Neuberger Berman Advisers Management Trust NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on August 20, 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: June 30, 2021

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 semi-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

Semi-Annual Report

June 30, 2021

F0324 08/21

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

The Neuberger Berman Advisers Management Trust International Equity Portfolio Class S posted a total return of 10.00% for the six-month period ended June 30, 2021 (the reporting period), outperforming the 8.83% 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.)

International equity markets advanced this period, as COVID-19 vaccinations quickened in the Eurozone and Japan, allowing for loosening economic and social restrictions. Additionally, the European Commission began approving national recovery plans, paving the way for disbursements from the Next Generation EU recovery plan. Developed international markets (as measured by the Index) outperformed emerging markets (as measured by the MSCI Emerging Markets Index (Net)) this reporting period but trailed the U.S. S&P 500® Index.

By sector, Energy, Financials and Consumer Discretionary stocks drove the Index's performance. All sectors closed up except Utilities, which was down slightly as investors avoided defensive areas. Communication Services and Consumer Staples also underperformed. By country, Austria, the Netherlands and Sweden outperformed. New Zealand and Portugal posted losses, and Japan lagged.

The Fund's outperformance resulted from stock selection, with our advantage most significant within Consumer Discretionary, Materials and Information Technology. By country, stock selection in, and an underweight to, Japan versus the Index were a benefit, as were holdings based in Switzerland and Norway.

Top return contributors included ASML Holding and NXP, semiconductor names, and CRH, an Ireland-based global construction materials conglomerate. ASML reported strong sales for EUV (extreme ultraviolet) tools and fulfilled orders delayed by COVID-19. NXP reported strong results on better-than-expected demand in mobile and auto. CRH announced better-than-expected 2020 results, with optimism further enhanced by expectations of significant U.S. infrastructure investment.

Our overweight to Health Care versus the Index, stock selection within Communication Services, and an underweight to Consumer Discretionary stocks, were relative headwinds. By country, our UK, Israeli and German holdings underperformed.

Individual detractors included Check Point Software, an Israeli cyber security firm. Despite solid quarterly earnings, management lowered earnings per share guidance for 2021. Japan's Daikin Industries, an air conditioning systems maker, announced plans that include aggressive spending and potential mergers and acquisitions (M&A). The market's reaction was mixed given Daikin's M&A record and potential spending-related margin pressure. Canadian software name Kinaxis suffered following pandemic-related delays in new business and as investor sentiment shifted from growth to value. This holding was sold during the reporting period.

While international equities lagged U.S. equities during the first half of 2021, we believe the outperformance we saw in late 2020 may return, given impressive leading indicators. We believe that Europe's greater exposure to cyclical sectors such as Financials, Industrials, Materials and Energy could also help.

We are gratified that after strong relative performance within the growth-oriented markets of the past several years, the Fund finished ahead of the Index in a market where value outperformed.

We believe our disciplined approach to valuation, particularly over the last 18 months—striving to own the right companies at the right price, by trimming high profitability growth names where we believe valuations are stretched, and recycling profits into opportunities elsewhere—protected the Fund against some of the most volatile price movements in high multiple stocks.

The businesses we prefer have attractive end markets and strong competitive positions; especially in areas where investor skepticism has created valuations offering upside potential even under conservative assumptions. We remain engaged with our companies in this period of rising cost pressures to ensure they maintain pricing power, and/or the ability to pass through cost increases. We believe these businesses should be resilient in the event of further supply shocks.

We retain high conviction in our tried-and-tested approach and our current portfolio companies, which on the whole have performed admirably in a challenging period. We believe stocks of companies like these will reward investors in the environment ahead.

Sincerely,

ELIAS COHEN
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 managers. The opinions are as of the date of this report and are subject to change without notice.

International Equity Portfolio

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 06/30/2021
	Date	06/30/2021			1 Year			5 Years			10 Years			Life of Fund
Class I²	01/30/2018		10.31	%		35.21	%		11.63	%		6.54	%		6.16	%
Class S	04/29/2005		10.00	%		34.44	%		11.26	%		6.36	%		6.04	%
MSCI EAFE^® Index (Net)^1,3			8.83	%		32.35	%		10.28	%		5.89	%		5.71	%

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 ("NBIA") 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 NBIA) 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 2020 were 1.46% and 1.71% 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 semi-annual period ended June 30, 2021 can be found in the Financial Highlights section of this report.

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 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 June 30, 2021 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 1/1/21		Ending Account Value 6/30/21		Expenses Paid During the Period 1/1/21 – 6/30/21			Expense Ratio
Class I	$	1,000.00	$	1,103.10	$	5.27	^(a)		1.01	%
Class S	$	1,000.00	$	1,100.00	$	7.86	^(a)		1.51	%
Hypothetical (5% annual return before expenses)
Class I	$	1,000.00	$	1,019.79	$	5.06	^(b)		1.01	%
Class S	$	1,000.00	$	1,017.31	$	7.55	^(b)		1.51	%

(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 181/365 (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 181/365 (to reflect the one-half year period shown).

Legend International Equity Portfolio (Unaudited) June 30, 2021

Counterparties:

SSB = State Street Bank and Trust Company

Schedule of Investments International Equity Portfolio^ (Unaudited) June 30, 2021

NUMBER OF SHARES			VALUE
Common Stocks 99.3%
Austria 1.4%
	25,258	BAWAG Group AG	$	1,344,141	^(a)
Belgium 0.9%
	11,055	KBC Group NV		842,874
Canada 0.9%
	45,437	Softchoice Corp.		806,034	*
China 2.7%
	9,583	NXP Semiconductors NV		1,971,415
	20,500	Shenzhou International Group Holdings Ltd.		517,761
				2,489,176
Finland 1.3%
	106,488	Nordea Bank Abp		1,185,315
France 7.0%
	3,844	Air Liquide SA		673,038
	5,252	Arkema SA		658,876
	1,335	Kering SA		1,166,653
	8,028	Pernod-Ricard SA		1,781,994
	3,621	Teleperformance		1,469,700
	16,331	TOTAL SE		738,852
				6,489,113
Germany 10.2%
	4,263	adidas AG		1,586,718
	15,825	Brenntag SE		1,471,512
	2,630	Deutsche Boerse AG		459,047
	14,517	Gerresheimer AG		1,605,162
	21,515	QIAGEN NV		1,040,896	*
	1,326	SAP SE		186,853
	11,060	SAP SE ADR		1,553,488
	10,920	Scout24 AG		920,890	^(a)
	8,625	Stabilus SA		701,067
				9,525,633
Hong Kong 3.7%
	78,800	AIA Group Ltd.		979,380
	351,400	HKBN Ltd.		425,429
	117,800	Techtronic Industries Co. Ltd.		2,057,324
				3,462,133
India 1.6%
	70,277	Infosys Ltd. ADR		1,489,170

NUMBER OF SHARES			VALUE
Ireland 5.3%
	42,339	CRH PLC	$	2,141,815
	10,870	Kerry Group PLC Class A		1,518,336
	24,175	Smurfit Kappa Group PLC		1,311,447
				4,971,598
Israel 1.7%
	13,542	Check Point Software Technologies Ltd.		1,572,632	*
Italy 1.2%
	49,734	Nexi SpA		1,091,574	*^(a)
Japan 13.6%
	24,500	Bridgestone Corp.		1,114,789	^(b)
	5,500	Daikin Industries Ltd.		1,024,304
	4,700	Fujitsu Ltd.		879,968
	9,900	Hoya Corp.		1,312,633
	19,100	Otsuka Corp.		1,002,322
	105,600	Sanwa Holdings Corp.		1,296,534
	15,100	SCSK Corp.		899,788
	7,300	Sony Group Corp.		710,649
	37,300	Subaru Corp.		735,793
	36,900	TechnoPro Holdings, Inc.		872,885
	24,000	Terumo Corp.		972,573
	18,600	Tokio Marine Holdings, Inc.		855,203
	11,900	Toyota Motor Corp.		1,040,092
				12,717,533
Netherlands 6.8%
	16,576	AerCap Holdings NV		848,857	*
	1,441	ASML Holding NV		990,001
	16,349	Heineken NV		1,981,232	^(b)
	27,781	Intertrust NV		500,049	*^(a)
	3,818	Koninklijke DSM NV		712,580
	27,382	Koninklijke Philips NV		1,356,847
				6,389,566
Norway 1.3%
	182,066	Elopak ASA		570,929	*
	54,713	Sbanken ASA		681,200	^(a)
				1,252,129
Singapore 1.0%
	43,443	DBS Group Holdings Ltd.		963,067
Sweden 2.4%
	53,049	Assa Abloy AB Class B		1,598,022
	6,837	Autoliv, Inc.		668,385
				2,266,407

See Notes to Financial Statements

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

NUMBER OF SHARES			VALUE
Switzerland 11.3%
	10,459	Julius Baer Group Ltd.	$	682,534
	1,465	Lonza Group AG		1,038,365
	13,231	Novartis AG		1,205,769
	609	Partners Group Holding AG		922,468
	4,825	Roche Holding AG		1,817,621
	257	SGS SA		792,735
	46,211	SIG Combibloc Group AG		1,255,601
	3,219	Sonova Holding AG		1,210,713
	978	Tecan Group AG		484,534
	74,165	UBS Group AG		1,135,019
				10,545,359
United Kingdom 20.1%
	47,338	Barratt Developments PLC		455,235
	62,587	Bunzl PLC		2,068,315
	69,836	Clinigen Group PLC		597,980
	19,857	DCC PLC		1,625,567
	24,089	Diageo PLC		1,153,285
	63,895	Electrocomponents PLC		909,491
	26,056	Fevertree Drinks PLC		927,393
	148,868	Ibstock PLC		439,453	^(a)
	11,514	London Stock Exchange Group PLC		1,269,407
	64,837	Prudential PLC		1,231,879
	16,188	Reckitt Benckiser Group PLC		1,432,471
	59,351	RELX PLC		1,575,504
	47,203	Rightmove PLC		424,032
	28,547	Savills PLC		454,124
	52,810	Smith & Nephew PLC		1,141,439
	52,973	St. James's Place PLC		1,082,309
	22,381	Unilever PLC		1,310,062
	27,009	Weir Group PLC		691,562	*
				18,789,508

NUMBER OF SHARES			VALUE
United States 4.9%
	4,837	Aon PLC Class A	$	1,154,882
	14,565	Ferguson PLC		2,024,850
	8,715	Schneider Electric SE		1,371,090
				4,550,822
		Total Common Stocks (Cost $67,898,450)		92,743,784
Short-Term Investments 3.1%
Investment Companies 3.1%
	195,217	State Street Institutional Treasury Money Market Fund Premier Class, 0.01%^(c)		195,217
	2,648,358	State Street Navigator Securities Lending Government Money Market Portfolio, 0.02%^(c)		2,648,358	^(d)
		Total Short-Term Investments (Cost $2,843,575)		2,843,575
		Total Investments 102.4% (Cost $70,742,025)		95,587,359
		Liabilities Less Other Assets (2.4)%		(2,208,267	)
		Net Assets 100.0%	$	93,379,092

* 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 June 30, 2021 amounted to $4,977,307, which represents 5.3% of net assets of the Fund.

(b) All or a portion of this security is on loan at June 30, 2021. Total value of all such securities at June 30, 2021 amounted to $2,501,329 for the Fund (see Note A of Notes to Financial Statements).

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

See Notes to Financial Statements

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

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Trading Companies & Distributors	$	7,323,025		7.9	%
Health Care Equipment & Supplies		5,994,205		6.4	%
Beverages		5,843,904		6.3	%
Capital Markets		5,550,784		5.9	%
IT Services		5,362,822		5.7	%
Professional Services		5,210,873		5.6	%
Banks		5,016,597		5.4	%
Life Sciences Tools & Services		4,766,937		5.1	%
Insurance		4,221,344		4.5	%
Building Products		3,918,860		4.2	%
Machinery		3,449,953		3.7	%
Software		3,312,973		3.5	%
Textiles, Apparel & Luxury Goods		3,271,132		3.5	%
Containers & Packaging		3,137,977		3.4	%
Pharmaceuticals		3,023,390		3.2	%
Semiconductors & Semiconductor Equipment		2,961,416		3.2	%
Construction Materials		2,581,268		2.8	%
Chemicals		2,044,494		2.2	%
Auto Components		1,783,174		1.9	%
Automobiles		1,775,885		1.9	%
Industrial Conglomerates		1,625,567		1.7	%
Food Products		1,518,336		1.6	%
Household Products		1,432,471		1.5	%
Electrical Equipment		1,371,090		1.5	%
Interactive Media & Services		1,344,922		1.4	%
Personal Products		1,310,062		1.4	%
Household Durables		1,165,884		1.2	%
Computers		806,034		0.9	%
Oil, Gas & Consumable Fuels		738,852		0.8	%
Real Estate Management & Development		454,124		0.5	%
Diversified Telecommunication Services		425,429		0.5	%
Short-Term Investments and Other Liabilities—Net		635,308		0.7	%
	$	93,379,092		100.0	%

See Notes to Financial Statements

Schedule of Investments International Equity Portfolio^ (Unaudited) (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 June 30, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	92,743,784	$	—	$	—	$	92,743,784
Short-Term Investments		—		2,843,575		—		2,843,575
Total Investments	$	92,743,784	$	2,843,575	$	—	$	95,587,359

(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 (Unaudited)

Neuberger Berman Advisers Management Trust

		INTERNATIONAL EQUITY PORTFOLIO
		June 30, 2021
Assets
Investments in securities, at value*† (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)		$	95,587,359
Foreign currency^(b)			686,586
Dividends and interest receivable			306,002
Receivable for securities sold			163,064
Receivable from Management—net (Note B)			444
Receivable for securities lending income (Note A)			3,458
Prepaid expenses and other assets			2,013
Total Assets			96,748,926
Liabilities
Payable to investment manager (Note B)			66,299
Payable for securities purchased			592,499
Payable for Fund shares redeemed			12,435
Payable to trustees			12,423
Payable for loaned securities collateral (Note A)			2,648,358
Other accrued expenses and payables			37,820
Total Liabilities			3,369,834
Net Assets		$	93,379,092
Net Assets consist of:
Paid-in capital		$	60,388,129
Total distributable earnings/(losses)			32,990,963
Net Assets		$	93,379,092
Net Assets
Class I		$	76,074,887
Class S			17,304,205
Shares Outstanding ($.001 par value; unlimited shares authorized)
Class I	��		4,707,107
Class S			1,069,983
Net Asset Value, offering and redemption price per share
Class I		$	16.16
Class S			16.17
†Securities on loan, at value:
Unaffiliated issuers		$	2,501,329
*Cost of Investments:
(a) Unaffiliated Issuers		$	70,742,025
(b) Total cost of foreign currency		$	689,788

See Notes to Financial Statements

Statement of Operations (Unaudited)

Neuberger Berman Advisers Management Trust

	INTERNATIONAL EQUITY PORTFOLIO
	For the Six Months Ended June 30, 2021
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	1,143,620
Interest and other income—unaffiliated issuers		2,044
Income from securities loaned—net		7,970
Foreign taxes withheld		(86,618	)
Total income	$	1,067,016
Expenses:
Investment management fees (Note B)		383,098
Administration fees (Note B):
Class I		110,089
Class S		25,123
Distribution fees (Note B):
Class S		20,936
Shareholder servicing agent fees:
Class I		194
Class S		987
Audit fees		20,055
Custodian and accounting fees		38,729
Insurance		1,274
Legal fees		9,500
Shareholder reports		9,779
Trustees' fees and expenses		25,226
Interest		1,188
Miscellaneous		7,354
Total expenses		653,532
Expenses reimbursed by Management (Note B)		(158,604	)
Total net expenses		494,928
Net investment income/(loss)	$	572,088
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		6,500,933
Settlement of foreign currency transactions		3,466
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		1,812,579
Foreign currency translations		(10,948	)
Net gain/(loss) on investments		8,306,030
Net increase/(decrease) in net assets resulting from operations	$	8,878,118

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Advisers Management Trust

	INTERNATIONAL EQUITY PORTFOLIO
	Six Months Ended June 30, 2021 (Unaudited)			Fiscal Year Ended December 31, 2020
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	572,088		$	347,238
Net realized gain/(loss) on investments		6,504,399			776,209
Net increase from payments by affiliates (Note B)		—			37,878
Change in net unrealized appreciation/(depreciation) of investments		1,801,631			8,141,947
Net increase/(decrease) in net assets resulting from operations		8,878,118			9,303,272
Distributions to Shareholders From (Note A):
Distributable earnings:
Class I		—			(3,802,291	)
Class S		—			(819,339	)
Total distributions to shareholders		—			(4,621,630	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Class I		11,686			1,292,000
Class S		674,524			946,058
Proceeds from reinvestment of dividends and distributions:
Class I		—			3,802,291
Class S		—			819,339
Payments for shares redeemed:
Class I		(2,438,117	)		(3,556,277	)
Class S		(1,281,779	)		(2,880,224	)
Net increase/(decrease) from Fund share transactions		(3,033,686	)		423,187
Net Increase/(Decrease) in Net Assets		5,844,432			5,104,829
Net Assets:
Beginning of period		87,534,660			82,429,831
End of period	$	93,379,092		$	87,534,660

See Notes to Financial Statements

Notes to Financial Statements International Equity Portfolio (Unaudited)

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.

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 with a readily determinable fair value 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 Services ("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.

In December 2020, the Securities and Exchange Commission ("SEC") adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act, which is the threshold for determining whether a fund must fair value a security. The rule became effective on March 8, 2021, however, the SEC adopted an eighteen-month transition period beginning from the effective date. Management is currently evaluating this guidance.

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 six months ended June 30, 2021, was $504,415.

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 June 30, 2021, the Fund did not have any unrecognized tax positions.

For federal income tax purposes, the estimated cost of investments held at June 30, 2021 was $70,856,462. The estimated gross unrealized appreciation was $25,255,380 and estimated gross unrealized depreciation was $524,483 resulting in net unrealized appreciation in value of investments of $24,730,897 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 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.

new rule, on or about January 19, 2022, the SEC is expected to rescind the Fund's current exemptive order and Rule 12d1-2 under the 1940 Act. After this occurs, a fund seeking to exceed the limits in Section 12 of the 1940 Act will need to rely on Rule 12d1-4.

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 June 30, 2021, the Fund had outstanding loans of securities to certain approved brokers, with a value of $2,501,329, 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	$	2,648,358	$	—	$	—	$	—	$	2,648,358

(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 over-the-counter 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 June 30, 2021.

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	$	2,501,329	$	—	$	2,501,329
Total	$	2,501,329	$	—	$	2,501,329

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	$	2,501,329	$	—	$	(2,501,329	)	$	—
Total	$	2,501,329	$	—	$	(2,501,329	)	$	—

(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 June 30, 2021, 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.

14 Other matters—Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of 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. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. 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 six months ended June 30, 2021, 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 six months ended June 30, 2021, there was no repayment to NBIA under these agreements.

At June 30, 2021, the Fund's contingent liabilities to NBIA under the agreements were as follows:

					Expenses Reimbursed in Year Ended December 31,
					2018			2019		2020		2021
					Subject to Repayment until December 31,
Class	Contractual Expense Limitation^(a)			Expiration	2021			2022		2023		2024
Class I		1.00	%	12/31/24	$	262,560	^(b)	$	281,611	$	269,970	$	145,413
Class S		1.50	%	12/31/24		52,969			34,567		28,846		13,191

(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.

Neuberger Berman BD LLC (the "Distributor") is the Fund's "principal underwriter" within the meaning of the 1940 Act. It acts as agent in arranging for the sale of the Fund's Class I shares without sales commission or other 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.

Note C—Securities Transactions:

During the six months ended June 30, 2021, there were purchase and sale transactions of long-term securities of $13,120,956 and $13,877,423, respectively.

During the six months ended June 30, 2021, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

Share activity for the six months ended June 30, 2021 and for the year ended December 31, 2020, was as follows:

	For the Six Months Ended June 30, 2021										For the Year Ended December 31, 2020
	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		793		—		(155,860	)		(155,067	)		87,832		287,399		(300,412	)		74,819
Class S		44,148		—		(82,850	)		(38,702	)		73,576		61,651		(221,681	)		(86,454	)

Note E—Line of Credit:

At June 30, 2021, 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; provided that should the Administrative Agent of the Credit Facility determine that the Eurodollar rate is unavailable, then the interest rate option described in (b) shall be replaced with a benchmark replacement determined to be applicable by such Administrative Agent. 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 June 30, 2021. During the period ended June 30, 2021, the Fund did not utilize the Credit Facility.

Note F—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of the Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

Financial Highlights

International Equity Portfolio

The following tables include selected data for a share outstanding throughout each period 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
	Six Months Ended June 30,						Year Ended December 31,			Period from January 30, 2018^(a)to December 31,
	2021			2020			2019			2018
	(Unaudited)
Net Asset Value, Beginning of Period	$	14.65		$	13.77		$	11.30		$	14.42
Income From Investment Operations:
Net Investment Income/(Loss)^@		0.10			0.07			0.13			0.13
Net Gains or (Losses) on Securities (both realized and unrealized)		1.41			1.65			3.01			(3.18	)
Total From Investment Operations		1.51			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 Period	$	16.16		$	14.65		$	13.77		$	11.30
Total Return^†		10.31	%*^{^}		13.14	%^{^(b)}		28.35	%^{^}		(21.20	)%*
Ratios/Supplemental Data
Net Assets, End of Period (in millions)	$	76.1		$	71.2		$	65.9		$	53.6
Ratio of Gross Expenses to Average Net Assets^#		1.40	%**		1.45	%		1.47	%		1.49	%**
Ratio of Net Expenses to Average Net Assets		1.01	%**		1.00	%		1.00	%		1.01	%**
Ratio of Net Investment Income/(Loss) to Average Net Assets		1.36	%**		0.56	%		1.00	%		1.12	%**
Portfolio Turnover Rate		15	%*		31	%		26	%		31	%^{^^}*

See Notes to Financial Highlights

Financial Highlights (cont'd)

Class S
	Six Months Ended June 30,			Year Ended December 31,
	2021			2020			2019			2018			2017			2016
	(Unaudited)
Net Asset Value, Beginning of Period	$	14.70		$	13.81		$	11.30		$	13.63		$	10.82		$	11.15
Income From Investment Operations:
Net Investment Income/(Loss)^@		0.07			0.01			0.06			0.02			0.05			0.08
Net Gains or (Losses) on Securities (both realized and unrealized)		1.40			1.65			3.02			(2.33	)		2.84			(0.28	)
Total From Investment Operations		1.47			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 Period	$	16.17		$	14.70		$	13.81		$	11.30		$	13.63		$	10.82
Total Return†		10.00	%*^{^}		12.57	%^{^(b)}		27.69	%^{^}		(16.95	)%		26.76	%		(1.82	)%
Ratios/Supplemental Data
Net Assets, End of Period (in millions)	$	17.3		$	16.3		$	16.5		$	15.2		$	83.6		$	74.8
Ratio of Gross Expenses to Average Net Assets^#		1.66	%**		1.70	%		1.72	%		1.73	%		1.74	%		1.78	%
Ratio of Net Expenses to Average Net Assets		1.51	%**		1.50	%		1.50	%		1.51	%		1.50	%		1.50	%
Ratio of Net Investment Income/(Loss) to Average Net Assets		0.86	%**		0.06	%		0.51	%		0.13	%		0.42	%		0.76	%
Portfolio Turnover Rate		15	%*		31	%		26	%		31	%		23	%		28	%

See Notes to Financial Highlights

Notes to Financial Highlights International Equity Portfolio (Unaudited)

@ 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. 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.

^ Had the Fund not received the class action proceeds listed in Note A of the Notes to Financial Statements, total return based on per share NAV for the six months ended June 30, 2021 would have been 9.69% and 9.39% for Class I and Class S shares, respectively. The class action proceeds received in 2020 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	%

# 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.

* Not Annualized.

** Annualized.

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

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).

Neuberger Berman
Advisers Management Trust

Mid Cap Growth Portfolio

I Class Shares

S Class Shares

Semi-Annual Report

June 30, 2021

B0736 08/21

Mid Cap Growth Portfolio Commentary

The Neuberger Berman Advisers Management Trust Mid Cap Growth Portfolio Class I generated a total return of 10.35% for the six-month period ended June 30, 2021 (the reporting period), trailing its benchmark, the Russell Midcap® Growth Index (the Index), which returned 10.44% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

The first half of 2021 was largely defined by resurgent economic development and the inflationary and interest rate worries stoked by the sharp reacceleration of growth, which ultimately triggered a rapid jump in the yield on the 10-year U.S. Treasury Note. While an upward trend in rates was not unexpected, we believe the velocity of that move fueled a broad and forceful rotation away from higher expectation growth stocks, previous COVID "winners" and secular themes, shifting market sentiment towards more value-style investments and reopening cyclicality. Later in the reporting period, as the yield on the 10-year Treasury retreated and eventually found an equilibrium, sentiment again shifted as investors returned to growth, especially within Information Technology (IT) and Health Care, creating a more balanced environment between secular and cyclical opportunities to close out the reporting period.

During the reporting period, strong stock selection within Financials, IT and Industrials wasn't entirely able to offset weakness within Health Care and the negative impact of our underweight allocations to Real Estate and Energy. At the industry level, positive trends around rates, deposits and loan growth translated to strong fundamentals for Banks and that segment being the leading contributor to performance, while stock specific issues and the broader rotation away from higher risk/reward investments resulted in our Biotechnology allocation being the leading detractor to performance. Drilling down to our holdings, Generac Holdings, which designs, manufactures and markets power generation equipment and other power products, was the leading contributor as continued environmental challenges, such as the fires in California and the devastating cold snap in Texas, spurred demand for both new sales and system upgrades, while RingCentral, Inc., which provides cloud-based unified communication and collaboration solutions to support an increasingly mobile and distributed workforce, fell victim to the rate-driven rotation out of high expectation growth stocks, that proved especially harsh towards technology-based businesses and perceived COVID beneficiaries, and became the top detractor. Given that our investment thesis for RingCentral remains intact, we remain strong holders despite the recent volatility.

Looking ahead, we believe worries of an over-heating economy will fade as growth normalizes and stimulus efforts wind down, and that the U.S. Federal Reserve Board's inflation objectives and current approach to interest rates will ultimately be a positive for our style of investing. We remain cautiously optimistic that the second half of 2021 will continue to be a positive environment for equities, even if the market vacillates between embracing growth- and value-style sentiment and opportunities. We also see the potential for more of a bottom-up stock-pickers market, with an opportunity for underlying fundamentals to be a differentiator for both higher expectation secular growth trends, as more selective buyers gauge opportunities following the recent valuation reset, and reopening cyclicality plays, where companies will need to transition from delivering "less bad" to positive metrics that begin to exceed increasing expectations. Regardless of how the balance of the year ultimately unfolds, our goal will be to develop and maintain an effective portfolio balance between secular and cyclical exposure, with a focus on identifying business models with long-term sustainability, highlighted by intriguing and underappreciated 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

SECTOR ALLOCATION

*(as a % of Total Investments)**
Communication Services	5.5	%
Consumer Discretionary	15.4
Consumer Staples	2.9
Financials	4.5
Health Care	17.5
Industrials	16.5
Information Technology	36.5
Materials	0.8
Short-Term Investments	0.4
Total	100.0	%

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

PERFORMANCE HIGHLIGHTS

	Inception	Six Month Period Ended			Average Annual Total Return Ended 06/30/2021
	Date	06/30/2021			1 Year			5 Years			10 Years			Life of Fund
Class I	11/03/1997		10.35	%		44.93	%		20.77	%		14.09	%		10.91	%
Class S²	02/18/2003		10.23	%		44.63	%		20.44	%		13.79	%		10.69	%
Russell Midcap^® Growth Index^1,3			10.44	%		43.77	%		20.52	%		15.13	%		10.13	%
Russell Midcap^®Index^1,3			16.25	%		49.80	%		15.62	%		13.24	%		10.43	%

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 2020 were 0.91% and 1.17% 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 semi-annual period ended June 30, 2021 can be found in the Financial Highlights section of this report.

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 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 1/1/21		Ending Account Value 6/30/21		Expenses Paid During the Period 1/1/21 – 6/30/21			Expense Ratio
Class I	$	1,000.00	$	1,103.50	$	4.69	^(a)		0.90	%
Class S	$	1,000.00	$	1,102.30	$	5.73	^(a)		1.10	%
Hypothetical (5% annual return before expenses)
Class I	$	1,000.00	$	1,020.33	$	4.51	^(b)		0.90	%
Class S	$	1,000.00	$	1,019.34	$	5.51	^(b)		1.10	%

Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited) June 30, 2021

NUMBER OF SHARES			VALUE
Common Stocks 99.6%
Aerospace & Defense 3.2%
	34,400	Axon Enterprise, Inc.	$	6,081,920	*
	44,300	HEICO Corp.		6,176,306
	20,000	Teledyne Technologies, Inc.		8,376,600	*
				20,634,826
Airlines 0.7%
	25,000	Allegiant Travel Co.		4,850,000	*
Auto Components 1.5%
	39,300	Aptiv PLC		6,183,069	*
	32,500	Visteon Corp.		3,930,550	*
				10,113,619
Banks 3.9%
	40,000	Pinnacle Financial Partners, Inc.		3,531,600
	43,000	Signature Bank		10,562,950
	20,000	SVB Financial Group		11,128,600	*
				25,223,150
Beverages 1.0%
	6,400	Boston Beer Co., Inc. Class A		6,533,120	*
Biotechnology 3.4%
	72,500	Exact Sciences Corp.		9,012,475	*
	40,000	Fate Therapeutics, Inc.		3,471,600	*
	102,800	Horizon Therapeutics PLC		9,626,192	*
				22,110,267
Building Products 0.6%
	40,000	Fortune Brands Home & Security, Inc.		3,984,400
Capital Markets 0.6%
	8,900	MarketAxess Holdings, Inc.		4,125,951
Commercial Services & Supplies 3.1%
	29,500	Cintas Corp.		11,269,000
	75,000	Waste Connections, Inc.		8,957,250
				20,226,250
Containers & Packaging 0.8%
	63,900	Ball Corp.		5,177,178
Diversified Consumer Services 0.8%
	66,400	Chegg, Inc.		5,518,504	*

NUMBER OF SHARES			VALUE
Electrical Equipment 3.3%
	66,400	AMETEK, Inc.	$	8,864,400
	30,000	Generac Holdings, Inc.		12,454,500	*
				21,318,900
Electronic Equipment, Instruments & Components 3.5%
	68,800	Amphenol Corp. Class A		4,706,608
	44,300	CDW Corp.		7,736,995
	19,700	Zebra Technologies Corp. Class A		10,430,953	*
				22,874,556
Entertainment 1.9%
	150,000	Lions Gate Entertainment Corp. Class A		3,105,000	*
	20,000	Roku, Inc.		9,185,000	*
				12,290,000
Food & Staples Retailing 1.1%
	152,400	BJ's Wholesale Club Holdings, Inc.		7,251,192	*
Health Care Equipment & Supplies 8.1%
	10,500	Align Technology, Inc.		6,415,500	*
	18,700	IDEXX Laboratories, Inc.		11,809,985	*
	34,400	Insulet Corp.		9,443,144	*
	14,800	Masimo Corp.		3,588,260	*
	26,500	Penumbra, Inc.		7,262,590	*
	21,100	Teleflex, Inc.		8,477,769
	35,000	Zimmer Biomet Holdings, Inc.		5,628,700
				52,625,948
Health Care Providers & Services 0.6%
	49,200	Encompass Health Corp.		3,839,076
Health Care Technology 1.2%
	25,000	Veeva Systems, Inc. Class A		7,773,750	*
Hotels, Restaurants & Leisure 3.8%
	4,900	Chipotle Mexican Grill, Inc.		7,596,666	*
	50,000	Darden Restaurants, Inc.		7,299,500
	110,000	DraftKings, Inc. Class A		5,738,700	*
	25,000	Expedia Group, Inc.		4,092,750	*
				24,727,616
Household Products 0.8%
	63,900	Church & Dwight Co., Inc.		5,445,558

See Notes to Financial Statements

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

NUMBER OF SHARES			VALUE
Interactive Media & Services 3.6%
	32,000	IAC/InterActiveCorp.	$	4,933,440	*
	25,000	Match Group, Inc.		4,031,250	*
	137,500	Pinterest, Inc. Class A		10,855,625	*
	75,000	Vimeo, Inc.		3,675,000	*
				23,495,315
IT Services 7.1%
	22,500	EPAM Systems, Inc.		11,496,600	*
	17,500	MongoDB, Inc.		6,326,600	*
	35,000	Okta, Inc.		8,563,800	*
	17,500	Twilio, Inc. Class A		6,897,800	*
	40,000	WEX, Inc.		7,756,000	*
	17,500	Wix.com Ltd.		5,079,900	*
				46,120,700
Leisure Products 0.9%
	45,000	Polaris, Inc.		6,163,200
Life Sciences Tools & Services 3.4%
	293,000	Avantor, Inc.		10,404,430	*
	18,606	Bio-Rad Laboratories, Inc. Class A		11,987,660	*
				22,392,090
Machinery 1.3%
	39,300	IDEX Corp.		8,647,965
Multiline Retail 0.6%
	45,000	Ollie's Bargain Outlet Holdings, Inc.		3,785,850	*
Pharmaceuticals 0.9%
	54,100	Catalent, Inc.		5,849,292	*
Professional Services 1.4%
	110,000	CoStar Group, Inc.		9,110,200	*
Road & Rail 1.2%
	32,000	Old Dominion Freight Line, Inc.		8,121,600
Semiconductors & Semiconductor Equipment 10.0%
	37,500	Enphase Energy, Inc.		6,886,125	*
	92,500	Entegris, Inc.		11,374,725
	31,500	KLA Corp.		10,212,615
	125,000	Marvell Technology, Inc.		7,291,250
	32,500	Monolithic Power Systems, Inc.		12,137,125
	235,000	ON Semiconductor Corp.		8,995,800	*
	65,000	Teradyne, Inc.		8,707,400
				65,605,040

NUMBER OF SHARES			VALUE
Software 15.9%
	47,500	Avalara, Inc.	$	7,685,500	*
	55,000	Cloudflare, Inc. Class A		5,821,200	*
	12,664	Coupa Software, Inc.		3,319,361	*
	30,000	Crowdstrike Holdings, Inc. Class A		7,539,300	*
	40,000	DocuSign, Inc.		11,182,800	*
	35,000	Five9, Inc.		6,418,650	*
	20,000	HubSpot, Inc.		11,654,400	*
	72,500	Manhattan Associates, Inc.		10,500,900	*
	35,000	Paylocity Holding Corp.		6,678,000	*
	54,100	Q2 Holdings, Inc.		5,549,578	*
	40,000	RingCentral, Inc. Class A		11,623,200	*
	125,000	Trade Desk, Inc. Class A		9,670,000	*
	27,500	Zscaler, Inc.		5,941,650	*
				103,584,539
Specialty Retail 7.7%
	34,400	Best Buy Co., Inc.		3,955,312
	36,900	Burlington Stores, Inc.		11,881,431	*
	54,100	CarMax, Inc.		6,987,015	*
	75,000	Dick's Sporting Goods, Inc.		7,514,250
	44,300	Five Below, Inc.		8,561,861	*
	51,087	Foot Locker, Inc.		3,148,492
	14,800	O'Reilly Automotive, Inc.		8,379,908	*
				50,428,269
Trading Companies & Distributors 1.7%
	34,400	United Rentals, Inc.		10,973,944	*
		Total Common Stocks (Cost $386,751,551)		650,921,865
Short-Term Investments 0.4%
Investment Companies 0.4%
	2,418,554	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.03%^(a)(Cost $2,418,554)		2,418,554
		Total Investments 100.0% (Cost $389,170,105)		653,340,419
		Other Assets Less Liabilities 0.0%^(b)		146,456
		Net Assets 100.0%	$	653,486,875

* Non-income producing security.

(a) Represents 7-day effective yield as of June 30, 2021.

(b) Represents less than 0.05% of net assets of the Fund.

See Notes to Financial Statements

Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited) (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 June 30, 2021:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	650,921,865	$	—	$	—	$	650,921,865
Short-Term Investments		—		2,418,554		—		2,418,554
Total Investments	$	650,921,865	$	2,418,554	$	—	$	653,340,419

(a) The Schedule of Investments provides information on the industry or sector 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 (Unaudited)

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	June 30, 2021
Assets
Investments in securities, at value* (Note A)—see Schedule of Investments:
Unaffiliated issuers^(a)	$	653,340,419
Dividends and interest receivable		79,829
Receivable for securities sold		460,204
Receivable for Fund shares sold		283,060
Receivable for securities lending income (Note A)		704
Prepaid expenses and other assets		20,672
Total Assets		654,184,888
Liabilities
Payable to investment manager (Note B)		273,474
Payable for Fund shares redeemed		117,725
Payable to administrator—net (Note B)		240,080
Payable to trustees		12,403
Other accrued expenses and payables		54,331
Total Liabilities		698,013
Net Assets	$	653,486,875
Net Assets consist of:
Paid-in capital	$	268,498,944
Total distributable earnings/(losses)		384,987,931
Net Assets	$	653,486,875
Net Assets
Class I	$	151,410,390
Class S		502,076,485
Shares Outstanding ($.001 par value; unlimited shares authorized)
Class I		3,447,340
Class S		12,630,618
Net Asset Value, offering and redemption price per share
Class I	$	43.92
Class S		39.75
*Cost of Investments:
(a) Unaffiliated Issuers	$	389,170,105

See Notes to Financial Statements

Statement of Operations (Unaudited)

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	For the Six Months Ended June 30, 2021
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$	732,519
Interest and other income—unaffiliated issuers		1,302
Income from securities loaned-net		1,905
Foreign taxes withheld		(4,273	)
Total income	$	731,453
Expenses:
Investment management fees (Note B)		1,638,633
Administration fees (Note B):
Class I		215,628
Class S		711,764
Distribution fees (Note B):
Class S		593,137
Shareholder servicing agent fees:
Class I		5,278
Class S		3,690
Audit fees		20,055
Custodian and accounting fees		41,106
Insurance		8,267
Legal fees		67,555
Shareholder reports		11,874
Trustees' fees and expenses		25,226
Interest		2,990
Miscellaneous		15,274
Total expenses		3,360,477
Expenses reimbursed by Management (Note B)		(95,692	)
Total net expenses		3,264,785
Net investment income/(loss)	$	(2,533,332	)
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers		48,260,827
Settlement of foreign currency transactions		(10	)
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers		15,500,333
Net gain/(loss) on investments		63,761,150
Net increase/(decrease) in net assets resulting from operations	$	61,227,818

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Advisers Management Trust

	MID CAP GROWTH PORTFOLIO
	Six Months Ended June 30, 2021 (Unaudited)			Fiscal Year Ended December 31, 2020
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$	(2,533,332	)	$	(3,491,631	)
Net realized gain/(loss) on investments		48,260,817			78,554,300
Change in net unrealized appreciation/(depreciation) of investments		15,500,333			102,197,342
Net increase/(decrease) in net assets resulting from operations		61,227,818			177,260,011
Distributions to Shareholders From (Note A):
Distributable earnings:
Class I		—			(5,782,156	)
Class S		—			(21,091,814	)
Total distributions to shareholders		—			(26,873,970	)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Class I		8,899,197			16,001,264
Class S		15,637,454			10,204,641
Proceeds from reinvestment of dividends and distributions:
Class I		—			5,782,156
Class S		—			21,091,814
Payments for shares redeemed:
Class I		(11,130,861	)		(32,484,568	)
Class S		(19,714,619	)		(67,867,539	)
Net increase/(decrease) from Fund share transactions		(6,308,829	)		(47,272,232	)
Net Increase/(Decrease) in Net Assets		54,918,989			103,113,809
Net Assets:
Beginning of period		598,567,886			495,454,077
End of period	$	653,486,875		$	598,567,886

See Notes to Financial Statements

Notes to Financial Statements Mid Cap Growth Portfolio
(Unaudited)

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.