MainStay Capital Appreciation Fund

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MainStay Capital Appreciation Fund

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> Performance

> Holdings

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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 (01/03/1995)	-7.24	-3.74	7.67	7.65	0.55	9.23
Class INV (02/28/2008)	-7.21	-3.71	7.68	7.66	0.55	9.23
Class B (05/01/1986)	-7.47	-4.46	6.88	6.85	-0.22	8.40
Class C (09/01/1998)	-7.44	-4.46	6.89	6.85	-0.21	8.40
With Sales Charges:
Class A (01/03/1995)	-12.34	-9.03	5.66	6.44	-0.02	8.95
Class INV (02/28/2008)	-12.32	-9.00	5.67	6.44	-0.01	8.95
Class B (05/01/1986)	-12.10	-8.90	5.99	6.54	-0.22	8.40
Class C (09/01/1998)	-8.37	-5.35	6.89	6.85	-0.21	8.40
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (01/03/1995)	-13.26	-6.20	3.87	7.88	-0.08	8.93
Class INV (02/28/2008)	-13.23	-6.17	3.88	7.89	-0.08	8.93
Class B (05/01/1986)	-13.38	-6.85	3.10	7.09	-0.84	8.11
Class C (09/01/1998)	-13.38	-6.86	3.10	7.09	-0.84	8.11
With Sales Charges:
Class A (01/03/1995)	-18.03	-11.36	1.93	6.67	-0.64	8.65
Class INV (02/28/2008)	-18.00	-11.33	1.94	6.68	-0.64	8.65
Class B (05/01/1986)	-17.71	-11.18	2.15	6.78	-0.84	8.11
Class C (09/01/1998)	-14.25	-7.72	3.10	7.09	-0.84	8.11
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. Class I: No initial sales charge or CDSC, generally available to corporate & institutional investors with a minimum initial investment of $5 million. Gross Expenses: Class A 1.10%, INV 1.35%, B 2.05%, C 2.05%, I 0.65%

Growth of a Hypothetical $10,000 Investment at NAV

Class B shares 05/01/1986 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 A and C shares will differ based on differences in their sales charges and expense structures. The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000 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.

Robert J. Centrella, CFA

Mr. Centrella is a Managing Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund, Capital Appreciation Fund, and Mid Cap Growth Fund. He joined MacKay Shields in 1996 as a Portfolio Manager/Research Analyst in the Equity Division. Immediately prior to joining MacKay Shields, he was with Gibraltar Advisors where he was Vice President and Portfolio Manager. Prior to that, he was with Foxhall Investment Management as a Portfolio Manager, and earlier in his career he was a Senior Financial Analyst at the Federal National Mortgage Association. He has been in the investment management industry since 1985. He received a BS in Accounting from the University of Scranton and a MBA in Finance from George Mason University. He became a holder of the Chartered Financial Analyst designation in 1993.

Fund Objective

To seek long-term growth of capital. Dividend income, if any, is an incidental consideration.

Investment Strategy

>	The subadvisor combines quantitative filters with disciplined fundamental research to narrow a universe of 2,000 stocks to a growth portfolio of approximately 50 to 70 stocks.
>	The Fund invests primarily in stocks with strong growth in revenues and earnings per share, including companies participating in expanding product or service markets.
>	The Fund uses a bottom-up stock-by-stock selection process that combines quantitative analysis and fundamental research.
>	The Fund looks for factors, such as new management, new products, or shifting consumer and economic trends, that could accelerate earnings growth.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	332.3M	262.0M	216.2M	4.0M
Beta¹	1.14	1.14	1.14	1.14
Standard Deviation²	11.50	11.50	11.49	11.50
Number of Holdings	61
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Investors who can accept the higher risks of equity investing as they pursue long-term growth.
>	Investors who don't need to earn current income.
>	Investors seeking to add growth potential to an income-oriented portfolio.

Why Growth Stocks?

Well-managed companies with solid earnings growth may offer long-term capital appreciation potential.

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

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 A and C shares, first offered 1/3/95 and 9/1/98, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A shares and through 8/31/98 for Class C shares, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Class I shares, first offered 1/2/04, includes the historical performance of the Fund's Class B shares from inception through 12/31/03 adjusted to reflect the applicable fees and expenses for such shares.

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>	First Offered
	Class A: 01/03/95
	Class INV: 02/28/08
	Class B: 05/01/86
	Class C: 09/01/98

>	Nasdaq Symbol
	Class A: MCSAX
	Class INV: MCPPX
	Class B: MCSCX
	Class C: MCACX

>	Cusip Number
	Class A: 56062F665
	Class INV: 56062X542
	Class B: 56062F103
	Class C: 56062F459

>	Fund Number
	Class A: 640
	Class INV: 2537
	Class B: 40
	Class C: 740

>	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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