Neuberger Berman Advisers Management Trust NCSR Certified annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on February 23, 2021

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: 811-04255

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices - Zip Code)

Registrant’s telephone number, including area code: (212) 476-8800

Joseph V. Amato

Chief Executive Officer and President
Neuberger Berman Advisers Management Trust

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Arthur C. Delibert, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

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, as amended (“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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

Item 1. Report to Shareholders.

Following are copies of the annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Advisers Management Trust

International Equity Portfolio

I Class Shares

S Class Shares

Annual Report

December 31, 2020

F0509 02/21

As permitted by regulations adopted by the U.S. Securities and Exchange Commission, you may no longer receive paper copies of the Fund's annual and semi-annual shareholder reports by mail from the insurance company that issued your variable annuity and variable life insurance contract or from the financial intermediary that administers your qualified pension or retirement plan, unless you specifically request paper copies of the reports from your insurance company or financial intermediary. Instead, the reports will be made available on the Fund's website www.nb.com/AMTliterature, and may also be available on a website from the insurance company or financial intermediary that offers your contract or administers your retirement plan, and such insurance company or financial intermediary will notify you by mail each time a report is posted and provide you with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the insurance company or financial intermediary electronically by following the instructions provided by the insurance company or financial intermediary. If offered by your insurance company or financial intermediary, you may elect to receive all future reports in paper and free of charge from the insurance company or financial intermediary. You can contact your insurance company or financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds available under your contract or retirement plan.

International Equity Portfolio Commentary (Unaudited)

The Neuberger Berman Advisers Management Trust International Equity Portfolio Class S posted a total return of 12.57% for the 12-month period ended December 31, 2020 (the reporting period), outperforming the 7.82% total return of its benchmark, the MSCI EAFE® Index (Net) (the Index) for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Global equity markets experienced a sharp correction in March, when COVID-19 began spreading globally. Developed international markets remained volatile, but generally positive from that point forward, supported by better-than-expected economic data, vaccine advances, central bank and government stimulus, and U.S. election results, which bode well for additional U.S. stimulus and more normalized trade globally. The Index results lagged the S&P 500® Index and the MSCI Emerging Markets Index, as each advanced over 18% for the reporting period.

By sector, the Index was led by Information Technology (IT), partially due to COVID-19 pandemic-related changes to work and consumer behavior, plus Materials and Consumer Discretionary stocks. Energy declined sharply as oil prices remained depressed given a combination of reduced demand and excess supply, and Real Estate and Financials also lost value. By country, Denmark, the Netherlands and Sweden outperformed, while the UK, Belgium and Singapore declined the most.

The Fund's outperformance was driven both by stock selection and sector allocation. Financials, IT and Industrials were our strongest sectors versus the Index, and the UK, Switzerland and Germany were our strongest relative markets.

Top contributors included Netherlands-based ASML, the semiconductor firm, which saw strong demand for its Extreme Ultraviolet Lithography (EUV) tools, following COVID-19 related delays in orders. Techtronic, the Hong Kong based power tool maker, saw demand rise as homeowners undertook DIY projects in lockdown, and Swiss medical devices firm Tecan saw an increase in diagnostic instrument orders due to COVID-19.

Stock selection and underweights to Consumer Discretionary, Communication Services, and Utilities versus the Index detracted from relative performance. By country, stock selection in Japan, and underweights to Denmark and Sweden were disadvantages.

We exited key detractors Samsonite, Compass Group, and Continental during the reporting period. Samsonite, the Hong Kong-based luggage maker, lagged as travel reductions threaten to extend the replacement cycle for luggage, even if tourism recovers in 2021. Compass Group, the UK-based global contract caterer, declined as stay-at-home and social-distancing orders impacted revenues across divisions. Continental, the German global automotive parts manufacturer, declined as COVID-19 economic shutdowns closed factories and weighed on automotive parts demand.

Looking ahead, while the Index underperformed the S&P 500 in 2020, it outperformed during the fourth quarter. We think that could be a harbinger for the future, given concerns over valuations in large cap U.S. growth stocks, the potential for further dollar weakness, and increased flows into an asset class that has been largely out of favor. We believe that these factors, plus the potential for faster earnings growth in Index markets, may help continue to close the gap between developed international and U.S. valuations in the year ahead.

Several of the names we bought during 2020's selloffs contributed to our strong relative performance. In keeping with our 'quality at a reasonable price' discipline, we locked in profits and recycled proceeds into areas that appeared to us more attractively valued. We continue to avoid deep value stocks, instead focusing on names where we believe investor skepticism means that valuations should offer upside even under conservative assumptions.

We have high conviction in our current portfolio companies. They have shown great resilience in a challenging period. As we emerge from the pandemic—where the market favored solid returns, secular growth, and strong balance sheets,

with less concern about valuations—we are increasingly focused on ensuring that we own what we believe to be the right businesses at the right price. These are the stocks that we think will reward investors in the months and quarters to come.

Sincerely,

BENJAMIN SEGAL AND ELIAS COHEN
PORTFOLIO MANAGERS

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

International Equity Portfolio (Unaudited)

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 12/31/2020
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Class I²	01/30/2018		13.14	%		8.54	%		6.12	%		5.69	%
Class S	04/29/2005		12.57	%		8.24	%		5.97	%		5.60	%
Index
MSCI EAFE^® Index (Net)^1,3			7.82	%		7.45	%		5.51	%		5.32	%

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, including current to the most recent month-end, please visit http://www.nb.com/amtportfolios/performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The results do not reflect fees and expenses of the variable annuity and variable life insurance policies or the qualified pension and retirement plans whose proceeds are invested in the Fund.

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

Returns would have been lower if Neuberger Berman Investment Advisers LLC ("Management") had not reimbursed certain expenses and/or waived a portion of the investment management fees during certain of the periods shown. Repayment by a class (of expenses previously reimbursed and/or fees previously waived by Management) will decrease the class's returns. Please see Note B in the Notes to Financial Statements for specific information regarding expense reimbursement and/or fee waiver arrangements.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2019 were 1.47% and 1.72% for Class I and Class S shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.01% and 1.51% after expense reimbursements and/or fee waivers for Class I and Class S shares, respectively. The expense ratios for the annual period ended December 31, 2020 can be found in the Financial Highlights section of this report.

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in 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 graph is based on Class S shares only; the performance of the Fund's share classes will differ primarily due to different class expenses (see Performance Highlights chart above). The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The results do not reflect fees and expenses of the variable annuity and variable life insurance policies or the qualified pension and retirement plans whose proceeds are invested in the Fund. Results represent past performance and do not indicate future results.

Please see Endnotes for additional information.

Endnotes

1 The date used to calculate Life of Fund performance for the index is April 29, 2005, the inception date of Class S shares, the Fund's oldest share class.

2 Performance shown prior to January 30, 2018, for Class I shares is that of Class S shares, which has higher expenses and correspondingly lower returns than Class I shares.

3 The MSCI EAFE® Index (Net) (Europe, Australasia, Far East) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. The index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Please note that the index described in this report does not take into account any fees, expenses or tax consequences of investing in the individual securities that it tracks (except the withholding taxes noted above), and that individuals cannot invest directly in any index. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

The investments for the Fund are managed by the same portfolio manager(s) who manage(s) one or more other registered funds that have names, investment objectives and investment styles that are similar to those of the Fund. You should be aware that the Fund is likely to differ from those other mutual fund(s) in size, cash flow pattern and tax matters. Accordingly, the holdings and performance of the Fund can be expected to vary from those of the other mutual fund(s).

Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Fund. This report is prepared for the general information of shareholders and is not an offer of shares of the Fund. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.

Information About Your Fund's Expenses (Unaudited)

As a Fund shareholder, you incur two types of costs: (1) transaction costs such as fees and expenses that are, or may be, imposed under your variable contract or qualified pension plan; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees (if applicable), and other Fund expenses. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the Fund and compare these costs with the ongoing costs of investing in other mutual funds.

This table is designed to provide information regarding costs related to your investments. The following examples are based on an investment of $1,000 made at the beginning of the six month period ended December 31, 2020 and held for the entire period. The table illustrates the Fund's costs in two ways:

Actual Expenses and Performance:				The first section of the table provides information about actual account values and actual expenses in dollars, based on the Fund's actual performance during the period indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses in the table are meant to highlight your ongoing costs only and do not include any transaction costs, such as fees and expenses that are, or may be imposed under your variable contract or qualified pension plan. 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 transaction costs were included, your costs would have been higher.

Expense Example (Unaudited)

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST INTERNATIONAL EQUITY PORTFOLIO

Actual	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During the Period 7/1/20 – 12/31/20			Expense Ratio
Class I	$	1,000.00	$	1,225.70	$	5.59	^(a)		1.00	%
Class S	$	1,000.00	$	1,222.20	$	8.38	^(a)		1.50	%
Hypothetical (5% annual return before expenses)
Class I	$	1,000.00	$	1,020.11	$	5.08	^(b)		1.00	%
Class S	$	1,000.00	$	1,017.60	$	7.61	^(b)		1.50	%

(a) 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 184/366 (to reflect the one-half year period shown).

(b) Hypothetical expenses are equal to the annualized expense ratios for each class, multiplied by the average account value over the period (assuming a 5% annual return), multiplied by 184/366 (to reflect the one-half year period shown).

Legend International Equity Portfolio (Unaudited) December 31, 2020

Counterparties:

SSB = State Street Bank and Trust Company

Schedule of Investments International Equity Portfolio^ December 31, 2020

NUMBER OF SHARES			VALUE
Common Stocks 97.7%
Austria 1.4%
	25,905	BAWAG Group AG	$	1,204,917	*^(a)
Belgium 0.9%
	11,337	KBC Group NV		793,376	*
Canada 0.7%
	4,458	Kinaxis, Inc.		631,594	*
France 7.3%
	3,942	Air Liquide SA		646,278
	3,372	Arkema SA		385,831
	8,232	Pernod-Ricard SA		1,580,926
	8,941	Schneider Electric SE		1,292,220
	5,393	Teleperformance		1,790,375
	16,748	TOTAL SE		722,880
				6,418,510
Germany 10.3%
	2,683	adidas AG		976,088	*
	16,232	Brenntag AG		1,262,225
	3,278	Deutsche Boerse AG		558,153
	14,886	Gerresheimer AG		1,605,284
	34,241	Infineon Technologies AG		1,307,616
	1,331	SAP SE		172,389
	11,411	SAP SE ADR		1,487,880
	15,812	Scout24 AG		1,292,059	^(a)
	5,316	Stabilus SA		375,805
				9,037,499
Hong Kong 3.7%
	80,800	AIA Group Ltd.		984,638
	189,400	HKBN Ltd.		293,374
	134,800	Techtronic Industries Co. Ltd.		1,926,753
				3,204,765
India 1.4%
	72,624	Infosys Ltd. ADR		1,230,977
Ireland 6.1%
	10,884	AerCap Holdings NV		496,093	*
	43,422	CRH PLC		1,834,753
	12,935	Kerry Group PLC Class A		1,878,724
	24,792	Smurfit Kappa Group PLC		1,158,857
				5,368,427
Israel 2.2%
	14,571	Check Point Software Technologies Ltd.		1,936,632	*

NUMBER OF SHARES			VALUE
Italy 1.2%
	51,010	Nexi SpA	$	1,015,053	*^(a)
Japan 11.7%
	25,200	Bridgestone Corp.		826,455	^(b)
	5,600	Daikin Industries Ltd.		1,245,816
	10,200	Hoya Corp.		1,412,647
	65,200	Ichigo, Inc.		196,419
	4,600	Kao Corp.		355,378
	6,000	Otsuka Corp.		316,482	^(c)
	108,300	Sanwa Holdings Corp.		1,264,693
	11,400	SCSK Corp.		651,914
	9,400	Shionogi & Co. Ltd.		513,912
	8,700	TechnoPro Holdings, Inc.		722,760
	17,700	Terumo Corp.		740,679
	15,100	Tokio Marine Holdings, Inc.		777,976
	16,100	Toyota Motor Corp.		1,242,438
				10,267,569
Netherlands 7.4%
	3,590	ASML Holding NV		1,738,195
	16,503	Heineken NV		1,836,941	^(b)
	28,494	Intertrust NV		483,159	*^(a)
	23,067	Koninklijke Philips NV		1,242,562	*
	7,280	NXP Semiconductors NV		1,157,593
				6,458,450
Norway 0.7%
	73,154	Sbanken ASA		587,912	*^(a)
Singapore 1.0%
	44,000	DBS Group Holdings Ltd.		833,832
Sweden 2.3%
	64,158	Assa Abloy AB Class B		1,585,473
	4,993	Autoliv, Inc.		459,855
				2,045,328
Switzerland 13.7%
	17,093	Julius Baer Group Ltd.		984,754
	1,503	Lonza Group AG		968,182
	13,572	Novartis AG		1,277,911
	969	Partners Group Holding AG		1,138,615
	5,401	Roche Holding AG		1,881,160
	264	SGS SA		795,794
	68,428	SIG Combibloc Group AG		1,593,235
	5,207	Sonova Holding AG		1,354,307	*
	2,537	Tecan Group AG		1,244,353
	52,787	UBS Group AG		743,232
				11,981,543

See Notes to Financial Statements

Schedule of Investments International Equity Portfolio^ (cont'd)

NUMBER OF SHARES			VALUE
United Kingdom 21.1%
	47,982	Barratt Developments PLC	$	438,657	*
	63,300	Bunzl PLC		2,113,454
	71,625	Clinigen Group PLC		661,854
	18,550	DCC PLC		1,312,642
	24,494	Diageo PLC		969,197
	135,500	Electrocomponents PLC		1,611,145
	35,548	Fevertree Drinks PLC		1,229,768
	224,010	Ibstock PLC		631,982	*^(a)
	6,814	London Stock Exchange Group PLC		841,096
	50,710	Prudential PLC		932,454
	16,161	Reckitt Benckiser Group PLC		1,442,438
	59,388	RELX PLC		1,453,071
	48,414	Rightmove PLC		430,148	*
	15,164	Savills PLC		197,869	*
	53,310	Smith & Nephew PLC		1,107,381
	11,655	Spectris PLC		448,908
	44,666	St. James's Place PLC		691,166
	22,991	Unilever PLC		1,392,130
	21,300	Weir Group PLC		579,137	*
				18,484,497
United States 4.6%
	7,040	Aon PLC Class A		1,487,341
	14,936	Ferguson PLC		1,814,731
	13,405	QIAGEN NV		708,454	*
				4,010,526
		Total Common Stocks (Cost $62,478,652)		85,511,407

NUMBER OF SHARES			VALUE
Short-Term Investments 4.8%
Investment Companies 4.8%
	2,003,469	State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(d)	$	2,003,469	^(e)
	2,218,080	State Street Navigator Securities Lending Government Money Market Portfolio, 0.10%^(d)		2,218,080	^(f)
		Total Short-Term Investments (Cost $4,221,549)		4,221,549
		Total Investments 102.5% (Cost $66,700,201)		89,732,956
		Liabilities Less Other Assets (2.5)%		(2,198,296	)
		Net Assets 100.0%	$	87,534,660

* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at December 31, 2020 amounted to $5,215,082, which represents 6.0% of net assets of the Fund.

(b) The security or a portion of this security is on loan at December 31, 2020. Total value of all such securities at December 31, 2020 amounted to $2,102,587 for the Fund (See Note A of Notes to Financial Statements).

(d) Represents 7-day effective yield as of December 31, 2020.

(e) All or a portion of this security is segregated in connection with obligations for delayed delivery securities with a total value of $2,003,469.

(f) Represents investment of cash collateral received from securities lending.

See Notes to Financial Statements

Schedule of Investments International Equity Portfolio^ (cont'd)

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Trading Companies & Distributors	$	7,297,648		8.4	%
Health Care Equipment & Supplies		5,857,576		6.7	%
Beverages		5,616,832		6.4	%
Professional Services		5,245,159		6.0	%
Life Sciences Tools & Services		5,188,127		5.9	%
Capital Markets		4,957,016		5.7	%
Software		4,228,495		4.8	%
Semiconductors & Semiconductor Equipment		4,203,404		4.8	%
Insurance		4,182,409		4.8	%
Building Products		4,095,982		4.7	%
Pharmaceuticals		3,672,983		4.2	%
Banks		3,420,037		3.9	%
IT Services		3,214,426		3.7	%
Machinery		2,881,695		3.3	%
Containers & Packaging		2,752,092		3.1	%
Construction Materials		2,466,735		2.8	%
Food Products		1,878,724		2.1	%
Personal Products		1,747,508		2.0	%
Interactive Media & Services		1,722,207		2.0	%
Household Products		1,442,438		1.6	%
Industrial Conglomerates		1,312,642		1.5	%
Electrical Equipment		1,292,220		1.5	%
Auto Components		1,286,310		1.5	%
Automobiles		1,242,438		1.4	%
Chemicals		1,032,109		1.2	%
Textiles, Apparel & Luxury Goods		976,088		1.1	%
Oil, Gas & Consumable Fuels		722,880		0.8	%
Electronic Equipment, Instruments & Components		448,908		0.5	%
Household Durables		438,657		0.5	%
Real Estate Management & Development		394,288		0.5	%
Diversified Telecommunication Services		293,374		0.3	%
Short-Term Investments and Other Liabilities—Net		2,023,253		2.3	%
	$	87,534,660		100.0	%

See Notes to Financial Statements

Schedule of Investments International Equity Portfolio^ (cont'd)

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of December 31, 2020:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Austria	$	—	$	1,204,917	$	—	$	1,204,917
Belgium		—		793,376		—		793,376
France		—		6,418,510		—		6,418,510
Germany		1,487,880		7,549,619		—		9,037,499
Hong Kong		—		3,204,765		—		3,204,765
Ireland		496,093		4,872,334		—		5,368,427
Italy		—		1,015,053		—		1,015,053
Japan		—		10,267,569		—		10,267,569
Netherlands		1,640,752		4,817,698		—		6,458,450
Norway		—		587,912		—		587,912
Singapore		—		833,832		—		833,832
Sweden		459,855		1,585,473		—		2,045,328
Switzerland		—		11,981,543		—		11,981,543
United Kingdom		1,392,130		17,092,367		—		18,484,497
United States		2,195,795		1,814,731		—		4,010,526
Other Common Stocks^(a)		3,799,203		—		—		3,799,203
Total Common Stocks		11,471,708		74,039,699		—		85,511,407
Short-Term Investments		—		4,221,549		—		4,221,549
Total Investments	$	11,471,708	$	78,261,248	$	—	$	89,732,956

(a) The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Statement of Assets and Liabilities

Neuberger Berman Advisers Management Trust

	INTERNATIONAL EQUITY PORTFOLIO
	December 31, 2020
Assets
Investments in securities, at value*† (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	89,732,956
Foreign currency^(b)		70,770
Dividends and interest receivable		211,222
Receivable for securities sold		168
Receivable from Management—net (Note B)		3,464
Receivable for Fund shares sold		7,408
Receivable for securities lending income (Note A)		485
Prepaid expenses and other assets		835
Total Assets		90,027,308
Liabilities
Payable to investment manager—net (Note B)		60,878
Payable for securities purchased		68,748
Payable for Fund shares redeemed		69,608
Payable to trustees		12,717
Payable for loaned securities collateral (Note A)		2,218,080
Other accrued expenses and payables		62,617
Total Liabilities		2,492,648
Net Assets	$	87,534,660
Net Assets consist of:
Paid-in capital	$	63,421,815
Total distributable earnings/(losses)		24,112,845
Net Assets	$	87,534,660
Net Assets
Class I	$	71,239,389
Class S		16,295,271
Shares Outstanding ($.001 par value; unlimited shares authorized)
Class I		4,862,174
Class S		1,108,685
Net Asset Value, offering and redemption price per share
Class I	$	14.65
Class S		14.70
†Securities on loan, at value:
Unaffiliated issuers	$	2,102,587
*Cost of Investments:
(a) Unaffiliated Issuers	$	66,700,201
(b) Total cost of foreign currency	$	68,997

See Notes to Financial Statements

Statement of Operations

Neuberger Berman Advisers Management Trust

	INTERNATIONAL EQUITY PORTFOLIO
	For the Fiscal Year Ended December 31, 2020
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,255,856
Interest and other income—unaffiliated issuers		5,747
Income from securities loaned—net		8,747
Foreign taxes withheld		(94,705	)
Total income	$	1,175,645
Expenses:
Investment management fees (Note B)		639,178
Administration fees (Note B):
Class I		181,539
Class S		44,053
Distribution fees (Note B):
Class S		36,711
Shareholder servicing agent fees:
Class S		11
Audit fees		40,442
Custodian and accounting fees		79,385
Insurance		2,568
Legal fees		17,644
Shareholder reports		16,152
Trustees' fees and expenses		51,620
Interest		79
Miscellaneous		17,841
Total expenses		1,127,223
Expenses reimbursed by Management (Note B)		(298,816	)
Total net expenses		828,407
Net investment income/(loss)	$	347,238
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		769,620
Settlement of foreign currency transactions		6,589
Net increase from payments by affiliates (Note B)		37,878
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		8,129,064
Foreign currency translations		12,883
Net gain/(loss) on investments		8,956,034
Net increase/(decrease) in net assets resulting from operations	$	9,303,272

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Advisers Management Trust

	INTERNATIONAL EQUITY PORTFOLIO
	Fiscal Year Ended December 31, 2020			Fiscal Year Ended December 31, 2019
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	347,238		$	687,719
Net realized gain/(loss) on investments		776,209			3,846,198
Net increase from payments by affiliates (Note B)		37,878			—
Change in net unrealized appreciation/(depreciation) of investments		8,141,947			14,376,583
Net increase/(decrease) in net assets resulting from operations		9,303,272			18,910,500
Distributions to Shareholders From (Note A):
Distributable earnings:
Class I		(3,802,291	)		(3,127,585	)
Class S		(819,339	)		(680,381	)
Total distributions to shareholders		(4,621,630	)		(3,807,966	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Class I		1,292,000			266,083
Class S		946,058			922,972
Proceeds from reinvestment of dividends and distributions:
Class I		3,802,291			3,127,585
Class S		819,339			680,381
Payments for shares redeemed:
Class I		(3,556,277	)		(2,931,305	)
Class S		(2,880,224	)		(3,577,754	)
Net increase/(decrease) from Fund share transactions		423,187			(1,512,038	)
Net Increase/(Decrease) in Net Assets		5,104,829			13,590,496
Net Assets:
Beginning of year		82,429,831			68,839,335
End of year	$	87,534,660		$	82,429,831

See Notes to Financial Statements

Notes to Financial Statements International Equity Portfolio

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Advisers Management Trust (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. 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. Neuberger Berman Advisers Management Trust International Equity Portfolio (the "Fund") is a separate operating series of the Trust and is diversified. The Fund offers Class I and Class S shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.

A balance indicated with a "—", reflects either a zero balance or a balance that rounds to less than 1.

The assets of the Fund belong only to the Fund, and the liabilities of the Fund are borne solely by the Fund and no other series of the Trust.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Neuberger Berman Investment Advisers LLC ("Management" or "NBIA") to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

Shares of the Fund are not available to the general public and may be purchased only by life insurance companies to serve as an investment vehicle for premiums paid under their variable annuity and variable life insurance contracts and to certain qualified pension and other retirement plans.

2 Portfolio valuation: In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by the Fund are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume 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 in accordance with ASC 820.

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

• Level 1—unadjusted quoted prices in active markets for identical investments

• Level 2—other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

• Level 3—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 associated with investing in those securities.

The value of the Fund's investments in equity securities, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued 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. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

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

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value ("NAV") per share (Level 2 inputs).

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not readily available, the security is valued using methods the Board has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Inputs and assumptions considered in determining the fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of the security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer and/or analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Fund's investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time on days the New York Stock Exchange ("NYSE") is open for business. The Board has approved the use of ICE Data Pricing & Reference Data LLC ("ICE") to assist in determining the fair value of 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 or on days when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time as of which the Fund's share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated 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.

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 is next quoted or next trades.

3 Foreign currency translations: The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, 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), if any, 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 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. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which the Fund participated as a class member. The amount of such proceeds for the year ended December 31, 2020, was $29,473.

5 Income tax information: The Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of the Fund to continue to qualify for treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent the Fund distributes substantially all of its net investment income and net realized capital gains 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 minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statement of Operations. The Fund is subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for which the applicable statutes of limitations have not yet expired. As of December 31, 2020, the Fund did not have any unrecognized tax positions.

For federal income tax purposes, the estimated cost in value of investments held at December 31, 2020 was $66,814,638. The estimated gross unrealized appreciation was $24,005,882 and estimated gross unrealized depreciation was $1,087,564 resulting in net unrealized appreciation of $22,918,318 based on cost for U.S. federal income tax purposes.

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 on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund. The Fund may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Fund. For the year ended December 31, 2020, the Fund recorded permanent reclassifications primarily related to prior period adjustments.

Paid-in Capital				Total Distributable Earnings/(Losses)
$	3			$	(3	)

The tax character of distributions paid during the years ended December 31, 2020, and December 31, 2019, was as follows:

Distributions Paid From:
Ordinary Income				Long-Term Capital Gain				Total
2020		2019		2020		2019		2020		2019
$	852,050	$	619,365	$	3,769,580	$	3,188,601	$	4,621,630	$	3,807,966

As of December 31, 2020, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

Undistributed Ordinary Income				Undistributed Long-Term Capital Gain				Unrealized Appreciation/ (Depreciation)				Loss Carryforwards and Deferrals				Other Temporary Differences				Total
$	352,968			$	826,530			$	22,933,347			$	—			$	—			$	24,112,845

The temporary differences between book basis and tax basis distributable earnings are primarily due to losses disallowed and recognized on 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, are generally distributed once a year (usually in October) and are recorded on the ex-date.

7 Foreign taxes: Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

8 Expense allocation: Certain expenses are applicable to multiple funds within the complex of related investment companies. Expenses directly attributable to a fund are charged to that fund. 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 more appropriate allocation of expenses to each of the series 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 NBIA serves as investment manager, that are not directly attributable to a particular investment company in the complex (e.g., the Trust) or series thereof are allocated among the 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 of the investment companies 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 among its classes based upon the relative net assets of each class.

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

10 Investment company securities and exchange-traded funds: The Fund may invest in shares of other registered investment companies, including exchange-traded funds ("ETFs"), within the limitations prescribed by (a) the 1940 Act, (b) the exemptive order from the Securities and Exchange Commission ("SEC") that permits the Fund to invest in both affiliated and unaffiliated investment companies, including ETFs, in excess of the limits in Section 12(d)(1)(A) of the 1940 Act, subject to the terms and conditions of such order, or (c) the ETF's exemptive order or other relief. Some ETFs seek to track the performance of a particular market index. These indices include both broad-based market indices and more narrowly-based indices, including those relating to particular sectors, markets, regions or industries. However, some ETFs have an actively-managed investment objective. ETF shares are traded like traditional equity securities on a national securities exchange or NASDAQ. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies, which will decrease returns.

11 Securities lending: The Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statement of Operations under the caption "Income from securities loaned-net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial cash collateral received by the Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Thereafter, the value of the cash collateral is monitored on a daily basis, and cash collateral is moved daily between a counterparty and the Fund until the close of the transaction. The Fund may only receive collateral in the form of cash (U.S. dollars). Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street. The risks associated with lending portfolio securities include, but are not

limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to the Fund.

As of December 31, 2020, the Fund had outstanding loans of securities to certain approved brokers, with a value of $2,102,587, for which it received collateral as follows:

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Securities Lending Transactions^(a)
Common Stocks	$	2,218,080	$	—	$	—	$	—	$	2,218,080

(a) Amounts represent the payable for loaned securities collateral received.

The Fund is required to disclose both gross and net information for assets and liabilities related to derivatives, repurchase and reverse repurchase agreements, and securities lending and securities borrowing transactions, if any, that are eligible for offset or subject to an enforceable master netting or similar agreement. The Fund's securities lending assets at fair value are reported gross in the Statement of Assets and Liabilities. The following tables present the Fund's securities lending assets by counterparty and net of the related collateral received by the Fund for assets as of December 31, 2020.

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Securities Lending	$	2,102,587	$	—	$	2,102,587
Total	$	2,102,587	$	—	$	2,102,587

Gross Amounts Not Offset in the Statement of Assets and Liabilities

Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Liabilities Available for Offset		Cash Collateral Received^(a)			Net Amount^(b)
SSB	$	2,102,587	$	—	$	(2,102,587	)	$	—
Total	$	2,102,587	$	—	$	(2,102,587	)	$	—

(a) Collateral received is limited to an amount not to exceed 100% of the net amount of assets in the tables presented above.

(b) Net Amount represents amounts subject to loss at December 31, 2020, in the event of a counterparty failure.

12 Indemnifications: Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("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.

this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility, in ways that cannot necessarily be foreseen at the present time. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on economic and market conditions and trigger a period of global economic slowdown. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions With Affiliates:

The Fund retains NBIA as its investment manager under a Management Agreement. For such investment management services, the Fund pays NBIA an investment management 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. Accordingly, for the year ended December 31, 2020, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.85% of the Fund's average daily net assets.

The Fund retains NBIA as its administrator under an Administration Agreement. Each class pays NBIA an administration fee at the annual rate of 0.30% of its average daily net assets under this agreement. Additionally, NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

NBIA has contractually agreed to waive fees and/or reimburse the Fund's Class I and Class S shares so that the total annual operating expenses of those classes do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, taxes, transaction costs, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations. The Fund has agreed that each of its classes will repay NBIA for fees and expenses waived or reimbursed for that class provided that repayment does not cause that class's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the year ended December 31, 2020, there was no repayment to NBIA under these agreements.

At December 31, 2020, the Fund's contingent liabilities to NBIA under the agreements were as follows:

					Expenses Reimbursed in Year Ended December 31,
					2018			2019		2020
					Subject to Repayment Until December 31,
Class	Contractual Expense Limitation^(a)			Expiration	2021			2022		2023
Class I		1.00	%	12/31/23	$	262,560	^(b)	$	281,611	$	269,970
Class S		1.50	%	12/31/23		52,969			34,567		28,846

(a) Expense limitation per annum of the Fund's average daily net assets.

(b) Period from January 30, 2018 (Commencement of Operations) to December 31, 2018.

compensation and bears all advertising and promotion expenses incurred in the sale of those shares. The Board adopted a non-fee distribution plan for the Fund's Class I shares.

The Board has adopted a distribution and shareholder services plan (the "Plan") for Class S shares pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that, as compensation for administrative and other services related to the sale and distribution of Class S shares, and ongoing services provided to investors in the class, the Distributor receives from Class S a fee at the annual rate of 0.25% of Class S's average daily net assets. The Distributor may pay a portion of the proceeds from the 12b-1 fee to institutions that provide such services, including insurance companies or their affiliates and qualified plan administrators ("intermediaries") for services they provide respecting the Fund to current and prospective variable contract owners and qualified plan participants that invest in the Fund through the intermediaries. 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 class during any year may be more or less than the cost of distribution and other services provided to the class. FINRA 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 Plan complies with those rules.

For the year ended December 31, 2020, the Fund recorded a capital contribution from Management in the amount of $37,878. This amount was paid in connection with losses incurred in the execution of a trade.

Note C—Securities Transactions:

During the year ended December 31, 2020, there were purchase and sale transactions of long-term securities of $22,694,461 and $26,926,273, respectively.

During the year ended December 31, 2020, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the years ended December 31, 2020, and December 31, 2019, was as follows:

	For the Year Ended December 31, 2020										For the Year Ended December 31, 2019
	Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total			Shares Sold		Shares Issued on Reinvestment of Dividends and Distributions		Shares Redeemed			Total
Class I		87,832		287,399		(300,412	)		74,819			20,804		246,849		(223,128	)		44,525
Class S		73,576		61,651		(221,681	)		(86,454	)		72,386		53,489		(279,674	)		(153,799	)

Note E—Line of Credit:

At December 31, 2020, the Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a Eurodollar rate for a one-month period plus 1.00% per annum, and (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. The Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several mutual funds participate in the Credit Facility, there is no assurance that the Fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding under the Credit Facility at December 31, 2020. During the year ended December 31, 2020, the Fund did not utilize the Credit Facility.

Financial Highlights

International Equity Portfolio

The following tables include selected data for a share outstanding throughout each year and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. A "—" indicates that the line item was not applicable in the corresponding period.

Class I
	Year Ended December 31,						Period from January 30, 2018^(a)to December 31,
	2020			2019			2018
Net Asset Value, Beginning of Year	$	13.77		$	11.30		$	14.42
Income From Investment Operations:
Net Investment Income/(Loss)^@		0.07			0.13			0.13
Net Gains or Losses on Securities (both realized and unrealized)		1.65			3.01			(3.18	)
Total From Investment Operations		1.72			3.14			(3.05	)
Less Distributions From:
Net Investment Income		(0.14	)		(0.12	)		(0.07	)
Net Realized Capital Gains		(0.70	)		(0.55	)		—
Total Distributions		(0.84	)		(0.67	)		(0.07	)
Voluntary Contribution from Management		0.01			—			—
Net Asset Value, End of Year	$	14.65		$	13.77		$	11.30
Total Return^†		13.14	%^{^(b)}		28.35	%^{^}		(21.20	)%*
Ratios/Supplemental Data
Net Assets, End of Year (in millions)	$	71.2		$	65.9		$	53.6
Ratio of Gross Expenses to Average Net Assets^#		1.45	%		1.47	%		1.49	%**
Ratio of Net Expenses to Average Net Assets		1.00	%		1.00	%		1.01	%**
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.56	%		1.00	%		1.12	%**
Portfolio Turnover Rate		31	%		26	%		31	%^{^^}*

See Notes to Financial Highlights

Financial Highlights (cont'd)

Class S
	Year Ended December 31,
	2020			2019			2018			2017			2016
Net Asset Value, Beginning of Year	$	13.81		$	11.30		$	13.63		$	10.82		$	11.15
Income From Investment Operations:
Net Investment Income/(Loss)^@		0.01			0.06			0.02			0.05			0.08
Net Gains or Losses on Securities (both realized and unrealized)		1.65			3.02			(2.33	)		2.84			(0.28	)
Total From Investment Operations		1.66			3.08			(2.31	)		2.89			(0.20	)
Less Distributions From:
Net Investment Income		(0.07	)		(0.02	)		(0.02	)		(0.08	)		(0.07	)
Net Realized Capital Gains		(0.70	)		(0.55	)		—			—			(0.06	)
Total Distributions		(0.77	)		(0.57	)		(0.02	)		(0.08	)		(0.13	)
Voluntary Contribution from Management		0.01			—			—			—			—
Net Asset Value, End of Year	$	14.70		$	13.81		$	11.30		$	13.63		$	10.82
Total Return^†		12.57	%^{^(b)}		27.69	%^{^}		(16.95	)%		26.76	%		(1.82	)%
Ratios/Supplemental Data
Net Assets, End of Year (in millions)	$	16.3		$	16.5		$	15.2		$	83.6		$	74.8
Ratio of Gross Expenses to Average Net Assets^#		1.70	%		1.72	%		1.73	%		1.74	%		1.78	%
Ratio of Net Expenses to Average Net Assets		1.50	%		1.50	%		1.51	%		1.50	%		1.50	%
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.06	%		0.51	%		0.13	%		0.42	%		0.76	%
Portfolio Turnover Rate		31	%		26	%		31	%		23	%		28	%

See Notes to Financial Highlights

Notes to Financial Highlights International Equity Portfolio

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

(a) The date investment operations commenced.

(b) Had the Fund not received the voluntary contribution listed in Note B of the Notes to Financial Statements, the total return based on per share NAV for the year ended December 31, 2020, would have been:

	Year Ended December 31, 2020
Class I		13.06	%
Class S		12.50	%

† Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested. Results represent past performance and do not indicate future results. Current returns may be lower or higher than the performance data quoted. Investment returns and principal will 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 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 accounts or the related insurance policies or other qualified pension or retirement plans, and the inclusion of these charges and other expenses would reduce the total return for all fiscal periods shown.

^ The class action proceeds listed in Note A of the Notes to Financial Statements had no impact on the Fund's total return for the year ended December 31, 2020. Had the Fund not received class action proceeds in 2019, total return based on per share NAV for the year ended December 31, 2019 would have been:

	Year Ended December 31, 2019
Class I		28.07	%
Class S		27.41	%

* Not annualized.

# Represents the annualized ratios of net expenses to average daily net assets if Management had not reimbursed certain expenses and/or waived a portion of the investment management fee.

** Annualized.

^^ Portfolio turnover is calculated at the Fund level. Percentage indicated was calculated for the year ended December 31, 2018 for Class I.

Report of Independent Registered Public Accounting Firm

To the Shareholders of
International Equity Portfolio and
Board of Trustees of the Neuberger Berman Advisers Management Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of International Equity Portfolio (the "Portfolio") (one of the portfolios constituting Neuberger Berman Advisers Management Trust (the "Trust")), including the schedule of investments, as of December 31, 2020, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the portfolios constituting Neuberger Berman Advisers Management Trust) at December 31, 2020, 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Neuberger Berman investment companies since 1954.

Boston, Massachusetts
February 12, 2021

Trustees and Officers

The following tables set forth information concerning the Trustees and Officers of the Fund. All persons named as Trustees and Officers also serve in similar capacities for other funds administered or managed by Neuberger Berman Investment Advisers LLC ("NBIA"). The Fund's Statement of Additional Information includes additional information about the Trustees as of the time of the Fund's most recent public offering and is available upon request, without charge, by calling (800) 877-9700.

Information about the Board of Trustees

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Independent Fund Trustees

Michael J. Cosgrove (1949)

Trustee since 2015

President, Carragh Consulting USA, since 2014; formerly, Executive, General Electric Company, 1970 to 2014, including President, Mutual Funds and Global Investment Programs, GE Asset Management, 2011 to 2014, President and Chief Executive Officer, Mutual Funds and Intermediary Business, GE Asset Management, 2007 to 2011, President, Institutional Sales and Marketing, GE Asset Management, 1998 to 2007, and Chief Financial Officer, GE Asset Management, and Deputy Treasurer, GE Company, 1988 to 1993.

Director, America Press, Inc. (not-for-profit Jesuit publisher), since 2015; formerly, Director, Fordham University, 2001 to 2018; formerly, Director, The Gabelli Go Anywhere Trust, June 2015 to June 2016; formerly, Director, Skin Cancer Foundation (not-for-profit), 2006 to 2015; formerly, Director, GE Investments Funds, Inc., 1997 to 2014; formerly, Trustee, GE Institutional Funds, 1997 to 2014; formerly, Director, GE Asset Management, 1988 to 2014; formerly, Director, Elfun Trusts, 1988 to 2014; formerly, Trustee, GE Pension & Benefit Plans, 1988 to 2014; formerly, Member of Board of Governors, Investment Company Institute.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Marc Gary (1952)

Trustee since 2015

Executive Vice Chancellor and Chief Operating Officer, Jewish Theological Seminary, since 2012; formerly, Executive Vice President and General Counsel, Fidelity Investments, 2007 to 2012; formerly, Executive Vice President and General Counsel, BellSouth Corporation, 2004 to 2007; formerly, Vice President and Associate General Counsel, BellSouth Corporation, 2000 to 2004; formerly, Associate, Partner, and National Litigation Practice Co-Chair, Mayer, Brown LLP, 1981 to 2000; formerly, Associate Independent Counsel, Office of Independent Counsel, 1990 to 1992.

Director, UJA Federation of Greater New York, since 2019; Trustee, Jewish Theological Seminary, since 2015; Director, Legility, Inc. (privately held for-profit company), since 2012; Director, Lawyers Committee for Civil Rights Under Law (not-for-profit), since 2005; formerly, Director, Equal Justice Works (not-for-profit), 2005 to 2014; formerly, Director, Corporate Counsel Institute, Georgetown University Law Center, 2007 to 2012; formerly, Director, Greater Boston Legal Services (not-for-profit), 2007 to 2012.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Martha C. Goss (1949)

Trustee since 2007

President, Woodhill Enterprises Inc./Chase Hollow Associates LLC (personal investment vehicle), since 2006; formerly, Consultant, Resources Global Professionals (temporary staffing), 2002 to 2006; formerly, Chief Financial Officer, Booz-Allen & Hamilton, Inc., 1995 to 1999; formerly, Enterprise Risk Officer, Prudential Insurance, 1994 to1995; formerly, President, Prudential Asset Management Company, 1992 to 1994; formerly, President, Prudential Power Funding (investments in electric and gas utilities and alternative energy projects), 1989 to 1992; formerly, Treasurer, Prudential Insurance Company, 1983 to 1989.

Director, American Water (water utility), since 2003; Director, Allianz Life of New York (insurance), since 2005; Director, Berger Group Holdings, Inc. (engineering consulting firm), since 2013; Director, Financial Women's Association of New York (not-for-profit association), since 2003; Trustee Emerita, Brown University, since 1998; Director, Museum of American Finance (not-for-profit), since 2013; formerly, Non-Executive Chair and Director, Channel Reinsurance (financial guaranty reinsurance), 2006 to 2010; formerly, Director, Ocwen Financial Corporation (mortgage servicing), 2005 to 2010; formerly, Director, Claire's Stores, Inc. (retailer), 2005 to 2007; formerly, Director, Parsons Brinckerhoff Inc. (engineering consulting firm), 2007 to 2010; formerly, Director, Bank Leumi (commercial bank), 2005 to 2007; formerly, Advisory Board Member, Attensity (software developer), 2005 to 2007.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Michael M. Knetter (1960)

Trustee since 2007

President and Chief Executive Officer, University of Wisconsin Foundation, since 2010; formerly, Dean, School of Business, University of Wisconsin—Madison; formerly, Professor of International Economics and Associate Dean, Amos Tuck School of Business—Dartmouth College, 1998 to 2002.

Director, 1 William Street Credit Income Fund, since 2018; Board Member, American Family Insurance (a mutual company, not publicly traded), since March 2009; formerly, Trustee, Northwestern Mutual Series Fund, Inc., 2007 to 2011; formerly, Director, Wausau Paper, 2005 to 2011; formerly, Director, Great Wolf Resorts, 2004 to 2009.

Deborah C. McLean (1954)

Trustee since 2015

Member, Circle Financial Group (private wealth management membership practice), since 2011; Managing Director, Golden Seeds LLC (an angel investing group), since 2009; Adjunct Professor, Columbia University School of International and Public Affairs, since 2008; formerly, Visiting Assistant Professor, Fairfield University, Dolan School of Business, Fall 2007; formerly, Adjunct Associate Professor of Finance, Richmond, The American International University in London, 1999 to 2007.

Board member, Norwalk Community College Foundation, since 2014; Dean's Advisory Council, Radcliffe Institute for Advanced Study, since 2014; formerly, Director and Treasurer, At Home in Darien (not-for-profit), 2012 to 2014; formerly, Director, National Executive Service Corps (not-for-profit), 2012 to 2013; formerly, Trustee, Richmond, The American International University in London, 1999 to 2013.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

George W. Morriss (1947)

Trustee since 2007

Adjunct Professor, Columbia University School of International and Public Affairs, since 2012; formerly, Executive Vice President and Chief Financial Officer, People's United Bank, Connecticut (a financial services company), 1991 to 2001.

Director, 1 William Street Credit Income Fund, since 2018; Director and Chair, Thrivent Church Loan and Income Fund, since 2018; formerly, Trustee, Steben Alternative Investment Funds, Steben Select Multi-Strategy Fund, and Steben Select Multi-Strategy Master Fund, 2013 to 2017; formerly, Treasurer, National Association of Corporate Directors, Connecticut Chapter, 2011 to 2015; formerly, Manager, Larch Lane Multi-Strategy Fund complex (which consisted of three funds), 2006 to 2011; formerly, Member, NASDAQ Issuers' Affairs Committee, 1995 to 2003.

Tom D. Seip (1950)

Trustee since 2000; Chairman of the Board since 2008; formerly Lead Independent Trustee from 2006 to 2008

Formerly, Managing Member, Ridgefield Farm LLC (a private investment vehicle), 2004 to 2016; formerly, President and CEO, Westaff, Inc. (temporary staffing), May 2001 to January 2002; formerly, Senior Executive, The Charles Schwab Corporation, 1983 to 1998, including Chief Executive Officer, Charles Schwab Investment Management, Inc.; Trustee, Schwab Family of Funds and Schwab Investments, 1997 to 1998; and Executive Vice President-Retail Brokerage, Charles Schwab & Co., Inc., 1994 to 1997.

Formerly, Director, H&R Block, Inc. (tax services company), 2001 to 2018; formerly, Director, Talbot Hospice Inc., 2013 to 2016; formerly, Chairman, Governance and Nominating Committee, H&R Block, Inc., 2011 to 2015; formerly, Chairman, Compensation Committee, H&R Block, Inc., 2006 to 2010; formerly, Director, Forward Management, Inc. (asset management company), 1999 to 2006.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

James G. Stavridis (1955)

Trustee since 2015

Operating Executive, The Carlyle Group, since 2018; Commentator, NBC News, since 2015; formerly, Dean, Fletcher School of Law and Diplomacy, Tufts University, 2013 to 2018; formerly, Admiral, United States Navy, 1976 to 2013, including Supreme Allied Commander, NATO and Commander, European Command, 2009 to 2013, and Commander, United States Southern Command, 2006 to 2009.

Director, American Water (water utility), since 2018; Director, NFP Corp. (insurance broker and consultant), since 2017; Director, U.S. Naval Institute, since 2014; Director, Onassis Foundation, since 2014; Director, BMC Software Federal, LLC, since 2014; Director, Vertical Knowledge, LLC, since 2013; formerly, Director, Navy Federal Credit Union, 2000-2002.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Candace L. Straight (1947)

Trustee since 1999

Private investor and consultant specializing in the insurance industry; formerly, Advisory Director, Securitas Capital LLC (a global private equity investment firm dedicated to making investments in the insurance sector), 1998 to 2003.

Director, ERA Coalition (not-for-profit), 2019 to 2020; Director, Re belle Media (a privately held TV and film production company), since 2018; formerly, Public Member, Board of Governors and Board of Trustees, Rutgers University, 2011 to 2016; formerly, Director, Montpelier Re Holdings Ltd. (reinsurance company), 2006 to 2015; formerly, Director, National Atlantic Holdings Corporation (property and casualty insurance company), 2004 to 2008; formerly, Director, The Proformance Insurance Company (property and casualty insurance company), 2004 to 2008; formerly, Director, Providence Washington Insurance Company (property and casualty insurance company), 1998 to 2006; formerly, Director, Summit Global Partners (insurance brokerage firm), 2000 to 2005.

Peter P. Trapp (1944)

Trustee since 1984

Retired; formerly, Regional Manager for Mid-Southern Region, Ford Motor Credit Company, September 1997 to 2007; formerly, President, Ford Life Insurance Company, April 1995 to August 1997.

None.

Name, (Year of Birth),
and Address⁽¹⁾

Position(s)
and Length of
Time Served⁽²⁾

Principal Occupation(s)⁽³⁾

Number of
Funds in Fund
Complex
Overseen by
Fund Trustee

Other Directorships
Held Outside Fund
Complex by Fund
Trustee⁽³⁾

Fund Trustees who are "Interested Persons"

Joseph V. Amato* (1962)

Chief Executive Officer and President since 2018 and Trustee since 2009

President and Director, Neuberger Berman Group LLC, since 2009; President and Chief Executive Officer, Neuberger Berman BD LLC and Neuberger Berman Holdings LLC (including its predecessor, Neuberger Berman Inc.), since 2007; Chief Investment Officer (Equities) and President (Equities), NBIA (formerly, Neuberger Berman Fixed Income LLC and including predecessor entities), since 2007, and Board Member of NBIA since 2006; formerly, Global Head of Asset Management of Lehman Brothers Holdings Inc.'s ("LBHI") Investment Management Division, 2006 to 2009; formerly, member of LBHI's Investment Management Division's Executive Management Committee, 2006 to 2009; formerly, Managing Director, Lehman Brothers Inc. ("LBI"), 2006 to 2008; formerly, Chief Recruiting and Development Officer, LBI, 2005 to 2006; formerly, Global Head of LBI's Equity Sales and a Member of its Equities Division Executive Committee, 2003 to 2005; President and Chief Executive Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.

Member of Board of Advisors, McDonough School of Business, Georgetown University, since 2001; Member of New York City Board of Advisors, Teach for America, since 2005; Trustee, Montclair Kimberley Academy (private school), since 2007; Member of Board of Regents, Georgetown University, since 2013.

(1) The business address of each listed person is 1290 Avenue of the Americas, New York, NY 10104.

(2) Pursuant to the Trust's Amended and Restated Trust Instrument, subject to any limitations on the term of service imposed by the By-Laws or any retirement policy adopted by the Fund Trustees, 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 during at least the last five years.

* Indicates a Fund Trustee who is an "interested person" within the meaning of the 1940 Act. Mr. Amato is an interested person of the Trust by virtue of the fact that he is an officer of NBIA and/or its affiliates.

Information about the Officers of the Trust

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾
Claudia A. Brandon (1956)	Executive Vice President since 2008 and Secretary since 1985	Senior Vice President, Neuberger Berman, since 2007 and Employee since 1999; Senior Vice President, NBIA, since 2008 and Assistant Secretary since 2004; formerly, Vice President, Neuberger Berman, 2002 to 2006; formerly, Vice President—Mutual Fund Board Relations, NBIA, 2000 to 2008; formerly, Vice President, NBIA, 1986 to 1999 and Employee, 1984 to 1999; Executive Vice President and Secretary, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Agnes Diaz (1971)	Vice President since 2013	Senior Vice President, Neuberger Berman, since 2012; Senior Vice President, NBIA, since 2012 and Employee since 1996; formerly, Vice President, Neuberger Berman, 2007 to 2012; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony DiBernardo (1979)	Assistant Treasurer since 2011	Senior Vice President, Neuberger Berman, since 2014; Senior Vice President, NBIA, since 2014, and Employee since 2003; formerly, Vice President, Neuberger Berman, 2009 to 2014; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Savonne L. Ferguson (1973)	Chief Compliance Officer since 2018	Senior Vice President, Chief Compliance Officer (Mutual Funds) and Associate General Counsel, NBIA, since November 2018; formerly, Vice President T. Rowe Price Group, Inc. (2018), Vice President and Senior Legal Counsel, T. Rowe Price Associates, Inc. (2014-2018), Vice President and Director of Regulatory Fund Administration, PNC Capital Advisors, LLC (2009-2014), Secretary, PNC Funds and PNC Advantage Funds (2010-2014); Chief Compliance Officer, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Corey A. Issing (1978)	Chief Legal Officer since 2016 (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002)	General Counsel and Head of Compliance—Mutual Funds since 2016 and Managing Director, NBIA, since 2017; formerly, Associate General Counsel (2015 to 2016), Counsel (2007 to 2015), Senior Vice President (2013-2016), Vice President (2009-2013); Chief Legal Officer (only for purposes of sections 307 and 406 of the Sarbanes-Oxley Act of 2002), twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Sheila R. James (1965)	Assistant Secretary since 2002	Vice President, Neuberger Berman, since 2008 and Employee since 1999; Vice President, NBIA, since 2008; formerly, Assistant Vice President, Neuberger Berman, 2007; Employee, NBIA, 1991 to 1999; Assistant Secretary, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.

Name, (Year of Birth), and Address⁽¹⁾	Position(s) and Length of Time Served⁽²⁾	Principal Occupation(s)⁽³⁾
Brian Kerrane (1969)	Chief Operating Officer since 2015 and Vice President since 2008	Managing Director, Neuberger Berman, since 2014; Chief Operating Officer—Mutual Funds and Managing Director, NBIA, since 2015; formerly, Senior Vice President, Neuberger Berman, 2006 to 2014; Vice President, NBIA, 2008 to 2015 and Employee since 1991; Chief Operating Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator; Vice President, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Anthony Maltese (1959)	Vice President since 2015	Senior Vice President, Neuberger Berman, since 2014 and Employee since 2000; Senior Vice President, NBIA, since 2014; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Josephine Marone (1963)	Assistant Secretary since 2017	Senior Paralegal, Neuberger Berman, since 2007 and Employee since 2007; Assistant Secretary, twenty-nine registered investment companies for which NBIA acts as investment manager and/or administrator.
Owen F. McEntee, Jr. (1961)	Vice President since 2008	Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since 2006 and Employee since 1992; Vice President, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
John M. McGovern (1970)	Treasurer and Principal Financial and Accounting Officer since 2005	Senior Vice President, Neuberger Berman, since 2007; Senior Vice President, NBIA, since 2007 and Employee since 1993; formerly, Vice President, Neuberger Berman, 2004 to 2006; formerly, Assistant Treasurer, 2002 to 2005; Treasurer and Principal Financial and Accounting Officer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Frank Rosato (1971)	Assistant Treasurer since 2005	Vice President, Neuberger Berman, since 2006; Vice President, NBIA, since 2006 and Employee since 1995; Assistant Treasurer, ten registered investment companies for which NBIA acts as investment manager and/or administrator.
Niketh Velamoor (1979)	Anti-Money Laundering Compliance Officer since 2018	Senior Vice President and Associate General Counsel, Neuberger Berman, since July 2018; Assistant United States Attorney, Southern District of New York, 2009 to 2018; Anti-Money Laundering Compliance Officer, four registered investment companies for which NBIA acts as investment manager and/or administrator.

(1) The business address of each listed person is 1290 Avenue of the Americas, New York, NY 10104.

(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 during at least the last five years.

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 800-877-9700 (toll-free) and on the SEC's website, 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 upon request, without charge, by calling 800-877-9700 (toll-free), on the SEC's website at www.sec.gov, and on Neuberger Berman's website at www.nb.com.

Quarterly Portfolio Schedule

The Trust files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. The Trust's Form N-PORT is available on the SEC's website at www.sec.gov. The portfolio holdings information on Form N-PORT is available upon request, without charge, by calling 800-877-9700 (toll free).

Board Consideration of the Management Agreement

On an annual basis, the Board of Trustees (the "Board") of Neuberger Berman Advisers Management Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Neuberger Berman Investment Advisers LLC ("Management") (including its affiliates) ("Independent Fund Trustees"), considers whether to continue the management agreement with Management (the "Agreement") with respect to International Equity Portfolio (the "Fund"). Throughout the process, the Independent Fund Trustees are advised by counsel that is experienced in Investment Company Act of 1940 matters and that is independent of Management ("Independent Counsel"). At a meeting held on October 1, 2020, the Board, including the Independent Fund Trustees, approved the continuation of the Agreement for the Fund.

In evaluating the Agreement, the Board, including the Independent Fund Trustees, reviewed extensive materials provided by Management in response to questions submitted by the Independent Fund Trustees and Independent Counsel, and met with senior representatives of Management regarding its personnel, operations, and profitability as they relate to the Fund. The annual contract review extends over at least two regular meetings of the Board to ensure that Management has time to respond to any questions the Independent Fund Trustees may have on their initial review of the materials and that the Independent Fund Trustees have time to consider those responses.

In connection with its deliberations, the Board also considered the broad range of information relevant to the annual contract review that is provided to the Board (including its various standing committees) at meetings throughout the year, including reports on investment performance, portfolio risk, and other portfolio information for the Fund, as well as periodic reports on, among other matters, pricing and valuation; quality and cost of portfolio trade execution; compliance; and shareholder and other services provided by Management and its affiliates. The Contract Review Committee, which is comprised of Independent Fund Trustees, was established by the Board to assist in its evaluation and analysis of materials for the annual contract review. The Board has also established other committees that focus throughout the year on specific areas relevant to the annual contract review, such as Fund performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports to the Contract Review Committee and the full Board, which consider that information as part of the annual contract review process. The Board's Contract Review Committee annually considers and updates the questions it asks of Management in light of legal advice furnished to it by Independent Counsel; its own business judgment; and developments in the industry, in the markets, in mutual fund regulation and litigation, and in Management's business model.

The Independent Fund Trustees received from Independent Counsel a memorandum discussing the legal standards for their consideration of the proposed continuation of the Agreement. During the course of the year and during their deliberations regarding the annual contract review, the Contract Review Committee and the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

Provided below is a description of the Board's contract approval process and material factors that the Board considered at its meetings regarding renewal of the Agreement and the compensation to be paid thereunder. In connection with its approval of the continuation of the Agreement, the Board evaluated the terms of the Agreement, the overall fairness of the Agreement to the Fund, and whether the Agreement was in the best interests of the Fund and its shareholders. The Board's determination to approve the continuation of the Agreement was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically in connection with the annual contract review. The Board considered the Fund's investment management agreement separately from those of other funds of the Trust.

This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular information or factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. The Board focused on the costs and benefits of the Agreement to the Fund and, through the Fund, its shareholders.

Nature, Extent, and Quality of Services

With respect to the nature, extent, and quality of the services provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, and capabilities of, and the resources available to, the portfolio management personnel of Management who perform services for the Fund. The Board noted that Management also provides certain administrative services, including fund accounting and compliance services. The Board also considered Management's policies and practices regarding brokerage, commissions, other trading costs, and allocation of portfolio transactions and reviewed the quality of the execution services that Management had provided. The Board also reviewed Management's use of brokers to execute Fund transactions that provide research services to Management. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between the Fund's investments and those of other funds or accounts managed by Management. The Board also noted that Management had increased its research capabilities with respect to environmental, social, and corporate governance matters and how those factors may relate to investment performance. The Board noted the additional responsibilities of Management in administering the liquidity risk management program.

The Board recognized the extensive range of services that Management provides to the Fund beyond the investment management services. The Board noted that Management is also responsible for monitoring compliance with the Fund's investment objectives, policies, and restrictions, as well as compliance with applicable law, including implementing rulemaking initiatives of the U.S. Securities and Exchange Commission. The Board considered that Management assumes significant ongoing entrepreneurial and business risks as the investment adviser and sponsor for the Fund, for which it is entitled to reasonable compensation. The Trustees also considered that Management's responsibilities include continual management of investment, operational, enterprise, legal, regulatory, and compliance risks as they relate to the Fund, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk. In addition, the Board also noted that when Management launches a new fund or share class, it assumes entrepreneurial risk with respect to that fund or share class, and that some funds and share classes have been liquidated without ever having been profitable to Management.

The Board also reviewed and evaluated Management's activities under its contractual obligation to oversee the Fund's various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology to support the Fund through, among other things, cybersecurity, business continuity planning, and risk management. The Board noted Management's largely seamless implementation of its business continuity plan in response to the COVID-19 pandemic. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation and whether this structure provides appropriate incentives to act in the best interests of the Fund. The Board also considered the ability of Management to attract and retain qualified personnel to service the Fund.

As in past years, the Board also considered the manner in which Management addressed various matters that arose during the year, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management in response to recent market conditions, such as the economic dislocation and rise in volatility that accompanied shutdowns related to the efforts to stem the spread of COVID-19, and considered the overall performance of Management in this context.

Fund Performance

The Board requested a report from an outside consulting firm that specializes in the analysis of fund industry data that compared the Fund's performance, along with its fees and other expenses, to a group of industry peers ("Expense Group") and a broader universe of funds pursuing generally similar strategies with the same investment classification and/or objective ("Performance Universe"). The Expense Group and Performance Universe were composed of two types of funds: proprietary funds that are operated by insurance companies or their affiliates, and non-proprietary funds, such as the Fund, operated for insurance company investors by independent investment managers. The Board considered the Fund's performance and fees in light of the limitations inherent in the methodology for constructing such comparative groups and determining which investment companies should be included in the comparative groups, noting differences as compared to certain fund industry ranking and rating systems. The Board also considered the impact and inherent limitation on the comparisons due to the small number of funds included in the Fund's Expense Group and Performance Universe.

With respect to investment performance, the Board considered information regarding the Fund's short-, intermediate- and long-term performance, net of the Fund's fees and expenses, on an absolute basis, relative to a benchmark index that does not deduct the fees or expenses of investing, and compared to the performance of the Expense Group and Performance Universe, each constructed by the consulting firm. The Board also reviewed performance in relation to certain measures of the degree of investment risk undertaken by the portfolio managers.

The Performance Universe referenced in this section was identified by the consulting firm, as discussed above. For any period of underperformance, the Board considered the magnitude and duration of that underperformance relative to the Performance Universe, and/or the benchmark (e.g., the amount by which a Fund underperformed, including, for example, whether the Fund slightly underperformed or significantly underperformed its benchmark). With respect to performance quintile rankings for the Fund compared to its Performance Universe, the first quintile represents the highest (best) performance and the fifth quintile represents the lowest performance. For investment performance comparisons, the Board looked at the Fund's Class S as a proxy for both of the Fund's classes.

The Board considered that, based on performance data for the periods ended December 31, 2019: (1) as compared to its benchmark, the Fund's performance was higher for the 1-, 3-, 5-, and 10-year periods; and (2) as compared to its Performance Universe, the Fund's performance was in the third quintile for the 1-year period, the fifth quintile for the 3-year period, the fourth quintile for the 5-year period, and the second quintile for the 10-year period. The Board also met with members of the portfolio management team in December 2019 to discuss the Fund's performance. The Board also noted the Fund's outperformance versus its benchmark during the 7-month period ending July 31, 2020.

Noting that the Fund underperformed over certain periods, the Board considered Management's representations regarding the factors impacting the Fund's performance and discussed with Management the Fund's performance, potential reasons for the relative performance, and, if necessary, steps that Management had taken, or intended to take, to improve performance. The Board also considered Management's responsiveness to the Fund's relative performance. In this regard, the Board noted that performance, especially short-term performance, is only one of the factors that it deems relevant to its consideration of the Agreement and that, after considering all relevant factors, it determined to approve the continuation of the Agreement notwithstanding the Fund's relative underperformance.

Fee Rates, Profitability, and Fall-out Benefits

With respect to the overall fairness of the Agreement, the Board considered the fee structure for the Fund under the Agreement as compared to the Expense Group provided by the consulting firm, as discussed above. The Board reviewed a comparison of the Fund's management fee to its Expense Group. The Board noted that the comparative management fee analysis includes, in the Fund's management fee, the separate administrative fees paid to Management. However, the Board noted that some funds in the Expense Group pay directly from fund assets for certain services that Management covers out of the administration fees for the Fund. Accordingly, the Board also considered the Fund's total expense ratio as compared with its Expense Group as a way of taking account of these differences.

The Board compared the Fund's contractual and actual management fees to the median of the contractual and actual management fees, respectively, of the Fund's Expense Group. (The actual management fees are the contractual management fees reduced by any fee waivers or other adjustments.) The Board also compared the Fund's total expenses to the median of the total expenses of the Fund's Expense Group. The Board noted that the Fund's actual management fee and total expenses were higher than the Expense Group median, and considered whether specific portfolio management, administration or oversight needs contributed to the Fund's actual management fee and total expenses. With respect to the quintile rankings for fees and total expenses (net of waivers or other adjustments, if any) for the Fund compared to its Expense Group, the first quintile represents the lowest fees and/or total expenses and the fifth quintile represents the highest fees and/or total expenses. For fee comparisons, the Board looked at the Fund's Class S as a proxy for both of the Fund's classes.

The Board considered that, as compared to its Expense Group, the Fund's contractual management fee, the actual management fee net of fees waived by Management, and total expenses each ranked in the fifth quintile.

In addition to considering the above-referenced factors, the Board took note of its ongoing dialogue with Management regarding the dynamics of the insurance/annuity marketplace. The Board considered, among other matters, related tax restrictions and the unique challenges facing that market generally, which assisted the Board in understanding the context for the Fund's expense ratio and performance.

In concluding that the benefits accruing to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to the Fund, the Board reviewed specific data as to Management's estimated profit on the Fund for a recent period on a pre-tax basis without regard to distribution expenses, including year-over-year changes in each of Management's reported expense categories. (The Board also reviewed data on Management's estimated profit on the Fund after distribution/servicing expenses and taxes were factored in, as indicators of the health of the business and the extent to which Management is directing its profits into the growth of the business.) The Board considered the cost allocation methodology that Management used in developing its estimated profitability figures. In recent years, the Board engaged an independent forensic accountant to review the profitability methodology utilized by Management when preparing this information and discussed with the consultant its conclusion that Management's process for calculating and reporting its estimated profit was not unreasonable.

Recognizing that there is no uniform methodology regarding the allocation of firm-wide or complex-wide expenses within the asset management industry for determining profitability for this purpose and that the use of different reasonable methodologies can give rise to different profit and loss results, the Board, in recent years, requested from Management examples of profitability calculated by different methods and noted that the estimated profitability levels were still reasonable when calculated by these other methods. The Board further noted Management's representation that its estimate of profitability is derived using methodology that is consistent with the methodology used to assess and/or report measures of profitability elsewhere at the firm. In addition, the Board recognized that Management's calculations regarding its costs may not reflect all risks, including regulatory, legal, operational, reputational, and, where appropriate, entrepreneurial risks, associated with offering and managing a mutual fund in the current regulatory and market environment. The Board also considered any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with the Fund, such as research it may receive from broker-dealers executing the Funds' portfolio transactions on an agency basis. The Board recognized that Management and its affiliates should be entitled to

earn a reasonable level of profits for services they provide to the Fund and, based on its review, concluded that Management's reported level of estimated profitability on the Fund was reasonable.

Information Regarding Services to Other Clients

The Board also considered other funds and separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies and strategies that were similar to those of the Fund, and compared the fees charged to the Fund to the fees charged to such comparable funds and separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to a Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that although, generally, the rates of fees paid by such accounts, except other Neuberger Berman mutual funds, were lower than the fee rates paid by the corresponding Fund, the differences reflected Management's greater level of responsibilities and significantly broader scope of services regarding the Fund, the more extensive regulatory obligations and risks associated with managing the Fund, and other financial considerations with respect to creation and sponsorship of the Fund.

Economies of Scale

The Board also evaluated apparent or anticipated economies of scale in relation to the services Management provides to the Fund. The Board considered whether the Fund's fee structure provides for a reduction of payments resulting from the use of breakpoints, the size of any breakpoints in the Fund's advisory fees, and whether any such breakpoints are set at appropriate asset levels. The Board also compared the breakpoint structure to that of the Expense Group. In addition, the Board considered the expense limitation and/or fee waiver arrangements that reduces Fund expenses at all asset levels which can have an effect similar to breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if the Fund's assets decline. The Board also considered that Management has provided, at no added cost to the Fund, certain additional services, including but not limited to, services required by new regulations or regulatory interpretations, services impelled by changes in the securities markets or the business landscape, and/or services requested by the Board. The Board considered that this is a way of sharing economies of scale with the Fund and its shareholders.

Conclusions

In approving the continuation of the Agreement, the Board concluded that, in its business judgment, the terms of the Agreement are fair and reasonable to the Fund and that approval of the continuation of the Agreement is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to continue to provide a high level of service to the Fund; that the performance of the Fund was satisfactory over time; that the Board retained confidence in Management's capabilities to manage the Fund; that the Fund's fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services provided ; and that the benefits accruing to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the costs of providing the investment advisory and other services and the benefits accruing to the Fund. The Board's conclusions may be based in part on its consideration of materials prepared in connection with the approval or continuance of the Agreement in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year, in addition to material prepared specifically for the most recent annual review of the Agreement.

Notice to Shareholders

The Fund has elected to pass through to its shareholders the credits for taxes paid to foreign countries. For the fiscal year ended December 31, 2020, the Fund designates $59,701, or $0.01 per share outstanding, foreign taxes paid and $1,255,856, or $0.22 per share outstanding, foreign source income earned for federal income tax purposes. The Fund designates $3,769,580 as a capital gain distribution.

Neuberger Berman
Advisers Management Trust

Mid Cap Growth Portfolio

I Class Shares

S Class Shares

Annual Report

December 31, 2020

B1013 02/21

Mid Cap Growth Portfolio Commentary (Unaudited)

The Neuberger Berman Advisers Management Trust Mid Cap Growth Portfolio Class I had a total return of 39.98% for the 12-month period ended December 31, 2020 (the reporting period), outperforming its benchmark, the Russell Midcap® Growth Index (the Index), which returned 35.59% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

2020 was an unprecedented year that encapsulated a stunningly accelerated market cycle, as what began with a frightening initial proliferation of COVID-19 that overwhelmed our health care infrastructure and stymied economic development, eventually pivoted to forward-looking optimism anticipating an eventual return to normalcy and remarkably closed with strong momentum from unexpectedly compelling vaccine efficacy results. While science garnered the headlines, the reality is that our extraordinary journey from fearful market dislocation to bull recovery was buttressed by impressive monetary and fiscal stimulus, which likely blunted the negative momentum that could have been further amplified by political disfunction, social unrest and a disjointed response to combatting the pandemic. Given that backdrop, it shouldn't be a surprise that 2020 demanded an active approach and that the prevailing economic, monetary and fiscal environment strongly favored growth-style investing.

Our search for resilient trends targeting newly relevant opportunities and evolving needs and, in populating those investment themes, renewed qualitative emphasis on management leadership, balance sheet strength and the financial self-reliance necessary to navigate the uncertain and disruptive nature of this pandemic, was validated as strong stock selection within Information Technology (IT), Industrials and Consumer Staples easily offset COVID-related weakness within Consumer Discretionary and Financials. At the industry level, the accelerated pace of digital transformation initiatives represented a significant tailwind for multiple IT segments, while virus precautions and concerns triggered a precipitous decline in elective medical procedures, which resulted in our Health Care Equipment & Supplies allocation being the leading detractor to relative performance. Drilling down to our holdings, Twilio, which provides cloud-based infrastructure to develop customizable and scalable communication networks, was the leading contributor to performance as their digital messaging tools benefitted from the surge in e-commerce and work-from-home, while MasTec, an infrastructure construction company focused on energy, cable and water projects, was the leading detractor as a broad decline in non-IT capital expenditures significantly impacted their project pipeline. We exited the position during the reporting period.

While it was unquestionably cathartic to flip the last calendar page and officially close the books on 2020, the sobering reality is that despite an impressive global therapeutic development effort, many of the associated social constraints, economic hardships and health challenges of the past year will persist into 2021. However, that doesn't imply that 2021 can't again deliver a compelling market environment for equities, active management and growth-style investing. As we look ahead, we don't anticipate a binary-type style rotation that abandons growth in favor of more value-oriented segments of the market. Instead, we're cautiously optimistic that innovation, the sustainability of digital transformation trends and behaviors, accommodative policy from the U.S. Federal Reserve Board and the likelihood of additional fiscal stimulus will continue to foster a favorable environment for equities and for growth stocks in particular. That said, we are mindful that challenging expectations lie ahead for many of our highest conviction ideas, but we believe our longer-term confidence in those broader secular themes, and the specific companies driving them, outweigh the risk of any potential near-term weakness. Regardless of how 2021 unfolds, our focus will remain on identifying business models with long-term sustainability, highlighted by underappreciated and intriguing catalysts, expanding addressable markets, compelling top- and bottom-line fundamentals and balance sheet strength.

Sincerely,

KENNETH J. TUREK
PORTFOLIO MANAGER

Information about principal risks of investing in the Fund is set forth in the prospectus and statement of additional information.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio manager. The opinions are as of the date of this report and are subject to change without notice.

Mid Cap Growth Portfolio (Unaudited)

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	6.0	%
Consumer Discretionary	13.3
Consumer Staples	2.9
Financials	3.8
Health Care	19.5
Industrials	14.2
Information Technology	36.9
Materials	1.0
Real Estate	0.5
Short-Term Investments	1.9
Total	100.0	%

* Derivatives, if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS

	Inception	Average Annual Total Return Ended 12/31/2020
	Date	1 Year			5 Years			10 Years			Life of Fund
At NAV
Class I	11/03/1997		39.98	%		17.87	%		14.02	%		10.69	%
Class S²	02/18/2003		39.71	%		17.54	%		13.72	%		10.47	%
Index
Russell Midcap^® Growth Index^1,3			35.59	%		18.66	%		15.04	%		9.89	%
Russell Midcap^® Index^1,3			17.10	%		13.40	%		12.41	%		9.94	%

The investment return and principal value of an investment will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As stated in the Fund's most recent prospectus, the total annual operating expense ratios for fiscal year 2019 were 0.93% and 1.18% for Class I and Class S shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 1.11% after expense reimbursements and/or fee waivers for Class S shares. The expense ratios for the annual period ended December 31, 2020 can be found in the Financial Highlights section of this report.

Mid Cap Growth Portfolio (Unaudited)

COMPARISON OF A $10,000 INVESTMENT

This graph shows the change in 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 graph is based on Class I shares only; the performance of the Fund's share classes will differ primarily due to different class expenses (see Performance Highlights chart above).The result is compared with benchmarks, which include a broad-based market index and may include a more narrowly based index. Market indices have not been reduced to reflect any of the fees and costs of investing. The results shown in the graph reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a shareholder would pay on Fund distributions or on the redemption of Fund shares. The results do not reflect fees and expenses of the variable annuity and variable life insurance policies or the qualified pension and retirement plans whose proceeds are invested in the Fund. Results represent past performance and do not indicate future results.

Please see Endnotes for additional information.

Endnotes

1 The date used to calculate Life of Fund performance for the index is November 3, 1997, the inception date of Class I shares, the Fund's oldest share class.

2 Performance shown prior to February 18, 2003 for Class S shares is that of Class I shares, which has lower expenses and correspondingly higher returns than Class S shares.

3 The Russell Midcap® Growth Index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap growth segment of the U.S. equity market. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth rates. The index is rebalanced annually in June. The Russell Midcap Index is a float-adjusted market capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equity market. It includes approximately 800 of the smallest securities in the Russell 1000® Index. The index is rebalanced annually in June. Please note that the indices described in this report do not take into account any fees, expenses or tax consequences of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of an index are prepared or obtained by Neuberger Berman Investment Advisers LLC ("Management") and reflect the reinvestment of income dividends and other distributions, if any. The Fund may invest in securities not included in a described index and generally does not invest in all securities included in a described index.

Shares of the separate Neuberger Berman Advisers Management Trust Portfolios, including the Fund, are not available to the general public. Shares of the Fund may be purchased only by life insurance companies to be held in their separate accounts, which fund variable annuity and variable life insurance 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 a representation of future results of the Fund. This report is prepared for the general information of shareholders and is not an offer of shares of the Fund. Shares are sold only through the currently effective prospectus, which must precede or accompany this report.

Information About Your Fund's Expenses (Unaudited)

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 indicated. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section of the table under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid over the period.
Hypothetical Example for Comparison Purposes:				The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return at 5% per year before expenses. This return is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund versus other funds. To do so, compare the expenses shown in this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Expense Example (Unaudited)

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST MID CAP GROWTH PORTFOLIO

Actual	Beginning Account Value 7/1/20		Ending Account Value 12/31/20		Expenses Paid During the Period 7/1/20 – 12/31/20			Expense Ratio
Class I	$	1,000.00	$	1,313.30	$	5.29	^(a)		0.91	%
Class S	$	1,000.00	$	1,312.00	$	6.39	^(a)		1.10	%
Hypothetical (5% annual return before expenses)
Class I	$	1,000.00	$	1,020.56	$	4.62	^(b)		0.91	%
Class S	$	1,000.00	$	1,019.61	$	5.58	^(b)		1.10	%

Legend Mid Cap Growth Portfolio (Unaudited)
December 31, 2020

Counterparties:

SSB = State Street Bank and Trust Company

Schedule of Investments Mid Cap Growth Portfolio^ December 31, 2020

NUMBER OF SHARES			VALUE
Common Stocks 98.2%						��
Aerospace & Defense 2.5%
	34,400	Axon Enterprise, Inc.	$	4,215,032	*
	44,300	HEICO Corp.		5,865,320
	12,300	Teledyne Technologies, Inc.		4,821,354	*
				14,901,706
Auto Components 1.5%
	39,300	Aptiv PLC		5,120,397
	29,500	Visteon Corp.		3,702,840	*
				8,823,237
Banks 2.3%
	32,000	Signature Bank		4,329,280
	24,600	SVB Financial Group		9,540,618	*
				13,869,898
Beverages 1.1%
	6,400	Boston Beer Co., Inc. Class A		6,363,456	*
Biotechnology 3.3%
	98,300	ACADIA Pharmaceuticals, Inc.		5,255,118	*
	27,000	Ascendis Pharma A/S ADR		4,503,060	*
	63,900	Exact Sciences Corp.		8,466,111	*
	10,000	Sarepta Therapeutics, Inc.		1,704,900	*
				19,929,189
Capital Markets 1.5%
	59,000	Houlihan Lokey, Inc.		3,966,570
	8,900	MarketAxess Holdings, Inc.		5,077,984
				9,044,554
Commercial Services & Supplies 2.8%
	29,500	Cintas Corp.		10,427,070
	63,900	Waste Connections, Inc.		6,554,223
				16,981,293
Communications Equipment 0.2%
	15,000	Lumentum Holdings, Inc.		1,422,000	*
Containers & Packaging 1.0%
	63,900	Ball Corp.		5,954,202
Diversified Consumer Services 2.0%
	34,400	Bright Horizons Family Solutions, Inc.		5,950,856	*
	66,400	Chegg, Inc.		5,997,912	*
				11,948,768

NUMBER OF SHARES			VALUE
Electrical Equipment 2.6%
	66,400	AMETEK, Inc.	$	8,030,416
	33,400	Generac Holdings, Inc.		7,595,494	*
				15,625,910
Electronic Equipment, Instruments & Components 3.0%
	34,400	Amphenol Corp. Class A		4,498,488
	44,300	CDW Corp.		5,838,297
	19,700	Zebra Technologies Corp. Class A		7,571,301	*
				17,908,086
Entertainment 3.1%
	27,000	Roku, Inc.		8,964,540	*
	29,500	Spotify Technology SA		9,282,470	*
				18,247,010
Equity Real Estate Investment Trusts 0.5%
	9,800	SBA Communications Corp.		2,764,874
Food & Staples Retailing 1.0%
	152,400	BJ's Wholesale Club Holdings, Inc.		5,681,472	*
Health Care Equipment & Supplies 6.8%
	18,700	IDEXX Laboratories, Inc.		9,347,569	*
	34,400	Insulet Corp.		8,793,672	*
	14,800	Masimo Corp.		3,972,024	*
	24,600	Penumbra, Inc.		4,305,000	*
	21,100	Teleflex, Inc.		8,684,127
	14,800	West Pharmaceutical Services, Inc.		4,192,988
	10,000	Zimmer Biomet Holdings, Inc.		1,540,900
				40,836,280
Health Care Providers & Services 1.3%
	49,200	Encompass Health Corp.		4,068,348
	32,000	Quest Diagnostics, Inc.		3,813,440
				7,881,788
Health Care Technology 2.8%
	27,000	Teladoc Health, Inc.		5,398,920	*^(a)
	41,800	Veeva Systems, Inc. Class A		11,380,050	*
				16,778,970
Hotels, Restaurants & Leisure 2.5%
	4,900	Chipotle Mexican Grill, Inc.		6,794,879	*
	39,300	Darden Restaurants, Inc.		4,681,416
	78,700	DraftKings, Inc. Class A		3,664,272	*
				15,140,567
Household Products 0.9%
	63,900	Church & Dwight Co., Inc.		5,573,997

See Notes to Financial Statements

Schedule of Investments Mid Cap Growth Portfolio^ (cont'd)

NUMBER OF SHARES			VALUE
Industrial Conglomerates 0.9%
	12,300	Roper Technologies, Inc.	$	5,302,407
Interactive Media & Services 3.0%
	32,000	IAC/InterActiveCorp.		6,059,200	*
	29,500	Match Group, Inc.		4,460,105	*
	113,100	Pinterest, Inc. Class A		7,453,290	*
				17,972,595
Internet & Direct Marketing Retail 0.7%
	22,100	Etsy, Inc.		3,931,811	*
IT Services 8.7%
	27,000	EPAM Systems, Inc.		9,675,450	*
	22,500	MongoDB, Inc.		8,078,400	*
	35,000	Okta, Inc.		8,899,100	*
	34,400	Twilio, Inc. Class A		11,644,400	*
	32,000	WEX, Inc.		6,512,960	*
	29,500	Wix.com Ltd.		7,373,820	*
				52,184,130
Life Sciences Tools & Services 3.1%
	221,300	Avantor, Inc.		6,229,595	*
	12,300	Bio-Rad Laboratories, Inc. Class A		7,170,162	*
	152,400	PPD, Inc.		5,215,128	*
				18,614,885
Machinery 1.3%
	39,300	IDEX Corp.		7,828,560
Multiline Retail 0.6%
	45,000	Ollie's Bargain Outlet Holdings, Inc.		3,679,650	*
Pharmaceuticals 2.1%
	54,100	Catalent, Inc.		5,630,187	*
	98,300	Horizon Therapeutics PLC		7,190,645	*
				12,820,832
Professional Services 1.7%
	10,800	CoStar Group, Inc.		9,982,224	*
Road & Rail 1.0%
	32,000	Old Dominion Freight Line, Inc.		6,245,760
Semiconductors & Semiconductor Equipment 6.9%
	68,800	Entegris, Inc.		6,611,680
	27,500	KLA Corp.		7,120,025
	147,500	Marvell Technology Group Ltd.		7,012,150
	27,000	Monolithic Power Systems, Inc.		9,888,210

NUMBER OF SHARES			VALUE
	90,000	ON Semiconductor Corp.	$	2,945,700	*
	65,000	Teradyne, Inc.		7,792,850
				41,370,615
Software 18.1%
	44,300	Avalara, Inc.		7,304,627	*
	73,800	Cloudflare, Inc. Class A		5,608,062	*
	29,500	Coupa Software, Inc.		9,997,845	*
	42,500	Crowdstrike Holdings, Inc. Class A		9,002,350	*
	51,600	DocuSign, Inc.		11,470,680	*
	47,200	Everbridge, Inc.		7,036,104	*
	42,500	Five9, Inc.		7,412,000	*
	14,800	HubSpot, Inc.		5,867,312	*
	56,500	Manhattan Associates, Inc.		5,942,670	*
	37,500	Paylocity Holding Corp.		7,721,625	*
	54,100	Q2 Holdings, Inc.		6,845,273	*
	32,000	RingCentral, Inc. Class A		12,127,040	*
	10,500	Trade Desk, Inc. Class A		8,410,500	*
	17,200	Zscaler, Inc.		3,435,012	*
				108,181,100
Specialty Retail 6.1%
	34,400	Best Buy Co., Inc.		3,432,776
	36,900	Burlington Stores, Inc.		9,651,195	*
	54,100	CarMax, Inc.		5,110,286	*
	63,900	Dick's Sporting Goods, Inc.		3,591,819
	44,300	Five Below, Inc.		7,751,614	*
	14,800	O'Reilly Automotive, Inc.		6,698,036	*
				36,235,726
Trading Companies & Distributors 1.3%
	34,400	United Rentals, Inc.		7,977,704	*
		Total Common Stocks (Cost $339,335,275)		588,005,256
Short-Term Investments 2.0%
Investment Companies 2.0%
	11,470,768	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(b)		11,470,768
	175,964	State Street Navigator Securities Lending Government Money Market Portfolio, 0.10%^(b)		175,964	^(c)
		Total Short-Term Investments (Cost $11,646,732)		11,646,732
		Total Investments 100.2% (Cost $350,982,007)		599,651,988
		Liabilities Less Other Assets (0.2)%		(1,084,102	)
		Net Assets 100.0%	$	598,567,886

See Notes to Financial Statements

Schedule of Investments Mid Cap Growth Portfolio^ (cont'd)

* Non-income producing security.

(a) The security or a portion of this security is on loan at December 31, 2020. Total value of all such securities at December 31, 2020 amounted to $169,366 for the Fund (see Note A of the Notes to Financial Statements).

(b) Represents 7-day effective yield as of December 31, 2020.

The following is a summary, categorized by Level (see Note A of Notes to Financial Statements), of inputs used to value the Fund's investments as of December 31, 2020:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	588,005,256	$	—	$	—	$	588,005,256
Short-Term Investments		—		11,646,732		—		11,646,732
Total Investments	$	588,005,256	$	11,646,732	$	—	$	599,651,988

(a) The Schedule of Investments provides information on the industry categorization for the portfolio.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Financial Statements

Statement of Assets and Liabilities

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	December 31, 2020
Assets
Investments in securities, at value*† (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	599,651,988
Dividends and interest receivable		68,104
Receivable for Fund shares sold		7,758
Receivable for securities lending income (Note A)		208
Prepaid expenses and other assets		11,793
Total Assets		599,739,851
Liabilities
Payable to investment manager—net (Note B)		269,168
Payable for securities purchased		256,760
Payable for Fund shares redeemed		147,104
Payable to administrator—net (Note B)		236,499
Payable to trustees		12,717
Payable for loaned securities collateral (Note A)		175,964
Other accrued expenses and payables		73,753
Total Liabilities		1,171,965
Net Assets	$	598,567,886
Net Assets consist of:
Paid-in capital	$	274,807,773
Total distributable earnings/(losses)		323,760,113
Net Assets	$	598,567,886
Net Assets
Class I	$	139,393,896
Class S		459,173,990
Shares Outstanding ($.001 par value; unlimited shares authorized)
Class I		3,502,427
Class S		12,734,762
Net Asset Value, offering and redemption price per share
Class I	$	39.80
Class S		36.06
†Securities on loan, at value:
Unaffiliated issuers	$	169,366
*Cost of Investments:
(a) Unaffiliated Issuers	$	350,982,007

See Notes to Financial Statements

Statement of Operations

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	For the Fiscal Year Ended December 31, 2020
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,776,785
Interest and other income—unaffiliated issuers		66,314
Income from securities loaned-net		12,041
Foreign taxes withheld		(8,302	)
Total income	$	1,846,838
Expenses:
Investment management fees (Note B)		2,703,888
Administration fees (Note B):
Class I		350,528
Class S		1,162,119
Distribution fees (Note B):
Class S		968,433
Shareholder servicing agent fees:
Class I		85
Class S		59
Audit fees		40,442
Custodian and accounting fees		78,658
Insurance		16,778
Legal fees		126,908
Shareholder reports		21,481
Trustees' fees and expenses		51,882
Interest		413
Miscellaneous		31,298
Total expenses		5,552,972
Expenses reimbursed by Management (Note B)		(214,503	)
Total net expenses		5,338,469
Net investment income/(loss)	$	(3,491,631	)
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		78,554,284
Settlement of foreign currency transactions		16
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		102,197,342
Net gain/(loss) on investments		180,751,642
Net increase/(decrease) in net assets resulting from operations	$	177,260,011

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	Fiscal Year Ended December 31, 2020			Fiscal Year Ended December 31, 2019
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	(3,491,631	)	$	(2,166,466	)
Net realized gain/(loss) on investments		78,554,300			26,771,062
Change in net unrealized appreciation/(depreciation) of investments		102,197,342			102,143,654
Net increase/(decrease) in net assets resulting from operations		177,260,011			126,748,250
Distributions to Shareholders From (Note A):
Distributable earnings:
Class I		(5,782,156	)		(7,652,681	)
Class S		(21,091,814	)		(27,361,448	)
Total distributions to shareholders		(26,873,970	)		(35,014,129	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Class I		16,001,264			15,626,858
Class S		10,204,641			17,851,730
Proceeds from reinvestment of dividends and distributions:
Class I		5,782,156			7,652,681
Class S		21,091,814			27,361,448
Payments for shares redeemed:
Class I		(32,484,568	)		(24,173,564	)
Class S		(67,867,539	)		(33,150,767	)
Net increase/(decrease) from Fund share transactions		(47,272,232	)		11,168,386
Net Increase/(Decrease) in Net Assets		103,113,809			102,902,507
Net Assets:
Beginning of year		495,454,077			392,551,570
End of year	$	598,567,886		$	495,454,077

See Notes to Financial Statements

Notes to Financial Statements Mid Cap Growth Portfolio

Note A—Summary of Significant Accounting Policies:

1 General: Neuberger Berman Advisers Management Trust (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated March 27, 2014. 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. Neuberger Berman Advisers Management Trust Mid Cap Growth Portfolio (the "Fund") is a separate operating series of the Trust and is diversified. The Fund offers Class I and Class S shares. The Trust's Board of Trustees (the "Board") may establish additional series or classes of shares without the approval of shareholders.