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(LOGO NEUBERGER&BERMEN)
INCOME FUNDSsm
This information supplements the Prospectus dated March 1, 1995
Neuberger&Berman Cash Reserves
Neuberger&Berman Government Income Fund
Neuberger&Berman Government Money Fund
Neuberger&Berman Municipal Money Fund
Neuberger&Berman Municipal Securities Trust
Neuberger&Berman Limited Maturity Bond Fund
Neuberger&Berman Ultra Short Bond Fund
(each, a "Fund")
Investment Manager, Administrator,
Distributor, and Sub-Adviser
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Theresa A. Havell, the President and a Trustee of the Trust and of
Managers Trust, is a general partner of Neuberger&Berman and a director and
Vice President of N&B Management. Ms. Havell is the Manager of the Fixed
Income Group of Neuberger&Berman, which she established in 1984. The Fixed
Income Group manages fixed income accounts that had approximately $12 billion
of assets as of June 30, 1995. Ms. Havell has overall responsibility for the
activities of the Fixed Income Group, providing guidance and reviewing
portfolio strategy and structure.
The following members of the Fixed Income Group are primarily responsible
for the day-to-day management of the listed Portfolios:
Neuberger&Berman Government Money, Cash Reserves, and Ultra Short Bond
Portfolios -- Josephine P. Mahaney, who has been a Senior Portfolio Manager in
the Fixed Income Group since 1984, an Assistant Vice President of N&B
Management from 1986 to 1994 and a Vice President of N&B Management since
November 1994.
Neuberger&Berman Limited Maturity Bond Portfolio -- Theresa A. Havell and
Thomas G. Wolfe. Mr. Wolfe has been a
(over please)
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Senior Portfolio Manager in the Fixed Income Group since July 1993, Director of
Fixed Income Credit Research since July 1993 and a Vice President of N&B
Management since October 1995. From November 1987 to June 1993 he was Vice
President in the Corporate Finance Department of the Standard & Poor's Rating
Group.
Neuberger&Berman Government Income Portfolio -- Theresa A. Havell and
William H. Cunningham. Mr. Cunningham has been a member of the Fixed Income
Group since March 1993, a Senior Portfolio Manager in the Fixed Income Group
since June 1995 and a Vice President of N&B Management since October 1995.
From August 1989 to February 1993 he was a manager in the Corporate Finance,
Merger and Acquisitions and Capital Markets Groups for a major corporation.
Neuberger&Berman Municipal Money and Municipal Securities Portfolios --
Clara Del Villar, who has been a Senior Portfolio Manager in the Fixed Income
Group since December 1991 and a Vice President of N&B Management since
November 1994. From April 1991 to December 1991 she worked for a charitable
organization; from January 1990 to April 1991 she was a consultant for a
commodities trading adviser.
The date of this Supplement is November 7, 1995.
(RECYCLED LOGO) PRINTED ON RECYCLED PAPER
WITH SOY BASED INKS
NBII00121195
2
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