MainStay Value Fund

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MainStay Value 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 06/30/2009
NAV:
Class A (01/03/1995)	-0.08	-27.99	-10.44	-3.00	-0.90	6.65
Class INV (02/28/2008)	-0.25	-28.13	-10.44	-3.00	-0.91	6.65
Class B (05/01/1986)	-0.50	-28.61	-11.15	-3.75	-1.66	5.87
Class C (09/01/1998)	-0.58	-28.62	-11.15	-3.75	-1.66	5.87
With Sales Charges:
Class A (01/03/1995)	-5.58	-31.95	-12.11	-4.09	-1.46	6.39
Class INV (02/28/2008)	-5.73	-32.08	-12.11	-4.09	-1.47	6.39
Class B (05/01/1986)	-5.47	-32.15	-11.86	-4.05	-1.66	5.87
Class C (09/01/1998)	-1.58	-29.32	-11.15	-3.75	-1.66	5.87
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/03/1995)	-0.08	-27.99	-10.44	-3.00	-0.90	6.65
Class INV (02/28/2008)	-0.25	-28.13	-10.44	-3.00	-0.91	6.65
Class B (05/01/1986)	-0.50	-28.61	-11.15	-3.75	-1.66	5.87
Class C (09/01/1998)	-0.58	-28.62	-11.15	-3.75	-1.66	5.87
With Sales Charges:
Class A (01/03/1995)	-5.58	-31.95	-12.11	-4.09	-1.46	6.39
Class INV (02/28/2008)	-5.73	-32.08	-12.11	-4.09	-1.47	6.39
Class B (05/01/1986)	-5.47	-32.15	-11.86	-4.05	-1.66	5.87
Class C (09/01/1998)	-1.58	-29.32	-11.15	-3.75	-1.66	5.87
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.
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. Class R1 & R2: No initial sales charge or CDSC. Gross Expenses: Class A 1.26%, INV 1.46%, B 2.13%, C 2.13%, R1 0.97%, R2 1.24%, I 0.95%. Net Expenses: Class A 1.17%, INV 1.27%, B 2.02%, C 2.02%, R1 0.81%, R2 1.06%, I 0.71%.

Growth of a Hypothetical $10,000 Investment at NAV

Class B shares 05/01/1986 to 03/31/2009. 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^® Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower 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 $224 billion in assets under management as of March 31, 2009. 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 interim subadvisor, Institutional Capital LLC (ICAP). ICAP is an affiliate of New York Life Investment Management LLC. Founded in 1970 as an institutional investment firm dedicated to the unique needs of institutional investors, ICAP currently manages over $14 billion in assets for some of the world's largest and most respected corporations and institutions.

Portfolio Manager(s)

Jerrold K. Senser, CFA
Mr. Senser serves as Chief Executive Officer and Chief Investment Officer of ICAP. As CEO and CIO, Mr. Senser heads the investment committee and is the lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Fund. Mr. Senser has been with the firm since 1986. Mr. Senser graduated with a B.A. in economics from the University of Michigan and an M.B.A from the University of Chicago. He is a CFA charterholder. Prior to joining ICAP, Mr. Senser spent seven years at Stein Roe & Farnham as an associate involved in economic and fixed-income analysis. He began his career at Data Resources, Inc., an economic consulting firm.

Thomas R. Wenzel, CFA
Mr. Wenzel, Executive Vice President and Director of Research, is a senior member of the investment committee. Mr. Wenzel serves as a lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Funds. As a 15-year veteran of the firm, Mr. Wenzel also leads the firm’s investment research with particular emphasis on the financial sector. At the University of Wisconsin-Madison, he participated in the applied security analysis and investment management program and earned a B.A. in economics and an M.B.A. He is a CFA charterholder. Before joining ICAP in 1993, he served as a senior equity analyst at Brinson Partners for six years.

Fund Objective

To seek a superior total return.

Investment Strategy

The Fund seeks to achieve its investment objective by investing primarily in U.S. dollar-denominated equity securities of U.S. and foreign companies with market capitalizations (at the time of investment) of at least $2 billion. The Fund seeks to achieve a total return greater than the S&P 500^® Index over a full market cycle and indices comprised of value-oriented stocks over shorter periods. The MainStay Value Fund will typically hold between 20 and 30 securities.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	107.2M	103.8M	48.5M	4.5M
Beta¹	0.92	0.92	0.92	0.92
Standard Deviation²	14.50	14.50	14.49	14.49
Number of Holdings	64
Purchases	$1,000 minimum initial investment, $50 subsequent

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.

Investor Profile

>	Investors who can accept the higher risks of equity investing as they pursue long-term growth.
>	Investors who believe that undervalued stocks may represent potential opportunities.
>	Investors seeking a value component in a growth-oriented portfolio.

Why Value Stocks?

Value equities offer potential for appreciation and are a natural complement to growth investments.

About Risk

Investments in common stocks and other equity securities are subject to the risks of changing economic, stock market, industry and company conditions and the risks inherent in management's ability to anticipate such changes that can adversely affect the value of the Fund's holdings. Opportunities for greater gain often come with the possibility of a greater risk of loss. Some of the securities in which the Fund may invest, therefore, may carry above-average risk compared to the risk of securities found in common stock indices, such as the Dow Jones Industrial Average and the S&P 500^® Index.

The Fund's investments may also include mid-cap stocks. Mid-cap stocks are generally less established and may be more volatile and less liquid than stocks of larger companies. The returns may vary significantly from the overall stock market. In comparison to stocks of companies with larger capitalizations, these companies may have more price volatility, greater spreads between their bid and ask prices, significantly lower trading volumes and cyclical, static or moderate growth prospects.

The principal risk of investing in value stocks is that they may never reach what the Subadvisor believes is their full value or that they may even go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.

The Fund will typically hold between 20 and 30 securities. As a result, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer.

The use of options and futures transactions involves risks and special considerations which include, among others, correlation risk and liquidity risk. Correlation risk is the risk that there might be imperfect correlation, or even no correlation, between price movements of a derivative instrument and price movements of investments being hedged. Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange-traded contracts are very liquid because the exchange clearinghouse is the counterparty of every contract. Over-the-counter transactions generally are less liquid than exchange-traded derivatives since they often can only be closed out with the other party to the transaction.

Investments in foreign companies, in the form of depositary receipts such as ADRs, may entail the special risks of international investing, including currency exchange fluctuations, government regulations and the potential for political and economic instability.

Due to its trading strategies, the Fund's portfolio turnover rate may be between 150% and 300%. Funds with high turnover rates (over 100%) often have higher transaction costs (which are paid by the Fund) and may generate short-term capital gains (on which you will pay taxes, even if you do not sell any shares by year-end).

Portfolio turnover measures the amount of trading a Fund does during the year.

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.

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: MVAAX
	Class INV: MVINX
	Class B: MKVAX
	Class C: MSCVX

>	Cusip Number
	Class A: 56062F814
	Class INV: 56062X351
	Class B: 56062F202
	Class C: 56062F392

>	Fund Number
	Class A: 641
	Class INV: 2572
	Class B: 41
	Class C: 741

>	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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