NEUBERGER&BERMAN
ADVISER MANAGEMENT TRUST
Supplement to the Joint Prospectus dated May 1, 1998, as amended July 15, 1998
I. The section which provides a summary of the features of the International
Portfolio of Neuberger&Berman Adviser Management Trust (page 4) is revised
to read as follows:
<TABLE>
<CAPTION>
Investment Principal Series
Objective Investments
<S> <C> <C>
- --------------------------------------- -------------------------------------- --------------------------------------
INTERNATIONAL PORTFOLIO Long-term capital appreciation Primarily in foreign stocks of any
capitalization, both in developed
economies and in emerging markets.
Portfolio manager seeks undervalued
companies in countries with strong
potential for growth.
- --------------------------------------- -------------------------------------- --------------------------------------
</TABLE>
II. The second paragraph in the section on the Investment Program of AMT
International Investments (page 21) is revised to read as follows:
INVESTMENT PROGRAMS
AMT International Investments invests primarily in equity securities of
companies traded on foreign exchanges. The Series may invest in companies of any
market capitalization. See "Special Considerations of Small- and Mid-Cap Company
Stocks" on page 24. The strategy of N&B Management is to select attractive
investment opportunities outside the United States, allocating the Series'
assets among investments in economically mature countries and emerging
industrialized countries. The criteria for security selection focus on companies
with leadership in specific industries that appear to exhibit positive
fundamentals and seem undervalued relative to their earnings potential or the
worth of their assets. At least 65% of the Series' total assetst normally are
invested in equity securities of foreign issuers. The Series may invest more
heavily in certain countries than in others. From time to time, the Series may
invest a significant portion of its assets in Japan. See "Description of
Investments" on page 40.
III. The paragraph regarding the portfolio management of AMT Guardian
Investments in the section "Management and Administration - Investment
Manager, Administrator, Sub-Adviser and Distributor" (page 36) is revised
to read as follows:
MANAGEMENT AND ADMINISTRATION
Investment Manager, Administrator, Sub-Adviser and Distributor
AMT Guardian Investments -- Kevin L. Risen and Rick White. Messrs. Risen
and White are co-managers of the Series. Mr. Risen is a Vice President of N&B
Management and a principal of Neuberger&Berman. Mr. Risen has had responsibility
for AMT Guardian Investments since its inception in October 1997. Mr. Risen has
been a portfolio manager for Neuberger&Berman since 1996. He was a research
analyst at Neuberger&Berman from 1992 to 1995. Mr. White is a Vice President of
N&B Management. He has had responsibility for AMT Guardian Investments since
September 1998. From 1989 to September 1998, he was a portfolio manager for a
mutual fund managed by a prominent investment adviser.
The date of this Supplement is September 11, 1998.
<PAGE>
NEUBERGER&BERMAN
ADVISER MANAGEMENT TRUST
GUARDIAN PORTFOLIO
Supplement to the Prospectus dated May 1, 1998, as amended July 15, 1998
The paragraph regarding the portfolio management of AMT Guardian
Investments in the section "Management and Administration - Investment Manager,
Administrator, Sub-Adviser and Distributor" (page 15) is revised to read as
follows:
MANAGEMENT AND ADMINISTRATION
Investment Manager, Administrator, Sub-Adviser and Distributor
Kevin L. Risen and Rick White are co-managers of the Series. Mr. Risen is a
Vice President of N&B Management and a principal of Neuberger&Berman. Mr. Risen
has had responsibility for AMT Guardian Investments since its inception in
October 1997. Mr. Risen has been a portfolio manager for Neuberger&Berman since
1996. He was a research analyst at Neuberger&Berman from 1992 to 1995. Mr. White
is a Vice President of N&B Management. He has had responsibility for AMT
Guardian Investments since September 1998. From 1989 to September 1998, he was a
portfolio manager for a mutual fund managed by a prominent investment adviser.
The date of this Supplement is September 11, 1998.
