As filed with the Securities and Exchange Commission on August 28, 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)
Registrant's Telephone Number, including area code: (212) 476-8800
Peter E. Sundman, Chief Executive Officer
Neuberger Berman Advisers Management Trust
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
(Names and Addresses of agents for service)
Date of fiscal year end: December 31, 2006
Date of reporting period: June 30, 2006
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
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
BALANCED
PORTFOLIO(R)
B0731 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
BALANCED PORTFOLIO MANAGERS' COMMENTARY
Over the six months ended June 30, 2006, the Neuberger Berman Advisers
Management Trust (AMT) Balanced Portfolio's equity investments provided a
positive return, as did the Portfolio's fixed income segment.(1,2)
In general, the period proved frustrating for many equity investors as gains
were held in check. Inhibiting stock returns was the relentless increase of
short-term interest rates by the Federal Reserve. In addition, the markets faced
an upward move in the price of crude oil, due partly to demand, but also because
of growing tensions in the Middle East. As was the case for all of last year,
the Energy sector posted relatively strong results.
In the equity portion of the Portfolio, security selection was broadly additive
versus the Russell Midcap Growth Index, with large contributions coming from
Energy and Health Care shares. Technology, Industrial, Consumer Discretionary
and Financial shares also proved beneficial. Sector allocation helped relative
results, with an overweight in Telecom and underweight in Consumer Discretionary
- -- among the market's best and worst performing sectors, respectively --
accounting for much of the Portfolio's outperformance of the benchmark. In
contrast, Consumer Staples exposure was a negative for the period.
Bond investors were also focused on the Fed, which raised the Fed Funds rate 25
basis points at each of its meetings during the first half of 2006. The
beginning of the reporting period was marked by the first inversion of the yield
curve (in which longer term investments yield less than shorter term
investments) since 2000. An inverted yield curve has traditionally been
interpreted as a sign of impending recession. However, after almost three
months, long-term rates finally started to rise and the yield curve returned to
its normal shape before flattening later.
After 17 successive rate hikes, the Fed appears to be near an end to the current
cycle of tightening. Still, Fed officials have repeatedly warned the market not
to make assumptions about the future path of interest rates. At the end of June,
the Fed cited the moderating pace of economic growth as potentially helpful in
limiting inflation, but noted that the Fed will remain data dependent in
determining future moves.
In the fixed income portion of the Portfolio, we have continued to maintain a
defensive posture -- albeit less so than in the recent past -- with duration (or
sensitivity to interest rates) at a slightly lower than benchmark level. During
the reporting period, our duration posture helped protect the Portfolio from
higher interest rates, and we made opportunistic sector allocations in order to
enhance yield, the most important of which was a shift toward AAA-rated
mortgage-backed securities that are primarily backed by shorter duration
adjustable rate mortgages. These purchases were funded through the sale of
corporate bonds, asset-backed securities, and U.S. government agency notes, and
allowed us to increase Portfolio yield while enhancing credit quality.
Moving forward, we plan to keep our fixed income investments defensively
positioned with respect to duration, and will return to a neutral stance only
when it becomes clearer that the Fed's long tightening campaign is closer to an
end. With corporate spreads still tight, we intend to maintain our high-quality
bias and are likely to increase our mortgage allocation, while standing ready to
take advantage of widening corporate spreads should they occur. We believe that
the continued trend of rising interest rates has set the stage for higher future
fixed income returns.
As for stocks, we are currently overweighting Energy, due to short-term
geopolitical risks and global growth; Telecom, because of solid growth
1
<Page>
potential; and Health Care, because of its defensive and high quality
characteristics. We are market weighted in the Financial, Industrial,
Information Technology and Materials sectors, and underweight in the Consumer
Discretionary and Staples sectors.
Looking forward, we expect the equity market to languish this summer as concerns
over the economy and uncertainty about Fed policies linger. However, we do not
anticipate a recession, given strong global growth and the financial health of
many companies. In addition, we believe that decent valuations can continue to
support stock prices. Further out, we think there may be opportunity for more
substantial gains in the fourth quarter, when there should be increased clarity
about the economy, interest rate policy and the mid-term Congressional election.
For now, frustration about the stock market may stay with us longer.
Sincerely,
/s/ John Dugenske /s/ Thomas Sontag
- ---------------------------------- -----------------------------------
JOHN DUGENSKE THOMAS SONTAG
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
/s/ Jon D. Brorson /s/ Kenneth J. Turek
- ---------------------------------- -----------------------------------
JON D. BRORSON KENNETH J. TUREK
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
ASSET DIVERSIFICATION
(% BY ASSET CLASS)
<Table>
Asset Backed 3.1%
Corporate Debt 11.8
Common Stock 60.0
Foreign Government Securities 1.6
Mortgage-Backed Securities 17.5
U.S. Government Agency Securities 4.5%
Short-Term Investments 4.0
Liabilities, less cash, receivables and other assets (2.5)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 4.99% was the cumulative total return for the 6-month period. 13.10%,
2.83%, and 6.36% were the average annual total returns for the 1-, 5- and
10-year periods ended June 30, 2006. 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 30% 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 Merrill Lynch 1-3 Year
Treasury Index is an unmanaged total return market value index consisting
of all coupon-bearing U.S. Treasury publicly placed debt securities with
maturities between 1 to 3 years. Please note that indices do not take into
account any fees and expenses of investing in the individual securities
that they track and that individuals cannot invest directly in any index.
Data about the performance of these indices are prepared or obtained by
NBMI and include reinvestment of all dividends and capital gain
distributions. The Portfolio may invest in many securities not included in
the above described indices.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BALANCED PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ---------------------------------------------------------------
Class I $1,000 $1,049.90 $5.95
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000 $1,018.99 $5.86
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (60.0%)
AEROSPACE (1.6%)
9,500 Precision Castparts $ 567,720
11,500 Rockwell Collins 642,505
----------
1,210,225
BASIC MATERIALS (1.7%)
14,500 Airgas Inc. 540,125
7,500 Ecolab Inc. 304,350
7,500 Peabody Energy 418,125
----------
1,262,600
BIOTECHNOLOGY (2.5%)
22,000 Celgene Corp. 1,043,460*
8,500 Gilead Sciences 502,860*
4,500 Myogen, Inc. 130,500*(E)
5,250 Vertex Pharmaceuticals 192,728*
----------
1,869,548
BUSINESS SERVICES (6.6%)
17,500 Alliance Data Systems 1,029,350*
36,000 CB Richard Ellis Group 896,400*
9,000 Corporate Executive Board 901,800
5,500 Getty Images 349,305*
5,500 Iron Mountain 205,590*
10,600 Mastercard, Inc. Class A 508,800*
11,500 Monster Worldwide 490,590*
6,500 NeuStar, Inc. 219,375*
8,250 VeriFone Holdings 251,460*(E)
----------
4,852,670
CABLE SYSTEMS (0.2%)
8,000 Liberty Global Class A 172,000*
COMMUNICATIONS EQUIPMENT (0.7%)
6,500 Harris Corp. 269,815
16,000 Tellabs, Inc. 212,960*
----------
482,775
CONSUMER DISCRETIONARY (1.6%)
6,000 Fortune Brands 426,060
5,000 Harman International Industries 426,850
8,000 Laureate Education 341,040*
----------
1,193,950
CONSUMER STAPLES (1.2%)
14,000 Shoppers Drug Mart 508,520
6,000 Whole Foods Market 387,840
----------
896,360
DIAGNOSTIC EQUIPMENT (0.8%)
23,200 Cytyc Corp. 588,352*
DISTRIBUTOR (0.7%)
6,500 W.W. Grainger 488,995
ELECTRICAL & ELECTRONICS (0.4%)
11,000 Jabil Circuit 281,600
ENERGY (4.9%)
6,000 Canadian Natural Resources $ 332,280
25,500 Denbury Resources 807,585*
8,000 GlobalSantaFe Corp. 462,000
7,000 National-Oilwell Varco 443,240*
18,000 Range Resources 489,420
12,400 Smith International 551,428
11,000 XTO Energy 486,970
----------
3,572,923
FINANCIAL SERVICES (3.6%)
6,500 AmeriCredit Corp. 181,480*
2,000 Chicago Mercantile Exchange 982,300
2,500 GFI Group 134,875*
4,500 Legg Mason 447,840
8,500 Moody's Corp. 462,910(E)
10,500 Nuveen Investments 452,025
----------
2,661,430
FOOD & BEVERAGE (0.6%)
5,500 Dean Foods 204,545*
4,000 Hershey Co. 220,280
----------
424,825
HARDWARE (0.4%)
9,000 Network Appliance 317,700*
HEALTH CARE (3.9%)
9,500 Allscripts Heathcare Solutions 166,725*(E)
13,500 Cerner Corp. 500,985*
5,000 Gen-Probe 269,900*
6,500 Healthways, Inc. 342,160*
15,000 Psychiatric Solutions 429,900*
5,000 Trimble Navigation 223,200*
6,000 United Surgical Partners
International 180,420*
15,500 VCA Antech 494,915*
5,500 WellCare Health Plans 269,775*
----------
2,877,980
INDUSTRIAL (3.9%)
8,000 Danaher Corp. 514,560
9,500 Dover Corp. 469,585
20,100 Fastenal Co. 809,829
3,700 Fluor Corp. 343,841
10,000 Rockwell International 720,100
----------
2,857,915
LEISURE (3.5%)
10,500 Gaylord Entertainment 458,220*
8,500 Hilton Hotels 240,380
16,200 Marriott International 617,544
11,000 Scientific Games Class A 391,820*
12,750 Station Casinos 868,020
----------
2,575,984
MEDIA (0.6%)
5,000 E.W. Scripps 215,700
1,500 Focus Media Holding ADR 97,740*
3,000 Lamar Advertising 161,580*
----------
475,020
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
MEDICAL EQUIPMENT (3.8%)
6,000 C. R. Bard $ 439,560
4,000 Conor Medsystems 110,360*(E)
8,000 Hologic, Inc. 394,880*
1,800 Intuitive Surgical 212,346*
14,500 Kyphon Inc. 556,220*
13,700 ResMed Inc. 643,215*
10,000 Varian Medical Systems 473,500*
----------
2,830,081
METALS (0.3%)
2,500 Phelps Dodge 205,400
OIL & GAS (0.7%)
10,000 Dresser-Rand Group 234,800*
11,250 Western Oil Sands Class A 312,175*
----------
546,975
PHARMACEUTICAL (0.3%)
6,500 Pharmaceutical Products Development 228,280
RETAIL (3.4%)
5,000 Abercrombie & Fitch 277,150
13,500 AnnTaylor Stores 585,630*
28,250 Coach, Inc. 844,675*
17,000 Nordstrom, Inc. 620,500
3,500 Polo Ralph Lauren 192,150
----------
2,520,105
SEMICONDUCTORS (3.1%)
14,000 MEMC Electronic Materials 525,000*
16,000 Microchip Technology 536,800
29,000 Microsemi Corp. 707,020*
20,000 PMC-Sierra 188,000*
9,450 Varian Semiconductor Equipment 308,164*
----------
2,264,984
SOFTWARE (1.0%)
13,000 Autodesk, Inc. 447,980*
4,000 Red Hat 93,600*(E)
6,500 Salesforce.com, Inc. 173,290*
----------
714,870
TECHNOLOGY (3.4%)
6,500 Akamai Technologies 235,235*(E)
17,500 Arris Group 229,600*
6,000 CACI International 349,980*(E)
15,500 Cognizant Technology Solutions 1,044,235*
7,500 CommScope, Inc. 235,650*(E)
5,000 Logitech International ADR 193,900*(E)
10,000 Redback Networks 183,400*
----------
2,472,000
TELECOMMUNICATIONS (3.3%)
18,300 American Tower $ 569,496*
31,000 Dobson Communications 239,630*(E)
15,500 Leap Wireless International 735,475*
16,000 NII Holdings 902,080*(E)
----------
2,446,681
TRANSPORTATION (1.1%)
15,700 C. H. Robinson Worldwide 836,810
UTILITIES (0.2%)
4,000 Mirant Corp. 107,200*(E)
----------
TOTAL COMMON STOCKS
(COST $29,716,104) 44,236,238
----------
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE+
MOODY'S S&P
U.S. GOVERNMENT AGENCY SECURITIES (4.5%)
$1,800,000 Fannie Mae, Notes, 4.63, due 1/15/08 AGY AGY $1,777,174(OO)
350,000 Federal Home Loan Bank Bonds, 4.63%, due 2/8/08 AGY AGY 345,393
1,200,000 Freddie Mac, Notes, 4.38%, due 11/16/07 AGY AGY 1,182,244(OO)
----------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $3,332,026) 3,304,811
----------
MORTGAGE-BACKED SECURITIES (17.5%)
ADJUSTABLE RATE MORTGAGES
389,586 Adjustable Rate Mortgage Trust, Ser. 2005-10, Class 4A1,
5.39%, due 1/25/36 Aaa AAA 383,545
160,068 Banc of America Funding Corp., Ser. 2005-F, Class 4A1,
5.39%, due 9/20/35 Aaa AAA 157,840
401,658 Banc of America Funding Corp., Ser. 2005-H, Class 7A1,
5.70%, due 11/20/35 AAA 399,554
302,013 Banc of America Funding Corp., Ser. 2006-A, Class 3A2,
5.93%, due 2/20/36 AAA 301,917
886,061 Bear Stearns ALT-A Trust, Ser. 2006-3, Class 22A1,
6.25%, due 5/25/36 Aaa AAA 889,829
869,000 Countrywide Home Loans, Ser. 2006-HYB3, Class 1A1A,
5.54%, due 5/20/36 Aaa AAA 862,923
561,677 Credit Suisse First Boston Mortgage Securites Corp.,
Ser. 2004-AR4, Class 2A1, 4.70%, due 5/25/34 Aaa AAA 550,108
407,584 First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5,
Class 2A1, 5.46%, due 11/25/35 AAA 401,730
400,800 GMAC Mortgage Corp. Loan Trust, Ser. 2006-AR1, Class 1A1,
5.64%, due 4/19/36 Aaa AAA 393,546
305,399 Harborview Mortgage Loan Trust, Floating Rate,
Ser. 2004-4, Class 3A, 2.98%, due 4/19/07 Aaa AAA 299,512(u)
493,917 Harborview Mortgage Loan Trust, Ser. 2006-3, Class 1A1A,
6.48%, due 6/19/36 Aaa AAA 498,856
402,745 Indymac Index Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.56%, due 11/25/35 Aaa AAA 397,861
884,304 Indymac Index Mortgage Loan Trust, Ser. 2006-AR3,
Class 2A1A, 6.43%, due 3/25/36 Aaa AAA 891,782
826,025 JP Morgan Alternative Loan Trust, Ser. 2006-A2, Class 3A1,
5.95%, due 5/25/36 AAA 820,829
384,990 JP Morgan Mortgage Trust, Ser. 2005-ALT1, Class 2A1,
5.65%, due 10/25/35 AAA 381,037
368,739 Lehman XS Trust, Ser. 2005-1, Class 2A1, 4.66%,
due 5/28/08 Aaa AAA 362,260(u)
768,374 Master Adjustable Rate Mortgages Trust, Ser. 2005-6,
Class 3A2, 5.07%, due 7/25/35 Aaa AAA 759,609
384,533 Nomura Asset Acceptance Corp., Ser. 2005-AR6, Class 2A1,
5.80%, due 12/25/35 Aaa AAA 382,290
401,903 Residential Accredit Loans, Inc., Ser. 2005-QA10,
Class A31, 5.63%, due 9/25/35 Aaa AAA 397,982
COMMERCIAL MORTGAGE BACKED
386,500 Banc of America Commercial Mortgage, Inc., Ser. 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 382,254
398,710 Banc of America Commercial Mortgage, Inc., Ser. 2005-6,
Class A1, 5.00%, due 9/10/47 Aaa AAA 392,304
399,605 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2005 C-6, Class A1, 4.94%, due 12/15/40 Aaa AAA 393,258
413,742 JP Morgan Chase Commercial Mortgage Securities Corp.,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 407,221
</Table>
See Notes to Schedule of Investments
7
<Page>
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE+
MOODY'S S&P
MORTGAGE-BACKED NON-AGENCY
$238,215 Countrywide Home Loans, Ser. 2005-R2, Class 2A4,
8.50%, due 6/25/35 Aaa AAA $ 251,042(n)
495,416 GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4,
8.50%, due 3/25/35 Aaa AAA 520,297(n)
104,989 GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4,
8.50%, due 9/25/35 Aaa AAA 110,310
FANNIE MAE
240,719 Fannie Mae Whole Loan, Ser. 2004-W8, Class PT, 10.11%,
due 6/25/44 Aaa AAA 265,561
FREDDIE MAC
35,675 Pass-Through Certificates, 5.00%, due 2/1/07 AGY AGY 35,360
44,431 Pass-Through Certificates, 5.50%, due 2/1/07 AGY AGY 44,404
292,480 Pass-Through Certificates, 8.00%, due 11/1/26 AGY AGY 309,257
204,400 Pass-Through Certificates, 8.50%, due 10/1/30 AGY AGY 218,923
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $13,015,835) 12,863,201
-----------
CORPORATE DEBT SECURITIES (11.8%)
285,000 American Express Co., Notes, 5.50%, due 9/12/06 A1 A+ 285,041
250,000 BankBoston NA, Subordinated Notes,
6.50%, due 12/19/07 Aa2 AA- 252,471
250,000 Bear Stearns Co., Inc., Notes, 4.00%,
due 1/31/08 A1 A 244,140
400,000 Berkshire Hathaway Finance, Notes, 3.40%,
due 7/2/07 Aaa AAA 391,576(OO)
300,000 Boeing Capital Corp., Senior Notes, 5.75%,
due 2/15/07 A2 A 300,265(OO)
145,000 JP Morgan Chase & Co., Subordinated Notes,
7.25%, due 6/1/07 A1 A 146,608
250,000 CIT Group, Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 240,430
500,000 Citigroup, Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- 497,846(OO)
285,000 Coca-Cola Enterprises, Notes, 5.38%, due 8/15/06 A2 A 284,943
275,000 Comcast Cable Communications, Notes,
8.38%, due 5/1/07 Baa2 BBB+ 280,787
190,000 DaimlerChrysler N.A. Holdings Corp., Guaranteed Notes,
4.05%, due 6/4/08 A3 BBB 183,703
300,000 Diageo Finance BV, Guaranteed Notes, 3.00%,
due 12/15/06 A3 A- 296,612(OO)
135,000 Enterprise Products Operating, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 131,352
200,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 195,719
280,000 Hewlett-Packard Co., Senior Notes, 5.50%, due 7/1/07 A3 A- 279,446
300,000 HSBC Financial Corp., Notes, 4.13%, due 12/15/08 Aa3 AA- 289,926
300,000 International Lease Finance Corp., Unsubordinated Notes,
3.50%, due 4/1/09 A1 AA- 283,081
225,000 John Deere Capital Corp., Notes, 3.90%, due 1/15/08 A3 A- 219,341
250,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 249,141
190,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 191,417
175,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 171,336
300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 A+ 295,521
285,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 285,152
165,000 News America Holdings, Inc., Guaranteed Notes, 7.38%,
due 10/17/08 Baa2 BBB 170,591
200,000 Sprint Capital Corp., Guaranteed Notes, 6.00%,
due 1/15/07 Baa2 A- 200,268
250,000 Time Warner Entertainment LP, Notes, 7.25%,
due 9/1/08 Baa2 BBB+ 257,144
</Table>
See Notes to Schedule of Investments
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE+
MOODY'S S&P
$ 300,000 Toyota Motor Credit Corp., Medium Term Notes,
2.70%, due 1/30/07 Aaa AAA $ 295,157
300,000 U.S. Bank NA, Notes, 2.85%, due 11/15/06 Aa1 AA 297,097
290,000 Verizon Global Funding Corp., Senior Unsecured Notes,
4.00%, due 1/15/08 A3 A 282,674
250,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A2 A 249,725
450,000 Wachovia Corp., Notes, 4.95%, due 11/1/06 Aa3 A+ 448,851(OO)
285,000 Washington Mutual, Inc., Senior Notes, 5.63%, due 1/15/07 A3 A- 284,754
250,000 Wells Fargo & Co., Notes, 3.13%, due 4/1/09 Aa1 AA- 234,244
-----------
TOTAL CORPORATE DEBT SECURITIES
(COST $8,846,319) 8,716,359
-----------
FOREIGN GOVERNMENT SECURITIES^ (1.6%)
EUR 600,000 Bundesobligation, 3.50%, due 10/10/08 Aaa AAA 764,400
EUR 330,000 Bundesobligation, 3.25%, due 4/17/09 Aaa AAA 416,913
-----------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $1,169,005) 1,181,313
-----------
ASSET-BACKED SECURITIES (3.1%)
313,574 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1A3,
3.34%, due 5/25/26 Aaa AAA 306,838
413,041 Ford Credit Auto Owner Trust, Ser. 2005-A, Class A3, 3.48%,
due 11/15/08 Aaa AAA 408,674
200,000 John Deere Owner Trust, Ser. 2005-A, Class A3, 3.98%,
due 6/15/09 Aaa AAA 196,855
425,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 419,707
1,154,000 Nomura Asset Acceptance Corp., Ser. 2006-AP1,
Class AIO, 4.50%, Interest Only Security due 1/25/36 Aaa AAA 42,193
658,000 Nomura Asset Acceptance Corp., Ser. 2005-S3,
Class AIO, 20.00%, Interest Only Security due 8/25/35 Aaa AAA 105,331
971,191 Nomura Asset Acceptance Corp., Ser. 2005-S4, Class AIO,
20.00%, Interest Only Security due 10/25/35 Aaa AAA 177,811
894,167 Nomura Asset Acceptance Corp., Ser. 2006-S2, Class AIO,
10.00%, Interest Only Security due 4/25/36 Aaa AAA 98,742(n)
332,863 Saxon Asset Securities Trust, Ser. 2004-2, Class AF2,
4.15%, due 8/25/35 Aaa AAA 328,980
200,000 USAA Auto Owner Trust, Ser. 2005-1, Class A3, 3.90%,
due 7/15/09 Aaa AAA 197,503
-----------
TOTAL ASSET-BACKED SECURITIES
(COST $2,346,203) 2,282,634
-----------
REPURCHASE AGREEMENTS (1.1%)
775,000 State Street Bank and Trust Co., Repurchase Agreement,
4.88%, due 7/3/06 dated 6/30/06, Maturity Value
$775,315, Collateralized by $785,000 Federal Home
Loan Bank, 5.80%, due 9/2/08
(Collateral Value $802,990)
(COST $775,000) 775,000#
-----------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (2.9%)
94,676 Neuberger Berman Prime Money Fund Trust Class 94,676(@)
2,064,001 Neuberger Berman Securities Lending Quality Fund, LLC 2,064,001++
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,158,677) 2,158,677#
-----------
TOTAL INVESTMENTS (102.5%)
(COST $61,359,169) 75,518,233##
Liabilities, less cash, receivables and other assets [(2.5%)] (1,853,992)
-----------
TOTAL NET ASSETS (100.0%) $73,664,241
-----------
</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.
During the period of this report, foreign security prices were translated
from the local currency into U.S. dollars using the exchange rate as of
12:00 noon, Eastern time. Beginning July 10, 2006, the exchange rate as of
4:00 p.m., Eastern time, will be used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $61,573,030. Gross unrealized appreciation of investments was
$14,987,757 and gross unrealized depreciation of investments was
$1,042,554, resulting in net unrealized appreciation of $13,945,203, based
on cost for U.S. federal income tax purposes.
* Non-income producing security.
(n) 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 investment manager to be liquid. At June 30,
2006, these securities amounted to $870,081 or 1.2% of net assets for the
Fund.
(OO) All or a portion of this security is segregated as collateral for financial
futures and/or forward currency contracts.
(u) 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 June 30, 2006.
(E) 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
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO CONT'D
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
^ Principal amount is stated in the currency in which the security is
denominated.
EUR = Euro Currency
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $ 73,359,556
Affiliated issuers 2,158,677
- --------------------------------------------------------------------------------------
75,518,233
Foreign currency 16,739
Dividends and interest receivable 276,842
Receivable for securities sold 543,587
Receivable for Fund shares sold 8,384
Receivable for variation margin (Note A) 2,109
Receivable for securities lending income (Note A) 8,846
Prepaid expenses and other assets 2,745
- --------------------------------------------------------------------------------------
TOTAL ASSETS 76,377,485
- --------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 1,429
Payable for collateral on securities loaned (Note A) 2,064,001
Net payable for forward foreign currency exchange contracts (Note C) 46,974
Payable for securities purchased 420,105
Payable for Fund shares redeemed 88,366
Payable to investment manager-net (Notes A & B) 32,774
Payable to administrator (Note B) 17,892
Payable for securities lending fees (Note A) 6,515
Accrued expenses and other payables 35,188
- --------------------------------------------------------------------------------------
TOTAL LIABILITIES 2,713,244
- --------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 73,664,241
- --------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 90,274,959
Undistributed net investment income (loss) 931,634
Accumulated net realized gains (losses) on investments (31,655,006)
Net unrealized appreciation (depreciation) in value of investments 14,112,654
- --------------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 73,664,241
- --------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 6,733,591
- --------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.94
- --------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 1,989,761
*COST OF INVESTMENTS:
Unaffiliated issuers $ 59,200,492
Affiliated issuers 2,158,677
TOTAL COST OF INVESTMENTS $ 61,359,169
- --------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 16,075
- --------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 599,005
Income from investments in affiliated issuers (Note F) 5,819
Dividend income--unaffiliated issuers 162,472
Income from securities loaned (affiliated issuers $13,321) (Note F) 15,957
Foreign taxes withheld (573)
- ---------------------------------------------------------------------------------------
Total income 782,680
- ---------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 206,000
Administration fee (Note B) 112,363
Audit fees 18,837
Custodian fees (Note B) 48,113
Insurance expense 1,770
Legal fees 8,245
Registration and filing fees 20,705
Shareholder reports 7,132
Shareholder servicing agent fees 374
Trustees' fees and expenses 13,774
Miscellaneous 3,214
- ---------------------------------------------------------------------------------------
Total expenses 440,527
Investment management fee waived (Note A) (106)
Expenses reduced by custodian fee expense offset and commission recapture
arrangements (Note B) (3,818)
- ---------------------------------------------------------------------------------------
Total net expenses 436,603
- ---------------------------------------------------------------------------------------
Net investment income (loss) 346,077
- ---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 5,622,524
Financial futures contracts 473
Foreign currency (10,365)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (2,230,353)
Foreign currency (67,267)
Financial futures contracts (1,063)
- ---------------------------------------------------------------------------------------
Net gain (loss) on investments 3,313,949
- ---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 3,660,026
- ---------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
BALANCED PORTFOLIO
---------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 346,077 $ 312,198
Net realized gain (loss) on investments 5,612,632 3,570,501
Change in net unrealized appreciation (depreciation) of investments (2,298,683) 2,566,429
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 3,660,026 6,449,128
- -------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (711,567)
- -------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 2,774,241 4,349,994
Proceeds from reinvestment of dividends and distributions -- 711,567
Payments for shares redeemed (6,488,144) (18,199,227)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (3,713,903) (13,137,666)
- -------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (53,877) (7,400,105)
NET ASSETS:
Beginning of period 73,718,118 81,118,223
- -------------------------------------------------------------------------------------------------
End of period $ 73,664,241 $ 73,718,118
- -------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 931,634 $ 585,557
- -------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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 discount (adjusted for
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.
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>
NOTES TO FINANCIAL STATEMENTS BALANCED PORTFOLIO CONT'D
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales, mark to market
on certain 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>
NOTES TO FINANCIAL STATEMENTS BALANCED PORTFOLIO CONT'D
matching financial futures contracts. When the contracts are closed, the
Fund recognizes a gain or loss. Risks of entering into futures contracts
include the possibility there may be an illiquid market, possibly at a time
of rapidly declining prices, and/or a change in the value of the contract
may not correlate with changes in the value of the underlying securities.
For U.S. federal income tax purposes, the futures transactions undertaken
by the Fund may cause the Fund to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Fund. Also, the Fund's losses on transactions involving
futures contracts may be deferred rather than being taken into account
currently in calculating the Fund's taxable income.
During the six months ended June 30, 2006, the Fund entered into financial
futures contracts. At June 30, 2006, open positions in financial futures
contracts were:
<Table>
<Caption>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
September 2006 19 U.S. Treasury Notes, 2 Year Long $1,063
</Table>
At June 30, 2006, the Fund had deposited $9,868 in Federal Home Loan Bank,
4.63%, due 2/08/08, in a segregated account to cover margin requirements on
open financial futures contracts.
11 SECURITY LENDING: Effective September 13, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to act as
agent for the Fund.
Under the 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). The Fund invests the cash collateral in 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, less fees and expenses associated with the loans. These amounts
are reflected in the Statement of Operations under the caption "Income from
securities loaned."
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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
13 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT INC.:
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the Fund may invest in a money market fund managed by
Management or an affiliate. The Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $106 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the six months ended June
30, 2006, income earned under this Arrangement amounted to $5,819 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>
NOTES TO FINANCIAL STATEMENTS BALANCED PORTFOLIO CONT'D
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.
The Board adopted a non-fee distribution plan for the Fund.
Management has contractually undertaken through December 31, 2009 to
reimburse the Fund for its operating expenses (excluding the fees payable
to Management, interest, taxes, brokerage commissions, extraordinary
expenses, and transaction costs) ("Operating Expenses") which exceed, in
the aggregate, 1.00% per annum of the Fund's average daily net assets (the
"Expense Limitation"). For the six months ended June 30, 2006, no
reimbursement to the Fund was required. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to Management under this agreement. At June 30, 2006,
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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $2,321.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $1,497.
20
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding financial futures contracts and foreign currency
contracts) for the six months ended June 30, 2006 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 AGENCY AND AGENCY AND AGENCY AND AGENCY
OBLIGATIONS OBLIGATIONS OBLIGATIONS OBLIGATIONS
$8,860,116 $19,250,815 $5,417,843 $26,940,308
</Table>
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $38,158, of which Neuberger received
$0, Lehman Brothers Inc. received $5,932, and other brokers received
$32,226.
During the six months ended June 30, 2006, the Fund entered into various
contracts to deliver currencies at specified future dates. At June 30,
2006, open contracts were as follows:
<Table>
<Caption>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
SELL DELIVER FOR DATE VALUE (DEPRECIATION)
Euro Dollar 1,131,000 EUR $1,400,123 7/19/06 $1,447,223 $(47,100)
</Table>
<Table>
<Caption>
NET UNREALIZED
CONTRACTS TO IN EXCHANGE SETTLEMENT APPRECIATION
BUY DELIVER FOR DATE VALUE (DEPRECIATION)
Euro Dollar 235,000 EUR $300,579 7/19/06 $300,705 $126
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR
ENDED JUNE 30, ENDED DECEMBER 31,
2006 2005
SHARES SOLD 252,789 444,671
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND DISTRIBUTIONS -- 73,433
SHARES REDEEMED (594,335) (1,859,982)
-------- ----------
TOTAL (341,546) (1,341,878)
-------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2000, 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.
21
<Page>
NOTES TO FINANCIAL STATEMENTS BALANCED PORTFOLIO CONT'D
No compensating balance is required. Because several investment companies
participate, there is no assurance that an individual fund will have access
to all or any part of the $150,000,000 at any particular time. There were
no loans outstanding pursuant to this line of credit at June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
IN
BALANCE OF GROSS BALANCE OF AFFLIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime
Money Fund Trust Class** 92,995 4,315,972 4,314,291 94,676 $ 94,676 $ 5,819
Neuberger Berman Securities
Lending Quality Fund, LLC*** 648,601 11,325,353 9,909,953 2,064,001 2,064,001 13,321
---------- -------
TOTAL $2,158,677 $19,140
---------- -------
</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.
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management
LLC, an affiliate of Management, is used to invest cash the Fund
receives as collateral for securities loaned as approved by the Board.
Because all shares of the Quality Fund are held by funds in the
related investment management complex, the Quality Fund may be
considered an affiliate of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
22
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FINANCIAL HIGHLIGHTS BALANCED PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, 2006 YEAR ENDED DECEMBER 31,
---------------- ---------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $10.42 $ 9.64 $ 8.93 $ 7.81 $ 9.66 $ 17.28
------ ------ ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .05 .04 .05 .07 .12 .22(O)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .47 .84 .77 1.20 (1.75) (2.27)(O)
------ ------ ------ ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS .52 .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 PERIOD $10.94 $10.42 $ 9.64 $ 8.93 $ 7.81 $ 9.66
------ ------ ------ ------- ------- -------
TOTAL RETURN+++ +4.99%** +9.18% +9.31% +16.28% -17.15% -13.36%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 73.7 $ 73.7 $ 81.1 $ 84.9 $ 80.5 $ 112.0
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.18%* 1.14% 1.10% 1.12% 1.12% 1.07%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS (Section) 1.17%* 1.13% 1.09% 1.11% 1.12% 1.07%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .92%* .41% .56% .82% 1.37% 2.10%O
PORTFOLIO TURNOVER RATE 38%** 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 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.
# 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.
(Section) 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>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
1.17% 1.13% 1.09% 1.11%
</Table>
(O) 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>
* Annualized.
** Not Annualized.
24
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
25
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
FASCIANO
PORTFOLIO
D0312 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FASCIANO PORTFOLIO MANAGER'S COMMENTARY
Small-cap stocks as represented by the Russell 2000 Index performed
exceptionally well for much of the six-month reporting period ended June 30,
2006, before selling off sharply in May and early June. During the rally,
speculative issues excelled. For example, in the first quarter, the strongest
performers in the Russell 2000 were stocks with the highest price/earnings
ratios and lowest returns on equity. The more reasonably valued and solidly
profitable companies that we favor trailed the market leaders by a considerable
margin. Consequently, although the Neuberger Berman Advisers Management Trust
(AMT) Fasciano Portfolio delivered a respectable return for the reporting
period, it lagged the Russell 2000 benchmark.(1, 2)
The Portfolio's Consumer Discretionary investments, most notably newspaper
publisher Journal Register Company and radio broadcaster Emmis Communications,
penalized absolute and relative returns. So-called "old media" companies such as
newspaper publishers and television and radio broadcasters have been given up
for dead by investors enamored of Internet oriented "new media" darlings. Yes,
"eyeballs" and advertising dollars are migrating to the Internet, and MP3
players and satellite radio are diverting "ears" from traditional radio.
However, most newspaper companies and radio broadcasters remain solidly
profitable. Because these businesses are anchored by content and have
well-established franchises in their local markets, they should continue to
generate free cash flow for the foreseeable future. We think investors will
eventually recognize that "old media" companies are worth considerably more than
their current valuations. If these stocks continue to drift, we expect to see
deal activity help surface value. In fact, Emmis Communications has recently
received a buyout proposal from its management.
Our Financial sector investments also disappointed, with money manager W.P.
Stewart and Chicago area community bank Wintrust Financial hurting sector
performance. W.P. Stewart is a large-cap growth stock specialist with a good
long-term track record. However, recent years' lackluster returns in the
large-cap growth sector negatively affected asset and revenue growth. Although
the company's investment methodology has not changed and investment activities
are still overseen by the firm's chairman and namesake, a rebuilt management
team is focused on broadening and strengthening distribution. Stewart may also
benefit from what could be better days ahead for the large-cap growth sector.
Wintrust Financial was hit when first quarter earnings fell short of consensus
expectations and has generally been hurt by the flat yield curve and by
historically low loan growth as a result of competition and the company's strict
lending standards. We believe that service-oriented community banks such as
Wintrust will continue to occupy a profitable niche in urban markets dominated
by regional giants and that, longer term, Wintrust will be rewarded rather than
penalized for its high credit quality.
Led by surface mining equipment manufacturer Bucyrus International and
industrial maintenance, repair, and operations supplies distributor MSC
Industrial Direct, our Industrial holdings had the most favorable impact on
absolute returns. Bucyrus' backlog extends nearly through 2007 and should keep
growing nicely as long as copper and coal prices remain relatively firm. We
estimate that earnings can grow in the 25% range over the next several years. We
also like the fact that approximately 70% of the company's annual revenue over
the past 10 years has come from replacement parts and services for its large
installed base of machinery. This kind of recurring revenue stream is a real
bonus for a company in the highly cyclical Industrial sector. Long-time
1
<Page>
FASCIANO PORTFOLIO MANAGER'S COMMENTARY
favorite MSC Industrial Direct has managed to increase already attractive profit
margins despite additional costs involved with increasing its sales force. We
also think its recent acquisition of a Kennametal subsidiary will help sustain
growth going forward.
Buoyed by the excellent performance of Tetra Technologies, our Energy sector
return nearly doubled that of the Russell 2000 energy component. Tetra maintains
unique capabilities in decommissioning Gulf of Mexico based drilling rigs. Due
to extensive damage resulting from last summer's hurricanes as well as existing
uneconomic rigs, this is a very profitable, high growth business. Tetra's well
abandonment and decommissioning backlog is very large and could grow if we have
another active hurricane season.
In closing, over the past six months, our quality and value oriented approach to
the small-cap stock market did not translate into superior relative returns.
Over the longer term, however, we remain confident that investing in small
companies with substance rather than sizzle will be more productive.
Sincerely,
/s/ MICHAEL FASCIANO
- ----------------------------------------
MICHAEL FASCIANO
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Banking 0.5%
Banking & Financial 4.1
Basic Materials 0.8
Biotechnology 0.9
Building, Construction & Furnishing 1.0
Business Services 8.0
Chemicals 1.2
Consumer Cyclical-Leisure & Consumer Service 0.5
Consumer Discretionary 0.8
Consumer Products & Services 2.0
Cosmetics 0.7
Defense 1.3
Distributor 3.2
Education 0.6
Electrical & Electronics 0.8
Energy 0.0
Entertainment 1.3
Filters 1.3
Financial Services 3.1
Health Products & Services 8.9
Industrial & Commercial Products 4.5%
Insurance 2.0
Internet 2.2
Machinery & Equipment 6.3
Manufacturing 0.9
Materials 1.0
Metals 0.6
Office 1.0
Oil & Gas 1.5
Oil Services 6.4
Publishing & Broadcasting 5.3
Restaurants 2.3
Retail 0.1
Semiconductors 1.1
Specialty Retail 0.6
Technology 3.9
Transportation 6.6
Waste Management 1.7
Short-Term Investments 10.8
Cash, receivables and other assets, less liabilities 0.2
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 2.90% was the cumulative total return for the 6-month period. 9.19%
and 10.17% were the average annual total returns for the 1-year and
since inception (07/12/02) periods ended June 30, 2006. 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 $218 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
NBMI's own projections, and they may or may not be realized. In
addition, any revision to a forecast could affect the market price of
a security. By quoting them herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FASCIANO PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ---------------------------------------------
Class S $1,000 $1,029.00 $7.05
<Caption>
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------
Class S $1,000 $1,017.84 $7.01
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS FASCIANO PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (89.0%)
BANKING (0.5%)
5,100 Texas Capital Bancshares $ 118,830*
BANKING & FINANCIAL (4.1%)
6,770 Boston Private Financial Holdings 188,883
12,000 Wilshire Bancorp 216,240
10,020 Wintrust Financial 509,517
---------
914,640
BASIC MATERIALS (0.8%)
6,520 AMCOL International 171,802
BIOTECHNOLOGY (0.9%)
3,760 Techne Corp. 191,459*
BUILDING, CONSTRUCTION & FURNISHING (1.0%)
9,700 Interline Brands 226,786*
BUSINESS SERVICES (8.0%)
9,810 G & K Services 336,483
12,400 Korn/Ferry International 242,916*
14,200 Navigant Consulting 321,630*
5,530 Ritchie Bros. Auctioneers 294,085
18,965 Rollins, Inc. 372,473
6,560 Watson Wyatt Worldwide Class A 230,518
---------
1,798,105
CHEMICALS (1.2%)
11,700 Rockwood Holdings 269,217*
CONSUMER CYCLICAL-LEISURE & CONSUMER SERVICE (0.5%)
3,700 Winnebago Industries 114,848
CONSUMER DISCRETIONARY (0.8%)
4,500 RC2 Corp. 173,970*
CONSUMER PRODUCTS & SERVICES (2.0%)
6,600 Central Garden & Pet 284,130*
5,708 Tootsie Roll Industries 166,274
---------
450,404
COSMETICS (0.7%)
8,500 Elizabeth Arden 151,980*
DEFENSE (1.3%)
11,200 ARGON ST 298,256*
DISTRIBUTOR (3.2%)
6,200 Houston Wire & Cable 106,640*
5,960 MSC Industrial Direct 283,517
11,500 ScanSource, Inc. 337,180*
---------
727,337
EDUCATION (0.6%)
6,600 Universal Technical Institute 145,332*
ELECTRICAL & ELECTRONICS (0.8%)
9,280 LoJack Corp. 175,021*
ENERGY (0.0%)
100 Aventine Renewable Energy Holdings $ 3,890*
ENTERTAINMENT (1.3%)
6,140 International Speedway 284,712
FILTERS (1.3%)
9,900 CLARCOR Inc. 294,921
FINANCIAL SERVICES (3.1%)
2,780 FactSet Research Systems 131,494
9,680 Financial Federal 269,201
2,590 ITLA Capital 136,182
10,740 W.P. Stewart & Co. 163,463
---------
700,340
HEALTH PRODUCTS & SERVICES (8.9%)
7,300 Apria Healthcare Group 137,970*
5,900 Computer Programs and Systems 235,764
6,300 Healthspring, Inc. 118,125*
3,780 ICU Medical 159,667*
16,140 K-V Pharmaceutical 301,172*
4,000 LCA-Vision 211,640
4,300 MWI Veterinary Supply 156,649*
12,110 STERIS Corp. 276,835
11,190 Young Innovations 394,224
---------
1,992,046
INDUSTRIAL & COMMERCIAL PRODUCTS (4.5%)
6,400 Actuant Corp. 319,680
4,400 Griffon Corp. 114,840*
4,000 Middleby Corp. 346,240*
9,650 Modine Manufacturing 225,424
---------
1,006,184
INSURANCE (2.0%)
10,300 American Equity Investment Life Holding 109,798
11,100 Amerisafe Inc. 138,084*
5,490 Hilb, Rogal and Hamilton 204,612
---------
452,494
INTERNET (2.2%)
15,800 j2 Global Communications 493,276*
MACHINERY & EQUIPMENT (6.3%)
9,900 Bucyrus International 499,950
5,000 H&E Equipment Services 147,250*
9,910 IDEX Corp. 467,752
6,920 Regal-Beloit 305,518
---------
1,420,470
MANUFACTURING (0.9%)
6,200 Drew Industries 200,880*
MATERIALS (1.0%)
9,850 Spartech Corp. 222,610
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS FASCIANO PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
METALS (0.6%)
6,400 RBC Bearings $ 145,280*
OFFICE (1.0%)
9,800 Acco Brands 214,620*
OIL & GAS (1.5%)
9,800 Berry Petroleum Class A 324,870
OIL SERVICES (6.4%)
7,030 Bristow Group 253,080*
5,922 CARBO Ceramics 290,948
3,100 Hydril 243,412*
21,200 TETRA Technologies 642,148*
-----------
1,429,588
PUBLISHING & BROADCASTING (5.3%)
6,550 Courier Corp. 262,131
13,260 Emmis Communications 207,386*
16,940 Journal Communications 190,406
18,010 Journal Register 161,370
7,400 Meredith Corp. 366,596
-----------
1,187,889
RESTAURANTS (2.3%)
9,700 Ruby Tuesday 236,777
18,350 Steak n Shake 277,819*
-----------
514,596
RETAIL (0.1%)
400 J Crew Group 10,980*
SEMICONDUCTORS (1.1%)
8,010 Cabot Microelectronics 242,783*
SPECIALTY RETAIL (0.6%)
3,200 Guitar Center 142,304*
TECHNOLOGY (3.9%)
8,200 Kanbay International 119,228*
5,800 Landauer, Inc. 277,820
11,680 Methode Electronics 122,757
8,000 Online Resources & Communications 82,720*
11,720 Plantronics, Inc. 260,301
-----------
862,826
TRANSPORTATION (6.6%)
8,350 Forward Air 340,095
20,073 Heartland Express 359,106
12,200 Hub Group Class A 299,266*
10,220 Landstar System 482,691
-----------
1,481,158
WASTE MANAGEMENT (1.7%)
2,410 Stericycle, Inc. 156,891*
6,365 Waste Connections 231,686*
-----------
388,577
TOTAL COMMON STOCKS
(COST $17,948,186) 19,945,281
-----------
SHORT-TERM INVESTMENTS (10.8%)
2,405,263 Neuberger Berman Prime Money Fund Trust Class
(COST $2,405,263) $ 2,405,263#@
TOTAL INVESTMENTS (99.8%)
(COST $20,353,449) 22,350,544##
Cash, receivables and other assets, less liabilities (0.2%) 55,678
-----------
TOTAL NET ASSETS (100.0%) $22,406,222
-----------
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $20,368,880. Gross unrealized appreciation of investments was
$3,128,829 and gross unrealized depreciation of investments was $1,147,165,
resulting in net unrealized appreciation of $1,981,664 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $19,945,281
Affiliated issuers 2,405,263
- -------------------------------------------------------------------------------
22,350,544
Dividends and interest receivable 16,376
Receivable for Fund shares sold 95,970
Receivable from administrator--net (Note B) 519
Prepaid expenses and other assets 446
- -------------------------------------------------------------------------------
TOTAL ASSETS 22,463,855
- -------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 12,300
Payable for Fund shares redeemed 3,067
Payable to investment manager--net (Notes A & B) 14,912
Accrued expenses and other payables 27,354
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 57,633
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $22,406,222
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $19,261,725
Undistributed net investment income (loss) (34,746)
Accumulated net realized gains (losses) on investments 1,182,148
Net unrealized appreciation (depreciation) in
value of investments 1,997,095
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $22,406,222
- -------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 1,538,224
- -------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.57
- -------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $17,948,186
Affiliated issuers 2,405,263
- -------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $20,353,449
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 59,495
Income from investments in affiliated issuers (Note F) 53,636
Foreign taxes withheld (319)
- -------------------------------------------------------------------------------
Total income 112,812
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 89,463
Administration fee (Note B) 31,575
Distribution fees (Note B) 26,313
Audit fees 18,836
Custodian fees (Note B) 22,837
Insurance expense 377
Legal fees 1,618
Shareholder reports 6,250
Trustees' fees and expenses 13,708
Miscellaneous 614
- -------------------------------------------------------------------------------
Total expenses 211,591
Expenses reimbursed by administrator (Note B) (61,502)
Investment management fee waived (Note A) (938)
Expenses reduced by custodian fee expense offset and
commission recapture arrangements (Note B) (1,593)
- -------------------------------------------------------------------------------
Total net expenses 147,558
- -------------------------------------------------------------------------------
Net investment income (loss) (34,746)
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 603,703
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (54,806)
- -------------------------------------------------------------------------------
Net gain (loss) on investments 548,897
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $514,151
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FASCIANO PORTFOLIO
--------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
2006 2005
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (34,746) $ (56,796)
Net realized gain (loss) on investments 603,703 621,792
Change in net unrealized appreciation
(depreciation) of investments (54,806) 5,347
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 514,151 570,343
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments -- (84,705)
- -------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 4,784,113 11,413,506
Proceeds from reinvestment of dividends
and distributions -- 84,705
Payments for shares redeemed (1,813,253) (8,993,419)
- -------------------------------------------------------------------------------
Net increase (decrease) from
Fund share transactions 2,970,860 2,504,792
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 3,485,011 2,990,430
NET ASSETS:
Beginning of period 18,921,211 15,930,781
- -------------------------------------------------------------------------------
End of period $22,406,222 $18,921,211
- -------------------------------------------------------------------------------
Undistributed net investment income (loss)
at end of period $ (34,746) $ --
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS FASCIANO PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Fasciano Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of twelve separate operating series
(each a "Series," collectively, the "Funds") each of which (except Focus
Portfolio) is diversified. The Trust is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"), and its shares are registered under the
Securities Act of 1933, as amended. The Fund currently offers only Class S
shares. The Board of Trustees of the Trust (the "Board") may establish
additional series or classes of shares without the approval of
shareholders.
The assets of each Series belong only to that Series, and the liabilities
of each Series are borne solely by that Series and no other.
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles requires Neuberger Berman Management Inc.
("Management") to make estimates and assumptions at the date of the
financial statements. Actual results could differ from those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars using the exchange rate as of 4:00 pm, Eastern time (12:00
noon, Eastern time, prior to July 10, 2006), to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rate as of 12:00 noon, Eastern time.
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>
NOTES TO FINANCIAL STATEMENTS FASCIANO PORTFOLIO CONT'D
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to act as
agent for the Fund.
Under the 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). The Fund invests the cash collateral in 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 less fees and expenses associated with the loans. These amounts
are reflected in the Statement of Operations under the caption "Income from
securities loaned." At June 30, 2006, the Fund had no securities 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 six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $938 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the six months ended June
30, 2006, income earned under this Arrangement amounted to $53,636 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>
NOTES TO FINANCIAL STATEMENTS FASCIANO PORTFOLIO CONT'D
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 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, 2009 to
reimburse the Fund for its operating expenses (including the fees payable
to Management but excluding interest, taxes, brokerage commissions,
extraordinary expenses, and transaction costs) ("Operating Expenses") which
exceed, in the aggregate, 1.40% per annum of the Fund's average daily net
assets (the "Expense Limitation"). For the six months ended June 30, 2006,
such excess expenses amounted to $61,502. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
Management under this agreement. At June 30, 2006, contingent liabilities
to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2006 2007 2008 2009 TOTAL
$92,031 $108,225 $120,637 $61,502 $382,395
</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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $1,582.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $11.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $5,955,733 and
$3,224,645, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $11,730, of which Neuberger received
$1,102, Lehman Brothers, Inc. received $1,577, and other brokers received
$9,051.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2006 DECEMBER 31, 2005
SHARES SOLD 323,448 843,922
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 6,335
SHARES REDEEMED (121,506) (665,267)
-------- --------
TOTAL 201,942 184,990
-------- --------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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
15
<Page>
NOTES TO FINANCIAL STATEMENTS FASCIANO PORTFOLIO CONT'D
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 June 30, 2006. During the six months ended June 30, 2006, the
Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*
<Table>
<Caption>
INCOME FROM
BALANCE OF BALANCE OF INVESTMENTS
SHARES GROSS SHARES IN AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 2,477,716 3,798,514 3,870,967 2,405,263 $2,405,263 $53,636
</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.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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>
SIX MONTHS PERIOD FROM
ENDED JULY 12, 2002^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
----------- ---------------------------- ---------------
2006 2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 14.16 $13.84 $ 12.40 $ 9.92 $ 10.00
------- ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ (.02) (.04) (.08) (.08) (.01)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .43 .43 1.56 2.57 (.07)
------- ------ ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS .41 .39 1.48 2.49 (.08)
------- ------ ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- (.07) (.04) (.01) --
------- ------ ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 14.57 $14.16 $ 13.84 $ 12.40 $ 9.92
------- ------ ------- ------- -------
TOTAL RETURN++ +2.90%** +2.82% +11.96% +25.06% -.80%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 22.4 $ 18.9 $ 15.9 $ 6.2 $ 0.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.42%* 1.40% 1.41% 1.42% 1.40%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.40%* 1.40% 1.40% 1.40% 1.40%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.33%)* (.32%) (.60%) (.69%) (.31%)*
PORTFOLIO TURNOVER RATE 17%** 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.
# 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
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>
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
2.00% 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
19
<Page>
NEUBERGER | BERMAN
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
FOCUS
PORTFOLIO
D0313 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FOCUS PORTFOLIO MANAGER'S COMMENTARY
The first half of the year presented a tale of two markets, with stocks rallying
strongly through early May before selling off sharply as investors began
worrying about inflation and the potential for further Federal Reserve
tightening. In the end, large-cap indices posted modestly positive returns. The
Neuberger Berman Advisers Management Trust (AMT) Focus Portfolio outperformed
the S&P 500 Index and finished almost even with the Russell 1000 Value Index for
the six months ended June 30, 2006.(1,2)
Since AMT Focus is a concentrated portfolio, its performance is determined much
more by stock selection than sector allocation. Our success this quarter was
largely the result of favorable stock selection in the Information Technology
(IT), Consumer Discretionary, and Health Care sectors, in which portfolio
holdings outperformed corresponding benchmark sector components.
Top performers in the IT sector included International Rectifier, Amdocs, and
Nokia Corp., which finished first, second and third, respectively, on our
top-ten contributors list. International Rectifier is evolving from a commodity
oriented semiconductor distributor to a manufacturer of specialty power
regulating chips used in the computer, telecommunications, and home appliance
industries. This change is translating into higher gross margins and improved
profitability. Amdocs' reputation for reliability has made it the clear leader
in software systems for ordering, billing and customer care systems for
telecommunications and cable television companies. Demand for Amdocs' products
and services has increased with the intense competition between telephone
companies and cable television companies to sell customers the "trifecta" of
services (high speed Internet, telephone, and entertainment programming). By
focusing more on the needs of its customers, Nokia has regained a good portion
of the market share in the cellular handset market that it had lost in recent
years. Despite a better business plan, rising revenues, improving profit
margins, and enormous free cash flow, Nokia stock still sells at a discount to
its competitors and the broad market.
Led by the strong performance of mattress manufacturer and retailer Select
Comfort and cable television giant Comcast, Consumer Discretionary sector
investments contributed to absolute and relative returns. In our opinion, Select
Comfort is a great small company that has been flying under institutional
investors' radar. We believe that it has done an excellent job selling its
adjustable inflatable mattresses on television and in its own network of stores.
Now it is distributing its products through leading high-end mattress and
furniture retailers. This should help sustain impressive earnings growth. The
strong rebound in Comcast is a reflection of investor recognition that the
"cable guys" have a big and perhaps insurmountable lead over the
telecommunications giants in providing the full package of high-speed Internet,
entertainment programming, and telephone service to their large installed
customer bases. All the money spent on digitizing cable television networks,
which has been a major drag on cable companies' earnings in recent years, is now
starting to pay off.
Collectively, the Portfolio's Health Care holdings also outperformed. Thermo
Electron, which has changed from being essentially a venture capital portfolio
to a focused Health Care instruments company, was our single best performer in
the sector. We believe that its recent acquisition of Fisher Scientific will be
accretive to earnings sooner than expected and we like the fact that Fisher's
strong position in consumable medical products will provide a recurring revenue
stream for Thermo Electron.
1
<Page>
FOCUS PORTFOLIO MANAGER'S COMMENTARY CONT'D
Although we have significantly reduced our exposure to the Financial sector, it
remains heavily weighted in the Portfolio. The disappointing performance of
insurer American International Group and leading credit card purveyor Capital
One Financial -- still one of our largest positions -- restrained absolute and
relative returns. Currently, Financial stocks are seductively cheap and we
believe their intermediate term prospects look reasonably good. Longer-term,
however, we have some concern that deteriorating credit quality will negatively
affect the earnings of both the banks and credit card companies. Consequently,
at some point we currently expect to further reduce our exposure to the
Financial sector.
Looking ahead, we fear that the economy may slow more than currently anticipated
by year-end and that, in the second half of 2006, corporate earnings may
disappoint. However, we think this will set the stage for a strong 2007 for
stocks as interest rates start coming back down, the housing market stabilizes
and, ideally, energy prices retreat.
Sincerely,
/s/ ROBERT B. CORMAN
- -----------------------------------
ROBERT B. CORMAN
PORTFOLIO MANAGER
PLEASE NOTE
This will be the last semi-annual letter for the AMT Focus Portfolio, which will
be liquidated on or about September 25, 2006. See Note G for more information.
SECTOR DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Consumer Goods & Services 3.0%
Energy 4.2
Financial Services 29.9
Healthcare 6.3
Machinery & Equipment 3.0
Media & Entertainment 3.2
Retail 10.8%
Technology 34.7
Short-Term Investments 6.5
Liabilities, less cash, receivables
and other assets (1.6)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 5.96% was the cumulative total return for the 6-month period. 6.38% and
24.57% were the average annual total returns for the 1-year and since
inception (08/08/02) periods ended June 30, 2006. 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 June 30, 2006 was $1,095,016.
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 may invest in many securities not included in the above-described
indices.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 and held for the entire
period. The table illustrates the fund's costs in two ways:
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.
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOCUS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ----------------------------------------------------------------
Class S $1,000 $1,059.60 $6.93
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ----------------------------------------------------------------
Class S $1,000 $1,018.06 $6.79
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS FOCUS PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (95.1%)
CONSUMER GOODS & SERVICES (3.0%)
800 Sprint Nextel $ 15,992
400 Vertrue Inc. 17,212*
----------
33,204
ENERGY (4.2%)
600 Canadian Natural Resources 33,228
200 ConocoPhillips 13,106
----------
46,334
FINANCIAL SERVICES (29.9%)
400 American International Group 23,620
1,732 Bank of America 83,309
900 Capital One Financial 76,905
1,250 Citigroup Inc. 60,300
650 J.P. Morgan Chase 27,300
800 Merrill Lynch 55,648
----------
327,082
HEALTH CARE (6.3%)
600 Novartis AG ADR 32,352
1,000 Thermo Electron 36,240*
----------
68,592
MACHINERY & EQUIPMENT (3.0%)
500 American Standard 21,635
400 Tyco International 11,000
----------
32,635
MEDIA & ENTERTAINMENT (3.2%)
700 Comcast Corp. Class A Special 22,946*
350 Viacom Inc. Class B 12,544*
----------
35,490
RETAIL (10.8%)
900 Home Depot 32,211
1,800 Select Comfort 41,346*
900 TJX Cos. 20,574
500 Wal-Mart Stores 24,085
----------
118,216
TECHNOLOGY (34.7%)
900 Advanced Micro Devices 21,978*
1,700 Amdocs Ltd. 62,220*
1,000 Cisco Systems 19,530*
3,000 International Rectifier 117,240*
1,200 Jabil Circuit 30,720
1,400 Microsoft Corp. 32,620
3,900 Nokia Corp. ADR 79,014
700 VeriSign, Inc. 16,219*
----------
379,541
----------
TOTAL COMMON STOCKS
(COST $759,388) 1,041,094
----------
PRINCIPAL AMOUNT MARKET VALUE+
U.S. GOVERNMENT AGENCY SECURITIES (4.6%)
$50,000 Fannie Mae Discount Notes, 5.11%, due 7/5/06
(COST $49,972) $ 49,972#
----------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (1.9%)
21,398 Neuberger Berman Prime Money Fund Trust Class
(COST $21,398) 21,398#@
----------
TOTAL INVESTMENTS (101.6%)
(COST $830,758) 1,112,464##
Liabilities, less cash, receivables and other assets [(1.6%)] (17,448)
----------
TOTAL NET ASSETS (100.0%) $1,095,016
----------
</Table>
See Notes to Financial Statements
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $830,900. Gross unrealized appreciation of investments was
$286,021 and gross unrealized depreciation of investments was $4,457,
resulting in net unrealized appreciation of $281,564, 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOCUS
PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTES A & F)--SEE SCHEDULE OF
INVESTMENTS:
Unaffiliated issuers $1,091,066
Affiliated issuers 21,398
- ------------------------------------------------------------------------------------------
1,112,464
Cash 1
Dividends and interest receivable 283
Receivable for securities sold 1,896
Prepaid expenses and other assets 1
- ------------------------------------------------------------------------------------------
TOTAL ASSETS 1,114,645
- ------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed 46
Payable to investment manager--net (Notes A & B) 491
Payable to administrator--net (Note B) 5,662
Accrued expenses and other payables 13,430
- ------------------------------------------------------------------------------------------
TOTAL LIABILITIES 19,629
- ------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $1,095,016
- ------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 784,291
Undistributed net investment income (loss) 395
Accumulated net realized gains (losses) on investments 28,624
Net unrealized appreciation (depreciation) in value of investments 281,706
- ------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $1,095,016
- ------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 58,785
- ------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 18.63
- ------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 809,360
Affiliated issuers 21,398
TOTAL COST OF INVESTMENTS $ 830,758
- ------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOCUS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 7,613
Interest income--unaffiliated issuers 21
Income from investments in affiliated issuers (Note F) 644
Foreign taxes withheld (335)
- -------------------------------------------------------------------------------
Total income 7,943
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 3,055
Administration fee (Note B) 1,667
Distribution fees (Note B) 1,389
Audit fees 6,800
Custodian fees (Note B) 5,352
Insurance expense 46
Legal fees 178
Shareholder reports 5,658
Trustees' fees and expenses 13,770
Miscellaneous 588
- -------------------------------------------------------------------------------
Total expenses 38,503
Expenses reimbursed by administrator (Note B) (30,940)
Investment management fee waived (Note A) (11)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (7)
- -------------------------------------------------------------------------------
Total net expenses 7,545
- -------------------------------------------------------------------------------
Net investment income (loss) 398
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 28,771
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 32,670
----------------------------------------------------------------------------
Net gain (loss) on investments 61,441
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 61,839
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FOCUS PORTFOLIO
--------------------------
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 398 $ 1,870
Net realized gain (loss) on investments 28,771 98,033
Change in net unrealized appreciation (depreciation) of
investments 32,670 (102,127)
- ---------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 61,839 (2,224)
- ---------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (1,873) --
- ---------------------------------------------------------------------------------------
Net realized gain on investments (98,036) (19,813)
- ---------------------------------------------------------------------------------------
Total distributions to shareholders (99,909) (19,813)
- ---------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 89,965 45,124
Proceeds from reinvestment of dividends and distributions 99,909 19,813
Payments for shares redeemed (95,030) (190,399)
- ---------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 94,844 (125,462)
- ---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 56,774 (147,499)
NET ASSETS:
Beginning of period 1,038,242 1,185,741
- ---------------------------------------------------------------------------------------
End of period $1,095,016 $1,038,242
- ---------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 395 $ 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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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. During the six months ended June 30, 2006 and in
anticipation of the Fund's pending liquidation (see Note G) the Fund has
declared an ordinary and long-term distribution with an ex, record and
payable date of April 27, 2006.
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to act as
agent for the Fund.
11
<Page>
NOTES TO FINANCIAL STATEMENTS FOCUS PORTFOLIO CONT'D
Under the 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). The Fund invests the cash collateral in 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 less fees and expenses associated with the loans. These amounts
are reflected in the Statement of Operations under the caption "Income from
securities loaned." For the six months ended June 30, 2006, the fund had no
securities 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 six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $11 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the six months ended June
30, 2006, income earned under this Arrangement amounted to $644 and is
reflected in the Statement of Operations under the caption "Income from
investments in affiliated issuers."
11 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.55% 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.
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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, 2009 to
reimburse the Fund for its operating expenses (including the fees payable
to Management but excluding interest, taxes, brokerage commissions,
extraordinary expenses, and transaction costs) ("Operating Expenses") which
exceed, in the aggregate, 1.25% per annum of the Fund's average daily net
assets (the "Expense Limitation"). For the six months ended June 30, 2006,
such excess expenses amounted to $30,940. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to Management under this agreement. At June 30, 2006,
contingent liabilities to Management under this agreement were as follows:
EXPIRING IN:
2006 2007 2008 2009 TOTAL
$77,957 $80,604 $89,000 $30,940 $278,501
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.
13
<Page>
NOTES TO FINANCIAL STATEMENTS FOCUS PORTFOLIO CONT'D
The Fund has entered into a commission recapture program, which enables it to
pay some of its operational expenses by recouping a portion of the commissions
it pays to a broker that is not a related party of the Fund. Expenses paid
through this program may include costs of custodial, transfer agency or
accounting services. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $7.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the Fund did not report any
custody credit offsets.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $112,967 and $212,848,
respectively.
During the six months ended June 30, 2006, brokerage commissions on securities
transactions amounted to $450, of which Neuberger received $0, Lehman Brothers
Inc. received $89, and other brokers received $361.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 4,397 2,441
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 5,003 1,131
SHARES REDEEMED (4,779) (9,959)
------ ------
TOTAL 4,621 (6,387)
------ ------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006. During the six months ended June 30, 2006, the Fund did not
utilize this line of credit.
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
IN
BALANCE OF GROSS BALANCE OF AFFILIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 5,363 208,128 192,093 21,398 $21,398 $644
</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.
NOTE G--LIQUIDATION:
On March 15, 2006, the Board of Trustees of the Neuberger Berman Advisers
Management Trust approved a Plan of Liquidation to liquidate and dissolve the
Focus Portfolio. The liquidation, which does not require shareholder approval,
will occur on or about the close of business on September 25, 2006.
NOTE H--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public accounting
firm. Annual reports contain audited financial statements.
15
<Page>
FINANCIAL HIGHLIGHTS FOCUS PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED AUGUST 8, 2002^
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- ------------------------- ---------------
2006 2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $19.17 $19.58 $20.81 $ 11.00 $ 10.00
------ ------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .01 .03 (.02) (.09) (.03)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.25 (0.08) 0.93 10.03 1.03
------ ------ ------ ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.26 (0.05) .91 9.94 1.00
------ ------ ------ ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.03) -- -- -- --
NET CAPITAL GAINS (1.77) (.36) (2.14) (.13) --
------ ------ ------ ------- -------
TOTAL DISTRIBUTIONS (1.80) (.36) (2.14) (.13) --
------ ------ ------ ------- -------
NET ASSET VALUE, END OF PERIOD $18.63 $19.17 $19.58 $ 20.81 $ 11.00
------ ------ ------ ------- -------
TOTAL RETURN++ +5.96%** -0.11% +6.21% +90.42% +10.00%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 1.1 $ 1.0 $ 1.2 $ 1.2 $ 0.2
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.36%* 1.30% 1.30% 1.32% 1.25%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.36%* 1.30% 1.29% 1.29% 1.25%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .07%* .17% (.12%) (.51%) (.69%)*
PORTFOLIO TURNOVER RATE 10%** 45% 33% 101% 63%**
</Table>
See Notes to Financial Highlights
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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.
# 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:
PERIOD FROM
AUGUST 8, 2002
TO DECEMBER 31,
2002
63.28%
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:
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
6.93% 9.44% 8.20% 12.48%
^ The date investment operations commenced.
++ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not Annualized.
17
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 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).
18
<Page>
NEUBERGER | BERMAN
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
GROWTH
PORTFOLIO(R)
B0732 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
GROWTH PORTFOLIO MANAGERS' COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Growth Portfolio provided a
positive return for the six months ended June 30, 2006, outperforming its
benchmark, the Russell Midcap Growth Index. Both sector and stock selection were
beneficial to returns in a market environment that rewarded stocks based on
fundamentals.(1,2)
Security selection was broadly additive versus the benchmark, with large
contributions coming from Energy and Health Care shares. Names that did well in
Energy included companies specializing in exploration, development, equipment
and servicing related to oil and gas, such as Denbury Resources and Maverick
Tube. Within Health Care, biotechnology firms such as Gilead Sciences and
Celgene were strong performers. Security selection within Information Technology
also contributed to relative performance, with Alliance Data Systems and
Cognizant Technology showing particularly strong results. Also beneficial were
holdings in Industrials, Consumer Discretionary and Financials. Lastly, within
the Telecom sector, our emphasis on wireless companies was additive to
performance, due to NII Holdings.
In aggregate, our sector allocation helped relative performance during the
reporting period, with our overweight in Telecom and underweight in Consumer
Discretionary -- among the market's best and worst performing sectors,
respectively -- accounting for much of our outperformance.
In contrast, the largest negative for Portfolio returns during the first half of
2006 was security selection within the Consumer Staples sector, primarily due to
weakness in stocks such as Whole Foods, which was a top performer last year.
In general, the first half of 2006 proved frustrating for many equity investors
as gains were held in check. First and foremost, the relentless increase of
short-term interest rates by the Federal Reserve inhibited stock returns. At
each of its meetings, the central bank raised the Fed Funds rate by 25 basis
points in order to slow the economy and stop inflation from moving higher. In
addition, new Fed Chairman Ben Bernanke has been learning how to lead and
communicate with the financial markets.
Matching the rise in interest rates was an upward move in the price of crude
oil. Economic growth has increased demand for all commodities, while the price
of oil has also responded to growing tensions in the Middle East. Similar to
last year, the Energy sector posted one of the highest returns in the equity
market during the first half of 2006. Higher commodity prices have been pushing
inflation higher (along with interest rates), squeezing consumer disposable
income. Since consumer demand is such an important factor in the economy, any
slowdown in spending will negatively affect overall economic activity and
corporate profitability.
The strong showing by corporations in holding costs in check has contributed to
earnings growth at double-digit rates over the past 16 quarters -- the longest
streak on record. Since the recession lows in 2001, earnings for the S&P 500
Index have more than doubled, while the index has advanced slightly less than
50%. As stock prices have lagged earnings gains, the P/E multiple for the S&P
500 has declined to under 15 times forward estimates. Better stock valuation has
kept the market from experiencing greater declines.
We currently believe that economic growth will slow, but that a recession can be
avoided. We believe the inverted yield curve and corporate spreads are not at
levels that indicate that the economy will experience negative growth. The
corporate sector is financially strong and profit margins are at historically
high levels. Foreign economies are still on a growth path. Our "no recession"
premise also rests on our belief that the Federal Reserve will pause in raising
rates before tight credit materially harms the economy.
We expect the stock market to languish this summer as concerns over the economy
increase and uncertainty about Federal Reserve policies
1
<Page>
remains. However, decent valuations should continue to support stock prices. We
believe that an opportunity for more substantial gains will occur in the fourth
quarter, when there should be more clarity about the economy, Federal Reserve
interest rate policies and the mid-term Congressional election. For now, stock
market frustration may stay with us longer.
In terms of sector allocation, Energy is currently an overweight position due to
short-term geopolitical risks and global growth. We continue to find good growth
potential in the Telecom sector, which remains an overweight as well. Health
Care, because of its defensive and high quality characteristics, is also
favored. We are market weighted in the Financial, Industrial, Information
Technology and Materials sectors. Consumer Discretionary and Staples sectors
remain underweights, given our concerns regarding the financial health of the
American consumer.
Sincerely,
/s/ Jon D. Brorson
- -------------------------------------
JON D. BRORSON
PORTFOLIO MANAGER AND
GROWTH EQUITY GROUP
TEAM LEADER
/s/ Kenneth J. Turek
- -------------------------------------
KENNETH J. TUREK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 2.8%
Basic Materials 1.4
Biotechnology 4.9
Building, Construction & Furnishing 0.3
Business Services 11.7
Cable Systems 0.4
Communications Equipment 1.0
Consumer Discretionary 2.1
Consumer Staples 1.8
Diagnostic Equipment 1.4
Electrical & Electronics 0.5
Energy 9.3
Financial Services 6.2
Food & Beverage 0.9
Hardware 0.4
Health Care 6.3
Industrial 7.8%
Leisure 6.0
Media 1.0
Medical Equipment 6.0
Metals 0.4
Oil & Gas 1.3
Retail 5.8
Semiconductors 5.2
Software 1.7
Technology 5.5
Telecommunications 6.3
Transportation 2.0
Utilities 0.3
Short-Term Investments 7.8
Liabilities, less cash, receivables and other assets (8.5)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 6.60% was the cumulative total return for the 6-month period. 18.84%, 1.81%
and 6.15% were the average annual total returns for the 1-, 5- and 10-year
periods ended June 30, 2006. 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 30% of the total market capitalization of
the Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on market capitalization). Please note that indices do not
take into account any fees and expenses of investing in the individual
securities that they track and that individuals cannot invest directly in
any index. Data about the performance of these indices are prepared or
obtained by NBMI and include reinvestment of all dividends and capital gain
distributions. The Portfolio may invest in many securities not included in
the above-described indices.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ---------------------------------------------------------------
Class I $1,000 $1,066.00 $5.04
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000 $1,019.91 $4.93
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (100.7%)
AEROSPACE (2.8%)
37,500 Precision Castparts $ 2,241,000
47,000 Rockwell Collins 2,625,890E
------------
4,866,890
BASIC MATERIALS (1.4%)
64,000 Airgas Inc. 2,384,000
BIOTECHNOLOGY (4.9%)
90,000 Celgene Corp. 4,268,700*
35,000 Gilead Sciences 2,070,600*
18,300 Myogen, Inc. 530,700*
25,200 Pharmaceutical Product Development 885,024
22,500 Vertex Pharmaceuticals 825,975*
------------
8,580,999
BUILDING, CONSTRUCTION & FURNISHING (0.3%)
12,500 Eagle Materials 593,750
BUSINESS SERVICES (11.7%)
70,000 Alliance Data Systems 4,117,400*
135,000 CB Richard Ellis Group 3,361,500*
35,000 Corporate Executive Board 3,507,000
22,000 Getty Images 1,397,220*
22,000 Iron Mountain 822,360*E
31,500 Laureate Education 1,342,845*
41,900 MasterCard, Inc. Class A 2,011,200*E
45,500 Monster Worldwide 1,941,030*
20,000 Trimble Navigation 892,800*E
30,000 VeriFone Holdings 914,400*E
------------
20,307,755
CABLE SYSTEMS (0.4%)
32,500 Liberty Global Class A 698,750*
COMMUNICATIONS EQUIPMENT (1.0%)
21,000 Harris Corp. 871,710
60,000 Tellabs, Inc. 798,600*
------------
1,670,310
CONSUMER DISCRETIONARY (2.1%)
24,500 Fortune Brands 1,739,745
23,000 Harman International Industries 1,963,510
------------
3,703,255
CONSUMER STAPLES (1.8%)
46,000 Shoppers Drug Mart 1,670,852
22,500 Whole Foods Market 1,454,400
------------
3,125,252
DIAGNOSTIC EQUIPMENT (1.4%)
97,000 Cytyc Corp. 2,459,920*E
ELECTRICAL & ELECTRONICS (0.5%)
35,700 Jabil Circuit 913,920
ENERGY (9.3%)
25,000 Canadian Natural Resources 1,384,500
97,500 Denbury Resources 3,087,825*E
32,000 GlobalSantaFe Corp. 1,848,000
30,000 National-Oilwell Varco 1,899,600*
30,000 Peabody Energy 1,672,500
73,750 Range Resources 2,005,262
50,500 Smith International 2,245,735E
45,000 XTO Energy 1,992,150
------------
16,135,572
FINANCIAL SERVICES (6.2%)
30,000 AmeriCredit Corp. 837,600*
8,000 Chicago Mercantile Exchange 3,929,200
10,000 GFI Group 539,500*
18,000 Legg Mason 1,791,360
36,000 Moody's Corp. 1,960,560
41,500 Nuveen Investments 1,786,575
------------
10,844,795
FOOD & BEVERAGE (0.9%)
17,500 Dean Foods 650,825*
15,500 Hershey Co. 853,585
------------
1,504,410
HARDWARE (0.4%)
18,300 Network Appliance 645,990*E
HEALTH CARE (6.3%)
42,000 Allscripts Healthcare Solutions 737,100*E
55,000 Cerner Corp. 2,041,050*E
20,500 Gen-Probe 1,106,590*
18,500 Healthways, Inc. 973,840*E
18,000 IMS Health 483,300
60,000 Psychiatric Solutions 1,719,600*E
22,900 United Surgical Partners International 688,603*E
68,000 VCA Antech 2,171,240*E
22,500 WellCare Health Plans 1,103,625*E
------------
11,024,948
INDUSTRIAL (7.8%)
34,000 Danaher Corp. 2,186,880
38,000 Dover Corp. 1,878,340E
82,500 Fastenal Co. 3,323,925
15,000 Fluor Corp. 1,393,950E
40,000 Rockwell International 2,880,400
26,000 W.W. Grainger 1,955,980
------------
13,619,475
LEISURE (6.0%)
41,500 Gaylord Entertainment 1,811,060*E
27,500 Hilton Hotels 777,700
72,000 Marriott International 2,744,640E
41,500 Scientific Games Class A 1,478,230*
53,000 Station Casinos 3,608,240
------------
10,419,870
MEDIA (1.0%)
18,500 E.W. Scripps 798,090
5,000 Focus Media Holding ADR 325,800*
10,500 Lamar Advertising 565,530*
------------
1,689,420
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
MEDICAL EQUIPMENT (6.0%)
20,000 C.R. Bard $ 1,465,200
15,000 Conor Medsystems 413,850*E
31,500 Hologic, Inc. 1,554,840*
58,000 Kyphon Inc. 2,224,880*E
56,700 ResMed Inc. 2,662,065*
45,500 Varian Medical Systems 2,154,425*
------------
10,475,260
METALS (0.4%)
8,000 Phelps Dodge 657,280
OIL & GAS (1.3%)
40,000 Dresser-Rand Group 939,200*E
50,000 Western Oil Sands Class A 1,387,444*
------------
2,326,644
RETAIL (5.8%)
19,500 Abercrombie & Fitch 1,080,885
54,500 AnnTaylor Stores 2,364,210*E
111,500 Coach, Inc. 3,333,850*E
68,500 Nordstrom, Inc. 2,500,250
15,000 Polo Ralph Lauren 823,500
------------
10,102,695
SEMICONDUCTORS (5.2%)
57,000 MEMC Electronic Materials 2,137,500*
70,000 Microchip Technology 2,348,500
110,000 Microsemi Corp. 2,681,800*
80,000 PMC-Sierra 752,000*
37,750 Varian Semiconductor Equipment 1,231,028*
------------
9,150,828
SOFTWARE (1.7%)
53,000 Autodesk, Inc. 1,826,380*
18,000 Red Hat 421,200*E
27,500 Salesforce.com, Inc. 733,150*
------------
2,980,730
TECHNOLOGY (5.5%)
26,000 Akamai Technologies 940,940*E
65,000 Arris Group 852,800*
24,000 CACI International 1,399,920*
60,000 Cognizant Technology Solutions 4,042,200*
28,500 CommScope, Inc. 895,470*
18,000 Logitech International ADR 698,040*
40,000 Redback Networks 733,600*E
------------
9,562,970
TELECOMMUNICATIONS (6.3%)
80,000 American Tower 2,489,600*
120,000 Dobson Communications 927,600*
65,000 Leap Wireless International 3,084,250*
25,000 NeuStar, Inc. 843,750*
65,000 NII Holdings 3,664,700*
------------
11,009,900
TRANSPORTATION (2.0%)
66,500 C.H. Robinson Worldwide $ 3,544,450
UTILITIES (0.3%)
17,000 Mirant Corp. 455,600*E
TOTAL COMMON STOCKS
(COST $116,432,355) 175,455,638
------------
SHORT-TERM INVESTMENTS (7.8%)
1 Neuberger Berman
Prime Money Fund
Trust Class 1@
13,589,501 Neuberger Berman
Securities Lending
Quality Fund, LLC 13,589,501++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $13,589,502) 13,589,502#
------------
TOTAL INVESTMENTS (108.5%)
(COST $130,021,857) 189,045,140##
Liabilities, less cash, receivables and other assets [(8.5%)] (14,788,732)
------------
TOTAL NET ASSETS (100.0%) $174,256,408
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $130,389,255. Gross unrealized appreciation of investments was
$60,832,927 and gross unrealized depreciation of investments was
$2,177,042, resulting in net unrealized appreciation of $58,655,885, based
on cost for U.S. federal income tax purposes.
* Non-income producing security.
E 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $ 175,455,638
Affiliated issuers 13,589,502
- -------------------------------------------------------------------------------
189,045,140
Foreign currency 6,518
Dividends and interest receivable 56,586
Receivable for securities sold 2,028,997
Receivable for Fund shares sold 58,564
Receivable for securites lending income (Note A) 48,375
Prepaid expenses and other assets 8,167
- -------------------------------------------------------------------------------
TOTAL ASSETS 191,252,347
- -------------------------------------------------------------------------------
LIABILITIES
Due to custodian 172,498
Payable for collateral on securities loaned (Note A) 13,589,501
Payable for securities purchased 1,490,286
Payable for Fund shares redeemed 1,536,971
Payable to investment manager--net (Notes A & B) 77,075
Payable to administrator (Note B) 42,084
Payable for securities lending fees (Note A) 39,418
Accrued expenses and other payables 48,106
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 16,995,939
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 174,256,408
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 357,597,001
Undistributed net investment income (loss) (223,836)
Accumulated net realized gains (losses) on investments (242,140,289)
Net unrealized appreciation (depreciation) in value of
investments 59,023,532
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 174,256,408
- -------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED) 11,851,005
- -------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.70
- -------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE $ 13,108,924
- -------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $ 116,432,355
Affiliated issuers 13,589,502
- -------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 130,021,857
- -------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 6,301
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 649,724
Income from securities loaned (affiliated issuers $245,644)
(Note F) 60,876
Income from investments in affiliated issuers (Note F) 21,835
Foreign taxes withheld (2,078)
- -------------------------------------------------------------------------------
Total income 730,357
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 533,333
Administration fee (Note B) 290,909
Audit fees 18,841
Custodian fees (Note B) 67,861
Insurance expense 5,052
Legal fees 19,305
Shareholder reports 13,500
Trustees' fees and expenses 13,780
Miscellaneous 1,738
- -------------------------------------------------------------------------------
Total expenses 964,319
Investment management fee waived (Note A) (376)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (9,750)
- -------------------------------------------------------------------------------
Total net expenses 954,193
- -------------------------------------------------------------------------------
Net investment income (loss) (223,836)
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 20,647,658
Foreign currency 1,877
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (6,559,878)
Foreign currency 274
- -------------------------------------------------------------------------------
Net gain (loss) on investments 14,089,931
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $13,866,095
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GROWTH PORTFOLIO
----------------------------
Six Months
Ended Year
June 30, Ended
2006 December 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (Unaudited) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (223,836) $ (1,079,811)
Net realized gain (loss) on investments 20,649,535 21,549,247
Change in net unrealized appreciation (depreciation) of investments (6,559,604) 3,712,340
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 13,866,095 24,181,776
- --------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 8,293,394 7,527,312
Payments for shares redeemed (44,443,922) (43,306,792)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (36,150,528) (35,779,480)
- --------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (22,284,433) (11,597,704)
NET ASSETS:
Beginning of period 196,540,841 208,138,545
- --------------------------------------------------------------------------------------------------
End of period $174,256,408 $196,540,841
- --------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ (223,836) $ --
- --------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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>
NOTES TO FINANCIAL STATEMENTS GROWTH PORTFOLIO CONT'D
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
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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: Effective September 13, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to secure
bids. Pursuant to such arrangements, eSecLending currently acts as lending
agent for the Fund and assisted the Fund in conducting a bidding process to
identify principals that would guarantee a certain amount of revenue to the
Fund.
Under the 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). The Fund invests the cash collateral in 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, where necessary, payment under the guarantee for the Fund,
less fees and expenses associated with the loans. These amounts are
reflected in the Statement of Operations under the caption "Income from
securities loaned."
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 from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $376 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the six months ended June
30, 2006, income earned under this Arrangement amounted to $21,835 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
13
<Page>
NOTES TO FINANCIAL STATEMENTS GROWTH PORTFOLIO CONT'D
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 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, 2009 to
reimburse the Fund for its operating expenses (excluding the fees payable
to Management, interest, taxes, brokerage commissions, extraordinary
expenses, and transaction costs) ("Operating Expenses") which exceed, in
the aggregate, 1.00% per annum of the Fund's average daily net assets (the
"Expense Limitation"). For the six months ended June 30, 2006, no
reimbursement to the Fund was required. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to Management under this agreement. At June 30, 2006,
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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $9,581.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $169.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $39,617,408 and
$73,811,810, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $131,055, of which Neuberger received
$0, Lehman Brothers Inc. received $20,595, and other brokers received
$110,460.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR
ENDED JUNE 30, ENDED DECEMBER 31,
2006 2005
SHARES SOLD 556,056 586,157
SHARES REDEEMED (2,955,813) (3,464,321)
---------- ----------
TOTAL (2,399,757) (2,878,164)
---------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
15
<Page>
NOTES TO FINANCIAL STATEMENTS GROWTH PORTFOLIO CONT'D
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF BALANCE OF IN
SHARES GROSS SHARES AFFILIATED
HELD GROSS SALES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 0 30,681,469 30,681,468 1 $ 1 $ 21,835
Neuberger Berman
Securities Lending
Quality Fund, LLC*** 15,193,101 100,755,100 102,358,700 13,589,501 13,589,501 245,644
----------- --------
TOTAL $13,589,502 $267,479
----------- --------
</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.
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management LLC,
an affiliate of Management, is used to invest cash the Fund receives as
collateral for securities loaned as approved by the Board. Because all
shares of the Quality Fund are held by funds in the related investment
management complex, the Quality Fund may be considered an affiliate of the
Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FINANCIAL HIGHLIGHTS GROWTH PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- ------------------------------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $13.79 $12.15 $10.42 $ 7.93 $11.52 $30.65
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ (.02) (.07) (.06) (.05) (.06) (.07)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .93 1.71 1.79 2.54 (3.53) (7.41)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .91 1.64 1.73 2.49 (3.59) (7.48)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS -- -- -- -- -- (11.65)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $14.70 $13.79 $12.15 $10.42 $ 7.93 $11.52
------ ------ ------ ------ ------ ------
TOTAL RETURN++ +6.60%** +13.50% +16.60% +31.40% -31.16% -30.36%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $174.3 $196.5 $208.1 $214.9 $185.8 $356.2
RATIO OF GROSS EXPENSES TO AVERAGE NET
ASSETS# .99%* 1.00% .96% .94% .96% .89%
RATIO OF NET EXPENSES TO AVERAGE NET
ASSETS .98%Section* .99%Section .94%Section .93%Section .96% .89%
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS (.23%)* (.55%) (.51%) (.58%) (.65%) (.50%)
PORTFOLIO TURNOVER RATE 21%** 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 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.
# 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.
Section 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>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
0.98% 0.99% 0.94% 0.93%
</Table>
* Annualized.
** Not Annualized.
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
19
<Page>
Semi-Annual Report NEUBERGER | BERMAN
June 30, 2006 A LEHMAN BROTHERS COMPANY
Neuberger Berman
Advisers
Management
Trust
Guardian
Portfolio
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
GUARDIAN PORTFOLIO Manager's Commentary
After rallying for the first four months of 2006, stocks declined on investors'
increased concern about inflation and fear that the already lengthy Federal
Reserve tightening cycle would continue. Neuberger Berman Advisers Management
Trust (AMT) Guardian Portfolio performed in line with the S&P 500 Index during
the early rally, but poor performance by the Information Technology (IT) sector
during the selloff ultimately penalized relative returns over the six months
ended June 30, 2006.(1, 2)
During the reporting period, AMT Guardian was overweight in Industrials and our
holdings nearly doubled the return of the S&P 500's Industrials component.
Diversified manufacturer Danaher, trash hauler Waste Management, and Canadian
National Railway were the top performance contributors in the sector. The
Portfolio was overweight in the Consumer Discretionary sector and, due to the
excellent showing of cable television giant Comcast and auto parts maker
BorgWarner, Inc., our holdings outperformed the respective benchmark component.
IT sector investments had the most negative impact on absolute and relative
returns, with National Instruments, Dell and Altera Corp. all appearing on our
bottom-ten contributors list. Returns in the Health Care sector also
disappointed, with long-time holding UnitedHealth Group taking the biggest toll
on performance.
Ironically, Comcast, one of the Portfolio's top performers in the first half,
and National Instruments, one of its worst performers, provide equally good
illustrations of our investment methodology: We start by identifying businesses
we believe have superior three- to five-year secular growth prospects. We then
evaluate the company's business model and monitor how well it is executing on
this model. If we believe in management's business plan and that the company is
meeting its strategic goals, we will hold the stock even if it languishes due to
general market circumstances and/or its industry is temporarily out of favor. If
the stock retreats, we may add to our position at even more opportunistic
prices.
We've owned Comcast for several years and, until the last six months, have had
little to show for it. But, in our opinion, Comcast was doing all the right
things -- spending to fully digitize its network to better compete with the
direct broadcasters and, perhaps more importantly in the long run, in order to
gain a lead over the telephone companies in the race to provide bundled service
that includes high-speed Internet access, video entertainment, and telephone
service. It has taken investors some time to recognize Comcast's much improved
position in the changing communications/media landscape, but now that they have,
we believe that Comcast will be a rewarding investment in the years ahead.
We have also owned National Instruments for several years and it has taken turns
appearing on our top-ten and bottom-ten contributors lists. We bought the
company because its proprietary personal computer based testing and measurement
software was a "disruptive technology," in that it had the same capabilities as
much more expensive customized testing equipment. In addition, over the last
several years, National Instruments has expanded its market through the addition
of software products used in the design process and modular software and
hardware products for testing equipment on the factory floor. Similar to
Comcast, we believe that National Instruments is a particularly well-positioned
secular growth company. We are comfortable owning it despite short-term
dislocations resulting from volatility in the technology sector.
Unfortunately, portfolio performance was also penalized by two companies,
UnitedHealth Group and Altera, both of which were caught up in the employee
stock option controversy. While the final
1
<Page>
results of the inquiries are yet unknown, historical performance suggests that
UnitedHealth Group and Altera are both high quality companies with outstanding
long-term business prospects.
In closing, what we see as a positive economic backdrop for stocks -- moderate
global economic growth, relatively low interest rates, and respectable corporate
earnings growth -- is being obscured by Fed watching and escalating geopolitical
tensions. Once the Federal Reserve lays down its hand, and should geopolitical
tensions ease, we believe that stocks can regain traction. We are finding a lot
of high quality companies that, because of two years of excellent earnings gains
in a sideways stock market, are now in our opinion very attractively priced.
Sincerely,
/s/ Arthur Moretti
----------------------------------------
ARTHUR MORETTI
PORTFOLIO MANAGER
<Table>
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Automotive 5.3%
Banking & Financial 5.4
Cable Systems 7.9
Consumer Discretionary 2.6
Consumer Staples 2.1
Energy 2.2
Financial Services 7.7
Health Products & Services 5.8
Industrial 5.1
Insurance 6.0
Life Science Tools & Supplies 2.8
Media 6.1
Oil & Gas 3.7
Oil Services 0.6%
Pharmaceutical 3.5
Real Estate 1.4
Technology 3.7
Technology-Semiconductor 9.4
Technology-Semiconductor Capital Equipment 3.4
Transportation 3.3
Utilities 4.6
Waste Management 4.5
Short-Term Investments 7.7
Liabilities, less cash, receivables and other assets (4.8)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
1. For Class I, 0.97% was the cumulative total return for the 6-month period.
10.40%, 3.56%, and 8.00% were the average annual total returns for the 1-,
5-year and since inception (11/03/97) periods ended June 30, 2006. For
Class S, 0.86% was the cumulative total return for the 6-month period.
10.23%, 3.36% and 7.88% were the average annual total returns for the
1-year, 5-year and since inception (11/03/97) periods ended June 30, 2006.
Performance shown prior to August 2002 for the Class S shares is that 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. 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.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 and held for the entire
period. The table illustrates the fund's costs in two ways:
ACTUAL EXPENSES AND The first section of the table provides
PERFORMANCE: 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 The second section of the table provides
COMPARISON PURPOSES: 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.
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION As of 6/30/06 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GUARDIAN PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ----------------------------------------------------------------
Class I $1,000 $1,009.70 $4.91
Class S $1,000 $1,008.60 $6.18
</Table>
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES) **
<Table>
<Caption>
- ----------------------------------------------------------------
Class I $1,000 $1,019.91 $4.94
Class S $1,000 $1,018.64 $6.21
</Table>
* For each class of the fund, expenses are equal to the expense ratio for the
class, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS Guardian Portfolio
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (97.1%)
AUTOMOTIVE (5.3%)
65,450 BorgWarner, Inc. $ 4,260,795
38,200 Toyota Motor ADR 3,995,338
------------
8,256,133
BANKING & FINANCIAL (5.4%)
73,550 Bank of New York 2,368,310
104,175 State Street 6,051,526
------------
8,419,836
CABLE SYSTEMS (7.9%)
159,250 Comcast Corp. Class A
Special 5,220,215*
201,220 Liberty Global Class A 4,326,230*
134,920 Liberty Global Class C 2,775,304*E
------------
12,321,749
CONSUMER DISCRETIONARY (2.6%)
60,400 V.F. Corp. 4,102,368
CONSUMER STAPLES (2.1%)
55,700 Costco Wholesale 3,182,141
ENERGY (2.2%)
48,925 BP PLC ADR 3,405,669
FINANCIAL SERVICES (7.7%)
122,675 Citigroup Inc. 5,917,842
54,750 Freddie Mac 3,121,298
20,100 Goldman Sachs 3,023,643
------------
12,062,783
HEALTH PRODUCTS & SERVICES (5.8%)
57,800 Quest Diagnostics 3,463,376E
125,650 UnitedHealth Group 5,626,607
------------
9,089,983
INDUSTRIAL (5.1%)
122,750 Danaher Corp. 7,895,280
INSURANCE (6.0%)
110,800 Progressive Corp. 2,848,668
204,350 Willis Group Holdings 6,559,635
------------
9,408,303
LIFE SCIENCE TOOLS & SUPPLIES (2.8%)
88,200 Affymetrix, Inc. 2,257,920*
34,200 Millipore Corp. 2,154,258*
------------
4,412,178
MEDIA (6.1%)
138,525 E.W. Scripps 5,975,969
206,239 Liberty Media Holding
Interactive Class A 3,559,685*
------------
9,535,654
OIL & GAS (3.7%)
22,400 Cimarex Energy 963,200
96,300 Newfield Exploration 4,712,922*
------------
5,676,122
OIL SERVICES (0.6%)
15,200 Schlumberger Ltd. $ 989,672E
PHARMACEUTICAL (3.5%)
102,050 Novartis AG ADR 5,502,536E
REAL ESTATE (1.4%)
42,025 AMB Property 2,124,364
TECHNOLOGY (3.7%)
211,950 National Instruments 5,807,430
TECHNOLOGY-SEMICONDUCTOR (9.4%)
427,875 Altera Corp. 7,509,206*
235,325 Texas Instruments 7,127,994
------------
14,637,200
TECHNOLOGY-SEMICONDUCTOR CAPITAL
EQUIPMENT (3.4%)
376,375 Teradyne, Inc. 5,242,904*
TRANSPORTATION (3.3%)
117,520 Canadian National Railway 5,141,500
UTILITIES (4.6%)
657,953 National Grid 7,115,885
WASTE MANAGEMENT (4.5%)
41,125 Republic Services 1,658,983
147,950 Waste Management 5,308,446
------------
6,967,429
TOTAL COMMON STOCKS
(COST $117,480,538) 151,297,119
============
SHORT-TERM INVESTMENTS (7.7%)
4,416,817 Neuberger Berman
Prime Money Fund
Trust Class 4,416,817@
7,540,801 Neuberger Berman
Securities Lending
Quality Fund, LLC 7,540,801++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $11,957,618) 11,957,618#
------------
TOTAL INVESTMENTS (104.8%)
(COST $129,438,156) 163,254,737##
Liabilities, less cash, receivables
and other assets [(4.8%)] (7,443,681)
------------
TOTAL NET ASSETS (100.0%) $155,811,056
============
</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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $129,815,685. Gross unrealized appreciation of investments was
$36,151,066 and gross unrealized depreciation of investments was
$2,712,014, resulting in net unrealized appreciation of $33,439,052, based
on cost for U.S. federal income tax purposes.
* Non-income producing security.
E 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 $151,297,119
Affiliated issuers 11,957,618
- -------------------------------------------------------------------------------
163,254,737
Dividends and interest receivable 303,994
Receivable for securities lending income (Note A) 33,526
Receivable for Fund shares sold 36,336
Prepaid expenses and other assets 4,030
- -------------------------------------------------------------------------------
TOTAL ASSETS 163,632,623
- -------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 7,540,801
Payable for Fund shares redeemed 85,083
Payable to investment manager-net (Notes A & B) 70,967
Payable to administrator-net (Note B) 39,021
Payable for securities lending fees (Note A) 33,095
Accrued expenses and other payables 52,600
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 7,821,567
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $155,811,056
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $137,034,949
Undistributed net investment income (loss) 1,263,214
Accumulated net realized gains (losses) on investments (16,302,677)
Net unrealized appreciation (depreciation) in value of
investments 33,815,570
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $155,811,056
- -------------------------------------------------------------------------------
NET ASSETS
Class I $154,935,714
Class S 875,342
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED)
Class I 8,766,243
Class S 49,547
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 17.67
Class S 17.67
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 12,730,888
*COST OF INVESTMENTS:
Unaffiliated issuers $117,480,538
Affiliated issuers 11,957,618
TOTAL COST OF INVESTMENTS $129,438,156
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 997,385
Income from securities loaned (affiliated issuers $183,160)
(Note F) 2,090
Income from investments in affiliated issuers (Note F) 72,483
Foreign taxes withheld (19,809)
- -------------------------------------------------------------------------------
Total income 1,052,149
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 461,756
Administration fee (Note B):
Class I 251,032
Class S 835
Distribution fees (Note B):
Class S 696
Audit fees 18,839
Custodian fees (Note B) 57,424
Insurance expense 3,969
Legal fees 15,546
Shareholder reports 10,705
Trustees' fees and expenses 13,778
Miscellaneous 1,571
- -------------------------------------------------------------------------------
Total expenses 836,151
Expenses reimbursed by administrator (Note B) (1)
Investment management fee waived (Note A) (1,265)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (6,467)
- -------------------------------------------------------------------------------
Total net expenses 828,418
- -------------------------------------------------------------------------------
Net investment income (loss) 223,731
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 9,819,414
Foreign currency (6,337)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (8,003,347)
Foreign currency (85)
- -------------------------------------------------------------------------------
Net gain (loss) on investments 1,809,645
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,033,376
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GUARDIAN PORTFOLIO
---------------------------
SIX MONTHS YEAR
ENDED ENDED
JUNE 30, DECEMBER 31,
2006 2005
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 223,731 $ 1,189,314
Net realized gain (loss) on investments 9,813,077 19,752,554
Change in net unrealized appreciation
(depreciation) of investments (8,003,432) (7,793,870)
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations 2,033,376 13,147,998
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income:
Class I -- (254,084)
----------------------------------------------------------------------------
Total distributions to shareholders -- (254,084)
- -------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 10,682,109 27,119,201
Class S 445,969 141,712
Proceeds from reinvestment of dividends and
distributions:
Class I -- 254,084
Payments for shares redeemed:
Class I (33,052,003) (42,264,657)
Class S (13,440) (12,984)
----------------------------------------------------------------------------
Net increase (decrease) from Fund share
transactions (21,937,365) (14,762,644)
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (19,903,989) (1,868,730)
NET ASSETS:
Beginning of period 175,715,045 177,583,775
- -------------------------------------------------------------------------------
End of period $155,811,056 $175,715,045
- -------------------------------------------------------------------------------
Undistributed net investment income (loss) at end
of period $ 1,263,214 $ 1,039,483
- -------------------------------------------------------------------------------
</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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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 six months
ended June 30, 2006 was $56,512.
10
<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 apart 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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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
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:
2010 2011
$20,299,228 $5,551,133
</Table>
11
<Page>
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. 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 securities lending
agreements on September 13, 2005 with Neuberger Berman, LLC ("Neuberger"),
an affiliate of the Fund, pursuant to which Neuberger acted as the Fund's
lending agent. Under the securities lending agreements, Neuberger
guarantees a certain amount of revenue to the Fund. For the six months
ended June 30, 2006, Neuberger received revenue under the securities
lending agreements of $5,631.
Under the 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). The Fund invests the cash collateral in 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, where necessary, payment under the guarantee for the Fund,
less fees and expenses associated with the loans. These amounts are
reflected in the Statement of Operations under the caption "Income from
securities loaned."
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 six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $1,265 and is reflected in the Statement of Operations under
the caption "Investment management fee waived." For the six months ended
June 30, 2006, income earned under this Arrangement amounted to $72,483
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 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'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
13
<Page>
"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 (excluding the fees
payable to Management (including the fees payable to Management with
respect to the Fund's Class S shares), interest, taxes, brokerage
commissions, extraordinary expenses, and transaction costs) ("Operating
Expenses") which exceed the expense limitation as detailed in the
following table:
<Table>
<Caption>
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE SIX MONTHS ENDED
LIMITATION(1) EXPIRATION JUNE 30, 2006
CLASS I 1.00% 12/31/09 --
CLASS S 1.25% 12/31/09 --
</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,
2012 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 six months ended June 30, 2006, there was no reimbursement to
Management under these agreements. At June 30, 2006, 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 six months ended June 30,
2006, the impact of this arrangement was a reduction of expenses of
$6,383.
14
<Page>
The Fund has an expense offset arrangement in connection with its
custodian contract. For the six months ended June 30, 2006, the impact of
this arrangement was a reduction of expenses of $84.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $25,005,632 and
$45,363,519, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $84,586, of which Neuberger received
$0, Lehman Brothers Inc. received $16,069 and other brokers received
$68,517.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
FOR THE SIX MONTHS ENDED JUNE 30, 2006
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARE SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 591,844 -- (1,838,827) (1,246,983)
CLASS S 24,813 -- (751) 24,062
</Table>
FOR THE YEAR ENDED DECEMBER 31, 2005
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARE SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 1,602,969 15,325 (2,569,093) (950,799)
CLASS S 8,512 -- (786) 7,726
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006. During the six months ended June 30, 2006, the
Fund did not utilize this line of credit.
15
<Page>
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
IN
BALANCE OF BALANCE OF AFFILIATED
SHARES HELD GROSS GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, PURCHASES SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 6,257,131 32,069,226 33,909,540 4,416,817 $ 4,416,817 $ 72,483
Neuberger Berman
Securities Lending
Quality Fund, LLC *** 1,007,600 66,874,300 60,341,099 7,540,801 7,540,801 183,160
----------- --------
TOTAL $11,957,618 $255,643
----------- --------
</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.
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management
LLC, an affiliate of Management, is used to invest cash the Fund
receives as collateral for securities loaned as approved by the
Board. Because all shares of the Quality Fund are held by funds in
the related investment management complex, the Quality Fund may be
considered an affiliate of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from
the records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
16
<Page>
FINANCIAL HIGHLIGHTS 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>
SIX MONTHS ENDED
CLASS I JUNE 30, YEAR ENDED DECEMBER 31,
---------------- -----------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $17.50 $16.17 $ 13.98 $ 10.70 $ 14.64 $15.93
------ ------ ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .02 .12 .04 .03 .10 .11
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .15 1.24 2.17 3.36 (3.95) (.33)
------ ------ ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS .17 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 PERIOD $17.67 $17.50 $ 16.17 $ 13.98 $ 10.70 $14.64
------ ------ ------- ------- ------- -------
TOTAL RETURN++ +0.97%** +8.39% +15.81% +31.76% -26.45% -1.51%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $154.9 $175.3 $ 177.3 $ 169.2 $ 140.3 $190.8
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .99%* 1.00% .98% .97% .98% .99%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS@ .99%* 1.00% .97% .97% .98% .99%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .27%* .71% .25% .25% .81% .74%
PORTFOLIO TURNOVER RATE 15%** 32% 24% 58% 147% 79%
</Table>
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED AUGUST 2, 2002^
CLASS S JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- -------------------------- ---------------
2006 2005 2004 2003 2002
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $17.52 $16.20 $ 14.02 $ 10.69 $11.23
------ ------ ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .01 .09 .00 .00 .03
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .14 1.23 2.18 3.35 (.57)
------ ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS .15 1.32 2.18 3.35 (.54)
------ ------ ------- ------- ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- -- -- (.02) --
------ ------ ------- ------- ------
NET ASSET VALUE, END OF PERIOD $17.67 $17.52 $ 16.20 $ 14.02 $10.69
------ ------ ------- ------- ------
TOTAL RETURN++ +0.86%** +8.15% +15.55% +31.39% -4.81%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 0.9 $ 0.4 $ 0.3 $ 0.1 $ 0.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.25%* 1.25% 1.23% 1.22% 1.24%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS@ 1.24%* 1.24% 1.22% 1.22% 1.24%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .14%* .53% .03% .02% .63%*
PORTFOLIO TURNOVER RATE 15%** 32% 24% 58% 147%O
</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 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.
# 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>
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004
GUARDIAN PORTFOLIO CLASS I 0.99% 1.00% .97%
GUARDIAN PORTFOLIO CLASS S 1.24% 1.26% 1.22%
</Table>
^ The date investment operations commenced.
++ Calculated based on the average number of shares outstanding during each
fiscal period.
O Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2002.
* Annualized.
** Not annualized.
18
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how
the Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 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).
19
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
HIGH
INCOME
BOND
PORTFOLIO
F0323 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
HIGH INCOME BOND PORTFOLIO MANAGERS' COMMENTARY
For the six months ended June 30, 2006, the Neuberger Berman Advisers Management
Trust (AMT) High Income Bond Portfolio posted a slightly positive return.
The Portfolio's benchmark Lehman Brothers Intermediate Ba U.S. High Yield Index,
which represents "upper tier" high yield bonds, produced positive results for
the period, outperforming the 10-year Treasury, investment-grade corporate bonds
and emerging market bonds, despite an increase in the Federal Funds rate to
5.25% since January and ongoing inflation concerns.
Credit spreads in the high yield segment widened modestly in the second half of
the period from levels in the first three months of the year, primarily in
reaction to declines in domestic equity and emerging markets. From a quality
standpoint, lower-rated credits performed mildly better than higher-rated, more
interest rate sensitive issues. We are not surprised at the market's behavior,
considering the rise in interest rates and low level of defaults.
The Portfolio underperformed relative to its benchmark, primarily due to strong
returns in the auto sector, which represent a significant weighting in the
index. Favorable sector returns were achieved in the Homebuilders sector. Select
investments in lower-rated bonds within Health Care and Media minimized the
effect of rising interest rates on the Portfolio's overall return.
We continue to anticipate that 2006 will prove to be a relatively good year for
high yield issues. We believe that default rates will continue to remain low and
that spreads will continue to stabilize. Some sectors, such as housing, may see
wider spreads in response to a slowdown in industry-specific growth. In terms of
quality and sector positioning, we expect that, over the next 12 months,
defensive industries should outperform cyclical industries. We expect to
continue to position the Portfolio in issuers that, in our opinion, present the
best relative value by sector and quality tier.
Sincerely,
/s/ ANN H. BENJAMIN AND THOMAS P. O'REILLY
- ------------------------------------------
ANN H. BENJAMIN AND THOMAS P. O'REILLY
SENIOR PORTFOLIO MANAGERS
RATING DIVERSIFICATION
(% BY RATINGS)
<Table>
AAA/Government/Government Agency 0.0%
AA 0.0
A 0.0
BBB 3.4
BB 54.2
B 38.9
CCC 0.0%
CC 0.0
C 0.0
D 0.0
Not Rated 1.0
Short Term 2.5
</Table>
1
<Page>
ENDNOTES
(1.) 0.10% was the cumulative total return for the 6-month period. 1.10% and
2.09% were the average annual total returns for the 1-year and since
inception (9/15/04) periods ended June 30, 2006. 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 these
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 NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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.
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ---------------------------------------------------------------
Class S $1,000 $1,001.00 $5.60
<Caption>
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class S $1,000 $1,019.20 $5.65
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
3
<Page>
SCHEDULE OF INVESTMENTS HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
PRINCIPAL AMOUNT RATING VALUE +
MOODY'S S&P
CORPORATE DEBT SECURITIES (95.9%)
$ 50,000 AES Corp., Senior Secured Notes, 8.75%, due 5/15/13 Ba3 BB- $ 53,500n
5,000 AES Corp., Senior Notes, 7.75%, due 3/1/14 B1 B 5,025
40,000 Airgas, Inc., Senior Subordinated Notes, 9.13%,
due 10/1/11 Ba2 BB- 41,850
30,000 Allied Waste North America, Inc., Secured Notes,
6.50%, due 11/15/10 B2 BB- 28,950
45,000 Allied Waste North America, Inc., Guaranteed Senior
Secured Notes, Ser. B, 9.25%, due 9/1/12 B2 BB- 47,700
20,000 AMC Entertainment, Inc., Guaranteed Notes, Ser. B,
8.63%, due 8/15/12 B2 B- 20,550
35,000 American Real Estate Partners L.P., Senior Notes,
8.13%, due 6/1/12 Ba2 BB 34,913
45,000 AmeriGas Partners L.P., Senior Unsecured Notes,
7.25%, due 5/20/15 B1 42,525
60,000 Arch Western Finance Corp., Senior Notes, 6.75%,
due 7/1/13 Ba3 BB- 57,450
25,000 Autonation, Inc., Guaranteed Notes, 7.00%, due 4/15/14 Ba2 BB+ 24,625n
20,000 Ball Corp., Guaranteed Notes, 6.88%, due 12/15/12 Ba2 BB 19,600
20,000 Biovail Corp., Senior Subordinated Notes, 7.88%,
due 4/1/10 B2 BB- 20,250
30,000 Bowater, Inc., Debentures, 9.00%, due 8/1/09 B1 B+ 30,450
15,000 Caesars Entertainment, Senior Notes, 7.50%, due 9/1/09 Baa3 BBB- 15,573
20,000 Caesars Entertainment, Senior Subordinated Notes,
8.13%, due 5/15/11 Ba1 BB+ 21,075
5,000 Charter Communications Operating LLC, Senior Notes,
8.00%, due 4/30/12 B2 B- 4,975n
70,000 Chesapeake Energy Corp., Senior Unsecured Notes,
7.63%, due 7/15/13 Ba2 BB 70,266
20,000 Chesapeake Energy Corp., Senior Notes, 7.00%, due 8/15/14 Ba2 BB 19,350
20,000 Chukchansi Economic Development Authority, Senior
Notes, 8.00%, due 11/15/13 B2 BB- 20,125n
50,000 CMS Energy Corp., Senior Notes, 7.75%, due 8/1/10 B1 B+ 50,750
40,000 Crown Americas, Senior Notes, 7.75%, due 11/15/15 B1 B 39,400n
65,000 CSC Holdings, Inc., Senior Notes, Ser. B, 8.13%, due 7/15/09 B2 B+ 66,137
40,000 Dean Foods Co., Senior Notes, 6.63%, due 5/15/09 Ba2 BB- 39,700
20,000 Dean Foods Co., Guaranteed Notes, 7.00%, due 6/1/16 Ba2 BB- 19,350
25,000 Dex Media West LLC, Senior Subordinated Notes, Ser. B,
9.88%, due 8/15/13 B2 B 27,094
70,000 Dex Media, Inc., Notes, 8.00%, due 11/15/13 B3 B 70,350
55,000 DirecTV Holdings LLC, Senior Notes, 8.38%, due 3/15/13 Ba2 BB- 57,612
40,000 Dobson Cellular Systems, Secured Notes, 8.38%,
due 11/1/11 B1 B 41,100
20,000 Dollarama Group L.P., Senior Subordinated Notes,
8.88%, due 8/15/12 B3 B- 20,100n
20,000 Dycom Industries, Inc., Notes, 8.13%, due 10/15/15 Ba3 B+ 20,050
25,000 EchoStar DBS Corp., Senior Notes, 5.75%, due 10/1/08 Ba3 BB- 24,438
15,000 EchoStar DBS Corp., Guaranteed Notes, 6.63%, due 10/1/14 Ba3 BB- 14,100
20,000 EchoStar DBS Corp., Guaranteed Notes, 7.13%, due 2/1/16 Ba3 BB- 19,250n
45,000 El Paso Natural Gas Co., Senior Notes, Ser. A, 7.63%,
due 8/1/10 Ba2 B+ 45,788
20,000 Elan Financial PLC, Guaranteed Floating Rate
Notes, 9.17%, due 8/15/06 B3 B 20,200u
50,000 Equistar Chemicals, L.P., Senior Notes, 10.63%, due 5/1/11 B1 BB- 53,687
</Table>
See Notes to Schedule of Investments
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL AMOUNT RATING VALUE +
MOODY'S S&P
$ 50,000 Ferrellgas L.P., Senior Notes, 6.75%, due 5/1/14 Ba3 B+ $ 47,375
50,000 Flextronics Intl., Ltd., Senior Subordinated Notes,
6.50%, due 5/15/13 Ba2 BB- 47,500
70,000 Ford Motor Credit Co., Senior Notes, 4.95%, due 1/15/08 Ba2 BB- 65,895
70,000 Ford Motor Credit Co., Bonds, 7.38%, due 2/1/11 Ba2 BB- 62,679
40,000 Forest Oil Corp., Guaranteed Senior Notes, 7.75%,
due 5/1/14 Ba3 B+ 40,100
50,000 Freescale Semiconductor, Inc., Senior Notes, 7.13%,
due 7/15/14 Ba1 BBB- 50,500
85,000 General Motors Acceptance Corp., Notes, 6.13%,
due 1/22/08 Ba1 BB 83,323OO
25,000 General Motors Acceptance Corp., Notes, 5.13%, due 5/9/08 Ba1 BB 23,950
70,000 General Motors Acceptance Corp., Notes, 6.88%, due 9/15/11 Ba1 BB 66,791
15,000 General Motors Acceptance Corp., Notes, 7.00%, due 2/1/12 Ba1 BB 14,238
20,000 General Motors Corp., Senior Unsecured Debentures,
8.25%, due 7/15/23 Caa1 B- 15,750
30,000 Goodyear Tire & Rubber Co., Senior Notes, 9.00%,
due 7/1/15 B3 B- 28,650
20,000 Grant Prideco, Inc., Senior Unsecured Notes, Ser. B,
6.13%, due 8/15/15 Ba1 BB 18,650
10,000 GSC Holdings Corp., Guaranteed Notes, 8.00%, due 10/1/12 Ba3 B+ 10,000
75,000 HCA, Inc., Senior Unsecured Notes, 5.50%, due 12/1/09 Ba2 BB+ 72,274
50,000 Host Marriott L.P., Senior Notes, 7.13%, due 11/1/13 Ba2 BB 49,812
40,000 IMC Global, Inc., Guaranteed Notes, Ser. B, 10.88%,
due 6/1/08 Ba3 BB 42,600
80,000 Intelsat Subsidiary Holdings Co. Ltd., Guaranteed Notes,
8.63%, due 1/15/15 B2 B+ 80,200
35,000 Jean Coutu Group PJC, Inc., Senior Notes, 7.63%,
due 8/1/12 B3 B- 33,950
30,000 Kerr-McGee Corp., Secured Notes, 6.88%, due 9/15/11 Ba2 BB+ 31,004
30,000 Knowledge Learning Center, Guaranteed Notes, 7.75%,
due 2/1/15 B3 B- 27,450n
60,000 L-3 Communications Corp., Guaranteed Senior
Subordinated Notes, 7.63%, due 6/15/12 Ba3 BB+ 60,900
10,000 L-3 Communications Corp., Senior Subordinated Notes,
5.88%, due 1/15/15 Ba3 BB+ 9,325
15,000 Lamar Media Corp., Guaranteed Notes, 7.25%, due 1/1/13 Ba3 B 14,663
20,000 LIN Television Corp., Senior Subordinated Notes, 6.50%,
due 5/15/13 B1 B- 18,250
10,000 LIN Television Corp., Guaranteed Notes, 6.50%,
due 5/15/13 B1 B- 9,125
20,000 Majestic Star Casino LLC, Guaranteed Notes, 9.50%,
due 10/15/10 B2 BB- 20,950
40,000 Massey Energy Co., Senior Notes, 6.63%, due 11/15/10 B1 BB- 39,400
10,000 Massey Energy Co., Senior Guaranteed Notes, 6.88%,
due 12/15/13 B1 BB- 9,300
10,000 Mediacom Broadband LLC, Senior Notes, 8.50%, due 10/15/15 B2 B 9,600
15,000 Mediacom Capital Corp. LLC, Senior Unsecured Notes,
9.50%, due 1/15/13 B3 B 14,925
30,000 Methanex Corp., Senior Notes, 8.75%, due 8/15/12 Ba1 BBB- 32,213
35,000 MGM Mirage, Inc., Senior Guaranteed Notes, 6.00%,
due 10/1/09 Ba2 BB 34,038
25,000 MidWest Generation LLC, Pass-Through Certificates, Ser. A,
8.30%, due 7/2/09 B1 B+ 25,375
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING VALUE +
MOODY'S S&P
$ 40,000 Mirant Americas Generation, Inc., Senior Unsecured Notes,
8.30%, due 5/1/11 B2 B- $ 39,500
50,000 Mohegan Tribal Gaming, Senior Subordinated Notes,
6.38%, due 7/15/09 Ba3 B+ 48,687
20,000 Mohegan Tribal Gaming, Senior Subordinated Notes,
8.00%, due 4/1/12 Ba3 B+ 20,325
40,000 Monitronics International, Inc., Senior Subordinated Notes,
11.75%, due 9/1/10 B3 B- 39,450
30,000 Mylan Laboratories, Inc., Senior Guaranteed Notes, 6.38%,
due 8/15/15 Ba1 BB+ 28,650
50,000 Newfield Exploration Co., Senior Notes, 7.63%,
due 3/1/11 Ba2 BB+ 50,625
30,000 Newfield Exploration Co., Senior Subordinated Notes,
6.63%, due 4/15/16 Ba3 BB- 28,275
75,000 Nordic Telephone Co. Holdings, Senior Notes, 8.88%,
due 5/1/16 B2 B 77,062n
20,000 NRG Energy, Inc., Senior Notes, 7.38%, due 2/1/16 B1 B- 19,500
20,000 Owens-Brockway Glass Container, Inc., Guaranteed Senior
Notes, 8.88%, due 2/15/09 B1 BB- 20,600
60,000 Peabody Energy Corp., Guaranteed Senior Notes, Ser. B,
6.88%, due 3/15/13 Ba2 BB- 58,950
30,000 Plains E&P Co., Senior Notes, 7.13%, due 6/15/14 Ba2 BB- 29,550
30,000 Pokagon Gaming Authority, Senior Notes, 10.38%,
due 6/15/14 B3 B 31,239n
30,000 PQ Corp., Guaranteed Notes, 7.50%, due 2/15/13 B3 B- 28,200
20,000 Pride International, Inc., Senior Notes, 7.38%, due 7/15/14 Ba2 BB- 20,100
45,000 Primedia, Inc., Guaranteed Notes, 8.88%, due 5/15/11 B2 B 43,200
20,000 Qwest Corp., Senior Notes, 7.88%, due 9/1/11 Ba3 BB 20,250
70,000 Qwest Corp., Notes, 8.88%, due 3/15/12 Ba3 BB 73,850
50,000 Rogers Cable, Inc., Secured Notes, 7.88%, due 5/1/12 Ba2 BB+ 51,125
50,000 Rogers Wireless, Inc., Secured Notes, 7.25%, due 12/15/12 Ba2 BB 50,375
25,000 Royal Caribbean Cruises, Senior Notes, 8.00%, due 5/15/10 Ba1 BBB- 26,137
20,000 Royal Caribbean Cruises, Senior Notes, 7.00%, due 6/15/13 Ba1 BBB- 19,650
15,000 San Pasqual Casino, Notes, 8.00%, due 9/15/13 B2 B+ 14,963n
25,000 Select Medical Corp., Guaranteed Notes, 7.63%, due 2/1/15 B3 B- 21,750
25,000 Sensata Technologies BV, Senior Notes, 8.00%, due 5/1/14 B2 B- 24,125n
55,000 Service Corp. International, Senior Notes, 7.70%,
due 4/15/09 Ba3 BB 55,275
50,000 Shaw Communications, Inc., Senior Notes, 8.25%, due 4/11/10 Ba2 BB+ 51,625
35,000 Sierra Pacific Power Co., General Refunding Mortgage Notes,
6.25%, due 4/15/12 Ba1 BB 34,399
10,000 Starwood Hotels & Resorts Worldwide, Inc., Guaranteed
Notes, 7.38%, due 5/1/07 Ba1 BB+ 10,063
55,000 Station Casinos, Senior Notes, 6.00%, due 4/1/12 Ba2 BB- 51,494
10,000 Station Casinos, Senior Subordinated Notes, 6.88%,
due 3/1/16 Ba3 B+ 9,325
40,000 Stena AB, Senior Notes, 7.00%, due 12/1/16 Ba3 BB- 36,800
50,000 Stewart Enterprises, Senior Notes, 6.25%, due 2/15/13 B1 B+ 45,563
10,000 Sungard Data Systems, Inc., Senior Unsecured Notes, 9.13%,
due 8/15/13 B3 B- 10,375n
15,000 Targa Resources, Inc., Guaranteed Notes, 8.50%, due 11/1/13 B2 B- 14,475n
55,000 TECO Energy, Inc., Senior Notes, 7.50%, due 6/15/10 Ba2 BB 56,100
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
<Table>
<Caption>
PRINCIPAL AMOUNT RATING VALUE +
MOODY'S S&P
$ 20,000 Transcontinental Gas Pipe Line Corp., Notes, Ser. B, 7.00%,
due 8/15/11 Ba1 BB- $ 20,200
20,000 Transcontinental Gas Pipe Line Corp., Senior Notes, 6.40%,
due 4/15/16 Ba1 BB- 19,150n
10,000 Triad Hospitals, Inc., Senior Subordinated Notes, 7.00%,
due 11/15/13 B3 B+ 9,725
60,000 TXU Corp., Senior Notes, Ser. 0, 4.80%, due 11/15/09 Ba1 BB+ 57,081
20,000 United Rentals NA, Inc., Guaranteed Notes, 6.50%,
due 2/15/12 B3 B+ 18,900
60,000 US Oncology, Inc., Guaranteed Notes, 9.00%, due 8/15/12 B1 B- 62,400
50,000 Ventas Realty L.P., Guaranteed Notes, 6.75%, due 6/1/10 Ba2 BB+ 49,500
10,000 Ventas Realty L.P., Guaranteed Notes, 7.13%, due 6/1/15 Ba2 BB+ 10,000
50,000 Videotron Ltee, Guaranteed Notes, 6.38%, due 12/15/15 Ba3 B+ 45,625
50,000 Warner Music Group, Senior Subordinated Notes, 7.38%,
due 4/15/14 B2 B- 48,500
45,000 Windstream Corp., Senior Notes, 8.13%, due 8/1/13 Ba3 BB- 46,125nO
30,000 Windstream Corp., Senior Notes, 8.63%, due 8/1/16 Ba3 BB- 30,713nO
30,000 Xerox Corp., Senior Notes, 7.63%, due 6/15/13 Ba2 BB+ 30,225
----------
TOTAL CORPORATE DEBT SECURITIES
(COST $4,256,005) 4,128,389
----------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (3.9%)
166,019 Neuberger Berman Prime Money Fund Trust Class
(COST $166,019) 166,019#@
----------
TOTAL INVESTMENTS (99.8%)
(COST $4,422,024) 4,294,408##
----------
Cash, receivables and other assets, less liabilities (0.2%) 10,238
----------
TOTAL NET ASSETS (100.0%) $4,304,646
----------
</Table>
See Notes to Schedule of Investments
7
<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. During the period of this report, foreign security prices
were translated from the local currency into U.S. dollars using the
exchange rate as of 12:00 noon, Eastern time. Beginning July 10, 2006, the
exchange rate as of 4:00 p.m., Eastern time, will be used. Short-term debt
securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $4,422,519. Gross unrealized appreciation of investments was
$8,086 and gross unrealized depreciation of investments was $136,197,
resulting in net unrealized depreciation of $128,111, based on cost for
U.S. federal income tax purposes.
n 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 investment manager to be liquid. At June 30,
2006, these securities amounted to $477,652 or 11.1% of net assets for the
Fund.
O All or a portion of this security was purchased on a when-issued basis. At
June 30, 2006, these securities amounted to $76,838 or 1.8% of net assets.
OO All or a portion of this security is segregated as collateral for
when-issued purchase commitments.
@ 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.
u 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 June 30, 2006.
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME
BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*
(NOTE A)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $4,128,389
Affiliated issuers 166,019
- -------------------------------------------------------------------------------
4,294,408
Cash 39
- -------------------------------------------------------------------------------
Interest receivable 80,035
- -------------------------------------------------------------------------------
Receivable for securities sold 14,628
Receivable from administrator--net (Note B) 13,537
Prepaid expenses and other assets 97
- -------------------------------------------------------------------------------
TOTAL ASSETS 4,402,744
- -------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 79,264
Payable for Fund shares redeemed 739
- -------------------------------------------------------------------------------
Payable to investment manager (Note B) 1,679
Accrued expenses and other payables 16,416
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 98,098
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $4,304,646
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $4,427,947
Undistributed net investment income (loss) 128,037
- -------------------------------------------------------------------------------
Accumulated net realized gains (losses) on investments (123,722)
Net unrealized appreciation (depreciation) in value of
investments (127,616)
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $4,304,646
- -------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED) 443,882
- -------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 9.70
- -------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $4,256,005
Affiliated issuers 166,019
- -------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $4,422,024
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME
BOND PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 146,278
Income from investments in affiliated issuers (Note F) 2,554
Foreign taxes withheld (43)
- ------------------------------------------------------------------------------
Total income 148,789
- ------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Note B) 9,939
Administration fee (Note B) 6,211
Audit fees 9,479
Custodian fees (Note B) 16,930
Distribution fees (Note B) 5,177
Insurance expense 77
Legal fees 821
Shareholder reports 5,507
Trustees' fees and expenses 13,781
Miscellaneous 4,155
- ------------------------------------------------------------------------------
Total expenses 72,077
Expenses reimbursed by administrator (Note B) (48,337)
Investment management fee waived (Note A) (45)
Expenses reduced by custodian fee expense offset arrangement
(Note B) (367)
- ------------------------------------------------------------------------------
Total net expenses 23,328
- ------------------------------------------------------------------------------
Net investment income (loss) 125,461
- ------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (56,534)
Change in net unrealized appreciation (depreciation) in value
of:
Unaffiliated investment securities (66,165)
Net gain (loss) on investments (122,699)
- ------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 2,762
- ------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
HIGH INCOME BOND PORTFOLIO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 125,461 $ 181,657
Net realized gain (loss) on investments (56,534) (67,188)
Change in net unrealized appreciation (depreciation) of investments (66,165) (67,133)
- -----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 2,762 47,336
- -----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (179,075)
Net realized gain on investments -- (23,362)
- -----------------------------------------------------------------------------------------------
Total distributions to shareholders -- (202,437)
- -----------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceed from shares sold 459,426 940,064
Proceeds from reinvestment of dividends and distributions -- 202,437
Payments for shares redeemed (173,659) (44,408)
- -----------------------------------------------------------------------------------------------
Net Increase (Decrease) from Fund share transactions 285,767 1,098,093
- -----------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 288,529 942,992
NET ASSETS:
Beginning of period 4,016,117 3,073,125
- -----------------------------------------------------------------------------------------------
End of period $4,304,646 $4,016,117
- -----------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 128,037 $ 2,576
- -----------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<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 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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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.
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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.
13
<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 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT INC.:
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the Fund may invest in a money market fund managed by
Management or an affiliate. The Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $45 and is reflected in the Statement of Operations under the
caption "Investment management fee waived." For the six months ended June
30, 2006, income earned under this Arrangement amounted to $2,554 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.
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.48% of its average daily net
assets.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street Bank and Trust Company
("State Street") as its sub-administrator under a Sub-Administration
Agreement. Management pays State Street a fee for all services received
under this agreement.
Management acts as agent in arranging for the sale of Fund shares without
commission and bears advertising and promotion expenses. The Board has
adopted a distribution plan (the "Plan") with respect to the Fund, pursuant
to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation
for administrative and other services provided to the Fund, Management's
activities and expenses related to the sale and distribution of the Fund's
shares, and ongoing services provided to investors in the Fund, Management
receives from the Fund a fee at the annual rate of 0.25% of the Fund's
average daily net assets. Management receives this amount to provide
distribution and shareholder servicing for the Fund and pays a portion of
it to institutions that provide such services. Those institutions may use
the payments for, 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, 2009 to
reimburse the Fund for its operating expenses (including the fees payable
to Management but excluding interest, taxes, brokerage commissions,
extraordinary expenses, and transaction costs) ("Operating Expenses") which
exceed, in the aggregate, 1.10% per annum of the Fund's average daily net
assets (the "Expense Limitation"). For the six months ended June 30, 2006,
such excess expenses amounted to $48,337. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to
15
<Page>
Management under this agreement. At June 30, 2006, contingent liabilities
to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2007 2008 2009 TOTAL
$31,571 $90,516 $48,337 $170,424
</Table>
Management and Neuberger Berman, LLC ("Neuberger"), a member firm of the
New York Stock Exchange and sub-adviser to the Fund, are wholly-owned
subsidiaries of Lehman Brothers Holdings Inc., a publicly-owned holding
company. Neuberger is retained by Management to furnish it with investment
recommendations and research information without added cost to the Fund.
Several individuals who are officers and/or Trustees of the Trust are also
employees of Neuberger and/or Management.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $367.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities for the six months ended June 30, 2006 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 AGENCY AND AGENCY AND AGENCY AND AGENCY
OBLIGATIONS OBLIGATIONS OBLIGATIONS OBLIGATIONS
$-- $3,060,972 $-- $2,447,061
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, DECEMBER 31,
2006 2005
SHARES SOLD 47,095 93,679
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 20,850
SHARES REDEEMED (17,798) (4,502)
------- -------
TOTAL 29,297 110,027
------- -------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
the net assets of all participants at the time the fee is due and payable.
The fee is paid quarterly in arrears. No compensating balance is required.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at June 30, 2006. During the six months
ended June 30, 2006, the Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
IN
BALANCE OF GROSS BALANCE OF AFFILIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime
Money Fund Trust Class** -- 1,459,967 1,293,948 166,019 $166,019 $2,554
</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.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
17
<Page>
FINANCIAL HIGHLIGHTS HIGH INCOME BOND PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
PERIOD FROM
SIX MONTHS YEAR ENDED SEPTEMBER 15, 2004^
ENDED JUNE 30, DECEMBER 31, TO DECEMBER 31,
-------------- ------------ -------------------
2006 2005 2004
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.69 $10.09 $10.00
------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .29 .54 .13
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.28) (.42) .11
------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .01 .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 $ 9.70 $ 9.69 $10.09
------ ------ ------
TOTAL RETURN++ +0.10%** +1.20% +2.43%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 4.3 $ 4.0 $ 3.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS(#) 1.14%* 1.14% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.12%* 1.11% 1.10%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 6.06%* 5.33% 4.39%*
PORTFOLIO TURNOVER RATE 61%** 143% 104%**
</Table>
See Notes to Financial Highlights
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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
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.
# 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 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>
PERIOD FROM
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 15, 2004 TO
JUNE 30, DECEMBER 31, DECEMBER 31,
2006 2005 2004
3.46% 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.
19
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 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).
20
<Page>
Semi-Annual Report
June 30, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
INTERNATIONAL
PORTFOLIO(R)
F0324 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
INTERNATIONAL PORTFOLIO MANAGER'S COMMENTARY
International stocks continued to outpace U.S. equities in the six months ended
June 30, 2006, with the MSCI EAFE Index more than tripling the return of the S&P
500 Index. Due in large part to the disappointing performance of Information
Technology (IT) sector investments (Advanced Digital Broadcast Holdings and
Brother Industries), the Neuberger Berman Advisers Management Trust (AMT)
International Portfolio modestly lagged its EAFE benchmark. The Portfolio's
larger than normal cash allocation (a result of money coming in from its growing
shareholder base) also restrained relative returns.(1), (2)
Although energy stocks were quite volatile, collectively our energy holdings
made the largest performance contribution. The Portfolio was nearly
triple-weighted in Energy versus the EAFE benchmark and our energy stocks
materially outperformed the return from EAFE's Energy component. Positions in
non-EAFE energy companies in Brazil (Petroleo Brasileiro) and Argentina
(Tenaris), both of which appeared on our top-ten contributors list, bolstered
performance. The fact that we favored more focused companies, which
significantly outperformed the sector, also enhanced relative returns.
Buoyed by the strong performance of the U.K.'s RPS Group, an environmental
consultant to the utilities industry, Industrial sector holdings generated
returns above the market average. The Portfolio was nearly double-weighted in
the Consumer Discretionary sector and our holdings significantly outperformed
the respective EAFE benchmark component. Three Consumer Discretionary sector
holdings (German auto maker Porsche, Swedish kitchen cabinet and countertop
distributor Nobia AB, and U.K. furniture manufacturer and retailer MFI Furniture
Group) made our top-ten contributors list.
IT sector investments disappointed, with Switzerland's Advanced Digital
performing the worst of all Portfolio holdings. Advanced Digital is developing
new cutting edge technology for set-top boxes used to deliver Internet Protocol
(IP) television. The stock was hit hard due to a delay in bringing the product
to market. We believe that Advanced Digital has exceptional growth potential,
but we are currently reevaluating the company's execution capability before
deciding whether to add to or maintain the position.
Relative returns were also penalized by our zero weighting in the Utilities
sector, which, due primarily to consolidation in the European utilities
industry, was the EAFE's best performing sector in the first half of 2006. Our
aversion to stocks in highly regulated, low growth, capital intensive industries
is the reason we have avoided and will very likely continue to avoid, the
Utilities sector.
On a geographical basis, the Portfolio benefited from its significant
underweighting in the flat Japanese stock market. For the foreseeable future, we
will likely remain underweighted in Japan, where both fundamental and valuation
issues inspire our caution. The Portfolio's overweighting in Ireland continued
to enhance relative performance. Returns from U.K. investments, highlighted by
top-ten contributors Kensington Group (sub-prime mortgage lender) and the
aforementioned RPS and MFI Furniture, also generated favorable returns.
Last year, the Portfolio's non-EAFE investments excelled. In the first half of
2006, however, the Portfolio's average exposure to non-EAFE stock markets --
10.1% of assets in Canada, 5.6% in Brazil, 2.0% in Korea, and 1% in Argentina --
restrained relative returns. The commodities oriented Canadian stock market
significantly underperformed the EAFE, and emerging market stocks were hit
especially hard when the U.S. market began to sell off in May. Despite the fact
1
<Page>
that non-EAFE holdings disappointed during the reporting period, we expect to
benefit from attractive investment opportunities in non-EAFE markets over the
longer term.
International stocks' strong performance in recent years has not gone unnoticed.
The sizable inflow of investment capital into international equity markets has
resulted in rising valuations relative to earnings growth potential. Although,
overall, international equity markets may be close to fair value, we continue to
find compelling investment opportunities. Over the near term, our enthusiasm is
tempered by continued geopolitical tensions, the potential negative impact of
protectionist sentiment in the U.S. and Europe, and rising interest rates
resulting from synchronized monetary tightening in the U.S., Europe and Japan.
While the near-term outlook for international equities markets may be hazy, we
are confident that our research driven, stock specific approach can deliver
superior returns.
Sincerely,
/s/ BENJAMIN SEGAL
- -----------------------------
BENJAMIN SEGAL
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automobiles & Components 6.2%
Banks 11.6
Capital Goods 4.3
Chemicals 1.8
Commercial Services & Supplies 4.3
Construction Materials 3.1
Consumer Discretionary 2.6
Consumer Durables & Apparel 3.5
Consumer Staples 0.6
Diversified Financials 0.9
Electric Utilities 0.4
Energy 2.6
Energy Services & Equipment 3.0
Financial Services 2.5
Food, Beverage & Tobacco 3.4
Health Care Equipment & Services 1.1
Hotels, Restaurants & Leisure 5.2
Household & Personal Products 0.5
Insurance 0.1%
Materials 0.3
Materials - Metals & Mining 2.6
Media 3.0
Medical Equipment 0.1
Oil & Gas 17.6
Pharmaceuticals & Biotechnology 1.2
Real Estate 0.4
Retailing 1.1
Technology 0.5
Technology - Hardware 5.2
Technology - Software 0.4
Telecommunications - Diversified 0.5
Telecommunications - Wireless 4.0
Short-Term Investments 11.6
Liabilities, less cash, receivables and other assets (6.2)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 9.67% was the cumulative total return for the 6-month period. 23.79%
and 24.15% were the average annual total returns for the 1-year and
since inception (4/29/05) periods ended June 30, 2006. 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
NBMI's own projections, and they may or may not be realized. In
addition, any revision to a forecast could affect the market price of
a security. By quoting them herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as redemption fees
or fees and expenses of the variable annuity and variable life insurance
policies or the pension plans. Therefore, the information under the heading
"Hypothetical (5% annual return before expenses)" is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST INTERNATIONAL PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- --------------------------------------------------------------------------------
CLASS S $1,000 $1,096.70 $7.80
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- --------------------------------------------------------------------------------
CLASS S $1,000 $1,017.36 $7.50
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (89.2%)
ARGENTINA (1.2%)
22,525 Tenaris SA ADR $ 912,037
AUSTRALIA (4.8%)
798,570 Hardman Resources 1,007,656*
291,080 Paladin Resources 887,982*
88,363 Timbercorp Ltd. 263,661
50,080 Woodside Petroleum 1,635,563
-----------
3,794,862
BELGIUM (3.9%)
30,420 Euronav SA 935,266
2,103 EVS Broadcast Equipment 103,731
17,400 Fortis 591,885
29,830 InBev NV 1,461,836
-----------
3,092,718
BRAZIL (2.5%)
34,500 Natura Cosmeticos 361,649
18,185 Petroleo Brasileiro ADR 1,624,102
-----------
1,985,751
CANADA (9.9%)
15,000 Addax Petroleum 401,570*
2,300 Addax Petroleum 61,574*(n)
28,280 Canadian Natural Resources 1,565,419
185,700 Centurion Energy International 1,172,491*
31,800 Corus Entertainment, Inc., B Shares 1,033,857
40,800 Great Canadian Gaming 424,466*
440 Great Canadian Gaming 4,578*++
20,300 MacDonald Dettwiler 836,396*
11,600 Suncor Energy 939,860
76,560 Talisman Energy 1,337,568
-----------
7,777,779
FRANCE (5.9%)
13,220 BNP Paribas 1,264,455
52,062 GameLoft 385,194*
3,750 Ipsos 559,219
4,980 Saft Groupe SA 132,365*
3,600 Societe Generale 529,030
15,590 Total SA ADR 1,021,457
660 Vallourec SA 792,779
-----------
4,684,499
GERMANY (4.3%)
11,430 Continental AG 1,167,298
8,670 Rhoen-Klinikum AG 385,880
6,680 Techem AG 309,005
6,700 Wacker Chemie AG 720,459*
6,310 Wincor Nixdorf AG 805,921
-----------
3,388,563
GREECE (0.6%)
11,970 Sarantis SA 128,179
7,710 Titan Cement 361,380
-----------
489,559
HONG KONG (1.6%)
1,350,000 TPV Technology $ 1,277,520
IRELAND (8.4%)
32,710 Allied Irish Banks 787,902
149,053 Anglo Irish Bank 2,316,826
143,784 C&C Group 1,247,557
48,106 CRH PLC 1,566,929
221,450 Dragon Oil PLC 657,096*
-----------
6,576,310
ITALY (0.5%)
31,750 Marazzi Group 324,574
13,510 Milano Assicurazioni 98,490
-----------
423,064
JAPAN (14.8%)
13,720 Acom Co. 744,083
22,800 Aica Kogyo 290,712
144,000 Brother Industries 1,418,558
23,000 CHIYODA Corp. 470,023
42,900 F.C.C. Co. 848,596
59,900 Heiwa Corp. 830,717
2,800 Hisamitsu Pharmaceutical 85,830
100 Hogy Medical 5,231
42,200 Mars Engineering 1,345,182
22,500 Maruichi Steel Tube 502,053
31,300 Nihon Kohden 512,532
108,800 Nissan Motor 1,187,721
4,500 Nissha Printing 167,809
12,600 Nissin Healthcare Food Service 170,560
190 Pasona, Inc. 363,390
88,000 PENTAX CORP. 498,773
2,400 PLENUS Co. 81,743
7,400 Sankyo Co. 469,831
151,000 Sumitomo Metal Industries 622,436
6,000 Takeda Pharmaceutical 373,084
43,000 Takuma Co. 288,782
18,889 TENMA Corp. 375,289
-----------
11,652,935
KOREA (2.0%)
33,790 KT Corp. ADR 724,795
34,900 SK Telecom ADR 817,358
-----------
1,542,153
NETHERLANDS (1.6%)
8,191 Aalberts Industries NV 601,322
6,372 Sligro Food Group NV 337,913
14,210 Tele Atlas NV 299,611*
-----------
1,238,846
NORWAY (1.9%)
23,940 Prosafe ASA 1,461,175
SPAIN (0.4%)
10,550 Renta Corp. Real Estate SA 331,641*
SWEDEN (2.8%)
14,800 ForeningsSparbanken AB 387,703
93,512 Intrum Justitia AB 926,721
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
25,400 Nobia AB $ 823,807
1,400 Unibet Group PLC 37,936
-----------
2,176,167
SWITZERLAND (0.5%)
11,380 Advanced Digital Broadcast 408,801*
UNITED KINGDOM (21.6%)
224,850 888 Holdings PLC 889,580*
114,017 Barclays PLC 1,295,298
43,860 Barratt Developments 768,697
93,050 Burren Energy 1,500,068
16,001 GlaxoSmithKline PLC 446,982
46,230 Kensington Group 880,318
423,300 MFI Furniture Group 845,182
94,797 NETeller PLC 1,044,526*
57,620 Northern Rock 1,065,250
97,480 Punch Taverns PLC 1,576,891
124,886 Redrow PLC 1,149,220
207,708 RPS Group 831,360
85,180 Trinity Mirror 768,486
167,270 Tullow Oil PLC 1,181,298
735,331 Vodafone Group 1,566,758
102,214 William Hill 1,183,885
-----------
16,993,799
-----------
TOTAL COMMON STOCKS
(COST $69,461,083) 70,208,179
-----------
PREFERRED STOCKS (5.4%)
BRAZIL (3.2%)
68,760 Companhia Vale do Rio Doce ADR $ 1,415,081
19,600 Ultrapar Participacoes 308,640
8,500 Ultrapar Participacoes ADR 133,705
117,330 Universo Online SA 677,268*
-----------
2,534,694
GERMANY (2.2%)
1,747 Porsche AG 1,687,185
TOTAL PREFERRED STOCKS
(COST $4,151,770) 4,221,879
-----------
SHORT-TERM INVESTMENTS (11.6%)
9,112,275 Neuberger Berman Prime Money Fund Trust Class
(COST $9,112,275) 9,112,275#@
-----------
TOTAL INVESTMENTS (106.2%)
(COST $82,725,128) 83,542,333##
Liabilities, less cash, receivables and other assets [(6.2%)] (4,874,450)
-----------
TOTAL NET ASSETS (100.0%) $78,667,883
-----------
</Table>
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL PORTFOLIO
<Table>
<Caption>
MARKET VALUE PERCENTAGE OF
INDUSTRY (000'S OMITTED) NET ASSETS
- ---------------------------------------------- --------------- -------------
OIL & GAS $13,845,268 17.6%
BANKS 9,118,667 11.6%
AUTOMOBILES & COMPONENTS 4,890,800 6.2%
TECHNOLOGY--HARDWARE 4,104,503 5.2%
HOTELS, RESTAURANTS & LEISURE 4,102,280 5.2%
CAPITAL GOODS 3,353,705 4.3%
COMMERCIAL SERVICES & SUPPLIES 3,346,126 4.3%
TELECOMMUNICATIONS--WIRELESS 3,108,911 4.0%
CONSUMER DURABLES & APPAREL 2,741,724 3.5%
FOOD, BEVERAGE & TOBACCO 2,709,393 3.4%
CONSTRUCTION MATERIALS 2,430,362 3.1%
ENERGY SERVICES & EQUIPMENT 2,396,441 3.0%
MEDIA 2,361,562 3.0%
CONSUMER DISCRETIONARY 2,074,615 2.6%
ENERGY 2,060,473 2.6%
MATERIALS--METALS & MINING 2,037,517 2.6%
FINANCIAL SERVICES 1,971,247 2.5%
CHEMICALS 1,453,516 1.8%
PHARMACEUTICALS & BIOTECHNOLOGY 905,896 1.2%
HEALTH CARE EQUIPMENT & SERVICES 898,412 1.1%
RETAILING 845,182 1.1%
DIVERSIFIED FINANCIALS 744,083 0.9%
CONSUMER STAPLES 466,092 0.6%
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISORS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SUMMARY SCHEDULE OF INVESTMENTS BY INDUSTRY INTERNATIONAL PORTFOLIO CONT'D
<Table>
<Caption>
MARKET VALUE PERCENTAGE OF
INDUSTRY (000'S OMITTED) NET ASSETS
- ---------------------------------------------- --------------- -------------
TELECOMMUNICATIONS--DIVERSIFIED $ 408,801 0.5%
TECHNOLOGY 385,194 0.5%
HOUSEHOLD & PERSONAL PRODUCTS 361,649 0.5%
REAL ESTATE 331,641 0.4%
ELECTRIC UTILITIES 309,005 0.4%
TECHNOLOGY--SOFTWARE 299,611 0.4%
MATERIALS 263,661 0.3%
INSURANCE 98,490 0.1%
MEDICAL EQUIPMENT 5,231 0.1%
OTHER ASSETS--NET 4,237,825 5.4%
----------- -----
$78,667,883 100.0%
----------- -----
</Table>
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust International Portfolio (the "Fund") are valued at the latest sale
price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued at the last available bid
price. Securities traded primarily on the NASDAQ Stock Market are normally
valued by the Fund at the NASDAQ Official Closing Price ("NOCP") provided
by NASDAQ each business day. The NOCP is the most recently reported price
as of 4:00:02 p.m., Eastern time, unless that price is outside the range of
the "inside" bid and asked prices (i.e., the bid and asked prices that
dealers quote to each other when trading for their own accounts); in that
case, NASDAQ will adjust the price to equal the inside bid or asked price,
whichever is closer. Because of delays in reporting trades, the NOCP may
not be based on the price of the last trade to occur before the market
closes. The Fund values all other securities, 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. During the period of this report, foreign security prices were
translated from the local currency into U.S. dollars using the exchange
rate as of 12:00 noon, Eastern time. Beginning July 10, 2006, the exchange
rate as of 4:00 p.m., Eastern time, will be used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $82,731,122. Gross unrealized appreciation of investments was
$3,050,285 and gross unrealized depreciation of investments was $2,239,074,
resulting in net unrealized appreciation of $811,211, 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.
(n) 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 investment manager to be liquid. At June 30,
2006, these securities amounted to $61,574 or 0.08% of net assets for the
Fund.
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISORS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO CONT'D
++ Restricted security subject to restrictions on resale under federal
securities laws. Such securities generally may be sold only in a privately
negotiated transaction with a limited number of purchasers. The Fund will
bear any costs incurred in connection with the disposition of such
securities. These securities have been deemed by the investment manager to
be liquid. The list below does not include other securities registered
under Rule 144A. These securities may also be deemed to be restricted.
<Table>
<Caption>
ACQUISITION
COST FAIR VALUE
PERCENTAGE PERCENTAGE
OF FUND'S FAIR VALUE OF FUND'S
NET ASSETS AS AS OF NET ASSETS AS
RESTRICTED ACQUISITION ACQUISITION OF ACQUISITION JUNE 30, OF JUNE 30,
NEUBERGER BERMAN SECURITY DATE COST DATE 2006 2006
INTERNATIONAL PORTFOLIO Great
Canadian
Gaming 07/29/2005 7,269 0.41% 4,578 0.006%
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $74,430,058
Affiliated issuers 9,112,275
- --------------------------------------------------------------------------------
83,542,333
Cash 1
Foreign currency 233,975
Dividends and interest receivable 109,765
Receivable for securities sold 123,656
Receivable for Fund shares sold 1,450,453
Receivable from administrator--net (Note B) 16,143
Prepaid expenses and other assets 429
- --------------------------------------------------------------------------------
TOTAL ASSETS 85,476,755
- --------------------------------------------------------------------------------
LIABILITIES
Payable for securities purchased 6,730,356
Payable for Fund shares redeemed 3,075
Payable to investment manager--net (Notes A & B) 43,364
Accrued expenses and other payables 32,077
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 6,808,872
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $78,667,883
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $76,786,436
Undistributed net investment income (loss) 206,530
Accumulated net realized gains (losses) on investments 860,148
Net unrealized appreciation (depreciation) in value of
investments 814,769
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $78,667,883
- --------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 6,141,052
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.81
- --------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $73,612,853
Affiliated issuers 9,112,275
TOTAL COST OF INVESTMENTS $82,725,128
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 230,714
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
INTERNATIONAL
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income-unaffiliated issuers $ 391,422
Income from investments in affiliated issuers (Note F) 96,795
Foreign taxes withheld (27,891)
- --------------------------------------------------------------------------------
Total income 460,326
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 143,486
Administration fee (Note B) 50,646
Audit fees 16,733
Custodian fees (Note B) 98,572
Distribution fees (Note B) 42,205
Insurance expense 143
Legal fees 4,239
Shareholder reports 5,436
Trustees' fees and expenses 13,849
Miscellaneous 388
- --------------------------------------------------------------------------------
Total expenses 375,697
Expenses reimbursed by administrator (Note B) (119,025)
Investment management fee waived (Note A) (1,647)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (1,181)
- --------------------------------------------------------------------------------
Total net expenses 253,844
- --------------------------------------------------------------------------------
Net investment income (loss) 206,482
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 736,090
Foreign currency 69,201
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 293,262
Foreign currency (2,219)
- --------------------------------------------------------------------------------
Net gain (loss) on investments 1,096,334
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $1,302,816
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
-------------------------------
SIX MONTHS PERIOD FROM
ENDED APRIL 29, 2005
JUNE 30, (COMMENCEMENT
2006 OF OPERATIONS) TO
(UNAUDITED) DECEMBER 31, 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 206,482 $ 21,931
Net realized gain (loss) on investments 805,291 99,369
Change in net unrealized appreciation (depreciation) of investments 291,043 523,726
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 1,302,816 645,026
- -----------------------------------------------------------------------------------------------------
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 66,528,172 12,321,779
Proceeds from reinvestment of dividends and distributions -- 67,162
Payments for shares redeemed (1,826,495) (320,597)
Redemption fees retained (Note A) 15,056 2,126
- -----------------------------------------------------------------------------------------------------
Net Increase (Decrease) from Fund share transactions 64,716,733 12,070,470
- -----------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 66,019,549 12,648,334
NET ASSETS:
Beginning of period 12,648,334 --
- -----------------------------------------------------------------------------------------------------
End of period $78,667,883 $12,648,334
- -----------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 206,530 $ 48
- -----------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS INTERNATIONAL PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: International Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of twelve separate operating
series (each a "Series," collectively, the "Funds") each of which (except
Focus Portfolio) is diversified. The Trust is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"), and its shares are registered under the
Securities Act of 1933, as amended. The 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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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 policy 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
13
<Page>
NOTES TO FINANCIAL STATEMENTS International Portfolio cont'd
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 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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to act as
agent for the Fund.
Under the 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). The Fund invests the cash collateral in 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 less fees and expenses associated with the loans. These amounts
are reflected in the Statement of Operations under the caption "Income from
securities loaned." For the six months ended June 30, 2006, the Fund had no
securities 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 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 six months ended June 30, 2006, the
Fund received $15,056 in redemption fees.
12 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT INC.:
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the Fund may invest in a money market fund managed by
Management or an affiliate. The Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $1,647 and is reflected in the Statement of Operations under
the caption "Investment management fee waived." For the six months ended
June 30, 2006, income earned under this Arrangement amounted to $96,795 and
is reflected in the Statement of Operations under the caption "Income from
investments in affiliated issuers."
15
<Page>
NOTES TO FINANCIAL STATEMENTS INTERNATIONAL PORTFOLIO CONT'D
13 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.85% of the first $250 million of
the Fund's average daily net assets, 0.825% of the next $250 million, 0.80%
of the next $250 million, 0.775% of the next $250 million, 0.75% of the
next $500 million, 0.725% of the next $1 billion, and 0.70% of average
daily net assets in excess of $2.5 billion.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street Bank and Trust Company
("State Street") as its sub-administrator under a Sub-Administration
Agreement. Management pays State Street a fee for all services received
under this agreement.
Management acts as agent in arranging for the sale of Fund shares without
commission and bears advertising and promotion expenses. The Board has
adopted a distribution plan (the "Plan") with respect to the Fund, pursuant
to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation
for administrative and other services provided to the Fund, Management's
activities and expenses related to the sale and distribution of the Fund's
shares, and ongoing services provided to investors in the Fund, Management
receives from the Fund a fee at the annual rate of 0.25% of the Fund's
average daily net assets. Management receives this amount to provide
distribution and shareholder servicing for the Fund and pays a portion of
it to institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged in
sales and/or shareholder servicing. The amount of fees paid by the Fund
during any year may be more or less than the cost of 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, 2009 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,
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 six months ended June 30, 2006, such
excess expenses amounted to $119,025. The Fund has agreed to repay
Management through December 31, 2012 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 six months ended June 30, 2006, there was no reimbursement to
Management under this agreement. At June 30, 2006, contingent liabilities
to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2008 2009 TOTAL
$91,847 $34,621 $126,468
</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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $1,178
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $3.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $68,085,341 and
$5,246,285, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $59,571, of which Neuberger received
$0, Lehman Brothers Inc. received $5,513, and other brokers received
$54,058.
17
<Page>
NOTES TO FINANCIAL STATEMENTS INTERNATIONAL PORTFOLIO CONT'D
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the period ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE PERIOD
ENDED JUNE 30, ENDED DECEMBER 31,
2006 2005
SHARES SOLD 5,205,724 1,105,462
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 5,780
SHARES REDEEMED (147,740) (28,174)
--------- ---------
TOTAL 5,057,984 1,083,068
--------- ---------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006. During the six months ended June 30, 2006, the
Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
BALANCE OF INVESTMENTS IN
BALANCE OF GROSS GROSS SHARES AFFILIATED
SHARES HELD PURCHASES SALES HELD VALUE ISSUERS
DECEMBER 31, AND AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime Money
Fund Trust Class** 1,680,394 46,673,397 39,241,516 9,112,275 $9,112,275 $96,795
</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.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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>
SIX MONTHS PERIOD FROM
ENDED APRIL 29,^
JUNE 30, TO DECEMBER 31,
----------- ---------------
2006 2005
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $11.68 $ 10.00
------ -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)@ .08 .07
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED
AND UNREALIZED) 1.04 1.67
------ -------
TOTAL FROM INVESTMENT OPERATIONS 1.12 1.74
------ -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.01)
NET CAPITAL GAINS -- (.06)
------ -------
TOTAL DISTRIBUTIONS -- (.07)
REDEMPTION FEES@ .01 .01
------ -------
NET ASSET VALUE, END OF PERIOD $12.81 $ 11.68
------ -------
TOTAL RETURN++ +9.67%** +17.50%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 78.7 $ 12.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.51%* 1.51%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS++ 1.50%* 1.50%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS 1.22%* 0.91%*
PORTFOLIO TURNOVER RATE 15%** 29%**
</Table>
See Notes to Financial Highlights
19
<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.
# 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>
SIX MONTHS PERIOD FROM
ENDED APRIL 29, 2005 TO
JUNE 30, 2006 DECEMBER 31, 2005
2.22% 5.84%
</Table>
^ The date investment operations commenced.
@ Calculated based on the average number of shares outstanding during the
fiscal period.
* Annualized.
** Not annualized.
20
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
21
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
LIMITED
MATURITY
BOND
PORTFOLIO(R)
B0734 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
LIMITED MATURITY BOND PORTFOLIO MANAGERS' COMMENTARY
For the six months ended June 30, 2006, the Neuberger Berman Advisers Management
Trust (AMT) Limited Maturity Bond Portfolio provided a modestly positive return,
in line with its benchmark, the Merrill Lynch 1-3 Year Treasury Index.(1, 2)
The beginning of the reporting period was marked by the first inversion of the
yield curve (in which longer term investments yield less than shorter term
investments) since 2000. An inverted yield curve has traditionally been
interpreted as a sign of impending recession. However, after an almost
three-month inversion, moribund long-term rates finally started to rise. The
yield curve returned to its normal shape as long rates began to edge up toward
the end of March but flattened again near the close of the six-month period,
reflecting investors' lack of focus on long-term inflation.
After raising rates 17 times in succession, the Federal Reserve appears to be
near an end to the current cycle of tightening. However, Fed Chairman Ben
Bernanke has repeatedly warned market participants not to make assumptions about
the future path of interest rates. The Fed has reiterated several times that the
effect of rate hikes on the economy tends to lag their enactment, and that any
future rate increases will depend on forthcoming data. The Fed's statement at
the end of June cited the moderating pace of economic growth in the second
quarter as having the potential to help limit ongoing inflation pressures, but
specifically reiterated that the Fed will remain data dependent in determining
future moves.
We have continued to maintain a defensive posture, albeit less than in the
recent past, with Portfolio duration (a standard measure of the sensitivity of a
bond's price to interest rate movements) at a slightly lower level than that of
our benchmark index. During the six-month period, 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.
The most significant sector reallocation was toward AAA-rated mortgage-backed
securities that are primarily backed by shorter duration adjustable rate
mortgages. These purchases were funded through the sale of corporate bonds,
asset-backed securities, and U.S. government agency notes. The transactions
allowed us to increase the yield of the Portfolio and also increase credit
quality.
The economy has remained more resilient than many onlookers would have
forecasted, but we are still concerned about the effects of a cooling housing
market, higher oil prices and the potential for increased inflation. Combined
with persistent tightening of monetary policy, this gives us some concern about
the increased potential for event risk, as all of these factors may put pressure
on issuers. To protect principal, we have focused intently on credit quality,
and are maintaining the bulk of the Portfolio in AAA, AA and A securities, with
only a small (5.1%) allocation to BBB-rated securities.
We currently expect to remain defensively positioned with regard to duration,
and currently intend to return to a neutral stance only when it becomes clearer
that the Fed's long tightening campaign is closer to an end. With corporate
spreads still tight and heightened event risk continuing to be an issue, we
intend to maintain our high-quality bias and avoid exposing the Portfolio to
unnecessary credit risk. Instead, we are likely to continue increasing our
mortgage allocation and stand ready to take advantage of widening corporate
spreads should they occur. We believe that the continued trend of rising
interest rates has set the
1
<Page>
LIMITED MATURITY BOND PORTFOLIO MANAGERS' COMMENTARY CONT'D
stage for higher future fixed income returns. We believe that the Neuberger
Berman AMT Limited Maturity Bond Portfolio is poised to benefit from the current
environment of higher interest rates and a Fed that is nearing the end of the
current cycle of tightening.
In closing, our investment philosophy of research-driven security selection,
opportunistic sector allocation and duration management has allowed us to
provide our investors with consistent and secure returns, regardless of interest
rates and market cycles.
Sincerely,
/s/ John Dugenske /s/ Thomas Sontag
- ------------------------------------- ----------------------------------------
JOHN DUGENSKE THOMAS SONTAG
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
RATING DIVERSIFICATION
(% BY RATINGS)
<Table>
AAA/Government/Government Agency 68.0%
AA 7.7
A 15.0
BBB 5.1
BB 0.4
B 0.0
CCC 0.0%
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 3.8
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 1.11% was the cumulative total return for the 6-month period. 1.77%, 3.00%
and 4.30% were the average annual total returns for the 1-, 5- and 10-year
periods ended June 30, 2006. 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.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six months ended June 30, 2006 and held for the entire period.
The table illustrates the fund's costs in two ways:
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.
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED MATURITY BOND PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ---------------------------------------------------------------
Class I $1,000 $1,011.10 $3.79
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000 $1,021.03 $3.81
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS LIMITED MATURITY BOND PORTFOLIO
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
MORTGAGE-BACKED SECURITIES (51.3%)
ADJUSTABLE RATE MORTGAGES
$5,454,200 Adjustable Rate Mortgage Trust, Ser. 2005-10,
Class 4A1, 5.39%, due 1/25/36 Aaa AAA $ 5,369,635
2,278,861 Banc of America Funding Corp., Ser. 2005-F, Class 4A1,
5.39%, due 9/20/35 Aaa AAA 2,247,152
5,623,210 Banc of America Funding Corp., Ser. 2005-H, Class 7A1,
5.70%, due 11/20/35 AAA 5,593,756
4,548,820 Banc of America Funding Corp., Ser. 2006-A, Class 3A2,
5.93%, due 2/20/36 AAA 4,547,364
6,855,443 Countrywide Home Loans, Ser. 2006-HYB3, Class 1A1A,
5.54%, due 5/20/36 Aaa AAA 6,807,503
6,531,500 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2004-AR4, Class 2A1, 4.70%, due 5/25/34 Aaa AAA 6,396,970
5,683,527 First Horizon Mortgage Pass-Through Trust, Ser 2005-AR5,
Class 2A1, 5.46%, due 11/25/35 AAA 5,601,894
6,082,735 GMAC Mortgage Corp. Loan Trust, Ser. 2006-AR1, Class 1A1,
5.64%, due 4/19/36 Aaa AAA 5,972,637
4,463,522 Harborview Mortgage Loan Trust, Floating Rate,
Ser. 2004-4, Class 3A, 2.98%, due 4/19/07 Aaa AAA 4,377,491
5,850,000 Harborview Mortgage Loan Trust, Ser. 2006-3, Class 1A1A,
6.48%, due 6/19/36 Aaa AAA 5,908,500(OO)
5,629,862 Indymac Index Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.56%, due 11/25/35 Aaa AAA 5,561,580
6,104,438 Indymac Index Mortgage Loan Trust, Ser. 2006-AR3,
Class 2A1A, 6.43%, due 3/25/36 Aaa AAA 6,156,059(OO)
5,363,475 Lehman XS Trust, Ser. 2005-1, Class 2A1, 4.66%,
due 5/28/08 Aaa AAA 5,269,231
6,633,828 J.P. Morgan Alternative Loan Trust, Ser. 2006-A2, Class 3A1,
5.95%, due 5/25/36 AAA 6,592,102
5,503,611 J.P. Morgan Mortgage Trust, Ser. 2005-ALT1, Class 2A1,
5.65%, due 10/25/35 AAA 5,447,097
9,600,836 Master Adjustable Rate Mortgages Trust, Ser. 2005-6,
Class 3A2, 5.07%, due 7/25/35 Aaa AAA 9,491,319
5,722,760 Nomura Asset Acceptance Corp., Ser 2005-AR6,
Class 2A1, 5.80%, due 12/25/35 Aaa AAA 5,689,381
5,626,643 Residential Accredit Loans, Inc., Ser. 2005-QA10,
Class A31, 5.63%, due 9/25/35 Aaa AAA 5,571,747
3,817,241 Residential Accredit Loans, Inc., Ser. 2006-QA1,
Class A21, 6.01%, due 1/25/36 Aaa AAA 3,807,484
COMMERCIAL MORTGAGE BACKED
3,769,170 Banc of America Commercial Mortgage, Inc., Ser. 2005-1,
Class A1, 4.36%, due 11/10/42 AAA 3,727,768
5,933,740 Banc of America Commercial Mortgage, Inc., Ser. 2005-6,
Class A1, 5.00%, due 9/10/47 Aaa AAA 5,838,405
6,157,453 J.P. Morgan Chase Commercial Mortgage Securities Corp.,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 6,060,402
MORTGAGE-BACKED NON-AGENCY
3,126,571 Countrywide Home Loans, Ser. 2005-R2, Class 2A4,
8.50%, due 6/25/35 Aaa AAA 3,294,925(n)
4,440,000 Greenwich Capital Commercial Funding Corp., Ser 2002-C1,
Class A3, 4.50%, due 1/11/17 Aaa AAA 4,284,852
7,114,227 GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4,
8.50%, due 3/25/35 Aaa AAA 7,471,524(n)
1,406,103 GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4,
8.50%, due 9/25/35 Aaa AAA 1,477,373
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS LIMITED MATURITY BOND PORTFOLIO CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
FANNIE MAE
$ 3,511,396 Fannie Mae Whole Loan, Ser. 2004-W8, Class PT,
10.11%, due 6/25/44 Aaa AAA $ 3,873,769(u)
FREDDIE MAC
12,310 Mortgage Participation Certificates, 10.00%, due 4/1/20 AGY AGY 13,402
214,052 Pass-Through Certificates 5.00%, due 2/1/07 AGY AGY 212,163
4,417,142 Pass-Through Certificates 8.00%, due 11/1/26 AGY AGY 4,670,505
2,878,302 Pass-Through Certificates 8.50%, due 10/1/30 AGY AGY 3,082,817
------------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $152,407,472) 150,416,807
------------
CORPORATE DEBT SECURITIES (29.2%)
4,130,000 Bank of America Corp., Senior Notes, 3.88%,
due 1/15/08 Aa2 AA- 4,027,357
2,990,000 Bank of New York Co., Inc., Senior Notes, 5.20%,
due 7/1/07 Aa3 A+ 2,973,884
3,300,000 Bear Stearns Co., Inc., Notes, 4.00%, due 1/31/08 A1 A 3,222,651
3,100,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 3,034,717
3,250,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A2 A 3,252,870
3,350,000 CIT Group, Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 3,221,762
3,000,000 Comcast Cable Communications, Notes, 8.38%,
due 5/1/07 Baa2 BBB+ 3,063,132
4,175,000 Credit Suisse First Boston USA, Inc., Notes, 4.63%,
due 1/15/08 Aa3 AA- 4,116,308
2,500,000 DaimlerChrysler N.A. Holdings Corp., Guaranteed Notes,
4.05%, due 6/4/08 A3 BBB 2,417,143(OO)
1,150,000 Enterprise Products Operating LP, Senior Notes, 4.00%,
due 10/15/07 Baa3 BB+ 1,118,926
4,100,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 A+ 4,012,231
3,300,000 Hewlett-Packard Co., Senior Notes, 5.50%, due 7/1/07 A3 A- 3,293,469
4,500,000 HSBC Financial Corp., Notes, 4.13%, due 12/15/08 Aa3 AA- 4,348,885(OO)
4,600,000 International Lease Finance Corp., Unsubordinated Notes,
3.50%, due 4/1/09 A1 AA- 4,340,569(OO)
1,285,000 J.P. Morgan Chase & Co., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 1,299,247
3,500,000 John Deere Capital Corp., Notes, 3.90%, due 1/15/08 A3 A- 3,411,968
2,175,000 Kraft Foods, Inc., Notes, 4.63%, due 11/1/06 A3 BBB+ 2,167,525
1,550,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 1,561,561
2,475,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 2,423,183
4,300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 A+ 4,235,797
3,850,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 3,852,052
2,525,000 News America Holdings, Inc., Guaranteed Notes, 7.38%,
due 10/17/08 Baa2 BBB 2,610,560
1,540,000 Sprint Capital Corp., Guaranteed Notes, 6.00%,
due 1/15/07 Baa2 A- 1,542,065
3,300,000 Target Corp., Notes, 3.38%, due 3/1/08 A2 A+ 3,184,797
3,000,000 Time Warner Entertainment LP, Notes, 7.25%, due 9/1/08 Baa2 BBB+ 3,085,734
3,200,000 Verizon Global Funding Corp., Senior Unsecured Notes,
4.00%, due 1/15/08 A3 A 3,119,162
3,300,000 Verizon Wireless Capital, Notes, 5.38%, due 12/15/06 A2 A 3,296,363
3,500,000 Wells Fargo & Co., Notes, 3.13%, due 4/1/09 Aa1 AA- 3,279,416
------------
TOTAL CORPORATE DEBT SECURITIES
(COST $87,122,247) 85,513,334
------------
FOREIGN GOVERNMENT SECURITIES^ (3.2%)
EUR 4,800,000 Bundesobligation 3.50%, due 10/10/08 Aaa AAA 6,115,197
EUR 2,540,000 Bundesobligation 3.25%, due 4/17/09 Aaa AAA 3,208,970
------------
TOTAL FOREIGN GOVERNMENT SECURITIES
(COST $9,230,724) 9,324,167
------------
</Table>
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS LIMITED MATURITY BOND PORTFOLIO CONT'D
<Table>
<Caption>
PRINCIPAL AMOUNT RATING MARKET VALUE +
MOODY'S S&P
ASSET-BACKED SECURITIES (12.2%)
$ 5,000,000 Capital Auto Receivables Asset Trust, Ser. 2004-2,
Class A3, 3.58%, due 1/15/09 Aaa AAA $ 4,891,980
3,606,095 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1A3,
3.34%, due 5/25/26 Aaa AAA 3,528,637
6,580,000 Chase Manhattan Auto Owner Trust, Ser. 2003-C, Class A4,
2.94%, due 6/15/10 Aaa AAA 6,424,172
3,693,073 Ford Credit Auto Owner Trust, Ser. 2005-A, Class A3, 3.48%,
due 11/15/08 Aaa AAA 3,654,028
2,000,000 John Deere Owner Trust, Ser. 2005-A, Class A3, 3.98%,
due 6/15/09 Aaa AAA 1,968,548
3,800,000 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 3,752,676
17,332,500 Nomura Asset Acceptance Corp., Ser. 2006-AP1,
Class AIO, 4.50%, Interest Only Security due 1/25/36 Aaa AAA 633,711
9,086,667 Nomura Asset Acceptance Corp., Ser. 2006-S2, Class AIO,
10.00%, Interest Only Security due 4/25/36 Aaa AAA 1,003,432(n)
7,980,000 Nomura Asset Acceptance Corp., Ser. 2005-S3, Class AIO,
20.00%, Interest Only Security due 8/25/35 Aaa AAA 1,277,422
13,919,874 Nomura Asset Acceptance Corp., Ser. 2005-S4, Class AIO,
20.00%, Interest Only Security due 10/25/35 Aaa AAA 2,548,520
4,150,888 Saxon Asset Securities Trust, Ser. 2004-2, Class AF2,
4.15%, due 8/25/35 Aaa AAA 4,102,472
1,950,000 USAA Auto Owner Trust, Ser. 2005-1, Class A3, 3.90%,
due 7/15/09 Aaa AAA 1,925,659
------------
TOTAL ASSET-BACKED SECURITIES
(COST $36,540,733) 35,711,257
------------
REPURCHASE AGREEMENT (3.7%)
10,990,000 State Street Bank and Trust Co., Repurchase Agreement,
4.88%, due 7/3/06, dated 6/30/06, Maturity Value
$10,994,469 Collateralized by $11,320,000
Freddie Mac, 4.88% due 5/15/07
(Collateral Value $11,355,432)
(COST $10,990,000) 10,990,000#
------------
TOTAL INVESTMENTS (99.6%)
(COST $296,291,176) 291,955,565##
Cash, receivables and other assets, less liabilities (0.4%) 1,200,359
------------
TOTAL NET ASSETS (100.0%) $293,155,924
------------
</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. During the period of this report, foreign security prices
were translated from the local currency into U.S. dollars using the
exchange rate as of 12:00 noon, Eastern time. Beginning July 10, 2006, the
exchange rate as of 4:00 p.m., Eastern time, will be used. Short-term debt
securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At June 30, 2006, the cost of investments for U.S. federal income tax
purposes was 297,418,992. Gross unrealized appreciation of investments was
$128,555 and gross unrealized depreciation of investments was $5,591,982,
resulting in net unrealized depreciation of $5,463,427 based on cost for
U.S. federal income tax purposes.
(n) 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 investment manager to be liquid. At June 30,
2006, these securities amounted to $11,769,881 or 4.0% of net assets for
the Fund.
(OO) All or a portion of this security is segregated as collateral for financial
futures and/or forward currency contracts.
(u) 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 June 30, 2006.
^ Principal amount is stated in the currency in which the security is
denominated.
EUR = Euro Currency
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED MATURITY
BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $291,955,565
Cash 5,790
Foreign currency 105,486
Interest receivable 2,261,508
Receivable for Fund shares sold 97,113
Receivable for variation margin (Note A) 8,047
Prepaid expenses and other assets 9,309
- -------------------------------------------------------------------------------------------------------
TOTAL ASSETS 294,442,818
- -------------------------------------------------------------------------------------------------------
LIABILITIES
Net Payable for forward foreign currency exchange contracts (Note C) 371,512
Payable for Fund shares redeemed 690,207
Payable to investment manager (Note B) 61,025
Payable to administrator (Note B) 97,639
Accrued expenses and other payables 66,511
- -------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,286,894
- -------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $293,155,924
- -------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $304,038,110
Undistributed net investment income (loss) 18,047,306
Accumulated net realized gains (losses) on investments (24,249,139)
Net unrealized appreciation (depreciation) in value of investments (4,680,353)
- -------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $293,155,924
- -------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 22,945,489
- -------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.78
- -------------------------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $296,291,176
TOTAL COST OF FOREIGN CURRENCY $ 101,260
- -------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED MATURITY
BOND PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 7,419,416
- --------------------------------------------------------------------------------------
Total income 7,419,416
- --------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Note B) 410,191
Administration fee (Note B) 656,305
Audit fees 18,220
Custodian fees (Note B) 75,424
Insurance expense 7,446
Legal fees 31,067
Shareholder reports 27,025
Trustees' fees and expenses 13,786
Interest expense 4,894
Miscellaneous 7,466
- --------------------------------------------------------------------------------------
Total expenses 1,251,824
Expenses reduced by custodian fee expense offset arrangement (Note B) (5,919)
- --------------------------------------------------------------------------------------
Total net expenses 1,245,905
- --------------------------------------------------------------------------------------
Net investment income (loss) 6,173,511
- --------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (1,302,518)
Financial futures contracts 31,394
Foreign currency (76,755)
-----------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (731,366)
Foreign currency (531,309)
Financial futures contracts 14,922
-----------------------------------------------------------------------------------
Net gain (loss) on investments (2,595,632)
- --------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 3,577,879
- --------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
LIMITED MATURITY BOND PORTFOLIO
-------------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 6,173,511 $ 9,105,613
Net realized gain (loss) on investments (1,347,879) (1,248,668)
Change in net unrealized appreciation (depreciation) of investments (1,247,753) (3,218,336)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 3,577,879 4,638,609
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (9,541,728)
- ----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 52,868,352 79,681,621
Proceeds from reinvestment of dividends and distributions -- 9,541,728
Payments for shares redeemed (104,545,331) (66,419,947)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (51,676,979) 22,803,402
- ----------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (48,099,100) 17,900,283
NET ASSETS:
Beginning of period 341,255,024 323,354,741
- ----------------------------------------------------------------------------------------------------
End of period $ 293,155,924 $341,255,024
- ----------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 18,047,306 $ 11,873,795
- ----------------------------------------------------------------------------------------------------
</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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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) 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
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
until the contractual settlement date. The Fund has no specific limitation
on the percentage of assets which may be committed to these types of
contracts, but the Fund may not invest more than 25% of its total assets in
foreign securities denominated in or indexed to foreign currencies. The
Fund could be exposed to risks if a counter party to a contract were unable
to meet the terms of its contract or if the value of the foreign currency
changes unfavorably. The U.S. dollar value of foreign currency underlying
all contractual commitments held by the Fund is determined using forward
foreign currency exchange rates supplied by an independent pricing service.
6 FINANCIAL FUTURES CONTRACTS: The Fund may buy and sell financial futures
contracts to hedge against changes in securities prices resulting from
changes in prevailing interest rates. At the time the Fund enters into a
financial futures contract, it is required to deposit with its custodian a
specified amount of cash or liquid securities, known as "initial margin,"
ranging upward from 1.1% of the value of the financial futures contract
being traded. Each day, the futures contract is valued at the official
settlement price of the board of trade or U.S. commodity exchange on which
such futures contract is traded. Subsequent payments, known as "variation
margin," to and from the broker are made on a daily basis as the market
price of the financial futures contract fluctuates. Daily variation margin
adjustments, arising from this "mark to market," are recorded by the Fund
as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the
contracts are closed out prior to delivery by offsetting purchases or sales
of matching financial futures contracts. When the contracts are closed, the
Fund recognizes a gain or loss. Risks of entering into futures contracts
include the possibility there may be an illiquid market, possibly at a time
of rapidly declining prices, and/or a change in the value of the contract
may not correlate with changes in the value of the underlying securities.
For U.S. federal income tax purposes, the futures transactions undertaken
by the Fund may cause the Fund to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Fund. Also, the Fund's losses on transactions involving
futures contracts may be deferred rather than being taken into account
currently in calculating the Fund's taxable income.
During the six months ended June 30, 2006, the Fund entered into financial
futures contracts. At June 30, 2006, open positions in financial futures
contracts were:
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
September 2006 90 U.S. Treasury Notes, 2 Year Long $14,922
At June 30, 2006, the Fund had deposited $88,256 in Fannie Mae Whole Loan,
9.99%, due 6/25/44, in a segregated account to cover margin requirements on
open financial futures contracts.
13
<Page>
NOTES TO FINANCIAL STATEMENTS LIMITED MATURITY BOND PORTFOLIO CONT'D
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
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME TOTAL
2005 2004 2005 2004
$9,541,728 $11,800,669 $9,541,728 11,800,669
</Table>
As of June 30, 2006, 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 foreign currency contracts, 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 $664,147 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
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
unused capital loss carryforwards available for federal income tax purposes
to offset net realized capital gains, if any, as follows:
<Table>
<Caption>
EXPIRING IN:
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.
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.
15
<Page>
NOTES TO FINANCIAL STATEMENTS LIMITED MATURITY BOND PORTFOLIO CONT'D
13 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.25% 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, 2009 to
reimburse the Fund for its operating expenses (excluding the fees payable
to Management, interest, taxes, brokerage commissions, extraordinary
expenses, and transaction costs) ("Operating Expenses") which exceed, in
the aggregate, 1.00% per annum of the Fund's average daily net assets (the
"Expense Limitation"). For the six months ended June 30, 2006, no
reimbursement to the Fund was required. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to Management under this agreement. At June 30, 2006,
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
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $5,919.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding short-term securities, financial futures contracts
and foreign currency contracts) for the six months ended June 30, 2006 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
$29,080,111 $90,666,432 $73,921,046 $93,470,170
</Table>
During the six months ended June 30, 2006, the Fund entered into various
contracts to deliver currencies at specified future dates. At June 30,
2006, open contracts were as follows:
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
SELL DELIVER FOR DATE VALUE DEPRECIATION
Euro Dollar 9,375,000 EUR $11,623,473 7/19/06 $11,995,949 $372,746
</Table>
<Table>
<Caption>
CONTRACTS TO IN EXCHANGE SETTLEMENT NET UNREALIZED
BUY DELIVER FOR DATE VALUE APPRECIATION
Euro Dollar 2,300,000 EUR $2,941,838 7/19/06 $2,943,072 $1,234
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR
ENDED JUNE 30, ENDED DECEMBER 31,
2006 2005
SHARES SOLD 4,163,282 6,216,359
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 759,087
SHARES REDEEMED (8,217,184) (5,191,435)
---------- ----------
TOTAL (4,053,902) 1,784,011
---------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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
17
<Page>
NOTES TO FINANCIAL STATEMENTS LIMITED MATURITY BOND PORTFOLIO CONT'D
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. For the period ended June 30, 2006,
the Fund utilized this line of credit in the amount of $37,775,091, with an
interest rate of 5.375%. The loan was outstanding for one day with a total
interest amount charged to the fund of $4,894 and is reflected in the
Statement of Operations under the caption "Interest expense." There were no
loans outstanding for the Fund pursuant to this line of credit at June 30,
2006.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FINANCIAL HIGHLIGHTS LIMITED MATURITY BOND PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
---------------- ------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $12.64 $12.82 $13.20 $13.50 $13.47 $13.19
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .24 .35 .30 .37 .53 .74O
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) (.10) (.17) (.20) (.05) .16 .37O
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .14 .18 .10 .32 .69 1.11
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME -- (.36) (.48) (.62) (.66) (.83)
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $12.78 $12.64 $12.82 $13.20 $13.50 $13.47
------ ------ ------ ------ ------ ------
TOTAL RETURN+++ +1.11%** +1.44% +0.78% +2.42% +5.34% +8.78%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $293.2 $341.3 $323.4 $306.4 $372.6 $292.8
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .76%* .75% .73% .74% .76% .73%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .76%* .75% .73% .74% .76% .73%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS 3.76%* 2.77% 2.28% 2.73% 4.01% 5.63%(O)
PORTFOLIO TURNOVER RATE 37%** 133% 132% 84% 120% 89%
</Table>
See Notes to Financial Highlights
19
<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.
# 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.
(O) For fiscal years ended after December 31, 2000, funds are required by
the American Institute of Certified Public Accountants to amortize
premiums and discounts on fixed income securities. Accordingly, for the
year ended December 31, 2001, the per share amounts and ratios shown
decreased or increased as follows:
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%)
@ Had the Fund not utilized the Line of Credit, the annualized expense
ratio of net expenses to average daily net assets would have been:
SIX MONTHS ENDED
JUNE 30,
2006
.76%
* Annualized.
** Not annualized.
20
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 will also be available without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov and on the Trust's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll-free).
21
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
Neuberger Berman
Advisers
Management
Trust
Mid-Cap
Growth
Portfolio(R)
B0736 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
MID-CAP GROWTH PORTFOLIO MANAGERS' COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Mid-Cap Growth Portfolio
provided a positive return for the six months ended June 30, 2006, outperforming
its benchmark, the Russell Midcap Growth Index. Both sector and stock selection
were beneficial to returns in a market environment that rewarded stocks based on
fundamentals.(1, 2)
Security selection was broadly additive versus the benchmark, with large
contributions coming from Energy and Health Care shares. Names that did well in
Energy included companies specializing in exploration, development, equipment
and servicing related to oil and gas, such as Denbury Resources and Maverick
Tube. Within Health Care, biotechnology firms such as Gilead Sciences and
Celgene were strong performers. Security selection within Information Technology
also contributed to relative performance, with Alliance Data Systems and
Cognizant Technology showing particularly strong results. Also beneficial were
holdings in Industrials, Consumer Discretionary and Financials. Lastly, within
the Telecom sector, our emphasis on wireless companies was additive to
performance, due to NII Holdings.
In aggregate, our sector allocation helped relative performance during the
reporting period, with our overweight in Telecom and underweight in Consumer
Discretionary -- among the market's best and worst performing sectors,
respectively -- accounting for much of our outperformance.
In contrast, the largest negative for Portfolio returns during the first half of
2006 was security selection within the Consumer Staples sector, primarily due to
weakness in stocks such as Whole Foods, which was a top performer last year.
In general, the first half of 2006 proved frustrating for many equity investors
as gains were held in check. First and foremost, the relentless increase of
short-term interest rates by the Federal Reserve inhibited stock returns. At
each of its meetings, the central bank raised the Fed Funds rate by 25 basis
points in order to slow the economy and stop inflation from moving higher. In
addition, new Fed Chairman Ben Bernanke has been learning how to lead and
communicate with the financial markets.
Matching the rise in interest rates was an upward move in the price of crude
oil. Economic growth has increased demand for all commodities, while the price
of oil has also responded to growing tensions in the Middle East. Similar to
last year, the Energy sector posted one of the highest returns in the equity
market during the first half of 2006. Higher commodity prices have been pushing
inflation higher (along with interest rates), squeezing consumer disposable
income. Since consumer demand is such an important factor in the economy, any
slowdown in spending will negatively affect overall economic activity and
corporate profitability.
The strong showing by corporations in holding costs in check has contributed to
earnings growth at double-digit rates over the past 16 quarters -- the longest
streak on record. Since the recession lows in 2001, earnings for the S&P 500
Index have more than doubled, while the index has advanced slightly less than
50%. As stock prices lag earnings gains, the P/E multiple for the S&P 500 has
declined to under 15 times forward estimates. Better stock valuation has kept
the market from experiencing greater declines.
We currently believe that economic growth will slow, but that a recession can be
avoided. We believe the inverted yield curve and corporate spreads are not at
levels that indicate that the economy will experience negative growth. The
corporate sector is financially strong and profit margins are at historically
high levels. Foreign economies are still on a growth path. Our "no recession"
premise also rests on our belief that the Federal Reserve will pause in raising
rates before tight credit materially harms the economy.
1
<Page>
MID-CAP GROWTH PORTFOLIO MANAGERS' COMMENTARY CON'D
We expect the stock market to languish this summer as concerns over the economy
increase and uncertainty about Federal Reserve policies remains. However, decent
valuations should continue to support stock prices. We believe that an
opportunity for more substantial gains will occur in the fourth quarter, when
there should be more clarity about the economy, Federal Reserve interest rate
policies and the mid-term Congressional election. For now, stock market
frustration may stay with us longer.
In terms of sector allocation, Energy is currently an overweight position due to
short-term geopolitical risks and global growth. We continue to find good growth
potential in the Telecom sector, which remains an overweight as well. Health
Care, because of its defensive and high quality characteristics, is also
favored. We are market weighted in the Financial, Industrial, Information
Technology and Materials sectors. Consumer Discretionary and Staples sectors
remain underweights, given our concerns regarding the financial health of the
American consumer.
Sincerely,
/s/ Jon D. Brorson
- -------------------------------------
JON D. BRORSON
PORTFOLIO MANAGER AND
GROWTH EQUITY TEAM LEADER
/s/ Kenneth J. Turek
- -------------------------------------
KENNETH J. TUREK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 2.5%
Basic Materials 2.0
Biotechnology 5.1
Building, Construction & Furnishing 0.5
Business Services 11.0
Cable Systems 0.4
Communications Equipment 1.0
Consumer Discretionary 0.9
Consumer Staples 1.8
Diagnostic Equipment 1.1
Electrical & Electronics 0.5
Energy 7.5
Financial Services 5.8
Food & Beverage 1.0
Hardware 0.7
Health Care 6.3
Industrial 7.4%
Leisure 5.1
Media 1.2
Medical Equipment 6.1
Metals 0.5
Oil & Gas 2.6
Retail 6.2
Semiconductors 4.6
Software 1.7
Technology 5.4
Telecommunications 5.7
Transportation 1.3
Utilities 0.2
Short-Term Investments 10.0
Liabilities, less cash, receivables and other assets (6.1)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) For Class I, 7.00% was the cumulative total return for the 6-month period.
19.10%, 2.19% and 9.78% were the average annual total returns for the
1-year, 5-year and since inception (11/03/97) periods ended June 30, 2006.
For Class S, 6.91% was the cumulative total return for the 6-month period.
18.78%, 2.00% and 9.66% were the average annual total returns for the
1-year, 5-year and since inception (11/03/97) periods ended June 30, 2006.
Performance shown prior to February 2003 for the Class S shares is of the
Class I shares, which has lower expenses and typically higher returns than
the Class S shares. Neuberger Berman Management Inc. ("NBMI") has agreed to
absorb certain expenses of the AMT Portfolios. Without this arrangement,
which is subject to change, the total returns of the Portfolios would be
less. Total return includes reinvestment of dividends and capital gain
distributions. Performance data quoted represent past performance and the
investment return and principal value of an investment will fluctuate so
that the shares, when redeemed, may be worth more or less than original
cost. Current performance may be lower or higher than the performance data
quoted. For performance data current to the most recent month end, please
visit 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 30% of the total market capitalization of
the Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on market capitalization). Please note that indices do not
take into account any fees and expenses of investing in the individual
securities that they track and that individuals cannot invest directly in
any index. Data about the performance of these indices are prepared or
obtained by NBMI and include reinvestment of all dividends and capital gain
distributions. The Portfolio may invest in many securities not included in
the above-described indices.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION As of 6/30/06 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST MID-CAP GROWTH PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- -------------------------------------------------------------
Class I $1,000 $1,070.00 $4.52
Class S $1,000 $1,069.10 $5.80
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
- -------------------------------------------------------------
Class I $1,000 $1,020.43 $4.41
Class S $1,000 $1,019.19 $5.66
</Table>
* For each class of the Fund, expenses are equal to the expense ratio for the
class, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS Mid-Cap Growth Portfolio
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (96.1%)
AEROSPACE (2.5%)
147,500 Precision Castparts $ 8,814,600
148,600 Rockwell Collins 8,302,282
-----------
17,116,882
BASIC MATERIALS (2.0%)
228,000 Airgas Inc. 8,493,000
126,000 Ecolab Inc. 5,113,080
-----------
13,606,080
BIOTECHNOLOGY (5.1%)
368,400 Celgene Corp. 17,473,212*
130,800 Gilead Sciences 7,738,128*
101,900 Myogen, Inc. 2,955,100*
111,200 Pharmaceutical Product Development 3,905,344
79,500 Vertex Pharmaceuticals 2,918,445*
-----------
34,990,229
BUILDING, CONSTRUCTION & FURNISHING (0.5%)
72,600 Eagle Materials 3,448,500
BUSINESS SERVICES (11.0%)
247,100 Alliance Data Systems 14,534,422*E
508,500 CB Richard Ellis Group 12,661,650*
130,500 Corporate Executive Board 13,076,100
80,000 Getty Images 5,080,800*E
96,700 Iron Mountain 3,614,646*
120,000 Laureate Education 5,115,600*
161,800 MasterCard, Inc. Class A 7,766,400*E
145,600 Monster Worldwide 6,211,296*
87,300 Trimble Navigation 3,897,072*
125,000 VeriFone Holdings 3,810,000*E
-----------
75,767,986
CABLE SYSTEMS (0.4%)
130,000 Liberty Global Class A 2,795,000*
COMMUNICATIONS EQUIPMENT (1.0%)
101,700 Harris Corp. 4,221,567
193,200 Tellabs, Inc. 2,571,492*
-----------
6,793,059
CONSUMER DISCRETIONARY (0.9%)
69,600 Harman International Industries 5,941,752
CONSUMER STAPLES (1.8%)
174,400 Shoppers Drug Mart 6,334,709
93,900 Whole Foods Market 6,069,696
-----------
12,404,405
DIAGNOSTIC EQUIPMENT (1.1%)
291,400 Cytyc Corp. 7,389,904*E
ELECTRICAL & ELECTRONICS (0.5%)
145,600 Jabil Circuit 3,727,360
ENERGY (7.5%)
95,000 Canadian Natural Resources $ 5,261,100
123,600 GlobalSantaFe Corp. 7,137,900
109,100 National-Oilwell Varco 6,908,212*
116,200 Peabody Energy 6,478,150
99,300 Quicksilver Resources 3,655,233*
232,500 Range Resources 6,321,675
179,800 Smith International 7,995,706
175,000 XTO Energy 7,747,250E
-----------
51,505,226
FINANCIAL SERVICES (5.8%)
111,500 AmeriCredit Corp. 3,113,080*
28,900 Chicago Mercantile Exchange 14,194,235
35,000 GFI Group 1,888,250*
65,100 Legg Mason 6,478,752
128,500 Moody's Corp. 6,998,110
165,400 Nuveen Investments 7,120,470
-----------
39,792,897
FOOD & BEVERAGE (1.0%)
95,000 Dean Foods 3,533,050*
60,000 Hershey Co. 3,304,200
-----------
6,837,250
HARDWARE (0.7%)
130,900 Network Appliance 4,620,770*
HEALTH CARE (6.3%)
169,900 Allscripts Healthcare Solutions 2,981,745*E
220,400 Cerner Corp. 8,179,044*
70,400 Gen-Probe 3,800,192*
86,200 Healthways, Inc. 4,537,568*
145,200 IMS Health 3,898,620
240,000 Psychiatric Solutions 6,878,400*
92,100 United Surgical Partners International 2,769,447*
200,900 VCA Antech 6,414,737*
82,700 WellCare Health Plans 4,056,435*
-----------
43,516,188
INDUSTRIAL (7.4%)
118,500 Danaher Corp. 7,621,920
155,300 Dover Corp. 7,676,479
310,000 Fastenal Co. 12,489,900
60,100 Fluor Corp. 5,585,093E
152,900 Rockwell International 11,010,329
89,100 W.W. Grainger 6,702,993
-----------
51,086,714
LEISURE (5.1%)
150,500 Gaylord Entertainment 6,567,820*
205,300 Hilton Hotels 5,805,884
190,800 Marriott International 7,273,296E
150,400 Scientific Games Class A 5,357,248*
151,100 Station Casinos 10,286,888
-----------
35,291,136
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS MID-CAP GROWTH PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
MEDIA (1.2%)
97,000 E.W. Scripps $ 4,184,580
25,000 Focus Media Holding ADR 1,629,000*
48,300 Lamar Advertising 2,601,438*
------------
8,415,018
MEDICAL EQUIPMENT (6.1%)
98,400 C. R. Bard 7,208,784
72,600 Conor Medsystems 2,003,034*E
123,000 Hologic, Inc. 6,071,280*
28,600 Intuitive Surgical 3,373,942*
218,000 Kyphon Inc. 8,362,480*
184,000 ResMed Inc. 8,638,800*E
136,800 Varian Medical Systems 6,477,480*
------------
42,135,800
METALS (0.5%)
40,000 Phelps Dodge 3,286,400
OIL & GAS (2.6%)
308,900 Denbury Resources 9,782,863*
155,000 Dresser-Rand Group 3,639,400*
157,500 Western Oil Sands Class A 4,370,448*
-----------
17,792,711
RETAIL (6.2%)
75,000 Abercrombie & Fitch 4,157,250
209,800 AnnTaylor Stores 9,101,124*E
389,000 Coach, Inc. 11,631,100*
85,200 Fortune Brands 6,050,052
242,100 Nordstrom, Inc. 8,836,650
60,000 Polo Ralph Lauren 3,294,000
------------
43,070,176
SEMICONDUCTORS (4.6%)
215,600 MEMC Electronic Materials 8,085,000*
233,200 Microchip Technology 7,823,860
358,400 Microsemi Corp. 8,737,792*E
309,900 PMC-Sierra 2,913,060*
138,100 Varian Semiconductor Equipment 4,503,441*
------------
32,063,153
SOFTWARE (1.7%)
184,200 Autodesk, Inc. 6,347,532*
62,900 Red Hat 1,471,860*E
145,100 Salesforce.com, Inc. 3,868,366*E
------------
11,687,758
TECHNOLOGY (5.4%)
106,500 Akamai Technologies 3,854,235*E
121,000 aQuantive, Inc. 3,064,930*E
275,000 Arris Group 3,608,000*
71,100 CACI International 4,147,263*
194,800 Cognizant Technology Solutions 13,123,676*
116,200 CommScope, Inc. 3,651,004*E
70,300 Logitech International ADR 2,726,234*
160,000 Redback Networks 2,934,400*
------------
37,109,742
TELECOMMUNICATIONS (5.7%)
228,900 American Tower $ 7,123,368*
481,400 Dobson Communications 3,721,222*
213,500 Leap Wireless International 10,130,575*
110,700 NeuStar, Inc. 3,736,125*
255,000 NII Holdings 14,376,900*
------------
39,088,190
TRANSPORTATION (1.3%)
167,700 C.H. Robinson Worldwide 8,938,410
UTILITIES (0.2%)
58,200 Mirant Corp. 1,559,760*E
TOTAL COMMON STOCKS
(COST $458,894,664) 661,778,456
------------
SHORT-TERM INVESTMENTS (10.0%)
26,043,519 Neuberger Berman Prime Money Fund Trust Class 26,043,519@
42,976,101 Neuberger Berman Securities
Lending Quality Fund, LLC 42,976,101++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $69,019,620) 69,019,620#
------------
TOTAL INVESTMENTS (106.1%)
(COST $527,914,284) 730,798,076##
Liabilities, less cash, receivables and other
assets [(6.1%)] (42,004,354)
------------
TOTAL NET ASSETS (100.0%) $688,793,722
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $529,159,550. Gross unrealized appreciation of investments was
$210,062,634 and gross unrealized depreciation of investments was
$8,424,108, resulting in net unrealized appreciation of $201,638,526, based
on cost for U.S. federal income tax purposes.
* Non-income producing security.
E 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $ 661,778,456
Affiliated issuers 69,019,620
- -------------------------------------------------------------------------------
730,798,076
Cash 1
Foreign currency 28,282
Dividends and interest receivable 286,268
Receivable for securities sold 8,479,375
Receivable for Fund shares sold 81,687
Receivable for securities lending income (Note A) 229,566
Prepaid expenses and other assets 14,945
- -------------------------------------------------------------------------------
TOTAL ASSETS 739,918,200
- -------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 42,976,101
Payable for securities purchased 6,752,800
Payable for Fund shares redeemed 673,584
Payable to investment manager--net (Notes A & B) 287,540
Payable to administrator--net (Note B) 170,647
Payable for securities lending fees (Note A) 194,620
Accrued expenses and other payables 69,186
- -------------------------------------------------------------------------------
TOTAL LIABILITIES 51,124,478
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 688,793,722
- -------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 761,788,031
Undistributed net investment income (loss) 38,250
Accumulated net realized gains (losses) on investments (275,917,448)
Net unrealized appreciation (depreciation) in value of
investments 202,884,889
- -------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 688,793,722
- -------------------------------------------------------------------------------
NET ASSETS
Class I $ 656,536,348
Class S 32,257,374
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED)
Class I 30,260,823
Class S 1,500,458
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 21.70
Class S 21.50
+SECURITIES ON LOAN, AT MARKET VALUE
- -------------------------------------------------------------------------------
Unaffiliated issuers $ 41,669,149
*COST OF INVESTMENTS:
Unaffiliated issuers $ 458,894,664
Affiliated issuers 69,019,620
TOTAL COST OF INVESTMENTS $ 527,914,284
- -------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 27,307
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 2,225,158
Income from securities loaned (affiliated issuers $787,004)
(Note F) 221,076
Income from investments in affiliated issuers (Note F) 700,532
Foreign taxes withheld (7,587)
- -------------------------------------------------------------------------------
Total income 3,139,179
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 1,830,545
Administration fee (Note B):
Class I 999,388
Class S 43,152
Distribution fees (Note B):
Class S 35,960
Audit fees 18,839
Custodian fees (Note B) 105,426
Insurance expense 13,303
Legal fees 37,810
Shareholder reports 37,732
Trustees' fees and expenses 13,792
Miscellaneous 6,990
- -------------------------------------------------------------------------------
Total expenses 3,142,937
Investment management fee waived (Note A) (12,457)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (29,551)
- -------------------------------------------------------------------------------
Total net expenses 3,100,929
- -------------------------------------------------------------------------------
Net investment income (loss) 38,250
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 32,638,929
Foreign currency 22,223
Change in net unrealized appreciation (depreciation) in value
of:
Unaffiliated investment securities 10,689,535
Foreign currency 1,185
- -------------------------------------------------------------------------------
Net gain (loss) on investments 43,351,872
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $43,390,122
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS TRUST FOR THE SIX MONTHS ENDED JUNE 30, 2006
(UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
MID-CAP GROWTH PORTFOLIO
---------------------------
SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 38,250 $ (2,108,113)
Net realized gain (loss) on investments 32,661,152 31,148,368
Change in net unrealized appreciation (depreciation) of investments 10,690,720 45,246,838
- -------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 43,390,122 74,287,093
- -------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 74,957,294 84,689,232
Class S 11,098,878 9,553,351
Payments for shares redeemed:
Class I (82,350,620) (77,674,779)
Class S (3,166,228) (4,316,949)
- -------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 539,324 12,250,855
- -------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 43,929,446 86,537,948
NET ASSETS:
Beginning of period 644,864,276 558,326,328
- -------------------------------------------------------------------------------------------------
End of period $688,793,722 $644,864,276
- -------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 38,250 $ --
- -------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS MID-CAP GROWTH PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Mid-Cap Growth Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of twelve separate operating
series (each a "Series," collectively, the "Funds") each of which (except
Focus Portfolio) is diversified. The Trust is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"), and its shares are registered under the
Securities Act of 1933, as amended. The Fund currently offers Class I and
Class S shares. The Board of Trustees of the Trust (the "Board") may
establish additional series or classes of shares without the approval of
shareholders.
The assets of each Series belong only to that Series, and the liabilities
of each Series are borne solely by that Series and no other.
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles requires Neuberger Berman Management Inc.
("Management") to make estimates and assumptions at the date of the
financial statements. Actual results could differ from those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars using the exchange rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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>
NOTES TO FINANCIAL STATEMENTS MID-CAP GROWTH PORTFOLIO CONT'D
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 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
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to secure
bids. Pursuant to such arrangements, eSecLending currently acts as lending
agent for the Fund and assisted the Fund in conducting a bidding process to
identify principals that would guarantee a certain amount of revenue to the
Fund.
Under the 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). The Fund invests the cash collateral in 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, where necessary, payment under the guarantee for the Fund,
less fees and expenses associated with the loans. These amounts are
reflected in the Statement of Operations under the caption "Income from
securities loaned."
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 from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $12,457 and is reflected in the Statement of Operations under
the caption "Investment management fee waived." For the six months ended
June 30, 2006, income earned under this Arrangement amounted to $700,532
and is reflected in the Statement of Operations under the caption "Income
from investments in affiliated issuers."
13
<Page>
NOTES TO FINANCIAL STATEMENTS MID-CAP GROWTH PORTFOLIO CONT'D
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 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's Class I.
For the Fund's Class S, Management acts as agent in arranging for the sale
of class shares without commission and bears advertising and promotion
expenses. The Board has adopted a distribution plan (the "Plan") with
respect to this class, pursuant to Rule 12b-1 under the 1940 Act. The Plan
provides that, as compensation for administrative and other services
provided to this class, Management's activities and expenses related to the
sale and distribution of this class of shares, and ongoing services
provided to investors in this class, Management receives from this class a
fee at the annual rate of 0.25% of Class S's average daily net assets.
Management receives this amount to provide distribution and shareholder
servicing for this class and pays a portion of it to institutions that
provide such services. Those institutions may use the payments for, among
other purposes, compensating employees engaged in sales and/or shareholder
servicing. The amount of fees paid by this class during any year may be
more or less than the cost of distribution and other services provided to
this class. NASD rules limit the amount of annual distribution
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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, 2009 to
reimburse the Fund's Class I and Class S shares for their operating
expenses (excluding fees payable to Management (including the fees payable
to Management with respect to the Fund's Class S shares), interest, taxes,
brokerage commissions, extraordinary expenses, and transaction costs)
("Operating Expenses") which exceed, in the aggregate, 1.00% and 1.25%,
respectively, per annum of the Fund's average daily net assets (the
"Expense Limitation"). For the six months ended June 30, 2006, 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, 2012 for their excess Operating Expenses previously
reimbursed by Management, so long as their annual Operating Expenses during
that period do not exceed their Expense Limitation, and the repayments are
made within three years after the year in which Management issued the
reimbursement. During the six months ended June 30, 2006, there was no
reimbursement to Management under these agreements. At June 30, 2006, the
Fund's Class I and Class S shares had no contingent liability to Management
under these agreements.
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 entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $29,364.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $187.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $180,101,837 and
$182,021,447, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $439,866, of which Neuberger received
$0, Lehman Brothers Inc. received $67,096, and other brokers received
$372,770.
15
<Page>
NOTES TO FINANCIAL STATEMENTS MID-CAP GROWTH PORTFOLIO cont'd
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS ENDED JUNE 30, 2006 FOR THE YEAR ENDED DECEMBER 31, 2005
SHARES SHARES SHARES SHARES
SOLD REDEEMED TOTAL SOLD REDEEMED TOTAL
CLASS I 3,397,992 (3,813,972) (415,980) 4,494,861 (4,283,550) 211,311
CLASS S 512,845 (148,011) 364,834 524,981 (234,759) 290,222
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
IN
BALANCE OF GROSS BALANCE OF AFFILIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 25,661,625 119,910,846 119,528,952 26,043,519 $26,043,519 $ 700,532
Neuberger Berman
Securities Lending
Quality Fund, LLC *** 36,958,701 158,894,500 152,877,100 42,976,101 42,976,101 787,004
----------- ----------
TOTAL $69,019,620 $1,487,536
----------- ----------
</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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management
LLC, an affiliate of Management, is used to invest cash the Fund
receives as collateral for securities loaned as approved by the Board.
Because all shares of the Quality Fund are held by funds in the
related investment management complex, the Quality Fund may be
considered an affiliate of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
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>
SIX MONTHS ENDED
CLASS I JUNE 30, YEAR ENDED DECEMBER 31,
---------------- --------------------------------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $20.28 $ 17.83 $ 15.33 $ 11.97 $ 16.94 $ 22.48
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ 0.00 (.07) (.07) (.07) (.08) (.07)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.42 2.52 2.57 3.43 (4.89) (5.47)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.42 2.45 2.50 3.36 (4.97) (5.54)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $21.70 $ 20.28 $ 17.83 $ 15.33 $ 11.97 $ 16.94
------- ------- ------- ------- ------- -------
TOTAL RETURN++ +7.00%** +13.74% +16.31% +28.07% -29.34% -24.64%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD
(IN MILLIONS) $656.5 $ 622.0 $ 543.3 $ 459.7 $ 362.2 $ 530.7
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# .89%* .92% .92% .89% .95% .91%
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS .88%Section* .91%Section .90%Section .88%Section .95% .91%
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS .02%* (.36%) (.45%) (.52%) (.57%) (.38%)
PORTFOLIO TURNOVER RATE 27%** 64% 92% 161% 124% 99%
</Table>
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED FEBRUARY 18, 2003^
CLASS S JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- --------------------------------------------
2006 2005 2004 2003
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $20.11 $17.73 $15.28 $11.15
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ (.02) (.11) (.11) (.09)
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) 1.41 2.49 2.56 4.22
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 1.39 2.38 2.45 4.13
------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $21.50 $20.11 $17.73 $15.28
------ ------ ------ ------
TOTAL RETURN++ +6.91%** +13.42% +16.03% +37.04%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 32.3 $ 22.8 $ 15.0 $ 6.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.14%* 1.18% 1.17% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETSSection 1.13%* 1.16% 1.15% 1.11%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.23%)* (.61%) (.70%) (.71%)*
PORTFOLIO TURNOVER RATE 27%** 64% 92% 161%DEG.
</Table>
See Notes to Financial Highlights
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO FINANCIAL HIGHLIGHTS MID-CAP 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
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.
# 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 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>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
MID-CAP GROWTH PORTFOLIO CLASS I 0.89% 0.92% 0.90% 0.89%
MID-CAP GROWTH PORTFOLIO CLASS S 1.14% 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.
DEG. Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2003.
* Annualized.
** Not annualized.
19
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission at www.sec.gov. Information regarding how the
Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 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).
20
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
PARTNERS
PORTFOLIO(R)
B0736 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
PARTNERS PORTFOLIO MANAGER'S COMMENTARY
Large-cap stocks started out strong in the first half of the year, with the Dow
Jones and S&P 500 Indices making multi-year highs in early May. However,
increased concern over inflation and its impact on Federal Reserve monetary
policy sparked a sharp sell-off and large-cap indices closed the six months
ended June 30, 2006 with only modest gains. The Neuberger Berman Advisers
Management Trust (AMT) Partners Portfolio delivered a positive return but lagged
its S&P 500 and Russell 1000 Value Index benchmarks.(1, 2)
AMT Partners had positive returns in seven of the nine sectors it was invested
in and superior relative returns in five of nine sectors. However, disappointing
performance in the Consumer Discretionary sector (primarily homebuilders) and
Health Care (HMOs) penalized relative returns.
Energy investments had the most positive impact on absolute returns, with four
energy companies (coal producer Peabody Energy, Brazilian oil giant Petroleo
Brasileiro, refiner Valero Energy, and exploration and production company
Denbury Resources) appearing on our top-ten contributors list. However, due to
lackluster returns from natural gas producers such as EOG Resources,
Southwestern Energy, and Quicksilver Resources, collectively our energy holdings
underperformed benchmark Energy sector components. We believe the build in
inventories that has pressured natural gas prices is largely a weather related
phenomenon resulting from an abnormally warm winter and, thus far, unseasonably
mild summer. It may take several quarters to work down excess inventory, but we
believe more normal weather combined with the positive impact of fuel switching
on industrial demand will take natural gas prices from the mid-$5 range to
$6.50-$7.00 next year. This should help our natural gas stock investments make a
greater contribution to returns.
Highlighted by the strong performance of heavy equipment manufacturer
Caterpillar and mining equipment producer Joy Global, the Portfolio's Industrial
sector investments more than tripled the return of the S&P 500's Industrial
sector component. Due to the infrastructure needs of rapidly expanding emerging
market economies in Asia and South America, we believe that select industrial
companies will continue to do well even if global economic growth moderates.
Utility holdings also excelled, more than tripling the return from the
corresponding S&P 500 sector component. TXU (formerly Texas Utilities) and
Exelon were the leading performance contributors in this sector.
The Portfolio's exposure to homebuilders proved to be its Achilles heel during
the reporting period. Blessed with hindsight, we should have taken some profits
in a group that has been such a big contributor to the Portfolio's superior
performance over the last several years. However, we believed that the
valuations for the high-quality homebuilders we own already fully discounted the
potential for some softening in the housing market. We think that low
unemployment combined with still low mortgage rates will continue to support
housing demand and that today's rising inventories resulting from diminished
speculative activity in the housing market will come down substantially over the
next two to three quarters. We believe homebuilders' earnings should hit a
trough in 2007, only about 20% below their 2005 peak. The homebuilding group is
now trading at book value and just five times earnings. We believe that this is
much too cheap for a group with 20%-25% returns on equity. Judging from
substantial insider buying and major share repurchase programs, homebuilding
company managements think their stocks are a bargain as well.
Health Care sector investments also restrained relative returns, with Boston
Scientific and Aetna appearing near the bottom of our performance charts. We
believe that HMOs -- like Aetna and UnitedHealth Group -- are now more
fundamentally compelling and we added to our positions during the period, taking
some profits toward the end of June.
1
<Page>
PARTNERS PORTFOLIO MANAGER'S COMMENTARY CONT'D
Looking ahead, we feel quite optimistic about prospects for the economy and
stock market. Barring an unforeseeable geopolitical event and/or another big
spike in oil prices, we believe that the economy will settle into a sustainable
moderate growth path. We think that inflationary pressure is easing, that the
extended Federal Reserve tightening cycle is nearing an end, and that longer
term, market interest rates will remain in the economically comfortable 5%-5.5%
range. We expect corporate earnings to slow along with the economy but continue
to expand at a healthy pace. This is a favorable backdrop for equities, which
after two years of moving sideways are now, in our opinion, poised to make
substantial progress.
Sincerely,
/s/ S. Basu Mullick
- -------------------------------------
S. BASU MULLICK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Auto Related 2.7%
Banking & Financial 2.3
Building, Construction & Furnishing 12.8
Building Materials 1.6
Coal 6.3
Consumer Discretionary 1.9
Electrical Utilities 2.4
Financial Services 8.0
Health Care 7.7
Industrial 0.7
Insurance 5.8
Machinery & Equipment 6.0
Manufacturing 0.5%
Metals 2.4
Oil & Gas 19.8
Pharmaceutical 1.5
Retail 4.1
Software 6.1
Technology 2.7
Transportation 1.4
Utilities 2.7
Short-Term Investments 0.8
Liabilities, less cash, receivables and other assets (0.2)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) 0.75% was the cumulative total return for the 6-month period. 10.65%, 7.24%
and 9.16% were the average annual total returns for the 1-, 5- and 10-year
periods ended June 30, 2006. 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.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the second line of the table is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning
different funds. In addition, if these transactional costs were included, your
costs would have been higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PARTNERS PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- -------------------------------------------------------------------
Class I $1,000 $1,007.50 $4.45
<Caption>
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES) **
- -------------------------------------------------------------------
Class I $1,000 $1,020.37 $4.47
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS PARTNERS PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (99.4%)
AUTO RELATED (2.7%)
227,600 Harley-Davidson $ 12,492,964
57,700 Johnson Controls 4,744,094
------------
17,237,058
BANKING & FINANCIAL (2.3%)
230,270 Hudson City Bancorp 3,069,499
162,900 Merrill Lynch 11,331,324
------------
14,400,823
BUILDING MATERIALS (1.6%)
173,497 Cemex S.A. de C.V. ADR 9,884,124
BUILDING, CONSTRUCTION & FURNISHING (12.8%)
252,300 Centex Corp. 12,690,690
428,466 D.R. Horton 10,206,060
306,400 Home Depot 10,966,056
218,500 KB HOME 10,018,225
241,100 Lennar Corp. Class A 10,697,607
15,100 NVR, Inc. 7,417,875*
399,500 Pulte Homes 11,501,605
256,600 Toll Brothers 6,561,262*
------------
80,059,380
COAL (6.3%)
388,600 Arch Coal 16,464,982
170,500 Foundation Coal Holdings 8,001,565
265,900 Peabody Energy 14,823,925
------------
39,290,472
CONSUMER DISCRETIONARY (1.9%)
72,300 Best Buy 3,964,932
94,600 Whirlpool Corp. 7,818,690
------------
11,783,622
ELECTRIC UTILITIES (2.4%)
153,100 Exelon Corp. 8,700,673
233,100 Mirant Corp. 6,247,080*
------------
14,947,753
FINANCIAL SERVICES (8.0%)
4,700 Berkshire Hathaway Class B 14,302,100*
343,998 Countrywide Financial 13,099,444
286,700 General Electric 9,449,632
87,100 Goldman Sachs Group 13,102,453
------------
49,953,629
HEALTH CARE (7.7%)
451,700 Boston Scientific 7,606,628*
151,400 Caremark Rx 7,550,318
174,500 NBTY, Inc. 4,172,295*
61,400 Teva Pharmaceutical Industries ADR 1,939,626
282,800 UnitedHealth Group 12,663,784
111,800 WellPoint Inc. 8,135,686*
108,400 Zimmer Holdings 6,148,448*
------------
48,216,785
INDUSTRIAL (0.7%)
179,400 Chicago Bridge & Iron 4,332,510
INSURANCE (5.8%)
338,400 Aetna Inc. $ 13,512,312
257,200 American International Group 15,187,660
93,300 Hartford Financial Services Group 7,893,180
------------
36,593,152
MACHINERY & EQUIPMENT (6.0%)
153,100 Caterpillar Inc. 11,402,888
278,250 Joy Global 14,494,043
118,000 Terex Corp. 11,646,600*
------------
37,543,531
MANUFACTURING (0.5%)
43,900 Eaton Corp. 3,310,060
METALS (2.4%)
185,600 Phelps Dodge 15,248,896
OIL & GAS (19.8%)
178,000 Anadarko Petroleum 8,488,820
309,000 Canadian Natural Resources 17,112,420
311,900 Denbury Resources 9,877,873*
87,600 EOG Resources 6,074,184
143,100 Exxon Mobil 8,779,185
54,400 National-Oilwell Varco 3,444,608*
119,800 Petroleo Brasileiro ADR 10,699,338
254,900 Quicksilver Resources 9,382,869*
258,800 Southwestern Energy 8,064,208*
543,800 Talisman Energy 9,505,624
166,900 Valero Energy 11,102,188
378,600 Western Oil Sands Class A 10,505,725*
247,533 XTO Energy 10,958,286
------------
123,995,328
PHARMACEUTICAL (1.5%)
211,000 Shire PLC ADR 9,332,530
RETAIL (4.1%)
227,600 Federated Department Stores 8,330,160
157,900 J.C. Penney 10,659,829
290,800 TJX Cos. 6,647,688
------------
25,637,677
SOFTWARE (6.1%)
499,200 Activision, Inc. 5,680,896*
363,400 Check Point Software Technologies 6,388,572*
336,400 Microsoft Corp. 7,838,120
783,500 Oracle Corp. 11,352,915*
471,657 Symantec Corp. 7,329,550*
------------
38,590,053
TECHNOLOGY (2.7%)
96,600 Advanced Micro Devices 2,358,972*
221,900 ASML Holding N.V. 4,486,818*
183,500 Lexmark International Group 10,244,805*
------------
17,090,595
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
TRANSPORTATION (1.4%)
162,800 Frontline Ltd. $ 6,079,554
141,148 Ship Finance International 2,443,272
------------
8,522,826
UTILITIES (2.7%)
288,600 TXU Corp. 17,255,394
TOTAL COMMON STOCKS
(COST $493,278,822) 623,226,198
------------
SHORT-TERM INVESTMENTS (0.8%)
5,128,330 Neuberger Berman Prime Money
Fund Trust Class
(COST $5,128,330) 5,128,330#@
TOTAL INVESTMENTS (100.2%)
(COST $498,407,152) 628,354,528##
Liabilities, less cash, receivables and
other assets [(0.2%)] (1,120,459)
------------
TOTAL NET ASSETS (100.0%) $627,234,069
------------
</Table>
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $500,590,504. Gross unrealized appreciation of investments was
$148,717,063 and gross unrealized depreciation of investments was
$20,953,039, resulting in net unrealized appreciation of $127,764,024,
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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $623,226,198
Affiliated issuers 5,128,330
------------
628,354,528
Foreign currency 551,830
Dividends and interest receivable 357,163
Receivable for securities sold 621,256
Receivable for Fund shares sold 600,056
Receivable for securities lending income (Note A) 42,417
Prepaid expenses and other assets 31,434
------------
TOTAL ASSETS 630,558,684
------------
LIABILITIES
Payable for securities purchased 2,488,516
Payable for Fund shares redeemed 281,167
Payable to investment manager-net (Notes A & B) 276,958
Payable to administrator (Note B) 156,826
Payable for securities lending fees (Note A) 31,002
Accrued expenses and other payables 90,146
------------
TOTAL LIABILITIES 3,324,615
------------
NET ASSETS AT VALUE $627,234,069
------------
NET ASSETS CONSIST OF:
Paid-in capital $387,089,595
Undistributed net investment income (loss) 7,631,690
Accumulated net realized gains (losses) on investments 102,564,325
Net unrealized appreciation (depreciation) in value of
investments 129,948,459
------------
NET ASSETS AT VALUE $627,234,069
------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 29,074,842
------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 21.57
------------
*COST OF INVESTMENTS:
Unaffiliated issuers $493,278,822
Affiliated issuers 5,128,330
TOTAL COST OF INVESTMENTS $498,407,152
------------
TOTAL COST OF FOREIGN CURRENCY $ 550,701
------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED JUNE 30,
2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 6,197,068
Income from securities loaned (affiliated
issuers $113,623) (Note F) 79,691
Income from investments in affiliated issuers (Note F) 169,793
Foreign taxes withheld (53,842)
- -------------------------------------------------------------------------------
Total income 6,392,710
- -------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 1,913,563
Administration fee (Note B) 1,092,350
Audit fees 18,850
Custodian fees (Note B) 119,734
Insurance expense 14,579
Legal fees 58,501
Shareholder reports 42,233
Trustees' fees and expenses 13,809
Miscellaneous 7,452
- -------------------------------------------------------------------------------
Total expenses 3,281,071
Investment management fee waived (Note A) (2,994)
Expenses reduced by custodian fee expense offset
and commission recapture arrangements (Note B) (25,925)
- -------------------------------------------------------------------------------
Total net expenses 3,252,152
- -------------------------------------------------------------------------------
Net investment income (loss) 3,140,558
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 33,695,766
Foreign currency 104,255
Change in net unrealized appreciation
(depreciation) in value of:
Unaffiliated investment securities (31,093,216)
Foreign currency 1,260
- -------------------------------------------------------------------------------
Net gain (loss) on investments 2,708,065
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ 5,848,623
- -------------------------------------------------------------------------------
</Table>
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
PARTNERS PORTFOLIO
-----------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,140,558 $ 4,568,530
Net realized gain (loss) on investments 33,800,021 71,238,588
Change in net unrealized appreciation
(depreciation) of investments (31,091,956) 31,878,231
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 5,848,623 107,685,349
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income -- (6,487,803)
Net realized gain on investments -- (150,568)
- -------------------------------------------------------------------------------
Total distributions to shareholders -- (6,638,371)
- -------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 66,787,843 155,906,843
Proceeds from reinvestment of dividends
and distributions -- 6,638,371
Payments for shares redeemed (177,407,832) (121,363,625)
- -------------------------------------------------------------------------------
Net increase (decrease) from Fund
share transactions (110,619,989) 41,181,589
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (104,771,366) 142,228,567
NET ASSETS:
Beginning of period 732,005,435 589,776,868
- -------------------------------------------------------------------------------
End of period $ 627,234,069 $ 732,005,435
- -------------------------------------------------------------------------------
Undistributed net investment income (loss)
at end of period $ 7,631,690 $ 4,491,132
- -------------------------------------------------------------------------------
</Table>
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTES TO FINANCIAL STATEMENTS PARTNERS PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Partners Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of twelve separate operating series
(each a "Series," collectively, the "Funds") each of which (except Focus
Portfolio) is diversified. The Trust is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"), and its shares are registered under the
Securities Act of 1933, as amended. The Fund currently offers only Class I
shares. The Board of Trustees of the Trust (the "Board") may establish
additional series or classes of shares without the approval of
shareholders.
The assets of each Series belong only to that Series, and the liabilities
of each Series are borne solely by that Series and no other.
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles requires Neuberger Berman Management Inc.
("Management") to make estimates and assumptions at the date of the
financial statements. Actual results could differ from those estimates.
2 PORTFOLIO VALUATION: Investment securities are valued as indicated in the
notes following the Schedule of Investments.
3 FOREIGN CURRENCY TRANSLATION: The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars using the exchange rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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>
NOTES TO FINANCIAL STATEMENTS PARTNERS PORTFOLIO CONT'D
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 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 $-- $234,295,851
</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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to secure
bids. Pursuant to such arrangements, eSecLending currently acts as lending
agent for the Fund and assisted the Fund in conducting a bidding process to
identify principals that would guarantee a certain amount of revenue to the
Fund.
Under the 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). The Fund invests the cash collateral in 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, where necessary, payment under the guarantee for the Fund,
less fees and expenses associated with the loans. These amounts are
reflected in the Statement of Operations under the caption "Income from
securities loaned." At June 30, 2006, the Fund had no securities on loan.
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT INC.:
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the Fund may invest in a money market fund managed by
Management or an affiliate. The Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $2,994 and is reflected in the Statement of Operations under
the caption "Investment management fee waived." For the six months ended
June 30, 2006, income earned under this Arrangement amounted to $169,793
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
<Page>
NOTES TO FINANCIAL STATEMENTS PARTNERS PORTFOLIO CONT'D
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 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, 2009 to
reimburse the Fund for its operating expenses (excluding fees payable to
Management, interest, taxes, brokerage commissions, extraordinary expenses,
and transaction costs) ("Operating Expenses") which exceed, in the
aggregate, 1.00% per annum of the Fund's average daily net assets (the
"Expense Limitation"). For the six months ended June 30, 2006, no
reimbursement to the Fund was required. The Fund has agreed to repay
Management through December 31, 2012 for its excess Operating Expenses
previously reimbursed by Management, so long as its annual Operating
Expenses during that period do not exceed its Expense Limitation, and the
repayment is made within three years after the year in which Management
issued the reimbursement. During the six months ended June 30, 2006, there
was no reimbursement to Management under this agreement. At June 30, 2006,
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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $25,765.
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $160.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $123,635,867 and
$229,244,498, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $404,083, of which Neuberger received
$24, Lehman Brothers Inc. received $67,346, and other brokers received
$336,713.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE SIX MONTHS FOR THE YEAR ENDED
ENDED JUNE 30, 2006 DECEMBER 31, 2005
SHARES SOLD 2,967,613 7,805,132
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS -- 337,316
SHARES REDEEMED (8,082,280) (6,137,955)
---------- ---------
TOTAL (5,114,667) 2,004,493
---------- ---------
</Table>
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
15
<Page>
NOTES TO FINANCIAL STATEMENTS PARTNERS PORTFOLIO CONT'D
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS IN
BALANCE OF GROSS BALANCE OF AFFILIATED
SHARES HELD PURCHASES GROSS SALES SHARES HELD VALUE ISSUERS
DECEMBER 31, AND AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime
Money Fund Trust Class** 8,065,965 114,110,898 117,048,533 5,128,330 $5,128,330 $169,793
Neuberger Berman Securities
Lending Quality Fund, LLC *** 20,065,411 21,752,739 41,818,150 -- -- 113,623
---------- --------
TOTAL $5,128,330 $283,416
---------- --------
</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.
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management
LLC, an affiliate of Management, is used to invest cash the Fund
receives as collateral for securities loaned as approved by the Board.
Because all shares of the Quality Fund are held by funds in the
related investment management complex, the Quality Fund may be
considered an affiliate of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FINANCIAL HIGHLIGHTS PARTNERS PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
---------------- ----------------------------------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $ 21.41 $ 18.32 $ 15.40 $ 11.40 $ 15.10 $16.17
------- ------- ------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .10 .14 .17 .00 .01 .06
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .06 3.15 2.75 4.00 (3.64) (.50)
------- ------- ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS .16 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 PERIOD $ 21.57 $ 21.41 $ 18.32 $ 15.40 $ 11.40 $15.10
------- ------- ------- ------- ------- ------
TOTAL RETURN++ +0.75%** +18.04% +18.98% +35.09% -24.14% -2.83%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD
(IN MILLIONS) $ 627.2 $ 732.0 $ 589.8 $ 669.6 $ 522.6 $795.4
RATIO OF GROSS EXPENSES TO AVERAGE
NET ASSETS# .90%* .90% .91% .91% .91% .87%
RATIO OF NET EXPENSES TO AVERAGE
NET ASSETS .89%Section* .89%Section .89%Section .90%Section .91% .87%
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE
NET ASSETS .86%* .70% 1.05% .01% .05% .43%
PORTFOLIO TURNOVER RATE 17%** 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.
# 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.
Section 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>
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
0.89% 0.89% 0.90% 0.90%
</Table>
* Annualized.
** Not annualized.
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
19
<Page>
NEUBERGER | BERMAN
A LEHMAN BROTHERS COMPANY
SEMI-ANNUAL REPORT
JUNE 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
REGENCY
PORTFOLIO(R)
C0244 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
REGENCY PORTFOLIO MANAGER'S COMMENTARY
Mid-cap value stocks posted solid returns in the first half of 2006, despite
giving up early gains when stocks sold off in May and June. The Neuberger Berman
Advisers Management Trust (AMT) Regency Portfolio delivered a positive return
for the six months ended June 30, 2006, outperforming benchmark components in
six of the nine sectors in which it was invested. However, due primarily to the
disappointing performance of its Consumer Discretionary sector investments, the
Portfolio trailed its Russell Midcap Value Index benchmark.(1,2)
Led by earthmoving equipment manufacturer Terex Corp. and mining equipment
producer Joy Global, our Industrial sector investments had the most favorable
impact on absolute and relative performance. We believe that due to global
infrastructure requirements, especially in emerging market nations in Asia and
Latin America, well positioned American industrial companies can continue to
make solid earnings progress even amid slower global growth. Because of
lackluster returns from natural gas companies, our energy holdings
underperformed the benchmark's Energy sector component. However, the Portfolio's
substantial overweighting in Energy made a substantial contribution to absolute
returns. Exploration and production company Denbury Resources and leading coal
miner Peabody Energy were the best performers in the Energy sector. We believe
that the natural gas stocks in the Portfolio will make a bigger contribution to
returns in the year ahead if, as we anticipate, the current weather related
increase in natural gas inventories is worked down and natural gas prices trend
higher.
Although the Portfolio was underweight Financials, our holdings significantly
outperformed. Our success in the Financial sector was largely the result of
favoring market oriented companies such as broker/investment banker Bear Stearns
over mid-sized banks, whose profitability was threatened by narrowing interest
rate spreads. We were underweight Utilities, but the strong performance of TXU
(formerly Texas Utilities) helped generate returns that were almost double those
of the benchmark component sector.
The Portfolio's exposure to homebuilders was responsible for almost all its
relative performance shortfall. Blessed with hindsight, we should have taken
profits in the homebuilders. However, we believed that some softening in the
housing market was already fully discounted in the valuations of homebuilder
stocks, which even after two years of exceptional performance were trading at
price/earnings ratios less than half of the market average. Judging from the
sharp selloff in these stocks, investors appear to be anticipating a full-scale
residential real estate recession, which we believe is highly improbable given
today's strong employment market and still low mortgage rates. We expect to see
rising home inventories in speculative hot spots such as California, Arizona,
and Florida come down substantially over the next two to three quarters and we
believe that homebuilders' earnings will hit a trough approximately 20% below
their 2005 peak in the second half of 2007. Currently, you can buy high quality
homebuilders -- great companies with 20%-25% returns on equity -- at book value
and just five times earnings. As evidenced by strong insider buying and large
share repurchase programs, homebuilder company managements think this is an
exceptionally good deal. When investors realize that strong secular demand
fundamentals will continue to support a healthy housing market, we believe these
stocks will rebound strongly.
Although it is possible that a geopolitical event and/or another big spike in
oil prices could undermine the world economy, looking ahead, we feel quite
optimistic about the prospects for the stock market. If, as we anticipate,
inflationary pressure eases as the economy slows, the Federal Reserve shifts
into neutral, longer-term interest rates remain near current levels, and
corporate profit growth stays relatively healthy, stocks should break out of the
doldrums. Despite a lengthy period of superior performance relative to large-cap
equities, we believe that mid-cap stocks can continue to excel. Historically,
mid-cap stocks have been less volatile than small-caps and have grown earnings
at a faster pace than large-cap companies. That dovetails quite nicely with our
aversion to risk and
1
<Page>
REGENCY PORTFOLIO MANAGER'S COMMENTARY CONT'D
focus on buying established companies with above market-average profit potential
at below market-average valuations.
Sincerely,
/s/ S. Basu Mullick
- -------------------------------------
S. BASU MULLICK
PORTFOLIO MANAGER
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 0.8%
Auto Related 4.2
Banking & Financial 3.2
Building, Construction & Furnishing 9.2
Business Services 0.8
Coal 5.8
Communication Equipment 2.4
Consumer Discretionary 2.3
Electric Utilities 3.4
Financial Services 1.5
Food & Beverage 1.3
Health Care 6.8
Industrial 2.7
Insurance 4.5
Machinery & Equipment 6.0
Manufacturing 4.8%
Metals 3.2
Oil & Gas 13.8
Pharmaceutical 1.5
Real Estate 3.3
Retail 4.2
Semiconductors 0.9
Software 3.7
Technology 1.6
Transportation 1.7
Utilities 3.8
Utilities, Electric & Gas 1.1
Short-Term Investments 27.4
Liabilities, less cash, receivables and other assets (25.9)
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) For Class I, 2.06% was the cumulative total return for the 6-month period.
10.72% and 11.46% were the average annual total returns for the 1-year and
since inception (08/22/01) periods ended June 30, 2006. For Class S, 1.93%
was the cumulative total return for the 6-month period. 10.62% and 11.42%
were the average annual total returns for the 1-year and since inception
(08/22/01) periods ended June 30, 2006. Performance shown prior to April
29, 2005, for the Class S shares is that 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 30% of the total market capitalization of the
Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S.
companies, based on market capitalization). Please note that indices do not
take into account any fees and expenses of investing in the individual
securities that they track and that individuals cannot invest directly in
any index. Data about the performance of these indices are prepared or
obtained by NBMI and include reinvestment of all dividends and capital gain
distributions. The Portfolio may invest in many securities not included in
the above-described indices.
Any ratios or other measurements using a factor of forecasted earnings of a
company discussed herein are based on consensus estimates, not NBMI's own
projections, and they may or may not be realized. In addition, any revision
to a forecast could affect the market price of a security. By quoting them
herein, NBMI 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 AMT Portfolios 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 six month period ended June 30, 2006 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>
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST REGENCY PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- --------------------------------------------------------------------------------
Class I $1,000 $1,020.60 $4.76
Class S $1,000 $1,019.30 $6.16
<Caption>
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- --------------------------------------------------------------------------------
Class I $1,000 $1,020.08 $4.76
Class S $1,000 $1,018.70 $6.16
</Table>
* For each class of the fund, expenses are equal to the expense ratio for the
class, multiplied by the average account value over the period, multiplied
by 181/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS REGENCY PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
COMMON STOCKS (98.5%)
AEROSPACE (0.8%)
55,300 Embraer-Empresa Brasileira de Aeronautica ADR $ 2,016,791*E
AUTO RELATED (4.2%)
102,250 Advance Auto Parts 2,955,025
63,800 Harley-Davidson 3,501,982E
43,100 Johnson Controls 3,543,682
------------
10,000,689
BANKING & FINANCIAL (3.2%)
276,200 Hudson City Bancorp 3,681,746
86,900 IndyMac Bancorp 3,984,365E
------------
7,666,111
BUILDING, CONSTRUCTION & FURNISHING (9.2%)
33,100 Beazer Homes USA 1,518,297
77,500 Centex Corp. 3,898,250E
128,100 Hovnanian Enterprises 3,853,248*E
65,800 KB HOME 3,016,930E
74,100 Lennar Corp. Class A 3,287,817E
22,900 Meritage Corp. 1,082,025*
4,600 NVR, Inc. 2,259,750*E
114,100 Pulte Homes 3,284,939
------------
22,201,256
BUSINESS SERVICES (0.8%)
64,700 Career Education 1,933,883*E
COAL (5.8%)
131,500 Arch Coal 5,571,655E
62,000 Foundation Coal Holdings 2,909,660
99,700 Peabody Energy 5,558,275
------------
14,039,590
COMMUNICATIONS EQUIPMENT (2.4%)
288,900 Arris Group 3,790,368*E
164,000 Avaya Inc. 1,872,880*
------------
5,663,248
CONSUMER DISCRETIONARY (2.3%)
49,300 Jarden Corp. 1,501,185*E
48,200 Whirlpool Corp. 3,983,730E
------------
5,484,915
ELECTRIC UTILITIES (3.4%)
103,100 DPL Inc. 2,763,080
112,800 Mirant Corp. 3,023,040*E
52,100 NRG Energy 2,510,178*
------------
8,296,298
FINANCIAL SERVICES (1.5%)
26,300 Bear Stearns 3,684,104
FOOD & BEVERAGE (1.3%)
124,200 Constellation Brands 3,105,000*E
HEALTH CARE (6.8%)
93,900 Coventry Health Care 5,158,866*
90,600 LifePoint Hospitals 2,910,978*
154,500 NBTY, Inc. 3,694,095*
97,700 Omnicare, Inc. 4,632,934
------------
16,396,873
INDUSTRIAL (2.7%)
152,800 Chicago Bridge & Iron 3,690,120E
90,800 United Rentals 2,903,784*E
------------
6,593,904
INSURANCE (4.5%)
109,700 Aetna Inc. 4,380,321E
130,300 Endurance Specialty Holdings 4,169,600
53,800 PMI Group 2,398,404E
------------
10,948,325
MACHINERY & EQUIPMENT (6.0%)
97,850 Joy Global 5,097,006E
82,200 Manitowoc Co. 3,657,900E
58,400 Terex Corp. 5,764,080*
------------
14,518,986
MANUFACTURING (4.8%)
46,400 Eaton Corp. 3,498,560
80,600 Ingersoll-Rand 3,448,068
140,200 Timken Co. 4,698,102E
------------
11,644,730
METALS (3.2%)
36,600 Cleveland-Cliffs 2,902,014E
59,200 Phelps Dodge 4,863,872
------------
7,765,886
OIL & GAS (13.8%)
103,600 Canadian Natural Resources 5,737,368
161,400 Denbury Resources 5,111,538*
98,000 Quicksilver Resources 3,607,380*E
112,200 Southwestern Energy 3,496,152*
31,500 Sunoco, Inc. 2,182,635
223,800 Talisman Energy 3,912,024
191,300 Williams Companies 4,468,768E
105,376 XTO Energy 4,664,996
------------
33,180,861
PHARMACEUTICAL (1.5%)
84,000 Shire PLC ADR 3,715,320
REAL ESTATE (3.3%)
48,600 Colonial Properties Trust 2,400,840E
42,600 Developers Diversified Realty 2,222,868E
19,100 First Industrial Realty Trust 724,654E
58,400 iStar Financial 2,204,600E
15,800 Trizec Properties 452,512E
------------
8,005,474
</Table>
See Notes to Schedule of Investments
5
<Page>
SCHEDULE OF INVESTMENTS REGENCY PORTFOLIO CONT'D
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE +
RETAIL (4.2%)
74,700 Aeropostale, Inc. $ 2,158,083*E
152,100 Hot Topic 1,750,671*E
105,300 Ross Stores 2,953,665E
141,700 TJX Companies 3,239,262
------------
10,101,681
SEMICONDUCTORS (0.9%)
54,600 International Rectifier 2,133,768*E
SOFTWARE (3.7%)
220,100 Activision, Inc. 2,504,738*
145,800 Check Point Software Technologies 2,563,164*E
57,200 McAfee Inc. 1,388,244*E
228,000 Take-Two Interactive
Software 2,430,480*E
------------
8,886,626
TECHNOLOGY (1.6%)
68,000 Lexmark International Group 3,796,440*
TRANSPORTATION (1.7%)
63,000 Frontline Ltd. ADR 2,384,550E
37,900 General Maritime 1,400,784E
10,700 Ship Finance International 185,217E
------------
3,970,551
UTILITIES (3.8%)
83,900 National Fuel Gas 2,948,246E
104,900 TXU Corp. 6,271,971
------------
9,220,217
UTILITIES, ELECTRIC & GAS (1.1%)
64,500 Edison International 2,515,500
TOTAL COMMON STOCKS
(COST $213,860,605) 237,487,027
------------
SHORT-TERM INVESTMENTS (27.4%)
4,137,989 Neuberger Berman Prime Money Fund Trust Class 4,137,989@
61,860,201 Neuberger Berman Securities Lending
Quality Fund, LLC 61,860,201++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $65,998,190) 65,998,190#
------------
TOTAL INVESTMENTS (125.9%)
(COST $279,858,795) 303,485,217##
Liabilities, less cash, receivables
and other assets [(25.9%)] (62,503,103)
------------
TOTAL NET ASSETS (100.0%) $240,982,114
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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. During the period of this report,
foreign security prices were translated from the local currency into U.S.
dollars using the exchange rate as of 12:00 noon, Eastern time. Beginning
July 10, 2006, the exchange rate as of 4:00 p.m., Eastern time, will be
used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $280,524,320. Gross unrealized appreciation of investments was
$37,933,021 and gross unrealized depreciation of investments was
$14,972,124, resulting in net unrealized appreciation of $22,960,897, based
on cost for U.S. federal income tax purposes.
* Non-income producing security.
E 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 $237,487,027
Affiliated issuers 65,998,190
- ------------------------------------------------------------------------------------
303,485,217
Dividends and interest receivable 185,347
Receivable for securities sold 180,532
Receivable for Fund shares sold 33,383
Receivable for securities lending income (Note A) 224,693
Prepaid expenses and other assets 5,965
- ------------------------------------------------------------------------------------
TOTAL ASSETS 304,115,137
- ------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 61,860,201
Payable for securities purchased 605,270
Payable for Fund shares redeemed 238,081
Payable to investment manager--net (Notes A & B) 108,255
Payable for securities lending fees (Note A) 201,518
Payable to administrator--net (Note B) 61,519
Accrued expenses and other payables 58,179
- ------------------------------------------------------------------------------------
TOTAL LIABILITIES 63,133,023
- ------------------------------------------------------------------------------------
NET ASSETS AT VALUE $240,982,114
- ------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $196,727,568
Undistributed net investment income (loss) 2,237,028
Accumulated net realized gains (losses) on investments 18,391,111
Net unrealized appreciation (depreciation) in value of investments 23,626,407
- ------------------------------------------------------------------------------------
NET ASSETS AT VALUE $240,982,114
- ------------------------------------------------------------------------------------
NET ASSETS
- ------------------------------------------------------------------------------------
Class I $228,740,633
Class S 12,241,481
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
- ------------------------------------------------------------------------------------
Class I 14,458,082
Class S 725,354
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
- ------------------------------------------------------------------------------------
Class I $ 15.82
Class S 16.88
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 59,440,974
*COST OF INVESTMENTS:
Unaffiliated issuers $213,860,605
Affiliated issuers 65,998,190
- ------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $279,858,795
- ------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 2,102,337
Income from securities loaned (affiliated issuers $684,948) (Note F) 140,325
Income from investments in affiliated issuers (Note F) 126,877
Foreign taxes withheld (8,220)
- ------------------------------------------------------------------------------------
Total income 2,361,319
- ------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Notes A & B) 666,589
Administration fee (Note B):
Class I 350,861
Class S 12,733
Distribution fees (Note B):
Class S 10,610
Audit fees 18,838
Custodian fees (Note B) 72,769
Insurance expense 3,864
Legal fees 15,434
Reimbursement of expenses previously assumed by administrator (Note B) 954
Shareholder reports 11,232
Trustees' fees and expenses 13,765
Miscellaneous 2,004
- ------------------------------------------------------------------------------------
Total expenses 1,179,653
Investment management fee waived (Note A) (2,249)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (12,879)
- ------------------------------------------------------------------------------------
Total net expenses 1,164,525
- ------------------------------------------------------------------------------------
Net investment income (loss) 1,196,794
- ------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 4,403,971
Foreign currency (54)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (1,612,805)
Foreign currency 41
- ------------------------------------------------------------------------------------
Net gain (loss) on investments 2,791,153
- ------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 3,987,947
- ------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
REGENCY PORTFOLIO
---------------------------
Six Months Year
Ended Ended
June 30, December 31,
2006 2005
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST (Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,196,794 $ 1,041,307
Net realized gain (loss) on investments 4,403,917 14,853,598
Change in net unrealized appreciation
(depreciation) of investments (1,612,764) 6,805,836
- -------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations 3,987,947 22,700,741
- -------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income
Class I -- (169,457)
Net realized gain on investments
Class I -- (12,491,613)
- -------------------------------------------------------------------------------
Total distributions to shareholders -- (12,661,070)
- -------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold
Class I 23,318,290 71,029,331
Class S 8,417,105 4,811,142
Proceeds from reinvestment of dividends and
distributions
Class I -- 12,661,070
Payments for shares redeemed
Class I (19,230,433) (11,528,085)
Class S (828,018) (238,465)
- -------------------------------------------------------------------------------
Net increase (decrease) from Fund share
transactions 11,676,944 76,734,993
- -------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 15,664,891 86,774,664
NET ASSETS:
Beginning of period 225,317,223 138,542,559
- -------------------------------------------------------------------------------
End of period $240,982,114 $225,317,223
- -------------------------------------------------------------------------------
Undistributed net investment income (loss)
at end of period $ 2,237,028 $ 1,040,234
- -------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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
11
<Page>
NOTES TO FINANCIAL STATEMENTS REGENCY PORTFOLIO CONT'D
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
LONG-TERM TAX RETURN OF
ORDINARY INCOME CAPITAL GAIN 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, 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
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 Effective September 13, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to secure
bids. Pursuant to such arrangements, eSecLending currently acts as lending
agent for the Fund and assisted the Fund in conducting a bidding process to
identify principals that would guarantee a certain amount of revenue to the
Fund.
Under the 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). The Fund invests the cash collateral in 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, where necessary, payment under the guarantee for the Fund,
less fees and expenses associated with the loans. These amounts are
reflected in the Statement of Operations under the caption "Income from
securities loaned."
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 from Prime Money on those assets (the "Arrangement"). For the six
months ended June 30, 2006, management fees waived under this Arrangement
amounted to $2,249 and is reflected in the Statement of Operations under
the caption "Investment management fee waived." For the six months ended
June 30,
13
<Page>
NOTES TO FINANCIAL STATEMENTS REGENCY PORTFOLIO CONT'D
2006, income earned under this Arrangement amounted to $126,877 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 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's Class I.
For the Fund's Class S, Management acts as agent in arranging for the sale
of class shares without commission and bears advertising and promotion
expenses. The Board has adopted a distribution plan (the "Plan") with
respect to this class, pursuant to Rule 12b-1 under the 1940 Act. The Plan
provides that, as compensation for administrative and other services
provided to this class, Management's activities and expenses related to the
sale and distribution of this class of shares, and ongoing services
provided to investors in this class, Management receives from this class a
fee at the annual rate of 0.25% of Class S's average daily net assets.
Management receives this amount to provide distribution and shareholder
servicing for this class and pays a portion of it to institutions that
provide such services. Those institutions may use the payments for, among
other purposes, compensating employees engaged in sales and/or
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 SIX MONTHS
LIMITATION(1) EXPIRATION ENDED JUNE 30, 2006
CLASS I 1.50% 12/31/09 $--
CLASS S 1.25% 12/31/15 --
</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 six months ended June
30, 2006, the Fund's Class S reimbursed Management $954 under this
agreement. At June 30, 2006, 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. ("Lehman"), a publicly-owned
holding company. Neuberger is retained by Management to furnish it with
investment recommendations and research information without added cost to
the Fund. Several individuals who are officers and/or Trustees of the Trust
are also employees of Neuberger and/or Management.
The Fund has entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $12,834.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $45.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $83,370,611 and
$70,583,567, respectively.
15
<Page>
NOTES TO FINANCIAL STATEMENTS REGENCY PORTFOLIO CONT'D
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $217,102, of which Neuberger received
$10, Lehman Brothers Inc. received $36,553, and other brokers received
$180,539.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the six months ended June 30, 2006 and the period ended
December 31, 2005 was as follows:
FOR THE SIX MONTHS ENDED JUNE 30, 2006
<Table>
<Caption>
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS AND SHARES
SHARES SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 1,451,084 -- (1,222,917) 228,167
CLASS S 487,493 -- (48,643) 438,850
</Table>
FOR THE PERIOD ENDED DECEMBER 31, 2005*
<Table>
<Caption>
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS AND SHARES
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, 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 June 30, 2006, 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 June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS IN
BALANCE OF GROSS BALANCE OF AFFILIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND JUNE 30, JUNE 30, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 4,267,666 32,532,637 32,662,314 4,137,989 $ 4,137,989 $126,877
Neuberger Berman
Securities Lending
Quality Fund, LLC*** 35,452,877 225,308,454 198,901,130 61,860,201 61,860,201 684,948
----------- --------
TOTAL $65,998,190 $811,825
=========== ========
</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.
*** The Quality Fund, a fund managed by Lehman Brothers Asset Management
LLC, an affiliate of Management, is used to invest cash the Fund
receives as collateral for securities loaned as approved by the Board.
Because all shares of the Quality Fund are held by funds in the
related investment management complex, the Quality Fund may be
considered an affiliate of the Fund.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
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
SIX MONTHS ENDED AUGUST 22, 2001^
CLASS I JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31,
---------------- ------------------------------------- ----------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $15.50 $ 14.79 $ 12.09 $ 8.90 $ 9.97 $10.00
------ ------- ------- ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .08 .09 .02 .01 (.00) .01
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .24 1.59 2.68 3.18 (1.05) (.04)
------ ------- ------- ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS .32 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 $15.82 $ 15.50 $ 14.79 $ 12.09 $ 8.90 $ 9.97
------ ------- ------- ------- ------- ------
TOTAL RETURN++ +2.06%** +12.00% +22.36% +35.84% -10.56% -0.30%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $228.7 $ 220.6 $ 138.5 $ 59.9 $ 29.1 $ 23.8
RATIO OF GROSS EXPENSES TO
AVERAGE NET ASSETS# .96%* 1.01% 1.04% 1.16% 1.28% 1.50%*
RATIO OF NET EXPENSES TO
AVERAGE NET ASSETS Section .95%* 1.00% 1.02% 1.16% 1.28% 1.50%*
RATIO OF NET INVESTMENT INCOME
(LOSS) TO AVERAGE NET ASSETS .99%* .56% .19% .07% (.02%) .36%*
PORTFOLIO TURNOVER RATE 30%** 83% 68% 55% 81% 71%**
</Table>
See Notes to Financial Highlights
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
FINANCIAL HIGHLIGHTS REGENCY PORTFOLIO CONT'D
<Table>
<Caption>
PERIOD FROM
SIX MONTHS ENDED APRIL 29, 2005^
CLASS S JUNE 30, TO DECEMBER 31,
---------------- ---------------
2006 2005
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $16.56 $ 14.02
------ -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .07 .08
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) .25 2.46
------ -------
TOTAL FROM INVESTMENT OPERATIONS .32 2.54
------ -------
NET ASSET VALUE, END OF PERIOD $16.88 $ 16.56
------ -------
TOTAL RETURN++ +1.93%** +18.12%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 12.2 $ 4.7
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.24%* 1.25%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.23%* 1.23%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .80%* .72%*
PORTFOLIO TURNOVER RATE 30%** 83%**DEG.
</Table>
See Notes to Financial Highlights
19
<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.
# 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 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%
<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 ratios of net expenses to average daily net
assets would have been:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
2006 2002
REGENCY PORTFOLIO CLASS I -- 1.23%
REGENCY PORTFOLIO CLASS S 1.20% --
</Table>
After 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>
SIX MONTHS ENDED PERIOD ENDED
JUNE 30, DECEMBER 31, YEAR ENDED DECEMBER 31,
2006 2005^^ 2004 2003
REGENCY PORTFOLIO CLASS I .95% 1.01% 1.02% 1.17%
REGENCY PORTFOLIO CLASS S 1.23% 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.
DEG. Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year December 31, 2005.
* Annualized.
** Not annualized.
20
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
21
<Page>
|NEUBERGER|BERMAN|
A LEHMAN BROTHERS COMPANY
Semi-Annual Report
June 30, 2006
NEUBERGER BERMAN
ADVISERS
MANAGEMENT
TRUST
SOCIALLY
RESPONSIVE
PORTFOLIO(R)
B0738 08/06
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SOCIALLY RESPONSIVE PORTFOLIO MANAGERS' COMMENTARY
Stocks got off to a great start in 2006, rallying through the first week in May
and taking many leading market indices to multi-year highs. However, an up-tick
in inflation followed by comments by Federal Reserve officials, hinting that the
tightening cycle might not end as soon as the markets appeared to be
anticipating, sparked a sharp sell-off that eroded much of stocks' early gains.
The Neuberger Berman Advisers Management Trust (AMT) Socially Responsive
Portfolio performed in line with the S&P 500 Index as stocks advanced, but with
technology stocks' sharp declines during the selloff, the Portfolio modestly
underperformed the benchmark for the six months ended June 30, 2006.(1), (2)
Led by temporary employment leader Manpower, diversified manufacturer Danaher,
and Canadian National Railway, our Industrial sector holdings nearly tripled the
return of the respective S&P 500 sector component. The Portfolio was
significantly overweight in the Consumer Discretionary sector, and outperformed
the benchmark component. Cable television giant Comcast and auto parts
manufacturer BorgWarner, Inc. were the two top contributors in this sector.
Although we only had one holding in the Consumer Staples sector, the excellent
performance of warehouse discount retailer Costco made a meaningful contribution
to returns.
The disappointing performance of Information Technology sector investments was
largely responsible for the Portfolio's relative performance shortfall. Personal
computer-based testing and measurement company National Instruments, leading
computer retailer Dell, and semiconductor manufacturer Texas Instruments all
finished on our bottom-ten contributors list. We have eliminated our position in
Dell because we believe that its current business model fails to effectively
address changes in the personal computer industry. Although our Energy sector
holdings posted positive returns, collectively they trailed the benchmark
component in what was the second best performing sector in the S&P 500.
Because of our long-term (three- to five-year) investment time horizon, it is
not unusual for stocks that ultimately become big winners for us to spend some
time out of favor, often due to the fact that the company's industry group may
be unpopular when we start our investment. During this six-month reporting
period, National Instruments was one of the Portfolio's unloved holdings.
However, its basic business, personal computer-based testing and measurement
software, continued to take market share away from much more expensive custom
made equipment. In addition, the company has significantly increased its served
market by adding software used in the design process and modular software and
hardware for testing and measurement processes on the factory floor. Despite the
stock's erratic performance due to recent volatility in the technology sector,
we believe it will reward shareholders over the longer term.
Another long-time holding, temporary employment leader Manpower, hadn't made
much of a performance contribution until this year. We invested in the company
because it was particularly well positioned in an industry with superior secular
growth characteristics. In response to "just in time" business practices and
rising benefits costs for full-time workers, companies worldwide want a more
flexible workforce, including more use of temporary workers. Manpower is a
global leader in the temporary services business. Over the first two and a half
years that we owned Manpower, its business grew strongly, consistent with our
expectations, while its stock price performance lagged its business growth. So
far into 2006, its share price has appreciated dramatically, catching up with
its business performance.
Unfortunately, Portfolio performance was penalized by long-time favorite
UnitedHealth Group, which has been caught up in the employee stock
1
<Page>
option controversy. While independent reviews of this issue are still underway,
historical performance suggests that UnitedHealth Group management has done an
exceptional job executing on a business plan that has not only enhanced the
company's profitability, but also spawned much needed efficiencies in the
managed health care industry.
In closing, what is largely a favorable economic backdrop for stocks --
synchronized global economic expansion, relatively low interest rates, and above
average corporate earnings growth -- is being largely ignored by investors
obsessed with Federal Reserve linguistics and unsettled by escalating
geopolitical tensions. When the Fed shifts into neutral and if geopolitical
tensions ease, we believe that stocks can break out of the doldrums.
Sincerely,
/s/ Arthur Moretti /s/ Ingrid Dyott
- ------------------------------------- ----------------------------------------
ARTHUR MORETTI INGRID DYOTT
PORTFOLIO CO-MANAGER PORTFOLIO CO-MANAGER
<Table>
<Caption>
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
Automotive 5.5%
Banking & Financial 5.2
Business Services 3.4
Cable Systems 7.6
Consumer Discretionary 1.9
Consumer Staples 2.6
Energy 1.9
Financial Services 7.3
Health Products & Services 4.8
Industrial 4.7
Insurance 5.5
Life Science Tools & Supplies 2.7
Media 6.0
Oil & Gas 3.7%
Pharmaceutical 7.2
Real Estate 1.3
Technology 3.4
Technology-Semiconductor 9.1
Technology-Semiconductor Capital Equipment 3.2
Transportation 3.1
Utilities 4.1
Repurchase Agreements 5.4
Cash, receivables and other assets, less liabilities 0.4
</Table>
2
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
ENDNOTES
(1.) For Class I, 0.77% was the cumulative total return for the 6-month
period. 9.96%, 7.04% and 5.94% were the average annual total returns
for the 1-year, 5-year and since inception (02/18/99) periods ended
June 30, 2006. For Class S, 0.77% was the cumulative total return for
the 6-month period. 9.96%, 7.04% and 5.94% were the average annual
total returns for the 1-year, 5-year and since inception (02/18/99)
periods ended June 30, 2006. Performance shown prior to May 1, 2006,
for the Class S shares is that of the Class I shares, which has higher
expenses than Class S shares and typically lower returns. 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. 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.
Any ratios or other measurements using a factor of forecasted earnings
of a company discussed herein are based on consensus estimates, not
NBMI's own projections, and they may or may not be realized. In
addition, any revision to a forecast could affect the market price of
a security. By quoting them herein, NBMI 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 AMT Portfolios 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 fees and cost of shareholder reports,
among others. The following examples are based on an investment of $1,000 made
at the beginning of the period shown and held for the entire period. The table
illustrates the fund's costs in two ways:
ACTUAL EXPENSES 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
factual 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.
Please note that the expenses in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs, such as fees and expenses
of the variable annuity and variable life insurance policies or the pension
plans. Therefore, the information under the heading "Hypothetical (5% annual
return before expenses)" is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if these transactional costs were included, your costs would have been
higher.
EXPENSE INFORMATION AS OF 6/30/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
BEGINNING ENDING EXPENSES
ACCOUNT ACCOUNT PAID DURING
ACTUAL VALUE VALUE THE PERIOD*
- ------- --------- --------- -----------
Class I $1,000 $1,007.70 $6.52
Class S $1,000 $1,007.70 $1.98
</Table>
<Table>
<Caption>
HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)**
- -------------------------------------------------
Class I $1,000 $1,018.30 $6.56
Class S $1,000 $1,006.38 $1.98
</Table>
* Expenses are equal to the expense ratio for the class, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect
the one-half year period shown) for Class I and 61/365 for Class S (to
reflect the period from May 1, 2006 to June 30, 2006).
** 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>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
SCHEDULE OF INVESTMENTS SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (94.2%)
AUTOMOTIVE (5.5%)
103,300 BorgWarner, Inc. $ 6,724,830
47,750 Toyota Motor ADR 4,994,172
------------
11,719,002
BANKING & FINANCIAL (5.2%)
96,550 Bank of New York 3,108,910
133,975 State Street 7,782,608
------------
10,891,518
BUSINESS SERVICES (3.4%)
110,655 Manpower Inc. 7,148,313
CABLE SYSTEMS (7.6%)
216,875 Comcast Corp. Class A Special 7,109,163*
392,831 Liberty Global Class A 8,445,866*
29,866 Liberty Global Class C 614,344*
------------
16,169,373
CONSUMER DISCRETIONARY (1.9%)
83,065 Target Corp. 4,059,387
CONSUMER STAPLES (2.6%)
96,650 Costco Wholesale 5,521,615
ENERGY (1.9%)
57,075 BP PLC ADR 3,972,991
FINANCIAL SERVICES (7.3%)
161,765 Citigroup Inc. 7,803,544
67,795 Freddie Mac 3,864,993
25,050 Goldman Sachs 3,768,271
------------
15,436,808
HEALTH PRODUCTS & SERVICES (4.8%)
51,125 Quest Diagnostics 3,063,410
160,125 UnitedHealth Group 7,170,397
------------
10,233,807
INDUSTRIAL (4.7%)
153,465 Danaher Corp. 9,870,869
INSURANCE (5.5%)
133,095 Progressive Corp. 3,421,872
253,475 Willis Group Holdings 8,136,548
------------
11,558,420
LIFE SCIENCE TOOLS & SUPPLIES (2.7%)
111,250 Affymetrix, Inc. 2,848,000*
44,850 Millipore Corp. 2,825,101*
------------
5,673,101
MEDIA (6.0%)
194,270 E.W. Scripps 8,380,808
253,087 Liberty Media Holding Interactive Class A 4,368,281*
------------
12,749,089
OIL & GAS (3.7%)
55,950 Cimarex Energy $ 2,405,850
108,920 Newfield Exploration 5,330,545*
------------
7,736,395
PHARMACEUTICAL (7.2%)
129,050 Novartis AG ADR 6,958,376
10,125 Novo Nordisk A/S ADR 643,849
119,550 Novo-Nordisk A/S Class B 7,608,779
------------
15,211,004
REAL ESTATE (1.3%)
52,950 AMB Property 2,676,623
TECHNOLOGY (3.4%)
266,265 National Instruments 7,295,661
TECHNOLOGY--SEMICONDUCTOR (9.1%)
558,900 Altera Corp. 9,808,695*
308,410 Texas Instruments 9,341,739
------------
19,150,434
TECHNOLOGY--SEMICONDUCTOR CAPITAL EQUIPMENT (3.2%)
484,975 Teradyne, Inc. 6,755,702*
TRANSPORTATION (3.1%)
150,570 Canadian National Railway 6,587,437
UTILITIES (4.1%)
357,700 National Grid 3,868,592
90,629 National Grid ADR 4,899,404
------------
8,767,996
TOTAL COMMON STOCKS
(COST $193,354,593) 199,185,545
------------
PRINCIPAL AMOUNT
REPURCHASE AGREEMENT (5.4%)
$11,328,000 State Street Bank and Trust Co., Repurchase
Agreement, 4.88%, due 7/3/06, dated 6/30/06,
Maturity Value $11,332,607, Collateralized by
$11,585,000 Fannie Mae, 5.08%, due 1/27/09
(Collateral Value $11,671,888)
(COST $11,328,000) 11,328,000#
------------
TOTAL INVESTMENTS (99.6%)
(COST $204,682,593) 210,513,545##
Cash, receivables and other assets, less liabilities (0.4%) 928,862
------------
TOTAL NET ASSETS (100.0%) $211,442,407
------------
</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 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 expressed
in local currency values. During the period of this report, foreign
security prices were translated from the local currency into U.S. dollars
using the exchange rate as of 12:00 noon, Eastern time. Beginning July 10,
2006, the exchange rate as of 4:00 p.m., Eastern time, will be used. 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 June 30, 2006, the cost of investments for U.S. federal income tax
purposes was $204,801,264. Gross unrealized appreciation of investments was
$9,689,414 and gross unrealized depreciation of investments was $3,977,133,
resulting in net unrealized appreciation of $5,712,281, based on cost for
U.S. federal income tax purposes.
* Non-income producing security.
See Notes to Financial Statements
6
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY
RESPONSIVE
PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $210,513,545
Cash 670
Foreign currency 56,530
Dividends and interest receivable 265,622
Receivable for Fund shares sold 1,395,219
Prepaid expenses and other assets 1,471
- ----------------------------------------------------------------------------------------------------
TOTAL ASSETS 212,233,057
- ----------------------------------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed 622,785
Payable to investment manager (Note B) 68,156
Payable to administrator--net (Note B) 80,019
Accrued expenses and other payables 19,690
- ----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 790,650
- ----------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $211,442,407
- ----------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $204,478,316
Undistributed net investment income (loss) 100,087
Accumulated net realized gains (losses) on investments 1,032,271
Net unrealized appreciation (depreciation) in value of investments 5,831,733
- ----------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $211,442,407
- ----------------------------------------------------------------------------------------------------
NET ASSETS
Class I $122,963,213
Class S 88,479,194
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 8,302,476
Class S 5,973,283
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 14.81
Class S 14.81
*COST OF INVESTMENTS:
Unaffiliated issuers $204,682,593
TOTAL COST OF FOREIGN CURRENCY $ 55,536
- ----------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
7
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE SIX MONTHS ENDED
JUNE 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
<Table>
<Caption>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY
RESPONSIVE
PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 537,733
Interest income--unaffiliated issuers 134,314
Foreign taxes withheld (14,304)
- ------------------------------------------------------------------------------------------------------------
Total income 657,743
- ------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fee (Note B) 236,556
Administration fee (Note B):
Class I 120,168
Class S 9,562
Distribution fees (Note B):
Class S 7,970
Audit fees 18,836
Custodian fees (Note B) 32,120
Insurance expense 718
Legal fees 2,385
Shareholder reports 7,161
Reimbursement of expenses previously assumed by administrator (Note B) 112,965
Trustees' fees and expenses 13,769
Miscellaneous 840
- ------------------------------------------------------------------------------------------------------------
Total expenses 563,050
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (5,747)
- ------------------------------------------------------------------------------------------------------------
Total net expenses 557,303
- ------------------------------------------------------------------------------------------------------------
Net investment income (loss) 100,440
- ------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 1,188,082
Foreign currency (18,695)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 1,301,491
Foreign currency 909
- ------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 2,471,787
- ------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $2,572,227
- ------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
SOCIALLY RESPONSIVE PORTFOLIO
-----------------------------
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SIX MONTHS
ENDED YEAR
JUNE 30, ENDED
2006 DECEMBER 31,
(UNAUDITED) 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 100,440 $ 163,433
Net realized gain (loss) on investments 1,169,387 1,040,061
Change in net unrealized appreciation (depreciation) of investments 1,302,400 1,290,057
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 2,572,227 2,493,551
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income:
Class I (160,480) --
Net realized gain on investments:
- ---------------------------------------------------------------------------------------------------
Class I (1,139,467) (93,682)
- ---------------------------------------------------------------------------------------------------
Total distributions to shareholders (1,299,947) (93,682)
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 77,021,647 34,817,259
Class S 836,337 --
Proceeds from reinvestment of dividends and distributions:
Class I 1,299,948 93,682
Proceeds issued in conjunction with acquisition:
Class S 85,051,806 --
- ---------------------------------------------------------------------------------------------------
Payments for shares redeemed:
Class I (3,445,922) (8,558,708)
- ---------------------------------------------------------------------------------------------------
Class S (1,069,486) --
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 159,694,330 26,352,233
- ---------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 160,966,610 28,752,102
NET ASSETS:
Beginning of period 50,475,797 21,723,695
- ---------------------------------------------------------------------------------------------------
End of period $211,442,407 $50,475,797
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ 100,087 $ 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 "1933 Act"). The Fund currently
offers Class I and Class S shares. Class S had no operations until May 1,
2006, other than matters relating to 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 rates as of 4:00 pm, Eastern time, (12:00
noon, Eastern time, prior to July 10, 2006) to determine the value of
investments. Other foreign currency assets and liabilities are translated
into U.S. dollars using the exchange rates as of 12:00 noon, Eastern time.
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
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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.
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:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
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>
UNREALIZED LOSS
UNDISTRIBUTED UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME LONG-TERM 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. During the six months ended June 30, 2006 and due
to the Fund's reorganization (see "Note F") the Fund has declared an
ordinary and long-term distribution with an ex, record and payable date of
April 27, 2006.
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
11
<Page>
NOTES TO FINANCIAL STATEMENTS SOCIALLY RESPONSIVE PORTFOLIO CONT'D
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: Effective October 4, 2005, the Fund entered into
securities lending arrangements using a third party, eSecLending, to act as
agent for the Fund.
Under the 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). The Fund invests the cash collateral in 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 less fees and expenses associated with the loans. These amounts
are reflected in the Statement of Operations under the caption "Income from
securities loaned." At June 30, 2006, the Fund had no securities 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.
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.
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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 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's Class I.
For the Fund's Class S, Management acts as agent in arranging for the sale
of class shares without commission and bears advertising and promotion
expenses. The Board has adopted a distribution plan (the "Plan") with
respect to this class, pursuant to Rule 12b-1 under the 1940 Act. The Plan
provides that, as compensation for administrative and other services
provided to this class, Management's activities and expenses related to the
sale and distribution of this class of shares, and ongoing services
provided to investors in this class, Management receives from this class a
fee at the annual rate of 0.25% of Class S's average daily net assets.
Management receives this amount to provide distribution and shareholder
servicing for this class and pays a portion of it to institutions that
provide such services. Those institutions may use the payments for, among
other purposes, compensating employees engaged in sales and/or shareholder
servicing. The amount of fees paid by this class during any year may be
more or less than the cost of distribution and other services provided to
this class. NASD rules limit the amount of annual distribution fees that
may be paid by a mutual fund and impose a ceiling on the cumulative
distribution fees paid. The Trust's Plan complies with those rules.
Management has contractually undertaken to reimburse the Fund's Class I and
Class S shares for their operating expenses (exclusive of 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 SIX MONTHS ENDED
LIMITATION(1) EXPIRATION JUNE 30, 2006
CLASS I 1.30% 12/31/09 --
CLASS S 1.17% 12/31/09 --
</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,
2012 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
13
<Page>
NOTES TO FINANCIAL STATEMENTS SOCIALLY RESPONSIVE PORTFOLIO CONT'D
after the year in which Management issued the reimbursement. For the period
ended June 30, 2006, the Fund's Class I reimbursed Management $112,965. At
June 30, 2006, the Fund's Class I and Class S shares had no contingent
liability to Management under these agreements.
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 entered into a commission recapture program, which enables it
to pay some of its operational expenses by recouping a portion of the
commissions it pays to a broker that is not a related party of the Fund.
Expenses paid through this program may include costs of custodial, transfer
agency or accounting services. For the six months ended June 30, 2006, the
impact of this arrangement was a reduction of expenses of $5,592.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the six months ended June 30, 2006, the impact of this
arrangement was a reduction of expenses of $155.
NOTE C--SECURITIES TRANSACTIONS:
During the six months ended June 30, 2006, there were purchase and sale
transactions (excluding short-term securities) of $155,419,075 and
$84,664,780, respectively.
During the six months ended June 30, 2006, brokerage commissions on
securities transactions amounted to $299,499, of which Neuberger received
$2,591, Lehman Brothers Inc. received $44,631, and other brokers received
$252,277.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended June 30, 2006 and year ended December
31, 2005 was as follows:
<Table>
<Caption>
CLASS I FOR THE SIX MONTHS FOR THE YEAR
ENDED JUNE 30, ENDED DECEMBER 31,
2006 2005
SHARES SOLD 5,061,379 2,432,866
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 83,652 6,630
SHARES REDEEMED (227,758) (607,213)
--------- ---------
TOTAL 4,917,273 1,832,283
--------- ---------
</Table>
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
<Table>
<Caption>
CLASS S FOR THE PERIOD ENDED
JUNE 30, 2006*
SHARES SOLD 267,741
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS --
SHARES ISSUED IN CONJUNCTION WITH ACQUISITION 5,775,223
SHARES REDEEMED (69,681)
---------
TOTAL 5,973,283
---------
</Table>
* For the period from May 1, 2006 (Commencement of Operations) to June
30, 2006, for Class S.
NOTE E--LINE OF CREDIT:
At June 30, 2006, 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 June 30, 2006.
During the six months ended June 30, 2006, the Fund did not utilize this
line of credit.
NOTE F--REORGANIZATION:
Pursuant to an Agreement and Plan of Reorganization, Socially Responsive
Portfolio ("Surviving Fund") of Neuberger Berman Advisers Management Trust
acquired all of the assets of Series S (Social Awareness Series) ("Acquired
Fund") of SBL Fund in exchange for shares of common stock of Class S shares
of beneficial interest of the Surviving Fund and the assumption by the
Surviving Fund of the known liabilities of the Acquired Fund. Shares of the
Surviving Fund were distributed on a pro rata basis to the shareholders of
the Acquired Fund in complete liquidation and termination of the Acquired
Fund. The Agreement and Plan of Reorganization providing for the transfer
of the assets of the Acquired Fund to the Surviving Fund was approved by
the Board of Trustees of the Surviving Fund at a Special Meeting held on
February 21, 2006, and was also approved by Acquired Fund shareholders at a
Special Meeting held on June 1, 2006. The reorganization qualified as a
tax-free transaction with no gain or loss recognized by the funds or their
shareholders. The reorganization was accomplished by a tax-free exchange of
259,186 shares of Class S of the Surviving Fund (valued at $3,817,417) for
3,546,021 shares of Class S of the Acquired Fund (valued at $85,051,806) on
June 16, 2006, at a conversion ratio of 1:1.628649. The reorganization
resulted in the issuance of 5,775,223 shares of Class S of the Surviving
Fund in exchange for the net assets of the Acquired Fund. The Surviving
Fund total net assets prior to the reorganization were valued at
$117,642,054 which was comprised of $113,824,637 of Class I shares and
$3,817,417 of Class S shares. The Acquired Fund's aggregate net assets at
that date ($85,051,806, including $3,822,998 of undistributed net realized
gains and $3,318,507 of net unrealized appreciation) were combined with
15
<Page>
NOTES TO FINANCIAL STATEMENTS SOCIALLY RESPONSIVE PORTFOLIO CONT'D
those of the Surviving Fund. Following the reorganization, the aggregate
net assets of the Surviving Fund were $202,693,860, which was comprised of
$113,824,637 of Class I shares and $88,869,223 of Class S shares.
NOTE G--UNAUDITED FINANCIAL INFORMATION:
The financial information included in this interim report is taken from the
records of the Fund without audit by an independent registered public
accounting firm. Annual reports contain audited financial statements.
16
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2005 (UNAUDITED)
FINANCIAL HIGHLIGHTS SOCIALLY RESPONSIVE PORTFOLIO
The following tables include selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
CLASS I SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------- ------------------------------------------
2006 2005 2004 2003 2002 2001
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $14.91 $13.99 $12.35 $ 9.19 $10.78 $11.17
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .02 .08 (.00) (.01) (.01) --
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .11 .88 1.64 3.17 (1.58) (.39)
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .13 .96 1.64 3.16 (1.59) (.39)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.03) -- -- -- -- --
NET CAPITAL GAINS (.20) (.04) -- -- -- --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS (.23) (.04) -- -- -- --
------ ------ ------ ------ ------ ------
NET ASSET VALUE, END OF PERIOD $14.81 $14.91 $13.99 $12.35 $ 9.19 $10.78
------ ------ ------ ------ ------ ------
TOTAL RETURN+++ +0.77%** +6.86% +13.28% +34.39% -14.75% - 3.58%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $123.0 $ 50.5 $21.7 $ 7.7 $ 5.0 $ 3.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.32%* 1.30% 1.31% 1.35% 1.52% 1.59%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.31%* 1.29% 1.29% 1.34% 1.51% 1.53%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS .21%* .53% (.03%) (.08%) (.07%) .04%
PORTFOLIO TURNOVER RATE 95%** 24% 21% 45% 38% 277%
</Table>
<Table>
<Caption>
CLASS S PERIOD FROM
MAY 1, 2006^
TO JUNE 30,
------------
2006
(UNAUDITED)
NET ASSET VALUE, BEGINNING OF PERIOD $15.49
------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)++ .01
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) (.69)
------
TOTAL FROM INVESTMENT OPERATIONS (.68)
------
NET ASSET VALUE, END OF PERIOD $14.81
------
TOTAL RETURN+++ +0.77%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 88.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.19%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS Section 1.18%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .54%*
PORTFOLIO TURNOVER RATE 95%**@
</Table>
See Notes to Financial Highlights
17
<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.
# 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 ratios of net expenses to
average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2005 2004 2003 2002 2001
SOCIALLY RESPONSIVE PORTFOLIO CLASS I 1.33% 1.73% 2.30% 2.87% 4.33%
</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>
FOR THE SIX MONTHS
ENDED JUNE 30,
2006
SOCIALLY RESPONSIVE PORTFOLIO CLASS I 1.02%
</Table>
++ Calculated based on the average number of shares outstanding during each
fiscal period.
^ The date investment operations commenced.
@ Portfolio turnover is calculated on the Fund level. Percentage indicated
was calculated for period ended June 30, 2006.
* Annualized.
** Not annualized.
18
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST JUNE 30, 2006 (UNAUDITED)
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).
19
ITEM 2. CODE OF ETHICS
Not applicable. Only required in an annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable. Only required in an annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable. Only required in an annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
The Schedule of Investments is disclosed in the report to shareholders filed
under 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.
Not applicable
ITEM 11. CONTROLS AND PROCEDURES
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in rule 30a-2(c) under the Act) as of a date within 90 days of
the filing date of this report, the Chief Executive Officer and
Treasurer of the Registrant have concluded that such disclosure
controls and procedures are effectively designed to ensure that
information required to be disclosed by the Registrant is accumulated
and communicated to the Registrant's management to allow timely
decisions regarding required disclosure.
(b) There was no change in the Registrant's internal controls over
financial reporting (as defined in rule 30a-3(d) under the Act) that
occurred during the Registrant's second fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
(a) (1) Not applicable. Only required in an annual report.
(2) The certifications required by Rule 30a-2(a) under the Act, are
attached hereto.
(3) Not applicable.
(b) The certification required by Rule 30a-2(b) under the Act, Rule
13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of
1934 ("Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of
the United States Code are attached hereto.
The certifications provided pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section.
Such certifications will not be deemed to be incorporated by reference into any
filing under the Securities Act of 1933 or the Exchange Act, except to the
extent that the Registrant specifically incorporates them by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Advisers Management Trust
By: /s/ Peter E. Sundman
--------------------------------------------
Peter E. Sundman
Chief Executive Officer
Date: August 28, 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: August 28, 2006
By: /s/ John M. McGovern
--------------------------------------------
John M. McGovern
Treasurer, Principal Financial
and Accounting Officer
Date: August 28, 2006