THE MAINSTAY FUNDS
Supplement dated June 13, 1996 to the
Prospectus dated May 1, 1996
Thomas Kolefas is no longer with MacKay-Shields Financial
Corporation, The MainStay Value Fund's investment adviser.
Jeffrey A. Simon has assumed Mr. Kolefas' responsibilities as a
portfolio manager of the Fund. Accordingly, Mr. Kolefas'
biography which appears on page 28 under the heading "Who's
Managing Your Money?" is hereby deleted and replaced with Mr.
Simon's biography as follows: Mr. Simon joined MacKay-Shields in
1993. Mr. Simon is a Director of MacKay-Shields and specializes
in equity securities. Previously, Mr. Simon was a senior equity
research analyst and portfolio manager at National Securities and
Research Corporation (1991-1992) and Neuberger & Berman (1987-
1991).
Regarding The MainStay Equity Index Fund, effective January
1, 1996, the Administrator voluntarily agreed to reduce its fees
payable by the Equity Index Fund to the extent the Fund's total
expenses (including Rule 12b-1 fees) for any fiscal year exceeds
.80% of the value of the Fund's average annual net assets. See
Note to the chart on the Administrator's fees on page 63.
MSPS01 (6/96)
