MainStay Mid Cap Growth Fund

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MainStay Mid Cap Growth Fund

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> 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 (01/02/2001)	-6.55	-2.12	11.95	17.52	n/a	4.64
Class INV (02/28/2008)	-6.55	-2.12	11.95	17.52	n/a	4.64
Class B (01/02/2001)	-6.86	-2.93	11.11	16.69	n/a	3.85
Class C (01/02/2001)	-6.79	-2.86	11.15	16.69	n/a	3.85
With Sales Charges:
Class A (01/02/2001)	-11.69	-7.50	9.86	16.20	n/a	3.83
Class INV (02/28/2008)	-11.69	-7.50	9.86	16.20	n/a	3.83
Class B (01/02/2001)	-11.52	-7.52	10.30	16.47	n/a	3.85
Class C (01/02/2001)	-7.72	-3.78	11.15	16.69	n/a	3.85
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (01/02/2001)	-12.44	-4.66	7.66	18.05	n/a	3.76
Class INV (02/28/2008)	-12.44	-4.66	7.66	18.05	n/a	3.76
Class B (01/02/2001)	-12.70	-5.47	6.88	17.21	n/a	2.97
Class C (01/02/2001)	-12.64	-5.39	6.88	17.21	n/a	2.97
With Sales Charges:
Class A (01/02/2001)	-17.26	-9.91	5.65	16.72	n/a	2.95
Class INV (02/28/2008)	-17.26	-9.91	5.65	16.72	n/a	2.95
Class B (01/02/2001)	-17.07	-9.94	6.00	17.00	n/a	2.97
Class C (01/02/2001)	-13.51	-6.29	6.88	17.21	n/a	2.97
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 1.36%, INV 1.52%, B 2.24%, C 2.24%, R2 1.35%, R3 1.60%, I 1.00%

Growth of a Hypothetical $10,000 Investment at NAV

Class A shares 01/02/2001 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 Midcap^® Growth Index is an unmanaged index that measures the performance of those Russell Midcap 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

Seeks long-term capital appreciation by investing primarily in securities of mid-capitalization companies.

Investment Strategy

>	The Fund invests primarily in common stocks and convertible securities deemed by the subadvisor to represent value opportunities.
>	Emphasis is placed on the presence of a catalyst, such as management changes, restructuring, and sales of underperforming assets, that may unlock a company's potential.
>	The Fund may use both statistical and fundamental research to assess a company's products, performance, management, and value potential.
>	The Fund is diversified across a wide variety of sectors and industries to help manage risk.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	93.5M	22.1M	47.8M	35.3M
Beta¹	1.11	1.11	1.11	1.11
Standard Deviation²	14.50	14.50	14.48	14.48
Number of Holdings	80
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Investors who believe that mid-cap companies may be attractive growth candidates.
>	Investors pursuing long-term goals, such as college funding or retirement.
>	Investors who can accept a higher degree of risk in search of higher return potential.

Why Mid Caps?

Mid-cap stocks have made it past the initial growth hurdles and proven their ability to sustain themselves, often amid larger competitors.

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 figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time.

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

>	Nasdaq Symbol
	Class A: MMCPX
	Class INV: MMYMX
	Class B: MMGBX
	Class C: MMGCX

>	Cusip Number
	Class A: 56062F178
	Class INV: 56062X435
	Class B: 56062F160
	Class C: 56062F152

>	Fund Number
	Class A: 1343
	Class INV: 2554
	Class B: 1370
	Class C: 1371

>	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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