NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
Supplement to the Joint Prospectus dated May 1, 1998.
I. The section "Investment Programs - AMT Guardian Investments" on page 20 of
the Joint Prospectus is revised by adding the following paragraph:
For purposes of managing cash flow, the Series at times may invest in
financial instruments, the return on which is intended to approximate the
performance of a recognized securities index, such as the S&P "500" Index. These
may include options and futures on securities indices, options on such futures,
and instruments structured as investment companies.
II. The section "Description of Investments - Other Investment Companies" on
page 46 of the Joint Prospectus is revised to read as follows:
DESCRIPTION OF INVESTMENTS
Other Investment Companies.
AMT International Investments may invest in the shares of other
investment companies. Such investment may be the most practical or only manner
in which the Series can participate in certain foreign markets because of the
expenses involved or because other vehicles for investing in those countries may
not be available at the time the Series is ready to make an investment. AMT
Guardian Investments at times may invest in instruments structured as investment
companies to gain exposure to the performance of a recognized securities index,
such as the S&P "500" Index.
As a shareholder in an investment company, a Series would bear its pro
rata share of that investment company's expenses. Investment in other investment
companies may involve the payment of substantial premiums above the value of
such issuers' portfolio securities. AMT International and AMT Guardian
Investments do not intend to invest in such funds unless, in the judgment of N&B
Management, the potential benefits of such investment justify the payment of any
applicable premium or sales charge.
Each Series' investment in such securities is limited to (i) 3% of the
total voting stock of any one investment company, (ii) 5% of the Series' total
assets with respect to any one investment company and (iii) 10% of the Series'
total assets in the aggregate.
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III. The paragraph regarding the portfolio management of AMT Partners
Investments in the section "Management and Administration - Investment Manager,
Administrator, Sub-Adviser and Distributor" on page 36 is revised to read as
follows:
MANAGEMENT AND ADMINISTRATION
Investment Manager, Administrator, Sub-Adviser and Distributor
AMT Partners Investments -- Michael M. Kassen, Robert I. Gendelman, and
S. Basu Mullick. Messrs. Kassen, Gendelman and Mullick are co-managers of the
Series and Vice Presidents of N&B Management. Messrs. Kassen and Gendelman are
principals of Neuberger&Berman. Messrs. Kassen, Gendelman and Mullick have had
responsibility for AMT Partners Investments since March 1994, October 1994, and
October 1998, respectively. Mr. Kassen has been an employee of N&B Management
since 1990. Mr. Gendelman was a portfolio manager for another mutual fund
manager from 1992 to 1993. Mr. Mullick was a portfolio manager for a prominent
investment adviser from 1993 to 1998.
The date of this Supplement is October 1, 1998.
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NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
Supplement to the Statement of Additional Information dated May 1, 1998
I. The section "Investment Information - Investment Policies and Limitations" is
revised by adding the following on page 4 after the final paragraph:
Each Series (except AMT Guardian, AMT Socially Responsive and AMT
International Investments) as an operating policy, does not intend to invest in
futures contracts and options thereon during the coming year. In addition,
although the Series do not have policies limiting their investment in warrants,
no Series currently intends to invest in warrants unless acquired in units or
attached to securities.
II. The section "Additional Investment Information - Futures Contracts and
Options Thereon" beginning on page 25 is revised by adding the following after
the sixth paragraph in that section:
AMT Guardian Investments may purchase and sell stock index futures
contracts, and may purchase and sell options thereon. For purposes of managing
cash flow, the managers may use such futures and options to increase the Series'
exposure to the performance of a recognized securities index, such as the S&P
"500" Index.
III. The section "Additional Investment Information - Put and Call Options on
Securities Indices" beginning on page 22 is revised by adding the following
after the first sentence in that section:
For purposes of managing cash flow, AMT Guardian Investments may
purchase put and call options on securities indices to increase the Series'
exposure to the performance of a recognized securities index, such as the S&P
"500" Index. All securities index options purchased by AMT Guardian Investments
will be listed and traded on an exchange or board of trade.
The date of this Supplement is October 1, 1998.
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NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
GUARDIAN PORTFOLIO
Supplement to the Prospectus dated May 1, 1998.
I. The section "Investment Program - AMT Guardian Investments" on page 7 of the
Prospectus is revised by adding the following paragraphs after the second
paragraph:
For purposes of managing cash flow, the Series at times may invest in
financial instruments, the return on which is intended to approximate the
performance of a recognized securities index, such as the S&P "500" Index. These
may include options and futures on securities indices, options on such futures,
and instruments structured as investment companies.
II. The section "Description of Investments" beginning on page 19.
of the Prospectus is revised by adding the following:
OTHER INVESTMENT COMPANIES. AMT Guardian Investments at times may invest
in instruments structured as investment companies to gain exposure to the
performance of a recognized securities index, such as the S&P "500"
Index.
As a shareholder in an investment company, the Series would
bear its pro rata share of that investment company's expenses. Investment
in other investment companies may involve the payment of substantial
premiums above the value of such issuer's portfolio securities. AMT
Guardian Investments does not intend to invest in such funds unless, in
the judgment of N&B Management, the potential benefits of such investment
justify the payment of any applicable premium or sales charge.
The Series' investment in such securities is limited to (i)
3% of the total voting stock of any one investment company, (ii) 5% of
the Series' total assets with respect to any one investment company and
(iii) 10% of the Series' total assets in the aggregate.
OPTIONS AND FUTURES ON SECURITIES INDICES, OPTIONS ON FUTURES. AMT
Guardian Investments may use options and futures on securities indices,
and options on such futures, to increase its exposure to the broad equity
markets. Such contracts are often closed out prior to delivery date. The
primary risks in using put and call options, futures contracts, and
options on futures contracts ("Financial Instruments") are: (1) imperfect
correlation or no correlation between changes in market value of the
securities index and the prices of the Financial Instruments; (2)
possible lack of liquid secondary market for Financial Instruments and
the resulting inability to close them out when desired; and (3) the fact
that the use of Financial Instruments is highly specialized activity that
involves skills, techniques, and risks (including price volatility and a
high degree of leverage) different from those associated with selection
of portfolio securities. When AMT Guardian Investments uses Financial
Instruments, it will place cash or appropriate liquid securities in a
segregated account or will "cover" its position, to the extent required
by SEC staff policy. Another risk of Financial Instruments is the
possible inability of AMT Guardian Investments to purchase or sell a
security at a time that would otherwise be favorable for it to do so, or
the possible need for AMT Guardian Investments to sell a security at a
disadvantageous time, due to its need to maintain cover or to segregate
securities in connection with its use of Financial Instruments. Losses
that may arise from certain futures transactions are potentially
unlimited.
The date of this Supplement is October 1, 1998.
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NEUBERGER&BERMAN
ADVISERS MANAGEMENT TRUST
PARTNERS PORTFOLIO
Supplement to the Prospectus dated May 1, 1998.
I. The paragraph regarding the portfolio management of AMT Partners Investments
in the section "Management and Administration - Investment Manager,
Administrator, Sub-Adviser and Distributor" beginning on page 16 is revised to
read as follows:
Messrs. Michael M. Kassen, Robert I. Gendelman, and S. Basu Mullick are
primarily responsible for the day-to-day management of AMT Partners Investments.
Messrs. Kassen, Gendelman, and Mullick are Vice Presidents of N&B Management.
Messrs. Kassen and Gendelman are principals of Neuberger&Berman. Messrs. Kassen,
Gendelman, and Mullick have had responsibility for AMT Partners Investments
since March 1994, October 1994, and October 1998, respectively. Mr. Kassen has
been an employee of N&B Management since 1990. Mr. Gendelman was a portfolio
manager for another mutual fund manager from 1992 to 1993. Mr. Mullick was a
portfolio manager for a prominent investment adviser from 1993 to 1998.
The date of this Supplement is October 1, 1998.
