NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
Supplement to the Joint Prospectus and Socially Responsive Portfolio
Prospectus dated May 1, 2000
Socially Responsive Portfolio
The fourth paragraph under the heading "Goal and Strategy" in the Prospectus is
revised to read as follows:
The portfolio normally invests at least 80% of its total assets in equity
securities, all of which are selected in accordance with its social policy. When
a stock no longer meets the portfolio's investment criteria, the managers will
consider selling it.
The date of this Supplement is December 19, 2000
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NEUBERGER BERMAN
ADVISERS MANAGEMENT TRUST
Supplement to the Statement of Additional Information dated May 1, 2000
Guardian Portfolio
Guardian Portfolio may write (sell) covered call options and may write (sell)
and purchase put options. Accordingly, the first sentences after the headings
"Investment Information-Additional Investment Information-Call Options on
Securities", and "Investment Information-Additional Investment Information-Put
Options on Securities" are revised to add reference to Guardian Portfolio.
Liquid Asset Portfolio
The following sentence is added after the second sentence under the heading
"Investment Information-Additional Investment Information-Other Investment
Companies":
The Liquid Asset Portfolio may invest in shares of other money market funds.
The date of this Supplement is December 19, 2000
