# EDGAR Filing Document

**Accession Number:** 0000736913
**File Stem:** 0000898432-25-000606
**Filing Date:** 2025-8
**Character Count:** 361142
**Document Hash:** e7b711e0092986626c3222802980c08d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-25-000606.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0000898432-25-000606

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
- **CENTRAL INDEX KEY:** 0000736913

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04255
- **FILM NUMBER:** 251224493

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** (212)476-8800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVISERS MANAGEMENT TRUST
- **DATE OF NAME CHANGE:** 19900502

## Series and Classes Contracts Data

### Short Duration Bond Portfolio (Series ID: S000008198)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022322 | Class I      |  |

### Mid Cap Growth Portfolio (Series ID: S000008199)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022323 | Class I      |  |
| C000022324 | Class S      |  |

### Mid Cap Intrinsic Value Portfolio (Series ID: S000008201)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022326 | Class I      |  |
| C000022327 | Class S      |  |

### Quality Equity Portfolio (Series ID: S000008202)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022328 | Class I      |  |
| C000035621 | Class S      |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

As filed with the Securities and Exchange Commission on August 15, 2025

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

<u>NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST</u>

(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)

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)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

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 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. §3507.

------

#### Item 1. Reports to Shareholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

# Mid Cap Growth Portfolio
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class I
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.nb.com/amt. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $47 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $589346081 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 83% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.3% |
| Axon Enterprise, Inc. | 2.8% |
| Cencora, Inc. | 2.5% |
| ROBLOX Corp. Class A | 2.5% |
| Cloudflare, Inc. Class A | 2.4% |
| Datadog, Inc. Class A | 2.4% |
| Ares Management Corp. Class A | 2.3% |
| Spotify Technology SA | 2.2% |
| Toast, Inc. Class A | 2.2% |
| W.W. Grainger, Inc. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.0% |
| Consumer Discretionary | 20.5% |
| Industrials | 20.0% |
| Financials | 12.3% |
| Health Care | 11.6% |
| Communication Services | 6.4% |
| Energy | 2.7% |
| Consumer Staples | 2.3% |
| Utilities | 1.6% |
| Materials | 0.6% |
| Short-Term Investments | 1.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/amt.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0339 08/25

# Neuberger Berman Advisers Management Trust

# Mid Cap Growth Portfolio
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class S
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.nb.com/amt. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $57 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $589346081 |
| Number of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 83% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Royal Caribbean Cruises Ltd. | 3.3% |
| Axon Enterprise, Inc. | 2.8% |
| Cencora, Inc. | 2.5% |
| ROBLOX Corp. Class A | 2.5% |
| Cloudflare, Inc. Class A | 2.4% |
| Datadog, Inc. Class A | 2.4% |
| Ares Management Corp. Class A | 2.3% |
| Spotify Technology SA | 2.2% |
| Toast, Inc. Class A | 2.2% |
| W.W. Grainger, Inc. | 2.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 21.0% |
| Consumer Discretionary | 20.5% |
| Industrials | 20.0% |
| Financials | 12.3% |
| Health Care | 11.6% |
| Communication Services | 6.4% |
| Energy | 2.7% |
| Consumer Staples | 2.3% |
| Utilities | 1.6% |
| Materials | 0.6% |
| Short-Term Investments | 1.0% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/amt.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0340 08/25

# Neuberger Berman Advisers Management Trust

# Short Duration Bond Portfolio
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class I
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.nb.com/amt. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $47 | 0.94% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $78923320 |
| Number of Portfolio Holdings | 368 |
| Portfolio Turnover Rate | 40% |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 5.5% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 4.6% |
| Federal National Mortgage Association | 4.3% |
| Federal National Mortgage Association Connecticut Avenue Securities | 4.2% |
| Trestles CLO Ltd. | 3.0% |
| RR 29 Ltd. | 2.4% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.0% |
| Bank of America Corp. | 1.6% |
| Citigroup, Inc. | 1.6% |
| OCP CLO Ltd. | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 38.9% |
| Mortgage-Backed Securities | 30.7% |
| Asset-Backed Securities | 23.6% |
| Loan Assignments | 2.4% |
| Short-Term Investments | 4.7% |
| Liabilities Less Other Assets | (0.3)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/amt.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0346 08/25

# Neuberger Berman Advisers Management Trust

# Mid Cap Intrinsic Value Portfolio
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class I
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.nb.com/amt</u>. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $52 | 1.06% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $121577801 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 2.8% |
| CenterPoint Energy, Inc. | 2.7% |
| Aptiv PLC | 2.5% |
| Gates Industrial Corp. PLC | 2.5% |
| Teledyne Technologies, Inc. | 2.5% |
| Ciena Corp. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| L3Harris Technologies, Inc. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Pure Storage, Inc. Class A | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Industrials | 20.6% |
| Consumer Discretionary | 9.8% |
| Financials | 9.0% |
| Energy | 8.6% |
| Utilities | 8.0% |
| Health Care | 5.4% |
| Real Estate | 4.5% |
| Consumer Staples | 2.8% |
| Materials | 2.6% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit <u>www.nb.com/amt</u>.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0343 08/25

# Neuberger Berman Advisers Management Trust

# Mid Cap Intrinsic Value Portfolio
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class S
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.nb.com/amt</u>. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $61 | 1.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $121577801 |
| Number of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 7% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Williams Cos., Inc. | 2.8% |
| CenterPoint Energy, Inc. | 2.7% |
| Aptiv PLC | 2.5% |
| Gates Industrial Corp. PLC | 2.5% |
| Teledyne Technologies, Inc. | 2.5% |
| Ciena Corp. | 2.4% |
| Hewlett Packard Enterprise Co. | 2.4% |
| L3Harris Technologies, Inc. | 2.3% |
| AerCap Holdings NV | 2.3% |
| Pure Storage, Inc. Class A | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 27.0% |
| Industrials | 20.6% |
| Consumer Discretionary | 9.8% |
| Financials | 9.0% |
| Energy | 8.6% |
| Utilities | 8.0% |
| Health Care | 5.4% |
| Real Estate | 4.5% |
| Consumer Staples | 2.8% |
| Materials | 2.6% |
| Communication Services | 1.3% |
| Short-Term Investments | 0.4% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit <u>www.nb.com/amt</u>.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0344 08/25

# Neuberger Berman Advisers Management Trust

# Quality Equity Portfolio (formerly known as Sustainable Equity Portfolio)
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class I
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.nb.com/amt. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class I | $44 | 0.87% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $873985112 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.9% |
| Amazon.com, Inc. | 9.8% |
| Alphabet, Inc. Class A | 7.3% |
| Interactive Brokers Group, Inc. Class A | 5.7% |
| Berkshire Hathaway, Inc. Class B | 5.0% |
| Mastercard, Inc. Class A | 4.6% |
| GoDaddy, Inc. Class A | 3.8% |
| Kyndryl Holdings, Inc. | 3.8% |
| Applied Materials, Inc. | 3.1% |
| Progressive Corp. | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 29.3% |
| Financials | 27.0% |
| Consumer Discretionary | 14.2% |
| Health Care | 8.8% |
| Industrials | 8.4% |
| Communication Services | 7.3% |
| Consumer Staples | 2.6% |
| Energy | 1.2% |
| Materials | 1.1% |
| Short-Term Investments | 0.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/amt.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0320 08/25

# Neuberger Berman Advisers Management Trust

# Quality Equity Portfolio (formerly known as Sustainable Equity Portfolio)
![Image](i0bb6af18f2d5190420984b0c.jpg)

Semi-Annual Shareholder Report

June 30, 2025

# Class S
This semi-annual shareholder report contains important information about the Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.nb.com/amt. You can also request this information by contacting your financial intermediary or investment provider (such as an insurance company, broker-dealer or bank) or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $57 | 1.12% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $873985112 |
| Number of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 5% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.9% |
| Amazon.com, Inc. | 9.8% |
| Alphabet, Inc. Class A | 7.3% |
| Interactive Brokers Group, Inc. Class A | 5.7% |
| Berkshire Hathaway, Inc. Class B | 5.0% |
| Mastercard, Inc. Class A | 4.6% |
| GoDaddy, Inc. Class A | 3.8% |
| Kyndryl Holdings, Inc. | 3.8% |
| Applied Materials, Inc. | 3.1% |
| Progressive Corp. | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>**Footnote Reference \***</sup>)

---

| | |
|:---|:---|
| Information Technology | 29.3% |
| Financials | 27.0% |
| Consumer Discretionary | 14.2% |
| Health Care | 8.8% |
| Industrials | 8.4% |
| Communication Services | 7.3% |
| Consumer Staples | 2.6% |
| Energy | 1.2% |
| Materials | 1.1% |
| Short-Term Investments | 0.1% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit www.nb.com/amt.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

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.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0348 08/25
(b) Not applicable to the Registrant.

#### Item 2. Code of Ethics.
The Board of Trustees ("Board") of Neuberger Berman Advisers Management Trust ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the [<u>Code of Ethics is incorporated by reference to Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm). The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

#### Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

#### Item 6. Investments.
(a) The complete schedule of investments for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

(b) Not applicable to the Registrant.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![](img58a3e5301.jpg)

Neuberger Berman

Advisers Management Trust

Mid Cap Growth Portfolio

I Class Shares <br> S Class Shares

![](imgee0df05b2.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 2025

B0736 08/25

------

![](imgc101e0553.gif)

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_LEG-TOC-Legend-33_1) | 1 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_SOI-TOC-SOI-33_1) | 2 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FS-StatementofAssetsandLiabilities-Intro-33_1) | 4 |
| [Remuneration paid to directors, officers, and others (Form N-CSR](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_SOPI-StatementofOperations-Intro-33_1)<br> [Item 10)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_SOPI-StatementofOperations-Intro-33_1)<br>| 5 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_NTF-TOC-NTFS-33_1)<br> [Item 7)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_NTF-TOC-NTFS-33_1)<br>| 7 |
| [FINANCIAL HIGHLIGHTS](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_1)[(ALL CLASSES)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_1)[(Form N-CSR](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_1)<br> [Item 7)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_1)<br>| 14 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_2) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_2) | N/A |
| [Board Consideration of the Management Agreement (Form N-CSR](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_2)<br> [Item 11)](#xx_3c29d6cc-84f1-4277-9a87-827f972d99ca_FIHI-TOC-FinancialHighlights-33_2)<br>| N/A |

---

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. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend June 30, 2025 (Unaudited)

**Mid Cap Growth Portfolio** 

---

| | |
|:---|:---|
| **Other Abbreviations:** | **Other Abbreviations:** |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |

---

------

Schedule of Investments Mid Cap Growth Portfolio^ (Unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.2%** | **Common Stocks 99.2%** | **Common Stocks 99.2%** |
| **Aerospace & Defense 6.8%** | **Aerospace & Defense 6.8%** | **Aerospace & Defense 6.8%** |
| 19800 | Axon Enterprise, Inc. | &nbsp;&nbsp; $16393212<br> <sup>\*</sup><br>|
| 6400 | Curtiss-Wright Corp. | &nbsp;&nbsp; 3126720 |
| 35900 | HEICO Corp. | &nbsp;&nbsp; 11775200 |
| 46590 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 8671797 |
|  |  | &nbsp;&nbsp; **39966929** |
| **Banks 0.8%** | **Banks 0.8%** | **Banks 0.8%** |
| 331185 | NU Holdings Ltd. Class A | &nbsp;&nbsp; **4543858**<br> <sup>\*</sup><br>|
| **Biotechnology 2.2%** | **Biotechnology 2.2%** | **Biotechnology 2.2%** |
| 21489 | Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp; 7007348<br> <sup>\*</sup><br>|
| 35585 | Natera, Inc. | &nbsp;&nbsp; 6011730<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **13019078** |
| **Broadline Retail 1.7%** | **Broadline Retail 1.7%** | **Broadline Retail 1.7%** |
| 341800 | Coupang, Inc. | &nbsp;&nbsp; **10240328**<br> <sup>\*</sup><br>|
| **Capital Markets 7.1%** | **Capital Markets 7.1%** | **Capital Markets 7.1%** |
| 77258 | &nbsp;&nbsp; Ares Management Corp. <br> Class A<br>| &nbsp;&nbsp; 13381085 |
| 22128 | LPL Financial Holdings, Inc. | &nbsp;&nbsp; 8297336 |
| 64536 | &nbsp;&nbsp; Robinhood Markets, Inc. <br> Class A<br>| &nbsp;&nbsp; 6042506<br> <sup>\*</sup><br>|
| 113836 | TPG, Inc. | &nbsp;&nbsp; 5970698 |
| 55109 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 8067958 |
|  |  | &nbsp;&nbsp; **41759583** |
| **Commercial Services & Supplies 2.8%** | **Commercial Services & Supplies 2.8%** | **Commercial Services & Supplies 2.8%** |
| 28540 | Cintas Corp. | &nbsp;&nbsp; 6360710 |
| 65700 | Veralto Corp. | &nbsp;&nbsp; 6632415 |
| 20100 | Waste Connections, Inc. | &nbsp;&nbsp; 3753072 |
|  |  | &nbsp;&nbsp; **16746197** |
| **Construction & Engineering 3.2%** | **Construction & Engineering 3.2%** | **Construction & Engineering 3.2%** |
| 14200 | Comfort Systems USA, Inc. | &nbsp;&nbsp; 7614182 |
| 29900 | Quanta Services, Inc. | &nbsp;&nbsp; 11304592 |
|  |  | &nbsp;&nbsp; **18918774** |
| **Consumer Staples Distribution & Retail 2.3%** | **Consumer Staples Distribution & Retail 2.3%** | **Consumer Staples Distribution & Retail 2.3%** |
| 47158 | &nbsp;&nbsp; BJ's Wholesale Club Holdings, <br> Inc.<br>| &nbsp;&nbsp; 5085047<br> <sup>\*</sup><br>|
| 21200 | Sprouts Farmers Market, Inc. | &nbsp;&nbsp; 3490368<br> <sup>\*</sup><br>|
| 65400 | U.S. Foods Holding Corp. | &nbsp;&nbsp; 5036454<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **13611869** |
| **Containers & Packaging 0.6%** | **Containers & Packaging 0.6%** | **Containers & Packaging 0.6%** |
| 19424 | Packaging Corp. of America | &nbsp;&nbsp; **3660453** |
| **Diversified Consumer Services 2.8%** | **Diversified Consumer Services 2.8%** | **Diversified Consumer Services 2.8%** |
| 25855 | Duolingo, Inc. | &nbsp;&nbsp; 10601067<br> <sup>\*</sup><br>|
| 3657 | Grand Canyon Education, Inc. | &nbsp;&nbsp; 691173<br> <sup>\*</sup><br>|
| 65600 | Service Corp. International | &nbsp;&nbsp; 5339840 |
|  |  | &nbsp;&nbsp; **16632080** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electronic Equipment, Instruments & Components 1.8%** | **Electronic Equipment, Instruments & Components 1.8%** | **Electronic Equipment, Instruments & Components 1.8%** |
| 83843 | Coherent Corp. | &nbsp;&nbsp; $7479634<br> <sup>\*</sup><br>|
| 61334 | Corning, Inc. | &nbsp;&nbsp; 3225555 |
|  |  | &nbsp;&nbsp; **10705189** |
| **Entertainment 4.7%** | **Entertainment 4.7%** | **Entertainment 4.7%** |
| 137758 | ROBLOX Corp. Class A | &nbsp;&nbsp; 14492142<br> <sup>\*</sup><br>|
| 17239 | Spotify Technology SA | &nbsp;&nbsp; 13228174<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **27720316** |
| **Financial Services 3.8%** | **Financial Services 3.8%** | **Financial Services 3.8%** |
| 70635 | Affirm Holdings, Inc. | &nbsp;&nbsp; 4883704<br> <sup>\*</sup><br>|
| 80890 | Equitable Holdings, Inc. | &nbsp;&nbsp; 4537929 |
| 288439 | Toast, Inc. Class A | &nbsp;&nbsp; 12774963<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **22196596** |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| 24357 | XPO, Inc. | &nbsp;&nbsp; **3076046**<br> <sup>\*</sup><br>|
| **Health Care Equipment & Supplies 3.3%** | **Health Care Equipment & Supplies 3.3%** | **Health Care Equipment & Supplies 3.3%** |
| 87045 | Dexcom, Inc. | &nbsp;&nbsp; 7598158<br> <sup>\*</sup><br>|
| 16868 | IDEXX Laboratories, Inc. | &nbsp;&nbsp; 9046983<br> <sup>\*</sup><br>|
| 22661 | Inspire Medical Systems, Inc. | &nbsp;&nbsp; 2940718<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **19585859** |
| **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** | **Health Care Providers & Services 3.1%** |
| 48670 | Cencora, Inc. | &nbsp;&nbsp; 14593700 |
| 31400 | Encompass Health Corp. | &nbsp;&nbsp; 3850582 |
|  |  | &nbsp;&nbsp; **18444282** |
| **Health Care Technology 0.9%** | **Health Care Technology 0.9%** | **Health Care Technology 0.9%** |
| 132801 | Waystar Holding Corp. | &nbsp;&nbsp; **5427577**<br> <sup>\*</sup><br>|
| **Hotels, Restaurants & Leisure 12.0%** | **Hotels, Restaurants & Leisure 12.0%** | **Hotels, Restaurants & Leisure 12.0%** |
| 71400 | Cava Group, Inc. | &nbsp;&nbsp; 6014022<br> <sup>\*</sup><br>|
| 26900 | DoorDash, Inc. Class A | &nbsp;&nbsp; 6631119<br> <sup>\*</sup><br>|
| 217900 | DraftKings, Inc. Class A | &nbsp;&nbsp; 9345731<br> <sup>\*</sup><br>|
| 38800 | Flutter Entertainment PLC | &nbsp;&nbsp; 11087488<br> <sup>\*</sup><br>|
| 61400 | Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 19226796 |
| 29500 | Texas Roadhouse, Inc. | &nbsp;&nbsp; 5528595 |
| 21500 | Wingstop, Inc. | &nbsp;&nbsp; 7239910 |
| 39400 | Yum! Brands, Inc. | &nbsp;&nbsp; 5838292 |
|  |  | &nbsp;&nbsp; **70911953** |
| **Independent Power and Renewable Electricity** <br> **Producers 1.6%** | **Independent Power and Renewable Electricity** <br> **Producers 1.6%** | **Independent Power and Renewable Electricity** <br> **Producers 1.6%** |
| 48050 | Vistra Corp. | &nbsp;&nbsp; **9312571** |
| **Insurance 0.8%** | **Insurance 0.8%** | **Insurance 0.8%** |
| 13811 | Arthur J Gallagher & Co. | &nbsp;&nbsp; **4421177** |
| **Interactive Media & Services 1.7%** | **Interactive Media & Services 1.7%** | **Interactive Media & Services 1.7%** |
| 65550 | Reddit, Inc. Class A | &nbsp;&nbsp; **9869864**<br> <sup>\*</sup><br>|
| **IT Services 2.4%** | **IT Services 2.4%** | **IT Services 2.4%** |
| 73676 | Cloudflare, Inc. Class A | &nbsp;&nbsp; **14427971**<br> <sup>\*</sup><br>|

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** | **Life Sciences Tools & Services 2.0%** |
| 112701 | Stevanato Group SpA | &nbsp;&nbsp; $2753285 |
| 9946 | Waters Corp. | &nbsp;&nbsp; 3471552<br> <sup>\*</sup><br>|
| 25194 | &nbsp;&nbsp; West Pharmaceutical Services, <br> Inc.<br>| &nbsp;&nbsp; 5512447 |
|  |  | &nbsp;&nbsp; **11737284** |
| **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** |
| 25100 | Cheniere Energy, Inc. | &nbsp;&nbsp; 6112352 |
| 55300 | Targa Resources Corp. | &nbsp;&nbsp; 9626624 |
|  |  | &nbsp;&nbsp; **15738976** |
| **Professional Services 2.3%** | **Professional Services 2.3%** | **Professional Services 2.3%** |
| 23900 | &nbsp;&nbsp; Broadridge Financial Solutions, <br> Inc.<br>| &nbsp;&nbsp; 5808417 |
| 25400 | Verisk Analytics, Inc. | &nbsp;&nbsp; 7912100 |
|  |  | &nbsp;&nbsp; **13720517** |
| **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** | **Semiconductors & Semiconductor Equipment 3.0%** |
| 133126 | Lattice Semiconductor Corp. | &nbsp;&nbsp; 6521843<br> <sup>\*</sup><br>|
| 14865 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 10871963 |
|  |  | &nbsp;&nbsp; **17393806** |
| **Software 11.6%** | **Software 11.6%** | **Software 11.6%** |
| 21912 | AppLovin Corp. Class A | &nbsp;&nbsp; 7670953<br> <sup>\*</sup><br>|
| 18338 | CyberArk Software Ltd. | &nbsp;&nbsp; 7461366<br> <sup>\*</sup><br>|
| 104721 | Datadog, Inc. Class A | &nbsp;&nbsp; 14067172<br> <sup>\*</sup><br>|
| 33428 | Descartes Systems Group, Inc. | &nbsp;&nbsp; 3397789<br> <sup>\*</sup><br>|
| 19387 | Guidewire Software, Inc. | &nbsp;&nbsp; 4564669<br> <sup>\*</sup><br>|
| 26149 | Manhattan Associates, Inc. | &nbsp;&nbsp; 5163643<br> <sup>\*</sup><br>|
| 20957 | MicroStrategy, Inc. Class A | &nbsp;&nbsp; 8471448<br> <sup>\*</sup><br>|
| 70576 | Nutanix, Inc. Class A | &nbsp;&nbsp; 5394829<br> <sup>\*</sup><br>|
| 27043 | ServiceTitan, Inc. Class A | &nbsp;&nbsp; 2898469<br> <sup>\*</sup><br>|
| 28578 | Zscaler, Inc. | &nbsp;&nbsp; 8971777<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **68062115** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 4.0%** | **Specialty Retail 4.0%** | **Specialty Retail 4.0%** |
| 31146 | Carvana Co. | &nbsp;&nbsp; $10494956<br> <sup>\*</sup><br>|
| 85345 | O'Reilly Automotive, Inc. | &nbsp;&nbsp; 7692145<br> <sup>\*</sup><br>|
| 41100 | Ross Stores, Inc. | &nbsp;&nbsp; 5243538 |
|  |  | &nbsp;&nbsp; **23430639** |
| **Technology Hardware, Storage & Peripherals 2.3%** | **Technology Hardware, Storage & Peripherals 2.3%** | **Technology Hardware, Storage & Peripherals 2.3%** |
| 40448 | NetApp, Inc. | &nbsp;&nbsp; 4309734 |
| 157760 | Pure Storage, Inc. Class A | &nbsp;&nbsp; 9083821<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **13393555** |
| **Trading Companies & Distributors 4.4%** | **Trading Companies & Distributors 4.4%** | **Trading Companies & Distributors 4.4%** |
| 28000 | AerCap Holdings NV | &nbsp;&nbsp; 3276000 |
| 184500 | QXO, Inc. | &nbsp;&nbsp; 3974130<br> <sup>\*</sup><br>|
| 8100 | United Rentals, Inc. | &nbsp;&nbsp; 6102540 |
| 12100 | W.W. Grainger, Inc. | &nbsp;&nbsp; 12586904 |
|  |  | &nbsp;&nbsp; **25939574** |
| **Total Common Stocks (Cost $474,478,131)** | **Total Common Stocks (Cost $474,478,131)** | &nbsp;&nbsp; **584615016** |
| **Short-Term Investments 1.0%** | **Short-Term Investments 1.0%** | **Short-Term Investments 1.0%** |
| **Investment Companies 1.0%** | **Investment Companies 1.0%** | **Investment Companies 1.0%** |
| 5619706 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money <br> Market Fund Premier Class, <br> 4.27%<sup>(a)</sup> <br>**(Cost $5,619,706)**<br>| &nbsp;&nbsp; **5619706** |
| **Total Investments 100.2%** <br> **(Cost $480,097,837)** | **Total Investments 100.2%** <br> **(Cost $480,097,837)** | &nbsp;&nbsp; **590234722** |
| Liabilities Less Other Assets (0.2)% | Liabilities Less Other Assets (0.2)% | &nbsp;&nbsp; (888641)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$589346081** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of June 30, 2025.

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $584615016 | $— | $— | $584615016 |
| Short-Term Investments |  | 5619706 |  | 5619706 |
| **Total Investments** | **$584615016** | **$5619706** | **$—** | **$590234722** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^

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** <br>**Growth** <br>**Portfolio**<br>|
|  | **June 30, 2025** |
| **Assets** |  |
| Investments in securities, at value<sup>\*</sup> (Note A)—see Schedule of Investments: |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $590234722 |
| Dividends and interest receivable | &nbsp;&nbsp; 191589 |
| Receivable for securities sold | &nbsp;&nbsp; 54935845 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 66 |
| Receivable for securities lending income (Note A) | &nbsp;&nbsp; 850 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 19622 |
| Total Assets | &nbsp;&nbsp; 645382694 |
| **Liabilities** |  |
| Payable to investment manager (Note B) | &nbsp;&nbsp; 251661 |
| Payable for securities purchased | &nbsp;&nbsp; 54217866 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 1243517 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; 213313 |
| Payable to trustees | &nbsp;&nbsp; 52 |
| Other accrued expenses and payables | &nbsp;&nbsp; 110204 |
| Total Liabilities | &nbsp;&nbsp; 56036613 |
| Net Assets  | &nbsp;&nbsp; $589346081 |
| **Net Assets consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $332699970 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 256646111 |
| Net Assets  | &nbsp;&nbsp; $589346081 |
| **Net Assets** |  |
| Class I | &nbsp;&nbsp; $159794820 |
| Class S | &nbsp;&nbsp; 429551261 |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |
| Class I | &nbsp;&nbsp; 4637600 |
| Class S | &nbsp;&nbsp; 14664262 |
| **Net Asset Value, offering and redemption price per share**  |  |
| Class I | &nbsp;&nbsp; $34.46 |
| Class S | 29.29 |
| **\*Cost of Investments:** |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $480097837 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

Statement of Operations (Unaudited)

**Neuberger Berman Advisers Management Trust** 

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| | |
|:---|:---|
|  | **Mid Cap** <br>**Growth** <br>**Portfolio**<br>|
|  | **For the Six** <br>**Months Ended** <br>**June 30,** <br>**2025**<br>|
| **Investment Income:** |  |
| Income (Note A): |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $1278552 |
| Interest and other income—unaffiliated issuers | &nbsp;&nbsp; 278460 |
| Income from securities loaned—net | &nbsp;&nbsp; 7593 |
| Foreign taxes withheld | &nbsp;&nbsp; (2943)<br>|
| Total income  | &nbsp;&nbsp; $1561662 |
| **Expenses:** |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 1445146 |
| Administration fees (Note B): |  |
| Class I | &nbsp;&nbsp; 219270 |
| Class S | &nbsp;&nbsp; 592266 |
| Distribution fees (Note B): |  |
| Class S | &nbsp;&nbsp; 493555 |
| Shareholder servicing agent fees: |  |
| Class I | &nbsp;&nbsp; 2705 |
| Class S | &nbsp;&nbsp; 2201 |
| Audit fees | &nbsp;&nbsp; 20440 |
| Custodian and accounting fees | &nbsp;&nbsp; 31976 |
| Insurance | &nbsp;&nbsp; 6943 |
| Legal fees | &nbsp;&nbsp; 49122 |
| Shareholder reports | &nbsp;&nbsp; 7439 |
| Trustees' fees and expenses | &nbsp;&nbsp; 26517 |
| Miscellaneous and other fees | &nbsp;&nbsp; 17448 |
| Total expenses | &nbsp;&nbsp; 2915028 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (81300)<br>|
| Total net expenses | &nbsp;&nbsp; 2833728 |
| Net investment income/(loss) | &nbsp;&nbsp; $(1272066)<br>|
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |
| **Net realized gain/(loss) on:** |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 70624841 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; 7 |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; (14843780)<br>|
| Net gain/(loss) on investments | &nbsp;&nbsp; 55781068 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $54509002 |

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See Notes to Financial Statements

------

Statements of Changes in Net Assets

**Neuberger Berman Advisers Management Trust** 

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| | | |
|:---|:---|:---|
|  | **MID CAP GROWTH PORTFOLIO** | **MID CAP GROWTH PORTFOLIO** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **June 30, 2025** <br>**(Unaudited)**<br>| **December 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations (Note A):** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $(1272066)<br>| &nbsp;&nbsp; $(2650183)<br>|
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 70624848 | &nbsp;&nbsp; 81456556 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; (14843780)<br>| &nbsp;&nbsp; 37161993 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 54509002 | &nbsp;&nbsp; 115968366 |
| **Distributions to Shareholders From (Note A):** |  |  |
| Distributable earnings: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; (7735152)<br>|
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; (25540176)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (33275328)<br>|
| **From Fund Share Transactions (Note D):** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | &nbsp;&nbsp; 8054850 | &nbsp;&nbsp; 11814091 |
| Class S | &nbsp;&nbsp; 11333377 | &nbsp;&nbsp; 9491569 |
| Proceeds from reinvestment of dividends and distributions: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 7735152 |
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; 25540176 |
| Payments for shares redeemed: |  |  |
| Class I | &nbsp;&nbsp; (10335162)<br>| &nbsp;&nbsp; (25997764)<br>|
| Class S | &nbsp;&nbsp; (25158874)<br>| &nbsp;&nbsp; (66082876)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (16105809)<br>| &nbsp;&nbsp; (37499652)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 38403193 | &nbsp;&nbsp; 45193386 |
| **Net Assets:** |  |  |
| Beginning of period  | &nbsp;&nbsp; 550942888 | &nbsp;&nbsp; 505749502 |
| End of period | &nbsp;&nbsp; $589346081 | &nbsp;&nbsp; $550942888 |

---

See Notes to Financial Statements

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Notes to Financial Statements Mid Cap Growth 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 Mid Cap Growth 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 ("FASB") 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. At times, Management may need to apply significant judgment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

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

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

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 available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of 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 or pricing services; information obtained from the issuer and 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.

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 traded.

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 New York Stock Exchange 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.

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), 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. 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, 2025, was $79,177.

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

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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. Management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

For federal income tax purposes, the estimated cost of investments held at June 30, 2025 was $481,297,080. The estimated gross unrealized appreciation was $119,010,526 and estimated gross unrealized depreciation was $10,072,884 resulting in net unrealized appreciation in value of investments of $108,937,642 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, 2024, there were no permanent differences requiring a reclassification between total distributable earnings/(losses) and paid-in capital.

The tax character of distributions paid during the years ended December 31, 2024, and December 31, 2023, was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Total** | **Total** |
| **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33275328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $33275328 | &nbsp;&nbsp; $— |

---

As of December 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| &nbsp;&nbsp; $23956749 | &nbsp;&nbsp; $54398938 | &nbsp;&nbsp; $123781422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $202137109 |

---

The temporary differences between book basis and tax basis distributable earnings are primarily due to losses disallowed and/or recognized on wash sales and tax adjustments related to other investments.

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.

It is the policy of the Fund to pass through to its shareholders substantially all real estate investment trust ("REIT") distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not

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report this information to the Fund until the following calendar year. For the year ended December 31, 2024, the character of distributions paid to shareholders of the Fund, if any, disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of the Fund's distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after the Fund's fiscal year-end. After calendar year-end, when the Fund learns the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed the Fund of the actual breakdown of distributions paid to the Fund during its fiscal year, estimates previously recorded are adjusted to reflect actual results. As a result, the composition of the Fund's distributions as reported herein may differ from the final composition determined after calendar year-end.

Expense allocation: Certain expenses are applicable to multiple funds within a 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.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

Investment company securities and exchange-traded funds: The Fund may invest in shares of other registered investment companies, including exchange-traded funds, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission, particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if the Fund complies with the conditions of the Rule.

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Shareholders of the Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

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

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 in the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers." 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, 2025, the Fund did not have any outstanding loans of securities.

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 or a Fund.

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.

Segment Reporting: The Fund has adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Fund's investment manager acts as the Fund's CODM. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund's single segment are consistent with that presented within the Fund's financial statements.

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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 monthly, an investment management fee at an annual rate of 0.55% of the first $250 million of the Fund's average daily net assets, 0.525% of the next $250 million, 0.50% of the next $250 million, 0.475% of the next $250 million, 0.45% of the next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average daily net assets in excess of $4 billion. Accordingly, for the six months ended June 30, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.53% of the Fund's average daily net assets.

The Fund retains NBIA as its administrator under an Administration Agreement. Each class pays NBIA monthly, 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 certain expenses of 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, transaction costs, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, taxes including any expenses relating to tax reclaims, 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, 2025, there was no repayment to NBIA under the contractual expense limitation agreement.

At June 30, 2025, the Fund's contingent liabilities to NBIA under the contractual expense limitation agreement were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  |
|  |  |  | **2022** | **2023** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2025** | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class I** | 1.00<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class S** | 1.10<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 408152 | &nbsp;&nbsp; 240209 | &nbsp;&nbsp; 165528 | &nbsp;&nbsp; 81300 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Expense limitation per annum of the respective class's average daily net assets.

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 with respect to 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, 2025, there were purchase and sale transactions of long-term securities of $444,324,989 and $465,686,115, respectively.

During the six months ended June 30, 2025, 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, 2025, and for the year ended December 31, 2024, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **Class I** | 251625 |  | (331056)<br>| (79431)<br>| &nbsp;&nbsp; 390547 | 252041 | (858145)<br>| (215557)<br>|
| **Class S** | 433340 |  | (923011)<br>| (489671)<br>| &nbsp;&nbsp; 365263 | 977427 | (2526237)<br>| (1183547)<br>|

---

Note E—Line of Credit:

At June 30, 2025, 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 plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. The Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several 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 for the Fund under the Credit Facility at June 30, 2025. During the six months ended June 30, 2025, 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

Mid Cap Growth Portfolio

The following tables include selected data for a share outstanding throughout each fiscal 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 fiscal period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $31.28 | &nbsp;&nbsp;&nbsp; $26.63 | &nbsp;&nbsp;&nbsp; $22.54 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $39.80 | &nbsp;&nbsp;&nbsp; $29.76 |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| 3.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp; (11.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 |
| **Total From Investment Operations** | 3.18 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp; (11.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;11.72 |
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>|
| **Net Asset Value, End of Period** | $34.46 | &nbsp;&nbsp;&nbsp; $31.28 | &nbsp;&nbsp;&nbsp; $26.63 | &nbsp;&nbsp;&nbsp; $22.54 | &nbsp;&nbsp;&nbsp; $40.34 | &nbsp;&nbsp;&nbsp; $39.80 |
| **Total Return**<sup>b,c</sup> | 10.17<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.15<br> %<br>| &nbsp;&nbsp;&nbsp; (28.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.98<br> %<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $159.8 | &nbsp;&nbsp;&nbsp; $147.6 | &nbsp;&nbsp;&nbsp; $131.3 | &nbsp;&nbsp;&nbsp; $115.0 | &nbsp;&nbsp;&nbsp; $165.7 | &nbsp;&nbsp;&nbsp; $139.4 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 0.90 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 0.90<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| **Ratio of Net Investment Income/(Loss) to Average** <br> **Net Assets**<br>| (0.32)%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; (0.34)%<br>| &nbsp;&nbsp;&nbsp; (0.20)%<br>| &nbsp;&nbsp;&nbsp; (0.27)%<br>| &nbsp;&nbsp;&nbsp; (0.56)%<br>| &nbsp;&nbsp;&nbsp; (0.54)%<br>|
| **Portfolio Turnover Rate** | 83 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|

---

See Notes to Financial Highlights

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $26.62 | &nbsp;&nbsp;&nbsp; $22.92 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $36.02 | &nbsp;&nbsp;&nbsp; $36.06 | &nbsp;&nbsp;&nbsp; $27.14 |
| **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| 2.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp; (10.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;10.82 |
| **Total From Investment Operations** | 2.67 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp; (10.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 |
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.82)<br>| &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp; (1.68)<br>|
| **Net Asset Value, End of Period** | $29.29 | &nbsp;&nbsp;&nbsp; $26.62 | &nbsp;&nbsp;&nbsp; $22.92 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $36.02 | &nbsp;&nbsp;&nbsp; $36.06 |
| **Total Return**<sup>b,c</sup> | 10.03<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.96<br> %<br>| &nbsp;&nbsp;&nbsp; (28.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.71<br> %<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $429.6 | &nbsp;&nbsp;&nbsp; $403.4 | &nbsp;&nbsp;&nbsp; $374.4 | &nbsp;&nbsp;&nbsp; $344.7 | &nbsp;&nbsp;&nbsp; $497.6 | &nbsp;&nbsp;&nbsp; $459.2 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 1.14<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 1.10<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| **Ratio of Net Investment Income/(Loss) to Average** <br> **Net Assets**<br>| (0.53)%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; (0.54)%<br>| &nbsp;&nbsp;&nbsp; (0.37)%<br>| &nbsp;&nbsp;&nbsp; (0.41)%<br>| &nbsp;&nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp; (0.74)%<br>|
| **Portfolio Turnover Rate** | 83 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 105<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|

---

See Notes to Financial Highlights

------

Notes to Financial Highlights Mid Cap Growth Portfolio (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | The class action proceeds listed in Note A of the Notes to Financial Statements had no impact on the Fund's <br> total returns for the six months ended June 30, 2025. The class action proceeds received in 2024, 2023, <br> 2022, and 2021 had no impact on the Fund's total returns for the years ended December 31, 2024, 2023, <br> 2022, and 2021, respectively.<br>|
| c | Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund <br> during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested. <br> Results represent past performance and do not indicate future results. Current returns may be lower or <br> higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when <br> redeemed, may be worth more or less than original cost. Total return would have been lower if <br> Management had not reimbursed and/or waived certain expenses. The total return information shown does <br> not reflect charges and other expenses that apply to the separate accounts or the related insurance policies <br> or other qualified pension or retirement plans, and the inclusion of these charges and other expenses would <br> reduce the total return for all fiscal periods shown.<br>|
| d | Not annualized. |
| e | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee. Management did <br> not reimburse or waive fees during the fiscal periods shown for Class I.<br>|
| f | Annualized. |

---

------

![](img6f53ad491.jpg)

Neuberger Berman

Advisers Management Trust

Mid Cap Intrinsic Value Portfolio

I Class Shares <br> S Class Shares

![](img448c379b2.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 2025

C0244 08/25

------

![](imgc69687e73.gif)

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_LEG-TOC-Legend-34_1) | 1 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_SOI-TOC-SOI-34_1) | 2 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FS-StatementofAssetsandLiabilities-Intro-34_1) | 4 |
| [Remuneration paid to directors, officers, and others (Form N-CSR](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_SOPI-StatementofOperations-Intro-34_1)<br> [Item 10)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_SOPI-StatementofOperations-Intro-34_1)<br>| 5 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_NTF-TOC-NTFS-34_1)<br> [Item 7)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_NTF-TOC-NTFS-34_1)<br>| 7 |
| [FINANCIAL HIGHLIGHTS](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_1)[(ALL CLASSES)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_1)[(Form N-CSR](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_1)<br> [Item 7)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_1)<br>| 14 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_2) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_2) | N/A |
| [Board Consideration of the Management Agreement (Form N-CSR](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_2)<br> [Item 11)](#xx_dd5bddc6-46ec-44ea-abe3-1315dc992daa_FIHI-TOC-FinancialHighlights-34_2)<br>| N/A |

---

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. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend June 30, 2025 (Unaudited)

**Mid Cap Intrinsic Value Portfolio** 

---

| | |
|:---|:---|
| **Other Abbreviations:** | **Other Abbreviations:** |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |

---

------

Schedule of Investments Mid Cap Intrinsic Value Portfolio^ (Unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 99.5%** | **Common Stocks 99.5%** | **Common Stocks 99.5%** |
| **Aerospace & Defense 2.9%** | **Aerospace & Defense 2.9%** | **Aerospace & Defense 2.9%** |
| 2384 | General Dynamics Corp. | &nbsp;&nbsp; $695317 |
| 11114 | L3Harris Technologies, Inc. | &nbsp;&nbsp; 2787836 |
|  |  | &nbsp;&nbsp; **3483153** |
| **Air Freight & Logistics 2.7%** | **Air Freight & Logistics 2.7%** | **Air Freight & Logistics 2.7%** |
| 8548 | FedEx Corp. | &nbsp;&nbsp; 1943046 |
| 26900 | GXO Logistics, Inc. | &nbsp;&nbsp; 1310030<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **3253076** |
| **Automobile Components 2.5%** | **Automobile Components 2.5%** | **Automobile Components 2.5%** |
| 44440 | Aptiv PLC | &nbsp;&nbsp; **3031697**<br> <sup>\*</sup><br>|
| **Banks 4.6%** | **Banks 4.6%** | **Banks 4.6%** |
| 59594 | First Horizon Corp. | &nbsp;&nbsp; 1263393 |
| 130032 | Huntington Bancshares, Inc. | &nbsp;&nbsp; 2179336 |
| 49454 | Truist Financial Corp. | &nbsp;&nbsp; 2126028 |
|  |  | &nbsp;&nbsp; **5568757** |
| **Building Products 2.4%** | **Building Products 2.4%** | **Building Products 2.4%** |
| 32189 | Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 1657090 |
| 57568 | Resideo Technologies, Inc. | &nbsp;&nbsp; 1269950<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **2927040** |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
| 16507 | Ashland, Inc. | &nbsp;&nbsp; **829972** |
| **Communications Equipment 3.3%** | **Communications Equipment 3.3%** | **Communications Equipment 3.3%** |
| 36214 | Ciena Corp. | &nbsp;&nbsp; 2945285<br> <sup>\*</sup><br>|
| 2596 | Motorola Solutions, Inc. | &nbsp;&nbsp; 1091514 |
|  |  | &nbsp;&nbsp; **4036799** |
| **Construction & Engineering 1.9%** | **Construction & Engineering 1.9%** | **Construction & Engineering 1.9%** |
| 27174 | Arcosa, Inc. | &nbsp;&nbsp; **2356258** |
| **Consumer Finance 0.9%** | **Consumer Finance 0.9%** | **Consumer Finance 0.9%** |
| 19242 | Bread Financial Holdings, Inc. | &nbsp;&nbsp; **1099103** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| 20671 | Dollar Tree, Inc. | &nbsp;&nbsp; **2047256**<br> <sup>\*</sup><br>|
| **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** |
| 5112 | Avery Dennison Corp. | &nbsp;&nbsp; 897003 |
| 45219 | Sealed Air Corp. | &nbsp;&nbsp; 1403145 |
|  |  | &nbsp;&nbsp; **2300148** |
| **Electric Utilities 2.0%** | **Electric Utilities 2.0%** | **Electric Utilities 2.0%** |
| 60487 | FirstEnergy Corp. | &nbsp;&nbsp; **2435207** |
| **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** | **Electrical Equipment 0.7%** |
| 2487 | Rockwell Automation, Inc. | &nbsp;&nbsp; **826107** |
| **Electronic Equipment, Instruments & Components 8.4%** | **Electronic Equipment, Instruments & Components 8.4%** | **Electronic Equipment, Instruments & Components 8.4%** |
| 8120 | CDW Corp. | &nbsp;&nbsp; 1450151 |
| 19110 | Coherent Corp. | &nbsp;&nbsp; 1704803<br> <sup>\*</sup><br>|
| 32958 | IPG Photonics Corp. | &nbsp;&nbsp; 2262567<br> <sup>\*</sup><br>|

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Electronic Equipment, Instruments & Components –** <br> **cont'd** | **Electronic Equipment, Instruments & Components –** <br> **cont'd** | **Electronic Equipment, Instruments & Components –** <br> **cont'd** |
| 13663 | Itron, Inc. | &nbsp;&nbsp; $1798460<br> <sup>\*</sup><br>|
| 5832 | Teledyne Technologies, Inc. | &nbsp;&nbsp; 2987792<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **10203773** |
| **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** |
| 61775 | Baker Hughes Co. | &nbsp;&nbsp; **2368453** |
| **Entertainment 1.3%** | **Entertainment 1.3%** | **Entertainment 1.3%** |
| 230113 | Lionsgate Studios Corp. | &nbsp;&nbsp; 1336956<br> <sup>\*</sup><br>|
| 15340 | Starz Entertainment Corp. | &nbsp;&nbsp; 246514<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **1583470** |
| **Food Products 1.1%** | **Food Products 1.1%** | **Food Products 1.1%** |
| 97769 | Hain Celestial Group, Inc. | &nbsp;&nbsp; 148609<br> <sup>\*</sup><br>|
| 62973 | TreeHouse Foods, Inc. | &nbsp;&nbsp; 1222936<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **1371545** |
| **Health Care Equipment & Supplies 3.0%** | **Health Care Equipment & Supplies 3.0%** | **Health Care Equipment & Supplies 3.0%** |
| 26294 | Haemonetics Corp. | &nbsp;&nbsp; 1961795<br> <sup>\*</sup><br>|
| 18577 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 1694408 |
|  |  | &nbsp;&nbsp; **3656203** |
| **Health Care Providers & Services 2.0%** | **Health Care Providers & Services 2.0%** | **Health Care Providers & Services 2.0%** |
| 3385 | McKesson Corp. | &nbsp;&nbsp; **2480460** |
| **Hotels, Restaurants & Leisure 5.6%** | **Hotels, Restaurants & Leisure 5.6%** | **Hotels, Restaurants & Leisure 5.6%** |
| 140649 | &nbsp;&nbsp; International Game Technology <br> PLC<br>| &nbsp;&nbsp; 2223661 |
| 54108 | MGM Resorts International | &nbsp;&nbsp; 1860774<br> <sup>\*</sup><br>|
| 43477 | Travel & Leisure Co. | &nbsp;&nbsp; 2243848 |
| 11348 | United Parks & Resorts, Inc. | &nbsp;&nbsp; 535058<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **6863341** |
| **Independent Power and Renewable Electricity** <br> **Producers 1.8%** | **Independent Power and Renewable Electricity** <br> **Producers 1.8%** | **Independent Power and Renewable Electricity** <br> **Producers 1.8%** |
| 10999 | Vistra Corp. | &nbsp;&nbsp; **2131716** |
| **Industrial REITs 0.9%** | **Industrial REITs 0.9%** | **Industrial REITs 0.9%** |
| 29464 | STAG Industrial, Inc. | &nbsp;&nbsp; **1068954** |
| **Insurance 3.5%** | **Insurance 3.5%** | **Insurance 3.5%** |
| 10736 | Allstate Corp. | &nbsp;&nbsp; 2161264 |
| 16743 | Globe Life, Inc. | &nbsp;&nbsp; 2080988 |
|  |  | &nbsp;&nbsp; **4242252** |
| **IT Services 2.5%** | **IT Services 2.5%** | **IT Services 2.5%** |
| 29766 | Kyndryl Holdings, Inc. | &nbsp;&nbsp; 1248981<br> <sup>\*</sup><br>|
| 11604 | Wix.com Ltd. | &nbsp;&nbsp; 1838770<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **3087751** |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| 3133 | &nbsp;&nbsp; Charles River Laboratories <br> International, Inc.<br>| &nbsp;&nbsp; **475370**<br> <sup>\*</sup><br>|
| **Machinery 2.5%** | **Machinery 2.5%** | **Machinery 2.5%** |
| 131482 | Gates Industrial Corp. PLC | &nbsp;&nbsp; **3028030**<br> <sup>\*</sup><br>|

---

See Notes to Financial Statements

------

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

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Multi-Utilities 4.3%** | **Multi-Utilities 4.3%** | **Multi-Utilities 4.3%** |
| 90283 | CenterPoint Energy, Inc. | &nbsp;&nbsp; $3316998 |
| 32935 | Dominion Energy, Inc. | &nbsp;&nbsp; 1861486 |
|  |  | &nbsp;&nbsp; **5178484** |
| **Oil, Gas & Consumable Fuels 6.6%** | **Oil, Gas & Consumable Fuels 6.6%** | **Oil, Gas & Consumable Fuels 6.6%** |
| 35261 | Devon Energy Corp. | &nbsp;&nbsp; 1121652 |
| 20211 | EOG Resources, Inc. | &nbsp;&nbsp; 2417438 |
| 9294 | Phillips 66 | &nbsp;&nbsp; 1108774 |
| 53643 | Williams Cos., Inc. | &nbsp;&nbsp; 3369317 |
|  |  | &nbsp;&nbsp; **8017181** |
| **Professional Services 5.2%** | **Professional Services 5.2%** | **Professional Services 5.2%** |
| 277102 | Alight, Inc. Class A | &nbsp;&nbsp; 1568397 |
| 31305 | Concentrix Corp. | &nbsp;&nbsp; 1654626 |
| 368700 | Conduent, Inc. | &nbsp;&nbsp; 973368<br> <sup>\*</sup><br>|
| 44575 | KBR, Inc. | &nbsp;&nbsp; 2136926 |
|  |  | &nbsp;&nbsp; **6333317** |
| **Real Estate Management & Development 1.6%** | **Real Estate Management & Development 1.6%** | **Real Estate Management & Development 1.6%** |
| 7759 | Jones Lang LaSalle, Inc. | &nbsp;&nbsp; **1984597**<br> <sup>\*</sup><br>|
| **Retail REITs 2.0%** | **Retail REITs 2.0%** | **Retail REITs 2.0%** |
| 34596 | Regency Centers Corp. | &nbsp;&nbsp; **2464273** |
| **Semiconductors & Semiconductor Equipment 4.2%** | **Semiconductors & Semiconductor Equipment 4.2%** | **Semiconductors & Semiconductor Equipment 4.2%** |
| 16596 | Enphase Energy, Inc. | &nbsp;&nbsp; 658031<br> <sup>\*</sup><br>|
| 52454 | Intel Corp. | &nbsp;&nbsp; 1174970 |
| 6069 | NXP Semiconductors NV | &nbsp;&nbsp; 1326016 |
| 26267 | Skyworks Solutions, Inc. | &nbsp;&nbsp; 1957417 |
|  |  | &nbsp;&nbsp; **5116434** |
| **Software 4.0%** | **Software 4.0%** | **Software 4.0%** |
| 22684 | Docusign, Inc. | &nbsp;&nbsp; 1766857<br> <sup>\*</sup><br>|
| 98195 | UiPath, Inc. Class A | &nbsp;&nbsp; 1256896<br> <sup>\*</sup><br>|
| 23337 | Zoom Communications, Inc. | &nbsp;&nbsp; 1819819<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **4843572** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Specialty Retail 1.0%** | **Specialty Retail 1.0%** | **Specialty Retail 1.0%** |
| 11321 | Best Buy Co., Inc. | &nbsp;&nbsp; $759979 |
| 26341 | ODP Corp. | &nbsp;&nbsp; 477562<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **1237541** |
| **Technology Hardware, Storage & Peripherals 4.6%** | **Technology Hardware, Storage & Peripherals 4.6%** | **Technology Hardware, Storage & Peripherals 4.6%** |
| 139599 | Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 2854800 |
| 46628 | Pure Storage, Inc. Class A | &nbsp;&nbsp; 2684840<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **5539640** |
| **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** | **Textiles, Apparel & Luxury Goods 0.6%** |
| 118297 | Under Armour, Inc. Class C | &nbsp;&nbsp; **767747**<br> <sup>\*</sup><br>|
| **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** | **Trading Companies & Distributors 2.3%** |
| 23807 | AerCap Holdings NV | &nbsp;&nbsp; **2785419** |
| **Total Common Stocks (Cost $97,777,124)** | **Total Common Stocks (Cost $97,777,124)** | &nbsp;&nbsp; **121024096** |
| **Short-Term Investments 0.4%** | **Short-Term Investments 0.4%** | **Short-Term Investments 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| 437672 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(a)</sup> <br>**(Cost $437,672)**<br>| &nbsp;&nbsp; **437672** |
| **Total Investments 99.9%** <br> **(Cost $98,214,796)** | **Total Investments 99.9%** <br> **(Cost $98,214,796)** | &nbsp;&nbsp; **121461768** |
| Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | &nbsp;&nbsp; 116033 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$121577801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of June 30, 2025.

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $121024096 | $— | $— | $121024096 |
| Short-Term Investments |  | 437672 |  | 437672 |
| **Total Investments** | **$121024096** | **$437672** | **$—** | **$121461768** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^

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** <br>**Intrinsic** <br>**Value** <br>**Portfolio**<br>|
|  | **June 30, 2025** |
| **Assets** |  |
| Investments in securities, at value<sup>\*</sup> (Note A)—see Schedule of Investments: |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $121461768 |
| Dividends and interest receivable | &nbsp;&nbsp; 133490 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 230063 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 2892 |
| Total Assets | &nbsp;&nbsp; 121828213 |
| **Liabilities** |  |
| Payable to investment manager (Note B) | &nbsp;&nbsp; 53700 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 70193 |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; 33523 |
| Payable to trustees | &nbsp;&nbsp; 369 |
| Payable for audit fees | &nbsp;&nbsp; 20441 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 15016 |
| Payable for legal fees | &nbsp;&nbsp; 52013 |
| Other accrued expenses and payables | &nbsp;&nbsp; 5157 |
| Total Liabilities | &nbsp;&nbsp; 250412 |
| Net Assets  | &nbsp;&nbsp; $121577801 |
| **Net Assets consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $86635439 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 34942362 |
| Net Assets  | &nbsp;&nbsp; $121577801 |
| **Net Assets** |  |
| Class I | &nbsp;&nbsp; $91916970 |
| Class S | &nbsp;&nbsp; 29660831 |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |
| Class I | &nbsp;&nbsp; 5675880 |
| Class S | &nbsp;&nbsp; 1482203 |
| **Net Asset Value, offering and redemption price per share**  |  |
| Class I | &nbsp;&nbsp; $16.19 |
| Class S | 20.01 |
| **\*Cost of Investments:** |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $98214796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

Statement of Operations (Unaudited)

**Neuberger Berman Advisers Management Trust** 

---

| | |
|:---|:---|
|  | **Mid Cap** <br>**Intrinsic** <br>**Value** <br>**Portfolio**<br>|
|  | **For the Six** <br>**Months Ended** <br>**June 30,** <br>**2025**<br>|
| **Investment Income:** |  |
| Income (Note A): |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $949866 |
| Interest and other income—unaffiliated issuers | &nbsp;&nbsp; 13887 |
| Foreign taxes withheld | &nbsp;&nbsp; (1846)<br>|
| Total income  | &nbsp;&nbsp; $961907 |
| **Expenses:** |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 324840 |
| Administration fees (Note B): |  |
| Class I | &nbsp;&nbsp; 133717 |
| Class S | &nbsp;&nbsp; 43469 |
| Distribution fees (Note B): |  |
| Class S | &nbsp;&nbsp; 36224 |
| Shareholder servicing agent fees: |  |
| Class I | &nbsp;&nbsp; 1478 |
| Class S | &nbsp;&nbsp; 785 |
| Audit fees | &nbsp;&nbsp; 20440 |
| Custodian and accounting fees | &nbsp;&nbsp; 20646 |
| Insurance | &nbsp;&nbsp; 1624 |
| Legal fees | &nbsp;&nbsp; 45653 |
| Shareholder reports | &nbsp;&nbsp; 1881 |
| Trustees' fees and expenses | &nbsp;&nbsp; 26179 |
| Miscellaneous and other fees | &nbsp;&nbsp; 7266 |
| Total expenses | &nbsp;&nbsp; 664202 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (8889)<br>|
| Total net expenses | &nbsp;&nbsp; 655313 |
| Net investment income/(loss) | &nbsp;&nbsp; $306594 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |
| **Net realized gain/(loss) on:** |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 1000439 |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; (3511493)<br>|
| Net gain/(loss) on investments | &nbsp;&nbsp; (2511054)<br>|
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $(2204460)<br>|

---

See Notes to Financial Statements

------

Statements of Changes in Net Assets

**Neuberger Berman Advisers Management Trust** 

---

| | | |
|:---|:---|:---|
|  | **MID CAP INTRINSIC VALUE PORTFOLIO** | **MID CAP INTRINSIC VALUE PORTFOLIO** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **June 30, 2025** <br>**(Unaudited)**<br>| **December 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations (Note A):** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $306594 | &nbsp;&nbsp; $492214 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 1000439 | &nbsp;&nbsp; 10129439 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; (3511493)<br>| &nbsp;&nbsp; 228717 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; (2204460)<br>| &nbsp;&nbsp; 10850370 |
| **Distributions to Shareholders From (Note A):** |  |  |
| Distributable earnings: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; (3707300)<br>|
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; (935606)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (4642906)<br>|
| **From Fund Share Transactions (Note D):** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | &nbsp;&nbsp; 4363633 | &nbsp;&nbsp; 6151488 |
| Class S | &nbsp;&nbsp; 2156971 | &nbsp;&nbsp; 2585700 |
| Proceeds from reinvestment of dividends and distributions: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 3707300 |
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; 935606 |
| Payments for shares redeemed: |  |  |
| Class I | &nbsp;&nbsp; (4721009)<br>| &nbsp;&nbsp; (13121694)<br>|
| Class S | &nbsp;&nbsp; (3043597)<br>| &nbsp;&nbsp; (7992507)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (1244002)<br>| &nbsp;&nbsp; (7734107)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; (3448462)<br>| &nbsp;&nbsp; (1526643)<br>|
| **Net Assets:** |  |  |
| Beginning of period  | &nbsp;&nbsp; 125026263 | &nbsp;&nbsp; 126552906 |
| End of period | &nbsp;&nbsp; $121577801 | &nbsp;&nbsp; $125026263 |

---

See Notes to Financial Statements

------

Notes to Financial Statements Mid Cap Intrinsic Value 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 Mid Cap Intrinsic Value 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 ("FASB") 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. At times, Management may need to apply significant judgment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The value of the Fund's investments in equity securities, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of

------

4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

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

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

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 available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of 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 or pricing services; information obtained from the issuer and 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.

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 traded.

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 New York Stock Exchange 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.

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), 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. 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, 2025, was $7,152.

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. Management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

For federal income tax purposes, the estimated cost of investments held at June 30, 2025 was $98,585,934. The estimated gross unrealized appreciation was $36,979,278 and estimated gross unrealized depreciation was $14,103,444 resulting in net unrealized appreciation in value of investments of $22,875,834 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, 2024, there were no permanent differences requiring a reclassification between total distributable earnings/(losses) and paid-in capital.

The tax character of distributions paid during the years ended December 31, 2024, and December 31, 2023, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Total** | **Total** |
| **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp; $816051 | &nbsp;&nbsp; $2057687 | &nbsp;&nbsp; $3826855 | &nbsp;&nbsp; $5014810 | &nbsp;&nbsp; $4642906 | &nbsp;&nbsp; $7072497 |

---

As of December 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| &nbsp;&nbsp; $510468 | &nbsp;&nbsp; $10249027 | &nbsp;&nbsp; $26387327 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37146822 |

---

The temporary differences between book basis and tax basis distributable earnings are primarily due to losses disallowed and recognized on wash sales and tax adjustments related to other investments.

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.

It is the policy of the Fund to pass through to its shareholders substantially all real estate investment trust ("REIT") distributions and other income it receives, less operating expenses. The distributions received from REITs are generally composed of income, capital gains, and/or return of REIT capital, but the REITs do not

------

report this information to the Fund until the following calendar year. For the year ended December 31, 2024, the character of distributions paid to shareholders of the Fund, if any, disclosed within the Statements of Changes in Net Assets is based on estimates made at that time. Based on past experience it is possible that a portion of the Fund's distributions during the current fiscal year, if any, will be considered tax return of capital, but the actual amount of the tax return of capital, if any, is not determinable until after the Fund's fiscal year-end. After calendar year-end, when the Fund learns the nature of the distributions paid by REITs during that year, distributions previously identified as income are often recharacterized as return of capital and/or capital gain. After all applicable REITs have informed the Fund of the actual breakdown of distributions paid to the Fund during its fiscal year, estimates previously recorded are adjusted to reflect actual results. As a result, the composition of the Fund's distributions as reported herein may differ from the final composition determined after calendar year-end.

Expense allocation: Certain expenses are applicable to multiple funds within a 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.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

Investment company securities and exchange-traded funds: The Fund may invest in shares of other registered investment companies, including exchange-traded funds, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission, particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if the Fund complies with the conditions of the Rule.

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Shareholders of the Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

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

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 in the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers." 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.

During the six months ended June 30, 2025, the Fund did not participate in securities lending.

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 or a Fund.

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.

Segment Reporting: The Fund has adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Fund's investment manager acts as the Fund's CODM. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund's single segment are consistent with that presented within the Fund's financial statements.

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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 monthly, an investment management fee at an annual rate of 0.55% of the first $250 million of the Fund's average daily net assets, 0.525% of the next $250 million, 0.50% of the next $250 million, 0.475% of the next $250 million, 0.45% of the next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average daily net assets in excess of $4 billion. Accordingly, for the six months ended June 30, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.55% of the Fund's average daily net assets.

The Fund retains NBIA as its administrator under an Administration Agreement. Each class pays NBIA monthly, 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 certain expenses of 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, transaction costs, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, taxes including any expenses relating to tax reclaims, 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, 2025, there was no repayment to NBIA under the contractual expense limitation agreement.

At June 30, 2025, the Fund's contingent liabilities to NBIA under the contractual expense limitation agreement were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  |
|  |  |  | **2022** | **2023** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2025** | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class I** | 1.50<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class S** | 1.25<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; 10018 | &nbsp;&nbsp; 5652 | &nbsp;&nbsp; 16517 | &nbsp;&nbsp; 8889 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Expense limitation per annum of the respective class's average daily net assets.

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

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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 with respect to 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, 2025, there were purchase and sale transactions of long-term securities of $7,881,162 and $9,637,294, respectively.

During the six months ended June 30, 2025, 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, 2025, and for the year ended December 31, 2024, was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **Class I** | &nbsp;&nbsp; 279677 | &nbsp;&nbsp; — | &nbsp;&nbsp; (297907)<br>| &nbsp;&nbsp; (18230)<br>| &nbsp;&nbsp; 378181 | &nbsp;&nbsp; 224277 | &nbsp;&nbsp; (797695)<br>| &nbsp;&nbsp; (195237)<br>|
| **Class S** | &nbsp;&nbsp; 113224 | &nbsp;&nbsp; — | &nbsp;&nbsp; (156399)<br>| &nbsp;&nbsp; (43175)<br>| &nbsp;&nbsp; 129377 | &nbsp;&nbsp; 45751 | &nbsp;&nbsp; (397011)<br>| &nbsp;&nbsp; (221883)<br>|

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Note E—Line of Credit:

At June 30, 2025, 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 plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. The Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several 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 for the Fund under the Credit Facility at June 30, 2025. During the six months ended June 30, 2025, 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.

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Financial Highlights

Mid Cap Intrinsic Value Portfolio

The following tables include selected data for a share outstanding throughout each fiscal 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 fiscal period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $16.49 | &nbsp;&nbsp;&nbsp; $15.76 | &nbsp;&nbsp;&nbsp; $15.20 | &nbsp;&nbsp;&nbsp; $20.33 | &nbsp;&nbsp;&nbsp; $15.40 | &nbsp;&nbsp;&nbsp; $16.01 |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp; (0.59)<br>|
| **Total From Investment Operations** | (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp; (0.45)<br>|
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Investment Income** |  | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Distributions** |  | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net Asset Value, End of Period** | $16.19 | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $15.76 | &nbsp;&nbsp;&nbsp; $15.20 | &nbsp;&nbsp;&nbsp; $20.33 | &nbsp;&nbsp;&nbsp; $15.40 |
| **Total Return**<sup>b,c</sup> | (1.82)%<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.00<br> %<br>| &nbsp;&nbsp;&nbsp; (9.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.80<br> %<br>| &nbsp;&nbsp;&nbsp; (2.62)%<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $91.9 | &nbsp;&nbsp;&nbsp; $93.9 | &nbsp;&nbsp;&nbsp; $92.8 | &nbsp;&nbsp;&nbsp; $89.1 | &nbsp;&nbsp;&nbsp; $109.8 | &nbsp;&nbsp;&nbsp; $92.0 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 1.06 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 1.06<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>|
| **Ratio of Net Investment Income/(Loss) to Average Net** <br> **Assets**<br>| 0.57<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| **Portfolio Turnover Rate** | 7 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>|

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See Notes to Financial Highlights

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Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $20.40 | &nbsp;&nbsp;&nbsp; $19.32 | &nbsp;&nbsp;&nbsp; $18.39 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $18.02 | &nbsp;&nbsp;&nbsp; $18.68 |
| **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp; (0.68)<br>|
| **Total From Investment Operations** | (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Investment Income** |  | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total Distributions** |  | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net Asset Value, End of Period** | $20.01 | &nbsp;&nbsp;&nbsp; $20.40 | &nbsp;&nbsp;&nbsp; $19.32 | &nbsp;&nbsp;&nbsp; $18.39 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $18.02 |
| **Total Return**<sup>b,c</sup> | (1.91)%<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.69<br> %<br>| &nbsp;&nbsp;&nbsp; (9.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.52<br> %<br>| &nbsp;&nbsp;&nbsp; (2.83)%<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $29.7 | &nbsp;&nbsp;&nbsp; $31.1 | &nbsp;&nbsp;&nbsp; $33.8 | &nbsp;&nbsp;&nbsp; $34.9 | &nbsp;&nbsp;&nbsp; $43.5 | &nbsp;&nbsp;&nbsp; $39.5 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 1.31<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 1.25<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| **Ratio of Net Investment Income/(Loss) to Average Net** <br> **Assets**<br>| 0.37<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>|
| **Portfolio Turnover Rate** | 7 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>|

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See Notes to Financial Highlights

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Notes to Financial Highlights Mid Cap Intrinsic Value Portfolio (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund <br> during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested. <br> Results represent past performance and do not indicate future results. Current returns may be lower or <br> higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when <br> redeemed, may be worth more or less than original cost. Total return would have been lower if <br> Management had not reimbursed and/or waived certain expenses. Total return would have been higher if <br> Management had not recouped previously reimbursed and/or waived expenses. The total return information <br> shown does not reflect charges and other expenses that apply to the separate accounts or the related <br> insurance policies or other qualified pension or retirement plans, and the inclusion of these charges and <br> other expenses would reduce the total return for all fiscal periods shown.<br>|
| c | The class action proceeds listed in Note A of the Notes to Financial Statements had no impact on the Fund's <br> total return for the the six months ended June 30, 2025. The class action proceeds received in 2023 had no <br> impact on the Fund's total return for Class I for the year ended December 31, 2023. The class action <br> proceeds received in 2022 had no impact on the Fund's total return for the year ended December 31, 2022. <br> Had the Fund not received the class action proceeds for the years ended December 31, 2024 and 2023, <br> total return based on per share NAV for the years ended December 31, 2024 and 2023 would have been:<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| **Class I** | 8.75% | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class S** | 8.61% | &nbsp;&nbsp;&nbsp;&nbsp; 10.63% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| d | Not annualized. |
| e | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee. Management did <br> not reimburse or waive fees during the fiscal periods shown for Class I.<br>|
| f | Annualized. |
| g | After repayment of expenses previously reimbursed and/or fees previously waived by Management pursuant <br> to the terms of the contractual expense limitation agreements with Management, as applicable. Had the <br> Fund not made such repayments, the annualized ratios of net expenses to average net assets would have <br> been:<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Year Ended December 31,** |
|  | **2021** |
| **Class S** | 1.25% |

---

------

![](imgcc6fa4d51.jpg)

Neuberger Berman

Advisers Management Trust

Quality Equity Portfolio

(formerly Sustainable Equity Portfolio)

I Class Shares <br> S Class Shares

![](imga3f0613d2.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 2025

B0738 08/25

------

![](img4de7051a3.gif)

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_LEG-TOC-Legend-32_1) | 1 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_SOI-TOC-SOI-32_1) | 2 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FS-StatementofAssetsandLiabilities-Intro-32_1) | 5 |
| [Remuneration paid to directors, officers, and others (Form N-CSR](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_SOPI-StatementofOperations-Intro-32_1)<br> [Item 10)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_SOPI-StatementofOperations-Intro-32_1)<br>| 6 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_NTF-TOC-NTFS-32_1)<br> [Item 7)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_NTF-TOC-NTFS-32_1)<br>| 8 |
| [FINANCIAL HIGHLIGHTS](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_1)[(ALL CLASSES)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_1)[(Form N-CSR](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_1)<br> [Item 7)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_1)<br>| 16 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_2) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_2) | N/A |
| [Board Consideration of the Management Agreement (Form N-CSR](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_2)<br> [Item 11)](#xx_19980a43-c1e1-40bf-9f3a-64e28ffbf09b_FIHI-TOC-FinancialHighlights-32_2)<br>| N/A |

---

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. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend June 30, 2025 (Unaudited)

**Quality Equity Portfolio** 

---

| | |
|:---|:---|
| **Other Abbreviations:** | **Other Abbreviations:** |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |

---

------

Schedule of Investments Quality Equity Portfolio<sup>†</sup>^ (Unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Common Stocks 98.5%** | **Common Stocks 98.5%** | **Common Stocks 98.5%** |
| **Banks 3.6%** | **Banks 3.6%** | **Banks 3.6%** |
| 316080 | Bank of America Corp. | &nbsp;&nbsp; $14956906 |
| 58164 | JPMorgan Chase & Co. | &nbsp;&nbsp; 16862325 |
|  |  | &nbsp;&nbsp; **31819231** |
| **Broadline Retail 9.8%** | **Broadline Retail 9.8%** | **Broadline Retail 9.8%** |
| 388618 | Amazon.com, Inc. | &nbsp;&nbsp; **85258903**<br> <sup>\*</sup><br>|
| **Building Products 1.0%** | **Building Products 1.0%** | **Building Products 1.0%** |
| 20171 | Trane Technologies PLC | &nbsp;&nbsp; **8822997** |
| **Capital Markets 5.6%** | **Capital Markets 5.6%** | **Capital Markets 5.6%** |
| 887846 | &nbsp;&nbsp; Interactive Brokers Group, Inc. <br> Class A<br>| &nbsp;&nbsp; **49195547** |
| **Communications Equipment 2.1%** | **Communications Equipment 2.1%** | **Communications Equipment 2.1%** |
| 178524 | Arista Networks, Inc. | &nbsp;&nbsp; **18264790**<br> <sup>\*</sup><br>|
| **Consumer Finance 1.5%** | **Consumer Finance 1.5%** | **Consumer Finance 1.5%** |
| 61985 | Capital One Financial Corp. | &nbsp;&nbsp; **13187929** |
| **Consumer Staples Distribution & Retail 1.0%** | **Consumer Staples Distribution & Retail 1.0%** | **Consumer Staples Distribution & Retail 1.0%** |
| 9156 | Costco Wholesale Corp. | &nbsp;&nbsp; **9063891** |
| **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** | **Diversified Telecommunication Services 0.9%** |
| 20841 | &nbsp;&nbsp; Space Exploration Technologies <br> Corp. Class A<br>| &nbsp;&nbsp; 3855585<br> <sup>\*#(a)(b)</sup><br>|
| 22368 | &nbsp;&nbsp; Space Exploration Technologies <br> Corp. Class C<br>| &nbsp;&nbsp; 4138080<br> <sup>\*#(a)(b)</sup><br>|
|  |  | &nbsp;&nbsp; **7993665** |
| **Financial Services 13.3%** | **Financial Services 13.3%** | **Financial Services 13.3%** |
| 15 | Berkshire Hathaway, Inc. Class A | &nbsp;&nbsp; 10932000<br> <sup>\*</sup><br>|
| 89242 | Berkshire Hathaway, Inc. Class B | &nbsp;&nbsp; 43351086<br> <sup>\*</sup><br>|
| 126060 | Fiserv, Inc. | &nbsp;&nbsp; 21734005<br> <sup>\*</sup><br>|
| 71502 | MasterCard, Inc. Class A | &nbsp;&nbsp; 40179834 |
|  |  | &nbsp;&nbsp; **116196925** |
| **Ground Transportation 0.9%** | **Ground Transportation 0.9%** | **Ground Transportation 0.9%** |
| 249787 | CSX Corp. | &nbsp;&nbsp; **8150550** |
| **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** | **Health Care Equipment & Supplies 0.6%** |
| 30755 | Becton Dickinson & Co. | &nbsp;&nbsp; **5297549** |
| **Health Care Providers & Services 6.2%** | **Health Care Providers & Services 6.2%** | **Health Care Providers & Services 6.2%** |
| 78746 | Cencora, Inc. | &nbsp;&nbsp; 23611988 |
| 72305 | Cigna Group | &nbsp;&nbsp; 23902587 |
| 47826 | DaVita, Inc. | &nbsp;&nbsp; 6812814<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **54327389** |
| **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** |
| 671480 | Compass Group PLC | &nbsp;&nbsp; **22738507** |
| **Household Products 1.5%** | **Household Products 1.5%** | **Household Products 1.5%** |
| 148826 | Colgate-Palmolive Co. | &nbsp;&nbsp; **13528283** |

---

---

| | | |
|:---|:---|:---|
| Number of Shares | Number of Shares | Value |
| **Insurance 2.8%** | **Insurance 2.8%** | **Insurance 2.8%** |
| 90248 | Progressive Corp. | &nbsp;&nbsp; **$24083581** |
| **Interactive Media & Services 7.3%** | **Interactive Media & Services 7.3%** | **Interactive Media & Services 7.3%** |
| 361687 | Alphabet, Inc. Class A | &nbsp;&nbsp; **63740100** |
| **IT Services 7.6%** | **IT Services 7.6%** | **IT Services 7.6%** |
| 185341 | GoDaddy, Inc. Class A | &nbsp;&nbsp; 33372500<br> <sup>\*</sup><br>|
| 790698 | Kyndryl Holdings, Inc. | &nbsp;&nbsp; 33177688<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **66550188** |
| **Life Sciences Tools & Services 0.6%** | **Life Sciences Tools & Services 0.6%** | **Life Sciences Tools & Services 0.6%** |
| 27263 | Danaher Corp. | &nbsp;&nbsp; **5385533** |
| **Machinery 1.2%** | **Machinery 1.2%** | **Machinery 1.2%** |
| 102360 | Otis Worldwide Corp. | &nbsp;&nbsp; **10135687** |
| **Materials 1.1%** | **Materials 1.1%** | **Materials 1.1%** |
| 26958 | Sherwin-Williams Co. | &nbsp;&nbsp; **9256299** |
| **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** |
| 417150 | Coterra Energy, Inc. | &nbsp;&nbsp; **10587267** |
| **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** | **Pharmaceuticals 1.3%** |
| 35450 | Roche Holding AG | &nbsp;&nbsp; **11544874** |
| **Semiconductors & Semiconductor Equipment 5.3%** | **Semiconductors & Semiconductor Equipment 5.3%** | **Semiconductors & Semiconductor Equipment 5.3%** |
| 147064 | Applied Materials, Inc. | &nbsp;&nbsp; 26923006 |
| 91679 | Texas Instruments, Inc. | &nbsp;&nbsp; 19034394 |
|  |  | &nbsp;&nbsp; **45957400** |
| **Software 11.7%** | **Software 11.7%** | **Software 11.7%** |
| 20157 | Intuit, Inc. | &nbsp;&nbsp; 15876258 |
| 173101 | Microsoft Corp. | &nbsp;&nbsp; 86102168 |
|  |  | &nbsp;&nbsp; **101978426** |
| **Specialty Retail 1.7%** | **Specialty Retail 1.7%** | **Specialty Retail 1.7%** |
| 16396 | Home Depot, Inc. | &nbsp;&nbsp; 6011430 |
| 72139 | TJX Cos., Inc. | &nbsp;&nbsp; 8908445 |
|  |  | &nbsp;&nbsp; **14919875** |
| **Technology Hardware, Storage & Peripherals 2.5%** | **Technology Hardware, Storage & Peripherals 2.5%** | **Technology Hardware, Storage & Peripherals 2.5%** |
| 106870 | Apple, Inc. | &nbsp;&nbsp; **21926518** |
| **Trading Companies & Distributors 3.6%** | **Trading Companies & Distributors 3.6%** | **Trading Companies & Distributors 3.6%** |
| 22341 | United Rentals, Inc. | &nbsp;&nbsp; 16831709 |
| 13669 | W.W. Grainger, Inc. | &nbsp;&nbsp; 14219041 |
|  |  | &nbsp;&nbsp; **31050750** |
| **Total Common Stocks (Cost $393,576,229)** | **Total Common Stocks (Cost $393,576,229)** | &nbsp;&nbsp; **860962654** |
| **Preferred Stocks 0.7%** | **Preferred Stocks 0.7%** | **Preferred Stocks 0.7%** |
| **Diversified Telecommunication Services 0.7%** | **Diversified Telecommunication Services 0.7%** | **Diversified Telecommunication Services 0.7%** |
| 3428 | &nbsp;&nbsp; Space Exploration Technologies <br> Corp., Series E **(Cost $2,776,680)**<br>| &nbsp;&nbsp; **6341800**<br> <sup>\*#(a)(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Quality Equity Portfolio<sup>†</sup>^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Short-Term Investments 0.1%** | **Short-Term Investments 0.1%** | **Short-Term Investments 0.1%** |
| **Certificates of Deposit 0.0%**<sup>‡</sup> | **Certificates of Deposit 0.0%**<sup>‡</sup> | **Certificates of Deposit 0.0%**<sup>‡</sup> |
| $100000 | &nbsp;&nbsp; Self Help Credit Union, 0.10%, <br> due 7/29/2025<br>| &nbsp;&nbsp; $100000 |
| 100000 | &nbsp;&nbsp; Self Help Federal Credit Union, <br> 0.10%, due 9/1/2025<br>| &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; **200000** |
| Number of Shares | Number of Shares |  |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| 743231 | &nbsp;&nbsp; State Street Institutional Treasury <br> Money Market Fund Premier <br> Class, 4.20%<sup>(c)</sup><br>| &nbsp;&nbsp; **743231** |
| **Total Short-Term Investments** <br> **(Cost $943,231)** | **Total Short-Term Investments** <br> **(Cost $943,231)** | &nbsp;&nbsp; **943231** |
| **Total Investments 99.3%** <br> **(Cost $397,296,140)** | **Total Investments 99.3%** <br> **(Cost $397,296,140)** | &nbsp;&nbsp; **868247685** |
| Other Assets Less Liabilities 0.7% | Other Assets Less Liabilities 0.7% | &nbsp;&nbsp; 5737427 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$873985112** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Value determined using significant unobservable inputs.

(b) Security fair valued as of June 30, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at June 30, 2025 amounted to $14,335,465, which represents 1.6% of net assets of the Fund. 

(c) Represents 7-day effective yield as of June 30, 2025.

# This security is subject to restrictions on resale. Total value of all such securities at June 30, 2025 amounted to $14,335,465, which represents 1.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted Security** | **Acquisition** <br>**Date(s)**<br>| &nbsp;&nbsp;&nbsp; **Acquisition** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Value as of** <br>**6/30/2025**<br>| &nbsp;&nbsp;&nbsp; **Fair Value** <br>**Percentage** <br>**of Net Assets** <br>**as of** <br>**6/30/2025**<br>|
| Space Exploration Technologies Corp. (Series E Preferred <br> Shares)<br>| 11/7/2023 | &nbsp;&nbsp;&nbsp;&nbsp; $2776680 | &nbsp;&nbsp;&nbsp;&nbsp; $6341800 | &nbsp;&nbsp;&nbsp;&nbsp; 0.7<br> %<br>|
| Space Exploration Technologies Corp. Class A | 8/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1688121 | &nbsp;&nbsp;&nbsp;&nbsp; 3855585 | &nbsp;&nbsp;&nbsp;&nbsp; 0.4<br> %<br>|
| Space Exploration Technologies Corp. Class C | 8/18/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 1811808 | &nbsp;&nbsp;&nbsp;&nbsp; 4138080 | &nbsp;&nbsp;&nbsp;&nbsp; 0.5<br> %<br>|
| **Total** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$6276609** | &nbsp;&nbsp;&nbsp;&nbsp; **$14335465** | &nbsp;&nbsp;&nbsp;&nbsp; **1.6%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Quality Equity Portfolio<sup>†</sup>^ (Unaudited) (cont'd)

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Common Stocks |  |  |  |  |
| Diversified Telecommunication Services | $— | $— | $7993665 | $7993665 |
| Other Common Stocks<sup>#</sup> <br>| 852968989 |  |  | 852968989 |
| Total Common Stocks | 852968989 |  | 7993665 | 860962654 |
| Preferred Stocks<sup>#</sup> <br>|  |  | 6341800 | 6341800 |
| Short-Term Investments |  | 943231 |  | 943231 |
| **Total Investments** | **$852968989** | **$943231** | **$14335465** | **$868247685** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 1/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>6/30/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>6/30/2025<br>|
| Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: | Investments in Securities: |
| Common <br> Stocks<sup>(1)</sup> <br>| $7993 | $— | $— | $— | $— | $— | $— | $— | $7993 | $— |
| Preferred <br> Stocks<sup>(1)</sup> <br>| 6342 |  |  |  |  |  |  |  | 6342 |  |
| Total | $14335 | $— | $— | $— | $— | $— | $— | $— | $14335 | $— |
| (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: | (1) Quantitative Information about Level 3 Fair Value Measurements: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Investment type | Fair value <br>at <br>6/30/2025<br>| Valuation <br>approach<br>| Significant unobservable <br>input(s)<br>| Input value/ <br>range<br>| Weighted <br>average<sup>(a)</sup><br>| Impact to <br>valuation <br>from <br>increase <br>in input<sup>(b)</sup><br>|
| Common Stocks | $7993665 | Market Approach | Transaction Price | $185.00 | $185.00 | Increase |
| Preferred Stocks | 6341800 | Market Approach | Transaction Price | $185.00 | $185.00 | Increase |
| (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. | (a) The weighted averages disclosed in the table above were weighted by relative fair value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents the expected directional change in the fair value of the Level 3 investments that <br> would result from an increase or decrease in the corresponding input. Significant changes in <br> these inputs could result in significantly higher or lower fair value measurements. |

---

†

Formerly Sustainable Equity Portfolio through July 28, 2025.

^

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** 

---

| | |
|:---|:---|
|  | **Quality** <br>**Equity** <br>**Portfolio**<br>|
|  | **June 30, 2025** |
| **Assets** |  |
| Investments in securities, at value<sup>\*</sup> (Note A)—see Schedule of Investments: |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $868247685 |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; 13 |
| Dividends and interest receivable | &nbsp;&nbsp; 736295 |
| Receivable for securities sold | &nbsp;&nbsp; 34760824 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 159137 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 35341 |
| Total Assets | &nbsp;&nbsp; 903939295 |
| **Liabilities** |  |
| Payable to investment manager (Note B) | &nbsp;&nbsp; 364558 |
| Payable for securities purchased | &nbsp;&nbsp; 28940592 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 283482 |
| Payable to administrator (Note B) | &nbsp;&nbsp; 241277 |
| Other accrued expenses and payables | &nbsp;&nbsp; 124274 |
| Total Liabilities | &nbsp;&nbsp; 29954183 |
| Net Assets  | &nbsp;&nbsp; $873985112 |
| **Net Assets consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $320436867 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; 553548245 |
| Net Assets  | &nbsp;&nbsp; $873985112 |
| **Net Assets** |  |
| Class I | &nbsp;&nbsp; $722493824 |
| Class S | &nbsp;&nbsp; 151491288 |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)**  |  |
| Class I | &nbsp;&nbsp; 17098546 |
| Class S | &nbsp;&nbsp; 3575554 |
| **Net Asset Value, offering and redemption price per share**  |  |
| Class I | &nbsp;&nbsp; $42.25 |
| Class S | 42.37 |
| **\*Cost of Investments:** |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $397296140 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

Statement of Operations (Unaudited)

**Neuberger Berman Advisers Management Trust** 

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| | |
|:---|:---|
|  | **Quality** <br>**Equity** <br>**Portfolio**<br>|
|  | **For the Six** <br>**Months Ended** <br>**June 30,** <br>**2025**<br>|
| **Investment Income:** |  |
| Income (Note A): |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $4305740 |
| Interest and other income—unaffiliated issuers | &nbsp;&nbsp; 12072 |
| Foreign taxes withheld | &nbsp;&nbsp; (58414)<br>|
| Total income  | &nbsp;&nbsp; $4259398 |
| **Expenses:** |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 2170528 |
| Administration fees (Note B): |  |
| Class I | &nbsp;&nbsp; 1034181 |
| Class S | &nbsp;&nbsp; 219240 |
| Distribution fees (Note B): |  |
| Class S | &nbsp;&nbsp; 182700 |
| Shareholder servicing agent fees: |  |
| Class I | &nbsp;&nbsp; 5710 |
| Class S | &nbsp;&nbsp; 3198 |
| Audit fees | &nbsp;&nbsp; 22176 |
| Custodian and accounting fees | &nbsp;&nbsp; 42416 |
| Insurance | &nbsp;&nbsp; 10389 |
| Legal fees | &nbsp;&nbsp; 50074 |
| Shareholder reports | &nbsp;&nbsp; 29481 |
| Trustees' fees and expenses | &nbsp;&nbsp; 26767 |
| Miscellaneous and other fees | &nbsp;&nbsp; 24030 |
| Total expenses | &nbsp;&nbsp; 3820890 |
| Net investment income/(loss) | &nbsp;&nbsp; $438508 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |
| **Net realized gain/(loss) on:** |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; 31204399 |
| Settlement of foreign currency transactions | &nbsp;&nbsp; 2792 |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 16560890 |
| Foreign currency translations | &nbsp;&nbsp; 67484 |
| Net gain/(loss) on investments | &nbsp;&nbsp; 47835565 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $48274073 |

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See Notes to Financial Statements

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Statements of Changes in Net Assets

**Neuberger Berman Advisers Management Trust** 

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| | | |
|:---|:---|:---|
|  | **QUALITY EQUITY PORTFOLIO** | **QUALITY EQUITY PORTFOLIO** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **June 30, 2025** <br>**(Unaudited)**<br>| **December 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations (Note A):** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $438508 | &nbsp;&nbsp; $(372022)<br>|
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 31207191 | &nbsp;&nbsp; 51617878 |
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 16628374 | &nbsp;&nbsp; 134320769 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 48274073 | &nbsp;&nbsp; 185566625 |
| **Distributions to Shareholders From (Note A):** |  |  |
| Distributable earnings: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; (34003159)<br>|
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; (6836968)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; (40840127)<br>|
| **From Fund Share Transactions (Note D):** |  |  |
| Proceeds from shares sold: |  |  |
| Class I | &nbsp;&nbsp; 20716769 | &nbsp;&nbsp; 30243281 |
| Class S | &nbsp;&nbsp; 2638059 | &nbsp;&nbsp; 7603254 |
| Proceeds from reinvestment of dividends and distributions: |  |  |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; 34003159 |
| Class S | &nbsp;&nbsp; — | &nbsp;&nbsp; 6836968 |
| Payments for shares redeemed: |  |  |
| Class I | &nbsp;&nbsp; (41452182)<br>| &nbsp;&nbsp; (92178464)<br>|
| Class S | &nbsp;&nbsp; (8529493)<br>| &nbsp;&nbsp; (29449637)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (26626847)<br>| &nbsp;&nbsp; (42941439)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 21647226 | &nbsp;&nbsp; 101785059 |
| **Net Assets:** |  |  |
| Beginning of period  | &nbsp;&nbsp; 852337886 | &nbsp;&nbsp; 750552827 |
| End of period | &nbsp;&nbsp; $873985112 | &nbsp;&nbsp; $852337886 |

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See Notes to Financial Statements

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Notes to Financial Statements Quality 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 Quality Equity Portfolio (formerly Sustainable Equity Portfolio) (the "Fund") is a separate operating series of the Trust and as of May 2024 is non-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 ("FASB") 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. At times, Management may need to apply significant judgment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 and preferred stocks, 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

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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.

Certificates of deposit are valued at amortized cost (Level 2 inputs).

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

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 available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of 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 or pricing services; information obtained from the issuer and 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. Management 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 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 at which the Fund's share price is calculated, Management has determined based on 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 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 traded.

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.

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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), 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. Management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

For federal income tax purposes, the estimated cost of investments held at June 30, 2025 was $397,754,396. The estimated gross unrealized appreciation was $471,073,802 and estimated gross unrealized depreciation was $590,997 resulting in net unrealized appreciation in value of investments of $470,482,805 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, 2024, the Fund recorded permanent reclassifications primarily related to net operating losses written off. For the year ended December 31, 2024, the Fund recorded the following permanent reclassifications:

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| | |
|:---|:---|
| **Paid-in Capital**  | **Total Distributable** <br>**Earnings/(Losses)** <br>|
| &nbsp;&nbsp; $(251900)<br>| &nbsp;&nbsp; $251900 |

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The tax character of distributions paid during the years ended December 31, 2024, and December 31, 2023, was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Total** | **Total** |
| **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp; $1533494 | &nbsp;&nbsp; $2010320 | &nbsp;&nbsp; $39306633 | &nbsp;&nbsp; $11057643 | &nbsp;&nbsp; $40840127 | &nbsp;&nbsp; $13067963 |

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As of December 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| &nbsp;&nbsp; $— | &nbsp;&nbsp; $51331286 | &nbsp;&nbsp; $453942883 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $505274172 |

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

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 a 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.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

Investment company securities and exchange-traded funds: The Fund may invest in shares of other registered investment companies, including exchange-traded funds, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission, particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment

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companies in excess of the limitations of the 1940 Act if the Fund complies with the conditions of the Rule. Shareholders of the Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

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

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 in the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers." 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.

During the six months ended June 30, 2025, the Fund did not participate in securities lending.

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 or a Fund.

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.

Segment Reporting: The Fund has adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Fund's investment manager acts as the Fund's CODM. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund's single segment are consistent with that presented within the Fund's financial statements.

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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 monthly, an investment management fee at an annual rate of 0.55% of the first $250 million of the Fund's average daily net assets, 0.525% of the next $250 million, 0.50% of the next $250 million, 0.475% of the next $250 million, 0.45% of the next $500 million, 0.425% of the next $2.5 billion, and 0.40% of average daily net assets in excess of $4 billion. Accordingly, for the six months ended June 30, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.52% of the Fund's average daily net assets.

The Fund retains NBIA as its administrator under an Administration Agreement. Each class pays NBIA monthly, 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 certain expenses of 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, transaction costs, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, taxes including any expenses relating to tax reclaims, 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, 2025, there was no repayment to NBIA under the contractual expense limitation agreement.

At June 30, 2025, the Fund had no contingent liabilities to NBIA under the contractual expense limitation agreement.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  |
|  |  |  | **2022** | **2023** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2025** | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class I** | 1.30<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class S** | 1.17<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Expense limitation per annum of the respective class's average daily net assets.

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

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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 with respect to 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, 2025, there were purchase and sale transactions of long-term securities of $45,912,448 and $78,189,861, respectively.

During the six months ended June 30, 2025, 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, 2025, and for the year ended December 31, 2024, was as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** | **Shares Sold** | **Shares Issued on** <br>**Reinvestment of** <br>**Dividends and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **Class I** | &nbsp;&nbsp; 517771 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1026915)<br>| &nbsp;&nbsp; (509144)<br>| &nbsp;&nbsp; 793781 | &nbsp;&nbsp; 874117 | &nbsp;&nbsp; (2427572)<br>| &nbsp;&nbsp; (759674)<br>|
| **Class S** | &nbsp;&nbsp; 65797 | &nbsp;&nbsp; — | &nbsp;&nbsp; (212123)<br>| &nbsp;&nbsp; (146326)<br>| &nbsp;&nbsp; 196365 | &nbsp;&nbsp; 174948 | &nbsp;&nbsp; (770187)<br>| &nbsp;&nbsp; (398874)<br>|

---

Note E—Line of Credit:

At June 30, 2025, 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 plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. The Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several 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 for the Fund under the Credit Facility at June 30, 2025. During the six months ended June 30, 2025, the Fund did not utilize the Credit Facility.

Note F—Subsequent Event:

As previously announced in a supplement to the Fund's Summary Prospectus, Prospectus and Statement of Additional Information, effective on July 28, 2025, Sustainable Equity Portfolio changed its name to Quality Equity Portfolio and made corresponding changes to its 80% investment policy and its principal investment strategy.

------

Note G—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

Quality Equity Portfolio

The following tables include selected data for a share outstanding throughout each fiscal 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 fiscal period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $39.93 | &nbsp;&nbsp;&nbsp; $33.35 | &nbsp;&nbsp;&nbsp; $26.80 | &nbsp;&nbsp;&nbsp; $37.03 | &nbsp;&nbsp;&nbsp; $30.69 | &nbsp;&nbsp;&nbsp; $26.89 |
| **Income From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | 0.03 | &nbsp;&nbsp;&nbsp; (0.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| 2.29 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.98 |
| **Total From Investment Operations** | 2.32 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp; (7.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 |
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Investment Income** |  | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| **Total Distributions** |  | &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>|
| **Net Asset Value, End of Period** | $42.25 | &nbsp;&nbsp;&nbsp; $39.93 | &nbsp;&nbsp;&nbsp; $33.35 | &nbsp;&nbsp;&nbsp; $26.80 | &nbsp;&nbsp;&nbsp; $37.03 | &nbsp;&nbsp;&nbsp; $30.69 |
| **Total Return**<sup>b,c</sup> | 5.81<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.90<br> %<br>| &nbsp;&nbsp;&nbsp; (18.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.56<br> %<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $722.5 | &nbsp;&nbsp;&nbsp; $703.1 | &nbsp;&nbsp;&nbsp; $612.6 | &nbsp;&nbsp;&nbsp; $515.1 | &nbsp;&nbsp;&nbsp; $639.6 | &nbsp;&nbsp;&nbsp; $544.0 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 0.87 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 0.87<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>|
| **Ratio of Net Investment Income/(Loss) to Average** <br> **Net Assets**<br>| 0.15<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| **Portfolio Turnover Rate** | 5 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

See Notes to Financial Highlights

------

Financial Highlights (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class S** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended** <br>**June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $40.09 | &nbsp;&nbsp;&nbsp; $33.49 | &nbsp;&nbsp;&nbsp; $26.91 | &nbsp;&nbsp;&nbsp; $37.12 | &nbsp;&nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $26.97 |
| **Income (Loss) From Investment Operations:** |  |  |  |  |  |  |
| **Net Investment Income/(Loss)**<sup>a</sup> | (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Net Gains or Losses on Securities (both realized and** <br> **unrealized)**<br>| 2.30 | &nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| **Total From Investment Operations** | 2.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.50 | &nbsp;&nbsp;&nbsp;&nbsp;7.09 | &nbsp;&nbsp;&nbsp; (7.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;5.06 |
| **Less Distributions From:** |  |  |  |  |  |  |
| **Net Investment Income** |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net Realized Capital Gains** |  | &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>|
| **Total Distributions** |  | &nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.25)<br>|
| **Net Asset Value, End of Period** | $42.37 | &nbsp;&nbsp;&nbsp; $40.09 | &nbsp;&nbsp;&nbsp; $33.49 | &nbsp;&nbsp;&nbsp; $26.91 | &nbsp;&nbsp;&nbsp; $37.12 | &nbsp;&nbsp;&nbsp; $30.78 |
| **Total Return**<sup>b,c</sup> | 5.69<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.57<br> %<br>| &nbsp;&nbsp;&nbsp; (18.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.28<br> %<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| **Net Assets, End of Period (in millions)** | $151.5 | &nbsp;&nbsp;&nbsp; $149.2 | &nbsp;&nbsp;&nbsp; $138.0 | &nbsp;&nbsp;&nbsp; $116.7 | &nbsp;&nbsp;&nbsp; $152.8 | &nbsp;&nbsp;&nbsp; $130.0 |
| **Ratio of Gross Expenses to Average Net Assets**<sup>e</sup> | 1.12<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| **Ratio of Net Expenses to Average Net Assets** | 1.12<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<sup>g</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<sup>g</sup><br>|
| **Ratio of Net Investment Income/(Loss) to Average** <br> **Net Assets**<br>| (0.10)%<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| **Portfolio Turnover Rate** | 5 %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

See Notes to Financial Highlights

------

Notes to Financial Highlights Quality Equity Portfolio (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | The class action proceeds received in 2024, 2023, 2021, and 2020 had no impact on the Fund's total <br> returns for the years ended December 31, 2024, 2023, 2021, and 2020, respectively.<br>|
| c | Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund <br> during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested. <br> Results represent past performance and do not indicate future results. Current returns may be lower or <br> higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when <br> redeemed, may be worth more or less than original cost. Total return would have been lower if <br> Management had not reimbursed and/or waived certain expenses. The total return information shown does <br> not reflect charges and other expenses that apply to the separate accounts or the related insurance policies <br> or other qualified pension or retirement plans, and the inclusion of these charges and other expenses would <br> reduce the total return for all fiscal periods shown.<br>|
| d | Not annualized. |
| e | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee. Management did <br> not reimburse or waive fees during the fiscal periods shown for Class I.<br>|
| f | Annualized. |
| g | After repayment of expenses previously reimbursed and/or fees previously waived by Management pursuant <br> to the terms of the contractual expense limitation agreements with Management, as applicable. Had the <br> Fund not made such repayments, the annualized ratios of net expenses to average net assets would have <br> been:<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2023** | **2021** | **2020** |
| **Class S** | 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% |

---

------

![](imgac918ba11.jpg)

Neuberger Berman

Advisers Management Trust

Short Duration Bond Portfolio

I Class Shares<br>

![](img979a2c152.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 2025

B0374 08/25

------

![](imgc50b50f13.gif)

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [LEGEND (Form N-CSR Item 7)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_LEG-TOC-Legend-31_1) | 1 |
| [SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_SOI-TOC-SOI-31_1) | 2 |
| [FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FS-StatementofAssetsandLiabilities-Intro-31_1) | 17 |
| [Remuneration paid to directors, officers, and others (Form N-CSR](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_SOPI-StatementofOperations-Intro-31_1)<br> [Item 10)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_SOPI-StatementofOperations-Intro-31_1)<br>| 18 |
| [NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_NTF-TOC-NTFS-31_1)<br> [Item 7)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_NTF-TOC-NTFS-31_1)<br>| 20 |
| [FINANCIAL HIGHLIGHTS](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1)[(Form N-CSR Item 7)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1) | 29 |
| [Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1) | N/A |
| [Proxy Disclosures (Form N-CSR Item 9)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1) | N/A |
| [Board Consideration of the Management Agreement (Form N-CSR](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1)<br> [Item 11)](#xx_fdb7e17b-faca-4485-8801-3f4aa2e61829_FIHI-TOC-FinancialHighlights-31_1)<br>| N/A |

---

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. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend June 30, 2025 (Unaudited)

**Short Duration Bond Portfolio** 

---

| | |
|:---|:---|
| **Other Abbreviations:** | **Other Abbreviations:** |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | = United States Dollar |

---

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) June 30, 2025

---

| | |
|:---|:---|
| Principal Amount | Principal Amount |
| **Mortgage-Backed Securities 30.7%** | **Mortgage-Backed Securities 30.7%** |
| **Collateralized Mortgage Obligations 15.0%** | **Collateralized Mortgage Obligations 15.0%** |
| $130124 | A&D Mortgage Trust, Series 2025-NQM2, Class A3, 6.09%, due 6/25/2070<br> &nbsp;&nbsp; $130987<br> <sup>(a)</sup><br>|
| 48755 | Angel Oak Mortgage Trust, Series 2019-6, Class A1, 2.62%, due 11/25/2059<br> &nbsp;&nbsp; 47854<br> <sup>(a)(b)</sup><br>|
| 167822 | BRAVO Residential Funding Trust, Series 2024-NQM6, Class A1, 5.41%, due 8/1/2064<br> &nbsp;&nbsp; 167969<br> <sup>(a)</sup><br>|
|  | Chase Home Lending Mortgage Trust |
| 75385 | Series 2024-2, Class A6A, 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 75686<br> <sup>(a)(b)</sup><br>|
| 136340 | Series 2024-4, Class A6, 6.00%, due 3/25/2055<br> &nbsp;&nbsp; 137171<br> <sup>(a)(b)</sup><br>|
| 153990 | Series 2024-10, Class A4A, 5.50%, due 10/25/2055<br> &nbsp;&nbsp; 154332<br> <sup>(a)(b)</sup><br>|
| 175680 | Series 2024-11, Class A4, 6.00%, due 11/25/2055<br> &nbsp;&nbsp; 178032<br> <sup>(a)(b)</sup><br>|
| 99619 | COLT Mortgage Loan Trust, Series 2024-2, Class A1, 6.13%, due 4/25/2069<br> &nbsp;&nbsp; 100385<br> <sup>(a)</sup><br>|
| 145630 | COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 5/25/2060<br> &nbsp;&nbsp; 146995<br> <sup>(a)</sup><br>|
| 100000 | EFMT, Series 2024-INV2, Class M1, 5.73%, due 10/25/2069<br> &nbsp;&nbsp; 99122<br> <sup>(a)(b)</sup><br>|
| 200857 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, due 1/25/2067<br> &nbsp;&nbsp; 174074<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. REMIC |
| 472735 | Series 5475, Class FA, (30 day USD SOFR Average + 1.10%), 5.41%, due 11/25/2054<br> &nbsp;&nbsp; 469360<br> <sup>(c)</sup><br>|
| 370440 | Series 5474, Class FB, (30 day USD SOFR Average + 1.15%), 5.46%, due 11/25/2054<br> &nbsp;&nbsp; 368876<br> <sup>(c)</sup><br>|
| 385950 | Series 5542, Class CF, (30 day USD SOFR Average + 1.55%), 5.86%, due 5/25/2055<br> &nbsp;&nbsp; 390009<br> <sup>(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |
| 192911 | Series 2021-DNA6, Class M2, (30 day USD SOFR Average + 1.50%), 5.81%, due 10/25/2041<br> &nbsp;&nbsp; 193641<br> <sup>(a)(c)</sup><br>|
| 275000 | Series 2022-DNA2, Class M2, (30 day USD SOFR Average + 3.75%), 8.06%, due 2/25/2042<br> &nbsp;&nbsp; 285566<br> <sup>(a)(c)</sup><br>|
| 320000 | Series 2022-HQA1, Class M2, (30 day USD SOFR Average + 5.25%), 9.56%, due 3/25/2042<br> &nbsp;&nbsp; 339584<br> <sup>(a)(c)</sup><br>|
| 472000 | Series 2022-HQA3, Class M1B, (30 day USD SOFR Average + 3.55%), 7.86%, due 8/25/2042<br> &nbsp;&nbsp; 493830<br> <sup>(a)(c)</sup><br>|
| 240000 | Series 2024-DNA2, Class M2, (30 day USD SOFR Average + 1.70%), 6.01%, due 5/25/2044<br> &nbsp;&nbsp; 241123<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 153801 | Series 2021-R01, Class 1M2, (30 day USD SOFR Average + 1.55%), 5.86%, due 10/25/2041<br> &nbsp;&nbsp; 154180<br> <sup>(a)(c)</sup><br>|
| 340000 | Series 2021-R01, Class 1B1, (30 day USD SOFR Average + 3.10%), 7.41%, due 10/25/2041<br> &nbsp;&nbsp; 348240<br> <sup>(a)(c)</sup><br>|
| 410000 | Series 2021-R03, Class 1M2, (30 day USD SOFR Average + 1.65%), 5.96%, due 12/25/2041<br> &nbsp;&nbsp; 412435<br> <sup>(a)(c)</sup><br>|
| 360000 | Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.21%, due 12/25/2041<br> &nbsp;&nbsp; 362909<br> <sup>(a)(c)</sup><br>|
| 190000 | Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.41%, due 3/25/2042<br> &nbsp;&nbsp; 195712<br> <sup>(a)(c)</sup><br>|
| 395000 | Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.81%, due 3/25/2042<br> &nbsp;&nbsp; 410369<br> <sup>(a)(c)</sup><br>|
| 245000 | Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 8.96%, due 6/25/2042<br> &nbsp;&nbsp; 261188<br> <sup>(a)(c)</sup><br>|
| 252689 | Series 2022-R08, Class 1M1, (30 day USD SOFR Average + 2.55%), 6.86%, due 7/25/2042<br> &nbsp;&nbsp; 258326<br> <sup>(a)(c)</sup><br>|
| 43000 | Series 2022-R08, Class 1M2, (30 day USD SOFR Average + 3.60%), 7.91%, due 7/25/2042<br> &nbsp;&nbsp; 44855<br> <sup>(a)(c)</sup><br>|
| 214000 | Series 2022-R08, Class 1B1, (30 day USD SOFR Average + 5.60%), 9.91%, due 7/25/2042<br> &nbsp;&nbsp; 230659<br> <sup>(a)(c)</sup><br>|
| 281826 | Series 2023-R01, Class 1M1, (30 day USD SOFR Average + 2.40%), 6.71%, due 12/25/2042<br> &nbsp;&nbsp; 289086<br> <sup>(a)(c)</sup><br>|
| 127000 | Series 2023-R02, Class 1M2, (30 day USD SOFR Average + 3.35%), 7.66%, due 1/25/2043<br> &nbsp;&nbsp; 132413<br> <sup>(a)(c)</sup><br>|
| 156000 | Series 2024-R04, Class 1M2, (30 day USD SOFR Average + 1.65%), 5.96%, due 5/25/2044<br> &nbsp;&nbsp; 156783<br> <sup>(a)(c)</sup><br>|
| 83000 | Series 2025-R01, Class 1B1, (30 day USD SOFR Average + 1.70%), 6.01%, due 1/25/2045<br> &nbsp;&nbsp; 82948<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association REMIC |
| 514713 | Series 2024-40, Class FA, (30 day USD SOFR Average + 1.15%), 5.46%, due 3/25/2054<br> &nbsp;&nbsp; 514252<br> <sup>(c)</sup><br>|
| 385841 | Series 2025-35, Class HF, (30 day USD SOFR Average + 1.70%), 6.00%, due 5/25/2055<br> &nbsp;&nbsp; 386435<br> <sup>(c)</sup><br>|
|  | GCAT Trust |
| 117552 | Series 2019-NQM3, Class A1, 3.69%, due 11/25/2059<br> &nbsp;&nbsp; 114461<br> <sup>(a)(b)</sup><br>|
| 378371 | Series 2021-NQM5, Class A1, 1.26%, due 7/25/2066<br> &nbsp;&nbsp; 318986<br> <sup>(a)(b)</sup><br>|
|  | JP Morgan Mortgage Trust |
| 33577 | Series 2024-2, Class A6A, 6.00%, due 8/25/2054<br> &nbsp;&nbsp; 33492<br> <sup>(a)(b)</sup><br>|
| 81762 | Series 2024-4, Class A6A, 6.00%, due 10/25/2054<br> &nbsp;&nbsp; 81874<br> <sup>(a)(b)</sup><br>|
| 180540 | Series 2025-2, Class A4, 6.00%, due 7/25/2055<br> &nbsp;&nbsp; 182728<br> <sup>(a)(b)</sup><br>|
| 85991 | Series 2024-NQM1, Class A1, 5.59%, due 2/25/2064<br> &nbsp;&nbsp; 86453<br> <sup>(a)</sup><br>|
| 103190 | Series 2024-NQM1, Class A3, 5.95%, due 2/25/2064<br> &nbsp;&nbsp; 103740<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $| 77000 | Series 2024-NQM1, Class M1A, 6.41%, due 2/25/2064 | &nbsp;&nbsp; $77327<br> <sup>(a)(b)</sup><br>|
|  | 194000 | LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.92%, due 7/25/2039 | &nbsp;&nbsp; 195018<br> <sup>(a)</sup><br>|
|  | 79357 | &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2024-NQM3, Class A3, 5.40%, due <br> 7/25/2069<br>| &nbsp;&nbsp; 79000<br> <sup>(a)</sup><br>|
|  | 100000 | New Residential Mortgage Loan Trust, Series 2024-RTL2, Class A1, 5.44%, due 9/25/2039 | &nbsp;&nbsp; 100109<br> <sup>(a)</sup><br>|
|  | 112042 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032 | &nbsp;&nbsp; 112412<br> <sup>(a)</sup><br>|
|  |  | OBX Trust |  |
|  | 151822 | Series 2025-NQM7, Class A2, 5.76%, due 5/25/2055 | &nbsp;&nbsp; 152794<br> <sup>(a)</sup><br>|
|  | 100000 | Series 2024-NQM14, Class M1, 5.58%, due 9/25/2064 | &nbsp;&nbsp; 99301<br> <sup>(a)(b)</sup><br>|
|  |  | Sequoia Mortgage Trust |  |
|  | 39712 | Series 2024-2, Class A10, 6.00%, due 3/25/2054 | &nbsp;&nbsp; 39789<br> <sup>(a)(b)</sup><br>|
|  | 110587 | Series 2024-4, Class A10, 6.00%, due 5/25/2054 | &nbsp;&nbsp; 110850<br> <sup>(a)(b)</sup><br>|
|  | 367734 | SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, due 12/25/2061 | &nbsp;&nbsp; 315940<br> <sup>(a)(b)</sup><br>|
|  | 337656 | Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, due 9/25/2062 | &nbsp;&nbsp; 322875<br> <sup>(a)</sup><br>|
|  |  | Verus Securitization Trust |  |
|  | 349948 | Series 2021-3, Class A3, 1.44%, due 6/25/2066 | &nbsp;&nbsp; 305411<br> <sup>(a)(b)</sup><br>|
|  | 305542 | Series 2021-6, Class A3, 1.89%, due 10/25/2066 | &nbsp;&nbsp; 267351<br> <sup>(a)(b)</sup><br>|
|  | 85877 | Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 85630<br> <sup>(a)(b)</sup><br>|
|  | 85878 | Series 2024-7, Class A3, 5.40%, due 9/25/2069 | &nbsp;&nbsp; 85586<br> <sup>(a)</sup><br>|
|  | 135863 | Series 2025-3, Class A3, 5.93%, due 5/25/2070 | &nbsp;&nbsp; 136732<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **11843245** |
| **Commercial Mortgage-Backed 8.8%** | **Commercial Mortgage-Backed 8.8%** | **Commercial Mortgage-Backed 8.8%** | **Commercial Mortgage-Backed 8.8%** |
|  | 125000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class A1A2, 3.90%, due 8/10/2035 | &nbsp;&nbsp; 119532<br> <sup>(a)</sup><br>|
|  | 118000 | ALA Trust, Series 2025-OANA, Class D, (1 mo. USD Term SOFR + 3.09%), 7.39%, due 6/15/2040 | &nbsp;&nbsp; 118514<br> <sup>(a)(c)</sup><br>|
|  | 41000 | BANK5, Series 2023-5YR2, Class C, 7.40%, due 7/15/2056 | &nbsp;&nbsp; 42460<br> <sup>(b)</sup><br>|
|  |  | BBCMS Mortgage Trust |  |
|  | 5261089 | Series 2021-C11, Class XA, 1.47%, due 9/15/2054 | &nbsp;&nbsp; 298086<br> <sup>(b)(d)</sup><br>|
|  | 1018706 | Series 2022-C17, Class XA, 1.32%, due 9/15/2055 | &nbsp;&nbsp; 67093<br> <sup>(b)(d)</sup><br>|
|  |  | Benchmark Mortgage Trust |  |
|  | 87000 | Series 2023-V2, Class C, 7.00%, due 5/15/2055 | &nbsp;&nbsp; 89101<br> <sup>(b)</sup><br>|
|  | 64000 | Series 2023-V3, Class C, 7.41%, due 7/15/2056 | &nbsp;&nbsp; 65476<br> <sup>(b)</sup><br>|
|  | 44000 | Series 2023-B40, Class C, 7.66%, due 12/15/2056 | &nbsp;&nbsp; 46324<br> <sup>(b)</sup><br>|
|  | 15000 | Series 2024-V5, Class C, 7.20%, due 1/10/2057 | &nbsp;&nbsp; 15564<br> <sup>(b)</sup><br>|
|  | 126000 | Series 2024-V8, Class B, 7.18%, due 7/15/2057 | &nbsp;&nbsp; 133715<br> <sup>(b)</sup><br>|
|  |  | BLP Commercial Mortgage Trust |  |
|  | 119000 | Series 2025-IND, Class A, (1 mo. USD Term SOFR + 1.20%), 5.51%, due 3/15/2042 | &nbsp;&nbsp; 118593<br> <sup>(a)(c)</sup><br>|
|  | 111000 | Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), 6.56%, due 3/15/2042 | &nbsp;&nbsp; 109892<br> <sup>(a)(c)</sup><br>|
|  | 95000 | BMO Mortgage Trust, Series 2024-C8, Class C, 6.23%, due 3/15/2057 | &nbsp;&nbsp; 96947<br> <sup>(b)</sup><br>|
|  |  | BX Commercial Mortgage Trust |  |
|  | 96883 | Series 2021-VOLT, Class D, (1 mo. USD Term SOFR + 1.76%), 6.08%, due 9/15/2036 | &nbsp;&nbsp; 96429<br> <sup>(a)(c)</sup><br>|
|  | 96883 | Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.83%, due 9/15/2036 | &nbsp;&nbsp; 96429<br> <sup>(a)(c)</sup><br>|
|  | 130162 | Series 2024-MF, Class C, (1 mo. USD Term SOFR + 1.94%), 6.25%, due 2/15/2039 | &nbsp;&nbsp; 130447<br> <sup>(a)(c)</sup><br>|
|  | 115008 | Series 2024-XL5, Class D, (1 mo. USD Term SOFR + 2.69%), 7.00%, due 3/15/2041 | &nbsp;&nbsp; 115188<br> <sup>(a)(c)</sup><br>|
|  | 110000 | Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.50%, due 11/15/2041 | &nbsp;&nbsp; 110206<br> <sup>(a)(c)</sup><br>|
|  |  | BX Trust |  |
|  | 122000 | Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 7.20%, due 7/15/2029 | &nbsp;&nbsp; 121314<br> <sup>(a)(c)</sup><br>|
|  | 183000 | Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.30%, due 3/15/2030 | &nbsp;&nbsp; 180255<br> <sup>(a)(c)</sup><br>|
|  | 169000 | Series 2024-BIO, Class C, (1 mo. USD Term SOFR + 2.64%), 6.95%, due 2/15/2041 | &nbsp;&nbsp; 168366<br> <sup>(a)(c)</sup><br>|
|  | 90000 | Series 2019-OC11, Class D, 4.08%, due 12/9/2041 | &nbsp;&nbsp; 84133<br> <sup>(a)(b)</sup><br>|
|  | 100000 | Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class C, 6.05%, due 10/12/2040 | &nbsp;&nbsp; 101258<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| Principal Amount | Principal Amount |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
|  | COMM Mortgage Trust |
| $100000 | Series 2024-CBM, Class D, 8.19%, due 12/10/2041<br> &nbsp;&nbsp; $103189<br> <sup>(a)(b)</sup><br>|
| 120000 | Series 2024-277P, Class B, 7.23%, due 8/10/2044<br> &nbsp;&nbsp; 127392<br> <sup>(a)(b)</sup><br>|
|  | CONE Trust |
| 48000 | Series 2024-DFW1, Class A, (1 mo. USD Term SOFR + 1.64%), 5.95%, due 8/15/2041<br> &nbsp;&nbsp; 47819<br> <sup>(a)(c)</sup><br>|
| 51000 | Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.35%, due 8/15/2041<br> &nbsp;&nbsp; 50868<br> <sup>(a)(c)</sup><br>|
| 11253108 | CSAIL Commercial Mortgage Trust, Series 2016-C5, Class XA, 0.98%, due 11/15/2048<br> &nbsp;&nbsp; 4964<br> <sup>(b)(d)</sup><br>|
| 300000 | Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.67%, due 9/10/2035<br> &nbsp;&nbsp; 296125<br> <sup>(a)(b)</sup><br>|
|  | ELM Trust |
| 100000 | Series 2024-ELM, Class D10, 6.85%, due 6/10/2039<br> &nbsp;&nbsp; 100339<br> <sup>(a)(b)</sup><br>|
| 100000 | Series 2024-ELM, Class D15, 6.90%, due 6/10/2039<br> &nbsp;&nbsp; 100339<br> <sup>(a)(b)</sup><br>|
| 120000 | Fashion Show Mall LLC, Series 2024-SHOW, Class C, 6.28%, due 10/10/2041<br> &nbsp;&nbsp; 122229<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multiclass Certificates |
| 2420000 | Series 2020-RR03, Class X1, 1.71%, due 7/27/2028<br> &nbsp;&nbsp; 103535<br> <sup>(d)</sup><br>|
| 1500000 | Series 2020-RR02, Class DX, 1.82%, due 9/27/2028<br> &nbsp;&nbsp; 72587<br> <sup>(b)(d)</sup><br>|
| 1535000 | Series 2020-RR02, Class CX, 1.27%, due 3/27/2029<br> &nbsp;&nbsp; 60038<br> <sup>(b)(d)</sup><br>|
| 34310 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2024-MN8, Class M1, <br> (30 day USD SOFR Average + 2.85%), 7.16%, due 5/25/2044<br>&nbsp;&nbsp; 34657<br> <sup>(a)(c)</sup><br>|
| 75000 | FIVE Mortgage Trust, Series 2023-V1, Class C, 6.51%, due 2/10/2056<br> &nbsp;&nbsp; 75959<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class D, (1 mo. USD Term SOFR + 2.89%), 7.20%, due <br> 3/15/2039<br>&nbsp;&nbsp; 100312<br> <sup>(a)(c)</sup><br>|
|  | GS Mortgage Securities Trust |
| 6411885 | Series 2013-GC13, Class XA, 0.00%, due 7/10/2046<br> &nbsp;&nbsp; 64<br> <sup>(b)(d)</sup><br>|
| 64000 | Series 2016-GS2, Class C, 4.85%, due 5/10/2049<br> &nbsp;&nbsp; 61825<br> <sup>(b)</sup><br>|
| 334509 | Series 2015-GC30, Class XA, 0.42%, due 5/10/2050<br> &nbsp;&nbsp; 2<br> <sup>(b)(d)</sup><br>|
| 157000 | Hilton USA Trust, Series 2016-HHV, Class C, 4.33%, due 11/5/2038<br> &nbsp;&nbsp; 154476<br> <sup>(a)(b)</sup><br>|
|  | Hudson Yards Mortgage Trust |
| 100000 | Series 2025-SPRL, Class D, 6.55%, due 1/13/2040<br> &nbsp;&nbsp; 103532<br> <sup>(a)(b)</sup><br>|
| 100000 | Series 2025-SPRL, Class E, 6.90%, due 1/13/2040<br> &nbsp;&nbsp; 103500<br> <sup>(a)(b)</sup><br>|
| 139000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.56%, due <br> 3/15/2042<br>&nbsp;&nbsp; 138479<br> <sup>(a)(c)</sup><br>|
|  | IP Mortgage Trust |
| 50000 | Series 2025-IP, Class A, 5.25%, due 6/10/2042<br> &nbsp;&nbsp; 50724<br> <sup>(a)(b)</sup><br>|
| 40000 | Series 2025-IP, Class D, 6.31%, due 6/10/2042<br> &nbsp;&nbsp; 40445<br> <sup>(a)(b)</sup><br>|
| 29000 | Series 2025-IP, Class E, 6.85%, due 6/10/2042<br> &nbsp;&nbsp; 29264<br> <sup>(a)(b)</sup><br>|
| 122000 | IRV Trust, Series 2025-200P, Class C, 5.92%, due 3/14/2047<br> &nbsp;&nbsp; 121201<br> <sup>(a)(b)</sup><br>|
| 135000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class D, 3.56%, due <br> 1/5/2039<br>&nbsp;&nbsp; 111091<br> <sup>(a)(b)</sup><br>|
| 100000 | Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.41%, due 9/10/2039<br> &nbsp;&nbsp; 92621<br> <sup>(a)(b)</sup><br>|
| 100000 | &nbsp;&nbsp; MED Commercial Mortgage Trust, Series 2024-MOB, Class C, (1 mo. USD Term SOFR + 2.29%), <br> 6.60%, due 5/15/2041<br>&nbsp;&nbsp; 98962<br> <sup>(a)(c)</sup><br>|
| 67608 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C9, Class B, 3.71%, due <br> 5/15/2046<br>&nbsp;&nbsp; 65603<br> <sup>(b)</sup><br>|
|  | Morgan Stanley Capital I Trust |
| 57000 | Series 2021-230P, Class B, (1 mo. USD Term SOFR + 1.56%), 5.88%, due 12/15/2038<br> &nbsp;&nbsp; 53020<br> <sup>(a)(c)</sup><br>|
| 70000 | Series 2018-H4, Class C, 5.22%, due 12/15/2051<br> &nbsp;&nbsp; 64678<br> <sup>(b)</sup><br>|
| 29000 | MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.25%, due 12/15/2056<br> &nbsp;&nbsp; 30073<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), <br> 6.75%, due 2/15/2042<br>&nbsp;&nbsp; 98258<br> <sup>(a)(c)</sup><br>|
|  | One Market Plaza Trust |
| 73045 | Series 2017-1MKT, Class A, 3.61%, due 2/10/2032<br> &nbsp;&nbsp; 69787<br> <sup>(a)</sup><br>|
| 100000 | Series 2017-1MKT, Class B, 3.85%, due 2/10/2032<br> &nbsp;&nbsp; 93046<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 150000 | &nbsp;&nbsp; ONE Mortgage Trust, Series 2021-PARK, Class A, (1 mo. USD Term SOFR + 0.81%), 5.13%, due <br> 3/15/2036<br>| &nbsp;&nbsp; $147253<br> <sup>(a)(c)</sup><br>|
|  | 121000 | ONNI Commercial Mortgage Trust, Series 2024-APT, Class C, 6.64%, due 7/15/2039 | &nbsp;&nbsp; 124196<br> <sup>(a)(b)</sup><br>|
|  | 100000 | ORL Trust, Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 7.10%, due 12/15/2039 | &nbsp;&nbsp; 99813<br> <sup>(a)(c)</sup><br>|
|  | 141000 | PRM5 Trust, Series 2025-PRM5, Class D, 5.81%, due 3/10/2033 | &nbsp;&nbsp; 140339<br> <sup>(a)(b)</sup><br>|
|  | 142000 | RIDE, Series 2025-SHRE, Class C, 6.32%, due 2/14/2047 | &nbsp;&nbsp; 142721<br> <sup>(a)(b)</sup><br>|
|  | 188000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 196338<br> <sup>(a)</sup><br>|
|  | 121000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.25%, due 4/15/2042 | &nbsp;&nbsp; 120815<br> <sup>(a)(c)</sup><br>|
|  |  | SFO Commercial Mortgage Trust |  |
|  | 178000 | Series 2021-555, Class A, (1 mo. USD Term SOFR + 1.26%), 5.58%, due 5/15/2038 | &nbsp;&nbsp; 177116<br> <sup>(a)(c)</sup><br>|
|  | 26000 | Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.83%, due 5/15/2038 | &nbsp;&nbsp; 25482<br> <sup>(a)(c)</sup><br>|
|  | 100000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.30%, due 12/15/2039<br>| &nbsp;&nbsp; 99750<br> <sup>(a)(c)</sup><br>|
|  |  | Wells Fargo Commercial Mortgage Trust |  |
|  | 118000 | Series 2024-1CHI, Class C, 6.43%, due 7/15/2035 | &nbsp;&nbsp; 118995<br> <sup>(a)(b)</sup><br>|
|  | 71000 | Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 72343<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6971486** |
| **Federal Home Loan Mortgage Corp. 3.7%** | **Federal Home Loan Mortgage Corp. 3.7%** | **Federal Home Loan Mortgage Corp. 3.7%** | **Federal Home Loan Mortgage Corp. 3.7%** |
|  |  | Pass-Through Certificates |  |
|  | 18506 | 3.50%, due 5/1/2026 | &nbsp;&nbsp; 18380 |
|  | 223869 | 4.50%, due 11/1/2039 | &nbsp;&nbsp; 223611 |
|  | 1549323 | 5.50%, due 9/1/2052 - 4/1/2053 | &nbsp;&nbsp; 1555022 |
|  | 1083430 | 6.00%, due 10/1/2052 - 3/1/2053 | &nbsp;&nbsp; 1102527 |
|  |  |  | &nbsp;&nbsp; **2899540** |
| **Federal National Mortgage Association 3.2%** | **Federal National Mortgage Association 3.2%** | **Federal National Mortgage Association 3.2%** | **Federal National Mortgage Association 3.2%** |
|  |  | Pass-Through Certificates |  |
|  | 432201 | 4.50%, due 5/1/2041 - 5/1/2044 | &nbsp;&nbsp; 428140 |
|  | 876931 | 5.50%, due 11/1/2052 - 5/1/2053 | &nbsp;&nbsp; 879001 |
|  | 1165121 | 6.00%, due 11/1/2052 - 10/1/2053 | &nbsp;&nbsp; 1192308 |
|  |  |  | &nbsp;&nbsp; **2499449** |
| **Total Mortgage-Backed Securities (Cost $25,393,628)** | **Total Mortgage-Backed Securities (Cost $25,393,628)** | **Total Mortgage-Backed Securities (Cost $25,393,628)** | &nbsp;&nbsp; **24213720** |
| **Asset-Backed Securities 23.6%** | **Asset-Backed Securities 23.6%** | **Asset-Backed Securities 23.6%** | **Asset-Backed Securities 23.6%** |
| **Automobiles 3.6%** | **Automobiles 3.6%** | **Automobiles 3.6%** | **Automobiles 3.6%** |
|  |  | Avis Budget Rental Car Funding AESOP LLC |  |
|  | 96000 | Series 2020-2A, Class B, 2.96%, due 2/20/2027 | &nbsp;&nbsp; 95125<br> <sup>(a)</sup><br>|
|  | 115000 | Series 2022-5A, Class C, 6.24%, due 4/20/2027 | &nbsp;&nbsp; 115358<br> <sup>(a)</sup><br>|
|  | 158000 | Series 2021-2A, Class B, 1.90%, due 2/20/2028 | &nbsp;&nbsp; 151421<br> <sup>(a)</sup><br>|
|  | 125000 | Series 2024-1A, Class C, 6.48%, due 6/20/2030 | &nbsp;&nbsp; 128684<br> <sup>(a)</sup><br>|
|  | 223917 | BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.29%, due 7/26/2032 | &nbsp;&nbsp; 227621<br> <sup>(a)</sup><br>|
|  | 195000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 198677 |
|  | 218000 | Flagship Credit Auto Trust, Series 2024-1, Class A3, 5.48%, due 10/16/2028 | &nbsp;&nbsp; 220091<br> <sup>(a)</sup><br>|
|  | 95000 | GLS Auto Receivables Issuer Trust, Series 2025-2A, Class D, 5.59%, due 1/15/2031 | &nbsp;&nbsp; 96616<br> <sup>(a)</sup><br>|
|  |  | GLS Auto Select Receivables Trust |  |
|  | 30000 | Series 2024-4A, Class C, 4.75%, due 11/15/2030 | &nbsp;&nbsp; 30005<br> <sup>(a)</sup><br>|
|  | 30000 | Series 2025-1A, Class B, 5.04%, due 2/15/2031 | &nbsp;&nbsp; 30439<br> <sup>(a)</sup><br>|
|  | 36000 | Series 2025-1A, Class C, 5.26%, due 3/15/2031 | &nbsp;&nbsp; 36637<br> <sup>(a)</sup><br>|
|  | 79000 | Series 2024-4A, Class D, 5.28%, due 10/15/2031 | &nbsp;&nbsp; 79637<br> <sup>(a)</sup><br>|
|  | 150854 | Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, due 5/20/2032 | &nbsp;&nbsp; 153418<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| Principal Amount | Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** |
| $| 565000 | Prestige Auto Receivables Trust, Series 2021-1A, Class D, 2.08%, due 2/15/2028 | &nbsp;&nbsp; $553648<br> <sup>(a)</sup><br>|
|  |  | Santander Drive Auto Receivables Trust |  |
|  | 45000 | Series 2024-1, Class C, 5.45%, due 3/15/2030 | &nbsp;&nbsp; 45516 |
|  | 219000 | Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; 222495 |
|  | 197000 | Series 2025-2, Class C, 5.06%, due 5/15/2031 | &nbsp;&nbsp; 199423 |
|  | 63000 | SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, due 1/20/2032 | &nbsp;&nbsp; 64349<br> <sup>(a)</sup><br>|
|  | 89240 | U.S. Bank NA, Series 2023-1, Class B, 6.79%, due 8/25/2032 | &nbsp;&nbsp; 90295<br> <sup>(a)</sup><br>|
|  | 108000 | Westlake Automobile Receivables Trust, Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 109653<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2849108** |
| **Home Equity 0.8%** | **Home Equity 0.8%** | **Home Equity 0.8%** | **Home Equity 0.8%** |
|  |  | JP Morgan Mortgage Trust |  |
|  | 92713 | Series 2023-HE2, Class A1, (30 day USD SOFR Average + 1.70%), 6.00%, due 3/20/2054 | &nbsp;&nbsp; 93090<br> <sup>(a)(c)</sup><br>|
|  | 75000 | Series 2023-HE3, Class M1, (30 day USD SOFR Average + 2.10%), 6.40%, due 5/20/2054 | &nbsp;&nbsp; 75488<br> <sup>(a)(c)</sup><br>|
|  | 79705 | Series 2024-HE1, Class A1, (30 day USD SOFR Average + 1.50%), 5.80%, due 8/25/2054 | &nbsp;&nbsp; 79858<br> <sup>(a)(c)</sup><br>|
|  | 42000 | Series 2024-HE1, Class M1, (30 day USD SOFR Average + 2.00%), 6.30%, due 8/25/2054 | &nbsp;&nbsp; 42221<br> <sup>(a)(c)</sup><br>|
|  |  | Towd Point Mortgage Trust |  |
|  | 157638 | Series 2024-CES1, Class A1A, 5.85%, due 1/25/2064 | &nbsp;&nbsp; 158216<br> <sup>(a)</sup><br>|
|  | 139796 | Series 2024-CES2, Class A1A, 6.13%, due 2/25/2064 | &nbsp;&nbsp; 140994<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **589867** |
| **Other 18.0%** | **Other 18.0%** | **Other 18.0%** | **Other 18.0%** |
|  | 116752 | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 7/17/2046 | &nbsp;&nbsp; 107435<br> <sup>(a)</sup><br>|
|  | 86274 | Auxilior Term Funding LLC, Series 2023-1A, Class A2, 6.18%, due 12/15/2028 | &nbsp;&nbsp; 86969<br> <sup>(a)</sup><br>|
|  | 95000 | Blue Stream Issuer LLC, Series 2024-1A, Class A2, 5.41%, due 11/20/2054 | &nbsp;&nbsp; 95706<br> <sup>(a)</sup><br>|
|  | 168181 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 171797<br> <sup>(a)</sup><br>|
|  | 243364 | Castlelake Aircraft Structured Trust, Series 2025-1A, Class A, 5.78%, due 2/15/2050 | &nbsp;&nbsp; 246757<br> <sup>(a)</sup><br>|
|  | 110000 | CCG Receivables Trust, Series 2024-1, Class C, 5.22%, due 3/15/2032 | &nbsp;&nbsp; 111767<br> <sup>(a)</sup><br>|
|  |  | Cloud Capital Holdco LP |  |
|  | 110000 | Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 111439<br> <sup>(a)</sup><br>|
|  | 71000 | Series 2024-2A, Class A2, 5.92%, due 11/22/2049 | &nbsp;&nbsp; 71255<br> <sup>(a)</sup><br>|
|  |  | Compass Datacenters Issuer II LLC |  |
|  | 145000 | Series 2024-1A, Class A1, 5.25%, due 2/25/2049 | &nbsp;&nbsp; 145774<br> <sup>(a)</sup><br>|
|  | 100000 | Series 2024-1A, Class B, 7.00%, due 2/25/2049 | &nbsp;&nbsp; 102817<br> <sup>(a)</sup><br>|
|  | 100000 | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class A, 6.05%, due 1/20/2031 | &nbsp;&nbsp; 101022<br> <sup>(a)</sup><br>|
|  | 121000 | CyrusOne Data Centers Issuer I LLC, Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 122732<br> <sup>(a)</sup><br>|
|  | 165000 | Dell Equipment Finance Trust, Series 2024-1, Class C, 5.73%, due 3/22/2030 | &nbsp;&nbsp; 167465<br> <sup>(a)</sup><br>|
|  | 110062 | Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A, 6.16%, due 2/25/2038 | &nbsp;&nbsp; 113453<br> <sup>(a)</sup><br>|
|  | 565000 | &nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class A, (3 mo. USD Term SOFR + 1.48%), 5.75%, due <br> 10/20/2034<br>| &nbsp;&nbsp; 565803<br> <sup>(a)(c)</sup><br>|
|  |  | Foundation Finance Trust |  |
|  | 97321 | Series 2024-2A, Class B, 4.93%, due 3/15/2050 | &nbsp;&nbsp; 97107<br> <sup>(a)</sup><br>|
|  | 91528 | Series 2025-1A, Class A, 4.95%, due 4/15/2050 | &nbsp;&nbsp; 92064<br> <sup>(a)</sup><br>|
|  |  | Frontier Issuer LLC |  |
|  | 221000 | Series 2023-1, Class A2, 6.60%, due 8/20/2053 | &nbsp;&nbsp; 224492<br> <sup>(a)</sup><br>|
|  | 64000 | Series 2024-1, Class B, 7.02%, due 6/20/2054 | &nbsp;&nbsp; 66890<br> <sup>(a)</sup><br>|
|  | 100000 | &nbsp;&nbsp; Gracie Point International Funding LLC, Series 2024-1A, Class A, (90 day USD SOFR Average + <br> 1.70%), 6.12%, due 3/1/2028<br>| &nbsp;&nbsp; 100186<br> <sup>(a)(c)</sup><br>|
|  | 144000 | GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A3, 4.49%, due 4/16/2029 | &nbsp;&nbsp; 144316<br> <sup>(a)</sup><br>|
|  | 100000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class B, 5.39%, due 3/25/2060 | &nbsp;&nbsp; 100911<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| Principal Amount | Principal Amount |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $136405 | GreenSky Home Improvement Trust, Series 2024-1, Class A4, 5.67%, due 6/25/2059<br> &nbsp;&nbsp; $139090<br> <sup>(a)</sup><br>|
|  | Hilton Grand Vacations Trust |
| 38827 | Series 2022-2A, Class A, 4.30%, due 1/25/2037<br> &nbsp;&nbsp; 38523<br> <sup>(a)</sup><br>|
| 38827 | Series 2022-2A, Class B, 4.74%, due 1/25/2037<br> &nbsp;&nbsp; 38609<br> <sup>(a)</sup><br>|
| 80275 | Series 2024-2A, Class C, 5.99%, due 3/25/2038<br> &nbsp;&nbsp; 81259<br> <sup>(a)</sup><br>|
| 62492 | Series 2024-1B, Class A, 5.75%, due 9/15/2039<br> &nbsp;&nbsp; 63514<br> <sup>(a)</sup><br>|
| 45307 | Series 2024-1B, Class B, 5.99%, due 9/15/2039<br> &nbsp;&nbsp; 45975<br> <sup>(a)</sup><br>|
| 26039 | Series 2024-1B, Class C, 6.62%, due 9/15/2039<br> &nbsp;&nbsp; 26446<br> <sup>(a)</sup><br>|
| 142831 | Series 2024-3A, Class A, 4.98%, due 8/27/2040<br> &nbsp;&nbsp; 144241<br> <sup>(a)</sup><br>|
| 100000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035<br> &nbsp;&nbsp; 101984<br> <sup>(a)</sup><br>|
| 204000 | Kubota Credit Owner Trust, Series 2025-1A, Class A3, 4.67%, due 6/15/2029<br> &nbsp;&nbsp; 206698<br> <sup>(a)</sup><br>|
| 156563 | MetroNet Infrastructure Issuer LLC, Series 2022-1A, Class A2, 6.35%, due 10/20/2052<br> &nbsp;&nbsp; 159172<br> <sup>(a)</sup><br>|
| 500000 | &nbsp;&nbsp; Milos CLO Ltd., Series 2017-1A, Class DR, (3 mo. USD Term SOFR + 3.01%), 7.28%, due <br> 10/20/2030<br>&nbsp;&nbsp; 498346<br> <sup>(a)(c)</sup><br>|
|  | MVW LLC |
| 158035 | Series 2021-2A, Class A, 1.43%, due 5/20/2039<br> &nbsp;&nbsp; 150091<br> <sup>(a)</sup><br>|
| 109537 | Series 2021-2A, Class B, 1.83%, due 5/20/2039<br> &nbsp;&nbsp; 103438<br> <sup>(a)</sup><br>|
| 32045 | Series 2021-1WA, Class B, 1.44%, due 1/22/2041<br> &nbsp;&nbsp; 30568<br> <sup>(a)</sup><br>|
| 82577 | Series 2024-2A, Class B, 4.58%, due 3/20/2042<br> &nbsp;&nbsp; 81554<br> <sup>(a)</sup><br>|
| 82577 | Series 2024-2A, Class C, 4.92%, due 3/20/2042<br> &nbsp;&nbsp; 80770<br> <sup>(a)</sup><br>|
| 106148 | Series 2025-1A, Class B, 5.21%, due 9/22/2042<br> &nbsp;&nbsp; 106961<br> <sup>(a)</sup><br>|
| 100258 | Series 2024-1A, Class B, 5.51%, due 2/20/2043<br> &nbsp;&nbsp; 101272<br> <sup>(a)</sup><br>|
| 103660 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031<br> &nbsp;&nbsp; 105301<br> <sup>(a)</sup><br>|
| 1100000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-21A, Class D1R, (3 mo. USD Term SOFR + 2.65%), 6.92%, due <br> 1/20/2038<br>&nbsp;&nbsp; 1095156<br> <sup>(a)(c)</sup><br>|
| 151892 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032<br> &nbsp;&nbsp; 154057<br> <sup>(a)</sup><br>|
| 1000000 | &nbsp;&nbsp; Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.55%), 5.83%, <br> due 4/25/2037<br>&nbsp;&nbsp; 1003858<br> <sup>(a)(c)</sup><br>|
| 1900000 | RR 29 Ltd., Series 2024-29RA, Class A1R, (3 mo. USD Term SOFR + 1.39%), 5.65%, due 7/15/2039<br> &nbsp;&nbsp; 1906072<br> <sup>(a)(c)</sup><br>|
|  | Sierra Timeshare Receivables Funding LLC |
| 45938 | Series 2023-2A, Class C, 7.30%, due 4/20/2040<br> &nbsp;&nbsp; 47516<br> <sup>(a)</sup><br>|
| 66097 | Series 2023-3A, Class B, 6.44%, due 9/20/2040<br> &nbsp;&nbsp; 68054<br> <sup>(a)</sup><br>|
| 59896 | Series 2024-2A, Class C, 5.83%, due 6/20/2041<br> &nbsp;&nbsp; 60507<br> <sup>(a)</sup><br>|
| 125456 | Series 2024-3A, Class C, 5.32%, due 8/20/2041<br> &nbsp;&nbsp; 125259<br> <sup>(a)</sup><br>|
| 149794 | Series 2025-1A, Class A, 4.81%, due 1/21/2042<br> &nbsp;&nbsp; 150634<br> <sup>(a)</sup><br>|
| 99682 | Series 2024-1A, Class C, 5.94%, due 1/20/2043<br> &nbsp;&nbsp; 100786<br> <sup>(a)</sup><br>|
| 155000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031<br> &nbsp;&nbsp; 156280<br> <sup>(a)</sup><br>|
| 263000 | Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, due 10/25/2048<br> &nbsp;&nbsp; 265086<br> <sup>(a)</sup><br>|
| 131340 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054<br> &nbsp;&nbsp; 133559<br> <sup>(a)</sup><br>|
|  | Taco Bell Funding LLC |
| 120938 | Series 2016-1A, Class A23, 4.97%, due 5/25/2046<br> &nbsp;&nbsp; 120936<br> <sup>(a)</sup><br>|
| 104145 | Series 2021-1A, Class A2I, 1.95%, due 8/25/2051<br> &nbsp;&nbsp; 99263<br> <sup>(a)</sup><br>|
| 145970 | Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, due 6/21/2050<br> &nbsp;&nbsp; 146458<br> <sup>(a)</sup><br>|
| 200000 | Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, 5.98%, due 11/15/2027<br> &nbsp;&nbsp; 203255<br> <sup>(a)</sup><br>|
| 1300000 | &nbsp;&nbsp; Trestles CLO III Ltd., Series 2020-3A, Class D1R, (3 mo. USD Term SOFR + 3.15%), 7.42%, due <br> 10/20/2037<br>&nbsp;&nbsp; 1300948<br> <sup>(a)(c)</sup><br>|
| 1100000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.45%, due <br> 4/25/2038<br>&nbsp;&nbsp; 1099503<br> <sup>(a)(c)</sup><br>|
| 128000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 4/20/2055<br> &nbsp;&nbsp; 130871<br> <sup>(a)</sup><br>|
| 195248 | Volofin Finance DAC, Series 2024-1A, Class A, 5.94%, due 6/15/2037<br> &nbsp;&nbsp; 197173<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
|  | Wireless PropCo Funding LLC |  |
| 45000 | Series 2025-1A, Class A2, 4.07%, due 6/25/2055 | &nbsp;&nbsp; $42987<br> <sup>(a)(e)</sup><br>|
| 40000 | Series 2025-1A, Class B, 4.30%, due 6/25/2055 | &nbsp;&nbsp; 37536<br> <sup>(a)</sup><br>|
| 135000 | Ziply Fiber Issuer LLC, Series 2024-1A, Class B, 7.81%, due 4/20/2054 | &nbsp;&nbsp; 141137<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **14238860** |
| **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** | **Real Estate Investment Trusts 0.3%** |
| 216000 | American Tower Trust 1, 5.49%, due 3/15/2053 | &nbsp;&nbsp; **219643**<br> <sup>(a)</sup><br>|
| **Student Loan 0.9%** | **Student Loan 0.9%** | **Student Loan 0.9%** |
|  | Bayview Opportunity Master Fund VII LLC |  |
| 32216 | Series 2024-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 6.11%, due 6/25/2047 | &nbsp;&nbsp; 32106<br> <sup>(a)(c)</sup><br>|
| 13692 | Series 2024-EDU1, Class D, (30 day USD SOFR Average + 2.75%), 7.06%, due 6/25/2047 | &nbsp;&nbsp; 13953<br> <sup>(a)(c)</sup><br>|
|  | Navient Private Education Refi Loan Trust |  |
| 325409 | Series 2021-EA, Class A, 0.97%, due 12/16/2069 | &nbsp;&nbsp; 291148<br> <sup>(a)</sup><br>|
| 250406 | Series 2021-FA, Class A, 1.11%, due 2/18/2070 | &nbsp;&nbsp; 221741<br> <sup>(a)</sup><br>|
| 160822 | Series 2024-A, Class A, 5.66%, due 10/15/2072 | &nbsp;&nbsp; 162899<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **721847** |
| **Total Asset-Backed Securities (Cost $18,509,001)** | **Total Asset-Backed Securities (Cost $18,509,001)** | &nbsp;&nbsp; **18619325** |
| **Corporate Bonds 38.9%** | **Corporate Bonds 38.9%** | **Corporate Bonds 38.9%** |
| **Advertising 0.2%** | **Advertising 0.2%** | **Advertising 0.2%** |
| 90000 | Clear Channel Outdoor Holdings, Inc., 5.13%, due 8/15/2027 | &nbsp;&nbsp; 88976<br> <sup>(a)</sup><br>|
| 85000 | Neptune Bidco U.S., Inc., 9.29%, due 4/15/2029 | &nbsp;&nbsp; 82763<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **171739** |
| **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** |
|  | Boeing Co. |  |
| 480000 | 2.70%, due 2/1/2027 | &nbsp;&nbsp; 466532 |
| 380000 | 6.30%, due 5/1/2029 | &nbsp;&nbsp; 401718 |
| 570000 | L3Harris Technologies, Inc., 5.40%, due 1/15/2027 | &nbsp;&nbsp; 579445 |
| 400000 | RTX Corp., 4.13%, due 11/16/2028 | &nbsp;&nbsp; 398386 |
|  |  | &nbsp;&nbsp; **1846081** |
| **Agriculture 0.4%** | **Agriculture 0.4%** | **Agriculture 0.4%** |
| 285000 | Philip Morris International, Inc., 4.13%, due 4/28/2028 | &nbsp;&nbsp; **284442** |
| **Airlines 1.0%** | **Airlines 1.0%** | **Airlines 1.0%** |
| 200000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; 199824<br> <sup>(a)</sup><br>|
| 535000 | Delta Air Lines, Inc., 4.95%, due 7/10/2028 | &nbsp;&nbsp; 538056 |
| 89167 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/2025 | &nbsp;&nbsp; 88951<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **826831** |
| **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** | **Auto Manufacturers 0.5%** |
|  | Ford Motor Credit Co. LLC |  |
| 20000 | 6.95%, due 6/10/2026 | &nbsp;&nbsp; 20273 |
| 190000 | 7.35%, due 11/4/2027 | &nbsp;&nbsp; 197325 |
| 65000 | 6.80%, due 5/12/2028 | &nbsp;&nbsp; 67179 |
| 160000 | 2.90%, due 2/10/2029 | &nbsp;&nbsp; 145484 |
|  |  | &nbsp;&nbsp; **430261** |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Banks 12.4%** | **Banks 12.4%** | **Banks 12.4%** |
|  | Bank of America Corp. |  |
| $810000 | 2.55%, due 2/4/2028 | &nbsp;&nbsp; $787232<br> <sup>(f)</sup><br>|
| 500000 | 4.62%, due 5/9/2029 | &nbsp;&nbsp; 503173<br> <sup>(f)</sup><br>|
|  | Barclays PLC |  |
| 465000 | 5.67%, due 3/12/2028 | &nbsp;&nbsp; 473819<br> <sup>(f)</sup><br>|
| 400000 | 4.84%, due 9/10/2028 | &nbsp;&nbsp; 403088<br> <sup>(f)</sup><br>|
|  | Citigroup, Inc. |  |
| 395000 | 4.79%, due 3/4/2029 | &nbsp;&nbsp; 397837<br> <sup>(f)</sup><br>|
| 865000 | 4.54%, due 9/19/2030 | &nbsp;&nbsp; 861079<br> <sup>(f)</sup><br>|
| 400000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 5.17%, due 1/28/2028 | &nbsp;&nbsp; 399865<br> <sup>(c)</sup><br>|
| 1035000 | Goldman Sachs Group, Inc., 1.95%, due 10/21/2027 | &nbsp;&nbsp; 1002151<br> <sup>(f)</sup><br>|
| 395000 | JPMorgan Chase & Co., 4.92%, due 1/24/2029 | &nbsp;&nbsp; 400304<br> <sup>(f)</sup><br>|
| 860000 | Lloyds Banking Group PLC, 5.09%, due 11/26/2028 | &nbsp;&nbsp; 871300<br> <sup>(f)</sup><br>|
| 240000 | M&T Bank Corp., 4.83%, due 1/16/2029 | &nbsp;&nbsp; 241969<br> <sup>(f)</sup><br>|
| 435000 | Manufacturers & Traders Trust Co., 4.70%, due 1/27/2028 | &nbsp;&nbsp; 438833 |
| 1020000 | Mizuho Financial Group, Inc., (Secured Overnight Financing Rate + 1.25%), 5.67%, due 7/8/2031 | &nbsp;&nbsp; 1023560<br> <sup>(c)(g)</sup><br>|
|  | Morgan Stanley |  |
| 410000 | 1.59%, due 5/4/2027 | &nbsp;&nbsp; 400099<br> <sup>(f)</sup><br>|
| 160000 | 5.65%, due 4/13/2028 | &nbsp;&nbsp; 163552<br> <sup>(f)</sup><br>|
| 445000 | Morgan Stanley Bank NA, 5.02%, due 1/12/2029 | &nbsp;&nbsp; 451919<br> <sup>(f)</sup><br>|
| 600000 | Truist Bank, 4.67%, due 5/20/2027 | &nbsp;&nbsp; 600894<br> <sup>(f)</sup><br>|
| 350000 | Truist Financial Corp., 5.90%, due 10/28/2026 | &nbsp;&nbsp; 351440<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **9772114** |
| **Building Materials 0.1%** | **Building Materials 0.1%** | **Building Materials 0.1%** |
| 40000 | Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028 | &nbsp;&nbsp; 36888<br> <sup>(a)</sup><br>|
| 85000 | Jeld-Wen, Inc., 4.88%, due 12/15/2027 | &nbsp;&nbsp; 78802<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **115690** |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
|  | Olympus Water U.S. Holding Corp. |  |
| 170000 | 7.13%, due 10/1/2027 | &nbsp;&nbsp; 173107<br> <sup>(a)</sup><br>|
| 115000 | 9.75%, due 11/15/2028 | &nbsp;&nbsp; 121098<br> <sup>(a)</sup><br>|
| 190000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026 | &nbsp;&nbsp; 188768<br> <sup>(a)</sup><br>|
| 80000 | WR Grace Holdings LLC, 4.88%, due 6/15/2027 | &nbsp;&nbsp; 79538<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **562511** |
| **Commercial Services 0.3%** | **Commercial Services 0.3%** | **Commercial Services 0.3%** |
| 85000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 82066<br> <sup>(a)</sup><br>|
| 105000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 113662<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **195728** |
| **Computers 0.7%** | **Computers 0.7%** | **Computers 0.7%** |
| 130000 | ASGN, Inc., 4.63%, due 5/15/2028 | &nbsp;&nbsp; 126786<br> <sup>(a)</sup><br>|
| 410000 | Dell International LLC/EMC Corp., 4.75%, due 4/1/2028 | &nbsp;&nbsp; 414798 |
|  |  | &nbsp;&nbsp; **541584** |
| **Distribution - Wholesale 0.2%** | **Distribution - Wholesale 0.2%** | **Distribution - Wholesale 0.2%** |
| 140000 | Resideo Funding, Inc., 4.00%, due 9/1/2029 | &nbsp;&nbsp; **131964**<br> <sup>(a)</sup><br>|
| **Diversified Financial Services 1.2%** | **Diversified Financial Services 1.2%** | **Diversified Financial Services 1.2%** |
| 380000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 4/1/2028 | &nbsp;&nbsp; 383780 |
| 380000 | Capital One Financial Corp., 3.75%, due 3/9/2027 | &nbsp;&nbsp; 376791 |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** |
| 140000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; $147213<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **907784** |
| **Electric 3.0%** | **Electric 3.0%** | **Electric 3.0%** |
| 295000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 304099<br> <sup>(a)</sup><br>|
| 90000 | Calpine Corp., 4.50%, due 2/15/2028 | &nbsp;&nbsp; 89270<br> <sup>(a)</sup><br>|
| 465000 | Dominion Energy, Inc., 2.85%, due 8/15/2026 | &nbsp;&nbsp; 457027 |
| 425000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.80%), 5.16%, <br> due 2/4/2028<br>| &nbsp;&nbsp; 427073<br> <sup>(c)</sup><br>|
| 80000 | NRG Energy, Inc., 10.25%, due 3/15/2028 | &nbsp;&nbsp; 88835<br> <sup>(a)(f)(h)</sup><br>|
| 202000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 202989 |
|  | Pacific Gas & Electric Co. |  |
| 410000 | 3.45%, due 7/1/2025 | &nbsp;&nbsp; 410000 |
| 200000 | 5.00%, due 6/4/2028 | &nbsp;&nbsp; 200602 |
| 200000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 202407<br> <sup>(a)(f)(h)</sup><br>|
|  |  | &nbsp;&nbsp; **2382302** |
| **Engineering & Construction 0.0%**<sup>‡</sup> | **Engineering & Construction 0.0%**<sup>‡</sup> | **Engineering & Construction 0.0%**<sup>‡</sup> |
| 40000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; **33309**<br> <sup>(a)</sup><br>|
| **Entertainment 0.1%** | **Entertainment 0.1%** | **Entertainment 0.1%** |
| 75000 | Caesars Entertainment, Inc., 7.00%, due 2/15/2030 | &nbsp;&nbsp; **77669**<br> <sup>(a)</sup><br>|
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| 140000 | Ally Financial, Inc., 5.74%, due 5/15/2029 | &nbsp;&nbsp; **142492**<br> <sup>(f)</sup><br>|
| **Food 0.4%** | **Food 0.4%** | **Food 0.4%** |
| 285000 | Mars, Inc., 4.60%, due 3/1/2028 | &nbsp;&nbsp; **287317**<br> <sup>(a)</sup><br>|
| **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** |
| 115000 | TKC Holdings, Inc., 6.88%, due 5/15/2028 | &nbsp;&nbsp; **114290**<br> <sup>(a)</sup><br>|
| **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** |
| 70000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 73063<br> <sup>(a)</sup><br>|
| 80000 | Medline Borrower LP, 5.25%, due 10/1/2029 | &nbsp;&nbsp; 79376<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **152439** |
| **Healthcare - Services 0.2%** | **Healthcare - Services 0.2%** | **Healthcare - Services 0.2%** |
| 140000 | UnitedHealth Group, Inc., 4.40%, due 6/15/2028 | &nbsp;&nbsp; **140694** |
| **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** |
| 85000 | Benteler International AG, 10.50%, due 5/15/2028 | &nbsp;&nbsp; **89460**<br> <sup>(a)</sup><br>|
| **Insurance 1.2%** | **Insurance 1.2%** | **Insurance 1.2%** |
| 220000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 10/15/2027 | &nbsp;&nbsp; 219870<br> <sup>(a)</sup><br>|
| 675000 | Athene Global Funding, 4.95%, due 1/7/2027 | &nbsp;&nbsp; 679501<br> <sup>(a)</sup><br>|
| 80000 | HUB International Ltd., 5.63%, due 12/1/2029 | &nbsp;&nbsp; 80011<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **979382** |
| **Internet 0.5%** | **Internet 0.5%** | **Internet 0.5%** |
| 410000 | Uber Technologies, Inc., 4.50%, due 8/15/2029 | &nbsp;&nbsp; **407106**<br> <sup>(a)</sup><br>|
| **Iron - Steel 0.3%** | **Iron - Steel 0.3%** | **Iron - Steel 0.3%** |
| 200000 | Cleveland-Cliffs, Inc., 6.88%, due 11/1/2029 | &nbsp;&nbsp; **196908**<br> <sup>(a)</sup><br>|
| **Leisure Time 0.3%** | **Leisure Time 0.3%** | **Leisure Time 0.3%** |
| 130000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 135710<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Leisure Time – cont'd** | **Leisure Time – cont'd** | **Leisure Time – cont'd** |
| 80000 | Viking Cruises Ltd., 7.00%, due 2/15/2029 | &nbsp;&nbsp; $80701<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **216411** |
| **Machinery - Construction & Mining 0.2%** | **Machinery - Construction & Mining 0.2%** | **Machinery - Construction & Mining 0.2%** |
| 165000 | Manitowoc Co., Inc., 9.25%, due 10/1/2031 | &nbsp;&nbsp; **173653**<br> <sup>(a)</sup><br>|
| **Media 1.5%** | **Media 1.5%** | **Media 1.5%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 80000 | 5.50%, due 5/1/2026 | &nbsp;&nbsp; 79970<br> <sup>(a)</sup><br>|
| 80000 | 5.13%, due 5/1/2027 | &nbsp;&nbsp; 79743<br> <sup>(a)</sup><br>|
| 688000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, 6.15%, due <br> 11/10/2026<br>| &nbsp;&nbsp; 701170 |
| 210000 | CSC Holdings LLC, 5.50%, due 4/15/2027 | &nbsp;&nbsp; 200497<br> <sup>(a)</sup><br>|
| 120000 | Sirius XM Radio LLC, 4.00%, due 7/15/2028 | &nbsp;&nbsp; 115251<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1176631** |
| **Mining 0.1%** | **Mining 0.1%** | **Mining 0.1%** |
| 80000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; **82715**<br> <sup>(a)</sup><br>|
| **Oil & Gas 1.2%** | **Oil & Gas 1.2%** | **Oil & Gas 1.2%** |
| 205000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 204365<br> <sup>(a)</sup><br>|
| 600000 | Diamondback Energy, Inc., 5.20%, due 4/18/2027 | &nbsp;&nbsp; 608195 |
| 120000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 11/1/2028 | &nbsp;&nbsp; 120278<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **932838** |
| **Oil & Gas Services 0.1%** | **Oil & Gas Services 0.1%** | **Oil & Gas Services 0.1%** |
| 80000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; **82538**<br> <sup>(a)</sup><br>|
| **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** | **Packaging & Containers 0.4%** |
| 305000 | Mauser Packaging Solutions Holding Co., 7.88%, due 4/15/2027 | &nbsp;&nbsp; **310000**<br> <sup>(a)</sup><br>|
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
| 740000 | CVS Health Corp., 4.30%, due 3/25/2028 | &nbsp;&nbsp; 736964 |
| 40000 | Grifols SA, 4.75%, due 10/15/2028 | &nbsp;&nbsp; 38453<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **775417** |
| **Pipelines 3.1%** | **Pipelines 3.1%** | **Pipelines 3.1%** |
|  | Enbridge, Inc. |  |
| 174000 | 5.25%, due 4/5/2027 | &nbsp;&nbsp; 176546 |
| 140000 | 4.60%, due 6/20/2028 | &nbsp;&nbsp; 141051 |
| 485000 | Energy Transfer LP, 6.05%, due 12/1/2026 | &nbsp;&nbsp; 495214 |
| 150000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, due 1/15/2029 | &nbsp;&nbsp; 156853 |
| 620000 | Kinder Morgan, Inc., 5.00%, due 2/1/2029 | &nbsp;&nbsp; 629665 |
| 375000 | Plains All American Pipeline LP/PAA Finance Corp., 4.65%, due 10/15/2025 | &nbsp;&nbsp; 374905 |
| 280000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 3/1/2027 | &nbsp;&nbsp; 279942<br> <sup>(a)</sup><br>|
| 160000 | Venture Global LNG, Inc., 8.13%, due 6/1/2028 | &nbsp;&nbsp; 165367<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2419543** |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
| 445000 | American Tower Corp., 1.45%, due 9/15/2026 | &nbsp;&nbsp; 429863 |
| 190000 | Global Net Lease, Inc., 4.50%, due 9/30/2028 | &nbsp;&nbsp; 184098<br> <sup>(a)</sup><br>|
| 115000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 114854<br> <sup>(a)</sup><br>|
| 110000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, due 2/15/2028 | &nbsp;&nbsp; 116604<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Real Estate Investment Trusts – cont'd** | **Real Estate Investment Trusts – cont'd** | **Real Estate Investment Trusts – cont'd** |
| 45000 | XHR LP, 6.63%, due 5/15/2030 | &nbsp;&nbsp; $45849<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **891268** |
| **Semiconductors 1.4%** | **Semiconductors 1.4%** | **Semiconductors 1.4%** |
| 338000 | Broadcom, Inc., 5.05%, due 7/12/2027 | &nbsp;&nbsp; 342781 |
| 365000 | Foundry JV Holdco LLC, 5.90%, due 1/25/2030 | &nbsp;&nbsp; 381418<br> <sup>(a)</sup><br>|
| 400000 | Intel Corp., 3.75%, due 8/5/2027 | &nbsp;&nbsp; 394747 |
|  |  | &nbsp;&nbsp; **1118946** |
| **Software 0.3%** | **Software 0.3%** | **Software 0.3%** |
| 170000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 167325<br> <sup>(a)</sup><br>|
| 80000 | Cloud Software Group, Inc., 6.50%, due 3/31/2029 | &nbsp;&nbsp; 80745<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **248070** |
| **Telecommunications 1.9%** | **Telecommunications 1.9%** | **Telecommunications 1.9%** |
| 790000 | AT&T, Inc., 4.70%, due 8/15/2030 | &nbsp;&nbsp; 797170 |
| 62597 | Level 3 Financing, Inc., 11.00%, due 11/15/2029 | &nbsp;&nbsp; 71804<br> <sup>(a)</sup><br>|
| 450000 | T-Mobile USA, Inc., 3.75%, due 4/15/2027 | &nbsp;&nbsp; 445301 |
| 170000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 159422<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1473697** |
| **Total Corporate Bonds (Cost $30,399,535)** | **Total Corporate Bonds (Cost $30,399,535)** | &nbsp;&nbsp; **30691824** |
| **Loan Assignments**<sup>(c)</sup> **2.4%** | **Loan Assignments**<sup>(c)</sup> **2.4%** | **Loan Assignments**<sup>(c)</sup> **2.4%** |
| **Construction Materials 0.2%** | **Construction Materials 0.2%** | **Construction Materials 0.2%** |
| 199000 | Quikrete Holdings, Inc., Term Loan B1, (1 mo. USD Term SOFR + 2.25%), 6.58%, due 4/14/2031 | &nbsp;&nbsp; **198558** |
| **Electric Utilities 0.3%** | **Electric Utilities 0.3%** | **Electric Utilities 0.3%** |
| 199500 | &nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 7.08%, due <br> 2/26/2032<br>| &nbsp;&nbsp; **199825** |
| **Health Care Providers & Services 0.5%** | **Health Care Providers & Services 0.5%** | **Health Care Providers & Services 0.5%** |
| 199500 | CNT Holdings I Corp., Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.78%, due 11/8/2032 | &nbsp;&nbsp; 199895 |
| 207375 | Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.30%, due 9/27/2030 | &nbsp;&nbsp; 205237 |
|  |  | &nbsp;&nbsp; **405132** |
| **Hotels, Restaurants & Leisure 0.0%**<sup>‡</sup> | **Hotels, Restaurants & Leisure 0.0%**<sup>‡</sup> | **Hotels, Restaurants & Leisure 0.0%**<sup>‡</sup> |
| 29650 | Carnival Corp., Term Loan, (1 mo. USD Term SOFR + 2.00%), 6.31%, due 8/8/2027 | &nbsp;&nbsp; **29622** |
| **Insurance 0.5%** | **Insurance 0.5%** | **Insurance 0.5%** |
| 168589 | HUB International Ltd., Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.77%, due 6/20/2030 | &nbsp;&nbsp; 169056 |
| 198998 | USI, Inc., Term Loan C, (3 mo. USD Term SOFR + 2.25%), 6.55%, due 9/29/2030 | &nbsp;&nbsp; 198313 |
|  |  | &nbsp;&nbsp; **367369** |
| **Leisure Products 0.2%** | **Leisure Products 0.2%** | **Leisure Products 0.2%** |
| 199000 | SRAM LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.58%, due 2/27/2032 | &nbsp;&nbsp; **196015**<br> <sup>(i)</sup><br>|
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| 199500 | &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Term Loan, (1 mo. USD Term SOFR + 2.25%), 6.58%, due <br> 2/13/2032<br>| &nbsp;&nbsp; **198917** |
| **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** |
| 58500 | American Airlines, Inc., Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.52%, due 4/20/2028 | &nbsp;&nbsp; **58052** |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| Principal Amount | Principal Amount | Value |
| **Specialty Retail 0.1%** | **Specialty Retail 0.1%** | **Specialty Retail 0.1%** |
| $87798 | &nbsp;&nbsp; Petco Health & Wellness Co., Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.81%, due <br> 3/3/2028<br>| &nbsp;&nbsp; **$80689** |
| **Transportation Infrastructure 0.2%** | **Transportation Infrastructure 0.2%** | **Transportation Infrastructure 0.2%** |
| 199000 | KKR Apple Bidco LLC, Term Loan, (1 mo. USD Term SOFR + 2.50%), 6.83%, due 9/23/2031 | &nbsp;&nbsp; **198487** |
| **Total Loan Assignments (Cost $1,936,069)** | **Total Loan Assignments (Cost $1,936,069)** | &nbsp;&nbsp; **1932666** |
| Number of Shares | Number of Shares |  |
| **Short-Term Investments 4.7%** | **Short-Term Investments 4.7%** | **Short-Term Investments 4.7%** |
| **Investment Companies 4.7%** | **Investment Companies 4.7%** | **Investment Companies 4.7%** |
| 3663905 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.27%<sup>(j)</sup> **(Cost $3,663,905)**<br>| &nbsp;&nbsp; **3663905** |
| **Total Investments 100.3% (Cost $79,902,138)** | **Total Investments 100.3% (Cost $79,902,138)** | &nbsp;&nbsp; **79121440** |
| Liabilities Less Other Assets (0.3)% | Liabilities Less Other Assets (0.3)% | &nbsp;&nbsp; (198120)<sup>(k)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$78923320** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At June 30, 2025, these securities amounted to $41,406,775, which represents 52.5% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security where the stated interest rate is not based on
 a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current
 interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current
 rate as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of June 30, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest only security. These securities represent the right to receive the monthly
 interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of
 the "interest only" holding.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security fair valued as of June 30, 2025 in accordance with procedures approved by
 the valuation designee. Total value of all such securities at June 30, 2025 amounted to $42,987, which represents
 0.1% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(g) When-issued security. Total value of all such securities at June 30, 2025 amounted
 to $1,023,560, which represents 1.3% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security. Perpetual securities have no stated maturity date, but they may
 be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Value determined using significant unobservable inputs.

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Represents 7-day effective yield as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Includes the impact of the Fund's open positions in derivatives at June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $63986364 | 81.1<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 7469686 | 9.5<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 1748207 | 2.2<br> %<br>|
| Japan | &nbsp;&nbsp; 1023560 | 1.3<br> %<br>|
| Ireland | &nbsp;&nbsp; 784208 | 1.0<br> %<br>|
| Canada | &nbsp;&nbsp; 317597 | 0.4<br> %<br>|
| Austria | &nbsp;&nbsp; 89460 | 0.1<br> %<br>|
| Other countries, each representing less than 0.05% of net assets of the Fund | &nbsp;&nbsp; 38453 | 0.0<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 3465785 | 4.4<br> %<br>|
|  | &nbsp;&nbsp; **$78923320** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At June 30, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp; 237 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; $49301555 | &nbsp;&nbsp; $162145 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$49301555** | &nbsp;&nbsp; **$162145** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Short Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 9/2025 | &nbsp;&nbsp; 6 | U.S. Treasury Long Bond | &nbsp;&nbsp; $(692813) | &nbsp;&nbsp; $(23448) |
| 9/2025 | &nbsp;&nbsp; 13 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; (1457625) | &nbsp;&nbsp; (28662) |
| 9/2025 | &nbsp;&nbsp; 96 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; (10464000) | &nbsp;&nbsp; (113022) |
| 9/2025 | &nbsp;&nbsp; 16 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; (1828250) | &nbsp;&nbsp; (43442) |
| 9/2025 | &nbsp;&nbsp; 1 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (119125) | &nbsp;&nbsp; (4502) |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(14561813)** | &nbsp;&nbsp; **$(213076)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$(50931)** |

---

At June 30, 2025, the Fund had $382,978 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended June 30, 2025, the average notional value for the months where the Fund had futures outstanding was $44,628,008 for long positions and $(15,263,479) for short positions.

**Credit default swap contracts ("credit default swaps")**

At June 30, 2025, the Fund did not have any outstanding credit default swaps.

For the six months ended June 30, 2025, the average notional value for the months where the Fund had credit default swaps outstanding was $1,460,000 for buy protection.

See Notes to Financial Statements

------

Schedule of Investments Short Duration Bond Portfolio^ (Unaudited) (cont'd)

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Mortgage-Backed Securities<sup>#</sup> <br>| $— | $24213720 | $— | $24213720 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 18619325 |  | 18619325 |
| Corporate Bonds<sup>#</sup> <br>|  | 30691824 |  | 30691824 |
| Loan Assignments |  |  |  |  |
| Leisure Products |  |  | 196015 | 196015 |
| Other Loan Assignments<sup>#</sup> <br>|  | 1736651 |  | 1736651 |
| Total Loan Assignments |  | 1736651 | 196015 | 1932666 |
| Short-Term Investments |  | 3663905 |  | 3663905 |
| **Total Investments** | **$—** | **$78925425** | **$196015** | **$79121440** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. 

(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (000's <br>omitted)<br>| Beginning <br>balance as <br>of 1/1/2025<br>| Accrued <br>discounts/ <br>(premiums)<br>| Realized <br>gain/(loss)<br>| Change <br>in unrealized <br>appreciation/ <br>(depreciation)<br>| Purchases | Sales/ <br>Other <br>Reductions<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out of <br>Level 3<br>| Balance <br>as of <br>6/30/2025<br>| Net change in <br>unrealized <br>appreciation/ <br>(depreciation) <br>from <br>investments <br>still held as of <br>6/30/2025<br>|
| Investments in <br>Securities: <br>|  |  |  |  |  |  |  |  |  |  |
| Loan <br> Assignments<sup>(1)</sup><br>| $— | $— | $— | $(3)<br>| $200 | $(1)<br>| $— | $— | $196 | $(3)<br>|
| Total | $— | $— | $— | $(3)<br>| $200 | $(1)<br>| $— | $— | $196 | $(3)<br>|
| (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. | (1) At June 30, 2025, these investments were valued in accordance with procedures approved by the <br> valuation designee. These investments did not have a material impact on the Fund's net assets and, <br> therefore, disclosure of significant unobservable inputs used in formulating valuations is not <br> presented. |

---

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 derivatives as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $162145 | $— | $— | $162145 |
| Liabilities | (213076)<br>|  |  | (213076)<br>|
| **Total** | **$(50931)**<br>| **$—** | **$—** | **$(50931)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^

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** 

---

| | |
|:---|:---|
|  | **Short Duration** <br>**Bond Portfolio**<br>|
|  | **June 30, 2025** |
| **Assets** |  |
| Investments in securities, at value<sup>\*</sup> (Note A)—see Schedule of Investments: |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $79121440 |
| Cash | &nbsp;&nbsp; 4665 |
| Cash collateral segregated for futures contracts (Note A) | &nbsp;&nbsp; 382978 |
| Interest receivable | &nbsp;&nbsp; 627201 |
| Receivable for securities sold | &nbsp;&nbsp; 3521 |
| Receivable for Fund shares sold | &nbsp;&nbsp; 18351 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 3964 |
| Total Assets | &nbsp;&nbsp; 80162120 |
| **Liabilities** |  |
| Payable to investment manager (Note B) | &nbsp;&nbsp; 11010 |
| Due to custodian | &nbsp;&nbsp; 2230 |
| Payable for securities purchased | &nbsp;&nbsp; 1020000 |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 12586 |
| Payable for accumulated variation margin on futures contracts (Note A) | &nbsp;&nbsp; 50931 |
| Payable to administrator (Note B) | &nbsp;&nbsp; 25905 |
| Payable to trustees | &nbsp;&nbsp; 401 |
| Other accrued expenses and payables | &nbsp;&nbsp; 115737 |
| Total Liabilities | &nbsp;&nbsp; 1238800 |
| Net Assets  | &nbsp;&nbsp; $78923320 |
| **Net Assets consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $108886461 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; (29963141)<br>|
| Net Assets  | &nbsp;&nbsp; $78923320 |
| **Shares Outstanding ($.001 par value; unlimited shares authorized)** | &nbsp;&nbsp; 7927101 |
| **Net Asset Value, offering and redemption price per share**  |  |
| Class I | &nbsp;&nbsp; $9.96 |
| **\*Cost of Investments:** |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $79902138 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Statements

------

Statement of Operations (Unaudited)

**Neuberger Berman Advisers Management Trust** 

---

| | |
|:---|:---|
|  | **Short Duration** <br>**Bond Portfolio**<br>|
|  | **For the Six** <br>**Months Ended** <br>**June 30,** <br>**2025**<br>|
| **Investment Income:** |  |
| Income (Note A): |  |
| Interest and other income—unaffiliated issuers | &nbsp;&nbsp; $1885779 |
| **Expenses:** |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 66316 |
| Administration fees (Note B) | &nbsp;&nbsp; 156039 |
| Shareholder servicing agent fees | &nbsp;&nbsp; 2309 |
| Audit fees | &nbsp;&nbsp; 25548 |
| Custodian and accounting fees | &nbsp;&nbsp; 31931 |
| Insurance | &nbsp;&nbsp; 1033 |
| Legal fees | &nbsp;&nbsp; 45295 |
| Shareholder reports | &nbsp;&nbsp; 5003 |
| Trustees' fees and expenses | &nbsp;&nbsp; 26142 |
| Miscellaneous and other fees | &nbsp;&nbsp; 8014 |
| Total expenses | &nbsp;&nbsp; 367630 |
| Net investment income/(loss) | &nbsp;&nbsp; $1518149 |
| **Realized and Unrealized Gain/(Loss) on Investments (Note A):** |  |
| **Net realized gain/(loss) on:** |  |
| Transactions in investment securities of unaffiliated issuers | &nbsp;&nbsp; (4918)<br>|
| Expiration or closing of futures contracts | &nbsp;&nbsp; 48030 |
| Expiration or closing of swap contracts | &nbsp;&nbsp; 6229 |
| **Change in net unrealized appreciation/(depreciation) in value of:** |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; 953565 |
| Futures contracts | &nbsp;&nbsp; (173914)<br>|
| Net gain/(loss) on investments | &nbsp;&nbsp; 828992 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; $2347141 |

---

See Notes to Financial Statements

------

Statements of Changes in Net Assets

**Neuberger Berman Advisers Management Trust** 

---

| | | |
|:---|:---|:---|
|  | **SHORT DURATION BOND PORTFOLIO** | **SHORT DURATION BOND PORTFOLIO** |
|  | **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | **June 30, 2025** <br>**(Unaudited)**<br>| **December 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |
| **From Operations (Note A):** |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $1518149 | &nbsp;&nbsp; $3599193 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 49341 | &nbsp;&nbsp; (748249)<br>|
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; 779651 | &nbsp;&nbsp; 1952958 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; 2347141 | &nbsp;&nbsp; 4803902 |
| **Distributions to Shareholders From (Note A):** |  |  |
| Distributable earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (4431587)<br>|
| **From Fund Share Transactions (Note D):** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5562257 | &nbsp;&nbsp; 10923655 |
| Proceeds from reinvestment of dividends and distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; 4431587 |
| Payments for shares redeemed | &nbsp;&nbsp; (8124873)<br>| &nbsp;&nbsp; (18310957)<br>|
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; (2562616)<br>| &nbsp;&nbsp; (2955715)<br>|
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; (215475)<br>| &nbsp;&nbsp; (2583400)<br>|
| **Net Assets:** |  |  |
| Beginning of period  | &nbsp;&nbsp; 79138795 | &nbsp;&nbsp; 81722195 |
| End of period | &nbsp;&nbsp; $78923320 | &nbsp;&nbsp; $79138795 |

---

See Notes to Financial Statements

------

Notes to Financial Statements Short Duration Bond 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 Short Duration Bond Portfolio (the "Fund") is a separate operating series of the Trust and is diversified. The Fund currently offers only Class I 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 ("FASB") 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. At times, Management may need to apply significant judgment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other

------

Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Fund:

*Corporate Bonds.* Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

*Collateralized Loan Obligations (CLOs).* The value of collateralized loan obligations is primarily determined by cash flow data, relevant loan pricing data and market color, and research from market participants and trading desks (Level 2 or 3 inputs).

*Asset-Backed Securities and Mortgage-Backed Securities.* Inputs used to value asset-backed securities and mortgage-backed securities generally include models that consider a number of factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

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

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

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 available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of 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 or pricing services; information obtained from the issuer and 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.

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 traded.

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 New York Stock Exchange 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.

------

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), 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. 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, 2025, was $263.

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. Management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

For federal income tax purposes, the estimated cost of investments held at June 30, 2025 was $80,015,522. The estimated gross unrealized appreciation was $670,502 and estimated gross unrealized depreciation was $1,738,498 resulting in net unrealized depreciation in value of investments of $1,067,996 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, 2024, there were no permanent differences requiring a reclassification between total distributable earnings/(losses) and paid-in capital.

The tax character of distributions paid during the years ended December 31, 2024, and December 31, 2023, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
| **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Total** | **Total** |
| **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| &nbsp;&nbsp; $4431587 | &nbsp;&nbsp; $3710574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4431587 | &nbsp;&nbsp; $3710574 |

---

------

As of December 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| &nbsp;&nbsp; $4173203 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1847648)<br>| &nbsp;&nbsp; $(34635837)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32310282)<br>|

---

The temporary differences between book basis and tax basis distributable earnings are primarily due to amortization of bond premium and mark-to-market adjustments on futures.

To the extent the Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of the Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at December 31, 2024, the Fund had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
| **Long-Term** | **Short-Term** |
| &nbsp;&nbsp; $30509829 | &nbsp;&nbsp; $4126008 |

---

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

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 a 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.

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.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market

------

structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices.

Investment company securities and exchange-traded funds: The Fund may invest in shares of other registered investment companies, including exchange-traded funds, within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the Securities and Exchange Commission ("SEC"), particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if the Fund complies with the conditions of the Rule. Shareholders of the Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

When-issued/delayed delivery securities: The Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to the Fund until payment takes place. When-issued and delayed delivery transactions can have a leverage-like effect on the Fund, which can increase fluctuations in the Fund's NAV. Certain risks may arise upon entering into when-issued or delayed delivery securities transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

The Fund may also enter into a TBA (To Be Announced) agreement and "roll over" such agreement prior to the settlement date by selling the obligation to purchase the pools set forth in the agreement and entering into a new TBA agreement for future delivery of pools of mortgage-backed securities. TBA mortgage-backed securities may increase prepayment risks because the underlying mortgages may be less favorable than anticipated by the Fund. Certain transactions will require a Fund or counterparty to post cash and/or securities as collateral for the net mark-to-market exposure to the other party.

Derivative instruments: Please see the Schedule of Investments for the Fund's open positions in derivatives, if any, at June 30, 2025. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statement of Operations, they do not qualify for hedge accounting. Accordingly, even though the Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Rule 18f-4 under the 1940 Act regulates the use of derivatives for certain funds registered under the 1940 Act ("Rule 18f-4"). Unless the Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the Fund is subject to a comprehensive derivatives risk management program, is required to comply with certain value-at-risk based leverage limits and is required to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If the Fund qualifies as a limited derivatives user, Rule 18f-4 requires the Fund to have policies and procedures to manage its aggregate derivatives risk.

Futures contracts: During the six months ended June 30, 2025, the Fund used futures for economic hedging purposes, including as a maturity or duration management device.

------

At the time the Fund enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by the Fund as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed or expire, the Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to the Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, the Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction.

For U.S. federal income tax purposes, the futures transactions undertaken by the Fund may cause the Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, the Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating the Fund's taxable income.

Credit default swaps: During the six months ended June 30, 2025, the Fund used credit default swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return.

At June 30, 2025, the Fund had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statement of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** | &nbsp;&nbsp; **Statement of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** |
| Futures |  |  |  |  |
| Interest rate risk | Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $162145 | &nbsp;&nbsp; Receivable/Payable for <br> accumulated variation margin on <br> futures contracts<br>| $(213076)<br>|

---

The impact of the use of these derivative instruments on the Statement of Operations during the six months ended June 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Net Realized Gain/** <br>**(Loss) on Derivatives**<sup>(a)</sup> <br>| **Change in Net Unrealized** <br>**Appreciation/** <br>**(Depreciation) on** <br>**Derivatives**<sup>(b)</sup> <br>|
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; $48030 | &nbsp;&nbsp; $(173914)<br>|
| Swaps |  |  |
| Credit risk | &nbsp;&nbsp; 6229 | &nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gains/(losses) on derivatives are located in the Statement of Operations
 each under the caption, "Net realized gain/(loss) on:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Futures Expiration or closing of futures contracts <br> Swaps Expiration or closing of swap contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Change in net unrealized appreciation/(depreciation) is located in the Statement of
 Operations each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Futures Futures contracts

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 in the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers." 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.

During the six months ended June 30, 2025, the Fund did not participate in securities lending.

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 or a Fund.

Segment Reporting: The Fund has adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. The Fund's investment manager acts as the Fund's CODM. The CODM has determined that the Fund has a single operating segment because the CODM monitors the operating results of the Fund as a whole and evaluates performance in accordance with the Fund's principal investment strategies as disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. The Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for the Fund's single segment are consistent with that presented within the Fund's financial statements.

------

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 monthly, an investment management fee at an annual rate of 0.17% of the first $2 billion of the Fund's average daily net assets and 0.15% of average daily net assets in excess of $2 billion. Accordingly, for the six months ended June 30, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of 0.17% of the Fund's average daily net assets.

The Fund retains NBIA as its administrator under an Administration Agreement. The Class I shares of the Fund pays NBIA monthly, an administration fee at the annual rate of 0.40% 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 certain expenses of the Class I shares of the Fund so that the total annual operating expenses do not exceed the expense limitation as detailed in the following table. This undertaking excludes interest, transaction costs, brokerage commissions, acquired fund fees and expenses, extraordinary expenses, taxes including any expenses relating to tax reclaims, 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 limitation. The Fund has agreed that it will repay NBIA for fees and expenses waived or reimbursed provided that repayment does not cause the 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, 2025, there was no repayment to NBIA under the contractual expense limitation agreement.

At June 30, 2025, the Fund had no contingent liabilities to NBIA under the contractual expense limitation agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  | **Expenses Reimbursed in** <br>**Year Ended December 31,**  |
|  |  |  | **2022** | **2023** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  | **Subject to Repayment until** <br>**December 31,**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2025** | **2026** | **2027** | **2028** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Class I** | 0.95<br> %<br>| &nbsp;&nbsp; 12/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Neuberger Berman BD LLC 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.

------

Note C—Securities Transactions:

During the six months ended June 30, 2025 there were purchase and sale transactions of long-term securities (excluding futures and swaps) as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases of** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>| **Purchases**  | &nbsp;&nbsp; **Sales and** <br>**Maturities** <br>**of** <br>**U.S. Government** <br>**and Agency** <br>**Obligations** <br>| **Sales and Maturities** |
| $869059 | $29790459 | $1002697 | $30695712 |

---

Note D—Fund Share Transactions:

Share activity for the six months ended June 30, 2025, and for the year ended December 31, 2024, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Six Months Ended June 30, 2025** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  |
| **Class I** | 568488 |  | (830237)<br>| (261749)<br>| &nbsp;&nbsp; 1116511 | 461624 | (1870321)<br>| (292186)<br>|

---

Note E—Line of Credit:

At June 30, 2025, 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 SOFR plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. The Fund has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by the Fund and other costs incurred by the Fund. Because several 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 for the Fund under the Credit Facility at June 30, 2025. During the six months ended June 30, 2025, 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

Short Duration Bond Portfolio

The following table includes selected data for a share outstanding throughout each fiscal 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. Net Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class I** |  |  |  |  |  |  |
|  | **Six Months** <br>**Ended June 30,**<br>| **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** <br>**(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value, Beginning of Period** | $9.66 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.68 | &nbsp;&nbsp;&nbsp; $10.57 |
| **Income/(Loss) From Investment Operations:** |  |  |  |  |  |  |
| Net Investment Income/(Loss)<sup>a</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net Gains or (Losses) on Securities (both realized and <br> unrealized)<br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| **Total From Investment Operations** | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| **Less Distributions From:** |  |  |  |  |  |  |
| Net Investment Income |  | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Net Asset Value, End of Period** | $9.96 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp; $9.54 | &nbsp;&nbsp;&nbsp; $10.48 | &nbsp;&nbsp;&nbsp; $10.68 |
| Total Return<sup>b,c</sup> | 3.11<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> %<br>| &nbsp;&nbsp;&nbsp; (5.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>|
| **Supplemental Data/Ratios** |  |  |  |  |  |  |
| Net Assets, End of Period (in millions) | $78.9 | &nbsp;&nbsp;&nbsp; $79.1 | &nbsp;&nbsp;&nbsp; $81.7 | &nbsp;&nbsp;&nbsp; $85.0 | &nbsp;&nbsp;&nbsp; $111.5 | &nbsp;&nbsp;&nbsp; $103.1 |
| Ratio of Gross Expenses to Average Net Assets<sup>e</sup> | 0.94<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Ratio of Net Expenses to Average Net Assets | 0.94<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Ratio of Net Investment Income/(Loss) to Average Net <br> Assets<br>| 3.89<br> %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>|
| **Portfolio Turnover Rate** | 40<br> %<sup>d</sup><br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Financial Highlights

------

Notes to Financial Highlights Short Duration Bond Portfolio (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | Total return based on per share NAV reflects the effects of changes in NAV on the performance of the Fund <br> during each fiscal period. Returns assume income dividends and other distributions, if any, were reinvested. <br> Results represent past performance and do not indicate future results. Current returns may be lower or <br> higher than the performance data quoted. Investment returns and principal will fluctuate and shares, when <br> redeemed, may be worth more or less than original cost. The total return information shown does not <br> reflect charges and other expenses that apply to the separate accounts or the related insurance policies or <br> other qualified pension or retirement plans, and the inclusion of these charges and other expenses would <br> reduce the total return for all fiscal periods shown.<br>|
| c | The class action proceeds listed in Note A of the Notes to Financial Statements had no impact on the Fund's <br> total returns for the six months ended June 30, 2025. The class action proceeds received in 2024, 2023, <br> and 2021 had no impact on the Fund's total return for the years ended December 31, 2024, 2023, and <br> 2021, respectively. <br>|
| d | Not annualized. |
| e | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee. Management did <br> not reimburse or waive fees during the fiscal periods shown.<br>|
| f | Annualized. |

---

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There was nothing to report with respect to this item.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There was nothing to report with respect to this item.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment

#### Companies.
The remuneration paid to trustees, officers, and others for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
There was nothing to report with respect to this item.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which shareholders may recommend nominees to the Board.

------

#### Item 16. Controls and Procedures.
(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | A copy of the [Code of Ethics is incorporated by reference to Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025)](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm). |

---

---

| | |
|:---|:---|
| (a)(2) | Not applicable to the Registrant. |

---

---

| | |
|:---|:---|
| (a)(3) | The [certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")](exh99-cert.htm#EXHIBIT99-CERT) are filed herewith. |

---

---

| | |
|:---|:---|
| (a)(4) | Not applicable to the Registrant. |

---

---

| | |
|:---|:---|
| (a)(5) | Not applicable to the Registrant. |

---

(b) The [certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT99.906CERT) is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

---

| | |
|:---|:---|
| By: | /s/ Joseph V. Amato |
|  | Joseph V. Amato |
|  | Chief Executive Officer and President |

---

Date: August 15, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joseph V. Amato |
|  | Joseph V. Amato |
|  | Chief Executive Officer and President |

---

Date: August 15, 2025

---

| | |
|:---|:---|
| By: | /s/ John M. McGovern |
|  | John M. McGovern |
|  | Treasurer and Principal Financial |
|  | and Accounting Officer |

---

Date: August 15, 2025

## Ex-99.Cert

EXHIBIT 99-CERT

CERTIFICATIONS

I, Joseph V. Amato, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Advisers Management Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: August 15, 2025

---

| | |
|:---|:---|
| By: | /s/ Joseph V. Amato |
|  | Joseph V. Amato |
|  | Chief Executive Officer and President |

---

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I, John M. McGovern, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman Advisers Management Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: August 15, 2025

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| | |
|:---|:---|
| By: | /s/ John M. McGovern |
|  | John M. McGovern |
|  | Treasurer and Principal Financial and Accounting Officer |

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## Exhibit 99.906

#### EXHIBIT – 99.906 CERT

#### Section 906 Certification
We, Joseph V. Amato, Chief Executive Officer and President, and John M. McGovern, Treasurer and Principal Financial and Accounting Officer, of Neuberger Berman Advisers Management Trust ("Registrant"), certify, pursuant to 18 U.S.C. Section 1350 enacted under Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

<br> 1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and

<br> 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 15, 2025

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| | |
|:---|:---|
| By: | /s/ Joseph V. Amato  |
|  | Joseph V. Amato |
|  | Chief Executive Officer and President |

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| | |
|:---|:---|
| By: | /s/ John M. McGovern |
|  | John M. McGovern |
|  | Treasurer and Principal Financial |
|  | and Accounting Officer |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission. <br>

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