MainStay Small Cap Growth Fund

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MainStay Small Cap Growth Fund

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> Performance

> Holdings

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> Profile

Fund Performance

Share Class (Inception)
Category: Equity	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 04/30/2008
NAV:
Class A (06/01/1998)	-8.07	-15.14	2.68	7.58	n/a	4.21
Class INV (02/28/2008)	-8.01	-15.08	2.71	7.60	n/a	4.22
Class B (06/01/1998)	-8.35	-15.78	1.92	6.77	n/a	3.42
Class C (09/01/1998)	-8.35	-15.83	1.92	6.77	n/a	3.42
With Sales Charges:
Class A (06/01/1998)	-13.13	-19.81	0.76	6.37	n/a	3.62
Class INV (02/28/2008)	-13.07	-19.75	0.79	6.39	n/a	3.62
Class B (06/01/1998)	-12.93	-19.99	0.95	6.46	n/a	3.42
Class C (09/01/1998)	-9.27	-16.67	1.92	6.77	n/a	3.42
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (06/01/1998)	-14.04	-18.64	-1.63	8.07	n/a	3.54
Class INV (02/28/2008)	-13.98	-18.58	-1.61	8.08	n/a	3.54
Class B (06/01/1998)	-14.23	-19.25	-2.35	7.27	n/a	2.75
Class C (09/01/1998)	-14.23	-19.25	-2.35	7.27	n/a	2.75
With Sales Charges:
Class A (06/01/1998)	-18.77	-23.11	-3.47	6.85	n/a	2.94
Class INV (02/28/2008)	-18.71	-23.06	-3.45	6.87	n/a	2.95
Class B (06/01/1998)	-18.52	-23.28	-3.34	6.97	n/a	2.75
Class C (09/01/1998)	-15.09	-20.05	-2.35	7.27	n/a	2.75
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
Class A & INV: 5.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Gross Expenses: Class A 1.71%, INV 1.97%, B 2.68%, C 2.68%, I 1.30%

Growth of a Hypothetical $10,000 Investment at NAV

Class A shares 06/01/1998 to 03/31/2008. Based on total returns with reinvestment of distributions and does not reflect the effect of any sales charges, which would reduce performance shown. Performance for Class B and C shares will differ based on differences in their sales charges and expense structures. The Russell 2000^® Growth Index is an unmanaged index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

Investment Advisor

MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.

Investment Subadvisor

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, MacKay Shields LLC. MacKay Shields has specialized in money management for over 30 years, serving institutional and corporate clients.

Portfolio Manager(s)

Edmund C. Spelman
Mr. Spelman has managed MainStay Capital Appreciation, All Cap Growth, and Total Return Funds since 1991 and MainStay Small Cap Growth and Mid Cap Growth Funds since their respective inceptions. Mr. Spelman is a Senior Managing Director at MacKay Shields and specializes in equity securities. He joined MacKay Shields in 1991 after working as a Securities Analyst at Oppenheimer & Co., Inc. from 1984 to 1991.

Denise E. Higgins, CFA

Ms. Higgins is a Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund and Small Cap Growth Fund. She joined MacKay Shields' Growth Equity team in 1999 after having spent six years at J.P. Morgan Investment Management, most recently as a Small Cap Portfolio Manager. Prior to that, she was with Lord, Abbett & Company for 11 years. Ms. Higgins received a MBA in Finance from The Wharton School of Business at the University of Pennsylvania and a BA in Economics at The College of Mount Saint Vincent. She became a holder of the Chartered Financial Analyst designation in 1985 and is a member of both the Association of Investment Management and Research and the New York Society of Security Analysts. She has been in the investment management and research industry since 1982.

Fund Objective

To seek long-term capital appreciation by investing primarily in securities of small-cap companies.

Investment Strategy

>	The Fund seeks growing companies in expanding markets with the potential for positive earnings surprises.
>	The Fund seeks factors such as new management, new products, or shifting consumer or economic trends that might lead to attractive growth opportunities.
>	Securities are carefully chosen using a bottom-up, stock-by-stock selection process based on quantitative analysis and fundamental research.
>	Strict sell disciplines seek to limit the Fund's exposure to securities with deteriorating fundamentals.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	46.8M	31.3M	48.9M	3.6M
Beta¹	0.91	0.91	0.91	0.91
Standard Deviation²	15.91	15.91	15.89	15.91
Number of Holdings	93
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Investors willing to accept the higher risk of small-cap investing to pursue the potential for proportionately higher returns.
>	Investors who believe small-cap companies may enjoy more potential and more room to grow than larger companies.
>	Investors seeking a growth-equity component in a value- or income-oriented portfolio.

Why Small Cap Growth?

Small-cap growth stocks combine the potential of smaller companies with the growth characteristics that frequently drive the market higher.

¹Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the market's. Beta shown is based on monthly returns over the last three years.
²Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time (five years). A high standard deviation indicates that the range is wide, implying greater potential for volatility.

What You Should Know

Before You Invest

Stocks of small companies may be subject to higher price volatility, significantly lower trading volumes, and greater spreads between bid and ask prices than stocks of larger companies. Small companies may be more vulnerable to adverse business or market developments than mid- or large-capitalization stocks.

View the Prospectus

This mutual fund may be offered and sold only to persons in the United States. Please contact your investment professional or call 800-MAINSTAY (624-6782) for a prospectus or download it now. Please consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus contains this and other information about the investment company. Please read it carefully before you invest.

NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054.

These products are not federally insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, or similar agency.

All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.

Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.

Performance for Class C shares, first offered 9/1/98, includes the historical performance of the Fund's Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC for such shares.

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>	First Offered
	Class A: 06/01/98
	Class INV: 02/28/08
	Class B: 06/01/98
	Class C: 09/01/98

>	Nasdaq Symbol
	Class A: MSMAX
	Class INV: MSSNX
	Class B: MSOBX
	Class C: MSCCX

>	Cusip Number
	Class A: 56062F525
	Class INV: 56062X393
	Class B: 56062F517
	Class C: 56062F319

>	Fund Number
	Class A: 947
	Class INV: 2567
	Class B: 948
	Class C: 987

>	Download Prospectus
>	View Fact Sheet
>	Access Annual / Semiannual Report

>	Morningstar Style Box^TM

The Morningstar Style Box^TM reveals a fund's investment strategy. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows the investment style (value, blend, or growth).

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