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ADVISERS MANAGEMENT TRUST U.S. EQUITY INDEX PUTWRITE STRATEGY PORTFOLIO PORTFOLIO FOCUS: • Seeks long-term, equity-like returns with less volatility than the broader equity markets* • Aims to improve diversification, mitigate drawdowns and increase capital efficiency • Ability to earn additional income through interest generated from a limited duration, laddered U.S. Treasury portfolio Why Consider a PutWrite Strategy as Part of Your Equity Allocation? Put writing strategies can provide equity exposure while potentially mitigating risk in diversified portfolios. Add a Strategy that May Enhance Portfolio Efficiency Historically, option writing indexes have generated similar returns to stocks while experiencing less volatility.* Index Annual Return vs. Risk (June 2007 – March 2017)1 8% Annual Total Return 7% S&P 500 Russell 2000 PutWrite Index 6% 5% 4% 3% HFRI Equity Hedge (total) (net) 2% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% 22.5% Annual Volatility (Monthly) Source: CBOE and Bloomberg. Potential for Equity-Like Returns with Lower Volatility The CBOE S&P 500 PutWrite Index (“PutWrite Index”) has historically outperformed the S&P 500 in flat and down markets, and lagged in up markets. 40% 30% 20% 10% 0% -10% -20% -30% -40% Outperformed in Down Markets PutWrite Index Lagged in Up Markets S&P 500 7.4 3.0 19.3 12.5 -26.8 -37.0 2008 (S&P 500 < -5%) June 2007 – March 2017 2007, 2011, 2015 (S&P 500 -5 to 5%) PutWrite Index 2009, 2010, 2012, 2013, 2014, 2016 (S&P 500 > 10%) S&P 500 Total Return (%) (annual) 6.2 7.0 Volatility (%) 11.7 15.4 Risk-Adjusted Return 0.53 0.46 Beta (S&P 500) 0.65 1.00 Max Drawdown (%) -32.7 -50.9 Up-Market Capture (%) 63 100 Down-Market Capture (%) 53 100 1 1 Outperformed in Flat Markets Index data sourced from CBOE and Bloomberg LP and is gross of fees unless stated otherwise. Selected time period reflects the longest common history of indexes, not meant to be reflective of all time periods. The CBOE S&P 500 (PUT) Index was incepted in June 2007. Past performance is not indicative of future results. Neuberger Berman U.S. Equity Index PutWrite Strategy Portfolio What is a put option? A put option allows the seller of the option to collect a premium in exchange for giving the buyer the right, not the obligation, to sell the underlying security at a specified price (strike price) on or before a specified (expiration) date. Seller Collects Premium BUYER SELLER Buyer Receives Protection (The right to sell underlying security to the seller) Investment Philosophy and Process Option markets charge option buyers premiums to help mitigate portfolio risk, similar to an insurance arrangement. These premiums can be substantial. Both the buyer and seller (‘underwriter’) can derive benefits from the activity. We believe investor fear and greed contribute to behavioral biases in financial markets and they ultimately ‘overpay’ for put options. Our systematic investment process seeks to improve diversification, mitigate risk during market drawdowns and increase capital efficiency. Key Features • U.S. All-Cap Exposure: The strategy writes put options on broad-based indexes, including the S&P 500 and Russell 2000* • Application: May be used to seek low volatility U.S. all cap equity exposure or as a daily liquid alternative to certain long/short hedge fund offerings. • Income Potential: Ability to earn additional income through interest generated from a limited duration, laddered U.S. Treasury portfolio. • Experienced Team: Dedicated team, led by Derek Devens who has over 18 years of industry experience, is focused exclusively on managing options with a proven track record. Portfolio Facts BENCHMARK 85% CBOE S&P 500 PutWrite Index 15% CBOE R2000 PutWrite Index INCEPTION DATE OF STRATEGY May 1, 2017** EXPENSE RATIOS Share Class S Gross Expense Total (Net) Expense2 2.57 1.05 *The portfolio composition, strategy, risks and fees and expenses, and accordingly the performance, of alternative products such as options strategies may differ significantly from other traditional asset class offerings, including equities and fixed income products. In up markets, the Fund typically will not participate in the full gain of the underlying index above the premium collected. **Please note that prior to May 1, 2017, the Fund was known as the Absolute Return Multi-Management Portfolio and had a different investment strategy that included allocating assets to unaffiliated sub-advisers and had higher advisory fees and a higher total expense ratio. 2 Total (net) expense represents the total annual operating expenses that shareholders pay (after the effect of fee waivers and/or expense reimbursement). The Fund’s Investment Manager (the “Manager”) contractually caps certain direct expenses of the Fund (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any; consequently, total (net) expenses may exceed the contractual cap) through 10/31/2020 for Class S at 1.05% (as a % of average net assets). Absent such arrangements, which cannot be changed without Board approval, the returns may have been lower. Information as of the most recent prospectus dated May 1, 2017. 2 VISIT US AT WWW.NB.COM At Neuberger Berman, our fundamental research approach dates to our origins in 1939. Our funds are distinguished by a bottom-up, security-by-security investment thesis that can translate into a powerful portfolio solution. An investor should consider the Fund’s investment objectives, risks and fees and expenses carefully before investing. This and other important information can be found in the Fund’s prospectus, and if available summary prospectus, which you can obtain by calling 877.628.2583. Please read the prospectus, and if available the summary prospectus, carefully before making an investment. Shares in the Portfolio may fluctuate based on market condition, interest rates credit quality and other factors. Most of the Portfolio’s performance depends on what happens in the equity and fixed income markets. Markets may be volatile and values of individual securities and other investments, including those of a particular type, may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. The value of your investment may fall, sometimes sharply, and you could lose money by investing in the Portfolio. Since the Portfolio is recently launched, there is a risk the Portfolio may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Portfolio being liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Derivatives involve risks different from, and in some respects greater than, those associated with more traditional investments, as derivatives can be highly complex and volatile, difficult to value, highly illiquid, and the Portfolio may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can create leverage, and the Portfolio could lose more than the amount it invests. There can be no assurance that the Portfolio’s use of any leverage will be successful and the Portfolio’s investment exposure can exceed its total assets. Additionally, derivatives involve the risk that the counterparty or clearing organization will default in the performance of its obligations. By writing put options, the Portfolio assumes the risk of declines in the value of the underlying instrument and the risk that it must purchase the underlying instrument at an exercise price that may be higher than the market price of the instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. If there is a broad market decline and the Portfolio is not able to close out its written put options, it may result in substantial losses to the Portfolio. The Portfolio will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options. Although certain securities carry U.S. government guarantees, these guarantees do not extend to shares of the Portfolio itself or to the market prices of the securities; not all securities issued by the U.S. government and its agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. S&P 500 focuses on the large-cap segment of the market with over 80% coverage of U.S. equities. Criteria for inclusion include financial stability (minimize turnover in the index), screening of common shares to eliminate closely held companies, and trading activity indicative of ample liquidity and efficient share pricing. Companies in merger, acquisition, leveraged buyouts, bankruptcy (Chapter 11 filing or any shareholder approval of recapitalization which changes a company’s debt-to-equity ratio), restructuring, or lack of representation in their representative industry groups are eliminated from the index. The CBOE S&P 500 PutWrite Index (PUT) is designed to represent a proposed hypothetical short put strategy. PUT is an award-winning benchmark index that measures the performance of a hypothetical portfolio that sells S&P 500 Index put options against collateralized cash reserves held in a money market account. The PUT strategy is designed to sell a sequence of one-month, at-the-money, S&P 500 Index puts and invest cash at one- and three-month Treasury Bill rates. The Russell 2000® Index is an unmanaged index consisting of the securities of the 2,000 issuers having the smallest capitalization in the Russell 3000® Index, representing approximately 10% of Russell 3000 total market capitalization. The smallest company’s market capitalization is roughly $78 million. The Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. Please note that indices do not take into account any fees and expenses or taxes of investing in the individual securities that they track, and that individuals cannot invest directly in any index. Data about the performance of these indices are prepared or obtained by the Manager and include reinvestment of all dividends and capital gain distributions. The Fund may invest in many securities not included in the above described indices. On August 24, 2016, Bloomberg acquired the Barclays fixed income benchmark indices from Barclays. Barclays and Bloomberg have agreed to co-brand the indices as the Bloomberg Barclays Indices for an initial term of five years. For more information, please visit http://www.bloombergindices.com/ Shares of the separate Portfolios of Neuberger Berman Advisers Management Trust are sold only through the currently effective prospectuses and are not available to the general public. Shares of the AMT Portfolios may be purchased only by life insurance companies to be used with their separate accounts which fund variable annuity and variable life insurance policies or qualified retirement plans and are also available as an underlying investment fund for certain qualified retirement plans. The “Neuberger Berman” name and logo and “Neuberger Berman Investment Advisers LLC” name are registered service marks of Neuberger Berman Group LLC. The individual fund names in this piece are either service marks or registered service marks of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. Investments in ETFs and other investment companies are subject to the risks of the investment companies’ investments, expenses and performance. ETFs may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. Portfolio performance is dependent upon the success of the Portfolio Manager in implementing the Portfolio’s investment strategies in pursuit of its objective. The Portfolio’s performance will also depend on the success of implementing and managing the investment models that assist in allocating the Portfolio’s assets. The S&P 500 Index is a capitalization weighted index comprised of 500 stocks chosen for market size, liquidity, and industry group representation. The S&P 500 Index is constructed to represent a broad range of industry segments in the U.S. economy. The Neuberger Berman 1290 Avenue of the Americas New York, NY 10104-0001 S0081 04/17 ©2017 Neuberger Berman BD LLC. All rights reserved. www.nb.com