As filed with the Securities and Exchange Commission on August 23, 2022

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

Lori L. Schneider, 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, 2022

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.

(a)	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, 2022

F0324 08/22

International Equity Portfolio Commentary (Unaudited)

The Neuberger Berman Advisers Management Trust International Equity Portfolio Class S posted a total return of -25.84% for the six-month period ended June 30, 2022 (the reporting period), trailing the -19.57% 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.)

Investor angst caused losses across global equity markets this reporting period. Key concerns included inflation—and whether interest rate hikes aimed at containing it would slow economies too far, the war in Ukraine, and persistent supply chain disruptions, including from China’s Zero-COVID-19 policy. The Index slightly outperformed the S&P 500® Index during this reporting period, and the MSCI Emerging Markets Index, although also negative, narrowly outperformed both the Index and the S&P 500.

Within the Index, the Energy sector closed up on post-shutdown demand and commodity price inflation while all other sectors declined. Within those, the more relatively defensive Communications Services and Health Care sectors outperformed and declined the least. All EAFE country markets declined, with Hong Kong, Portugal and Norway outperforming on single-digit losses. The Information Technology (IT), Industrials and Consumer Discretionary sectors lost the most value as investors’ concerns increased, and by country, Ireland, Austria, and Sweden lagged the most.

The Fund faced a headwind this period given our Quality-At-A-Reasonable-Price discipline, as a nervous market eschewed quality and growth for value. As such, stock selection drove much of our relative underperformance. Materials, Health Care, and Consumer Staples holdings lagged the most, and by country, holdings based in the UK, Japan and Hong Kong detracted the most.

Techtronic, the Hong Kong listed power tool manufacturer, was a key detractor, declining on concerns about slowing U.S. housing demand and retail/DIY spending amid rate hikes. Sony, the Japanese entertainment name, sank on concerns that global inflation could cause lower consumer spending. We continue to own both names.

The Fund’s IT holdings outperformed relative to the Index’s IT stocks, and an overweight to Health Care and underweight to Consumer Discretionary versus the Index helped relative performance. By country, stocks based in Switzerland and Sweden, and an allocation to non-EAFE Canada added the most relative value.

We sold top contributor, Norwegian online bank Sbanken, which was acquired by a Scandinavian competitor, and improved sentiment benefited another top contributor, Hong Kong-listed insurer AIA Group as face-to-face business transactions increased post shutdowns.

Looking forward, we believe the worst of the rotation to value may be over for now, as markets tend to favor quality when recession fears rise. While slower growth may appear inevitable, we believe there are some offsetting forces. The resilience of the service sector is one. Government support and savings built up during the pandemic may also help.

We believe higher energy prices (and potential supply disruptions) are the key risk. Energy prices have played a larger role in consumer price inflation in Europe than in the U.S., and the effects are spreading, which will pressure corporate margins and household purchasing power.

Earnings have remained steady thus far, but should they succumb to pressures, we believe stocks will likely be vulnerable to further declines. Given seismic events such as the pandemic and the war in Ukraine, it is our duty to be open-minded to a changing landscape, so the team has been vigorously stress-testing the portfolio for a, potentially recessionary, higher inflation and interest rate environment.

We incrementally added to companies with pricing power within defensive areas such as Health Care and Consumer Staples during the reporting period. We also began to build some Energy exposure. In Japan, we continued adding automation names that could be longer-term beneficiaries of reshoring and tight labor markets.

International Equity Portfolio Commentary (Unaudited)

Our goal is to strike the right balance, within our guidelines, for any scenario. Although performance during the reporting period has been poor in relative terms, we believe our investment philosophy and disciplined, repeatable investment process will continue to generate attractive risk-adjusted returns over the long term.

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

International Equity Portfolio (Unaudited)

PERFORMANCE HIGHLIGHTS
	Inception Date	Six Month Period Ended 06/30/2022	Average Annual Total Return Ended 06/30/2022
	Inception Date	Six Month Period Ended 06/30/2022	1 Year	5 Years	10 Years	Life of Fund
At NAV
Class I2	01/30/2018	-25.64%	-23.14%	2.50%	5.24%	4.18%
Class S	04/29/2005	-25.84%	-23.58%	2.04%	5.00%	4.04%
Index
MSCI EAFE® Index (Net)1,3		-19.57%	-17.77%	2.20%	5.40%	4.17%

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 2021 were 1.45% and 1.78% for Class I and Class S shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratios were 1.02% and 1.54% 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, 2022 can be found in the Financial Highlights section of this report.

Endnotes (Unaudited)

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).

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.

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, 2022 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

	Beginning Account Value	Ending Account Value	Expenses Paid During the Period	Expense
Actual	1/1/22	6/30/22	1/1/22 – 6/30/22	Ratio
Class I	$1,000.00	$743.60	$4.37(a)	1.01%
Class S	$1,000.00	$741.60	$6.52(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 June 30, 2022 (Unaudited)
International Equity Portfolio

Counterparties:
SSB	= State Street Bank and Trust Company
Other Abbreviations:
ADR	= American Depositary Receipt
Management or NBIA	= Neuberger Berman Investment Advisers LLC

Schedule of Investments International Equity Portfolio^ (Unaudited)
June 30, 2022

Number of Shares		Value
Common Stocks 97.4%
Austria 1.2%
9,226	BAWAG Group AG	$388,282(a)
Belgium 0.6%
9,852	Azelis Group NV	215,574(b)
Canada 1.7%
18,655	Softchoice Corp.	326,230(b)
3,502	Toronto-Dominion Bank	229,649
		555,879
China 1.5%
1,553	NXP Semiconductors NV	229,890
20,700	Shenzhou International Group Holdings Ltd.	250,744
		480,634
Finland 1.3%
48,404	Nordea Bank Abp	425,852
France 7.5%
1,921	Air Liquide SA	257,920
2,387	Arkema SA	212,424
10,646	Bureau Veritas SA	272,776(b)
15,842	Exclusive Networks SA	246,368*
1,024	Kering SA	525,927
3,763	Pernod-Ricard SA	691,284
743	Teleperformance	228,371
		2,435,070
Germany 11.7%
2,388	adidas AG	422,323
5,860	Beiersdorf AG	598,623
7,193	Brenntag SE	468,104
2,770	Deutsche Boerse AG	463,290
6,620	HelloFresh SE	214,020*
18,079	QIAGEN NV	853,329*
603	SAP SE	54,932
5,068	SAP SE ADR	459,769
5,333	Stabilus SA	260,714
		3,795,104
Hong Kong 3.5%
48,400	AIA Group Ltd.	524,599
57,800	Techtronic Industries Co. Ltd.	602,912
		1,127,511
Ireland 5.3%
15,364	CRH PLC	528,161
6,959	Kerry Group PLC Class A	666,114
15,433	Smurfit Kappa Group PLC	518,830
		1,713,105

Number of Shares		Value
Italy 0.6%
22,607	Nexi SpA	$187,254*(a)
Japan 14.7%
3,500	As One Corp.	138,009
1,100	Disco Corp.	261,055
3,700	Fujitsu Ltd.	462,636
5,800	Koito Manufacturing Co. Ltd.	184,029
9,900	MISUMI Group, Inc.	208,682
18,900	Olympus Corp.	379,797
11,000	Otsuka Corp.	326,319
28,600	SCSK Corp.	483,974
800	SMC Corp.	356,545
9,900	Sony Group Corp.	809,556
25,600	TechnoPro Holdings, Inc.	512,641
22,100	Terumo Corp.	665,867
		4,789,110
Netherlands 6.1%
5,411	AerCap Holdings NV	221,526*
624	ASML Holding NV	298,090
5,457	Heineken NV	497,524
1,756	Koninklijke DSM NV	252,291
427	Koninklijke Philips NV	9,198
14,775	Shell PLC	383,813
16,150	Universal Music Group NV	323,831
		1,986,273
Singapore 1.5%
22,543	DBS Group Holdings Ltd.	481,592
Sweden 1.6%
7,535	Autoliv, Inc.	539,280
Switzerland 12.5%
6,780	Julius Baer Group Ltd.	312,776
666	Lonza Group AG	355,098
13,430	Novartis AG	1,137,396
3,035	Roche Holding AG	1,012,726
23,351	SIG Group AG	514,155
1,018	Sonova Holding AG	324,173
25,723	UBS Group AG	414,683
		4,071,007
United Kingdom 22.0%
23,258	Bunzl PLC	769,803
20,159	Compass Group PLC	412,265
9,026	DCC PLC	560,135
18,576	Diageo PLC	798,337
11,536	Experian PLC	337,869
9,865	Fevertree Drinks PLC	146,506
780,518	Lloyds Banking Group PLC	401,998
8,868	London Stock Exchange Group PLC	823,876
140,497	Petershill Partners PLC	367,708(a)
34,829	Prudential PLC	430,757

See Notes to Financial Statements

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

Number of Shares		Value
United Kingdom – cont'd
27,153	RELX PLC	$ 735,768
12,976	Savills PLC	159,852
30,483	Smith & Nephew PLC	425,802
15,297	St. James's Place PLC	205,297
15,111	Travis Perkins PLC	177,986
4,418	Unilever PLC	200,565
12,011	Weir Group PLC	199,284
		7,153,808
United States 4.1%
2,173	Aon PLC Class A	586,015
3,311	Ferguson PLC	370,321
3,308	Schneider Electric SE	391,381
		1,347,717
Total Common Stocks (Cost $35,818,801)		31,693,052

Number of Shares		Value

Short-Term Investments 2.0%
Investment Companies 2.0%
110,409	State Street Institutional Treasury Money Market Fund Premier Class, 1.04%(c)	$ 110,409
528,860	State Street Navigator Securities Lending Government Money Market Portfolio, 1.55%(c)	528,860(d)
Total Short-Term Investments (Cost $639,269)		639,269
Total Investments 99.4% (Cost $36,458,070)		32,332,321
Other Assets Less Liabilities 0.6%		206,289
Net Assets 100.0%		$32,538,610

*	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, 2022 amounted to $943,244, which represents 2.9% of net assets of the Fund.
(b)	The security or a portion of this security is on loan at June 30, 2022. Total value of all such securities at June 30, 2022 amounted to $793,960, collateralized by cash collateral of $528,860 and non-cash (U.S. Treasury Securities) collateral of $335,133 for the Fund (see Note A of the Notes to Financial Statements).
(c)	Represents 7-day effective yield as of June 30, 2022.
(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
Capital Markets	$2,587,630	8.0%
Trading Companies & Distributors	2,223,314	6.8%
Pharmaceuticals	2,150,122	6.6%
Beverages	2,133,651	6.6%
Professional Services	2,087,425	6.4%
Banks	1,927,373	5.9%
Health Care Equipment & Supplies	1,804,837	5.5%
IT Services	1,706,551	5.2%
Machinery	1,628,137	5.0%
Insurance	1,541,371	4.7%
Life Sciences Tools & Services	1,208,427	3.7%
Textiles, Apparel & Luxury Goods	1,198,994	3.7%
Containers & Packaging	1,032,985	3.2%
Household Durables	809,556	2.5%
Personal Products	799,188	2.5%
Semiconductors & Semiconductor Equipment	789,035	2.4%
Auto Components	723,309	2.2%
Chemicals	722,635	2.2%
Food Products	666,114	2.1%
Industrial Conglomerates	560,135	1.7%
Construction Materials	528,161	1.6%
Software	514,701	1.6%
Hotels, Restaurants & Leisure	412,265	1.3%
Electrical Equipment	391,381	1.2%
Oil, Gas & Consumable Fuels	383,813	1.2%
Electronic Equipment, Instruments & Components	326,230	1.0%
Entertainment	323,831	1.0%
Food & Staples Retailing	214,020	0.7%
Real Estate Management & Development	159,852	0.5%
Health Care Providers & Services	138,009	0.4%
Short-Term Investments and Other Assets—Net	845,558	2.6%
	$32,538,610	100.0%

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund’s investments as of June 30, 2022:

Asset Valuation Inputs	Level 1	Level 2	Level 3	Total
Investments:
Common Stocks#	$31,693,052	$—	$—	$31,693,052
Short-Term Investments	—	639,269	—	639,269
Total Investments	$31,693,052	$639,269	$—	$32,332,321

#	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, 2022
Assets
Investments in securities, at value*† (Note A)—see Schedule of Investments:
Unaffiliated issuers(a)	$32,332,321
Foreign currency(b)	644,999
Dividends and interest receivable	182,077
Receivable from Management—net (Note B)	8,743
Receivable for Fund shares sold	75
Receivable for securities lending income (Note A)	2,098
Total Assets	33,170,313
Liabilities
Payable to investment manager (Note B)	23,614
Payable for securities purchased	2,431
Payable for Fund shares redeemed	5,755
Payable to trustees	10,465
Payable for cash collateral on loaned securities (Note A)	528,860
Other accrued expenses and payables (Note A)	60,578
Total Liabilities	631,703
Net Assets	$32,538,610
Net Assets consist of:
Paid-in capital	$20,818,215
Total distributable earnings/(losses)	11,720,395
Net Assets	$32,538,610
Net Assets
Class I	$20,261,967
Class S	12,276,643
Shares Outstanding ($.001 par value; unlimited shares authorized)
Class I	1,668,280
Class S	1,011,102
Net Asset Value, offering and redemption price per share
Class I	$12.15
Class S	12.14
Securities on loan, at value:
Unaffiliated issuers	$793,960
* Cost of Investments:
(a) Unaffiliated issuers	$36,458,070
(b) Total cost of foreign currency	$702,754

See Notes to Financial Statements

Statement of Operations (Unaudited)

Neuberger Berman Advisers Management Trust

	International Equity Portfolio
	For the Six Months Ended June 30, 2022
Investment Income:
Income (Note A):
Dividend income—unaffiliated issuers	$537,389
Interest and other income—unaffiliated issuers	11,493
Income from securities loaned—net	18,589
Foreign taxes withheld	(45,239)
Total income	$522,232
Expenses:
Investment management fees (Note B)	158,423
Administration fees (Note B):
Class I	34,296
Class S	21,618
Distribution fees (Note B):
Class S	18,015
Shareholder servicing agent fees:
Class I	130
Class S	724
Audit fees	20,229
Custodian and accounting fees	47,283
Insurance	1,216
Legal fees	4,024
Shareholder reports	6,267
Trustees' fees and expenses	21,650
Interest	699
Miscellaneous and other fees (Note A)	8,032
Total expenses	342,606
Expenses reimbursed by Management (Note B)	(119,071)
Total net expenses	223,535
Net investment income/(loss)	$298,697
Realized and Unrealized Gain/(Loss) on Investments (Note A):
Net realized gain/(loss) on:
Transactions in investment securities of unaffiliated issuers	519,410
Settlement of foreign currency transactions	(24,788)
Change in net unrealized appreciation/(depreciation) in value of:
Investment securities of unaffiliated issuers	(11,929,579)
Foreign currency translations	(69,603)
Net gain/(loss) on investments	(11,504,560)
Net increase/(decrease) in net assets resulting from operations	$(11,205,863)

See Notes to Financial Statements

Statements of Changes in Net Assets

Neuberger Berman Advisers Management Trust

	International Equity Portfolio
	Six Months Ended	Fiscal Year Ended
	June 30, 2022 (Unaudited)	December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations (Note A):
Net investment income/(loss)	$298,697	$705,799
Net realized gain/(loss) on investments	494,622	27,412,141
Change in net unrealized appreciation/(depreciation) of investments	(11,999,182)	(15,240,312)
Net increase/(decrease) in net assets resulting from operations	(11,205,863)	12,877,628
Distributions to Shareholders From (Note A):
Distributable earnings:
Class I	—	(877,303)
Class S	—	(302,554)
Total distributions to shareholders	—	(1,179,857)
From Fund Share Transactions (Note D):
Proceeds from shares sold:
Class I	5,200,000	13,372
Class S	321,108	966,639
Proceeds from reinvestment of dividends and distributions:
Class I	—	877,303
Class S	—	302,554
Payments for shares redeemed:
Class I	(1,324,920)	(58,756,682)
Class S	(737,545)	(2,349,787)
Net increase/(decrease) from Fund share transactions	3,458,643	(58,946,601)
Net Increase/(Decrease) in Net Assets	(7,747,220)	(47,248,830)
Net Assets:
Beginning of period	40,285,830	87,534,660
End of period	$32,538,610	$40,285,830

See Notes to Financial Statements

Notes to Financial Statements International Equity Portfolio (Unaudited)

Note A—Summary of Significant Accounting Policies:

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 currently 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 Management 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.

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 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 updating and implementing policies and procedures to ensure compliance with Rule 2a-5 by the September 8, 2022 compliance date.

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.

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), if any, 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.

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.

ASC 740 "Income Taxes" 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, 2022, the Fund did not have any unrecognized tax positions.

For federal income tax purposes, the estimated cost of investments held at June 30, 2022 was $36,556,338. The estimated gross unrealized appreciation was $1,502,196 and estimated gross unrealized depreciation was $5,729,855 resulting in net unrealized depreciation in value of investments of $7,035,597 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, 2021, the Fund recorded the following permanent reclassification primarily related to deemed distributions on shareholder redemptions:

Paid-in Capital	Total Distributable Earnings/(Losses)
$12,884,358	$(12,884,358)

The tax character of distributions paid during the years ended December 31, 2021, and December 31, 2020, was as follows:

Distributions Paid From:
Ordinary Income		Long-Term Capital Gain		Total
2021	2020	2021	2020	2021	2020
$353,049	$852,050	$826,808	$3,769,580	$1,179,857	$4,621,630

As of December 31, 2021, 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
$2,305,854	$12,911,229	$7,709,175	$—	$—	$22,926,258

The temporary differences between book basis and tax basis distributable earnings are primarily due to losses disallowed and recognized on wash sales and mark to market adjustments on forwards.

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

As a result of several European Court of Justice (“ECJ”) court cases in certain countries across the European Union (“EU”), the Fund has filed tax reclaims for previously withheld taxes on dividends earned in those countries (“ECJ tax reclaims”). These additional filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized, for ECJ tax reclaims is reflected in “Interest and other income—unaffiliated issuers” in the Statement of Operations and the cost to file these additional ECJ tax reclaims, is reflected in “Miscellaneous and other fees” in the Statement of Operations. The Fund has determined that certain ECJ tax reclaims in Sweden are “more likely than not” to be sustained after examination by tax authorities and are reflected in “Prepaid expenses and other assets” and “Other accrued expenses and payables” in the Statement of Assets and Liabilities.

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.

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.

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.

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 the 1940 Act, in reliance on rules adopted by the SEC, particularly Rule 12d1-4 under the 1940 Act, which became effective on January 19, 2022, or any other applicable exemptive relief. Prior to the effectiveness of Rule 12d1-4, the Fund was permitted 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 exemptive orders. These exemptive orders along with Rule 12d1-2 were rescinded upon the effectiveness of Rule 12d1-4. Rule 12d1-4 contains elements from the SEC’s prior exemptive orders permitting fund of funds arrangements, and includes (i) limits on control and voting; (ii) required evaluations and findings; (iii) required fund of funds investment agreements; and (iv) limits on complex structures. 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.

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 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). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times. Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and the Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included on the Statement of Assets and Liabilities . The total value of securities received as collateral for securities on loan is included in a footnote following the Schedule of Investments, but is not included within the Statement of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. 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, 2022, the Fund had outstanding loans of securities to certain approved brokers, with a value of $793,960, 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
Common Stocks	$863,993	$—	$—	$—	$863,993

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, 2022.

Description	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Securities lending	$793,960	$—

Gross Amounts Not Offset in the Statement of Assets and Liabilities:
	Assets				Liabilities
Counterparty	Gross Amounts Presented in the Statement of Assets and Liabilities	Liabilities Available for Offset	Collateral Received(a)	Net Amount(b)	Gross Amounts Presented in the Statement of Assets and Liabilities	Assets Available for Offset	Collateral Pledged(a)	Net Amount(b)
SSB	$793,960	$—	$(793,960)	$—	$—	$—	$—	—
Total	$793,960	$—	$(793,960)	$—	$—	$—	$—	$—

(a)	Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.
(b)	A Net Amount greater than zero represents amounts subject to loss as of June 30, 2022, in the event of a counterparty failure. A Net Amount less than zero represents amounts under-collateralized to each counterparty as of June 30, 2022.

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.

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

Note B—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 an 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, 2022, 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. 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, 2022, there was no repayment to NBIA under these agreements.

At June 30, 2022, contingent liabilities to NBIA under the agreements were as follows:

			Expenses Reimbursed in Year Ended December 31,
			2019	2020	2021	2022
			Subject to Repayment until December 31,
Class	Contractual Expense Limitation(a)	Expiration	2022	2023	2024	2025
Class I	1.00%	12/31/25	$281,611	$269,970	$272,896	$83,767
Class S	1.50%	12/31/25	34,567	28,846	41,309	35,304

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

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, 2022 there were purchase and sale transactions of long-term securities of $12,969,626 and $9,880,175, respectively.

During the six months ended June 30, 2022, 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, 2022, and for the year ended December 31, 2021, was as follows:

	For the Six Months Ended June 30, 2022				For the Year Ended December 31, 2021
	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	339,869	—	(93,957)	245,912	891	54,155	(3,494,852)	(3,439,806)
Class S	22,875	—	(53,239)	(30,364)	61,980	18,607	(147,806)	(67,219)

Other: At June 30, 2022, affiliated persons, as defined in the 1940 Act, owned 0.05% of the Fund’s outstanding shares.

Note E—Line of Credit:

At June 30, 2022, 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 daily simple Secured Overnight Financing Rate ("SOFR") plus 1.10% 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 daily simple SOFR 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, 2022. During the period ended June 30, 2022, the Fund did not utilize the Credit Facility.

Note F—Recent Accounting Pronouncement:

In June 2022, FASB issued Accounting Standards Update No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in ASC 820, related to the measurement of the fair value of an equity security subject to contractual sale restrictions, where it eliminates the ability to apply a discount to fair value of these securities, and introduces disclosure requirements related to such equity securities. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, and allows for early adoption. Management is currently evaluating the impact of applying this update.

Note G—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 certain issuers of the securities held by the Fund and in turn, may impact the financial performance of the Fund.

Russia's Invasion of Ukraine: Russia’s invasion of Ukraine, and corresponding events in late February 2022, have had, and could continue to have, severe adverse effects on regional and global economic markets for securities and commodities. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia. The current events have had, and could continue to have, an adverse effect on global markets performance and liquidity, thereby negatively affecting the value of the Fund's investments beyond any direct exposure to Russian or Ukrainian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund and its investments or operations could be negatively impacted.

Note H—Unaudited Financial Information:

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

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, 2018a to December 31,
	2022 (Unaudited)	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$16.34	$14.65	$13.77	$11.30	$14.42
Income From Investment Operations:
Net Investment Income/(Loss)b	0.13	0.16	0.07	0.13	0.13
Net Gains or Losses on Securities (both realized and unrealized)	(4.32)	1.89	1.65	3.01	(3.18)
Total From Investment Operations	(4.19)	2.05	1.72	3.14	(3.05)
Less Distributions From:
Net Investment Income	—	(0.12)	(0.14)	(0.12)	(0.07)
Net Realized Capital Gains	—	(0.24)	(0.70)	(0.55)	—
Total Distributions	—	(0.36)	(0.84)	(0.67)	(0.07)
Voluntary Contribution from Management	—	—	0.01	—	—
Net Asset Value, End of Period	$12.15	$16.34	$14.65	$13.77	$11.30
Total Returnc	(25.64)%d	14.03%e	13.14%e,f	28.35%e	(21.20)%d
Ratios/Supplemental Data
Net Assets, End of Period (in millions)	$20.3	$23.2	$71.2	$65.9	$53.6
Ratio of Gross Expenses to Average Net Assetsg	1.74%h	1.45%	1.45%	1.47%	1.49%h
Ratio of Net Expenses to Average Net Assets	1.01%h	1.02%	1.00%	1.00%	1.01%h
Ratio of Net Investment Income/(Loss) to Average Net Assets	1.84%h	0.99%	0.56%	1.00%	1.12%h
Portfolio Turnover Rate	27%d	31%	31%	26%	31%d,i

See Notes to Financial Highlights

Financial Highlights (cont’d)

Class S
	Six Months Ended June 30,	Year Ended December 31,
	2022 (Unaudited)	2021	2020	2019	2018	2017
Net Asset Value, Beginning of Period	$16.37	$14.70	$13.81	$11.30	$13.63	$10.82
Income (Loss) From Investment Operations:
Net Investment Income/(Loss)b	0.09	0.08	0.01	0.06	0.02	0.05
Net Gains or Losses on Securities (both realized and unrealized)	(4.32)	1.88	1.65	3.02	(2.33)	2.84
Total From Investment Operations	(4.23)	1.96	1.66	3.08	(2.31)	2.89
Less Distributions From:
Net Investment Income	—	(0.05)	(0.07)	(0.02)	(0.02)	(0.08)
Net Realized Capital Gains	—	(0.24)	(0.70)	(0.55)	—	—
Total Distributions	—	(0.29)	(0.77)	(0.57)	(0.02)	(0.08)
Voluntary Contribution from Management	—	—	0.01	—	—	—
Net Asset Value, End of Period	$12.14	$16.37	$14.70	$13.81	$11.30	$13.63
Total Returnc	(25.84)%d	13.35%e	12.57%e,f	27.69%e	(16.95)%	26.76%
Ratios/Supplemental Data
Net Assets, End of Period (in millions)	$12.3	$17.1	$16.3	$16.5	$15.2	$83.6
Ratio of Gross Expenses to Average Net Assetsg	2.00%h	1.78%	1.70%	1.72%	1.73%	1.74%
Ratio of Net Expenses to Average Net Assets	1.51%h	1.54%	1.50%	1.50%	1.51%	1.50%
Ratio of Net Investment Income/(Loss) to Average Net Assets	1.23%h	0.48%	0.06%	0.51%	0.13%	0.42%
Portfolio Turnover Rate	27%d	31%	31%	26%	31%	23%

See Notes to Financial Highlights

Notes to Financial Highlights International Equity Portfolio (Unaudited)

a	The date investment operations commenced.
b	Calculated based on the average number of shares outstanding during each fiscal period.
c	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.
d	Not annualized.
e	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 the class action proceeds for the years ended December 31, 2021 and 2019, total return based on per share NAV for the years ended December 31, 2021 and 2019 would have been:

	Year Ended December 31,	Year Ended December 31,
	2021	2019
Class I	12.00%	28.07%
Class S	12.73%	27.41%

f	Had the Fund not received the voluntary contribution in 2020, 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%

g	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.
h	Annualized.
i	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).

Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940 (the "Liquidity Rule"), as amended, the Fund has established a liquidity risk management program (the "Program"). The Program seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors' interests in the Fund. The Board has approved the designation of NBIA Funds' Liquidity Committee, comprised of NBIA employees, as the program administrator (the "Program Administrator"). The Program Administrator is responsible for implementing and monitoring the Program and utilizes NBIA personnel to assess and review, on an ongoing basis, the Fund’s liquidity risk.

The Program includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of the Fund’s liquidity risk factors and the periodic classification (or re-classification, as necessary) of the Fund’s investments into buckets (highly liquid, moderately liquid, less liquid and illiquid) that reflect the Program Administrator's assessment of the investments' liquidity under current market conditions, which for the relevant period included, among other factors, market volatility as a result of geopolitical tensions (e.g., Russia’s invasion of Ukraine) and the emergence of new COVID variants. The Program Administrator also utilizes information about the Fund’s investment strategy, the characteristics of the Fund’s shareholder base and historical redemption activity.

The Program Administrator provided the Board with a written report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation from April 1, 2021 through March 31, 2022. During the period covered by this report, the Program Administrator reported that the Program effectively assisted the Program Administrator in monitoring whether the Fund maintained a level of liquidity appropriate for its shareholder base and historical redemption activity.

Neuberger Berman
Advisers Management Trust

Mid Cap Growth Portfolio

I Class Shares

S Class Shares

Semi-Annual Report

June 30, 2022

B0736 08/22

Mid Cap Growth Portfolio Commentary (Unaudited)

The Neuberger Berman Advisers Management Trust Mid Cap Growth Portfolio Class I generated a total return of -30.49% for the six-month period ended June 30, 2022 (the reporting period), outpacing its benchmark, the Russell Midcap® Growth Index (the Index), which returned -31.00% for the same period. (Performance for all share classes is provided in the table immediately following this letter.)

Halfway through a challenging 2022, we find ourselves firmly in “bear market” territory and facing stubbornly high inflation, aggressive monetary tightening from the U.S. Federal Reserve Board (Fed) and mounting recessionary fears that continue to foster significant volatility from a market recalibrating its focus, expectations, and risk tolerance. Digging deeper into those headwinds, it’s clear that the dynamic of strong demand significantly outpaced limited supply, across both raw materials and finished products, which has helped boost inflation to a decades-high level. While the Fed is unquestionably on an aggressive path to unwinding an era of overly accommodative policy and excess liquidity, as evidenced by June’s surprise 75 basis point increase, their ability to implement an inflation-fighting playbook and quickly affect broad change is being muted by continued healthy employment levels and robust wage growth that is offsetting the taxing price pain necessary for a healthy level of demand destruction. The Fed’s efforts have also been hamstrung by vexing global events and circumstances out of their control that continue to perpetuate supply chain disruptions.

On a relative basis, over the reporting period, positive stock selection within Industrials and Consumer Discretionary and additive allocation decisions with respect to an overweight position in Consumer Staples versus the Index, an underweight position in Communication Services and our cash position were essentially able to offset the impact of security selection weakness across Information Technology (IT), Financials and Health Care and our lack of exposure to Materials. At the industry level, our overweight allocation to Commercial Services & Supplies within the Industrials sector was one of the leading contributors to performance as our holdings continued to execute and deliver growth across their business lines, while a mix of stock-specific issues and challenging market sentiment resulted in the IT Services segment being the leading detractor. Drilling down to our holdings, Seagen, Inc., a biotechnology company focused on the discovery, development, and commercialization of novel cancer treatments, was the leading contributor to performance as the stock benefited from a well-received change in leadership and persistent M&A rumors. The leading detractor for the reporting period was Penumbra, Inc., an interventional therapies company focused on the development and commercialization of neuro and vascular medical devices, which fell victim to its high price/earnings ratio and broad industry concerns around the deferment of procedures due to the spread of COVID-19 variants.

As we move forward, we face more unknowns than knowns at a macro-, economic-, geopolitical- and corporate fundamental-level which makes it challenging to handicap the exact path the Fed will be compelled to take and what the resulting near- and long-term implications might be for consumers, corporations, the economy, and the markets. Given that current lack of clarity, we believe that an emphasis on active management, a more judicious approach to risk and reward within the Fund and a bias toward higher qualitative characteristics, sustainable business models, balance sheet strength and management teams that appear to be capable of consistent execution will be key to navigating a market that will likely remain unsettled for the balance of 2022. In closing, while market drawdowns of this magnitude are disheartening, we are steadfast in our belief that they are ultimately necessary for a healthy market and the eventual development of new investment opportunities.

Sincerely,

Kenneth J. Turek*, Chad Bruso and Trevor Moreno
Co-Portfolio Managers

*As previously disclosed in a supplement to the Fund's prospectus, Kenneth J. Turek has announced his decision to retire on or about January 31, 2023. Chad Bruso and Trevor Moreno will continue as co-Portfolio Managers of the Fund.

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.

Mid Cap Growth Portfolio (Unaudited)

SECTOR ALLOCATION
(as a % of Total Investments*)
Communication Services	0.6%
Consumer Discretionary	12.8
Consumer Staples	3.3
Energy	4.1
Financials	5.0
Health Care	16.7
Industrials	17.1
Information Technology	32.9
Real Estate	0.4
Short-Term Investments	7.1
Total	100.0%

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

PERFORMANCE HIGHLIGHTS
	Inception Date	Six Month Period Ended 06/30/2022	Average Annual Total Return Ended 06/30/2022
	Inception Date	Six Month Period Ended 06/30/2022	1 Year	5 Years	10 Years	Life of Fund
At NAV
Class I	11/03/1997	-30.49%	-28.83%	8.84%	10.29%	8.94%
Class S2	02/18/2003	-30.54%	-28.97%	8.62%	10.00%	8.72%
Index
Russell Midcap® Growth Index1,3		-31.00%	-29.57%	8.88%	11.50%	8.15%
Russell Midcap® Index1,3		-21.57%	-17.30%	7.96%	11.29%	9.14%

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 2021 were 0.89% and 1.14% for Class I and Class S shares, respectively (before expense reimbursements and/or fee waivers, if any). The expense ratio was 1.10% after expense reimbursements and/or fee waivers for Class S shares. The expense ratios for the semi-annual period ended June 30, 2022 can be found in the Financial Highlights section of this report.

Endnotes (Unaudited)

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.