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Neuberger BermanAdvisers Management Trust

Regency Portfolio

I Class SharesS Class Shares

Annual Report

December 31, 2011

B101

2 02

/12

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The Neuberger Berman Advisers Management Trust (AMT) Regency Portfolio Class I posted a –6.50% total return for thefiscal year ended December 31, 2011, lagging its benchmark, the Russell Midcap® Value Index, which delivered a –1.38%return for the period. Returns for the Portfolio’s Class I and Class S shares are provided on page 3.

During the year, the Health Care sector had the most positive impact on the Portfolio’s performance relative to thebenchmark while the largest detractors from performance were the Consumer Discretionary and Financial Servicessectors.

Management of the Portfolio was transferred from another portfolio manager on December 9, at which time we began toposition the Portfolio in accordance with our team’s investment philosophy. We use bottom-up, fundamental research toidentify high-quality companies that are trading at a substantial discount to their intrinsic value,1 defined as our estimateof a company’s true long-term economic worth, where there is a strategic plan or event that we expect to both enhancevalue and narrow the value/price gap. Applying a consistent, private equity-style investment framework, we focus ourresearch efforts on a company’s long-term outlook and strategic catalysts that can potentially unlock value. Our team’sapproach emphasizes asset values and cash flows, directly engaging a company’s management team to evaluate itsstrategic direction, execution abilities and direct incentive compensation.

Throughout 2011, the stock market was focused on global macro issues, including the European sovereign debt crisis, itsimpact on the solvency of European banks, the downgrading of U.S. sovereign debt by Standard & Poor’s, and the failureof the U.S. federal government to address its growing fiscal issues. This created a market that was very highly correlatedand volatile and, for the most part, ignored fundamentals within individual companies, particularly in the second half ofthe year. Until these macro issues are resolved, we believe that volatility and a highly correlated, “risk on, risk off” type ofmarket environment is likely to continue.

When the market perceives that the negative macro issues are being addressed, it can rally as it did during the last quarterof 2011. However, we believe that the European debt crisis is far from resolved and that more issues will surface during theyear. In fact, an immediate hurdle is the refinancing of over 200 billion euros worth of European bank debt, which is set toroll over during the first quarter. In addition, given that the U.S. is in the midst of a presidential election year, it isdoubtful, in our opinion, that much progress will be made in addressing growing budgetary issues here at home. As aresult, the market will likely continue to focus on both macro and political issues during 2012.

Notwithstanding the difficult macro environment, we believe that the Portfolio’s current valuation, based on its discountto intrinsic value and free cash flow yield, is extremely attractive. As of December 31, 2011, the Portfolio’s free-cash-flowyield was approximately 10% (excluding Utilities and Financials) and in many instances, this excess cash is being returnedto shareholders in the form of increased dividends and/or share repurchase programs. In this difficult marketenvironment and slow growth domestic economy, we continue to emphasize high-quality, cash-generating franchisecompanies whose managements are focused on creating value for shareholders. Several of the Portfolio’s current holdingsannounced value enhancing events (i.e., spin-offs, restructurings) in 2011. In our opinion, these events should helpreturns in 2012 and in several instances we see an opportunity to make meaningful investments in some of the divisionsthat are expected to be spun-off in 2012.

Worldwide economic growth remains sluggish and we believe that the deleveraging cycle that began in 2008 will continue.Domestically, we are concerned with the lack of growth in real disposable income and believe that the consumer savingsrate will rise. Since consumers account for about 70% of GDP, this will likely create a drag on domestic growth in 2012.Even if the European Central Bank is successful in avoiding a major crisis in Europe, the austerity measures that are beingput in place may create a much larger recession there than is now being forecast. Finally, the growth rate in China hasbeen slowing as a result of the government’s efforts to contain the inflation rate and, we believe, most emerging marketsare not immune to the credit crunch in Europe.

1

Regency Portfolio Commentary (Unaudited)

1 Intrinsic value reflects the team’s analysis and estimates. There is no guarantee that any intrinsic values will be realized; security prices maydecrease regardless of intrinsic values.

Merrill Corp - N-B AMT Regency Annual Report [Funds] 12-31-2011 ED | gweiler | 10-Feb-12 17:22 | 12-2129-7.ba | Sequence: 1CHKSUM Content: 9911 Layout: 8403 Graphics: No Graphics CLEAN

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In 2012, we anticipate equity markets to remain volatile and reactive to headline news, especially out of Europe. Whilerecent economic statistics indicate a slowly improving domestic economy and corporate balance sheets appear to be inexcellent shape, operating profits are already at record highs and it is difficult to envision substantial continued U.S.growth without accelerated growth in other economies. On the other hand, in light of very low interest rates, valuationsremain extremely attractive.

With this macro backdrop, we have positioned the Portfolio conservatively. We are currently focusing on companies thatare selling at a substantial discount to our intrinsic value estimates with an emphasis on those generating excess cash flow.In this uncertain, slow-growth environment, our strategy is to invest in companies whose management teams are focusedon creating shareholder value through distribution of dividends and share repurchase programs. Given the attractivevaluation of the Portfolio as measured by its discount to intrinsic value and free cash flow yield, we believe there issubstantial appreciation potential once the macro economic environment stabilizes.

Sincerely,

Michael C. GreenePortfolio Manager

Information about the principal risks of investing in the Portfolio is set forth in the prospectus and statement of additionalinformation.

The composition, industries and holdings of the Portfolio are subject to change.

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SECTOR ALLOCATION(as a % of Total Investments)

Consumer Discretionary 14.6%Consumer Staples 9.9Energy 5.7Financials 9.5Health Care 7.9Industrials 21.2Information Technology 14.7Materials 4.4Utilities 6.0Short-Term Investments 6.1Total 100.0%

PERFORMANCE HIGHLIGHTS1

Average Annual Total Return Ended 12/31/2011

Inception Date 1 Year 5 Years 10 Years Life of Fund*Regency PortfolioClass I 08/22/2001 –6.50% –0.65% 6.00% 5.75%

Regency Portfolio Class S2 04/29/2005 –6.70% –0.88% 5.86% 5.62%

Russell Midcap®

Value Index3 –1.38% 0.04% 7.67% 7.41%

Russell Midcap®

Index3 –1.55% 1.41% 6.99% 7.01%

Performance data quoted represent past performance and do not indicatefuture results. The investment return and principal value of an investment willfluctuate so that an investor’s shares, when redeemed, may be worth more orless than their original cost. Results are shown on a “total return” basis andinclude reinvestment of all income dividends and distributions. Currentperformance may be lower or higher than the performance data quoted. Forperformance data current to the most recent month end, please visithttps://www.nb.com.

* Index returns are as of inception date 08/22/2001.

As stated in the Portfolio’s most recent prospectus, the total annual operating expenseratios for fiscal year 2010 were 1.06% and 1.31% for Class I and Class S shares,respectively (prior to any fee waivers and/or expense reimbursements, if any). Theexpense ratio net of waivers and/or reimbursements was 1.26% for Class S shares.Neuberger Berman Management LLC has contractually agreed to limit certain expensesof the Portfolio through 12/31/2014 for Class I shares and through 12/31/2020 forClass S shares.

The results shown in the table do not reflect the effect of taxes an investor would pay onPortfolio distributions or on the redemption of Portfolio shares.

COMPARISON OF A $10,000 INVESTMENT

The graph shows the change in value of a hypothetical $10,000 investment in thePortfolio over the past 10 fiscal years, or since the Portfolio’s inception, if it has notoperated for 10 years. The graph is based on Class I shares only; performance of otherclasses will vary due to differences in fee structures (see Performance Highlights chartabove). The result is compared with benchmarks, which may include a broad-basedmarket index and/or a narrower index. Market indices have not been reduced to reflectany of the fees and costs of investing. All results include the reinvestment of incomedividends and distributions. The results shown in the graph do not reflect the effect oftaxes that an investor would pay on Portfolio distributions or the redemption of Portfolioshares. Results represent past performance and do not indicate future results.

Please see Endnotes for additional information.

Regency Portfolio Class IRussell Midcap® Value IndexRussell Midcap® Index

Value as of 12/31/11$17,915$20,938$19,658

5,000

10,000

15,000

25,000

20,000

2001 2002 2003 2004 2005 2006 2007 2011201020092008

Regency Portfolio (Unaudited)

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1 “Total Return” includes reinvestment of all income dividends and distributions. Results represent past performanceand do not indicate future results. The value of an investment in the Portfolio and the return on the investmentboth will fluctuate, and redemption proceeds may be higher or lower than an investor’s original cost. Theperformance information does not reflect fees and expenses of the variable annuity and variable life insurancepolicies or the qualified pension and retirement plans whose proceeds are invested in the Portfolio. NeubergerBerman Management LLC (“NBM LLC”) has agreed to absorb certain expenses of the AMT Portfolios, includingthe Portfolio. Without this arrangement, which is subject to change, the total returns of the Portfolio may have beenless.

2 Performance shown prior to April 29, 2005 for the Class S shares is that of the Class I shares, which has lowerexpenses and correspondingly higher returns than Class S shares.

3 The Russell Midcap® Value Index measures the performance of those Russell Midcap® Index companies with lowerprice-to-book ratios and lower forecasted growth values. The Russell Midcap Index measures the performance ofthe 800 smallest companies in the Russell 1000® Index, which represents approximately 31% of the total marketcapitalization of the Russell 1000 Index (which, in turn, consists of the 1,000 largest U.S. companies, based onmarket capitalization). Please note that indices do not take into account any fees and expenses of investing in theindividual securities that they track and that individuals cannot invest directly in any index. Data about theperformance of these indices are prepared or obtained by NBM LLC and include reinvestment of all incomedividends and distributions. The Portfolio may invest in securities not included in the above-described indices andmay not invest in all securities included in the above-described indices.

Any ratios or other measurements using a factor of forecasted earnings of a company discussed herein are based onconsensus estimates, not NBM LLC’s own projections, and they may or may not be realized. In addition, any revision to aforecast could affect the market price of a security. By quoting them herein, NBM LLC does not offer an opinion as to theaccuracy of and does not guarantee these forecasted numbers.

The investments for the Portfolio are managed by the same portfolio manager(s) who manage(s) one or more otherregistered funds that have similar names, investment objectives and investment styles as the Portfolio. You should beaware 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 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 not available to the general public. Shares of this Portfolio may be purchasedonly by life insurance companies to be used with their separate accounts that fund variable annuity and variable lifeinsurance policies and by qualified pension and retirement plans.

Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as arepresentation of future results of the AMT Portfolios. This report is prepared for the general information of shareholdersand is not an offer of shares of the AMT Portfolios. Shares of the AMT Portfolios are sold only through the currentlyeffective prospectuses, which must precede or accompany this report.

The “Neuberger Berman” name and logo are registered service marks of Neuberger Berman Group LLC. “NeubergerBerman Management LLC” and the individual Fund names in this piece are either service marks or registered servicemarks of Neuberger Berman Management LLC.

© 2012 Neuberger Berman Management LLC distributor. All rights reserved.

4

Endnotes (Unaudited)



This table is designed to provide information regarding costs related to your investments. All mutual funds incuroperating 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 monthperiod ended December 31, 2011 and held for the entire period. The table illustrates the fund’s costs in two ways:

Please note that the expenses in the table are meant to highlight your ongoing costs only. The table and expense exampledo not include any transaction costs, such as fees and expenses that are, or may be, imposed under your variable contractor qualified pension plan. Therefore, the information under the heading “Hypothetical (5% annual return beforeexpenses)” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owningdifferent funds. In addition, if these transaction costs were included, your costs would have been higher.

Actual Expenses and Performance: The first section of the table provides information about actual account valuesand actual expenses in dollars, based on the fund’s actual performance duringthe period. You may use the information in this line, together with the amountyou invested, to estimate the expenses you paid over the period. Simply divideyour 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 thetable under the heading entitled “Expenses Paid During the Period” to estimatethe expenses you paid over the period.

Hypothetical Example for Comparison Purposes:

The second section of the table provides information about hypotheticalaccount values and hypothetical expenses based on the fund’s actual expenseratio and an assumed rate of return at 5% per year before expenses. Thisreturn is not the fund’s actual return. The hypothetical account values andexpenses may not be used to estimate the actual ending account balance orexpenses you paid for the period. You may use this information to compare theongoing costs of investing in this fund versus other funds. To do so, comparethe expenses shown in this 5% hypothetical example with the 5% hypotheticalexamples that appear in the shareholder reports of other funds.

5

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST REGENCY PORTFOLIO

* For each class, 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.

Expenses Paid During Beginning Account Ending Account the Period* Expense Actual Value 7/1/11 Value 12/31/11 7/1/11 – 12/31/11 Ratio

Class I $1,000.00 $ 883.30 $5.03 1.06%

Class S $1,000.00 $ 881.90 $5.93 1.25%

Hypothetical (5% annual return before expenses)**

Class I $1,000.00 $1,019.86 $5.40 1.06%

Class S $1,000.00 $1,018.90 $6.36 1.25%

Expense Information as of 12/31/11

Information About Your Fund’s Expenses (Unaudited)



See Notes to Schedule of Investments

NUMBER OF SHARES VALUE†

Schedule of Investments Regency Portfolio

Food & Staples Retailing (6.5%) 92,200 CVS Caremark $ 3,759,916 210,200 Safeway Inc. 4,422,608

8,182,524

Health Care Equipment & Supplies (4.2%) 49,800 Covidien PLC 2,241,498 57,100 Zimmer Holdings 3,050,282*

5,291,780

Health Care Providers & Services (1.7%) 60,100 Omnicare, Inc. 2,070,445

Hotels, Restaurants & Leisure (5.0%) 532,600 Wendy’s Co. 2,854,736 89,500 Wyndham Worldwide 3,385,785

6,240,521

Industrial Conglomerates (2.2%) 58,800 Tyco International 2,746,548

Insurance (1.1%) 31,300 Torchmark Corp. 1,358,107

IT Services (6.5%) 80,300 Amdocs Ltd. 2,290,959* 120,500 Fidelity National Information 3,204,095 Services 141,800 Western Union 2,589,268

8,084,322

Machinery (4.5%) 39,500 Ingersoll-Rand PLC 1,203,565 108,300 ITT Corp. 2,093,439 61,500 Navistar International 2,329,620*

5,626,624

Marine (0.4%) 38,476 Seaspan Corp. 526,352

Media (2.1%) 125,100 Virgin Media 2,674,638

Multi-Utilities (4.1%) 153,700 CenterPoint Energy 3,087,833 37,000 Sempra Energy 2,035,000

5,122,833


Common Stocks (93.9%)

Aerospace & Defense (4.7%) 45,900 General Dynamics $ 3,048,219 51,400 Rockwell Collins 2,846,018

5,894,237

Beverages (2.2%) 131,900 Constellation Brands Class A 2,726,373*

Capital Markets (1.9%) 60,200 State Street 2,426,662

Chemicals (4.4%) 32,100 Air Products & Chemicals 2,734,599 56,900 Akzo Nobel ADR 2,748,270

5,482,869

Commercial Banks (3.5%) 52,800 BB&T Corp. 1,328,976 53,400 Comerica Inc. 1,377,720 305,400 Huntington Bancshares 1,676,646

4,383,342

Commercial Services & Supplies (8.4%) 73,100 Avery Dennison 2,096,508 95,400 Brink’s Co. 2,564,352 132,700 Corrections Corporation 2,703,099* of America 139,500 Covanta Holding 1,909,755 45,200 Republic Services 1,245,260

10,518,974

Communications Equipment (2.0%) 55,000 Motorola Solutions 2,545,950

Construction & Engineering (1.0%) 45,900 KBR, Inc. 1,279,233

Electric Utilities (1.9%) 145,600 NV Energy 2,380,560

Electronic Equipment, Instruments & Components (2.1%) 31,600 Dolby Laboratories Class A 964,116* 294,300 Flextronics International 1,665,738*

2,629,854

Energy Equipment & Services (1.0%) 25,300 Dresser-Rand Group 1,262,723*

6

Merrill Corp - N-B AMT Regency Annual Report [Funds] 12-31-2011 ED | gweiler | 10-Feb-12 17:22 | 12-2129-7.ca | Sequence: 1CHKSUM Content: 11649 Layout: 56045 Graphics: No Graphics CLEAN

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Oil, Gas & Consumable Fuels (4.7%) 67,400 Southwestern Energy $ 2,152,756* 91,200 Sunoco, Inc. 3,741,024

5,893,780

Personal Products (1.2%) 88,400 Avon Products 1,544,348

Pharmaceuticals (2.0%) 81,600 Hospira, Inc. 2,478,192*

Real Estate Investment Trusts (1.0%) 67,500 Starwood Property Trust 1,249,425

Semiconductors & Semiconductor Equipment (1.1%) 103,100 Freescale Semiconductor 1,304,215* Holdings

Software (3.0%) 48,400 Nuance Communications 1,217,744* 163,200 Symantec Corp. 2,554,080*

3,771,824

Specialty Retail (7.5%) 46,800 Advance Auto Parts 3,258,684 152,800 Best Buy 3,570,936 226,900 Chico’s FAS 2,527,666

9,357,286

Thrifts & Mortgage Finance (2.0%) 195,900 People’s United Financial 2,517,315

Total Common Stocks(Cost $115,579,290) 117,571,856

Short-Term Investments (6.1%)7,626,099 State Street Institutional 7,626,099 Liquid Reserves Fund Institutional Class (Cost $7,626,099)

Total Investments (100.0%)(Cost $123,205,389) 125,197,955##

Cash, receivables and other assets, less liabilities (0.0%) 3,972

Total Net Assets (100.0%) $125,201,927


See Notes to Schedule of Investments 7


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† In accordance with Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”(“ASC 820”), all investments held by Neuberger Berman Advisers Management Trust Regency Portfolio (the“Fund”) are carried at the value that Neuberger Berman Management LLC (“Management”) believes the Fundwould receive upon selling an investment in an orderly transaction to an independent buyer in the principal ormost advantageous market for the investment under current market conditions. Various inputs, including thevolume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments,some of which are discussed below. Significant management judgment may be necessary to value investments inaccordance with ASC 820.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosurepurposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – quoted prices in active markets for identical investments• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest

rates, prepayment speeds, credit risk, amortized cost, etc.)• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair

value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associatedwith investing in those securities.

The value of the Fund’s investments in equity securities, for which market quotations are readily available, isgenerally determined by Management by obtaining valuations from an independent pricing service based on thelatest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities tradedprimarily 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 of4:00:02 p.m., Eastern time, unless that price is outside the range of the “inside” bid and asked prices (i.e., the bidand asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ willadjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, theNOCP may not be based on the price of the last trade to occur before the market closes. If there is no reported saleof a security on a particular day, the independent pricing service may value the security based on reported marketquotations.

Management has developed a process to periodically review information provided by independent pricing servicesfor all types of securities.

Investments in State Street Institutional Liquid Reserves Fund Institutional Class are valued using the fund’s dailycalculated net asset value per share (Level 2 inputs).

If a valuation is not available from an independent pricing service, or if Management has reason to believe that thevaluation received does not represent the amount the Fund might reasonably expect to receive on a current sale inan orderly transaction, the Fund seeks to obtain quotations from principal market makers (generally consideredLevel 3 inputs). If such quotations are not readily available, the security is valued using methods the NeubergerBerman Advisers Management Trust’s Board of Trustees (the “Board”) has approved on the belief that they reflectfair value. Numerous factors may be considered when determining the fair value of a security based on Level 2 or 3inputs, including available analyst, media or other reports, trading in futures or ADRs and whether the issuer of thesecurity being fair valued has other securities outstanding.

The value of the Fund’s investments in foreign securities is generally determined using the same valuation methodsand inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency valuesare translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern time. TheBoard has approved the use of Interactive Data Pricing and Reference Data, Inc. (“Interactive”) to assist in

Notes to Schedule of Investments Regency Portfolio

8See Notes to Financial Statements



determining the fair value of foreign equity securities when changes in the value of a certain index suggest that theclosing prices on the foreign exchanges may no longer represent the amount that the Fund could expect to receivefor those securities. In this event, Interactive will provide adjusted prices for certain foreign equity securities using astatistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of preciseinformation about the market values of these foreign securities as of the close of the New York Stock Exchange, theBoard has determined on the basis of available data that prices adjusted in this way are likely to be closer to theprices the Fund could realize on a current sale than are the prices of those securities established at the close of theforeign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the priceat which the security is next quoted or next trades.

The following is a summary, categorized by Level, of inputs used to value the Fund’s investments as ofDecember 31, 2011:

Asset Valuation Inputs Level 1 Level 2 Level 3 Total

Investments:

Common Stocks^ $117,571,856 $ — $— $117,571,856

Short-Term Investments — 7,626,099 — 7,626,099

Total Investments $117,571,856 $7,626,099 $— $125,197,955

^ The Schedule of Investments provides information on the industry categorization for the portfolio.

The Fund had no significant transfers between Levels 1 and 2 during the year ended December 31, 2011.

## At December 31, 2011, the cost of investments for U.S. federal income tax purposes was $123,226,992. Grossunrealized appreciation of investments was $4,225,719 and gross unrealized depreciation of investments was$2,254,756, resulting in net unrealized appreciation of $1,970,963, based on cost for U.S. federal income taxpurposes.

* Security did not produce income during the last twelve months.

Notes to Schedule of Investments Regency Portfolio (cont’d)

9See Notes to Financial Statements



Neuberger Berman Advisers Management Trust REGENCY PORTFOLIO

December 31, 2011

AssetsInvestments in securities, at value* (Note A)—see Schedule of Investments:Unaffiliated issuers $125,197,955Dividends and interest receivable 187,876Receivable for Fund shares sold 15,151Prepaid expenses and other assets 3,873

Total Assets 125,404,855

LiabilitiesPayable for Fund shares redeemed 25,792Payable to investment manager (Note B) 58,121Payable to administrator—net (Note B) 41,493Accrued expenses and other payables 77,522

Total Liabilities 202,928

Net Assets at value $125,201,927

Net Assets consist of:Paid-in capital $136,273,550Undistributed net investment income (loss) 604,304Accumulated net realized gains (losses) on investments (13,668,493)Net unrealized appreciation (depreciation) in value of investments 1,992,566

Net Assets at value $125,201,927

Net AssetsClass I $70,022,034Class S 55,179,893

Shares Outstanding ($.001 par value; unlimited shares authorized)Class I 4,911,409Class S 3,580,569

Net Asset Value, offering and redemption price per shareClass I $14.26Class S 15.41

*Cost of Investments:Unaffiliated issuers $123,205,389

Statement of Assets and Liabilities

See Notes to Financial Statements 10

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For the Year Ended December 31, 2011

Investment Income:

Income (Note A):Dividend income—unaffiliated issuers $2,460,137Interest income—unaffiliated issuers 9,966Foreign taxes withheld (14,387)

Total income $2,455,716

Expenses:Investment management fees (Note B) 889,673Administration fees (Note B): Class I 307,806 Class S 177,470Distribution fees (Note B): Class S 147,891Audit fees 41,935Custodian fees (Note A) 70,375Insurance expense 10,651Legal fees 88,700Shareholder reports 75,138Trustees’ fees and expenses 55,592Miscellaneous 11,792

Total expenses 1,877,023

Expenses reimbursed by Management (Note B) (41,438)Expenses reduced by custodian fee expense offset arrangement (Note A) (2)

Total net expenses 1,835,583

Net investment income (loss) $620,133

Realized and Unrealized Gain (Loss) on Investments (Note A):

Net realized gain (loss) on:Sales of investment securities of unaffiliated issuers 50,071,688Foreign currency 283

Change in net unrealized appreciation (depreciation) in value of:Unaffiliated investment securities (56,616,556)Foreign currency (190)

Net gain (loss) on investments (6,544,775)

Net increase (decrease) in net assets resulting from operations $(5,924,642)

Statement of Operations





Year Ended Year Ended December 31, December 31, 2011 2010

Increase (Decrease) in Net Assets:

From Operations (Note A):Net investment income (loss) $620,133 $752,698Net realized gain (loss) on investments 50,071,971 16,436,554Change in net unrealized appreciation (depreciation) of investments (56,616,746) 24,835,018 Net increase (decrease) in net assets resulting from operations (5,924,642) 42,024,270

Distributions to Shareholders From (Note A):Net investment income:Class I (495,806) (895,174)Class S (233,831) (191,283) Total distributions to shareholders (729,637) (1,086,457)

From Fund Share Transactions (Note D):Proceeds from shares sold:Class I 9,740,700 49,423,172Class S 11,448,964 11,006,720Proceeds from reinvestment of dividends and distributions:Class I 495,806 895,174Class S 233,831 191,283Payments for shares redeemed:Class I (71,547,917) (28,829,668)Class S (15,624,875) (20,364,903) Net increase (decrease) from Fund share transactions (65,253,491) 12,321,778

Net Increase (Decrease) in Net Assets (71,907,770) 53,259,591

Net Assets:Beginning of year 197,109,697 143,850,106End of year $125,201,927 $197,109,697Undistributed net investment income (loss) at end of year $604,304 $675,930

Statements of Changes in Net Assets




Note A—Summary of Significant Accounting Policies:1 General: 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 currentlycomprised of ten separate operating series (each individually a “Series,” and collectively the “Funds”) each ofwhich is diversified. The Trust is registered as an open-end management investment company under theInvestment Company Act of 1940, as amended (the “1940 Act”), and its shares are registered under the SecuritiesAct of 1933, as amended. The Fund currently offers Class I and Class S shares. The Board may establish additionalseries 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 Seriesand no other.

The preparation of financial statements in accordance with U.S. generally accepted accounting principles(“GAAP”) requires Management to make estimates and assumptions at the date of the financial statements. Actualresults could differ from those estimates.

2 Portfolio valuation: Investment securities are valued as indicated in the notes following the Schedule ofInvestments.

3 Foreign currency translation: The accounting records of the Fund are maintained in U.S. dollars. Foreign currencyamounts are translated into U.S. dollars using the exchange rate as of 4:00 p.m., Eastern time, to determine thevalue 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. Netunrealized foreign currency gain (loss), if any, arises from changes in the value of assets and liabilities, other thaninvestments in securities, as a result of changes in exchange rates and is stated separately in the Statement ofOperations.

4 Securities transactions and investment income: Securities transactions are recorded on trade date for financialreporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soonas the Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recordedat 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, if any, is recorded on the accrual basis.Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on thebasis of identified cost and stated separately in the Statement of Operations. Included in net realized gain (loss) oninvestments are proceeds from the settlements of class action litigation in which the Fund participated as a classmember. The amount of such proceeds for the year ended December 31, 2011 was $128,638.

5 Income tax information: The Funds are treated as separate entities for U.S. federal income tax purposes. It is thepolicy of the Fund to continue to qualify as a regulated investment company by complying with the requirementsof the U.S. Internal Revenue Code applicable to regulated investment companies and to distribute substantially allof its earnings to its shareholders. To the extent the Fund distributes substantially all of its earnings to shareholders,no federal income or excise tax provision is required.

The Fund has adopted the provisions of ASC 740 “Income Taxes” (“ASC 740”). ASC 740 sets forth a minimumthreshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. TheFund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in theStatement of Operations. The Fund is subject to examination by U.S. federal and state tax authorities for returnsfiled for the prior three fiscal years 2008 - 2010. As of December 31, 2011, the Fund did not have any unrecognizedtax positions.

Notes to Financial Statements Regency Portfolio

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Income distributions and capital gain distributions are determined in accordance with income tax regulations,which may differ from GAAP. These differences are primarily due to differing treatments of income and gains onvarious investment securities held by the Fund, timing differences and differing characterization of distributionsmade by the Fund as a whole. The Fund may also utilize earnings and profits distributed to shareholders onredemption of shares as a part of the dividends paid deduction for income tax purposes.

As determined on December 31, 2011, permanent differences resulting primarily from different book and taxaccounting for foreign currency gains and losses and return of capital non-taxable dividend adjustments to incomewere reclassified at fiscal year-end. These reclassifications had no effect on net income, net asset value (“NAV”) orNAV per share of the Fund. For the year ended December 31, 2011, the Fund recorded the following permanentreclassifications:

Accumulated Undistributed Net Realized Net Investment Gains (Losses)Paid-in Capital Income (Loss) on Investments

$— $37,878 $(37,878)

For tax purposes, short-term gains are considered ordinary income.

The tax character of distributions paid during the years ended December 31, 2011 and December 31, 2010 was asfollows:

Distributions Paid From:

Ordinary Income Long-Term Capital Gain Total 2011 2010 2011 2010 2011 2010

$729,637 $1,086,457 $— $— $729,637 $1,086,457

As of December 31, 2011, components of distributable earnings (accumulated losses) on a U.S. federal income taxbasis were as follows:

Undistributed Undistributed Unrealized Loss Other Ordinary Long-Term Appreciation Carryforwards Temporary Income Gain (Depreciation) and Deferrals Differences Total

$604,304 $30,612,792 $1,970,963 $(44,259,682) $— $(11,071,623)

The difference between book basis and tax basis distributable earnings is attributable primarily to timingdifferences of wash sales, capital loss carryforwards, and non-real estate investment trusts return of capital basisadjustments.

To the extent the Fund’s net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policyof the Fund not to distribute such gains. The Regulated Investment Company (“RIC”) Modernization Act of 2010(the “Act”) became effective for the Fund on January 1, 2011. The Act modernizes several of the federal income andexcise tax provisions related to RICs. Among the changes made are changes to the capital loss carryforward rulesallowing for RICs to carry forward capital losses indefinitely and to retain the character of capital losscarryforwards as short-term or long-term (“Post-Enactment”). Rules in effect previously limited the carryforwardperiod to eight years and all carryforwards were considered short-term in character (“Pre-Enactment”). Asdetermined at December 31, 2011, the Fund had unused capital loss carryforwards available for federal income taxpurposes to offset net realized capital gains, if any, as follows:

Pre-Enactment Post-Enactment (No Expiration Date) Expiring in: Long-Term Short-Term 2017

$44,259,682 — —

14



Post-Enactment capital loss carryforwards must be fully used before Pre-Enactment capital loss carryforwards;therefore, under certain circumstances, Pre-Enactment capital loss carryforwards available as of the report datemay expire unused.

During the year ended December 31, 2011, the Fund utilized capital loss carryforwards of $15,451,623.

6 Distributions to shareholders: The Fund may earn income, net of expenses, daily on its investments. Distributionsfrom net investment income and net realized capital gains, if any, generally are distributed once a year (usually inOctober). Income distributions and capital gain distributions to shareholders are recorded on the ex-date.

It is the policy of the Fund to pass through to its shareholders substantially all REIT distributions and other incomeit receives, less operating expenses. The distributions the Fund receives from REITs are generally comprised ofincome, capital gains, and/or return of capital, but the REITs do not report this information to the Fund until thefollowing calendar year. At December 31, 2011, the Fund estimated these amounts within the financial statementssince the information is not available from the REITs until after the Fund’s fiscal year-end. For the year endedDecember 31, 2011, the character of distributions paid to shareholders disclosed within the Statements of Changesin Net Assets is based on estimates made at the time. As a result, the Fund will estimate these amounts whenreporting the character of income and distributions within the financial statements. All estimates are based uponREIT information sources available to the Fund together with actual IRS Forms 1099DIV received to date. Based onpast experience, it is possible that a portion of the Fund’s distributions during the current fiscal year will beconsidered tax return of capital but the actual amount of the tax return of capital, if any, is not determinable untilafter the Fund’s fiscal year-end. After calendar year-end, when the Fund learns the nature of the distributions paid byREITs during that year, distributions previously identified as income are often re-characterized as return of capitaland/or capital gain. After all applicable REITs have informed the Fund of the actual breakdown of distributions paidto the Fund during its fiscal year, estimates previously recorded are adjusted on the books of the Fund to reflectactual results. As a result, the composition of the Fund’s distributions as reported herein may differ from the finalcomposition determined after calendar year-end and reported to Fund shareholders on IRS Form 1099DIV, whereapplicable.

7 Foreign taxes: Foreign taxes withheld represent amounts withheld by foreign tax authorities, net of refundsrecoverable.

8 Expense allocation: Certain expenses are applicable to multiple funds. Expenses directly attributable to a Series arecharged to that Series. Expenses of the Trust that are not directly attributable to a particular series of the Trust (e.g.,the Fund) are allocated among the series of the Trust, on the basis of relative net assets, except where a moreappropriate allocation of expenses to each of the series can otherwise be made fairly. Expenses borne by thecomplex of related investment companies, which includes open-end and closed-end investment companies forwhich Management serves as investment manager, that are not directly attributable to a particular investmentcompany in the complex (e.g., the Trust) or series thereof are allocated among the investment companies in thecomplex or series thereof, on the basis of relative net assets, except where a more appropriate allocation of expensesto each of the investment companies in the complex or series thereof can otherwise be made fairly. The Fund’sexpenses (other than those specific to each class) are allocated proportionally each day between the classes basedupon the relative net assets of each class.

9 Investments in foreign securities: Investing in foreign securities may involve certain sovereign and other risks, inaddition to the credit and market risks normally associated with domestic securities. These additional risks includethe possibility of adverse political and economic developments (including political instability, nationalization,expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public informationregarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certainfinancial markets, and the lack of uniform accounting, auditing, and financial reporting standards or theapplication of standards that are different or less stringent than those applied in the United States. Foreignsecurities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

15



10 Indemnifications: Like many other companies, the Trust’s organizational documents provide that its officers andtrustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Inaddition, both in some of its principal service contracts and in the normal course of its business, the Trust entersinto contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust’smaximum exposure under these arrangements is unknown as this could involve future claims against the Trust.

11 Expense offset arrangement: The Fund has an expense offset arrangement in connection with its custodiancontract. For the year ended December 31, 2011, the impact of this arrangement was a reduction of expenses of $2.

12 Other: All net investment income and realized and unrealized capital gains and losses of the Fund are allocated, onthe basis of relative net assets, pro rata among its respective classes.

Note B—Management Fees, Administration Fees, Distribution Arrangements, and OtherTransactions with Affiliates:

Fund shares are issued and redeemed in connection with investments in and payments under certain variableannuity contracts and variable life insurance policies issued through separate accounts of life insurance companiesand are also offered directly to certain qualified pension and retirement plans.

The Fund retains Management as its investment manager under a Management Agreement. For such investmentmanagement services, the Fund pays Management a fee at the annual rate of 0.55% of the first $250 million of theFund’s average daily net assets, 0.525% of the next $250 million, 0.50% of the next $250 million, 0.475% of thenext $250 million, 0.45% of the next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average daily netassets in excess of $4 billion.

The Fund retains Management as its administrator under an Administration Agreement. Each class paysManagement 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-administratorunder a Sub-Administration Agreement. Management pays State Street a fee for all services received under thisagreement.

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 andbears advertising and promotion expenses. The Board has adopted a distribution plan (the “Plan”) with respect tothis class, pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation for administrativeand other services provided to this class, Management’s activities and expenses related to the sale and distributionof this class of shares, and ongoing services provided to investors in this class, Management receives from this classa fee at the annual rate of 0.25% of Class S’s average daily net assets. Management receives this amount to providedistribution and shareholder servicing for this class and pays a portion of it to institutions that provide suchservices. Those institutions may use the payments for, among other purposes, compensating employees engaged insales and/or shareholder servicing. The amount of fees paid by this class during any year could have been more orless than the cost of distribution and other services provided to this class. FINRA rules limit the amount of annualdistribution 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 forgo current payment of fees and/or reimburse the Fund’s Class Iand Class S shares for their operating expenses (including fees payable to Management but excluding interest, taxes,

16



brokerage commissions, extraordinary expenses, transaction costs and dividend expense on short sales, if any)(“Operating Expenses”) which exceed the expense limitation as detailed in the following table:

Reimbursement from Management for the Year Ended Expense Limitation(1) Expiration December 31, 2011

Class I 1.50% 12/31/14 $—

Class S 1.25% 12/31/20 41,438

(1) Expense limitation per annum of the respective class’ average daily net assets.

Each respective class has agreed to repay Management for fees and expenses foregone and/or its excess OperatingExpenses previously reimbursed by Management, so long as its annual Operating Expenses during that period donot exceed its expense limitation, and the repayment is made within three years after the year in whichManagement issued the reimbursement or waived fees. During the year ended December 31, 2011, there was norepayment to Management under its contractual expense limitation. At December 31, 2011, the Fund’s Class Ishares had no contingent liability to Management under its contractual expense limitation. At December 31, 2011,the Fund’s Class S shares contingent liabilities to Management under its contractual expense limitation were asfollows:

Expiring in:

2012 2013 2014 Total

Class S $32,214 $31,454 $41,438 $105,106

Neuberger Berman LLC (“Neuberger”) is retained by Management to furnish it with investment recommendationsand research information without added cost to the Fund. Several individuals who are officers and/or trustees ofthe Trust are also employees of Neuberger and/or Management.

Management and Neuberger are indirect subsidiaries of Neuberger Berman Group LLC (“NBG,” and together withits consolidated subsidiaries “NB Group”). The voting equity of NBG is owned by NBSH Acquisition, LLC(“NBSH”), which was formed to facilitate the May 4, 2009 management buyout of the businesses conducted by NBGroup, and Lehman Brothers Holdings Inc. (“LBHI”). NBSH, which is owned by portfolio managers, members ofthe NB Group management team and certain of NB Group’s key employees and senior professionals, ownsapproximately 52% of the voting equity of NBG, and LBHI and certain of its subsidiaries own the remaining 48%of NBG’s voting equity.

On December 14, 2011, the United States Bankruptcy Court for the Southern District of New York approved amotion filed by LBHI and certain of its subsidiaries, as debtors and debtors in possession, (collectively, the“Lehman Brothers Estate”) that will provide NBG with the opportunity to purchase the Lehman Brothers Estate’sinterest in preferred and common equity of NBG. The proposed transactions, which are subject to the LehmanBrothers Estate and NBG signing definitive documentation, as well as to market conditions, would, if successfullyimplemented, enable NBG to have a lower cost capital structure and set it on a path to 100% employee ownershipwithin the next five to six years.

Note C—Securities Transactions:During the year ended December 31, 2011, there were purchase and sale transactions (excluding short-termsecurities) of $148,676,396 and $216,698,326, respectively.

During the year ended December 31, 2011, no brokerage commissions on securities transactions were paid toaffiliated brokers.

17



Note D—Fund Share Transactions:Share activity for the years ended December 31, 2011 and December 31, 2010 was as follows:


Shares Issued on Reinvestment of Dividends and Shares Shares Sold Distributions Redeemed Total

Class I 632,083 36,296 (4,520,876) (3,852,497)

Class S 736,152 15,821 (941,055) (189,082)


Shares Issued on Reinvestment of Dividends and Shares Shares Sold Distributions Redeemed Total

Class I 3,846,396 64,401 (2,170,042) 1,740,755

Class S 785,229 12,735 (1,400,742) (602,778)

Note E—Line of Credit:At December 31, 2011, the Fund was a participant in a single committed, unsecured $200,000,000 line of creditwith State Street, to be used only for temporary or emergency purposes. Other investment companies managed byManagement also participate in this line of credit on the same terms. Interest is charged on borrowings under thisline of credit at the higher of (a) the Federal Funds Rate plus 1.25% per annum or (b) the Overnight LIBOR Rateplus 1.25% per annum. A commitment fee of 0.10% (0.125% prior to September 16, 2011) per annum of theavailable line of credit is charged, of which each participating Fund has agreed to pay its pro rata share, based onthe ratio of its individual net assets to the net assets of all participants at the time the fee is due and payable. The feeis paid quarterly in arrears. Because several mutual funds participate, there is no assurance that an individual Fundwill have access to all or any part of the $200,000,000 at any particular time. There were no loans outstandingpursuant to this line of credit at December 31, 2011. During the year ended December 31, 2011, the Fund did notutilize this line of credit.

Note F—Recent Accounting Pronouncement:In May 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.GAAP and International Financial Reporting Standards (“IFRS”).” ASU No. 2011-04 amends ASC 820 to establishcommon requirements for measuring fair value and for disclosing information about fair value measurements inaccordance with GAAP and IFRS. It will not affect the fair valuation of the Fund’s investments, but rather thequantitative and qualitative disclosures in the financial statements. ASU No. 2011-04 is effective for fiscal yearsbeginning after December 15, 2011 and for interim periods within those fiscal years. Management is currentlyevaluating the impact of the adoption of ASU No. 2011-04 on the Fund’s financial statement disclosures.

18



Regency PortfolioThe following tables include selected data for a share outstanding throughout each year and other performanceinformation derived from the Financial Statements. Per share amounts that round to less than $.01 or $(.01) per share arepresented as $.00 or $(.00), respectively.

Class I

Year Ended December 31,

2011 2010 2009 2008 2007

Net Asset Value, Beginning of Year $15.36 $12.26 $ 8.60 $ 16.23 $16.21

Income From Investment Operations:

Net Investment Income (Loss)‡ .06 .07 .07 .10 .17

Net Gains or Losses on Securities

(both realized and unrealized) (1.06) 3.13 3.93 (7.53) .39

Total From Investment Operations (1.00) 3.20 4.00 (7.43) .56

Less Distributions From:

Net Investment Income (.10) (.10) (.18) (.17) (.08)

Net Capital Gains — — (.16) (.03) (.46)

Total Distributions (.10) (.10) (.34) (.20) (.54)

Net Asset Value, End of Year $14.26 $15.36 $12.26 $ 8.60 $16.23

Total Return†† (6.50)% 26.18% 46.56% (45.82)% 3.30%

Ratios/Supplemental Data

Net Assets, End of Year (in millions) $ 70.0 $134.6 $ 86.1 $ 74.8 $217.3

Ratio of Gross Expenses to Average Net Assets# 1.07% 1.06% 1.06% .97% .93%

Ratio of Net Expenses to Average Net Assets 1.07% 1.06% 1.06%§ .96%§ .92%§

Ratio of Net Investment Income (Loss) to Average

Net Assets .42% .54% .67% .76% 1.03%

Portfolio Turnover Rate 95% 39% 51% 66% 58%

Financial Highlights

See Notes to Financial Highlights 19

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Class S


2011 2010 2009 2008 2007

Net Asset Value, Beginning of Year $16.59 $13.21 $ 9.22 $ 17.37 $17.35

Income From Investment Operations:

Net Investment Income (Loss)‡ .05 .04 .06 .08 .14

Net Gains or Losses on Securities

(both realized and unrealized) (1.16) 3.39 4.20 (8.06) .41

Total From Investment Operations (1.11) 3.43 4.26 (7.98) .55

Less Distributions From:

Net Investment Income (.07) (.05) (.11) (.14) (.07)

Net Capital Gains — — (.16) (.03) (.46)

Total Distributions (.07) (.05) (.27) (.17) (.53)

Net Asset Value, End of Year $15.41 $16.59 $13.21 $ 9.22 $17.37

Total Return†† (6.70)% 25.99% 46.16% (45.95)% 3.05%

Ratios/Supplemental Data

Net Assets, End of Year (in millions) $ 55.2 $ 62.5 $ 57.8 $ 119.7 $151.3

Ratio of Gross Expenses to Average Net Assets# 1.25% 1.25% 1.25% 1.23% 1.19%

Ratio of Net Expenses to Average Net Assets§ 1.25% 1.25% 1.25% 1.22% 1.18%

Ratio of Net Investment Income (Loss) to Average

Net Assets .32% .30% .61% .58% .80%

Portfolio Turnover Rate 95% 39% 51% 66% 58%

Financial Highlights (cont’d)

See Notes to Financial Highlights 20



†† Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund duringeach fiscal period and assumes income dividends and other distributions, if any, were reinvested. Results representpast performance and do not indicate future results. Current returns may be lower or higher than the performancedata quoted. Investment returns and principal may fluctuate and shares when redeemed may be worth more or lessthan original cost. Total return would have been lower if Management had not reimbursed and/or waived certainexpenses. 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 accountor the related insurance policies, and the inclusion of these charges and other expenses would reduce the totalreturn for all fiscal periods shown.

# The Fund is required to calculate an expense ratio without taking into consideration any expense reductions relatedto expense offset arrangements.

‡ Calculated based on the average number of shares outstanding during each fiscal period.

§ After reimbursement of expenses and/or waiver of a portion of the investment management fee by Management.Had Management not undertaken such actions, the annualized ratios of net expenses to average daily net assetswould have been:


2011 2010 2009 2008 2007

Regency Portfolio Class I — — 1.06% .96% .93%

Regency Portfolio Class S 1.32% 1.30% 1.29% 1.22% 1.18%

Notes to Financial Highlights Regency Portfolio

21



To the Board of Trustees ofNeuberger Berman Advisers Management Trust andShareholders of Regency Portfolio

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of RegencyPortfolio, one of the series constituting Neuberger Berman Advisers Management Trust (the “Trust”), as of December 31,2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each ofthe 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 isto 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 (UnitedStates). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements and financial highlights are free of material misstatement. We were not engaged to perform an auditof the Trust’s internal control over financial reporting. Our audits included consideration of internal control overfinancial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for thepurpose 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 anddisclosures in the financial statements and financial highlights, assessing the accounting principles used and significantestimates made by management, and evaluating the overall financial statement presentation. Our procedures includedconfirmation of securities owned as of December 31, 2011 by correspondence with the custodian and brokers or by otherappropriate auditing procedures where replies from brokers were not received. We believe that our audits provide areasonable 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 31,2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in theperiod 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.

Boston, MassachusettsFebruary 10, 2012

Report of Independent Registered Public Accounting Firm

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JOB: 12-2129-7 CYCLE#;BL#: 5; 0 TRIM: 8.25" x 10.75" COMPOSITECOLORS: Black, ~note-color 2 GRAPHICS: ernst_young_llp_k_sig.eps V1.5

The following tables set forth information concerning the trustees (“Trustees”) and officers (“Officers”) of the Trust. Allpersons named as Trustees and Officers also serve in similar capacities for other funds administered or managed byManagement, Neuberger and Neuberger Berman Fixed Income LLC (“NBFI”). The Statement of Additional Informationincludes additional information about Trustees and is available upon request, without charge, by calling (800) 877-9700.

Information about the Board of Trustees

Name, (Year of Birth), Position and Principal Occupation(s)(3) Number of Other Directorshipsand Address(1) Length of Funds in Fund Held Outside Fund Time Served(2) Complex Complex by Fund Overseen by Trustee Fund Trustee

Independent Trustees

John Cannon (1930) Trustee since2000

Consultant; formerly,Chairman, CDC InvestmentAdvisers (registeredinvestment adviser), 1993 toJanuary 1999; formerly,President and Chief ExecutiveOfficer, AMA InvestmentAdvisors, an affiliate of theAmerican Medical Association.

47 Formerly, IndependentTrustee or Director of threeseries of OppenheimerFunds: OppenheimerLimited Term New YorkMunicipal Fund, RochesterFund Municipals, andOppenheimer ConvertibleSecurities Fund, 1992 to2009.

Faith Colish (1935) Trustee since1982

Counsel, Carter Ledyard &Milburn LLP (law firm) sinceOctober 2002; formerly,Attorney-at-Law andPresident, Faith Colish, AProfessional Corporation,1980 to 2002.

47 Formerly, Director, 1997 to2003, and AdvisoryDirector, 2003 to 2006,ABA Retirement Funds(formerly, American BarRetirement Association)(not-for-profit membershipcorporation).

Trustee and Officer Information

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Martha C. Goss (1949) Trustee since2007

President, WoodhillEnterprises Inc./Chase HollowAssociates LLC (personalinvestment vehicle), since2006; Chief Operating andFinancial Officer, HopewellHoldings LLC/ AmwellHoldings, LLC (a holdingcompany for a healthcarereinsurance company start-up),since 2003; formerly,Consultant, ResourcesConnection (temporarystaffing), 2002 to 2006.

47 Director, American Water(water utility), since 2003;Director, ChannelReinsurance (financialguaranty reinsurance), since2006; Director, Allianz Lifeof New York (insurance),since 2005; Director,Financial Women’sAssociation of New York(not-for-profit association),since 2003; TrusteeEmerita, Brown University,since 1998; formerly,Director, Ocwen FinancialCorporation (mortgageservicing), 2005 to 2010;formerly, Advisory BoardMember, Attensity(software developer), 2005to 2007; formerly, Director,Bank Leumi (commercialbank), 2005 to 2007;formerly, Director, Claire’sStores, Inc. (retailer), 2005to 2007.

C. Anne Harvey (1937) Trustee since1998

President, C.A. HarveyAssociates, sinceOctober 2001; formerly,Director, AARP, 1978 toDecember 2001.

47 Formerly, President, Boardof Associates to TheNational RehabilitationHospital’s Board ofDirectors, 2001 to 2002;formerly, Member,Individual Investors AdvisoryCommittee to the New YorkStock Exchange Board ofDirectors, 1998 to 2002.

24




Robert A. Kavesh (1927) Trustee since2000

Retired, since 2002; MarcusNadler Professor Emeritus ofFinance and Economics, NewYork University Stern Schoolof Business; formerly,Executive Secretary-Treasurer,American Finance Association,1961 to 1979.

47 Formerly, Director, TheCaring Community (not-for-profit), 1997 to 2006;formerly, Director, DELLaboratories, Inc. (cosmeticsand pharmaceuticals), 1978to 2004; formerly, Director,Apple Bank for Savings,1979 to 1990; formerly,Director, Western PacificIndustries, Inc., (publiccompany), 1972 to 1986.

Michael M. Knetter (1960) Trustee since2007

President and Chief ExecutiveOfficer, University ofWisconsin Foundation, sinceOctober 2010; formerly, Dean,School of Business, Universityof Wisconsin - Madison;formerly, Professor ofInternational Economics andAssociate Dean, Amos TuckSchool of Business - DartmouthCollege, 1998 to 2002.

47 Director, American FamilyInsurance (a mutualcompany, not publiclytraded), since March 2009;formerly, Trustee,Northwestern MutualSeries Fund, Inc., 2007 to2010; formerly, Director,Wausau Paper, 2005 to2011; formerly, Director,Great Wolf Resorts, 2004to 2009.

Howard A. Mileaf (1937) Trustee since1999

Retired; formerly, VicePresident and GeneralCounsel, WHX Corporation(holding company), 1993 to2001.

47 Formerly, Director,Webfinancial Corporation(holding company), 2002 to2008; formerly, Director,WHX Corporation (holdingcompany), 2002 to 2005;formerly, Director, StateTheatre of New Jersey(not-for-profit theatre),2000 to 2005.

George W. Morriss (1947) Trustee since2007

Retired; formerly, ExecutiveVice President and ChiefFinancial Officer, People’sBank, Connecticut (a financialservices company), 1991 to2001.

47 Manager, Larch LaneMulti-Strategy Fundcomplex (which currentlyconsists of three funds),since 2006; formerly,Member, NASDAQ Issuers’Affairs Committee, 1995 to2003.

25




Edward I. O’Brien (1928) Trustee since2000

Private Investor; formerly,Member, Investment PolicyCommittee, Edward Jones,1993 to 2001; President,Securities Industry Association(“SIA”) (securities industry’srepresentative in governmentrelations and regulatorymatters at the federal andstate levels), 1974 to 1992;Adviser to SIA,November 1992 toNovember 1993.

47 Formerly, Director, LeggMason, Inc. (financialservices holding company),1993 to July 2008; formerly,Director, Boston FinancialGroup (real estate and taxshelters), 1993 to 1999.

Jack L. Rivkin (1940) Trustee since2002;President,2002 to 2008

Formerly, Executive VicePresident and ChiefInvestment Officer, NeubergerBerman Holdings LLC (holdingcompany), 2002 toAugust 2008 and 2003 toAugust 2008, respectively;formerly, Managing Directorand Chief Investment Officer,Neuberger, December 2005 toAugust 2008 and 2003 toAugust 2008, respectively;formerly, Executive VicePresident, Neuberger,December 2002 to 2005;formerly, Director andChairman, Management,December 2002 toAugust 2008; formerly,Executive Vice President,Citigroup Investments, Inc.,September 1995 toFebruary 2002; formerly,Executive Vice President,Citigroup Inc.,September 1995 toFebruary 2002.

47 Director, Idealab (privatecompany), since 2009;Director, Distributed WorldPower (private company),since 2009; Director, DaleCarnegie and Associates,Inc. (private company),since 1999; Director,Solbright, Inc. (privatecompany), since 1998;Director, SA AgriculturalFund, since 2009;Chairman and Director,Essential Brands (consumerproducts) since 2008;formerly, Director, NewYork Society of SecurityAnalysts, 2006 to 2008.

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Cornelius T. Ryan (1931) Trustee since2000

General Partner and Adviser,TD2, TD3, and TOF1Healthcare Venture CapitalPartnerships; formerly,Founding General Partner,Oxford Partners and OxfordBioscience Partners (venturecapital investing) andPresident, Oxford VentureCorporation, 1981 to 2010.

47 Trustee, Norwalk HospitalFoundation, since 2000;Director, Supply Pro(privately held company),since 2008; formerly,Trustee, Norwalk Hospital,1995 to 2004; formerly,President and Director,Randolph Computer Corp.,1966 to 1984; formerly,Director of numerousprivately held portfoliocompanies of OxfordPartners and OxfordBioscience Partners, 1981to 2005.

Tom D. Seip (1950) Trustee since2000;Chairman ofthe Boardsince 2008;LeadIndependentTrustee from2006 to 2008

General Partner, RidgefieldFarm LLC (a privateinvestment vehicle); formerly,President and CEO, Westaff,Inc. (temporary staffing),May 2001 to January 2002;formerly, Senior Executive, TheCharles Schwab Corporation,1983 to 1998, including ChiefExecutive Officer, CharlesSchwab InvestmentManagement, Inc.; Trustee,Schwab Family of Funds andSchwab Investments, 1997 to1998; and Executive VicePresident-Retail Brokerage,Charles Schwab & Co., Inc.,1994 to 1997.

47 Director, H&R Block, Inc.(financial servicescompany), since May 2001;formerly, Chairman,Compensation Committee,H&R Block, Inc., 2006 to2010; formerly, Director,Forward Management, Inc.(asset managementcompany), 1999 to 2006.

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Candace L. Straight (1947) Trustee since1999

Private investor and consultantspecializing in the insuranceindustry; formerly, AdvisoryDirector, Securitas Capital LLC(a global private equityinvestment firm dedicated tomaking investments in theinsurance sector), 1998 toDecember 2003.

47 Public Member, Board ofGovernors and Board ofTrustees, Rutgers University,since 2011; Director,Montpelier Re Holdings Ltd.(reinsurance company),since 2006; formerly,Director, National AtlanticHoldings Corporation(property and casualtyinsurance company), 2004to 2008; formerly, Director,The Proformance InsuranceCompany (property andcasualty insurancecompany), 2004 to 2008;formerly, Director,Providence WashingtonInsurance Company(property and casualtyinsurance company), 1998to 2006; formerly, Director,Summit Global Partners(insurance brokerage firm),2000 to 2005.

Peter P. Trapp (1944) Trustee since1984

Retired; formerly, RegionalManager for Mid-SouthernRegion, Ford Motor CreditCompany, September 1997 to2007; formerly, President,Ford Life Insurance Company,April 1995 to August 1997.

47 None.

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Trustees who are “Interested Persons”

Joseph V. Amato* (1962) Trustee since2009

President and Director,Neuberger Berman GroupLLC, since 2009; President andChief Executive Officer,Neuberger and NeubergerBerman Holdings LLC(including its predecessor,Neuberger Berman Inc.), since2007; Chief InvestmentOfficer, Neuberger, since2009; Chief InvestmentOfficer (Equities) andManaging Director,Management, since 2009;Managing Director, NeubergerBerman Fixed Income LLC(“NBFI”) since 2007; Boardmember of NBFI since 2006;formerly, Global Head of AssetManagement of LehmanBrothers Holdings Inc.’s(“LBHI”) InvestmentManagement Division, 2006to 2009; formerly, member ofLBHI’s InvestmentManagement Division’sExecutive ManagementCommittee, 2006 to 2009;formerly, Managing Director,Lehman Brothers Inc. (“LBI”),2006 to 2008; formerly, ChiefRecruiting and DevelopmentOfficer, LBI, 2005 to 2006;formerly, Global Head of LBI’sEquity Sales and a Member ofits Equities Division ExecutiveCommittee, 2003 to 2005.

47 Member of Board ofAdvisors, McDonoughSchool of Business,Georgetown University,since 2001; Member ofNew York City Board ofAdvisors, Teach forAmerica, since 2005;Trustee, MontclairKimberley Academy (privateschool), since 2007.

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(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 of these Trustees shall hold office for life or until his or her successoris elected or the Trust terminates; except that (a) any Trustee may resign by delivering a written resignation; (b) anyTrustee may be removed with or without cause at any time by a written instrument signed by at least two-thirds ofthe other Trustees; (c) any Trustee who requests to be retired, or who has become unable to serve, may be retired bya written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at anyshareholder 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.

* Indicates a Trustee who is an “interested person” within the meaning of the 1940 Act. Mr. Amato and Mr. Conti areinterested persons of the Trust by virtue of the fact that each is an officer of Management, Neuberger and/or theiraffiliates.

Robert Conti* (1956) ChiefExecutiveOfficer,President andTrustee since2008; priorthereto,Executive VicePresident in2008 and VicePresident,2000 to 2008

Managing Director,Neuberger, since 2007;formerly, Senior VicePresident, Neuberger, 2003 to2006; formerly, Vice President,Neuberger, 1999 to 2003;President and Chief ExecutiveOfficer, Management, since2008; formerly, Senior VicePresident, Management, 2000to 2008.

47 Director since 1994 andformerly, Chairman of theBoard, 2008 to 2010,Staten Island Mental HealthSociety, Inc.

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Information about the Officers of the Trust

Name, (Year of Birth), Position and Principal Occupation(s)(3)

and Address(1) Length of Time Served(2)

Andrew B. Allard (1961) Anti-MoneyLaunderingComplianceOfficer since2002

Senior Vice President, Neuberger, since 2006 and Employee since 1999;Deputy General Counsel, Neuberger, since 2004; formerly, Vice President,Neuberger, 2000 to 2005; formerly, Employee, Management, 1994 to1999; Anti-Money Laundering Compliance Officer, nine registeredinvestment companies for which Management acts as investment managerand administrator (six since 2002, one since 2003, one since 2005 and onesince 2006).

Claudia A. Brandon (1956) Executive VicePresident since2008 andSecretary since1985

Senior Vice President, Neuberger, since 2007 and Employee since 1999;Senior Vice President, Management, since 2008 and Assistant Secretary since2004; formerly, Vice President, Neuberger, 2002 to 2006; formerly, VicePresident-Mutual Fund Board Relations, Management, 2000 to 2008;formerly, Vice President, Management, 1986 to 1999 and Employee 1984 to1999; Executive Vice President, nine registered investment companies forwhich Management acts as investment manager and administrator (ninesince 2008); Secretary, nine registered investment companies for whichManagement acts as investment manager and administrator (three since1985, three since 2002, one since 2003, one since 2005 and one since 2006).

Anthony DiBernardo (1979) AssistantTreasurersince 2011

Vice President, Neuberger, since 2009; Employee, Management, since 2003;Assistant Treasurer, nine registered investment companies for whichManagement acts as investment manager and administrator.

Maxine L. Gerson (1950) Executive VicePresident since2008 andChief LegalOfficer since2005 (only forpurposes ofsections 307and 406 ofthe Sarbanes-Oxley Act of2002)

Managing Director, Neuberger, since 2009, and Deputy General Counsel andAssistant Secretary, Neuberger, since 2001; Managing Director,Management, since 2009, and Secretary and General Counsel,Management, since 2004; formerly, Senior Vice President, Neuberger, 2002to 2009; formerly, Senior Vice President, Management, 2006 to 2009;Executive Vice President, nine registered investment companies for whichManagement acts as investment manager and administrator (nine since2008); Chief Legal Officer (only for purposes of sections 307 and 406 of theSarbanes-Oxley Act of 2002), nine registered investment companies forwhich Management acts as investment manager and administrator (eightsince 2005 and one since 2006).

Sheila R. James (1965) AssistantSecretarysince 2002

Vice President, Neuberger, since 2008 and Employee since 1999; formerly,Assistant Vice President, Neuberger, 2007; formerly, Employee, Management,1991 to 1999; Assistant Secretary, nine registered investment companies forwhich Management acts as investment manager and administrator (six since2002, one since 2003, one since 2005 and one since 2006).

Brian Kerrane (1969) Vice Presidentsince 2008

Senior Vice President, Neuberger, since 2006; formerly, Vice President,Neuberger, 2002 to 2006; Vice President, Management, since 2008 andEmployee since 1991; Vice President, nine registered investment companiesfor which Management acts as investment manager and administrator (ninesince 2008).

31



Name, (Year of Birth), Position and Principal Occupation(s)(3)

and Address(1) Length of Time Served(2)

(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 Trustees shall hold office until his or her successorshall have been elected and qualified or until his or her earlier death, inability to serve, or resignation. Officers serveat the pleasure of the 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.

Kevin Lyons (1955) AssistantSecretary since2003

Assistant Vice President, Neuberger, since 2008 and Employee since 1999;formerly, Employee, Management, 1993 to 1999; Assistant Secretary, nineregistered investment companies for which Management acts as investmentmanager and administrator (seven since 2003, one since 2005 and onesince 2006).

Owen F. McEntee, Jr. (1961) Vice Presidentsince 2008

Vice President, Neuberger, since 2006; Employee, Management, since 1992;Vice President, nine registered investment companies for which Managementacts as investment manager and administrator (nine since 2008).

John M. McGovern (1970) Treasurer andPrincipalFinancial andAccountingOfficer since2005

Senior Vice President, Neuberger, since 2007; formerly, Vice President,Neuberger, 2004 to 2006; Employee, Management, since 1993; Treasurerand Principal Financial and Accounting Officer, nine registered investmentcompanies for which Management acts as investment manager andadministrator (eight since 2005 and one since 2006); formerly, AssistantTreasurer, eight registered investment companies for which Management actsas investment manager and administrator, 2002 to 2005.

Frank Rosato (1971) AssistantTreasurersince 2005

Vice President, Neuberger, since 2006; Employee, Management, since 1995;Assistant Treasurer, nine registered investment companies for whichManagement acts as investment manager and administrator (eight since2005 and one since 2006).

Neil S. Siegel (1967) Vice Presidentsince 2008

Managing Director, Management, since 2008; Managing Director, Neuberger,since 2006; formerly, Senior Vice President, Neuberger, 2004 to 2006; VicePresident, nine registered investment companies for which Management actsas investment manager and administrator (nine since 2008).

Chamaine Williams (1971) ChiefComplianceOfficer since2005

Senior Vice President, Neuberger, since 2007; Chief Compliance Officer,Management, since 2006; Chief Compliance Officer, nine registeredinvestment companies for which Management acts as investment managerand administrator (eight since 2005 and one since 2006); formerly, SeniorVice President, LBI, 2007 to 2008; formerly, Vice President, LBI, 2003 to 2006;formerly, Chief Compliance Officer, Lehman Brothers Asset Management Inc.,2003 to 2007; formerly, Chief Compliance Officer, Lehman BrothersAlternative Investment Management LLC, 2003 to 2007.

32



Proxy Voting Policies and ProceduresA description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfoliosecurities is available, without charge, by calling 1-800-877-9700 (toll-free) and on the website of the Securities andExchange Commission, at www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securitiesduring 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 atwww.nb.com.

Quarterly Portfolio ScheduleThe Trust files a complete schedule of portfolio holdings for the Fund with the Securities and Exchange Commission forthe first and third quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the Securities andExchange Commission’s website at www.sec.gov and may be reviewed and copied at the Securities and ExchangeCommission’s Public Reference Room in Washington, DC. Information on the operation of the Public ReferenceRoom may be obtained by calling 1-800-SEC-0330. The information on Form N-Q is available upon request, withoutcharge, by calling 1-800-877-9700 (toll free).

Notice to Shareholders100.00% of the dividends earned during the fiscal year ended December 31, 2011 qualifies for the dividends receiveddeduction for corporate shareholders.

Board Consideration of the Management and Sub-Advisory AgreementsAt a meeting held on October 13, 2011, the Board, including the Trustees who are not “interested persons” ofManagement (including its affiliates) or Neuberger Berman Advisers Management Trust (“Independent Fund Trustees”),approved the continuance of the Management and Sub-Advisory Agreements (“Agreements”) for the Fund.

In evaluating the Agreements, the Board, including the Independent Fund Trustees, reviewed materials furnished byManagement and Neuberger in response to questions submitted by counsel for the Independent Fund Trustees, and metwith senior representatives of Management and Neuberger regarding their personnel and operations. The IndependentFund Trustees were advised by counsel that is experienced in Investment Company Act of 1940 matters and that isindependent of Management and Neuberger. The Independent Fund Trustees received a memorandum from independentcounsel discussing the legal standards for their consideration of the proposed continuance of the Agreements. They metwith such counsel separately from representatives of Management to discuss the annual contract review. The annualcontract review extends over three regular meetings of the Board, including one meeting devoted primarily to reviewingand discussing Fund performance, to ensure that Management and Neuberger have time to respond to any questions theIndependent Fund Trustees may have on their initial review of the report and that the Independent Fund Trustees havetime to consider those responses.

The Board considered the following factors, among others, in connection with its approval of the continuance of theAgreements: (1) the nature, extent, and quality of the services provided by Management and Neuberger; (2) theperformance of the Fund compared to a relevant market index and a peer group of investment companies; (3) the costs ofthe services provided and profits or losses realized by Management and its affiliates from their 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 any suchpotential economies of scale for the benefit of investors in the Fund. In their deliberations, the Board members did notidentify any particular information that was all-important or controlling, and each Trustee may have attributed differentweights to the various factors.

The Board evaluated the terms of the Agreements, the overall fairness of the Agreements to the Fund and whether theAgreements were in the best interests of the Fund and its shareholders.

33



With respect to the nature, extent and quality of the services provided, the Board considered the performance of the Fundand the experience and staffing of the portfolio management and investment research personnel of Management andNeuberger who perform services for the Fund. The Board noted that Management also provides certain administrativeservices, including fund accounting and compliance oversight. The Board also considered Management’s and Neuberger’spolicies and practices regarding brokerage and the allocation of portfolio transactions. The Board’s Portfolio Transactionsand Pricing Committee from time to time reviewed the quality of the execution services that Management and Neubergerhad provided, and periodically reviews studies by an independent firm engaged to review and evaluate the quality ofbrokerage execution received by the Fund. The Board also reviewed whether Management and Neuberger used brokers toexecute Fund transactions that provide research and other services to Management and Neuberger, and the types ofbenefits potentially derived from such services by Management, Neuberger, the Fund and other clients of Managementand Neuberger. In addition, the Board noted the positive compliance history of Management and Neuberger, as each firmhas been free of significant reported compliance problems.

The Board considered the performance of the Fund relative to its benchmark and the average performance of a compositepeer group of investment companies dedicated to insurance products pursuing broadly similar strategies. The Board alsoreviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfoliomanagers, during the period. The Board also considered Management’s resources and responsiveness with respect to theFund.

With respect to the overall fairness of the Agreements, the Board considered the fee structure for the Fund under theAgreements as compared to a peer group of comparable funds and any fall-out benefits likely to accrue to Management orNeuberger or their affiliates from their relationship with the Fund. The Board also considered the profitability ofManagement 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 broadlycomparable funds. The Board considered the mean and median of the management fees and expense ratios of the peergroup. The Board noted that the Fund’s management fee was higher than the peer group mean and median. The Boardconsidered whether specific administration needs contributed to the management fee. With regard to the sub-advisory feepaid to Neuberger, the Board noted that this fee is “at cost.” In addition, the Board considered the contractual limit onFund expenses undertaken by Management.

The Board considered whether there were other funds that were advised or sub-advised by Management or its affiliates orseparate accounts managed by Management or its affiliates with similar investment objectives, policies and strategies tothe Fund. The Board compared the fees charged to the Fund to the fees charged to a registered fund, a sub-advised fundand a separate account, each managed by Management in a similar style to the Fund. The Board considered theappropriateness and reasonableness of any differences between the fees charged to the Fund and the other funds andaccount and determined that the differences in fees were consistent with the management and other services provided.

The Board also evaluated any apparent or anticipated economies of scale in relation to the services Management providesto the Fund. The Board considered whether the Fund’s fee structure provides for a reduction of payments resulting fromthe use of breakpoints and whether those breakpoints are set at appropriate asset levels. In concluding that the benefitsaccruing to Management and its affiliates by virtue of their relationship to the Fund were reasonable in comparison withthe costs of providing the investment advisory services and the benefits accruing to the Fund, the Board reviewed specificdata as to Management’s profit on the Fund for a recent period and the trend in profit or loss over recent years. The Boardalso carefully examined Management’s cost allocation methodology. The Board recognized that Management should beentitled to earn a reasonable level of profits for services it provides to the Fund and, based on its review, concluded thatManagement’s level of profitability was not excessive.

34



ConclusionsIn approving the Agreements, the Board concluded that the terms of each Agreement are fair and reasonable and thatapproval of the Agreements is in the best interests of the Fund and its shareholders. In reaching this determination, theBoard considered that Management and Neuberger could be expected to provide a high level of service to the Fund; thatthe performance of the Fund was satisfactory over time; that the Fund’s fee structure appeared to the Board to bereasonable given the nature and quality of services provided; and that the benefits accruing to Management and itsaffiliates by virtue of their relationship to the Fund were reasonable in comparison with the benefits accruing to the Fund.

35



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