(null)


  
    NPORT-P
    false
    
      
      
        
          0000736913
          XXXXXXXX
        
      
      
      
      
        S000008201
        C000022327
        C000022326
      
      
      
    
  
  
    
      NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
      811-04255
      0000736913
      549300CYPOWBML1O3684
      1290 AVENUE OF THE AMERICAS
      NEW YORK
      
      10104
      212-476-8800
      Mid Cap Intrinsic Value Portfolio
      S000008201
      5493000VXXUKBL07Q549
      2022-12-31
      2022-03-31
      N
    
    
      153257985.85
      179786.23
      153078199.62
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
    
    
      
        KAR Auction Services Inc
        5493004HKD20LBSG7D03
        KAR Auction Services Inc
        48238T109
        
          
        
        107889.00000000
        NS
        USD
        1947396.45000000
        1.272157926363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pure Storage Inc
        549300NPDB0BZTK3WO90
        Pure Storage Inc
        74624M102
        
          
        
        29016.00000000
        NS
        USD
        1024554.96000000
        0.669301678843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conduent Inc
        549300SFJ2D2CYY6CQ11
        Conduent Inc
        206787103
        
          
        
        351300.00000000
        NS
        USD
        1812708.00000000
        1.184171230455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comerica Inc
        I9Q57JVPWHHZ3ZGBW498
        Comerica Inc
        200340107
        
          
        
        23675.00000000
        NS
        USD
        2140930.25000000
        1.398585987628
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vistra Corp
        549300KP43CPCUJOOG15
        Vistra Corp
        92840M102
        
          
        
        81800.00000000
        NS
        USD
        1901850.00000000
        1.242404212174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hain Celestial Group Inc/The
        5493000S8QXWHLIXDP75
        Hain Celestial Group Inc/The
        405217100
        
          
        
        53490.00000000
        NS
        USD
        1840056.00000000
        1.202036609110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Children's Place Inc/The
        549300BGVK2OO5O7TC19
        Children's Place Inc/The
        168905107
        
          
        
        42761.00000000
        NS
        USD
        2108117.30000000
        1.377150570906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Molson Coors Beverage Co
        54930073LBBH6ZCBE225
        Molson Coors Beverage Co
        60871R209
        
          
        
        73500.00000000
        NS
        USD
        3923430.00000000
        2.563023349986
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ashland Global Holdings Inc
        529900E4L9R04SB8HB11
        Ashland Global Holdings Inc
        044186104
        
          
        
        10048.00000000
        NS
        USD
        988823.68000000
        0.645959831285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMC Materials Inc
        31F6V1MN00ZW3XWB4J69
        CMC Materials Inc
        12571T100
        
          
        
        20794.00000000
        NS
        USD
        3855207.60000000
        2.518456324656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        EOG Resources Inc
        26875P101
        
          
        
        30064.00000000
        NS
        USD
        3584530.72000000
        2.341633706757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regency Centers Corp
        5493008PTR2GAOYBXW28
        Regency Centers Corp
        758849103
        
          
        
        58051.00000000
        NS
        USD
        4141358.34000000
        2.705387410016
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        KBR Inc
        48242W106
        
          
        
        66816.00000000
        NS
        USD
        3656839.68000000
        2.388870321886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Williams Cos Inc/The
        D71FAKCBLFS2O0RBPG08
        Williams Cos Inc/The
        969457100
        
          
        
        63154.00000000
        NS
        USD
        2109975.14000000
        1.378364225107
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dun & Bradstreet Holdings Inc
        N/A
        Dun & Bradstreet Holdings Inc
        26484T106
        
          
        
        83974.00000000
        NS
        USD
        1471224.48000000
        0.961093404320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alliance Data Systems Corp
        549300G8S4PO686J7H97
        Alliance Data Systems Corp
        018581108
        
          
        
        16070.00000000
        NS
        USD
        902330.50000000
        0.589457220061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Dynamics Corp
        9C1X8XOOTYY2FNYTVH06
        General Dynamics Corp
        369550108
        
          
        
        6950.00000000
        NS
        USD
        1676201.00000000
        1.094996546968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardiovascular Systems Inc
        549300NUBWKJMNMQ3287
        Cardiovascular Systems Inc
        141619106
        
          
        
        81671.00000000
        NS
        USD
        1845764.60000000
        1.205765814192
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dropbox Inc
        549300JCDF7UAR6TJR51
        Dropbox Inc
        26210C104
        
          
        
        72858.00000000
        NS
        USD
        1693948.50000000
        1.106590294506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corp
        549300DRQQI75D2JP341
        Truist Financial Corp
        89832Q109
        
          
        
        36497.00000000
        NS
        USD
        2069379.90000000
        1.351844942739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntington Bancshares Inc/OH
        549300XTVCVV9I7B5T19
        Huntington Bancshares Inc/OH
        446150104
        
          
        
        180438.00000000
        NS
        USD
        2638003.56000000
        1.723304537516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scotts Miracle-Gro Co/The
        2TH9E0JTOUXOEGI2R879
        Scotts Miracle-Gro Co/The
        810186106
        
          
        
        10318.00000000
        NS
        USD
        1268701.28000000
        0.828792919664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        Phillips 66
        718546104
        
          
        
        19657.00000000
        NS
        USD
        1698168.23000000
        1.109346879056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allison Transmission Holdings Inc
        529900RP7DJ882LI9T83
        Allison Transmission Holdings Inc
        01973R101
        
          
        
        42482.00000000
        NS
        USD
        1667843.32000000
        1.089536801543
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        Zimmer Biomet Holdings Inc
        98956P102
        
          
        
        22164.00000000
        NS
        USD
        2834775.60000000
        1.851848014307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        1267202.09000000
        NS
        USD
        1267202.09000000
        0.827813557479
        Long
        STIV
        RF
        US
        N
        
        2
        
          N
          N
          N
        
      
      
        Baker Hughes Co
        N/A
        Baker Hughes Co
        05722G100
        
          
        
        67000.00000000
        NS
        USD
        2439470.00000000
        1.593610328613
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        NXP Semiconductors NV
        000000000
        
          
        
        9967.00000000
        NS
        USD
        1844692.36000000
        1.205065361742
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MEDNAX Inc
        N/A
        MEDNAX Inc
        58502B106
        
          
        
        24099.00000000
        NS
        USD
        565844.52000000
        0.369644091323
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CDW Corp/DE
        9845001B052ABF0B6755
        CDW Corp/DE
        12514G108
        
          
        
        10040.00000000
        NS
        USD
        1796055.60000000
        1.173292868911
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sealed Air Corp
        Q0M0CZB4YN6JZ65WXI09
        Sealed Air Corp
        81211K100
        
          
        
        46172.00000000
        NS
        USD
        3091677.12000000
        2.019671728355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar Tree Inc
        549300PMSTQITB1WHR43
        Dollar Tree Inc
        256746108
        
          
        
        21046.00000000
        NS
        USD
        3370516.90000000
        2.201826849523
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcosa Inc
        549300WFHLTCZV7D6V29
        Arcosa Inc
        039653100
        
          
        
        27882.00000000
        NS
        USD
        1596244.50000000
        1.042764093099
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avanos Medical Inc
        549300YCXWOM7NEWMQ58
        Avanos Medical Inc
        05350V106
        
          
        
        46253.00000000
        NS
        USD
        1549475.50000000
        1.012211734816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        BankUnited Inc
        06652K103
        
          
        
        65316.00000000
        NS
        USD
        2871291.36000000
        1.875702331963
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        M&T Bank Corp
        55261F104
        
          
        
        14219.00000000
        NS
        USD
        2410120.50000000
        1.574437448299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lions Gate Entertainment Corp
        5493000JSMHPHZURLM72
        Lions Gate Entertainment Corp
        535919500
        
          
        
        283750.00000000
        NS
        USD
        4264762.50000000
        2.786002520663
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Stericycle Inc
        B8PTJH2P0AXSWSMP2136
        Stericycle Inc
        858912108
        
          
        
        21978.00000000
        NS
        USD
        1294943.76000000
        0.845936105346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Cos Inc
        XR64VGX1ZPX6G7ZN7Z11
        Carlisle Cos Inc
        142339100
        
          
        
        15903.00000000
        NS
        USD
        3910865.76000000
        2.554815623458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starwood Property Trust Inc
        BUGSFQZERKRBFWIG5267
        Starwood Property Trust Inc
        85571B105
        
          
        
        128627.00000000
        NS
        USD
        3108914.59000000
        2.030932293244
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OGE Energy Corp
        CE5OG6JPOZMDSA0LAQ19
        OGE Energy Corp
        670837103
        
          
        
        30438.00000000
        NS
        USD
        1241261.64000000
        0.810867676182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kyndryl Holdings Inc
        549300LQ4LWX2R8ZV130
        Kyndryl Holdings Inc
        50155Q100
        
          
        
        50179.00000000
        NS
        USD
        658348.48000000
        0.430073310003
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evergy Inc
        549300PGTHDQY6PSUI61
        Evergy Inc
        30034W106
        
          
        
        59100.00000000
        NS
        USD
        4038894.00000000
        2.638451464693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortune Brands Home & Security Inc
        54930032LHW54PQUJD44
        Fortune Brands Home & Security Inc
        34964C106
        
          
        
        22610.00000000
        NS
        USD
        1679470.80000000
        1.097132579406
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI Inc
        549300O5C25A0MMHHU33
        II-VI Inc
        902104108
        
          
        
        13988.00000000
        NS
        USD
        1013990.12000000
        0.662400082126
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ciena Corp
        W0CZ7N0GH8UIGXDM1H41
        Ciena Corp
        171779309
        
          
        
        40114.00000000
        NS
        USD
        2432111.82000000
        1.588803517442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CenterPoint Energy Inc
        21TPXMRRHFKOBHDC8J74
        CenterPoint Energy Inc
        15189T107
        
          
        
        122121.00000000
        NS
        USD
        3741787.44000000
        2.444363370674
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimvie Inc
        549300GFKURT1J6XR665
        Zimvie Inc
        98888T107
        
          
        
        2216.00000000
        NS
        USD
        50613.44000000
        0.033063780555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGM Resorts International
        54930066VBP7DZEGGJ87
        MGM Resorts International
        552953101
        
          
        
        65578.00000000
        NS
        USD
        2750341.32000000
        1.796690401917
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AerCap Holdings NV
        549300SZYINBBLJQU475
        AerCap Holdings NV
        000000000
        
          
        
        67328.00000000
        NS
        USD
        3385251.84000000
        2.211452609452
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Globe Life Inc
        5493001JFHKQOPP6XA71
        Globe Life Inc
        37959E102
        
          
        
        24298.00000000
        NS
        USD
        2444378.80000000
        1.596817055640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chico's FAS Inc
        5299003ESGN5T1MFXY13
        Chico's FAS Inc
        168615102
        
          
        
        371160.00000000
        NS
        USD
        1781568.00000000
        1.163828686529
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allstate Corp/The
        OBT0W1ED8G0NWVOLOJ77
        Allstate Corp/The
        020002101
        
          
        
        11311.00000000
        NS
        USD
        1566686.61000000
        1.023455079749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
        
        41490.00000000
        NS
        USD
        1336392.90000000
        0.873013207182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Devon Energy Corp
        54930042348RKR3ZPN35
        Devon Energy Corp
        25179M103
        
          
        
        63906.00000000
        NS
        USD
        3778761.78000000
        2.468517260707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyworks Solutions Inc
        549300WZ3ORQ2BVKBD96
        Skyworks Solutions Inc
        83088M102
        
          
        
        18053.00000000
        NS
        USD
        2406103.84000000
        1.571813521437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travel + Leisure Co
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co
        894164102
        
          
        
        58090.00000000
        NS
        USD
        3365734.60000000
        2.198702759997
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Itron Inc
        24F6LSZD18II6ICG6S41
        Itron Inc
        465741106
        
          
        
        37895.00000000
        NS
        USD
        1996308.60000000
        1.304110320709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WeWork Inc
        N/A
        WeWork Inc
        96209A104
        
          
        
        175598.00000000
        NS
        USD
        1197578.36000000
        0.782331098074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emergent BioSolutions Inc
        549300YW6TUOX8BE5103
        Emergent BioSolutions Inc
        29089Q105
        
          
        
        32767.00000000
        NS
        USD
        1345413.02000000
        0.878905698747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AES Corp/VA
        2NUNNB7D43COUIRE5295
        AES Corp/The
        00130H105
        
          
        
        111127.00000000
        NS
        USD
        2859297.71000000
        1.867867349562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McKesson Corp
        549300WZWOM80UCFSF54
        McKesson Corp
        58155Q103
        
          
        
        6972.00000000
        NS
        USD
        2134338.36000000
        1.394279763740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haemonetics Corp
        549300ZEL6TXZS6F5F95
        Haemonetics Corp
        405024100
        
          
        
        23705.00000000
        NS
        USD
        1498630.10000000
        0.978996423867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enerpac Tool Group Corp
        IZW37BPZKUJE1QXGB081
        Enerpac Tool Group Corp
        292765104
        
          
        
        75932.00000000
        NS
        USD
        1662151.48000000
        1.085818545113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        Aptiv PLC
        000000000
        
          
        
        25834.00000000
        NS
        USD
        3092588.14000000
        2.020266862085
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TreeHouse Foods Inc
        5493007M7EVHE470Q576
        TreeHouse Foods Inc
        89469A104
        
          
        
        74200.00000000
        NS
        USD
        2393692.00000000
        1.563705351867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Motorola Solutions Inc
        6S552MUG6KGJVEBSEC55
        Motorola Solutions Inc
        620076307
        
          
        
        8606.00000000
        NS
        USD
        2084373.20000000
        1.361639479151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ping Identity Holding Corp
        N/A
        Ping Identity Holding Corp
        72341T103
        
          
        
        32980.00000000
        NS
        USD
        904641.40000000
        0.590966840638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONEOK Inc
        2T3D6M0JSY48PSZI1Q41
        ONEOK Inc
        682680103
        
          
        
        56183.00000000
        NS
        USD
        3968205.29000000
        2.592273295512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loyalty Ventures Inc
        549300Q3YKVWNY6JIJ44
        Loyalty Ventures Inc
        54911Q107
        
          
        
        4360.00000000
        NS
        USD
        72070.80000000
        0.047081034516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-27
      NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST
      John McGovern
      John McGovern
      Treasurer
    
  
  XXXX

Schedule of Investments International Equity Portfolio^

(Unaudited) March 31, 2022

NUMBER OF SHARES			VALUE

Common Stocks 96.3%
Austria 1.2%
	9,357	BAWAG Group AG	$	472,146	^*(a)
Belgium 0.5%
	7,304	Azelis Group NV		176,194	^*
Canada 1.1%
	19,033	Softchoice Corp.		430,246	^(b)
China 1.5%
	1,576	NXP Semiconductors NV		291,686
	21,100	Shenzhou International Group Holdings Ltd.		278,563
				570,249
Finland 1.3%
	49,384	Nordea Bank Abp		508,260	^(b)
France 7.7%
	1,783	Air Liquide SA		311,925
	2,436	Arkema SA		291,199
	10,862	Bureau Veritas SA		309,685
	16,162	Exclusive Networks SA		308,523	^*
	1,044	Kering SA		659,106
	3,819	Pernod-Ricard SA		839,076
	758	Teleperformance		288,721
				3,008,235
Germany 11.1%
	2,437	adidas AG		567,884
	5,948	Beiersdorf AG		624,861
	7,339	Brenntag SE		591,754
	2,812	Deutsche Boerse AG		506,190
	6,754	HelloFresh SE		303,145	^*
	17,505	QIAGEN NV		857,745	^*
	615	SAP SE		68,159
	5,171	SAP SE ADR		573,774
	5,441	Stabilus SA		270,031
				4,363,543
Hong Kong 3.7%
	49,200	AIA Group Ltd.		513,740
	58,800	Techtronic Industries Co. Ltd.		942,062
				1,455,802
Ireland 5.0%
	15,583	CRH PLC		622,411
	5,767	Kerry Group PLC Class A		644,992
	15,745	Smurfit Kappa Group PLC		699,351
				1,966,754
Italy 0.7%
	23,064	Nexi SpA		266,152	^*(a)
Japan 14.5%
	3,500	As One Corp.		206,526
	1,100	Disco Corp.		307,601
	4,800	Fujitsu Ltd.		719,164
	3,700	Koito Manufacturing Co. Ltd.		149,737
	10,000	MISUMI Group, Inc.		297,708
	2,700	Nitori Holdings Co. Ltd.		339,694
	15,300	Olympus Corp.		289,975
	11,300	Otsuka Corp.		400,656
	29,100	SCSK Corp.		497,627
	300	SMC Corp.		167,698
	8,700	Sony Group Corp.		895,018
	26,200	TechnoPro Holdings, Inc.		707,786
	22,400	Terumo Corp.		677,790
				5,656,980
Netherlands 5.7%
	5,492	AerCap Holdings NV		276,138	^*
	413	ASML Holding NV		275,975
	8,125	Heineken NV		776,992
	1,771	Koninklijke DSM NV		316,821
	19,239	Koninklijke Philips NV		586,668
				2,232,594
Norway 0.3%
	80,282	Elopak ASA		135,972	^*
Singapore 1.5%
	23,043	DBS Group Holdings Ltd.		603,777
Sweden 1.5%
	7,649	Autoliv, Inc.		584,690
Switzerland 12.3%
	6,917	Julius Baer Group Ltd.		400,456
	679	Lonza Group AG		492,005
	12,812	Novartis AG		1,124,785
	3,081	Roche Holding AG		1,219,034
	21,521	SIG Combibloc Group AG		542,541	^*
	1,280	Sonova Holding AG		534,705
	26,109	UBS Group AG		510,204
				4,823,730
United Kingdom 21.9%
	29,025	Bunzl PLC		1,125,621
	20,552	Compass Group PLC		442,281
	9,209	DCC PLC		713,090
	16,357	Diageo PLC		829,701
	10,065	Fevertree Drinks PLC		235,006
	82,160	Ibstock PLC		188,566	^(a)
	796,318	Lloyds Banking Group PLC		484,931
	9,048	London Stock Exchange Group PLC		943,530
	144,168	Petershill Partners PLC		471,136	^*(a)
	35,181	Prudential PLC		519,386
	27,703	RELX PLC		862,054
	13,239	Savills PLC		192,513
	30,490	Smith & Nephew PLC		484,939
	15,527	St. James’s Place PLC		292,736
	15,417	Travis Perkins PLC		248,611
	4,471	Unilever PLC		202,072
	14,812	Weir Group PLC		316,086
				8,552,259
United States 4.8%
	2,206	Aon PLC Class A		718,340
	4,403	Ferguson PLC		596,517

See Notes to Schedule of Investments

Schedule of Investments International Equity Portfolio^

(Unaudited) (cont’d)

NUMBER OF SHARES			VALUE

	3,358	Schneider Electric SE	$	563,776
				1,878,633
Total Common Stocks
(Cost $36,304,770)				37,686,216

Short-Term Investments 4.0%

Investment Companies 4.0%
	601,595	State Street Institutional Treasury Money Market Fund Premier Class, 0.17%^(c)		601,595
	984,264	State Street Navigator Securities Lending Government Money Market Portfolio, 0.29%^(c)		984,264	^(d)

Total Short-Term Investments
(Cost $1,585,859)				1,585,859

Total Investments 100.3%
(Cost $37,890,629)				39,272,075
Liabilities Less Other Assets (0.3)%				(136,595	)

Net Assets 100.0%			$	39,135,480

*	Non-income producing security.
(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at March 31, 2022 amounted to $1,398,000, which represents 3.6% of net assets of the Fund.
(b)	The security or a portion of this security is on loan at March 31, 2022. Total value of all such securities at March 31, 2022 amounted to $923,813 for the Fund.
(c)	Represents 7-day effective yield as of March 31, 2022.
(d)	Represents investment of cash collateral received from securities lending.

See Notes to Schedule of Investments

Schedule of Investments International Equity Portfolio^

(Unaudited) (cont’d)

POSITIONS BY INDUSTRY

Industry	Investments at Value		Percentage of Net Assets
Capital Markets	$	3,124,252		8.0	%
Trading Companies & Distributors		3,014,835		7.7	%
Beverages		2,680,775		6.9	%
Health Care Equipment & Supplies		2,574,077		6.6	%
Pharmaceuticals		2,343,819		6.0	%
IT Services		2,192,122		5.6	%
Professional Services		2,168,246		5.5	%
Banks		2,069,114		5.3	%
Machinery		1,993,585		5.1	%
Insurance		1,751,466		4.5	%
Textiles, Apparel & Luxury Goods		1,505,553		3.8	%
Containers & Packaging		1,377,864		3.5	%
Life Sciences Tools & Services		1,349,750		3.5	%
Chemicals		919,945		2.4	%
Household Durables		895,018		2.3	%
Semiconductors & Semiconductor Equipment		875,262		2.2	%
Personal Products		826,933		2.1	%
Construction Materials		810,977		2.1	%
Auto Components		734,427		1.9	%
Industrial Conglomerates		713,090		1.8	%
Food Products		644,992		1.6	%
Software		641,933		1.6	%
Electrical Equipment		563,776		1.4	%
Hotels, Restaurants & Leisure		442,281		1.1	%
Electronic Equipment, Instruments & Components		430,246		1.1	%
Specialty Retail		339,694		0.9	%
Food & Staples Retailing		303,145		0.8	%
Health Care Providers & Services		206,526		0.5	%
Real Estate Management & Development		192,513		0.5	%
Short-Term Investments and Other Liabilities—Net		1,449,264		3.7	%
	$	39,135,480		100.0	%

See Notes to Schedule of Investments

Schedule of Investments International Equity Portfolio^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks
Austria	$	—	$	472,146	$	—	$	472,146
Belgium		—		176,194		—		176,194
China		291,686		278,563		—		570,249
Finland		—		508,260		—		508,260
France		308,523		2,699,712		—		3,008,235
Germany		1,431,519		2,932,024		—		4,363,543
Hong Kong		—		1,455,802		—		1,455,802
Ireland		644,992		1,321,762		—		1,966,754
Italy		—		266,152		—		266,152
Japan		—		5,656,980		—		5,656,980
Netherlands		276,138		1,956,456		—		2,232,594
Norway		—		135,972		—		135,972
Singapore		—		603,777		—		603,777
Switzerland		—		4,823,730		—		4,823,730
United Kingdom		—		8,552,259		—		8,552,259
United States		718,340		1,160,293		—		1,878,633
Other Common Stocks^(a)		1,014,936		—		—		1,014,936
Total Common Stocks		4,686,134		33,000,082		—		37,686,216
Short-Term Investments		—		1,585,859		—		1,585,859
Total Investments	$	4,686,134	$	34,585,941	$	—	$	39,272,075

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

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

See Notes to Schedule of Investments

Schedule of Investments Mid Cap Growth Portfolio^

(Unaudited) March 31, 2022

NUMBER OF SHARES			VALUE

Common Stocks 93.5%
Aerospace & Defense 2.1%
	34,400	Axon Enterprise, Inc.	$	4,737,912	^*
	50,300	HEICO Corp.		7,723,062
				12,460,974
Airlines 0.9%
	32,500	Allegiant Travel Co.		5,277,675	^*
Auto Components 1.0%
	47,500	Aptiv PLC		5,686,225	^*
Banks 5.8%
	120,000	Citizens Financial Group, Inc.		5,439,600
	75,000	Pinnacle Financial Partners, Inc.		6,906,000
	37,500	Signature Bank		11,005,875
	19,000	SVB Financial Group		10,629,550	^*
				33,981,025
Biotechnology 3.3%
	7,500	Argenx SE ADR		2,364,825	^*
	59,900	Fate Therapeutics, Inc.		2,322,323	^*
	80,000	Horizon Therapeutics PLC		8,416,800	^*
	42,500	Seagen, Inc.		6,122,125	^*
				19,226,073
Capital Markets 0.8%
	100,000	Carlyle Group, Inc.		4,891,000
Commercial Services & Supplies 3.9%
	29,500	Cintas Corp.		12,549,005
	75,000	Waste Connections, Inc.		10,477,500
				23,026,505
Communications Equipment 2.5%
	57,500	Arista Networks, Inc.		7,991,350	^*
	175,000	Juniper Networks, Inc.		6,503,000
				14,494,350
Distributors 0.9%
	110,000	LKQ Corp.		4,995,100
Electrical Equipment 3.0%
	66,400	AMETEK, Inc.		8,843,152
	30,000	Generac Holdings, Inc.		8,917,800	^*
				17,760,952
Electronic Equipment, Instruments & Components 5.1%
	68,800	Amphenol Corp. Class A		5,184,080
	35,000	CDW Corp.		6,261,150
	20,000	Teledyne Technologies, Inc.		9,452,600	^*
	22,500	Zebra Technologies Corp. Class A		9,308,250	^*
				30,206,080
Entertainment 0.6%
	228,944	Lions Gate Entertainment Corp. Class A		3,720,340	^*
Food & Staples Retailing 1.8%
	152,400	BJ’s Wholesale Club Holdings, Inc.		10,303,764	^*
Health Care Equipment & Supplies 6.6%
	7,000	Align Technology, Inc.		3,052,000	^*
	100,000	Axonics, Inc.		6,260,000	^*
	14,000	IDEXX Laboratories, Inc.		7,658,840	^*
	22,500	Insulet Corp.		5,993,775	^*
	35,000	Penumbra, Inc.		7,774,550	^*
	22,500	Teleflex, Inc.		7,983,675
				38,722,840
Health Care Providers & Services 0.7%
	150,000	R1 RCM, Inc.		4,014,000	^*
Hotels, Restaurants & Leisure 6.2%
	80,000	Caesars Entertainment, Inc.		6,188,800	^*
	4,900	Chipotle Mexican Grill, Inc.		7,751,947	^*
	50,000	Darden Restaurants, Inc.		6,647,500
	50,000	Expedia Group, Inc.		9,783,500	^*
	40,000	Marriott Vacations Worldwide Corp.		6,308,000
				36,679,747
Household Products 1.1%
	63,900	Church & Dwight Co., Inc.		6,350,382
Interactive Media & Services 0.7%
	40,000	IAC/InterActiveCorp.		4,011,200	^*
IT Services 3.4%
	52,500	Cloudflare, Inc. Class A		6,284,250	^*
	22,500	Globant SA		5,896,575	^*
	17,500	MongoDB, Inc.		7,762,825	^*
				19,943,650
Leisure Products 0.8%
	45,000	Polaris, Inc.		4,739,400
Life Sciences Tools & Services 4.1%
	325,000	Avantor, Inc.		10,991,500	^*
	13,006	Bio-Rad Laboratories, Inc. Class A		7,325,369	^*
	25,000	IQVIA Holdings, Inc.		5,780,250	^*
				24,097,119
Machinery 1.8%
	16,768	Chart Industries, Inc.		2,880,239	^*
	39,300	IDEX Corp.		7,534,989
				10,415,228
Oil, Gas & Consumable Fuels 3.5%
	200,000	Antero Resources Corp.		6,106,000	^*
	150,000	Devon Energy Corp.		8,869,500
	39,957	Diamondback Energy, Inc.		5,477,306
				20,452,806
Pharmaceuticals 1.2%
	30,000	Catalent, Inc.		3,327,000	^*
	100,000	Royalty Pharma PLC Class A		3,896,000
				7,223,000
Professional Services 1.2%
	110,000	CoStar Group, Inc.		7,327,100	^*
Road & Rail 1.6%
	32,000	Old Dominion Freight Line, Inc.		9,557,760
Semiconductors & Semiconductor Equipment 10.6%
	40,000	Enphase Energy, Inc.		8,071,200	^*
	67,500	Entegris, Inc.		8,860,050
	14,500	KLA Corp.		5,307,870
	110,000	Lattice Semiconductor Corp.		6,704,500	^*
	90,000	Marvell Technology, Inc.		6,453,900
	20,000	Monolithic Power Systems, Inc.		9,713,600

See Notes to Schedule of Investments

Schedule of Investments Mid Cap Growth Portfolio^

(Unaudited) (cont’d)

NUMBER OF SHARES			VALUE

	172,500	ON Semiconductor Corp.	$	10,800,225	^*
	55,000	Teradyne, Inc.		6,502,650
				62,413,995
Software 10.9%
	22,500	Bill.com Holdings, Inc.		5,102,775	^*
	32,500	Crowdstrike Holdings, Inc. Class A		7,380,100	^*
	32,500	Datadog, Inc. Class A		4,922,775	^*
	75,000	Descartes Systems Group, Inc.		5,494,500	^*
	10,000	HubSpot, Inc.		4,749,400	^*
	50,000	Manhattan Associates, Inc.		6,935,500	^*
	25,000	Palo Alto Networks, Inc.		15,562,750	^*
	35,000	Paylocity Holding Corp.		7,201,950	^*
	27,500	Zscaler, Inc.		6,635,200	^*
				63,984,950
Specialty Retail 5.3%
	30,000	Burlington Stores, Inc.		5,465,100	^*
	45,000	CarMax, Inc.		4,341,600	^*
	82,500	Dick’s Sporting Goods, Inc.		8,251,650	^(a)
	30,000	Five Below, Inc.		4,751,100	^*
	12,500	O’Reilly Automotive, Inc.		8,562,000	^*
				31,371,450
Trading Companies & Distributors 2.1%
	34,400	United Rentals, Inc.		12,219,224	^*
Total Common Stocks
(Cost $395,172,787)				549,553,914

Short-Term Investments 7.7%

Investment Companies 7.7%
	41,790,660	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25%^(b)		41,790,660
	3,774,746	State Street Navigator Securities Lending Government Money Market Portfolio, 0.29%^(b)		3,774,746	^(c)

Total Short-Term Investments
(Cost $45,565,406)				45,565,406

Total Investments 101.2%
(Cost $440,738,193)				595,119,320
Liabilities Less Other Assets (1.2)%				(7,293,276	)

Net Assets 100.0%			$	587,826,044

*	Non-income producing security.
(a)	The security or a portion of this security is on loan at March 31, 2022. Total value of all such securities at March 31, 2022 amounted to approximately $3,528,506 for the Fund.
(b)	Represents 7-day effective yield as of March 31, 2022.
(c)	Represents investment of cash collateral received from securities lending.

See Notes to Schedule of Investments

Schedule of Investments Mid Cap Growth Portfolio^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	549,553,914	$	—	$	—	$	549,553,914
Short-Term Investments		—		45,565,406		—		45,565,406
Total Investments	$	549,553,914	$	45,565,406	$	—	$	595,119,320

^(a)	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 Schedule of Investments

Schedule of Investments Mid Cap Intrinsic Value Portfolio^

(Unaudited) March 31, 2022

NUMBER OF SHARES			VALUE

Common Stocks 99.7%
Aerospace & Defense 1.1%
	6,950	General Dynamics Corp.	$	1,676,201
Auto Components 2.0%
	25,834	Aptiv PLC		3,092,588	^*
Banks 8.0%
	65,316	BankUnited, Inc.		2,871,291
	23,675	Comerica, Inc.		2,140,930
	180,438	Huntington Bancshares, Inc.		2,638,004
	14,219	M&T Bank Corp.		2,410,121
	36,497	Truist Financial Corp.		2,069,380
				12,129,726
Beverages 2.6%
	73,500	Molson Coors Brewing Co. Class B		3,923,430
Biotechnology 0.9%
	32,767	Emergent BioSolutions, Inc.		1,345,413	^*
Building Products 3.7%
	15,903	Carlisle Cos, Inc.		3,910,866
	22,610	Fortune Brands Home & Security, Inc.		1,679,471
				5,590,337
Chemicals 1.5%
	10,048	Ashland Global Holdings, Inc.		988,824
	10,318	Scotts Miracle-Gro Co.		1,268,701
				2,257,525
Commercial Services & Supplies 2.1%
	107,889	KAR Auction Services, Inc.		1,947,396	^*
	21,978	Stericycle, Inc.		1,294,944	^*
				3,242,340
Communications Equipment 3.0%
	40,114	Ciena Corp.		2,432,112	^*
	8,606	Motorola Solutions, Inc.		2,084,373
				4,516,485
Construction & Engineering 1.0%
	27,882	Arcosa, Inc.		1,596,245
Containers & Packaging 2.0%
	46,172	Sealed Air Corp.		3,091,677
Electric Utilities 3.5%
	59,100	Evergy, Inc.		4,038,894
	30,438	OGE Energy Corp.		1,241,262
				5,280,156
Electronic Equipment, Instruments & Components 3.2%
	10,040	CDW Corp.		1,796,056
	13,988	II-VI, Inc.		1,013,990	^*
	37,895	Itron, Inc.		1,996,308	^*
				4,806,354
Energy Equipment & Services 1.6%
	67,000	Baker Hughes Co.		2,439,470
Entertainment 2.8%
	283,750	Lions Gate Entertainment Corp. Class B		4,264,762	^*
Equity Real Estate Investment Trusts 2.7%
	58,051	Regency Centers Corp.		4,141,358
Food Products 2.8%
	53,490	Hain Celestial Group, Inc.		1,840,056	^*
	74,200	TreeHouse Foods, Inc.		2,393,692	^*
				4,233,748
Health Care Equipment & Supplies 5.1%
	46,253	Avanos Medical, Inc.		1,549,475	^*
	81,671	Cardiovascular Systems, Inc.		1,845,765	^*
	23,705	Haemonetics Corp.		1,498,630	^*
	22,164	Zimmer Biomet Holdings, Inc.		2,834,776
	2,216	Zimvie, Inc.		50,613	^*
				7,779,259
Health Care Providers & Services 1.8%
	6,972	McKesson Corp.		2,134,338
	24,099	MEDNAX, Inc.		565,845	^*
				2,700,183
Hotels, Restaurants & Leisure 4.0%
	65,578	MGM Resorts International		2,750,341
	58,090	Travel & Leisure Co.		3,365,735
				6,116,076
Independent Power and Renewable Electricity Producers 3.1%
	111,127	AES Corp.		2,859,298
	81,800	Vistra Corp.		1,901,850
				4,761,148
Insurance 2.6%
	11,311	Allstate Corp.		1,566,686
	24,298	Globe Life, Inc.		2,444,379
				4,011,065
IT Services 2.2%
	16,070	Alliance Data Systems Corp.		902,331
	351,300	Conduent, Inc.		1,812,708	^*
	50,179	Kyndryl Holdings, Inc.		658,348	^*
				3,373,387
Machinery 2.2%
	42,482	Allison Transmission Holdings, Inc.		1,667,843
	75,932	Enerpac Tool Group Corp.		1,662,152
				3,329,995
Media 0.0%^(a)
	4,360	Loyalty Ventures, Inc.		72,071	^*
Metals & Mining 0.9%
	41,490	Cleveland-Cliffs, Inc.		1,336,393	^*
Mortgage Real Estate Investment Trusts 2.0%
	128,627	Starwood Property Trust, Inc.		3,108,915
Multi-Utilities 2.5%
	122,121	CenterPoint Energy, Inc.		3,741,787
Multiline Retail 2.2%
	21,046	Dollar Tree, Inc.		3,370,517	^*
Oil, Gas & Consumable Fuels 9.9%
	63,906	Devon Energy Corp.		3,778,762
	30,064	EOG Resources, Inc.		3,584,531

See Notes to Schedule of Investments

Schedule of Investments Mid Cap Intrinsic Value Portfolio^

(Unaudited) (cont’d)

NUMBER OF SHARES			VALUE

	56,183	ONEOK, Inc.	$	3,968,205
	19,657	Phillips 66		1,698,168
	63,154	Williams Cos., Inc.		2,109,975
				15,139,641
Professional Services 3.4%
	83,974	Dun & Bradstreet Holdings, Inc.		1,471,224	^*
	66,816	KBR, Inc.		3,656,840
				5,128,064
Real Estate Management & Development 0.8%
	175,598	WeWork, Inc. Class A		1,197,578	^*
Semiconductors & Semiconductor Equipment 5.3%
	20,794	CMC Materials, Inc.		3,855,208
	9,967	NXP Semiconductors NV		1,844,692
	18,053	Skyworks Solutions, Inc.		2,406,104
				8,106,004
Software 1.7%
	72,858	Dropbox, Inc. Class A		1,693,949	^*
	32,980	Ping Identity Holding Corp.		904,641	^*
				2,598,590
Specialty Retail 2.6%
	371,160	Chico’s FAS, Inc.		1,781,568	^*
	42,761	Children’s Place, Inc.		2,108,117	^*
				3,889,685
Technology Hardware, Storage & Peripherals 0.7%
	29,016	Pure Storage, Inc. Class A		1,024,555	^*
Trading Companies & Distributors 2.2%
	67,328	AerCap Holdings NV		3,385,252	^*
Total Common Stocks (Cost $116,172,810)				151,797,980
Short-Term Investments 0.8%
Investment Companies 0.8%
	1,267,202	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25%^(b) (Cost $1,267,202)		1,267,202
Total Investments 100.5% (Cost $117,440,012)				153,065,182
Liabilities Less Other Assets (0.5)%				(779,959	)

Net Assets 100.0%			$	152,285,223

*	Non-income producing security.
(a)	Represents less than 0.05% of net assets of the Fund.
(b)	Represents 7-day effective yield as of March 31, 2022.

See Notes to Schedule of Investments

Schedule of Investments Mid Cap Intrinsic Value Portfolio^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks^(a)	$	151,797,980	$	—	$	—	$	151,797,980
Short-Term Investments		—		1,267,202		—		1,267,202
Total Investments	$	151,797,980	$	1,267,202	$	—	$	153,065,182

^(a)

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 Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) March 31, 2022

PRINCIPAL AMOUNT			VALUE

Mortgage-Backed Securities 28.8%
Adjustable Mixed Balance 0.1%
	98,637	Harborview Mortgage Loan Trust, Ser. 2004-4, Class 3A, (1M USD LIBOR + 1.13%), 1.36%, due 6/19/2034	$	97,062	^(a)
Collateralized Mortgage Obligations 11.7%
	209,188	Angel Oak Mortgage Trust, Ser. 2019-6, Class A1, 2.62%, due 11/25/2059		208,965	^(b)(c)
		Connecticut Avenue Securities Trust
	80,212	Ser. 2019-R02, Class 1M2, (1M USD LIBOR + 2.30%), 2.76%, due 8/25/2031		80,212	^(a)(b)
	236,000	Ser. 2021-R01, Class 1M2, (SOFR30A + 1.55%), 1.65%, due 10/25/2041		227,994	^(a)(b)
	395,000	Ser. 2022-R03, Class 1M2, (SOFR30A + 3.50%), 3.60%, due 3/25/2042		399,213	^(a)(b)
	273,060	Ellington Financial Mortgage Trust, Ser. 2022-1, Class A1, 2.21%, due 1/25/2067		258,392	^(b)(c)
		Fannie Mae Connecticut Avenue Securities
	694,900	Ser. 2016-C02, Class 1M2, (1M USD LIBOR + 6.00%), 6.46%, due 9/25/2028		732,518	^(a)
	246,430	Ser. 2016-C03, Class 1M2, (1M USD LIBOR + 5.30%), 5.76%, due 10/25/2028		256,522	^(a)
	824,182	Ser. 2016-C04, Class 1M2, (1M USD LIBOR + 4.25%), 4.71%, due 1/25/2029		844,902	^(a)
	592,616	Ser. 2016-C06, Class 1M2, (1M USD LIBOR + 4.25%), 4.71%, due 4/25/2029		618,571	^(a)
	263,559	Ser. 2016-C07, Class 2M2, (1M USD LIBOR + 4.35%), 4.81%, due 5/25/2029		274,609	^(a)
	886,388	Ser. 2017-C03, Class 1M2, (1M USD LIBOR + 3.00%), 3.46%, due 10/25/2029		905,030	^(a)
	771,476	Ser. 2017-C05, Class 1M2, (1M USD LIBOR + 2.20%), 2.66%, due 1/25/2030		775,276	^(a)
	816,319	Ser. 2018-C01, Class 1M2, (1M USD LIBOR + 2.25%), 2.71%, due 7/25/2030		822,467	^(a)
		Freddie Mac Structured Agency Credit Risk Debt Notes
	890,469	Ser. 2017-DNA1, Class M2, (1M USD LIBOR + 3.25%), 3.71%, due 7/25/2029		898,449	^(a)
	985,911	Ser. 2017-HQA3, Class M2, (1M USD LIBOR + 2.35%), 2.81%, due 4/25/2030		992,285	^(a)
	661,991	Ser. 2019-CS03, Class M1, (1M USD LIBOR + 0.00%), 0.46%, due 10/25/2032		660,029	^(a)(b)
	275,000	Ser. 2022-DNA2, Class M2, (SOFR30A + 3.75%), 3.85%, due 2/25/2042		268,902	^(a)(b)
	250,869	Ser. 2019-DNA2, Class M2, (1M USD LIBOR + 2.45%), 2.91%, due 3/25/2049		251,179	^(a)(b)
		Freddie Mac Structured Agency Credit Risk Debt Notes Real Estate Mortgage Investment Conduits
	320,000	Ser. 2022-HQA1, Class M2, (SOFR30A + 5.25%), 5.30%, due 3/25/2042		326,016	^(a)(b)
	61,127	Ser. 2021-DNA1, Class M1, (SOFR30A + 0.65%), 0.75%, due 1/25/2051		60,999	^(a)(b)
		GCAT Trust
	304,328	Ser. 2019-NQM3, Class A1, 2.69%, due 11/25/2059		298,453	^(b)(c)
	553,323	Ser. 2021-NQM5, Class A1, 1.26%, due 7/25/2066		523,386	^(b)(c)
	510,934	SGR Residential Mortgage Trust, Ser. 2021-2, Class A1, 1.74%, due 12/25/2061		485,553	^(b)(c)
	34,202	Starwood Mortgage Residential Trust, Ser. 2019-INV1, Class A1, 2.61%, due 9/27/2049		34,247	^(b)(c)

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

		Verus Securitization Trust
$	593,059	Ser. 2021-3, Class A3, 1.44%, due 6/25/2066	$	560,802	^(b)(c)
	498,309	Ser. 2021-6, Class A3, 1.89%, due 10/25/2066		474,475	^(b)(c)
				12,239,446
Commercial Mortgage-Backed 15.7%
	1,239,563	BANK, Ser. 2020-BN30, Class A1, 0.45%, due 12/15/2053		1,182,112
	510,000	BB-UBS Trust, Ser. 2012-SHOW, Class A , 3.43%, due 11/5/2036		503,708	^(b)
	5,390,728	BBCMS Mortgage Trust, Ser. 2021-C11, Class XA, 1.39%, due 9/15/2054		502,285	^(c)(d)
		Benchmark Mortgage Trust
	227,000	Ser. 2021-B31, Class D, 2.25%, due 12/15/2054		172,287	^(b)
	97,000	Ser. 2021-B31, Class E, 2.25%, due 12/15/2054		66,946	^(b)
	1,150,000	BX Commercial Mortgage Trust, Ser. 2021-VOLT, Class D, (1M USD LIBOR + 1.65%), 2.05%, due 9/15/2036		1,108,530	^(a)(b)
		BX Trust
	587,000	Ser. 2021-SDMF, Class E, (1M USD LIBOR + 1.59%), 1.98%, due 9/15/2034		556,988	^(a)(b)
	269,000	Ser. 2019-OC11, Class A, 3.20%, due 12/9/2041		259,683	^(b)
	320,000	BXMT Ltd., Ser. 2020-FL2, Class A, (SOFR30A + 1.01%), 1.06%, due 2/15/2038		318,142	^(a)(b)
		CAMB Commercial Mortgage Trust
	1,006,000	Ser. 2019-LIFE, Class D, (1M USD LIBOR + 1.75%), 2.15%, due 12/15/2037		989,616	^(a)(b)
	130,000	Ser. 2019-LIFE, Class F, (1M USD LIBOR + 2.55%), 2.95%, due 12/15/2037		127,775	^(a)(b)
		Citigroup Commercial Mortgage Trust
	29,654	Ser. 2012-GC8, Class AAB, 2.61%, due 9/10/2045		29,638
	830,000	Ser. 2015-P1, Class A5, 3.72%, due 9/15/2048		837,623
	99,427	Ser. 2016-P3, Class A2, 2.74%, due 4/15/2049		99,326
		Commercial Mortgage Trust
	1,111,000	Ser. 2012-CR4, Class AM, 3.25%, due 10/15/2045		1,106,496
	12,040,074	Ser. 2014-CR18, Class XA, 0.99%, due 7/15/2047		214,087	^(c)(d)
	15,942,650	CSAIL Commercial Mortgage Trust, Ser. 2016-C5, Class XA, 0.93%, due 11/15/2048		422,963	^(c)(d)
	800,000	Eleven Madison Mortgage Trust, Ser. 2015-11MD, Class A, 3.55%, due 9/10/2035		797,130	^(b)(c)
		Freddie Mac Multiclass Certificates
	2,420,000	Ser. 2020-RR03, Class X1, 1.71%, due 7/27/2028		220,771	^(d)
	1,500,000	Ser. 2020-RR02, Class DX, 1.82%, due 9/27/2028		149,433	^(c)(d)
	1,535,000	Ser. 2020-RR02, Class CX, 1.27%, due 3/27/2029		113,822	^(c)(d)
	26,638,315	Freddie Mac Multifamily Structured Pass Through Certificates, Ser. K737, Class X1, 0.64%, due 10/25/2026		633,502	^(c)(d)
		GS Mortgage Securities Trust
	167,278	Ser. 2010-C1, Class B, 5.15%, due 8/10/2043		166,060	^(b)
	67,827	Ser. 2012-GCJ7, Class B, 4.74%, due 5/10/2045		67,771
	174,528,908	Ser. 2013-GC13, Class XA, 0.06%, due 7/10/2046		115,433	^(c)(d)
	1,000,000	Ser. 2014-GC22, Class A4, 3.59%, due 6/10/2047		1,001,639
	17,971,549	Ser. 2015-GC30, Class XA, 0.73%, due 5/10/2050		350,064	^(c)(d)
		JP Morgan Chase Commercial Mortgage Securities Trust
	285,000	Ser. 2012-HSBC, Class B, 3.72%, due 7/5/2032		285,322	^(b)
	285,000	Ser. 2012-HSBC, Class C, 4.02%, due 7/5/2032		285,371	^(b)
	235,000	Ser. 2022-OPO, Class D, 3.45%, due 1/5/2039		207,595	^(b)(c)
		JPMBB Commercial Mortgage Securities Trust
	96,947	Ser. 2013-C12, Class ASB, 3.16%, due 7/15/2045		96,962
	294,463	Ser. 2015-C29, Class ASB, 3.30%, due 5/15/2048		295,787
	214,000	Manhattan West Mortgage Trust, Ser. 2020-1MW, Class D, 2.33%, due 9/10/2039		189,989	^(b)(c)
	166,000	Morgan Stanley Bank of America Merrill Lynch Trust, Ser. 2013-C9, Class B, 3.71%, due 5/15/2046		165,621	^(c)
	693,000	NYO Commercial Mortgage Trust, Ser. 2021-1290, Class D, (1M USD LIBOR + 2.55%), 2.94%, due 11/15/2038		674,461	^(a)(b)

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

$	165,000	ONE Park Mortgage Trust, Ser. 2021-PARK, Class E, (1M USD LIBOR + 1.75%), 2.15%, due 3/15/2036	$	158,469	^(a)(b)
	284,294	UBS Commercial Mortgage Trust, Ser. 2018-C14, Class A1, 3.38%, due 12/15/2051		285,618
	266,498	Wells Fargo Commercial Mortgage Trust, Ser. 2012-LC5, Class A3, 2.92%, due 10/15/2045		266,813
		WF-RBS Commercial Mortgage Trust
	16,692,221	Ser. 2014-LC14, Class XA, 1.25%, due 3/15/2047		294,708	^(c)(d)
	1,130,000	Ser. 2014-C25, Class A5, 3.63%, due 11/15/2047		1,136,464
				16,457,010
Fannie Mae 0.7%
	668,694	Pass-Through Certificates, 4.50%, due 5/1/2041 – 5/1/2044		709,640
Freddie Mac 0.6%
		Pass-Through Certificates
	224,896	3.50%, due 5/1/2026		229,761
	350,525	4.50%, due 11/1/2039		373,358
				603,119
		Total Mortgage-Backed Securities (Cost $32,516,839)		30,106,277
Corporate Bonds 52.9 %
Advertising 0.1%
	140,000	Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, due 6/15/2025		143,675	^(b)
Aerospace & Defense 2.2%
	1,400,000	Boeing Co., 2.20%, due 2/4/2026		1,323,583
	410,000	Spirit AeroSystems, Inc., 7.50%, due 4/15/2025		424,782	^(b)
	490,000	TransDigm, Inc., 6.25%, due 3/15/2026		503,054	^(b)
				2,251,419
Agriculture 0.5%
	535,000	BAT Capital Corp., 2.26%, due 3/25/2028		480,040
Airlines 3.1%
	1,160,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, due 4/20/2026		1,168,700	^(b)
	140,000	Delta Air Lines, Inc., 7.00%, due 5/1/2025		149,956	^(b)
	535,000	Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/2025		538,108	^(b)
	255,000	United Airlines, Inc., 4.38%, due 4/15/2026		250,837	^(b)
	1,090,000	United Continental Holdings, Inc., 4.88%, due 1/15/2025		1,085,455
				3,193,056
Auto Manufacturers 1.5%
		General Motors Financial Co., Inc.
	530,000	2.75%, due 6/20/2025		514,767
	400,000	2.70%, due 8/20/2027		376,332
	250,000	Jaguar Land Rover Automotive PLC, 7.75%, due 10/15/2025		258,512	^(b)
	370,000	Volkswagen Group of America Finance LLC, 3.35%, due 5/13/2025		368,839	^(b)
				1,518,450
Banks 10.9%
	550,000	Banco Santander SA, 2.75%, due 5/28/2025		535,956
		Bank of America Corp.
	650,000	Ser. L, 3.95%, due 4/21/2025		662,345
	1,085,000	3.38%, due 4/2/2026		1,083,539	^(e)
	1,000,000	BNP Paribas SA, 3.80%, due 1/10/2024		1,009,290	^(b)
	1,070,000	Citigroup, Inc., 3.35%, due 4/24/2025		1,072,545	^(e)
	1,920,000	Goldman Sachs Group, Inc., 1.95%, due 10/21/2027		1,784,349	^(e)
	700,000	JPMorgan Chase & Co., 2.30%, due 10/15/2025		685,571	^(e)
	1,065,000	Lloyds Banking Group PLC, 1.33%, due 6/15/2023		1,062,344	^(e)

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

		Morgan Stanley
$	1,700,000	0.79%, due 5/30/2025	$	1,615,057	^(e)
	855,000	1.59%, due 5/4/2027		794,365	^(e)
	1,060,000	Wells Fargo & Co., 3.75%, due 1/24/2024		1,079,360
				11,384,721
Building Materials 0.2%
	270,000	Jeld-Wen, Inc., 4.63%, due 12/15/2025		259,875	^(b)
Chemicals 0.2%
	200,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026		184,000	^(b)
Commercial Services 0.3%
	280,000	Garda World Security Corp., 4.63%, due 2/15/2027		268,366	^(b)
Cosmetics - Personal Care 0.3%
	270,000	GSK Consumer Healthcare Capital U.S. LLC, 3.02%, due 3/24/2024		269,882	^(b)
Diversified Financial Services 2.4%
		AerCap Ireland Capital Designated Activity Co./AerCap Global Aviation Trust
	800,000	4.50%, due 9/15/2023		806,015
	540,000	6.50%, due 7/15/2025		571,825
	1,290,000	Global Aircraft Leasing Co. Ltd., 6.50% Cash/7.25% PIK, due 9/15/2024		1,172,010	^(b)(f)
				2,549,850
Entertainment 1.8%
	250,000	Cinemark USA, Inc., 8.75%, due 5/1/2025		261,562	^(b)
	215,000	Int’l Game Technology PLC, 4.13%, due 4/15/2026		212,313	^(b)
	1,160,000	Magallanes, Inc., 3.76%, due 3/15/2027		1,157,888	^(b)
	230,000	Six Flags Theme Parks, Inc., 7.00%, due 7/1/2025		240,063	^(b)
				1,871,826
Food 0.9%
	970,000	JBS Finance Luxembourg S.a.r.l., 2.50%, due 1/15/2027		900,897	^(b)
Food Service 0.1%
	150,000	Aramark Services, Inc., 5.00%, due 4/1/2025		150,288	^(b)
Gas 0.2%
	251,000	CenterPoint Energy Resources Corp., (3M USD LIBOR + 0.50%), 1.00%, due 3/2/2023		250,225	^(a)
Healthcare - Products 0.9%
	945,000	Baxter Int’l, Inc., 1.32%, due 11/29/2024		902,371	^(b)
Healthcare - Services 0.5%
	545,000	Select Medical Corp., 6.25%, due 8/15/2026		564,206	^(b)
Housewares 0.2%
	180,000	CD&R Smokey Buyer, Inc., 6.75%, due 7/15/2025		184,950	^(b)
Leisure Time 1.6%
		Carnival Corp.
	785,000	10.50%, due 2/1/2026		872,849	^(b)
	280,000	5.75%, due 3/1/2027		267,026	^(b)
	270,000	Lindblad Expeditions LLC, 6.75%, due 2/15/2027		270,675	^(b)
	295,000	NCL Corp. Ltd., 3.63%, due 12/15/2024		278,038	^(b)
				1,688,588
Lodging 0.2%
	260,000	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, due 3/1/2025		260,005	^(b)

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

Media 2.7%
		Charter Communications Operating LLC/Charter Communications Operating Capital
$	430,000	4.91%, due 7/23/2025	$	445,915
	535,000	2.25%, due 1/15/2029		481,430
	525,000	Comcast Corp., 4.15%, due 10/15/2028		551,680
	343,000	Cumulus Media New Holdings, Inc., 6.75%, due 7/1/2026		343,082	^(b)
	550,000	Fox Corp., 3.05%, due 4/7/2025		549,714
	180,000	iHeartCommunications, Inc., 6.38%, due 5/1/2026		184,950
	310,000	Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, due 9/15/2026		299,150	^(b)(g)
				2,855,921
Mining 0.3%
	320,000	First Quantum Minerals Ltd., 7.50%, due 4/1/2025		324,800	^(b)
Office - Business Equipment 1.5%
	1,685,000	CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026		1,588,155
Oil & Gas 0.3%
	265,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, due 11/1/2026		271,755	^(b)
	90,000	PDC Energy, Inc., 5.75%, due 5/15/2026		91,236	^(g)
				362,991
Oil & Gas Services 0.1%
	150,000	USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, due 4/1/2026		151,350
Packaging & Containers 0.9%
	1,015,000	Sonoco Products Co., 1.80%, due 2/1/2025		972,659
Pharmaceuticals 1.1%
	1,135,000	Upjohn, Inc., 1.65%, due 6/22/2025		1,056,172
	140,000	Valeant Pharmaceuticals Int’l, Inc., 5.50%, due 11/1/2025		138,775	^(b)
				1,194,947
Pipelines 3.5%
	365,000	Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, due 12/15/2025		381,648	^(b)
	660,000	EQM Midstream Partners L.P., 6.00%, due 7/1/2025		673,230	^(b)
	160,000	Genesis Energy L.P./Genesis Energy Finance Corp., 6.50%, due 10/1/2025		157,808
	660,000	MPLX L.P., 4.88%, due 6/1/2025		683,761
		New Fortress Energy, Inc.
	260,000	6.75%, due 9/15/2025		261,536	^(b)
	720,000	6.50%, due 9/30/2026		713,354	^(b)
	90,000	Rattler Midstream L.P., 5.63%, due 7/15/2025		91,350	^(b)(g)
		Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.
	140,000	7.50%, due 10/1/2025		147,421	^(b)
	540,000	6.00%, due 3/1/2027		537,924	^(b)
				3,648,032
Real Estate Investment Trusts 2.2%
		American Tower Corp.
	645,000	1.60%, due 4/15/2026		597,814
	805,000	1.45%, due 9/15/2026		734,481
	565,000	Hospitality Properties Trust, 4.35%, due 10/1/2024		543,812
	115,000	MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc., 4.63%, due 6/15/2025		115,863	^(b)
	250,000	Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, due 2/15/2025		259,753	^(b)
				2,251,723

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

Retail 0.9%
$	1,100,000	Lowe’s Cos., Inc., 1.70%, due 9/15/2028	$	995,536
Semiconductors 2.7%
		Broadcom, Inc.
	705,000	4.70%, due 4/15/2025		731,640
	750,000	3.15%, due 11/15/2025		743,920
	1,400,000	Marvell Technology, Inc., 1.65%, due 4/15/2026		1,300,842
				2,776,402
Software 2.3%
	265,000	Consensus Cloud Solutions, Inc., 6.00%, due 10/15/2026		263,013	^(b)
	540,000	Infor, Inc., 1.45%, due 7/15/2023		529,040	^(b)
	1,700,000	Oracle Corp., 1.65%, due 3/25/2026		1,585,259
				2,377,312
Telecommunications 6.3%
		AT&T, Inc.
	1,370,000	1.70%, due 3/25/2026		1,296,959
	955,000	1.65%, due 2/1/2028		870,108
	530,000	CommScope Finance LLC, 6.00%, due 3/1/2026		536,143	^(b)
	200,000	Iliad Holding SASU, 6.50%, due 10/15/2026		200,540	^(b)(g)
	920,000	Rogers Communications, Inc., 2.95%, due 3/15/2025		913,358	^(b)
		T-Mobile USA, Inc.
	550,000	3.50%, due 4/15/2025		553,640
	690,000	3.75%, due 4/15/2027		694,033
		Verizon Communications, Inc.
	1,025,000	1.45%, due 3/20/2026		963,646
	550,000	2.63%, due 8/15/2026		537,709
				6,566,136
		Total Corporate Bonds (Cost $57,285,482)		55,342,654
Convertible Bonds 0.3%
Media 0.3%
	300,000	DISH Network Corp., 3.38%, due 8/15/2026 (Cost $270,696)		269,850
Asset-Backed Securities 16.3%
	1,125,000	37 Capital CLO I Ltd., Ser. 2021-1A, Class A, (3M USD LIBOR + 1.20%), 1.40%, due 10/15/2034		1,113,281	^(a)(b)
	1,000,000	AM Capital Funding LLC, Ser. 2018-1, Class A, 4.98%, due 12/15/2023		1,006,572	^(b)
	372,569	Aqua Finance Trust, Ser. 2021-A, Class A, 1.54%, due 7/17/2046		355,004	^(b)
	500,000	Benefit Street Partners CLO XIX Ltd., Ser. 2019-19A, Class D, (3M USD LIBOR + 3.80%), 4.04%, due 1/15/2033		493,770	^(a)(b)
	29,275	Consumer Loan Underlying Bond Club Certificate Issuer Trust I, Ser. 2019-HP1, Class A, 2.59%, due 12/15/2026		29,284	^(b)
	1,400,000	Crown Castle Towers LLC, 3.66%, due 5/15/2025		1,396,921	^(b)(g)
	565,000	Fort Washington CLO Ltd., Ser. 2021-2A, Class A, (3M USD LIBOR + 1.22%), 1.34%, due 10/20/2034		557,747	^(a)(b)
	1,900,000	Gulf Stream Meridian 3 Ltd., Ser. 2021-IIIA, Class A1, (3M USD LIBOR + 1.32%), 1.56%, due 4/15/2034		1,887,294	^(a)(b)
	840,777	JPMorgan Chase Bank NA , Ser. 2021-3, Class B, 0.76%, due 2/26/2029		816,739	^(b)
	500,000	Milos CLO Ltd., Ser. 2017-1A, Class DR, (3M USD LIBOR + 2.75%), 3.00%, due 10/20/2030		488,001	^(a)(b)
		MVW LLC
	123,319	Ser. 2021-1WA, Class B, 1.44%, due 1/22/2041		116,350	^(b)
	520,858	Ser. 2021-2A, Class A, 1.43%, due 5/20/2039		489,987	^(b)
	361,018	Ser. 2021-2A, Class B, 1.83%, due 5/20/2039		341,596	^(b)
	474,282	Navient Private Ed. Refi Loan Trust, Ser. 2021-EA, Class A, 0.97%, due 12/16/2069		446,443	^(b)
	500,000	OHA Loan Funding Ltd., Ser. 2016-1A, Class DR, (3M USD LIBOR + 3.00%), 3.25%, due 1/20/2033		493,545	^(a)(b)
	500,000	Palmer Square CLO Ltd., Ser. 2015-2A, Class CR2, (3M USD LIBOR + 2.75%), 3.00%, due 7/20/2030		488,771	^(a)(b)
	1,195,000	PFS Financing Corp., Ser. 2021-A, Class A, 0.71%, due 4/15/2026		1,134,431	^(b)

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) (cont’d)

PRINCIPAL AMOUNT			VALUE

$	565,000	Prestige Auto Receivables Trust, Ser. 2021-1A, Class D, 2.08%, due 2/15/2028	$	530,260	^(b)
		Sierra Timeshare Receivables Funding LLC
	127,119	Ser. 2019-2A, Class A, 2.59%, due 5/20/2036		125,201	^(b)
	150,740	Ser. 2020-2A, Class C, 3.51%, due 7/20/2037		147,995	^(b)
	500,000	Signal Peak CLO 2 LLC, Ser. 2015-1A, Class DR2, (3M USD LIBOR + 2.85%), 3.10%, due 4/20/2029		481,438	^(a)(b)
	514,349	SLM Student Loan Trust, Ser. 2013-2, Class A, (1M USD LIBOR + 0.45%), 0.91%, due 6/25/2043		507,421	^(a)
	41,076	SoFi Consumer Loan Program Trust, Ser. 2020-1, Class A, 2.02%, due 1/25/2029		41,097	^(b)
	444,026	SoFi Professional Loan Program Trust, Ser. 2021-A, Class AFX, 1.03%, due 8/17/2043		414,518	^(b)
	500,000	Symphony CLO XXII Ltd., Ser. 2020-22A, Class D, (3M USD LIBOR + 3.15%), 3.39%, due 4/18/2033		499,523	^(a)(b)
	500,000	TICP CLO VII Ltd., Ser. 2017-7A, Class DR, (3M USD LIBOR + 3.20%), 3.44%, due 4/15/2033		495,398	^(a)(b)
	500,000	TICP CLO XV Ltd., Ser. 2020-15A, Class D, (3M USD LIBOR + 3.15%), 3.40%, due 4/20/2033		499,994	^(a)(b)
	500,000	TRESTLES CLO III Ltd., Ser. 2020-3A, Class D, (3M USD LIBOR + 3.25%), 3.50%, due 1/20/2033		499,993	^(a)(b)
	1,125,000	Whitebox CLO III Ltd., Ser. 2021-3A , Class A1, (3M USD LIBOR + 1.22%), 1.34%, due 10/15/2034		1,110,094	^(a)(b)
		Total Asset-Backed Securities (Cost $17,508,328)		17,008,668
Short-Term Investments 1.5%
Investment Companies 1.5%
	1,635,104	State Street Institutional U.S. Government Money Market Fund Premier Class, 0.25%^(h) (Cost $1,635,104)		1,635,104	^(g)

		Total Investments 99.8% (Cost $109,216,449)		104,362,553
		Other Assets Less Liabilities 0.2%		178,282	⁽ⁱ⁾

		Net Assets 100.0%	$	104,540,835

(a)	Variable or floating rate security. The interest rate shown was the current rate as of March 31, 2022 and changes periodically.
(b)	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 March 31, 2022, these securities amounted to $48,982,888, which represents 46.9% of net assets of the Fund.
(c)	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 March 31, 2022.
(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.
(e)	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.
(f)	Payment-in-kind (PIK) security.
(g)	All or a portion of this security is segregated in connection with obligations for futures contracts with a total value of $3,714,302.
(h)	Represents 7-day effective yield as of March 31, 2022.
(i)	Includes the impact of the Fund’s open positions in derivatives at March 31, 2022.

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) March 31, 2022

POSITIONS BY COUNTRY

Country	Investments at Value		Percentage of Net Assets
United States	$	85,810,001		82.1	%
Cayman Islands		10,117,563		9.7	%
United Kingdom		1,800,896		1.7	%
Ireland		1,377,840		1.3	%
France		1,209,830		1.2	%
Canada		1,181,724		1.1	%
Spain		535,956		0.5	%
Germany		368,839		0.4	%
Zambia		324,800		0.3	%
Short-Term Investments and Other Assets-Net		1,813,386		1.7	%

	$	104,540,835		100.0	%

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) March 31, 2022

Derivative Instruments

Futures contracts (“futures”)

At March 31, 2022, open positions in futures for the Fund were as follows:

Long Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
6/2022		239	U.S. Treasury Note, 2 Year	$	50,649,328	$	(472,529	)
Total Long Positions				$	50,649,328	$	(472,529	)

Short Futures:

Expiration Date	Number of Contracts		Open Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
6/2022		198	U.S. Treasury Note, 5 Year	$	(22,708,125	)	$	472,439
6/2022		28	U.S. Treasury Note, 10 Year		(3,440,500	)		84,656
6/2022		4	U.S. Treasury Note, Ultra 10 Year		(541,875	)		9,000
1/2023		13	Federal Funds, 30 day		(5,289,798	)		(5,823	)
Total Short Positions				$	(31,980,298	)	$	560,272
Total Futures							$	87,743

At March 31, 2022, the Fund had $249,471 deposited in a segregated account to cover margin requirements on open futures.

See Notes to Schedule of Investments

Schedule of Investments Short Duration Bond Portfolio^

(Unaudited) March 31, 2022

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
Mortgage-Backed Securities^(a)	$	—	$	30,106,277	$	—	$	30,106,277
Corporate Bonds^(a)		—		55,342,654		—		55,342,654
Convertible Bonds^(a)		—		269,850		—		269,850
Asset-Backed Securities		—		17,008,668		—		17,008,668
Short-Term Investments		—		1,635,104		—		1,635,104
Total Investments	$	—	$	104,362,553	$	—	$	104,362,553

^(a)

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

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of March 31, 2022:

Other Financial Instruments	Level 1			Level 2		Level 3		Total
Futures^(a)
Assets	$	566,095		$	—	$	—	$	566,095
Liabilities		(478,352	)		—		—		(478,352	)
Total	$	87,743		$	—	$	—	$	87,743

^(a)

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 Schedule of Investments

Schedule of Investments Sustainable Equity Portfolio^

(Unaudited) March 31, 2022

NUMBER OF SHARES			VALUE

Common Stocks 98.9%
Auto Components 2.2%
	136,192	Aptiv PLC	$	16,303,544	^*
Banks 2.7%
	144,703	JPMorgan Chase & Co.		19,725,913
Capital Markets 3.4%
	187,626	Intercontinental Exchange, Inc.		24,789,147
Communications Equipment 2.6%
	135,814	Arista Networks, Inc.		18,875,430	^*
Electrical Equipment 2.1%
	540,169	Vestas Wind Systems A/S		15,845,750
Electronic Equipment, Instruments & Components 2.0%
	34,918	Zebra Technologies Corp. Class A		14,445,577	^*
Food & Staples Retailing 2.2%
	28,502	Costco Wholesale Corp.		16,412,877
Health Care Equipment & Supplies 4.8%
	80,431	Becton, Dickinson & Co.		21,394,646
	123,793	Medtronic PLC		13,734,833
				35,129,479
Health Care Providers & Services 6.4%
	128,428	AmerisourceBergen Corp.		19,869,096
	115,038	Cigna Corp.		27,564,255
				47,433,351
Hotels, Restaurants & Leisure 3.9%
	934,246	Compass Group PLC		20,105,056
	99,104	Starbucks Corp.		9,015,491
				29,120,547
Household Products 2.2%
	209,685	Colgate-Palmolive Co.		15,900,414
Insurance 3.5%
	227,272	Progressive Corp.		25,906,735
Interactive Media & Services 4.7%
	12,463	Alphabet, Inc. Class A		34,663,965	^*
IT Services 12.0%
	36,452	Accenture PLC Class A		12,292,708
	257,404	Cognizant Technology Solutions Corp. Class A		23,081,417
	102,656	Fiserv, Inc.		10,409,319	^*
	217,676	GoDaddy, Inc. Class A		18,219,481	^*
	68,506	MasterCard, Inc. Class A		24,482,674
				88,485,599
Life Sciences Tools & Services 2.6%
	65,407	Danaher Corp.		19,185,835
Machinery 3.4%
	142,308	Otis Worldwide Corp.		10,950,600
	100,349	Stanley Black & Decker, Inc.		14,027,787
				24,978,387
Materials 1.5%
	45,733	Sherwin-Williams Co.		11,415,871
Media 5.7%
	507,034	Comcast Corp. Class A		23,739,332
	725,845	Discovery, Inc. Class A		18,088,057	^*
				41,827,389
Multi-Utilities 2.8%
	1,320,933	National Grid PLC		20,300,371
Pharmaceuticals 3.1%
	56,898	Roche Holding AG		22,512,359
Professional Services 2.1%
	227,296	CoStar Group, Inc.		15,140,187	^*
Road & Rail 2.3%
	448,760	CSX Corp.		16,806,062
Semiconductors & Semiconductor Equipment 4.4%
	178,624	Texas Instruments, Inc.		32,773,932
Software 8.0%
	18,142	ANSYS, Inc.		5,762,807	^*
	26,649	Intuit, Inc.		12,813,905
	132,217	Microsoft Corp.		40,763,823
				59,340,535
Specialty Retail 3.2%
	114,387	Advance Auto Parts, Inc.		23,673,534
Trading Companies & Distributors 5.1%
	39,235	United Rentals, Inc.		13,936,664	^*
	46,366	W.W. Grainger, Inc.		23,915,119
				37,851,783
Total Common Stocks (Cost $429,602,629)				728,844,573

PRINCIPAL AMOUNT

Short-Term Investments 1.1%
Certificates of Deposit 0.0%^(a)
$	100,000	Self Help Credit Union, 0.10%, due 4/28/2022	100,000
	100,000	Self Help Federal Credit Union, 0.10%, due 6/6/2022	100,000
			200,000

NUMBER OF SHARES

Investment Companies 1.1%
	7,872,337	State Street Institutional Treasury Money Market Fund Premier Class, 0.17%^(b)		7,872,337

Total Short-Term Investments (Cost $8,072,337)				8,072,337

Total Investments 100.0% (Cost $437,674,966)				736,916,910
Other Assets Less Liabilities 0.0%^(a)				52,026

Net Assets 100.0%			$	736,968,936

*	Non-income producing security.
(a)	Represents less than 0.05% of net assets of the Fund.
(b)	Represents 7-day effective yield as of March 31, 2022.

See Notes to Schedule of Investments

Schedule of Investments Sustainable Equity Portfolio^

(Unaudited) (cont’d)

POSITIONS BY COUNTRY

Country		Investments at Value	Percentage of Net Assets
United States	$	650,081,037	88.2	%
United Kingdom		40,405,427	5.5	%
Switzerland		22,512,359	3.1	%
Denmark		15,845,750	2.1	%
Short-Term Investments and Other Assets-Net		8,124,363	1.1	%
	$	736,968,936	100.0	%

See Notes to Schedule of Investments

Schedule of Investments Sustainable Equity Portfolio^

(Unaudited) (cont’d)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total

Investments:
Common Stocks
Electrical Equipment	$	—	$	15,845,750	$	—	$	15,845,750
Hotels, Restaurants & Leisure		9,015,491		20,105,056		—		29,120,547
Multi-Utilities		—		20,300,371		—		20,300,371
Pharmaceuticals		—		22,512,359		—		22,512,359
Other Common Stocks^(a)		641,065,546		—		—		641,065,546
Total Common Stocks		650,081,037		78,763,536		—		728,844,573
Short-Term Investments		—		8,072,337		—		8,072,337
Total Investments	$	650,081,037	$	86,835,873	$	—	$	736,916,910

^(a)

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

^{^}

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

See Notes to Schedule of Investments

March 31, 2022

Notes to Schedule of Investments Advisers Management Trust

(Unaudited)

In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by each of Neuberger Berman Advisers Management Trust: International Equity Portfolio, Mid Cap Growth Portfolio, Mid Cap Intrinsic Value Portfolio, Short Duration Bond Portfolio, and Sustainable Equity Portfolio (each individually a “Fund,” and collectively, the “Funds”), are carried at the value that Neuberger Berman Investment Advisers LLC (“Management”) believes a 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 Funds’ investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

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

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

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

•

Level 3 – unobservable inputs (including a 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 Funds’ 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.

The value of the Funds’ investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which 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 Funds:

Corporate Bonds. Inputs used to value corporate debt securities generally include relative 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”).

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.

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.

Notes to Schedule of Investments Advisers Management Trust

(Unaudited) (cont’d)

Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit specific details, relevant listed bond and preferred stock prices and Other Market Information.

High Yield Securities. Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

The value of futures 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.

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

Investments in non-exchange traded investment companies with a readily determinable fair value are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs).

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

The value of the Funds’ 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 is open for business. The Board has approved the use of ICE Data Services (“ICE”) to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or on days when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time as of which a Fund’s share price is calculated, the Board has determined on the basis of available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than are the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

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

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

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.

Notes to Schedule of Investments Advisers Management Trust

(Unaudited) (cont’d)

Other Matters:

Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact certain issuers of the securities held by the Funds and in turn, may impact the financial performance of the Funds.

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

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.

Notes to Schedule of Investments Advisers Management Trust

(Unaudited) (cont’d)

Legend

March 31, 2022 (Unaudited)

Benchmarks:

LIBOR = London Interbank Offered Rate

SOFR30A = 30 Day Average Secured Overnight Financing Rate

Currency Abbreviations:

USD = United States Dollar

Index Periods/Payment Frequencies:

1M = 1 Month

3M = 3 Months

For information on the Funds’ significant accounting policies, please refer to the Funds’ most recent shareholder reports.

Schedule of Investments U.S. Equity Index PutWrite Strategy Portfolio^ (Unaudited) March 31, 2022

Investments	Principal Amount ($)		Value ($)

U.S. GOVERNMENT AGENCY SECURITIES - 70.2%

Federal Agricultural Mortgage Corp.,
1.59%, 1/10/2024(a)		2,800,000		2,770,977
2.62%, 2/26/2024(a)		1,200,000		1,208,768
FFCB,
0.25%, 5/6/2022		1,000,000		1,000,004
(SOFR + 0.05%), 0.32%, 2/17/2023(b)		1,000,000		1,000,290
FHLB,
2.13%, 6/10/2022		5,000,000		5,015,563
FHLMC,
0.13%, 7/25/2022		2,500,000		2,494,885
0.25%, 11/6/2023(a)		6,000,000		5,819,127
FNMA,
2.88%, 9/12/2023		8,000,000		8,081,150
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $27,781,349)				27,390,764

U.S. TREASURY OBLIGATIONS - 22.6%

U.S. Treasury Notes,
1.75%, 6/15/2022(a)		1,000,000		1,002,500
1.50%, 9/15/2022(a)		3,100,000		3,107,387
1.63%, 12/15/2022(a)		2,500,000		2,504,785
0.50%, 3/15/2023(a)		2,200,000		2,175,938
TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,854,272)				8,790,610

Investments	No. of Rights		Value ($)

RIGHTS - 0.0%

Biotechnology - 0.0%
Tobira Therapeutics, Inc., CVR*(c)(d)		225		—

Media - 0.0%
Media General, Inc., CVR*(c)(d)		2,550		—

TOTAL RIGHTS (Cost $7,171)				—

Investments	Shares		Value ($)

SHORT-TERM INVESTMENTS - 7.6%

INVESTMENT COMPANIES - 7.6%
Invesco Government & Agency Portfolio, Institutional Class, 0.26%(e)(f)		2,970,153		2,970,153
Morgan Stanley Institutional Liquidity Funds Treasury Portfolio, Institutional Class, 0.18%(e)(f)		1,707		1,707
TOTAL INVESTMENT COMPANIES (Cost $2,971,860)				2,971,860

Total Investments - 100.4% (Cost $39,614,652)				39,153,234
Liabilities Less Other Assets - (0.4%)(g)				(146,462	)
Net Assets - 100.0%				39,006,772

*	Non-income producing security.
(a)	All or a portion of this security is pledged with the custodian for options written.
(b)	Variable or floating rate security. The interest rate shown was the current rate as of March 31, 2022, and changes periodically.
(c)	Security fair valued as of March 31, 2022, in accordance with procedures approved by the Board of Trustees. Total value of all such securities at March 31, 2022, amounted to $0, which represents 0.0% of net assets of the Fund.
(d)	Value determined using significant unobservable inputs.
(e)	Represents 7-day effective yield as of March 31, 2022.
(f)	All or a portion of this security is segregated in connection with obligations for options written with a total value of $2,971,860.
(g)	Includes the impact of the Fund’s open positions in derivatives at March 31, 2022.

Abbreviations
CVR	Contingent Value Rights
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
SOFR	Secured Overnight Financing Rate

See Notes to Schedule of Investments

Schedule of Investments U.S. Equity Index PutWrite Strategy Portfolio^ (Unaudited) (cont’d)

Derivative Instruments

Written option contracts (“options written”)

At March 31, 2022, the Fund had outstanding options written as follows:

Description	Number of Contracts		Notional Amount			Exercise Price		Expiration Date	Value
Puts

Index
S&P 500 Index		3	$	(1,359,123	)	$	4,500	4/1/2022	$	(1,125	)
S&P 500 Index		1		(453,041	)		4,285	4/8/2022		(283	)
S&P 500 Index		3		(1,359,123	)		4,500	4/8/2022		(7,875	)
S&P 500 Index		9		(4,077,369	)		4,515	4/8/2022		(27,810	)
S&P 500 Index		1		(453,041	)		4,560	4/8/2022		(6,405	)
S&P 500 Index		2		(906,082	)		4,585	4/8/2022		(12,600	)
S&P 500 Index		5		(2,265,205	)		4,590	4/8/2022		(32,975	)
S&P 500 Index		3		(1,359,123	)		4,390	4/14/2022		(5,115	)
S&P 500 Index		11		(4,983,451	)		4,415	4/14/2022		(22,660	)
S&P 500 Index		4		(1,812,164	)		4,500	4/14/2022		(16,000	)
S&P 500 Index		2		(906,082	)		4,515	4/14/2022		(8,970	)
S&P 500 Index		1		(453,041	)		4,585	4/14/2022		(7,520	)
S&P 500 Index		1		(453,041	)		4,590	4/14/2022		(7,805	)
S&P 500 Index		2		(906,082	)		4,440	4/22/2022		(8,150	)
S&P 500 Index		6		(2,718,246	)		4,480	4/22/2022		(30,450	)
S&P 500 Index		7		(3,171,287	)		4,495	4/22/2022		(38,535	)
S&P 500 Index		3		(1,359,123	)		4,510	4/22/2022		(17,940	)
S&P 500 Index		4		(1,812,164	)		4,520	4/22/2022		(25,260	)
S&P 500 Index		5		(2,265,205	)		4,535	4/29/2022		(41,000	)
S&P 500 Index		4		(1,812,164	)		4,585	4/29/2022		(47,420	)
S&P 500 Index		10		(4,530,410	)		4,610	4/29/2022		(115,150	)

Total options written (premium received $673,583)									$	(481,048	)

At March 31, 2022, the Fund had securities pledged in the amount of $15,679,919 to cover collateral requirements for options written.

The following is a summary, categorized by Level (See Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of March 31, 2022:

Asset Valuation Inputs	Level 1		Level 2		Level 3		Total
Investments:
U.S. Government Agency Securities	$	—	$	27,390,764	$	—	$	27,390,764
U.S. Treasury Obligations		—		8,790,610		—		8,790,610
Rights^(a)(b)(c)		—		—		—		—
Short-Term Investments		—		2,971,860		—		2,971,860
Total Long Positions	$	—	$	39,153,234	$	—	$	39,153,234

(a)	The Schedule of Investments provides information on the industry or sector categorization for the portfolio.
(b)	The reconciliation between beginning and ending balances of investments in which unobservable inputs (Level 3) were used is not presented as all values rounded to less than $1.
(c)	As of the period ended March 31, 2022, these investments were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund’s net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

See Notes to Schedule of Investments

Schedule of Investments U.S. Equity Index PutWrite Strategy Portfolio^ (Unaudited) (cont’d)

The following is a summary, categorized by level (See Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of March 31, 2022:

Other Financial Instruments		Level 1				Level 2				Level 3				Total
Options Written Liabilities		$	(481,048	)		$	—			$	—			$	(481,048	)

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

See Notes to Schedule of Investments

March 31, 2022

Notes to Schedule of Investments U.S. Equity Index PutWrite Strategy Portfolio (Unaudited)

In accordance with Accounting Standards Codification 820 “Fair Value Measurement” (“ASC 820”), all investments held by Neuberger Berman Advisers Management Trust U.S. Equity Index PutWrite Strategy Portfolio (the “Fund”) are carried at the value that Neuberger Berman Investment Advisers LLC (“Management”) believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund’s investments, some of which are discussed below. Significant Management judgment may be necessary to value investments in accordance with ASC 820.

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

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

•

Level 3 – unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The value of the Fund’s investments in equity securities, exchange traded options written and rights 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.

The value of the Fund’s investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on readily available bid quotations, or if quotations are not available, by methods which 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:

U.S. Treasury Obligations. Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers 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”).

U.S. Government Agency Securities. Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

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

Investments in non-exchange traded investment companies with readily determinable fair value are valued using the respective fund’s daily calculated net asset value per share (Level 2 inputs).

For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent shareholder reports.

Notes to Schedule of Investments U.S. Equity Index PutWrite Strategy Portfolio (cont’d)

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

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

Other matters:

Coronavirus: The outbreak of the novel coronavirus in many countries has, among other things, disrupted global travel and supply chains, and adversely impacted global commercial activity, the transportation industry and commodity prices in the energy sector. The impact of this virus has negatively affected and may continue to affect the economies of many nations, individual companies and the global securities and commodities markets, including liquidity and volatility. The development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse effect on global economic and market conditions. Such conditions (which may be across industries, sectors or geographies) have impacted and may continue to impact the issuers of the securities held by the Fund and in turn, may impact the financial performance of the Fund.

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

For information on the Fund’s significant accounting policies, please refer to the Fund’s most recent shareholder reports.