SEC File No. 33-36962
MONEY MARKET FUND SWEEP SHARES
Supplement dated April 10, 2000
to the Prospectus dated March 1, 2000
Effective April 1, 2000, New York Life Asset Management Operating
Company LLC ("NYLAMOC") replaced New York Life Insurance Company ("New York
Life") as the Subadvisor to the Money Market Fund. NYLAMOC is a wholly-owned
subsidiary of New York Life Asset Management LLC and an indirect wholly-owned
subsidiary of New York Life. This replacement has had no effect on the Fund's
investment personnel, investment objectives, fees or any other aspect of the
Fund's operations.
Also effective April 1, 2000, shareholder service fees paid by the Fund
for services rendered in connection with the Money Market Fund Sweep Shares will
be paid to MainStay Management LLC (the "Manager") instead of to New York Life.
In addition, New York Life has stopped serving as the Fund's subadministrator
and no longer receives fees from the Fund's Manager for providing
subadministration services.
The following changes are made to the Prospectus:
The reference to "New York Life Insurance Company" on page 2 of the
Prospectus is hereby deleted and replaced by "New York Life Asset Management
Operating Company LLC."
References to "New York Life" in the first paragraph under the heading
Shareholder Services Plan on page 6 of the Prospectus are hereby deleted and
replaced by "MainStay Management LLC."
The last sentence of the first paragraph under the heading Who Runs the
Fund's Day-to-Day Business? on page 11 of the Prospectus is hereby deleted in
its entirety and the second paragraph under the same heading is hereby deleted
in its entirety and replaced with the following: "The Manager pays the salaries
and expenses of all personnel affiliated with the Fund, and all the operational
expenses that aren't the responsibility of the Fund, including the fees paid to
the Subadvisor."
The first paragraph under the heading Who Manages Your Money? on page
11 of the Prospectus is hereby deleted in its entirety and replaced with the
following:
"New York Life Asset Management Operating Company LLC ("NYLAMOC"), 51
Madison Avenue, New York, NY 10010, is the Subadvisor to the Money
Market Fund. NYLAMOC, formed in 1999 as a Delaware limited liability
company, is a wholly-owned subsidiary of New York Life Asset Management
LLC and an indirect wholly-owned subsidiary of New York Life Insurance
Company ("New York Life"). As of April 1, 2000, NYLAMOC succeeded to
certain portions of the investment advisory business of New York Life,
including the portfolio management of the Money Market Fund, and
managed over $69 billion in assets."
MIPS01-04/00