MainStay Convertible Fund

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800.624.6782

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MainStay Convertible Fund

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Fund Performance

Share Class (Inception)
Category: Blended	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)	16.85	-18.63	-1.91	1.93	4.16	7.95
Class INV (02/28/2008)	16.73	-18.73	-1.99	1.88	4.14	7.94
Class B (05/01/1986)	16.26	-19.42	-2.74	1.13	3.37	7.16
Class C (09/01/1998)	16.25	-19.37	-2.72	1.13	3.37	7.16
With Sales Charges:
Class A (01/03/1995)	10.42	-23.11	-3.74	0.78	3.58	7.69
Class INV (02/28/2008)	10.31	-23.20	-3.82	0.74	3.55	7.68
Class B (05/01/1986)	11.26	-23.38	-3.62	0.77	3.37	7.16
Class C (09/01/1998)	15.25	-20.16	-2.72	1.13	3.37	7.16
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/03/1995)	16.85	-18.63	-1.91	1.93	4.16	7.95
Class INV (02/28/2008)	16.73	-18.73	-1.99	1.88	4.14	7.94
Class B (05/01/1986)	16.26	-19.42	-2.74	1.13	3.37	7.16
Class C (09/01/1998)	16.25	-19.37	-2.72	1.13	3.37	7.16
With Sales Charges:
Class A (01/03/1995)	10.42	-23.11	-3.74	0.78	3.58	7.69
Class INV (02/28/2008)	10.31	-23.20	-3.82	0.74	3.55	7.68
Class B (05/01/1986)	11.26	-23.38	-3.62	0.77	3.37	7.16
Class C (09/01/1998)	15.25	-20.16	-2.72	1.13	3.37	7.16
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. Gross Expenses: Class A 1.13%, INV 1.34%, B 2.06%, C 2.04%, I 0.88%. Net Expenses: Class A 1.09%, INV 1.28%, B 2.03%, C 2.03%, I 0.84%.

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 Merrill Lynch (ML) All Convertible Securities Index is an unmanaged market-capitalization weighted index of domestic corporate convertible securities—to be included in the Index, bonds and preferred stocks must be convertible only to common stock and have a market value or original par value of at least $50 million. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

Fund Objective

To seek capital appreciation together with current income.

Investment Strategy

>	The Fund invests primarily in convertible securities but is managed like an equity fund, with a focus on securities that show strong prospects for capital appreciation.
>	In selecting convertible securities, the subadvisor may consider credit risk, projected interest return, and the convertible's premium relative to the underlying common stock.
>	Strict buy and sell disciplines and diversification guidelines help manage risk as the Fund pursues capital growth and current income.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	217.4M	63.6M	51.4M	43.8M
Beta¹	0.96	0.96	0.96	0.96
Standard Deviation²	13.24	13.24	13.27	13.25
Number of Holdings	89
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 seeking capital appreciation and current income.
>	Investors seeking the potential to enhance their total return.
>	Investors seeking to diversify stock or bond investments with securities that may combine the benefits of both.

Why Convertibles?

Convertible securities provide current income and an opportunity to participate in the growth of the underlying stock.

About Risk

Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities and may be subject to greater price volatility. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise.

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 and through 8/31/98 for Class C, adjusted to reflect the applicable sales charge (or CDSC) and 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: MCOAX
	Class INV: MCINX
	Class B: MCSVX
	Class C: MCCVX

>	Cusip Number
	Class A: 56062F780
	Class INV: 56062X526
	Class B: 56062F301
	Class C: 56062F434

>	Fund Number
	Class A: 642
	Class INV: 2540
	Class B: 42
	Class C: 192

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

>	Morningstar Style Box^TM

The top Morningstar Style Box^TM reveals a funds' 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). The bottom box reveals the quality and duration of a fund's debt securities. The vertical axis of this box shows the average credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (short, intermediate, or long).

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