NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST
497, 1996-10-25
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                   NEUBERGER&BERMAN ADVISERS MANAGEMENT TRUST
                 Supplement to the Prospectus dated May 1, 1996


         On November 1, 1996, the  sub-adviser  of each Series reorganized as a
limited liability company known as Neuberger&Berman, LLC. All persons described
in the  Prospectus  and  Statement  of  Additional  Information as  partners of
Neuberger&Berman, L.P. are principals of Neuberger&Berman, LLC.

         The date of this supplement is November 1, 1996.


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