NEUBERGER BERMAN
EQUITY FUNDS
EQUITY TRUST
EQUITY ASSETS
EQUITY SERIES

      (INCLUDING  THE  CENTURY,   FOCUS,   GENESIS,   GUARDIAN,   INTERNATIONAL,
      MANHATTAN,   MILLENNIUM,   PARTNERS,   REGENCY,  SOCIALLY  RESPONSIVE  AND
      TECHNOLOGY  SERIES)  (EACH A "FUND")
      SUPPLEMENT TO THE  PROSPECTUS  DATED  DECEMBER 1, 1999

NEUBERGER BERMAN
INCOME FUNDS
INCOME TRUST

      (INCLUDING  CASH RESERVES,  GOVERNMENT  MONEY FUND,  HIGH YIELD BOND FUND,
      MUNICIPAL MONEY FUND AND MUNICIPAL  SECURITIES TRUST AND THE INSTITUTIONAL
      CASH AND LIMITED  MATURITY BOND SERIES) (EACH A "FUND")
      SUPPLEMENT TO THE PROSPECTUS DATED MARCH 1, 2000

Each fund's board of trustees has determined that it would be beneficial for the
funds to operate in the more  common  "multi-class"  structure  rather  than the
current  "master/feeder"  structure.  This  reorganization  to  the  multi-class
structure will be submitted to  shareholders  of Neuberger  Berman Equity Trust,
Neuberger  Berman Equity  Assets,  Neuberger  Berman Equity Series and Neuberger
Berman Income Trust for approval at a meeting on October 31, 2000.

The goal of the  reorganization  is to make the funds more  efficient to operate
and the structure easier to understand.  This  reorganization  would have little
effect  on your  investment  in a fund,  nor  would  it  increase  the  fees you
currently pay to invest in the fund.  Immediately after the reorganization,  you
would own the same  number of shares,  having the same  dollar  value as you did
immediately before the  reorganization.  These shares will represent an interest
in the same  portfolio of  investment  securities.  The same  individuals  at NB
Management  would  continue  to  provide  investment  advisory  and  shareholder
services, and your rights as a shareholder would remain essentially unchanged.

Currently,  each fund is a "feeder  fund",  meaning  that,  instead  of  holding
investment   securities  directly,   it  invests  in  a  corresponding   "master
portfolio,"  which in turn  invests  in  securities.  This is one way of gaining
greater efficiency by combining shareholder investments from a number of sources
into a single investment pool. If the  reorganization  is approved,  each feeder
fund would become a class of Equity Funds or Income Funds.  For example,  if you
currently  hold  shares  of  Neuberger   Berman   Guardian   Trust,   after  the
Reorganization  you will hold Trust Class  shares of Neuberger  Berman  Guardian
Fund.  Likewise,  if you are a shareholder of Neuberger  Berman Limited Maturity
Bond Trust, then after the reorganization,  you would hold Trust class shares of
Neuberger  Berman  Limited  Maturity  Bond Fund.  The  multi-class  structure is
another  way of gaining  efficiency  by  combining  investments  from  different
sources;  it is now the more  common way of doing it in the  investment  company
industry  and,  because  of changes in  regulatory  requirements,  it is now the
simpler way of doing it.





The following  additional proposals will be considered at the October 31 meeting
of shareholders:

1. Shareholders of ALL NEUBERGER BERMAN FUNDS will be voting to elect a Board of
   Trustees.

2. Shareholders of ALL NEUBERGER BERMAN FUNDS will consider whether to approve a
   change in the fundamental policy on diversification of investments,  so as to
   permit  the  funds to  invest  to a  greater  extent  in  shares  of  another
   investment company.

3. Shareholders of NEUBERGER BERMAN GENESIS,  GUARDIAN, AND PARTNERS TRUSTS will
   vote on a distribution  and  shareholders  services plan under which the fund
   would be  authorized to pay up to one-tenth of 1% of its net assets each year
   to support those services. If a fund approves this plan, that fund's fees (or
   the fees of the new class,  assuming  the  reorganization  is also  approved)
   would increase by that amount.

4. Shareholders  of NEUBERGER  BERMAN CASH RESERVES will be voting to change the
   investment  policies to permit the fund to concentrate its investments in the
   financial services sector.

5. Shareholders  of  NEUBERGER  BERMAN  GOVERNMENT  MONEY FUND will be voting to
   change  the  fund's  investment  policies:  (a) to permit  investment  in any
   securities guaranteed as to principal or interest by the U.S. Government, its
   agencies  or  instrumentalities,  rather  than just those  backed by the full
   faith and credit of the U.S. Treasury,  as is now the case; (b) to permit the
   use of repurchase agreements;  (c) to permit the use of borrowing; and (d) to
   permit the fund to lend portfolio securities.

Only  shareholders  as of August 15, 2000 are entitled to vote at the October 31
meeting.  If you did not own shares of any  Neuberger  Berman fund on that date,
you will not receive proxy materials.  However,  sometime after the meeting, you
will receive a new prospectus reflecting the changes that have been approved. As
always,  we urge you to read it carefully.  Among other things, it will describe
any risks associated with  newly approved  changes to the investment  program of
your fund.

                                 THE DATE OF THIS SUPPLEMENT IS AUGUST 16, 2000.

                                                                NEUBERGER BERMAN
                                                     Neuberger Berman Management
                                                      605 Third Avenue 2nd Floor
                                                         New York, NY 10158-0180