASURY INDEX (2) GROWTH (2) MIDCAP (R)(2) S&P 500 (2)
1 YEAR 9.18% 1.67% 12.10% 12.65% 4.91%
5 YEAR (0.08%) 3.67% 1.38% 8.45% 0.54%
10 YEAR 6.16% 4.79% 9.27% 12.49% 9.07%
LIFE OF FUND 7.97% 6.06% 11.96% 13.56% 11.54%
INCEPTION DATE 02/28/1989
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
MERRILL
LYNCH 1-3
YEAR RUSSELL
BALANCED TREASURY MIDCAP(R) RUSSELL
PORTFOLIO INDEX GROWTH MIDCAP(R) S&P 500
12/31/1995 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000
12/31/1996 $ 10,689 $ 10,498 $ 11,748 $ 11,900 $ 12,295
12/31/1997 $ 12,768 $ 11,197 $ 14,396 $ 15,352 $ 16,395
12/31/1998 $ 14,323 $ 11,980 $ 16,968 $ 16,901 $ 21,080
12/31/1999 $ 19,130 $ 12,347 $ 25,670 $ 19,983 $ 25,515
12/31/2000 $ 18,260 $ 13,334 $ 22,654 $ 21,631 $ 23,192
12/31/2001 $ 15,820 $ 14,441 $ 18,089 $ 20,415 $ 20,438
12/31/2002 $ 13,107 $ 15,272 $ 13,132 $ 17,111 $ 15,923
12/31/2003 $ 15,241 $ 15,562 $ 18,741 $ 23,965 $ 20,487
12/31/2004 $ 16,659 $ 15,703 $ 21,642 $ 28,810 $ 22,715
12/31/2005 $ 18,189 $ 15,965 $ 24,260 $ 32,455 $ 23,830
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
ASSET DIVERSIFICATION
(% BY ASSET CLASS)
<Table>
Asset Backed 6.2%
Corporate Debt 13.4
Common Stock 69.1
Foreign Government Securities 1.5
Mortgage-Backed Securities 8.9
U.S. Government Agency Securities 0.8
Short-Term Investments 1.1
Liabilities, less cash, receivables and
other assets (1.0)
</Table>
2
<Page>
ENDNOTES
(1). 9.18%, -0.08%, and 6.16% were the average annual total returns for the 1-,
5- and 10-year periods ended December 31, 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 26% of the total market capitalization of
the Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on the 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.
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 we 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) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account
values and actual expenses in dollars, based on the fund's actual performance
during the period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BALANCED PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,077.30 $ 5.92
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,019.51 $ 5.75
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (69.1%)
AEROSPACE (1.4%)
8,000 Precision Castparts $ 414,480
13,500 Rockwell Collins 627,345
------------
1,041,825
BASIC MATERIALS (1.6%)
17,000 Airgas, Inc. 559,300
7,500 Peabody Energy 618,150
------------
1,177,450
BIOTECHNOLOGY (3.3%)
15,500 Celgene Corp. 1,004,400*
14,500 Gilead Sciences 763,135*
6,000 Invitrogen Corp. 399,840*
4,500 Protein Design Labs 127,890*
6,250 Vertex Pharmaceuticals 172,938*
------------
2,468,203
BUSINESS SERVICES (5.7%)
17,000 Alliance Data Systems 605,200*
13,200 CB Richard Ellis Group 776,820*
13,050 Corporate Executive Board 1,170,585
8,150 Getty Images 727,550*
3,000 Iron Mountain 126,660*
13,500 Monster Worldwide 551,070*
5,900 NAVTEQ 258,833*
------------
4,216,718
BUSINESS SERVICES--IT BUSINESS SERVICES (0.4%)
4,500 DST Systems 269,595*
COMMUNICATIONS EQUIPMENT (1.5%)
6,500 ADC Telecommunications 145,210*
6,000 Harris Corp. 258,060
21,000 Juniper Networks 468,300*
19,000 Tellabs, Inc. 207,100*
------------
1,078,670
CONSUMER CYCLICALS (0.2%)
3,200 Williams-Sonoma 138,080*
CONSUMER DISCRETIONARY (3.0%)
13,500 Advance Auto Parts 586,710*
6,100 Fortune Brands 475,922
6,000 Harman International Industries 587,100
5,500 Laureate Education 288,805*
10,500 XM Satellite Radio Holdings 286,440*
------------
2,224,977
CONSUMER STAPLES (1.4%)
11,500 Shoppers Drug Mart 433,784
7,400 Whole Foods Market 572,686
------------
1,006,470
DIAGNOSTIC EQUIPMENT (1.2%)
26,700 Cytyc Corp. 753,741*
2,000 IDEXX Laboratories 143,960*
------------
897,701
DISTRIBUTOR (0.7%)
7,500 W.W. Grainger $ 533,250
ELECTRICAL & ELECTRONICS (0.7%)
13,000 Jabil Circuit 482,170*
ENERGY (7.0%)
11,000 Canadian Natural Resources 545,820
30,000 Denbury Resources 683,400*
9,700 GlobalSantaFe Corp. 467,055
3,500 Maverick Tube 139,510*
11,000 National-Oilwell Varco 689,700*
9,750 Quicksilver Resources 409,597*
21,000 Range Resources 553,140
19,200 Smith International 712,512
22,500 XTO Energy 988,650
------------
5,189,384
FINANCIAL SERVICES (3.9%)
2,700 Chicago Mercantile Exchange 992,223
6,250 Legg Mason 748,063
12,000 Moody's Corp. 737,040
10,000 Nuveen Investments 426,200
------------
2,903,526
HEALTH CARE (3.7%)
5,000 American Healthways 226,250*
7,000 Cerner Corp. 636,370*^^
6,000 Gen-Probe 292,740*
5,300 IMS Health 132,076
10,400 Omnicare, Inc. 595,088
18,000 VCA Antech 507,600*
7,500 WellCare Health Plans 306,375*
------------
2,696,499
INDUSTRIAL (3.6%)
11,500 Danaher Corp. 641,470
16,000 Donaldson Co. 508,800
22,600 Fastenal Co. 885,694
10,100 Rockwell International 597,516
------------
2,633,480
INSURANCE (0.3%)
7,000 Endurance Specialty
Holdings 250,950
LEISURE (3.7%)
12,000 Gaylord Entertainment 523,080*
10,000 Hilton Hotels 241,100
9,600 Marriott International 642,912
10,000 Scientific Games Class A 272,800*
15,500 Station Casinos 1,050,900
------------
2,730,792
MEDICAL EQUIPMENT (4.1%)
12,800 C. R. Bard 843,776
5,900 Hologic, Inc. 223,728*
15,000 Kyphon, Inc. 612,450*
16,200 ResMed, Inc. 620,622*
14,000 Varian Medical Systems 704,760*
------------
3,005,336
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
METALS (0.4%)
2,000 Phelps Dodge $ 287,740
OIL & GAS (0.3%)
10,000 Western Oil Sands Class A 238,518*
RETAIL (4.3%)
15,500 AnnTaylor Stores 535,060*
35,800 Coach, Inc. 1,193,572*
10,000 Michaels Stores 353,700
22,400 Nordstrom, Inc. 837,760
6,000 Tiffany & Co. 229,740
------------
3,149,832
SEMICONDUCTORS (6.4%)
8,000 Advanced Micro Devices 244,800*
9,000 Analog Devices 322,830
9,000 Broadcom Corp. 424,350*
3,000 KLA-Tencor 147,990
7,000 Linear Technology 252,490
14,000 Marvell Technology Group 785,260*
18,500 MEMC Electronic Materials 410,145*
18,500 Microchip Technology 594,775
29,000 Microsemi Corp. 802,140*
17,100 National Semiconductor 444,258
5,800 Varian Semiconductor
Equipment 254,794*
------------
4,683,832
SOFTWARE (1.7%)
13,900 Autodesk, Inc. 597,005
9,500 McAfee, Inc. 257,735*
12,500 Salesforce.com, Inc. 400,625*
------------
1,255,365
TECHNOLOGY (3.6%)
23,000 Activision, Inc. 316,020*
5,100 Agilent Technologies 169,779*
7,500 Akamai Technologies 149,475*
7,000 CACI International 401,660*
22,400 Cognizant Technology
Solutions 1,127,840*
7,000 Comverse Technology 186,130*
6,000 Logitech International ADR 280,620*
------------
2,631,524
TELECOMMUNICATIONS (3.7%)
20,800 American Tower 563,680*
21,000 Leap Wireless International 795,480*
27,500 Nextel Partners 768,350*
14,000 NII Holdings 611,520*
------------
2,739,030
TRANSPORTATION (0.9%)
18,200 C. H. Robinson Worldwide 673,946
UTILITIES (0.4%)
7,650 Energen Corp. 277,848
TOTAL COMMON STOCKS
(COST $34,200,790) $ 50,882,711
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
<Table>
<Caption>
RATING ^^^
PRINCIPAL AMOUNT MOODY'S S&P MARKET VALUE +
U.S. GOVERNMENT AGENCY SECURITIES (0.8%)
$ 250,000 Freddie Mac, Notes, 4.38%, due 11/16/07 AGY AGY $ 248,339
283,034 Fannie Mae Whole Loan, Ser. 2004- W8, Class PT, 10.21%,
due 6/25/44 Aaa AAA 316,369
--------------
(COST $562,889) 564,708
--------------
MORTGAGE-BACKED SECURITIES (8.9%)
427,353 Adjustable Rate Mortgage Trust, Ser. 2005-10, Class 4A1,
5.39%, due 1/25/36 Aaa AAA 426,627
425,000 Banc of America Commerical Mortgage Inc., Ser. 2005-6,
Class A1, 5.00%, due 9/10/47 Aaa AAA 425,797
174,881 Banc of America Funding Corp., Ser. 2005-F, Class 4A1,
5.45%, due 9/20/35 Aaa AAA 174,580
446,980 Banc of America Funding Corp., Ser. 2005-H, Class 7A1,
5.72%, due 11/20/35 AAA 449,355
266,785 Countrywide Home Loans, Ser. 2005-R2, Class 2A4, 8.50%,
due 6/25/35 Aaa AAA 287,948**
425,000 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2005 C-6, Class A1, 4.94%, due 12/15/40 Aaa AAA 424,720
431,622 First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5,
Class 2A1, 5.47%, due 11/25/35 Aaa AAA 431,843
583,038 GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4,
8.50%, due 3/25/35 Aaa AAA 622,713**
121,791 GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4,
8.50%, due 9/25/35 Aaa AAA 129,393
370,976 Harborview Mortgage Loan Trust, Floating Rate, Ser. 2004-4,
Class 3A, 2.98%, due 1/19/06 Aaa AAA 364,190^^
448,055 Indymac Index Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.59%, due 11/25/35 Aaa AAA 449,267
425,000 JP Morgan Chase Commercial Mortgage Securities Corp.,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 425,752
305,234 JP Morgan Mortgage Trust, Ser. 2005-A4, Class 2A1, 5.07%,
due 7/25/35 Aaa AAA 302,849
430,387 JP Morgan Mortgage Trust, Ser. 2005-ALT1, Class 2A1, 5.66%,
due 10/25/35 Aaa AAA 432,334
425,000 Nomura Asset Acceptance Corp., Ser. 2005-AR6,
Class 2A1, 5.82%, due 12/25/35 Aaa AAA 427,470
438,530 Residential Accredit Loans, Inc., Ser. 2005-QA10,
Class A31, 5.64%, due 9/25/35 Aaa AAA 440,106
FREDDIE MAC
45,698 Pass-Through Certificates, 5.00%, due 2/1/07
63,266 Pass-Through Certificates, 5.50%, due 2/1/07 AGY AGY 45,747
29,563 Pass-Through Certificates, 8.50%, due 10/1/30 AGY AGY 63,656
AGY AGY 246,789
--------------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $6,597,749) 6,571,136
--------------
CORPORATE DEBT SECURITIES (13.4%)
285,000 American Express Co., Notes, 5.50%, due 9/12/06 A1 A+ 286,344
200,000 AT&T Wireless Services, Inc., Senior Notes, 7.35%,
due 3/1/06 Baa2 A 200,842
335,000 Bank of New York Co., Inc., Senior Notes, 5.20%, due 7/1/07 Aa3 A+ 336,662
250,000 BankBoston NA, Subordinated Notes, 6.50%, due 12/19/07 Aa2 AA- 258,325
250,000 Bear Stearns Co., Inc., Notes, 4.00%, due 1/31/08 A1 A 245,430
400,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 391,472
300,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A3 A 302,749
145,000 Chase Manhattan Corp., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 149,199
250,000 CIT Group Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 242,775
500,000 Citigroup Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- 500,735
</Table>
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
RATING ^^^
PRINCIPAL AMOUNT MOODY'S S&P MARKET VALUE +
$ 285,000 Coca-Cola Enterprises, Notes, 5.38%, due 8/15/06 A2 A $ 286,003
275,000 Comcast Cable Communications, Notes, 8.38%, due 5/1/07 Baa2 BBB+ 286,773
190,000 Daimler Chrysler N.A. Holdings Corp., Guaranteed Notes,
4.05%, due 6/4/08 A3 BBB 184,964
300,000 Diageo Finance BV, Guaranteed Notes, 3.00%, due 12/15/06 A3 A- 294,782
135,000 Enterprise Products Operating, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 132,179
200,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 196,930
280,000 Hewlett-Packard Co., Senior Notes, 5.50%, due 7/1/07 A3 A- 282,262
285,000 HSBC Finance Corp., Notes, 5.75%, due 1/30/07 A1 A 287,350
285,000 International Lease Finance Corp., Notes, 5.75%, due 2/15/07 A1 AA- 286,498
300,000 John Deere Capital Corp., Notes, 5.13%, due 10/19/06 A3 A- 300,703
250,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 249,215
190,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 193,747
175,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 173,730
300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 A+ 296,909
285,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 287,905
280,000 National Rural Utilities Collateral Trust, 6.00%, due 5/15/06 A1 A+ 281,294
200,000 Sprint Capital Corp., Guaranteed Notes, 6.00%, due 1/15/07 Baa2 A- 201,956
250,000 Target Corp., Notes, 3.38%, due 3/1/08 A2 A+ 242,892
250,000 Time Warner Entertainment LP, Notes, 7.25%, due 9/1/08 Baa1 BBB+ 261,671
300,000 Toyota Motor Credit Corp., Medium Term Notes, 2.70%,
due 1/30/07 Aaa AAA 292,377
300,000 U.S. Bank NA, Notes, 2.85%, due 11/15/06 Aa1 AA- 295,049
250,000 Union Bank Switzerland-NY, Subordinated Notes, 7.25%,
due 7/15/06 Aa3 AA 252,941
150,000 Univision Communications, Inc., Guaranteed Notes, 3.50%,
due 10/15/07 Baa2 BBB- 145,511
290,000 Verizon Global Funding Corp., Notes, 4.00%, due 1/15/08 A3 A+ 284,415
250,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A3 A+ 250,823
450,000 Wachovia Corp., Notes, 4.95%, due 11/1/06 Aa3 A+ 450,035
285,000 Washington Mutual, Inc., Senior Notes, 5.63%, due 1/15/07 A3 A- 286,570
--------------
TOTAL CORPORATE DEBT SECURITIES
(COST $10,048,114) 9,900,017
FOREIGN GOVERNMENT SECURITIES^ (1.5%)
EUR 600,000 Bundesobligation, 3.50%, due 10/10/08 Aaa AAA 720,976
EUR 330,000 Bundesobligation, 3.25%, due 4/17/09 Aaa AAA 394,113
--------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $1,169,666) 1,115,089
--------------
ASSET-BACKED SECURITIES (6.2%)
483,279 Banc of America Commercial Mortgage Inc., Ser. 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 479,991
550,000 Capital Auto Receivables Asset Trust, Ser. 2004-2, Class A3,
3.58%, due 1/15/09 Aaa AAA 539,569
360,000 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1A3,
3.34%, due 5/25/26 Aaa AAA 353,630
590,000 Chase Manhattan Auto Owner Trust, Ser. 2003-C, Class A4,
2.94%, due 6/15/10 Aaa AAA 575,960
425,000 Ford Credit Auto Owner Trust, Ser. 2005-A, Class A3, 3.48%,
due 11/15/08 Aaa AAA 419,628
200,000 John Deere Owner Trust, Ser. 2005-A, Class A3, 3.98%,
due 6/15/09 Aaa AAA 197,511
700,000 MBNA Credit Card Master Note Trust, Ser. 2002-A1,
Class A1, 4.95%, due 6/15/09 Aaa AAA 701,734
</Table>
See Notes to Schedule of Investments
8
<Page>
<Table>
<Caption>
RATING ^^^
PRINCIPAL AMOUNT MOODY'S S&P MARKET VALUE +
$ 425,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 418,992
180,000 Nomura Asset Acceptance Corp., Ser. 2005-S3,
Class AIO, 20.00%, Interest Only Security due 8/25/35 Aaa AAA 37,273
1,214,000 Nomura Asset Acceptance Corp., Ser. 2005-S4,
Class AIO, 20.00%, Interest Only Security due 10/25/35 Aaa AAA 279,029
370,000 Saxon Asset Securities Trust, Ser. 2004-2, Class AF2,
4.15%, due 8/25/35 Aaa AAA 366,630
200,000 USAA Auto Owner Trust, Ser. 2005-1, Class A3, 3.90%,
due 7/15/09 Aaa AAA 197,708
--------------
TOTAL ASSET-BACKED SECURITIES
(COST $4,632,691) 4,567,655
--------------
REPURCHASE AGREEMENTS (0.1%)
105,000 State Street Bank and Trust Co. Repurchase Agreement,
3.20%, due 1/3/06, dated 12/30/05, Maturity Value
$105,037, Collateralized by $110,000 Fannie Mae,
5.00%, due 01/15/07
(Collateral Value $112,779)
(COST $105,000) 105,000#
--------------
<Caption>
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (1.0%)
648,601 Neuberger Berman Securities Lending Quality Fund, LLC 648,601++
92,995 Neuberger Berman Prime Money Fund Trust Class 92,995@
--------------
TOTAL SHORT-TERM INVESTMENTS
(COST $741,596) 741,596#
--------------
TOTAL INVESTMENTS (101.0%)
(COST $58,058,495) 74,447,912##
Liabilities, less cash, receivables and other assets [(1.0%)] (729,794)
--------------
TOTAL NET ASSETS (100.0%) $ 73,718,118
--------------
</Table>
See Notes to Schedule of Investments
9
<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, including securities for which the necessary last
sale, asked, and/or bid prices are not readily available by methods the
Board of Trustees of Neuberger Berman Advisers Management Trust (the
"Board") has approved on the belief that they reflect 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 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. In this event,
FT Interactive will provide adjusted prices for certain foreign equity
securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $58,282,873. Gross unrealized appreciation of investments was
$16,945,904 and gross unrealized depreciation of investments was $780,865,
resulting in net unrealized appreciation of $16,165,039 based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
** Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers under Rule 144A
and are deemed liquid. At December 31, 2005, these securities amounted to
$910,661 or 1.2% of net assets for the Fund.
*** Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of December 31, 2005.
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
See Notes to Financial Statements
10
<Page>
++ 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
^^^ Credit ratings are unaudited.
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 $ 73,706,316
Affiliated issuers 741,596
- ----------------------------------------------------------------------------------------------------------------
74,447,912
Cash 8,333
Foreign currency 838
Dividends and interest receivable 233,292
Net receivable for forward currency exchange contracts (Note C) 22,188
Receivable for Fund shares sold 27,282
Receivable for securities lending income (Note A) 3,789
Prepaid expenses and other assets 1,386
- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 74,745,020
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 648,601
Payable for securities purchased 263,512
Payable for Fund shares redeemed 5,284
Payable to investment manager--net (Notes A & B) 34,743
Payable to administrator (Note B) 18,953
Payable for securities lending fees (Note A) 824
Accrued expenses and other payables 54,985
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,026,902
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 73,718,118
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 93,988,862
Undistributed net investment income (loss) 585,557
Accumulated net realized gains (losses) on investments (37,267,638)
Net unrealized appreciation (depreciation) in value of investments 16,411,337
-----------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 73,718,118
- ----------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 7,075,137
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.42
- ----------------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 630,177
*COST OF INVESTMENTS:
Unaffiliated issuers $ 57,316,899
Affiliated issuers 741,596
TOTAL COST OF INVESTMENTS $ 58,058,495
- ----------------------------------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 826
- ----------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 956,596
Income from investments in affiliated issuers (Note F) 11,574
Dividend income--unaffiliated issuers 182,135
- ----------------------------------------------------------------------------------------------------------------
Income from securities loaned--(affiliated issuers $15,399) (Notes A & F) 17,408
Foreign taxes withheld (770)
- ----------------------------------------------------------------------------------------------------------------
Total income 1,166,943
- ----------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 416,575
Administration fee (Note B) 227,222
Audit fees 38,385
Custodian fees (Note B) 93,270
Insurance expense 3,955
Legal fees 15,902
Registration and filing fees 21,817
Shareholder reports 10,308
Shareholder servicing agent fees 2,950
Trustees' fees and expenses 29,652
Miscellaneous 2,958
- ----------------------------------------------------------------------------------------------------------------
Total expenses 862,994
Investment management fee waived (Note A) (358)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (7,891)
- ----------------------------------------------------------------------------------------------------------------
Total net expenses 854,745
- ----------------------------------------------------------------------------------------------------------------
Net investment income (loss) 312,198
- ----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 3,437,402
Foreign currency 133,099
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 2,532,385
Foreign currency 34,044
--------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 6,136,930
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 6,449,128
- ----------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
BALANCED PORTFOLIO
----------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 312,198 $ 459,923
Net realized gain (loss) on investments 3,570,501 3,240,524
Change in net unrealized appreciation (depreciation) of investments 2,566,429 3,477,455
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 6,449,128 7,177,902
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (711,567) (989,988)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 4,349,994 6,616,445
Proceeds from reinvestment of dividends and distributions 711,567 989,988
Payments for shares redeemed (18,199,227) (17,621,711)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (13,137,666) (10,015,278)
- ---------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (7,400,105) (3,827,364)
NET ASSETS:
Beginning of year 81,118,223 84,945,587
- ---------------------------------------------------------------------------------------------------
End of year $ 73,718,118 $ 81,118,223
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 585,557 $ 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 year ended December 31, 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 distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, permanent differences resulting
primarily from different book and tax accounting for foreign currency gains
and losses, paydown gains and losses, and amortization of bond premium, 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,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2005 2004 2005 2004
$ 711,567 $ 989,988 $ 711,567 $ 989,988
</Table>
As of December 31, 2005, 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
$ 585,557 $ 16,164,776 $ (37,021,077) $ (20,270,744)
</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, 2005, 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
$ 23,287,066 $ 13,734,011
</Table>
During the year ended December 31, 2005, the Fund utilized capital loss
carryforwards of $3,180,628.
7 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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.
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
17
<Page>
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 year ended December 31, 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 ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted
as the Fund's lending agent. Under the Neuberger Agreement, Neuberger
guaranteed a certain amount of revenue to the Fund and received any revenue
earned in excess of the guaranteed amount as a lending agency fee. For the
year ended December 31, 2005, Neuberger received revenue under the Neuberger
Agreement of $3,047.
Effective September 13, 2005, the Fund entered into new securities lending
arrangements using a third party, eSecLending, to secure bids. Pursuant to
such arrangements, eSecLending currently acts as agent for the Fund
arranging principals to guarantee a certain amount of revenue to the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated with
the loans. These amounts are reflected in the Statement of Operations under
the caption "Income from securities loaned (affiliated issuers)."
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 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.
18
<Page>
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 year
ended December 31, 2005, management fees waived under this Arrangement
amounted to $358 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the year ended December 31,
2005, income earned under this Arrangement amounted to $11,574 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 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.
19
<Page>
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 year ended December 31, 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 year ended December 31, 2005, there
was no reimbursement to Management under this agreement. At December 31,
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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $6,603.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $1,288.
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 year ended December 31, 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
$ 16,889,861 $ 44,276,481 $ 24,452,393 $ 49,747,946
</Table>
20
<Page>
During the year ended December 31, 2005, brokerage commissions on
securities transactions amounted to $84,629, of which Neuberger received
$141, Lehman received $13,173, and other brokers received $71,315.
During the year ended December 31, 2005, the Fund entered into various
contracts to deliver currencies at specified future dates. At December 31,
2005, open contracts were as follows:
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
SELL DELIVER FOR DATE VALUE APPRECIATION
Euro Dollar 961,000 EUR $ 1,161,455 1/19/06 $ 1,139,267 $ 22,188
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 444,671 728,457
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS 73,433 110,613
SHARES REDEEMED (1,859,982) (1,933,718)
------------ --------------
TOTAL (1,341,878) (1,094,648)
------------ --------------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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 December 31, 2005.
During the year ended December 31, 2005, the Fund did not utilize this line
of credit.
21
<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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 2,965,200 86,957,848 89,274,447 648,601 $ 648,601 $ 15,399
Neuberger Berman
Prime Money Fund
Trust Class*** 368,172 17,764,567 18,039,744 92,995 92,995 11,574
------------ ------------
TOTAL $ 741,596 $ 26,973
============ ============
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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.
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.
22
<Page>
FINANCIAL HIGHLIGHTS BALANCED PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 9.64 $ 8.93 $ 7.81 $ 9.66 $ 17.28
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)^^ .04 .05 .07 .12 .22*
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .84 .77 1.20 (1.75) (2.27)*
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS .88 .82 1.27 (1.63) (2.05)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.10) (.11) (.15) (.22) (.28)
NET CAPITAL GAINS -- -- -- -- (5.29)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (.10) (.11) (.15) (.22) (5.57)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR $ 10.42 $ 9.64 $ 8.93 $ 7.81 $ 9.66
-------- -------- -------- -------- --------
TOTAL RETURN++ +9.18% +9.31% +16.28% -17.15% -13.36%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 73.7 $ 81.1 $ 84.9 $ 80.5 $ 112.0
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.14% 1.10% 1.12% 1.12% 1.07%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^ 1.13% 1.09% 1.11% 1.12% 1.07%
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS .41% .56% .82% 1.37% 2.10%*
PORTFOLIO TURNOVER RATE 82% 110% 121% 106% 88%
</Table>
See Notes to Financial Highlights
23
<Page>
NOTES TO FINANCIAL HIGHLIGHTS BALANCED 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 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.
^^ Calculated based on the average number of shares outstanding during each
fiscal period.
^ After reimbursement of expenses and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
action, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003
1.13% 1.09% 1.11%
</Table>
* For fiscal years ending 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>
24
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Balanced Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Balanced Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Balanced Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
25
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, Chairman, 48 Independent Trustee or Director
2000 CDC Investment Advisers of three series of Oppenheimer
(registered investment Funds: Limited Term New York
adviser), 1993 to January 1999; Municipal Fund, Rochester Fund
formerly, President and Chief Municipals, and Oppenheimer
Executive Officer, AMA Convertible Securities Fund,
Investment Advisors, an since 1992.
affiliate of the American
Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar
1984 Milburn LLP (law firm) since Retirement Association (ABRA)
October 2002; formerly, since 1997 (not-for-profit
Attorney-at-Law and President, membership association).
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates
1998 Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, 1978 Hospital's Board of Directors
to December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York Stock
Exchange Board of Directors,
1998 to June 2002; formerly,
Member, American Savings
Education Council's Policy Board
(ASEC), 1998 to 2000; formerly,
Member, Executive Committee,
Crime Prevention Coalition of
America, 1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General Counsel,
Loews Corporation.
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly,
Economics, New York University Director, DEL Laboratories, Inc.
Stern School of Business; (cosmetics and pharmaceuticals),
formerly, Executive 1978 to 2004; formerly,
Secretary-Treasurer, American Director, Apple Bank for
Finance Association, 1961 to Savings, 1979 to 1990; formerly,
1979. Director, Western Pacific
Industries, Inc., 1972 to 1986
(public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation
1999 President and Special Counsel, (holding company) since August
WHX Corporation (holding 2002; Director, Webfinancial
company), 1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director, Kevlin
Corporation (manufacturer of
microwave and other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward Jones, (financial services holding
1993 to 2001; President, company) since 1993; formerly,
Securities Industry Association Director, Boston Financial Group
("SIA") (securities industry's (real estate and tax shelters),
representative in government 1993 to 1999.
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf and
(operator and franchiser of computer usage to "at risk"
restaurants) until January children) since 1998; formerly,
1997. Director, Prandium, Inc.
(restaurants), March 2001 to
July 2002.
</Table>
27
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash
2000 Oxford Partners and Oxford Management Trust (money market
Bioscience Partners (venture fund), Naragansett Insured
capital partnerships) and Tax-Free Income Fund, Rocky
President, Oxford Venture Mountain Equity Fund, Prime Cash
Corporation. Fund, several private companies
and QuadraMed Corporation
(NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and CEO, Forward Management, Inc. (asset
beginning Westaff, Inc. (temporary management company) since 2001;
2006 staffing), May 2001 to January formerly, Director, General
2002; formerly, Senior Magic (voice recognition
Executive at the Charles Schwab software), 2001 to 2002;
Corporation, 1983 to 1999, formerly, Director, E-Finance
including Chief Executive Corporation (credit decisioning
Officer, Charles Schwab services), 1999 to 2003;
Investment Management, Inc. and formerly, Director,
Trustee, Schwab Family of Funds Save-Daily.com (micro investing
and Schwab Investments, 1997 to services), 1999 to 2003;
1998, and Executive Vice formerly, Director, Offroad
President-Retail Brokerage, Capital Inc. (private internet
Charles Schwab Investment commerce company), 1999 to 2002.
Management, 1994 to 1997.
Candace L. Straight (58) Trustee since Private investor and consultant 48 Director, The Proformance
1999 specializing in the insurance Insurance Company (personal
industry; formerly, Advisory lines property and casualty
Director, Securitas Capital LLC insurance company) since March
(a global private equity 2004; Director, Providence
investment firm dedicated to Washington (property and
making investments in the casualty insurance company)
insurance sector), 1998 to since December 1998; Director,
December 2002. Summit Global Partners
(insurance brokerage firm) since
October 2000.
</Table>
28
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private
2002 Neuberger Berman Inc. (holding company) since 1998; Director,
company) since 2002 and 2003, Emagin Corp. (public company)
respectively; Managing Director since 1997; Director, Solbright,
and Chief Investment Officer, Inc. (private company) since
Neuberger Berman since December 1998; Director, Infogate, Inc.
2005 and 2003, respectively; (private company) since 1997;
formerly, Executive Vice Director, Broadway Television
President, Neuberger Berman, Network (private company) since
December 2002 to 2005; Director 2000.
and Chairman, NB Management
since December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
29
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President,
the Board, Neuberger Berman Inc. (holding Neuberger & Berman Agency, Inc.
Chief company) since 1999; Head of since 2000; formerly, Director,
Executive Neuberger Berman Inc.'s Mutual Neuberger Berman Inc. (holding
Officer and Funds Business (since 1999) and company), October 1999 to March
Trustee since Institutional Business (1999 to 2003; Trustee, Frost Valley
2000; October 2005); responsible for YMCA.
President and Managed Accounts Business and
Chief intermediary distribution since
Executive October 2005; President and
Officer, 1999 Director, NB Management since
to 2000 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999; formerly,
Senior Vice President, NB
Management, 1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
30
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman since 2006; Deputy
Compliance Officer since 2002 General Counsel, Neuberger Berman since 2004; formerly, Vice
President, Neuberger Berman, 2000 to 2006; formerly, Associate
General Counsel, Neuberger Berman, 1999 to 2004; formerly,
Associate General Counsel, NB Management, 1994 to 1999;
Anti-Money Laundering Compliance Officer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (seven since 2002, three since 2003,
four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1997; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB Management since
2000 and Assistant Secretary since 2004; Vice President,
Neuberger Berman since 2002 and Employee since 1999; formerly,
Vice President, NB Management, 1986 to 1999; Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; Senior Vice
President, NB Management since 2000; formerly, Controller, NB
Management, 1994 to 1996; formerly, Treasurer, NB Management,
1996 to 1999; Vice President, fifteen registered investment
companies for which NB Management acts as investment manager
and administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
</Table>
31
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior Vice
President, NB Management since 2000; formerly, Vice President,
NB Management, 1997 to 1999; Vice President, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (three since 2000, four since 2002,
three since 2003, four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman since 2002; Deputy
(only for purposes of sections 307 General Counsel and Assistant Secretary, Neuberger Berman since
and 406 of the Sarbanes-Oxley Act 2001; formerly, Vice President, Neuberger Berman, 2001 to 2002;
of 2002) formerly, Associate General Counsel, Neuberger Berman, 2001;
formerly, Counsel, Neuberger Berman, 2000; Secretary and
General Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1991 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (seven since 2002, three
since 2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1993 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (ten since 2003, four
since 2004 and one since 2005).
John M. McGovern (36) Treasurer and Principal Financial Vice President, Neuberger Berman since 2004; Employee, NB
and Accounting Officer since 2005; Management since 1993; Treasurer and Principal Financial and
prior thereto, Assistant Treasurer Accounting Officer, fifteen registered investment companies for
since 2002 which NB Management acts as investment manager and
administrator (fifteen since 2005); formerly, Assistant
Treasurer, fifteen registered investment companies for which NB
Management acts as investment manager and administrator, 2002
to 2005.
</Table>
32
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1995; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; formerly, Vice
President, NB Management, 1995 to 1999; Vice President, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers Inc. since 2003; Chief
Compliance Officer, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (fifteen since 2005); Chief Compliance Officer,
Lehman Brothers Asset Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice President, UBS Global
Asset Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber Inc.),
1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
33
<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 is also 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).
34
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Balanced Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
35
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds or separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
36
<Page>
ANNUAL REPORT
DECEMBER 31, 2005
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
FASCIANO
PORTFOLIO
D0081 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
FASCIANO PORTFOLIO Manager's Commentary
In 2005, despite the vibrant economy and impressive corporate earnings
growth, small-cap stocks made only modest progress against a headwind
created by expensive energy and an extended Federal Reserve tightening
cycle. For the first time in the last seven years, large-cap stocks
outperformed small-caps, with the Russell 1000 returning 6.27% versus the
Russell 2000's 4.55% gain. The Neuberger Berman Advisers Management Trust
(AMT) Fasciano Portfolio delivered positive returns in 2005 but trailed its
Russell benchmark by a small margin. This modest shortfall was due largely
to the lagging performance of the Portfolio's Energy and Consumer
Discretionary holdings.
The Portfolio's Industrial holdings had the most positive impact on
performance in 2005, with repair and maintenance equipment distributor MSC
Industrial Direct and engineering and construction company Chicago Bridge
and Iron appearing on our top-ten performance list. Financial sector
investments, most notably property and casualty insurer HCC Insurance
Holdings and municipal bond insurer Assured Guaranty LTD, also excelled.
The Portfolio's Energy investments contributed substantially to absolute
returns. However, because the oil services stocks we favored substantially
underperformed exploration and production companies, the Portfolio's Energy
sector returns lagged the benchmark's Energy component by a wide margin.
The Portfolio benefited from the takeover of two holdings -- specialty
pharmaceuticals distributor Priority Healthcare by Express Scripts, and
water filtration equipment manufacturer CUNO by 3M.
Consumer Discretionary sector investments had the most negative impact on
absolute returns. The Portfolio was overweight Consumer Discretionary
stocks and substantial declines in newspaper publishers Journal Register
and Journal Communications, and decorative candle maker Blythe resulted in
negative returns in this sector. The Portfolio also had negative returns in
the Information Technology sector, with longtime holding Plantronics, the
world leader in communications headsets, selling off sharply. Although the
Portfolio had modest exposure to the Materials sector, the poor performance
of cobalt- and nickel-based specialty chemicals producer OM Group was a
significant drag on returns. We have eliminated the Portfolio's positions
in Blythe and OM Group.
Looking ahead, we feel positive about the economy and the stock market.
Economic growth may slow a bit in 2006 as Fed rate hikes finally take hold
and corporate earnings gains may not be quite as impressive. However,
3%-3.5% GDP growth and high single-digit percentage earnings gains could
provide traction for stocks, especially if the Federal Reserve shifts into
neutral and market interest rates remain low.
Recently, we have heard considerable discussion about the relative merits
of small- and large-cap stocks. The consensus seems to be that, after
materially outperforming large-cap stocks for six years, small-caps may
have entered what could be a prolonged period of underperformance relative
to large-caps. Certainly based on price/earnings, price/book, and
price/earnings over earnings-per-share-growth ratios, the valuation gap
between the two groups has narrowed considerably. However, we note that
small-cap companies are still less widely followed by Wall Street analysts
and the investment community in general. This presents the opportunity to
identify compelling investment opportunities ahead of the crowd.
We look for small companies with stable earnings, strong free cash flow
growth, solid financials, strong business franchises and market leading
products or services, ideally in businesses that have high barriers to new
competition. This translates into a Portfolio that consistently has an
earnings growth rate in line with the Russell 2000, an above benchmark
return on equity and a below benchmark price/earnings ratio. While we do
not expect our Portfolio to outperform its benchmark every quarter or even
every year, we are confident that, over the longer term, buying high
quality small growth companies at below-market-average valuations will
produce superior returns.
Sincerely,
/s/ MICHAEL FASCIANO
MICHAEL FASCIANO
PORTFOLIO MANAGER
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
FASCIANO
PORTFOLIO RUSSELL 2000(R)(2)
1 YEAR 2.82% 4.55%
LIFE OF FUND 10.79% 16.25%
- --------------------------------------------------------------------------
INCEPTION DATE 07/12/2002
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
FASCIANO
PORTFOLIO RUSSELL 2000(R)
7/12/2002 $ 10,000 $ 10,000
12/31/2002 $ 9,920 $ 9,264
6/30/2003 $ 10,670 $ 10,921
12/31/2003 $ 12,406 $ 13,642
6/30/2004 $ 13,097 $ 14,565
12/31/2004 $ 13,880 $ 16,143
6/30/2005 $ 13,458 $ 15,941
12/31/2005 $ 14,282 $ 16,878
</Table>
VALUE AS OF 12/31/05
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Banking & Financial 2.8%
Basic Materials 0.6
Biotechnology 0.9
Building, Construction & Furnishing 0.4
Business Services 8.2
Chemicals 0.9
Consumer Discretionary 0.3
Consumer Products & Services 0.9
Cosmetics 1.0
Defense 0.6
Distributor 4.7
Education 0.7
Electrical & Electronics 1.2
Entertainment 1.4
Filters 1.6
Financial Services 4.0
Health Products & Services 7.6
Heavy Industry 1.1
Home Builders 1.1
Industrial & Commercial Products 3.3
Insurance 5.1
Internet 1.1
Machinery & Equipment 4.9
Manufacturing 0.7
Materials 1.2
Metals 0.0
Office 1.0
Oil & Gas 0.5
Oil Services 6.0
Publishing & Broadcasting 7.3
Restaurants 1.5
Retail 1.2
Semiconductors 1.1
Technology 4.2
Transportation 5.6
Waste Management 3.4
Short-Term Investments 13.1
Liabilities, less cash, receivables and other assets (1.2)
</Table>
2
<Page>
ENDNOTES
1. 2.82% and 10.79% were the average annual total returns for the 1-year
and since inception (07/12/02) periods ended December 31, 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 $128 million. Please
note that indices do not take into account any fees and expenses of
investing in the individual securities that they track and that
individuals cannot invest directly in any index. Data about the
performance of these indices are prepared or obtained by NBMI and
include reinvestment of all dividends and capital gain distributions.
The Portfolio may invest in many securities not included in the
above-described indices.
The 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) 2006 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 AND PERFORMANCE: The first section of the table provides information
about actual account values and actual expenses in
dollars, based on the fund's actual performance during
the period. 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 12/31/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FASCIANO PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS S $ 1,000 $ 1,061.20 $ 7.22
</Table>
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
<Table>
CLASS S $ 1,000 $ 1,018.20 $ 7.07
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (88.1%)
BANKING & FINANCIAL (2.8%)
6,970 Boston Private
Financial Holdings $ 212,027
3,500 Wilshire Bancorp 60,165
4,520 Wintrust Financial 248,148
-----------------
520,340
BASIC MATERIALS (0.6%)
5,720 AMCOL International 117,374
BIOTECHNOLOGY (0.9%)
3,160 Techne Corp. 177,434*
BUILDING, CONSTRUCTION & FURNISHING (0.4%)
3,700 Interline Brands 84,175*
BUSINESS SERVICES (8.2%)
11,410 G & K Services 447,842
11,000 Korn/Ferry International 205,590*
9,300 Navigant Consulting 204,414*
4,930 Ritchie Bros. Auctioneers 208,293
16,865 Rollins, Inc. 332,409
5,760 Watson Wyatt & Co. 160,704
-----------------
1,559,252
CHEMICALS (0.9%)
8,200 Rockwood Holdings 161,786*
CONSUMER DISCRETIONARY (0.3%)
1,500 RC2 Corp. 53,280*
CONSUMER PRODUCTS & SERVICES (0.9%)
5,542 Tootsie Roll Industries 160,330
COSMETICS (1.0%)
9,400 Elizabeth Arden 188,564*
DEFENSE (0.6%)
3,600 ARGON ST 111,528*
DISTRIBUTOR (4.7%)
13,960 MSC Industrial Direct 561,471
6,050 ScanSource, Inc. 330,814*
-----------------
892,285
EDUCATION (0.7%)
4,100 Universal Technical Institute 126,854*
ELECTRICAL & ELECTRONICS (1.2%)
3,420 Daktronics, Inc. 101,129
5,480 LoJack Corp. 132,233*
-----------------
233,362
ENTERTAINMENT (1.4%)
5,340 International Speedway 255,786
FILTERS (1.6%)
9,900 CLARCOR Inc. 294,129
FINANCIAL SERVICES (4.0%)
2,780 FactSet Research Systems 114,425
4,320 Financial Federal 192,024
5,090 ITLA Capital 248,646*
3,340 W.P. Stewart & Co. 78,724
4,100 World Acceptance 116,850*
-----------------
750,669
HEALTH PRODUCTS & SERVICES (7.6%)
3,900 Computer Programs and Systems $ 161,577
31,050 Hooper Holmes 79,178
3,780 ICU Medical 148,214*
16,540 K-V Pharmaceutical 340,724*
3,800 MWI Veterinary Supply 98,078*
10,810 STERIS Corp. 270,466
10,190 Young Innovations 347,275
-----------------
1,445,512
HEAVY INDUSTRY (1.1%)
8,500 Chicago Bridge & Iron 214,285
HOME BUILDERS (1.1%)
2,760 Beazer Homes USA 201,038
INDUSTRIAL & COMMERCIAL PRODUCTS (3.3%)
3,500 Actuant Corp. 195,300
1,800 Middleby Corp. 155,700*
8,550 Modine Manufacturing 278,644
-----------------
629,644
INSURANCE (5.1%)
7,800 American Equity Investment
Life Holding 101,790
9,100 Amerisafe, Inc. 91,728*
10,900 Assured Guaranty 276,751
12,750 HCC Insurance Holdings 378,420
3,190 Hilb, Rogal and Hamilton 122,847
-----------------
971,536
INTERNET (1.1%)
4,700 j2 Global Communications 200,878*
MACHINERY & EQUIPMENT (4.9%)
6,600 Bucyrus International 347,820
8,110 IDEX Corp. 333,402
6,220 Regal-Beloit 220,188
1,070 Robbins & Myers 21,775
-----------------
923,185
MANUFACTURING (0.7%)
4,800 Drew Industries 135,312*
MATERIALS (1.2%)
10,750 Spartech Corp. 235,963
METALS (0.0%)
400 RBC Bearings 6,500*
OFFICE (1.0%)
7,600 Acco Brands 186,200*
OIL & GAS (0.5%)
1,700 Berry Petroleum Class A 97,240
OIL SERVICES (6.0%)
5,922 CARBO Ceramics 334,711
4,980 FMC Technologies 213,742*
1,700 Hydril 106,420*
8,030 Offshore Logistics 234,476*
7,800 TETRA Technologies 238,056*
-----------------
1,127,405
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
PUBLISHING & BROADCASTING (7.3%)
4,850 Courier Corp. $ 166,549
18,560 Emmis Communications 369,530*
16,940 Journal Communications 236,313
18,010 Journal Register 269,249
6,600 Meredith Corp. 345,444
-----------------
1,387,085
RESTAURANTS (1.5%)
16,250 Steak n Shake 275,438*
RETAIL (1.2%)
6,000 Regis Corp. 231,420
SEMICONDUCTORS (1.1%)
7,110 Cabot Microelectronics 208,536*
TECHNOLOGY (4.2%)
8,200 Kanbay International 130,298*
5,500 Landauer, Inc. 253,495
11,680 Methode Electronics 116,450
10,320 Plantronics, Inc. 292,056
-----------------
792,299
TRANSPORTATION (5.6%)
6,350 Forward Air 232,727
13,855 Heartland Express 281,118
5,200 Hub Group Class A 183,820*
8,820 Landstar System 368,147
-----------------
1,065,812
WASTE MANAGEMENT (3.4%)
7,310 Stericycle, Inc. 430,413*
6,165 Waste Connections 212,446*
-----------------
642,859
TOTAL COMMON STOCKS
(COST $14,613,394) 16,665,295
-----------------
SHORT-TERM INVESTMENTS (13.1%)
2,477,716 Neuberger Berman
Prime Money Fund
Trust Class
(COST $2,477,716) 2,477,716#@
-----------------
TOTAL INVESTMENTS (101.2%)
(COST $17,091,110) 19,143,011##
Liabilities, less cash,
receivables and other assets
[(1.2%)] (221,800)
-----------------
TOTAL NET ASSETS (100.0%) $ 18,921,211
</Table>
See Notes to Schedule of Investments
6
<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 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, including securities for which
the necessary last sale, asked, and/or bid prices are not readily available,
by methods the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") has approved on the belief that they reflect 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
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. In this event, FT Interactive
will provide adjusted prices for certain foreign equity securities using a
statistical analysis of historical correlations of 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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $17,111,342. Gross unrealized appreciation of investments was
$2,442,186 and gross unrealized depreciation of investments was $410,517,
resulting in net unrealized appreciation of $2,031,669, 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
7
<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 $ 16,665,295
- -------------------------------------------------------------------------------------------------------
Affiliated issuers 2,477,716
=======================================================================================================
19,143,011
Dividends and interest receivable 15,559
- -------------------------------------------------------------------------------------------------------
Receivable for securities sold 15,488
Receivable for Fund shares sold 49,128
- -------------------------------------------------------------------------------------------------------
Receivable from administrator--net (Note B) 1,889
=======================================================================================================
TOTAL ASSETS 19,225,075
=======================================================================================================
LIABILITIES
Payable for securities purchased 232,060
Payable for Fund shares redeemed 12,270
- -------------------------------------------------------------------------------------------------------
Payable to investment manager--net (Notes A & B) 13,435
Accrued expenses and other payables 46,099
=======================================================================================================
TOTAL LIABILITIES 303,864
=======================================================================================================
NET ASSETS AT VALUE $ 18,921,211
=======================================================================================================
NET ASSETS CONSIST OF:
Paid-in capital $ 16,290,865
Accumulated net realized gains (losses) on investments 578,445
----------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) in
value of investments 2,051,901
====================================================================================================
NET ASSETS AT VALUE $ 18,921,211
=======================================================================================================
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 1,336,282
=======================================================================================================
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.16
=======================================================================================================
*COST OF INVESTMENTS:
Unaffiliated issuers $ 14,613,394
Affiliated issuers 2,477,716
----------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 17,091,110
=======================================================================================================
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 138,975
Income from securities loaned--affiliated issuers (Note F) 1,656
- -------------------------------------------------------------------------------------------------------
Income from investments in affiliated issuers (Note F) 48,660
Foreign taxes withheld (627)
=======================================================================================================
Total income 188,664
=======================================================================================================
EXPENSES:
Investment management fee (Notes A & B) 149,336
Administration fee (Note B) 52,707
- -------------------------------------------------------------------------------------------------------
Distribution fees (Note B) 43,922
Audit fees 38,366
- -------------------------------------------------------------------------------------------------------
Custodian fees (Note B) 35,817
Insurance expense 746
- -------------------------------------------------------------------------------------------------------
Legal fees 3,337
Shareholder reports 15,316
- -------------------------------------------------------------------------------------------------------
Shareholder servicing agent fees 383
Trustees' fees and expenses 27,432
- -------------------------------------------------------------------------------------------------------
Miscellaneous 1,196
=======================================================================================================
Total expenses 368,558
Expenses reimbursed by administrator (Note B) (120,637)
Investment management fee waived (Note A) (1,331)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (1,130)
=======================================================================================================
Total net expenses 245,460
=======================================================================================================
Net investment income (loss) (56,796)
=======================================================================================================
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 621,792
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 5,347
=================================================================================================
Net gain (loss) on investments 627,139
=======================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 570,343
=======================================================================================================
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FASCIANO PORTFOLIO
-------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (56,796) $ (55,929)
Net realized gain (loss) on investments 621,792 138,488
- -------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of investments 5,347 1,210,790
=======================================================================================================
Net increase (decrease) in net assets resulting from operations 570,343 1,293,349
=======================================================================================================
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments (84,705) (36,107)
=======================================================================================================
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 11,413,506 12,465,780
Proceeds from reinvestment of dividends and
distributions 84,705 36,107
- -------------------------------------------------------------------------------------------------------
Payments for shares redeemed (8,993,419) (4,020,120)
=======================================================================================================
Net increase (decrease) from Fund share transactions 2,504,792 8,481,767
=======================================================================================================
NET INCREASE (DECREASE) IN NET ASSETS 2,990,430 9,739,009
NET ASSETS:
Beginning of year 15,930,781 6,191,772
=======================================================================================================
End of year $ 18,921,211 $ 15,930,781
=======================================================================================================
</Table>
See Notes to Financial Statements
10
<Page>
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.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, 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,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2005 2004 2005 2004 2005 2004
$ 44,303 $ 4,205 $ 40,402 $ 31,902 $ 84,705 $ 36,107
</Table>
As of December 31, 2005, 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
$ -- $ 598,677 $ 2,031,669 $ -- $ 2,630,346
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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.
12
<Page>
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Fund entered into a Securities Lending Agreement
("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted as
the Fund's lending agent. Under the Neuberger Agreement, Neuberger guaranteed
a certain amount of revenue to the Fund and received any revenue earned in
excess of the guaranteed amount as a lending agency fee. For the year ended
December 31, 2005, Neuberger received revenue under the Neuberger Agreement
of $390.
Effective October 4, 2005, eSecLending acts as agent for the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuers." At December 31, 2005, the Fund had no
securities out on loan.
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 year ended December 31, 2005,
management fees waived under this Arrangement amounted to $1,331 and is
reflected in the Statement of Operations under the caption "Investment
management fee waived." For the year ended December 31, 2005, income earned
under this Arrangement amounted to $48,660 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.
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 0.85% 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.
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 year ended December 31, 2005, such excess expenses amounted to
$120,637. 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 year ended December 31, 2005, there was no
reimbursement to Management
14
<Page>
under this agreement. At December 31, 2005, contingent liabilities to
Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN
2006 2007 2008 TOTAL
$ 92,031 $ 108,225 $ 120,637 $ 320,893
</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
year ended December 31, 2005, the impact of this arrangement was a
reduction of expenses of $1,106.
The Fund has an expense offset arrangement in connection with its
custodian contract. For the year ended December 31, 2005, the impact
of this arrangement was a reduction of expenses of $24.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $8,318,331 and
$6,670,490, respectively.
During the year ended December 31, 2005, brokerage commissions on
securities transactions amounted to $19,861, of which Neuberger
received $0, Lehman received $3,486, and other brokers received
$16,375.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31,
2004 was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 843,922 964,058
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND
DISTRIBUTIONS 6,335 2,821
SHARES REDEEMED (665,267) (315,110)
-------- --------
TOTAL 184,990 651,769
-------- --------
</Table>
15
<Page>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single
committed, unsecured $150,000,000 line of credit with a consortium of
banks organized by 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 0.09% 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 December 31,
2005. During the year ended December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman 211,800 7,674,600 7,886,400 $ -- $ -- $ 1,656
Securities Lending
Quality Fund, LLC**
Neuberger Berman
Prime Money Fund
Trust Class*** 1,217,013 12,317,314 11,056,611 2,477,716 2,477,716 48,660
------------ ------------
TOTAL $ 2,477,716 $ 50,316
============ ============
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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. 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.
16
<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
JULY 12, 2002^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------------------- ---------------
2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF PERIOD $ 13.84 $ 12.40 $ 9.92 $ 10.00
------- ------- ------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)~ (.04) (.08) (.08) (.01)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .43 1.56 2.57 (.07)
------- ------- ------- ---------------
TOTAL FROM INVESTMENT OPERATIONS .39 1.48 2.49 (.08)
------- ------- ------- ---------------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS (.07) (.04) (.01) --
------- ------- ------- ---------------
NET ASSET VALUE, END OF PERIOD $ 14.16 $ 13.84 $ 12.40 $ 9.92
------- ------- ------- ---------------
TOTAL RETURN++ +2.82% +11.96% +25.06% -0.80%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 18.9 $ 15.9 $ 6.2 $ 0.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.40% 1.41% 1.42% 1.40%*
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETSS@ 1.40% 1.40% 1.40% 1.40%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.32%) (.60%) (.69%) (.31%)*
PORTFOLIO TURNOVER RATE 42% 10% 70% 20%**
</Table>
See Notes to Financial Highlights
17
<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 Management. Had Management not undertaken
such action, the annualized ratio of net expenses to average daily net assets
would have been:
<Table>
<Caption>
PERIOD FROM
JULY 12, 2002 TO
DECEMBER 31, 2002
38.27%
</Table>
After reimbursement of expenses and/or waiver of a portion of the investment
management fee by Management. Had Management not undertaken such action, the
annualized ratios of net expenses to average daily net assets would have
been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003
2.09% 2.56% 4.58%
</Table>
^ The date investment operations commenced.
~ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not annualized.
18
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Fasciano Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Fasciano Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Fasciano Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
Ernst & Yong LLP
Boston, Massachusetts
February 10, 2006
19
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, 48 Independent Trustee or Director of
2000 Chairman, CDC Investment three series of Oppenheimer Funds:
Advisers (registered Limited Term New York Municipal Fund,
investment adviser), 1993 to Rochester Fund Municipals, and
January 1999; formerly, Oppenheimer Convertible Securities
President and Chief Executive Fund, since 1992.
Officer, AMA Investment
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar Retirement
1984 Milburn LLP (law firm) since Association (ABRA) since 1997
October 2002; formerly, (not-for-profit membership
Attorney-at-Law and association).
President, Faith Colish, A
Professional Corporation,
1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates to The
1998 Associates since June 2001; National Rehabilitation Hospital's
formerly, Director, AARP, Board of Directors since 2002;
1978 to December 2001. formerly, Member, Individual Investors
Advisory Committee to the New York
Stock Exchange Board of Directors, 1998
to June 2002; formerly, Member,
American Savings Education Council's
Policy Board (ASEC), 1998 to 2000;
formerly, Member, Executive Committee,
Crime Prevention Coalition of America,
1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General
Counsel, Loews Corporation.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly, Director,
Economics, New York DEL Laboratories, Inc. (cosmetics and
University Stern School of pharmaceuticals), 1978 to 2004;
Business; formerly, Executive formerly, Director, Apple Bank for
Secretary-Treasurer, American Savings, 1979 to 1990; formerly,
Finance Association, 1961 to Director, Western Pacific Industries,
1979. Inc., 1972 to 1986 (public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation (holding
1999 President and Special company) since August 2002; Director,
Counsel, WHX Corporation Webfinancial Corporation (holding
(holding company), 1993 to company) since December 2002; Director,
2001. State Theatre of New Jersey
(not-for-profit theater) since 2000;
formerly, Director, Kevlin Corporation
(manufacturer of microwave and other
products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc. (financial
2000 Policy Committee, Edward services holding company) since 1993;
Jones, 1993 to 2001; formerly, Director, Boston Financial
President, Securities Group (real estate and tax shelters),
Industry Association ("SIA") 1993 to 1999.
(securities industry's
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior 48 Director, Pro-Kids Golf and Learning
2000 Vice President, Foodmaker, Academy (teach golf and computer usage
Inc. (operator and franchiser to "at risk" children) since 1998;
of restaurants) until January formerly, Director, Prandium, Inc.
1997. (restaurants), March 2001 to July 2002.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash Management Trust
2000 Oxford Partners and Oxford (money market fund), Naragansett
Bioscience Partners (venture Insured Tax-Free Income Fund, Rocky
capital partnerships) and Mountain Equity Fund, Prime Cash Fund,
President, Oxford Venture several private companies and QuadraMed
Corporation. Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc. (financial
2000; Lead Investments LP (a private services company) since May 2001;
Independent investment partnership); Director, Forward Management, Inc.
Trustee formerly, President and CEO, (asset management company) since 2001;
beginning 2006 Westaff, Inc. (temporary formerly, Director, General Magic
staffing), May 2001 to (voice recognition software), 2001 to
January 2002; formerly, 2002; formerly, Director, E-Finance
Senior Executive at the Corporation (credit decisioning
Charles Schwab Corporation, services), 1999 to 2003; formerly,
1983 to 1999, including Chief Director, Save-Daily.com (micro
Executive Officer, Charles investing services), 1999 to 2003;
Schwab Investment Management, formerly, Director, Offroad Capital
Inc. and Trustee, Schwab Inc. (private internet commerce
Family of Funds and Schwab company), 1999 to 2002.
Investments, 1997 to 1998,
and Executive Vice
President-Retail Brokerage,
Charles Schwab Investment
Management,1994 to 1997.
Candace L. Straight (58) Trustee since Private investor and 48 Director, The Proformance Insurance
1999 consultant specializing in Company (personal lines property and
the insurance industry; casualty insurance company) since March
formerly, Advisory Director, 2004; Director, Providence Washington
Securitas Capital LLC (a (property and casualty insurance
global private equity company) since December 1998; Director,
investment firm dedicated to Summit Global Partners (insurance
making investments in the brokerage firm) since October 2000.
insurance sector), 1998 to
December 2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford
Life Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and Associates,
Trustee since Chief Investment Officer, Inc. (private company) since 1998;
2002 Neuberger Berman Inc. Director, Emagin Corp. (public company)
(holding company) since 2002 since 1997; Director, Solbright, Inc.
and 2003, respectively; (private company) since 1998; Director,
Managing Director and Chief Infogate, Inc. (private company) since
Investment Officer, Neuberger 1997; Director, Broadway Television
Berman since December 2005 Network (private company) since 2000.
and 2003, respectively;
formerly, Executive Vice
President, Neuberger Berman,
December 2002 to 2005;
Director and Chairman, NB
Management since December
2002; formerly, Executive
Vice President, Citigroup
Investments, Inc., September
1995 to February 2002;
formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President, Neuberger
the Board, Neuberger Berman Inc. & Berman Agency, Inc. since 2000;
Chief (holding company) since 1999; formerly, Director, Neuberger Berman
Executive Head of Neuberger Berman Inc. (holding company), October 1999 to
Officer and Inc.'s Mutual Funds Business March 2003; Trustee, Frost Valley YMCA.
Trustee since (since 1999) and
2000; Institutional Business (1999
President and to October 2005); responsible
Chief for Managed Accounts Business
Executive and intermediary distribution
Officer, 1999 since October 2005; President
to 2000 and Director, NB Management
since 1999; Managing
Director, Neuberger Berman
since 2005; formerly,
Executive Vice President,
Neuberger Berman, 1999 to
December 2005; formerly,
Principal, Neuberger Berman,
1997 to 1999; formerly,
Senior Vice President, NB
Management, 1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
24
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Compliance Officer Senior Vice President, Neuberger Berman since 2006;
since 2002 Deputy General Counsel, Neuberger Berman since 2004;
formerly, Vice President, Neuberger Berman, 2000 to
2006; formerly, Associate General Counsel, Neuberger
Berman, 1999 to 2004; formerly, Associate General
Counsel, NB Management, 1994 to 1999; Anti-Money
Laundering Compliance Officer, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (seven since 2002,
three since 2003, four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee,
NB Management since 1997; Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator (fifteen
since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB
Management since 2000 and Assistant Secretary since
2004; Vice President, Neuberger Berman since 2002 and
Employee since 1999; formerly, Vice President, NB
Management, 1986 to 1999; Secretary, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (three since 2000,
four since 2002, three since 2003, four since 2004 and
one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to
2003; Senior Vice President, NB Management since 2000;
formerly, Controller, NB Management, 1994 to 1996;
formerly, Treasurer, NB Management, 1996 to 1999; Vice
President, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior
Vice President, NB Management since 2000; formerly,
Vice President, NB Management, 1997 to 1999; Vice
President, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 (only for Senior Vice President, Neuberger Berman since 2002;
purposes of sections 307 and 406 of the Deputy General Counsel and Assistant Secretary,
Sarbanes-Oxley Act of 2002) Neuberger Berman since 2001; formerly, Vice President,
Neuberger Berman, 2001 to 2002; formerly, Associate
General Counsel, Neuberger Berman, 2001; formerly,
Counsel, Neuberger Berman, 2000; Secretary and General
Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly,
Employee, NB Management, 1991 to 1999; Assistant
Secretary, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (seven since 2002, three since 2003, four
since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly,
Employee, NB Management, 1993 to 1999; Assistant
Secretary, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (ten since 2003, four since 2004 and one
since 2005).
John M. McGovern (36) Treasurer and Principal Financial and Vice President, Neuberger Berman since 2004; Employee,
Accounting Officer since 2005; prior thereto, NB Management since 1993; Treasurer and Principal
Assistant Treasurer since 2002 Financial and Accounting Officer, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (fifteen since
2005); formerly, Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator, 2002 to
2005.
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee,
NB Management since 1995; Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator (fifteen
since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to
2003; formerly, Vice President, NB Management, 1995 to
1999; Vice President, fifteen registered investment
companies for which NB Management acts as investment
manager and administrator (three since 2000, four since
2002, three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers Inc. since 2003; Chief
Compliance Officer, fifteen registered investment
companies for which NB Management acts as investment
manager and administrator (fifteen since 2005); Chief
Compliance Officer, Lehman Brothers Asset Management
Inc. since 2003; Chief Compliance Officer, Lehman
Brothers Alternative Investment Management LLC since
2003; formerly, Vice President, UBS Global Asset
Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber
Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
27
<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 is also 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).
28
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Fasciano Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio manager. The Board discussed the Fund's performance
with Management and discussed steps that Management had taken, or intended to
take, to improve the Fund's performance. The Board also considered Management's
resources and responsiveness with respect to the Fund.
29
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund. The
Board noted that Management incurred a loss on the Fund on an after-tax basis.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
compared the fees charged to a comparable sub-advised fund and a comparable
separate account to the fees charged to the Fund at various asset levels. The
Board considered the appropriateness and reasonableness of the differences
between the fees charged between the Fund and the comparable sub-advised fund
and separate account and determined that the differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss since the Fund's
inception. The Board also carefully examined Management's cost allocation
methodology and had an independent expert review the methodology. It also
reviewed an analysis from an independent data service on investment management
profitability margins. The Board also reviewed whether Management and Neuberger
used brokers to execute Fund transactions that provide research and other
services to Management and Neuberger, and the types of benefits potentially
derived by the Fund and by other clients of Management and Neuberger from such
services. The Board recognized that Management should be entitled to earn a
reasonable level of profits for services it provides to the Fund and, based on
its review, concluded it was satisfied that Management's level of profitability
from its relationship with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
30
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
FOCUS
PORTFOLIO
D0080 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
FOCUS PORTFOLIO MANAGER'S COMMENTARY
The uninspiring equity returns of 2005 would have been even more underwhelming
were it not for the outsized contributions of Energy and Utilities stocks, by
far the two best performing sectors in the S&P 500. With virtually no exposure
to Energy or Utilities, the Neuberger Berman Advisers Management Trust (AMT)
Focus Portfolio closed the year with a modest loss, lagging its S&P 500 and
Russell 1000 Value Index benchmarks.
In terms of Portfolio performance, Consumer Discretionary investments had the
most positive impact on absolute and relative returns. The Portfolio was
overweight in the Consumer Discretionary sector and in aggregate our holdings in
the group delivered a mid-teen percentage return versus a decline for their
counterparts in the benchmark. Air mattress manufacturer Select Comfort and
homebuilder Centex were our two best performers in the sector and both made our
top-ten contributors list.
Investments in the Financial sector, which comprised the heaviest weighting in
the Portfolio, were a mixed blessing, finishing the year in positive territory
but lagging their respective benchmark components. Four Financial
holdings--brokers Merrill Lynch and Goldman Sachs, property and casualty insurer
American International Group, and financial conglomerate Citigroup--appeared on
our top-ten contributors list. However, three Financial companies--credit card
leader Capital One and mortgage lenders Washington Mutual and Federal National
Mortgage Association (Fannie Mae)--finished near the bottom of our performance
charts.
Information Technology investments, the Portfolio's second largest weighting,
disappointed. The Portfolio was more than double-weighted in technology and in
aggregate our tech holdings declined versus a modestly positive return for the
S&P 500's technology component. We had some big winners, including contract
manufacturer Jabil Circuit, the Portfolio's second largest performance
contributor, and Webmethods, number six on our contributors list. Unfortunately,
good gains in these stocks failed to compensate for losses in International
Rectifier, our largest tech holding, Flextronics, VeriSign and Computer
Associates, all of which appeared on our bottom-ten list.
I took over the portfolio management responsibilities of retiring Co-Manager
Kent Simons on October 1, 2005 and have been gradually making some changes in
the Portfolio. We are employing the same basic investment philosophy and
methodology, maintaining a concentrated portfolio of high quality companies
trading at deeply discounted valuations due to temporary problems either real or
imagined--in Kent's words "companies under a rock or under a cloud." When we
identify such companies in the future, we will continue to take substantial
positions, but we are likely to limit them to 10% of Portfolio assets. We will
also become more diversified by investing more of the Portfolio's assets in a
broader array of industry groups. To date, we have been reducing the Portfolio's
weighting in Financials and increasing its exposure in the Consumer and Health
Care sectors.
We are stock pickers, not economists or market timers. However, since
shareholders are generally interested in our outlook for the economy and stock
market, we will offer an opinion. As always, there are things to worry about,
most notably the overextended consumer, expensive energy, and the potential for
an economically destabilizing geopolitical event, such as military action in
response to Iran's nuclear ambitions. But there are positive forces at work as
well, including subdued inflation, the possibility that the Federal Reserve is
close to shifting into neutral, corporate cash holdings that could finance
increased capital spending,
1
<Page>
synchronized global economic growth, and the fact that equity valuations appear
quite reasonable. Our "best guess" is that the economy and corporate earnings
will continue to grow at a decent (although slower) pace, supporting high
single- to low double-digit percentage returns for equities in the year ahead.
As always, our goal will be to add value through a concentrated portfolio of
out-of-favor companies with above-market-average earnings growth potential.
Sincerely,
/s/ Robert B. Corman
ROBERT B. CORMAN
PORTFOLIO MANAGER
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
FOCUS RUSSELL 1000(R)
PORTFOLIO VALUE(2) S&P 500(2)
1 YEAR (0.11%) 7.05% 4.91%
LIFE OF FUND 26.45% 15.94% 12.96%
INCEPTION DATE 08/08/2002
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
FOCUS RUSSELL 1000(R)
PORTFOLIO VALUE INDEX S&P 500
8/8/2002 $ 10,000 $ 10,000 $ 10,000
12/31/2002 $ 10,990 $ 10,201 $ 10,115
6/30/2003 $ 15,180 $ 11,381 $ 11,304
12/31/2003 $ 20,946 $ 13,264 $ 13,015
6/30/2004 $ 20,322 $ 13,786 $ 13,463
12/31/2004 $ 22,248 $ 15,452 $ 14,430
6/30/2005 $ 22,134 $ 15,724 $ 14,314
12/31/2005 $ 22,224 $ 16,542 $ 15,139
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
SECTOR DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Autos & Housing 1.7%
Consumer Goods & Services 5.9
Energy 1.4
Financial Services 41.9
Health Care 2.0
Machinery & Equipment 1.2
Media & Entertainment 4.2
Retail 11.5
Technology 34.2
Short-Term Investments 0.5
Liabilities, less cash, receivables and
other assets (4.5)
</Table>
2
<Page>
ENDNOTES
(1). -0.11% and 26.45% were the average annual total returns for the 1-year and
since inception (08/08/02) periods ended December 31, 2005. This
performance was attained at a time that the asset size of the Portfolio was
small. The Portfolio's total net asset value as of December 31, 2005 was
$1,038,242. 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 the 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 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.
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 many not be realized. In
addition, any revision to 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 the Neuberger Berman Advisers
Management Trust re 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) 2006 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 AND PERFORMANCE: The first section of the table provides
information about actual account values
and actual expenses in dollars, based on
the fund's actual performance during the
period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOCUS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS S $ 1,000 $ 1,004.00 $ 6.26
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,018.95 $ 6.31
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (104.0%)
AUTOS & HOUSING (1.7%)
1,200 Rush Enterprises Class A $ 17,856*
CONSUMER GOODS & SERVICES (5.9%)
1,300 Sprint Corp. 30,368
400 Vertrue, Inc. 14,132*
800 Vodafone Group ADR 17,176
----------------
61,676
ENERGY (1.4%)
300 Canadian Natural Resources 14,886
FINANCIAL SERVICES (41.9%)
800 American International Group 54,584
1,732 Bank of America 79,932
1,200 Capital One Financial 103,680
1,250 Citigroup, Inc. 60,662
200 Goldman Sachs 25,542
650 J.P. Morgan Chase 25,799
1,000 Merrill Lynch 67,730
400 Redwood Trust 16,504
----------------
434,433
HEALTH CARE (2.0%)
400 Novartis AG ADR 20,992
MACHINERY & EQUIPMENT (1.2%)
300 American Standard 11,985
MEDIA & ENTERTAINMENT (4.2%)
800 Comcast Corp. Class A Special 20,552*
700 Viacom, Inc. Class B 22,820*
----------------
43,372
RETAIL (11.5%)
900 Home Depot 36,432
1,400 Select Comfort 38,290*
900 TJX Cos. 20,907
500 Wal-Mart Stores 23,400
----------------
119,029
TECHNOLOGY (34.2%)
700 Advanced Micro Devices 21,420*
1,700 Amdocs Ltd. 46,750*
1,700 Flextronics International 17,748*
3,200 International Rectifier 102,080*
1,000 Jabil Circuit 37,090*
4,000 Nokia Corp. ADR 73,200
1,000 Thermo Electron 30,130*
400 Tyco International 11,544
700 VeriSign, Inc. 15,344*
----------------
355,306
TOTAL COMMON STOCKS
(COST $830,499) 1,079,535
----------------
SHORT-TERM INVESTMENTS (0.5%)
5,363 Neuberger Berman
Prime Money Fund
Trust Class
(COST $5,363) $ 5,363@#
----------------
TOTAL INVESTMENTS (104.5%)
(COST $835,862) 1,084,898##
Liabilities, less cash,
receivables and other assets
[(4.5%)] (46,656)
----------------
TOTAL NET ASSETS (100.0%) $ 1,038,242
----------------
</Table>
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,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect 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 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
securities. In this event, FT Interactive will provide adjusted prices for
certain foreign equity securities using a statistical analysis of
historical correlations of 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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $836,004. Gross unrealized appreciation of investments was
$261,416 and gross unrealized depreciation of investments was $12,522,
resulting in net unrealized appreciation of $248,894, 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 $ 1,079,535
Affiliated issuers 5,363
- ----------------------------------------------------------------------------------------
1,084,898
Dividends and interest receivable 792
Receivable from administrator-net (Note B) 7,020
- ----------------------------------------------------------------------------------------
TOTAL ASSETS 1,092,710
- ----------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed 9,218
Payable to investment manager-net (Notes A & B) 496
Accrued expenses and other payables 44,754
- ----------------------------------------------------------------------------------------
TOTAL LIABILITIES 54,468
- ----------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 1,038,242
- ----------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 689,447
Undistributed net investment income (loss) 1,870
Accumulated net realized gains (losses) on
investments 97,889
Net unrealized appreciation (depreciation) in value of investments 249,036
- ----------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 1,038,242
- ----------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 54,164
- ----------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 19.17
- ----------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 830,499
Affiliated issuers 5,363
- ----------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 835,862
- ----------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOCUS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 13,837
Income from securities loaned-afiliated issuer 1,656
Income from investments in affiliated issuers (Note F) 716
Foreign taxes withheld (187)
- ----------------------------------------------------------------------------------------
Total income 16,022
- ----------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 6,008
Administration fee (Note B) 3,277
Distribution fees (Note B) 2,731
Audit fees 38,363
Custodian fees (Note B) 8,355
Insurance expense 57
Legal fees 556
Shareholder reports 13,418
Shareholder servicing agent fees 54
Trustees' fees and expenses 29,530
Miscellaneous 924
- ----------------------------------------------------------------------------------------
Total expenses 103,273
Expenses reimbursed by administrator (Note B) (89,000)
Investment management fee waived (Note A) (18)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (103)
- ----------------------------------------------------------------------------------------
Total net expenses 14,152
- ----------------------------------------------------------------------------------------
Net investment income (loss) 1,870
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 98,033
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (102,127)
-----------------------------------------------------------------------------------
Net gain (loss) on investments (4,094)
- ----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (2,224)
- ----------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOCUS PORTFOLIO
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,870 $ (1,395)
Net realized gain (loss) on investments 98,033 23,999
Change in net unrealized appreciation
(depreciation) of investments (102,127) 41,950
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations (2,224) 64,554
- -------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments (19,813) (120,549)
- -------------------------------------------------------------------------------------------------
Total distributions to shareholders (19,813) (120,549)
- -------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 45,124 112,127
Proceeds from reinvestment of dividends and distributions 19,813 120,549
Payments for shares redeemed (190,399) (174,997)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (125,462) 57,679
- -------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (147,499) 1,684
NET ASSETS:
Beginning of year 1,185,741 1,184,057
- -------------------------------------------------------------------------------------------------
End of year $ 1,038,242 $ 1,185,741
- -------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 1,870 $ --
- -------------------------------------------------------------------------------------------------
</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 distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
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.
The tax character of distributions paid during the years ended December 31,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME LONG TERM CAPITAL GAIN TOTAL
2005 2004 2005 2004 2005 2004
$ -- $ 113,929 $ 19,813 $ 6,620 $ 19,813 $ 120,549
</Table>
As of December 31, 2005, 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
$ 18,107 $ 81,794 $ 248,894 $ -- $ 348,795
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-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.
9 SECURITY LENDING: Pursuant to an Exemptive Order issued by the Securities
and Exchange Commission, the Fund entered into a Securities Lending
Agreement ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman,
LLC ("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acted as the
11
<Page>
Fund's lending agent. Under the Neuberger Agreement, Neuberger guaranteed a
certain amount of revenue to the Fund and received any revenue earned in
excess of the guaranteed amount as a lending agency fee. For the year ended
December 31, 2005, Neuberger did not receive any revenue under the
Neuberger Agreement.
Effective October 4, 2005, eSecLending acts as agent for the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction
equal to at least 102% of the prior day's market value of the loaned
securities (105% in the case of international 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, an affiliate of Management, as
approved by the Board.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuers." At December 31, 2005, the Fund had no
securities out on loan.
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 year
ended December 31, 2005, management fees waived under this Arrangement
amounted to $18 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the year ended December 31,
2005, income earned under this Arrangement amounted to $716, 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.
12
<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.
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 year ended December 31, 2005,
such excess expenses amounted to $89,000. 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 year ended December 31, 2005, there
was no reimbursement to Management
13
<Page>
under this agreement. At December 31, 2005, contingent liabilities to
Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2006 2007 2008 TOTAL
$ 77,957 $ 80,604 $ 89,000 $ 247,561
</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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $103.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $0.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $494,373 and $620,597,
respectively.
During the year ended December 31, 2005, brokerage commissions on
securities transactions amounted to $1,996, of which Neuberger received
$205, Lehman received $95, and other brokers received $1,696.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 2,441 5,164
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 1,131 7,275
SHARES REDEEMED (9,959) (8,787)
------- -------
TOTAL (6,387) 3,652
------- -------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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
14
<Page>
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
0.09% 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 December 31, 2005.
During the year ended December 31, 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 SALES AFFILIATED
HELD GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 9,673 384,494 388,804 5,363 $ 5,363 $ 716
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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.
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
AUGUST 8, 2002^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
-------------------------------- ---------------
2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.58 $ 20.81 $ 11.00 $ 10.00
-------- -------- -------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .03 (.02) (.09) (.03)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (0.08) 0.93 10.03 1.03
-------- -------- -------- ---------------
TOTAL FROM INVESTMENT OPERATIONS (0.05) 0.91 9.94 1.00
-------- -------- -------- ---------------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS (.36) (2.14) (.13) --
-------- -------- -------- ---------------
NET ASSET VALUE, END OF PERIOD $ 19.17 $ 19.58 $ 20.81 $ 11.00
-------- -------- -------- ---------------
TOTAL RETURN++ -0.11% +6.21% +90.42% +10.00%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 1.0 $ 1.2 $ 1.2 $ 0.2
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# 1.30% 1.30% 1.32% 1.25%*
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS ^^ 1.30% 1.29% 1.29% 1.25%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS .17% (.12%) (.51%) (.69%)*
PORTFOLIO TURNOVER RATE 45% 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.
^^ Section After reimbursement of expenses by Management. Had Management not
undertaken such action, the annualized ratio of net expenses to average
daily net assets would have been:
<Table>
<Caption>
PERIOD FROM
AUGUST 8, 2002
TO DECEMBER 31,
2002
63.28%
</Table>
After reimbursement of expenses and/or waiver of a portion of the investment
management fee by Management. Had Management not undertaken such actions, the
annualized ratios of net expenses to average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003
9.44% 8.20% 12.48%
</Table>
^ The date investment operations commenced.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not Annualized.
17
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees
of Neuberger Berman Advisers Management Trust and
Shareholders of Focus Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Focus Portfolio, one of the series constituting
Neuberger Berman Advisers Management Trust (the "Trust"), as of December 31,
2005, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Focus
Portfolio, a series of Neuberger Berman Advisers Management Trust, at December
31, 2005, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the
financial highlights for each of the periods indicated therein, in conformity
with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
18
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, Chairman, 48 Independent Trustee or
2000 CDC Investment Advisers Director of three series of
(registered investment adviser), Oppenheimer Funds: Limited
1993 to January 1999; formerly, Term New York Municipal Fund,
President and Chief Executive Rochester Fund Municipals, and
Officer, AMA Investment Advisors, Oppenheimer Convertible
an affiliate of the American Securities Fund, since 1992.
Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & Milburn 48 Director, American Bar
1984 LLP (law firm) since October 2002; Retirement Association (ABRA)
formerly, Attorney-at-Law and since 1997 (not-for-profit
President, Faith Colish, A membership association).
Professional Corporation, 1980 to
2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey Associates 48 President, Board of Associates
1998 since June 2001; formerly, to The National Rehabilitation
Director, AARP, 1978 to December Hospital's Board of Directors
2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York
Stock Exchange Board of
Directors, 1998 to June 2002;
formerly, Member, American
Savings Education Council's
Policy Board (ASEC), 1998 to
2000; formerly, Member,
Executive Committee, Crime
Prevention Coalition of
America, 1997 to 2000.
</Table>
19
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------------
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, Senior 48 None.
2000 Counsel, Loews Corporation
(diversified financial
corporation), May 2002 to April
2003; formerly, Senior Vice
President, Secretary and General
Counsel, Loews Corporation.
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor Emeritus 48 Director, The Caring Community
2000 of Finance and Economics, New York (not-for-profit); formerly,
University Stern School of Director, DEL Laboratories,
Business; formerly, Executive Inc. (cosmetics and
Secretary-Treasurer, American pharmaceuticals), 1978 to
Finance Association, 1961 to 1979. 2004; formerly, Director,
Apple Bank for Savings, 1979
to 1990; formerly, Director,
Western Pacific Industries,
Inc., 1972 to 1986 (public
company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice President 48 Director, WHX Corporation
1999 and Special Counsel, WHX (holding company) since August
Corporation (holding company), 2002; Director, Webfinancial
1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director,
Kevlin Corporation
(manufacturer of microwave and
other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward Jones, (financial services holding
1993 to 2001; President, company) since 1993; formerly,
Securities Industry Association Director, Boston Financial
("SIA") (securities industry's Group (real estate and tax
representative in government shelters), 1993 to 1999.
relations and regulatory matters
at the federal and state levels),
1974 to 1992; Adviser to SIA,
November 1992 to November 1993.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------------
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf
(operator and franchiser of and computer usage to "at
restaurants) until January 1997. risk" children) since 1998;
formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (74) Trustee since Founding General Partner, Oxford 48 Director, Capital Cash
2000 Partners and Oxford Bioscience Management Trust (money market
Partners (venture capital fund), Naragansett Insured
partnerships) and President, Tax-Free Income Fund, Rocky
Oxford Venture Corporation. Mountain Equity Fund, Prime
Cash Fund, several private
companies and QuadraMed
Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip Investments 48 Director, H&R Block, Inc.
2000; Lead LP (a private investment (financial services company)
Independent partnership); formerly, President since May 2001; Director,
Trustee and CEO, Westaff, Inc. (temporary Forward Management, Inc.
beginning staffing), May 2001 to January (asset management company)
2006 2002; formerly, Senior Executive since 2001; formerly,
at the Charles Schwab Corporation, Director, General Magic (voice
1983 to 1999, including Chief recognition software), 2001 to
Executive Officer, Charles Schwab 2002; formerly, Director,
Investment Management, Inc. and E-Finance Corporation (credit
Trustee, Schwab Family of Funds decisioning services), 1999 to
and Schwab Investments, 1997 to 2003; formerly, Director,
1998, and Executive Vice Save-Daily.com (micro
President-Retail Brokerage, investing services), 1999 to
Charles Schwab Investment 2003; formerly, Director,
Management, 1994 to 1997. Offroad Capital Inc. (private
internet commerce company),
1999 to 2002.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------------------
Candace L. Straight (58) Trustee since Private investor and consultant 48 Director, The Proformance
1999 specializing in the insurance Insurance Company (personal
industry; formerly, Advisory lines property and casualty
Director, Securitas Capital LLC (a insurance company) since March
global private equity investment 2004; Director, Providence
firm dedicated to making Washington (property and
investments in the insurance casualty insurance company)
sector), 1998 to December 2002. since December 1998; Director,
Summit Global Partners
(insurance brokerage firm)
since October 2000.
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit Company
since August 1997; formerly,
President, Ford Life Insurance
Company, April 1995 to August
1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and Chief 48 Director, Dale Carnegie and
Trustee since Investment Officer, Neuberger Associates, Inc. (private
2002 Berman Inc. (holding company) company) since 1998; Director,
since 2002 and 2003, respectively; Emagin Corp. (public company)
Managing Director and Chief since 1997; Director,
Investment Officer, Neuberger Solbright, Inc. (private
Berman since December 2005 and company) since 1998; Director,
2003, respectively; formerly, Infogate, Inc. (private
Executive Vice President, company) since 1997; Director,
Neuberger Berman, December 2002 to Broadway Television Network
2005; Director and Chairman, NB (private company) since 2000.
Management since December 2002;
formerly, Executive Vice
President, Citigroup Investments,
Inc., September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February 2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of the Executive Vice President, 48 Director and Vice President,
Board, Chief Neuberger Berman Inc. (holding Neuberger & Berman Agency,
Executive company) since 1999; Head of Inc. since 2000; formerly,
Officer and Neuberger Berman Inc.'s Mutual Director, Neuberger Berman
Trustee since Funds Business (since 1999) and Inc. (holding company),
2000; Institutional Business (1999 to October 1999 to March 2003;
President and October 2005); responsible for Trustee, Frost Valley YMCA.
Chief Managed Accounts Business and
Executive intermediary distribution since
Officer, 1999 October 2005; President and
to 2000 Director, NB Management since
1999; Managing Director, Neuberger
Berman since 2005; formerly,
Executive Vice President,
Neuberger Berman, 1999 to December
2005; formerly, Principal,
Neuberger Berman, 1997 to 1999;
formerly, Senior Vice President,
NB Management, 1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
23
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman
Compliance Officer since 2002 since 2006; Deputy General Counsel,
Neuberger Berman since 2004; formerly,
Vice President, Neuberger Berman, 2000
to 2006; formerly, Associate General
Counsel, Neuberger Berman, 1999 to 2004;
formerly, Associate General Counsel, NB
Management, 1994 to 1999; Anti-Money
Laundering Compliance Officer, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (seven since
2002, three since 2003, four since 2004
and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since
2006; Employee, NB Management since
1997; Assistant Treasurer, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (fifteen since
2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board
Relations, NB Management since 2000 and
Assistant Secretary since 2004; Vice
President, Neuberger Berman since 2002
and Employee since 1999; formerly, Vice
President, NB Management, 1986 to 1999;
Secretary, fifteen registered investment
companies for which NB Management acts
as investment manager and administrator
(three since 2000, four since 2002,
three since 2003, four since 2004 and
one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman
since 2003; formerly, Vice President,
Neuberger Berman, 1999 to 2003; Senior
Vice President, NB Management since
2000; formerly, Controller, NB
Management, 1994 to 1996; formerly,
Treasurer, NB Management, 1996 to 1999;
Vice President, fifteen registered
investment companies for which NB
Management acts as investment manager
and administrator (three since 2000,
four since 2002, three since 2003, four
since 2004 and one since 2005).
</Table>
24
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman
since 1999; Senior Vice President, NB
Management since 2000; formerly, Vice
President, NB Management, 1997 to 1999;
Vice President, fifteen registered
investment companies for which NB
Management acts as investment manager
and administrator (three since 2000,
four since 2002, three since 2003, four
since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman
(only for purposes of sections since 2002; Deputy General Counsel and
307 and 406 of the Assistant Secretary, Neuberger Berman
Sarbanes-Oxley Act of 2002) since 2001; formerly, Vice President,
Neuberger Berman, 2001 to 2002;
formerly, Associate General Counsel,
Neuberger Berman, 2001; formerly,
Counsel, Neuberger Berman, 2000;
Secretary and General Counsel, NB
Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999;
formerly, Employee, NB Management, 1991
to 1999; Assistant Secretary, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (seven since
2002, three since 2003, four since 2004
and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999;
formerly, Employee, NB Management, 1993
to 1999; Assistant Secretary, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (ten since
2003, four since 2004 and one since
2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger Berman since
Financial and Accounting 2004; Employee, NB Management since
Officer since 2005; prior 1993; Treasurer and Principal Financial
thereto, Assistant Treasurer and Accounting Officer, fifteen
since 2002 registered investment companies for
which NB Management acts as investment
manager and administrator (fifteen since
2005); formerly, Assistant Treasurer,
fifteen registered investment companies
for which NB Management acts as
investment manager and administrator,
2002 to 2005.
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since
2006; Employee, NB Management since
1995; Assistant Treasurer, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (fifteen since
2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman
since 2003; formerly, Vice President,
Neuberger Berman, 1999 to 2003;
formerly, Vice President, NB Management,
1995 to 1999; Vice President, fifteen
registered investment companies for
which NB Management acts as investment
manager and administrator (three since
2000, four since 2002, three since 2003,
four since 2004 and one since 2005).
Chamaine Williams (35) Chief Compliance Officer since Vice President, Lehman Brothers Inc.
2005 since 2003; Chief Compliance Officer,
fifteen registered investment companies
for which NB Management acts as
investment manager and administrator
(fifteen since 2005); Chief Compliance
Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers
Alternative Investment Management LLC
since 2003; formerly, Vice President,
UBS Global Asset Management (US) Inc.
(formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
26
<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 is also 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).
27
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Focus Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio managers.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
28
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund. The
Board noted that Management incurred a loss on the Fund on an after-tax basis.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds or separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss since the Fund's
inception. The Board also carefully examined Management's cost allocation
methodology and had an independent expert review the methodology. It also
reviewed an analysis from an independent data service on investment management
profitability margins. The Board also reviewed whether Management and Neuberger
used brokers to execute Fund transactions that provide research and other
services to Management and Neuberger, and the types of benefits potentially
derived by the Fund and by other clients of Management and Neuberger from such
services. The Board recognized that Management should be entitled to earn a
reasonable level of profits for services it provides to the Fund and, based on
its review, concluded it was satisfied that Management's level of profitability
from its relationship with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory; that the Fund's fee structure appeared to the Board to be
reasonable given the quality of services expected to be provided; and that the
benefits accruing to Management and its affiliates by virtue of their
relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
29
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
GROWTH PORTFOLIO(R)
B1015 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
GROWTH PORTFOLIO MANAGERS' COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Growth Portfolio generated
a positive return in 2005, outperforming its benchmark, the Russell Midcap
Growth Index. The Portfolio ranked in the top 25% of its Lipper peer group, as
strong stock selection and sector allocations enhanced performance relative to
the benchmark.
Over the course of the year, impressive corporate earnings gains, a strong
economy and healthy profit margins supported equity performance but were offset
by the Federal Reserve's relentless increases in short-term interest rates.
Energy was the best performing sector, reflecting record highs in crude oil
prices due to increased Asian demand and a strong U.S. economy. Sectors tied to
the consumer were generally the weakest of the year as personal income was
squeezed by higher energy costs and interest rates.
For the Portfolio, the most significant contributors to performance were
securities in the Financials, Energy and Health Care sectors. Within Financials,
stocks that did well included business services companies such as the Chicago
Mercantile Exchange and brokerage firms such as Legg Mason. Within Energy, names
that did well included Peabody Energy and Canadian Natural Resources. Stock
selection within Health Care benefited Portfolio results with Celgene, a
particularly strong performer in 2005. Also additive to relative return were
holdings in the Consumer Staples sector, including Whole Foods Market and
Constellation Brands.
In aggregate, our sector allocation also contributed to performance, with
Portfolio overweights in Telecom and Energy--two of 2005's best performing
sectors--providing much of the value added.
Stock selection within Information Technology had the most negative impact on
relative performance. Within this sector, various software companies showed
weakness, while some business services companies also underperformed.
Moving forward, we believe that domestic consumers remain financially stretched.
Real wage growth has been non-existent this economic cycle. Instead, consumer
spending has been driven by strong housing gains and additional debt. Housing
now contributes over 6% of GDP and is showing signs of slowing. Housing
inventories are at a nine-year high and affordability has hit a new low. We do
not expect a housing price collapse, but this major support for consumer
spending is weakening, which could slow economic activity. Although data are
somewhat ambiguous, there is evidence that U.S. economic growth is slowing. In
contrast, foreign economies in Asia, Japan and even Europe are exhibiting
increased economic activity. As such, we want the Portfolio to be tilted toward
beneficiaries of global economic expansion and corporate spending and away from
exposure to the beleaguered American consumer.
Throughout 2005, there was little change in our strategic position. However, at
some point in the months ahead we expect to become more defensive and move up
the market capitalization spectrum. For now, we want to let the past market
leadership play out before making a change.
If, as we expect, the market progresses higher in the first part of the year, we
currently anticipate making rotational changes into more traditional growth
areas. Currently, Energy, Information Technology, Industrials and Health Care
are all overweighted in the Portfolio while Consumer Staples and Discretionary,
Utilities and Financials remain underweighted.
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
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
GROWTH RUSSELL MIDCAP(R)
PORTFOLIO GROWTH(2) RUSSELL MIDCAP(R)(2) S&P 500(2)
1 YEAR 13.50% 12.10% 12.65% 4.91%
5 YEAR (3.57%) 1.38% 8.45% 0.54%
10 YEAR 6.06% 9.27% 12.49% 9.07%
LIFE OF FUND 9.76% N/A 14.33% 12.77%
</Table>
INCEPTION DATE 09/10/1984
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
www.nb.com/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
RUSSELL
GROWTH MIDCAP(R) RUSSELL
PORTFOLIO GROWTH MIDCAP(R) S&P 500
12/31/1995 $ 10,000 $ 10,000 $ 10,000 $ 10,000
12/31/1996 $ 10,914 $ 11,748 $ 11,900 $ 12,295
12/31/1997 $ 14,080 $ 14,396 $ 15,352 $ 16,395
12/31/1998 $ 16,266 $ 16,968 $ 16,901 $ 21,080
12/31/1999 $ 24,463 $ 25,670 $ 19,983 $ 25,515
12/31/2000 $ 21,612 $ 22,654 $ 21,631 $ 23,192
12/31/2001 $ 15,050 $ 18,089 $ 20,415 $ 20,438
12/31/2002 $ 10,360 $ 13,132 $ 17,111 $ 15,923
12/31/2003 $ 13,613 $ 18,741 $ 23,965 $ 20,487
12/31/2004 $ 15,874 $ 21,642 $ 28,810 $ 22,715
12/31/2005 $ 18,016 $ 24,260 $ 32,455 $ 23,830
</Table>
This chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 2.1%
Basic Materials 1.2
Biotechnology 4.9
Building, Construction & Furnishing 0.3
Business Services 8.9
Business Services - IT Business Services 0.5
Communications Equipment 2.1
Consumer Discretionary 3.8
Consumer Staples 1.6
Diagnostic Equipment 1.8
Electrical & Electronics 0.9
Energy 11.6
Financial Services 5.6
Health Care 5.4
Industrial 6.3
Insurance 0.5
Leisure 5.5
Medical Equipment 6.1
Metals 0.6
Retail 6.5
Semiconductors 9.3
Software 2.4
Technology 5.1
Telecommunications 4.5
Transportation 1.4
Utilities 0.6
Short-Term Investments 7.7
Liabilities, less cash, receivables and
other assets (7.2)
</Table>
2
<Page>
ENDNOTES
(1). 13.50%, -3.57% and 6.06% were the average annual total returns for the 1-,
5- and 10-year periods ended December 31, 2005. For the year ended
December 31, 2005, the Portfolio ranked 31st out of 137 funds in the
Lipper Mid-Cap Growth Variable Product Underlying Funds category.
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 26% 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.
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) 2006 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 AND PERFORMANCE: The first section of the table provides
information about actual account values
and actual expenses in dollars, based on
the fund's actual performance during the
period. 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 12/31/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,114.80 $ 5.44
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.06 $ 5.19
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 184/365 (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 (99.5%)
AEROSPACE (2.1%)
32,500 Precision Castparts $ 1,683,825
51,000 Rockwell Collins 2,369,970
---------------
4,053,795
BASIC MATERIALS (1.2%)
70,000 Airgas, Inc. 2,303,000
BIOTECHNOLOGY (4.9%)
60,500 Celgene Corp. 3,920,400*
55,000 Gilead Sciences 2,894,650*
25,000 Invitrogen Corp. 1,666,000*
17,500 Protein Design Labs 497,350*
25,000 Vertex Pharmaceuticals 691,750*
---------------
9,670,150
BUILDING, CONSTRUCTION & FURNISHING (0.3%)
4,500 Eagle Materials 550,620^
BUSINESS SERVICES (8.9%)
65,000 Alliance Data Systems 2,314,000*
53,500 CB Richard Ellis Group 3,148,475*^
50,000 Corporate Executive Board 4,485,000
32,500 Getty Images 2,901,275*^
12,000 Iron Mountain 506,640*^
22,000 Laureate Education 1,155,220*^
50,000 Monster Worldwide 2,041,000*
22,500 NAVTEQ 987,075*^
---------------
17,538,685
BUSINESS SERVICES--IT BUSINESS SERVICES (0.5%)
15,000 DST Systems 898,650*
COMMUNICATIONS EQUIPMENT (2.1%)
25,000 ADC Telecommunications 558,500*
23,000 Harris Corp. 989,230
85,000 Juniper Networks 1,895,500*
65,000 Tellabs, Inc. 708,500*
---------------
4,151,730
CONSUMER DISCRETIONARY (3.8%)
45,000 Advance Auto Parts 1,955,700*
24,500 Fortune Brands 1,911,490
25,500 Harman International
Industries 2,495,175
40,000 XM Satellite Radio Holdings 1,091,200*
---------------
7,453,565
CONSUMER STAPLES (1.6%)
25,500 Shoppers Drug Mart 961,868
28,400 Whole Foods Market 2,197,876
---------------
3,159,744
DIAGNOSTIC EQUIPMENT (1.8%)
106,000 Cytyc Corp. 2,992,380*^
8,000 IDEXX Laboratories 575,840*
---------------
3,568,220
ELECTRICAL & ELECTRONICS (0.9%)
50,000 Jabil Circuit 1,854,500*
ENERGY (11.6%)
42,500 Canadian Natural Resources $ 2,108,850
105,000 Denbury Resources 2,391,900*
37,500 GlobalSantaFe Corp. 1,805,625
25,000 Maverick Tube 996,500*
45,000 National-Oilwell Varco 2,821,500*
27,500 Peabody Energy 2,266,550
35,000 Quicksilver Resources 1,470,350*^
80,250 Range Resources 2,113,785
79,000 Smith International 2,931,690
90,000 XTO Energy 3,954,600
---------------
22,861,350
FINANCIAL SERVICES (5.6%)
10,000 Chicago Mercantile Exchange 3,674,900
24,500 Legg Mason 2,932,405
48,000 Moody's Corp. 2,948,160
35,000 Nuveen Investments 1,491,700
---------------
11,047,165
HEALTH CARE (5.4%)
20,000 American Healthways 905,000*
26,500 Cerner Corp. 2,409,115*^
22,500 Gen-Probe 1,097,775*
20,700 IMS Health 515,844
41,000 Omnicare, Inc. 2,346,020
73,500 VCA Antech 2,072,700*
30,000 WellCare Health Plans 1,225,500*
---------------
10,571,954
INDUSTRIAL (6.3%)
45,000 Danaher Corp. 2,510,100
65,800 Donaldson Co. 2,092,440
87,000 Fastenal Co. 3,409,530^
38,500 Rockwell International 2,277,660
28,500 W.W. Grainger 2,026,350
---------------
12,316,080
INSURANCE (0.5%)
27,000 Endurance Specialty Holdings 967,950
LEISURE (5.5%)
45,500 Gaylord Entertainment 1,983,345*^
30,000 Hilton Hotels 723,300
39,500 Marriott International 2,645,315
40,000 Scientific Games Class A 1,091,200*
63,000 Station Casinos 4,271,400
---------------
10,714,560
MEDICAL EQUIPMENT (6.1%)
55,000 C. R. Bard 3,625,600
21,200 Hologic, Inc 803,904*
59,500 Kyphon, Inc. 2,429,385*^
62,000 ResMed, Inc. 2,375,220*
56,500 Varian Medical
Systems 2,844,210*^
---------------
12,078,319
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
METALS (0.6%)
7,500 Phelps Dodge $ 1,079,025
RETAIL (6.5%)
60,000 AnnTaylor Stores 2,071,200*
135,000 Coach, Inc. 4,500,900*
38,000 Michaels Stores 1,344,060
89,000 Nordstrom, Inc. 3,328,600
23,500 Tiffany & Co. 899,815
12,500 Williams-Sonoma 539,375*
---------------
12,683,950
SEMICONDUCTORS (9.3%)
27,500 Advanced Micro Devices 841,500*
35,000 Analog Devices 1,255,450
35,000 Broadcom Corp. 1,650,250*
11,000 KLA-Tencor 542,630
26,500 Linear Technology 955,855
54,500 Marvell Technology Group 3,056,905*
70,000 MEMC Electronic Materials 1,551,900*
74,000 Microchip Technology 2,379,100
120,100 Microsemi Corp. 3,321,966*^
70,000 National Semiconductor 1,818,600
22,500 Varian Semiconductor Equipment 988,425*
---------------
18,362,581
SOFTWARE (2.4%)
54,100 Autodesk, Inc. 2,323,595
35,000 McAfee, Inc. 949,550*^
45,000 Salesforce.com, Inc. 1,442,250*
---------------
4,715,395
TECHNOLOGY (5.1%)
88,500 Activision, Inc. 1,215,990*
19,000 Agilent Technologies 632,510*
28,500 Akamai Technologies 568,005*
26,500 CACI International 1,520,570*
90,000 Cognizant Technology Solutions 4,531,500*
26,500 Comverse Technology 704,635*
20,000 Logitech International ADR 935,400*^
---------------
10,108,610
TELECOMMUNICATIONS (4.5%)
85,000 American Tower 2,303,500*
82,000 Leap Wireless International 3,106,160*
38,500 Nextel Partners 1,075,690*
56,000 NII Holdings 2,446,080*
---------------
8,931,430
TRANSPORTATION (1.4%)
73,000 C. H. Robinson Worldwide 2,703,190
UTILITIES (0.6%)
30,000 Energen Corp. 1,089,600
TOTAL COMMON STOCKS
(COST $129,850,657) 195,433,818
---------------
SHORT-TERM INVESTMENTS (7.7%)
15,193,101 Neuberger Berman Securities
Lending Quality Fund, LLC $ 15,193,101++
TOTAL SHORT-TERM INVESTMENTS
(COST $15,193,101) 15,193,101#
---------------
TOTAL INVESTMENTS (107.2%)
(COST $145,043,758) 210,626,919##
Liabilities, less cash, receivables and other
assets [(7.2%)] (14,086,078)
---------------
TOTAL NET ASSETS (100.0%) $ 196,540,841
---------------
</Table>
See Notes to Schedule of Investments
6
<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, including
securities for which the necessary last sale, asked, and/or bid prices are
not readily available, by methods the Board of Trustees of Neuberger Berman
Advisers Management Trust (the "Board") has approved on the belief that they
reflect 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 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. In this
event, FT Interactive will provide adjusted prices for certain foreign
equity securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $145,514,474. Gross unrealized appreciation of investments was
$66,087,147 and gross unrealized depreciation of investments was $974,702,
resulting in net unrealized appreciation of $65,112,445, 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>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 195,433,818
Affiliated issuers 15,193,101
- -------------------------------------------------------------------------------------------------------
210,626,919
Dividends and interest receivable 57,682
Receivable for securities lending income (Note A) 59,852
Receivable for securities sold 1,890,482
Receivable for Fund shares sold 1,291,304
Prepaid expenses and other assets 4,791
- -------------------------------------------------------------------------------------------------------
TOTAL ASSETS 213,931,030
- -------------------------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 1,850,700
Payable for collateral on securities loaned (Note A) 15,193,101
Payable for securities purchased 53,254
Payable for Fund shares redeemed 12,690
Payable to investment manager--net (Notes A & B) 93,271
Payable to administrator (Note B) 50,890
Payable for securities lending fees (Note A) 48,840
Accrued expenses and other payables 87,443
- -------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 17,390,189
- -------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 196,540,841
- -------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 393,747,529
Accumulated net realized gains (losses) on
investments (262,789,824)
- -------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) in
value of investments 65,583,136
- -------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 196,540,841
- -------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 14,250,762
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 13.79
- -------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 14,711,707
*COST OF INVESTMENTS:
Unaffiliated issuers $ 129,850,657
Affiliated issuers 15,193,101
- -------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 145,043,758
- -------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 754,982
Income from securities loaned--(affiliated issuers $160,516) (Notes A & F) 87,132
Income from investments in affiliated issuers (Note F) 10,867
Foreign taxes withheld (3,115)
- -------------------------------------------------------------------------------------------------------
Total income 849,866
- -------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 1,071,808
Administration fee (Note B) 584,622
Audit fees 38,455
Custodian fees (Note B) 107,321
Insurance expense 10,091
Legal fees 44,650
Shareholder reports 62,577
Shareholder servicing agent fees 270
Trustees' fees and expenses 29,836
Miscellaneous 4,976
- -------------------------------------------------------------------------------------------------------
Total expenses 1,954,606
Investment management fee waived (Note A) (292)
Expenses reduced by custodian fee expense offset and commission recapture
arrangements (Note B) (24,637)
- -------------------------------------------------------------------------------------------------------
Total net expenses 1,929,677
- -------------------------------------------------------------------------------------------------------
Net investment income (loss) (1,079,811)
- -------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 21,549,186
Foreign currency 61
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 3,712,409
Foreign currency (69)
--------------------------------------------------------------------------------------------------
Net gain (loss) on investments 25,261,587
- -------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 24,181,776
- -------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GROWTH PORTFOLIO
-------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (1,079,811) $ (1,041,745)
Net realized gain (loss) on investments 21,549,247 15,038,319
Change in net unrealized appreciation
(depreciation) of investments 3,712,340 17,202,489
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 24,181,776 31,199,063
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 7,527,312 8,526,677
Payments for shares redeemed (43,306,792) (46,456,630)
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share
transactions (35,779,480) (37,929,953)
- ---------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (11,597,704) (6,730,890)
NET ASSETS:
Beginning of year 208,138,545 214,869,435
- ---------------------------------------------------------------------------------------------------
End of year $ 196,540,841 $ 208,138,545
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at
end of year $ -- $ --
- ---------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<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
year ended December 31, 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
11
<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 distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
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, 2005, 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, 2005, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis was as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED LOSS
ORDINARY APPRECIATION CARRYFORWARDS
INCOME (LOSS) (DEPRECIATION) AND DEFERRALS TOTAL
$ -- $ 65,112,422 $ (262,319,110) $ (197,206,688)
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales and capital loss
carryforwards.
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, 2005, 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
$ 192,199,313 $ 70,119,797
</Table>
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-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 ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman,
LLC ("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acted as the Fund's lending agent. Under the Neuberger Agreement, Neuberger
guaranteed a certain amount of revenue to the Fund and received any revenue
earned in excess of the guaranteed amount as a lending agency fee. For the
year ended December 31, 2005, Neuberger received revenue under the
Neuberger Agreement of $14,794.
Effective September 13, 2005, the Fund entered into new securities lending
arrangements using a third party, eSecLending, to secure bids. Pursuant to
such arrangements, eSecLending currently acts as agent for the Fund
arranging principals to guarantee a certain amount of revenue to the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction
equal to at least 102% of the prior day's market value of the loaned
securities (105% in the case of international 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, an affiliate of Management, as
approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated
with the loans. These amounts are reflected in the Statement of Operations
under the caption "Income from securities loaned (affiliated issuers)."
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 available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime
13
<Page>
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 year ended December 31, 2005, management fees
waived under this Arrangement amounted to $292 and is reflected in the
Statement of Operations under the caption "Investment management fee
waived." For the year ended December 31, 2005, income earned under this
Arrangement amounted to $10,867 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 year ended December 31, 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 year ended December 31, 2005, there
was no reimbursement to Management
14
<Page>
under this agreement. At December 31, 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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $23,973.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $664.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $103,222,697 and
$143,186,452, respectively.
During the year ended December 31, 2005, brokerage commissions on
securities transactions amounted to $322,238, of which Neuberger received
$200, Lehman received $51,477, and other brokers received $270,561.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 586,157 794,788
SHARES REDEEMED (3,464,321) (4,284,573)
---------- ----------
TOTAL (2,878,164) (3,489,785)
---------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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.
15
<Page>
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 December 31, 2005.
During the year ended December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman Securities
Lending Quality Fund, LLC** 39,393,450 894,967,100 919,167,449 15,193,101 $ 15,193,101 $ 160,516
Neuberger Berman Prime
Money Fund Trust Class*** 1 36,843,273 36,843,274 0 0 10,867
--------------- ------------
TOTAL $ 15,193,101 $ 171,383
=============== ============
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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.
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.
16
<Page>
FINANCIAL HIGHLIGHTS GROWTH PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 12.15 $ 10.42 $ 7.93 $ 11.52 $ 30.65
--------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)** (.07) (.06) (.05) (.06) (.07)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.71 1.79 2.54 (3.53) (7.41)
--------- --------- --------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS 1.64 1.73 2.49 (3.59) (7.48)
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- -- -- -- (11.65)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF YEAR $ 13.79 $ 12.15 $ 10.42 $ 7.93 $ 11.52
--------- --------- --------- --------- ---------
TOTAL RETURN++ +13.50% +16.60% +31.40% -31.16% -30.36%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 196.5 $ 208.1 $ 214.9 $ 185.8 $ 356.2
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.00% .96% .94% .96% .89%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .99%^ .94%^ .93%^ .96% .89%
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.55%) (.51%) (.58%) (.65%) (.50%)
PORTFOLIO TURNOVER RATE 53% 83% 149% 97% 91%
</Table>
See Notes to Financial Highlights
17
<Page>
NOTES TO FINANCIAL HIGHLIGHTS GROWTH 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 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.
** Calculated based on the average number of shares outstanding during each
fiscal period.
^ After reimbursement of expenses and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
actions, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004 2003
0.99% 0.94% 0.93%
</Table>
18
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Growth Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Growth Portfolio, one of the series constituting
Neuberger Berman Advisers Management Trust (the "Trust"), as of December 31,
2005, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Growth
Portfolio, a series of Neuberger Berman Advisers Management Trust, at December
31, 2005, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
19
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, Chairman, 48 Independent Trustee or Director
2000 CDC Investment Advisers of three series of Oppenheimer
(registered investment adviser), Funds: Limited Term New York
1993 to January 1999; formerly, Municipal Fund, Rochester Fund
President and Chief Executive Municipals, and Oppenheimer
Officer, AMA Investment Convertible Securities Fund,
Advisors, an affiliate of the since 1992.
American Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar
1984 Milburn LLP (law firm) since Retirement Association (ABRA)
October 2002; formerly, since 1997 (not-for-profit
Attorney-at-Law and President, membership association).
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates
1998 Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, 1978 Hospital's Board of Directors
to December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York Stock
Exchange Board of Directors,
1998 to June 2002; formerly,
Member, American Savings
Education Council's Policy Board
(ASEC), 1998 to 2000; formerly,
Member, Executive Committee,
Crime Prevention Coalition of
America, 1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May 2002
to April 2003; formerly, Senior
Vice President, Secretary and
General Counsel, Loews
Corporation.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor Emeritus 48 Director, The Caring Community
2000 of Finance and Economics, New (not-for-profit); formerly,
York University Stern School of Director, DEL Laboratories, Inc.
Business; formerly, Executive (cosmetics and pharmaceuticals),
Secretary-Treasurer, American 1978 to 2004; formerly,
Finance Association, 1961 to Director, Apple Bank for
1979. Savings, 1979 to 1990; formerly,
Director, Western Pacific
Industries, Inc., 1972 to 1986
(public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation
1999 President and Special Counsel, (holding company) since August
WHX Corporation (holding 2002; Director, Webfinancial
company), 1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director, Kevlin
Corporation (manufacturer of
microwave and other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward Jones, (financial services holding
1993 to 2001; President, company) since 1993; formerly,
Securities Industry Association Director, Boston Financial Group
("SIA") (securities industry's (real estate and tax shelters),
representative in government 1993 to 1999.
relations and regulatory matters
at the federal and state
levels), 1974 to 1992; Adviser
to SIA, November 1992 to
November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf and
(operator and franchiser of computer usage to "at risk"
restaurants) until January 1997. children) since 1998; formerly,
Director, Prandium, Inc.
(restaurants), March 2001 to
July 2002.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, Oxford 48 Director, Capital Cash
2000 Partners and Oxford Bioscience Management Trust (money market
Partners (venture capital fund), Naragansett Insured
partnerships) and President, Tax-Free Income Fund, Rocky
Oxford Venture Corporation. Mountain Equity Fund, Prime Cash
Fund, several private companies
and QuadraMed Corporation
(NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and CEO, Forward Management, Inc. (asset
beginning Westaff, Inc. (temporary management company) since 2001;
2006 staffing), May 2001 to January formerly, Director, General
2002; formerly, Senior Executive Magic (voice recognition
at the Charles Schwab software), 2001 to 2002;
Corporation, 1983 to 1999, formerly, Director, E-Finance
including Chief Executive Corporation (credit decisioning
Officer, Charles Schwab services), 1999 to 2003;
Investment Management, Inc. and formerly, Director,
Trustee, Schwab Family of Funds Save-Daily.com (micro investing
and Schwab Investments, 1997 to services), 1999 to 2003;
1998, and Executive Vice formerly, Director, Offroad
President-Retail Brokerage, Capital Inc. (private internet
Charles Schwab Investment commerce company), 1999 to 2002.
Management,1994 to 1997.
Candace L. Straight (58) Trustee since Private investor and consultant 48 Director, The Proformance
1999 specializing in the insurance Insurance Company (personal
industry; formerly, Advisory lines property and casualty
Director, Securitas Capital LLC insurance company) since March
(a global private equity 2004; Director, Providence
investment firm dedicated to Washington (property and
making investments in the casualty insurance company)
insurance sector), 1998 to since December 1998; Director,
December 2002. Summit Global Partners
(insurance brokerage firm) since
October 2000.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995 to
August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private
2002 Neuberger Berman Inc. (holding company) since 1998; Director,
company) since 2002 and 2003, Emagin Corp. (public company)
respectively; Managing Director since 1997; Director, Solbright,
and Chief Investment Officer, Inc. (private company) since
Neuberger Berman since December 1998; Director, Infogate, Inc.
2005 and 2003, respectively; (private company) since 1997;
formerly, Executive Vice Director, Broadway Television
President, Neuberger Berman, Network (private company) since
December 2002 to 2005; Director 2000.
and Chairman, NB Management
since December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February 2002;
formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February 2002.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President,
the Board, Neuberger Berman Inc. (holding Neuberger & Berman Agency, Inc.
Chief company) since 1999; Head of since 2000; formerly, Director,
Executive Neuberger Berman Inc.'s Mutual Neuberger Berman Inc. (holding
Officer and Funds Business (since 1999) and company), October 1999 to March
Trustee since Institutional Business (1999 to 2003; Trustee, Frost Valley
2000; October 2005); responsible for YMCA.
President Managed Accounts Business and
and Chief intermediary distribution since
Executive October 2005; President and
Officer, 1999 Director, NB Management since
to 2000 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005; formerly,
Principal, Neuberger Berman,
1997 to 1999; formerly, Senior
Vice President, NB Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
24
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Compliance Senior Vice President, Neuberger Berman since 2006; Deputy
Officer since 2002 General Counsel, Neuberger Berman since 2004; formerly, Vice
President, Neuberger Berman, 2000 to 2006; formerly, Associate
General Counsel, Neuberger Berman, 1999 to 2004; formerly,
Associate General Counsel, NB Management, 1994 to 1999;
Anti-Money Laundering Compliance Officer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (seven since 2002, three since 2003,
four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1997; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB Management since
2000 and Assistant Secretary since 2004; Vice President,
Neuberger Berman since 2002 and Employee since 1999; formerly,
Vice President, NB Management, 1986 to 1999; Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; Senior Vice
President, NB Management since 2000; formerly, Controller, NB
Management, 1994 to 1996; formerly, Treasurer, NB Management,
1996 to 1999; Vice President, fifteen registered investment
companies for which NB Management acts as investment manager
and administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior Vice
President, NB Management since 2000; formerly, Vice President,
NB Management, 1997 to 1999; Vice President, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (three since 2000, four since 2002,
three since 2003, four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman since 2002; Deputy
(only for purposes of sections 307 General Counsel and Assistant Secretary, Neuberger Berman since
and 406 of the Sarbanes-Oxley Act 2001; formerly, Vice President, Neuberger Berman, 2001 to 2002;
of 2002) formerly, Associate General Counsel, Neuberger Berman, 2001;
formerly, Counsel, Neuberger Berman, 2000; Secretary and
General Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1991 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (seven since 2002, three
since 2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1993 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (ten since 2003, four
since 2004 and one since 2005).
John M. McGovern (36) Treasurer and Principal Financial Vice President, Neuberger Berman since 2004; Employee, NB
and Accounting Officer since 2005; Management since 1993; Treasurer and Principal Financial and
prior thereto, Assistant Treasurer Accounting Officer, fifteen registered investment companies for
since 2002 which NB Management acts as investment manager and
administrator (fifteen since 2005); formerly, Assistant
Treasurer, fifteen registered investment companies for which NB
Management acts as investment manager and administrator, 2002
to 2005.
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1995; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; formerly, Vice
President, NB Management, 1995 to 1999; Vice President, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers Inc. since 2003; Chief
Compliance Officer, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (fifteen since 2005); Chief Compliance Officer,
Lehman Brothers Asset Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice President, UBS Global
Asset Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber Inc.),
1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
27
<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 is also 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).
28
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Growth Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund, relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund. The Board noted that the Fund's
performance has improved over the past year.
29
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
compared the fees charged to a comparable sub-advised fund and a comparable
separate account to the fees charged to the Fund at various asset levels. The
Board considered the appropriateness and reasonableness of the differences
between the fees charged between the Fund and the comparable sub-advised fund
and separate account and determined that the differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
30
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
GUARDIAN PORTFOLIO
B1016 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
GUARDIAN PORTFOLIO MANAGER'S COMMENTARY
In 2005, a vibrant economy and strong corporate earnings growth failed to
impress investors preoccupied by increasingly high energy costs and a seemingly
never-ending series of Federal Reserve rate hikes. Although most stock market
indices finished the year in positive territory, this was largely the result of
the exceptional performance of Energy stocks and a few interest rate sensitive
groups such as Homebuilders and Utilities.
We are pleased to report that the Neuberger Berman Advisers Management Trust
(AMT) Guardian Portfolio outperformed its S&P 500 and Russell 1000 Value
benchmarks despite being underweighted in the stock market's top performing
industry groups and sectors. With our holdings outperforming benchmark
components in seven of ten economic sectors, stock selection deserves all the
credit for the Portfolio's superior relative performance.
The Portfolio's Energy investments had the most positive impact on absolute and
relative returns. The Portfolio was modestly underweighted in Energy versus the
S&P 500, but our holdings outperformed by a substantial margin, with Newfield
Exploration finishing number one on our top-ten contributors list. Led by
longtime holding UnitedHealth Group, our third largest performance contributor,
and Millipore, number six on our performance charts, the return of our Health
Care sector investments more than tripled the S&P 500's sector components.
Financial sector holdings such as Goldman Sachs, State Street and AMB Property,
all of which made our top-ten list, enhanced performance. Led by Canadian
National Railway, Industrial sector investments also delivered superior relative
returns.
Although materially outperforming S&P 500 sector components, our Consumer
Discretionary investments declined modestly. Gains in Toyota Motor Corp. and
BorgWarner, Inc. among the stronger stocks in the troubled auto industry, helped
offset declines in media holdings such as Liberty Media and Comcast Corp. The
Portfolio's substantial underweighting in Utilities, the stock market's second
best performing sector, penalized relative returns.
Technology was a mixed bag, with Texas Instruments and National Instruments near
the top of our performance list and Dell, Teradyne and Altera near the bottom.
Ever since the tech bubble burst in second quarter 2000, investors have been
skittish about technology stocks, adequately rewarding good news but punishing
companies that fall just short of consensus expectations. That's why, over the
short term, equally high quality companies in the same industry sector such as
semiconductor manufacturers Texas Instruments and Altera can be on opposite ends
of the performance spectrum. The good thing that has come from investors'
paranoia about tech stocks is that we have been able to find more great
companies selling at attractive valuations.
It is no accident that the AMT Guardian Portfolio tends to be underweighted in
the stock market's hottest sectors and overweighted in out-of-favor groups. We
are in the business of buying high quality companies at discounted valuations
and, consequently, are often leaning into the prevailing market winds. As
long-term investors, we run the risk of being early in our stock calls, but are
quite comfortable with this posture because we believe that our research-driven
and valuation-sensitive investment process will translate into superior
long-term results.
Looking ahead, while we have our worries, most notably the potential for
wage/energy driven inflation and/or some destabilizing geopolitical event, we
are cautiously optimistic about the prospects for stocks. Barring the
unforeseeable, we believe that the economy will continue to expand and that
corporate earnings will grow at a decent rate. With earnings growth outpacing
stock price appreciation over the last two years, equity valuations have become
more compelling. Also, the narrow performance of the 2005 market has resulted in
a greater number of legitimate fundamental bargains in a broader range of
industry groups. Finally, we believe that the type of high quality stable
earners we favor will attract investor attention in what may be a slower growth
economy in the year ahead.
Sincerely,
/s/ Arthur Moretti
ARTHUR MORETTI
PORTFOLIO MANAGER
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
GUARDIAN GUARDIAN RUSSELL 1000(R)
PORTFOLIO CLASS I PORTFOLIO CLASS S S&P 500(2) VALUE(2)
1 Year 8.39% 8.15% 4.91% 7.05%
5 Year 3.68% 3.51% 0.54% 5.28%
Life of Fund 8.38% 8.27% 5.49% 7.80%
Inception Date 11/03/1997 08/02/2002
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
GUARDIAN PORTFOLIO CLASS I S&P 500 RUSSELL 1000(R) VALUE
11/3/1997 $ 10,000 $ 10,000 $ 10,000
12/31/1997 $ 10,520 $ 10,642 $ 10,747
12/31/1998 $ 13,851 $ 13,683 $ 12,427
12/31/1999 $ 15,920 $ 16,562 $ 13,339
12/31/2000 $ 16,100 $ 15,054 $ 14,275
12/31/2001 $ 15,857 $ 13,267 $ 13,477
12/31/2002 $ 11,663 $ 10,336 $ 11,385
12/31/2003 $ 15,368 $ 13,299 $ 14,804
12/31/2004 $ 17,798 $ 14,745 $ 17,246
12/31/2005 $ 19,291 $ 15,468 $ 18,463
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automotive 4.4%
Banking & Financial 3.9
Cable Systems 6.3
Consumer Staples 2.4
Defense 3.3
Energy 2.0
Financial Services 7.2
Health Products & Services 5.4
Industrial 4.4
Insurance 6.1
Media 5.7
Oil & Gas 3.5
Oil Services 0.5
Pharmaceutical 5.4
Real Estate 1.5
Technology 7.2
Technology-Semiconductor 8.8
Technology-Semiconductor Capital Equipment 3.0
Telecommunications 3.7
Transportation 3.6
Utilities 4.1
Waste Management 4.3
Short-Term Investments 4.1
Liabilities, less cash, receivables and other assets (0.8)
</Table>
2
<Page>
ENDNOTES
(1). For Class I, 8.39%, 3.68%, and 8.38% were the average annual total returns
for the 1-, 5-year and since inception (11/03/97) periods ended December
31, 2005. For Class S, 8.15%, 3.51% and 8.27% were the average annual total
returns for the 1-year, 5-year and since inception (11/03/97) periods ended
December 31, 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
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 directly 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 fund 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) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account
values and actual expenses in dollars, based on the fund's actual performance
during the period. 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 12/31/05 (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 $ 1,093.40 $ 5.33
CLASS S $ 1,000 $ 1,093.00 $ 6.59
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.11 $ 5.14
CLASS S $ 1,000 $ 1,018.90 $ 6.36
</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 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (96.7%)
AUTOMOTIVE (4.4%)
43,800 BorgWarner, Inc. $ 2,655,594
48,850 Toyota Motor Corp. ADR 5,110,687
-------------
7,766,281
BANKING & FINANCIAL (3.9%)
124,850 State Street 6,921,684
CABLE SYSTEMS (6.3%)
151,450 Comcast Corp. Class A Special 3,890,750*
173,720 Liberty Global Class A 3,908,700*
151,420 Liberty Global Class C 3,210,104*
-------------
11,009,554
CONSUMER STAPLES (2.4%)
84,200 Costco Wholesale 4,165,374
DEFENSE (3.3%)
78,350 L-3 Communications Holdings 5,825,323
ENERGY (2.0%)
55,750 BP PLC ADR 3,580,265
FINANCIAL SERVICES (7.2%)
113,100 Citigroup, Inc. 5,488,743
57,400 Freddie Mac 3,751,090
27,400 Goldman Sachs 3,499,254
-------------
12,739,087
HEALTH PRODUCTS & SERVICES (5.4%)
94,800 Quest Diagnostics 4,880,304
75,200 UnitedHealth Group 4,672,928
-------------
9,553,232
INDUSTRIAL (4.4%)
138,350 Danaher Corp. 7,717,163
INSURANCE (6.1%)
29,500 Progressive Corp. 3,445,010
195,600 Willis Group Holdings 7,225,464
-------------
10,670,474
MEDIA (5.7%)
221,685 Discovery Holding 3,358,528*
35,500 E.W. Scripps 1,704,710
634,856 Liberty Media 4,996,317*
-------------
10,059,555
OIL & GAS (3.5%)
22,900 Cimarex Energy 984,929*^
103,100 Newfield Exploration 5,162,217*
-------------
6,147,146
OIL SERVICES (0.5%)
8,900 Schlumberger Ltd. 864,635
PHARMACEUTICAL (5.4%)
53,500 Millipore Corp. $ 3,533,140*
112,900 Novartis AG ADR 5,924,992
-------------
9,458,132
REAL ESTATE (1.5%)
55,550 AMB Property 2,731,394
TECHNOLOGY (7.2%)
171,700 Dell, Inc. 5,149,283*
231,650 National Instruments 7,424,382
-------------
12,573,665
TECHNOLOGY-SEMICONDUCTOR (8.8%)
418,350 Altera Corp. 7,752,025*
238,400 Texas Instruments 7,645,488
-------------
15,397,513
TECHNOLOGY-SEMICONDUCTOR CAPITAL
EQUIPMENT (3.0%)
358,200 Teradyne, Inc. 5,218,974*
TELECOMMUNICATIONS (3.7%)
300,200 Vodafone Group ADR 6,445,294
TRANSPORTATION (3.6%)
78,250 Canadian National Railway 6,259,218
UTILITIES (4.1%)
679,953 National Grid 6,643,499
12,228 National Grid ADR 595,381
-------------
7,238,880
WASTE MANAGEMENT (4.3%)
79,400 Republic Services 2,981,470
151,050 Waste Management 4,584,367
-------------
7,565,837
TOTAL COMMON STOCKS
(COST $128,088,752) 169,908,680
-------------
SHORT-TERM INVESTMENTS (4.1%)
6,257,131 Neuberger Berman Prime Money Fund
Trust Class 6,257,131@
1,007,600 Neuberger Berman Securities Lending
Quality Fund, LLC 1,007,600++
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $7,264,731) 7,264,731#
-------------
TOTAL INVESTMENTS (100.8%)
(COST $135,353,483) 177,173,411##
Liabilities, less cash, receivables and other assets [(0.8%)] (1,458,366)
-------------
TOTAL NET ASSETS (100.0%) $ 175,715,045
-------------
</Table>
See Notes to Schedule of Investments
5
<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, including securities for which the necessary last sale,
asked, and/or bid prices are not readily available, by methods the Board
of Trustees of Neuberger Berman Advisers Management Trust (the "Board")
has approved on the belief that they reflect 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 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. In this event,
FT Interactive will provide adjusted prices for certain foreign equity
securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $135,618,882. Gross unrealized appreciation of investments
was $42,343,750 and gross unrealized depreciation of investments was
$789,221, resulting in net unrealized appreciation of $41,554,529, 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
6
<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 $ 169,908,680
Affiliated issuers 7,264,731
- --------------------------------------------------------------------------------------------------------------------
177,173,411
Foreign currency 14,131
Dividends and interest receivable 351,013
Receivable for securities lending income (Note A) 31,692
Receivable for securities sold 916,910
Receivable for Fund shares sold 86,436
Prepaid expenses and other assets 342
- --------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 178,573,935
- --------------------------------------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 393,426
Payable for collateral on securities loaned (Note A) 1,007,600
Payable for securities purchased 1,184,847
Payable for Fund shares redeemed 38,185
Payable to investment manager--net (Notes A & B) 80,958
Payable to administrator--net (Note B) 44,414
Payable for securities lending fees (Note A) 31,419
Accrued expenses and other payables 78,041
- --------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 2,858,890
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 175,715,045
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 158,972,314
Undistributed net investment income (loss) 1,039,483
Accumulated net realized gains (losses) on investments (26,115,754)
Net unrealized appreciation (depreciation) in value of investments 41,819,002
---------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 175,715,045
- --------------------------------------------------------------------------------------------------------------------
NET ASSETS
Class I $ 175,268,600
Class S 446,445
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 10,013,226
Class S 25,485
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 17.50
Class S 17.52
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 978,746
---------------------------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 128,088,752
Affiliated issuers 7,264,731
TOTAL COST OF INVESTMENTS $ 135,353,483
- --------------------------------------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 14,135
- --------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 2,803,710
Interest income--unaffiliated issuers 177
Income from securities loaned--affiliated issuers (Note F) 17,601
Income from investments in affiliated issuers (Note F) 111,138
Foreign taxes withheld (62,503)
- --------------------------------------------------------------------------------------------------------------------
Total income 2,870,123
- --------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 925,114
Administration fee (Note B):
Class I 503,570
Class S 1,037
Distribution fees (Note B):
Class S 864
Audit fees 38,437
Custodian fees (Note B) 102,616
Insurance expense 8,569
Legal fees 37,747
Shareholder reports 41,567
Shareholder servicing agent fees 428
Trustees' fees and expenses 29,785
Miscellaneous 4,323
- --------------------------------------------------------------------------------------------------------------------
Total expenses 1,694,057
Expenses reimbursed by administrator (Note B) (61)
Investment management fee waived (Note A) (2,888)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (10,299)
- --------------------------------------------------------------------------------------------------------------------
Total net expenses 1,680,809
- --------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 1,189,314
- --------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 19,766,639
Foreign currency (14,085)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (7,793,330)
Foreign currency (540)
---------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 11,958,684
- --------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 13,147,998
- --------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GUARDIAN PORTFOLIO
--------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,189,314 $ 410,846
Net realized gain (loss) on investments 19,752,554 10,562,557
Change in net unrealized appreciation (depreciation) of investments (7,793,870) 13,245,052
- --------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 13,147,998 24,218,455
- --------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income:
Class I (254,084) (201,368)
---------------------------------------------------------------------------------------------------------
Total distributions to shareholders (254,084) (201,368)
- --------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 27,119,201 21,432,013
Class S 141,712 120,664
Proceeds from reinvestment of dividends and distributions:
Class I 254,084 201,368
Payments for shares redeemed:
Class I (42,264,657) (37,552,627)
Class S (12,984) (14,269)
---------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (14,762,644) (15,812,851)
- --------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (1,868,730) 8,204,236
NET ASSETS:
Beginning of year 177,583,775 169,379,539
- --------------------------------------------------------------------------------------------------------------
End of year $ 175,715,045 $ 177,583,775
- --------------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 1,039,483 $ 408,415
- --------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<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. 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 year
ended December 31, 2005 was $4,737.
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
10
<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 distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
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, 2005, 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, 2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2005 2004 2005 2004
$ 254,084 $ 201,368 $ 254,084 $ 201,368
</Table>
As of December 31, 2005, 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
$ 1,039,483 $ 41,553,609 $ (25,850,361) $ 16,742,731
</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 capital loss
carry forwards.
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, 2005, 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:
2010 2011
$ 20,299,228 $ 5,551,133
</Table>
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-date.
11
<Page>
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 ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman,
LLC ("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger
acted as the Fund's lending agent. Under the Neuberger Agreement,
Neuberger guarantees a certain amount of revenue to the Fund and received
any revenue earned in excess of the guaranteed amount as a lending agency
fee. For the year ended December 31, 2005, Neuberger received revenue
under the Neuberger Agreement of $18,780.
Under the Neuberger Agreement, the Fund receives cash collateral at the
beginning of each transaction equal to at least 102% of the prior day's
market value of the loaned securities (105% in the case of international
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, an
affiliate of Management, as approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated
with the loans. These amounts are reflected in the Statement of Operations
under the caption "Income from securities loaned-affiliated issuers."
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.
12
<Page>
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
year ended December 31, 2005, management fees waived under this
Arrangement amounted to $2,888 and is reflected in the Statement of
Operation under the caption "Investment management fee waived." For the
year ended December 31, 2005, income earned under this Arrangement
amounted to $111,138 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.
13
<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:
<Table>
<Caption>
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE YEAR ENDED
LIMITATION(1) EXPIRATION DECEMBER 31, 2005
Class I 1.00% 12/31/08 -
Class S 1.25% 12/31/08 $ 61
</Table>
(1) Expense limitation per annum of the respective class' average daily
net assets.
Each Respective class has agreed to repay Management through December 31,
2011 for its 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 repayment is made within
three years after the year in which Management issued the reimbursement.
During the year ended December 31, 2005, there was no reimbursement to
Management under these agreements. At December 31, 2005, Class S had a
contingent liability of $61 to Management under these agreements which
expires in 2008.
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 year ended December 31,
2005, the impact of this arrangement was a reduction of expenses of
$9,771.
14
<Page>
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $528.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $52,450,514 and
$66,288,295, respectively.
During the year ended December 31, 2005, brokerage commissions on securities
transactions amounted to $124,057, of which Neuberger received $0, Lehman
received $22,653 and other brokers received $101,404.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
FOR THE YEAR ENDED DECEMBER 31, 2005
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARES SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 1,602,969 15,325 (2,569,093) (950,799)
CLASS S 8,512 - (786) 7,726
</Table>
FOR THE YEAR ENDED DECEMBER 31, 2004
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARES 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 December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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 the line of credit at December 31, 2005.
During the year ended December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC ** 12,113,700 370,399,176 381,505,276 1,007,600 $ 1,007,600 $ 17,601
Neuberger Berman
Prime Money Fund
Trust Class*** 5,483,289 52,532,711 51,758,869 6,257,131 6,257,131 111,138
------------ ------------
TOTAL $ 7,264,731 $ 128,739
============ ============
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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.
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.
16
<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.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
CLASS I 2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 16.17 $ 13.98 $ 10.70 $ 14.64 $ 15.93
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .12 .04 .03 .10 .11
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) 1.24 2.17 3.36 (3.95) (.33)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 1.36 2.21 3.39 (3.85) (.22)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.03) (.02) (.11) (.09) (.07)
NET CAPITAL GAINS - - - - (1.00)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (.03) (.02) (.11) (.09) (1.07)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR $ 17.50 $ 16.17 $ 13.98 $ 10.70 $ 14.64
-------- -------- -------- -------- --------
TOTAL RETURN++ +8.39% +15.81% +31.76% -26.45% -1.51%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 175.3 $ 177.3 $ 169.2 $ 140.3 $ 190.8
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.00% .98% .97% .98% .99%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.00% .97% .97% .98% .99%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .71% .25% .25% .81% .74%
PORTFOLIO TURNOVER RATE 32% 24% 58% 147% 79%
</Table>
<Table>
<Caption>
PERIOD FROM
AUGUST 2, 2002^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
-------------------------------- ---------------
CLASS S 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.20 $ 14.02 $ 10.69 $ 11.23
-------- -------- -------- ---------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .09 .00 .00 .03
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) 1.23 2.18 3.35 (.57)
-------- -------- -------- ---------------
TOTAL FROM INVESTMENT OPERATIONS 1.32 2.18 3.35 (.54)
-------- -------- -------- ---------------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME - - (.02) -
-------- -------- -------- ---------------
NET ASSET VALUE, END OF PERIOD $ 17.52 $ 16.20 $ 14.02 $ 10.69
-------- -------- -------- ---------------
TOTAL RETURN++ +8.15% +15.55% +31.39% -4.81%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 0.4 $ 0.3 $ 0.1 $ 0.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.25% 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 .53% .03% .02% .63%*
PORTFOLIO TURNOVER RATE 32% 24% 58% 147%***
</Table>
See Notes to Financial Highlights
17
<Page>
NOTES TO FINANCIAL HIGHLIGHTS GUARDIAN 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/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
GUARDIAN PORTFOLIO CLASS I .97%
</Table>
After reimbursement of expenses and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
actions, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004
GUARDIAN PORTFOLIO CLASS I 1.00% .97%
GUARDIAN PORTFOLIO CLASS S 1.26% 1.22%
</Table>
^ The date investment operations commenced.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not annualized.
*** Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2002.
See Notes to Financial Highlights
18
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Guardian Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Guardian Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Guardian Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
19
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, 48 Independent Trustee or Director of
2000 Chairman, CDC Investment three series of Oppenheimer Funds:
Advisers (registered Limited Term New York Municipal Fund,
investment adviser), 1993 to Rochester Fund Municipals, and
January 1999; formerly, Oppenheimer Convertible Securities
President and Chief Executive Fund, since 1992.
Officer, AMA Investment
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar Retirement
1984 Milburn LLP (law firm) since Association (ABRA) since 1997
October 2002; formerly, (not-for-profit membership
Attorney-at-Law and association).
President, Faith Colish, A
Professional Corporation,
1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates to The
1998 Associates since June 2001; National Rehabilitation Hospital's
formerly, Director, AARP, Board of Directors since 2002;
1978 to December 2001. formerly, Member, Individual Investors
Advisory Committee to the New York
Stock Exchange Board of Directors, 1998
to June 2002; formerly, Member,
American Savings Education Council's
Policy Board (ASEC), 1998 to 2000;
formerly, Member, Executive Committee,
Crime Prevention Coalition of America,
1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General
Counsel, Loews Corporation.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly, Director,
Economics, New York DEL Laboratories, Inc. (cosmetics and
University Stern School of pharmaceuticals), 1978 to 2004;
Business; formerly, Executive formerly, Director, Apple Bank for
Secretary-Treasurer, American Savings, 1979 to 1990; formerly,
Finance Association, 1961 to Director, Western Pacific Industries,
1979. Inc., 1972 to 1986 (public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation (holding
1999 President and Special company) since August 2002; Director,
Counsel, WHX Corporation Webfinancial Corporation (holding
(holding company), 1993 to company) since December 2002; Director,
2001. State Theatre of New Jersey
(not-for-profit theater) since 2000;
formerly, Director, Kevlin Corporation
(manufacturer of microwave and other
products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc. (financial
2000 Policy Committee, Edward services holding company) since 1993;
Jones, 1993 to 2001; formerly, Director, Boston Financial
President, Securities Group (real estate and tax shelters),
Industry Association ("SIA") 1993 to 1999.
(securities industry's
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior 48 Director, Pro-Kids Golf and Learning
2000 Vice President, Foodmaker, Academy (teach golf and computer usage
Inc. (operator and franchiser to "at risk" children) since 1998;
of restaurants) until January formerly, Director, Prandium, Inc.
1997. (restaurants), March 2001 to July 2002.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash Management Trust
2000 Oxford Partners and Oxford (money market fund), Naragansett
Bioscience Partners (venture Insured Tax-Free Income Fund, Rocky
capital partnerships) and Mountain Equity Fund, Prime Cash Fund,
President, Oxford Venture several private companies and QuadraMed
Corporation. Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc. (financial
2000; Lead Investments LP (a private services company) since May 2001;
Independent investment partnership); Director, Forward Management, Inc.
Trustee formerly, President and CEO, (asset management company) since 2001;
beginning 2006 Westaff, Inc. (temporary formerly, Director, General Magic
staffing), May 2001 to (voice recognition software), 2001 to
January 2002; formerly, 2002; formerly, Director, E-Finance
Senior Executive at the Corporation (credit decisioning
Charles Schwab Corporation, services), 1999 to 2003; formerly,
1983 to 1999, including Chief Director, Save-Daily.com (micro
Executive Officer, Charles investing services), 1999 to 2003;
Schwab Investment Management, formerly, Director, Offroad Capital
Inc. and Trustee, Schwab Inc. (private internet commerce
Family of Funds and Schwab company), 1999 to 2002.
Investments, 1997 to 1998,
and Executive Vice
President-Retail Brokerage,
Charles Schwab Investment
Management,1994 to 1997.
Candace L. Straight (58) Trustee since Private investor and 48 Director, The Proformance Insurance
1999 consultant specializing in Company (personal lines property and
the insurance industry; casualty insurance company) since March
formerly, Advisory Director, 2004; Director, Providence Washington
Securitas Capital LLC (a (property and casualty insurance
global private equity company) since December 1998; Director,
investment firm dedicated to Summit Global Partners (insurance
making investments in the brokerage firm) since October 2000.
insurance sector), 1998 to
December 2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford
Life Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and Associates,
Trustee since Chief Investment Officer, Inc. (private company) since 1998;
2002 Neuberger Berman Inc. Director, Emagin Corp. (public company)
(holding company) since 2002 since 1997; Director, Solbright, Inc.
and 2003, respectively; (private company) since 1998; Director,
Managing Director and Chief Infogate, Inc. (private company) since
Investment Officer, Neuberger 1997; Director, Broadway Television
Berman since December 2005 Network (private company) since 2000.
and 2003, respectively;
formerly, Executive Vice
President, Neuberger Berman,
December 2002 to 2005;
Director and Chairman, NB
Management since December
2002; formerly, Executive
Vice President, Citigroup
Investments, Inc., September
1995 to February 2002;
formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President, Neuberger
the Board, Neuberger Berman Inc. & Berman Agency, Inc. since 2000;
Chief (holding company) since 1999; formerly, Director, Neuberger Berman
Executive Head of Neuberger Berman Inc. (holding company), October 1999 to
Officer and Inc.'s Mutual Funds Business March 2003; Trustee, Frost Valley YMCA.
Trustee since (since 1999) and
2000; Institutional Business (1999
President and to October 2005); responsible
Chief for Managed Accounts Business
Executive and intermediary distribution
Officer, 1999 since October 2005; President
to 2000 and Director, NB Management
since 1999; Managing
Director, Neuberger Berman
since 2005; formerly,
Executive Vice President,
Neuberger Berman, 1999 to
December 2005; formerly,
Principal, Neuberger Berman,
1997 to 1999; formerly,
Senior Vice President, NB
Management, 1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
24
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Compliance Officer Senior Vice President, Neuberger Berman since 2006;
since 2002 Deputy General Counsel, Neuberger Berman since 2004;
formerly, Vice President, Neuberger Berman, 2000 to
2006; formerly, Associate General Counsel, Neuberger
Berman, 1999 to 2004; formerly, Associate General
Counsel, NB Management, 1994 to 1999; Anti-Money
Laundering Compliance Officer, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (seven since 2002,
three since 2003, four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee,
NB Management since 1997; Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator (fifteen
since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB
Management since 2000 and Assistant Secretary since
2004; Vice President, Neuberger Berman since 2002 and
Employee since 1999; formerly, Vice President, NB
Management, 1986 to 1999; Secretary, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (three since 2000,
four since 2002, three since 2003, four since 2004 and
one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to
2003; Senior Vice President, NB Management since 2000;
formerly, Controller, NB Management, 1994 to 1996;
formerly, Treasurer, NB Management, 1996 to 1999; Vice
President, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior
Vice President, NB Management since 2000; formerly,
Vice President, NB Management, 1997 to 1999; Vice
President, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 (only for Senior Vice President, Neuberger Berman since 2002;
purposes of sections 307 and 406 of the Deputy General Counsel and Assistant Secretary,
Sarbanes-Oxley Act of 2002) Neuberger Berman since 2001; formerly, Vice President,
Neuberger Berman, 2001 to 2002; formerly, Associate
General Counsel, Neuberger Berman, 2001; formerly,
Counsel, Neuberger Berman, 2000; Secretary and General
Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly,
Employee, NB Management, 1991 to 1999; Assistant
Secretary, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (seven since 2002, three since 2003, four
since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly,
Employee, NB Management, 1993 to 1999; Assistant
Secretary, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (ten since 2003, four since 2004 and one
since 2005).
John M. McGovern (36) Treasurer and Principal Financial and Vice President, Neuberger Berman since 2004; Employee,
Accounting Officer since 2005; prior thereto, NB Management since 1993; Treasurer and Principal
Assistant Treasurer since 2002 Financial and Accounting Officer, fifteen registered
investment companies for which NB Management acts as
investment manager and administrator (fifteen since
2005); formerly, Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator, 2002 to
2005.
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee,
NB Management since 1995; Assistant Treasurer, fifteen
registered investment companies for which NB Management
acts as investment manager and administrator (fifteen
since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to
2003; formerly, Vice President, NB Management, 1995 to
1999; Vice President, fifteen registered investment
companies for which NB Management acts as investment
manager and administrator (three since 2000, four since
2002, three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers Inc. since 2003; Chief
Compliance Officer, fifteen registered investment
companies for which NB Management acts as investment
manager and administrator (fifteen since 2005); Chief
Compliance Officer, Lehman Brothers Asset Management
Inc. since 2003; Chief Compliance Officer, Lehman
Brothers Alternative Investment Management LLC since
2003; formerly, Vice President, UBS Global Asset
Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber
Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
27
<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 is also 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).
28
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Guardian Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund. The Board noted that the Fund's
performance has improved over the past year.
29
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds or separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
30
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
HIGH
INCOME
BOND
PORTFOLIO
E0633 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
HIGH INCOME BOND PORTFOLIO Managers' Commentary
The Neuberger Berman Advisers Management Trust (AMT) High Income Bond Portfolio
earned a 1.20% return in 2005, compared to a 2.81% return for the Lehman
Brothers Intermediate Ba U.S. High Yield Index. The primary reason for this
return shortfall was an overweight position in cyclical sectors at a time when
these positions underperformed the overall market. This occurred primarily in
the first half of the year. In the second half, the Portfolio performed
essentially in line with the market index.
2005 IN REVIEW
The high yield market was volatile in 2005 largely due to changes in interest
rates. With fears of higher inflation, a spike in Treasury rates, and Federal
Reserve Chairman Greenspan's comments about a bond market "conundrum," high
yield bonds declined in value. While interest rates were the main culprit, a
modest increase in spreads over the course of the year also contributed to price
declines. However, the attractive coupons associated with high yield securities
more than offset any price declines and resulted in a positive overall return
for the market.
A notable development in 2005 was the declining credit standing of companies in
auto and auto-related sectors. In March 2005, General Motors revised its
expectations for cash flow from positive $2 billion to negative $2 billion. This
announcement focused investors' attention on credit risk, heightened
expectations for a ratings downgrade of GM, and increased spread volatility
across the credit markets. Ultimately, GM was downgraded to
below-investment-grade in May 2005, followed by Ford's downgrade in the fourth
quarter of the year.
2006 OUTLOOK
Looking ahead, we believe there are four factors that bode well for the high
yield market. First, we anticipate that the Federal Reserve Board's tightening
cycle will end in the first part of the year. Second, although default rates
among lower quality issuers may experience a slight uptick, we believe that
defaults will remain below historical norms. Third, credit fundamentals are
appealing as corporations have strengthened their balance sheets. Finally, high
yield issues continue to offer an attractive yield opportunity, which will help
cushion any increase in spread levels.
STRATEGY
The Portfolio's strategy is three-pronged. First, it is weighted toward
intermediate-duration bonds. The potential for increasing interest rates,
coupled with a flat credit curve, suggest that a shorter duration with respect
to interest rates and spreads may be appropriate. Second, the Portfolio's
emphasis is on BB-rated issues due to the historically narrow spread
differential between BB- and B-rated issues. Third, across sectors and issuers,
the Portfolio is overweight industries with stable cash flows such as cable,
media, health care and gaming. We currently intend for the Portfolio to continue
the process started in 2005 of moving toward a more defensive posture with
underweight positions in cyclical sectors including paper, metals and chemicals.
With regard to individual issue selection, we intend for the Portfolio to seek
to avoid bond deals that focus on shareholder friendly transactions, such as
leveraged buyouts, that are not typically advantageous for debt holders.
Sincerely,
/s/ Ann H. Benjamin /s/ Thomas P. O'Reilly
ANN H. BENJAMIN
AND
THOMAS P. O'REILLY
SENIOR PORTFOLIO MANAGERS
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
HIGH INCOME LEHMAN INTERMEDIATE Ba
PORTFOLIO US HIGH YIELD INDEX
1 YEAR 1.20% 2.81%
LIFE OF FUND 2.81% 4.38%
INCEPTION DATE 09/15/2004
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
HIGH INCOME LEHMAN INTERMEDIATE Ba
PORTFOLIO US HIGH YIELD INDEX
9/15/2004 $ 10,000 $ 10,000
10/31/2004 $ 10,090 $ 10,170
12/31/2004 $ 10,243 $ 10,282
2/28/2005 $ 10,345 $ 10,365
4/30/2005 $ 9,949 $ 10,094
6/30/2005 $ 10,264 $ 10,452
8/31/2005 $ 10,385 $ 10,578
10/31/2005 $ 10,308 $ 10,479
12/31/2005 $ 10,366 $ 10,571
</Table>
VALUE AS OF 12/31/05
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
RATING SUMMARY
<Table>
AAA/Government/Government Agency 0.0%
AA 0.0
A 0.0
BBB 2.1
BB 57.7
B 35.6
CCC 0.0
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 4.6
</Table>
2
<Page>
ENDNOTES
1. 1.20% and 2.81% were the average annual total returns for the
1-year and since inception (9/15/04) periods ended December 31,
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 Lehman Brothers Intermediate Ba U.S. High Yield 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) 2006 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 AND PERFORMANCE: The first section of the table
provides information about actual
account values and actual expenses in
dollars, based on the fund's actual
performance during the period. 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 The second section of the table
PURPOSES: 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 12/31/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS S $ 1,000 $ 1,010.00 $ 5.57
</Table>
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
<Table>
CLASS S $ 1,000 $ 1,019.66 $ 5.60
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 184/365 (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 (96.7%)
$ 50,000 AES Corp., Senior Secured Notes, 8.75%, due 5/15/13 Ba3 B+ $ 54,437**
100,000 Allied Waste North America, Inc., Guaranteed Senior
Secured Notes, Ser. B, 9.25%, due 9/1/12 B2 BB- 108,250
25,000 American Real Estate Partners L.P., Senior Notes, 8.13%,
due 6/1/12 Ba2 BB 25,938
50,000 AmeriGas Partners, L.P., Senior Notes, Ser. D, 10.00%,
due 4/15/06 B2 BB- 50,500
50,000 Arch Western Finance Corp., Senior Notes, 6.75%, due
7/1/13 Ba3 BB- 50,938
125,000 Aviall, Inc., Senior Notes, 7.63%, due 7/1/11 B1 BB 128,125
35,000 Ceasars Entertainment, Senior Unsecured Notes, 7.50%,
due 9/1/09 Baa3 BBB- 37,274
40,000 Charter Communications Operating LLC, Senior Notes,
8.00%, due 4/30/12 B2 B- 39,800**
50,000 Chesapeake Energy Corp., Senior Notes, 7.00%,
due 8/15/14 Ba2 BB 51,750
50,000 CMS Energy Corp., Senior Notes, 7.75%, due 8/1/10 B1 B+ 52,438
125,000 CSC Holdings, Inc., Senior Notes, Ser. B, 8.13%, due
7/15/09 B2 B+ 126,250
25,000 Dex Media West LLC, Senior Subordinated Notes, Ser. B,
9.88%, due 8/15/13 B2 B 27,750
50,000 DirecTV Holdings LLC, Senior Notes, 8.38%, due 3/15/13 Ba2 BB- 53,750
25,000 Dobson Cellular Systems, Secured Notes, 8.38%,
due 11/1/11 B1 B- 26,531
50,000 Dole Foods Co., Inc., Debentures, 8.75%, due 7/15/13 B2 B+ 51,500
25,000 Dynegy Holdings, Inc., Senior Secured Notes, 10.13%,
due 7/15/13 B1 B- 28,250**
25,000 EchoStar DBS Corp., Senior Notes, 5.75%, due 10/1/08 Ba3 BB- 24,500
125,000 Equistar Chemicals, L.P., Senior Unsecured Notes,
10.63%, due 5/1/11 B2 BB- 137,500
50,000 Ferrellgas L.P., Senior Notes, 6.75%, due 5/1/14 Ba3 B+ 47,250
50,000 Flextronics Intl., Ltd., Senior Subordinated Notes,
6.50%,due 5/15/13 Ba2 BB- 50,813
25,000 Ford Motor Credit Co., Notes, 6.88%, due 2/1/06 Baa3 BB+ 24,946
75,000 Ford Motor Credit Co., Notes, 6.50%, due 1/25/07 Baa3 BB+ 72,560
50,000 Freescale Semiconductor, Inc., Senior Notes, 7.13%, due
7/15/14 Ba1 BB+ 53,250
75,000 General Motors Acceptance Corp., Notes, 6.13%, due 2/1/07 Ba1 BB 71,599
75,000 HCA, Inc., Notes, 5.50%, due 12/1/09 Ba2 BB+ 74,073
50,000 Host Marriott L.P., Senior Notes, 7.13%, due 11/1/13 Ba2 BB- 52,000
50,000 Houghton Mifflin Co., Senior Notes, 8.25%, due 2/1/11 B3 B- 51,625
50,000 Jafra Cosmetics, Guaranteed Senior Subordinated Unsecured
Notes, 10.75%, due 5/15/11 B3 B- 54,750
50,000 K. Hovnanian Enterprises, Guaranteed Senior Subordinated
Unsecured Notes, 8.88%, due 4/1/12 Ba2 B+ 51,956
125,000 L-3 Communications Corp., Guaranteed Senior Subordinated
Notes, 7.63%, due 6/15/12 Ba3 BB+ 131,562
125,000 Lamar Media Corp., Guaranteed Notes, 7.25%, due 1/1/13 Ba3 B 129,687
50,000 LIN Television Corp., Senior Subordinated Notes, 6.50%,
due 5/15/13 B1 B- 47,938
25,000 Massey Energy Co., Senior Notes, 6.63%, due 11/15/10 B1 BB- 25,406
75,000 MGM Mirage, Inc., Senior Notes, 6.00%, due 10/1/09 Ba2 BB 74,531
25,000 Mirant North America LLC, Senior Notes, 7.38%,
due 12/31/13 B1 B- 25,188**
50,000 Mohegan Tribal Gaming, Senior Subordinated Notes, 6.38%,
due 7/15/09 Ba3 B+ 50,313
100,000 Mylan Laboratories, Inc., Senior Notes, 6.38%, due
8/15/15 Ba1 BB+ 100,125**
50,000 Nalco Co., Senior Notes, 7.75%, due 11/15/11 B2 B- 51,375
50,000 Newfield Exploration Co., Senior Notes, 7.63%, due 3/1/11 Ba2 BB+ 53,500
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING ~ MARKET VALUE +
Moody's S&P
$ 25,000 Norske Skog Canada, Ltd., Guaranteed Senior Notes,
Ser. D, 8.63%, due 6/15/11 B1 B+ $ 23,875
50,000 Novelis, Inc., Senior Notes, 7.25%, due 2/15/15 B1 B 46,625**
50,000 Owens & Minor, Inc., Senior Subordinated Notes, 8.50%,
due 7/15/11 Ba3 BB+ 52,500
50,000 Owens-Brockway Glass Container, Inc., Guaranteed Senior
Notes, 8.25%, due 5/15/13 B2 B 51,625
50,000 Packaging Corp. of America, Unsubordinated Notes,
4.38%, due 8/1/08 Ba1 BBB 48,906
50,000 Peabody Energy Corp., Guaranteed Senior Notes, Ser. B,
6.88%, due 3/15/13 Ba3 BB- 52,000
50,000 Pilgrim's Pride Corp., Guaranteed Senior Notes, 9.63%,
due 9/15/11 Ba2 BB- 53,250
50,000 Pride International, Inc., Senior Notes, 7.38%, due 7/15/14 Ba2 BB- 53,625
50,000 Qwest Corp., Notes, 8.88%, due 3/15/12 Ba3 BB 56,375
50,000 Rogers Cable, Inc., Secured Notes, 7.88%, due 5/1/12 Ba3 BB+ 53,687
50,000 Rogers Wireless, Inc., Secured Notes, 7.25%, due 12/15/12 Ba3 BB 52,562
25,000 Royal Caribbean Cruises, Senior Notes, 8.00%, due 5/15/10 Ba1 BB+ 27,153
125,000 Salem Communications Holding Corp., Guaranteed Senior
Subordinated Notes, 7.75%, due 12/15/10 B2 B- 129,531
50,000 Shaw Communications, Inc., Senior Notes, 8.25%,
due 4/11/10 Ba2 BB+ 53,687
125,000 Smithfield Foods, Inc., Senior Notes, 7.00%, due 8/1/11 Ba2 BB 127,500
20,000 Standard Pacific Corp., Senior Notes, 6.50%, due 8/15/10 Ba2 BB 19,075
50,000 Starwood Hotels & Resorts Worldwide, Inc., Guaranteed Notes,
7.38%, due 5/1/07 Ba1 BB+ 51,000
60,000 Station Casinos, Inc., Senior Notes, 6.00%, due 4/1/12 Ba2 BB- 59,850
75,000 Steinway Musical Instruments, Guaranteed Notes, 8.75%,
due 4/15/11 Ba3 B+ 78,562
50,000 Stewart Enterprises, Senior Notes, 6.25%, due 2/15/13 B1 BB- 48,000**
25,000 Targa Resources, Inc., Guaranteed Notes, 8.50%, due 11/1/13 B2 B- 25,625**
50,000 Teco Energy, Inc., Senior Notes, 7.50%, due 6/15/10 Ba2 BB 53,250
20,000 Toll Corp., Senior Subordinated Notes, 8.25%, due 12/1/11 Ba2 BB+ 21,075
50,000 TXU Corp., Senior Notes, Ser. O, 4.80%, due 11/15/09 Ba1 BB+ 48,094
50,000 Valmont Industries, Inc., Guaranteed Notes, 6.88%,
due 5/1/14 Ba3 B+ 50,375
50,000 Ventas Realty LP, Guaranteed Notes, 6.75%, due 6/1/10 Ba2 BB+ 51,250
50,000 Videotron Ltee, Notes, 6.38%, due 12/15/15 Ba3 B+ 49,688**
50,000 Warner Music Group, Senior Subordinated Notes, 7.38%,
due 4/15/14 B2 B- 49,625
25,000 Williams Scotsman, Inc., Guaranteed Notes, 8.50%,
due 10/1/15 B3 B 25,875
-----------
TOTAL CORPORATE DEBT SECURITIES (COST $3,945,624) 3,884,173
-----------
REPURCHASE AGREEMENTS (4.6%)
185,000 State Street Bank and Trust Co. Repurchase
Agreement, 3.20%, due 1/3/06, dated 12/30/05, Maturity
Value $185,066, Collateralized by $190,000 Fannie Mae,
5.00%, due 1/15/07 (Collateral Value $194,799)
(COST $185,000)
185,000#
-----------
TOTAL INVESTMENTS (101.3%) (COST $4,130,624) 4,069,173##
Liabilities, less cash, receivables and other assets [(1.3%)]
(53,056)
-----------
TOTAL NET ASSETS (100.0%) $ 4,016,117
-----------
</Table>
See Notes to Schedule of Investments
6
<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, bid prices
are obtained from principal market makers in those securities or, if
quotations are not available, by methods the Board of Trustees of Neuberger
Berman Advisers Management Trust has approved on the belief that they
reflect 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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $4,130,624. Gross unrealized appreciation of investments was
$5,414 and gross unrealized depreciation of investments was $66,865,
resulting in net unrealized depreciation of $61,451, based on cost for U.S.
Federal income tax purposes.
** Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers under Rule 144A
and are deemed liquid. At December 31, 2005, these securities amounted to
$417,738 or 10.4% of net assets.
~ Credit ratings are unaudited.
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
HIGH INCOME
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 4,069,173
Cash 7,060
Interest receivable 75,914
Receivable for Fund shares sold 14,137
Receivable from administrator-net (Note B) 9,096
- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 4,175,380
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 131,848
Payable to investment manager (Note B) 1,610
Accrued expenses and other payables 25,805
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 159,263
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 4,016,117
- ----------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 4,142,180
Undistributed net investment income (loss) 2,576
Accumulated net realized gains (losses) on investments (67,188)
Net unrealized appreciation (depreciation) in value of investments (61,451)
-----------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 4,016,117
- ----------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 414,585
- ----------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 9.69
- ----------------------------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 4,130,624
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
HIGH INCOME
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
INVESTMENT INCOME
Interest income-unaffiliated issuers (Note A) $ 219,614
EXPENSES:
Investment management fee (Note B) 16,363
Administration fee (Note B) 10,226
Audit fees 17,399
Custodian fees (Note B) 16,055
Distribution fees (Note B) 8,522
Insurance expense 147
Legal fees 17,643
Shareholder reports 12,705
Shareholder servicing agent fees 33
Trustees' fees and expenses 29,899
Miscellaneous 483
- ----------------------------------------------------------------------------------------------------------------
Total expenses 129,475
Expenses reimbursed by administrator (Note B) (90,516)
Expenses reduced by custodian fee expense offset arrangement (Note B) (1,002)
- ----------------------------------------------------------------------------------------------------------------
Total net expenses 37,957
- ----------------------------------------------------------------------------------------------------------------
Net investment income (loss) 181,657
- ----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (67,188)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (67,133)
Net gain (loss) on investments (134,321)
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 47,336
- ----------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
HIGH INCOME BOND PORTFOLIO
PERIOD FROM
SEPTEMBER 15, 2004
YEAR (COMMENCEMENT
ENDED OF OPERATIONS) TO
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 181,657 $ 39,200
Net realized gain (loss) on investments (67,188) 28,243
Change in net unrealized appreciation (depreciation) of investments (67,133) 5,682
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 47,336 73,125
- -----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (179,075) (41,910)
Net realized gain on investments (23,362) (4,080)
- -----------------------------------------------------------------------------------------------------------
Total distributions to shareholders (202,437) (45,990)
- -----------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 940,064 3,000,000
Proceeds from reinvestment of dividends and distributions 202,437 45,990
Payments for shares redeemed (44,408) --
- -----------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 1,098,093 3,045,990
- -----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 942,992 3,073,125
NET ASSETS:
Beginning of period 3,073,125 --
- -----------------------------------------------------------------------------------------------------------
End of period $ 4,016,117 $ 3,073,125
- -----------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 2,576 $ --
- -----------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<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.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, permanent differences resulting
primarily from different book and tax accounting for characterization of
distributions made by the Fund 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 year ended December 31,
2005 and the period ended December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME
2005 2004
$ 202,437 $ 45,990
</Table>
As of December 31, 2005, 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
$ 2,576 $ (61,451) $ (67,188) $ (126,063)
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to post October losses and capital loss
carryforwards.
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, 2005, the Fund elected to defer $42,817 of net
capital losses arising between November 1, 2005 and December 31, 2005.
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 on December 31, 2005, 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:
2013
$ 24,371
</Table>
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of expenses, daily
on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-date.
12
<Page>
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.
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
13
<Page>
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,
1.10% per annum of the Fund's average daily net assets (the "Expense
Limitation"). For the year ended December 31, 2005, such excess expenses
amounted to $90,516. 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 year ended December 31,
2005, there was no reimbursement to Management under this agreement. At December
31, 2005, contingent liabilities to Management under this agreement were as
follows:
<Table>
<Caption>
EXPIRING IN:
2007 2008 TOTAL
$ 31,571 $ 90,516 $ 122,087
</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 year ended December 31, 2005, the impact of this arrangement
was a reduction of expenses of $1,002.
14
<Page>
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term securities
for the year ended December 31, 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
$ -- $ 5,705,078 $ -- $ 4,654,094
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the year ended December 31, 2005 and for the period ended
December 31, 2004 was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31, FOR THE PERIOD ENDED DECEMBER 31,
2005 2004
SHARES SOLD 93,679 300,000
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 20,850 4,558
SHARES REDEEMED (4,502) --
------- -------
TOTAL 110,027 304,558
------- -------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized by
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
0.09% 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 December 31, 2005. During the year ended December 31,
2005, the Fund did not utilize this line of credit.
15
<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>
YEAR PERIOD FROM
ENDED SEPTEMBER 15, 2004^
DECEMBER 31, TO DECEMBER 31,
2005 2004
------------ --------------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.09 $ 10.00
------------ --------------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .54 .13
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.42) .11
------------ --------------------
TOTAL FROM INVESTMENT OPERATIONS .12 .24
------------ --------------------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.46) (.14)
NET CAPITAL GAINS (.06) (.01)
------------ --------------------
TOTAL DISTRIBUTIONS (.52) (.15)
------------ --------------------
NET ASSET VALUE, END OF PERIOD $ 9.69 $ 10.09
------------ --------------------
TOTAL RETURN++ +1.20% +2.43%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 4.0 $ 3.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.14% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS@ 1.11% 1.10%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 5.33% 4.39%*
PORTFOLIO TURNOVER RATE 143% 104%**
</Table>
See Notes to Financial Highlights
16
<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 Management. Had Management not undertaken
such action, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
PERIOD FROM
YEAR ENDED SEPTEMBER 15, 2004 TO
DECEMBER 31, DECEMBER 31,
2005 2004
3.77% 4.64%
</Table>
^ The date investment operations commenced.
++ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not annualized.
17
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees
Neuberger Berman Advisers Management Trust and
Shareholders of High Income Bond Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments of High Income Bond Portfolio, a series of Neuberger
Berman Advisers Management Trust ("Trust"), as of December 31, 2005, and the
related statement of operations for the year then ended, the statements of
changes in net assets and the financial highlights for the year then ended and
for the period from September 15, 2004 to December 31, 2004. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 2005 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of High
Income Bond Portfolio as of December 31, 2005, the results of its operations for
the year then ended, and the changes in its net assets and the financial
highlights for the year then ended and for the period from September 15, 2004 to
December 31, 2004, in conformity with accounting principles generally accepted
in the United States of America.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
February 6, 2006
18
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, Chairman, 48 Independent Trustee or Director
2000 CDC Investment Advisers of three series of Oppenheimer
(registered investment adviser), Funds: Limited Term New York
1993 to January 1999; formerly, Municipal Fund, Rochester Fund
President and Chief Executive Municipals, and Oppenheimer
Officer, AMA Investment Advisors, Convertible Securities Fund,
an affiliate of the American since 1992.
Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & Milburn 48 Director, American Bar
1984 LLP (law firm) since October Retirement Association (ABRA)
2002; formerly, Attorney-at-Law since 1997 (not-for-profit
and President, Faith Colish, A membership association).
Professional Corporation, 1980 to
2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates
1998 Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, 1978 to Hospital's Board of Directors
December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York Stock
Exchange Board of Directors,
1998 to June 2002; formerly,
Member, American Savings
Education Council's Policy Board
(ASEC), 1998 to 2000; formerly,
Member, Executive Committee,
Crime Prevention Coalition of
America, 1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, Senior 48 None.
2000 Counsel, Loews Corporation
(diversified financial
corporation), May 2002 to April
2003; formerly, Senior Vice
President, Secretary and General
Counsel, Loews Corporation.
</Table>
19
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor Emeritus 48 Director, The Caring Community
2000 of Finance and Economics, New (not-for-profit); formerly,
York University Stern School of Director, DEL Laboratories, Inc.
Business; formerly, Executive (cosmetics and pharmaceuticals),
Secretary-Treasurer, American 1978 to 2004; formerly,
Finance Association, 1961 to Director, Apple Bank for
1979. Savings, 1979 to 1990; formerly,
Director, Western Pacific
Industries, Inc., 1972 to 1986
(public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice President 48 Director, WHX Corporation
1999 and Special Counsel, WHX (holding company) since August
Corporation (holding company), 2002; Director, Webfinancial
1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director, Kevlin
Corporation (manufacturer of
microwave and other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward Jones, (financial services holding
1993 to 2001; President, company) since 1993; formerly,
Securities Industry Association Director, Boston Financial Group
("SIA") (securities industry's (real estate and tax shelters),
representative in government 1993 to 1999.
relations and regulatory matters
at the federal and state levels),
1974 to 1992; Adviser to SIA,
November 1992 to November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf and
(operator and franchiser of computer usage to "at risk"
restaurants) until January 1997. children) since 1998; formerly,
Director, Prandium, Inc.
(restaurants), March 2001 to
July 2002.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, Oxford 48 Director, Capital Cash Management
2000 Partners and Oxford Bioscience Trust (money market fund),
Partners (venture capital Naragansett Insured Tax-Free
partnerships) and President, Income Fund, Rocky Mountain
Oxford Venture Corporation. Equity Fund, Prime Cash Fund,
several private companies and
QuadraMed Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip Investments 48 Director, H&R Block, Inc.
2000; Lead LP (a private investment (financial services company)
Independent partnership); formerly, President since May 2001; Director, Forward
Trustee and CEO, Westaff, Inc. (temporary Management, Inc. (asset
beginning staffing), May 2001 to January management company) since 2001;
2006 2002; formerly, Senior Executive formerly, Director, General Magic
at the Charles Schwab Corporation, (voice recognition software),
1983 to 1999, including Chief 2001 to 2002; formerly, Director,
Executive Officer, Charles Schwab E-Finance Corporation (credit
Investment Management, Inc. and decisioning services), 1999 to
Trustee, Schwab Family of Funds 2003; formerly, Director,
and Schwab Investments, 1997 to Save-Daily.com (micro investing
1998, and Executive Vice services), 1999 to 2003;
President-Retail Brokerage, formerly, Director, Offroad
Charles Schwab Investment Capital Inc. (private internet
Management,1994 to 1997. commerce company), 1999 to 2002.
Candace L. Straight (58) Trustee since Private investor and consultant 48 Director, The Proformance
1999 specializing in the insurance Insurance Company (personal lines
industry; formerly, Advisory property and casualty insurance
Director, Securitas Capital LLC company) since March 2004;
(a global private equity Director, Providence Washington
investment firm dedicated to (property and casualty insurance
making investments in the company) since December 1998;
insurance sector), 1998 to Director, Summit Global Partners
December 2002. (insurance brokerage firm) since
October 2000.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit Company
since August 1997; formerly,
President, Ford Life Insurance
Company, April 1995 to August
1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private
2002 Neuberger Berman Inc. (holding company) since 1998; Director,
company) since 2002 and 2003, Emagin Corp. (public company)
respectively; Managing Director since 1997; Director, Solbright,
and Chief Investment Officer, Inc. (private company) since
Neuberger Berman since December 1998; Director, Infogate, Inc.
2005 and 2003, respectively; (private company) since 1997;
formerly, Executive Vice Director, Broadway Television
President, Neuberger Berman, Network (private company) since
December 2002 to 2005; Director 2000.
and Chairman, NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February 2002;
formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February 2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President,
the Board, Neuberger Berman Inc. (holding Neuberger & Berman Agency, Inc.
Chief company) since 1999; Head of since 2000; formerly, Director,
Executive Neuberger Berman Inc.'s Mutual Neuberger Berman Inc. (holding
Officer and Funds Business (since 1999) and company), October 1999 to March
Trustee since Institutional Business (1999 to 2003; Trustee, Frost Valley YMCA.
2000; October 2005); responsible for
President and Managed Accounts Business and
Chief intermediary distribution since
Executive October 2005; President and
Officer, 1999 Director, NB Management since
to 2000 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman, 1999
to December 2005; formerly,
Principal, Neuberger Berman, 1997
to 1999; formerly, Senior Vice
President, NB Management, 1996 to
1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
23
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Compliance Senior Vice President, Neuberger Berman since 2006; Deputy
Officer since 2002 General Counsel, Neuberger Berman since 2004; formerly, Vice
President, Neuberger Berman, 2000 to 2006; formerly, Associate
General Counsel, Neuberger Berman, 1999 to 2004; formerly,
Associate General Counsel, NB Management, 1994 to 1999;
Anti-Money Laundering Compliance Officer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (seven since 2002, three since 2003,
four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1997; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB Management since
2000 and Assistant Secretary since 2004; Vice President,
Neuberger Berman since 2002 and Employee since 1999; formerly,
Vice President, NB Management, 1986 to 1999; Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; Senior Vice
President, NB Management since 2000; formerly, Controller, NB
Management, 1994 to 1996; formerly, Treasurer, NB Management,
1996 to 1999; Vice President, fifteen registered investment
companies for which NB Management acts as investment manager
and administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
</Table>
24
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior Vice
President, NB Management since 2000; formerly, Vice President,
NB Management, 1997 to 1999; Vice President, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (three since 2000, four since 2002,
three since 2003, four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman since 2002; Deputy
(only for purposes of sections 307 General Counsel and Assistant Secretary, Neuberger Berman since
and 406 of the Sarbanes-Oxley Act 2001; formerly, Vice President, Neuberger Berman, 2001 to 2002;
of 2002) formerly, Associate General Counsel, Neuberger Berman, 2001;
formerly, Counsel, Neuberger Berman, 2000; Secretary and
General Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1991 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (seven since 2002, three
since 2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1993 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (ten since 2003, four
since 2004 and one since 2005).
John M. McGovern (36) Treasurer and Principal Financial Vice President, Neuberger Berman since 2004; Employee, NB
and Accounting Officer since 2005; Management since 1993; Treasurer and Principal Financial and
prior thereto, Assistant Treasurer Accounting Officer, fifteen registered investment companies for
since 2002 which NB Management acts as investment manager and
administrator (fifteen since 2005); formerly, Assistant
Treasurer, fifteen registered investment companies for which NB
Management acts as investment manager and administrator, 2002
to 2005.
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1995; Assistant Treasurer, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly,
Vice President, Neuberger Berman, 1999 to 2003; formerly, Vice
President, NB Management, 1995 to 1999; Vice President, fifteen
registered investment companies for which NB Management acts as
investment manager and administrator (three since 2000, four
since 2002, three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers Inc. since 2003; Chief
Compliance Officer, fifteen registered investment companies for
which NB Management acts as investment manager and
administrator (fifteen since 2005); Chief Compliance Officer,
Lehman Brothers Asset Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice President, UBS Global
Asset Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber Inc.),
1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
26
<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 is also 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).
27
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
High Income Bond Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
realized by Management and its affiliates from the relationship with the Fund;
(4) the extent to which economies of scale might be realized as the Fund grows;
and (5) whether fee levels reflect those potential economies of scale for the
benefit of investors in the Fund. In their deliberations, the Board members did
not identify any particular information that was all-important or controlling,
and each Trustee may have attributed different weights to the various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. In addition, the Board noted the positive
compliance history of Management and Neuberger, as each firm has been free of
significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio managers. The Board discussed the Fund's performance
with Management and discussed steps that Management had taken, or intended to
take, to improve the Fund's performance. The Board also considered Management's
resources and responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
28
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limits on Fund expenses undertaken by Management for the Fund. The
Board noted that Management incurred a loss on the Fund on an after-tax basis.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds. The Board compared the
fees charged to a comparable separate account to the fees charged to the Fund at
various asset levels. The Board considered the appropriateness and
reasonableness of the differences between the fees charged between the Fund and
the comparable separate account and determined that the differences in fees were
consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
whether the Fund's fee structure should provide for a reduction of payments
resulting from the use of breakpoints.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund since the Fund's inception. The Board also carefully examined
Management's cost allocation methodology and had an independent expert review
the methodology. It also reviewed an analysis from an independent data service
on investment management profitability margins. The Board also reviewed whether
Management and Neuberger used brokers to execute Fund transactions that provide
research and other services to Management and Neuberger, and the types of
benefits potentially derived by the Fund and by other clients of Management and
Neuberger from such services. The Board recognized that Management should be
entitled to earn a reasonable level of profits for services it provides to the
Fund and, based on its review, concluded it was satisfied that Management's
level of profitability from its relationship with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
29
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
INTERNATIONAL PORTFOLIO(R)
F0509 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
INTERNATIONAL PORTFOLIO MANAGER'S COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) International Portfolio was
introduced on April 29, 2005. From inception through year-end 2005, the
Portfolio provided a 17.50% return, slightly underperforming its MSCI EAFE
benchmark.
Energy holdings made the largest contribution to performance. The Portfolio was
more than double-weighted in Energy versus the EAFE benchmark and its Energy
stocks more than quintupled the return from EAFE Energy components. Our success
in this sector was largely due to our focus on stocks outside of EAFE's
boundaries (three Canadian, one Brazilian and one Argentine company made our
top-ten contributors list) and the fact that we favored "upstream" exploration,
production and energy services companies, which significantly outperformed
"downstream" refiners and marketers.
Information Technology, Consumer Staples and Financial investments also made
significant contributions to returns. Their performance was driven by holdings
including TPV Technology (an IT company in Hong Kong), C&C Group (Staples,
Ireland), Kensington Group (Financials, U.K.), Anglo Irish Bank (Financials,
Ireland), and Option NV (IT, Belgium).
On a geographic basis, we were generously rewarded for investing in non-EAFE
nations, especially Argentina, Brazil and Canada, where domestically-oriented
firms as well as Energy names were strong performers. Our ongoing commitment to
smaller European markets such as Ireland, Belgium, and Norway also enhanced
relative returns. We continue to see compelling opportunities in Europe's
smaller, often more dynamic, economies.
Of course, not everything worked as well as we would have liked. The Portfolio's
shares in U.K. telecom giant Vodafone and Greece's Public Power Corp. declined
sharply. Although the Portfolio enjoyed gains in the Consumer Discretionary,
Industrial and Utility sectors, it materially underperformed the pertinent EAFE
sector components. Great Canadian Gaming, the U.K.'s MFI Furniture Group and
Trinity Mirror penalized relative returns in the Consumer Discretionary sector.
Japanese arcade equipment manufacturer Mars Engineering was the biggest loser in
the Industrial sector and Japanese Materials company Tamron also held back
returns.
On a country basis, the Portfolio's underweighting and weak relative performance
in Japan restrained returns. We maintained a cautious view on the economic
recovery in Japan and, as a result, the Portfolio was positioned rather
defensively, in less economically sensitive companies. These "low beta" stocks
lagged cyclical companies by a wide margin as investors gained confidence that
the Japanese economy was finally gaining some traction.
Looking ahead, international equity valuations appear less compelling after the
excellent performance of recent years. With GDP growth unlikely to accelerate
and central banks from Europe to Japan likely to raise short-term interest
rates, stocks face some headwinds. Consequently, we doubt that international
equity returns will be quite as generous in 2006 as they have been over the past
three years. We expect to see total percentage returns in the very low
double-digits, with perhaps 5% coming from stock price appreciation and
dividends and the balance from favorable currency translation--if, as we
anticipate, the dollar once again weakens against the euro and yen. Of course,
we will be striving to outperform market returns through our research-driven
stock selection methodology.
Sincerely,
/s/ Benjamin Segal
BENJAMIN SEGAL
PORTFOLIO MANAGER
1
<Page>
CUMULATIVE TOTAL RETURN(1)
<Table>
<Caption>
INTERNATIONAL
PORTFOLIO EAFE(R) INDEX
LIFE OF FUND 17.50% 17.66%
INCEPTION DATE 04/29/2005
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
INTERNATIONAL
PORTFOLIO EAFE(R) INDEX
4/29/2005 $ 10,000 $ 10,000
5/31/2005 $ 10,000 $ 10,095
6/30/2005 $ 10,410 $ 10,233
7/31/2005 $ 10,810 $ 10,547
8/31/2005 $ 11,230 $ 10,817
9/30/2005 $ 11,560 $ 11,301
10/31/2005 $ 10,990 $ 10,971
11/30/2005 $ 11,180 $ 11,243
12/31/2005 $ 11,750 $ 11,766
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automobiles & Components 4.7%
Banks 12.3
Capital Goods 2.1
Chemicals 0.9
Commercial Services & Supplies 4.2
Construction Materials 3.0
Consumer Discretionary 0.4
Consumer Durables & Apparel 5.0
Diversified Financials 0.5
Energy Services & Equipment 2.7
Financial Services 0.9
Food, Beverage & Tobacoo 3.7
Health Care Equipment & Services 0.6
Hotels, Restaurants & Leisure 5.5
Industrial & Commerical Products 0.0
Insurance 1.4
Materials 0.3
Materials - Metals & Mining 1.3
Media 3.1
Oil & Gas 17.0
Pharmaceutical & Biotechnology 1.2
Retailing 0.7
Technology - Hardware 5.8
Telecommunications - Diversified 0.8
Telecommunications - Wireless 3.3
Transportation 1.3
Short-Term Investments 13.3
Cash, receivables and other assets,
less liabilities 4.0
</Table>
2
<Page>
ENDNOTES
(1). 17.50% was the cumulative total return from April 29, 2005 (its date of
inception) through December 31, 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.
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) 2006 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 AND PERFORMANCE: The first section of the table provides
information about actual account values
and actual expenses in dollars, based on
the fund's actual performance during the
period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST INTERNATIONAL PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS S $ 1,000 $ 1,128.70 $ 8.05
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS S $ 1,000 $ 1,017.64 $ 7.63
</Table>
* Expenses are equal to the expense ratio for the class,
multiplied by the average account value over the period,
multiplied by 184/365 (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 INTERNATIONAL PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (79.3%)
ARGENTINA (0.9%)
1,025 Tenaris SA ADR $ 117,362
AUSTRALIA (3.3%)
122,230 Hardman Resources 156,139*
15,590 Timbercorp Ltd. 34,336
7,720 Woodside Petroleum 222,115
---------------
412,590
BELGIUM (3.6%)
4,720 Euronav SA 136,997
1,890 Fortis 60,318
5,220 InBev NV 227,294
520 Omega Pharma SA 27,101
---------------
451,710
BRAZIL (1.8%)
3,285 Petroleo Brasileiro ADR 234,122*
CANADA (9.1%)
4,380 Canadian Natural Resources 216,492
960 Canadian Western Bank 29,485
4,500 Corus Entertainment Inc.,
B Shares 120,417
12,040 Great Canadian Gaming 169,146*
6,100 MacDonald Dettwiler 196,192*
2,100 Suncor Energy 132,057
5,520 Talisman Energy 291,635
---------------
1,155,424
FINLAND (0.0%)
300 Orion Oyj, B Shares 5,556
FRANCE (4.6%)
2,260 BNP Paribas 182,924
790 Ipsos 104,778
1,540 Publicis Groupe 53,616
820 Saft Groupe SA 18,440*
640 Societe Generale 78,745
1,095 Total SA ADR 138,408
---------------
576,911
GERMANY (2.0%)
910 Continental AG 80,800
1,910 Rhoen-Klinikum AG 72,718
890 Wincor Nixdorf AG 94,190
---------------
247,708
GREECE (0.8%)
2,450 Titan Cement 100,094
HONG KONG (1.2%)
160,000 TPV Technology 155,800
IRELAND (8.6%)
4,110 Allied Irish Banks 88,386
22,909 Anglo Irish Bank 347,792
37,794 C&C Group 239,890
7,177 CRH PLC 211,115
170 DCC PLC 3,644
42,290 Dragon Oil PLC 144,273*
4,800 Grafton Group PLC $ 51,498*
---------------
1,086,598
ITALY (1.3%)
6,810 Indesit Co. 70,483
14,520 Milano Assicurazioni 99,299
---------------
169,782
JAPAN (12.9%)
1,000 Acom Co. 64,303
3,000 Aica Kogyo 41,177
31,000 Brother Industries 325,831
1,000 CHIYODA Corp. 22,990
3,500 F.C.C. Co. 175,475
8,800 Heiwa Corp. 120,713
5,700 Mars Engineering 148,931
3,300 Maruichi Steel Tube 71,666
5,250 NAMCO BANDAI 76,781*
13,300 Nissan Motor 134,828
500 Nissha Printing 14,506
2,400 Nissin Healthcare Food
Service 36,668
3,700 PLENUS Co. 121,785
6,000 Ricoh Co. 105,107
4,000 Takuma Co. 26,739
4,000 Tamron Co. 55,073
3,500 TENMA Corp. 66,805
1,200 TKC Corp. 24,941
---------------
1,634,319
KOREA (1.9%)
4,690 KT Corp. ADR 101,069
6,600 SK Telecom ADR 133,914
---------------
234,983
NETHERLANDS (2.0%)
680 Aalberts Industries NV 36,115
1,420 Imtech NV 46,243
5,260 TNT NV 164,443
---------------
246,801
NORWAY (1.6%)
4,860 Prosafe ASA 206,411
SINGAPORE (0.9%)
11,000 DBS Group 109,134
SOUTH AFRICA (0.1%)
3,330 Steinhoff International 9,872*
SPAIN (1.1%)
4,660 Banco Popular Espanol 56,839
1,808 Telefonica SA ADR 81,396
---------------
138,235
SWEDEN (1.8%)
200 Capio AB 3,564*
3,300 Intrum Justitia AB 30,439*
6,200 Lundin Petroleum AB 65,580*
6,600 Nobia AB 133,805
---------------
233,388
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
SWITZERLAND (0.2%)
250 Advanced Digital Broadcast $ 22,815*
UNITED KINGDOM (19.6%)
16,650 888 Holdings PLC 55,514*
14,811 Amlin PLC 63,256
3,229 Amlin PLC - RFD 13,041*
16,080 Barclays PLC 168,855
9,390 Barratt Developments 159,122
13,920 Burren Energy 218,183
2,724 GlaxoSmithKline PLC 68,773
18,620 Kensington Group 296,012
67,430 MFI Furniture Group 92,711
6,290 NETeller PLC 79,456*
8,560 Northern Rock 138,731
13,900 Punch Taverns PLC 202,820
19,126 Redrow PLC 175,859
39,530 RPS Group 105,984
4,350 Shire Pharmaceuticals 55,622
10,890 Trinity Mirror 107,243
47,040 Tullow Oil PLC 218,282
82,976 Vodafone Group 178,972
9,374 William Hill 86,272
---------------
2,484,708
---------------
TOTAL COMMON STOCKS
(COST $9,498,016) 10,034,323
---------------
PREFERRED STOCKS (3.4%)
BRAZIL (1.8%)
4,630 Companhia Vale do Rio Doce ADR $ 167,838
4,700 Ultrapar Participacoes ADR 65,471
---------------
233,309
GERMANY (1.6%)
277 Porsche AG 199,100
---------------
TOTAL PREFERRED STOCKS
(COST $444,773) 432,409
---------------
SHORT-TERM INVESTMENTS (13.3%)
1,680,394 Neuberger Berman Prime
Money Fund Trust Class
(COST $1,680,394) 1,680,394@#
---------------
TOTAL INVESTMENTS (96.0%)
(COST $11,623,183) 12,147,126##
Cash, receivables and other assets,
less liabilities (4.0%) 501,208
---------------
TOTAL NET ASSETS (100.0%) $ 12,648,334
---------------
</Table>
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL PORTFOLIO
<Table>
<Caption>
PERCENTAGE OF
INDUSTRY MARKET VALUE + NET ASSETS
- -------- --------------- -------------
OIL & GAS $ 2,154,650 17.0%
BANKS 1,557,220 12.3%
TECHNOLOGY--HARDWARE 736,001 5.8%
HOTEL, RESTAURANTS & LEISURE 700,735 5.5%
CONSUMER DURABLES & APPAREL 625,922 5.0%
AUTOMOBILES & COMPONENTS 590,203 4.7%
COMMERCIAL SERVICES & SUPPLIES 527,454 4.2%
FOOD, BEVERAGE & TOBACCO 467,185 3.7%
TELECOMMUNICATIONS--WIRELESS 413,955 3.3%
MEDIA 386,054 3.1%
CONSTRUCTION MATERIALS 382,876 3.0%
ENERGY SERVICES & EQUIPMENT 343,408 2.7%
CAPITAL GOODS 268,597 2.1%
INSURANCE 175,596 1.4%
MATERIALS--METALS & MINING 167,838 1.3%
TRANSPORTATION 164,443 1.3%
PHARMACEUTICAL & BIOTECHNOLOGY 157,052 1.2%
FINANCIAL SERVICES 109,894 0.9%
CHEMICALS 106,649 0.9%
TELECOMMUNICATIONS--DIVERSIFIED 104,211 0.8%
RETAILING 92,711 0.7%
HEALTH CARE EQUIPMENT & SERVICES 76,281 0.6%
DIVERSIFIED FINANCIALS 64,303 0.5%
CONSUMER DISCRETIONARY 55,514 0.4%
MATERIALS 34,336 0.3%
INDUSTRIALS & COMMERCIAL PRODUCTS 3,644 0.0%
OTHER ASSETS--NET 2,181,602 17.3%
--------------- -----
$ 12,648,334 100.0%
--------------- -----
</Table>
See Notes to Schedule of Investments
6
<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, including securities for which the
necessary last sale, asked, and/or bid prices are not readily available, by
methods the Board of Trustees of Neuberger Berman Advisers Management Trust
(the "Board") has approved on the belief that they reflect 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 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. In this event,
FT Interactive will provide adjusted prices for certain foreign equity
securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $11,628,795. Gross unrealized appreciation of investments was
$660,693 and gross unrealized depreciation of investments was $142,362,
resulting in net unrealized appreciation of $518,331, 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
7
<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 $ 10,466,732
Affiliated issuers 1,680,394
- ----------------------------------------------------------------------------------------------
12,147,126
Cash 914
Foreign currency 196,216
Dividends and interest receivable 25,964
Receivable for securities sold 61,068
Receivable for Fund shares sold 437,441
Receivable from administrator--net (Note B) 39,878
- ----------------------------------------------------------------------------------------------
TOTAL ASSETS 12,908,607
- ----------------------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 228,850
Payable for Fund shares redeemed 489
Payable to investment manager--net (Notes A & B) 6,968
Accrued expenses and other payables 23,966
- ----------------------------------------------------------------------------------------------
TOTAL LIABILITIES 260,273
- ----------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 12,648,334
- ----------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 12,069,703
Undistributed net investment income (loss) 48
Accumulated net realized gains (losses) on investments 54,857
Net unrealized appreciation (depreciation) in value of investments 523,726
- ----------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 12,648,334
- ----------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 1,083,068
- ----------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 11.68
- ----------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 9,942,789
Affiliated issuers 1,680,394
TOTAL COST OF INVESTMENTS $ 11,623,183
- ----------------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 196,216
- ----------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE PERIOD FROM APRIL 29, 2005
(COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2005
STATEMENT OF OPERATIONS
<Table>
<Caption>
INTERNATIONAL
PORTFOLIO
-----------------
PERIOD FROM
APRIL 29, 2005
(COMMENCEMENT
OF OPERATIONS) TO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 46,910
Interest income--unaffiliated issuers 1,972
Income from investments in affiliated issuers (Note F) 13,171
Foreign taxes withheld (4,154)
- -----------------------------------------------------------------------------------------------
Total income 57,899
- -----------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 20,382
Administration fee (Note B) 7,194
Audit fees 7,487
Custodian fees (Note B) 65,273
Distribution fees (Note B) 5,995
Legal fees 346
Shareholder reports 11,009
Trustees' fees and expenses 22,586
- -----------------------------------------------------------------------------------------------
Total expenses 140,272
Expenses reimbursed by administrator (Note B) (103,834)
Investment management fee waived (Note A) (286)
Expenses reduced by custodian fee expense offset arrangement (Note B) (184)
- -----------------------------------------------------------------------------------------------
Total net expenses 35,968
- -----------------------------------------------------------------------------------------------
Net investment income (loss) 21,931
- -----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 109,624
Foreign currency (10,255)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 523,943
Foreign currency (217)
-------------------------------------------------------------------------------------
Net gain (loss) on investments 623,095
- -----------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 645,026
- -----------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
-----------------------
PERIOD FROM
APRIL 29, 2005
(COMMENCEMENT
OF OPERATIONS) TO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 21,931
Net realized gain (loss) on investments 99,369
Change in net unrealized appreciation (depreciation) of investments 523,726
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 645,026
- -----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (12,395)
Net realized gain on investments (54,767)
- -----------------------------------------------------------------------------------------------------
Total distributions to shareholders (67,162)
- -----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 12,321,779
Proceeds from reinvestment of dividends and distributions 67,162
Payments for shares redeemed (320,597)
Redemption fees retained (Note A) 2,126
- -----------------------------------------------------------------------------------------------------
Net Increase (Decrease) from Fund share transactions 12,070,470
- -----------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 12,648,334
NET ASSETS:
Beginning of period --
- -----------------------------------------------------------------------------------------------------
End of period $ 12,648,334
- -----------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 48
- -----------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
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 commenced
operations on April 29, 2005 and 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-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.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with U.S. income tax regulations, which may differ from U.S.
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, 2005, permanent differences resulting
primarily from different book and tax accounting for foreign currency gain
and losses and non-deductible start-up costs were reclassified at year end.
These reclassifications had no effect on the net income, net assets or net
assets per share of the fund.
The tax character of distributions paid during the period ended December
31, 2005 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2005 2005
$ 67,162 $ 67,162
</Table>
As of December 31, 2005, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED
ORDINARY APPRECIATION
INCOME (DEPRECIATION) TOTAL
$ 60,517 $ 518,114 $ 578,631
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales and passive
foreign investment companies.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-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.
12
<Page>
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 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. For the period ended December 31, 2005, the
Fund received $2,126 in redemption fees.
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
period ended December 31, 2005, management fees waived under this
Arrangement amounted to $286 and is reflected in the Statement of
Operations under the caption "Investment management fee waived." For the
period ended December 31, 2005, income earned under this Arrangement
amounted to $13,171 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 0.85% of the first $250 million of
the Fund's average daily net assets, 0.825% of the next $250 million, 0.80%
of the
13
<Page>
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 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 voluntary reimbursement commitment without notice. For the
period ended December 31, 2005, such excess expenses amounted to $103,834.
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 December 31, 2005, there was no
reimbursement to Management under this agreement. At December 31, 2005,
contingent liabilities to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN
2008
$ 91,847
</Table>
14
<Page>
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 December 31, 2005, the impact of this
arrangement was a reduction of expenses of $184.
NOTE C--SECURITIES TRANSACTIONS:
During the period ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $10,748,514 and $915,201,
respectively.
During the period ended December 31, 2005, brokerage commissions on
securities transactions amounted to $9,783, of which Neuberger received $0,
Lehman received $3,087, and other brokers received $6,696.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE PERIOD ENDED DECEMBER 31,
2005
SHARES SOLD 1,105,462
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS 5,780
SHARES REDEEMED (28,174)
---------
TOTAL 1,083,068
---------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was one of three holders of a single
$20,000,000 uncommitted, secured line of credit with a consortium of banks
organized by 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 December 31, 2005. During the period
ended December 31, 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
APRIL 29, PURCHASES AND DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** -- 7,629,326 5,948,932 1,680,394 $ 1,680,394 $ 13,171
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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.
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 DECEMBER 31,
2005
---------------
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.00
---------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)@ .07
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.67
---------------
TOTAL FROM INVESTMENT OPERATIONS 1.74
---------------
LESS DISTRIBUTIONS FROM
NET INVESTMENT INCOME (.01)
NET CAPITAL GAINS (.06)
---------------
TOTAL DISTRIBUTIONS (.07)
REDEMPTION FEES@ .01
---------------
NET ASSET VALUE, END OF PERIOD $ 11.68
---------------
TOTAL RETURN++ +17.50%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 12.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.51%*
RATIO OF NET EXPENSES TO AVERAGE NET Assets^^ 1.50%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 0.91%*
PORTFOLIO TURNOVER RATE 29%**
</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 and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
actions, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
PERIOD FROM
APRIL 29, 2005 TO
DECEMBER 31, 2005
5.84%
</Table>
^ The date investment operations commenced.
@ Calculated based on the average number of shares outstanding during the
fiscal period.
* Annualized.
** Not annualized.
18
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of International Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of International Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations, statement of changes
in net assets and financial highlights for the period from April 29, 2005
(commencement of operations) to December 31, 2005. These financial statements
and financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
International Portfolio, a series of Neuberger Berman Advisers Management Trust,
at December 31, 2005, the results of its operations, changes in its net assets
and financial highlights for the period from April 29, 2005 (commencement of
operations) to December 31, 2005, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
19
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since 2000 Consultant. Formerly, 48 Independent Trustee or
Chairman, CDC Investment Director of three series of
Advisers (registered Oppenheimer Funds: Limited
investment adviser), 1993 to Term New York Municipal Fund,
January 1999; formerly, Rochester Fund Municipals, and
President and Chief Executive Oppenheimer Convertible
Officer, AMA Investment Securities Fund, since 1992.
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since 1984 Counsel, Carter Ledyard & 48 Director, American Bar
Milburn LLP (law firm) since Retirement Association (ABRA)
October 2002; formerly, since 1997 (not-for-profit
Attorney-at-Law and President, membership association).
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since 1998 Consultant, C.A. Harvey 48 President, Board of Associates
Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, 1978 Hospital's Board of Directors
to December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York
Stock Exchange Board of
Directors, 1998 to June 2002;
formerly, Member, American
Savings Education Council's
Policy Board (ASEC), 1998 to
2000; formerly, Member,
Executive Committee, Crime
Prevention Coalition of
America, 1997 to 2000.
Barry Hirsch (72) Trustee since 2000 Attorney-at-Law; formerly, 48 None.
Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General Counsel,
Loews Corporation.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since 2000 Marcus Nadler Professor 48 Director, The Caring Community
Emeritus of Finance and (not-for-profit); formerly,
Economics, New York University Director, DEL Laboratories,
Stern School of Business; Inc. (cosmetics and
formerly, Executive pharmaceuticals), 1978 to
Secretary-Treasurer, American 2004; formerly, Director,
Finance Association, 1961 to Apple Bank for Savings, 1979
1979. to 1990; formerly, Director,
Western Pacific Industries,
Inc., 1972 to 1986 (public
company).
Howard A. Mileaf (69) Trustee since 1999 Retired; formerly, Vice 48 Director, WHX Corporation
President and Special Counsel, (holding company) since August
WHX Corporation (holding 2002; Director, Webfinancial
company), 1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director,
Kevlin Corporation
(manufacturer of microwave and
other products).
Edward I. O'Brien (77) Trustee since 2000 Formerly, Member, Investment 48 Director, Legg Mason, Inc.
Policy Committee, Edward (financial services holding
Jones, 1993 to 2001; company) since 1993; formerly,
President, Securities Industry Director, Boston Financial
Association ("SIA") Group (real estate and tax
(securities industry's shelters), 1993 to 1999.
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
William E. Rulon (73) Trustee since 2000 Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
President, Foodmaker, Inc. Learning Academy (teach golf
(operator and franchiser of and computer usage to "at
restaurants) until January risk" children) since 1998;
1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since 2000 Founding General Partner, 48 Director, Capital Cash
Oxford Partners and Oxford Management Trust (money market
Bioscience Partners (venture fund), Naragansett Insured
capital partnerships) and Tax-Free Income Fund, Rocky
President, Oxford Venture Mountain Equity Fund, Prime
Corporation. Cash Fund, several private
companies and QuadraMed
Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee beginning formerly, President and CEO, Forward Management, Inc.
2006 Westaff, Inc. (temporary (asset management company)
staffing), May 2001 to January since 2001; formerly,
2002; formerly, Senior Director, General Magic (voice
Executive at the Charles recognition software), 2001 to
Schwab Corporation, 1983 to 2002; formerly, Director,
1999, including Chief E-Finance Corporation (credit
Executive Officer, Charles decisioning services), 1999 to
Schwab Investment Management, 2003; formerly, Director,
Inc. and Trustee, Schwab Save-Daily.com (micro
Family of Funds and Schwab investing services), 1999 to
Investments, 1997 to 1998, and 2003; formerly, Director,
Executive Vice Offroad Capital Inc. (private
President-Retail Brokerage, internet commerce company),
Charles Schwab Investment 1999 to 2002.
Management, 1994 to 1997.
Candace L. Straight (58) Trustee since 1999 Private investor and 48 Director, The Proformance
consultant specializing in the Insurance Company (personal
insurance industry; formerly, lines property and casualty
Advisory Director, Securitas insurance company) since March
Capital LLC (a global private 2004; Director, Providence
equity investment firm Washington (property and
dedicated to making casualty insurance company)
investments in the insurance since December 1998; Director,
sector), 1998 to December Summit Global Partners
2002. (insurance brokerage firm)
since October 2000.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since 1984 Regional Manager for Atlanta 48 None.
Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since 2002 Chief Investment Officer, Associates, Inc. (private
Neuberger Berman Inc. (holding company) since 1998; Director,
company) since 2002 and 2003, Emagin Corp. (public company)
respectively; Managing since 1997; Director,
Director and Chief Investment Solbright, Inc. (private
Officer, Neuberger Berman company) since 1998; Director,
since December 2005 and 2003, Infogate, Inc. (private
respectively; formerly, company) since 1997; Director,
Executive Vice President, Broadway Television Network
Neuberger Berman, December (private company) since 2000.
2002 to 2005; Director and
Chairman, NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of the Executive Vice President, 48 Director and Vice President,
Board, Chief Neuberger Berman Inc. (holding Neuberger & Berman Agency,
Executive Officer company) since 1999; Head of Inc. since 2000; formerly,
and Trustee since Neuberger Berman Inc.'s Mutual Director, Neuberger Berman
2000; President Funds Business (since 1999) Inc. (holding company),
and Chief and Institutional Business October 1999 to March 2003;
Executive (1999 to October 2005); Trustee, Frost Valley YMCA.
Officer, 1999 to responsible for Managed
2000 Accounts Business and
intermediary distribution
since October 2005; President
and Director, NB Management
since 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999;
formerly, Senior Vice
President, NB Management, 1996
to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
24
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman since 2006; Deputy
Compliance Officer since 2002 General Counsel, Neuberger Berman since 2004; formerly, Vice
President, Neuberger Berman, 2000 to 2006; formerly,
Associate General Counsel, Neuberger Berman, 1999 to 2004;
formerly, Associate General Counsel, NB Management, 1994 to
1999; Anti-Money Laundering Compliance Officer, fifteen
registered investment companies for which NB Management acts
as investment manager and administrator (seven since 2002,
three since 2003, four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1997; Assistant Treasurer, fifteen
registered investment companies for which NB Management acts
as investment manager and administrator (fifteen since
2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB Management
since 2000 and Assistant Secretary since 2004; Vice
President, Neuberger Berman since 2002 and Employee since
1999; formerly, Vice President, NB Management, 1986 to 1999;
Secretary, fifteen registered investment companies for which
NB Management acts as investment manager and administrator
(three since 2000, four since 2002, three since 2003, four
since 2004 and one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to 2003;
Senior Vice President, NB Management since 2000; formerly,
Controller, NB Management, 1994 to 1996; formerly,
Treasurer, NB Management, 1996 to 1999; Vice President,
fifteen registered investment companies for which NB
Management acts as investment manager and administrator
(three since 2000, four since 2002, three since 2003, four
since 2004 and one since 2005).
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior Vice
President, NB Management since 2000; formerly, Vice
President, NB Management, 1997 to 1999; Vice President,
fifteen registered investment companies for which NB
Management acts as investment manager and administrator
(three since 2000, four since 2002, three since 2003, four
since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman since 2002; Deputy
(only for purposes of sections General Counsel and Assistant Secretary, Neuberger Berman
307 and 406 of the since 2001; formerly, Vice President, Neuberger Berman, 2001
Sarbanes-Oxley Act of 2002) to 2002; formerly, Associate General Counsel, Neuberger
Berman, 2001; formerly, Counsel, Neuberger Berman, 2000;
Secretary and General Counsel, NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly, Employee,
NB Management, 1991 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts
as investment manager and administrator (seven since 2002,
three since 2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly, Employee,
NB Management, 1993 to 1999; Assistant Secretary, fifteen
registered investment companies for which NB Management acts
as investment manager and administrator (ten since 2003,
four since 2004 and one since 2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger Berman since 2004; Employee, NB
Financial and Accounting Management since 1993; Treasurer and Principal Financial and
Officer since 2005; prior Accounting Officer, fifteen registered investment companies
thereto, Assistant Treasurer for which NB Management acts as investment manager and
since 2002 administrator (fifteen since 2005); formerly, Assistant
Treasurer, fifteen registered investment companies for which
NB Management acts as investment manager and administrator,
2002 to 2005.
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB
Management since 1995; Assistant Treasurer, fifteen
registered investment companies for which NB Management acts
as investment manager and administrator (fifteen since
2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003;
formerly, Vice President, Neuberger Berman, 1999 to 2003;
formerly, Vice President, NB Management, 1995 to 1999; Vice
President, fifteen registered investment companies for which
NB Management acts as investment manager and administrator
(three since 2000, four since 2002, three since 2003, four
since 2004 and one since 2005).
Chamaine Williams (35) Chief Compliance Officer since Vice President, Lehman Brothers Inc. since 2003; Chief
2005 Compliance Officer, fifteen registered investment companies
for which NB Management acts as investment manager and
administrator (fifteen since 2005); Chief Compliance
Officer, Lehman Brothers Asset Management Inc. since 2003;
Chief Compliance Officer, Lehman Brothers Alternative
Investment Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US) Inc. (formerly,
Mitchell Hutchins Asset Management, a wholly-owned
subsidiary of PaineWebber Inc.), 1997-2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
27
<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 is also 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).
28
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
International Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided; (4) the
extent to which economies of scale might be realized as the Fund grows; and (5)
whether fee levels reflect those potential economies of scale for the benefit of
investors in the Fund. In their deliberations, the Board members did not
identify any particular information that was all-important or controlling, and
each Trustee may have attributed different weights to the various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund since its inception relative to its benchmark and a peer
group of investment companies dedicated to insurance products pursuing broadly
similar strategies. The Board noted that the Fund had less than one year of
performance.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board did not consider the profitability
of Management and its affiliates from their association with the Fund since the
Fund began operations April 29, 2005.
29
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds. The Board compared the
fees charged to a comparable separate account to the fees charged to the Fund at
various asset levels. The Board considered the appropriateness and
reasonableness of the differences between the fees charged between the Fund and
the comparable separate account and determined that the differences in fees were
consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed whether Management and Neuberger used brokers to
execute Fund transactions that provide research and other services to Management
and Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
30
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
LIMITED
MATURITY
BOND
PORTFOLIO(R)
B1011 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
LIMITED MATURITY BOND PORTFOLIO Managers' Commentary
The Neuberger Berman Advisers Management Trust (AMT) Limited Maturity Bond
Portfolio provided a modestly positive return of 1.44% in calendar 2005.
Throughout the year, the Federal Reserve continued to tighten monetary policy.
These moves were largely anticipated, which early in the year resulted in
relative stability for bond prices. However, in February, Fed Chairman Alan
Greenspan unsettled bond investors with his much-quoted "conundrum" statement,
expressing puzzlement that long-term bond yields were not responding to the
Fed's short rate increases. These comments, along with other data, caused
investors to fear more aggressive tightening, which put pressure on bond prices.
This was followed by a rally in the beginning of the second quarter, as further
data releases pointed to enough of a moderation in economic growth to hold
inflation in check, and many observers believed that the Fed would maintain its
"measured pace" of rate increases. Still, by October, the tide had turned yet
again, and it appeared that the economy remained strong despite two major
hurricanes and data suggesting that inflation would remain an ongoing concern. A
modest December rally improved an otherwise poor year for the fixed income
market.
Over the course of 2005, long rates did not rise as much as they have
historically during Fed tightening campaigns. In fact, the U.S. Treasury yield
curve inverted at year-end, meaning that long-term bonds provided smaller yields
than short-term bonds. The difference was slight, but the inversion is
significant as it marks the first time this has happened since 2000.
Throughout the year, we maintained a defensive posture, with portfolio duration
(a standard measure of the sensitivity of a bond's price to interest rate
movements) at slightly lower levels than those of our benchmark index. Our
duration posture helped to protect the Portfolio from the impact of higher
interest rates, and we made opportunistic sector allocations in order to enhance
yield.
We substantially reduced our allocation to Treasuries during the period, from
23.4% to 2.5%, and invested the proceeds in higher yielding but conservative
alternatives. The changes included a significant increase in our allocation to
AAA-rated asset-backed and mortgage-backed securities with well-defined
maturities, from 13.9% of the Portfolio to 44%.
During 2005, we increased the Portfolio's exposure to U.S. government agency
securities from 10.7% to 12.2%, as these issues offer portfolio diversification
and higher yields than Treasuries. We made strategic adjustments to our
corporate bond holdings throughout the year based on our view of the economy and
the markets, ending 2005 with the group representing roughly 40% of the
Portfolio.
Our commitment to protecting principal while enhancing yield has led us to focus
on maintaining high credit-quality standards. Given the current economic
environment, we decreased our allocation to BBB-rated securities, so that by
fiscal year-end, most of the Portfolio was in AAA securities.
At its December meeting, the Fed removed the reference to "accommodative" from
its policy statement, and indicated that it is getting closer to the end of its
tightening campaign. We expect rates to continue increasing, at least once or
twice. The views of the Fed's board members regarding current and future policy
remain varied. The data used by the Fed to dictate future policy decisions is
also likely to stay mixed. We will therefore continue to maintain a defensive
duration, and will only move to a more neutral stance on clearer signals from
the Fed that an end to tightening is near. Corporate spreads remain historically
narrow, so we are not being particularly aggressive in our reach for credit
spread. We expect to continue to pick up yield while maintaining very high
credit quality.
In closing, our investment philosophy of research-driven security selection,
opportunistic sector allocation and duration management has enabled us to
provide our investors with consistent and secure returns, regardless of interest
rates and market cycles. We are confident that this time-tested approach is in
the best interest of our shareholders.
Sincerely,
/s/ Ted Giuliano /s/ John Dugenske
TED GIULIANO
AND
JOHN DUGENSKE
PORTFOLIO CO-MANAGERS
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MERRILL LYNCH
LIMITED MATURITY 1-3 YEAR
BOND PORTFOLIO TREASURY INDEX(2)
1 YEAR 1.44% 1.67%
5 YEAR 3.71% 3.67%
10 YEAR 4.22% 4.79%
LIFE OF FUND 6.54% 6.87%
INCEPTION DATE 09/10/1984
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
LIMITED MATURITY BOND PORTFOLIO MERRILL LYNCH 1-3 YEAR TREASURY INDEX
12/31/1995 $ 10,000 $ 10,000
12/31/1996 $ 10,431 $ 10,498
12/31/1997 $ 11,134 $ 11,197
12/31/1998 $ 11,623 $ 11,980
12/31/1999 $ 11,794 $ 12,347
12/31/2000 $ 12,595 $ 13,334
12/31/2001 $ 13,700 $ 14,441
12/31/2002 $ 14,432 $ 15,272
12/31/2003 $ 14,782 $ 15,562
12/31/2004 $ 14,897 $ 15,703
12/31/2005 $ 15,112 $ 15,965
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
RATING SUMMARY
<Table>
AAA/Government/Government Agency 64.3%
AA 6.3
A 22.9
BBB 4.1
BB 0.3
B 0.0
CCC 0.0
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 2.1
</Table>
2
<Page>
ENDNOTES
1. 1.44%, 3.71% and 4.22% were the average annual total returns for the 1-, 5-
and 10-year periods ended December 31, 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 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 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) 2006 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 AND PERFORMANCE: The first section of the table provides
information about actual account values and actual
expenses in dollars, based on the fund's actual
performance during the period. 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 12/31/05 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED MATURITY BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,006.60 $ 3.84
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,021.37 $ 3.87
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 184/365 (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 (2.5%)
$ 2,965,000 U.S. Treasury Notes, 2.25%, due 4/30/06 TSY TSY $ 2,945,659
2,000,000 U.S. Treasury Notes, 3.63%, due 4/30/07 TSY TSY 1,979,062
3,700,000 U.S. Treasury Notes, 4.00%, due 9/30/07 TSY TSY 3,674,274
---------------
TOTAL U.S. TREASURY SECURITIES-BACKED BY THE FULL FAITH
AND CREDIT OF THE U.S. GOVERNMENT (COST $8,634,871) 8,598,995
---------------
U.S. GOVERNMENT AGENCY SECURITIES (12.2%)
11,250,000 Fannie Mae, Notes, 5.25%, due 4/15/07 AGY AGY 11,315,824
13,675,000 Federal Home Loan Bank, Notes, 3.38%, due 9/14/07 AGY AGY 13,380,399
17,000,000 Freddie Mac, Notes, 4.38%, due 11/16/07 AGY AGY 16,887,052
---------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $41,744,909) 41,583,275
---------------
MORTGAGE-BACKED SECURITIES (29.8%)
5,982,939 Adjustable Rate Mortgage Trust, Ser. 2005-10, Class 4A1,
5.39%, due 1/25/36 Aaa AAA 5,972,773
4,712,973 Banc of America Commercial Mortgage, Inc., Series 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 4,680,908
6,325,000 Banc of America Commercial Mortgage, Inc., Ser. 2005-6,
Class A1, 5.00%, due 9/10/47 Aaa AAA 6,336,859
2,489,752 Banc of America Funding Corp., Ser. 2005-F, Class 4A1,
5.43%, due 9/20/35 Aaa AAA 2,485,472
6,257,716 Banc of America Funding Corp., Ser. 2005-H, Class 7A1,
5.72%, due 11/20/35 AAA 6,290,963
3,501,554 Countrywide Home Loans, Ser. 2005-R2, Class 2A4, 8.50%,
due 6/25/35 Aaa AAA 3,779,315**
6,325,000 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2005-C6, Class A1, 4.94%, due 12/15/40 Aaa AAA 6,320,838
6,018,735 First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5,
Class 2A1, 5.47%, due 11/25/35 Aaa AAA 6,021,805
8,372,490 GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4,
8.50%, due 3/25/35 Aaa AAA 8,942,226**
1,631,126 GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4,
8.50%, due 9/25/35 Aaa AAA 1,732,940
5,421,950 Harborview Mortgage Loan Trust, Floating Rate,
Ser. 2004-4, Class 3A, 2.98%, due 1/19/06 Aaa AAA 5,322,780^^
6,263,236 Indymac Index Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.59%, due 11/25/35 Aaa AAA 6,280,181
6,325,000 J.P. Morgan Chase Commercial Mortgage Securities,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 6,336,195
4,207,329 J.P. Morgan Mortgage Trust, Ser. 2005-A4, Class 2A1,
5.07%, due 7/25/35 Aaa AAA 4,174,453
6,152,577 J.P. Morgan Mortgage Trust, Ser. 2005-ALT1, Class 2A1,
5.66%, due 10/25/35 Aaa AAA 6,180,404
6,325,000 Nomura Asset Acceptance Corp., Ser. 2005-AR6, Class 2A1,
5.82%, due 12/25/35 Aaa AAA 6,361,766
6,139,418 Residential Accredit Loans, Inc., Ser. 2005-QA10, Class A31,
5.64%, due 9/25/35 Aaa AAA 6,161,477
FANNIE MAE
4,128,060 Fannie Mae Whole Loan, Ser. 2004-W8, Class PT, 10.21%,
due 1/25/06 Aaa AAA 4,614,263^^
FREDDIE MAC
12,498 Mortgage Participation Certificates, 10.00%, due 4/1/20 AGY AGY 13,892
274,186 Pass-Through Certificates, 5.00%, due 2/1/07 AGY AGY 274,482
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING ~ MARKET VALUE +
MOODY'S S&P
$ 3,232,649 Pass-Through Certificates, 8.50%, due 10/1/30 AGY AGY $ 3,475,223
---------------
TOTAL MORTGAGE-BACKED SECURITIES (COST $102,144,186) 101,759,215
---------------
CORPORATE DEBT SECURITIES (36.3%)
3,300,000 American Express Co., Notes, 5.50%, due 9/12/06 A1 A+ 3,315,563
1,765,000 AT&T Wireless Services, Inc., Senior Notes, 7.35%,
due 3/1/06 Baa2 A 1,772,432
4,130,000 Bank of America Corp., Senior Notes, 3.88%, due 1/15/08 Aa2 AA- 4,054,293
2,990,000 Bank of New York Co., Inc., Senior Notes, 5.20%, due Aa3 A+ 3,004,836
7/1/07
3,300,000 Bear Stearns Co., Inc., Notes, 4.00%, due 1/31/08 A1 A 3,239,673
3,100,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 3,033,908
3,250,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A3 A 3,279,783
3,400,000 Caterpillar Financial Services Corp., Medium-Term Notes,
2.59%, due 7/15/06 A2 A 3,361,107
1,285,000 Chase Manhattan Corp., Subordinated Notes, 7.25%, due 6/1/07 A1 A 1,322,215
3,350,000 CIT Group, Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 3,253,178
6,300,000 Citigroup, Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- 6,309,261
3,250,000 Coca-Cola Enterprises, Notes, 5.38%, due 8/15/06 A2 A 3,261,437
3,000,000 Comcast Cable Communications, Notes, 8.38%, due 5/1/07 Baa2 BBB+ 3,128,433
4,175,000 Credit Suisse First Boston USA, Inc., Notes, 4.63%,
due 1/15/08 Aa3 A+ 4,155,077
2,500,000 DaimlerChrysler NA Holdings Corp., Guaranteed Notes,
4.05%, due 6/4/08 A3 BBB 2,433,737
3,400,000 Diageo Finance BV, Guaranteed Notes, 3.00%, due A3 A- 3,340,867
12/15/06
1,150,000 Enterprise Products Operating LP, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 1,125,970
3,400,000 General Electric Capital Corp., Notes, 3.50%, due Aaa AAA 3,302,590
5/1/08
4,100,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 4,037,057
3,300,000 Hewlett-Packard Co., Notes, 5.50%, due 7/1/07 A3 A- 3,326,664
3,200,000 HSBC Finance Corp., Notes, 5.75%, due 1/30/07 A1 A 3,226,384
3,250,000 International Lease Finance Corp., Notes, 5.75%, due
2/15/07 A1 AA- 3,267,079
1,500,000 J.P.Morgan Chase & Co., Senior Notes, 5.63%, due
8/15/06 Aa3 A+ 1,506,429
2,700,000 John Deere Capital Corp., Notes, 5.13%, due 10/19/06 A3 A- 2,706,331
2,175,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 2,168,166
1,550,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 1,580,568
2,475,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 2,457,039
4,300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 A+ 4,255,697
3,850,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 3,889,243
3,200,000 National Rural Utilities Collateral Trust, 6.00%, due
5/15/06 A1 A+ 3,214,787
1,540,000 Sprint Capital Corp., Guaranteed Notes, 6.00%,
due 1/15/07 Baa2 A- 1,555,060
3,300,000 Target Corp., Notes, 3.38%, due 3/1/08 A2 A+ 3,206,174
3,000,000 Time Warner Entertainment Co., Notes, 7.25%,
due 9/1/08 Baa1 BBB+ 3,140,052
3,400,000 Toyota Motor Credit Corp., Medium-Term Notes, 2.70%,
due 1/30/07 Aaa AAA 3,313,603
2,150,000 Union Bank of Switzerland-NY, Subordinated Notes, 7.25%,
due 7/15/06 Aa3 AA 2,175,295
1,600,000 Univision Communications, Inc., Guaranteed Notes, 3.50%,
due 10/15/07 Baa2 BBB- 1,552,114
3,100,000 U.S.Bank NA, Notes, 2.85%, due 11/15/06 Aa1 AA- 3,048,844
3,200,000 Verizon Global Funding Corp., Notes, 4.00%, due 1/15/08 A3 A+ 3,138,371
3,300,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A3 A+ 3,310,870
4,100,000 Wachovia Corp., Notes, 4.95%, due 11/1/06 Aa3 A+ 4,100,316
3,100,000 Washington Mutual, Inc., Senior Notes, 5.63%, due
1/15/07 A3 A- 3,117,075
---------------
TOTAL CORPORATE DEBT SECURITIES
(COST $125,878,732) 123,987,578
---------------
</Table>
See Notes to Schedule of Investments
6
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING ~ MARKET VALUE +
MOODY'S S&P
FOREIGN GOVERNMENT SECURITIES^ (2.6%)
EUR 4,800,000 Bundesobligation, 3.50%, due 10/10/08 Aaa AAA $ 5,767,808
EUR 2,540,000 Bundesobligation, 3.25%, due 4/17/09 Aaa AAA 3,033,480
---------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $9,236,017) 8,801,288
---------------
ASSET-BACKED SECURITIES (14.2%)
5,000,000 Capital Auto Receivables Asset Trust, Ser. 2004-2, Class A3,
3.58%, due 1/15/09 Aaa AAA 4,905,175
4,140,000 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1 A3,
3.34%, due 5/25/26 Aaa AAA 4,066,741
6,580,000 Chase Manhattan Auto Owner Trust, Ser. 2003-C, Class A4,
2.94%, due 6/15/10 Aaa AAA 6,423,419
6,400,000 Citibank Credit Card Issuance Trust, Ser. 2004-A1, Class A1,
2.55%, due 1/20/09 Aaa AAA 6,250,707
3,800,000 Ford Credit Auto Owner Trust, Ser. 2005-A, Class A3, 3.48%,
due 11/15/08 Aaa AAA 3,751,965
2,000,000 John Deere Owner Trust, Ser. 2005-A, Class A3, 3.98%,
due 6/15/09 Aaa AAA 1,975,113
6,400,000 MBNA Credit Card Master Note Trust, Ser. 2002-A1,
Class A1, 4.95%, due 6/15/09 Aaa AAA 6,415,858
3,800,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 3,746,285
2,475,000 Nomura Asset Acceptance Corp., Ser. 2005-S3, Class AIO,
20.00%, Interest Only Security due 8/25/35 Aaa AAA 512,498
17,400,000 Nomura Asset Acceptance Corp., Ser. 2005-S4, Class AIO,
20.00%, Interest Only Security due 10/25/35 Aaa AAA 3,999,268
4,614,000 Saxon Asset Securities Trust, Ser. 2004-2, Class AF2, 4.15%,
due 8/25/35 Aaa AAA 4,571,969
1,950,000 USAA Auto Owner Trust, Ser. 2005-1, Class A3, 3.90%,
due 7/15/09 Aaa AAA 1,927,654
---------------
TOTAL ASSET-BACKED SECURITIES
(COST $49,242,533) 48,546,652
---------------
REPURCHASE AGREEMENTS (2.1%)
6,995,000 State Street Bank and Trust Co., Repurchase Agreement,
3.20%, due 1/3/06, dated 12/30/05, Maturity Value
$6,997,487, Collateralized by $7,030,000 Fannie Mae,
5.00%, due 1/15/07
(Collateral Value $7,207,578)
(COST $6,995,000) 6,995,000#
---------------
TOTAL INVESTMENTS (99.7%)
(COST $343,876,248) 340,272,003##
Cash,receivables and other assets,less liabilities (0.3%) 983,021
---------------
TOTAL NET ASSETS (100.0%) $ 341,255,024
---------------
</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, bid prices are obtained from principal market makers in
those securities or, if quotations are not available, by methods the
Board of Trustees of Neuberger Berman Advisers Management Trust has
approved on the belief that they reflect 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 December 31, 2005, the cost of investments for U.S. Federal income
tax purposes was $345,754,869. Gross unrealized appreciation of
investments was $53,382 and gross unrealized depreciation of investments
was $5,536,248, resulting in net unrealized depreciation of $5,482,866
based on cost for U.S. Federal income tax purposes.
** Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers under Rule
144A and have been deemed by the adviser to be liquid. At December 31,
2005, these securities amounted to $12,721,541 or 3.7% of net assets for
the Fund.
^^ Floating rate securities are securities whose yields vary with a
designated market index or market rate. These securities are shown at
their current rates as of December 31, 2005.
~ Credit ratings are unaudited.
^ 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 $ 340,272,003
Cash 6,689
Interest receivable 3,287,248
Receivable for securities sold 14,438,737
Net receivable for forward currency exchange contracts (Note C) 173,744
Receivable for Fund shares sold 490,641
Prepaid expenses and other assets 1,898
- ------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 358,670,960
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 17,067,201
Payable for Fund shares redeemed 77,504
Payable to investment manager (Note B) 71,917
Payable to administrator (Note B) 115,065
Accrued expenses and other payables 84,249
- ------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 17,415,936
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 341,255,024
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 355,715,089
Undistributed net investment income (loss) 11,873,795
Accumulated net realized gains (losses) on investments (22,901,260)
Net unrealized appreciation (depreciation) in value of investments (3,432,600)
-------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 341,255,024
- ------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 26,999,391
- ------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.64
- ------------------------------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 343,876,248
-------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
LIMITED MATURITY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income-unaffiliated issuers $ 11,571,140
EXPENSES:
Investment management fee (Note B) 823,049
Administration fee (Note B) 1,316,878
Audit fees 36,158
Custodian fees (Note B) 142,637
Insurance expense 15,646
Legal fees 72,317
Shareholder reports 25,165
Shareholder servicing agent fees 692
Trustees' fees and expenses 30,029
Miscellaneous 7,881
- ---------------------------------------------------------------------------------------------
Total expenses 2,470,452
Expenses reduced by custodian fee expense offset arrangement (Note B) (4,925)
- ---------------------------------------------------------------------------------------------
Total net expenses 2,465,527
- ---------------------------------------------------------------------------------------------
Net investment income (loss) 9,105,613
- ---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (2,266,573)
Foreign currency 1,017,905
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (3,485,076)
Foreign currency 266,740
----------------------------------------------------------------------------------------
Net gain (loss) on investments (4,467,004)
- ---------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 4,638,609
- ---------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
LIMITED MATURITY BOND PORTFOLIO
---------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 9,105,613 $ 7,142,132
Net realized gain (loss) on investments (1,248,668) (703,464)
Change in net unrealized appreciation (depreciation) of investments (3,218,336) (3,920,292)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 4,638,609 2,518,376
- -----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (9,541,728) (11,800,669)
- -----------------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 79,681,621 93,280,732
Proceeds from reinvestment of dividends and distributions 9,541,728 11,800,669
Payments for shares redeemed (66,419,947) (78,807,440)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 22,803,402 26,273,961
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 17,900,283 16,991,668
NET ASSETS:
Beginning of year 323,354,741 306,363,073
- -----------------------------------------------------------------------------------------------------------------------
End of year $ 341,255,024 $ 323,354,741
- -----------------------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 11,873,795 $ 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 (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. 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
12
<Page>
total assets in foreign securities denominated in or indexed to foreign
currencies. 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 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 year ended December 31, 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 distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
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
13
<Page>
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, 2005, 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
expired capital loss carryover 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,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2005 2004 2005 2004
$ 9,541,728 $ 11,800,669 $ 9,541,728 $ 11,800,669
</Table>
As of December 31, 2005, 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
$ 11,873,795 $ (5,484,966) $ (20,848,894) $ (14,460,065)
</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, 2005, the Fund elected to defer $664,717 net
capital losses arising between November 1, 2005 and December 31, 2005.
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, 2005, 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:
<Table>
<Caption>
2006 2007 2008 2012 2013
$ 2,478,607 $ 3,975,890 $ 6,386,624 $ 2,710,070 $ 4,632,986
</Table>
8 DISTRIBUTIONS TO SHAREHOLDERS: The Fund earns income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-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 year ended December 31, 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 year ended December 31, 2005, there
was no reimbursement to Management under this agreement. At December 31,
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 year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $4,925.
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 year ended December 31, 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
$ 241,118,280 $ 214,006,737 $ 300,218,477 $ 126,567,864
</Table>
16
<Page>
During the year ended December 31, 2005, the Fund entered into various
contracts to deliver currencies at specified future dates. At December 31,
2005, open contracts were as follows:
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
SELL DELIVER FOR DATE VALUE APPRECIATION
Euro Dollar 7,525,000 EUR $ 9,094,640 1/19/06 $ 8,920,896 $ 173,744
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 6,216,359 7,077,380
SHARES ISSUED ON REINVESTMENT
OF DIVIDENDS AND DISTRIBUTIONS 759,087 919,055
SHARES REDEEMED (5,191,435) (5,990,106)
--------- ----------
TOTAL 1,784,011 2,006,329
--------- ---------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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 December 31, 2005.
During the year ended December 31, 2005, the Fund did not utilize this line
of credit.
17
<Page>
FINANCIAL HIGHLIGHTS Limited Maturity Bond Portfolio
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 12.82 $ 13.20 $ 13.50 $ 13.47 $ 13.19
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+ .35 .30 .37 .53 .74~
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.17) (.20) (.05) .16 .37~
---------- ---------- ---------- ---------- ----------
TOTAL FROM INVESTMENT OPERATIONS .18 .10 .32 .69 1.11
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.36) (.48) (.62) (.66) (.83)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE, END OF YEAR $ 12.64 $ 12.82 $ 13.20 $ 13.50 $ 13.47
---------- ---------- ---------- ---------- ----------
TOTAL RETURN++ +1.44% +0.78% +2.42% +5.34% +8.78%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 341.3 $ 323.4 $ 306.4 $ 372.6 $ 292.8
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .75% .73% .74% .76% .73%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .75% .73% .74% .76% .73%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS 2.77% 2.28% 2.73% 4.01% 5.63%~
PORTFOLIO TURNOVER RATE 133% 132% 84% 120% 89%
</Table>
18
<Page>
NOTES TO FINANCIAL HIGHLIGHTS Limited Maturity 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. 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.
+ Calculated based on the average number of shares outstanding during each
fiscal period.
~ For fiscal years ending 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>
19
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Limited Maturity Bond Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Limited Maturity Bond Portfolio, one of the
series constituting Neuberger Berman Advisers Management Trust (the "Trust"), as
of December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Limited Maturity Bond Portfolio, a series of Neuberger Berman Advisers
Management Trust, at December 31, 2005, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
20
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800)877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, Chairman, 48 Independent Trustee or Director
2000 CDC Investment Advisers of three series of Oppenheimer
(registered investment adviser), Funds: Limited Term New York
1993 to January 1999; formerly, Municipal Fund, Rochester Fund
President and Chief Executive Municipals, and Oppenheimer
Officer, AMA Investment Advisors, Convertible Securities Fund,
an affiliate of the American since 1992.
Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar
1984 Milburn LLP (law firm) since Retirement Association
October 2002; formerly, (ABRA) since 1997
Attorney-at-Law and President, (not-for-profit membership
Faith Colish, A Professional association).
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of
1998 Associates since June 2001; Associates to The National
formerly, Director, AARP, 1978 Rehabilitation Hospital's
to December 2001. Board of Directors since
2002; formerly, Member,
Individual Investors Advisory
Committee to the New York
Stock Exchange Board of
Directors, 1998 to June 2002;
formerly, Member, American
Savings Education Council's
Policy Board (ASEC), 1998
to 2000; formerly, Member,
Executive Committee, Crime
Prevention Coalition of
America, 1997 to 2000.
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified financial
corporation), May 2002 to
April 2003; formerly, Senior Vice
President, Secretary and General
Counsel, Loews Corporation.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York University formerly, Director, DEL
Stern School of Business; Laboratories, Inc. (cosmetics
formerly, Executive Secretary- and pharmaceuticals), 1978 to
Treasurer, American Finance 2004; formerly, Director, Apple
Association, 1961 to 1979. Bank for Savings, 1979 to 1990;
formerly, Director, Western
Pacific Industries, Inc., 1972
to 1986 (public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice President 48 Director, WHX Corporation
1999 and Special Counsel, WHX (holding company) since
Corporation (holding company), August 2002; Director,
1993 to 2001. Webfinancial Corporation
(holding company) since
December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director,
Kevlin Corporation (manufacturer
of microwave and other
products).
Edward I.O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward (financial services holding
Jones,1993 to 2001; President, company) since 1993; formerly,
Securities Industry Association Director, Boston Financial Group
("SIA") (securities industry's (real estate and tax shelters),
representative in government 1993 to 1999.
relations and regulatory matters
at the federal and state levels),
1974 to 1992; Adviser to SIA,
November 1992 to
November 1993.
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach
(operator and franchiser of golf and computer usage to
restaurants) until January 1997. "at risk" children) since 1998;
formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash
2000 Oxford Partners and Oxford Management Trust (money
Bioscience Partners (venture market fund), Naragansett
capital partnerships) and Insured Tax-Free Income
President, Oxford Venture Fund, Rocky Mountain
Corporation. Equity Fund, Prime Cash
Fund, several private
companies and QuadraMed
Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and CEO, Forward Management, Inc.
beginning Westaff, Inc. (temporary (asset management company)
2006 staffing), May 2001 to since 2001; formerly,
January 2002; formerly, Senior Director, General Magic
Executive at the Charles Schwab (voice recognition software),
Corporation, 1983 to 1999, 2001 to 2002; formerly,
including Chief Executive Director, E-Finance
Officer, Charles Schwab Corporation (credit
Investment Management, Inc. decisioning services), 1999 to
and Trustee, Schwab Family of 2003; formerly, Director,
Funds and Schwab Investments, Save-Daily.com (micro
1997 to 1998, and Executive investing services), 1999 to
Vice President-Retail Brokerage, 2003; formerly, Director,
Charles Schwab Investment Offroad Capital Inc. (private
Management, 1994 to 1997. internet commerce
company), 1999 to 2002.
Candace L. Straight (58) Trustee since Private investor and consultant 48 Director, The Proformance
1999 specializing in the insurance Insurance Company
industry; formerly, Advisory (personal lines property and
Director, Securitas Capital LLC casualty insurance company)
(a global private equity since March 2004; Director,
investment firm dedicated to Providence Washington
making investments in the (property and casualty
insurance sector), 1998 to insurance company) since
December 2002. December 1998; Director,
Summit Global Partners
(insurance brokerage firm)
since October 2000.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private
2002 Neuberger Berman Inc. (holding company) since 1998;
company) since 2002 and 2003, Director, Emagin Corp.
respectively; Managing Director (public company) since 1997;
and Chief Investment Officer, Director, Solbright, Inc.
Neuberger Berman since (private company) since
December 2005 and 2003, 1998; Director, Infogate, Inc.
respectively; formerly, Executive (private company) since
Vice President, Neuberger 1997; Director, Broadway
Berman, December 2002 to Television Network (private
2005; Director and Chairman, company) since 2000.
NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September 1995
to February 2002.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President,
the Board, Neuberger Berman Inc. (holding Neuberger & Berman
Chief company) since 1999; Head of Agency, Inc. since 2000;
Executive Neuberger Berman Inc.'s Mutual formerly, Director,
Officer and Funds Business (since 1999) and Neuberger Berman Inc.
Trustee since Institutional Business (1999 to (holding company),
2000; October 2005); responsible for October 1999 to
President and Managed Accounts Business and March 2003; Trustee,
Chief intermediary distribution since Frost Valley YMCA.
Executive October 2005; President and
Officer, 1999 Director, NB Management since
to 2000 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999; formerly,
Senior Vice President,
NB Management, 1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
25
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman
Compliance Officer since 2002 since 2006; Deputy General Counsel,
Neuberger Berman since 2004; formerly,
Vice President, Neuberger Berman, 2000 to 2006;
formerly, Associate General Counsel,
Neuberger Berman, 1999 to 2004; formerly,
Associate General Counsel, NB Management,
1994 to 1999; Anti-Money Laundering
Compliance Officer, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (seven since 2002, three
since 2003, four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006;
Employee, NB Management since 1997;
Assistant Treasurer, fifteen registered
investment companies for which NB
Management acts as investment manager and
administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations,
NB Management since 2000 and Assistant
Secretary since 2004; Vice President,
Neuberger Berman since 2002 and Employee
since 1999; formerly, Vice President,
NB Management, 1986 to 1999; Secretary,
fifteen registered investment companies for
which NB Management acts as investment
manager and administrator (three since 2000,
four since 2002, three since 2003, four since
2004 and one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman
since 2003; formerly, Vice President,
Neuberger Berman, 1999 to 2003; Senior Vice
President, NB Management since 2000;
formerly, Controller, NB Management, 1994
to 1996; formerly, Treasurer, NB Management,
1996 to 1999; Vice President, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (three since 2000, four since
2002, three since 2003, four since 2004 and
one since 2005).
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since
1999; Senior Vice President, NB Management
since 2000; formerly, Vice President,
NB Management, 1997 to 1999; Vice President,
fifteen registered investment companies for
which NB Management acts as investment
manager and administrator (three since 2000,
four since 2002, three since 2003, four since
2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman
(only for purposes of sections 307 since 2002; Deputy General Counsel and
and 406 of the Sarbanes-Oxley Act Assistant Secretary, Neuberger Berman since
of 2002) 2001; formerly, Vice President, Neuberger
Berman, 2001 to 2002; formerly, Associate
General Counsel, Neuberger Berman, 2001;
formerly, Counsel, Neuberger Berman, 2000;
Secretary and General Counsel,
NB Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999;
formerly, Employee, NB Management, 1991 to
1999; Assistant Secretary, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (seven since 2002, three
since 2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999;
formerly, Employee, NB Management, 1993 to
1999; Assistant Secretary, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (ten since 2003, four since
2004 and one since 2005).
John M. McGovern (36) Treasurer and Principal Financial Vice President, Neuberger Berman since 2004;
and Accounting Officer since Employee, NB Management since 1993;
2005; prior thereto, Assistant Treasurer and Principal Financial and
Treasurer since 2002 Accounting Officer, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (fifteen since 2005);
formerly, Assistant Treasurer, fifteen
registered investment companies for which
NB Management acts as investment manager
and administrator, 2002 to 2005.
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006;
Employee, NB Management since 1995;
Assistant Treasurer, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman
since 2003; formerly, Vice President,
Neuberger Berman, 1999 to 2003; formerly,
Vice President, NB Management, 1995 to
1999; Vice President, fifteen registered
investment companies for which
NB Management acts as investment manager
and administrator (three since 2000, four since
2002, three since 2003, four since 2004 and
one since 2005).
Chamaine Williams (35) Chief Compliance Officer since Vice President, Lehman Brothers Inc. since
2005 2003; Chief Compliance Officer, fifteen
registered investment companies for which
NB Management acts as investment manager
and administrator (fifteen since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers
Alternative Investment Management LLC
since 2003; formerly, Vice President, UBS
Global Asset Management (US) Inc.
(formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
28
<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 is also 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).
29
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Limited Maturity Bond Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. In addition, the Board noted the positive
compliance history of Management and Neuberger, as each firm has been free of
significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate-and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
30
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds. The Board compared the
fees charged to a comparable separate account to the fees charged to the Fund at
various asset levels. The Board considered the appropriateness and
reasonableness of the differences between the fees charged between the Fund and
the comparable separate account and determined that the differences in fees were
consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
31
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
MID-CAP
GROWTH
PORTFOLIO(R)
B1013 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
MID-CAP GROWTH PORTFOLIO MANAGERS' COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Mid-Cap Growth Portfolio
generated a positive return in 2005, outperforming its benchmark, the Russell
Midcap Growth Index. The Portfolio ranked in the top quartile of its Lipper peer
group, as strong stock selection and sector allocation enhanced performance
relative to the benchmark.
Over the course of the year, impressive corporate earnings gains, a strong
economy and healthy profit margins supported equity performance but were offset
by the Federal Reserve's relentless increases in short-term interest rates.
Energy was the best performing sector, reflecting record highs in crude oil
prices due to increased Asian demand and a strong U.S. economy. Sectors tied to
the consumer were generally the weakest of the year as personal income was
squeezed by higher energy costs and interest rates.
For the Portfolio, the most significant contributors to performance were
securities in the Health Care and Financial sectors. Among Health Care holdings,
Celgene was a particularly strong performer. Financial stocks that did well
included business services names such as Chicago Mercantile Exchange and
brokerage issues such as Legg Mason. Our security selection in the Energy sector
was helpful, with Peabody Energy and Canadian Natural Resources providing strong
performance. Consumer Staples holdings such as Whole Foods Market and
Constellation Brands also bolstered results. Finally, our sector allocation was
a positive, as overweights in Telecom and Energy -- two of the best performing
sectors of the year -- provided favorable returns.
Stock selection within Information Technology had the most negative impact on
relative performance. Within this sector, various software companies showed
weakness, while some business services companies also underperformed.
Moving forward, we believe that domestic consumers remain financially stretched.
Real wage growth has been non-existent this economic cycle. Instead, consumer
spending has been driven by strong housing gains and additional debt. Housing
now contributes over 6% of GDP and is showing signs of slowing. Housing
inventories are at a nine-year high and affordability has hit a new low. We do
not expect a housing price collapse, but this major support for consumer
spending is weakening, which could slow economic activity. Although data are
somewhat ambiguous, there is evidence that U.S. economic growth is slowing. In
contrast, foreign economies in Asia, Japan and even Europe are exhibiting
increased economic activity. As such, we want the Portfolio to be tilted toward
beneficiaries of global economic expansion and corporate spending and away from
exposure to the beleaguered American consumer.
Throughout 2005, there was little change in our strategic position. However, at
some point in the months ahead we expect to become more defensive and move up
the market capitalization spectrum. For now, we want to let the past market
leadership play out before making a change.
If, as we expect, the market moves higher in the first part of the year, we
currently anticipate making rotational changes into more traditional growth
areas. Currently, Energy, Information Technology, Telecom and Health Care are
all overweighted in the Portfolio while Consumer Staples and Discretionary,
Utilities and Financials remain underweighted.
Sincerely,
/s/ Jon D. Brorson
JON D. BRORSON
PORTFOLIO MANAGER AND
GROWTH EQUITY TEAM LEADER
/s/ Kenneth J. Turek
KENNETH J. TUREK
PORTFOLIO MANAGER
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MID-CAP MID-CAP
GROWTH PORFOLIO GROWTH PORFOLIO RUSSELL MIDCAP(R) RUSSELL
CLASS I CLASS S GROWTH (2) MIDCAP(R)(2)
1 YEAR 13.74% 13.42% 12.10% 12.65%
5 YEAR (2.04%) (2.20%) 1.38% 8.45%
LIFE OF FUND 9.49% 9.38% 6.91% 10.28%
INCEPTION DATE 11/03/1997 02/18/2003
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
MID-CAP
GROWTH PORFOLIO RUSSELL MIDCAP(R)
CLASS I GROWTH RUSSELL MIDCAP(R)
11/3/1997 $ 10,000 $ 10,000 $ 10,000
12/31/1997 $ 11,720 $ 10,238 $ 10,520
12/31/1998 $ 16,324 $ 12,067 $ 11,582
12/31/1999 $ 25,121 $ 18,256 $ 13,694
12/31/2000 $ 23,247 $ 16,111 $ 14,823
12/31/2001 $ 17,518 $ 12,864 $ 13,990
12/31/2002 $ 12,378 $ 9,339 $ 11,726
12/31/2003 $ 15,853 $ 13,328 $ 16,423
12/31/2004 $ 18,438 $ 15,391 $ 19,743
12/31/2005 $ 20,972 $ 17,253 $ 22,241
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 2.1%
Basic Materials 1.5
Biotechnology 5.0
Building, Construction & Furnishing 0.5
Business Services 8.0
Business Services - IT Business Services 0.5
Communications Equipment 1.9
Consumer Discretionary 2.5
Consumer Staples 2.0
Diagnostic Equipment 1.7
Electrical & Electronics 0.9
Energy 10.1
Financial Services 5.7
Hardware 0.4
Health Care 5.0
Health Products & Services 0.5
Industrial 6.1
Insurance 0.6
Internet 0.5
Leisure 5.1
Medical Equipment 4.9
Metals 0.5
Oil & Gas 1.5
Retail 6.5
Semiconductors 8.5
Software 2.9
Technology 4.0
Telecommunications 5.0
Transportation 1.0
Utilities 0.7
Short-Term Investments 9.7
Liabilities, less cash, receivables and other assets (5.8)
</Table>
2
<Page>
ENDNOTES
(1). For Class I, 13.74%, -2.04% and 9.49% were the average annual total
returns for the 1-year, 5-year and since inception (11/03/97) periods
ended December 31, 2005. For Class S, 13.42%, -2.20% and 9.38% were the
average annual total returns for the 1-year, 5-year and since inception
(11/03/97) periods ended December 31, 2005. For the year ended December
31, 2005, the I Class ranked 28th and the S Class ranked 33rd out of 137
funds in the Lipper Mid-Cap Growth Variable Product Underlying Funds
category. 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 that 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 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 26% 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.
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) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account
values and actual expenses in dollars, based on the fund's actual
performance during the period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST MID-CAP GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,113.10 $ 4.95
CLASS S $ 1,000 $ 1,111.00 $ 6.28
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.52 $ 4.74
CLASS S $ 1,000 $ 1,019.26 $ 6.01
</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 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (96.1%)
AEROSPACE (2.1%)
120,000 Precision Castparts $ 6,217,200
153,000 Rockwell Collins 7,109,910
------------
13,327,110
BASIC MATERIALS (1.5%)
225,000 Airgas Inc. 7,402,500
70,000 Ecolab Inc. 2,538,900
------------
9,941,400
BIOTECHNOLOGY (5.0%)
196,500 Celgene Corp. 12,733,200*
190,000 Gilead Sciences 9,999,700*
74,500 Invitrogen Corp. 4,964,680*
80,000 Protein Design Labs 2,273,600*
82,500 Vertex Pharmaceuticals 2,282,775*
------------
32,253,955
BUILDING, CONSTRUCTION & FURNISHING (0.5%)
25,000 Eagle Materials 3,059,000^
BUSINESS SERVICES (8.0%)
230,000 Alliance Data Systems 8,188,000*^
151,500 CB Richard Ellis Group 8,915,775*
144,000 Corporate Executive Board 12,916,800
90,000 Getty Images 8,034,300*^
40,000 Iron Mountain 1,688,800*
67,500 Laureate Education 3,544,425*
150,000 Monster Worldwide 6,123,000*
56,000 NAVTEQ 2,456,720*
------------
51,867,820
BUSINESS SERVICES-IT BUSINESS SERVICES (0.5%)
50,000 DST Systems 2,995,500*
COMMUNICATIONS EQUIPMENT (1.9%)
80,000 ADC Telecommunications 1,787,200*
77,000 Harris Corp. 3,311,770
230,000 Juniper Networks 5,129,000*
200,000 Tellabs, Inc. 2,180,000*
------------
12,407,970
CONSUMER DISCRETIONARY (2.5%)
127,500 Advance Auto Parts 5,541,150*
73,500 Harman International Industries 7,191,975
120,000 XM Satellite Radio Holdings 3,273,600*
------------
16,006,725
CONSUMER STAPLES (2.0%)
155,000 Shoppers Drug Mart 5,846,649
87,000 Whole Foods Market 6,732,930^
------------
12,579,579
DIAGNOSTIC EQUIPMENT (1.7%)
300,000 Cytyc Corp. 8,469,000*
35,000 IDEXX Laboratories 2,519,300*
------------
10,988,300
ELECTRICAL & ELECTRONICS (0.9%)
150,000 Jabil Circuit $ 5,563,500*
ENERGY (10.1%)
133,000 Canadian Natural Resources 6,599,460
130,000 GlobalSantaFe Corp. 6,259,500
82,500 Maverick Tube 3,288,450*
133,000 National-Oilwell Varco 8,339,100*
105,000 Peabody Energy 8,654,100
127,500 Quicksilver Resources 5,356,275*
240,000 Range Resources 6,321,600
185,600 Smith International 6,887,616
304,000 XTO Energy 13,357,760
------------
65,063,861
FINANCIAL SERVICES (5.7%)
32,500 Chicago Mercantile Exchange 11,943,425
76,500 Legg Mason 9,156,285
148,200 Moody's Corp. 9,102,444
154,000 Nuveen Investments 6,563,480
------------
36,765,634
HARDWARE (0.4%)
100,000 Network Appliance 2,700,000*
HEALTH CARE (5.0%)
82,500 Cerner Corp. 7,500,075*^
72,500 Gen-Probe 3,537,275*
155,000 IMS Health 3,862,600
116,000 Omnicare, Inc. 6,637,520
207,500 VCA Antech 5,851,500*^
120,000 WellCare Health Plans 4,902,000*
------------
32,290,970
HEALTH PRODUCTS & SERVICES (0.5%)
70,000 American Healthways 3,167,500*
INDUSTRIAL (6.1%)
148,000 Danaher Corp. 8,255,440
171,700 Donaldson Co. 5,460,060
272,000 Fastenal Co. 10,659,680
137,500 Rockwell International 8,134,500
92,000 W. W. Grainger 6,541,200
------------
39,050,880
INSURANCE (0.6%)
110,000 Endurance Specialty Holdings 3,943,500
INTERNET (0.5%)
125,000 aQuantive, Inc. 3,155,000*
LEISURE (5.1%)
155,000 Gaylord Entertainment 6,756,450*^
210,000 Hilton Hotels 5,063,100
98,500 Marriott International 6,596,545^
135,000 Scientific Games Class A 3,682,800*
156,000 Station Casinos 10,576,800
------------
32,675,695
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
MEDICAL EQUIPMENT (4.9%)
113,000 C. R. Bard $ 7,448,960
76,600 Hologic, Inc. 2,904,672*
175,000 Kyphon Inc. 7,145,250*^
190,000 ResMed Inc. 7,278,900*^
141,000 Varian Medical Systems 7,097,940*
--------------
31,875,722
METALS (0.5%)
23,500 Phelps Dodge 3,380,945
OIL & GAS (1.5%)
319,000 Denbury Resources 7,266,820*^
110,000 Western Oil Sands Class A 2,623,697*
--------------
9,890,517
RETAIL (6.5%)
195,000 AnnTaylor Stores 6,731,400*^
331,200 Coach, Inc. 11,042,208*
67,000 Fortune Brands 5,227,340
127,500 Michaels Stores 4,509,675
249,000 Nordstrom, Inc. 9,312,600
85,000 Tiffany & Co. 3,254,650
50,000 Williams-Sonoma 2,157,500*^
--------------
42,235,373
SEMICONDUCTORS (8.5%)
100,000 Advanced Micro Devices 3,060,000*
120,000 Analog Devices 4,304,400
102,500 Broadcom Corp. 4,832,875*
40,000 KLA-Tencor 1,973,200
76,500 Linear Technology 2,759,355
160,000 Marvell Technology Group 8,974,400*
222,500 MEMC Electronic Materials 4,932,825*
206,500 Microchip Technology 6,638,975
309,000 Microsemi Corp. 8,546,940*^
195,000 National Semiconductor 5,066,100
82,500 Varian Semiconductor Equipment 3,624,225*
--------------
54,713,295
SOFTWARE (2.9%)
287,500 Activision, Inc. 3,950,250*
155,000 Autodesk, Inc. 6,657,250
135,000 McAfee Inc. 3,662,550*
140,000 Salesforce.com, Inc. 4,487,000*
--------------
18,757,050
TECHNOLOGY (4.0%)
85,000 Agilent Technologies 2,829,650*
110,000 Akamai Technologies 2,192,300*
75,500 CACI International 4,332,190*
216,000 Cognizant Technology Solutions 10,875,600*
100,000 Comverse Technology 2,659,000*
65,000 Logitech International ADR 3,040,050*^
--------------
25,928,790
TELECOMMUNICATIONS (5.0%)
235,000 American Tower 6,368,500*
230,000 Leap Wireless International 8,712,400*
345,000 Nextel Partners $ 9,639,300*
175,000 NII Holdings 7,644,000*
--------------
32,364,200
TRANSPORTATION (1.0%)
173,000 C. H. Robinson Worldwide 6,406,190
UTILITIES (0.7%)
125,000 Energen Corp. 4,540,000
TOTAL COMMON STOCKS
(COST $427,701,724) 619,895,981
--------------
SHORT-TERM INVESTMENTS (9.7%)
36,958,701 Neuberger Berman
Securities Lending
Quality Fund, LLC 36,958,701++
25,661,625 Neuberger Berman Prime
Money Fund Trust Class 25,661,625@
--------------
TOTAL SHORT-TERM INVESTMENTS
(COST $62,620,326) 62,620,326#
--------------
TOTAL INVESTMENTS (105.8%)
(COST $490,322,050) 682,516,307##
Liabilities, less cash,
receivables and other
assets [(5.8%)] (37,652,031)
--------------
TOTAL NET ASSETS (100.0%) $ 644,864,276
--------------
</Table>
6
<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 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, including
securities for which the necessary last sale, asked, and/or bid prices are
not readily available, by methods the Board of Trustees of Neuberger Berman
Advisers Management Trust (the "Board") has approved on the belief that they
reflect 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 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. In this
event, FT Interactive will provide adjusted prices for certain foreign
equity securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $491,225,026. Gross unrealized appreciation of investments was
$194,869,437 and gross unrealized depreciation of investments was
$3,578,156, resulting in net unrealized appreciation of $191,291,281, 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>
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 $ 619,895,981
Affiliated issuers 62,620,326
- --------------------------------------------------------------------------------------------------------------
682,516,307
Dividends and interest receivable 260,046
Receivable for Fund shares sold 281,957
Receivable for securities lending income (Note A) 142,193
Prepaid expenses and other assets 128
- --------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 683,200,631
- --------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 36,958,701
Payable for securities purchased 136,019
Payable for Fund shares redeemed 584,256
Payable to investment manager-net (Notes A & B) 288,484
Payable to administrator-net (Note B) 169,606
Payable for securities lending fees (Note A) 107,279
Accrued expenses and other payables 92,010
- --------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 38,336,355
- --------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 644,864,276
- --------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 761,248,707
Accumulated net realized gains (losses) on investments (308,578,600)
Net unrealized appreciation (depreciation) in value of investments 192,194,169
---------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 644,864,276
- --------------------------------------------------------------------------------------------------------------
NET ASSETS
Class I $ 622,023,968
Class S 22,840,308
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 30,676,803
Class S 1,135,624
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 20.28
Class S 20.11
+SECURITIES ON LOAN, AT MARKET VALUE:
- --------------------------------------------------------------------------------------------------------------
Unaffiliated issuers $ 35,861,135
*COST OF INVESTMENTS:
Unaffiliated issuers $ 427,701,724
Affiliated issuers 62,620,326
TOTAL COST OF INVESTMENTS $ 490,322,050
- --------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 2,094,994
Income from securities loaned-(affiliated issuers $616,687) (Notes A & F) 255,035
Interest income--unaffiliated issuers 126,527
Income from investments in affiliated issuers (Note F) 653,782
Foreign taxes withheld (9,839)
- -----------------------------------------------------------------------------------------------------------------
Total income 3,120,499
- -----------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 3,026,803
Administration fee (Note B):
Class I 1,647,564
Class S 56,019
Distribution fees (Note B):
Class S 46,682
Audit fees 38,584
Custodian fees (Note B) 175,260
Insurance expense 26,851
Legal fees 118,883
Shareholder reports 130,460
Shareholder servicing agent fees 723
Trustees' fees and expenses 30,321
Miscellaneous 12,286
- -----------------------------------------------------------------------------------------------------------------
Total expenses 5,310,436
Investment management fee waived (Note A) (16,859)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (64,965)
- -----------------------------------------------------------------------------------------------------------------
Total net expenses 5,228,612
- -----------------------------------------------------------------------------------------------------------------
Net investment income (loss) (2,108,113)
- -----------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 31,148,171
Foreign currency 197
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 45,247,030
Foreign currency (192)
------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 76,395,206
- -----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 74,287,093
- -----------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
MID-CAP GROWTH PORTFOLIO
--------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (2,108,113) $ (2,190,170)
Net realized gain (loss) on investments 31,148,368 25,635,855
Change in net unrealized appreciation (depreciation) of investments 45,246,838 53,362,918
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 74,287,093 76,808,603
- --------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 84,689,232 81,076,473
Class S 9,553,351 10,633,301
Payments for shares redeemed:
Class I (77,674,779) (72,473,549)
Class S (4,316,949) (3,741,232)
Net increase (decrease) from Fund share transactions 12,250,855 15,494,993
- --------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 86,537,948 92,303,596
NET ASSETS:
Beginning of year 558,326,328 466,022,732
- --------------------------------------------------------------------------------------------------------
End of year $ 644,864,276 $ 558,326,328
- --------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ -- $ --
- --------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
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.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, 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, 2005, the components of distributable earnings
(accumulated losses) on a U.S. Federal income tax basis were as follows:
<Table>
<Caption>
UNREALIZED LOSS
APPRECIATION CARRYFORWARDS
(DEPRECIATION) AND DEFERRALS TOTAL
$ 191,291,192 $ (307,675,623) $ (116,384,431)
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales and capital loss
carryforwards.
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, 2005, 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
$ 183,193,083 $ 113,423,118 $ 11,059,422
</Table>
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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
12
<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. 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 ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted
as the Fund's lending agent. Under the Neuberger Agreement, Neuberger
guaranteed a certain amount of revenue to the Fund and received any revenue
earned in excess of the guaranteed amount as a lending agency fee. For the
year ended December 31, 2005, Neuberger received revenue under the Neuberger
Agreement of $145,972.
Effective October 4, 2005, the Fund entered into new securities lending
arrangements using a third party, eSecLending, to secure bids. Pursuant to
such arrangements, eSecLending currently acts as agent for the Fund
arranging principals to guarantee a certain amount of revenue to the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated with
the loans. These amounts are reflected in the Statement of Operations under
the caption "Income from securities loaned (affiliated issuers)."
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 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
13
<Page>
from Prime Money on those assets (the "Arrangement"). For the year ended
December 31, 2005, management fees waived under this Arrangement amounted to
$16,859 and is reflected in the Statement of Operations under the caption
"Investment management fee waived." For the year ended December 31, 2005,
income earned under this Arrangement amounted to $653,782 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 investors in this class, Management receives from this class a fee at the
annual rate of 0.25% of Class S's
14
<Page>
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 year ended December 31, 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 year ended
December 31, 2005, there was no reimbursement to Management under these
agreements. At December 31, 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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $61,212.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $3,753.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $362,097,870 and
$346,580,351, respectively.
15
<Page>
During the year ended December 31, 2005, brokerage commissions on securities
transactions amounted to $951,510, of which Neuberger received $893, Lehman
received $147,094, and other brokers received $803,523.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SHARES SHARES SHARES
SOLD REDEEMED TOTAL SOLD REDEEMED TOTAL
CLASS I 4,494,861 (4,283,550) 211,311 5,076,695 (4,607,909) 468,786
CLASS S 524,981 (234,759) 290,222 672,353 (237,618) 434,735
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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 December 31, 2005.
During the year ended December 31, 2005, the Fund did not utilize this line
of credit.
16
<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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 125,896,400 2,984,147,318 3,073,085,017 36,958,701 $ 36,958,701 $ 616,687
Neuberger Berman
Prime Money Fund
Trust Class*** 30,889,296 256,971,194 262,198,865 25,661,625 25,661,625 653,782
------------- ------------
TOTAL $ 62,620,326 $ 1,270,469
------------- ------------
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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. 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.
17
<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.
<Table>
<Caption>
CLASS I YEAR ENDED DECEMBER 31,
--------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 17.83 $ 15.33 $ 11.97 $ 16.94 $ 22.48
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ (.07) (.07) (.07) (.08) (.07)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.52 2.57 3.43 (4.89) (5.47)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 2.45 2.50 3.36 (4.97) (5.54)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR $ 20.28 $ 17.83 $ 15.33 $ 11.97 $ 16.94
-------- -------- -------- -------- --------
TOTAL RETURN++ +13.74% +16.31% +28.07% -29.34% -24.64%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 622.0 $ 543.3 $ 459.7 $ 362.2 $ 530.7
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .92% .92% .89% .95% .91%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .91%^^ .90%^^ .88%^^ .95% .91%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS (.36%) (.45%) (.52%) (.57%) (.38%)
PORTFOLIO TURNOVER RATE 64% 92% 161% 124% 99%
<Caption>
CLASS S PERIOD FROM
FEBRUARY 18, 2003^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
------------------------- ------------------
2005 2004 2003
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.73 $ 15.28 $ 11.15
-------- -------- -----------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ (.11) (.11) (.09)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.49 2.56 4.22
-------- -------- -----------------
TOTAL FROM INVESTMENT OPERATIONS 2.38 2.45 4.13
-------- -------- -----------------
NET ASSET VALUE, END OF PERIOD $ 20.11 $ 17.73 $ 15.28
-------- -------- -----------------
TOTAL RETURN++ +13.42% +16.03% +37.04%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 22.8 $ 15.0 $ 6.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.18% 1.17% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS^^ 1.16% 1.15% 1.11%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS (.61%) (.70%) (.71%)*
PORTFOLIO TURNOVER RATE 64% 92% 161%***
</Table>
See Notes to Financial Highlights
18
<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/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 and/or waiver of a portion of the investment
management fee by Management. Had Management not undertaken such actions,
the annualized ratios of net expenses to average daily net assets would have
been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003
MID-CAP GROWTH PORTFOLIO CLASS I 0.92% 0.90% 0.89%
MID-CAP GROWTH PORTFOLIO CLASS S 1.17% 1.16% 1.11%
</Table>
^ The date investment operations commenced.
++ Calculated 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.
19
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees
of Neuberger Berman Advisers Management Trust and
Shareholders of Mid-Cap Growth Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Mid-Cap Growth Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Mid-Cap Growth Portfolio, a series of Neuberger Berman Advisers Management
Trust, at December 31, 2005, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
20
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, 48 Independent Trustee or Director of
2000 Chairman, CDC Investment three series of Oppenheimer Funds:
Advisers (registered Limited Term New York Municipal
investment adviser), 1993 to Fund, Rochester Fund Municipals,
January 1999; formerly, and Oppenheimer Convertible
President and Chief Executive Securities Fund, since 1992.
Officer, AMA Investment
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar Retirement
1984 Milburn LLP (law firm) since Association (ABRA) since 1997
October 2002; formerly, (not-for-profit membership
Attorney-at-Law and President, association).
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates to
1998 Associates since June 2001; The National Rehabilitation
formerly, Director, AARP, 1978 Hospital's Board of Directors since
to December 2001. 2002; formerly, Member, Individual
Investors Advisory Committee to the
New York Stock Exchange Board of
Directors, 1998 to June 2002;
formerly, Member, American Savings
Education Council's Policy Board
(ASEC), 1998 to 2000; formerly,
Member, Executive Committee, Crime
Prevention Coalition of America,
1997 to 2000.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General Counsel,
Loews Corporation.
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly,
Economics, New York University Director, DEL Laboratories, Inc.
Stern School of Business; (cosmetics and pharmaceuticals),
formerly, Executive 1978 to 2004; formerly, Director,
Secretary-Treasurer, American Apple Bank for Savings, 1979 to
Finance Association, 1961 to 1990; formerly, Director, Western
1979. Pacific Industries, Inc., 1972 to
1986 (public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation (holding
1999 President and Special Counsel, company) since August 2002;
WHX Corporation (holding Director, Webfinancial Corporation
company), 1993 to 2001. (holding company) since December
2002; Director, State Theatre of
New Jersey (not-for-profit theater)
since 2000; formerly, Director,
Kevlin Corporation (manufacturer of
microwave and other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc.
2000 Policy Committee, Edward (financial services holding
Jones, 1993 to 2001; company) since 1993; formerly,
President, Securities Industry Director, Boston Financial Group
Association ("SIA") (real estate and tax shelters),
(securities industry's 1993 to 1999.
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf and
(operator and franchiser of computer usage to "at risk"
restaurants) until January children) since 1998; formerly,
1997. Director, Prandium, Inc.
(restaurants), March 2001 to July
2002.
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash Management
2000 Oxford Partners and Oxford Trust (money market fund),
Bioscience Partners (venture Naragansett Insured Tax-Free Income
capital partnerships) and Fund, Rocky Mountain Equity Fund,
President, Oxford Venture Prime Cash Fund, several private
Corporation. companies and QuadraMed Corporation
(NASDAQ).
Tom D. Seip (56) Trustee since 2000; General Partner, Seip 48 Director, H&R Block, Inc.
Lead Independent Investments LP (a private (financial services company) since
Trustee beginning investment partnership); May 2001; Director, Forward
2006 formerly, President and CEO, Management, Inc. (asset management
Westaff, Inc. (temporary company) since 2001; formerly,
staffing), May 2001 to January Director, General Magic (voice
2002; formerly, Senior recognition software), 2001 to
Executive at the Charles 2002; formerly, Director, E-Finance
Schwab Corporation, 1983 to Corporation (credit decisioning
1999, including Chief services), 1999 to 2003; formerly,
Executive Officer, Charles Director, Save-Daily.com (micro
Schwab Investment Management, investing services), 1999 to 2003;
Inc. and Trustee, Schwab formerly, Director, Offroad Capital
Family of Funds and Schwab Inc. (private internet commerce
Investments, 1997 to 1998, and company), 1999 to 2002.
Executive Vice
President-Retail Brokerage,
Charles Schwab Investment
Management,1994 to 1997.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
Candace L. Straight (58) Trustee since Private investor and 48 Director, The Proformance Insurance
1999 consultant specializing in the Company (personal lines property
insurance industry; formerly, and casualty insurance company)
Advisory Director, Securitas since March 2004; Director,
Capital LLC (a global private Providence Washington (property and
equity investment firm casualty insurance company) since
dedicated to making December 1998; Director, Summit
investments in the insurance Global Partners (insurance
sector), 1998 to December brokerage firm) since October 2000.
2002.
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private company)
2002 Neuberger Berman Inc. (holding since 1998; Director, Emagin Corp.
company) since 2002 and 2003, (public company) since 1997;
respectively; Managing Director, Solbright, Inc. (private
Director and Chief Investment company) since 1998; Director,
Officer, Neuberger Berman Infogate, Inc. (private company)
since December 2005 and 2003, since 1997; Director, Broadway
respectively; formerly, Television Network (private
Executive Vice President, company) since 2000.
Neuberger Berman, December
2002 to 2005; Director and
Chairman, NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ---------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of the Executive Vice President, 48 Director and Vice President,
Board, Chief Neuberger Berman Inc. (holding Neuberger & Berman Agency, Inc.
Executive Officer company) since 1999; Head of since 2000; formerly, Director,
and Trustee since Neuberger Berman Inc.'s Mutual Neuberger Berman Inc. (holding
2000; President Funds Business (since 1999) company), October 1999 to March
and Chief Executive and Institutional Business 2003; Trustee, Frost Valley YMCA
Officer, 1999 (1999 to October 2005);
to 2000 responsible for Managed
Accounts Business and
intermediary distribution
since October 2005; President
and Director, NB Management
since 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999;
formerly, Senior Vice
President, NB Management, 1996
to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
25
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman since
Compliance Officer since 2006; Deputy General Counsel, Neuberger Berman
2002 since 2004; formerly, Vice President, Neuberger
Berman, 2000 to 2006; formerly, Associate General
Counsel, Neuberger Berman, 1999 to 2004; formerly,
Associate General Counsel, NB Management, 1994 to
1999; Anti-Money Laundering Compliance Officer,
fifteen registered investment companies for which
NB Management acts as investment manager and
administrator (seven since 2002, three since 2003,
four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since Vice President, Neuberger Berman since 2006;
2005 Employee, NB Management since 1997; Assistant
Treasurer, fifteen registered investment companies
for which NB Management acts as investment manager
and administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB
Management since 2000 and Assistant Secretary
since 2004; Vice President, Neuberger Berman since
2002 and Employee since 1999; formerly, Vice
President, NB Management, 1986 to 1999; Secretary,
fifteen registered investment companies for which
NB Management acts as investment manager and
administrator (three since 2000, four since 2002,
three since 2003, four since 2004 and one since
2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since
2003; formerly, Vice President, Neuberger Berman,
1999 to 2003; Senior Vice President, NB Management
since 2000; formerly, Controller, NB Management,
1994 to 1996; formerly, Treasurer, NB Management,
1996 to 1999; Vice President, fifteen registered
investment companies for which NB Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004 and one since 2005).
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999;
Senior Vice President, NB Management since 2000;
formerly, Vice President, NB Management, 1997 to
1999; Vice President, fifteen registered
investment companies for which NB Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004 and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since Senior Vice President, Neuberger Berman since
2005 (only for purposes 2002; Deputy General Counsel and Assistant
of sections 307 and 406 Secretary, Neuberger Berman since 2001; formerly,
of the Sarbanes-Oxley Act Vice President, Neuberger Berman, 2001 to 2002;
of 2002) formerly, Associate General Counsel, Neuberger
Berman, 2001; formerly, Counsel, Neuberger Berman,
2000; Secretary and General Counsel, NB Management
since 2004.
Sheila R. James (40) Assistant Secretary since Employee, Neuberger Berman since 1999; formerly,
2002 Employee, NB Management, 1991 to 1999; Assistant
Secretary, fifteen registered investment companies
for which NB Management acts as investment manager
and administrator (seven since 2002, three since
2003, four since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since Employee, Neuberger Berman since 1999; formerly,
2003 Employee, NB Management, 1993 to 1999; Assistant
Secretary, fifteen registered investment companies
for which NB Management acts as investment manager
and administrator (ten since 2003, four since 2004
and one since 2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger Berman since 2004;
Financial and Accounting Employee, NB Management since 1993; Treasurer and
Officer since 2005; prior Principal Financial and Accounting Officer,
thereto, Assistant fifteen registered investment companies for which
Treasurer since 2002 NB Management acts as investment manager and
administrator (fifteen since 2005); formerly,
Assistant Treasurer, fifteen registered investment
companies for which NB Management acts as
investment manager and administrator, 2002 to
2005.
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since Vice President, Neuberger Berman since 2006;
2005 Employee, NB Management since 1995; Assistant
Treasurer, fifteen registered investment companies
for which NB Management acts as investment manager
and administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since
2003; formerly, Vice President, Neuberger Berman,
1999 to 2003; formerly, Vice President, NB
Management, 1995 to 1999; Vice President, fifteen
registered investment companies for which NB
Management acts as investment manager and
administrator (three since 2000, four since 2002,
three since 2003, four since 2004 and one since
2005).
Chamaine Williams (35) Chief Compliance Officer Vice President, Lehman Brothers Inc. since 2003;
since 2005 Chief Compliance Officer, fifteen registered
investment companies for which NB Management acts
as investment manager and administrator (fifteen
since 2005); Chief Compliance Officer, Lehman
Brothers Asset Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers Alternative
Investment Management LLC since 2003; formerly,
Vice President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
28
<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 is also 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).
29
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Mid-Cap Growth Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
30
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
compared the fees charged to a comparable sub-advised fund and a comparable
separate account to the fees charged to the Fund at various asset levels. The
Board considered the appropriateness and reasonableness of the differences
between the fees charged between the Fund and the comparable sub-advised fund
and separate account and determined that the differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the quality of services expected to
be provided; and that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund.
31
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
PARTNERS PORTFOLIO(R)
B1010 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
PARTNERS PORTFOLIO MANAGER'S COMMENTARY
Despite a strong economy and excellent corporate earnings growth, large-cap
stocks made only modest progress in 2005. Absent the exceptional performance of
energy stocks and several interest rate sensitive sectors such as Homebuilding
and Utilities, equity returns would have been even more uninspiring. We are
pleased to report that, in this challenging stock market, the Neuberger Berman
Advisers Management Trust (AMT) Partners Portfolio delivered generous returns,
outperforming its S&P 500 and Russell 1000 Value Index benchmarks by a wide
margin. Sector allocation, most notably a substantial overweighting in Energy,
contributed to relative results. However, stock selection provided an even
greater benefit as Portfolio holdings outperformed in seven of ten sectors
versus the S&P 500.
Energy investments made the largest contribution to absolute and relative
performance. The Portfolio was overweighted in Energy versus the S&P 500 and
nearly double-weighted versus the Russell 1000 Value Index. In addition, the
Portfolio's Energy holdings significantly outperformed both benchmarks' Energy
sector components. Non-conventional energy companies such as oil sands producer
Canadian Natural Resources, the single largest contributor to returns, and coal
miners Peabody Coal and Arch Coal, the Portfolio's second and third biggest
contributors, enhanced returns in this sector. Exploration and production
companies Talisman Energy and XTO Energy were also outstanding performers.
Our success in Consumer Discretionary, the S&P 500's worst performing sector but
the Portfolio's second best performing sector of the year (by impact), was
driven purely by stock selection, with homebuilders KB Homes, Centex, and Pulte
Homes, and retailer J.C. Penney posting large gains. Health Care holdings
continued to contribute to returns, with HMOs such as Aetna and Pacific Care
(acquired by UnitedHealth Group), and pharmacy benefit managers, most notably
Express Scripts and Caremark, providing strong performance. Relative performance
was also enhanced by our avoidance of troubled large pharmaceutical companies.
Although the Portfolio had limited exposure to the Materials sector, our
investment in leading copper producer Phelps Dodge delivered a substantial gain.
In contrast, Information Technology holdings penalized returns, with computer
printer manufacturer Lexmark and security software producer Veritas Software
appearing on our bottom-ten performance list. Lexmark was hurt by increased
competition from Hewlett Packard and although Veritas had been a long-term
winner for us, it retreated this year when it was acquired by Symantec at a
price well below initial expectations. Although in aggregate the Portfolio's
Financial holdings had positive returns, they materially underperformed S&P 500
sector components.
Even with the exceptional performance of energy stocks in 2005, we still favor
those companies whose valuations fail to reflect prices supported by the
demand-driven supply imbalances in the sector. We expect strong demand from
developed and emerging market nation manufacturers to continue to benefit select
materials companies. With profit margins expanding due to productivity gains,
industrial stocks should also do well. We are cool on technology due to the
negative impact that expensing stock options will have on earnings this year and
our concern that capital spending on technology will fall short of expectations.
We are also being cautious in the financial sector, where spread oriented
businesses like banking may continue to suffer from a flat yield curve.
Looking ahead, we are relatively bullish on the outlook for stocks. Over much of
the last two years, equity returns have been muted by concern that expensive
energy and an extended tightening cycle by the Federal Reserve would undermine
economic and corporate earnings growth. The economy adjusted to higher energy
prices and rising short-term interest rates without losing traction. Ongoing
productivity gains have continued to support better-than-expected
1
<Page>
earnings growth. In the year ahead, we expect the economy to continue to expand
at a 3-4% pace and are looking for S&P 500 earnings growth in the high
single-digit to low double-digit percentage range. We also believe that after
contracting for two years, price/earnings multiples may expand as investor
sentiment improves, perhaps as a result of the Federal Reserve shifting into
neutral.
Sincerely,
/s/ S. Basu Mullick
S. BASU MULLICK
PORTFOLIO MANAGER
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
PARTNERS RUSSELL 1000(R)
PORTFOLIO VALUE(2) S&P 500(2)
1 YEAR 18.04% 7.05% 4.91%
5 YEAR 6.94% 5.28% 0.54%
10 YEAR 10.36% 10.94% 9.07%
LIFE OF FUND 11.41% 11.93% 10.63%
INCEPTION DATE 03/22/1994
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/PERFORMANCE.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
PARTNERS RUSSELL 1000(R)
PORTFOLIO VALUE S&P 500
12/31/1995 $ 10,000 $ 10,000 $ 10,000
12/31/1996 $ 12,957 $ 12,164 $ 12,295
12/31/1997 $ 17,006 $ 16,444 $ 16,395
12/31/1998 $ 17,722 $ 19,014 $ 21,080
12/31/1999 $ 19,028 $ 20,411 $ 25,515
12/31/2000 $ 19,161 $ 21,843 $ 23,192
12/31/2001 $ 18,620 $ 20,622 $ 20,438
12/31/2002 $ 14,125 $ 17,421 $ 15,923
12/31/2003 $ 19,081 $ 22,652 $ 20,487
12/31/2004 $ 22,701 $ 26,389 $ 22,715
12/31/2005 $ 26,798 $ 28,250 $ 23,830
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Auto Related 2.7%
Banking & Financial 5.0
Building, Construction & Furnishing 15.1
Building Materials 0.8
Business Services 1.4
Capital Equipment 3.3
Coal 4.4
Consumer Cyclicals 1.7
Consumer Goods & Services 1.0
Electrical & Electronics 0.7
Energy 13.1
Financial Services 8.7
Health Care 5.2
Insurance 7.0
Metals 1.9
Oil & Gas 9.5
Pharmaceutical 1.2
Real Estate 0.6
Retail 4.2
Software 4.7
Technology 1.7
Transportation 3.8
Utilities 1.4
Short-Term Investments 3.8
Liabilities, less cash, receivables
and other assets (2.9)
</Table>
2
<Page>
ENDNOTES
1. 18.04%, 6.94% and 10.36% were the average annual total returns for the 1-,
5- and 10-year periods ended December 31, 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 the 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 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 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) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account values
and actual expenses in dollars, based on the fund's actual performance during the
period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PARTNERS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,098.30 $ 4.50
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.92 $ 4.33
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (99.1%)
AUTO RELATED (2.7%)
248,000 Harley-Davidson $ 12,769,520
92,900 Johnson Controls 6,773,339
---------------
19,542,859
BANKING & FINANCIAL (5.0%)
267,300 Bank of America 12,335,895
719,070 Hudson City Bancorp 8,715,128
228,900 Merrill Lynch 15,503,397
---------------
36,554,420
BUILDING, CONSTRUCTION & FURNISHING (15.1%)
245,000 Centex Corp. 17,515,050
430,566 D.R. Horton 15,384,123
305,300 Home Depot 12,358,544
212,700 KB HOME 15,454,782
262,600 Lennar Corp. 16,023,852
15,000 NVR, Inc. 10,530,000*
390,000 Pulte Homes 15,350,400
236,400 Toll Brothers 8,188,896*
---------------
110,805,647
BUILDING MATERIALS (0.8%)
101,200 Cemex S.A. de C.V. ADR 6,004,196
BUSINESS SERVICES (1.4%)
308,500 Career Education 10,402,620*
CAPITAL EQUIPMENT (3.3%)
201,900 Caterpillar Inc. 11,663,763
316,350 Joy Global 12,654,000
---------------
24,317,763
COAL (4.4%)
202,800 Arch Coal 16,122,600^^
193,600 Peabody Energy 15,956,512
---------------
32,079,112
CONSUMER CYCLICALS (1.7%)
84,500 Best Buy 3,674,060
105,800 Whirlpool Corp. 8,861,808
---------------
12,535,868
CONSUMER GOODS & SERVICES (1.0%)
130,000 Colgate-Palmolive 7,130,500
ELECTRICAL & ELECTRONICS (0.7%)
179,900 Tyco International 5,191,914
ENERGY (13.1%)
105,600 Anadarko Petroleum 10,005,600
367,600 Canadian Natural Resources 18,240,312
125,900 ConocoPhillips 7,324,862
179,600 Exxon Mobil 10,088,132
162,900 Sempra Energy 7,304,436
267,200 Talisman Energy 14,129,536
319,600 TXU Corp. 16,040,724
287,733 XTO Energy 12,642,988
---------------
95,776,590
FINANCIAL SERVICES (8.7%)
50,700 American Express $ 2,609,022
5,000 Berkshire Hathaway Class B 14,677,500*
175,800 Citigroup Inc. 8,531,574
385,698 Countrywide Financial 13,187,015
292,200 General Electric 10,241,610
110,000 Goldman Sachs 14,048,100
---------------
63,294,821
HEALTH CARE (5.2%)
444,400 Boston Scientific 10,883,356*
92,600 Caremark Rx 4,795,754*
338,500 NBTY, Inc. 5,500,625*
222,600 Teva Pharmaceutical Industries ADR 9,574,026
87,800 WellPoint Inc. 7,005,562*
---------------
37,759,323
INSURANCE (7.0%)
140,500 Aetna Inc. 13,250,555
304,000 American International Group 20,741,920
119,700 Hartford Financial Services Group 10,281,033
173,500 PMI Group 7,125,645
---------------
51,399,153
METALS (1.9%)
96,400 Phelps Dodge 13,869,068
OIL & GAS (9.5%)
303,000 Denbury Resources 6,902,340*
102,100 EOG Resources 7,491,077
80,100 National-Oilwell Varco 5,022,270*
152,400 Petroleo Brasileiro ADR 10,861,548
288,700 Quicksilver Resources 12,128,287*
255,900 Southwestern Energy 9,197,046*
162,400 Valero Energy 8,379,840
411,000 Western Oil Sands Class A 9,803,088*
---------------
69,785,496
PHARMACEUTICAL (1.2%)
232,600 Shire PLC ADR 9,022,554
REAL ESTATE (0.6%)
142,800 Equity Office Properties Trust 4,331,124
RETAIL (4.2%)
137,600 Federated Department Stores 9,127,008
209,900 J.C. Penney 11,670,440
431,500 TJX Cos. 10,023,745
---------------
30,821,193
SOFTWARE (4.7%)
341,100 Check Point Software Technologies 6,856,110*
337,100 Microsoft Corp. 8,815,165
909,500 Oracle Corp. 11,104,995*
433,757 Symantec Corp. 7,590,747*
---------------
34,367,017
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
TECHNOLOGY (1.7%)
87,400 IBM $ 7,184,280
123,600 Lexmark International Group 5,540,988*
---------------
12,725,268
TRANSPORTATION (3.8%)
195,100 Frontline Ltd. 7,461,909
181,600 General Maritime 6,726,464^^
102,500 Overseas Shipholding Group 5,164,975
167,893 Ship Finance International 2,837,392
129,800 Teekay Shipping 5,179,020
---------------
27,369,760
UTILITIES (1.4%)
192,000 Exelon Corp. 10,202,880
TOTAL COMMON STOCKS
(COST $564,248,554) 725,289,146
---------------
SHORT-TERM INVESTMENTS (3.8%)
20,065,411 Neuberger Berman Securities Lending
Quality Fund, LLC 20,065,411++
8,065,965 Neuberger Berman Prime Money
Fund Trust Class 8,065,965@
---------------
TOTAL SHORT-TERM INVESTMENTS
(COST $28,131,376) 28,131,376#
---------------
TOTAL INVESTMENTS (102.9%)
(COST $592,379,930) 753,420,522##
Liabilities, less cash, receivables and other assets [(2.9%)] (21,415,087)
---------------
TOTAL NET ASSETS (100.0%) $ 732,005,435
---------------
</Table>
See Notes to Schedule of Investments
6
<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, including securities for which
the necessary last sale, asked and/or bid prices are not readily available,
by methods the Board of Trustees of Neuberger Berman Advisers Management
Trust (the "Board") has approved on the belief that they reflect 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
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. In this event, FT Interactive
will provide adjusted prices for certain foreign equity securities using a
statistical analysis of historical correlations of 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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $592,792,478. Gross unrealized appreciation of investments was
$169,876,692 and gross unrealized depreciation of investments was $9,248,648,
resulting in net unrealized appreciation of $160,628,044, 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>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 725,289,146
Affiliated issuers 28,131,376
- -------------------------------------------------------------------------------------------------------------
753,420,522
Cash 68,593
Foreign currency 289,006
Dividends and interest receivable 569,953
Receivable for Fund shares sold 748,367
Receivable for securities lending income (Note A) 69,678
Prepaid expenses and other assets 14,002
- -------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 755,180,121
- -------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 20,065,411
Payable for Fund shares redeemed 2,427,894
Payable to investment manager--net (Notes A & B) 330,354
Payable to administrator (Note B) 189,080
Payable for securities lending fees (Note A) 56,162
Accrued expenses and other payables 105,785
- -------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 23,174,686
- -------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 732,005,435
- -------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 497,709,584
Undistributed net investment income (loss) 4,491,132
Accumulated net realized gains (losses) on investments 68,764,304
Net unrealized appreciation (depreciation) in value of investments 161,040,415
----------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 732,005,435
- -------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 34,189,509
- -------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 21.41
- -------------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 19,654,137
*COST OF INVESTMENTS:
Unaffiliated issuers $ 564,248,554
Affiliated issuers 28,131,376
TOTAL COST OF INVESTMENTS $ 592,379,930
- -------------------------------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 289,000
- -------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 10,072,396
Income from securities loaned (affiliated issuers $195,399) (Notes A & F) 106,983
Income from investments in affiliated issuers (Note F) 265,491
Foreign taxes withheld (97,665)
- -----------------------------------------------------------------------------------------------------------------------
Total income 10,347,205
- -----------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 3,448,535
Administration fee (Note B) 1,956,622
Audit fees 38,664
Custodian fees (Note B) 143,608
Insurance expense 28,626
Legal fees 118,621
Shareholder reports 96,417
Shareholder servicing agent fees 1,051
Trustees' fees and expenses 30,401
Miscellaneous 14,861
- -----------------------------------------------------------------------------------------------------------------------
Total expenses 5,877,406
Investment management fee waived (Note A) (7,011)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (91,720)
- -----------------------------------------------------------------------------------------------------------------------
Total net expenses 5,778,675
- -----------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 4,568,530
- -----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 71,313,264
Foreign currency (74,676)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 31,887,854
Foreign currency (9,623)
--------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 103,116,819
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 107,685,349
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
PARTNERS PORTFOLIO
------------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 4,568,530 $ 6,516,363
Net realized gain (loss) on investments 71,238,588 103,984,145
Change in net unrealized appreciation (depreciation) of investments 31,878,231 (8,425,876)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 107,685,349 102,074,632
- -----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (6,487,803) (62,733)
Net realized gain on investments (150,568) --
- -----------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders (6,638,371) (62,733)
- -----------------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 155,906,843 69,346,230
Proceeds from reinvestment of dividends and distributions 6,638,371 62,733
Payments for shares redeemed (121,363,625) (251,283,347)
- -----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 41,181,589 (181,874,384)
- -----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 142,228,567 (79,862,485)
NET ASSETS:
Beginning of year 589,776,868 669,639,353
- -----------------------------------------------------------------------------------------------------------------------
End of year $ 732,005,435 $ 589,776,868
- -----------------------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 4,491,132 $ 6,485,081
- -----------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
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. 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
year ended December 31, 2005 was $2,623.
11
<Page>
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.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, 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,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2005 2004 2005 2004 2005 2004
$ 6,487,803 $ 62,733 $ 150,568 $ -- $ 6,638,371 $ 62,733
</Table>
As of December 31, 2005, 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
$ 11,892,732 $ 61,775,244 $ 160,627,875 $ -- $ 234,295,85
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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
12
<Page>
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 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
("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted as
the Fund's lending agent. Under the Neuberger Agreement, Neuberger guaranteed
a certain amount of revenue to the Fund and received any revenue earned in
excess of the guaranteed amount as a lending agency fee. For the year ended
December 31, 2005, Neuberger received revenue under the Neuberger Agreement
of $77,928.
Effective October 4, 2005, the Fund entered into new securities lending
arrangements using a third party, eSecLending, to secure bids. Pursuant to
such arrangements, eSecLending currently acts as agent for the Fund,
arranging principals to guarantee a certain amount of revenue to the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated with
the loans. These amounts are reflected in the Statement of Operations under
the caption "Income from securities loaned (affiliated issuers)."
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
13
<Page>
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
year ended December 31, 2005, management fees waived under this Arrangement
amounted to $7,011 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the year ended December 31,
2005, income earned under this Arrangement amounted to $265,491 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 year ended December 31, 2005, no reimbursement to the
Fund was required. The Fund has agreed to repay
14
<Page>
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 year ended December 31, 2005, there was no
reimbursement to Management under this agreement. At December 31, 2005, the Fund
had 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 year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $84,418.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this arrangement
was a reduction of expenses of $7,302.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $415,548,792 and $375,102,560,
respectively.
During the year ended December 31, 2005, brokerage commissions on securities
transactions amounted to $921,676, of which Neuberger received $329, Lehman
received $161,237, and other brokers received $760,110.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004 was
as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 7,805,132 4,246,276
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 337,316 3,906
SHARES REDEEMED (6,137,955) (15,536,771)
---------- -----------
TOTAL 2,004,493 (11,286,589)
---------- -----------
</Table>
15
<Page>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized by
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
0.09% 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 December 31, 2005. During the year ended December 31,
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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC ** 99,015,450 2,073,956,240 2,152,906,279 20,065,411 $ 20,065,411 $ 195,399
Neuberger Berman
Prime Money Fund
Trust Class*** 5,866,332 133,126,324 130,926,691 8,065,965 8,065,965 265,491
------------ ------------
TOTAL $ 28,131,376 $ 460,890
------------ ------------
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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. 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.
16
<Page>
FINANCIAL HIGHLIGHTS PARTNERS PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
------------------------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 18.32 $ 15.40 $ 11.40 $ 15.10 $ 16.17
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .14 .17 .00 .01 .06
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 3.15 2.75 4.00 (3.64) (.50)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS 3.29 2.92 4.00 (3.63) (.44)
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.19) (.00) -- (.07) (.06)
NET CAPITAL GAINS (.01) -- -- -- (.57)
-------- -------- -------- -------- --------
TOTAL DISTRIBUTIONS (.20) (.00) -- (.07) (.63)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF YEAR $ 21.41 $ 18.32 $ 15.40 $ 11.40 $ 15.10
-------- -------- -------- -------- --------
TOTAL RETURN+++ +18.04% +18.98% +35.09% -24.14% -2.83%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 732.0 $ 589.8 $ 669.6 $ 522.6 $ 795.4
RATIO OF GROSS EXPENSES TO
AVERAGE NET ASSETS# .90% .91% .91% .91% .87%
RATIO OF NET EXPENSES TO
AVERAGE NET ASSETS .89%^ .89%^ 90%^ .91% .87%
RATIO OF NET INVESTMENT
INCOME (LOSS) TO AVERAGE NET ASSETS .70% 1.05% .01% .05% .43%
PORTFOLIO TURNOVER RATE 58% 71% 76% 53% 74%
</Table>
See Notes to Financial Highlights
17
<Page>
NOTES TO FINANCIAL HIGHLIGHTS PARTNERS 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 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.
++ Calculated based on the average number of shares outstanding during each
fiscal period.
^ After reimbursement of expenses and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
action, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003
0.89% 0.90% 0.90%
</Table>
18
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Partners Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Partners Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Partners Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
19
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, 48 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund,
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar
1984 Milburn LLP (law firm) Retirement Association (ABRA)
since October 2002; since 1997 (not-for-profit
formerly, Attorney-at-Law membership association).
and President, Faith
Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates
1998 Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, Hospital's Board of Directors
1978 to December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York Stock
Exchange Board of Directors,
1998 to June 2002; formerly,
Member, American Savings
Education Council's Policy Board
(ASEC), 1998 to 2000; formerly,
Member, Executive Committee,
Crime Prevention Coalition of
America, 1997 to 2000.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation),
May 2002 to April 2003;
formerly, Senior Vice
President, Secretary and
General Counsel, Loews
Corporation.
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly,
Economics, New York Director, DEL Laboratories, Inc.
University Stern School of (cosmetics and pharmaceuticals),
Business; formerly, 1978 to 2004; formerly,
Executive Director, Apple Bank for
Secretary-Treasurer, Savings, 1979 to 1990; formerly,
American Finance Director, Western Pacific
Association, 1961 to 1979. Industries, Inc., 1972 to 1986
(public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation
1999 President and Special (holding company) since August
Counsel, WHX Corporation 2002; Director, Webfinancial
(holding company), 1993 to Corporation (holding company)
2001. since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director, Kevlin
Corporation (manufacturer of
microwave and other products).
Edward I. O'Brien (77) Trustee since Formerly, Member, 48 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
William E. Rulon (73) Trustee since Retired; formerly, Senior 48 Director, Pro-Kids Golf and
2000 Vice President, Foodmaker, Learning Academy (teach golf and
Inc. (operator and computer usage to "at risk"
franchiser of restaurants) children) since 1998; formerly,
until January 1997. Director, Prandium, Inc.
(restaurants), March 2001 to
July 2002.
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash
2000 Oxford Partners and Oxford Management Trust (money market
Bioscience Partners fund), Naragansett Insured
(venture capital Tax-Free Income Fund, Rocky
partnerships) and Mountain Equity Fund, Prime Cash
President, Oxford Venture Fund, several private companies
Corporation. and QuadraMed Corporation
(NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and Forward Management, Inc. (asset
beginning CEO, Westaff, Inc. management company) since 2001;
2006 (temporary staffing), May formerly, Director, General
2001 to January 2002; Magic (voice recognition
formerly, Senior Executive software), 2001 to 2002;
at the Charles Schwab formerly, Director, E-Finance
Corporation, 1983 to 1999, Corporation (credit decisioning
including Chief Executive services), 1999 to 2003;
Officer, Charles Schwab formerly, Director,
Investment Management, Inc. Save-Daily.com (micro investing
and Trustee, Schwab Family services), 1999 to 2003;
of Funds and Schwab formerly, Director, Offroad
Investments, 1997 to 1998, Capital Inc. (private internet
and Executive Vice commerce company), 1999 to 2002.
President-Retail Brokerage,
Charles Schwab Investment
Management, 1994 to 1997.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
Candace L. Straight (58) Trustee since Private investor and 48 Director, The Proformance
1999 consultant specializing in Insurance Company (personal
the insurance industry; lines property and casualty
formerly, Advisory insurance company) since March
Director, Securitas Capital 2004; Director, Providence
LLC (a global private Washington (property and
equity investment firm casualty insurance company)
dedicated to making since December 1998; Director,
investments in the Summit Global Partners
insurance sector), 1998 to (insurance brokerage firm) since
December 2002. October 2000.
Peter P. Trapp (61) Trustee since Regional Manager for 48 None.
1984 Atlanta Region, Ford Motor
Credit Company since August
1997; formerly, President,
Ford Life Insurance
Company, April 1995 to
August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President 48 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Emagin Corp. (public company)
since 2002 and 2003, since 1997; Director, Solbright,
respectively; Managing Inc. (private company) since
Director and Chief 1998; Director, Infogate, Inc.
Investment Officer, (private company) since 1997;
Neuberger Berman since Director, Broadway Television
December 2005 and 2003, Network (private company) since
respectively; formerly, 2000.
Executive Vice President,
Neuberger Berman, December
2002 to 2005; Director and
Chairman, NB Management
since December 2002;
formerly, Executive Vice
President, Citigroup
Investments, Inc.,
September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc.,
September 1995 to
February 2002.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA.
President and (1999 to October 2005);
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 2005;
President and Director, NB
Management since 1999;
Managing Director,
Neuberger Berman since
2005; formerly, Executive
Vice President, Neuberger
Berman, 1999 to December
2005; formerly, Principal,
Neuberger Berman, 1997 to
1999; formerly, Senior Vice
President, NB Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
24
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President,
Compliance Officer since 2002 Neuberger Berman since 2006;
Deputy General Counsel,
Neuberger Berman since 2004;
formerly, Vice President,
Neuberger Berman, 2000 to 2006;
formerly, Associate General
Counsel, Neuberger Berman, 1999
to 2004; formerly, Associate
General Counsel, NB Management,
1994 to 1999; Anti-Money
Laundering Compliance Officer,
fifteen registered investment
companies for which NB
Management acts as investment
manager and administrator
(seven since 2002, three since
2003, four since 2004 and one
since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger
Berman since 2006; Employee, NB
Management since 1997;
Assistant Treasurer, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (fifteen since
2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund
Board Relations, NB Management
since 2000 and Assistant
Secretary since 2004; Vice
President, Neuberger Berman
since 2002 and Employee since
1999; formerly, Vice President,
NB Management, 1986 to 1999;
Secretary, fifteen registered
investment companies for which
NB Management acts as
investment manager and
administrator (three since
2000, four since 2002, three
since 2003, four since 2004 and
one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President,
Neuberger Berman since 2003;
formerly, Vice President,
Neuberger Berman, 1999 to 2003;
Senior Vice President, NB
Management since 2000;
formerly, Controller, NB
Management, 1994 to 1996;
formerly, Treasurer, NB
Management, 1996 to 1999; Vice
President, fifteen registered
investment companies for which
NB Management acts as investment
manager and administrator (three
since 2000, four since 2002,
three since 2003, four since
2004 and one since 2005).
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger
Berman since 1999; Senior Vice
President, NB Management since
2000; formerly, Vice President,
NB Management, 1997 to 1999;
Vice President, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (three since
2000, four since 2002, three
since 2003, four since 2004 and
one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President,
(only for purposes of Neuberger Berman since 2002;
sections 307 and 406 of the Deputy General Counsel and
Sarbanes-Oxley Act of 2002) Assistant Secretary, Neuberger
Berman since 2001; formerly,
Vice President, Neuberger
Berman, 2001 to 2002; formerly,
Associate General Counsel,
Neuberger Berman, 2001;
formerly, Counsel, Neuberger
Berman, 2000; Secretary and
General Counsel, NB Management
since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman
since 1999; formerly, Employee,
NB Management, 1991 to 1999;
Assistant Secretary, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (seven since
2002, three since 2003, four
since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman
since 1999; formerly, Employee,
NB Management, 1993 to 1999;
Assistant Secretary, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (ten since 2003,
four since 2004 and one since
2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger
Financial and Accounting Berman since 2004; Employee, NB
Officer since 2005; prior Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal
since 2002 Financial and Accounting
Officer, fifteen registered
investment companies for which
NB Management acts as
investment manager and
administrator (fifteen since
2005); formerly, Assistant
Treasurer, fifteen registered
investment companies for which
NB Management acts as
investment manager and
administrator, 2002 to 2005.
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger
Berman since 2006; Employee, NB
Management since 1995;
Assistant Treasurer, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (fifteen since
2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President,
Neuberger Berman since 2003;
formerly, Vice President,
Neuberger Berman, 1999 to 2003;
formerly, Vice President, NB
Management, 1995 to 1999; Vice
President, fifteen registered
investment companies for which
NB Management acts as
investment manager and
administrator (three since
2000, four since 2002, three
since 2003, four since 2004 and
one since 2005).
Chamaine Williams (35) Chief Compliance Officer since 2005 Vice President, Lehman Brothers
Inc. since 2003; Chief
Compliance Officer, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (fifteen since
2005); Chief Compliance
Officer, Lehman Brothers Asset
Management Inc. since 2003;
Chief Compliance Officer,
Lehman Brothers Alternative
Investment Management LLC since
2003; formerly, Vice President,
UBS Global Asset Management
(US) Inc. (formerly, Mitchell
Hutchins Asset Management, a
wholly-owned subsidiary of
PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
27
<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 is also 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).
28
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Partners Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
manager.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
29
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds or separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the quality of services expected to be provided; and that
the benefits accruing to Management and its affiliates by virtue of their
relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
30
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
REGENCY
PORTFOLIO
B1012 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
REGENCY PORTFOLIO Manager's Commentary
Mid-cap value stocks excelled in 2005, with the Russell Midcap Value Index
returning 12.65% compared to the large-cap S&P 500's 4.91% and the small-cap
Russell 2000's 4.55%. For the year, the Neuberger Berman Advisers Management
Trust (AMT) Regency Portfolio slightly underperformed its Russell Midcap Value
benchmark, despite an overweight in Energy--by far the best performing market
sector--and the superior relative performance of its Health Care holdings.
Although Energy sector holdings modestly underperformed benchmark sector
components, the Portfolio's substantial overweight in this top performing sector
made the largest contribution to absolute and relative returns. Exploration and
production company XTO Energy finished at the top of our performance
contributors list; refiner/distributor Sunoco was the fourth biggest
contributor; and non-conventional energy stocks such as Canadian oil sands
producer Canadian Natural Resources and coal mining company Arch Coal also
finished in our top ten. The Portfolio was overweight in Health Care, and our
stock selection in this sector had the most favorable impact on returns.
Omnicare, a leading drug distributor to nursing homes, and HMO Coventry Health
Care were our second and third biggest performance contributors. Industrials
sector investments, most notably construction and mining equipment manufacturer
Joy Global, also buoyed returns. The Portfolio had minimal exposure to the
Materials sector. However, our lone holding in the sector, leading copper
producer Phelps Dodge, performed exceptionally well as the price of copper rose.
The Portfolio was underweighted in Consumer Staples, but the sharp sell-off in
NTBY, one of the Portfolio's larger holdings in the sector, penalized returns. A
leading manufacturer, wholesaler, and retailer of vitamins and nutritional
supplements under the brand names Nature's Bounty, Sundown and American Health,
NTBY was hurt by the medical controversy surrounding Vitamin D. The Portfolio's
substantial overweight in the Consumer Discretionary sector, the worst
performing sector in the Russell Midcap Value Index, negatively affected
performance. Retailers Dollar Tree Stores and Pier 1 Imports and auto seating
company Lear Corp. finished near the bottom of our performance charts. We sold
Pier 1 and Lear at mid-year, but not before the stocks undermined full-year
performance. The Portfolio's significant underweight in Utilities--the year's
third best performing sector--also detracted from relative returns.
Despite this year's exceptional performance, we believe that select energy
stocks still offer good value. Current valuations seem to imply that energy
prices will fall substantially from present levels. In view of what we perceive
to be a lasting change in supply/demand dynamics, we think that energy prices
will remain relatively firm and that energy company earnings will continue to
grow. We also like the prospects for industrial companies, which should continue
to benefit from synchronized global growth and expanding profit margins
resulting from ongoing productivity gains. We are less than enthusiastic about
technology, because of the negative impact that expensing stock options will
have on many tech companies' earnings and our concern that technology capital
spending may not meet consensus expectations. We are also treading carefully in
the financial sector, because we believe that interest-rate-spread oriented
businesses like banking will continue to suffer from a flat yield curve.
Looking ahead, we are relatively bullish on the prospects for stocks. Earnings
growth has outpaced share price advances for several years, in the process
making equity valuations more attractive. The economy has adjusted relatively
well to expensive energy and higher short-term interest rates and we expect to
see Gross Domestic Product (GDP) growth in the 3-4% range in 2006, with earnings
growing at high single-digit to low double-digit percentage rates. In our view,
this would be a favorable economic scenario for stocks. If investor sentiment
improves, perhaps as a result of the Federal Reserve shifting into neutral, we
think that price/earnings multiples could expand, enhancing earnings-driven
equity returns.
Sincerely,
/s/ S. Basu Mullick
S. BASU MULLICK
PORTFOLIO MANAGER
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
REGENCY REGENCY RUSSELL MIDCAP(R) RUSSELL
PORTFOLIO CLASS I PORTFOLIO CLASS S VALUE(2) MIDCAP(R)(2)
1 YEAR 12.00% 11.97% 12.65% 12.65%
LIFE OF FUND 12.32% 12.31% 13.57% 11.90%
INCEPTION DATE 08/22/2001 04/29/2005
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE AS OF 12/31/05
<Table>
<Caption>
RUSSELL
REGENCY MIDCAP(R) RUSSELL
PORTFOLIO VALUE MIDCAP(R)
8/22/2001 $ 10,000 $ 10,000 $ 10,000
12/31/2001 $ 9,970 $ 10,025 $ 10,275
6/30/2002 $ 10,040 $ 10,312 $ 9,689
12/31/2002 $ 8,918 $ 9,058 $ 8,612
6/30/2003 $ 9,980 $ 10,246 $ 9,944
12/31/2003 $ 12,114 $ 12,507 $ 12,062
6/30/2004 $ 13,066 $ 13,403 $ 12,866
12/31/2004 $ 14,823 $ 15,471 $ 14,500
6/30/2005 $ 15,294 $ 16,324 $ 15,068
12/31/2005 $ 16,601 $ 17,428 $ 16,335
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Auto Related 5.7%
Banking & Financial 6.3
Building, Construction & Furnishing 13.1
Business Services 2.4
Capital Equipment 2.1
Coal 5.4
Communications Equipment 1.2
Consumer Cyclicals 1.5
Consumer Products & Services 1.2
Electric Utilities 1.5
Energy 10.3
Financial Services 3.6
Food & Beverage 1.1
Health Care 5.7
Industrial 1.0
Insurance 4.7
Machinery & Equipment 1.9
Manufacturing 2.9
Metals 1.9
Oil & Gas 4.8
Pharmaceutical 1.2
Real Estate 4.0
Retail 5.7
Semiconductors 0.9
Software 1.8
Technology 0.9
Telecommunications 0.5
Transportation 4.1
Utilities, Electric & Gas 1.0
Short-Term Investments 17.6
Liabilities, less cash,receivables and other assets (16.0)
</Table>
2
<Page>
ENDNOTES
1. For Class I, 12.00% and 12.32% were the average annual total returns for
the 1-year and since inception (08/22/01) periods ended December 31, 2005.
For Class S, 11.97% and 12.31% were the average annual total returns for
the 1-year and since inception (08/22/01) periods ended December 31, 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 26% 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.
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) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account
values and actual expenses in dollars, based on the fund's actual performance
during the period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST REGENCY PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,084.80 $ 5.36
CLASS S $ 1,000 $ 1,085.20 $ 6.46
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,020.06 $ 5.19
CLASS S $ 1,000 $ 1,019.00 $ 6.26
</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 184/365 (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 period divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS Regency Portfolio
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (98.4%)
AUTO RELATED (5.7%)
88,950 Advance Auto Parts $ 3,865,767*
29,400 BorgWarner, Inc. 1,782,522
66,100 Harley-Davidson 3,403,489^^
51,300 Johnson Controls 3,740,283
---------------
12,792,061
BANKING & FINANCIAL (6.3%)
75,400 Astoria Financial 2,216,760^^
53,600 First Horizon National 2,060,384^^
344,900 Hudson City Bancorp 4,180,188
87,100 IndyMac Bancorp 3,398,642^^
82,065 North Fork Bancorp 2,245,298
---------------
14,101,272
BUILDING, CONSTRUCTION & FURNISHING (13.1%)
46,500 Beazer Homes USA 3,387,060^^
75,300 Centex Corp. 5,383,197
93,600 Hovnanian Enterprises 4,646,304*^^
58,500 KB HOME 4,250,610
74,300 Lennar Corp. 4,533,786
4,700 NVR, Inc. 3,299,400*^^
102,200 Pulte Homes 4,022,592^^
---------------
29,522,949
BUSINESS SERVICES (2.4%)
99,300 Career Education 3,348,396*
45,700 Manpower Inc. 2,125,050
---------------
5,473,446
CAPITAL EQUIPMENT (2.1%)
117,450 Joy Global 4,698,000
COAL (5.4%)
132,000 Alpha Natural Resources 2,535,720*^^
64,700 Arch Coal 5,143,650
55,000 Peabody Energy 4,533,100
---------------
12,212,470
COMMUNICATIONS EQUIPMENT (1.2%)
243,200 Avaya Inc. 2,594,944*
CONSUMER CYCLICALS (1.5%)
41,200 Whirlpool Corp. 3,450,912
CONSUMER PRODUCTS & SERVICES (1.2%)
134,100 Spectrum Brands 2,723,571*^^
ELECTRIC UTILITIES (1.5%)
116,400 DPL Inc. 3,027,564
6,100 NRG Energy 287,432*
---------------
3,314,996
ENERGY (10.3%)
112,700 Canadian Natural Resources 5,592,174
33,600 Sunoco, Inc. 2,633,568
94,300 Talisman Energy 4,986,584
96,800 TXU Corp. 4,858,392
116,276 XTO Energy 5,109,168
---------------
23,179,886
FINANCIAL SERVICES (3.6%)
30,200 Ambac Financial Group $ 2,327,212
28,600 Bear Stearns 3,304,158
49,500 CIT Group 2,563,110
---------------
8,194,480
FOOD & BEVERAGE (1.1%)
98,900 Constellation Brands 2,594,147*
HEALTH CARE (5.7%)
59,400 Coventry Health Care 3,383,424*^^
163,300 NBTY, Inc. 2,653,625*^^
50,000 Omnicare, Inc. 2,861,000
53,200 Triad Hospitals 2,087,036*
24,100 WellPoint Inc. 1,922,939*
---------------
12,908,024
INDUSTRIAL (1.0%)
87,400 Chicago Bridge & Iron 2,203,354
INSURANCE (4.7%)
34,400 Arch Capital Group 1,883,400*
76,600 Endurance Specialty Holdings 2,746,110
83,200 PMI Group 3,417,024
43,100 Radian Group 2,525,229
---------------
10,571,763
MACHINERY & EQUIPMENT (1.9%)
72,400 Terex Corp. 4,300,560*
MANUFACTURING (2.9%)
54,400 Briggs & Stratton 2,110,176
30,700 Eaton Corp. 2,059,663
57,300 Ingersoll-Rand 2,313,201^^
---------------
6,483,040
METALS (1.9%)
29,700 Phelps Dodge 4,272,939
OIL & GAS (4.8%)
170,800 Denbury Resources 3,890,824*
94,900 Quicksilver Resources 3,986,749*^^
80,100 Southwestern Energy 2,878,794*
---------------
10,756,367
PHARMACEUTICAL (1.2%)
70,600 Shire PLC ADR 2,738,574
REAL ESTATE (4.0%)
52,600 Colonial Properties Trust 2,208,148^^
69,600 Developers Diversified Realty 3,272,592
57,100 iStar Financial 2,035,615
70,300 Trizec Properties 1,611,276
---------------
9,127,631
RETAIL (5.7%)
56,400 Aeropostale, Inc. 1,483,320*
73,100 Foot Locker 1,724,429^^
119,200 Hot Topic 1,698,600*^^
49,700 Jones Apparel Group 1,526,784
104,900 Ross Stores 3,031,610^^
146,700 TJX Cos. 3,407,841^^
---------------
12,872,584
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
SEMICONDUCTORS (0.9%)
62,300 International Rectifier $ 1,987,370*
SOFTWARE (1.8%)
92,300 Activision, Inc. 1,268,202*
140,000 Check Point Software Technologies 2,814,000*
---------------
4,082,202
TECHNOLOGY (0.9%)
47,300 Lexmark International Group 2,120,459*
TELECOMMUNICATIONS (0.5%)
37,100 Amdocs Ltd. 1,020,250*
TRANSPORTATION (4.1%)
66,000 Frontline Ltd. ADR 2,502,720^^
69,700 General Maritime 2,581,688^^
41,500 Overseas Shipholding Group 2,091,185
50,000 Teekay Shipping 1,995,000^^
---------------
9,170,593
UTILITIES, ELECTRIC & GAS (1.0%)
50,400 Edison International 2,197,944
TOTAL COMMON STOCKS
(COST $196,427,561) 221,666,788
---------------
SHORT-TERM INVESTMENTS (17.6%)
35,452,877 Neuberger Berman Securities Lending
Quality Fund, LLC 35,452,877++
4,267,666 Neuberger Berman Prime Money Fund
Trust Class 4,267,666@
---------------
TOTAL SHORT-TERM INVESTMENTS
(COST $39,720,543) 39,720,543#
---------------
TOTAL INVESTMENTS (116.0%)
(COST $236,148,104) 261,387,331##
Liabilities, less cash, receivables and other
assets [(16.0%)] (36,070,108)
---------------
TOTAL NET ASSETS (100.0%) $ 225,317,223
---------------
</Table>
See Notes to Schedule of Investments
6
<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,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect 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 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. In this event, FT Interactive will provide adjusted
prices for certain foreign equity securities using a statistical analysis
of historical correlations of 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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $236,589,903. Gross unrealized appreciation of investments was
$31,864,202 and gross unrealized depreciation of investments was
$7,066,774, resulting in net unrealized appreciation of $24,797,428, 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>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)-SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 221,666,788
Affiliated issuers 39,720,543
- ------------------------------------------------------------------------------------------------------------------
261,387,331
Dividends and interest receivable 206,480
Receivable for securities sold 115,756
Receivable for Fund shares sold 192,038
Receivable for securities lending income (Note A) 140,331
Prepaid expenses and other assets 83
- ------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 262,042,019
- ------------------------------------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 90,624
Payable for collateral on securities loaned (Note A) 35,452,877
Payable for securities purchased 450,533
Payable for Fund shares redeemed 389,003
Payable to investment manager-net (Notes A & B) 105,021
Payable for securities lending fees (Note A) 117,613
Payable to administrator-net (Note B) 57,761
Accrued expenses and other payables 61,364
- ------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 36,724,796
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 225,317,223
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 185,050,624
Undistributed net investment income (loss) 1,040,234
Accumulated net realized gains (losses) on investments 13,987,194
Net unrealized appreciation (depreciation) in value of investments 25,239,171
-------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 225,317,223
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS
Class I $ 220,573,474
Class S 4,743,749
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 14,229,915
Class S 286,504
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 15.50
Class S 16.56
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 34,239,684
*COST OF INVESTMENTS:
Unaffiliated issuers $ 196,427,561
Affiliated issuers 39,720,543
TOTAL COST OF INVESTMENTS $ 236,148,104
- ------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 2,569,804
Interest income-unaffiliated issuers 9,800
Income from securities loaned (affiliated issuers $330,911) (Notes A & F) 87,332
Income from investments in affiliated issuers (Note F) 228,552
Foreign taxes withheld (4,832)
- ------------------------------------------------------------------------------------------------------------------
Total income 2,890,656
- ------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 1,013,474
Administration fee (Note B):
Class I 549,420
Class S 3,385
Distribution fees (Note B):
Class S 2,821
Audit fees 38,400
Custodian fees (Note B) 113,968
Insurance expense 6,590
Legal fees 38,919
Shareholder reports 72,897
Shareholder servicing agent fees 176
Trustees' fees and expenses 29,708
Miscellaneous 3,490
- ------------------------------------------------------------------------------------------------------------------
Total expenses 1,873,248
Expenses reimbursed by administrator (Note B) (954)
Investment management fee waived (Note A) (5,926)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (17,019)
- ------------------------------------------------------------------------------------------------------------------
Total net expenses 1,849,349
- ------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 1,041,307
- ------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 14,853,731
Foreign currency (133)
-------------------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 6,805,892
Foreign currency (56)
-------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 21,659,434
- ------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 22,700,741
- ------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
REGENCY PORTFOLIO
--------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,041,307 $ 169,088
Net realized gain (loss) on investments 14,853,598 11,806,209
Change in net unrealized appreciation (depreciation) of investments 6,805,836 8,698,062
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 22,700,741 20,673,359
- ----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income
Class I (169,457) (27,438)
-----------------------------------------------------------------------------------------------------------
Net realized gain on investments
Class I (12,491,613) --
-----------------------------------------------------------------------------------------------------------
Total distributions to shareholders (12,661,070) (27,438)
- ----------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold
Class I 71,029,331 84,655,239
Class S 4,811,142 --
Proceeds from reinvestment of dividends and distributions
Class I 12,661,070 27,438
Payments for shares redeemed
Class I (11,528,085) (26,642,845)
Class S (238,465) --
-----------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 76,734,993 58,039,832
- ----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 86,774,664 78,685,753
NET ASSETS:
Beginning of year 138,542,559 59,856,806
- ----------------------------------------------------------------------------------------------------------------
End of year $ 225,317,223 $ 138,542,559
- ----------------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 1,040,234 $ 168,517
- ----------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<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
11
<Page>
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is
required.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, 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,
2005 and December 31, 2004 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TAX RETURN OF CAPITAL TOTAL
2005 2004 2005 2004 2005 2004 2005 2004
$ 4,451,514 $ 27,438 $ 8,209,556 $ -- $ -- $ -- $ 12,661,070 $ 27,438
</Table>
As of December 31, 2005, 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
$ 2,740,826 $ 12,728,401 $ 24,797,372 $ -- $ 40,266,599
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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
12
<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
("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted as
the Fund's lending agent. Under the Neuberger Agreement, Neuberger guaranteed
a certain amount of revenue to the Fund and received any revenue earned in
excess of the guaranteed amount as a lending agency fee. For the year ended
December 31, 2005, Neuberger received revenue under the Neuberger Agreement
of $107,955.
Effective September 13, 2005, the Fund entered into new securities lending
arrangements using a third party, eSecLending, to secure bids. Pursuant to
such arrangements, eSecLending currently acts as agent for the Fund,
arranging principals to guarantee a certain amount of revenue to the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income from the lending program represents income earned on the cash
collateral and the guaranteed amount, less fees and expenses associated with
the loans. These amounts are reflected in the Statement of Operations under
the caption "Income from securities loaned (affiliated issuers)."
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
13
<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 year ended December 31, 2005,
management fees waived under this Arrangement amounted to $5,926 and is
reflected in the Statement of Operations under the caption "Investment
management fee waived." For the year ended December 31, 2005, income earned
under this Arrangement amounted to $228,552 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
14
<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 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:
<Table>
<Caption>
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE YEAR ENDED
LIMITATION(1) EXPIRATION DECEMBER 31, 2005
CLASS I 1.50% 12/31/08 --
CLASS S 1.25% 12/31/15 $ 954
</Table>
(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 year ended December 31, 2005, there was
no reimbursement to Management under these agreements. At December 31, 2005,
contingent liabilities to Management under these agreements were as follows:
<Table>
<Caption>
EXPIRING IN:
2008
CLASS S $ 954
</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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $16,534.
15
<Page>
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $485.
On June 6, 2005, Management voluntarily agreed to reimburse the Fund for all
brokerage commissions from June 6, 2005 to July 20, 2005, to facilitate a
restructuring of the portfolio following a change in the Fund's portfolio
manager. The amount of this voluntary reimbursement was $8,007.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $214,221,315 and
$147,916,702, respectively.
During the year ended December 31, 2005, brokerage commissions on securities
transactions amounted to $274,191, of which Neuberger received $43, Lehman
received $44,943, and other brokers received $229,205.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended December 31, 2005 and for the year ended
December 31, 2004 was as follows:
FOR THE PERIOD ENDED DECEMBER 31, 2005*
<Table>
<Caption>
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS
SHARES AND SHARES
SOLD DISTRIBUTIONS REDEEMED TOTAL
Class I 4,719,428 895,408 (752,587) 4,862,249
Class S 301,375 -- (14,871) 286,504
</Table>
FOR THE YEAR ENDED DECEMBER 31, 2004
<Table>
<Caption>
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
</Table>
* For the year ended December 31, 2005 for Class I. For the period from
April 29, 2005 (commencement of operations) to December 31, 2005 for
Class S.
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized by
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
16
<Page>
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 0.09%
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 December 31, 2005. During the year ended December
31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 24,052,200 712,197,127 700,796,450 35,452,877 $ 35,452,877 $ 330,911
Neuberger Berman
Prime Money Fund
Trust Class*** 5,303,851 69,207,638 70,243,823 4,267,666 4,267,666 228,552
--------------- ---------------
TOTAL $ 39,720,543 $ 559,463
=============== ===============
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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. 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.
17
<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>
PERIOD FROM
AUGUST 22, 2001^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
----------------------------------------------- ----------------
CLASS I 2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.79 $ 12.09 $ 8.90 $ 9.97 $ 10.00
-------- -------- -------- -------- ----------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .09 .02 .01 (.00) .01
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.59 2.68 3.18 (1.05) (.04)
-------- -------- -------- -------- ----------------
TOTAL FROM INVESTMENT OPERATIONS 1.68 2.70 3.19 (1.05) (.03)
-------- -------- -------- -------- ----------------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.01) (.00) -- (.01) --
TAX RETURN OF CAPITAL -- -- -- (.01) --
NET CAPITAL GAINS (.96) -- -- -- --
-------- -------- -------- -------- ----------------
TOTAL DISTRIBUTIONS (.97) (.00) -- (.02) --
-------- -------- -------- -------- ----------------
NET ASSET VALUE, END OF PERIOD $ 15.50 $ 14.79 $ 12.09 $ 8.90 $ 9.97
-------- -------- -------- -------- ----------------
TOTAL RETURN++ +12.00% +22.36% +35.84% -10.56% -0.30%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 220.6 $ 138.5 $ 59.9 $ 29.1 $ 23.8
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# 1.01% 1.04% 1.16% 1.28% 1.50%
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS@ 1.00% 1.02% 1.16% 1.28% 1.50%
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS .56% .19% .07% (.02)% .36%
PORTFOLIO TURNOVER RATE 83% 68% 55% 81% 71%**
</Table>
<Table>
<Caption>
PERIOD FROM
APRIL 29, 2005^
TO DECEMBER 31,
----------------
CLASS C 2005
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.02
----------------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .08
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.46
----------------
TOTAL FROM INVESTMENT OPERATIONS 2.54
----------------
NET ASSET VALUE, END OF PERIOD $ 16.56
----------------
TOTAL RETURN++ +18.12%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 4.7
RATIO OF GROSS EXPENSES TO AVERAGE NET
ASSETS# 1.25%*
RATIO OF NET EXPENSES TO AVERAGE NET
ASSETS@ 1.23%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS .72%*
PORTFOLIO TURNOVER RATE 83%**~
</Table>
See Notes to Financial Highlights
18
<Page>
NOTES TO FINANCIAL HIGHLIGHTS REGENCY 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. 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 Management. Had Management not undertaken
such action, the annualized ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
PERIOD FROM
AUGUST 22, 2001 TO
DECEMBER 31,
2001
REGENCY PORTFOLIO CLASS I 1.69%
</Table>
<Table>
<Caption>
PERIOD FROM
APRIL 29, 2005 TO
DECEMBER 31,
2005
REGENCY PORTFOLIO CLASS S 1.32%
</Table>
After reimbursement of expenses previously paid by Management. Had Management
not been reimbursed, the annualized ratio of net expenses to average daily net
assets would have been:
<Table>
<Caption>
YEAR ENDED
DECEMBER 31,
2002
REGENCY PORTFOLIO CLASS I 1.23%
</Table>
After 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>
PERIOD ENDED
DECEMBER 31, YEAR ENDED DECEMBER 31,
2005^^ 2004 2003
REGENCY PORTFOLIO CLASS I 1.01% 1.02% 1.17%
REGENCY PORTFOLIO CLASS S 1.24% -- --
</Table>
^^ For the year ended December 31, 2005 for Class I. For the period from
April 29, 2005 (commencement of operations) to December 31, 2005 for Class S.
^ The date investment operations commenced.
++ Calculated 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, 2005.
* Annualized.
** Not annualized.
19
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and Shareholders of Regency Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Regency Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Regency Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2005, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
20
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since 2000 Consultant. Formerly, 48 Independent Trustee or
Chairman, CDC Investment Director of three series of
Advisers (registered Oppenheimer Funds: Limited
investment adviser), 1993 to Term New York Municipal Fund,
January 1999; formerly, Rochester Fund Municipals, and
President and Chief Executive Oppenheimer Convertible
Officer, AMA Investment Securities Fund, since 1992.
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since 1984 Counsel, Carter Ledyard & 48 Director, American Bar
Milburn LLP (law firm) since Retirement Association (ABRA)
October 2002; formerly, since 1997 (not-for-profit
Attorney-at-Law and President, membership association).
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since 1998 Consultant, C.A. Harvey 48 President, Board of Associates
Associates since June 2001; to The National Rehabilitation
formerly, Director, AARP, 1978 Hospital's Board of Directors
to December 2001. since 2002; formerly, Member,
Individual Investors Advisory
Committee to the New York
Stock Exchange Board of
Directors, 1998 to June 2002;
formerly, Member, American
Savings Education Council's
Policy Board (ASEC), 1998 to
2000; formerly, Member,
Executive Committee, Crime
Prevention Coalition of
America, 1997 to 2000.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Barry Hirsch (72) Trustee since 2000 Attorney-at-Law; formerly, 48 None.
Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General Counsel,
Loews Corporation.
Robert A. Kavesh (78) Trustee since 2000 Marcus Nadler Professor 48 Director, The Caring Community
Emeritus of Finance and (not-for-profit); formerly,
Economics, New York University Director, DEL Laboratories,
Stern School of Business; Inc. (cosmetics and
formerly, Executive pharmaceuticals), 1978 to
Secretary-Treasurer, American 2004; formerly, Director,
Finance Association, 1961 to Apple Bank for Savings, 1979
1979. to 1990; formerly, Director,
Western Pacific Industries,
Inc., 1972 to 1986 (public
company).
Howard A. Mileaf (69) Trustee since 1999 Retired; formerly, Vice 48 Director, WHX Corporation
President and Special Counsel, (holding company) since August
WHX Corporation (holding 2002; Director, Webfinancial
company), 1993 to 2001. Corporation (holding company)
since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since
2000; formerly, Director,
Kevlin Corporation
(manufacturer of microwave and
other products).
Edward I. O'Brien (77) Trustee since 2000 Formerly, Member, Investment 48 Director, Legg Mason, Inc.
Policy Committee, Edward (financial services holding
Jones, 1993 to 2001; company) since 1993; formerly,
President, Securities Industry Director, Boston Financial
Association ("SIA") Group (real estate and tax
(securities industry's shelters), 1993 to 1999.
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
William E. Rulon (73) Trustee since 2000 Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and
President, Foodmaker, Inc. Learning Academy (teach golf
(operator and franchiser of and computer usage to "at
restaurants) until January risk" children) since 1998;
1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (74) Trustee since 2000 Founding General Partner, 48 Director, Capital Cash
Oxford Partners and Oxford Management Trust (money market
Bioscience Partners (venture fund), Naragansett Insured
capital partnerships) and Tax-Free Income Fund, Rocky
President, Oxford Venture Mountain Equity Fund, Prime
Corporation. Cash Fund, several private
companies and QuadraMed
Corporation (NASDAQ).
Tom D. Seip (56) Trustee since 2000; General Partner, Seip 48 Director, H&R Block, Inc.
Lead Independent Investments LP (a private (financial services company)
Trustee beginning investment partnership); since May 2001; Director,
2006 formerly, President and CEO, Forward Management, Inc.
Westaff, Inc. (temporary (asset management company)
staffing), May 2001 to January since 2001; formerly,
2002; formerly, Senior Director, General Magic (voice
Executive at the Charles recognition software), 2001 to
Schwab Corporation, 1983 to 2002; formerly, Director,
1999, including Chief E-Finance Corporation (credit
Executive Officer, Charles decisioning services), 1999 to
Schwab Investment Management, 2003; formerly, Director,
Inc. and Trustee, Schwab Save-Daily.com (micro
Family of Funds and Schwab investing services), 1999 to
Investments, 1997 to 1998, and 2003; formerly, Director,
Executive Vice Offroad Capital Inc. (private
President-Retail Brokerage, internet commerce company),
Charles Schwab Investment 1999 to 2002.
Management,1994 to 1997.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Candace L. Straight (58) Trustee since 1999 Private investor and 48 Director, The Proformance
consultant specializing in the Insurance Company (personal
insurance industry; formerly, lines property and casualty
Advisory Director, Securitas insurance company) since March
Capital LLC (a global private 2004; Director, Providence
equity investment firm Washington (property and
dedicated to making casualty insurance company)
investments in the insurance since December 1998; Director,
sector), 1998 to December Summit Global Partners
2002. (insurance brokerage firm)
since October 2000.
Peter P. Trapp (61) Trustee since 1984 Regional Manager for Atlanta 48 None.
Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and
Trustee since 2002 Chief Investment Officer, Associates, Inc. (private
Neuberger Berman Inc. (holding company) since 1998; Director,
company) since 2002 and 2003, Emagin Corp. (public company)
respectively; Managing since 1997; Director,
Director and Chief Investment Solbright, Inc. (private
Officer, Neuberger Berman company) since 1998; Director,
since December 2005 and 2003, Infogate, Inc. (private
respectively; formerly, company) since 1997; Director,
Executive Vice President, Broadway Television Network
Neuberger Berman, December (private company) since 2000.
2002 to 2005; Director and
Chairman, NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of the Executive Vice President, 48 Director and Vice President,
Board, Chief Neuberger Berman Inc. (holding Neuberger & Berman Agency,
Executive Officer company) since 1999; Head of Inc. since 2000; formerly,
and Trustee since Neuberger Berman Inc.'s Mutual Director, Neuberger Berman
2000; President and Funds Business (since 1999) Inc. (holding company),
Chief Executive and Institutional Business October 1999 to March 2003;
Officer, 1999 to (1999 to October 2005); Trustee, Frost Valley YMCA.
2000 responsible for Managed
Accounts Business and
intermediary distribution
since October 2005; President
and Director, NB Management
since 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999;
formerly, Senior Vice
President, NB Management, 1996
to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
25
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger
Compliance Officer since 2002 Berman since 2006; Deputy General
Counsel, Neuberger Berman since
2004; formerly, Vice President,
Neuberger Berman, 2000 to 2006;
formerly, Associate General
Counsel, Neuberger Berman, 1999 to
2004; formerly, Associate General
Counsel, NB Management, 1994 to
1999; Anti-Money Laundering
Compliance Officer, fifteen
registered investment companies
for which NB Management acts as
investment manager and
administrator (seven since 2002,
three since 2003, four since 2004
and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman
since 2006; Employee, NB Management
since 1997; Assistant Treasurer,
fifteen registered investment
companies for which NB Management
acts as investment manager and
administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board
Relations, NB Management since 2000
and Assistant Secretary since 2004;
Vice President, Neuberger Berman
since 2002 and Employee since 1999;
formerly, Vice President, NB
Management, 1986 to 1999;
Secretary, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004 and one
since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger
Berman since 2003; formerly, Vice
President, Neuberger Berman, 1999
to 2003; Senior Vice President, NB
Management since 2000; formerly,
Controller, NB Management, 1994 to
1996; formerly, Treasurer, NB
Management, 1996 to 1999; Vice
President, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004 and one
since 2005).
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman
since 1999; Senior Vice President,
NB Management since 2000; formerly,
Vice President, NB Management, 1997
to 1999; Vice President, fifteen
registered investment companies for
which NB Management acts as
investment manager and
administrator (three since 2000,
four since 2002, three since 2003,
four since 2004 and one since
2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger
(only for purposes of sections Berman since 2002; Deputy General
307 and 406 of the Counsel and Assistant Secretary,
Sarbanes-Oxley Act of 2002) Neuberger Berman since 2001;
formerly, Vice President, Neuberger
Berman, 2001 to 2002; formerly,
Associate General Counsel,
Neuberger Berman, 2001; formerly,
Counsel, Neuberger Berman, 2000;
Secretary and General Counsel, NB
Management since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since
1999; formerly, Employee, NB
Management, 1991 to 1999; Assistant
Secretary, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (seven
since 2002, three since 2003, four
since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since
1999; formerly, Employee, NB
Management, 1993 to 1999; Assistant
Secretary, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (ten
since 2003, four since 2004 and one
since 2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger Berman
Financial and Accounting since 2004; Employee, NB Management
Officer since 2005; prior since 1993; Treasurer and Principal
thereto, Assistant Financial and Accounting Officer,
Treasurer since 2002 fifteen registered investment
companies for which NB Management
acts as investment manager and
administrator (fifteen since 2005);
formerly, Assistant Treasurer,
fifteen registered investment
companies for which NB Management
acts as investment manager and
administrator, 2002 to 2005.
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman
since 2006; Employee, NB Management
since 1995; Assistant Treasurer,
fifteen registered investment
companies for which NB Management
acts as investment manager and
administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger
Berman since 2003; formerly, Vice
President, Neuberger Berman, 1999
to 2003; formerly, Vice President,
NB Management, 1995 to 1999; Vice
President, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004 and one
since 2005).
Chamaine Williams (35) Chief Compliance Officer since Vice President, Lehman Brothers
2005 Inc. since 2003; Chief Compliance
Officer, fifteen registered
investment companies for which NB
Management acts as investment
manager and administrator (fifteen
since 2005); Chief Compliance
Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief
Compliance Officer, Lehman Brothers
Alternative Investment Management
LLC since 2003; formerly, Vice
President, UBS Global Asset
Management (US) Inc. (formerly,
Mitchell Hutchins Asset Management,
a wholly-owned subsidiary of
PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
28
<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 is also 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).
29
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Regency Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered performance in relation to the degree of risk
undertaken by the portfolio manager.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
30
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. The Board
noted that the Fund's actual management fee was higher than the peer group
median for one class of the Fund. The Board considered whether specific
portfolio management or administration needs contributed to the higher fee. With
regard to the sub-advisory fee paid to Neuberger, the Board noted that this fee
is reflective of an "at cost" basis and there is no profit to Neuberger with
regard to these fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual limit on Fund expenses undertaken by Management for each class of
the Fund.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
compared the fees charged to comparable sub-advised funds and a comparable
separate account to the fees charged to the Fund at various asset levels. The
Board considered the appropriateness and reasonableness of the differences
between the fees charged between the Fund and the comparable sub-advised funds
and separate account and determined that the differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the quality of services expected to be provided; and that
the benefits accruing to Management and its affiliates by virtue of their
relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
31
<Page>
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
ANNUAL REPORT
DECEMBER 31, 2005
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
SOCIALLY
RESPONSIVE
PORTFOLIO(R)
B1017 02/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2005
SOCIALLY RESPONSIVE PORTFOLIO MANAGERS' COMMENTARY
Despite better-than-expected Gross Domestic Product (GDP) growth and impressive
corporate earnings gains, equity returns in 2005 were relatively modest, as
investors worried that expensive energy and rising short-term interest rates
could hurt the economy and restrain future earnings growth. Market performance
was relatively narrow, as only a few sectors and industry groups -- most notably
Energy and interest-rate-sensitive businesses such as Homebuilding and Utilities
- -- were responsible for the lion's share of stock returns.
We are pleased to report that the Neuberger Berman Advisers Management Trust
(AMT) Socially Responsive Portfolio posted a respectable return in this
uninspiring market, outperforming the S&P 500 and modestly trailing the Russell
1000 Value Index despite being underweighted in the stock market's hottest
sectors. Stock selection was responsible for the Portfolio's superior relative
returns, as our holdings outperformed benchmark components in seven of ten
market sectors.
Although the Portfolio was underweighted in Energy, investments in the sector
delivered favorable relative returns. Exploration and production company
Newfield Exploration was the only Energy company on our top-ten performance
list, but all of the Portfolio's Energy holdings posted solid gains. The
Portfolio was equal-weighted in Health Care, but holdings more than tripled the
return of S&P 500 Health Care components. Long time industry favorite
UnitedHealth Group once again led the way, with Millipore also posting a strong
gain. The Portfolio was neutral-weighted in Financials, but the strong
performance of stocks such as Goldman Sachs, State Street Corp. and AMB Property
Corp. enhanced relative returns. Industrial sector holdings, most notably
Canadian National Railway, also contributed to relative performance.
In aggregate, the Portfolio's Information Technology investments posted a modest
loss in 2005. We had winners such as Texas Instruments and National Instruments,
which were among our best performers, and losers such as Dell, Teradyne and
Altera, which were among our biggest disappointments. After suffering large
losses following the bursting of the Internet bubble in 2000, investors remain
skittish about technology stocks. When things go right for a tech company, it
generates a great deal of excitement. However, at the first hint of any trouble,
many investors rush to the exits. As long-term investors, we don't operate that
way and are often on the other side of the "momentum" players. If we are
confident a company is well positioned to benefit from secular as well as
cyclical trends, we will be patient holders and use stock market volatility to
add to an existing position or to introduce a new company to the Portfolio. With
this in mind, in 2005 we were comfortable holding "best of breed" tech companies
such as Dell, Teradyne and Altera, as our research suggested that longer-term
fundamentals for their businesses remained favorable.
Our Consumer Discretionary investments outperformed benchmark sector components,
but in aggregate posted a modest decline for the year. The Portfolio benefited
from owning two of the best performing stocks in the troubled auto business,
Toyota Motor Corp. and BorgWarner, Inc. Gains in these stocks helped offset
losses in media holdings such as Liberty Media and Comcast Corp. Finally, the
Portfolio's substantial underweighting in Utilities, the stock market's second
best performing sector, penalized relative returns.
Looking ahead, despite concern that we may see more inflation than is currently
anticipated or experience a geopolitical event that would destabilize the global
economy, we feel relatively positive about the prospects for stocks. We think
that the economy will continue to expand and that corporate earnings will
continue to grow at a decent pace. With stock price gains significantly lagging
earnings growth over the last two years, in general, equity valuations are more
attractive. Also, because most sectors have moved sideways over the past year,
we are finding what we believe to be excellent value-oriented opportunities in a
wide range of industry groups. This makes it easier for us to buy the very best
socially responsive companies in their respective industries at opportunistic
prices.
Sincerely,
/s/ Arthur Moretti /s/ Ingrid S. Dyott
ARTHUR MORETTI
AND
INGRID DYOTT
PORTFOLIO CO-MANAGERS
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
SOCIALLY RESPONSIVE RUSSELL 1000(R)
PORTFOLIO S&P 500(2) VALUE(2)
1 YEAR 6.86% 4.91% 7.05%
5 YEAR 5.98% 0.54% 5.28%
LIFE OF FUND 6.26% 1.85% 6.20%
INCEPTION DATE 02/18/1999
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
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/performance.
[CHART]
COMPARISON OF A $10,000 INVESTMENT
VALUE OF AS 12/31/05
<Table>
<Caption>
SOCIALLY RESPONSIVE
PORTFOLIO S&P 500 RUSSELL 1000(R) VALUE
2/18/1999 $ 10,000 $ 10,000 $ 10,000
12/31/1999 $ 11,540 $ 12,146 $ 10,925
12/31/2000 $ 11,355 $ 11,041 $ 11,691
12/31/2001 $ 10,948 $ 9,729 $ 11,038
12/31/2002 $ 9,333 $ 7,580 $ 9,324
12/31/2003 $ 12,543 $ 9,753 $ 12,124
12/31/2004 $ 14,208 $ 10,813 $ 14,124
12/31/2005 $ 15,183 $ 11,344 $ 15,121
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automotive 5.2%
Banking & Financial 4.0
Business Services 2.9
Cable Systems 6.4
Consumer Staples 2.5
Energy 1.6
Financial Services 7.1
Health Products & Services 5.6
Industrial 4.3
Insurance 6.0
Media 5.6
Oil & Gas 3.9
Pharmaceutical 9.1
Real Estate 1.5
Technology 6.5
Technology-Semiconductor 8.7
Technology-Semiconductor Capital Equipment 2.9
Telecommunications 3.8
Transportation 3.4
Utilities 4.0
Repurchase Agreements 5.3
Liabilities, less cash, receivables and other assets (0.3)
</Table>
2
<Page>
ENDNOTES
(1). 6.86%, 5.98% and 6.26% were the average annual total returns for the
1-year, 5-year and since inception (02/18/99) periods ended December 31,
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 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 directly 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 with their separate accounts
that fund variable annuity and variable life insurance policies and by
qualified pension and retirement plans.
(C) 2006 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 AND PERFORMANCE: The first section of the table provides information about actual account
values and actual expenses in dollars, based on the fund's actual
performance during the period. 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 12/31/05 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES PAID
ACTUAL ACCOUNT VALUE ACCOUNT VALUE DURING THE PERIOD*
CLASS I $ 1,000 $ 1,091.20 $ 6.80
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
CLASS I $ 1,000 $ 1,018.70 $ 6.56
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by
the average account value over the period, multiplied by 184/365 (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
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (95.0%)
AUTOMOTIVE (5.2%)
19,525 BorgWarner, Inc. $ 1,183,801
13,825 Toyota Motor Corp. ADR 1,446,372
----------------
2,630,173
BANKING & FINANCIAL (4.0%)
36,500 State Street 2,023,560
BUSINESS SERVICES (2.9%)
31,610 Manpower, Inc. 1,469,865
CABLE SYSTEMS (6.4%)
48,125 Comcast Corp. Class A Special 1,236,331*
60,066 Liberty Global Class A 1,351,485*
29,866 Liberty Global Class C 633,159*
----------------
3,220,975
CONSUMER STAPLES (2.5%)
25,900 Costco Wholesale 1,281,273
ENERGY (1.6%)
12,235 BP PLC ADR 785,732
FINANCIAL SERVICES (7.1%)
31,985 Citigroup, Inc. 1,552,232
15,975 Freddie Mac 1,043,966
7,800 Goldman Sachs 996,138
----------------
3,592,336
HEALTH PRODUCTS & SERVICES (5.6%)
29,125 Quest Diagnostics 1,499,355
21,165 UnitedHealth Group 1,315,193
----------------
2,814,548
INDUSTRIAL (4.3%)
38,925 Danaher Corp. 2,171,236
INSURANCE (6.0%)
8,025 Progressive Corp. 937,160
56,325 Willis Group Holdings 2,080,645
----------------
3,017,805
MEDIA (5.6%)
62,055 Discovery Holding 940,133*
9,950 E.W. Scripps 477,799
178,675 Liberty Media 1,406,173*
----------------
2,824,105
OIL & GAS (3.9%)
14,825 Cimarex Energy 637,623*
26,780 Newfield Exploration 1,340,875*
----------------
1,978,498
PHARMACEUTICAL (9.1%)
14,400 Millipore Corp. 950,976*
31,375 Novartis AG ADR 1,646,560
35,675 Novo Nordisk A/S Class B 2,007,682
----------------
4,605,218
REAL ESTATE (1.5%)
15,000 AMB Property $ 737,550
TECHNOLOGY (6.5%)
49,000 Dell, Inc. 1,469,510*
55,987 National Instruments 1,794,383
----------------
3,263,893
TECHNOLOGY--SEMICONDUCTOR (8.7%)
119,500 Altera Corp. 2,214,335*
67,575 Texas Instruments 2,167,130
----------------
4,381,465
TECHNOLOGY--SEMICONDUCTOR
CAPITAL EQUIPMENT (2.9%)
102,175 Teradyne, Inc. 1,488,690*
TELECOMMUNICATIONS (3.8%)
88,550 Vodafone Group ADR 1,901,168
TRANSPORTATION (3.4%)
21,587 Canadian National Railway 1,726,744
UTILITIES (4.0%)
94,400 National Grid 922,338
23,009 National Grid ADR 1,120,308
----------------
2,042,646
TOTAL COMMON STOCKS
(COST $43,428,019) 47,957,480
----------------
PRINCIPAL AMOUNT
REPURCHASE AGREEMENTS (5.3%)
$ 2,655,000 State Street Bank and Trust Co.,
Repurchase Agreement, 3.20%, due
1/3/06, dated 12/30/05, Maturity Value
$2,655,944, Collateralized by
$2,670,000 Fannie Mae, 5.00%, due
1/15/07 (Collateral Value $2,737,444)
(COST $2,655,000) 2,655,000#
----------------
TOTAL INVESTMENTS (100.3%)
(COST $46,083,019) 50,612,480##
Liabilities, less cash,
receivables and other
assets [(0.3%)] (136,683)
----------------
TOTAL NET ASSETS (100.0%) $ 50,475,797
----------------
</Table>
See Notes to Schedule of Investments
5
<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
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 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, including
securities for which the necessary last sale, asked and/or bid prices are
not readily available, by methods the Board of Trustees of Neuberger Berman
Advisers Management Trust (the "Board") has approved on the belief that they
reflect 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 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. In this
event, FT Interactive will provide adjusted prices for certain foreign
equity securities using a statistical analysis of historical correlations of
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 December 31, 2005, the cost of investments for U.S. Federal income tax
purposes was $46,220,072. Gross unrealized appreciation of investments was
$5,126,675 and gross unrealized depreciation of investments was $734,267,
resulting in net unrealized appreciation of $4,392,408, based on cost for
U.S. Federal income tax purposes.
* Non-income producing security.
See Notes to Financial Statements
6
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 50,612,480
Cash 4,037
Foreign currency 446
Dividends and interest receivable 82,704
Receivable for securities sold 76,276
Receivable for Fund shares sold 778,002
- ------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 51,553,945
- ------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 998,493
Payable for Fund shares redeemed 1,135
Payable to investment manager (Note B) 21,766
Payable to administrator--net (Note B) 5,781
Accrued expenses and other payables 50,973
- ------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,078,148
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 50,475,797
- ------------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 44,783,986
Undistributed net investment income (loss) 160,127
Accumulated net realized gains (losses) on investments 1,002,351
Net unrealized appreciation (depreciation) in value of investments 4,529,333
---------------------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 50,475,797
- ------------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 3,385,203
- ------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.91
- ------------------------------------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 46,083,019
TOTAL COST OF FOREIGN CURRENCY $ 446
- ------------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 521,458
Interest income--unaffiliated issuers 49,439
Income from securities loaned--affiliated issuers (Note F) 1,792
Foreign taxes withheld (11,137)
- ------------------------------------------------------------------------------------------------------------------------
Total income 561,552
- ------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Note B) 169,605
Administration fee (Note B) 92,511
Audit fees 38,368
Custodian fees (Note B) 53,430
Insurance expense 983
Legal fees 6,588
Shareholder reports 21,520
Shareholder servicing agent fees 257
Trustees' fees and expenses 29,557
Miscellaneous 1,422
- ------------------------------------------------------------------------------------------------------------------------
Total expenses 414,241
Expenses reimbursed by administrator (Note B) (12,100)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (4,022)
- ------------------------------------------------------------------------------------------------------------------------
Total net expenses 398,119
- ------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 163,433
- ------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 1,043,367
Foreign currency (3,306)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 1,290,176
Foreign currency (119)
---------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 2,330,118
- ------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,493,551
- ------------------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
SOCIALLY RESPONSIVE PORTFOLIO
---------------------------------
YEAR YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2005 2004
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 163,433 $ (3,584)
Net realized gain (loss) on investments 1,040,061 237,052
Change in net unrealized appreciation (depreciation) of investments 1,290,057 1,747,426
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 2,493,551 1,980,894
- ----------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments (93,682) --
- ----------------------------------------------------------------------------------------------------------
Total distributions to shareholders (93,682) --
- ----------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 34,817,259 14,077,820
Proceeds from reinvestment of dividends and distributions 93,682 --
Payments for shares redeemed (8,558,708) (2,077,105)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 26,352,233 12,000,715
- ----------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 28,752,102 13,981,609
NET ASSETS:
Beginning of year 21,723,695 7,742,086
- ----------------------------------------------------------------------------------------------------------
End of year $ 50,475,797 $ 21,723,695
- ----------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 160,127 $ --
- ----------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<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.
10
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S. 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, 2005, 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.
The tax character of distributions paid during the years ended December 31,
2005 and December 31, 2004 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2005 2004 2005 2004 2005 2004
$ -- $ -- $ 93,682 $ -- $ 93,682 $ --
</Table>
As of December 31, 2005, 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
$ 200,953 $ 1,098,578 $ 4,392,280 $ -- $ 5,691,811
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales and return of
capital distributions from real estate investment trusts.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October. Income
distributions and capital gain distributions to shareholders are recorded on
the ex-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 SECURITY LENDING: Pursuant to an Exemptive Order issued by the Securities
and Exchange Commission, the Fund entered into a Securities Lending
Agreement ("Neuberger Agreement") on July 1, 2004 with Neuberger Berman, LLC
("Neuberger"), an affiliate of the Fund, pursuant to which Neuberger acted
as the Fund's lending agent. Under the Neuberger Agreement, Neuberger
guaranteed a certain amount of revenue to the Fund and received any revenue
earned in excess of the guaranteed amount as a lending agency fee. For the
year ended December 31, 2005, Neuberger received revenue under the Neuberger
Agreement of $2,974.
Effective October 4, 2005, eSecLending acts as agent for the Fund.
Under the Neuberger Agreement and the new securities lending arrangements,
the Fund receives cash collateral at the beginning of each transaction equal
to at least 102% of the prior day's market value of the loaned securities
(105% in the case of international 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, an affiliate of Management, as approved by the Board.
Income earned on the securities loaned, if any, is reflected in the
Statement of Operations under the caption "Income from securities
loaned-affiliated issuers." At December 31, 2005, the Fund had no securities
out on loan.
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.
12
<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 year ended December 31, 2005, such excess expenses amounted to
$12,100. 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 year ended
December 31, 2005, there was no reimbursement to Management under this
agreement. At December 31, 2005, contingent liabilities to Management under
this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2006 2007 2008 TOTAL
$ 57,506 $ 54,057 $ -- $ 111,563
</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
13
<Page>
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 year ended December 31, 2005, the
impact of this arrangement was a reduction of expenses of $3,440.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2005, the impact of this
arrangement was a reduction of expenses of $582.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2005, there were purchase and sale
transactions (excluding short-term securities) of $34,354,017 and
$7,206,926, respectively.
During the year ended December 31, 2005, brokerage commissions on securities
transactions amounted to $48,427, of which Neuberger received $1,948, Lehman
received $9,437, and other brokers received $37,042.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2005 and December 31, 2004
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2005 2004
SHARES SOLD 2,432,866 1,089,692
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 6,630
SHARES REDEEMED (607,213) (163,804)
--------- ---------
TOTAL 1,832,283 925,888
--------- ---------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 2005, the Fund was a participant in a single committed,
unsecured $150,000,000 line of credit with a consortium of banks organized
by 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 0.09% 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 December 31, 2005.
During the year ended December 31, 2005, the Fund did not utilize this line
of credit.
14
<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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2004 AND ADDITIONS REDUCTIONS 2005 2005 TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** 631,300 30,799,346 31,430,646 -- $ -- $ 1,792
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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. 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.
15
<Page>
FINANCIAL HIGHLIGHTS SOCIALLY RESPONSIVE PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-------------------------------------------------------
2005 2004 2003 2002 2001
NET ASSET VALUE, BEGINNING OF YEAR $ 13.99 $ 12.35 $ 9.19 $ 10.78 $ 11.17
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .08 (.00) (.01) (.01) --
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .88 1.64 3.17 (1.58) (.39)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS .96 1.64 3.16 (1.59) (.39)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS (.04) -- -- -- --
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 14.91 $ 13.99 $ 12.35 $ 9.19 $ 10.78
------- ------- ------- ------- -------
TOTAL RETURN++ +6.86% +13.28% +34.39% -14.75% -3.58%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 50.5 $ 21.7 $ 7.7 $ 5.0 $ 3.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.30% 1.31% 1.35% 1.52% 1.59%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.29% 1.29% 1.34% 1.51% 1.53%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .53% (.03)% (.08)% (.07)% .04%
PORTFOLIO TURNOVER RATE 24% 21% 45% 38% 277%
</Table>
See Notes to Financial Highlights
16
<Page>
NOTES TO FINANCIAL HIGHLIGHTS SOCIALLY RESPONSIVE 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 Management. Had Management not
undertaken such action, the annualized ratios of net expenses to average
daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003 2002 2001
1.33% 1.73% 2.30% 2.87% 4.33%
</Table>
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
17
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Socially Responsive Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Socially Responsive Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2005, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2005, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Socially Responsive Portfolio, a series of Neuberger Berman Advisers Management
Trust, at December 31, 2005, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 10, 2006
18
<Page>
TRUSTEES AND OFFICERS
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling
(800) 877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (75) Trustee since Consultant. Formerly, 48 Independent Trustee or Director of three
2000 Chairman, CDC Investment series of Oppenheimer Funds: Limited
Advisers (registered Term New York Municipal Fund, Rochester
investment adviser), 1993 to Fund Municipals, and Oppenheimer
January 1999; formerly, Convertible Securities Fund, since 1992.
President and Chief Executive
Officer, AMA Investment
Advisors, an affiliate of the
American Medical Association.
Faith Colish (70) Trustee since Counsel, Carter Ledyard & 48 Director, American Bar Retirement
1984 Milburn LLP (law firm) since Association (ABRA) since 1997
October 2002; formerly, (not-for-profit membership association).
Attorney-at-Law and President,
Faith Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (68) Trustee since Consultant, C.A. Harvey 48 President, Board of Associates to The
1998 Associates since June 2001; National Rehabilitation Hospital's Board
formerly, Director, AARP, 1978 of Directors since 2002; formerly,
to December 2001. Member, Individual Investors Advisory
Committee to the New York Stock Exchange
Board of Directors, 1998 to June 2002;
formerly, Member, American Savings
Education Council's Policy Board (ASEC),
1998 to 2000; formerly, Member,
Executive Committee, Crime Prevention
Coalition of America, 1997 to 2000.
</Table>
19
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Barry Hirsch (72) Trustee since Attorney-at-Law; formerly, 48 None.
2000 Senior Counsel, Loews
Corporation (diversified
financial corporation), May
2002 to April 2003; formerly,
Senior Vice President,
Secretary and General Counsel,
Loews Corporation.
Robert A. Kavesh (78) Trustee since Marcus Nadler Professor 48 Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly, Director,
Economics, New York University DEL Laboratories, Inc. (cosmetics and
Stern School of Business; pharmaceuticals), 1978 to 2004;
formerly, Executive formerly, Director, Apple Bank for
Secretary-Treasurer, American Savings, 1979 to 1990; formerly,
Finance Association, 1961 to Director,Western Pacific Industries,
1979. Inc., 1972 to 1986 (public company).
Howard A. Mileaf (69) Trustee since Retired; formerly, Vice 48 Director, WHX Corporation (holding
1999 President and Special Counsel, company) since August 2002; Director,
WHX Corporation (holding Webfinancial Corporation (holding
company), 1993 to 2001. company) since December 2002; Director,
State Theatre of New Jersey
(not-for-profit theater) since 2000;
formerly, Director, Kevlin Corporation
(manufacturer of microwave and other
products).
Edward I. O'Brien (77) Trustee since Formerly, Member, Investment 48 Director, Legg Mason, Inc. (financial
2000 Policy Committee, Edward services holding company) since 1993;
Jones, 1993 to 2001; formerly, Director, Boston Financial
President, Securities Industry Group (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
</Table>
20
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
William E. Rulon (73) Trustee since Retired; formerly, Senior Vice 48 Director, Pro-Kids Golf and Learning
2000 President, Foodmaker, Inc. Academy (teach golf and computer usage
(operator and franchiser of to "at risk" children) since 1998;
restaurants) until January formerly, Director, Prandium, Inc.
1997. (restaurants), March 2001 to July 2002.
Cornelius T. Ryan (74) Trustee since Founding General Partner, 48 Director, Capital Cash Management Trust
2000 Oxford Partners and Oxford (money market fund), Naragansett Insured
Bioscience Partners (venture Tax-Free Income Fund, Rocky Mountain
capital partnerships) and Equity Fund, Prime Cash Fund, several
President, Oxford Venture private companies and QuadraMed
Corporation. Corporation (NASDAQ).
Tom D. Seip (56) Trustee since General Partner, Seip 48 Director, H&R Block, Inc. (financial
2000; Lead Investments LP (a private services company) since May 2001;
Independent investment partnership); Director, Forward Management, Inc.
Trustee formerly, President and CEO, (asset management company) since 2001;
beginning 2006 Westaff, Inc. (temporary formerly, Director, General Magic (voice
staffing), May 2001 to January recognition software), 2001 to 2002;
2002; formerly, Senior formerly, Director, E-Finance
Executive at the Charles Corporation (credit decisioning
Schwab Corporation, 1983 to services), 1999 to 2003; formerly,
1999, including Chief Director, Save-Daily.com (micro
Executive Officer, Charles investing services), 1999 to 2003;
Schwab Investment Management, formerly, Director, Offroad Capital Inc.
Inc. and Trustee, Schwab (private internet commerce company),
Family of Funds and Schwab 1999 to 2002.
Investments, 1997 to 1998, and
Executive Vice
President-Retail Brokerage,
Charles Schwab Investment
Management, 1994 to 1997.
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Candace L. Straight (58) Trustee since Private investor and 48 Director, The Proformance Insurance
1999 consultant specializing in the Company (personal lines property and
insurance industry; formerly, casualty insurance company) since March
Advisory Director, Securitas 2004; Director, Providence Washington
Capital LLC (a global private (property and casualty insurance
equity investment firm company) since December 1998; Director,
dedicated to making Summit Global Partners (insurance
investments in the insurance brokerage firm) since October 2000.
sector), 1998 to December
2002.
Peter P. Trapp (61) Trustee since Regional Manager for Atlanta 48 None.
1984 Region, Ford Motor Credit
Company since August 1997;
formerly, President, Ford Life
Insurance Company, April 1995
to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (65) President and Executive Vice President and 48 Director, Dale Carnegie and Associates,
Trustee since Chief Investment Officer, Inc. (private company) since 1998;
2002 Neuberger Berman Inc. (holding Director, Emagin Corp. (public company)
company) since 2002 and 2003, since 1997; Director, Solbright, Inc.
respectively; Managing (private company) since 1998; Director,
Director and Chief Investment Infogate, Inc. (private company) since
Officer, Neuberger Berman 1997; Director, Broadway Television
since December 2005 and 2003, Network (private company) since 2000.
respectively; formerly,
Executive Vice President,
Neuberger Berman, December
2002 to 2005; Director and
Chairman, NB Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments, Inc.,
September 1995 to February
2002; formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF TIME OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS (1) SERVED (2) PRINCIPAL OCCUPATION(S) (3) FUND TRUSTEE (4) FUND COMPLEX BY FUND TRUSTEE
- ----------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (46) Chairman of Executive Vice President, 48 Director and Vice President, Neuberger &
the Board, Neuberger Berman Inc. (holding Berman Agency, Inc. since 2000;
Chief company) since 1999; Head of formerly, Director, Neuberger Berman
Executive Neuberger Berman Inc.'s Mutual Inc. (holding company), October 1999 to
Officer and Funds Business (since 1999) March 2003; Trustee, Frost Valley YMCA.
Trustee since and Institutional Business
2000; (1999 to October 2005);
President and responsible for Managed
Chief Accounts Business and
Executive intermediary distribution
Officer, 1999 since October 2005; President
to 2000 and Director, NB Management
since 1999; Managing Director,
Neuberger Berman since 2005;
formerly, Executive Vice
President, Neuberger Berman,
1999 to December 2005;
formerly, Principal, Neuberger
Berman, 1997 to 1999;
formerly, Senior Vice
President, NB Management, 1996
to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired, or
who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning of
the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the Trust
by virtue of the fact that they are officers and/or directors of NB
Management and Executive Vice Presidents of Neuberger Berman.
23
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Andrew B. Allard (44) Anti-Money Laundering Senior Vice President, Neuberger Berman since 2006; Deputy General
Compliance Officer since 2002 Counsel, Neuberger Berman since 2004; formerly, Vice President,
Neuberger Berman, 2000 to 2006; formerly, Associate General Counsel,
Neuberger Berman, 1999 to 2004; formerly, Associate General Counsel,
NB Management, 1994 to 1999; Anti-Money Laundering Compliance Officer,
fifteen registered investment companies for which NB Management acts
as investment manager and administrator (seven since 2002, three since
2003, four since 2004 and one since 2005).
Michael J. Bradler (36) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB Management
since 1997; Assistant Treasurer, fifteen registered investment
companies for which NB Management acts as investment manager and
administrator (fifteen since 2005).
Claudia A. Brandon (49) Secretary since 1985 Vice President-Mutual Fund Board Relations, NB Management since 2000
and Assistant Secretary since 2004; Vice President, Neuberger Berman
since 2002 and Employee since 1999; formerly, Vice President, NB
Management, 1986 to 1999; Secretary, fifteen registered investment
companies for which NB Management acts as investment manager and
administrator (three since 2000, four since 2002, three since 2003,
four since 2004 and one since 2005).
Robert Conti (49) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly, Vice
President, Neuberger Berman, 1999 to 2003; Senior Vice President, NB
Management since 2000; formerly, Controller, NB Management, 1994 to
1996; formerly, Treasurer, NB Management, 1996 to 1999; Vice
President, fifteen registered investment companies for which NB
Management acts as investment manager and administrator (three since
2000, four since 2002, three since 2003, four since 2004 and one since
2005).
</Table>
24
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Brian J. Gaffney (52) Vice President since 2000 Managing Director, Neuberger Berman since 1999; Senior Vice President,
NB Management since 2000; formerly, Vice President, NB Management,
1997 to 1999; Vice President, fifteen registered investment companies
for which NB Management acts as investment manager and administrator
(three since 2000, four since 2002, three since 2003, four since 2004
and one since 2005).
Maxine L. Gerson (55) Chief Legal Officer since 2005 Senior Vice President, Neuberger Berman since 2002; Deputy General
(only for purposes of sections Counsel and Assistant Secretary, Neuberger Berman since 2001;
307 and 406 of the formerly, Vice President, Neuberger Berman, 2001 to 2002; formerly,
Sarbanes-Oxley Act of 2002) Associate General Counsel, Neuberger Berman, 2001; formerly, Counsel,
Neuberger Berman, 2000; Secretary and General Counsel, NB Management
since 2004.
Sheila R. James (40) Assistant Secretary since 2002 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1991 to 1999; Assistant Secretary, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (seven since 2002, three since 2003, four
since 2004 and one since 2005).
Kevin Lyons (50) Assistant Secretary since 2003 Employee, Neuberger Berman since 1999; formerly, Employee, NB
Management, 1993 to 1999; Assistant Secretary, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (ten since 2003, four since 2004 and one
since 2005).
John M. McGovern (36) Treasurer and Principal Vice President, Neuberger Berman since 2004; Employee, NB Management
Financial and Accounting since 1993; Treasurer and Principal Financial and Accounting Officer,
Officer since 2005; prior fifteen registered investment companies for which NB Management acts
thereto, Assistant Treasurer as investment manager and administrator (fifteen since 2005);
since 2002 formerly, Assistant Treasurer, fifteen registered investment companies
for which NB Management acts as investment manager and administrator,
2002 to 2005.
</Table>
25
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS (1) LENGTH OF TIME SERVED (2) PRINCIPAL OCCUPATION(S) (3)
- ----------------------------------------------------------------------------------------------------------------------------------
Frank Rosato (35) Assistant Treasurer since 2005 Vice President, Neuberger Berman since 2006; Employee, NB Management
since 1995; Assistant Treasurer, fifteen registered investment
companies for which NB Management acts as investment manager and
administrator (fifteen since 2005).
Frederic B. Soule (59) Vice President since 2000 Senior Vice President, Neuberger Berman since 2003; formerly, Vice
President, Neuberger Berman, 1999 to 2003; formerly, Vice President,
NB Management, 1995 to 1999; Vice President, fifteen registered
investment companies for which NB Management acts as investment
manager and administrator (three since 2000, four since 2002, three
since 2003, four since 2004 and one since 2005).
Chamaine Williams (35) Chief Compliance Officer since Vice President, Lehman Brothers Inc. since 2003; Chief Compliance
2005 Officer, fifteen registered investment companies for which NB
Management acts as investment manager and administrator (fifteen since
2005); Chief Compliance Officer, Lehman Brothers Asset Management Inc.
since 2003; Chief Compliance Officer, Lehman Brothers Alternative
Investment Management LLC since 2003; formerly, Vice President, UBS
Global Asset Management (US) Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of PaineWebber Inc.), 1997-2003.
</Table>
- ----------
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
26
<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 is also 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).
27
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 21, 2005, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Socially Responsive Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services to be provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services to be provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements and whether the Agreements were
in the best interests of the Fund and its shareholders. The Board considered,
with respect to the Fund, the nature, extent and quality of the services
provided under the Agreements and the overall fairness of the Agreements to the
Fund. The Board requested and evaluated a report from Management and Neuberger
that addressed specific factors designed to inform the Board's consideration of
these and other issues. The Board also retained an independent consultant to
provide additional data.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman provide, and has
reviewed studies by independent firms engaged to review and evaluate the quality
of brokerage execution received by the Fund. In addition, the Board noted the
positive compliance history of Management and Neuberger, as each firm has been
free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
28
<Page>
The Board received a detailed report from an independent consultant that
compares the Fund's management fee and overall expense ratio to a peer group of
funds dedicated to insurance products. The Board considered the range and
average of the management fees and expense ratios of the peer group. With regard
to the sub-advisory fee paid to Neuberger, the Board noted that this fee is
reflective of an "at cost" basis and there is no profit to Neuberger with regard
to these fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group median. In addition, the Board considered the
contractual and voluntary limits on Fund expenses undertaken by Management for
the Fund. The Board noted that Management incurred a loss on the Fund on an
after-tax basis.
The Board considered whether there were other funds that were sub-advised by
Management or its affiliates or separate accounts managed by Management with
similar investment objectives, policies and strategies as the Fund. The Board
noted that there were no comparable sub-advised funds or separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent expert review the methodology. It also reviewed an analysis
from an independent data service on investment management profitability margins.
The Board also reviewed whether Management and Neuberger used brokers to execute
Fund transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. The Board
recognized that Management should be entitled to earn a reasonable level of
profits for services it provides to the Fund and, based on its review, concluded
it was satisfied that Management's level of profitability from its relationship
with the Fund was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the quality of services expected to be provided; and that
the benefits accruing to Management and its affiliates by virtue of their
relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
29
ITEM 2. CODE OF ETHICS
The Registrant's Board of Trustees ("Board") has adopted a code of ethics
that applies to the Registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons
performing similar functions ("Code of Ethics"). For the period covered by this
Form N-CSR, there were no amendments to the Code of Ethics and there were no
waivers from the Code of Ethics granted to the Registrant's principal executive
officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions.
A copy of the Code of Ethics was included as an exhibit to Registrant's
Form N-CSR filed on February 27, 2004. The Code of Ethics is also available,
without charge, by calling 1-800-877-9700 (toll-free).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board has determined that the Registrant has at least one audit committee
financial expert, as defined by Item 3 of Form N-CSR, serving on its audit
committee. The Registrant's audit committee financial expert is John
Cannon. Mr. Cannon is an independent trustee as defined by Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
a)-(d) Aggregate fees billed to the Registrant for the last two fiscal
years for professional services rendered by the Registrant's principal
accountants are listed below. Ernst & Young, LLP ("E&Y") served as the
principal accountant for all series of the Registrant except the High
Income Yield Portfolio. Tait, Weller & Baker ("Tait Weller") served as
the principal accountant for the High Income Yield Portfolio.
For all series of the Registrant except High Income Bond Portfolio (provided by
E&Y):
2005 2004
Audit Fees $320,000 $312,800
Audit-Related Fees 7,500 25,000
Tax Fees 74,800 68,000
All Other Fees 0 0
For the High Income Bond Portfolio (provided by Tait Weller):
2005 2004*
Audit Fees $15,700 $17,500
Audit-Related Fees 0 0
Tax Fees 2,700 2,800
All Other Fees 0 0
* The High Income Bond Portfolio commenced operations on September 15, 2004.
Audit Fees include amounts related to the audit of the Registrant's annual
financial statements and services normally provided by the principal accountant
in connection with statutory and regulatory filings. Audit-Related Fees include
amounts for attest services not required by statute or regulation. Tax Fees
include amounts related to tax compliance, tax planning, and tax advice. All
Other Fees include amounts for products and services not reported in Audit Fees,
Audit-Related Fees and Tax Fees.
(e)(1) The Audit Committee's pre-approval policies and procedures for the
Registrant to engage an accountant to render audit and non-audit
services delegate to the Chair of the Audit Committee the power to
pre-approve services between meetings of the Audit Committee.
2) No services included in (b) - (d) above were approved pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the
preceding fiscal year by the Registrant's principal accountants for
non-audit services rendered to the Registrant, its investment adviser,
and any affiliates of its investment adviser that provide ongoing
services to the Registrant were $247,750 and $260,550, respectively, for
E&Y, and $2,700 and $2,500, respectively, for Tait Weller.
(h) All non-audit services rendered in (g) above were pre-approved by the
Registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X. Accordingly, these services were considered by
the Registrant's Audit Committee and found to be compatible with
maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
The complete schedule of investments for each series is disclosed in the
Registrant's annual reports to shareholders, which are included as Item 1 of
this Form N-CSR.
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.
There were no changes to the procedures by which shareholders may recommend
nominees to the Board.
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 of the period covered by
this report that have materially affected, or are reasonably likely to
materially affect, the Registrant's internal control over financial
reporting.
ITEM 12. EXHIBITS
(a) (1) A copy of the Code of Ethics was included as an exhibit to
Registrant's Form N-CSR filed on February 27, 2004 (Investment Company
Act file number 811-4255) and is incorporated herein by reference.
(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.
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: March 2, 2006
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: March 2, 2006
By: /s/ John M. McGovern
John M. McGovern
Treasurer, Principal Financial
and Accounting Officer
Date: March 2, 2006