Neuberger&Berman Advisers Management Trust
Supplement to the Statement of Additional Information dated May 1, 1997
The following replaces the third section under the heading "INVESTMENT
INFORMATION-Discussions With Portfolio Managers":
AMT Growth Investments; AMT Balanced Investments (equity portion)
AMT Growth Investments' objective is capital appreciation, without
regard for income. The Series differs from the other Series because its style is
growth. This means investing in sectors which have been growing faster than the
overall economy and in companies which have been growing faster than their
overall industries. The portfolio mangers seek to find stocks of companies
reporting surprisingly good earnings compared with consensus expectations yet
stocks the managers believe trade at reasonable valuations relative to their
projected growth rates. The stocks held by the Series will have a higher
historic price earnings ratio versus the overall market but the portfolio
mangers believe that the stocks will trade at a more reasonable valuation to
projected earnings.
The equity securities portion of AMT Balanced Investments is managed
using the same approach as AMT Growth Investments.
The following replaces the section on Banking and Savings Institution Securities
under the heading "INVESTMENT INFORMATION - Additional Investment Information":
Banking and Savings Institution Securities. (AMT Liquid Asset
Investments, AMT Limited Maturity Bond Investments, AMT Government Income
Investments and AMT Balanced Investments). Each of these Series may invest in
banking and savings institution obligations, which include CDs, time deposits,
bankers' acceptances, and other short-term debt obligations issued by savings
institutions. CDs are receipts for funds deposited for a specified period of
time at a specified rate of return; time deposits generally are similar to CDs,
but are uncertificated; and bankers' acceptances are time drafts on commercial
banks by borrowers, usually in connection with international commercial
transactions. The CDs, time deposits, and bankers' acceptances in which a Series
invests typically are not covered by deposit insurance.
AMT Liquid Asset Investments may invest in securities issued by a
commercial bank or savings institution only if (1) the bank or institution has
total assets of at least $1,000,000,000, (2) the bank or institution is on
Neuberger&Berman's approved list, and (3) in the case of a foreign bank or
institution, the securities are, in Neuberger&Berman's opinion, of an investment
quality comparable with other debt securities that may be purchased by the
Series. These limitations do not prohibit investments in securities issued by
foreign branches of U.S.
banks that meet the foregoing requirements.
This Supplement supersedes the Supplements dated June 26, 1997 and July 31,
1997.
The date of this Supplement is September 9, 1997.
