NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST
SUPPLEMENT DATED AUGUST 8, 1995
TO
PROSPECTUS DATED MAY 1, 1995
The following supersedes certain information appearing in the Prospectus 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.
INTERNATIONAL PORTFOLIO AND AMT INTERNATIONAL INVESTMENTS
The International Portfolio and its corresponding series, AMT International
Investments, have not yet commenced investment operations and are not
currently available for investment. The references below to the Trust and
Advisers Managers Trust ("Managers Trust") do not relate to the International
Portfolio or to AMT International Investments.
ALL OTHER PORTFOLIOS AND THEIR CORRESPONDING SERIES
TAX STATUS AND SPECIAL CONSIDERATIONS
As described in the Prospectus, the Trust and Managers Trust had applied to
the Internal Revenue Service ("Service") for a private letter ruling relating
to certain tax issues in connection with the conversion of the Trust to a
master/feeder fund structure, including a ruling as to whether a
"look-through" to the assets of the Series of Managers Trust is permitted for
purposes of the diversification requirements contained in Section 817(h) of
the Internal Revenue Code ("Code") and the regulations thereunder. In order to
expedite the response to the Section 817(h) issues, the Service, at the
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request of the Trust and Managers Trust, ruled separately on these issues. On
June 29, 1995, the Service issued a favorable private letter ruling to the
Trust and Managers Trust with respect to the Section 817(h) issues wherein it
concluded that the "look-through" rule of Section 817, which would permit the
segregated asset accounts of the Life Companies to look through to the
underlying assets of the Series of Managers Trust, is available for the
variable contract diversification test. On July 20, 1995, the Service issued
a favorable private letter ruling to the Trust and Managers Trust on the
remaining tax issues described under "Tax Status" in the Prospectus.
Specifically, the Service ruled, among other things, that: (a) each Portfolio
of the Trust, as an investor in a corresponding Series of Managers Trust, will
be deemed to own a proportionate share of the Series' assets and income for
purposes of determining whether the Portfolio qualifies as a regulated
investment company under the Code and (b) each Series of Managers Trust will
be treated as a separate partnership for Federal income tax purposes and will
not be a "publicly traded partnership", with the result that none of the
Series will be subject to Federal income tax (and, instead, each Portfolio as
an investor therein will take into account in determining its Federal income
the Series' income, gains, losses, deductions and credits).
INVESTMENT PROGRAMS
The second sentence of the second paragraph of this section is hereby amended
as follows:
While a non-fundamental policy or limitation may be changed by the
trustees of the Trust or of Managers Trust without shareholder approval, the
Portfolios intend to notify shareholders before making any material change to
such policies or limitations (which notification, with respect to the Balanced
Portfolio, will be provided in writing 30 days prior to implementation of the
change).
