THE MAINSTAY FUNDS
High Yield Corporate Bond Fund
Strategic Income Fund
Tax Free Bond Fund
California Tax Free Fund
New York Tax Free Fund
Supplement dated February 29, 2000
to the Prospectus dated September 28, 1999
Mr. Steven Tananbaum is no longer with MacKay Shields LLC and he is no longer a
portfolio manager of the High Yield Corporate Bond Fund or the Strategic Income
Fund. Mr. Tananbaum's biography, which appears on page 70 of the prospectus, is
hereby deleted.
Mr. James Flood is no longer with MacKay Shields LLC and he is no longer a
portfolio manager of the Tax Free Bond Fund, the California Tax Free Fund, or
the New York Tax Free Fund. Mr. Flood's biography, which appears on page 69 of
the prospectus, is hereby deleted.
MSPS16-02/00 for
MSPR08-09/99
<PAGE>
THE MAINSTAY FUNDS
Strategic Value Fund
High Yield Corporate Bond Fund
Supplement dated February 29, 2000
to the Prospectus dated September 28, 1999
Mr. Steven Tananbaum is no longer with MacKay Shields LLC and he is no longer a
portfolio manager of the Strategic Value Fund or the High Yield Corporate Bond
Fund. Mr. Tananbaum's biography, which appears on page 92 of the prospectus, is
hereby deleted.
MSPS15-02/00 for
MSPR07-09/99
