THE MAINSTAY FUNDS
Value Fund
Equity Index Fund
Supplement dated March 3, 1999
to the Prospectus dated September 1, 1998
Richard A. Rosen has assumed Jeffrey A. Simon's responsibilities as a Portfolio
Manager of the Value Fund. Mr. Simon is no longer with MacKay-Shields Financial
Corporation ("MacKay-Shields"), the investment sub-adviser to the Value Fund.
Accordingly, Mr. Simon's biography which appears on page 44 of the prospectus is
hereby deleted and replaced with Mr. Rosen's biography as follows: Mr. Rosen is
a Director at MacKay-Shields in the Equity Division. He joined MacKay-Shields in
January 1999 after working as a Managing Director responsible for equity
securities at Prudential Investments from August 1991 to January 1999.
Stephen B. Killian serves as a Portfolio Manager of the Equity Index Fund along
with James A. Mehling. Accordingly, Mr. Killian's biography is hereby added to
page 39 of the prospectus as follows: Mr. Killian is a Vice President with
portfolio management responsibility for international equity funds, active
quantitative equity portfolios and development of quantitative strategies at
Monitor Capital. He joined Monitor Capital in 1997 after working as a Partner
and Senior Portfolio Manager at RhumbLine Advisers from 1992 to 1997. Mr.
Killian is a candidate in the CFA Program.
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THE MAINSTAY FUNDS
Value Fund
Equity Index Fund
Supplement dated March 3, 1999
to the Prospectus dated May 1, 1998
Richard A. Rosen has assumed Jeffrey A. Simon's responsibilities as a Portfolio
Manager of the Value Fund. Mr. Simon is no longer with MacKay-Shields Financial
Corporation ("MacKay-Shields"), the investment sub-adviser to the Value Fund.
Accordingly, Mr. Simon's biography which appears on page 46 of the prospectus is
hereby deleted and replaced with Mr. Rosen's biography as follows: Mr. Rosen is
a Director at MacKay-Shields in the Equity Division. He joined MacKay-Shields in
January 1999 after working as a Managing Director responsible for equity
securities at Prudential Investments from August 1991 to January 1999.
Stephen B. Killian serves as a Portfolio Manager of the Equity Index Fund along
with James A. Mehling. Accordingly, Mr. Killian's biography is hereby added to
page 41 of the prospectus as follows: Mr. Killian is a Vice President with
portfolio management responsibility for international equity funds, active
quantitative equity portfolios and development of quantitative strategies at
Monitor Capital. He joined Monitor Capital in 1997 after working as a Partner
and Senior Portfolio Manager at RhumbLine Advisers from 1992 to 1997. Mr.
Killian is a candidate in the CFA Program.
