  We study the theory of NS five-branes in string theory with a smooth
non-trivial transverse space. We show that in the limit that the bulk physics
decouples, these theories become equivalent to theories with a flat and
non-compact transverse space. We present a matrix model description of the type
IIA theory on $\IR^9\times S^1$ with NS five-branes located at points on the
circle. Consequently, we obtain a description of the dual configuration of
Kaluza-Klein monopoles in the type IIB theory.
