NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST
SUPPLEMENT DATED AUGUST 8, 1995
TO
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 1995
The following supersedes certain information appearing in the Statement of
Additional Information ("SAI") dated May 1, 1995 of Neuberger & Berman
Advisers Management Trust ("Trust"). Except as otherwise noted herein, all
capitalized terms have the meanings set forth in the Prospectus and SAI.
INVESTMENT POLICIES AND LIMITATIONS
The non-fundamental investment policies and limitations, found on pages 5 and
6 of the SAI, are amended as follows:
The current non-fundamental investment limitation (5), with respect to AMT
Balanced Investments only, is replaced in its entirety by the following:
5. SHORT SALES. (AMT BALANCED INVESTMENTS). The Series will not engage
in a short sale (except a short sale against-the-box) if, as a result, the
dollar amount of all short sales will exceed 25% of its net assets, or if, as
a result, the value of securities of any one issuer in which the Series would
be short will exceed 2% of the value of the Series' net assets or 2% of the
securities of any class of any issuer. Transactions in futures contracts and
options are not considered short sales.
The current non-fundamental investment limitations (10), (11) and (12) are
modified to reflect the addition of AMT Balanced Investments as follows:
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10. WARRANTS. (AMT INTERNATIONAL INVESTMENTS AND AMT BALANCED
INVESTMENTS). Each Series may not invest more than 5% of its net assets in
warrants, whether or not such warrants are listed on the New York Stock
Exchange ("NYSE") or the American Stock Exchange ("AmEx"), or more than 2% of
its net assets in unlisted warrants. For purposes of this limitation, warrants
are valued at the lower of cost or market value and warrants acquired by a
Series in units or attached to securities are deemed to be without value, even
if the warrants are later separated from the unit.
11. OIL AND GAS PROGRAMS. (AMT PARTNERS INVESTMENTS, AMT GOVERNMENT
INCOME INVESTMENTS, AMT INTERNATIONAL INVESTMENTS, AMT BALANCED INVESTMENTS).
Each Series may not invest in participations or other direct interests in oil,
gas, or other mineral leases or exploration or development programs, (but each
of AMT PARTNERS INVESTMENTS and AMT INTERNATIONAL INVESTMENTS may purchase
securities of companies that own interests in any of the foregoing).
12. REAL ESTATE. (AMT GOVERNMENT INCOME INVESTMENTS, AMT INTERNATIONAL
INVESTMENTS, AMT BALANCED INVESTMENTS). Each Series may not invest in real
