As filed with the Securities and Exchange Commission on February 28, 2007
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-4255
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
(Exact Name of the Registrant as Specified in Charter)
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
(Address of Principal Executive Offices - Zip Code)
Peter E. Sundman, Chief Executive Officer
Neuberger Berman Advisers Management Trust
605 Third Avenue, 2nd Floor
New York, New York 10158-0180
Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington, D.C. 20006
(Names and Addresses of agents for service)
Registrant's Telephone Number, including area code: (212) 476-8800
Date of fiscal year end: December 31
Date of reporting period: December 31, 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
The following are copies of the annual reports transmitted to shareholders
pursuant to Rule 30e-1 under the Act.
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
BALANCED PORTFOLIO(R)
B1014 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
BALANCED PORTFOLIO MANAGERS' COMMENTARY
During 2006, the equity portion of the Neuberger Berman Advisers Management
Trust (AMT) Balanced Portfolio generated gains, with strong stock selection
contributing to performance versus the Russell Midcap(R) Growth Index. Helped by
a second half bond market rally, the Portfolio's fixed income component also
provided a positive return.
EQUITIES
In the equity markets, small-cap stocks outpaced large-caps in 2006, with each
taking the lead for several months. Across the market-cap spectrum, value stocks
outperformed their growth counterparts as Information Technology and Health Care
- -- the two largest components within the growth benchmarks -- were among the
weakest performing sectors of the year.
Among our equity holdings, the largest contributors to results were securities
within the Health Care and Information Technology sectors. Stock selection
within Financials was also additive. Although Energy was the benchmark's weakest
performing sector, security selection in the group was favorable, as it was in
the Consumer Discretionary and Telecom sectors.
In aggregate, sector allocation was a neutral factor, with an overweight in
Telecom -- the strongest performing sector of the year -- providing most of the
value added in the area. Stock selection in Consumer Staples and Industrials had
the most negative impact on relative portfolio performance.
In general, we currently think that sectors that worked in the latter part of
2006 will continue to do well in 2007, including pro-cyclical sectors such as
Information Technology and Industrials. While we believe that, longer term,
Energy will provide earnings growth potential due to worldwide demand, in the
near term, we are concerned about the impact of weak gas and oil prices.
Therefore, we remain slightly underweight and will continue to opportunistically
look to further underweight the sector relative to the benchmark.
In contrast, we are finding good growth potential in the Telecom sector, which
remains an overweighted position. The Portfolio also has a slight overweight in
Health Care. Consumer Discretionary and Staples sectors remain underweights.
FIXED INCOME
In the fixed income markets, the year 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, although most investors appear not
to be holding this pessimistic view.
Yields were inverted or flat throughout 2006, as investors equivocated about the
potential effect of economic data on monetary policy. Beginning in June, the
bond market rallied strongly, due to a combination of slower economic growth and
the realization of the long-anticipated pause in the Federal Reserve's two-year
tightening campaign.
As of year-end, we feel that the market is overly optimistic in pricing in
aggressive, near-term rate cuts by the Federal Reserve, which continues to be
concerned about inflation. We are maintaining a defensive posture, albeit less
than in the recent past, with duration (measuring the sensitivity of a bond's
price to interest rate movements) at slightly lower levels than those of our
fixed income benchmark.
During the year, we made opportunistic sector allocations in order to enhance
yield. The most significant of these 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. These transactions
allowed us to increase the portfolio's yield and credit quality.
1
<Page>
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 heightened 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 allocation to BBB rated securities.
We currently expect to remain defensively positioned with regard to duration,
and will return to a neutral stance once market pricing is more consistent with
Fed policy communications. 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.
Sincerely,
/s/ John Dugenske /s/ Thomas Sontag
- --------------------------------------- --------------------------------------
/s/ Kenneth J. Turek
--------------------------------------
JOHN DUGENSKE, THOMAS SONTAG,
KENNETH J. TUREK
PORTFOLIO CO-MANAGERS
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MERRILL LYNCH
BALANCED 1-3 YEAR RUSSELL MIDCAP(R)
PORTFOLIO TREASURY INDEX(2) GROWTH(2) RUSSELL MIDCAP(R)(2)
1 YEAR 10.67% 3.96% 10.66% 15.26%
5 YEAR 4.94% 2.82% 8.22% 12.88%
10 YEAR 6.53% 4.69% 8.62% 12.14%
LIFE OF FUND 8.12% 5.94% 11.89% 13.65%
- -------------------------------------------------------------------------------------------
INCEPTION DATE 02/28/1989
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_balanced_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Merrill Lynch
Balanced 1-3 Year Russell Midcap(R)
Portfolio Treasury Index Growth Russell Midcap(R)
12/31/1996 $10,000 $10,000 $10,000 $10,000
12/31/1997 $11,945 $10,666 $12,254 $12,901
12/31/1998 $13,400 $11,412 $14,443 $14,203
12/31/1999 $17,897 $11,761 $21,852 $16,793
12/31/2000 $17,083 $12,702 $19,284 $18,178
12/31/2001 $14,801 $13,756 $15,398 $17,156
12/31/2002 $12,263 $14,548 $11,178 $14,379
12/31/2003 $14,259 $14,824 $15,953 $20,139
12/31/2004 $15,586 $14,958 $18,422 $24,211
12/31/2005 $17,017 $15,207 $20,651 $27,274
12/31/2006 $18,833 $15,810 $22,852 $31,436
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
ASSET DIVERSIFICATION
(% BY ASSET CLASS)
<Table>
Asset Backed 2.0%
Corporate Debt 10.6
Common Stock 61.5
Mortgage-Backed Securities 22.1
U.S. Government Agency Securities 2.0
Short-Term Investments 0.7
Repurchase Agreements 1.8
Liabilities, less cash, receivables and other assets (0.7)
</Table>
3
<Page>
ENDNOTES
(1.) 10.67%, 4.94%, and 6.53% were the average annual total returns for the 1-,
5- and 10-year periods ended December 31, 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 https://www.nb.com/public/DMA/html/
performance_ins_amt_balanced_monthly.html. 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(R) 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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BALANCED PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 -
ACTUAL 7/1/06 12/31/06 12/31/06
- ---------------------------------------------------------------
Class I $1,000.00 $1,054.10 $6.19
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000.00 $1,019.17 $6.09
</Table>
* Expenses are equal to the annualized expense ratio of 1.20%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS BALANCED PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (61.5%)
AEROSPACE (2.1%)
10,500 Precision Castparts $ 821,940
11,500 Rockwell Collins 727,835
-----------
1,549,775
BASIC MATERIALS (1.7%)
14,500 Airgas, Inc. 587,540
4,000 Albemarle Corp. 287,200
7,500 Ecolab Inc. 339,000
-----------
1,213,740
BIOTECHNOLOGY (2.0%)
16,500 Celgene Corp. 949,245*
8,000 Gilead Sciences 519,440*
-----------
1,468,685
BUSINESS SERVICES (7.5%)
17,500 Alliance Data Systems 1,093,225*
36,000 CB Richard Ellis Group 1,195,200*
10,000 Corporate Executive Board 877,000
6,000 Corrections Corporation of America 271,380*
5,500 Iron Mountain 227,370*
6,000 MasterCard, Inc. Class A 590,940
13,500 NeuStar, Inc. 437,940*
2,500 Stericycle, Inc. 188,750*
12,000 VeriFone Holdings 424,800*
4,100 VistaPrint Ltd. 135,751*
-----------
5,442,356
CABLE SYSTEMS (0.3%)
8,000 Liberty Global Class A 233,200*
COMMUNICATIONS EQUIPMENT (0.8%)
8,500 Harris Corp. 389,810
6,500 SBA Communications 178,750*
-----------
568,560
CONSUMER DISCRETIONARY (0.5%)
8,000 Laureate Education 389,040*
CONSUMER STAPLES (1.5%)
4,500 Chattem Inc. 225,360*
5,500 Dean Foods 232,540*
14,000 Shoppers Drug Mart 601,346
-----------
1,059,246
ELECTRICAL & ELECTRONICS (0.3%)
7,000 Molex Inc. 221,410
ENERGY (4.2%)
25,500 Denbury Resources 708,645*
10,000 Dresser-Rand Group 244,700*
4,500 Murphy Oil 228,825
7,000 National-Oilwell Varco 428,260*
19,000 Range Resources 521,740
11,400 Smith International 468,198
9,000 XTO Energy 423,450
-----------
3,023,818
FINANCIAL SERVICES (4.2%)
7,000 AerCap Holdings NV $ 162,260*
9,000 AmeriCredit Corp. 226,530*^^
2,000 Chicago Mercantile Exchange 1,019,500
5,750 GFI Group 357,995*
8,500 Moody's Corp. 587,010
13,500 Nuveen Investments 700,380
-----------
3,053,675
FOOD PRODUCTS (0.5%)
9,500 Corn Products International 328,130
HEALTH CARE (6.4%)
3,000 Allergan, Inc. 359,220
13,000 Allscripts Healthcare Solutions 350,870*^^
13,500 Cerner Corp. 614,250*
23,200 Cytyc Corp. 656,560*
4,500 Digene Corp. 215,640*
6,750 Gen-Probe 353,498*
5,500 Healthways, Inc. 262,405*
12,500 Pharmaceutical Product Development 402,750
15,000 Psychiatric Solutions 562,800*
6,500 Trimble Navigation 329,745*
15,500 VCA Antech 498,945*
-----------
4,606,683
INDUSTRIAL (2.7%)
8,000 Danaher Corp. 579,520
9,500 Dover Corp. 465,690
15,700 Fastenal Co. 563,316
4,000 Fluor Corp. 326,600
-----------
1,935,126
LEISURE (3.8%)
10,500 Gaylord Entertainment 534,765*
8,500 Hilton Hotels 296,650
13,500 Marriott International 644,220
10,000 Penn National Gaming 416,200*
10,000 Scientific Games Class A 302,300*
7,000 Station Casinos 571,690
-----------
2,765,825
MEDIA (1.8%)
5,000 E.W. Scripps 249,700
6,000 Focus Media Holding ADR 398,340*
10,500 Grupo Televisa GDS 283,605
5,500 Lamar Advertising 359,645*
-----------
1,291,290
MEDICAL EQUIPMENT (3.6%)
5,500 C.R. Bard 456,335
8,000 Hologic, Inc. 378,240*
2,050 Intuitive Surgical 196,595*
14,500 Kyphon Inc. 585,800*
10,000 ResMed Inc. 492,200*
10,000 Varian Medical Systems 475,700*
-----------
2,584,870
METALS (0.3%)
4,000 Freeport-McMoRan Copper & Gold 222,920
</Table>
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
PUBLISHING & BROADCASTING (0.3%)
6,500 R.R. Donnelley $ 231,010
RETAIL (4.4%)
5,000 Abercrombie & Fitch 348,150
12,000 AnnTaylor Stores 394,080*
24,000 Coach, Inc. 1,031,040*
15,000 Nordstrom, Inc. 740,100
5,500 O' Reilly Automotive 176,330*
6,000 Polo Ralph Lauren 465,960
-----------
3,155,660
SEMICONDUCTORS (2.1%)
6,500 Diodes Inc. 230,620*
6,500 MEMC Electronic Materials 254,410*
16,000 Microchip Technology 523,200
10,000 QLogic Corp. 219,200*
7,000 Varian Semiconductor Equipment 318,640*
-----------
1,546,070
SOFTWARE (1.3%)
13,000 Autodesk, Inc. 525,980*
8,000 Citrix Systems 216,400*
4,000 Electronic Arts 201,440*
-----------
943,820
TECHNOLOGY (4.4%)
5,500 Akamai Technologies 292,160*
33,500 Arris Group 419,085*
14,500 Cognizant Technology Solutions 1,118,820*
6,500 Fidelity National Information Services 260,585
6,500 GSI Commerce 121,875*
12,500 Logitech International S.A. 357,375*
9,000 Network Appliance 353,520*
6,000 NVIDIA Corp. 222,060*
-----------
3,145,480
TELECOMMUNICATIONS (4.1%)
18,300 American Tower 682,224*
36,500 Dobson Communications 317,915*
15,500 Leap Wireless International 921,785*
16,000 NII Holdings 1,031,040*
-----------
2,952,964
TRANSPORTATION (0.5%)
9,500 C.H. Robinson Worldwide 388,455
UTILITIES (0.2%)
4,000 Mirant Corp. 126,280*
-----------
TOTAL COMMON STOCKS
(COST $29,014,096) 44,448,088
-----------
</Table>
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
U.S. GOVERNMENT AGENCY SECURITIES (2.0%)
$ 430,000 Fannie Mae, Notes, 5.38%, due 8/15/09 AGY AGY $ 434,151
600,000 Fannie Mae, Notes, 3.25%, due 8/15/08 AGY AGY 583,162
425,000 Freddie Mac, Notes, 4.38%, due 11/16/07 AGY AGY 421,882??
-----------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $1,441,798) 1,439,195
-----------
MORTGAGE-BACKED SECURITIES (22.1%)
ADJUSTABLE RATE MORTGAGES (16.3%)
361,965 Adjustable Rate Mortgage Trust, Ser. 2005-10, Class 4A1,
5.38%, due 1/25/36 Aaa AAA 361,029
144,088 Banc of America Funding Corp., Ser. 2005-F, Class 4A1,
5.37%, due 9/20/35 Aaa AAA 143,452
356,481 Banc of America Funding Corp., Ser. 2005-H, Class 7A1,
5.69%, due 11/20/35 AAA 359,137
269,020 Banc of America Funding Corp., Ser. 2006-A, Class 3A2,
5.91%, due 2/20/36 AAA 270,621
487,880 Banc of America Funding Corp., Ser. 2006-H, Class 2A3,
6.74%, due 9/20/46 AAA 497,715
765,271 Bear Stearns ALT-A Trust, Ser. 2006-3, Class 22A1,
6.23%, due 5/25/36 Aaa AAA 774,794
709,471 Bear Stearns ALT-A Trust, Ser. 2006-4, Class 32A1,
6.48%, due 7/25/36 Aaa AAA 722,836??
713,273 Countrywide Home Loans, Ser. 2006-HYB3, Class 1A1A,
5.52%, due 5/20/36 Aaa AAA 717,313
482,179 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2004-AR4, Class 2A1, 4.68%, due 5/25/34 Aaa AAA 477,429
366,556 First Horizon Mortgage Pass-Through Trust, Ser. 2005-AR5,
Class 2A1, 5.45%, due 11/25/35 AAA 364,743
363,695 GMAC Mortgage Corp. Loan Trust, Ser. 2006-AR1,
Class 1A1, 5.62%, due 4/19/36 Aaa AAA 363,737
241,707 Harborview Mortgage Loan Trust, Floating Rate,
Ser. 2004-4, Class 3A, 2.97%, due 1/19/07 Aaa AAA 240,670!
437,564 Harborview Mortgage Loan Trust, Ser. 2006-3, Class 1A1A,
6.44%, due 6/19/36 Aaa AAA 445,484
353,445 Indymac INDX Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.55%, due 11/25/35 Aaa AAA 353,511
754,779 Indymac INDX Mortgage Loan Trust, Ser. 2006-AR3,
Class 2A1A, 6.41%, due 3/25/36 Aaa AAA 766,904
780,474 JP Morgan Alternative Loan Trust, Ser. 2006-A2,
Class 3A1, 5.95%, due 5/25/36 AAA 788,644
342,828 JP Morgan Mortgage Trust, Ser. 2005-ALT1, Class 2A1,
5.63%, due 10/25/35 AAA 343,472
292,827 Lehman XS Trust, Ser. 2005-1, Class 2A1, 4.66%,
due 1/25/07 Aaa AAA 289,657!
621,402 Master Adjustable Rate Mortgages Trust, Ser. 2005-6,
Class 3A2, 5.06%, due 7/25/35 Aaa AAA 617,568
553,811 Merrill Lynch Mortgage Investors Trust, Ser. 2005-A1,
Class 2A1, 4.55%, due 12/25/34 AAA 546,463
268,757 Morgan Stanley Capital I, Ser. 2005-HQ6, Class A1,
4.65%, due 8/13/42 AAA 265,110
360,203 Nomura Asset Acceptance Corp., Ser. 2005-AR6, Class 2A1,
5.75%, due 12/25/35 Aaa AAA 362,499
813,097 Nomura Asset Acceptance Corp., Ser. 2006-AR2, Class 2A2,
6.59%, due 4/25/36 Aaa AAA 832,145
359,277 Residential Accredit Loans, Inc., Ser. 2005-QA10, Class A31,
5.62%, due 9/25/35 Aaa AAA 359,542
525,000 WaMu Mortgage Pass-Through Certificates, Ser. 2004-AR9,
Class A7, 4.15%, due 8/25/34 Aaa AAA 511,008
-----------
11,775,483
-----------
</Table>
8
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
COMMERCIAL MORTGAGE BACKED (3.7%)
$ 283,998 Banc of America Commercial Mortgage, Inc., Ser. 2005-1,
Class A1, 4.36%, due 11/10/42 AAA $ 282,134
660,457 Banc of America Commercial Mortgage, Inc., Ser. 2006-3,
Class A1, 5.68%, due 7/10/44 AAA 665,592
371,756 Banc of America Commercial Mortgage, Inc., Ser. 2005-6,
Class A1, 5.00%, due 9/10/47 Aaa AAA 369,509
370,669 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2005-C6, Class A1, 4.94%, due 12/15/40 Aaa AAA 367,880
196,595 GMAC Commercial Mortgage Securities, Inc., Ser. 2006-C1,
Class A1, 4.97%, due 11/10/45 AAA 195,344
402,226 JP Morgan Chase Commercial Mortgage Securities Corp.,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 399,684
354,546 LB-UBS Commercial Mortgage Trust, Ser. 2006-C3, Class A1,
5.48%, due 3/15/39 Aaa AAA 356,182
-----------
2,636,325
-----------
MORTGAGE-BACKED NON-AGENCY (1.1%)
213,898 Countrywide Home Loans, Ser. 2005-R2, Class 2A4,
8.50%, due 6/25/35 Aaa AAA 229,457@
423,794 GSMPS Mortgage Loan Trust, Ser. 2005-RP2, Class 1A4,
8.50%, due 3/25/35 Aaa AAA 450,229@
89,882 GSMPS Mortgage Loan Trust, Ser. 2005-RP3, Class 1A4,
8.50%, due 9/25/35 Aaa AAA 95,540
-----------
775,226
-----------
FANNIE MAE (0.3%)
209,997 Whole Loan, Ser. 2004-W8, Class PT, 10.23%, due 6/25/44 Aaa AAA 234,711
-----------
FREDDIE MAC (0.7%)
25,824 Pass-Through Certificates, 5.00%, due 2/1/07 Aaa AAA 25,718
27,875 Pass-Through Certificates, 5.50%, due 2/1/07 Aaa AAA 27,826
265,287 Pass-Through Certificates, 8.00%, due 11/1/26 Aaa AAA 279,507
179,762 Pass-Through Certificates, 8.50%, due 10/1/30 Aaa AAA 192,555
-----------
525,606
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $15,957,499) 15,947,351
-----------
CORPORATE DEBT SECURITIES (10.6%)
AUTOMOBILE MANUFACTURERS (0.2%)
190,000 DaimlerChrysler N.A. Holdings Corp., Guaranteed Notes,
4.05%, due 6/4/08 Baa1 BBB 185,941
-----------
BANKS (0.9%)
160,000 Bank of America Corp., Senior Notes, 3.88%, due 1/15/08 Aa2 AA- 157,586
250,000 BankBoston NA, Subordinated Notes, 6.50%, due 12/19/07 Aa2 AA- 251,477??
250,000 Wells Fargo & Co., Notes, 3.13%, due 4/1/09 Aa1 AA 239,090
-----------
648,153
-----------
COMPUTERS (0.4%)
280,000 Hewlett-Packard Co., Notes, 5.50%, due 7/1/07 A3 A- 280,306
-----------
DIVERSIFIED FINANCIAL SERVICES (6.0%)
300,000 Bear Stearns Co., Inc., Notes, 4.00%, due 1/31/08 A1 A+ 295,856
300,000 Boeing Capital Corp., Senior Notes, 5.75%, due 2/15/07 A2 A+ 300,222??
145,000 Chase Manhattan Corp., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 145,904??
250,000 CIT Group, Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 243,979??
100,000 Citigroup, Inc., Unsecured Notes, 4.25%, due 7/29/09 Aa1 AA- 97,861
</Table>
See Notes to Schedule of Investments
9
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
$ 500,000 Citigroup, Inc., Notes, 5.00%, due 3/6/07 Aa1 AA- $ 499,649??
600,000 Goldman Sachs Group, Inc., Notes, 4.13%, due 1/15/08 Aa3 AA- 593,144??
300,000 HSBC Finance Corp., Notes, 4.13%, due 12/15/08 Aa3 AA- 294,043
300,000 International Lease Finance Corp., Unsubordinated Notes,
3.50%, due 4/1/09 A1 AA- 288,577
225,000 John Deere Capital Corp., Notes, 3.90%, due 1/15/08 A3 A 221,858
175,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 172,915
300,000 Merrill Lynch & Co., Medium-Term Notes, Ser. B, 4.00%,
due 11/15/07 Aa3 AA- 296,559
300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 AA- 297,689??
285,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 285,189
300,000 Toyota Motor Credit Corp., Medium-Term Notes, 2.70%,
due 1/30/07 Aaa AAA 299,524??
-----------
4,332,969
-----------
HEALTHCARE-PRODUCTS (0.3%)
190,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 190,945??
-----------
INSURANCE (0.5%)
400,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 396,508??
-----------
MEDIA (1.3%)
215,000 British Sky Broadcasting, Guaranteed Notes, 8.20%,
due 7/15/09 Baa2 BBB 228,932
275,000 Comcast Cable Communications, Notes, 8.38%, due 5/1/07 Baa2 BBB+ 277,544??
165,000 News America Holdings, Inc., Guaranteed Notes, 7.38%,
due 10/17/08 Baa2 BBB 170,272
250,000 Time Warner Entertainment LP, Notes, 7.25%, due 9/1/08 Baa2 BBB+ 257,031??
-----------
933,779
-----------
OIL & GAS (0.2%)
135,000 Enterprise Products Operating LP, Senior Notes, 4.00%,
due 10/15/07 Baa3 BBB- 133,349
-----------
SAVINGS & LOANS (0.4%)
285,000 Washington Mutual, Inc., Senior Notes, 5.63%, due 1/15/07 A3 A- 285,014
-----------
TELECOMMUNICATIONS (0.4%)
290,000 Verizon Global Funding Corp., Senior Unsecured Notes,
4.00%, due 1/15/08 A3 A 286,120??
-----------
TOTAL CORPORATE DEBT SECURITIES
(COST $7,721,614) 7,673,084
-----------
ASSET-BACKED SECURITIES (2.0%)
209,622 Chase Funding Mortgage Loan, Ser. 2003-6, Class 1A3,
3.34%, due 5/25/26 Aaa AAA 206,209
231,089 Ford Credit Auto Owner Trust, Ser. 2005-A, Class A3,
3.48%, due 11/15/08 Aaa AAA 229,650
200,000 John Deere Owner Trust, Ser. 2005-A, Class A3,
3.98%, due 6/15/09 Aaa AAA 198,430
265,655 Nissan Auto Receivables Owner Trust, Ser. 2005-A, Class A3,
3.54%, due 10/15/08 Aaa AAA 263,965
470,000 Nomura Asset Acceptance Corp., Ser. 2005-S3, Class AIO,
20.00%, Interest Only Security, due 8/25/35 Aaa AAA 53,608
728,382 Nomura Asset Acceptance Corp., Ser. 2005-S4, Class AIO,
20.00%, Interest Only Security, due 10/25/35 Aaa AAA 100,211
830,853 Nomura Asset Acceptance Corp., Ser. 2006-AP1, Class AIO,
4.50%, Interest Only Security, due 1/25/36 Aaa AAA 23,239
</Table>
10
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
$ 709,167 Nomura Asset Acceptance Corp., Ser. 2006-S2, Class AIO,
10.00%, Interest Only Security, due 4/25/36 Aaa AAA $ 62,495@
185,078 Saxon Asset Securities Trust, Ser. 2004-2, Class AF2,
4.15%, due 8/25/35 Aaa AAA 183,637
136,102 USAA Auto Owner Trust, Ser. 2005-1, Class A3, 3.90%,
due 7/15/09 Aaa AAA 135,075
-----------
TOTAL ASSET-BACKED SECURITIES
(COST $1,500,267) 1,456,519
-----------
REPURCHASE AGREEMENTS (1.8%)
1,320,000 State Street Bank and Trust Co., Repurchase Agreement,
4.95%, due 1/2/07, dated 12/29/06, Maturity Value
$1,320,726, Collateralized by $1,355,000 Federal Home
Loan Bank, 4.13%, due 2/15/08
(Collateral Value $1,360,043)
(COST $1,320,000) 1,320,000#
-----------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (0.7%)
488,001 Neuberger Berman Securities Lending Quality Fund, LLC
(COST $488,001) 488,001#+++
-----------
TOTAL INVESTMENTS (100.7%)
(COST $57,443,275) 72,772,238##
Liabilities, less cash, receivables and other assets [(0.7%)] (506,078)
-----------
TOTAL NET ASSETS (100.0%) $72,266,160
-----------
</Table>
See Notes to Schedule of Investments
11
<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; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. Investments in debt securities by the
Fund are valued daily by obtaining bid price quotations from independent
pricing services on all securities available in each service's data base.
For all other securities requiring daily quotations, bid prices are
obtained from principal market makers in those securities. The Fund values
all other securities, including securities for which the necessary last
sale, asked, and/or bid prices are not readily available, by methods the
Board of Trustees of Neuberger Berman Advisers Management Trust (the
"Board") has approved on the belief that they reflect fair value. Numerous
factors may be considered when determining the fair value of a security,
including available analyst, media or other reports, trading in futures or
ADRs and whether the issuer of the security being fair valued has other
securities outstanding. Foreign security prices are furnished by
independent quotation services and expressed in local currency values.
Foreign security prices are currently translated from the local currency
into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern time.
The Board has approved the use of FT Interactive Data Corporation ("FT
Interactive") to assist in determining the fair value of the Fund's foreign
equity securities when changes in the value of a certain index suggest that
the closing prices on the foreign exchanges may no longer represent the
amount that the Fund could expect to receive for those securities. In this
event, FT Interactive will provide adjusted prices for certain foreign
equity securities using a statistical analysis of historical correlations
of multiple factors. In the absence of precise information about the market
values of these foreign securities as of the close of the New York Stock
Exchange, the Board has determined on the basis of available data that
prices adjusted in this way are likely to be closer to the prices the Fund
could realize on a current sale than are the prices of those securities
established at the close of the foreign markets in which the securities
primarily trade. However, fair value prices are necessarily estimates, and
there is no assurance that such a price will be at or close to the price at
which the security next trades. Short-term debt securities with less than
60 days until maturity may be valued at cost which, when combined with
interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $57,638,865. Gross unrealized appreciation of investments was
$15,851,877 and gross unrealized depreciation of investments was $718,504,
resulting in net unrealized appreciation of $15,133,373, based on cost for
U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
@ 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 December
31, 2006, these securities amounted to $742,181 or 1.0% of net assets for
the Fund.
?? All or a portion of this security is segregated as collateral for financial
futures contracts.
! Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of December 31, 2006.
^^ 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).
~ Credit ratings are unaudited.
12
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 72,284,237
Affiliated issuers 488,001
- ---------------------------------------------------------------------------------
72,772,238
Dividends and interest receivable 221,056
Receivable for Fund shares sold 58,898
Receivable for securities lending income (Note A) 3,814
Prepaid expenses and other assets 1,430
- ---------------------------------------------------------------------------------
TOTAL ASSETS 73,057,436
- ---------------------------------------------------------------------------------
LIABILITIES
Due to custodian 100,530
Payable for collateral on securities loaned (Note A) 488,001
Payable for securities purchased 70,124
Payable for Fund shares redeemed 17,736
Payable to investment manager--net (Notes A & B) 34,372
Payable to administrator (Note B) 18,750
Payable for securities lending fees (Note A) 2,782
Payable for variation margin (Note A) 1,672
Accrued expenses and other payables 57,309
- ---------------------------------------------------------------------------------
TOTAL LIABILITIES 791,276
- ---------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 72,266,160
- ---------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 85,629,231
Undistributed net investment income (loss) 875,496
Accumulated net realized gains (losses) on investments (29,553,316)
Net unrealized appreciation (depreciation) in value of
investments 15,314,749
- ---------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 72,266,160
- ---------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 6,317,309
- ---------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 11.44
- ---------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 471,260
*COST OF INVESTMENTS:
Unaffiliated issuers $ 56,955,274
Affiliated issuers 488,001
- ---------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 57,443,275
- ---------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
BALANCED
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 1,315,784
Income from investments in affiliated issuers (Note F) 12,458
Dividend income--unaffiliated issuers 267,483
Income from securities loaned--net (Note F) 24,955
Foreign taxes withheld (1,016)
- --------------------------------------------------------------------------------
Total income 1,619,664
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 407,296
Administration fees (Note B) 222,161
Audit fees 38,426
Custodian fees (Note B) 102,876
Insurance expense 3,212
Legal fees 11,456
Registration and filing fees 21,175
Shareholder reports 40,118
Shareholder servicing agent fees 1,235
Trustees' fees and expenses 27,521
Miscellaneous 3,967
- --------------------------------------------------------------------------------
Total expenses 879,443
Investment management fees waived (Note A) (208)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (4,774)
- --------------------------------------------------------------------------------
Total net expenses 874,461
- --------------------------------------------------------------------------------
Net investment income (loss) 745,203
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 7,878,520
Financial futures contracts 21,843
Foreign currency (56,290)
Net increase from payments by affiliates (Note B) 695
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (1,060,454)
Financial futures contracts (14,281)
Foreign currency (21,853)
-----------------------------------------------------------------------------
Net gain (loss) on investments 6,748,180
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 7,493,383
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
14
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
BALANCED PORTFOLIO
----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 745,203 $ 312,198
Net realized gain (loss) on investments 7,844,073 3,570,501
Net increase from payments by affiliates (Note B) 695 --
Change in net unrealized appreciation (depreciation) of investments (1,096,588) 2,566,429
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 7,493,383 6,449,128
- --------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (585,710) (711,567)
- --------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 4,869,838 4,349,994
Proceeds from reinvestment of dividends and distributions 585,710 711,567
Payments for shares redeemed (13,815,179) (18,199,227)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (8,359,631) (13,137,666)
- --------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (1,451,958) (7,400,105)
NET ASSETS:
Beginning of year 73,718,118 81,118,223
- --------------------------------------------------------------------------------------------------
End of year $ 72,266,160 $ 73,718,118
- --------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 875,496 $ 585,557
- --------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
15
<Page>
NOTES TO FINANCIAL STATEMENTS BALANCED PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Balanced Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. 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. Included in net realized gain (loss) on investments are
proceeds from the settlements of class action litigation in which the Fund
participated as a plaintiff. The amount of such proceeds for the year ended
December 31, 2006 was $56,986.
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
16
<Page>
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 such contracts are recorded for financial reporting purposes as
unrealized gains or losses by the Fund until the contractual settlement
date. 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, 2006, 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 fiscal year-end. These reclassifications had no effect
on net income, net asset value or net asset value per share of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME TOTAL
2006 2005 2006 2005
$585,710 $711,567 $585,710 $711,567
</Table>
As of December 31, 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
$875,496 $15,133,445 $(29,372,012) $(13,363,071)
</Table>
17
<Page>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales, mark to market
on certain futures 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, 2006, 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
$15,638,001 $13,734,011
</Table>
During the year ended December 31, 2006, the Fund utilized capital loss
carryforwards of $7,649,065.
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 the futures
commission merchant 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
18
<Page>
matching financial futures contracts. When the contracts are closed, the
Fund recognizes a gain or loss. Risks of entering into futures contracts
include the possibility there may be an illiquid market, possibly at a time
of rapidly declining prices, and/or a change in the value of the contract
may not correlate with changes in the value of the underlying securities.
For U.S. federal income tax purposes, the futures transactions undertaken
by the Fund may cause the Fund to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Fund. Also, the Fund's losses on transactions involving
futures contracts may be deferred rather than being taken into account
currently in calculating the Fund's taxable income.
During the year ended December 31, 2006, the Fund entered into financial
futures contracts. At December 31, 2006, open positions in financial
futures contracts were:
<Table>
<Caption>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
March 2007 25 U.S. Treasury Notes, 2 Year Long $14,281
</Table>
At December 31, 2006, the Fund had deposited $22,000 in Fannie Mae Whole
Loan, 10.23%, due 6/25/44, to cover margin requirements on open financial
futures contracts.
11 SECURITY LENDING: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement.
From September 13, 2005 to September 12, 2006, the Fund lent its securities
to a single principal borrower that was selected through the bidding
process. Through another bidding process in August 2006, and pursuant to an
Exemptive Order issued by the Securities and Exchange Commission, the Fund
selected Neuberger Berman, LLC ("Neuberger"), an affiliate of the Fund, to
be its exclusive lending agent for a specified period. Under the agreement
entered into between the Fund and Neuberger, Neuberger pays a guaranteed
amount to the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $24,955, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31,
19
<Page>
2006, "Income from securities loaned-net" consisted of approximately
$73,778 in income earned on cash collateral and guaranteed amounts
(including approximately $42,116 of interest income earned from the Quality
Fund and $3,853 in guaranteed amounts received from Neuberger), less fees
and expenses paid of approximately $48,823 (including $0 retained by
Neuberger).
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.
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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management fees waived under this Arrangement
amounted to $208 and is reflected in the Statement of Operations under the
caption "Investment management fees waived." For the year ended December
31, 2006, income earned under this Arrangement amounted to $12,458 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.
20
<Page>
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.55% of the first $250 million of
the Fund's average daily net assets, 0.525% of the next $250 million, 0.50%
of the next $250 million, 0.475% of the next $250 million, 0.45% of the
next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average
daily net assets in excess of $4 billion.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street 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 year ended December 31, 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 year ended December 31, 2006, there
was no reimbursement to Management under this agreement. At December 31,
2006, the Fund had no contingent liability to Management under this
agreement.
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or
21
<Page>
accounting services. For the year ended December 31, 2006, the impact of
this arrangement was a reduction of expenses of $2,636.
For the year ended December 31, 2006, the Fund recorded a capital
contribution from Management in the amount of $695. This amount was paid in
connection with losses outside the Fund's direct control incurred in the
disposition of foreign currency contracts. Management does not normally
make payments for losses incurred in the disposition of foreign currency
contracts.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $2,138.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding financial futures contracts and foreign currency
contracts) for the year ended December 31, 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
$11,113,518 $34,514,447 $9,557,745 $45,065,684
</Table>
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $63,139, of which Neuberger received
$0, Lehman Brothers Inc. received $10,469, and other brokers received
$52,670.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 443,899 444,671
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 52,719 73,433
SHARES REDEEMED (1,254,446) (1,859,982)
---------- ----------
TOTAL (757,828) (1,341,878)
---------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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
22
<Page>
the net assets of all participants at the time the fee is due and payable.
The fee is paid quarterly in arrears. Because several investment companies
participate, there is no assurance that an individual fund will have access
to all or any part of the $150,000,000 at any particular time. There were
no loans outstanding pursuant to this line of credit at December 31, 2006.
During the year ended December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 92,995 8,646,007 8,739,002 -- $ -- $12,458
Neuberger Berman
Securities Lending
Quality Fund, LLC*** 648,601 23,319,423 23,480,023 488,001 488,001 42,116
-------- -------
TOTAL $488,001 $54,574
======== =======
</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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
23
<Page>
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
24
<Page>
FINANCIAL HIGHLIGHTS BALANCED PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
------------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 10.42 $ 9.64 $ 8.93 $ 7.81 $ 9.66
------- ------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .11 .04 .05 .07 .12
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.00 .84 .77 1.20 (1.75)
------- ------ ------ ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.11 .88 .82 1.27 (1.63)
------- ------ ------ ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.09) (.10) (.11) (.15) (.22)
------- ------ ------ ------- -------
NET ASSET VALUE, END OF YEAR $ 11.44 $10.42 $ 9.64 $ 8.93 $ 7.81
------- ------ ------ ------- -------
TOTAL RETURN++ +10.67% +9.18% +9.31% +16.28% -17.15%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 72.3 $ 73.7 $ 81.1 $ 84.9 $ 80.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.19% 1.14% 1.10% 1.12% 1.12%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS 1.18%~ 1.13%~ 1.09%~ 1.11%~ 1.12%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 1.01% .41% .56% .82% 1.37%
PORTFOLIO TURNOVER RATE 62% 82% 110% 121% 106%
</Table>
See Notes to Financial Highlights
25
<Page>
NOTES TO FINANCIAL HIGHLIGHTS BALANCED PORTFOLIO
++ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each
fiscal period and assumes dividends and other distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Current returns may be lower or higher than the performance data
quoted. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. Total return would
have been lower if Management had not waived certain expenses. The total
return information shown does not reflect charges and other expenses that
apply to the separate account or the related insurance policies, and the
inclusion of these charges and other expenses would reduce the total return
for all fiscal periods shown. For the year ended December 31, 2006,
Management reimbursed the Fund for losses incurred in connection with the
disposition of foreign currency contracts, which had no impact on total
return.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
~ After waiver of a portion of the investment management fee by Management.
Had Management not undertaken such action, the annualized ratios of net
expenses to average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
1.18% 1.13% 1.09% 1.11%
</Table>
26
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Balanced Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Balanced Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Balanced Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2006, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
27
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
28
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
29
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
30
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
31
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
32
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
33
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
34
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
35
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
36
<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 Management'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).
NOTICE TO SHAREHOLDERS
29.18% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
37
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Balanced Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements to the Fund and whether the Agreements were in the best interests of
the Fund and its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
38
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable funds or
separate accounts.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
39
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
FASCIANO PORTFOLIO
D0081 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
FASCIANO PORTFOLIO MANAGER'S COMMENTARY
With the economy expanding rapidly in the first quarter of 2006, the reasonably
valued and consistently profitable secular growth companies we favor were left
in the dust by richly valued, emerging growth companies. To wit, through the
first three months of the year, the strongest performers in the Russell 2000(R)
were stocks with the highest price/earnings ratios and lowest returns on equity
- -- precisely the type of companies we avoid.
We expected to regain relative performance ground once the economy slowed and
investors began turning to higher quality companies. However, holdings in the
Neuberger Berman Advisers Management Trust (AMT) Fasciano Portfolio weren't
spared during a broad-based sell-off that extended from May through July; by the
end of the third quarter, the Portfolio's year-to-date return was down slightly.
When stocks advanced following the Federal Reserve's August decision to leave
interest rates unchanged, our holdings performed reasonably well. Although
posting a solid gain for the fourth quarter, the Portfolio underperformed its
Russell 2000(R) benchmark for the year.
Consumer Discretionary stocks, most notably radio broadcaster Emmis
Communications and newspaper publisher Journal Register Company, had the most
negative impact on absolute and relative returns. Our investment thesis was that
still solidly profitable "old media" franchises would attract the attention of
corporate bargain hunters and/or increasingly active private equity groups and
deal activity would improve valuations in this beaten down sector. This failed
to occur, and after reviewing all our media holdings on a company-by-company
basis, we eliminated selected positions. In the case of Emmis Communications, we
exited the stock when management rescinded a buyout offer. After concluding that
Journal Register's cost cutting efforts would not compensate for declining ad
revenues in many of its markets, we eliminated our position in that company. We
continue to hold magazine publisher Meredith Corp., because ad pages in its
franchise publications (BETTER HOMES AND GARDENS, LADIES' HOME JOURNAL, FAMILY
CIRCLE, and COUNTRY HOME) are actually growing and Meredith is doing a much
better job than many "old media" companies in extending its franchises to the
Internet. Recently, our patience with Meredith has been rewarded, with the stock
finishing the year near its all-time high.
Collectively, our Financial sector investments delivered a modestly positive
return, but trailed the corresponding benchmark sector component by a wide
margin. Money manager W.P. Stewart was among our biggest disappointments. 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
and short-term relative performance issues negatively affected asset and revenue
growth. We think a rebuilt management team has Stewart back on the right track.
With a nice move toward the end of 2006, Stewart appears to be benefiting from
investors' belief that the relative performance of large-cap growth stocks will
improve in the years ahead.
Although lagging respective benchmark sector components, our Energy and
Industrial sector investments delivered good absolute returns. Tetra
Technologies, which specializes in decommissioning deep water drilling rigs, was
our best Energy sector performer and made the largest contribution to portfolio
returns. Seven of our Industrial sector holdings (Bucyrus International, Hub
Group, Regal Beloit, Middleby Corp., Stericycle, MSC Industrial Direct and
Watson Wyatt) finished on our top-ten contributors list.
As a result of the Portfolio's disappointing relative performance in the first
half of 2006, we have
1
<Page>
revisited every portfolio company to make sure that the favorable fundamentals
that attracted us remain intact. We have been culling underperformers and adding
new names in which we've developed more confidence.
Portfolio characteristics remain compelling. As of December 31, 2006, the
Portfolio beats its Russell 2000(R) benchmark in measurements of several
forward-looking forecasts, including annualized forward earnings growth rate,
return on equity (our proxy for quality) and price/forecasted 2007 earnings
ratio. While these measurements are based on forecasts and therefore are
speculative, we are doing the same thing we have always done -- buying
high-quality, above benchmark average growth at below benchmark average
valuations. At some point in the not-too-distant future, we believe that
small-cap investors will become more mindful of risk and more appreciative of
quality and value. This should reinvigorate the Portfolio's relative
performance.
Sincerely,
/s/ Michael Fasciano
- -------------------------------------
MICHAEL FASCIANO
PORTFOLIO MANAGER
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
FASCIANO
PORTFOLIO RUSSELL 2000(R)(2)
1 YEAR 5.25% 18.37%
LIFE OF FUND 9.53% 16.72%
- --------------------------------------------------------------
INCEPTION DATE 07/12/2002
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
<Table>
<Caption>
Fasciano
Portfolio Russell 2000(R)
7/12/2002 $10,000 $10,000
12/31/2002 $ 9,920 $ 9,264
6/30/2003 $10,670 $10,921
12/31/2003 $12,406 $13,642
6/30/2004 $13,097 $14,565
12/31/2004 $13,880 $16,143
6/30/2005 $13,458 $15,941
12/31/2005 $14,282 $16,878
6/30/2006 $14,695 $18,264
12/31/2006 $15,032 $19,978
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
<Caption>
Banking 1.0%
Banking & Financial 4.6
Basic Materials 1.2
Biotechnology 1.4
Building, Construction & Furnishing 0.5
Business Services 8.5
Chemicals 1.5
Consumer Discretionary 1.0
Consumer Products & Services 2.4
Defense 1.2
Distributor 5.0
Electrical & Electronics 0.8
Entertainment 1.6
Filters 1.4
Financial Services 3.9
Health Products & Services 9.6
Industrial & Commercial Products 4.6
Insurance 3.0
Internet 2.0
Machinery & Equipment 6.4
Manufacturing 2.0
Materials 0.5
Office 1.3
Oil & Gas 2.1
Oil Services 6.0
Publishing & Broadcasting 4.7
Restaurants 3.0
Semiconductors 1.4
Specialty Retail 1.4
Technology 2.9
Transportation 6.0
Waste Management 2.1
Short-Term Investments 9.7
Liabilities, less cash, receivables and other assets (4.7)
</Table>
3
<Page>
ENDNOTES
(1.) 5.25% and 9.53% were the average annual total returns for the 1-year and
since inception (07/12/02) periods ended December 31, 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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 was 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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FASCIANO PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 -
ACTUAL 7/1/06 12/31/06 12/31/06
- ---------------------------------------------------------------
Class S $1,000.00 $1,022.90 $7.08
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class S $1,000.00 $1,018.20 $7.07
</Table>
* Expenses are equal to the annualized expense ratio of 1.39%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS FASCIANO PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (95.0%)
BANKING (1.0%)
12,700 Texas Capital Bancshares $ 252,476*
BANKING & FINANCIAL (4.6%)
8,570 Boston Private Financial
Holdings 241,760
14,800 Wilshire Bancorp 280,756
12,320 Wintrust Financial 591,606
----------
1,114,122
BASIC MATERIALS (1.2%)
10,520 AMCOL International 291,825^^
BIOTECHNOLOGY (1.4%)
6,160 Techne Corp. 341,572*
BUILDING, CONSTRUCTION & FURNISHING (0.5%)
2,200 NCI Building Systems 113,850*
BUSINESS SERVICES (8.5%)
2,200 Advisory Board 117,788*
15,300 Korn/Ferry International 351,288*
17,500 Navigant Consulting 345,800*
6,830 Ritchie Bros. Auctioneers 365,678
23,365 Rollins, Inc. 516,600
8,160 Watson Wyatt Worldwide
Class A 368,424
----------
2,065,578
CHEMICALS (1.5%)
14,400 Rockwood Holdings 363,744*
CONSUMER DISCRETIONARY (1.0%)
5,500 RC2 Corp. 242,000*
CONSUMER PRODUCTS & SERVICES (2.4%)
8,200 Central Garden & Pet 397,044*
5,508 Tootsie Roll Industries 180,112
----------
577,156
DEFENSE (1.2%)
13,800 ARGON ST 297,252*
DISTRIBUTOR (5.0%)
11,000 Houston Wire & Cable 229,900*^^
14,800 Interline Brands 332,556*
7,460 MSC Industrial Direct 292,059
11,600 ScanSource, Inc. 352,640*
----------
1,207,155
ELECTRICAL & ELECTRONICS (0.8%)
11,580 LoJack Corp. 197,786*
ENTERTAINMENT (1.6%)
7,640 International Speedway 389,946
FILTERS (1.4%)
9,900 CLARCOR Inc. 334,719
FINANCIAL SERVICES (3.9%)
3,380 FactSet Research Systems 190,902
11,980 Financial Federal 352,332
3,490 ITLA Capital 202,106
13,240 W.P. Stewart & Co. 209,722^^
----------
955,062
HEALTH PRODUCTS & SERVICES (9.6%)
8,000 Computer Programs and Systems 271,920
5,300 Healthcare Services Group 153,488
7,900 Healthspring, Inc. 160,765*
3,780 ICU Medical 153,770*
16,140 K-V Pharmaceutical 383,809*
5,000 LCA-Vision 171,800^^
5,300 MWI Veterinary Supply 171,190*
3,800 Owens & Minor 118,826
14,710 STERIS Corp. 370,251
10,790 Young Innovations 359,307
----------
2,315,126
INDUSTRIAL & COMMERCIAL PRODUCTS (4.6%)
9,000 Actuant Corp. 428,850
5,600 Griffon Corp. 142,800*
5,100 Middleby Corp. 533,817*
----------
1,105,467
INSURANCE (3.0%)
12,800 American Equity
Investment Life Holding 166,784
16,900 Amerisafe Inc. 261,274*
7,190 Hilb, Rogal and Hobbs 302,843
----------
730,901
INTERNET (2.0%)
18,200 j2 Global Communications 495,950*
MACHINERY & EQUIPMENT (6.4%)
9,900 Bucyrus International 512,424
6,500 H&E Equipment Services 161,005*
12,310 IDEX Corp. 583,617
5,620 Regal-Beloit 295,106
----------
1,552,152
MANUFACTURING (2.0%)
8,800 Drew Industries 228,888*
8,600 RBC Bearings 246,476*
----------
475,364
MATERIALS (0.5%)
4,350 Spartech Corp. 114,057
OFFICE (1.3%)
12,100 Acco Brands 320,287*
OIL & GAS (2.1%)
12,100 Berry Petroleum Class A 375,221
4,700 Comstock Resources 145,982*
----------
521,203
OIL SERVICES (6.0%)
3,630 Bristow Group 131,007*
10,700 Cal Dive International 134,285*
5,922 CARBO Ceramics 221,305^^
</Table>
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
3,800 Hydril $ 285,722*
26,200 TETRA Technologies 670,196*
-----------
1,442,515
PUBLISHING & BROADCASTING (4.7%)
8,550 Courier Corp. 333,194
23,340 Journal Communications 294,317
9,100 Meredith Corp. 512,785
-----------
1,140,296
RESTAURANTS (3.0%)
12,000 Ruby Tuesday 329,280
22,650 Steak n Shake 398,640*
-----------
727,920
SEMICONDUCTORS (1.4%)
9,810 Cabot Microelectronics 332,951*
SPECIALTY RETAIL (1.4%)
4,000 Guitar Center 181,840*
4,900 Hibbett Sporting Goods 149,597*
-----------
331,437
TECHNOLOGY (2.9%)
7,200 Landauer, Inc. 377,784
15,980 Methode Electronics 173,063
12,200 Online Resources &
Communications 124,562*
700 TALX Corp. 19,215
-----------
694,624
TRANSPORTATION (6.0%)
10,450 Forward Air 302,319
22,073 Heartland Express 331,536
15,000 Hub Group Class A 413,250*
10,420 Landstar System 397,836
-----------
1,444,941
WASTE MANAGEMENT (2.1%)
2,310 Stericycle, Inc. 174,405*
7,865 Waste Connections 326,791*
-----------
501,196
TOTAL COMMON STOCKS
(COST $19,996,852) 22,990,630
-----------
SHORT-TERM INVESTMENTS (9.7%)
1,229,813 Neuberger Berman Prime
Money Fund Trust Class 1,229,813@
1,122,901 Neuberger Berman Securities
Lending Quality Fund, LLC 1,122,901+++
-----------
TOTAL SHORT-TERM INVESTMENTS
(COST $2,352,714) 2,352,714#
-----------
TOTAL INVESTMENTS (104.7%)
(COST $22,349,566) 25,343,344##
Liabilities, less cash, receivables and
other assets [(4.7%)] (1,145,519)
-----------
TOTAL NET ASSETS (100.0%) $24,197,825
-----------
</Table>
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS FASCIANO PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Fasciano Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $22,361,766. Gross unrealized appreciation of investments was
$3,482,932 and gross unrealized depreciation of investments was $501,354,
resulting in net unrealized appreciation of $2,981,578 based on cost for
U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
@ 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.
^^ 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
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $22,990,630
Affiliated issuers 2,352,714
- ---------------------------------------------------------------------------------------------------------
25,343,344
Cash 1,196
Dividends and interest receivable 15,541
Receivable for securities sold 49,889
Receivable for Fund shares sold 45,153
Receivable for securites lending income (Note A) 5,025
- ---------------------------------------------------------------------------------------------------------
TOTAL ASSETS 25,460,148
- ---------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 1,122,901
Payable for Fund shares redeemed 68,374
Payable to investment manager--net(Notes A & B) 17,374
Payable to administrator--net (Note B) 1,236
Payable for securities lending fees (Note A) 4,825
Accrued expenses and other payables 47,613
- ---------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,262,323
- ---------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $24,197,825
- ---------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $21,002,743
Accumulated net realized gains (losses)on investments 201,304
Net unrealized appreciation (depreciation) in value of investments 2,993,778
- ---------------------------------------------------------------------------------------------------------
NET ASSETS AT VALUE $24,197,825
- ---------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 1,665,902
- ---------------------------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.53
- ---------------------------------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 1,071,319
*COST OF INVESTMENTS:
Unaffiliated issuers $19,996,852
Affiliated issuers 2,352,714
- ---------------------------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $22,349,566
- ---------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
FASCIANO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 135,635
Income from securities loaned--net (Note F) 538
Income from investments in affiliated issuers (Note F) 99,353
Foreign taxes withheld (724)
- -------------------------------------------------------------------------------------------------------------
Total income 234,802
- -------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 187,307
Administration fees (Note B) 66,109
Distribution fees (Note B) 55,091
Audit fees 38,426
Custodian fees (Note B) 43,157
Insurance expense 824
Legal fees 3,294
Shareholder reports 19,235
Trustees' fees and expenses 27,492
Miscellaneous 849
- -------------------------------------------------------------------------------------------------------------
Total expenses 441,784
Expenses reimbursed by administrator (Note B) (131,004)
Investment management fees waived (Note A) (1,655)
Expenses reduced by custodian fee expense offset and commission recapture arrangements (Note B) (1,633)
- -------------------------------------------------------------------------------------------------------------
Total net expenses 307,492
- -------------------------------------------------------------------------------------------------------------
Net investment income (loss) (72,690)
- -------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 230,224
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 941,877
Net gain (loss) on investments 1,172,101
- -------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $1,099,411
- -------------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
FASCIANO PORTFOLIO
-------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (72,690) $ (56,796)
Net realized gain (loss) on investments 230,224 621,792
Change in net unrealized appreciation (depreciation) of investments 941,877 5,347
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 1,099,411 570,343
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net realized gain on investments (598,773) (84,705)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 8,437,809 11,413,506
Proceeds from reinvestment of dividends and distributions 598,773 84,705
Payments for shares redeemed (4,260,606) (8,993,419)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 4,775,976 2,504,792
- ------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 5,276,614 2,990,430
NET ASSETS:
Beginning of year 18,921,211 15,930,781
- ------------------------------------------------------------------------------------------------
End of year $24,197,825 $18,921,211
- ------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ -- $ --
- ------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<Page>
NOTES TO FINANCIAL STATEMENTS FASCIANO PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Fasciano Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
12
<Page>
Income 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, 2006, permanent differences resulting
primarily from different book and tax accounting for net operating losses
were reclassified at fiscal year-end. These reclassifications had no effect
on net income, net asset value or net asset value per share of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2006 2005 2006 2005 2006 2005
$-- $44,303 $598,773 $40,402 $598,773 $84,705
</Table>
As of December 31, 2006, the components of distributable earnings
(accumulated losses) on a U.S. federal income tax basis were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED
UNDISTRIBUTED LONG-TERM APPRECIATION
ORDINARY INCOME GAIN (DEPRECIATION) TOTAL
$-- $213,504 $2,981,578 $3,195,082
</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
13
<Page>
basis of relative net assets, except where a more appropriate allocation of
expenses to each investment company in the complex or series thereof can
otherwise be made fairly.
9 SECURITY LENDING: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement. Through this
bidding process in August 2006, and pursuant to an Exemptive Order issued
by the Securities and Exchange Commission, the Fund selected Neuberger
Berman, LLC ("Neuberger"), an affiliate of the Fund, to be its exclusive
lending agent for a specified period. Under the agreement entered into
between the Fund and Neuberger, Neuberger pays a guaranteed amount to the
Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $538, which is reflected in the Statement of Operations under
the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $9,215 in income earned on cash collateral and guaranteed
amounts (including approximately $8,659 of interest income earned from the
Quality Fund and $556 in guaranteed amounts received from Neuberger), less
fees and expenses paid of approximately $8,677 (including $0 retained by
Neuberger).
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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006,
14
<Page>
management fees waived under this Arrangement amounted to $1,655 and is
reflected in the Statement of Operations under the caption "Investment
management fees waived." For the year ended December 31, 2006, income
earned under this Arrangement amounted to $99,353 which is reflected in the
Statement of Operations under the caption "Income from investments in
affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.85% of the first $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
15
<Page>
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 year ended December 31, 2006,
such excess expenses amounted to $131,004. 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 year ended December 31, 2006, there
was no reimbursement to Management under this agreement. At December 31,
2006, contingent liabilities to Management under this agreement were as
follows:
<Table>
<Caption>
EXPIRING IN:
2007 2008 2009 TOTAL
$108,225 $120,637 $131,004 $359,866
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement, 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency, or accounting services. For
the year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $1,613.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $20.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $11,209,514 and
$6,056,280, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $24,574, of which Neuberger received
$1,107, Lehman Brothers Inc. received $4,363, and other brokers received
$19,104.
16
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED
DECEMBER 31,
2006 2005
SHARES SOLD 581,457 843,922
SHARES ISSUED ON REINVESTMENT
OF DIVIDENDS AND DISTRIBUTIONS 41,438 6,335
SHARES REDEEMED (293,275) (665,267)
-------- --------
TOTAL 329,620 184,990
-------- --------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 AND ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 2,477,716 7,667,032 8,914,935 1,229,813 $1,229,813 $ 99,353
Neuberger Berman
Securities Lending
Quality Fund, LLC*** -- 2,069,801 946,900 1,122,901 1,122,901 8,659
---------- --------
TOTAL $2,352,714 $108,012
---------- --------
</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.
17
<Page>
*** 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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
18
<Page>
FINANCIAL HIGHLIGHTS FASCIANO PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
PERIOD FROM
JULY 12, 2002^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
----------------------------------- ---------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF PERIOD $14.16 $13.84 $ 12.40 $ 9.92 $10.00
------ ------ ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ (.05) (.04) (.08) (.08) (.01)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .79 .43 1.56 2.57 (.07)
------ ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS .74 .39 1.48 2.49 (.08)
------ ------ ------- ------- ------
LESS DISTRIBUTIONS FROM:
NET CAPITAL GAINS (.37) (.07) (.04) (.01) --
------ ------ ------- ------- ------
NET ASSET VALUE, END OF PERIOD $14.53 $14.16 $ 13.84 $ 12.40 $ 9.92
------ ------ ------- ------- ------
TOTAL RETURN++ +5.25% +2.82% +11.96% +25.06% -.80%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 24.2 $ 18.9 $ 15.9 $ 6.2 $ 0.5
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.40% 1.40% 1.41% 1.42% 1.40%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 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 30% 42% 10% 70% 20%**
</Table>
See Notes to Financial Highlights
19
<Page>
NOTES TO FINANCIAL HIGHLIGHTS FASCIANO PORTFOLIO
++ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each
fiscal period and assumes dividends and other distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Current returns may be lower or higher than the performance data
quoted. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. Total return would
have been lower if Management had not reimbursed and/or waived certain
expenses. The total return information shown does not reflect charges and
other expenses that apply to the separate account or the related insurance
policies, and the inclusion of these charges and other expenses would
reduce the total return for all fiscal periods shown.
# 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
action, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
PERIOD FROM
YEAR ENDED JULY 12, 2002^
DECEMBER 31, TO DECEMBER 31,
2006 2005 2004 2003 2002
2.00% 2.09% 2.56% 4.58% 38.27%
</Table>
^ The date investment operations commenced.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
* Annualized.
** Not annualized.
20
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Fasciano Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Fasciano Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the periods indicated
therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Fasciano Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2006, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended and
the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
21
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, Chairman, 62 Independent Trustee or Director of
2000 CDC Investment Advisers three series of Oppenheimer Funds:
(registered investment Limited Term New York Municipal Fund,
adviser), 1993 to January 1999; Rochester Fund Municipals, and
formerly, President and Chief Oppenheimer Convertible Securities
Executive Officer, AMA Fund since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to 2003) and
1984 Milburn LLP (law firm) since Advisory Director (2003 to 2006), ABA
October 2002; formerly, Retirement Funds (formerly, American
Attorney-at-Law and President, Bar Retirement Association)
Faith Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October 2001; Associates to The National
formerly, Director, AARP, 1978 Rehabilitation Hospital's Board of
to December 2001. Directors, 2001 to 2002; formerly,
Member, Individual Investors Advisory
Committee to the New York Stock
Exchange Board of Directors, 1998 to
June 2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit); formerly,
Economics, New York University Director, DEL Laboratories, Inc.
Stern School of Business; (cosmetics and pharmaceuticals), 1978
formerly, Executive to 2004; formerly, Director, Apple
Secretary-Treasurer, American Bank for Savings, 1979 to 1990;
Finance Association, 1961 to formerly, Director, Western Pacific
1979. Industries, Inc., 1972 to 1986
(public company).
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial Corporation
1999 President and General Counsel, (holding company) since December
WHX Corporation (holding 2002; formerly, Director WHX
company), 1993 to 2001. Corporation (holding company),
January 2002 to June 2005; formerly,
Director, State Theatre of New Jersey
(not-for-profit theater), 2000 to
2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, Investment 62 Director, Legg Mason, Inc. (financial
2000 Policy Committee, Edward Jones, services holding company) since 1993;
1993 to 2001; President, formerly, Director, Boston Financial
Securities Industry Association Group (real estate and tax shelters),
("SIA") (securities industry's 1993 to 1999.
representative in government
relations and regulatory
matters at the federal and
state levels), 1974 to 1992;
Adviser to SIA, November 1992
to November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior Vice 62 Formerly, Director, Pro-Kids Golf and
2000 President, Foodmaker, Inc. Learning Academy (teach golf and
(operator and franchiser of computer usage to "at risk"
restaurants) until January children), 1998 to 2006; formerly,
1997. Director, Prandium, Inc.
(restaurants), March 2001 to July
2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners (venture
capital investing) and
President, Oxford Venture
Corporation since 1981.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc. (financial
2000;Lead Investments LP (a private services company) since May 2001;
Independent investment partnership); Director, America One Foundation
Trustee formerly, President and CEO, since 1998; formerly, Director,
beginning Westaff, Inc. (temporary Forward Management, Inc. (asset
2006 staffing), May 2001 to January management company), 1999 to 2006;
2002; formerly, Senior formerly Director, E-Bay Zoological
Executive at the Charles Schwab Society, 1999 to 2003; formerly,
Corporation, 1983 to 1998, Director, General Magic (voice
including Chief Executive recognition software), 2001 to 2002;
Officer, Charles Schwab formerly, Director, E-Finance
Investment Management, Inc. and Corporation (credit decisioning
Trustee, Schwab Family of Funds services), 1999 to 2003; formerly,
and Schwab Investments, 1997 to Director, Save-Daily.com (micro
1998, and Executive Vice investing services), 1999 to 2003.
President-Retail Brokerage,
Charles Schwab & Co., Inc.,
1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and consultant 62 Director, Montpelier Re (reinsurance
1999 specializing in the insurance company) since 2006; Director,
industry; formerly, Advisory National Atlantic Holdings
Director, Securitas Capital LLC Corporation (property and casualty
(a global private equity insurance company) since 2004;
investment firm dedicated to Director, The Proformance Insurance
making investments in the Company (property and casualty
insurance sector), 1998 to insurance company) since March 2004;
December 2003. formerly, Director, Providence
Washington Insurance Company
(property and casualty insurance
company), December 1998 to March
2006; formerly, Director, Summit
Global Partners (insurance brokerage
firm), 2000 to 2005.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
NAME, AGE, AND LENGTH OF OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
ADDRESS(1) TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3) FUND TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY OTHER DIRECTORSHIPS HELD
LENGTH OF TIME FUND OUTSIDE FUND COMPLEX
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) BY FUND TRUSTEE
- -----------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency,
Chief Executive (holding company) since Inc. since 2000; formerly,
Officer and 1999; Head of Neuberger Director, Neuberger Berman
Trustee since Berman Inc.'s Mutual Funds Inc. (holding company),
2000; President Business (since 1999) and October 1999 to March 2003;
and Chief Institutional Business Trustee, Frost Valley YMCA;
Executive (1999 to October 2005); Trustee, College of Wooster.
Officer, 1999 responsible for Managed
to 2000 Accounts Business and
intermediary distribution
since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
26
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Compliance Senior Vice President, Neuberger since 2006;
Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money
Laundering Compliance Officer, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006;
Employee, Management since 1997; Assistant
Treasurer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President,
Neuberger 2002 to 2007 and Employee since
1999; Secretary, sixteen registered
investment companies for which Management
acts as investment manager and administrator
(three since 1985, four since 2002, three
since 2003, four since 2004, one since 2005
and one since 2006) and one registered
investment company for which Lehman Brothers
Asset Management Inc. acts as investment
adviser (since 2006).
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice
President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999;
Senior Vice President, Management since 2000;
Vice President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant
307 and 406 of the Sarbanes-Oxley Secretary, Neuberger since 2001; formerly,
Act of 2002) Vice President, Neuberger, 2001 to 2002;
formerly, Associate General Counsel,
Neuberger, 2001; Secretary and General
Counsel, Management since 2004; Chief Legal
Officer (only for purposes of sections 307
and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager
and administrator (fifteen since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since
2007 and Employee since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (seven
since 2002, three since 2003, four since
2004, one since 2005 and one since 2006) and
one registered investment company for which
Lehman Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten
since 2003, four since 2004, one since 2005
and one since 2006) and one registered
investment company for which Lehman Brothers
Asset Management Inc. acts as investment
adviser (since 2006).
John M. McGovern (37) Treasurer and Principal Financial Senior Vice President, Neuberger since 2007;
and Accounting Officer since formerly, Vice President, Neuberger, 2004 to
2005; prior thereto, Assistant 2007; Employee, Management since 1993;
Treasurer since 2002 Treasurer and Principal Financial and
Accounting Officer, sixteen registered
investment companies for which Management
acts as investment manager and administrator
(fifteen since 2005 and one since 2006) and
one registered investment company for which
Lehman Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management
acts as investment manager and administrator,
2002 to 2005.
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -------------------------------------------------------------------------------------------------------------
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006;
Employee, Management since 1995; Assistant
Treasurer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management
acts as investment manager and administrator
(three since 2000, four since 2002, three
since 2003, four since 2004, one since 2005
and one since 2006) and one registered
investment company for which Lehman Brothers
Asset Management Inc. acts as investment
adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative
Investment Management LLC since 2003;
formerly, Vice President, UBS Global Asset
Management (US) Inc. (formerly, Mitchell
Hutchins Asset Management, a wholly-owned
subsidiary of PaineWebber Inc.), 1997 to
2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
30
<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 Management'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).
NOTICE TO SHAREHOLDERS
100.00% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
31
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Fasciano Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and losses
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements to the Fund and whether the Agreements were in the best interests of
the Fund and its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio manager. The Board discussed the Fund's performance
with Management and discussed steps that Management had taken, or intended to
take, to improve the Fund's performance. The Board also considered Management's
resources and responsiveness with respect to the Fund.
32
<Page>
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board noted that Management incurred a loss on the Fund in each of the last
three years.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable separate
accounts. The Board compared the fees charged to comparable funds to the fees
charged to the Fund at various asset levels. The Board considered the
appropriateness and reasonableness of any differences between the fees charged
between the Fund and the comparable funds and determined that any differences in
fees were consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's loss on the Fund
for a recent period and the trend in loss over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
33
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
GROWTH PORTFOLIO(R)
B1015 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
GROWTH PORTFOLIO MANAGER'S COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Growth Portfolio generated
a positive return in 2006, outperforming its benchmark, the Russell Midcap(R)
Growth Index. The Portfolio ranked in approximately the top 10% of its peer
group as defined by Lipper and Morningstar, with strong stock selection
contributing to relative performance.*
Small-cap stocks continued to outpace large-caps in 2006, with each taking the
lead for six months. Across the market-cap spectrum, value stocks outperformed
their growth counterparts as Information Technology and Health Care -- the two
largest components within the growth benchmarks -- were among the weakest
performing sectors of the year.
For the Portfolio, the largest contributors to results were securities selected
within Health Care and Information Technology. Among Health Care stocks, Celgene
showed particularly strong results. Standout performers in Information
Technology included Mastercard Inc. and Alliance Data Systems, two services
names within the sector. Stock selection within Financials was also additive.
Financial stocks that did well included business services names such as Chicago
Mercantile Exchange and property management companies such as CB Richard Ellis.
Although Energy was the benchmark's weakest performing sector, our security
selection in the group was favorable, with Denbury Resources and Maverick Tube
both showing strength. Also beneficial to relative portfolio performance were
our holdings in the Consumer Discretionary sector, including specialty retailer
Coach and hotel provider Hilton. Lastly, security selection within Telecom
contributed to relative performance, as our emphasis in wireless continued to
add value, with Leap Wireless experiencing a particularly strong 2006.
In aggregate, our sector allocation was a slight negative for the year, with an
overweight in Telecom -- the strongest performing sector of the year --
providing most of the value added in the area.
Stock selection in Consumer Staples and Industrials had the most negative impact
on relative portfolio performance. Within Consumer Staples, names that were
strong performers last year such as Whole Foods were relatively weak in 2006.
Among Industrials, some of the companies in various services areas
underperformed.
We believe that, in the near term, the Federal Reserve is on hold with respect
to interest rates. In addition, we think that sectors that worked in the latter
part of 2006 will continue to do well in 2007, including pro-cyclical sectors
such as Information Technology and Industrials. While we believe that, longer
term, Energy will provide earnings growth potential due to worldwide demand, in
the near term, we are concerned about the impact of weak gas and oil prices.
Therefore, we remain slightly underweight at this time and will continue to
opportunistically look to further underweight the sector relative to the
benchmark.
In contrast, we are finding good growth potential in the Telecom sector, which
remains an overweighted position. The Portfolio also has a slight overweight in
Health Care. We are not overly concerned about interest rates in the near term
and are emphasizing capital-market sensitive and services industries within
Financials, which is neutrally weighted overall. Information Technology is
neutrally weighted, but we will be looking to add to our position in the sector.
Consumer Discretionary and Staples sectors remain underweight positions.
Sincerely,
/s/ Kenneth J. Turek
- ----------------------------------------
KENNETH J. TUREK
PORTFOLIO MANAGER
* As categorized by Lipper, AMT Growth Portfolio ranked 14 out of 144 funds
in its Mid-Cap Growth Variable Product Underlying Funds Classification for
the one-year period ending December 31, 2006. As categorized by
Morningstar, AMT Growth Portfolio ranked 21 out of 199 funds in its Mid-Cap
Growth VA/L Underlying Funds Category for the one-year period ending
December 31, 2006.
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
GROWTH RUSSELL MIDCAP(R)
PORTFOLIO GROWTH(2) RUSSELL MIDCAP(R)(2)
1 YEAR 14.07% 10.66% 15.26%
5 YEAR 6.43% 8.22% 12.88%
10 YEAR 6.53% 8.62% 12.14%
LIFE OF FUND 9.95% N/A 14.37%
- ----------------------------------------------------------------------
INCEPTION DATE 09/10/1984
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Growth Russell Midcap(R)
Portfolio Growth Russell Midcap(R)
12/31/1996 $10,000 $10,000 $10,000
12/31/1997 $12,901 $12,254 $12,901
12/31/1998 $14,903 $14,443 $14,203
12/31/1999 $22,414 $21,852 $16,793
12/31/2000 $19,802 $19,284 $18,178
12/31/2001 $13,790 $15,398 $17,156
12/31/2002 $ 9,493 $11,178 $14,379
12/31/2003 $12,473 $15,953 $20,139
12/31/2004 $14,544 $18,422 $24,211
12/31/2005 $16,507 $20,651 $27,274
12/31/2006 $18,830 $22,852 $31,436
</Table>
This chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years. The result is compared with benchmarks, which may
include a broad-based market index and/or a narrower index. Please note that
market indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 3.7%
Basic Materials 1.5
Biotechnology 4.3
Business Services 13.4
Cable Systems 0.6
Communications Equipment 0.9
Consumer Staples 1.6
Electrical & Electronics 0.5
Energy 6.3
Financial Services 6.4
Food & Beverage 0.4
Food Products 0.7
Hardware 0.4
Health Care 8.9
Industrial 5.3
Leisure 5.8
Media 2.8
Medical Equipment 6.0
Metals 0.4
Oil & Gas 0.6
Publishing & Broadcasting 0.5
Retail 6.8
Semiconductors 3.7
Software 2.2
Technology 6.3
Telecommunications 8.6
Transportation 0.8
Utilities 0.3
Short-Term Investments 5.8
Liabilities, less cash, receivables and other assets (5.5)
</Table>
2
<Page>
ENDNOTES
(1.) 14.07%, 6.43% and 6.53% were the average total returns for the 1-, 5- and
10-year periods ended December 31, 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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(R) 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(R) 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) 2007 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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GROWTH PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06-
ACTUAL 7/1/06 12/31/06 12/31/06
- ---------------------------------------------------------------
Class I $1,000.00 $1,070.10 $5.22
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000.00 $1,020.16 $5.09
</Table>
* Expenses are equal to the annualized expense ratio of 1.00%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (99.7%)
AEROSPACE (3.7%)
41,000 Precision Castparts $ 3,209,480
47,000 Rockwell Collins 2,974,630
------------
6,184,110
BASIC MATERIALS (1.5%)
64,000 Airgas, Inc. 2,593,280
BIOTECHNOLOGY (4.3%)
65,000 Celgene Corp. 3,739,450*
30,000 Gilead Sciences 1,947,900*
45,000 Pharmaceutical Product
Development 1,449,900
------------
7,137,250
BUSINESS SERVICES (13.4%)
15,000 Albemarle Corp. 1,077,000
65,000 Alliance Data Systems 4,060,550*
135,000 CB Richard Ellis Group 4,482,000*
35,000 Corporate Executive Board 3,069,500
22,500 Corrections Corporation of
America 1,017,675*
22,000 Iron Mountain 909,480*
31,500 Laureate Education 1,531,845*
22,500 MasterCard, Inc. Class A 2,216,025^^
9,500 Stericycle, Inc. 717,250*
25,000 Trimble Navigation 1,268,250*
45,000 VeriFone Holdings 1,593,000*
16,200 VistaPrint Ltd. 536,382*
------------
22,478,957
CABLE SYSTEMS (0.6%)
32,500 Liberty Global Class A 947,375*
COMMUNICATIONS EQUIPMENT (0.9%)
32,500 Harris Corp. 1,490,450
CONSUMER STAPLES (1.6%)
15,000 Chattem Inc. 751,200*
46,000 Shoppers Drug Mart 1,975,852
------------
2,727,052
ELECTRICAL & ELECTRONICS (0.5%)
25,000 Molex Inc. 790,750
ENERGY (6.3%)
97,500 Denbury Resources 2,709,525*
15,000 Murphy Oil 762,750
27,500 National-Oilwell Varco 1,682,450*
73,750 Range Resources 2,025,175
43,000 Smith International 1,766,010
35,000 XTO Energy 1,646,750
------------
10,592,660
FINANCIAL SERVICES (6.4%)
17,900 AerCap Holdings NV 414,922*
7,500 Chicago Mercantile Exchange 3,823,125
20,000 GFI Group 1,245,200*
36,000 Moody's Corp. 2,486,160
52,500 Nuveen Investments 2,723,700
------------
10,693,107
FOOD & BEVERAGE (0.4%)
17,500 Dean Foods $ 739,900*
FOOD PRODUCTS (0.7%)
35,000 Corn Products International 1,208,900
HARDWARE (0.4%)
18,300 Network Appliance 718,824*
HEALTH CARE (8.9%)
10,000 Allergan, Inc. 1,197,400
50,000 Allscripts Healthcare Solutions 1,349,500*^^
55,000 Cerner Corp. 2,502,500*^^
97,000 Cytyc Corp. 2,745,100*
17,500 Digene Corp. 838,600*
25,000 Gen-Probe 1,309,250*
10,000 Healthways, Inc. 477,100*
60,000 Psychiatric Solutions 2,251,200*
68,000 VCA Antech 2,188,920*
------------
14,859,570
INDUSTRIAL (5.3%)
34,000 Danaher Corp. 2,462,960
38,000 Dover Corp. 1,862,760
60,000 Fastenal Co. 2,152,800
15,000 Fluor Corp. 1,224,750
20,000 Rockwell Automation 1,221,600
------------
8,924,870
LEISURE (5.8%)
41,500 Gaylord Entertainment 2,113,595*
27,500 Hilton Hotels 959,750
50,000 Marriott International 2,386,000^^
37,500 Penn National Gaming 1,560,750*
20,000 Scientific Games Class A 604,600*
25,000 Station Casinos 2,041,750
------------
9,666,445
MEDIA (2.8%)
18,500 E.W. Scripps 923,890
20,000 Focus Media Holding ADR 1,327,800*
40,000 Grupo Televisa GDS 1,080,400
20,000 Lamar Advertising 1,307,800*^^
------------
4,639,890
MEDICAL EQUIPMENT (6.0%)
20,000 C.R. Bard 1,659,400
31,500 Hologic, Inc. 1,489,320*
5,000 Intuitive Surgical 479,500*
58,000 Kyphon Inc. 2,343,200*
40,000 ResMed Inc. 1,968,800*
45,500 Varian Medical Systems 2,164,435*
------------
10,104,655
METALS (0.4%)
12,500 Freeport-McMoRan Copper &
Gold 696,625^^
OIL & GAS (0.6%)
40,000 Dresser-Rand Group 978,800*
PUBLISHING & BROADCASTING (0.5%)
25,000 R.R. Donnelley 888,500
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
RETAIL (6.8%)
19,500 Abercrombie & Fitch $ 1,357,785
34,000 AnnTaylor Stores 1,116,560*
90,000 Coach, Inc. 3,866,400*
58,500 Nordstrom, Inc. 2,886,390
20,000 O' Reilly Automotive 641,200*
20,000 Polo Ralph Lauren 1,553,200
------------
11,421,535
SEMICONDUCTORS (3.7%)
25,000 Diodes Inc. 887,000*
23,000 MEMC Electronic Materials 900,220*
70,000 Microchip Technology 2,289,000
37,500 QLogic Corp. 822,000*
27,000 Varian Semiconductor
Equipment 1,229,040*
------------
6,127,260
SOFTWARE (2.2%)
53,000 Autodesk, Inc. 2,144,380*
30,000 Citrix Systems 811,500*
15,000 Electronic Arts 755,400*
------------
3,711,280
TECHNOLOGY (6.3%)
20,000 Akamai Technologies 1,062,400*
125,000 Arris Group 1,563,750*
55,000 Cognizant Technology Solutions 4,243,800*
25,000 Fidelity National Information
Services 1,002,250
25,000 GSI Commerce 468,750*
45,000 Logitech International S.A. 1,286,550*
24,000 NVIDIA Corp. 888,240*
------------
10,515,740
TELECOMMUNICATIONS (8.6%)
80,000 American Tower 2,982,400*
120,000 Dobson Communications 1,045,200*
25,000 Globalstar, Inc. 347,750*
60,000 Leap Wireless International 3,568,200*
50,000 NeuStar, Inc. 1,622,000*
65,000 NII Holdings 4,188,600*
25,000 SBA Communications 687,500*
------------
14,441,650
TRANSPORTATION (0.8%)
35,000 C.H. Robinson Worldwide 1,431,150
UTILITIES (0.3%)
17,000 Mirant Corp. 536,690*
TOTAL COMMON STOCKS
(COST $107,974,408) 167,247,275
------------
SHORT-TERM INVESTMENTS (5.8%)
805,785 Neuberger Berman Prime
Money Fund $805,785@
8,904,501 Neuberger Berman Securities
Lending Quality Fund, LLC 8,904,501+++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $9,710,286) 9,710,286#
------------
TOTAL INVESTMENTS (105.5%)
(COST $117,684,694) 176,957,561##
Liabilities, less cash, receivables and
other assets [(5.5%)] (9,257,250)
------------
TOTAL NET ASSETS (100.0%) $167,700,311
------------
</Table>
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS GROWTH PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Growth Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $117,890,824. Gross unrealized appreciation of investments was
$60,072,008 and gross unrealized depreciation of investments was
$1,005,271, resulting in net unrealized appreciation of $59,066,737, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
+++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F )--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 167,247,275
Affiliated issuers 9,710,286
- --------------------------------------------------------------------------------
176,957,561
Foreign currency 14,279
Dividends and interest receivable 39,240
Receivable for securities sold 98,287
Receivable for securites lending income (Note A) 56,024
Prepaid expenses and other assets 4,707
- --------------------------------------------------------------------------------
TOTAL ASSETS 177,170,098
- --------------------------------------------------------------------------------
LIABILITIES
Due to custodian 56,501
Payable for collateral on securities loaned (Note A) 8,904,501
Payable for securities purchased 270,463
Payable to investment manager--net (Notes A & B) 79,764
Payable to administrator (Note B) 43,519
Payable for securities lending fees (Note A) 53,809
Accrued expenses and other payables 61,230
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 9,469,787
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 167,700,311
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 339,514,865
Undistributed net investment income (loss) (49)
Accumulated net realized gains (losses) on investments (231,086,991)
Net unrealized appreciation (depreciation) in value of
investments 59,272,486
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 167,700,311
- --------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED) 10,663,408
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 15.73
- --------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 8,580,330
*COST OF INVESTMENTS:
Unaffiliated issuers $ 107,974,408
Affiliated issuers 9,710,286
- --------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 117,684,694
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 14,643
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 1,037,479
Income from securities loaned--net (Note F) 88,120
Income from investments in affiliated issuers (Note F) 29,461
Foreign taxes withheld (3,534)
- --------------------------------------------------------------------------------
Total income 1,151,526
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 993,066
Administration fees (Note B) 541,673
Audit fees 38,427
Custodian fees (Note B) 123,768
Insurance expense 8,512
Legal fees 25,890
Shareholder reports 38,966
Trustees' fees and expenses 27,591
Miscellaneous 3,882
- --------------------------------------------------------------------------------
Total expenses 1,801,775
Investment management fees waived (Note A) (491)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (10,936)
- --------------------------------------------------------------------------------
Total net expenses 1,790,348
- --------------------------------------------------------------------------------
Net investment income (loss) (638,822)
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 31,702,833
Foreign currency 44
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities (6,310,294)
Foreign currency (356)
-----------------------------------------------------------------------------
Net gain (loss) on investments 25,392,227
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $24,753,405
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GROWTH PORTFOLIO
----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (638,822) $ (1,079,811)
Net realized gain (loss) on investments 31,702,877 21,549,247
Change in net unrealized appreciation (depreciation) of investments (6,310,650) 3,712,340
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 24,753,405 24,181,776
- --------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 9,654,613 7,527,312
Payments for shares redeemed (63,248,548) (43,306,792)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (53,593,935) (35,779,480)
- --------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (28,840,530) (11,597,704)
NET ASSETS:
Beginning of year 196,540,841 208,138,545
- --------------------------------------------------------------------------------------------------
End of year $167,700,311 $196,540,841
- --------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ (49) $ --
- --------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS GROWTH PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Growth Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund may
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax
purposes.
As determined on December 31, 2006, permanent differences resulting
primarily from different book and tax accounting for net operating losses
and foreign currency gains and losses, were reclassified at fiscal
year-end. These reclassifications had no effect on net income, net asset
value or net asset value per share of the Fund.
As of December 31, 2006, the components of distributable earnings
(accumulated losses) on a U.S. federal income tax basis was as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED LOSS
ORDINARY INCOME APPRECIATION CARRYFORWARDS
(LOSS) (DEPRECIATION) AND DEFERRALS TOTAL
$-- $59,066,358 $(230,880,912) $(171,814,554)
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales, capital loss
carryforwards 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, 2006, the Fund elected to defer $49 net currency
losses arising between November 1, 2006 and December 31, 2006.
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, 2006, 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
$160,761,066 $70,119,797
</Table>
During the year ended December 31, 2006, the Fund utilized capital loss
carryforwards of $31,438,247.
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.
12
<Page>
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the funds can
otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end investment
companies for which Management serves as investment manager, that are not
directly attributed to a Series or the Trust are allocated among the Fund
and the other investment companies in the complex or series thereof on the
basis of relative net assets, except where a more appropriate allocation of
expenses to each investment company in the complex or series thereof can
otherwise be made fairly.
9 SECURITY LENDING: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement.
From September 13, 2005 to September 12, 2006, the Fund lent its securities
to a single principal borrower that was selected through the bidding
process. Through another bidding process in August 2006, and pursuant to an
Exemptive Order issued by the Securities and Exchange Commission, the Fund
selected Neuberger Berman, LLC ("Neuberger"), an affiliate of the Fund, to
be its exclusive lending agent for a specified period. Under the agreement
entered into between the Fund and Neuberger, Neuberger pays a guaranteed
amount to the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $88,120, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $682,748 in income earned on cash collateral and guaranteed
amounts (including approximately $568,469 of interest income earned from
the Quality Fund and $7,665 in guaranteed amounts received from Neuberger),
less fees and expenses paid of approximately $594,628 (including $0
retained by Neuberger).
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.
13
<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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management fees waived under this Arrangement
amounted to $491 and is reflected in the Statement of Operations under the
caption "Investment management fees waived." For the year ended December
31, 2006, income earned under this Arrangement amounted to $29,461 and is
reflected in the Statement of Operations under the caption "Income from
investments in affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.55% of the first $250 million of
the Fund's average daily net assets, 0.525% of the next $250 million, 0.50%
of the next $250 million, 0.475% of the next $250 million, 0.45% of the
next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average
daily net assets in excess of $4 billion.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street 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,
14
<Page>
1.00% per annum of the Fund's average daily net assets (the "Expense
Limitation"). For the year ended December 31, 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 year ended December 31, 2006, there was no reimbursement to Management
under this agreement. At December 31, 2006, the Fund had no contingent
liability to Management under this agreement.
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $10,735.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $201.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $71,367,808 and
$125,074,357, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $226,766, of which Neuberger received
$0, Lehman Brothers Inc. received $37,210, and other brokers received
$189,556.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 649,608 586,157
SHARES REDEEMED (4,236,962) (3,464,321)
---------- ----------
TOTAL (3,587,354) (2,878,164)
---------- ----------
</Table>
15
<Page>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime
Money Fund Trust
Class** -- 40,865,827 40,060,042 805,785 $ 805,785 $ 29,461
Neuberger Berman
Securities Lending Quality
Fund, LLC*** 15,193,101 197,308,600 203,597,200 8,904,501 8,904,501 568,469
---------- --------
TOTAL $9,710,286 $597,930
---------- --------
</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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how
16
<Page>
uncertain tax positions should be recognized, measured, presented and
disclosed in the financial statements. FIN 48 clarifies the accounting for
income taxes, by prescribing a minimum recognition threshold a tax position
is required to meet before being recognized in the financial statements.
FIN 48 requires that a "more-likely-than-not" threshold be met before the
benefit of a tax position may be recognized in the financial statements and
prescribes how such benefit should be measured. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be
applied to all open tax years as of the effective date. The Securities and
Exchange Commission will permit investment companies to delay
implementation of FIN 48 until June 29, 2007. At this time, Management is
evaluating the implications of FIN 48 and its impact in the financial
statements has not yet been determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
17
<Page>
FINANCIAL HIGHLIGHTS GROWTH PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
---------------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 13.79 $ 12.15 $ 10.42 $ 7.93 $ 11.52
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ (.05) (.07) (.06) (.05) (.06)
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) 1.99 1.71 1.79 2.54 (3.53)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.94 1.64 1.73 2.49 (3.59)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 15.73 $ 13.79 $ 12.15 $ 10.42 $ 7.93
------- ------- ------- ------- -------
TOTAL RETURN++ +14.07% +13.50% +16.60% +31.40% -31.16%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 167.7 $ 196.5 $ 208.1 $ 214.9 $ 185.8
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.00% 1.00% .96% .94% .96%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .99%~ .99%~ .94%~ .93%~ .96%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.35)% (.55)% (.51)% (.58)% (.65)%
PORTFOLIO TURNOVER RATE 40% 53% 83% 149% 97%
</Table>
See Notes to Financial Highlights
18
<Page>
NOTES TO FINANCIAL HIGHLIGHTS GROWTH PORTFOLIO
++ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each
fiscal period and assumes dividends and other distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Current returns may be lower or higher than the performance data
quoted. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. Total return would
have been lower if Management had not waived certain expenses. The total
return information shown does not reflect charges and other expenses that
apply to the separate account or the related insurance policies, and the
inclusion of these charges and other expenses would reduce the total return
for all fiscal periods shown.
# The Fund is required to calculate an expense ratio without taking into
consideration any expense reductions related to expense offset
arrangements.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
~ After waiver of a portion of the investment management fee by Management.
Had Management not undertaken such action, the annualized ratios of net
expenses to average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
0.99% 0.99% 0.94% 0.93%
</Table>
19
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Growth Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Growth Portfolio, one of the series constituting
Neuberger Berman Advisers Management Trust (the "Trust"), as of December 31,
2006, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Growth
Portfolio, a series of Neuberger Berman Advisers Management Trust, at December
31, 2006, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
20
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
25
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
29
<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 Management'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).
30
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Growth Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements to the Fund and whether the Agreements were in the best interests of
the Fund and its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
manager. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
31
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable separate
accounts. The Board compared the fees charged to a comparable fund to the fees
charged to the Fund at various asset levels. The Board considered the
appropriateness and reasonableness of any differences between the fees charged
between the Fund and the comparable fund and determined that any differences in
fees were consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
32
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
GUARDIAN PORTFOLIO
B1016 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
GUARDIAN PORTFOLIO MANAGER'S COMMENTARY
Following the Federal Reserve's August decision to keep interest rates
unchanged, the leading stock market indices rallied to close 2006 with excellent
gains. The Neuberger Berman Advisers Management Trust (AMT) Guardian Portfolio
also performed well, but lagged its S&P 500 benchmark.
Highlighted by the strong performance of cable television giant Comcast,
international cable TV operator Liberty Global, and Toyota Motor, Consumer
Discretionary investments had the most favorable impact on absolute and relative
returns. Industrial sector holdings also contributed to returns, with
conglomerate Danaher and trash hauler Waste Management excelling. Financials
sector investments performed well, with four holdings (Goldman Sachs, State
Street, Citigroup, and Bank of New York) appearing on the top-ten contributors
list.
Although generating a positive return for the year, collectively our Health Care
holdings underperformed the corresponding benchmark component. Earlier this
year, the managed care sector came under pressure due to investors' concern over
more competitive pricing in the industry. A slide in UnitedHealth Group's stock
was compounded by an investigation regarding back-dated options. The
investigation continues but has already resulted in a change in senior
management and will ultimately cause the company to restate earnings. However,
while there can be no certainty, we believe this should not have a significant
financial impact. Furthermore, we believe that investors' current concern over
industry pricing appears excessive and that the longer-term prospects for
UnitedHealth remain compelling. With 40 million Americans uninsured and an aging
population in need of care, we believe that UnitedHealth's expertise in
delivering high quality, cost effective health care will be a critical part of
the solution to America's health care challenges.
Collectively our Information Technology investments declined in value, with
three technology stocks (Dell, National Instruments and Texas Instruments) near
the bottom of this year's performance rankings. Another significant tech sector
holding, Altera, trailed index sector constituents. Having concluded that the
competitive advantages Dell had enjoyed for many years were eroding, we exited
the stock in mid-year. We have maintained our positions in National Instruments,
Texas Instruments and Altera, companies whose businesses have been performing
quite well, but whose stocks have languished. We think it is simply a matter of
time before investors acknowledge the strong secular growth opportunities
afforded by these high quality companies.
Our bias toward domestic natural gas exploration and production companies
restrained relative returns in the Energy sector, where this year's gains were
fueled primarily by the strong performance of the major integrated oils. Last
year's unusually warm winter followed by a cool summer, and an unseasonably mild
start to this winter, have restrained demand and swelled natural gas
inventories, keeping a ceiling on prices and natural gas production company
earnings. While natural gas fundamentals are likely to remain challenged
entering 2007, over the longer term, we believe that owning exploration and
production companies such as Newfield Exploration and Cimarex Energy, both of
which have consistent records for finding productive new energy reserves, makes
good longer term investment sense.
As we have discussed in past letters to shareholders, over the last several
years, equity market returns have been narrowly distributed, with a substantial
portion of market performance generated by stocks in just a few areas, most
notably Energy, interest rate sensitive groups such as real estate investment
trusts (REITs), and high yielding utilities. We profited from investments in all
of these top-performing groups, having at one
1
<Page>
point been meaningfully overweight in Energy and REITs. However, after a
multi-year up-trend, as fundamentals evolved and valuations expanded, we began
reducing exposure to more richly valued stocks in these market leading industry
groups and taking advantage of good value in less widely favored sectors that
have underperformed. In short, over the past two years, we have consistently
executed on our valuation and risk management principles.
Despite the fact that our Portfolio companies' businesses have been doing well,
during the first three quarters of 2006, the stocks lagged as recent years'
market leaders continued to outperform. However, the Portfolio participated
fully in the robust fourth quarter rally when investors began seeking good
relative value in a much wider range of sectors. Going forward, we remain
optimistic that the businesses in our Portfolio are well positioned for growth.
Furthermore, should investors continue to gravitate to high quality companies in
more reasonably valued sectors, we believe the portfolio is well positioned to
benefit.
Sincerely,
/s/ Arthur Moretti
- -------------------------------------
ARTHUR MORETTI
PORTFOLIO MANAGER
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
GUARDIAN GUARDIAN
PORTFOLIO CLASS I PORTFOLIO CLASS S S&P 500(2)
1 YEAR 13.38% 13.02% 15.78%
5 YEAR 6.64% 6.40% 6.19%
LIFE OF FUND 8.91% 8.78% 6.56%
- -------------------------------------------------------------------
INCEPTION DATE 11/03/1997 08/02/2002
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Guardian
Portfolio Class I S&P 500
11/3/1997 $10,000 $10,000
12/31/1997 $10,520 $10,642
12/31/1998 $13,851 $13,683
12/31/1999 $15,920 $16,562
12/31/2000 $16,100 $15,054
12/31/2001 $15,857 $13,267
12/31/2002 $11,663 $10,336
12/31/2003 $15,368 $13,299
12/31/2004 $17,798 $14,745
12/31/2005 $19,291 $15,468
12/31/2006 $21,872 $17,909
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The results are compared with benchmarks, which may include
a broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automotive 5.9%
Banking & Financial 7.9
Cable Systems 9.3
Consumer Discretionary 1.8
Consumer Staples 1.2
Energy 2.0
Financial Services 8.1
Health Products & Services 4.2
Industrial 6.7
Insurance 6.2
Life Science Tools & Supplies 2.1
Media 7.5
Oil & Gas 3.1
Oil Services 0.6
Pharmaceutical 3.4
Technology 3.7
Technology-Semiconductor 10.1
Technology-Semiconductor Capital Equipment 3.4
Transportation 2.6
Utilities 4.2
Waste Management 4.2
Short-Term Investments 2.3
Liabilities, less cash, receivables and other assets (0.5)
</Table>
3
<Page>
ENDNOTES
(1.) For Class I, 13.38%, 6.64%, and 8.91% were the average annual total returns
for the 1-, 5-year and since inception (11/03/97) periods ended December
31, 2006. For Class S, 13.02%, 6.40% and 8.78% were the average annual
total returns for the 1-year, 5-year and since inception (11/03/97) periods
ended December 31, 2006. Performance shown prior to August 2002 for the
Class S shares is of the Class I shares, which has lower expenses and
correspondingly 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION As of 12/31/06 (Unaudited)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST GUARDIAN PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 -
ACTUAL 7/1/06 12/31/06 12/31/06 EXPENSE RATIO
- --------------------------------------------------------------------------------
Class I $1,000.00 $1,122.90 $5.31 0.99%
Class S $1,000.00 $1,120.60 $6.68 1.25%
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES) **
- --------------------------------------------------------------------------------
Class I $1,000.00 $1,020.20 $5.05
Class S $1,000.00 $1,018.91 $6.36
</Table>
* For each class of the fund, expenses are equal to the annualized expense
ratio for the class, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS GUARDIAN PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (98.2%)
AUTOMOTIVE (5.9%)
87,950 BorgWarner, Inc. $ 5,190,809
29,825 Toyota Motor ADR 4,005,796
------------
9,196,605
BANKING & FINANCIAL (7.9%)
161,975 Bank of New York 6,376,956
89,025 State Street 6,003,846
------------
12,380,802
CABLE SYSTEMS (9.3%)
133,800 Comcast Corp. Class A Special 5,603,544*^^
201,220 Liberty Global Class A 5,865,563*
109,070 Liberty Global Class C 3,053,960*
------------
14,523,067
CONSUMER DISCRETIONARY (1.8%)
35,100 V.F. Corp. 2,881,008
CONSUMER STAPLES (1.2%)
37,050 Costco Wholesale 1,958,834
ENERGY (2.0%)
46,400 BP PLC ADR 3,113,440
FINANCIAL SERVICES (8.1%)
124,400 Citigroup Inc. 6,929,080
51,650 Freddie Mac 3,507,035
11,325 Goldman Sachs Group 2,257,639
------------
12,693,754
HEALTH PRODUCTS & SERVICES (4.2%)
121,050 UnitedHealth Group 6,504,016
INDUSTRIAL (6.7%)
40,450 3M Co. 3,152,268
101,025 Danaher Corp. 7,318,251
------------
10,470,519
INSURANCE (6.2%)
105,700 Progressive Corp. 2,560,054
178,950 Willis Group Holdings 7,106,104
------------
9,666,158
LIFE SCIENCE TOOLS & SUPPLIES (2.1%)
49,700 Millipore Corp. 3,310,020*
MEDIA (7.5%)
155,075 E.W. Scripps 7,744,446
188,439 Liberty Media Holding Interactive Class A 4,064,629*
------------
11,809,075
OIL & GAS (3.1%)
20,650 Cimarex Energy 753,725
89,900 Newfield Exploration 4,130,905*
------------
4,884,630
OIL SERVICES (0.6%)
14,325 Schlumberger Ltd. 904,767
PHARMACEUTICAL (3.4%)
93,375 Novartis AG ADR $ 5,363,460
TECHNOLOGY (3.7%)
211,950 National Instruments 5,773,518
TECHNOLOGY--SEMICONDUCTOR (10.1%)
427,425 Altera Corp. 8,411,724*
257,775 Texas Instruments 7,423,920
------------
15,835,644
TECHNOLOGY--SEMICONDUCTOR CAPITAL EQUIPMENT (3.4%)
351,200 Teradyne, Inc. 5,253,952*
TRANSPORTATION (2.6%)
94,400 Canadian National Railway 4,062,032
UTILITIES (4.2%)
452,953 National Grid 6,536,323
WASTE MANAGEMENT (4.2%)
29,350 Republic Services 1,193,665
147,950 Waste Management 5,440,121
------------
6,633,786
TOTAL COMMON STOCKS
(COST $109,680,661) 153,755,410
------------
SHORT-TERM INVESTMENTS (2.3%)
2,187,770 Neuberger Berman Prime Money Fund Trust Class 2,187,770@
1,364,001 Neuberger Berman Securities Lending Quality
Fund, LLC 1,364,001+++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $3,551,771) 3,551,771#
------------
TOTAL INVESTMENTS (100.5%)
(COST $113,232,432) 157,307,181##
Liabilities, less cash, receivables and other assets [(0.5%)] (805,421)
------------
TOTAL NET ASSETS (100.0%) $156,501,760
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS GUARDIAN PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Guardian Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $113,616,104. Gross unrealized appreciation of investments was
$43,870,161 and gross unrealized depreciation of investments was $179,084,
resulting in net unrealized appreciation of $43,691,077, based on cost for
U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
+++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $153,755,410
Affiliated issuers 3,551,771
- -------------------------------------------------------------------------------------
157,307,181
Cash 11,186
Foreign currency 204,464
Dividends and interest receivable 184,195
Receivable for securities lending income (Note A) 6,908
Receivable for securities sold 429,216
Receivable for Fund shares sold 18,747
Prepaid expenses and other assets 339
- -------------------------------------------------------------------------------------
TOTAL ASSETS 158,162,236
- -------------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 1,364,001
Payable for Fund shares redeemed 116,194
Payable to investment manager-net (Notes A & B) 73,908
Payable to administrator-net (Note B) 40,651
Payable for securities lending fees (Note A) 6,151
Accrued expenses and other payables 59,571
- -------------------------------------------------------------------------------------
TOTAL LIABILITIES 1,660,476
- -------------------------------------------------------------------------------------
NET ASSETS AT VALUE $156,501,760
- -------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $120,949,607
Undistributed net investment income (loss) 452,228
Accumulated net realized gains (losses) on investments (8,974,468)
Net unrealized appreciation (depreciation) in value of investments 44,074,393
- -------------------------------------------------------------------------------------
NET ASSETS AT VALUE $156,501,760
- -------------------------------------------------------------------------------------
NET ASSETS
Class I $154,999,747
Class S 1,502,013
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 7,864,919
Class S 76,346
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 19.71
Class S 19.67
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 1,298,280
*COST OF INVESTMENTS:
Unaffiliated issuers $109,680,661
Affiliated issuers 3,551,771
- -------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $113,232,432
- -------------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 205,299
- -------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
GUARDIAN
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 1,953,342
Income from securities loaned--net (Note F) 5,416
Income from investments in affiliated issuers (Note F) 145,450
Foreign taxes withheld (24,583)
- -------------------------------------------------------------------------------------
Total income 2,079,625
- -------------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 892,936
Administration fees (Note B):
Class I 484,457
Class S 2,599
Distribution fees (Note B):
Class S 2,164
Audit fees 38,427
Custodian fees (Note B) 99,020
Insurance expense 7,661
Legal fees 28,308
Shareholder reports 30,678
Trustees' fees and expenses 27,570
Miscellaneous 3,409
- -------------------------------------------------------------------------------------
Total expenses 1,617,229
Expenses reimbursed by administrator (Note B) (17)
Investment management fees waived (Note A) (2,417)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (6,959)
- -------------------------------------------------------------------------------------
Total net expenses 1,607,836
- -------------------------------------------------------------------------------------
Net investment income (loss) 471,789
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 16,985,549
Foreign currency 136,395
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 2,254,821
Foreign currency 570
----------------------------------------------------------------------------------
Net gain (loss) on investments 19,377,335
- -------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 19,849,124
- -------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
GUARDIAN PORTFOLIO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST YEAR ENDED DECEMBER 31,
2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 471,789 $ 1,189,314
Net realized gain (loss) on investments 17,121,944 19,752,554
Change in net unrealized appreciation (depreciation) of investments 2,255,391 (7,793,870)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 19,849,124 13,147,998
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income:
Class I (1,031,689) (254,084)
Class S (8,013) --
-------------------------------------------------------------------------------------------------
Total distributions to shareholders (1,039,702) (254,084)
- ----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 22,420,550 27,119,201
Class S 952,471 141,712
Proceeds from reinvestment of dividends and distributions:
Class I 1,031,689 254,084
Class S 8,013 --
Payments for shares redeemed:
Class I (62,405,447) (42,264,657)
Class S (29,983) (12,984)
-------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (38,022,707) (14,762,644)
- ----------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (19,213,285) (1,868,730)
NET ASSETS:
Beginning of year 175,715,045 177,583,775
- ----------------------------------------------------------------------------------------------------
End of year $156,501,760 $175,715,045
- ----------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 452,228 $ 1,039,483
- ----------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS GUARDIAN PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Guardian Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations. Included in net realized gain (loss) on
investments are proceeds from the settlements of class action litigation in
which the Fund participated as a plaintiff. The amount of such proceeds for
the year ended December 31, 2006 was $388,596.
11
<Page>
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund may
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax
purposes.
As determined on December 31, 2006, 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 fiscal year-end. These reclassifications had no effect on
net income, net asset value or net asset value per share of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME TOTAL
2006 2005 2006 2005
$1,039,702 $254,084 $1,039,702 $254,084
</Table>
As of December 31, 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
$452,228 $43,690,725 $(8,590,800) $35,552,153
</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, 2006, 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
$3,039,667 $5,551,133
</Table>
During the year ended December 31, 2006, the Fund utilized capital loss
carryforwards of $17,259,561.
12
<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: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement. Pursuant to such
arrangements and an Exemptive Order issued by the Securities and Exchange
Commission, the Fund selected Neuberger Berman, LLC ("Neuberger"), an
affiliate of the Fund, to be its exclusive lending agent for a specified
period. Under the agreement entered into between the Fund and Neuberger,
Neuberger pays a guaranteed amount to the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $5,416, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $259,929 in income earned on cash collateral and guaranteed
amounts (including approximately $251,109 of interest income earned from
the
13
<Page>
Quality Fund and $8,820 in guaranteed amounts received from Neuberger),
less fees and expenses paid of approximately $254,513 (including $2,859
retained by Neuberger).
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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management fees waived under this Arrangement
amounted to $2,417 and is reflected in the Statement of Operations under
the caption "Investment management fees waived." For the year ended
December 31, 2006, income earned under this Arrangement amounted to
$145,450 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
14
<Page>
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 (excluding the fees payable to
Management (including the fees payable to Management with respect to the
Fund's Class S shares), but excluding interest, taxes, brokerage
commissions, extraordinary expenses, and transaction costs) ("Operating
Expenses") which exceed the expense limitation as detailed in the following
table:
<Table>
<Caption>
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE YEAR ENDED
LIMITATION(1) EXPIRATION DECEMBER 31, 2006
CLASS I 1.00% 12/31/09 --
CLASS S 1.25% 12/31/09 $17
</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
year ended December 31, 2006,
15
<Page>
there was no reimbursement to Management under these agreements. At
December 31, 2006, contingent liabilities to Management under the agreement
were as follows:
<Table>
<Caption>
EXPIRING IN:
2008 2009 TOTAL
CLASS S $61 $17 $78
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $6,390.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $569.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $36,047,900 and
$71,183,228, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $120,476, of which Neuberger received
$0, Lehman Brothers Inc. received $22,265 and other brokers received
$98,211.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
FOR THE YEAR ENDED DECEMBER 31, 2006
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARES SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 1,219,263 54,471 (3,422,041) (2,148,307)
CLASS S 52,073 424 (1,636) 50,861
</Table>
16
<Page>
FOR THE YEAR ENDED DECEMBER 31, 2005
<Table>
<Caption>
SHARES ISSUED ON
REINVESTMENT OF
DIVIDENDS AND SHARES
SHARES SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 1,602,969 15,325 (2,569,093) (950,799)
CLASS S 8,512 -- (786) 7,726
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to the line of credit at December 31, 2006. During the year ended
December 31, 2006, the Fund did not utilize this line of credit.
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
INVESTMENTS
BALANCE OF GROSS BALANCE OF IN AFFLIATED
SHARES HELD PURCHASES GROSS SHARES HELD VALUE ISSUERS
DECEMBER 31, AND SALES AND DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 6,257,131 56,266,465 60,335,826 2,187,770 $2,187,770 $145,450
Neuberger Berman
Securities Lending
Quality Fund, LLC *** 1,007,600 92,706,500 92,350,099 1,364,001 1,364,001 251,109
---------- --------
TOTAL $3,551,771 $396,559
---------- --------
</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.
17
<Page>
NOTE G--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
18
<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>
CLASS I YEAR ENDED DECEMBER 31,
--------------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 17.50 $ 16.17 $ 13.98 $ 10.70 $ 14.64
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .05 .12 .04 .03 .10
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.29 1.24 2.17 3.36 (3.95)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.34 1.36 2.21 3.39 (3.85)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.13) (.03) (.02) (.11) (.09)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 19.71 $ 17.50 $ 16.17 $ 13.98 $ 10.70
------- ------- ------- ------- -------
TOTAL RETURN++ +13.38% +8.39% +15.81% +31.76% -26.45%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 155.0 $ 175.3 $ 177.3 $ 169.2 $ 140.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .99% 1.00% .98% .97% .98%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .99%~ 1.00%~ .97%~ .97% .98%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .29% .71% .25% .25% .81%
PORTFOLIO TURNOVER RATE 23% 32% 24% 58% 147%
</Table>
<Table>
<Caption>
PERIOD FROM
AUGUST 2, 2002 ^
CLASS S YEAR ENDED DECEMBER 31, TO DECEMBER 31,
--------------------------------------- ----------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF PERIOD $ 17.52 $16.20 $ 14.02 $ 10.69 $11.23
------- ------ ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .02 .09 .00 .00 .03
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.26 1.23 2.18 3.35 (.57)
------- ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS 2.28 1.32 2.18 3.35 (.54)
------- ------ ------- ------- ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.13) -- -- (.02) --
------- ------ ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 19.67 $17.52 $ 16.20 $ 14.02 $10.69
------- ------ ------- ------- ------
TOTAL RETURN++ +13.02% +8.15% +15.55% +31.39% -4.81%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 1.5 $ 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 1.25%~ 1.24%~ 1.22%~ 1.22% 1.24%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .11% .53% .03% .02% .63%*
PORTFOLIO TURNOVER RATE 23% 32% 24% 58% 147%@@
</Table>
See Notes to Financial Highlights
19
<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. 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>
YEAR ENDED DECEMBER 31,
2006 2005 2004
GUARDIAN PORTFOLIO CLASS I .99% 1.00% .97%
GUARDIAN PORTFOLIO CLASS S 1.25% 1.26% 1.22%
</Table>
^ The date investment operations commenced.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
@@ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2002.
* Annualized.
** Not annualized.
20
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Guardian Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Guardian Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Guardian Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2006, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
21
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Advisory Director, ABA
1984 Milburn LLP (law firm) Retirement Funds (formerly,
since October 2002; American Bar Retirement
formerly, Attorney-at-Law Association (ABRA)) since 1997
and President, Faith (not-for-profit membership
Colish, A Professional association).
Corporation, 1980 to 2002.
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue,
New York, New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall
hold office for life or until his or her successor is elected or
the Trust terminates; except that (a) any Fund Trustee may resign
by delivering a written resignation; (b) any Fund Trustee may be
removed with or without cause at any time by a written instrument
signed by at least two-thirds of the other Fund Trustees; (c) any
Fund Trustee who requests to be retired, or who has become unable
to serve, may be retired by a written instrument signed by a
majority of the other Fund Trustees; and (d) any Fund Trustee may
be removed at any shareholder meeting by a vote of at least
two-thirds of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the
positions shown for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the
master fund and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the
meaning of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested
persons of the Trust by virtue of the fact that they are officers
and/or directors of Management and Neuberger.
26
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
30
<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 Management'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).
31
<Page>
NOTICE TO SHAREHOLDERS
100.00% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
See Notes to Schedule of Investments
32
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Guardian Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements to the Fund and whether the Agreements were in the best interests of
the Fund and its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
33
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for each class
of the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable separate
accounts. The Board compared the fees charged to a comparable fund to the fees
charged to the Fund at various asset levels. The Board considered the
appropriateness and reasonableness of any differences between the fees charged
between the Fund and the comparable fund and determined that any differences in
fees were consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the nature and quality of services expected to be provided;
and that the benefits accruing to Management and its affiliates by virtue of
their relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
34
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
HIGH INCOME BOND PORTFOLIO
E0633 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
HIGH INCOME BOND PORTFOLIO MANAGERS' COMMENTARY
The high yield corporate market generated an attractive return in 2006. Factors
contributing to the favorable results were strong fundamentals, including solid
earnings growth and declining default rates, and the normalization of monetary
policy and steady demand for higher yielding bonds. The market started the year
on a positive note, delivering solid results during the first four months of the
year. The market subsequently witnessed a re-pricing in the May/June period as a
result of concerns about inflation and other macroeconomic conditions,
uncertainty about the direction of the Federal Reserve and equity market
volatility. The mid-year correction reversed itself during the back half of the
year, and the market finished strongly as earlier concerns were alleviated.
Credit spreads tightened for the entire year and lower quality bonds
outperformed higher quality issues. As measured by the Merrill Lynch U.S. High
Yield Master II Index, CCC rated bonds provided a return of more than 18% for
the year compared to 11% and 10% for credits rated B and BB, respectively. High
yield returns were not significantly affected by the upward movement of interest
rates.
For the year, the Neuberger Berman Advisers Management Trust (AMT) High Income
Bond Portfolio underperformed its benchmark, the Lehman Brothers Intermediate Ba
U.S. High Yield Index. Through most of 2006, the Portfolio was invested in Ba
and B rated bonds, with an emphasis in industries with stable cash flows -- this
at a time when lower quality and economically sensitive industries outperformed.
Overall, holdings in Health Care, Food, Drug & Retail, Consumer Products,
Printing & Publishing and Support Services all had a positive impact on returns,
while Automotive & Auto Parts, Food, Beverage & Tobacco, Metals/Mining, Energy
and Telecommunications issues detracted from returns.
During 2006, the portfolio management team transitioned the Portfolio to include
a broader range of securities, as our investment guidelines were expanded to
provide more flexibility in investing within the high yield market. As such, the
Portfolio is structured in accordance with our outlook across industry sectors
and credit quality tiers. To summarize, it is primarily tilted toward industries
that, as noted, exhibit a high level of cash flow stability and away from more
cyclical industries. The Portfolio is generally neutral in quality positioning
relative to the broad high yield market,* with respect to BB rated and B rated
credit quality and underweighted in credits rated below CCC-, the riskiest part
of the high yield market. At the end of the year, the Portfolio held overweight
positions in the following sectors: Healthcare, Automotive & Auto Parts,
Media-Cable, and Printing & Publishing. The Portfolio was underweight in the
Real Estate & Homebuilders, Paper & Packing, Capital Goods, and Chemicals
sectors.
Looking out over the next nine to twelve months, we are reasonably positive on
the high yield market. High yield bonds continue to offer an attractive yield
relative to other fixed income investments. While we believe that valuations are
somewhat on the high side, there are good reasons to believe that the market
will remain strong and bond prices firm. Our outlook is for a stable U.S.
economy, as we currently anticipate trend growth in a moderate range. This
should translate into low default rates -- only modestly higher than current
levels.
In addition, we expect a generally even balance between supply and demand, as
maturities and coupon income will generate cash flow for reinvestment into the
market. Taken together, these favorable factors should mean stable prices for
high yield.
*As represented by the Merrill Lynch U.S. High Yield Master II Index.
1
<Page>
We will keep a watchful eye out for developments that could negatively affect
the market. We are especially focused on the strength of the economy and any
meaningful uptick in default rates. Developments with respect to the housing
market and inflationary pressures bear watching. While spreads are narrow by
historical standards, particularly for the lower rated tiers, we envision no
compelling reasons to anticipate substantial widening at this time, barring an
"event" creating flight-to-quality conditions, significant Fed tightening in
response to inflation surprises, or a material deterioration in economic
activity. Issue selection decisions will be an important contributor to returns
for high yield looking forward nine to twelve months.
Sincerely,
/s/ Ann H. Benjamin /s/ Thomas P. O'Reilly
- -------------------------------------- ---------------------------------------
ANN H. BENJAMIN
AND
THOMAS P. O'REILLY
PORTFOLIO CO-MANAGERS
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
HIGH INCOME BOND LEHMAN INTERMEDIATE BA
PORTFOLIO US HIGH YIELD INDEX
1 YEAR 7.47% 9.65%
LIFE OF FUND 4.81% 6.65%
INCEPTION DATE 09/15/2004
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_income_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
High Income Lehman Intermediate Ba
Bond Portfolio US High Yield Index
9/15/2004 $10,000 $10,000
12/31/2004 10243 10282
12/31/2005 10366 10571
12/31/2006 11140 11592
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
RATING SUMMARY
<Table>
AAA/Government/Government Agency 0.0%
AA 0.0
A 0.0
BBB 0.3
BB 31.6
B 43.9
CCC 13.3
CC 0.0
C 0.0
D 0.0
Not Rated 0.0
Short Term 10.9
</Table>
3
<Page>
ENDNOTES
(1.) 7.47% and 4.81% were the average annual total returns for the 1-year and
since inception (9/15/04) periods ended December 31, 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
https://www.nb.com/public/DMA/html/performance_ins_amt_income_monthly.html.
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.
(3.) The Merrill Lynch(R) U.S. High Yield Master II Index is an unmanaged
market-value-weighted index of all domestic and Yankee high yield bonds,
including deferred interest bonds and payment-in-kind securities, and is
not an investment vehicle. Issues included in the index have maturities of
at least one year and have a credit rating lower than BBB-Baa3, but are not
in default.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06-
ACTUAL 7/1/06 12/31/06 12/31/06
- ----------------------------------------------------------------
Class S $1,000.00 $1,073.50 $5.73
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ----------------------------------------------------------------
Class S $1,000.00 $1,019.68 $5.58
</Table>
* Expenses are equal to the annualized expense ratio of 1.10%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS HIGH INCOME BOND PORTFOLIO
<Table>
<Caption>
RATING~ MARKET VALUE+
PRINCIPAL AMOUNT MOODY'S S&P
CORPORATE DEBT SECURITIES (91.6%)
AEROSPACE (0.9%)
$50,000 L-3 Communications Corp., Guaranteed Senior Subordinated
Notes, 7.63%, due 6/15/12 Ba3 BB+ $ 51,750
BROADCASTING (3.7%)
55,000 CMP Susquehanna Corp., Senior Subordinated Notes, 9.88%,
due 5/15/14 B3 CCC 54,725?
25,000 Entercom Radio/Capital, Guaranteed Senior Notes, 7.63%,
due 3/1/14 Ba2 B 25,000
20,000 LIN Television Corp., Senior Subordinated Notes, 6.50%,
due 5/15/13 B1 B- 19,050
10,000 LIN Television Corp., Guaranteed Notes, Ser. B, 6.50%,
due 5/15/13 B1 B- 9,525
20,000 Paxson Communications, Secured Floating Rate Notes, 8.62%,
due 1/16/07 B1 CCC+ 20,250?!
50,000 Paxson Communications, Secured Floating Rate Notes, 11.62%,
due 1/16/07 Caa2 CCC- 50,625?!
20,000 Young Broadcasting, Inc., Guaranteed Notes, 10.00%,
due 3/1/11 Caa1 CCC- 19,000
15,000 Young Broadcasting, Inc., Senior Subordinated Notes, 8.75%,
due 1/15/14 Caa1 CCC- 12,994
--------
211,169
--------
CABLE & WIRELESS VIDEO (6.5%)
30,000 CCH I LLC, Guaranteed Notes, 10.00%, due 5/15/14 Caa3 CCC- 25,912^^
115,000 CCH I LLC, Secured Notes, 11.00%, due 10/1/15 Caa2 CCC- 118,019
20,000 Charter Communications Operating LLC, Senior Notes, 8.00%,
due 4/30/12 B3 B- 20,775?^^
20,000 CSC Holdings, Inc., Senior Notes, Ser. B., 8.13%, due 8/15/09 B2 B+ 20,725
15,000 DirecTV Holdings LLC, Senior Notes, 8.38%, due 3/15/13 Ba3 BB- 15,600
5,000 DirecTV Holdings LLC, Guaranteed Notes, 6.38%, due 6/15/15 Ba3 BB- 4,794
25,000 EchoStar DBS Corp., Senior Notes, 5.75%, due 10/1/08 Ba3 BB- 24,906
20,000 Echostar DBS Corp., Guaranteed Notes, 7.00%, due 10/1/13 Ba3 BB- 19,975
20,000 Echostar DBS Corp., Guaranteed Notes, 7.13%, due 2/1/16 BB- 20,000
50,000 Rogers Cable, Inc., Secured Notes, 7.88%, due 5/1/12 Ba2 BB+ 54,044
20,000 Shaw Communications, Inc., Senior Notes, 8.25%, due 4/11/10 Ba2 BB+ 21,250
25,000 Videotron Ltee, Guaranteed Notes, 6.38%, due 12/15/15 Ba2 B+ 24,437
-------
370,437
-------
CHEMICALS (2.1%)
20,000 Chemtura Corp., Guaranteed Notes, 6.88%, due 6/1/16 Ba1 BB+ 19,250
45,000 Hexion US Fin. Corp., Senior Notes, 9.75%, due 11/15/14 B3 B- 45,619?
10,000 Lyondell Chemical Co., Guaranteed Notes, 8.25%, due 9/15/16 B1 B+ 10,500
15,000 Methanex Corp., Senior Notes, 8.75%, due 8/15/12 Ba1 BBB- 16,312
30,000 PQ Corp., Guaranteed Notes, 7.50%, due 2/15/13 B3 B- 29,550
--------
121,231
--------
CONSUMER PRODUCTS (2.5%)
35,000 Amscan Holdings, Inc., Senior Subordinated Notes, 8.75%,
due 5/1/14 Caa1 CCC+ 34,081
30,000 Constellation Brands, Inc., Guaranteed Notes, 7.25%,
due 9/1/16 Ba2 BB 30,825
10,000 Hanesbrands, Inc., Senior Notes, 8.74%, due 6/15/07 B2 B- 10,175?!
30,000 Levi Strauss & Co., Senior Notes, 9.75%, due 1/15/15 B3 B- 32,325
40,000 Spectrum Brands, Inc., Guaranteed Notes, 7.38%, due 2/1/15 Caa2 CCC 34,600
--------
142,006
--------
</Table>
6
<Page>
<Table>
<Caption>
RATING~ MARKET VALUE+
PRINCIPAL AMOUNT MOODY'S S&P
DIVERSIFIED MEDIA (6.1%)
$ 20,000 AMC Entertainment, Inc., Guaranteed Notes, Ser. B, 8.63%,
due 8/15/12 Ba3 B- $ 20,925
10,000 AMC Entertainment, Inc., Guaranteed Notes, 11.00%,
due 2/1/16 B3 CCC+ 11,225
10,000 Dex Media West LLC, Senior Notes, 8.50%, due 8/15/10 B1 B 10,388
20,000 Dex Media West LLC, Senior Subordinated Notes, 9.88%,
due 8/15/13 B2 B 21,800
25,000 Dex Media, Inc., Disc. Notes, Step-Up, 0.00%/9.00%,
due 11/15/13 B3 B 22,312^^^^
90,000 IDEARC, Inc., Senior Notes, 8.00%, due 11/15/16 B2 B+ 91,350?
35,000 Primedia, Inc., Guaranteed Notes, 8.88%, due 5/15/11 B2 B 35,700
80,000 R.H. Donnelley Corp., Senior Notes, 8.88%, due 1/15/16 B3 B 84,000
60,000 WMG Holdings Corp., Senior Disc. Notes, Step-Up,
0.00%/9.50%, due 12/15/14 B2 B 48,000^^^^
--------
345,700
--------
ENERGY (6.3%)
45,000 AmeriGas Partners, L.P., Senior Unsecured Notes, 7.25%,
due 5/20/15 B1 45,562
35,000 Chesapeake Energy Corp., Senior Notes, 7.50%,
due 9/15/13 Ba2 BB 36,444
25,000 Ferrellgas, L.P., Senior Notes, 6.75%, due 5/1/14 Ba3 B+ 24,313
40,000 Forest Oil Corp., Guaranteed Senior Notes, 7.75%,
due 5/1/14 B1 B+ 40,700
30,000 Newfield Exploration Co., Senior Notes, 7.63%,
due 3/1/11 Ba1 BB+ 31,425
65,000 Regency Energy Partners, Senior Notes, 8.38%,
due 12/15/13 B2 B 65,162?
100,000 Sabine Pass L.P., Senior Secured Notes, 7.50%,
due 11/30/16 Ba3 BB 99,625?
15,000 Targa Resources, Inc., Guaranteed Notes, 8.50%,
due 11/1/13 B3 B- 15,113?
--------
358,344
--------
FINANCIAL (4.4%)
35,000 American Real Estate Partners, L.P., Senior Notes, 8.13%,
due 6/1/12 Ba3 BB+ 36,137
70,000 General Motors Acceptance Corp., Notes, 6.88%,
due 9/15/11 Ba1 BB+ 71,799
125,000 General Motors Acceptance Corp., Notes, 7.00%,
due 2/1/12 Ba1 BB+ 128,960^^
10,000 General Motors Acceptance Corp., Bonds, 8.00%,
due 11/1/31 Ba1 BB+ 11,481
--------
248,377
--------
FOOD, DRUG & TOBACCO (3.0%)
25,000 Dean Foods Co., Guaranteed Notes, 7.00%, due 6/1/16 Ba2 BB- 25,250
90,000 Jean Coutu Group PJC, Inc., Senior Subordinated Notes,
8.50%, due 8/1/14 Caa2 B- 90,562
25,000 NPC Int'l., Inc., Senior Subordinated Notes, 9.50%,
due 5/1/14 Caa1 B- 25,625
25,000 SUPERVALU, Inc., Senior Notes, 7.50%,
due 11/15/14 B1 B 26,068
--------
167,505
--------
FOREST PRODUCTS & CONTAINERS (2.9%)
40,000 Ball Corp., Guaranteed Notes, 6.88%, due 12/15/12 Ba1 BB 40,800
30,000 Bowater, Inc., Debentures, 9.00%, due 8/1/09 B2 B+ 31,425^^
25,000 Crown Americas LLC, Senior Notes, Ser. B, 7.75%,
due 11/15/15 B1 B 25,938
20,000 Graphic Packaging Int'l., Inc., Senior
Subordinated Notes, 9.50%, due 8/15/13 B3 B- 21,100^^
40,000 Owens-Brockway Glass Container, Inc., Senior
Secured Notes, 8.75%, due 11/15/12 Ba2 BB- 42,400
--------
161,663
--------
GAMING, LEISURE & LODGING (6.6%)
25,000 AMF Bowling Worldwide, Inc., Senior Subordinated
Notes, 10.00%, due 3/1/10 B3 CCC+ 25,906
5,000 Buffalo Thunder Development Authority, Secured Notes, 9.38%,
due 12/15/14 B2 B 5,075?
</Table>
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
RATING~ MARKET VALUE+
PRINCIPAL AMOUNT MOODY'S S&P
$ 20,000 Chukchansi Economic Development Authority, Senior Notes,
8.00%, due 11/15/13 B2 BB- $ 20,775?
30,000 Host Hotels & Resorts L.P., Senior Notes, 6.88%, due 11/1/14 Ba1 BB 30,375?
20,000 Host Marriott L.P., Senior Notes, Ser. M, 7.13%, due 11/1/13 Ba1 BB 20,450
40,000 Majestic Star LLC, Senior Unsecured Notes, 9.75%, due 1/15/11 Caa1 CCC+ 39,600
50,000 Mohegan Tribal Gaming, Senior Subordinated Notes, 6.38%,
due 7/15/09 Ba2 B 50,000
20,000 Mohegan Tribal Gaming, Senior Subordinated Notes, 8.00%,
due 4/1/12 Ba2 B 20,825
10,000 Park Place Entertainment, Senior Subordinated Notes,
7.88%, due 3/15/10 Ba1 B+ 10,425
35,000 Pokagon Gaming Authority, Senior Notes, 10.38%, due 6/15/14 B3 B 38,325?
15,000 San Pasqual Casino, Notes, 8.00%, due 9/15/13 B2 B+ 15,412?
5,000 Station Casinos, Inc., Senior Subordinated Notes, 6.50%,
due 2/1/14 Ba3 B 4,444
100,000 Station Casinos, Inc., Senior Subordinated Notes, 6.88%,
due 3/1/16 Ba3 B 89,750
--------
371,362
--------
HEALTHCARE (9.7%)
40,000 CDRV Investors, Inc., Senior Notes, 9.86%, due 3/1/07 Caa1 CCC+ 39,000?!
65,000 CDRV Investors, Inc., Senior Disc. Notes, Step-Up,
0.00%/9.63%, due 1/1/15 Caa1 CCC+ 50,375^^^^
15,000 HCA, Inc., Senior Notes, 7.88%, due 2/1/11 Caa1 B- 15,038
130,000 HCA, Inc., Senior Secured Notes, 9.25%, due 11/15/16 B2 BB- 139,262?
10,000 National Mentor Holdings, Inc., Senior Subordinated Notes,
11.25%, due 7/1/14 Caa1 CCC+ 10,625?
15,000 Omnicare, Inc., Senior Subordinated Notes, 6.13%, due 6/1/13 Ba3 BB+ 14,363
45,000 Omnicare, Inc., Senior Subordinated Notes, 6.88%,
due 12/15/15 Ba3 BB+ 44,437
15,000 Rural/Metro Corp., Guaranteed Notes, 9.88%, due 3/15/15 B3 CCC+ 15,600
50,000 Service Corp. Int'l., Senior Notes, 7.38%, due 10/1/14 B1 BB- 52,250
20,000 Service Corp. Int'l., Senior Notes, 7.00%, due 6/15/17 B1 BB- 20,250
20,000 Spheris, Inc., Senior Subordinated Notes, 11.00%, due 12/15/12 Caa1 CCC 18,600
15,000 US Oncology, Inc., Guaranteed Notes, 9.00%, due 8/15/12 B2 B- 15,825
35,000 US Oncology, Inc., Senior Floating Rate Notes, 10.68%,
due 3/15/07 B3 B- 35,963!
50,000 Ventas Realty L.P., Guaranteed Notes, 6.75%, due 6/1/10 Ba2 BB+ 51,500
10,000 Ventas Realty L.P., Guaranteed Notes, 7.13%, due 6/1/15 Ba2 BB+ 10,500
10,000 Ventas Realty L.P., Guaranteed Notes, 6.50%, due 6/1/16 Ba2 BB+ 10,250
--------
543,838
--------
INFORMATION TECHNOLOGY (3.7%)
40,000 Flextronics Int'l., Ltd., Senior Subordinated Notes, 6.50%,
due 5/15/13 Ba2 BB- 39,500
65,000 Freescale Semiconductor, Inc., Senior Notes, 9.13%,
due 12/15/14 B1 B 64,594?
20,000 Freescale Semiconductor, Inc., Senior Subordinated Notes,
10.13%, due 12/15/16 B2 B 20,025?
30,000 Language Line, Inc., Senior Subordinated Notes, 11.13%,
due 6/15/12 B3 CCC+ 31,200
10,000 NXP BV, Secured Notes, 7.88%, due 10/15/14 Ba2 BB+ 10,337?
10,000 SunGard Data Systems, Inc., Guaranteed Notes, 9.13%,
due 8/15/13 Caa1 B- 10,500
30,000 Xerox Corp., Senior Notes, 7.63%, due 6/15/13 Baa3 BB+ 31,500
--------
207,656
--------
METALS & MINERALS (3.7%)
30,000 Aleris Int'l., Inc., Senior Notes, 9.00%, due 12/15/14 B3 B- 30,150?
25,000 Aleris Int'l., Inc., Senior Subordinated Notes, 10.00%,
due 12/15/16 Caa1 B- 25,063?
</Table>
8
<Page>
<Table>
<Caption>
RATING~ MARKET VALUE+
PRINCIPAL AMOUNT MOODY'S S&P
$ 70,000 Arch Western Finance Corp., Senior Notes, 6.75%, due 7/1/13 B1 BB- $ 69,475
55,000 Massey Energy Co., Guaranteed Notes, 6.88%, due 12/15/13 B2 B+ 51,700
30,000 Peabody Energy Corp., Senior Guaranteed Notes, Ser. B, 6.88%,
due 3/15/13 Ba1 BB 30,750
--------
207,138
--------
RETAIL (1.8%)
15,000 Autonation, Inc., Guaranteed Notes, 7.00%, due 4/15/14 Ba2 BB+ 15,113
35,000 Blockbuster, Inc., Senior Subordinated Notes, 9.00%,
due 9/1/12 Caa2 CCC 33,862
20,000 Bon-Ton Department Stores, Inc., Guaranteed Notes, 10.25%,
due 3/15/14 B3 B- 20,450
10,000 GSC Holdings Corp., Guaranteed Notes, 8.00%, due 10/1/12 B1 B+ 10,450^^
40,000 Michaels Stores, Inc., Subordinated Notes, Step-Up,
0.00%/13.00%, due 11/1/16 Caa1 CCC 21,700?^^^^
--------
101,575
--------
SERVICE (5.0%)
50,000 Allied Waste North America, Inc., Secured Notes, Ser. B, 5.75%,
due 2/15/11 B2 BB- 48,375
50,000 Cardtronics, Inc., Senior Subordinated Notes, 9.25%,
due 8/15/13 B3 B- 52,625
20,000 Dycom Industries, Inc., Notes, 8.13%, due 10/15/15 Ba3 B+ 20,700
20,000 Education Management LLC, Senior Notes, 8.75%, due 6/1/14 B2 CCC+ 20,700?
50,000 Knowledge Learning Corp., Inc., Guaranteed Notes, 7.75%,
due 2/1/15 B2 B- 47,875?
40,000 Monitronics Int'l., Inc., Senior Subordinated Notes, 11.75%,
due 9/1/10 B3 B- 39,950
55,000 United Rentals N.A., Inc., Guaranteed Notes, 6.50%,
due 2/15/12 B1 B+ 54,312
--------
284,537
--------
TELECOMMUNICATIONS (4.1%)
55,000 Level 3 Financing, Inc., Senior Notes, 9.25%, due 11/1/14 B2 CCC- 56,100?
20,000 Qwest Corp., Senior Notes, 7.88%, due 9/1/11 Ba1 BB+ 21,300
70,000 Qwest Corp., Notes, 8.88%, due 3/15/12 Ba1 BB+ 77,962
30,000 Qwest Corp., Senior Notes, 7.50%, due 10/1/14 Ba1 BB+ 31,800
10,000 Windstream Corp., Senior Notes, 8.13%, due 8/1/13 Ba3 BB- 10,825?^^
30,000 Windstream Corp., Senior Notes, 8.63%, due 8/1/16 Ba3 BB- 32,850?
--------
230,837
--------
TRANSPORTATION (7.7%)
15,000 Ford Motor Co., Notes, 7.45%, due 7/16/31 Caa1 CCC+ 11,775^^
35,000 Ford Motor Credit Co., Notes, 7.38%, due 10/28/09 B1 B 35,075
140,000 Ford Motor Credit Co., Bonds, 7.38%, due 2/1/11 B1 B 138,592
30,000 Ford Motor Credit Co., Senior Unsecured Notes, 8.00%,
due 12/15/16 B1 B 29,644
90,000 General Motors Corp., Senior Debentures, 8.25%, due 7/15/23 Caa1 B- 83,700
10,000 Goodyear Tire & Rubber Co., Senior Notes, 8.63%,
due 12/1/11 B2 B- 10,325?
15,000 Goodyear Tire & Rubber Co., Senior Notes, 9.00%,
due 7/1/15 B2 B- 15,713
20,000 Kansas City Southern Mexico, Senior Notes, 7.63%,
due 12/1/13 B3 B- 20,000?
40,000 Stena AB, Senior Notes, 7.00%, due 12/1/16 Ba3 BB- 38,000
50,000 TFM SA de C.V., Senior Notes, 9.38%, due 5/1/12 B3 B- 53,375
--------
436,199
--------
UTILITY (8.2%)
5,000 AES Corp., Senior Notes, 7.75%, due 3/1/14 B1 B 5,275
</Table>
See Notes to Schedule of Investments
9
<Page>
<Table>
<Caption>
RATING~ MARKET VALUE+
PRINCIPAL AMOUNT MOODY'S S&P
$ 50,000 AES Corp., Senior Secured Notes, 9.00%, due 5/15/15 Ba3 BB- $ 53,750?
25,000 CMS Energy Corp., Senior Notes, 7.75%, due 8/1/10 Ba3 B+ 26,375
40,000 Dynegy-Roseton Danskamme, Pass-Through Certificates,
Ser. B, 7.67%, due 11/8/16 Ba3 B 41,450
45,000 El Paso Natural Gas Co., Senior Notes, Ser. A, 7.63%,
due 8/1/10 Ba1 B+ 47,025
50,000 El Paso Natural Gas Co., Bonds, 8.38%, due 6/15/32 Ba1 B+ 60,547
30,000 Midwest Generation LLC, Secured Notes, 8.75%, due 5/1/34 Ba2 B+ 32,550
60,000 Mirant Americas Generation, Inc., Senior Unsecured Notes,
8.30%, due 5/1/11 Caa1 B- 61,500
15,000 NRG Energy, Inc., Senior Notes, 7.38%, due 2/1/16 B1 B- 15,075
40,000 NRG Energy, Inc., Senior Notes, 7.38%, due 1/15/17 B1 B- 40,100
20,000 TECO Energy, Inc., Senior Notes, 6.75%, due 5/1/15 Ba2 BB 20,900
20,000 Transcontinental Gas Pipe Line Corp., Senior Unsecured
Notes, 6.40%, due 4/15/16 Ba1 BB- 20,200
40,000 TXU Corp., Senior Notes, Ser. P, 5.55%, due 11/15/14 Ba1 BB+ 37,974
----------
462,721
----------
WIRELESS COMMUNICATIONS (2.7%)
25,000 Dobson Cellular Systems, Secured Notes, 8.38%,
due 11/1/11 Ba3 B 26,344
80,000 Intelsat Subsidiary Holdings Co. Ltd., Guaranteed Notes,
8.63%, due 1/15/15 B2 B+ 83,200
40,000 Rogers Wireless, Inc., Secured Notes, 7.25%, due 12/15/12 Ba2 BB+ 42,400
----------
151,944
----------
TOTAL CORPORATE DEBT SECURITIES (COST $5,070,899) 5,175,989
----------
CONVERTIBLE BONDS (0.4%)
20,000 Ford Motor Co. 4.25%, due 12/15/36
(COST $20,000) Caa1 CCC+ 21,375
----------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (11.2%)
466,335 Neuberger Berman Prime Money Fund Trust Class 466,335@
167,701 Neuberger Berman Securities Lending Quality Fund, LLC 167,701++
----------
TOTAL SHORT-TERM INVESTMENTS
(COST $634,036) 634,036#
----------
TOTAL INVESTMENTS (103.2%)
(COST $5,724,935) 5,831,400##
Liabilities, less cash, receivables and other assets
[(3.2%)] (179,603)
----------
TOTAL NET ASSETS (100.0%) $5,651,797
----------
</Table>
10
<Page>
NOTES TO SCHEDULE OF INVESTMENTS HIGH INCOME BOND PORTFOLIO
+ Investments in securities by Neuberger Berman Advisers Management Trust
High Income Bond Portfolio (the "Fund") are valued daily by obtaining bid
price quotations from independent pricing services on all securities
available in each service's data base. For all other securities, bid prices
are obtained from principal market makers in those securities or, if
quotations are not available, by methods the Board of Trustees of Neuberger
Berman Advisers Management Trust has approved on the belief that they
reflect fair value. Numerous factors may be considered when determining the
fair value of a security, including available analyst, media or other
reports, trading in futures or ADRs and whether the issuer of the security
being fair valued has other securities outstanding. Foreign security prices
are furnished by independent quotation services and expressed in local
currency values. Foreign security prices are currently translated from the
local currency into U.S. dollars using the exchange rate as of 4:00 p.m.,
Eastern time. Short-term debt securities with less than 60 days until
maturity may be valued at cost which, when combined with interest earned,
approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $5,726,509. Gross unrealized appreciation of investments was
$119,158 and gross unrealized depreciation of investments was $14,267
resulting in net unrealized appreciation of $104,891, based on cost for
U.S. federal income tax purposes.
? Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers under Rule 144A
and have been deemed by the investment manager to be liquid. At December
31, 2006, these securities amounted to $1,196,562 or 21.2% of net assets
for the Fund.
^^ All or a portion of this security is on loan (see Note A 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.
++ 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).
! Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of December 31, 2006.
~ Credit ratings are unaudited.
^^^^ Denotes a step-up bond: a zero coupon bond that converts to a fixed rate of
interest at a designated future date.
See Notes to Financial Statements
11
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
HIGH INCOME
BOND
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $5,197,364
Affiliated issuers 634,036
- --------------------------------------------------------------------------------
5,831,400
Interest receivable 98,237
Receivable for securities sold 40,313
Receivable for Fund shares sold 72,751
Receivable from administrator--net (Note B) 12,646
Receivable for securities lending income (Note A) 1,174
- --------------------------------------------------------------------------------
TOTAL ASSETS 6,056,521
- --------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 167,701
Payable for securities purchased 205,715
Payable for Fund shares redeemed 339
Payable to investment manager--net (Notes A & B) 2,201
Payable for securities lending fees (Note A) 666
Accrued expenses and other payables 28,102
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 404,724
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $5,651,797
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $5,726,357
Undistributed net investment income (loss) 22
Accumulated net realized gains (losses) on investments (181,047)
Net unrealized appreciation (depreciation) in value of
investments 106,465
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $5,651,797
- --------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 573,836
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 9.85
- --------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 163,578
*COST OF INVESTMENTS:
Unaffiliated issuers $5,090,899
Affiliated issuers 634,036
TOTAL COST OF INVESTMENTS $5,724,935
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
HIGH INCOME
BOND
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $ 337,100
Income from securities loaned--net (Note F) 1,271
Income from investments in affiliated issuers (Note F) 8,782
Foreign taxes withheld (8)
- --------------------------------------------------------------------------------
Total income 347,145
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Note B) 21,732
Administration fees (Note B) 13,582
Audit fees 21,795
Custodian fees (Note B) 41,403
Distribution fees (Note B) 11,319
Insurance expense 174
Legal fees 651
Shareholder reports 13,446
Trustees' fees and expenses 27,482
Miscellaneous 4,207
- --------------------------------------------------------------------------------
Total expenses 155,791
Expenses reimbursed by administrator (Note B) (104,871)
Investment management fees waived (Note A) (142)
Expenses reduced by custodian fee expense offset arrangement
(Note B) (516)
- --------------------------------------------------------------------------------
Total net expenses 50,262
- --------------------------------------------------------------------------------
Net investment income (loss) 296,883
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (113,859)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 167,916
Net gain (loss) on investments 54,057
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 350,940
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
HIGH INCOME BOND PORTFOLIO
--------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 296,883 $ 181,657
Net realized gain (loss) on investments (113,859) (67,188)
Change in net unrealized appreciation (depreciation) of investments 167,916 (67,133)
- ------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 350,940 47,336
- ------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (299,437) (179,075)
Net realized gain on investments -- (23,362)
- ------------------------------------------------------------------------------------------------
Total distributions to shareholders (299,437) (202,437)
- ------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 1,583,152 940,064
Proceeds from reinvestment of dividends and distributions 299,437 202,437
Payments for shares redeemed (298,412) (44,408)
- ------------------------------------------------------------------------------------------------
Net Increase (Decrease) from Fund share transactions 1,584,177 1,098,093
- ------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 1,635,680 942,992
NET ASSETS:
Beginning of year 4,016,117 3,073,125
- ------------------------------------------------------------------------------------------------
End of year $5,651,797 $4,016,117
- ------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 22 $ 2,576
- ------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
14
<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 eleven separate operating
series (each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. 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.
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
15
<Page>
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, 2006, there were no permanent differences
resulting from different book and tax accounting.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME
2006 2005
$299,437 $202,437
As of December 31, 2006, the components of distributable earnings
(accumulated losses) on a U.S. federal income tax basis were as follows:
UNREALIZED LOSS
UNDISTRIBUTED APPRECIATION CARRYFORWARDS
ORDINARY INCOME (DEPRECIATION) AND DEFERRALS TOTAL
$22 $104,890 $(179,472) $(74,560)
The difference between book basis and tax basis distributable earnings is
attributable primarily to wash sales 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, 2006, the Fund elected to defer $11,193 of net
capital losses arising between November 1, 2006 and December 31, 2006.
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, 2006, the Fund had
unused capital loss carryforwards available for federal income tax purposes
to offset net realized capital gains, if any, as follows:
EXPIRING IN:
2013 2014
$24,371 $143,908
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.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
16
<Page>
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the funds can
otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end investment
companies for which Management serves as investment manager, that are not
directly attributed to a Series or the Trust are allocated among the Fund
and the other investment companies in the complex or series thereof on the
basis of relative net assets, except where a more appropriate allocation of
expenses to each investment company in the complex or series thereof can
otherwise be made fairly.
9 SECURITY LENDING: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to attempt to identify
agents/principals that would pay a guaranteed amount to the Fund in
consideration of the Fund entering into an exclusive securities lending
arrangement. Pursuant to such arrangements, eSecLending currently acts as
lending agent for the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $1,271, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $3,154 in income earned on cash collateral and guaranteed
amounts (including approximately $1,402 of interest income earned from the
Quality Fund), less fees and expenses paid of approximately $1,883.
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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the
17
<Page>
highest available current income consistent with safety and liquidity. For
any cash that the Fund invests in Prime Money, Management waives a portion
of its management fee equal to the management fee it receives from Prime
Money on those assets (the "Arrangement"). For the year ended December 31,
2006, management fees waived under this Arrangement amounted to $142 and is
reflected in the Statement of Operations under the caption "Investment
management fees waived." For the year ended December 31, 2006, income
earned under this Arrangement amounted to $8,782 and is reflected in the
Statement of Operations under the caption "Income from investments in
affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
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
18
<Page>
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 year ended December 31, 2006,
such excess expenses amounted to $104,871. 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 year ended December 31, 2006, there
was no reimbursement to Management under this agreement. At December 31,
2006, contingent liabilities to Management under this agreement were as
follows:
<Table>
<Caption>
EXPIRING IN:
2007 2008 2009 TOTAL
$31,571 $90,516 $104,871 $226,958
</Table>
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc., a publicly-owned holding company. Neuberger is retained by
Management to furnish it with investment recommendations and research
information without added cost to the Fund. Several individuals who are
officers and/or Trustees of the Trust are also employees of Neuberger
and/or Management.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $516.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities for the year ended December 31, 2006 were as follows:
<Table>
<Caption>
PURCHASES OF PURCHASES EXCLUDING SALES AND MATURITIES SALES AND MATURITIES
U.S. GOVERNMENT AND U.S. GOVERNMENT OF U.S. GOVERNMENT EXCLUDING
AGENCY AND AGENCY AND AGENCY U.S. GOVERNMENT
OBLIGATIONS OBLIGATIONS OBLIGATIONS AND AGENCY OBLIGATIONS
$-- $7,709,180 $-- $6,089,186
</Table>
19
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 158,790 93,679
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 30,516 20,850
SHARES REDEEMED (30,055) (4,502)
------- -------
TOTAL 159,251 110,027
======= =======
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman Prime
Money Fund Trust Class** -- 3,710,553 3,244,218 466,335 $466,335 $ 8,782
Neuberger Berman Securities
Lending Quality Fund, LLC*** -- 167,701 -- 167,701 167,701 1,402
-------- -------
TOTAL $634,036 $10,184
======== =======
</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.
20
<Page>
*** 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 loans 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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
21
<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
SEPTEMBER 15,
YEAR ENDED 2004^ TO
DECEMBER 31, DECEMBER 31,
--------------- -------------
2006 2005 2004
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.69 $10.09 $10.00
------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .65 .54 .13
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .07 (.42) .11
------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .72 .12 .24
------ ------ ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.56) (.46) (.14)
NET CAPITAL GAINS -- (.06) (.01)
------ ------ ------
TOTAL DISTRIBUTIONS (.56) (.52) (.15)
------ ------ ------
NET ASSET VALUE, END OF PERIOD $ 9.85 $ 9.69 $10.09
------ ------ ------
TOTAL RETURN++ +7.47% +1.20% +2.43%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 5.7 $ 4.0 $ 3.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.12% 1.14% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.11% 1.11% 1.10%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO
AVERAGE NET ASSETS 6.56% 5.33% 4.39%*
PORTFOLIO TURNOVER RATE 140% 143% 104%**
</Table>
See Notes to Financial Highlights
22
<Page>
NOTES TO FINANCIAL HIGHLIGHTS HIGH INCOME BOND PORTFOLIO
++ Total return based on per share net asset value reflects the effects of
changes in net asset value on the performance of the Fund during each
fiscal period and assumes dividends and other distributions, if any, were
reinvested. Results represent past performance and do not guarantee future
results. Current returns may be lower or higher than the performance data
quoted. Investment returns and principal may fluctuate and shares when
redeemed may be worth more or less than original cost. Total return would
have been lower if Management had not reimbursed 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>
PERIOD FROM
YEAR ENDED SEPTEMBER 15, 2004
DECEMBER 31, TO DECEMBER 31,
2006 2005 2004
3.43% 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.
23
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees
Neuberger Berman Advisers Management Trust and
Shareholders of High Income Bond Portfolio
We have audited the accompanying statement of assets and liabilities of High
Income Bond Portfolio, a series of the Neuberger Berman Advisers Management
Trust (the "Trust"), including the schedule of investments, as of December 31,
2006, and the related statement of operations for the year then ended, the
statement of changes in net assets and the financial highlights for each of the
two years in the period then ended, and the financial highlights for the period
from September 15, 2004 to December 31, 2004. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Trust
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of December 31, 2006, by correspondence with the
custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
High Income Bond Portfolio, as of December 31, 2006, the result of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and its financial highlights for the
periods indicated above, in conformity with accounting principles generally
accepted in the United States of America.
/s/ Tait, Weller & Baker LLP
Philadelphia, Pennsylvania
February 9, 2007
24
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly , Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
27
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
28
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
29
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger
Compliance Officer since 2002 since 2006; Deputy General Counsel,
Neuberger since 2004; formerly,
Vice President, Neuberger, 2000 to
2006; formerly, Associate General
Counsel, Neuberger, 1999 to 2004;
Anti-Money Laundering Compliance
Officer, sixteen registered
investment companies for which
Management acts as investment
manager and administrator (seven
since 2002, three since 2003, four
since 2004, one since 2005 and one
since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts
as investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since
2006; Employee, Management since
1997; Assistant Treasurer, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (fifteen
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger
since 2007; Vice President-Mutual
Fund Board Relations, Management
since 2000 and Assistant Secretary
since 2004; formerly, Vice
President, Neuberger 2002 to 2007
and Employee since 1999; Secretary,
sixteen registered investment
companies for which Management acts
as investment manager and
administrator (three since 1985,
four since 2002, three since 2003,
four since 2004, one since 2005 and
one since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts
as investment adviser (since 2006).
</Table>
30
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since
2007; formerly, Senior Vice
President, Neuberger, 2003 to 2007;
formerly, Vice President,
Neuberger, 1999 to 2003; Senior
Vice President, Management since
2000; Vice President, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004, one
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since
1999; Senior Vice President,
Management since 2000; Vice
President, sixteen registered
investment companies for which
Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004, one
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger
(only for purposes of sections since 2002; Deputy General Counsel
307 and 406 of the and Assistant Secretary, Neuberger
Sarbanes-Oxley Act of 2002) since 2001; formerly, Vice
President, Neuberger, 2001 to 2002;
formerly, Associate General
Counsel, Neuberger, 2001; Secretary
and General Counsel, Management
since 2004; Chief Legal Officer
(only for purposes of sections 307
and 406 of the Sarbanes-Oxley Act
of 2002), sixteen registered
investment companies for which
Management acts as investment
manager and administrator (fifteen
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
</Table>
31
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger
since 2007 and Employee since 1999;
Assistant Secretary, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (seven
since 2002, three since 2003, four
since 2004, one since 2005 and one
since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts
as investment adviser (since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999;
Assistant Secretary, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (ten
since 2003, four since 2004, one
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger
Financial and Accounting since 2007; formerly, Vice
Officer since 2005; prior President, Neuberger, 2004 to 2007;
thereto, Assistant Treasurer Employee, Management since 1993;
since 2002 Treasurer and Principal Financial
and Accounting Officer, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (fifteen
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006); formerly,
Assistant Treasurer, fifteen
registered investment companies for
which Management acts as investment
manager and administrator, 2002 to
2005.
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since
2006; Employee, Management since
1995; Assistant Treasurer, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (fifteen
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
</Table>
32
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger
since 2003; formerly, Vice
President, Neuberger, 1999 to 2003;
Vice President, sixteen registered
investment companies for which
Management acts as investment
manager and administrator (three
since 2000, four since 2002, three
since 2003, four since 2004, one
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman
2005 Brothers Inc. since 2007; formerly,
Vice President, Lehman Brothers
Inc., 2003 to 2007; Chief
Compliance Officer, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (fifteen
since 2005 and one since 2006) and
one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2005); Chief
Compliance Officer, Lehman Brothers
Asset Management Inc. since 2003;
Chief Compliance Officer, Lehman
Brothers Alternative Investment
Management LLC since 2003;
formerly, Vice President, UBS
Global Asset Management (US) Inc.
(formerly, Mitchell Hutchins Asset
Management, a wholly-owned
subsidiary of PaineWebber Inc.),
1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
33
<Page>
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Trust uses to determine
how to vote proxies relating to portfolio securities is available, without
charge, by calling 1-800-877-9700 (toll-free) and on the website of the
Securities and Exchange Commission, at www.sec.gov. Information regarding how
the Trust voted proxies relating to portfolio securities during the most recent
12-month period ended June 30 is also available, without charge, by calling
1-800-877-9700 (toll-free), on the website of the Securities and Exchange
Commission at www.sec.gov, and on Management's website at www.nb.com.
QUARTERLY PORTFOLIO SCHEDULE
The Trust files a complete schedule of portfolio holdings for the Fund with the
Securities and Exchange Commission for the first and third quarters of each
fiscal year on Form N-Q. The Trust's Forms N-Q are available on the Securities
and Exchange Commission's website at www.sec.gov and may be reviewed and copied
at the Securities and Exchange Commission's Public Reference Room in Washington,
DC. Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330. The information on Form N-Q is available upon request,
without charge, by calling 1-800-877-9700 (toll free).
34
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
High Income Bond Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and losses realized
by Management and its affiliates from the relationship with the Fund; (4) the
extent to which economies of scale might be realized as the Fund grows; and (5)
whether fee levels reflect those potential economies of scale for the benefit of
investors in the Fund. In their deliberations, the Board members did not
identify any particular information that was all-important or controlling, and
each Trustee may have attributed different weights to the various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements to the Fund and whether the Agreements were in the best interests of
the Fund and its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of trade
execution provided by Management and its affiliates. In addition, the Board
noted the positive compliance history of Management and Neuberger, as each firm
has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio managers. The Board discussed the Fund's performance
with Management and discussed steps that Management had taken, or intended to
take, to improve the Fund's performance. The Board also considered Management's
resources and responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific
35
<Page>
portfolio management or administration needs contributed to the higher fee. With
regard to the sub-advisory fee paid to Neuberger, the Board noted that this fee
is reflective of an "at cost" basis and there is no profit to Neuberger with
regard to these fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board noted that Management incurred a loss on the Fund for the past two
years.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board compared the fees charged to a comparable fund
and a comparable separate account to the fees charged to the Fund at various
asset levels. The Board considered the appropriateness and reasonableness of any
differences between the fees charged between the Fund and the comparable fund
and separate account and determined that any differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
whether the Fund's fee structure should provide for a reduction of payments
resulting from the use of breakpoints.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's loss on the Fund
since the Fund's inception. The Board also carefully examined Management's cost
allocation methodology and had an independent consultant review the methodology.
It also reviewed an analysis from an independent data service on investment
management profitability margins. The Board recognized that Management should be
entitled to earn a reasonable level of profits for services it provides to the
Fund and, based on its review, concluded that Management's level of
profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
36
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
INTERNATIONAL PORTFOLIO(R)
F0509 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
INTERNATIONAL PORTFOLIO MANAGER'S COMMENTARY
International stocks continued to outpace U.S. equities in 2006, with the MSCI
EAFE Index materially outperforming the S&P 500. The Neuberger Berman Advisers
Management Trust (AMT) International Portfolio posted strong returns, delivering
superior relative performance in six of the nine market sectors in which it was
invested, but trailed its EAFE benchmark.
Collectively our Energy holdings made the greatest contribution to absolute and
relative performance. The Portfolio was nearly triple-weighted in Energy versus
the EAFE benchmark and our holdings nearly doubled the return of EAFE's Energy
component. Australia's Paladin Resources, Brazil's Petroleo Brasileiro, Norway's
Prosafe, the UK's Tullow Oil and Argentina's Tenaris all finished on our top-ten
contributors list. Led by Germany's Porsche and the UK's Punch Taverns, Consumer
Discretionary sector investments were significant performance contributors. The
Portfolio was overweight in Consumer Discretionary stocks and collectively our
holdings delivered superior returns relative to the corresponding EAFE
benchmark. Led by Irish cider producer C&C Group, Consumer Staples sector
holdings performed quite well. Materials sector holdings, most notably Ireland's
CRH, also delivered strong returns.
Financial sector investments produced mixed results this year. Although longtime
portfolio favorite Anglo Irish Bank was once again one of our best performers,
the U.K.'s NETeller was one of our worst. The Portfolio was underweight in
Financials and although, collectively, our holdings produced a substantial
return, they underperformed the corresponding benchmark component by a
significant margin.
The Portfolio's Information Technology investments had the most negative impact
on absolute and relative performance for the year, collectively declining versus
a gain for EAFE's tech component. Technology holdings were extraordinarily
volatile. For example, after a strong 2005, Hong Kong-based flat panel display
manufacturer TPV Technology suffered a difficult year as profit margins were
squeezed by increased competition from Taiwan's Innolux, the other major player
in this business. Going forward, we expect pricing pressure to ease and for
TPV's profit margins to recover as these industry leaders continue to take
market share away from smaller competitors. Switzerland's Advanced Digital
Broadcast Holdings was another major tech sector casualty. Advanced Digital
stock fell precipitously when it delayed the rollout of its new digital set-top
box due to a temporary shortage of a specialty semiconductor designed into the
product. The company is now moving forward and the stock has begun to recover.
Relative performance was also restrained by what we did not own, namely
Utilities -- EAFE's single best performing sector of the year. We do not invest
in Utilities because our investment philosophy is to buy highly profitable,
growing, entrepreneurial firms, not low margin, slow growth, highly regulated
industries.
Returns from investments in non-EAFE markets were mixed. Canadian holdings
(averaging 9.4% of assets, by far our largest non-EAFE commitment), produced
results that were well below the benchmark. However, the Portfolio benefited
from strong returns from our Argentine (1.1% of assets) and Brazilian (5.4% of
assets) investments. Overweightings in smaller European markets such as Belgium,
Norway and, especially, Ireland enhanced relative performance. The Portfolio's
ongoing underweight in Japan, by far EAFE's poorest performing market, bolstered
relative returns.
1
<Page>
Although the U.S. economy appears to be decelerating, we believe that continued
strength in newly industrialized nations, most notably India and China, will
help sustain global economic growth in the 4.5% to 5% range and corporate
earnings growth in the 7% to 9% range -- in our opinion, a decent backdrop for
international stocks. The major risk to this generally positive scenario would
be if inflation in the U.S. did not moderate and forced the Federal Reserve to
resume tightening.
Despite international equities' strong performance in recent years, valuations
remain reasonable relative to U.S. stocks. With the Federal Reserve in neutral,
European interest rates likely to rise, and the U.S.'s current account deficit
continuing to expand, we could see the dollar weaken in the year ahead,
recreating currency translations that would enhance dollar-denominated returns
from international stocks.
Sincerely,
/s/ Benjamin Segal
- ---------------------------------------
BENJAMIN SEGAL
PORTFOLIO MANAGER
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
INTERNATIONAL
PORTFOLIO EAFE(R) INDEX
1 YEAR 23.45% 26.86%
LIFE OF FUND 24.84% 26.98%
- ----------------------------------------------
INCEPTION DATE 04/29/2005
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
International
Portfolio EAFE(R) Index
4/29/2005 $10,000 $10,000
6/30/2005 $10,410 $10,233
9/30/2005 $11,560 $11,301
12/31/2005 $11,750 $11,766
3/31/2006 $12,957 $12,881
6/30/2006 $12,887 $13,002
9/30/2006 $12,917 $13,521
12/31/2006 $14,506 $14,927
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automobiles & Components 7.4%
Banks 13.3
Capital Goods 6.1
Chemicals 2.3
Commercial Services & Supplies 4.0
Construction Materials 3.6
Consumer Discretionary 1.1
Consumer Durables & Apparel 4.6
Consumer Staples 1.0
Diversified Financials 0.5
Energy 2.0
Energy Services & Equipment 1.8
Food, Beverage & Tobacco 2.7
Health Care Equipment & Services 1.4
Hotels, Restaurants & Leisure 4.8
Household & Personal Products 0.7
Insurance 0.7
Materials 0.1
Materials - Metals & Mining 2.7
Media 2.1
Oil & Gas 17.0
Pharmaceuticals & Biotechnology 0.5
Real Estate 0.6
Software 0.1
Technology - Hardware 3.3
Technology - Semiconductor 0.5
Technology - Software 1.0
Telecommunications - Diversified 0.9
Telecommunications - Wireless 4.6
Cash, receivables and other assets, less liabilities 8.6
</Table>
3
<Page>
ENDNOTES
(1.) 23.45% and 24.84% were the average annual total returns for the 1-year and
since inception (4/29/05) periods ended December 31, 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST INTERNATIONAL PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 -
ACTUAL 7/1/06 12/31/06 12/31/06
- ---------------------------------------------------------------
Class S $1,000.00 $1,125.60 $8.02
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class S $1,000.00 $1,017.66 $7.62
</Table>
* Expenses are equal to the annualized expense ratio of 1.50%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (86.0%)
ARGENTINA (1.1%)
70,725 Tenaris SA ADR $ 3,528,470
AUSTRALIA (4.7%)
3,216,344 Hardman Resources 5,280,749*^^
677,657 Paladin Resources 4,760,687*^^
195,165 Timbercorp Ltd. 462,160^^
184,234 Woodside Petroleum 5,542,151^^
-----------
16,045,747
BELGIUM (4.3%)
117,709 Euronav SA 3,517,843^^
70,570 Fortis 3,010,800^^
36,992 ICOS Vision Systems NV 1,563,090*
98,696 InBev NV 6,506,366
-----------
14,598,099
BRAZIL (2.3%)
94,800 M Dias Branco SA 1,109,291*
104,524 Natura Cosmeticos SA 1,459,373
51,520 Petroleo Brasileiro ADR 5,306,045
-----------
7,874,709
CANADA (9.4%)
101,180 Addax Petroleum 2,840,658
17,000 Addax Petroleum 477,280*?
99,525 Canadian Natural Resources 5,304,188
196,595 Centurion Energy International 2,011,215*
107,540 Corus Entertainment, Inc., B Shares 3,827,046
181,225 Great Canadian Gaming 1,798,030*
440 Great Canadian Gaming 4,365*??
136,923 MacDonald Dettwiler 5,025,344*
66,210 Suncor Energy 5,211,522
306,135 Talisman Energy 5,197,850
-----------
31,697,498
FRANCE (6.0%)
29,883 BNP Paribas 3,260,299
3,800 Groupe Steria SCA 227,986
86,907 Ipsos 3,138,783
30,958 Kaufman & Broad SA 1,934,602
16,895 Societe Generale 2,868,069
54,735 Total SA ADR 3,936,541
17,468 Vallourec SA 5,079,817
-----------
20,446,097
GERMANY (5.1%)
66,570 C.A.T. oil AG 1,754,878*
44,341 Continental AG 5,156,699^^
23,060 Kloeckner & Co. AG 998,748*
34,133 Rhoen-Klinikum AG 1,655,404
28,297 Wacker Chemie AG 3,682,304*
26,669 Wincor Nixdorf AG 4,149,193
-----------
17,397,226
GREECE (0.9%)
82,085 Sarantis SA 871,185
37,646 Titan Cement 2,052,387
-----------
2,923,572
HONG KONG (1.0%)
5,481,715 TPV Technology $ 3,460,296
IRELAND (9.4%)
147,038 Allied Irish Banks 4,390,486
511,249 Anglo Irish Bank 10,565,078
145,723 C&C Group 2,596,883
186,852 CRH PLC 7,789,333
181,700 Depfa Bank PLC 3,250,010
937,421 Dragon Oil PLC 3,175,365*
-----------
31,767,155
ITALY (1.2%)
262,913 Marazzi Group 3,356,054
97,827 Milano Assicurazioni 797,418
-----------
4,153,472
JAPAN (12.9%)
54,240 Acom Co. 1,823,117
95,300 Aica Kogyo 1,335,746
261,000 Bosch Corp. 1,379,513
151,000 CHIYODA Corp. 2,956,430
227,600 F.C.C. Co. 5,488,946
100 Gulliver International Co. Ltd. 8,369
234,000 Heiwa Corp. 2,961,254
34,800 Hogy Medical Co. 1,348,078
187,900 Mars Engineering 3,671,001
88,500 Maruichi Steel Tube 2,446,662
443,400 Nissan Motor 5,339,206
12,100 Nissin Healthcare Food Service 152,515
776 Pasona, Inc. 1,578,018
563,000 PENTAX Corp. 3,548,170
4,200 PLENUS Co. 86,996
59,000 Sankyo Co. 3,267,174
888,000 Sumitomo Metal Industries 3,857,787
208,000 Takuma Co. 1,216,487
56,689 TENMA Corp. 1,021,788
-----------
43,487,257
KOREA (2.2%)
144,770 KT Corp. ADR 3,669,919^^
139,410 SK Telecom ADR 3,691,577^^
-----------
7,361,496
NETHERLANDS (3.0%)
34,698 Aalberts Industries NV 3,000,103
14,725 OPG Groep NV 1,729,959
31,838 Sligro Food Group 2,164,429
56,054 Tele Atlas NV 1,183,166*^^
101,302 Wavin NV 1,979,111*
-----------
10,056,768
NORWAY (0.7%)
173,700 Prosafe ASA 2,465,430^^
SPAIN (0.6%)
47,853 Renta Corp. Real Estate SA 2,155,936*
</Table>
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
SWEDEN (1.5%)
78,625 Lindab International AB $ 1,495,907*
69,780 Nobia AB 2,685,826
23,125 Swedbank AB, Class A 839,411
------------
5,021,144
SWITZERLAND (1.4%)
46,722 Advanced Digital Broadcast 3,067,509*
19,732 Swiss Reinsurance 1,677,666
------------
4,745,175
UNITED KINGDOM (18.3%)
479,662 Barclays PLC 6,856,004
181,436 Barratt Developments 4,387,360
395,609 Burren Energy 6,855,235
58,158 GlaxoSmithKline PLC 1,530,459
203,015 Kensington Group 3,140,278
343,375 Lloyds TSB Group PLC 3,842,358
136,265 Northern Rock 3,142,986
321,773 Punch Taverns PLC 8,058,107
44,945 Raymarine PLC 414,931
468,218 Redrow PLC 6,550,331
523,833 RPS Group 2,769,297
390,998 Tullow Oil PLC 3,046,986
2,895,922 Vodafone Group 8,023,358
280,956 William Hill 3,476,708
------------
62,094,398
------------
TOTAL COMMON STOCKS
(COST $261,102,401) 291,279,945
------------
PREFERRED STOCKS (5.4%)
BRAZIL (3.1%)
208,010 Companhia Vale do Rio Doce ADR $ 5,460,262
106,800 Ultrapar Participacoes 2,448,927
12,070 Ultrapar Participacoes ADR 277,610
397,907 Universo Online SA 2,162,275*
------------
10,349,074
GERMANY (2.3%)
6,088 Porsche AG 7,747,635^^
------------
TOTAL PREFERRED STOCKS
(COST $14,482,842) 18,096,709
------------
SHORT-TERM INVESTMENTS (17.2%)
24,059,581 Neuberger Berman Prime Money Fund Trust Class 24,059,581@
34,262,343 Neuberger Berman Securities Lending
Quality Fund, LLC 34,262,343+++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $58,321,924) 58,321,924#
------------
TOTAL INVESTMENTS (108.6%)
(COST $333,907,167) 367,698,578##
Liabilities, less cash, receivables and other assets [(8.6%)] (29,051,287)
------------
TOTAL NET ASSETS (100.0%) $338,647,291
------------
</Table>
INDUSTRY DIVERSIFICATION INTERNATIONAL PORTFOLIO
<Table>
<Caption>
MARKET VALUE+ PERCENTAGE OF
INDUSTRY (000'S OMITTED) NET ASSETS
- -------- --------------- -------------
OIL & GAS $ 57,457,918 17.0%
BANKS 45,165,779 13.3%
AUTOMOBILES & COMPONENTS 25,111,999 7.4%
CAPITAL GOODS 20,753,555 6.1%
HOTELS, RESTAURANTS & LEISURE 16,385,460 4.8%
CONSUMER DURABLES & APPAREL 15,558,119 4.6%
TELECOMMUNICATIONS--WIRELESS 15,384,854 4.6%
COMMERCIAL SERVICES & SUPPLIES 13,547,065 4.0%
CONSTRUCTION MATERIALS 12,288,382 3.6%
TECHNOLOGY--HARDWARE 11,157,659 3.3%
MATERIALS--METALS & MINING 9,318,049 2.7%
FOOD, BEVERAGE & TOBACCO 9,103,249 2.7%
CHEMICALS 7,744,587 2.3%
MEDIA 6,965,829 2.1%
ENERGY 6,771,902 2.0%
ENERGY SERVICES & EQUIPMENT 5,983,273 1.8%
HEALTH CARE EQUIPMENT & SERVICES 4,733,441 1.4%
CONSUMER DISCRETIONARY 3,682,105 1.1%
TECHNOLOGY--SOFTWARE 3,345,441 1.0%
CONSUMER STAPLES 3,282,089 1.0%
TELECOMMUNICATIONS--DIVERSIFIED 3,067,509 0.9%
INSURANCE 2,475,084 0.7%
</Table>
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
MARKET VALUE+ PERCENTAGE OF
INDUSTRY (000'S OMITTED) NET ASSETS
- -------- --------------- -------------
HOUSEHOLD & PERSONAL PRODUCTS $ 2,330,558 0.7%
REAL ESTATE 2,155,936 0.6%
DIVERSIFIED FINANCIALS 1,823,117 0.5%
TECHNOLOGY--SEMICONDUCTOR 1,563,090 0.5%
PHARMACEUTICALS & BIOTECHNOLOGY 1,530,459 0.5%
MATERIALS 462,160 0.1%
SOFTWARE 227,986 0.1%
OTHER ASSETS--NET 29,270,637 8.6%
------------ -----
$338,647,291 100.0%
============ =====
</Table>
8
<Page>
NOTES TO SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust International Portfolio (the "Fund") are valued at the latest sale
price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued at the last available bid
price. Securities traded primarily on the NASDAQ Stock Market are normally
valued by the Fund at the NASDAQ Official Closing Price ("NOCP") provided
by NASDAQ each business day. The NOCP is the most recently reported price
as of 4:00:02 p.m., Eastern time, unless that price is outside the range of
the "inside" bid and asked prices (i.e., the bid and asked prices that
dealers quote to each other when trading for their own accounts); in that
case, NASDAQ will adjust the price to equal the inside bid or asked price,
whichever is closer. Because of delays in reporting trades, the NOCP may
not be based on the price of the last trade to occur before the market
closes. The Fund values all other securities, including securities for
which the necessary last sale, asked, and/or bid prices are not readily
available, by methods the Board of Trustees of Neuberger Berman Advisers
Management Trust (the "Board") has approved on the belief that they reflect
fair value. Numerous factors may be considered when determining the fair
value of a security, including available analyst, media or other reports,
trading in futures or ADRs and whether the issuer of the security being
fair valued has other securities outstanding. Foreign security prices are
furnished by independent quotation services and expressed in local currency
values. Foreign security prices are currently translated from the local
currency into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern
time. The Board has approved the use of FT Interactive Data Corporation
("FT Interactive") to assist in determining the fair value of the Fund's
foreign equity securities when changes in the value of a certain index
suggest that the closing prices on the foreign exchanges may no longer
represent the amount that the Fund could expect to receive for those
securities. In this event, FT Interactive will provide adjusted prices for
certain foreign equity securities using a statistical analysis of
historical correlations of multiple factors. In the absence of precise
information about the market values of these foreign securities as of the
close of the New York Stock Exchange, the Board has determined on the basis
of available data that prices adjusted in this way are likely to be closer
to the prices the Fund could realize on a current sale than are the prices
of those securities established at the close of the foreign markets in
which the securities primarily trade. However, fair value prices are
necessarily estimates, and there is no assurance that such a price will be
at or close to the price at which the security next trades. Short-term debt
securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $334,406,354. Gross unrealized appreciation of investments was
$38,064,562 and gross unrealized depreciation of investments was
$4,772,338, resulting in net unrealized appreciation of $33,292,224, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
@ 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.
? 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 December
31, 2006, these securities amounted to $477,280 or 0.1% of net assets for
the Fund.
^^ 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
9
<Page>
?? 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 eligible for
sale to qualified institutional buyers under Rule 144A. These securities
may also be deemed to be restricted.
<Table>
<Caption>
ACQUISITION
COST VALUE
PERCENTAGE PERCENTAGE
OF FUND'S VALUE OF FUND'S
NET ASSETS AS AS OF NET ASSETS AS
RESTRICTED ACQUISITION ACQUISITION OF ACQUISITION DECEMBER 31, OF DECEMBER 31,
NEUBERGER BERMAN SECURITY DATE COST DATE 2006 2006
INTERNATIONAL PORTFOLIO Great Canadian Gaming 07/29/2005 $7,269 0.41% $4,365 0.001%
</Table>
10
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
INTERNATIONAL
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $309,376,654
Affiliated issuers 58,321,924
- --------------------------------------------------------------------------------
367,698,578
Cash 250,074
Foreign currency 309,300
Dividends and interest receivable 597,873
Receivable for securities sold 3,382,067
Receivable for Fund shares sold 2,113,906
Receivable for securities lending income (Note A) 167,323
- --------------------------------------------------------------------------------
TOTAL ASSETS 374,519,121
- --------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 34,262,343
Payable for securities purchased 1,069,550
Payable for Fund shares redeemed 106
Payable to investment manager--net (Notes A & B) 227,486
Payable for securities lending fees (Note A) 149,614
Payable to administrator--net (Note B) 114,903
Accrued expenses and other payables 47,828
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 35,871,830
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $338,647,291
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $302,671,259
Undistributed net investment income (loss) (107,911)
Accumulated net realized gains (losses) on investments 2,291,190
Net unrealized appreciation (depreciation) in value of
investments 33,792,753
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $338,647,291
- --------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 23,695,039
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 14.29
- --------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 30,851,097
*COST OF INVESTMENTS:
Unaffiliated issuers $275,585,243
Affiliated issuers 58,321,924
- --------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $333,907,167
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 309,160
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
INTERNATIONAL
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 2,242,696
Income from securities loaned--net (Note F) 43,658
Income from investments in affiliated issuers (Note F) 611,533
Interest income--unaffiliated issuers 12,951
Foreign taxes withheld (99,845)
- --------------------------------------------------------------------------------
Total income 2,810,993
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 1,061,270
Administration fees (Note B) 374,566
Audit fees 34,376
Custodian fees (Note B) 247,727
Distribution fees (Note B) 312,138
Insurance expense 547
Legal fees 11,683
Trustees' fees and expenses 27,499
Miscellaneous 14,068
- --------------------------------------------------------------------------------
Total expenses 2,083,874
Expenses reimbursed by administrator (Note B) (198,935)
Investment management fees waived (Note A) (9,639)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (4,349)
- --------------------------------------------------------------------------------
Total net expenses 1,870,951
- --------------------------------------------------------------------------------
Net investment income (loss) 940,042
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 4,650,509
Foreign currency (555,618)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 33,267,468
Foreign currency 1,559
-----------------------------------------------------------------------------
Net gain (loss) on investments 37,363,918
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $38,303,960
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
INTERNATIONAL PORTFOLIO
--------------------------------
PERIOD FROM
YEAR APRIL 29, 2005
ENDED (COMMENCEMENT
DECEMBER 31, OF OPERATIONS) TO
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 DECEMBER 31, 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 940,042 $ 21,931
Net realized gain (loss) on investments 4,094,891 99,369
Change in net unrealized appreciation (depreciation) of investments 33,269,027 523,726
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 38,303,960 645,026
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (622,491) (12,395)
Net realized gain on investments (2,284,068) (54,767)
- -------------------------------------------------------------------------------------------------------
Total distributions to shareholders (2,906,559) (67,162)
- -------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 290,645,896 12,321,779
Proceeds from reinvestment of dividends and distributions 2,906,560 67,162
Payments for shares redeemed (2,970,695) (320,597)
Redemption fees retained (Note A) 19,795 2,126
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 290,601,556 12,070,470
- -------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 325,998,957 12,648,334
NET ASSETS:
Beginning of period 12,648,334 --
- -------------------------------------------------------------------------------------------------------
End of period $338,647,291 $12,648,334
- -------------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of period $ (107,911) $ 48
- -------------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<Page>
NOTES TO FINANCIAL STATEMENTS INTERNATIONAL PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: International Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of eleven separate operating
series (each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. 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 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.
14
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund may
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax
purposes.
As determined on December 31, 2006, permanent differences resulting
primarily from different book and tax accounting for foreign currency gains
and losses and distribution redesignations were reclassified at fiscal
year-end. These reclassifications had no effect on the net income, net
asset value or net asset value per share of the Fund.
The tax character of distributions paid during the year ended December 31,
2006 and the period ended December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2006 2005 2006 2005 2006 2005
$2,817,562 $67,162 $88,997 $-- $2,906,559 $67,162
</Table>
As of December 31, 2006, the components of distributable earnings
(accumulated losses) on a U.S. federal income tax basis were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED
UNDISTRIBUTED LONG-TERM APPRECIATION
ORDINARY INCOME GAIN (DEPRECIATION) TOTAL
$2,603,740 $78,725 $33,293,567 $35,976,032
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales and passive
foreign investment companies.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the Funds can
otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end investment
companies for which Management serves as investment manager, that are not
directly attributed to a Series or the Trust are allocated among the Fund
and the other investment companies in the complex or series thereof on the
15
<Page>
basis of relative net assets, except where a more appropriate allocation of
expenses to each investment company in the complex or series thereof can
otherwise be made fairly.
9 SECURITY LENDING: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to attempt to identify
agents/principals that would pay a guaranteed amount to the Fund in
consideration of the Fund entering into an exclusive securities lending
arrangement. Pursuant to such arrangements, eSecLending currently acts as
lending agent for the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $43,658, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $431,802 in income earned on cash collateral and guaranteed
amounts (including approximately $377,722 of interest income earned from
the Quality Fund), less fees and expenses paid of approximately $388,144.
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 year ended December 31, 2006, the Fund
received $19,795 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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management
16
<Page>
fees waived under this Arrangement amounted to $9,639 and is reflected in
the Statement of Operations under the caption "Investment management fees
waived." For the year ended December 31, 2006, income earned under this
Arrangement amounted to $611,533 and is reflected in the Statement of
Operations under the caption "Income from investments in affiliated
issuers."
13 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.85% of the first $250 million of
the Fund's average daily net assets, 0.825% of the next $250 million, 0.80%
of the next $250 million, 0.775% of the next $250 million, 0.75% of the
next $500 million, 0.725% of the next $1 billion, and 0.70% of average
daily net assets in excess of $2.5 billion.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street Bank and Trust Company
("State Street") as its sub-administrator under a Sub-Administration
Agreement. Management pays State Street a fee for all services received
under this agreement.
Management acts as agent in arranging for the sale of Fund shares without
commission and bears advertising and promotion expenses. The Board has
adopted a distribution plan (the "Plan") with respect to the Fund, pursuant
to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation
for administrative and other services provided to the Fund, Management's
activities and expenses related to the sale and distribution of the Fund's
shares, and ongoing services provided to investors in the Fund, Management
receives from the Fund a fee at the annual rate of 0.25% of the Fund's
average daily net assets. Management receives this amount to provide
distribution and shareholder servicing for the Fund and pays a portion of
it to institutions that provide such services. Those institutions may use
the payments for, among other purposes, compensating employees engaged in
sales and/or shareholder servicing. The amount of fees paid by the Fund
during any year may be more or less than the cost of distribution and other
services provided to the Fund. NASD rules limit the amount of annual
distribution fees that
17
<Page>
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, 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
year ended December 31, 2006, such excess expenses amounted to $198,935.
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 year ended December 31, 2006, there was no
reimbursement to Management under this agreement. At December 31, 2006,
contingent liabilities to Management under this agreement were as follows:
<Table>
<Caption>
EXPIRING IN:
2008 TOTAL
$91,847 $91,847
</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 agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $3,660.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $689.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $307,554,834 and
$46,933,502, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $270,247, of which Neuberger received
$0, Lehman Brothers Inc. received $44,906, and other brokers received
$225,341.
18
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the year ended December 31, 2006 and the period ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE YEAR FOR THE PERIOD
ENDED DECEMBER 31, ENDED DECEMBER 31,
2006 2005*
SHARES SOLD 22,642,093 1,105,462
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 205,225 5,780
SHARES REDEEMED (235,347) (28,174)
---------- ---------
TOTAL 22,611,971 1,083,068
---------- ---------
</Table>
* For the period from April 29, 2005 (Commencement of Operations) to December
31, 2005.
NOTE E--LINE OF CREDIT:
At December 31, 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 December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 1,680,394 204,190,852 181,811,665 24,059,581 $24,059,581 $611,533
Neuberger Berman
Securities Lending
Quality Fund, LLC*** -- 34,262,343 -- 34,262,343 34,262,343 377,722
----------- --------
TOTAL $58,321,924 $989,255
----------- --------
</Table>
* Affiliated issuers, as defined in the 1940 Act.
19
<Page>
** 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 loans 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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial positions or results of operations.
20
<Page>
FINANCIAL HIGHLIGHTS INTERNATIONAL PORTFOLIO
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR PERIOD FROM
ENDED APRIL 29, 2005^
DECEMBER 31, TO DECEMBER 31,
------------ ---------------
2006 2005
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.68 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)@ .10 .07
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND UNREALIZED) 2.64 1.67
------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.74 1.74
------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.03) (.01)
NET CAPITAL GAINS (.10) (.06)
------- -------
TOTAL DISTRIBUTIONS (.13) (.07)
REDEMPTION FEES@ .00 .01
------- -------
NET ASSET VALUE, END OF PERIOD $ 14.29 $ 11.68
------- -------
TOTAL RETURN++ +23.45% +17.50%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 338.6 $ 12.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.50% 1.51%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS+++ 1.50% 1.50%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 0.75% 0.91%*
PORTFOLIO TURNOVER RATE 39% 29%**
</Table>
See Notes to Financial Highlights
21
<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>
PERIOD FROM
YEAR ENDED APRIL 29, 2005^ TO
DECEMBER 31, 2006 DECEMBER 31, 2005
1.67% 5.84%
</Table>
^ The date investment operations commenced.
@ Calculated based on the average number of shares outstanding during the
fiscal period.
* Annualized.
** Not annualized.
22
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of International Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of International Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for the year then ended and for
the period from April 29, 2005 (commencement of operations) to December 31, 2005
and the financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
International Portfolio, a series of Neuberger Berman Advisers Management Trust,
at December 31, 2006, the results of its operations for the year then ended,
changes in its net assets for the year then ended and the period from April 29,
2005 (commencement of operations) to December 31, 2005 and the financial
highlights for each of the periods indicated herein, in conformity with U.S.
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
23
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
27
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
28
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
30
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
</Table>
31
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
32
<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 Management'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).
NOTICE TO SHAREHOLDERS
0.00% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
33
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
International Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and losses realized
by Management and its affiliates from the relationship with the Fund; (4) the
extent to which economies of scale might be realized as the Fund grows; and (5)
whether fee levels reflect those potential economies of scale for the benefit of
investors in the Fund. In their deliberations, the Board members did not
identify any particular information that was all-important or controlling, and
each Trustee may have attributed different weights to the various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered that the Fund
had limited performance information since the Fund was relatively new, but
considered Management's record on broadly comparable products.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
34
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered mean and median of the management fees and expense ratios of the peer
group. The Board noted that the Fund's management fee was higher than the peer
group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual and voluntary limit on Fund expenses undertaken by Management
for the Fund. The Board noted that Management incurred a loss on the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board compared the fees charged to comparable funds
and a comparable separate account to the fees charged to the Fund at various
asset levels. The Board considered the appropriateness and reasonableness of any
differences between the fees charged between the Fund and the comparable funds
and separate account and determined that any differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's loss on the Fund
since the Fund's inception. The Board also carefully examined Management's cost
allocation methodology and had an independent consultant review the methodology.
It also reviewed an analysis from an independent data service on investment
management profitability margins. The Board recognized that Management should be
entitled to earn a reasonable level of profits for services it provides to the
Fund and, based on its review, concluded that Management's level of
profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
35
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
LIMITED MATURITY BOND PORTFOLIO(R)
B1011 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
LIMITED MATURITY BOND PORTFOLIO MANAGERS' COMMENTARY
For the year ended December 31, 2006, the Neuberger Berman AMT Limited Maturity
Bond Portfolio returned 4.20%, versus 3.96% for the Merrill Lynch 1-3 Year
Treasury Index benchmark.
The 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, most investors have avoided this pessimistic view. Yields
continued to be inverted or flat throughout 2006, as investors equivocated about
the effect of economic data releases on the Federal Reserve's intentions with
respect to monetary policy. Beginning in June, the bond market rallied strongly,
with the third quarter in particular turning in a strong performance. Yields
declined roughly 50 basis points over the second half of the period, driven by
the combination of slower economic growth and the realization of the
long-anticipated pause in the Federal Reserve's two-year tightening campaign.
We feel that the bond market rally over the last several months has been due to
the change in investor sentiment about the economy, and that the market is
overly optimistic in pricing in aggressive rate cuts by the Federal Reserve in
the near term. The Federal Reserve has held the Fed Funds rate steady at 5.25%
at each of their meetings since August. Chairman Bernanke has repeatedly warned
about making assumptions regarding the future path of interest rates. Also, the
minutes to the last several Fed meetings reveal continued concern over the risks
of inflation, and there is one Federal Reserve governor advocating a rate
increase.
We have continued to maintain our 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 slightly lower levels than those of
our benchmark index. Our duration posture helped to protect the portfolio from
the impact of higher interest rates, and we made opportunistic sector
allocations in order to enhance yield.
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. These transactions
allowed us to increase the yield of the Portfolio and maintain credit quality.
The economy has remained more resilient than many onlookers would have forecast,
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 heightened 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 allocation to BBB rated securities.
We currently expect to remain defensively positioned with regard to duration,
and intend to examine a return to a neutral stance once market pricing is more
consistent with Fed policy communications. With corporate spreads still tight
and heightened event risk continuing to be an
1
<Page>
issue, we currently 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 stage for higher future fixed income returns.
With higher interest rates and a Fed that is near the end of its tightening
cycle, we believe that the Neuberger Berman AMT Limited Maturity Bond Portfolio
is a very attractive investment.
In closing, we will continue to emphasize our investment philosophy of
research-driven security selection, opportunistic sector allocation and duration
management to seek the Fund's goal of current income consistent with liquidity
and low risk to principal.
Sincerely,
/s/ John Dugenske and Thomas Sontag
- ----------------------------------------
JOHN DUGENSKE AND THOMAS SONTAG
PORTFOLIO CO-MANAGERS
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MERRILL LYNCH
LIMITED MATURITY 1-3 YEAR
BOND PORTFOLIO TREASURY INDEX(2)
1 Year 4.20% 3.96%
5 Year 2.82% 2.82%
10 Year 4.20% 4.69%
Life of Fund 6.43% 6.74%
- -----------------------------------------------------
Inception Date 09/10/1984
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_income_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Merrill Lynch
Limited Maturity 1-3 Year
Bond Portfolio Treasury Index
12/31/1996 $10,000 $10,000
12/31/1997 $10,674 $10,666
12/31/1998 $11,143 $11,412
12/31/1999 $11,307 $11,761
12/31/2000 $12,075 $12,702
12/31/2001 $13,135 $13,756
12/31/2002 $13,836 $14,548
12/31/2003 $14,172 $14,824
12/31/2004 $14,282 $14,958
12/31/2005 $14,488 $15,207
12/31/2006 $15,097 $15,810
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
RATING SUMMARY
<Table>
AAA/Government/Government Agency 68.3%
AA 11.2
A 10.2
BBB 4.0
BB 0.0
B 0.0
CCC 0.0
CC 0.0
C 0.0
D 0.0
Short Term 6.3
</Table>
3
<Page>
ENDNOTES
(1.) 4.20%, 2.82% and 4.20% were the average annual total returns for the 1-, 5-
and 10-year periods ended December 31, 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
https://www.nb.com/public/DMA/html/performance_ins_amt_income_monthly.html.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and expense example do not include expenses and charges that are, or
may be, imposed under your variable contract or qualified pension plan. If such
expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST LIMITED MATURITY BOND PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06-
ACTUAL 7/1/06 12/31/06 12/31/06
- ---------------------------------------------------------------
Class I $1,000.00 $1,031.40 $3.81
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ---------------------------------------------------------------
Class I $1,000.00 $1,021.45 $3.79
</Table>
* Expenses are equal to the annualized expense ratio of .74%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS LIMITED MATURITY BOND PORTFOLIO
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
U.S. GOVERNMENT AGENCY SECURITIES (6.1%)
$13,400,000 Fannie Mae, Notes, 3.25%, due 8/15/08 AGY AGY $ 13,023,956
1,500,000 Fannie Mae, Notes, 5.38%, due 8/15/09 AGY AGY 1,514,481
11,000,000 Federal Home Loan Bank, Bonds, 5.13%, due 8/8/08 AGY AGY 11,007,436
------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(COST $25,603,322) 25,545,873
------------
MORTGAGE-BACKED SECURITIES (54.7%)
ADJUSTABLE RATE MORTGAGES (37.8%)
5,067,507 Adjustable Rate Mortgage Trust, Ser. 2005-10,
Class 4A1, 5.38%, due 1/25/36 Aaa AAA 5,054,399
2,051,365 Banc of America Funding Corp., Ser. 2005-F,
Class 4A1, 5.37%, due 9/20/35 Aaa AAA 2,042,309
4,990,730 Banc of America Funding Corp., Ser. 2005-H,
Class 7A1, 5.69%, due 11/20/35 AAA 5,027,918
4,051,952 Banc of America Funding Corp., Ser. 2006-A,
Class 3A2, 5.91%, due 2/20/36 AAA 4,076,064
6,639,819 Banc of America Funding Corp., Ser. 2006-H,
Class 2A3, 6.74%, due 9/20/46 AAA 6,773,664
4,336,537 Bear Stearns ALT-A Trust, Ser. 2006-3,
Class 22A1, 6.23%, due 5/25/36 Aaa AAA 4,390,497
8,419,057 Bear Stearns ALT-A Trust, Ser. 2006-4,
Class 32A1, 6.48%, due 7/25/36 Aaa AAA 8,577,651
5,626,930 Countrywide Home Loans, Ser. 2006-HYB3,
Class 1A1A, 5.52%, due 5/20/36 Aaa AAA 5,658,804
5,607,050 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 2004-AR4, Class 2A1, 4.68%, due 5/25/34 Aaa AAA 5,551,813
5,111,415 First Horizon Mortgage Pass-Through Trust,
Ser. 2005-AR5, Class 2A1, 5.45%, due 11/25/35 AAA 5,086,136
6,567,901 GMAC Mortgage Corp. Loan Trust, Ser. 2006-AR1,
Class 1A1, 5.62%, due 4/19/36 Aaa AAA 6,568,664
8,311,733 Harborview Mortgage Loan Trust, Floating Rate,
Ser. 2004-4, Class 3A, 2.97%, due 4/19/07 Aaa AAA 8,276,102!
9,131,206 Harborview Mortgage Loan Trust, Ser. 2006-3,
Class 1A1A, 6.44%, due 6/19/36 Aaa AAA 9,296,475??
4,940,709 Indymac INDX Mortgage Loan Trust, Ser. 2005-AR23,
Class 2A1, 5.55%, due 11/25/35 Aaa AAA 4,941,636
12,198,866 Indymac INDX Mortgage Loan Trust, Ser. 2006-AR3,
Class 2A1A, 6.41%, due 3/25/36 Aaa AAA 12,394,821??
6,268,005 JP Morgan Alternative Loan Trust, Ser. 2006-A2,
Class 3A1, 5.95%, due 5/25/36 AAA 6,333,621
4,900,888 JP Morgan Mortgage Trust, Ser. 2005-ALT1,
Class 2A1, 5.63%, due 10/25/35 AAA 4,910,085
4,589,395 Lehman XS Trust, Ser. 2005-1,
Class 2A1, 4.66%, due 1/25/07 Aaa AAA 4,539,709!
7,764,418 Master Adjustable Rate Mortgages Trust, Ser. 2005-6,
Class 3A2, 5.06%, due 7/25/35 Aaa AAA 7,716,512
6,878,545 Merrill Lynch Mortgage Investors Trust, Ser. 2005-A1,
Class 2A1, 4.55%, due 12/25/34 AAA 6,787,282
3,477,559 Morgan Stanley Capital I, Ser. 2005-HQ6,
Class A1, 4.65%, due 8/13/42 AAA 3,430,368
5,360,668 Nomura Asset Acceptance Corp., Ser. 2005-AR6,
Class 2A1, 5.75%, due 12/25/35 Aaa AAA 5,394,838
9,515,155 Nomura Asset Acceptance Corp., Ser. 2006-AR2,
Class 2A2, 6.59%, due 4/25/36 Aaa AAA 9,738,059
5,029,872 Residential Accredit Loans, Inc., Ser. 2005-QA10,
Class A31, 5.62%, due 9/25/35 Aaa AAA 5,033,591
3,395,234 Residential Accredit Loans, Inc., Ser. 2006-QA1,
Class A21, 5.99%, due 1/25/36 Aaa AAA 3,418,904
7,225,000 WaMu Mortgage Pass-Through Certificates, Ser. 2004-AR9,
Class A7, 4.15%, due 8/25/34 Aaa AAA 7,032,446
------------
158,052,368
------------
</Table>
See Notes to Schedule of Investments
6
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
COMMERCIAL MORTGAGE BACKED (11.8%)
$ 2,769,571 Banc of America Commercial Mortgage, Inc.,
Ser. 2005-1, Class A1, 4.36%, due 11/10/42 AAA $ 2,751,390
8,774,646 Banc of America Commercial Mortgage, Inc.,
Ser. 2006-3, Class A1, 5.68%, due 7/10/44 AAA 8,842,857
5,532,609 Banc of America Commercial Mortgage, Inc.,
Ser. 2005-6, Class A1, 5.00%, due 9/10/47 Aaa AAA 5,499,162
10,000,000 Bear Stearns Commercial Mortgage Securities,
Ser. 2006-PW14, Class A1, 5.04%, due 12/11/38 AAA 9,940,600
2,546,801 GMAC Commercial Mortgage Securities, Inc.,
Ser. 2006-C1, Class A1, 4.97%, due 11/10/45 AAA 2,530,591
4,440,000 Greenwich Capital Commercial Funding Corp.,
Ser. 2002-C1, Class A3, 4.50%, due 1/11/17 Aaa AAA 4,353,933??
4,846,380 Greenwich Capital Commercial Funding Corp.,
Ser. 2005-GG3, Class A1, 3.92%, due 8/10/42 Aaa AAA 4,761,464
5,986,071 JP Morgan Chase Commercial Mortgage Securities Corp.,
Ser. 2005-LDP5, Class A1, 5.04%, due 12/15/44 Aaa AAA 5,948,239
5,007,957 LB-UBS Commercial Mortgage Trust, Ser. 2006-C3,
Class A1, 5.48%, due 3/15/39 Aaa AAA 5,031,074
------------
49,659,310
------------
MORTGAGE-BACKED NON-AGENCY (2.6%)
2,807,414 Countrywide Home Loans, Ser. 2005-R2,
Class 2A4, 8.50%, due 6/25/35 Aaa AAA 3,011,623@
6,085,726 GSMPS Mortgage Loan Trust, Ser. 2005-RP2,
Class 1A4, 8.50%, due 3/25/35 Aaa AAA 6,465,345@
1,203,777 GSMPS Mortgage Loan Trust, Ser. 2005-RP3,
Class 1A4, 8.50%, due 9/25/35 Aaa AAA 1,279,553
------------
10,756,521
------------
FANNIE MAE (0.8%)
3,062,815 Whole Loan, Ser. 2004-W8, Class PT, 10.23%,
due 6/25/44 AGY AGY 3,423,264
------------
FREDDIE MAC (1.7%)
12,111 Mortgage Participation Certificates, 10.00%,
due 4/1/20 AGY AGY 13,336
154,942 Pass-Through Certificates, 5.00%, due 2/1/07 AGY AGY 154,311
4,006,464 Pass-Through Certificates, 8.00%, due 11/1/26 AGY AGY 4,221,205
2,531,367 Pass-Through Certificates, 8.50%, due 10/1/30 AGY AGY 2,711,511
------------
7,100,363
------------
TOTAL MORTGAGE-BACKED SECURITIES
(COST $229,225,917) 228,991,826
------------
CORPORATE DEBT SECURITIES (25.9%)
AUTOMOBILE MANUFACTURERS (0.6%)
2,500,000 DaimlerChrysler N.A. Holdings Corp., Guaranteed
Notes, 4.05%, due 6/4/08 Baa1 BBB 2,446,592
------------
BANKS (5.3%)
5,070,000 Bank of America Corp., Senior Notes, 3.88%,
due 1/15/08 Aa2 AA- 4,993,519
2,990,000 Bank of New York Co., Inc., Senior Notes, 5.20%,
due 7/1/07 Aa3 A+ 2,989,537
5,000,000 U.S. Bank N.A., Senior Bank Notes, 4.13%,
due 3/17/08 Aa1 AA 4,919,620??
6,350,000 Wachovia Corp., Senior Notes, 3.63%, due 2/17/09 Aa3 A+ 6,148,349??
3,500,000 Wells Fargo & Co., Notes, 3.13%, due 4/1/09 Aa1 AA 3,347,260
------------
22,398,285
------------
</Table>
See Notes to Schedule of Investments
7
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
COMPUTERS (0.8%)
$ 3,300,000 Hewlett-Packard Co., Notes, 5.50%, due 7/1/07 A3 A- $ 3,303,607
------------
DIVERSIFIED FINANCIAL SERVICES (13.5%)
3,950,000 Bear Stearns Co., Inc., Notes, 4.00%,
due 1/31/08 A1 A+ 3,895,435
3,250,000 Boeing Capital Corp., Senior Notes, 5.75%,
due 2/15/07 A2 A+ 3,252,405
1,285,000 Chase Manhattan Corp., Subordinated Notes, 7.25%,
due 6/1/07 A1 A 1,293,013
3,350,000 CIT Group, Inc., Senior Notes, 3.88%, due 11/3/08 A2 A 3,269,319
4,200,000 Citicorp, Subordinated Medium-Term Notes, Ser. F, 6.38%,
due 11/15/08 Aa2 A+ 4,280,640??
3,000,000 Citigroup, Inc., Unsecured Notes, 4.25%,
due 7/29/09 Aa1 AA- 2,935,821
4,175,000 Credit Suisse First Boston USA, Inc., Notes, 4.63%,
due 1/15/08 Aa3 AA- 4,149,424
7,350,000 Goldman Sachs Group, Inc., Notes, 4.13%,
due 1/15/08 Aa3 AA- 7,266,019??
4,500,000 HSBC Finance Corp., Notes, 4.13%, due 12/15/08 Aa3 AA- 4,410,639
4,600,000 International Lease Finance Corp.,
Unsubordinated Notes, 3.50%, due 4/1/09 A1 AA- 4,424,846??
3,500,000 John Deere Capital Corp., Notes, 3.90%,
due 1/15/08 A3 A 3,451,119??
2,475,000 MBNA Corp., Notes, 4.63%, due 9/15/08 Aa2 AA- 2,445,508
4,300,000 Merrill Lynch & Co., Notes, 4.25%, due 9/14/07 Aa3 AA- 4,266,881??
3,200,000 Merrill Lynch & Co., Medium-Term Notes,
Ser. B, 4.00%, due 11/15/07 Aa3 AA- 3,163,302
3,850,000 Morgan Stanley, Bonds, 5.80%, due 4/1/07 Aa3 A+ 3,852,556
------------
56,356,927
------------
HEALTHCARE-PRODUCTS (0.4%)
1,550,000 Mallinckrodt Group, Inc., Notes, 6.50%, due 11/15/07 Baa3 BBB+ 1,557,707
------------
INSURANCE (0.7%)
3,100,000 Berkshire Hathaway Finance, Notes, 3.40%, due 7/2/07 Aaa AAA 3,072,940
------------
MEDIA (2.8%)
2,735,000 British Sky Broadcasting, Guaranteed Notes, 8.20%,
due 7/15/09 Baa2 BBB 2,912,231
3,000,000 Comcast Cable Communications, Notes, 8.38%,
due 5/1/07 Baa2 BBB+ 3,027,756
2,525,000 News America Holdings, Inc., Guaranteed Notes, 7.38%,
due 10/17/08 Baa2 BBB 2,605,681
3,000,000 Time Warner Entertainment LP, Notes, 7.25%,
due 9/1/08 Baa2 BBB+ 3,084,366
------------
11,630,034
------------
OIL & GAS (0.3%)
1,150,000 Enterprise Products Operating LP, Senior Notes, 4.00%,
due 10/15/07 Baa3 BBB- 1,135,932
------------
RETAIL (0.8%)
3,300,000 Target Corp., Notes, 3.38%, due 3/1/08 A1 A+ 3,230,251
------------
TELECOMMUNICATIONS (0.7%)
3,200,000 Verizon Global Funding Corp., Senior Unsecured
Notes, 4.00%, due 1/15/08 A3 A 3,157,181
------------
TOTAL CORPORATE DEBT SECURITIES
(COST $108,954,784) 108,289,456
------------
</Table>
See Notes to Schedule of Investments
8
<Page>
<Table>
<Caption>
PRINCIPAL AMOUNT RATING~ MARKET VALUE+
MOODY'S S&P
ASSET-BACKED SECURITIES (6.1%)
$ 5,000,000 Capital Auto Receivables Asset Trust, Ser. 2004-2,
Class A3, 3.58%, due 1/15/09 Aaa AAA $ 4,942,820
2,410,654 Chase Funding Mortgage Loan, Ser. 2003-6,
Class 1A3, 3.34%, due 5/25/26 Aaa AAA 2,371,405
5,200,380 Chase Manhattan Auto Owner Trust, Ser. 2003-C,
Class A4, 2.94%, due 6/15/10 Aaa AAA 5,129,153
2,066,210 Ford Credit Auto Owner Trust, Ser. 2005-A,
Class A3, 3.48%, due 11/15/08 Aaa AAA 2,053,341
2,000,000 John Deere Owner Trust, Ser. 2005-A,
Class A3, 3.98%, due 6/15/09 Aaa AAA 1,984,303
2,375,267 Nissan Auto Receivables Owner Trust, Ser. 2005-A,
Class A3, 3.54%, due 10/15/08 Aaa AAA 2,360,154
5,700,000 Nomura Asset Acceptance Corp., Ser. 2005-S3,
Class AIO, 20.00%, Interest Only Security, due 8/25/35 Aaa AAA 650,142
10,439,747 Nomura Asset Acceptance Corp., Ser. 2005-S4,
Class AIO, 20.00%, Interest Only Security, due 10/25/35 Aaa AAA 1,436,300
12,479,001 Nomura Asset Acceptance Corp., Ser. 2006-AP1,
Class AIO, 4.50%, Interest Only Security, due 1/25/36 Aaa AAA 349,038
7,206,667 Nomura Asset Acceptance Corp., Ser. 2006-S2,
Class AIO, 10.00%, Interest Only Security, due 4/25/36 Aaa AAA 635,087@
2,307,973 Saxon Asset Securities Trust, Ser. 2004-2,
Class AF2, 4.15%, due 8/25/35 Aaa AAA 2,289,999
1,326,997 USAA Auto Owner Trust, Ser. 2005-1,
Class A3, 3.90%, due 7/15/09 Aaa AAA 1,316,982
------------
TOTAL ASSET-BACKED SECURITIES
(COST $25,941,974) 25,518,724
------------
REPURCHASE AGREEMENTS (6.2%)
26,040,000 State Street Bank and Trust Co., Repurchase Agreement,
4.95%, due 1/2/07, dated 12/29/06, Maturity Value
$26,054,322, Collateralized by $26,725,000
Federal Home Loan Bank, 4.13%, due 2/15/08
(Collateral Value $26,824,470)
(COST $26,040,000) 26,040,000#
------------
TOTAL INVESTMENTS (99.0%)
(COST $415,765,997) 414,385,879##
Cash, receivables and other assets, less liabilities (1.0%) 4,302,039
------------
TOTAL NET ASSETS (100.0%) $418,687,918
------------
</Table>
See Notes to Schedule of Investments
9
<Page>
NOTES TO SCHEDULE OF INVESTMENTS LIMITED MATURITY BOND PORTFOLIO
+ Investments in securities by Neuberger Berman Advisers Management Trust
Limited Maturity Bond Portfolio (the "Fund") are valued daily by obtaining
bid price quotations from independent pricing services on all securities
available in each service's data base. For all other securities, bid prices
are obtained from principal market makers in those securities or, if
quotations are not available, by methods the Board of Trustees of Neuberger
Berman Advisers Management Trust has approved on the belief that they
reflect fair value. Numerous factors may be considered when determining the
fair value of a security, including available analyst, media or other
reports, trading in futures or ADRs and whether the issuer of the security
being fair valued has other securities outstanding. Foreign security prices
are furnished by independent quotation services and expressed in local
currency values. Foreign security prices are currently translated from the
local currency into U.S. dollars using the exchange rate as of 4:00 p.m.,
Eastern time. Short-term debt securities with less than 60 days until
maturity may be valued at cost which, when combined with interest earned,
approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $417,104,595. Gross unrealized appreciation of investments was
$871,752 and gross unrealized depreciation of investments was $3,590,468,
resulting in net unrealized depreciation of $2,718,716 based on cost for
U.S. federal income tax purposes.
@ Restricted security subject to restrictions on resale under federal
securities laws. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers under Rule 144A
and have been deemed by the investment manager to be liquid. At December
31, 2006, these securities amounted to $10,112,055 or 2.4% of net assets
for the Fund.
?? All or a portion of this security is segregated as collateral for financial
futures contracts.
! Floating rate securities are securities whose yields vary with a designated
market index or market rate. These securities are shown at their current
rates as of December 31, 2006.
~ Credit ratings are unaudited.
See Notes to Financial Statements
10
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
LIMITED MATURITY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE* (NOTE A)--SEE
SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $414,385,879
Cash 257,644
Interest receivable 3,249,801
Receivable for Fund shares sold 1,365,136
Prepaid expenses and other assets 1,898
- ----------------------------------------------------------------------------------------
TOTAL ASSETS 419,260,358
- ----------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 222,790
Payable for Fund shares redeemed 39,739
Payable to investment manager (Note B) 87,300
Payable to administrator (Note B) 139,677
Payable for variation margin (Note A) 12,656
Accrued expenses and other payables 70,278
- ----------------------------------------------------------------------------------------
TOTAL LIABILITIES 572,440
- ----------------------------------------------------------------------------------------
NET ASSETS AT VALUE $418,687,918
- ----------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $427,793,891
Undistributed net investment income (loss) 15,862,210
Accumulated net realized gains (losses) on investments (23,474,987)
Net unrealized appreciation (depreciation) in value of investments (1,493,196)
- ----------------------------------------------------------------------------------------
NET ASSETS AT VALUE $418,687,918
- ----------------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 32,812,537
- ----------------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 12.76
- ----------------------------------------------------------------------------------------
*COST OF INVESTMENTS:
Unaffiliated issuers $415,765,997
</Table>
See Notes to Financial Statements
11
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
LIMITED MATURITY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST BOND PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Interest income--unaffiliated issuers $16,679,607
- ----------------------------------------------------------------------------------------
Total income 16,679,607
- ----------------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Note B) 882,818
Administration fees (Note B) 1,412,507
Audit fees 38,304
Custodian fees (Note B) 145,361
Insurance expense 14,858
Legal fees 57,396
Shareholder reports 69,690
Trustees' fees and expenses 27,666
Interest expense (Note E) 4,894
Miscellaneous 11,307
- ----------------------------------------------------------------------------------------
Total expenses 2,664,801
Expenses reduced by custodian fee expense offset arrangement (Note B) (11,308)
- ----------------------------------------------------------------------------------------
Total net expenses 2,653,493
- ----------------------------------------------------------------------------------------
Net investment income (loss) 14,026,114
- ----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers (1,200,998)
Financial futures contracts 163,147
Foreign currency (179,150)
Net increase from payments by affiliates (Note B) 3,476
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 2,224,127
Financial futures contracts (113,625)
Foreign currency (171,098)
-------------------------------------------------------------------------------------
Net gain (loss) on investments 725,879
- ----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $14,751,993
- ----------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
12
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
LIMITED MATURITY BOND PORTFOLIO
-------------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 14,026,114 $ 9,105,613
Net realized gain (loss) on investments (1,217,001) (1,248,668)
Net increase from payments by affiliates (Note B) 3,476 --
Change in net unrealized appreciation (depreciation) of investments 1,939,404 (3,218,336)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 14,751,993 4,638,609
- -----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (11,876,508) (9,541,728)
- -----------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 182,569,648 79,681,621
Proceeds from reinvestment of dividends and distributions 11,876,508 9,541,728
Payments for shares redeemed (119,888,747) (66,419,947)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 74,557,409 22,803,402
- -----------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 77,432,894 17,900,283
NET ASSETS:
Beginning of year 341,255,024 323,354,741
- -----------------------------------------------------------------------------------------------------
End of year $ 418,687,918 $341,255,024
- -----------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 15,862,210 $ 11,873,795
- -----------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
13
<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 eleven
separate operating series (each a "Series," collectively, the "Funds") each
of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. 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 until the contractual
settlement date. 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.
14
<Page>
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 the futures
commission merchant a specified amount of cash or liquid securities, known
as "initial margin," ranging upward from 1.1% of the value of the financial
futures contract being traded. Each day, the futures contract is valued at
the official settlement price of the board of trade or U.S. commodity
exchange on which such futures contract is traded. Subsequent payments,
known as "variation margin," to and from the broker are made on a daily
basis as the market price of the financial futures contract fluctuates.
Daily variation margin adjustments, arising from this "mark to market," are
recorded by the Fund as unrealized gains or losses.
Although some financial futures contracts by their terms call for actual
delivery or acceptance of financial instruments, in most cases the
contracts are closed out prior to delivery by offsetting purchases or sales
of matching financial futures contracts. When the contracts are closed, the
Fund recognizes a gain or loss. Risks of entering into futures contracts
include the possibility there may be an illiquid market, possibly at a time
of rapidly declining prices, and/or a change in the value of the contract
may not correlate with changes in the value of the underlying securities.
For U.S. federal income tax purposes, the futures transactions undertaken
by the Fund may cause the Fund to recognize gains or losses from marking to
market even though its positions have not been sold or terminated, may
affect the character of the gains or losses recognized as long-term or
short-term, and may affect the timing of some capital gains and losses
realized by the Fund. Also, the Fund's losses on transactions involving
futures contracts may be deferred rather than being taken into account
currently in calculating the Fund's taxable income.
During the year ended December 31, 2006, the Fund entered into financial
futures contracts. At December 31, 2006, open positions in financial
futures contracts were:
<Table>
<Caption>
UNREALIZED
EXPIRATION OPEN CONTRACTS POSITION DEPRECIATION
March 2007 234 U.S. Treasury Notes, 2 Year Long $113,625
</Table>
At December 31, 2006, the Fund had deposited $236,949 in Fannie Mae Whole
Loan, 10.23%, due 6/25/44, to cover margin requirements on open financial
futures contracts.
7 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
15
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund may
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax
purposes.
As determined on December 31, 2006, 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 fiscal year-end. These
reclassifications had no effect on net income, net asset value or net asset
value per share of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME TOTAL
2006 2005 2006 2005
$11,876,508 $9,541,728 $11,876,508 $9,541,728
</Table>
As of December 31, 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
$15,862,210 $(2,718,170) $(22,250,013) $(9,105,973)
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales, premium of
amortization, mark to market on certain futures 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, 2006, the Fund elected to defer $723,717 net
capital losses arising between November 1, 2006 and December 31, 2006.
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, 2006, 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:
2007 2008 2012 2013 2014
$3,975,890 $6,386,624 $2,710,070 $4,632,986 $3,820,726
</Table>
16
<Page>
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 SECURITY LENDING: Since 2006, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to attempt to identify
agents/principals that would pay a guaranteed amount to the Fund in
consideration of the Fund entering into an exclusive securities lending
arrangement. Pursuant to such arrangements, eSecLending currently acts as
lending agent for the Fund. Currently, the Fund is not guaranteed any
particular level of income from the program.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
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.
13 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
17
<Page>
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.
14 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 year ended December 31, 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 year ended December 31, 2006, there
was no reimbursement to Management under this agreement. At December 31,
2006, the Fund had no contingent liability to Management under this
agreement.
18
<Page>
Management and Neuberger Berman, LLC ("Neuberger"), a member firm of the
New York Stock Exchange and sub-adviser to the Fund, are wholly-owned
subsidiaries of Lehman Brothers Holdings Inc., 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.
For the year ended December 31, 2006, the Fund recorded a capital
contribution from Management in the amount of $3,476. This amount was paid
in connection with losses outside the Fund's direct control incurred in the
disposition of foreign currency contracts. Management does not normally
make payments for losses incurred in the disposition of foreign currency
contracts.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $11,308.
NOTE C--SECURITIES TRANSACTIONS:
Cost of purchases and proceeds of sales and maturities of long-term
securities (excluding short-term securities, financial futures contracts
and foreign currency contracts) for the year ended December 31, 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
$139,127,634 $219,082,142 $158,651,024 $140,315,156
</Table>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 14,283,129 6,216,359
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 940,342 759,087
SHARES REDEEMED (9,410,325) (5,191,435)
---------- ----------
TOTAL 5,813,146 1,784,011
---------- ----------
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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
19
<Page>
the net assets of all participants at the time the fee is due and payable.
The fee is paid quarterly in arrears. 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 year
ended December 31, 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 December 31, 2006.
NOTE F--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
20
<Page>
FINANCIAL HIGHLIGHTS LIMITED MATURITY BOND PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $12.64 $12.82 $13.20 $13.50 $13.47
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .51 .35 .30 .37 .53
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) .02 (.17) (.20) (.05) .16
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .53 .18 .10 .32 .69
------ ------ ------ ------ ------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.41) (.36) (.48) (.62) (.66)
------ ------ ------ ------ ------
NET ASSET VALUE, END OF YEAR $12.76 $12.64 $12.82 $13.20 $13.50
------ ------ ------ ------ ------
TOTAL RETURN++ +4.20% +1.44% +0.78% +2.42% +5.34%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $418.7 $341.3 $323.4 $306.4 $372.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .75% .75% .73% .74% .76%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .75%~ .75% .73% .74% .76%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS 3.97% 2.77% 2.28% 2.73% 4.01%
PORTFOLIO TURNOVER RATE 86% 133% 132% 84% 120%
</Table>
See Notes to Financial Highlights
21
<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. For the year ended December 31, 2006 Management
reimbursed the Fund for losses incurred in connection with the disposition
of foreign currency contracts, which had no impact on total return.
# 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.
~ Had the Fund not utilized the Line of Credit, the annualized expense ratio
of net expenses to average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED
DECEMBER 31,
2006
.75%
</Table>
22
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Limited Maturity Bond Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Limited Maturity Bond Portfolio, one of the
series constituting Neuberger Berman Advisers Management Trust (the "Trust"), as
of December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Limited Maturity Bond Portfolio, a series of Neuberger Berman Advisers
Management Trust, at December 31, 2006, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
23
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
27
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
28
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
30
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
31
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
32
<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 Management'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).
33
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Limited Maturity Bond Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of trade
execution provided by Management and its affiliates. In addition, the Board
noted the positive compliance history of Management and Neuberger, as each firm
has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific
34
<Page>
portfolio management or administration needs contributed to the higher fee. With
regard to the sub-advisory fee paid to Neuberger, the Board noted that this fee
is reflective of an "at cost" basis and there is no profit to Neuberger with
regard to these fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board compared the fees charged to a comparable fund
and a comparable separate account to the fees charged to the Fund at various
asset levels. The Board considered the appropriateness and reasonableness of any
differences between the fees charged between the Fund and the comparable fund
and comparable separate account and determined that any differences in fees were
consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
35
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
MID-CAP GROWTH PORTFOLIO(R)
B1013 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
MID-CAP GROWTH PORTFOLIO MANAGER'S COMMENTARY
The Neuberger Berman Advisers Management Trust (AMT) Mid-Cap Growth Portfolio
generated a positive return in 2006, outperforming its benchmark, the Russell
Midcap(R) Growth Index. The Portfolio ranked in approximately the top 10% of its
peer group as defined by Lipper and Morningstar, with strong stock selection and
sector allocation contributing to relative performance.*
Small-cap stocks continued to outpace large-caps in 2006, with each taking the
lead for six months. Across the market-cap spectrum, value stocks outperformed
their growth counterparts as Information Technology and Health Care--the two
largest components within the growth benchmarks--were among the weakest
performing sectors of the year.
For the Portfolio, the largest contributors to results were securities selected
within Health Care and Information Technology. Among Health Care stocks, Celgene
showed particularly strong results. Standout performers in Information
Technology included Mastercard Inc. and Alliance Data Systems, two services
names within the sector. Stock selection within Financials was also additive.
Financial stocks that did well included business services names such as Chicago
Mercantile Exchange and property management companies such as CB Richard Ellis.
Although Energy was the benchmark's weakest performing sector, our security
selection in the group was favorable, with Denbury Resources and Maverick Tube
both showing strength. Also beneficial to relative portfolio performance were
our holdings in the Consumer Discretionary sector, including specialty retailer
Coach and hotel provider Hilton. Lastly, security selection within Telecom
contributed to relative performance, as our emphasis in wireless continued to
add value, with Leap Wireless experiencing a particularly strong 2006.
In aggregate, our sector allocation contributed to performance, with an
overweight in Telecom--the strongest performing sector of the year--providing
most of the value added in the area.
Stock selection in Consumer Staples and Industrials had the most negative impact
on relative portfolio performance. Within Consumer Staples, names that were
strong performers last year such as Whole Foods were relatively weak in 2006.
Among Industrials, some of the companies in various services areas
underperformed.
We believe that, in the near term, the Federal Reserve is on hold with respect
to interest rates. In addition, we currently think that sectors that worked in
the latter part of 2006 will continue to do well in 2007, including pro-cyclical
sectors such as Information Technology and Industrials. While we believe that,
longer term, Energy will provide earnings growth potential due to worldwide
demand, in the near term, we are concerned about the impact of weak gas and oil
prices. Therefore, we remain slightly underweight in Energy at this time and
will continue to opportunistically look to further underweight the sector
relative to the benchmark.
In contrast, we are finding good growth potential in the Telecom sector, which
remains an overweighted position. The Portfolio also has a slight overweight in
Health Care. We are not overly concerned about interest rates in the near term
and are emphasizing capital market sensitive and services industries within
Financials, which is neutrally weighted overall. Information Technology is
neutrally weighted, but we will be looking to add to our position in the sector.
Consumer Discretionary and Staples sectors remain underweight positions.
Sincerely,
/s/ Kenneth J. Turek
- ----------------------------------------
KENNETH J. TUREK
PORTFOLIO MANAGER
* As categorized by Lipper, AMT Mid-Cap Growth Portfolio Class I ranked 10
out of 144 funds in its Mid-Cap Growth Variable Product Underlying Funds
Classification for the one-year period ending December 31, 2006. As
categorized by Morningstar, AMT Mid-Cap Growth Portfolio Class I ranked 16
out of 199 funds in its Mid-Cap Growth VA/L Underlying Funds Category for
the one-year period ending December 31, 2006.
1
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
MID-CAP MID-CAP
GROWTH PORFOLIO GROWTH PORFOLIO RUSSELL MIDCAP(R) RUSSELL
CLASS I CLASS S GROWTH(2) MIDCAP(R)(2)
1 YEAR 14.69% 14.47% 10.66% 15.26%
5 YEAR 6.55% 6.33% 8.22% 12.88%
LIFE OF FUND 10.05% 9.92% 7.31% 10.81%
INCEPTION DATE 11/03/1997 02/18/2003
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
MID-CAP RUSSELL
GROWTH PORFOLIO MIDCAP(R) RUSSELL
CLASS I GROWTH MIDCAP(R)
11/3/1997 $10,000 $10,000 $10,000
12/31/1997 $11,720 $10,238 $10,520
12/31/1998 $16,324 $12,067 $11,582
12/31/1999 $25,121 $18,256 $13,694
12/31/2000 $23,247 $16,111 $14,823
12/31/2001 $17,518 $12,864 $13,990
12/31/2002 $12,378 $ 9,339 $11,726
12/31/2003 $15,853 $13,328 $16,423
12/31/2004 $18,438 $15,391 $19,743
12/31/2005 $20,972 $17,253 $22,241
12/31/2006 $24,054 $19,091 $25,635
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 3.2%
Basic Materials 2.1
Biotechnology 4.7
Business Services 12.8
Cable Systems 0.5
Communications Equipment 0.9
Consumer Staples 1.7
Electrical & Electronics 0.5
Energy 4.5
Financial Services 6.2
Food & Beverage 0.6
Food Products 0.7
Hardware 0.7
Health Care 8.1
Industrial 5.2
Internet 0.3
Leisure 6.4
Media 3.0
Medical Equipment 5.7
Metals 0.5
Oil & Gas 1.8
Publishing & Broadcasting 0.5
Retail 7.8
Semiconductors 3.2
Software 1.9
Technology 6.4
Telecommunications 7.1
Transportation 0.8
Utilities 0.3
Short-Term Investments 19.0
Liabilities, less cash, receivables and other assets (17.1)
</Table>
2
<Page>
ENDNOTES
(1.) For Class I, 14.69%, 6.55% and 10.05% were the average annual total returns
for the 1-, 5-year and since inception (11/03/97) periods ended December
31, 2006. For Class S, 14.47%, 6.33%, 9.92% were the average annual total
returns for the 1-year, 5-year and since inception (11/03/97) periods ended
December 31, 2006. Performance shown prior to February 2003 for the Class S
shares is of the Class I shares, which has lower expenses and
correspondingly 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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(R) 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(R) 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) 2007 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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST MID-CAP GROWTH PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 - EXPENSE
ACTUAL 7/1/06 12/31/06 12/31/06 RATIO
- --------------------------------------------------------------------------
Class I $1,000.00 $1,071.90 $4.76 .91%
Class S $1,000.00 $1,070.70 $6.07 1.16%
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- --------------------------------------------------------------------------
Class I $1,000.00 $1,020.61 $4.64
Class S $1,000.00 $1,019.35 $5.91
</Table>
* For each class of the fund, expenses are equal to the annualized expense
ratio for the class, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
4
<Page>
SCHEDULE OF INVESTMENTS MID-CAP GROWTH PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (98.1%)
AEROSPACE (3.2%)
165,000 Precision Castparts $ 12,916,200^^
148,600 Rockwell Collins 9,404,894
-------------
22,321,094
BASIC MATERIALS (2.1%)
228,000 Airgas, Inc. 9,238,560
126,000 Ecolab Inc. 5,695,200
-------------
14,933,760
BIOTECHNOLOGY (4.7%)
325,000 Celgene Corp. 18,697,250*^^
125,000 Gilead Sciences 8,116,250*
200,000 Pharmaceutical Product Development 6,444,000
-------------
33,257,500
BUSINESS SERVICES (12.8%)
110,000 AerCap Holdings NV 2,549,800*
60,000 Albemarle Corp. 4,308,000
247,100 Alliance Data Systems 15,436,337*
508,500 CB Richard Ellis Group 16,882,200*
165,000 Corporate Executive Board 14,470,500^^
96,700 Iron Mountain 3,997,578*
120,000 Laureate Education 5,835,600*
100,000 MasterCard, Inc. Class A 9,849,000^^
40,000 Stericycle, Inc. 3,020,000*
100,000 Trimble Navigation 5,073,000*
188,500 VeriFone Holdings 6,672,900*
60,802 VistaPrint Ltd. 2,013,154*
-------------
90,108,069
CABLE SYSTEMS (0.5%)
130,000 Liberty Global Class A 3,789,500*
COMMUNICATIONS EQUIPMENT (0.9%)
135,000 Harris Corp. 6,191,100
CONSUMER STAPLES (1.7%)
85,000 Chattem Inc. 4,256,800*
174,400 Shoppers Drug Mart 7,491,057
-------------
11,747,857
ELECTRICAL & ELECTRONICS (0.5%)
105,000 Molex Inc. 3,321,150
ENERGY (4.5%)
70,000 Murphy Oil 3,559,500
100,000 National-Oilwell Varco 6,118,000*
275,000 Range Resources 7,551,500
175,000 Smith International 7,187,250
150,000 XTO Energy 7,057,500
-------------
31,473,750
FINANCIAL SERVICES (6.2%)
135,000 AmeriCredit Corp. 3,397,950*^^
28,900 Chicago Mercantile Exchange 14,731,775^^
90,000 GFI Group 5,603,400*
128,500 Moody's Corp. 8,874,210
210,000 Nuveen Investments 10,894,800^^
-------------
43,502,135
FOOD & BEVERAGE (0.6%)
95,000 Dean Foods $ 4,016,600*
FOOD PRODUCTS (0.7%)
150,000 Corn Products International 5,181,000
HARDWARE (0.7%)
130,900 Network Appliance 5,141,752*^^
HEALTH CARE (8.1%)
45,000 Allergan, Inc. 5,388,300
200,000 Allscripts Healthcare Solutions 5,398,000*^^
220,400 Cerner Corp. 10,028,200*^^
291,400 Cytyc Corp. 8,246,620*^^
70,000 Digene Corp. 3,354,400*
105,000 Gen-Probe 5,498,850*
80,000 Healthways, Inc. 3,816,800*
240,000 Psychiatric Solutions 9,004,800*
200,900 VCA Antech 6,466,971*
-------------
57,202,941
INDUSTRIAL (5.2%)
118,500 Danaher Corp. 8,584,140^^
155,300 Dover Corp. 7,612,806
250,000 Fastenal Co. 8,970,000
64,000 Fluor Corp. 5,225,600
100,000 Rockwell Automation 6,108,000
-------------
36,500,546
INTERNET (0.3%)
100,000 GSI Commerce 1,875,000*
LEISURE (6.4%)
150,500 Gaylord Entertainment 7,664,965*
205,300 Hilton Hotels 7,164,970^^
190,800 Marriott International 9,104,976^^
155,000 Penn National Gaming 6,451,100*
185,000 Scientific Games Class A 5,592,550*
107,500 Station Casinos 8,779,525^^
-------------
44,758,086
MEDIA (3.0%)
97,000 E.W. Scripps 4,844,180
90,000 Focus Media Holding ADR 5,975,100*^^
175,000 Grupo Televisa GDS 4,726,750^^
85,000 Lamar Advertising 5,558,150*^^
-------------
21,104,180
MEDICAL EQUIPMENT (5.7%)
90,000 C. R. Bard 7,467,300^^
123,000 Hologic, Inc. 5,815,440*
35,000 Intuitive Surgical 3,356,500*^^
218,000 Kyphon Inc. 8,807,200*
165,000 ResMed Inc. 8,121,300*^^
136,800 Varian Medical Systems 6,507,576*
-------------
40,075,316
METALS (0.5%)
60,000 Freeport-McMoRan Copper & Gold 3,343,800^^
</Table>
See Notes to Schedule of Investments
5
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
OIL & GAS (1.8%)
308,900 Denbury Resources $ 8,584,331*
155,000 Dresser-Rand Group 3,792,850*
-------------
12,377,181
PUBLISHING & BROADCASTING (0.5%)
100,000 R.R. Donnelley 3,554,000
RETAIL (7.8%)
85,000 Abercrombie & Fitch 5,918,550
190,000 AnnTaylor Stores 6,239,600*
375,000 Coach, Inc. 16,110,000*
95,000 Corrections Corporation of America 4,296,850*
230,000 Nordstrom, Inc. 11,348,200
95,000 O' Reilly Automotive 3,045,700*
100,000 Polo Ralph Lauren 7,766,000
-------------
54,724,900
SEMICONDUCTORS (3.2%)
92,500 Diodes Inc. 3,281,900*
100,000 MEMC Electronic Materials 3,914,000*
233,200 Microchip Technology 7,625,640^^
155,000 QLogic Corp. 3,397,600*
100,000 Varian Semiconductor Equipment 4,552,000*
-------------
22,771,140
SOFTWARE (1.9%)
184,200 Autodesk, Inc. 7,452,732*
120,000 Citrix Systems 3,246,000*
60,000 Electronic Arts 3,021,600*
-------------
13,720,332
TECHNOLOGY (6.4%)
85,000 Akamai Technologies 4,515,200*^^
121,000 aQuantive, Inc. 2,983,860*
525,000 Arris Group 6,567,750*
194,800 Cognizant Technology Solutions 15,030,768*
100,000 Fidelity National Information Services 4,009,000
190,000 Logitech International S.A. 5,432,100*
100,000 NVIDIA Corp. 3,701,000*^^
102,500 SBA Communications 2,818,750*
-------------
45,058,428
TELECOMMUNICATIONS (7.1%)
228,900 American Tower 8,533,392*
550,000 Dobson Communications 4,790,500*
100,000 Globalstar, Inc. 1,391,000*
213,500 Leap Wireless International 12,696,845*
200,000 NeuStar, Inc. 6,488,000*^^
255,000 NII Holdings 16,432,200*
-------------
50,331,937
TRANSPORTATION (0.8%)
145,000 C.H. Robinson Worldwide 5,929,050^^
UTILITIES (0.3%)
58,200 Mirant Corp. $ 1,837,374*
TOTAL COMMON STOCKS
(COST $463,804,715) 690,149,478
-------------
SHORT-TERM INVESTMENTS (19.0%)
14,584,446 Neuberger Berman Prime Money Fund Trust Class 14,584,446@
119,559,901 Neuberger Berman Securities
Lending Quality Fund, LLC 119,559,901+++
-------------
TOTAL SHORT-TERM INVESTMENTS
(COST $134,144,347) 134,144,347#
-------------
TOTAL INVESTMENTS (117.1%)
(COST $597,949,062) 824,293,825##
Liabilities, less cash, receivables and other assets [(17.1%)] (120,584,816)
-------------
TOTAL NET ASSETS (100.0%) $ 703,709,009
-------------
</Table>
See Notes to Schedule of Investments
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS MID-CAP GROWTH PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Mid-Cap Growth Portfolio (the "Fund") are valued at the latest sale
price where that price is readily available; securities for which no sales
were reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $598,728,117. Gross unrealized appreciation of investments was
$229,883,433 and gross unrealized depreciation of investments was
$4,317,725, resulting in net unrealized appreciation of $225,565,708, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
+++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $ 690,149,478
Affiliated issuers 134,144,347
- --------------------------------------------------------------------------------
824,293,825
Foreign currency 57,551
Dividends and interest receivable 183,743
Receivable for securities sold 449,312
Receivable for Fund shares sold 108,482
Receivable for securities lending income (Note A) 572,320
Prepaid expenses and other assets 109
- --------------------------------------------------------------------------------
TOTAL ASSETS 825,665,342
- --------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 119,559,901
Payable for securities purchased 1,011,839
Payable for Fund shares redeemed 239,523
Payable to investment manager--net (Notes A & B) 317,872
Payable to administrator (Note B) 189,117
Payable for securities lending fees (Note A) 542,737
Accrued expenses and other payables 95,344
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 121,956,333
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 703,709,009
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $ 728,429,911
Accumulated net realized gains (losses) on investments (251,064,233)
Net unrealized appreciation (depreciation) in value of
investments 226,343,331
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $ 703,709,009
- --------------------------------------------------------------------------------
NET ASSETS
Class I $ 668,088,653
Class S 35,620,356
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES
AUTHORIZED)
Class I 28,716,918
Class S 1,547,143
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 23.26
Class S 23.02
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 115,257,641
*COST OF INVESTMENTS:
Unaffiliated issuers $ 463,804,715
Affiliated issuers 134,144,347
- --------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $ 597,949,062
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 58,920
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
MID-CAP
GROWTH
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 3,816,343
Income from securities loaned--net (Note F) 408,495
Income from investments in affiliated issuers (Note F) 1,287,927
Foreign taxes withheld (13,105)
- --------------------------------------------------------------------------------
Total income 5,499,660
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 3,634,367
Administration fees (Note B):
Class I 1,975,234
Class S 92,890
Distribution fees (Note B):
Class S 77,387
Audit fees 38,422
Custodian fees (Note B) 186,185
Insurance expense 28,139
Legal fees 118,156
Shareholder reports 124,351
Trustees' fees and expenses 27,876
Miscellaneous 12,499
- --------------------------------------------------------------------------------
Total expenses 6,315,506
Investment management fees waived (Note A) (21,657)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (37,648)
- --------------------------------------------------------------------------------
Total net expenses 6,256,201
- --------------------------------------------------------------------------------
Net investment income (loss) (756,541)
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 57,514,367
Foreign currency 162
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 34,150,506
Foreign currency (1,344)
-----------------------------------------------------------------------------
Net gain (loss) on investments 91,663,691
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $90,907,150
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
MID-CAP GROWTH PORTFOLIO
-----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (756,541) $ (2,108,113)
Net realized gain (loss) on investments 57,514,529 31,148,368
Change in net unrealized appreciation (depreciation) of investments 34,149,162 45,246,838
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 90,907,150 74,287,093
- ---------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold:
Class I 91,879,668 84,689,232
Class S 16,671,785 9,553,351
Payments for shares redeemed:
Class I (132,909,444) (77,674,779)
Class S (7,704,426) (4,316,949)
------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (32,062,417) 12,250,855
- ---------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 58,844,733 86,537,948
NET ASSETS:
Beginning of year 644,864,276 558,326,328
- ---------------------------------------------------------------------------------------------------
End of year $ 703,709,009 $644,864,276
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ -- $ --
- ---------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS MID-CAP GROWTH PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Mid-Cap Growth Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of eleven separate operating
series (each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
11
<Page>
Income distributions and capital gain distributions are determined in
accordance with income tax regulations, which may differ from U.S.
generally accepted accounting principles. These differences are primarily
due to differing treatments of income and gains on various investment
securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole. The Fund may
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax
purposes.
As determined on December 31, 2006, permanent differences resulting
primarily from different book and tax accounting for net operating losses
and foreign currency gains and losses were reclassified at fiscal year-end.
These reclassifications had no effect on net income, net asset value or net
asset value per share of the Fund.
As of December 31, 2006, 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
$225,564,275 $(250,285,177) $(24,720,902)
</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, 2006, 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
$125,802,637 $113,423,118 $11,059,422
</Table>
During the year ended December 31, 2006, the Fund utilized capital loss
carryforwards of $57,390,446.
6 DISTRIBUTIONS TO SHAREHOLDERS: The Fund may earn income, net of expenses,
daily on its investments. Distributions from net investment income and net
realized capital gains, if any, generally are distributed in October.
Income distributions and capital gain distributions to shareholders are
recorded on the ex-date.
7 FOREIGN TAXES: Foreign taxes withheld represent amounts withheld by foreign
tax authorities, net of refunds recoverable.
8 EXPENSE ALLOCATION: Certain expenses are applicable to multiple funds.
Expenses directly attributable to a Series are charged to that Series.
Expenses of the Trust that are not directly attributed to a Series are
allocated among the funds, on the basis of relative net assets, except
where a more appropriate allocation of expenses to each of the funds can
otherwise be made fairly. Expenses borne by the complex of related
investment companies, which includes open-end and closed-end investment
companies for which
12
<Page>
Management serves as investment manager, that are not directly attributed
to a Series or the Trust are allocated among the Fund and the other
investment companies in the complex or series thereof on the basis of
relative net assets, except where a more appropriate allocation of expenses
to each investment company in the complex or series thereof can otherwise
be made fairly. 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: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement.
From October 4, 2005 to October 3, 2006, the Fund lent its securities to a
single principal borrower that was selected through the bidding process.
Through another bidding process in August 2006, and pursuant to an
Exemptive Order issued by the Securities and Exchange Commission, the Fund
selected Neuberger Berman, LLC ("Neuberger"), an affiliate of the Fund, to
be its exclusive lending agent for a specified period. Under the agreement
entered into between the Fund and Neuberger, Neuberger pays a guaranteed
amount to the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $408,495, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $3,033,319 in income earned on cash collateral and guaranteed
amounts (including approximately $2,523,268 of interest income earned from
the Quality Fund and $84,094 in guaranteed amounts received from
Neuberger), less fees and expenses paid of approximately $2,624,824
(including $0 retained by Neuberger).
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.
13
<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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management fees waived under this Arrangement
amounted to $21,657 and is reflected in the Statement of Operations under
the caption "Investment management fees waived." For the year ended
December 31, 2006, income earned under this Arrangement amounted to
$1,287,927 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.
14
<Page>
For the Fund's Class S, Management acts as agent in arranging for the sale
of class shares without commission and bears advertising and promotion
expenses. The Board has adopted a distribution plan (the "Plan") with
respect to this class, pursuant to Rule 12b-1 under the 1940 Act. The Plan
provides that, as compensation for administrative and other services
provided to this class, Management's activities and expenses related to the
sale and distribution of this class of shares, and ongoing services
provided to investors in this class, Management receives from this class a
fee at the annual rate of 0.25% of Class S's average daily net assets.
Management receives this amount to provide distribution and shareholder
servicing for this class and pays a portion of it to institutions that
provide such services. Those institutions may use the payments for, among
other purposes, compensating employees engaged in sales and/or shareholder
servicing. The amount of fees paid by this class during any year may be
more or less than the cost of distribution and other services provided to
this class. NASD rules limit the amount of annual distribution fees that
may be paid by a mutual fund and impose a ceiling on the cumulative
distribution fees paid. The Trust's Plan complies with those rules.
Management has contractually undertaken 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 year ended December 31, 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 year ended December 31, 2006, there was no
reimbursement to Management under these agreements. At December 31, 2006,
the Fund's Class I and Class S shares had no contingent liability to
Management under these agreements.
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $37,035.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $613.
15
<Page>
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $319,150,011 and
$341,016,226, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $789,153, of which Neuberger received
$0, Lehman Brothers Inc. received $127,315, and other brokers received
$661,838.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SHARES SHARES SHARES
SOLD REDEEMED TOTAL SOLD REDEEMED TOTAL
CLASS I 4,180,536 (6,140,421) (1,959,885) 4,494,861 (4,283,550) 211,311
CLASS S 770,936 (359,417) 411,519 524,981 (234,759) 290,222
</Table>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 25,661,625 186,131,015 197,208,194 14,584,446 $ 14,584,446 $1,287,927
Neuberger Berman
Securities Lending
Quality Fund, LLC *** 36,958,701 535,581,790 452,980,590 119,559,901 119,559,901 2,523,268
------------ ------------
TOTAL $134,144,347 $3,811,195
------------ ------------
</Table>
16
<Page>
* 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 loans 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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
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>
YEAR ENDED DECEMBER 31,
----------------------------------------------
CLASS I 2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $20.28 $17.83 $15.33 $11.97 $16.94
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ (.02) (.07) (.07) (.07) (.08)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 3.00 2.52 2.57 3.43 (4.89)
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 2.98 2.45 2.50 3.36 (4.97)
------ ------ ------ ------ ------
NET ASSET VALUE,END OF YEAR $23.26 $20.28 $17.83 $15.33 $11.97
------ ------ ------ ------ ------
TOTAL RETURN++ +14.69% +13.74% +16.31% +28.07% -29.34%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS,END OF YEAR (IN MILLIONS) $668.1 $622.0 $543.3 $459.7 $362.2
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .90% .92% .92% .89% .95%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .90%~ .91%~ .90%~ .88%~ .95%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS (.10)% (.36)% (.45)% (.52)% (.57)%
PORTFOLIO TURNOVER RATE 48% 64% 92% 161% 124%
</Table>
<Table>
<Caption>
PERIOD FROM
FEBRUARY 18,2003^
YEAR ENDED DECEMBER 31, TO DECEMBER 31,
-------------------------- ----------------
CLASS S 2006 2005 2004 2003
NET ASSET VALUE,BEGINNING OF PERIOD $20.11 $17.73 $15.28 $11.15
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ (.08) (.11) (.11) (.09)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.99 2.49 2.56 4.22
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS 2.91 2.38 2.45 4.13
------ ------ ------ ------
NET ASSET VALUE,END OF PERIOD $23.02 $20.11 $17.73 $15.28
------ ------ ------ ------
TOTAL RETURN++ +14.47% +13.42% +16.03% +37.04%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS,END OF PERIOD (IN MILLIONS) $ 35.6 $ 22.8 $ 15.0 $ 6.3
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.15% 1.18% 1.17% 1.13%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.15% 1.16% 1.15% 1.11%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE
NET ASSETS (.36)% (.61)% (.70)% (.71)%*
PORTFOLIO TURNOVER RATE 48% 64% 92% 161%@@
</Table>
See Notes to Financial Highlights
18
<Page>
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 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 waiver of a portion of the investment management fee by Management.
Had Management not undertaken such action, the annualized ratios of net
expenses to average daily net assets would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
MID-CAP GROWTH PORTFOLIO CLASS I 0.90% 0.92% 0.90% 0.89%
MID-CAP GROWTH PORTFOLIO CLASS S 1.15% 1.17% 1.16% 1.11%(1)
</Table>
(1) Period from February 18, 2003 to December 31, 2003.
^ The date investment operations commenced.
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
@@ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year ended December 31, 2003.
* Annualized.
** Not annualized.
19
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Mid-Cap Growth Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Mid-Cap Growth Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Mid-Cap Growth Portfolio, a series of Neuberger Berman Advisers Management
Trust, at December 31, 2006, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
20
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Advisory Director, ABA
1984 Milburn LLP (law firm) Retirement Funds (formerly,
since October 2002; American Bar Retirement
formerly, Attorney-at-Law Association (ABRA)) since 1997
and President, Faith (not-for-profit membership
Colish, A Professional association).
Corporation, 1980 to 2002.
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
21
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue,
New York, New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall
hold office for life or until his or her successor is elected or
the Trust terminates; except that (a) any Fund Trustee may resign
by delivering a written resignation; (b) any Fund Trustee may be
removed with or without cause at any time by a written instrument
signed by at least two-thirds of the other Fund Trustees; (c) any
Fund Trustee who requests to be retired, or who has become unable
to serve, may be retired by a written instrument signed by a
majority of the other Fund Trustees; and (d) any Fund Trustee may
be removed at any shareholder meeting by a vote of at least
two-thirds of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the
positions shown for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the
master fund and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the
meaning of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested
persons of the Trust by virtue of the fact that they are officers
and/or directors of Management and Neuberger.
25
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since Deputy General Counsel, Neuberger since 2004;
2002 formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
29
<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 Management'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).
30
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Mid-Cap Growth Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits and
losses historically realized by Management and its affiliates from the
relationship with the Fund; (4) the extent to which economies of scale might be
realized as the Fund grows; and (5) whether fee levels reflect those potential
economies of scale for the benefit of investors in the Fund. In their
deliberations, the Board members did not identify any particular information
that was all-important or controlling, and each Trustee may have attributed
different weights to the various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
managers. The Board discussed the Fund's performance with Management and
discussed steps that Management had taken, or intended to take, to improve the
Fund's performance. The Board also considered Management's resources and
responsiveness with respect to the Fund.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
31
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board noted that Management incurred a loss on the Fund on an after-tax
basis.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board compared the fees charged to a comparable fund
and a comparable separate account to the fees charged to the Fund at various
asset levels. The Board considered the appropriateness and reasonableness of any
differences between the fees charged between the Fund and the comparable fund
and separate account and determined that any differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent consultant review the methodology. It also reviewed an
analysis from an independent data service on investment management profitability
margins. The Board recognized that Management should be entitled to earn a
reasonable level of profits for services it provides to the Fund and, based on
its review, concluded that Management's level of profitability was not
excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; that it retained confidence in Management's
and Neuberger's capabilities to manage the Fund; that the Fund's fee structure
appeared to the Board to be reasonable given the nature and quality of services
expected to be provided; and that the benefits accruing to Management and its
affiliates by virtue of their relationship to the Fund were reasonable in
comparison with the costs of providing the investment advisory services and the
benefits accruing to the Fund.
32
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
PARTNERS PORTFOLIO(R)
B1010 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
PARTNERS PORTFOLIO MANAGER'S COMMENTARY
The Federal Reserve's August decision to shift into neutral spawned a stock
market rally that helped the S&P 500 and Russell 1000(R) Value Index close
fiscal 2006 with strong gains. The Neuberger Berman Advisers Management Trust
(AMT) Partners Portfolio had positive returns in eight of the nine industry
sectors in which it was invested, superior relative performance in six of nine
sector categories, and delivered solid returns for the year. However, the
disappointing performance of Energy investments (most notably coal and natural
gas exploration and production companies) and Consumer Discretionary holdings
(primarily homebuilders) resulted in a performance shortfall relative to its
benchmark indices.
Financial sector investments made the largest contribution to absolute returns,
with brokerage/investment banking firms Goldman Sachs and Merrill Lynch
finishing number two and five respectively on our top-ten contributors list. Our
Financial sector holdings materially outperformed the corresponding S&P 500
sector component. However, the Portfolio's significant underweighting in the
sector restrained relative performance. Information Technology stock selection
had the most favorable impact on relative returns. The Portfolio was underweight
in tech relative to the S&P 500 but, driven by the excellent performance of
computer printer leader Lexmark International and software giant Oracle, our
holdings more than tripled the return of the S&P 500's tech sector component.
Industrial sector holdings also enhanced relative returns, with motorcycle
manufacturing icon Harley Davidson and earth moving equipment manufacturer Terex
among the best performers. Although we had relatively modest commitments to the
Materials and Consumer Staples sectors, the excellent performance of industrial
metals giant Phelps Dodge (our number one performance contributor) and vitamin
producer NBTY (Nature's Bounty) enhanced absolute and relative returns.
After posting excellent gains over the last several years, collectively our
Energy investments produced only a modestly positive return versus sizable gains
for our benchmark indices' Energy sector components. Coal miners Arch Coal and
Foundation Coal, and natural gas exploration and production company Quicksilver
Resources were among the Portfolio's worst performers. Last year's unseasonably
mild winter, a cool summer, and another mild winter thus far this year, have
left utilities with excess coal and natural gas inventories, which is reflected
in soft commodity prices and slack earnings for coal and natural gas producers.
We don't believe that weather anomalies will disrupt what we see as very
favorable long-term supply/demand dynamics, which should support higher coal and
natural gas prices and good profit growth for our Energy sector holdings.
The Portfolio's exposure to homebuilders severely penalized portfolio returns,
with five homebuilder stocks (D. R. Horton, KB Home, Pulte Homes, Centex Corp.,
and Lennar Corp.) appearing at the bottom of our performance list. The slowdown
in housing didn't take us by surprise. However, our belief that the valuations
of the high-quality homebuilders already fully discounted a softer housing
market proved costly. Going forward, we think that an expanding economy, low
unemployment, rising personal income, still low mortgage rates, and favorable
demographics will continue to support relatively strong demand in the housing
market. Supply, in the form of today's high inventories resulting from
diminished speculative activity in the housing market, should come down over the
next three quarters. We think that homebuilders' earnings bottomed in 2006. The
stocks are now trading at close to book value, which is at the low end of their
historical valuation range. Judging by substantial insider buying and major
share repurchase programs, homebuilding company managements agree with our
assessment of good value.
Finally, relative performance suffered from what we didn't own, namely
Telecommunications, which was the single best performing sector in both the S&P
500 and Russell 1000(R) Value Index benchmarks. We want to own quality companies
in healthy industries with favorable long-term
1
<Page>
growth prospects. In our opinion, the Telecom companies that performed so well
this year did not qualify under these criteria.
Looking ahead, we currently believe the most likely scenario is that the economy
eventually settles into a slow but steady growth pace that will enable good
companies to continue to grow earnings at a respectable rate. However, we could
see some short-term market turmoil as investors express their disappointment
that Federal Reserve interest rate cuts may be postponed for an indefinite
period of time. As always, we will continue to try to take advantage of any
market volatility by buying the stocks of high quality companies that trade at
true value prices.
Sincerely,
/s/ S. Basu Mullick
- ----------------------------------------
S. BASU MULLICK
PORTFOLIO MANAGER
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
PARTNERS RUSSELL 1000(R)
PORTFOLIO VALUE(2) S&P 500(2)
1 YEAR 12.24% 22.25% 15.78%
5 YEAR 10.07% 10.86% 6.19%
10 YEAR 8.79% 11.00% 8.42%
LIFE OF FUND 11.47% 12.70% 11.02%
- -----------------------------------------------------------
INCEPTION DATE 03/22/1994
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Partners Russell 1000(R)
Portfolio Value S&P 500
12/31/1996 $10,000 $10,000 $10,000
12/31/1997 $13,125 $13,518 $13,335
12/31/1998 $13,677 $15,631 $17,146
12/31/1999 $14,685 $16,779 $20,753
12/31/2000 $14,788 $17,957 $18,864
12/31/2001 $14,370 $16,953 $16,624
12/31/2002 $10,901 $14,321 $12,951
12/31/2003 $14,726 $18,622 $16,664
12/31/2004 $17,520 $21,693 $18,476
12/31/2005 $20,682 $23,224 $19,383
12/31/2006 $23,213 $28,390 $22,441
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index.
Please note that market indexes do not include expenses. All results include the
reinvestment of dividends and capital gain distributions. Results represent past
performance and do not indicate future results. The chart and table do not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Auto Related 1.5%
Banking & Financial 2.6
Building Materials 1.6
Coal 3.1
Consumer Discretionary 1.6
Defense 1.2
Electrical Utilities 0.8
Energy Services & Equipment 2.7
Financial Services 7.0
Health Care 9.2
Homebuilders 12.6
Industrial 3.2
Insurance 5.6
Machinery & Equipment 6.0
Materials 1.3
Metals 1.4
Oil & Gas 14.2
Personal Products 0.7
Pharmaceutical 1.9
Retail 4.1
Software 6.7
Steel 1.3
Technology 3.5
Transportation 1.4
Utilities 3.5
Short-Term Investments 8.4
Liabilities, less cash, receivables and other assets (7.1)
</Table>
3
<Page>
ENDNOTES
(1.) 12.24%, 10.07% and 8.79% were the average annual total returns for the 1-,
5- and 10-year periods ended December 31, 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
represents 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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(R)
Index represents approximately 92% of the total market capitalization of
the Russell 3000(R) Index. The Russell 1000(R) Value Index measures the
performance of those Russell 1000(R) 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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PARTNERS PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 -
ACTUAL 7/1/06 12/31/06 12/31/06
- ----------------------------------------------------------------
Class I $1,000.00 $1,114.10 $4.91
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES) **
- ----------------------------------------------------------------
Class I $1,000.00 $1,020.56 $4.70
</Table>
* Expenses are equal to the annualized expense ratio of .92%, multiplied by
the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS PARTNERS PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (98.7%)
AUTO RELATED (1.5%)
134,900 Harley-Davidson $ 9,506,403
BANKING & FINANCIAL (2.6%)
230,270 Hudson City Bancorp 3,196,148
144,400 Merrill Lynch 13,443,640
------------
16,639,788
BUILDING MATERIALS (1.6%)
291,394 Cemex SAB de C.V. ADR 9,872,429^^
COAL (3.1%)
344,500 Arch Coal 10,345,335
233,300 Peabody Energy 9,427,653
------------
19,772,988
CONSUMER DISCRETIONARY (1.6%)
125,700 Best Buy 6,183,183
45,600 Whirlpool Corp. 3,785,712
------------
9,968,895
DEFENSE (1.2%)
91,500 L-3 Communications Holdings 7,482,870
ELECTRIC UTILITIES (0.8%)
161,600 Mirant Corp. 5,101,712*
ENERGY SERVICES & EQUIPMENT (2.7%)
274,200 Halliburton Co. 8,513,910
114,500 Noble Corp. 8,719,175
------------
17,233,085
FINANCIAL SERVICES (7.0%)
4,400 Berkshire Hathaway Class B 16,130,400*
317,298 Countrywide Financial 13,469,300
73,100 Goldman Sachs Group 14,572,485
------------
44,172,185
HEALTH CARE (9.2%)
357,200 Boston Scientific 6,136,696*
175,500 Caremark Rx 10,022,805
189,600 Medtronic, Inc. 10,145,496
262,300 UnitedHealth Group 14,093,379
99,800 WellPoint Inc. 7,853,262*
124,500 Zimmer Holdings 9,758,310*
------------
58,009,948
HOME BUILDERS (12.6%)
245,800 Centex Corp. 13,831,166
527,066 D.R. Horton 13,961,978
320,300 Hovnanian Enterprises 10,858,170*^^
275,000 KB HOME 14,102,000
248,300 Lennar Corp. Class A 13,025,818^^
21,300 NVR, Inc. 13,738,500*
------------
79,517,632
INDUSTRIAL (3.2%)
214,900 Chicago Bridge & Iron 5,875,366
265,500 General Electric 9,879,255^^
157,900 Owens Corning 4,721,210*
------------
20,475,831
INSURANCE (5.6%)
310,000 Aetna Inc. $ 13,385,800
214,400 American International Group 15,363,904
69,300 Hartford Financial Services Group 6,466,383
------------
35,216,087
MACHINERY & EQUIPMENT (6.0%)
172,000 Caterpillar Inc. 10,548,760
289,450 Joy Global 13,992,013
204,100 Terex Corp. 13,180,778*
------------
37,721,551
MATERIALS (1.3%)
165,000 Xstrata PLC 8,238,289
METALS (1.4%)
74,900 Phelps Dodge 8,967,028
OIL & GAS (14.2%)
146,500 Anadarko Petroleum 6,375,680
229,600 Canadian Natural Resources 12,221,608
236,200 Denbury Resources 6,563,998*
87,600 EOG Resources 5,470,620
83,400 Exxon Mobil 6,390,942
90,800 National-Oilwell Varco 5,555,144*
90,400 Petroleo Brasileiro ADR 9,310,296
218,700 Quicksilver Resources 8,002,233*^^
200,400 Southwestern Energy 7,024,020*
442,545 Talisman Energy 7,518,839
155,300 Valero Energy 7,945,148
154,433 XTO Energy 7,266,073
------------
89,644,601
PERSONAL PRODUCTS (0.7%)
110,700 NBTY, Inc. 4,601,799*
PHARMACEUTICAL (1.9%)
190,700 Shire PLC ADR 11,777,632
RETAIL (4.1%)
217,200 Federated Department Stores 8,281,836
138,800 J.C. Penney 10,737,568
228,500 TJX Cos. 6,516,820
------------
25,536,224
SOFTWARE (6.7%)
446,400 Activision, Inc. 7,695,936*
363,400 Check Point Software Technologies 7,965,728*
305,900 Microsoft Corp. 9,134,174
418,800 Oracle Corp. 7,178,232*^^
504,857 Symantec Corp. 10,526,268*^^
------------
42,500,338
STEEL (1.3%)
113,900 United States Steel 8,330,646
</Table>
See Notes to Schedule of Investments
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
TECHNOLOGY (3.5%)
268,200 Advanced Micro Devices $ 5,457,870*
235,100 ASML Holding N.V. 5,790,513*
112,600 Lexmark International Group 8,242,320*
87,400 Texas Instruments 2,517,120
------------
22,007,823
TRANSPORTATION (1.4%)
170,800 Frontline Ltd. 5,505,966^^
141,148 Ship Finance International 3,353,677^^
------------
8,859,643
UTILITIES (3.5%)
176,400 NRG Energy 9,880,164*^^
228,523 TXU Corp. 12,388,232
------------
22,268,396
TOTAL COMMON STOCKS
(COST $453,516,949) 623,423,823
------------
SHORT-TERM INVESTMENTS (8.4%)
7,244,235 Neuberger Berman
Prime Money Fund Trust Class 7,244,235@
45,640,511 Neuberger Berman Securities
Lending Quality Fund, LLC 45,640,511+++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $52,884,746) 52,884,746#
------------
TOTAL INVESTMENTS (107.1%)
(COST $506,401,695) 676,308,569##
Liabilities, less cash, receivables and
other assets [(7.1%)] (45,105,577)
------------
TOTAL NET ASSETS (100.0%) $631,202,992
------------
</Table>
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS PARTNERS PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Partners Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $508,086,433. Gross unrealized appreciation of investments was
$170,557,575 and gross unrealized depreciation of investments was
$2,335,439, resulting in net unrealized appreciation of $168,222,136, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
^^ 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.
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F )--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $623,423,823
Affiliated issuers 52,884,746
- --------------------------------------------------------------------------------
676,308,569
Cash 25,612
Foreign currency 815,177
Dividends and interest receivable 936,194
Receivable for securities sold 1,279,709
Receivable for Fund shares sold 29,930
Receivable for securities lending income (Note A) 198,647
Prepaid expenses and other assets 14,002
- --------------------------------------------------------------------------------
TOTAL ASSETS 679,607,840
- --------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 45,640,511
Payable for securities purchased 946,886
Payable for Fund shares redeemed 1,085,467
Payable to investment manager--net (Notes A & B) 287,018
Payable to administrator (Note B) 162,886
Payable for securities lending fees (Note A) 188,134
Accrued expenses and other payables 93,946
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 48,404,848
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $631,202,992
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $398,720,647
Undistributed net investment income (loss) 3,814,518
Accumulated net realized gains (losses) on investments 58,755,392
Net unrealized appreciation (depreciation) in value of
investments 169,912,435
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $631,202,992
- --------------------------------------------------------------------------------
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED) 29,830,193
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 21.16
- --------------------------------------------------------------------------------
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 43,733,576
*COST OF INVESTMENTS:
Unaffiliated issuers $453,516,949
Affiliated issuers 52,884,746
TOTAL COST OF INVESTMENTS $506,401,695
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 809,065
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
PARTNERS
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 9,561,263
Interest income--unaffiliated issuers 360
Income from securities loaned--net (Note F) 143,290
Income from investments in affiliated issuers (Note F) 294,230
Foreign taxes withheld (65,143)
- --------------------------------------------------------------------------------
Total income 9,934,000
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 3,554,158
Administration fees (Note B) 2,019,997
Audit fees 38,426
Custodian fees (Note B) 198,419
Insurance expense 32,010
Legal fees 113,197
Shareholder reports 140,867
Trustees' fees and expenses 27,928
Miscellaneous 12,761
- --------------------------------------------------------------------------------
Total expenses 6,137,763
Investment management fees waived (Note A) (4,926)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (28,838)
- --------------------------------------------------------------------------------
Total net expenses 6,103,999
- --------------------------------------------------------------------------------
Net investment income (loss) 3,830,001
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 59,169,761
Foreign currency (15,131)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 8,866,282
Foreign currency 5,738
- --------------------------------------------------------------------------------
Net gain (loss) on investments 68,026,650
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $71,856,651
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
PARTNERS PORTFOLIO
-----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,830,001 $ 4,568,530
Net realized gain (loss) on investments 59,154,630 71,238,588
Change in net unrealized appreciation (depreciation)
of investments 8,872,020 31,878,231
- -------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations 71,856,651 107,685,349
- -------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income (4,491,484) (6,487,803)
Net realized gain on investments (69,178,673) (150,568)
- -------------------------------------------------------------------------------------
Total distributions to shareholders (73,670,157) (6,638,371)
- -------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold 85,548,617 155,906,843
Proceeds from reinvestment of dividends and
distributions 73,670,157 6,638,371
Payments for shares redeemed (258,207,711) (121,363,625)
- -------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions (98,988,937) 41,181,589
- -------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS (100,802,443) 142,228,567
NET ASSETS:
Beginning of year 732,005,435 589,776,868
- -------------------------------------------------------------------------------------
End of year $ 631,202,992 $ 732,005,435
- -------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of
year $ 3,814,518 $ 4,491,132
- -------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<Page>
NOTES TO FINANCIAL STATEMENTS PARTNERS PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Partners Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations. Included in net realized gain (loss) on
investments are proceeds from the settlements of class action litigation in
which the Fund participated as a plaintiff. The amount of such proceeds for
the year ended December 31, 2006 was $3,055.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment
12
<Page>
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no federal income or excise tax provision is
required.
Income 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, 2006, permanent differences resulting
primarily from different book and tax accounting for foreign currency gains
and losses were reclassified at fiscal year-end. These reclassifications
had no effect on net income, net asset value or net asset value per share
of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
DISTRIBUTIONS PAID FROM:
<Table>
<Caption>
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2006 2005 2006 2005 2006 2005
$11,894,519 $6,487,803 $61,775,638 $150,568 $73,670,157 $6,638,371
</Table>
As of December 31, 2006, 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
$5,917,490 $58,337,153 $168,227,702 $-- $232,482,345
</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
13
<Page>
allocated among the Fund and the other investment companies in the complex
or series thereof on the basis of relative net assets, except where a more
appropriate allocation of expenses to each investment company in the
complex or series thereof can otherwise be made fairly.
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: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement
From October 4, 2005 to October 3, 2006, the Fund lent its securities to a
single principal borrower that was selected through the bidding process.
Through another bidding process in August 2006, and pursuant to an
Exemptive Order issued by the Securities and Exchange Commission, the Fund
selected Neuberger Berman, LLC ("Neuberger"), an affiliate of the Fund, to
be its exclusive lending agent for a specified period. Under the agreement
entered into between the Fund and Neuberger, Neuberger pays a guaranteed
amount to the Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $143,290, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $922,961 in income earned on cash collateral and guaranteed
amounts (including approximately $747,859 of interest income earned from
the Quality Fund and $29,992 in guaranteed amounts received from
Neuberger), less fees and expenses paid of approximately $779,671
(including $81,674 retained by Neuberger).
11 TRANSACTIONS WITH OTHER FUNDS MANAGED BY NEUBERGER BERMAN MANAGEMENT INC.:
Pursuant to an Exemptive Order issued by the Securities and Exchange
Commission, the Fund may invest in a money market fund managed by
Management or an affiliate. The Fund invests in the Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest
14
<Page>
available current income consistent with safety and liquidity. For any cash
that the Fund invests in Prime Money, Management waives a portion of its
management fee equal to the management fee it receives from Prime Money on
those assets (the "Arrangement"). For the year ended December 31, 2006,
management fees waived under this Arrangement amounted to $4,926 and is
reflected in the Statement of Operations under the caption "Investment
management fees waived." For the year ended December 31, 2006, income
earned under this Arrangement amounted to $294,230 and is reflected in the
Statement of Operations under the caption "Income from investments in
affiliated issuers."
12 INDEMNIFICATIONS: Like many other companies, the Trust's organizational
documents provide that its officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the
Trust. In addition, both in some of its principal service contracts and in
the normal course of its business, the Trust enters into contracts that
provide indemnifications to other parties for certain types of losses or
liabilities. The Trust's maximum exposure under these arrangements is
unknown as this could involve future claims against the Trust.
NOTE B--MANAGEMENT FEES, ADMINISTRATION FEES, DISTRIBUTION ARRANGEMENTS,
AND OTHER TRANSACTIONS WITH AFFILIATES:
Fund shares are issued and redeemed in connection with investments in and
payments under certain variable annuity contracts and variable life
insurance policies issued through separate accounts of life insurance
companies and are also offered directly to qualified pension and retirement
plans.
The Fund retains Management as its investment manager under a Management
Agreement. For such investment management services, the Fund pays
Management a fee at the annual rate of 0.55% of the first $250 million of
the Fund's average daily net assets, 0.525% of the next $250 million, 0.50%
of the next $250 million, 0.475% of the next $250 million, 0.45% of the
next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average
daily net assets in excess of $4 billion.
The Fund retains Management as its administrator under an Administration
Agreement. The Fund pays Management an administration fee at the annual
rate of 0.30% of its average daily net assets under this agreement.
Additionally, Management retains State Street 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 year ended December 31, 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
15
<Page>
Limitation, and the repayment is made within three years after the year in
which Management issued the reimbursement. During the year ended December
31, 2006, there was no reimbursement to Management under this agreement. At
December 31, 2006, the Fund had no contingent liability to Management under
this agreement.
Management and Neuberger, a member firm of the New York Stock Exchange and
sub-adviser to the Fund, are wholly-owned subsidiaries of Lehman Brothers
Holdings Inc. ("Lehman"), a publicly-owned holding company. Neuberger is
retained by Management to furnish it with investment recommendations and
research information without added cost to the Fund. Several individuals
who are officers and/or Trustees of the Trust are also employees of
Neuberger and/or Management.
The Fund has entered into a commission recapture agreement, 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $28,644.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $194.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $238,479,700 and
$409,222,036, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $755,579, of which Neuberger received
$43, Lehman Brothers Inc. received $114,598, and other brokers received
$640,938.
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED DECEMBER 31,
2006 2005
SHARES SOLD 3,869,168 7,805,132
SHARES ISSUED ON REINVESTMENT OF
DIVIDENDS AND DISTRIBUTIONS 3,702,018 337,316
SHARES REDEEMED (11,930,502) (6,137,955)
----------- ----------
TOTAL (4,359,316) 2,004,493
----------- ----------
</Table>
16
<Page>
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 8,065,965 181,179,185 182,000,915 7,244,235 $ 7,244,235 $ 294,230
Neuberger Berman
Securities Lending
Quality Fund, LLC*** 20,065,411 171,825,802 146,250,702 45,640,511 45,640,511 747,859
----------- ----------
TOTAL $52,884,746 $1,042,089
----------- ----------
</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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how
17
<Page>
uncertain tax positions should be recognized, measured, presented and
disclosed in the financial statements. FIN 48 clarifies the accounting for
income taxes, by prescribing a minimum recognition threshold a tax position
is required to meet before being recognized in the financial statements.
FIN 48 requires that a "more-likely-than-not" threshold be met before the
benefit of a tax position may be recognized in the financial statements and
prescribes how such benefit should be measured. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be
applied to all open tax years as of the effective date. The Securities and
Exchange Commission will permit investment companies to delay
implementation of FIN 48 until June 29, 2007. At this time, Management is
evaluating the implications of FIN 48 and its impact in the financial
statements has not yet been determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
18
<Page>
FINANCIAL HIGHLIGHTS PARTNERS PORTFOLIO
The following table includes selected data for a share outstanding throughout
each year and other performance information derived from the Financial
Statements.
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
-----------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 21.41 $ 18.32 $ 15.40 $ 11.40 $ 15.10
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .12 .14 .17 .00 .01
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 2.33 3.15 2.75 4.00 (3.64)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.45 3.29 2.92 4.00 (3.63)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.16) (.19) (.00) -- (.07)
NET CAPITAL GAINS (2.54) (.01) -- -- --
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (2.70) (.20) (.00) -- (.07)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 21.16 $ 21.41 $ 18.32 $ 15.40 $ 11.40
------- ------- ------- ------- -------
TOTAL RETURN++ +12.24% +18.04% +18.98% +35.09% -24.14%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 631.2 $ 732.0 $ 589.8 $ 669.6 $ 522.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .91% .90% .91% .91% .91%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS .91%~ .89%~ .89%~ .90%~ .91%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .57% .70% 1.05% .01% .05%
PORTFOLIO TURNOVER RATE 36% 58% 71% 76% 53%
</Table>
See Notes to Financial Highlights
19
<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.
~ After reimbursement of expenses and/or waiver of a portion of the
investment management fee by Management. Had Management not undertaken such
action, the annualized ratios of net expenses to average daily net assets
would have been:
<Table>
<Caption>
YEAR ENDED DECEMBER 31,
2006 2005 2004 2003
0.91% 0.89% 0.90% 0.90%
</Table>
20
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Partners Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Partners Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Trust's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Partners Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2006, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
21
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director
2000 Chairman, CDC Investment of three series of Oppenheimer
Advisers (registered Funds: Limited Term New York
investment adviser), 1993 Municipal Fund, Rochester Fund
to January 1999; formerly, Municipals, and Oppenheimer
President and Chief Convertible Securities Fund
Executive Officer, AMA since 1992.
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Formerly, Director (1997 to
1984 Milburn LLP (law firm) 2003) and Advisory Director
since October 2002; (2003 to 2006), ABA Retirement
formerly, Attorney-at-Law Funds (formerly, American Bar
and President, Faith Retirement Association)
Colish, A Professional (not-for-profit membership
Corporation, 1980 to 2002. corporation).
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of
1998 Associates since October Associates to The National
2001; formerly, Director, Rehabilitation Hospital's Board
AARP, 1978 to December of Directors, 2001 to 2002;
2001. formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange
Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring
2000 Emeritus of Finance and Community (not-for-profit);
Economics, New York formerly, Director, DEL
University Stern School of Laboratories, Inc. (cosmetics
Business; formerly, and pharmaceuticals), 1978 to
Executive 2004; formerly, Director, Apple
Secretary-Treasurer, Bank for Savings, 1979 to 1990;
American Finance formerly, Director, Western
Association, 1961 to 1979. Pacific Industries, Inc., 1972
to 1986 (public company).
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial
1999 President and General Corporation (holding company)
Counsel, WHX Corporation since December 2002; formerly,
(holding company), 1993 to Director WHX Corporation
2001. (holding company), January 2002
to June 2005; formerly,
Director, State Theatre of New
Jersey (not-for-profit theater),
2000 to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc.
2000 Investment Policy (financial services holding
Committee, Edward Jones, company) since 1993; formerly,
1993 to 2001; President, Director, Boston Financial Group
Securities Industry (real estate and tax shelters),
Association ("SIA") 1993 to 1999.
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids
2000 Vice President, Foodmaker, Golf and Learning Academy (teach
Inc. (operator and golf and computer usage to "at
franchiser of restaurants) risk" children), 1998 to 2006;
until January 1997. formerly, Director, Prandium,
Inc. (restaurants), March 2001
to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc.
2000; Lead Investments LP (a private (financial services company)
Independent investment partnership); since May 2001; Director,
Trustee formerly, President and America One Foundation since
beginning 2006 CEO, Westaff, Inc. 1998; formerly, Director,
(temporary staffing), May Forward Management, Inc. (asset
2001 to January 2002; management company), 1999 to
formerly, Senior Executive 2006; formerly Director, E-Bay
at the Charles Schwab Zoological Society, 1999 to
Corporation, 1983 to 1998, 2003; formerly, Director,
including Chief Executive General Magic (voice recognition
Officer, Charles Schwab software), 2001 to 2002;
Investment Management, formerly, Director, E-Finance
Inc. and Trustee, Schwab Corporation (credit decisioning
Family of Funds and Schwab services), 1999 to 2003;
Investments, 1997 to 1998, formerly, Director,
and Executive Vice Save-Daily.com (micro investing
President-Retail services), 1999 to 2003.
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re
1999 consultant specializing in (reinsurance company) since
the insurance industry; 2006; Director, National
formerly, Advisory Atlantic Holdings Corporation
Director, Securitas (property and casualty insurance
Capital LLC (a global company) since 2004; Director,
private equity investment The Proformance Insurance
firm dedicated to making Company (property and casualty
investments in the insurance company) since March
insurance sector), 1998 to 2004; formerly, Director,
December 2003. Providence Washington Insurance
Company (property and casualty
insurance company), December
1998 to March 2006; formerly,
Director, Summit Global Partners
(insurance brokerage firm), 2000
to 2005.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and
Trustee since and Chief Investment Associates, Inc. (private
2002 Officer, Neuberger Berman company) since 1998; Director,
Inc. (holding company) Solbright, Inc. (private
since 2002 and 2003, company) since 1998.
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- --------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. Neuberger & Berman Agency, Inc.
Chief (holding company) since since 2000; formerly, Director,
Executive 1999; Head of Neuberger Neuberger Berman Inc. (holding
Officer and Berman Inc.'s Mutual Funds company), October 1999 to March
Trustee since Business (since 1999) and 2003; Trustee, Frost Valley
2000; Institutional Business YMCA; Trustee, College of
President and (1999 to October 2005); Wooster.
Chief responsible for Managed
Executive Accounts Business and
Officer, 1999 intermediary distribution
to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
26
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
27
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers
Alternative Investment Management LLC
since 2003; formerly, Vice President, UBS
Global Asset Management (US) Inc.
(formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
30
<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 Management'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).
NOTICE TO SHAREHOLDERS
100.00% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
31
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Partners Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the short-,
intermediate- and long-term performance of the Fund relative to its benchmark
and a peer group of investment companies dedicated to insurance products
pursuing broadly similar strategies. The Board also considered long-term
performance in relation to the degree of risk undertaken by the portfolio
manager.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
32
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable separate
accounts. The Board compared the fees charged to a comparable funds to the fees
charged to the Fund at various asset levels. The Board considered the
appropriateness and reasonableness of any differences between the fees charged
between the Fund and the comparable funds and determined that any differences in
fees were consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the nature and quality of services expected to be provided;
and that the benefits accruing to Management and its affiliates by virtue of
their relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
33
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
REGENCY PORTFOLIO(R)
B1012 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
REGENCY PORTFOLIO MANAGER'S COMMENTARY
The market rally triggered by the Federal Reserve's shift into neutral in August
helped leading market indices achieve excellent gains in 2006. Due in part to
the strong performance of Utilities and real estate investment trusts (REITs),
which together represent approximately 25% of its weighting, the Russell
Midcap(R) Value Index excelled. The Neuberger Berman Advisers Management Trust
(AMT) Regency Portfolio delivered a double-digit percentage return. However,
significant underweightings in these top performing industry groups and
disappointing returns from Consumer Discretionary and Energy sector investments
translated into lagging performance relative to the benchmark.
Information Technology (IT) stock selection had the most positive impact on
relative returns with our holdings nearly tripling the return from the benchmark
tech component. Computer printer leader Lexmark International was our top IT
performer. Meanwhile, Industrial sector investments enhanced absolute and
relative returns. The Portfolio was overweight in Industrials and our
investments outperformed the corresponding benchmark component by a substantial
margin. Earth moving equipment maker Terex and mining equipment manufacturer Joy
Global were our top performers in that sector. Although the Portfolio had modest
exposure in the Materials and Consumer Staples sectors, the exceptional
performance of industrial metals company Phelps Dodge and vitamin producer NBTY
produced well above benchmark-average returns.
The Financial sector was a mixed blessing for the Portfolio. Led by two of our
top-ten performance contributors, broker/investment banker Bear Stearns and
commercial real estate financier iStar Financial, our Financial sector holdings
materially outperformed the corresponding benchmark component. However, our
significant underweight in Financials and especially our minimal exposure to top
performing real estate investment trusts penalized relative returns.
Collectively, our Energy sector holdings underperformed, with coal miners and
natural gas exploration and production companies taking most of the blame.
Recent weather anomalies--last year's mild winter, a cool summer and, thus far
this year, another unseasonably warm winter--reduced demand for the electricity
used to heat and cool homes and offices. Since coal and natural gas are the
primary fuels used to generate electricity, the lack of demand has depressed
coal and natural gas prices and our portfolio companies' profits. However, we
remain overweighted in Energy and biased toward "upstream" energy producers,
which in our opinion are now even better fundamental bargains.
The Portfolio's commitment to homebuilders had the most negative impact on
absolute and relative returns. We anticipated softness in the housing market,
but believed that the valuations for the homebuilder stocks in the portfolio
already more than fully discounted a slowdown in housing. Today, investors
appear to be focusing almost exclusively on high home inventories resulting from
the exodus of real estate speculators and largely ignoring what we see as still
strong longer term demand fundamentals. Looking ahead, we believe that an
expanding economy, low unemployment, rising personal income, still low mortgage
rates, and favorable demographics will continue to support relatively strong
housing demand. Housing inventories appear to be flattening (even in those
regions where we saw the most speculative activity) and we expect inventories to
be worked off over the next three quarters. We think that homebuilders' earnings
bottomed in 2006 and that the stocks are now trading at close to book value,
which is at the low end of their historical valuation range. As evidenced by
strong insider buying and major share repurchase programs, homebuilder company
managements appear to see good value.
Looking ahead, we currently believe that the economy will eventually settle into
a slower growth mode that will allow quality companies to continue to grow
earnings at a decent pace. Market interest rates should remain at economically
comfortable levels, providing a reasonably good economic backdrop for stocks.
Over the near term, the market may experience a rough patch as investors realize
that the Fed is not likely to start cutting interest rates any time soon. As
always, we will be trying to take advantage of any market weakness by
1
<Page>
identifying high quality mid-cap companies trading at more opportunistic
valuations.
Our brand of value investing demands patience. Over the short term, the
overvalued stocks we avoid can often become even more overvalued. Conversely,
the undervalued stocks we favor can remain undervalued for longer than we
anticipate. Consequently, while disappointed by lagging short-term performance
relative to our benchmark index, we remain committed to the value principles
that guide us. Over time, we believe that buying quality at discounted prices
will translate into superior investment performance.
Sincerely,
/s/ S. Basu Mullick
- -------------------------------------
S. BASU MULLICK
PORTFOLIO MANAGER
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
REGENCY REGENCY RUSSELL RUSSELL
PORTFOLIO CLASS I PORTFOLIO CLASS S MIDCAP(R) VALUE(2) MIDCAP(R)(2)
1 YEAR 11.17% 10.94% 20.22% 15.26%
5 YEAR 13.11% 13.05% 15.88% 12.88%
LIFE OF FUND 12.10% 12.05% 14.78% 12.52%
- ------------------------------------------------------------------------------------------
INCEPTION DATE 08/22/2001 04/29/2005
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Regency Russell Russell
Portfolio Midcap(R) Value Midcap(R)
--------- --------------- ---------
8/22/2001 $10,000 $10,000 $10,000
12/31/2001 $ 9,970 $10,025 $10,275
6/30/2002 $10,040 $10,312 $ 9,689
12/31/2002 $ 8,918 $ 9,058 $ 8,612
6/30/2003 $ 9,980 $10,246 $ 9,944
12/31/2003 $12,114 $12,507 $12,062
6/30/2004 $13,066 $13,403 $12,866
12/31/2004 $14,823 $15,471 $14,500
6/30/2005 $15,304 $16,324 $15,068
12/31/2005 $16,601 $17,428 $16,335
6/30/2006 $16,944 $18,651 $17,126
12/31/2006 $18,455 $20,951 $18,828
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Aerospace 1.2%
Auto Related 2.6
Banking & Financial 2.6
Building, Construction & Furnishing 10.7
Business Services 0.7
Capital Equipment 2.0
Coal 3.3
Communications Equipment 1.1
Consumer Discretionary 1.3
Defense 1.2
Electric Utilities 3.7
Financial Services 2.1
Food & Beverage 2.1
Health Care 6.2
Industrial 2.8
Insurance 5.3
Machinery & Equipment 2.0
Manufacturing 2.7
Metals 3.3
Oil & Gas 10.0
Oil Services 1.9
Pharmaceutical 2.8
Real Estate 5.7
Retail 4.6
Semiconductors 1.7
Software 3.5
Technology 1.6
Transportation 1.2
Utilities 2.4
Utilities, Electric & Gas 0.9
Short-Term Investments 26.5
Liabilities, less cash, receivables and other assets (19.7)
</Table>
3
<Page>
ENDNOTES
(1.) For Class I, 11.17%, 13.11% and 12.10% were the average annual total
returns for the 1- and 5-year and since inception (08/22/01) periods ended
December 31, 2006. For Class S, 10.94%, 13.05% and 12.05% were the average
annual total returns for the 1- and 5-year and since inception (08/22/01)
periods ended December 31, 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 correspondingly 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 December 31, 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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST REGENCY PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 - EXPENSE
ACTUAL 7/1/06 12/31/06 12/31/06 RATIO
- -------------------------------------------------------------------------
Class I $1,000.00 $1,089.20 $5.03 .95%
Class S $1,000.00 $1,088.30 $6.48 1.23%
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- ------------------------------------------------------------
Class I $1,000.00 $1,020.39 $4.86
Class S $1,000.00 $1,019.00 $6.27
</Table>
* For each class of the fund, expenses are equal to the annualized expense
ratio for the class, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS REGENCY PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (93.2%)
AEROSPACE (1.2%)
86,700 Embraer-Empresa
Brasileira de
Aeronautica ADR $ 3,591,981^^^
AUTO RELATED (2.6%)
97,750 Advance Auto Parts 3,475,990
52,700 Harley-Davidson 3,713,769^^^
7,900 Johnson Controls 678,768
------------
7,868,527
BANKING & FINANCIAL (2.6%)
252,400 Hudson City Bancorp 3,503,312
96,500 IndyMac Bancorp 4,357,940
------------
7,861,252
BUILDING, CONSTRUCTION & FURNISHING (10.7%)
87,700 Centex Corp. 4,934,879
145,500 Hovnanian Enterprises 4,932,450*^^^
98,900 KB HOME 5,071,592^^^
98,600 Lennar Corp. Class A 5,172,556
90,000 Meritage Corp. 4,294,800*^^^
8,100 NVR, Inc. 5,224,500*
79,800 Walter Industries 2,158,590^^^
------------
31,789,367
BUSINESS SERVICES (0.7%)
44,500 Affiliated Computer Services 2,173,380*
CAPITAL EQUIPMENT (2.0%)
123,250 Joy Global 5,957,905
COAL (3.3%)
127,500 Arch Coal 3,828,825
69,500 Peabody Energy 2,808,495
41,900 United States Steel 3,064,566
------------
9,701,886
COMMUNICATIONS EQUIPMENT (1.1%)
257,900 Arris Group 3,226,329*^^^
CONSUMER DISCRETIONARY (1.3%)
45,600 Whirlpool Corp. 3,785,712^^^
DEFENSE (1.2%)
45,200 L-3 Communications Holdings 3,696,456
ELECTRIC UTILITIES (3.7%)
88,100 DPL Inc. 2,447,418^^^
122,400 Mirant Corp. 3,864,168*
81,900 NRG Energy 4,587,219*
------------
10,898,805
FINANCIAL SERVICES (2.1%)
38,800 Bear Stearns 6,315,864
FOOD & BEVERAGE (2.1%)
130,400 Constellation Brands 3,784,208*
148,800 Tyson Foods 2,447,760^^^
------------
6,231,968
HEALTH CARE (6.2%)
47,000 Cooper Companies $2,091,500^^^
76,300 Coventry Health Care 3,818,815*
71,900 LifePoint Hospitals 2,423,030*
121,600 NBTY, Inc. 5,054,912*^^^
91,400 Omnicare, Inc. 3,530,782
37,500 Ventas, Inc. 1,587,000^^^
------------
18,506,039
INDUSTRIAL (2.8%)
168,000 Chicago Bridge & Iron 4,593,120
148,500 United Rentals 3,776,355*
------------
8,369,475
INSURANCE (5.3%)
111,500 Aetna Inc. 4,814,570
34,300 CIGNA Corp. 4,512,851
116,700 Endurance Specialty Holdings 4,268,886
47,700 PMI Group 2,250,009
------------
15,846,316
MACHINERY & EQUIPMENT (2.0%)
91,000 Terex Corp. 5,876,780*^^^
MANUFACTURING (2.7%)
33,600 Eaton Corp. 2,524,704
51,900 Ingersoll-Rand 2,030,847
9,041 Mueller Water Products Class B 134,711*^^^
110,700 Timken Co. 3,230,226^^^
------------
7,920,488
METALS (3.3%)
86,300 Cleveland-Cliffs 4,180,372
46,800 Phelps Dodge 5,602,896
------------
9,783,268
OIL & GAS (10.0%)
86,100 Canadian Natural Resources 4,583,103
136,500 Denbury Resources 3,793,335*
56,500 Noble Corp. 4,302,475
75,300 Quicksilver Resources 2,755,227*^^^
88,100 Southwestern Energy 3,087,905*
33,400 Sunoco, Inc. 2,082,824
182,965 Talisman Energy 3,108,575
115,900 Williams Cos. 3,027,308
62,976 XTO Energy 2,963,021
------------
29,703,773
OIL SERVICES (1.9%)
72,400 Oceaneering International 2,874,280*^^^
88,300 Oil States International 2,845,909*
------------
5,720,189
PHARMACEUTICAL (2.8%)
100,700 Endo Pharmaceuticals Holdings 2,777,306*
87,300 Shire PLC ADR 5,391,648
------------
8,168,954
</Table>
6
<Page>
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
REAL ESTATE (5.7%)
136,600 Annaly Mortgage Management $ 1,900,106
61,300 Colonial Properties Trust 2,873,744^^^
44,800 Developers Diversified Realty 2,820,160
60,500 First Industrial Realty Trust 2,836,845
98,700 iStar Financial 4,719,834^^^
35,100 Ryland Group 1,917,162^^^
------------
17,067,851
RETAIL (4.6%)
108,800 Aeropostale, Inc. 3,358,656*
167,100 Circuit City Stores 3,171,558
155,600 Hot Topic 2,075,704*^^^
51,300 Ross Stores 1,503,090
129,500 TJX Cos. 3,693,340
------------
13,802,348
SEMICONDUCTORS (1.7%)
104,600 Avnet, Inc. 2,670,438*
65,300 International Rectifier 2,516,009*
------------
5,186,447
SOFTWARE (3.5%)
170,400 Activision, Inc. 2,937,696*
138,900 Check Point Software Technologies 3,044,688*^^^
31,700 McAfee Inc. 899,646*
193,700 Take-Two Interactive Software 3,440,112*^^^
------------
10,322,142
TECHNOLOGY (1.6%)
65,100 Lexmark International Group 4,765,320*
TRANSPORTATION (1.2%)
63,000 Frontline Ltd. ADR 2,006,550^^^
67,600 Ship Finance International 1,606,176^^^
------------
3,612,726
UTILITIES (2.4%)
47,700 National Fuel Gas 1,838,358^^^
97,300 TXU Corp. 5,274,633
------------
7,112,991
UTILITIES, ELECTRIC & GAS (0.9%)
56,500 Edison International 2,569,620
TOTAL COMMON STOCKS
(COST $236,449,065) 277,434,159
------------
SHORT-TERM INVESTMENTS (26.5%)
21,372,838 Neuberger Berman
Prime Money Fund
Trust Class 21,372,838@
57,640,741 Neuberger Berman
Securities Lending
Quality Fund, LLC 57,640,741+++
------------
TOTAL SHORT-TERM INVESTMENTS
(COST $79,013,579) 79,013,579#
------------
TOTAL INVESTMENTS (119.7%)
(COST $315,462,644) $356,447,738##
Liabilities, less cash, receivables
and other assets [(19.7%)] (58,687,055)
------------
TOTAL NET ASSETS (100.0%) $297,760,683
------------
</Table>
See Notes to Schedule of Investments
7
<Page>
NOTES TO SCHEDULE OF INVESTMENTS REGENCY PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Regency Portfolio (the "Fund") are valued at the latest sale price
where that price is readily available; securities for which no sales were
reported, unless otherwise noted, are valued at the mean between the
closing bid and asked prices. Securities traded primarily on the NASDAQ
Stock Market are normally valued by the Fund at the NASDAQ Official Closing
Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most
recently reported price as of 4:00:02 p.m., Eastern time, unless that price
is outside the range of the "inside" bid and asked prices (i.e., the bid
and asked prices that dealers quote to each other when trading for their
own accounts); in that case, NASDAQ will adjust the price to equal the
inside bid or asked price, whichever is closer. Because of delays in
reporting trades, the NOCP may not be based on the price of the last trade
to occur before the market closes. The Fund values all other securities,
including securities for which the necessary last sale, asked, and/or bid
prices are not readily available, by methods the Board of Trustees of
Neuberger Berman Advisers Management Trust (the "Board") has approved on
the belief that they reflect fair value. Numerous factors may be considered
when determining the fair value of a security, including available analyst,
media or other reports, trading in futures or ADRs and whether the issuer
of the security being fair valued has other securities outstanding. Foreign
security prices are furnished by independent quotation services and
expressed in local currency values. Foreign security prices are currently
translated from the local currency into U.S. dollars using the exchange
rate as of 4:00 p.m., Eastern time. The Board has approved the use of FT
Interactive Data Corporation ("FT Interactive") to assist in determining
the fair value of the Fund's foreign equity securities when changes in the
value of a certain index suggest that the closing prices on the foreign
exchanges may no longer represent the amount that the Fund could expect to
receive for those securities. In this event, FT Interactive will provide
adjusted prices for certain foreign equity securities using a statistical
analysis of historical correlations of multiple factors. In the absence of
precise information about the market values of these foreign securities as
of the close of the New York Stock Exchange, the Board has determined on
the basis of available data that prices adjusted in this way are likely to
be closer to the prices the Fund could realize on a current sale than are
the prices of those securities established at the close of the foreign
markets in which the securities primarily trade. However, fair value prices
are necessarily estimates, and there is no assurance that such a price will
be at or close to the price at which the security next trades. Short-term
debt securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $316,027,976. Gross unrealized appreciation of investments was
$47,611,847 and gross unrealized depreciation of investments was
$7,192,085, resulting in net unrealized appreciation of $40,419,762, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
^^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
+++ Managed by an affiliate of Neuberger Berman Management Inc. and could be
deemed an affiliate of the Fund (see Notes A & F of Notes to Financial
Statements).
@ Neuberger Berman Prime Money Fund ("Prime Money") is also managed by
Neuberger Berman Management Inc. (see Notes A & F of Notes to Financial
Statements) and may be considered an affiliate since it has the same
officers, Board members, and investment manager as the Fund and because, at
times, the Fund may own 5% or more of the outstanding voting securities of
Prime Money.
See Notes to Financial Statements
8
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+ (NOTES A & F)--SEE
SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $277,434,159
Affiliated issuers 79,013,579
- -------------------------------------------------------------------------------------
356,447,738
Dividends and interest receivable 303,093
Receivable for securities sold 133,060
Receivable for Fund shares sold 517,630
Receivable for securities lending income (Note A) 239,440
- -------------------------------------------------------------------------------------
TOTAL ASSETS 357,640,961
- -------------------------------------------------------------------------------------
LIABILITIES
Due to custodian 121,092
Payable for collateral on securities loaned (Note A) 57,640,741
Payable for securities purchased 444,087
Payable for Fund shares redeemed 1,163,239
Payable to investment manager--net (Notes A & B) 136,188
Payable for securities lending fees (Note A) 228,509
Payable to administrator--net (Note B) 85,335
Accrued expenses and other payables 61,087
- -------------------------------------------------------------------------------------
TOTAL LIABILITIES 59,880,278
- -------------------------------------------------------------------------------------
NET ASSETS AT VALUE $297,760,683
- -------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $246,026,697
Undistributed net investment income (loss) 1,575,992
Accumulated net realized gains (losses) on investments 9,172,948
Net unrealized appreciation (depreciation) in value of investments 40,985,046
- -------------------------------------------------------------------------------------
NET ASSETS AT VALUE $297,760,683
- -------------------------------------------------------------------------------------
NET ASSETS
Class I $242,035,157
Class S 55,725,526
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 14,927,154
Class S 3,212,456
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 16.21
Class S 17.35
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 55,608,915
*COST OF INVESTMENTS:
Unaffiliated issuers $236,449,065
Affiliated issuers 79,013,579
- -------------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $315,462,644
- -------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
REGENCY
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 3,863,044
Income from securities loaned--net (Note F) 223,554
Income from investments in affiliated issuers (Note F) 323,365
Foreign taxes withheld (17,848)
- -------------------------------------------------------------------------------------
Total income 4,392,115
- -------------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Notes A & B) 1,377,324
Administration fees (Note B):
Class I 698,304
Class S 53,025
Distribution fees (Note B):
Class S 44,106
Audit fees 38,426
Custodian fees (Note B) 124,325
Insurance expense 9,829
Legal fees 41,522
Reimbursement of expenses previously assumed by administrator (Note B) 954
Shareholder reports 35,283
Trustees' fees and expenses 27,574
Miscellaneous 4,522
- -------------------------------------------------------------------------------------
Total expenses 2,455,194
Investment management fees waived (Note A) (5,321)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (17,645)
- -------------------------------------------------------------------------------------
Total net expenses 2,432,228
- -------------------------------------------------------------------------------------
Net investment income (loss) 1,959,887
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 9,233,962
Foreign currency (75)
-------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 15,745,867
Foreign currency 8
-------------------------------------------------------------------------------
Net gain (loss) on investments 24,979,762
- -------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $26,939,649
- -------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
REGENCY PORTFOLIO
----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,959,887 $ 1,041,307
Net realized gain (loss) on investments 9,233,887 14,853,598
Change in net unrealized appreciation (depreciation) of investments 15,745,875 6,805,836
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 26,939,649 22,700,741
- --------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE A):
Net investment income
Class I (936,105) (169,457)
Class S (104,852) --
--------------------------------------------------------------------------------------------
Net realized gain on investments
Class I (12,977,691) (12,491,613)
Class S (1,453,614) --
--------------------------------------------------------------------------------------------
Total distributions to shareholders (15,472,262) (12,661,070)
- --------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS (NOTE D):
Proceeds from shares sold
Class I 35,031,862 71,029,331
Class S 52,186,110 4,811,142
Proceeds from reinvestment of dividends and distributions
Class I 13,913,796 12,661,070
Class S 1,558,466 --
Payments for shares redeemed
Class I (37,749,543) (11,528,085)
Class S (3,964,618) (238,465)
--------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 60,976,073 76,734,993
- --------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 72,443,460 86,774,664
NET ASSETS:
Beginning of year 225,317,223 138,542,559
- --------------------------------------------------------------------------------------------------
End of year $297,760,683 $225,317,223
- --------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 1,575,992 $ 1,040,234
- --------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
11
<Page>
NOTES TO FINANCIAL STATEMENTS REGENCY PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Regency Portfolio (the "Fund") is a separate operating series of
Neuberger Berman Advisers Management Trust (the "Trust"), a Delaware
statutory trust organized pursuant to a Trust Instrument dated May 23,
1994. The Trust is currently comprised of eleven separate operating series
(each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
earnings to its shareholders. Therefore, no federal income or excise tax
provision is required.
12
<Page>
Income 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, 2006, permanent differences resulting
primarily from different book and tax accounting for distributions from
real estate investment trusts, corporate actions and foreign currency gains
and losses were reclassified at fiscal year-end. These reclassifications
had no effect on net income, net asset value or net asset value per share
of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
LONG-TERM
ORDINARY INCOME CAPITAL GAIN TOTAL
2006 2005 2006 2005 2006 2005
$2,742,890 $4,451,514 $12,729,372 $8,209,556 $15,472,262 $12,661,070
</Table>
As of December 31, 2006, 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
$3,253,489 $8,060,783 $40,419,714 $-- $51,733,986
</Table>
The difference between book basis and tax basis distributable earnings is
attributable primarily to timing differences of wash sales, and basis
adjustments for REIT's and corporate actions.
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
13
<Page>
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: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of that Fund
entering into an exclusive securities lending arrangement. Pursuant to such
arrangements, eSecLending currently acts as lending agent for the Funds.
Under the securities lending agreements arranged through eSeclending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount, if applicable, plus income earned on the cash collateral invested
in Quality Fund or in other investments, if applicable, less cash
collateral fees and other expenses associated with the loans. For the year
ended December 31, 2006, the Fund received net income under the securities
lending arrangements of approximately $223,554, which is reflected in the
Statement of Operations under the caption "Income from securities
loaned-net." For the year ended December 31, 2006, "Income from securities
loaned-net" consisted of approximately $2,985,040 in income earned on cash
collateral and guaranteed amounts (including approximately $2,539,958 of
interest income earned from the Quality Fund), less fees and expenses paid
of approximately $2,761,486.
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 Neuberger Berman Prime
Money Fund ("Prime Money"), as approved by the Board. Prime Money seeks to
provide the highest available current income consistent with safety and
liquidity. For any cash that the Fund invests in Prime Money, Management
waives a portion of its management fee equal to the management fee it
receives from Prime Money on those assets (the "Arrangement"). For the year
ended December 31, 2006, management fees waived under this Arrangement
amounted to $5,321 which are reflected in the Statement of Operations under
the caption "Investment management fees waived." For the year ended
December 31, 2006, income earned under this Arrangement amounted to
$323,365 which is reflected in the Statement of Operations under the
caption "Income from investments in affiliated issuers."
14
<Page>
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 fees that
may be paid by a mutual fund and impose a ceiling on the cumulative
distribution fees paid. The Trust's Plan complies with those rules.
15
<Page>
Management has contractually undertaken to reimburse the Fund's Class I and
Class S shares for their operating expenses (including the fees payable to
Management but excluding interest, taxes, brokerage commissions,
extraordinary expenses, and transaction costs) ("Operating Expenses") which
exceed the expense limitation as detailed in the following table:
<Table>
<Caption>
REIMBURSEMENT FROM
MANAGEMENT FOR THE
EXPENSE YEAR ENDED
LIMITATION(1) EXPIRATION DECEMBER 31, 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 year ended December
31, 2006, the Fund's Class S reimbursed Management $954 under this
agreement. At December 31, 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 agreement, 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $17,019.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $626.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $160,451,877 and
$129,906,363, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $396,388, of which Neuberger received
$10, Lehman Brothers Inc. received $51,817, and other brokers received
$344,561.
16
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the years ended December 31, 2006 and December 31, 2005
was as follows:
FOR THE YEAR ENDED DECEMBER 31, 2006
<Table>
<Caption>
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS
SHARES AND SHARES
SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 2,201,594 904,080 (2,408,435) 697,239
CLASS S 3,066,582 94,624 (235,254) 2,925,952
</Table>
FOR THE PERIOD ENDED DECEMBER 31, 2005*
<Table>
<Caption>
SHARES
ISSUED ON
REINVESTMENT
OF DIVIDENDS
SHARES AND SHARES
SOLD DISTRIBUTIONS REDEEMED TOTAL
CLASS I 4,719,428 895,408 (752,587) 4,862,249
CLASS S 301,375 -- (14,871) 286,504
</Table>
* For the year ended December 31, 2005 for Class I. For the period from
April 29, 2005 (commencement of operations) to December 31, 2005 for
Class S.
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 2006, the Fund did not utilize this line of credit.
17
<Page>
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 DECEMBER 31, DECEMBER 31, INCLUDED IN
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 TOTAL INCOME
Neuberger Berman
Prime Money Fund
Trust Class** 4,267,666 68,864,357 51,759,185 21,372,838 $21,372,838 $ 323,365
Neuberger Berman
Securities Lending
Quality Fund, LLC *** 35,452,877 346,215,194 324,027,330 57,640,741 57,640,741 2,539,958
----------- ----------
TOTAL $79,013,579 $2,863,323
----------- ----------
</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--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
18
<Page>
FINANCIAL HIGHLIGHTS REGENCY PORTFOLIO
The following tables include selected data for a share outstanding throughout
each period and other performance information derived from the Financial
Statements.
<Table>
<Caption>
CLASS I YEAR ENDED DECEMBER 31,
-----------------------------------------------
2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 15.50 $ 14.79 $ 12.09 $ 8.90 $ 9.97
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .13 .09 .02 .01 (.00)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.55 1.59 2.68 3.18 (1.05)
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.68 1.68 2.70 3.19 (1.05)
------- ------- ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.07) (.01) (.00) -- (.01)
TAX RETURN OF CAPITAL -- -- -- -- (.01)
NET CAPITAL GAINS (.90) (.96) -- -- --
------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS (.97) (.97) (.00) -- (.02)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 16.21 $ 15.50 $ 14.79 $ 12.09 $ 8.90
------- ------- ------- ------- -------
TOTAL RETURN++ +11.17% +12.00% +22.36% +35.84% -10.56%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 242.0 $ 220.6 $ 138.5 $ 59.9 $ 29.1
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# .96% 1.01% 1.04% 1.16% 1.28%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ .95% 1.00% 1.02% 1.16% 1.28%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .80% .56% .19% .07% (.02)%
PORTFOLIO TURNOVER RATE 53% 83% 68% 55% 81%
</Table>
See Notes to Financial Highlights
19
<Page>
<Table>
<Caption>
PERIOD FROM
YEAR ENDED APRIL 29, 2005^
DECEMBER 31, TO DECEMBER 31,
------------ ---------------
CLASS S 2006 2005
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.56 $ 14.02
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .10 .08
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.66 2.46
------- -------
TOTAL FROM INVESTMENT OPERATIONS 1.76 2.54
------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.07) --
NET CAPITAL GAINS (.90) --
------- -------
TOTAL DISTRIBUTIONS (.97) --
------- -------
NET ASSET VALUE, END OF PERIOD $ 17.35 $ 16.56
------- -------
TOTAL RETURN++ +10.94% +18.12%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 55.7 $ 4.7
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.23% 1.25%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.23% 1.23%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .56% .72%*
PORTFOLIO TURNOVER RATE 53% 83%**@@
</Table>
See Notes to Financial Highlights
20
<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.
~ 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:
PERIOD FROM
APRIL 29, 2005^ TO
DECEMBER 31, 2005
REGENCY PORTFOLIO CLASS S 1.32%
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,
2006 2005 2004 2003 2002
REGENCY PORTFOLIO CLASS I -- -- -- -- 1.23%
REGENCY PORTFOLIO CLASS S 1.22% -- -- -- --
</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>
YEAR ENDED PERIOD ENDED
DECEMBER 31, DECEMBER 31, YEAR ENDED DECEMBER 31,
2006 2005^^ 2004 2003
REGENCY PORTFOLIO CLASS I 0.95% 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.
@@ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for the year December 31, 2005.
* Annualized.
** Not annualized.
21
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Regency Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Regency Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Regency Portfolio, a series of Neuberger Berman Advisers Management Trust, at
December 31, 2006, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period then ended,
and the financial highlights for each of the periods indicated therein, in
conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
22
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
NAME, AGE, AND LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since 2000 Consultant; formerly, Chairman, CDC 62 Independent Trustee or Director
Investment Advisers (registered of three series of Oppenheimer
investment adviser), 1993 to January Funds: Limited Term New York
1999; formerly, President and Chief Municipal Fund, Rochester Fund
Executive Officer, AMA Investment Municipals, and Oppenheimer
Advisors, an affiliate of the Convertible Securities Fund since
American Medical Association. 1992.
Faith Colish (71) Trustee since 1984 Counsel, Carter Ledyard & Milburn 62 Formerly, Director (1997 to 2003)
LLP (law firm) since October 2002; and Advisory Director (2003 to
formerly, Attorney-at-Law and 2006), ABA Retirement Funds
President, Faith Colish, A (formerly, American Bar
Professional Corporation, 1980 to Retirement Association)
2002. (not-for-profit membership
corporation).
C. Anne Harvey (69) Trustee since 1998 President, C.A. Harvey Associates 62 Formerly, President, Board of
since October 2001; formerly, Associates to The National
Director, AARP, 1978 to December Rehabilitation Hospital's Board
2001. of Directors, 2001 to 2002;
formerly, Member, Individual
Investors Advisory Committee to
the New York Stock Exchange Board
of Directors, 1998 to June 2002.
Robert A. Kavesh (79) Trustee since 2000 Marcus Nadler Professor Emeritus of 62 Formerly, Director, The Caring
Finance and Economics, New York Community (not-for-profit);
University Stern School of Business; formerly, Director, DEL
formerly, Executive Laboratories, Inc. (cosmetics and
Secretary-Treasurer, American pharmaceuticals), 1978 to 2004;
Finance Association, 1961 to 1979. formerly, Director, Apple Bank
for Savings, 1979 to 1990;
formerly, Director, Western
Pacific Industries, Inc., 1972 to
1986 (public company).
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
NAME, AGE, AND LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since 1999 Retired; formerly, Vice President 62 Director, Webfinancial
and General Counsel, WHX Corporation Corporation (holding company)
(holding company), 1993 to 2001. since December 2002; formerly,
Director WHX Corporation (holding
company), January 2002 to June
2005; formerly, Director, State
Theatre of New Jersey
(not-for-profit theater), 2000 to
2005.
Edward I.O'Brien (78) Trustee since 2000 Formerly, Member, Investment Policy 62 Director, Legg Mason, Inc.
Committee, Edward Jones, 1993 to (financial services holding
2001; President, Securities Industry company) since 1993; formerly,
Association ("SIA") (securities Director, Boston Financial Group
industry's representative in (real estate and tax shelters),
government relations and regulatory 1993 to 1999.
matters at the federal and state
levels), 1974 to 1992; Adviser to
SIA, November 1992 to November 1993.
William E. Rulon (74) Trustee since 2000 Retired; formerly, Senior Vice 62 Formerly, Director, Pro-Kids Golf
President, Foodmaker, Inc. (operator and Learning Academy (teach golf
and franchiser of restaurants) until and computer usage to "at risk"
January 1997. children), 1998 to 2006;
formerly, Director, Prandium,
Inc. (restaurants), March 2001 to
July 2002.
Cornelius T.Ryan (75) Trustee since 2000 Founding General Partner, Oxford 62 None.
Partners and Oxford Bioscience
Partners (venture capital investing)
and President, Oxford Venture
Corporation since 1981.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
NAME, AGE, AND LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD OUTSIDE
ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip Investments LP 62 Director, H&R Block, Inc.
2000; Lead (a private investment partnership); (financial services company)
Independent formerly, President and CEO, since May 2001; Director, America
Trustee beginning Westaff, Inc. (temporary staffing), One Foundation since 1998;
2006 May 2001 to January 2002; formerly, formerly, Director, Forward
Senior Executive at the Charles Management, Inc. (asset
Schwab Corporation, 1983 to 1998, management company), 1999 to
including Chief Executive Officer, 2006; formerly Director, E-Bay
Charles Schwab Investment Zoological Society, 1999 to 2003;
Management, Inc. and Trustee, Schwab formerly, Director, General Magic
Family of Funds and Schwab (voice recognition software),
Investments, 1997 to 1998, and 2001 to 2002; formerly, Director,
Executive Vice President-Retail E-Finance Corporation (credit
Brokerage, Charles Schwab & Co., decisioning services), 1999 to
Inc., 1994 to 1997. 2003; formerly, Director,
Save-Daily.com (micro investing
services), 1999 to 2003.
Candace L.Straight Trustee since 1999 Private investor and consultant 62 Director, Montpelier Re
(59) specializing in the insurance (reinsurance company) since 2006;
industry; formerly, Advisory Director, National Atlantic
Director, Securitas Capital LLC (a Holdings Corporation (property
global private equity investment and casualty insurance company)
firm dedicated to making investments since 2004; Director, The
in the insurance sector), 1998 to Proformance Insurance Company
December 2003. (property and casualty insurance
company) since March 2004;
formerly, Director, Providence
Washington Insurance Company
(property and casualty insurance
company), December 1998 to March
2006; formerly, Director, Summit
Global Partners (insurance
brokerage firm), 2000 to 2005.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3) FUND TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life Insurance
Company, April 1995 to August
1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President and 62 Director, Dale Carnegie and
Trustee since Chief Investment Officer, Associates, Inc. (private company)
2002 Neuberger Berman Inc. (holding since 1998; Director, Solbright,
company) since 2002 and 2003, Inc. (private company) since 1998.
respectively; Managing
Director and Chief Investment
Officer, Neuberger since
December 2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002 to
2005; Director and Chairman,
Management since December
2002; formerly, Executive Vice
President, Citigroup
Investments, Inc., September
1995 to February 2002;
formerly, Executive Vice
President, Citigroup Inc.,
September 1995 to February
2002.
</Table>
26
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
POSITION AND FUND COMPLEX
LENGTH OF OVERSEEN BY OTHER DIRECTORSHIPS HELD OUTSIDE
NAME, AGE, AND ADDRESS(1) TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3) FUND TRUSTEE(4) FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President,
the Board, Neuberger Berman Inc. (holding Neuberger & Berman Agency, Inc.
Chief company) since 1999; Head of since 2000; formerly, Director,
Executive Neuberger Berman Inc.'s Mutual Neuberger Berman Inc. (holding
Officer and Funds Business (since 1999) company), October 1999 to March
Trustee since and Institutional Business 2003; Trustee, Frost Valley YMCA;
2000; (1999 to October 2005); Trustee, College of Wooster.
President and responsible for Managed
Chief Accounts Business and
Executive intermediary distribution
Officer, 1999 since October 1999; President
to 2000 and Director, Management since
1999; Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999 to
December 2005; formerly,
Principal, Neuberger, 1997 to
1999; formerly, Senior Vice
President, Management, 1996 to
1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall hold
office for life or until his or her successor is elected or the Trust
terminates; except that (a) any Fund Trustee may resign by delivering a
written resignation; (b) any Fund Trustee may be removed with or without
cause at any time by a written instrument signed by at least two-thirds of
the other Fund Trustees; (c) any Fund Trustee who requests to be retired,
or who has become unable to serve, may be retired by a written instrument
signed by a majority of the other Fund Trustees; and (d) any Fund Trustee
may be removed at any shareholder meeting by a vote of at least two-thirds
of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the master fund
and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the meaning
of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested persons of the
Trust by virtue of the fact that they are officers and/or directors of
Management and Neuberger.
27
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -----------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since
Compliance Officer since 2006; Deputy General Counsel, Neuberger
2002 since 2004; formerly, Vice President,
Neuberger, 2000 to 2006; formerly,
Associate General Counsel, Neuberger,
1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (seven since 2002,
three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer Vice President, Neuberger since 2006;
since 2005 Employee, Management since 1997;
Assistant Treasurer, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (fifteen since 2005
and one since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since
2007; Vice President-Mutual Fund Board
Relations, Management since 2000 and
Assistant Secretary since 2004;
formerly, Vice President, Neuberger 2002
to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator
(three since 1985, four since 2002,
three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -----------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since Managing Director, Neuberger since 2007;
2000 formerly, Senior Vice President,
Neuberger, 2003 to 2007; formerly, Vice
President, Neuberger, 1999 to 2003;
Senior Vice President, Management since
2000; Vice President, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (three since 2000,
four since 2002, three since 2003, four
since 2004, one since 2005 and one since
2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Brian J. Gaffney (53) Vice President since Managing Director, Neuberger since 1999;
2000 Senior Vice President, Management since
2000; Vice President, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (three since 2000,
four since 2002, three since 2003, four
since 2004, one since 2005 and one since
2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer Senior Vice President, Neuberger since
since 2005 (only for 2002; Deputy General Counsel and
purposes of sections 307 Assistant Secretary, Neuberger since
and 406 of the 2001; formerly, Vice President,
Sarbanes-Oxley Act of Neuberger, 2001 to 2002; formerly,
2002) Associate General Counsel, Neuberger,
2001; Secretary and General Counsel,
Management since 2004; Chief Legal
Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of
2002), sixteen registered investment
companies for which Management acts as
investment manager and administrator
(fifteen since 2005 and one since 2006)
and one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -----------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary Assistant Vice President, Neuberger
since 2002 since 2007 and Employee since 1999;
Assistant Secretary, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (seven since 2002,
three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Kevin Lyons (51) Assistant Secretary Employee, Neuberger since 1999;
since 2003 Assistant Secretary, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (ten since 2003, four
since 2004, one since 2005 and one since
2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since
Financial and Accounting 2007; formerly, Vice President,
Officer since 2005; Neuberger, 2004 to 2007; Employee,
prior thereto, Assistant Management since 1993; Treasurer and
Treasurer since 2002 Principal Financial and Accounting
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator
(fifteen since 2005 and one since 2006)
and one registered investment company
for which Lehman Brothers Asset
Management Inc. acts as investment
adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which
Management acts as investment manager
and administrator, 2002 to 2005.
Frank Rosato (36) Assistant Treasurer Vice President, Neuberger since 2006;
since 2005 Employee, Management since 1995;
Assistant Treasurer, sixteen registered
investment companies for which
Management acts as investment manager
and administrator (fifteen since 2005
and one since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
</Table>
30
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- -----------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President Senior Vice President, Neuberger since
since 2000 2003; formerly, Vice President,
Neuberger, 1999 to 2003; Vice President,
sixteen registered investment companies
for which Management acts as investment
manager and administrator (three since
2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one
since 2006) and one registered
investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer Senior Vice President, Lehman Brothers
since 2005 Inc. since 2007; formerly, Vice
President, Lehman Brothers Inc., 2003 to
2007; Chief Compliance Officer, sixteen
registered investment companies for
which Management acts as investment
manager and administrator (fifteen since
2005 and one since 2006) and one
registered investment company for which
Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2005);
Chief Compliance Officer, Lehman
Brothers Asset Management Inc. since
2003; Chief Compliance Officer, Lehman
Brothers Alternative Investment
Management LLC since 2003; formerly,
Vice President, UBS Global Asset
Management (US) Inc. (formerly, Mitchell
Hutchins Asset Management, a
wholly-owned subsidiary of PaineWebber
Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
31
<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 Management'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).
NOTICE TO SHAREHOLDERS
67.87% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
32
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Regency Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits
historically realized by Management and its affiliates from the relationship
with the Fund; (4) the extent to which economies of scale might be realized as
the Fund grows; and (5) whether fee levels reflect those potential economies of
scale for the benefit of investors in the Fund. In their deliberations, the
Board members did not identify any particular information that was all-important
or controlling, and each Trustee may have attributed different weights to the
various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio manager. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered performance in relation to the degree of risk
undertaken by the portfolio manager.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
33
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limit on Fund expenses undertaken by Management for each class
of the Fund.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board compared the fees charged to comparable funds
and a comparable separate account to the fees charged to the Fund at various
asset levels. The Board considered the appropriateness and reasonableness of any
differences between the fees charged between the Fund and the comparable funds
and separate account and determined that any differences in fees were consistent
with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit on the Fund
for a recent period and the trend in profit over recent years. The Board also
carefully examined Management's cost allocation methodology and had an
independent consultant review the methodology. It also reviewed an analysis from
an independent data service on investment management profitability margins. The
Board recognized that Management should be entitled to earn a reasonable level
of profits for services it provides to the Fund and, based on its review,
concluded that Management's level of profitability was not excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the nature and quality of services expected to be provided;
and that the benefits accruing to Management and its affiliates by virtue of
their relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
34
<Page>
ANNUAL REPORT
DECEMBER 31, 2006
[NEUBERGER BERMAN LOGO]
A LEHMAN BROTHERS COMPANY
NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
SOCIALLY RESPONSIVE PORTFOLIO(R)
B1017 02/07
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
SOCIALLY RESPONSIVE PORTFOLIO MANAGERS' COMMENTARY
Following the Federal Reserve's August decision to leave interest rates
unchanged, stocks rallied, leading market indices to a strong close in 2006. The
Neuberger Berman Advisers Management Trust (AMT) Socially Responsive Portfolio
also performed well, keeping pace with the surging market during the fourth
quarter. However, lagging returns earlier in the year resulted in a performance
shortfall relative to the S&P 500 benchmark for all of 2006.
Investments in the Consumer Discretionary sector had the most positive impact on
returns, led by cable television giant Comcast, international cable TV operator
Liberty Global, and Toyota Motor. Industrial sector investments contributed to
performance, with temporary help leader Manpower and conglomerate Danaher
posting impressive gains. Financials sector investments, most notably State
Street, Goldman Sachs, Citigroup and Bank of New York, also performed quite
well. National Grid, our sole Utilities holding, excelled.
We experienced mixed results in the Health Care sector. Novo Nordisk, an
innovative company focused on the treatment of diabetes, was a significant
performance contributor while a decline in long-time portfolio favorite
UnitedHealth Group detracted from returns. Collectively, the Portfolio's Health
Care holdings delivered a positive return, but underperformed the S&P 500's
sector component. All the managed care stocks came under pressure this summer,
when investors became concerned about more competitive pricing. The decline in
UnitedHealth was compounded by an investigation regarding back-dated options.
While investigations are still underway, UnitedHealth has made senior level
management changes and will have to restate past earnings. However, we believe
that this will not have a significant financial impact on the company's
business. Furthermore, we believe that investors' current concern over industry
pricing is overblown and that the longer-term prospects for UnitedHealth remain
compelling. With 40 million Americans uninsured and an aging population in need
of care, we believe that the company's expertise in delivering high quality,
cost effective health care will be a critical part of the solution to America's
health care challenges.
Three technology stocks (Dell, National Instruments and Texas Instruments) were
near the bottom of the year's performance rankings. Altera, another significant
tech sector holding, also trailed index sector constituents. We eliminated our
position in Dell around mid-year believing that its competitive advantages in
the computer retailing business were eroding. We still have significant
positions in National Instruments, Texas Instruments and Altera because of our
belief that robust business fundamentals are likely to be the driver of
investment returns in the year ahead.
Our commitment to natural gas exploration and production companies and limited
exposure to the major integrated oils is largely responsible for lagging
performance in the energy sector. More than a year's worth of unseasonably mild
weather (two warm winters and a cool summer) has diminished demand for natural
gas and restrained natural gas production company earnings. While near-term
natural gas fundamentals may remain challenged if we continue to experience a
mild North American winter, over the longer term, we believe owning companies
such as Newfield Exploration and Cimarex Energy, both of which have excellent
exploration records, makes good investment sense.
Over the last several years, we have seen a narrow market in which a handful of
industry groups, most notably Energy, interest rate sensitive stocks such as
real estate investment trusts (REITs), and high yielding utilities, produced the
lion's share of market returns. As fundamentals evolved and valuations in these
top-performing sectors began to exceed our comfort level, we gradually reduced
our exposure to companies in these top-performing areas and increased our
commitments to well-positioned businesses in underperforming sectors. Managing
valuation risk and sector exposure by taking profits in winners and reallocating
the
1
<Page>
proceeds to more fundamentally attractive opportunities in more reasonably
valued sectors is an integral part of our investment discipline. Despite the
fact that our portfolio companies have been executing well against their
respective business plans, these decisions weighed on relative performance
through the first three quarters of 2006, as recent years' market leaders
continued to outperform. However, with investors displaying a renewed
appreciation for strong business fundamentals and good relative value, our
Portfolio fully participated in the fourth quarter rally. Going forward, if this
trend continues, we believe the Portfolio's relative performance will continue
to benefit.
In closing, we are long-term investors in quality businesses. Periodically,
stock performance doesn't coincide with improving fundamentals. Over the longer
term, however, we believe quality and value will be the cornerstone of superior
investment performance.
Sincerely,
/s/ Arthur Moretti /s/ Ingrid Dyott
- -------------------------------------
ARTHUR MORETTI AND INGRID DYOTT
PORTFOLIO CO-MANAGERS
2
<Page>
AVERAGE ANNUAL TOTAL RETURN(1)
<Table>
<Caption>
SOCIALLY SOCIALLY
RESPONSIVE RESPONSIVE
PORTFOLIO CLASS I PORTFOLIO CLASS S S&P 500(2)
1 YEAR 13.70% 13.57% 15.78%
5 YEAR 9.54% 9.51% 6.19%
LIFE OF FUND 7.18% 7.16% 3.52%
INCEPTION DATE 02/18/1999 05/01/2006
</Table>
PERFORMANCE DATA QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF
FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RESULTS ARE SHOWN ON A "TOTAL RETURN" BASIS AND
INCLUDE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. FOR
PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
COMPARISON OF A $10,000 INVESTMENT
[CHART]
<Table>
<Caption>
Socially
Responsive
Portfolio
Class I S&P 500
2/18/1999 $10,000 $10,000
12/31/1999 $11,540 $12,146
12/31/2000 $11,355 $11,041
12/31/2001 $10,948 $ 9,729
12/31/2002 $ 9,333 $ 7,580
12/31/2003 $12,543 $ 9,753
12/31/2004 $14,208 $10,813
12/31/2005 $15,183 $11,344
12/31/2006 $17,263 $13,134
</Table>
The chart shows the value of a hypothetical $10,000 investment in the Fund over
the past 10 fiscal years, or since the Fund's inception, if it has not operated
for 10 years. The graphs are based on Class I shares only; performance of other
classes will vary due to differences in fee structures (see Average Annual Total
Return chart above). The result is compared with benchmarks, which may include a
broad-based market index and/or a narrower index. Please note that market
indexes do not include expenses. All results include the reinvestment of
dividends and capital gain distributions. Results represent past performance and
do not indicate future results. The chart and table do not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares.
Please see Endnotes for additional information.
INDUSTRY DIVERSIFICATION
(% OF TOTAL NET ASSETS)
<Table>
Automotive 5.5%
Banking & Financial 7.8
Business Services 2.7
Cable Systems 8.3
Consumer Discretionary 2.6
Consumer Staples 1.2
Energy 2.0
Financial Services 7.7
Health Products & Services 4.0
Industrial 6.6
Insurance 5.3
Life Science Tools & Supplies 1.9
Media 7.0
Oil & Gas 3.1
Pharmaceutical 6.6
Technology 3.5
Technology-Semiconductor 9.6
Technology-Semiconductor Capital Equipment 3.1
Transportation 2.4
Utilities 3.9
Repurchase Agreements 5.9
Short-Term Investments 2.0
Liabilities, less cash, receivables and other assets (2.7)
</Table>
3
<Page>
ENDNOTES
(1.) 13.70%, 9.54% and 7.18% were the average annual total returns for the
1-year, 5-year and since inception (02/18/99) periods ended December 31,
2006. For Class S, 13.57%, 9.51% and 7.16% were the average annual total
returns for the 1-year, 5-year and since inception (02/18/99) periods ended
December 31, 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 correspondingly 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
https://www.nb.com/public/DMA/html/performance_ins_amt_equity_monthly.html.
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) 2007 Neuberger Berman Management Inc., distributor. All rights
reserved.
4
<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 six month period ended December 31, 2006. The table
illustrates the fund's costs in two ways:
<Table>
<Caption>
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.
</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.
The table and the expense example do not include expenses and charges that are,
or may be, imposed under your variable contract or qualified pension plan. If
such expenses and charges were included, your costs would be higher.
EXPENSE INFORMATION AS OF 12/31/06 (UNAUDITED)
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
EXPENSES
BEGINNING ENDING PAID DURING
ACCOUNT ACCOUNT THE PERIOD*
VALUE VALUE 7/1/06 - EXPENSE
ACTUAL 7/1/06 12/31/06 12/31/06 RATIO
- -------------------------------------------------------------------------
Class I $1,000.00 $1,128.30 $5.12 .95%
Class S $1,000.00 $1,126.90 $6.19 1.15%
HYPOTHETICAL (5% ANNUAL
RETURN BEFORE EXPENSES)**
- -------------------------------------------------------------------------
Class I $1,000.00 $1,020.39 $4.86
Class S $1,000.00 $1,019.39 $5.88
</Table>
* For each class of the fund, expenses are equal to the annualized expense
ratio for the class, multiplied by the average account value over the
period, multiplied by 184/365 (to reflect the one-half year period shown).
** Hypothetical 5% annual return before expenses is calculated by multiplying
the number of days in the most recent half year divided by 365.
5
<Page>
SCHEDULE OF INVESTMENTS SOCIALLY RESPONSIVE PORTFOLIO
<Table>
<Caption>
NUMBER OF SHARES MARKET VALUE+
COMMON STOCKS (94.8%)
AUTOMOTIVE (5.5%)
178,225 BorgWarner, Inc. $ 10,518,839
67,500 Toyota Motor ADR 9,065,925
------------
19,584,764
BANKING & FINANCIAL (7.8%)
353,750 Bank of New York 13,927,137
200,775 State Street 13,540,266
------------
27,467,403
BUSINESS SERVICES (2.7%)
126,930 Manpower Inc. 9,510,865
CABLE SYSTEMS (8.3%)
294,325 Comcast Corp. Class A Special 12,326,331*
558,150 Liberty Global Class A 16,270,072*
29,866 Liberty Global Class C 836,248*
------------
29,432,651
CONSUMER DISCRETIONARY (2.6%)
158,850 Target Corp. 9,062,393
CONSUMER STAPLES (1.2%)
79,350 Costco Wholesale 4,195,235
ENERGY (2.0%)
103,475 BP PLC ADR 6,943,173
FINANCIAL SERVICES (7.7%)
265,200 Citigroup Inc. 14,771,640
113,700 Freddie Mac 7,720,230
24,725 Goldman Sachs Group 4,928,929
------------
27,420,799
HEALTH PRODUCTS & SERVICES (4.0%)
266,250 UnitedHealth Group 14,305,613
INDUSTRIAL (6.6%)
94,400 3M Co. 7,356,592
223,285 Danaher Corp. 16,174,765^^
------------
23,531,357
INSURANCE (5.3%)
186,675 Progressive Corp. 4,521,268
359,300 Willis Group Holdings 14,267,803
------------
18,789,071
LIFE SCIENCE TOOLS & SUPPLIES (1.9%)
102,275 Millipore Corp. 6,811,515*
MEDIA (7.0%)
334,300 E.W. Scripps 16,694,942
369,575 Liberty Media Holding
Interactive Class A 7,971,733*
------------
24,666,675
OIL & GAS (3.1%)
74,200 Cimarex Energy 2,708,300
180,275 Newfield Exploration 8,283,636*
------------
10,991,936
PHARMACEUTICAL (6.6%)
213,375 Novartis AG ADR $ 12,256,260
18,275 Novo Nordisk A/S ADR 1,528,338
115,150 Novo Nordisk A/S Class B 9,591,077
------------
23,375,675
TECHNOLOGY (3.5%)
456,875 National Instruments 12,445,275
TECHNOLOGY--SEMICONDUCTOR (9.6%)
893,250 Altera Corp. 17,579,160*
571,150 Texas Instruments 16,449,120
------------
34,028,280
TECHNOLOGY--SEMICONDUCTOR
CAPITAL EQUIPMENT (3.1%)
724,150 Teradyne, Inc. 10,833,284*
TRANSPORTATION (2.4%)
199,525 Canadian National Railway 8,585,561
UTILITIES (3.9%)
321,600 National Grid 4,640,838
126,379 National Grid ADR 9,177,643
------------
13,818,481
TOTAL COMMON STOCKS
(COST $297,292,441) 335,800,006
------------
PRINCIPAL AMOUNT
REPURCHASE AGREEMENTS (5.9%)
$20,755,000 State Street Bank and Trust Co., Repurchase
Agreement, 4.95%, due 1/2/07, dated
12/29/06, Maturity Value $20,766,415,
Collateralized by $21,515,000 Fannie Mae,
4.25%, due 8/15/10 (Collateral Value
$21,380,316)
(COST $20,755,000) 20,755,000#
------------
NUMBER OF SHARES
SHORT-TERM INVESTMENTS (2.0%)
7,125,001 Neuberger Berman Securities Lending Quality
Fund, LLC
(COST $7,125,001) 7,125,001#+++
------------
TOTAL INVESTMENTS (102.7%)
(COST $325,172,442) 363,680,007##
Liabilities, less cash, receivables and other
assets [(2.7%)] (9,482,967)
------------
TOTAL NET ASSETS (100.0%) $354,197,040
------------
</Table>
6
<Page>
NOTES TO SCHEDULE OF INVESTMENTS SOCIALLY RESPONSIVE PORTFOLIO
+ Investments in equity securities by Neuberger Berman Advisers Management
Trust Socially Responsive Portfolio (the "Fund") are valued at the latest
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. Foreign security prices are currently translated
from the local currency into U.S. dollars using the exchange rate as of
4:00 p.m., Eastern time. The Board has approved the use of FT Interactive
Data Corporation ("FT Interactive") to assist in determining the fair value
of the Fund's foreign equity securities when changes in the value of a
certain index suggest that the closing prices on the foreign exchanges may
no longer represent the amount that the Fund could expect to receive for
those securities. In this event, FT Interactive will provide adjusted
prices for certain foreign equity securities using a statistical analysis
of historical correlations of multiple factors. In the absence of precise
information about the market values of these foreign securities as of the
close of the New York Stock Exchange, the Board has determined on the basis
of available data that prices adjusted in this way are likely to be closer
to the prices the Fund could realize on a current sale than are the prices
of those securities established at the close of the foreign markets in
which the securities primarily trade. However, fair value prices are
necessarily estimates, and there is no assurance that such a price will be
at or close to the price at which the security next trades. Short-term debt
securities with less than 60 days until maturity may be valued at cost
which, when combined with interest earned, approximates market value.
# At cost, which approximates market value.
## At December 31, 2006, the cost of investments for U.S. federal income tax
purposes was $325,286,629. Gross unrealized appreciation of investments was
$39,699,161 and gross unrealized depreciation of investments was
$1,305,783, resulting in net unrealized appreciation of $38,393,378, based
on cost for U.S. federal income tax purposes.
* Security did not produce income during the last twelve months.
+++ 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).
^^ All or a portion of this security is on loan (see Note A of Notes to
Financial Statements).
See Notes to Financial Statements
7
<Page>
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
ASSETS
INVESTMENTS IN SECURITIES, AT MARKET VALUE*+
(NOTES A & F)--SEE SCHEDULE OF INVESTMENTS:
Unaffiliated issuers $356,555,006
Affiliated issuers 7,125,001
- --------------------------------------------------------------------------------
363,680,007
Cash 23,000
Foreign currency 97,757
Dividends and interest receivable 338,551
Receivable for Fund shares sold 1,729,881
Receivable for securities lending income (Note A) 46,989
- --------------------------------------------------------------------------------
TOTAL ASSETS 365,916,185
- --------------------------------------------------------------------------------
LIABILITIES
Payable for collateral on securities loaned (Note A) 7,125,001
Payable for securities purchased 3,889,176
Payable for Fund shares redeemed 344,209
Payable to investment manager (Note B) 159,477
Payable for securities lending fees (Note A) 44,315
Payable to administrator--net (Note B) 101,743
Accrued expenses and other payables 55,224
- --------------------------------------------------------------------------------
TOTAL LIABILITIES 11,719,145
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $354,197,040
- --------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
Paid-in capital $313,446,490
Undistributed net investment income (loss) 444,129
Accumulated net realized gains (losses) on investments 1,794,906
Net unrealized appreciation (depreciation) in value of
investments 38,511,515
- --------------------------------------------------------------------------------
NET ASSETS AT VALUE $354,197,040
- --------------------------------------------------------------------------------
NET ASSETS
Class I $262,593,312
Class S 91,603,728
SHARES OUTSTANDING ($.001 PAR VALUE; UNLIMITED SHARES AUTHORIZED)
Class I 15,717,334
Class S 5,488,046
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
Class I $ 16.71
Class S 16.69
+SECURITIES ON LOAN, AT MARKET VALUE:
Unaffiliated issuers $ 6,881,800
*COST OF INVESTMENTS:
Unaffiliated issuers $318,047,441
Affiliated issuers 7,125,001
- --------------------------------------------------------------------------------
TOTAL COST OF INVESTMENTS $325,172,442
- --------------------------------------------------------------------------------
TOTAL COST OF FOREIGN CURRENCY $ 94,120
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
8
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST FOR THE YEAR ENDED DECEMBER 31, 2006
STATEMENT OF OPERATIONS
<Table>
<Caption>
SOCIALLY
RESPONSIVE
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST PORTFOLIO
INVESTMENT INCOME
INCOME (NOTE A):
Dividend income--unaffiliated issuers $ 1,973,523
Interest income--unaffiliated issuers 519,425
Income from securities loaned--net (Note F) 7,136
Foreign taxes withheld (21,825)
- --------------------------------------------------------------------------------
Total income 2,478,259
- --------------------------------------------------------------------------------
EXPENSES:
Investment management fees (Note B) 996,421
Administration fees (Note B):
Class I 398,996
Class S 144,507
Distribution fees (Note B):
Class S 120,503
Audit fees 37,692
Custodian fees (Note B) 92,366
Insurance expense 2,188
Legal fees 20,907
Shareholder reports 31,003
Reimbursement of expenses previously assumed by administrator
(Note B) 123,662
Trustees' fees and expenses 27,520
- --------------------------------------------------------------------------------
Miscellaneous 2,221
- --------------------------------------------------------------------------------
Total expenses 1,997,986
Expenses reimbursed by administrator (Note B) (12,254)
Expenses reduced by custodian fee expense offset and commission
recapture arrangements (Note B) (19,549)
- --------------------------------------------------------------------------------
Total net expenses 1,966,183
- --------------------------------------------------------------------------------
Net investment income (loss) 512,076
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE A)
Net realized gain (loss) on:
Sales of investment securities of unaffiliated issuers 1,865,381
Foreign currency (953)
Change in net unrealized appreciation (depreciation) in value of:
Unaffiliated investment securities 33,978,104
Foreign currency 4,078
-----------------------------------------------------------------------------
Net gain (loss) on investments 35,846,610
- --------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $36,358,686
- --------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
9
<Page>
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST DECEMBER 31, 2006
STATEMENT OF CHANGES IN NET ASSETS
<Table>
<Caption>
SOCIALLY RESPONSIVE PORTFOLIO
-----------------------------
YEAR ENDED DECEMBER 31,
NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST 2006 2005
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 512,076 $ 163,433
Net realized gain (loss) on investments 1,864,428 1,040,061
Change in net unrealized appreciation (depreciation) of investments 33,982,182 1,290,057
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from operations 36,358,686 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 198,991,772 34,817,259
Class S 2,780,792 --
Proceeds from reinvestment of dividends and distributions:
Class I 1,299,947 93,682
Proceeds issued in conjunction with acquisition:
Class S 85,051,806 --
Payments for shares redeemed:
Class I (8,897,342) (8,558,708)
Class S (10,564,471) --
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) from Fund share transactions 268,662,504 26,352,233
- ---------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS 303,721,243 28,752,102
NET ASSETS:
Beginning of year 50,475,797 21,723,695
- ---------------------------------------------------------------------------------------------------
End of year $354,197,040 $50,475,797
- ---------------------------------------------------------------------------------------------------
Undistributed net investment income (loss) at end of year $ 444,129 $ 160,127
- ---------------------------------------------------------------------------------------------------
</Table>
See Notes to Financial Statements
10
<Page>
NOTES TO FINANCIAL STATEMENTS SOCIALLY RESPONSIVE PORTFOLIO
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
1 GENERAL: Socially Responsive Portfolio (the "Fund") is a separate operating
series of Neuberger Berman Advisers Management Trust (the "Trust"), a
Delaware statutory trust organized pursuant to a Trust Instrument dated May
23, 1994. The Trust is currently comprised of eleven separate operating
series (each a "Series," collectively, the "Funds") each of which 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 currently
translated into U.S. dollars using the exchange rates as of 4:00 p.m.,
Eastern time, to determine the value of investments, other assets and
liabilities. Purchase and sale prices of securities, and income and
expenses, are translated into U.S. dollars at the prevailing rate of
exchange on the respective dates of such transactions. Net unrealized
foreign currency gain (loss) arises from changes in the value of assets and
liabilities, other than investments in securities, as a result of changes
in exchange rates and is stated separately in the Statement of Operations.
4 SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date for financial reporting purposes. Dividend income is
recorded on the ex-dividend date or, for certain foreign dividends, as soon
as the Fund becomes aware of the dividends. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. Interest income, including accretion of original issue
discount, where applicable, and accretion of discount on short-term
investments, is recorded on the accrual basis. Realized gains and losses
from securities transactions and foreign currency transactions, if any, are
recorded on the basis of identified cost and stated separately in the
Statement of Operations. Included in net realized gain (loss) on
investments are proceeds from the settlements of class action litigation in
which the Fund participated as a plaintiff. The amount of such proceeds for
the year ended December 31, 2006 was $4,528.
5 INCOME TAX INFORMATION: The Funds are treated as separate entities for U.S.
federal income tax purposes. It is the policy of the Fund to continue to
qualify as a regulated investment company by complying with the
requirements of Subchapter M of the Internal Revenue Code applicable to
regulated
11
<Page>
investment companies and to distribute substantially all of its earnings to
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, 2006, 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 fiscal year-end. These reclassifications had no effect on
net income, net asset value or net asset value per share of the Fund.
The tax character of distributions paid during the years ended December 31,
2006 and December 31, 2005 was as follows:
<Table>
<Caption>
DISTRIBUTIONS PAID FROM:
ORDINARY INCOME LONG-TERM CAPITAL GAIN TOTAL
2006 2005 2006 2005 2006 2005
$201,369 $-- $1,098,578 $93,682 $1,299,947 $93,682
</Table>
As of December 31, 2006, the components of distributable earnings
(accumulated losses) on a U.S. federal income tax basis were as follows:
<Table>
<Caption>
UNDISTRIBUTED UNREALIZED LOSS
UNDISTRIBUTED LONG-TERM APPRECIATION CARRYFORWARDS
ORDINARY INCOME GAIN (DEPRECIATION) AND DEFERRALS TOTAL
$2,353,222 $-- $38,397,328 $-- $40,750,550
</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
12
<Page>
Management serves as investment manager, that are not directly attributed
to a Series or the Trust are allocated among the Fund and the other
investment companies in the complex or series thereof on the basis of
relative net assets, except where a more appropriate allocation of expenses
to each investment company in the complex or series thereof can otherwise
be made fairly. 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: Since 2005, a third party, eSecLending, has assisted the
Fund in conducting a bidding process to identify agents/principals that
would pay a guaranteed amount to the Fund in consideration of the Fund
entering into an exclusive securities lending arrangement. Through this
bidding process in August 2006, and pursuant to an Exemptive Order issued
by the Securities and Exchange Commission, the Fund selected Neuberger
Berman, LLC ("Neuberger"), an affiliate of the Fund, to be its exclusive
lending agent for a specified period. Under the agreement entered into
between the Fund and Neuberger, Neuberger pays a guaranteed amount to the
Fund.
Under the securities lending arrangements arranged through eSecLending, 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 may invest all the
cash collateral in 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.
Net income from the applicable lending program represents the guaranteed
amount plus income earned on the cash collateral invested in Quality Fund
or in other investments, less cash collateral fees and other expenses
associated with the loans. For the year ended December 31, 2006, the Fund
received net income under the securities lending arrangements of
approximately $7,136, which is reflected in the Statement of Operations
under the caption "Income from securities loaned-net." For the year ended
December 31, 2006, "Income from securities loaned-net" consisted of
approximately $166,783 in income earned on cash collateral and guaranteed
amounts (including approximately $159,254 of interest income earned from
the Quality Fund and $7,529 in guaranteed amounts received from Neuberger),
less fees and expenses paid of approximately $159,647 (including $0
retained by Neuberger).
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
13
<Page>
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. 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 an 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 payments for, among other
purposes, compensating employees engaged in sales and/or shareholder
servicing. The amount of fees paid by the 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.
14
<Page>
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 YEAR ENDED
LIMITATION(1) EXPIRATION DECEMBER 31, 2006
CLASS I 1.30% 12/31/09 --
CLASS S 1.17% 12/31/09 $12,254
</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 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. For the year ended
December 31, 2006, the Fund's Class I reimbursed Management $123,662. At
December 31, 2006, the Fund's Class I shares had no contingent liability to
Management under these agreements. At December 31, 2006, the Fund's Class S
shares had a contingent liability of $12,254 which expires in 2009.
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 agreement 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.
Pursuant to the agreement, brokers pay recaptured commissions to the Fund's
custodian and the custodian directs these amounts toward payment of
expenses such as custodial, transfer agency or accounting services. For the
year ended December 31, 2006, the impact of this arrangement was a
reduction of expenses of $19,007.
The Fund has an expense offset arrangement in connection with its custodian
contract. For the year ended December 31, 2006, the impact of this
arrangement was a reduction of expenses of $542.
NOTE C--SECURITIES TRANSACTIONS:
During the year ended December 31, 2006, there were purchase and sale
transactions (excluding short-term securities) of $271,370,393 and
$97,370,948, respectively.
During the year ended December 31, 2006, brokerage commissions on
securities transactions amounted to $434,416, of which Neuberger received
$3,237, Lehman Brothers Inc. received $67,336, and other brokers received
$363,843.
15
<Page>
NOTE D--FUND SHARE TRANSACTIONS:
Share activity for the period ended December 31, 2006 and the year ended
December 31, 2005 was as follows:
<Table>
<Caption>
FOR THE YEAR ENDED
DECEMBER 31,
CLASS I 2006 2005
SHARES SOLD 12,829,857 2,432,866
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND
DISTRIBUTIONS 83,652 6,630
SHARES REDEEMED (581,378) (607,213)
---------- ---------
TOTAL 12,332,131 1,832,283
---------- ---------
</Table>
<Table>
<Caption>
FOR THE PERIOD ENDED
DECEMBER 31, 2006*
CLASS S
SHARES SOLD 391,252
SHARES ISSUED ON REINVESTMENT OF DIVIDENDS AND
DISTRIBUTIONS --
SHARES ISSUED IN CONJUNCTION WITH ACQUISITION 5,775,223
SHARES REDEEMED (678,429)
---------
TOTAL 5,488,046
---------
</Table>
* For the period from May 1, 2006 (Commencement of Operations) to
December 31, 2006, for Class S.
NOTE E--LINE OF CREDIT:
At December 31, 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 an overnight Federal Funds Rate plus 0.50% per annum. A
facility fee of 0.07% 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.
Because several investment companies participate, there is no assurance
that an individual fund will have access to all or any part of the
$150,000,000 at any particular time. There were no loans outstanding
pursuant to this line of credit at December 31, 2006. During the year ended
December 31, 2006, the Fund did not utilize this line of credit.
16
<Page>
NOTE F--INVESTMENTS IN AFFILIATES*:
<Table>
<Caption>
INCOME FROM
BALANCE OF GROSS BALANCE OF INVESTMENTS
SHARES HELD PURCHASES GROSS SHARES HELD VALUE IN AFFILIATED
DECEMBER 31, AND SALES AND DECEMBER 31, DECEMBER 31, ISSUERS INCLUDED
NAME OF ISSUER 2005 ADDITIONS REDUCTIONS 2006 2006 IN TOTAL INCOME
Neuberger Berman
Securities Lending
Quality Fund, LLC** -- 40,658,500 33,533,499 7,125,001 $7,125,001 $159,254
</Table>
* Affiliated issuers, as defined in the 1940 Act.
** 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 loans 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--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
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.
17
<Page>
NOTE H--RECENT ACCOUNTING PRONOUNCEMENTS:
On July 13, 2006, the Financial Accounting Standards Board ("FASB")
released FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions
should be recognized, measured, presented and disclosed in the financial
statements. FIN 48 clarifies the accounting for income taxes, by
prescribing a minimum recognition threshold a tax position is required to
meet before being recognized in the financial statements. FIN 48 requires
that a "more-likely-than-not" threshold be met before the benefit of a tax
position may be recognized in the financial statements and prescribes how
such benefit should be measured. Adoption of FIN 48 is required for fiscal
years beginning after December 15, 2006 and is to be applied to all open
tax years as of the effective date. The Securities and Exchange Commission
will permit investment companies to delay implementation of FIN 48 until
June 29, 2007. At this time, Management is evaluating the implications of
FIN 48 and its impact in the financial statements has not yet been
determined.
In September 2006, FASB issued FASB Statement No. 157, "Fair Value
Measurement" ("SFAS 157"), which defines fair value, establishes a
framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS 157 is effective for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.
Management believes the adoption of SFAS 157 will not have a material
impact on the Fund's financial position or results of operations.
18
<Page>
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>
YEAR ENDED DECEMBER 31,
----------------------------------------------
CLASS I 2006 2005 2004 2003 2002
NET ASSET VALUE, BEGINNING OF YEAR $ 14.91 $13.99 $ 12.35 $ 9.19 $ 10.78
------- ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .05 .08 (.00) (.01) (.01)
NET GAINS OR LOSSES ON SECURITIES
(BOTH REALIZED AND UNREALIZED) 1.98 .88 1.64 3.17 (1.58)
------- ------ ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS 2.03 .96 1.64 3.16 (1.59)
------- ------ ------- ------- -------
LESS DISTRIBUTIONS FROM:
NET INVESTMENT INCOME (.03) -- -- -- --
NET CAPITAL GAINS (.20) (.04) -- -- --
------- ------ ------- ------- -------
TOTAL DISTRIBUTIONS (.23) (.04) -- -- --
------- ------ ------- ------- -------
NET ASSET VALUE, END OF YEAR $ 16.71 $14.91 $ 13.99 $ 12.35 $ 9.19
------- ------ ------- ------- -------
TOTAL RETURN++ +13.70% +6.86% +13.28% +34.39% -14.75%
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF YEAR (IN MILLIONS) $ 262.6 $ 50.5 $ 21.7 $ 7.7 $ 5.0
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.07% 1.30% 1.31% 1.35% 1.52%
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.06% 1.29% 1.29% 1.34% 1.51%
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .33% .53% (.03%) (.08%) (.07%)
PORTFOLIO TURNOVER RATE 56% 24% 21% 45% 38%
</Table>
<Table>
<Caption>
PERIOD FROM
MAY 1, 2006^
TO DECEMBER 31,
CLASS S 2006
---------------
NET ASSET VALUE, BEGINNING OF PERIOD $15.59
------
INCOME FROM INVESTMENT OPERATIONS:
NET INVESTMENT INCOME (LOSS)+++ .02
NET GAINS OR LOSSES ON SECURITIES (BOTH REALIZED AND
UNREALIZED) 1.08
------
TOTAL FROM INVESTMENT OPERATIONS 1.20
------
NET ASSET VALUE, END OF PERIOD $16.69
------
TOTAL RETURN++ +7.06%**
RATIOS/SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 91.6
RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS# 1.17%*
RATIO OF NET EXPENSES TO AVERAGE NET ASSETS~ 1.16%*
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .16%*
PORTFOLIO TURNOVER RATE 56%@@
</Table>
See Notes to Financial Highlights
19
<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. 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 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,
2006 2005 2004 2003 2002
SOCIALLY RESPONSIVE PORTFOLIO CLASS I -- 1.33% 1.73% 2.30% 2.87%
SOCIALLY RESPONSIVE PORTFOLIO CLASS S 1.18%(1) -- -- -- --
</Table>
(1) Period from May 1, 2006 to December 31, 2006.
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:
YEAR ENDED
DECEMBER 31,
2006
SOCIALLY RESPONSIVE PORTFOLIO CLASS I 0.97%
+++ Calculated based on the average number of shares outstanding during each
fiscal period.
^ The date investment operations commenced.
@@ Portfolio turnover is calculated at the Fund level. Percentage indicated
was calculated for year ended December 31, 2006.
* Annualized.
** Not annualized.
20
<Page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of
Neuberger Berman Advisers Management Trust and
Shareholders of Socially Responsive Portfolio
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Socially Responsive Portfolio, one of the series
constituting Neuberger Berman Advisers Management Trust (the "Trust"), as of
December 31, 2006, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Trust's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Trust's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of December 31, 2006, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Socially Responsive Portfolio, a series of Neuberger Berman Advisers Management
Trust, at December 31, 2006, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period
then ended, and the financial highlights for each of the periods indicated
therein, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 2007
21
<Page>
TRUSTEE AND OFFICER INFORMATION
The following tables set forth information concerning the trustees and officers
of the Trust. All persons named as trustees and officers also serve in similar
capacities for other funds administered or managed by Management and Neuberger.
The Statement of Additional Information includes additional information about
fund trustees and is available upon request, without charge, by calling (800)
877-9700.
INFORMATION ABOUT THE BOARD OF TRUSTEES
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) OUTSIDE FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT FUND TRUSTEES
John Cannon (77) Trustee since Consultant; formerly, 62 Independent Trustee or Director of three
2000 Chairman, CDC Investment series of Oppenheimer Funds: Limited Term
Advisers (registered New York Municipal Fund, Rochester Fund
investment adviser), 1993 Municipals, and Oppenheimer Convertible
to January 1999; formerly, Securities Fund since 1992.
President and Chief
Executive Officer, AMA
Investment Advisors, an
affiliate of the American
Medical Association.
Faith Colish (71) Trustee since Counsel, Carter Ledyard & 62 Advisory Director, ABA Retirement Funds
1984 Milburn LLP (law firm) (formerly, American Bar Retirement
since October 2002; Association (ABRA)) since 1997
formerly, Attorney-at-Law (not-for-profit membership association).
and President, Faith
Colish, A Professional
Corporation, 1980 to 2002.
C. Anne Harvey (69) Trustee since President, C.A. Harvey 62 Formerly, President, Board of Associates
1998 Associates since October to The National Rehabilitation Hospital's
2001; formerly, Director, Board of Directors, 2001 to 2002;
AARP, 1978 to December formerly, Member, Individual Investors
2001. Advisory Committee to the New York Stock
Exchange Board of Directors, 1998 to June
2002.
Robert A. Kavesh (79) Trustee since Marcus Nadler Professor 62 Formerly, Director, The Caring Community
2000 Emeritus of Finance and (not-for-profit); formerly, Director, DEL
Economics, New York Laboratories, Inc. (cosmetics and
University Stern School of pharmaceuticals), 1978 to 2004; formerly,
Business; formerly, Director, Apple Bank for Savings, 1979 to
Executive 1990; formerly, Director, Western Pacific
Secretary-Treasurer, Industries, Inc., 1972 to 1986 (public
American Finance company).
Association, 1961 to 1979.
</Table>
22
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) OUTSIDE FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Howard A. Mileaf (70) Trustee since Retired; formerly, Vice 62 Director, Webfinancial Corporation
1999 President and General (holding company) since December 2002;
Counsel, WHX Corporation formerly, Director WHX Corporation
(holding company), 1993 to (holding company), January 2002 to June
2001. 2005; formerly, Director, State Theatre of
New Jersey (not-for-profit theater), 2000
to 2005.
Edward I. O'Brien (78) Trustee since Formerly, Member, 62 Director, Legg Mason, Inc. (financial
2000 Investment Policy services holding company) since 1993;
Committee, Edward Jones, formerly, Director, Boston Financial Group
1993 to 2001; President, (real estate and tax shelters), 1993 to
Securities Industry 1999.
Association ("SIA")
(securities industry's
representative in
government relations and
regulatory matters at the
federal and state levels),
1974 to 1992; Adviser to
SIA, November 1992 to
November 1993.
William E. Rulon (74) Trustee since Retired; formerly, Senior 62 Formerly, Director, Pro-Kids Golf and
2000 Vice President, Foodmaker, Learning Academy (teach golf and computer
Inc. (operator and usage to "at risk" children), 1998 to
franchiser of restaurants) 2006; formerly, Director, Prandium, Inc.
until January 1997. (restaurants), March 2001 to July 2002.
Cornelius T. Ryan (75) Trustee since Founding General Partner, 62 None.
2000 Oxford Partners and Oxford
Bioscience Partners
(venture capital
investing) and President,
Oxford Venture Corporation
since 1981.
</Table>
23
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) OUTSIDE FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Tom D. Seip (57) Trustee since General Partner, Seip 62 Director, H&R Block, Inc. (financial
2000; Lead Investments LP (a private services company) since May 2001;
Independent investment partnership); Director, America One Foundation since
Trustee formerly, President and 1998; formerly, Director, Forward
beginning CEO, Westaff, Inc. Management, Inc. (asset management
2006 (temporary staffing), May company), 1999 to 2006; formerly Director,
2001 to January 2002; E-Bay Zoological Society, 1999 to 2003;
formerly, Senior Executive formerly, Director, General Magic (voice
at the Charles Schwab recognition software), 2001 to 2002;
Corporation, 1983 to 1998, formerly, Director, E-Finance Corporation
including Chief Executive (credit decisioning services), 1999 to
Officer, Charles Schwab 2003; formerly, Director, Save-Daily.com
Investment Management, (micro investing services), 1999 to 2003.
Inc. and Trustee, Schwab
Family of Funds and Schwab
Investments, 1997 to 1998,
and Executive Vice
President-Retail
Brokerage, Charles Schwab
& Co., Inc., 1994 to 1997.
Candace L. Straight (59) Trustee since Private investor and 62 Director, Montpelier Re (reinsurance
1999 consultant specializing in company) since 2006; Director, National
the insurance industry; Atlantic Holdings Corporation (property
formerly, Advisory and casualty insurance company) since
Director, Securitas 2004; Director, The Proformance Insurance
Capital LLC (a global Company (property and casualty insurance
private equity investment company) since March 2004; formerly,
firm dedicated to making Director, Providence Washington Insurance
investments in the Company (property and casualty insurance
insurance sector), 1998 to company), December 1998 to March 2006;
December 2003. formerly, Director, Summit Global Partners
(insurance brokerage firm), 2000 to 2005.
</Table>
24
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) OUTSIDE FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter P. Trapp (62) Trustee since Regional Manager for 62 None.
1984 Mid-Southern Region, Ford
Motor Credit Company since
September 1997; formerly,
President, Ford Life
Insurance Company, April
1995 to August 1997.
FUND TRUSTEES WHO ARE "INTERESTED PERSONS"
Jack L. Rivkin* (66) President and Executive Vice President 62 Director, Dale Carnegie and Associates,
Trustee and Chief Investment Inc. (private company) since 1998;
since 2002 Officer, Neuberger Berman Director, Solbright, Inc. (private
Inc. (holding company) company) since 1998.
since 2002 and 2003,
respectively; Managing
Director and Chief
Investment Officer,
Neuberger since December
2005 and 2003,
respectively; formerly,
Executive Vice President,
Neuberger, December 2002
to 2005; Director and
Chairman, Management since
December 2002; formerly,
Executive Vice President,
Citigroup Investments,
Inc., September 1995 to
February 2002; formerly,
Executive Vice President,
Citigroup Inc., September
1995 to February 2002.
</Table>
25
<Page>
<Table>
<Caption>
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION AND OVERSEEN BY
LENGTH OF TIME FUND OTHER DIRECTORSHIPS HELD
NAME, AGE, AND ADDRESS(1) SERVED(2) PRINCIPAL OCCUPATION(S)(3) TRUSTEE(4) OUTSIDE FUND COMPLEX BY FUND TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
Peter E. Sundman* (47) Chairman of Executive Vice President, 62 Director and Vice President, Neuberger &
the Board, Neuberger Berman Inc. Berman Agency, Inc. since 2000; formerly,
Chief (holding company) since Director, Neuberger Berman Inc. (holding
Executive 1999; Head of Neuberger company), October 1999 to March 2003;
Officer and Berman Inc.'s Mutual Funds Trustee, Frost Valley YMCA; Trustee,
Trustee since Business (since 1999) and College of Wooster.
2000; Institutional Business
President and (1999 to October 2005);
Chief responsible for Managed
Executive Accounts Business and
Officer, intermediary distribution
1999 to 2000 since October 1999;
President and Director,
Management since 1999;
Managing Director,
Neuberger since 2005;
formerly, Executive Vice
President, Neuberger, 1999
to December 2005;
formerly, Principal,
Neuberger, 1997 to 1999;
formerly, Senior Vice
President, Management,
1996 to 1999.
</Table>
(1) The business address of each listed person is 605 Third Avenue,
New York, New York 10158.
(2) Pursuant to the Trust's Trust Instrument, each Fund Trustee shall
hold office for life or until his or her successor is elected or
the Trust terminates; except that (a) any Fund Trustee may resign
by delivering a written resignation; (b) any Fund Trustee may be
removed with or without cause at any time by a written instrument
signed by at least two-thirds of the other Fund Trustees; (c) any
Fund Trustee who requests to be retired, or who has become unable
to serve, may be retired by a written instrument signed by a
majority of the other Fund Trustees; and (d) any Fund Trustee may
be removed at any shareholder meeting by a vote of at least
two-thirds of the outstanding shares.
(3) Except as otherwise indicated, each individual has held the
positions shown for at least the last five years.
(4) For funds organized in a master-feeder structure, we count the
master fund and its associated feeder funds as a single portfolio.
* Indicates a Fund Trustee who is an "interested person" within the
meaning of the 1940 Act. Mr. Sundman and Mr. Rivkin are interested
persons of the Trust by virtue of the fact that they are officers
and/or directors of Management and Neuberger.
26
<Page>
INFORMATION ABOUT THE OFFICERS OF THE TRUST
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Andrew B. Allard (45) Anti-Money Laundering Senior Vice President, Neuberger since 2006;
Compliance Officer since 2002 Deputy General Counsel, Neuberger since 2004;
formerly, Vice President, Neuberger, 2000 to
2006; formerly, Associate General Counsel,
Neuberger, 1999 to 2004; Anti-Money Laundering
Compliance Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator (seven
since 2002, three since 2003, four since 2004,
one since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Michael J. Bradler (37) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1997; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Claudia A. Brandon (50) Secretary since 1985 Senior Vice President, Neuberger since 2007;
Vice President-Mutual Fund Board Relations,
Management since 2000 and Assistant Secretary
since 2004; formerly, Vice President, Neuberger
2002 to 2007 and Employee since 1999;
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 1985, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
27
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Robert Conti (50) Vice President since 2000 Managing Director, Neuberger since 2007;
formerly, Senior Vice President, Neuberger,
2003 to 2007; formerly, Vice President,
Neuberger, 1999 to 2003; Senior Vice President,
Management since 2000; Vice President, sixteen
registered investment companies for which
Management acts as investment manager and
administrator (three since 2000, four since
2002, three since 2003, four since 2004, one
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006).
Brian J. Gaffney (53) Vice President since 2000 Managing Director, Neuberger since 1999; Senior
Vice President, Management since 2000; Vice
President, sixteen registered investment
companies for which Management acts as
investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Maxine L. Gerson (56) Chief Legal Officer since 2005 Senior Vice President, Neuberger since 2002;
(only for purposes of sections Deputy General Counsel and Assistant Secretary,
307 and 406 of the Neuberger since 2001; formerly, Vice President,
Sarbanes-Oxley Act of 2002) Neuberger, 2001 to 2002; formerly, Associate
General Counsel, Neuberger, 2001; Secretary and
General Counsel, Management since 2004; Chief
Legal Officer (only for purposes of sections
307 and 406 of the Sarbanes-Oxley Act of 2002),
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
28
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Sheila R. James (41) Assistant Secretary since 2002 Assistant Vice President, Neuberger since 2007
and Employee since 1999; Assistant Secretary,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (seven since 2002, three since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
Kevin Lyons (51) Assistant Secretary since 2003 Employee, Neuberger since 1999; Assistant
Secretary, sixteen registered investment
companies for which Management acts as
investment manager and administrator (ten since
2003, four since 2004, one since 2005 and one
since 2006) and one registered investment
company for which Lehman Brothers Asset
Management Inc. acts as investment adviser
(since 2006).
John M. McGovern (37) Treasurer and Principal Senior Vice President, Neuberger since 2007;
Financial and Accounting formerly, Vice President, Neuberger, 2004 to
Officer since 2005; prior 2007; Employee, Management since 1993;
thereto, Assistant Treasurer Treasurer and Principal Financial and
since 2002 Accounting Officer, sixteen registered
investment companies for which Management acts
as investment manager and administrator
(fifteen since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2006); formerly,
Assistant Treasurer, fifteen registered
investment companies for which Management acts
as investment manager and administrator, 2002
to 2005.
Frank Rosato (36) Assistant Treasurer since 2005 Vice President, Neuberger since 2006; Employee,
Management since 1995; Assistant Treasurer,
sixteen registered investment companies for
which Management acts as investment manager and
administrator (fifteen since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
</Table>
29
<Page>
<Table>
<Caption>
POSITION AND
NAME, AGE, AND ADDRESS(1) LENGTH OF TIME SERVED(2) PRINCIPAL OCCUPATION(S)(3)
- ------------------------------------------------------------------------------------------------------------
Frederic B. Soule (60) Vice President since 2000 Senior Vice President, Neuberger since 2003;
formerly, Vice President, Neuberger, 1999 to
2003; Vice President, sixteen registered
investment companies for which Management acts
as investment manager and administrator (three
since 2000, four since 2002, three since 2003,
four since 2004, one since 2005 and one since
2006) and one registered investment company for
which Lehman Brothers Asset Management Inc.
acts as investment adviser (since 2006).
Chamaine Williams (36) Chief Compliance Officer since Senior Vice President, Lehman Brothers Inc.
2005 since 2007; formerly, Vice President, Lehman
Brothers Inc., 2003 to 2007; Chief Compliance
Officer, sixteen registered investment
companies for which Management acts as
investment manager and administrator (fifteen
since 2005 and one since 2006) and one
registered investment company for which Lehman
Brothers Asset Management Inc. acts as
investment adviser (since 2005); Chief
Compliance Officer, Lehman Brothers Asset
Management Inc. since 2003; Chief Compliance
Officer, Lehman Brothers Alternative Investment
Management LLC since 2003; formerly, Vice
President, UBS Global Asset Management (US)
Inc. (formerly, Mitchell Hutchins Asset
Management, a wholly-owned subsidiary of
PaineWebber Inc.), 1997 to 2003.
</Table>
(1) The business address of each listed person is 605 Third Avenue, New York,
New York 10158.
(2) Pursuant to the By-Laws of the Trust, each officer elected by the Fund
Trustees shall hold office until his or her successor shall have been
elected and qualified or until his or her earlier death, inability to
serve, or resignation. Officers serve at the pleasure of the Fund Trustees
and may be removed at any time with or without cause.
(3) Except as otherwise indicated, each individual has held the positions shown
for at least the last five years.
30
<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 Management'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).
31
<Page>
NOTICE TO SHAREHOLDERS
47.65% of dividends distributed during the fiscal year ended December 31, 2006
qualifies for the dividend received deduction for corporate investors.
32
<Page>
BOARD CONSIDERATION OF THE MANAGEMENT AND SUB-ADVISORY AGREEMENTS
At a meeting held on September 27, 2006, the Board of Trustees ("Board") of
Neuberger Berman Advisers Management Trust, including the Trustees who are not
"interested persons" of the Trust ("Independent Fund Trustees"), approved
continuance of the Management and Sub-Advisory Agreements ("Agreements") for
Socially Responsive Portfolio ("Fund").
In evaluating the Agreements, the Board, including the Independent Fund
Trustees, reviewed materials furnished by Neuberger Berman Management Inc.
("Management") and Neuberger Berman, LLC ("Neuberger") in response to questions
submitted by counsel to the Independent Fund Trustees, and met with senior
representatives of Management and Neuberger regarding their personnel and
operations. The Independent Fund Trustees were advised by counsel that is
experienced in Investment Company Act of 1940 matters and that is independent of
Management and Neuberger. The Independent Fund Trustees received a memorandum
from independent counsel discussing the legal standards for their consideration
of the proposed continuance of the Agreements. They met with such counsel
separately from representatives of Management to discuss the annual contract
review. The annual contract review extends over two regular meetings of the
Board to ensure that Management and Neuberger have time to respond to any
questions the Independent Fund Trustees may have on their initial review of the
report and that the Independent Fund Trustees have time to consider those
responses. In addition, during this process, the Board held a separate meeting
devoted to reviewing and discussing Fund performance.
The Board considered the following factors, among others, in connection with its
approval of the continuance of the Agreements: (1) the nature, extent, and
quality of the services provided by Management and Neuberger; (2) the
performance of the Fund compared to relevant market indices and a peer group of
investment companies; (3) the costs of the services provided and profits and
losses historically realized by Management and its affiliates from the
relationship with the Fund; (4) the extent to which economies of scale might be
realized as the Fund grows; and (5) whether fee levels reflect those potential
economies of scale for the benefit of investors in the Fund. In their
deliberations, the Board members did not identify any particular information
that was all-important or controlling, and each Trustee may have attributed
different weights to the various factors.
The Board evaluated the terms of the Agreements, the overall fairness of the
Agreements and whether the Agreements were in the best interests of the Fund and
its shareholders.
With respect to the nature, extent and quality of the services provided, the
Board considered the performance of the Fund and the degree of risk undertaken
by the portfolio managers. The Board considered the experience and staffing of
portfolio management and the investment research personnel of Management and
Neuberger dedicated to performing services for the Fund. The Board noted that
Management also provides certain administrative services, including fund
accounting and compliance oversight. The Board also considered Management's and
Neuberger's policies and practices regarding brokerage and allocation of
portfolio transactions for the Fund. The Board considered the quality of
brokerage execution provided by Management and its affiliates. The Board's
Portfolio Transactions and Pricing Committee from time to time reviews the
quality of the brokerage services that Neuberger and Lehman Brothers Inc.
provide, and has reviewed studies by an independent firm engaged to review and
evaluate the quality of brokerage execution received by the Fund. The Board also
reviewed whether Management and Neuberger used brokers to execute Fund
transactions that provide research and other services to Management and
Neuberger, and the types of benefits potentially derived by the Fund and by
other clients of Management and Neuberger from such services. In addition, the
Board noted the positive compliance history of Management and Neuberger, as each
firm has been free of significant compliance problems.
With respect to the performance of the Fund, the Board considered the
performance of the Fund relative to its benchmark and a peer group of investment
companies dedicated to insurance products pursuing broadly similar strategies.
The Board also considered the performance in relation to the degree of risk
undertaken by the portfolio managers.
With respect to the overall fairness of the Agreements, the Board considered the
fee structure of the Agreements as compared to a peer group of funds dedicated
to insurance products and any fall-out benefits likely to accrue to Management
or Neuberger or their affiliates. The Board also considered the profitability of
Management and its affiliates from their association with the Fund.
33
<Page>
The Board reviewed a comparison of the Fund's management fee and overall expense
ratio to a peer group of funds dedicated to insurance products. The Board
considered the mean and median of the management fees and expense ratios of the
peer group. The Board noted that the Fund's management fee was higher than the
peer group median. The Board considered whether specific portfolio management or
administration needs contributed to the higher fee. With regard to the
sub-advisory fee paid to Neuberger, the Board noted that this fee is reflective
of an "at cost" basis and there is no profit to Neuberger with regard to these
fees.
The Board considered the Fund's overall expenses in relation to the overall
expenses of the peer group mean and median. In addition, the Board considered
the contractual limits on Fund expenses undertaken by Management for the Fund.
The Board noted that Management incurred a loss on the Fund on an after-tax
basis.
The Board considered whether there were other funds that were advised or
sub-advised by Management or its affiliates or separate accounts managed by
Management or its affiliates with similar investment objectives, policies and
strategies as the Fund. The Board noted that there were no comparable separate
accounts. The Board compared the fees charged to a comparable funds to the fees
charged to the Fund at various asset levels. The Board considered the
appropriateness and reasonableness of any differences between the fees charged
between the Fund and the comparable funds and determined that any differences in
fees were consistent with the management and other services provided.
The Board also evaluated any actual or anticipated economies of scale in
relation to the services Management provides to the Fund. The Board considered
the Fund's fee structure which provides for a reduction of payments resulting
from the use of breakpoints and whether those breakpoints are set at appropriate
asset levels.
In concluding that the benefits accruing to Management and its affiliates by
virtue of their relationship to the Fund were reasonable in comparison with the
costs of providing the investment advisory services and the benefits accruing to
the Fund, the Board reviewed specific data as to Management's profit or loss on
the Fund for a recent period and the trend in profit or loss over recent years.
The Board also carefully examined Management's cost allocation methodology and
had an independent consultant review the methodology. It also reviewed an
analysis from an independent data service on investment management profitability
margins. The Board recognized that Management should be entitled to earn a
reasonable level of profits for services it provides to the Fund and, based on
its review, concluded that Management's level of profitability was not
excessive.
CONCLUSIONS
In approving the Agreements, the Board concluded that the terms of each
Agreement are fair and reasonable and that approval of the Agreements is in the
best interest of the Fund and its shareholders. In reaching this determination,
the Board considered that Management and Neuberger could be expected to provide
a high level of service to the Fund; the performance of the Fund was
satisfactory over time; that the Fund's fee structure appeared to the Board to
be reasonable given the nature and quality of services expected to be provided;
and that the benefits accruing to Management and its affiliates by virtue of
their relationship to the Fund were reasonable in comparison with the costs of
providing the investment advisory services and the benefits accruing to the
Fund.
34
<Page>
ITEM 2. CODE OF ETHICS
The Registrant's Board of Trustees ("Board") adopted a code of ethics that
applies to the Registrant's principal executive officer, principal financial
officer, principal accounting officer or controller, or persons performing
similar functions ("Code of Ethics"). The Code of Ethics is filed as Exhibit
12(a)(1) to this Form N-CSR. The Code of Ethics is also available, without
charge, by calling 1-800-877-9700 (toll-free).
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board has determined that the Registrant has at least one audit committee
financial expert, as defined by Item 3 of Form N-CSR, serving on its audit
committee. The Registrant's audit committee financial expert is John Cannon. Mr.
Cannon is an independent trustee as defined by Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a)-(d) Aggregate fees billed to the Registrant for the last two fiscal
years for professional services rendered by the Registrant's
principal accountants are listed below. Ernst & Young, LLP ("E&Y")
served as the principal accountant for all series of the Registrant
except the High Income Bond Portfolio. Tait, Weller & Baker ("Tait
Weller") served as the principal accountant for the High Income Bond
Portfolio.
For all series of the Registrant except High Income Bond Portfolio (provided by
E&Y):
2006 2005
---- ----
Audit Fees $315,500 $320,000
Audit-Related Fees 0 7,500
Tax Fees 83,500 74,800
All Other Fees 0 0
For the High Income Bond Portfolio (provided by Tait Weller):
2006 2005
---- ----
Audit Fees $16,600 $15,700
Audit-Related Fees 0 0
Tax Fees 2,700 2,700
All Other Fees 0 0
Audit Fees include amounts related to the audit of the Registrant's
annual financial statements and services normally provided by the principal
accountant in connection with statutory and regulatory filings. Audit-Related
Fees include amounts for attest services not required by statute or regulation.
Tax Fees include amounts related to tax compliance, tax planning, and tax
advice. All Other Fees include amounts for products and services not reported in
Audit Fees, Audit-Related Fees and Tax Fees.
(e)(1) The Audit Committee's pre-approval policies and procedures for the
Registrant to engage an accountant to render audit and non-audit
services delegate to the Chair of the Audit Committee the power to
pre-approve services between meetings of the Audit Committee.
(2) No services included in (b) - (d) above were approved pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the
preceding fiscal year by the Registrant's principal accountants for
non-audit services rendered to the Registrant, its investment adviser,
and any affiliates of its investment adviser that provide ongoing
services to the Registrant were $209,500 and $247,750 respectively, for
E&Y, and $2,700 and $2,700, respectively, for Tait Weller.
(h) All non-audit services rendered in (g) above were pre-approved by the
Registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X. Accordingly, these services were considered by
the Registrant's Audit Committee and found to be compatible with
maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to the Registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
The complete schedule of investments for each series is disclosed in the
Registrant's annual reports to shareholders, which are included as Item 1 of
this Form N-CSR.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the Registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable to Registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There were no changes to the procedures by which shareholders may recommend
nominees to the Board.
ITEM 11. CONTROLS AND PROCEDURES
(a) Based on an evaluation of the disclosure controls and procedures (as
defined in Rule 30a-2(c) under the Act) as of a date within 90 days of
the filing date of this report, the Chief Executive Officer and
Treasurer of the Registrant have concluded that such disclosure
controls and procedures are effectively designed to ensure that
information required to be disclosed by the Registrant is accumulated
and communicated to the Registrant's management to allow timely
decisions regarding required disclosure.
(b) There was no change in the Registrant's internal controls over
financial reporting (as defined in Rule 30a-3(d) under the Act) that
occurred during the Registrant's second fiscal quarter of the period
covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over
financial reporting.
ITEM 12. EXHIBITS
(a) (1) A copy of the Code of Ethics is filed herewith.
(2) The certifications required by Rule 30a-2(a) under the Act, are
attached hereto.
(3) Not applicable.
(b) The certification required by Rule 30a-2(b) under the Act,
Rule13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of
1934 ("Exchange Act"), and Section 1350 of Chapter 63 of Title 18 of
the United States Code are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Neuberger Berman Advisers Management Trust
By: /s/ Peter E. Sundman
--------------------
Peter E. Sundman
Chief Executive Officer
Date: February 28, 2007
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: February 28, 2007
By: /s/ John M. McGovern
--------------------
John M. McGovern
Treasurer, Principal Financial
and Accounting Officer
Date: February 28, 2007