MainStay Total Return Fund

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MainStay Total Return 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)	5.71	-16.05	-3.98	0.05	-0.73	7.23
Class INV (02/28/2008)	5.56	-16.17	-4.03	0.01	-0.75	7.22
Class B (12/29/1987)	5.22	-16.76	-4.74	-0.72	-1.47	6.46
Class C (09/01/1998)	5.14	-16.85	-4.76	-0.75	-1.49	6.45
With Sales Charges:
Class A (01/03/1995)	-0.10	-20.67	-5.77	-1.08	-1.29	6.95
Class INV (02/28/2008)	-0.25	-20.78	-5.82	-1.11	-1.31	6.94
Class B (12/29/1987)	0.22	-20.86	-5.50	-1.01	-1.47	6.46
Class C (09/01/1998)	4.14	-17.67	-4.76	-0.75	-1.49	6.45
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/03/1995)	5.71	-16.05	-3.98	0.05	-0.73	7.23
Class INV (02/28/2008)	5.56	-16.17	-4.03	0.01	-0.75	7.22
Class B (12/29/1987)	5.22	-16.76	-4.74	-0.72	-1.47	6.46
Class C (09/01/1998)	5.14	-16.85	-4.76	-0.75	-1.49	6.45
With Sales Charges:
Class A (01/03/1995)	-0.10	-20.67	-5.77	-1.08	-1.29	6.95
Class INV (02/28/2008)	-0.25	-20.78	-5.82	-1.11	-1.31	6.94
Class B (12/29/1987)	0.22	-20.86	-5.50	-1.01	-1.47	6.46
Class C (09/01/1998)	4.14	-17.67	-4.76	-0.75	-1.49	6.45
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. Gross Expenses: Class A 1.26%, INV 1.51%, B 2.15%, C 2.15%, I 0.97%. Net Expenses: Class A 1.16%, INV 1.29%, B 2.04%, C 2.04%, I 0.79%.

Growth of a Hypothetical $10,000 Investment at NAV

Class B shares 12/29/1987 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 Total Return Core Composite Index is comprised of the Russell 1000^® Index and the Barclays Capital Aggregate Bond Index weighted 60%/40%, respectively. The Russell 1000^® Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000® Index, which includes the 3,000 largest U.S. companies based on total market capitalization. Results assume the reinvestment of all capital gain and dividend distributions. The Barclay's Capital Aggregate Bond Index is an unmanaged market value-weighted performance benchmark for investment-grade or better fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. Index 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 Subadvisors

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisors, MacKay Shields LLC and Epoch Investment Partners, Inc. MacKay Shields is responsible for the overall asset allocation decisions for the Fund, as well as portfolio management of fixed income investments. Epoch Investment Partners, Inc will serve as the subadvisor to the equity portion of the Fund.

Portfolio Manager(s)

Dan Roberts, Ph.D.

Mr. Roberts joined MacKay Shields in October 2004 when the firm acquired the fixed income division of Pareto Partners. Mr. Roberts was Chief Investment Officer and an Equity Shareholder at Pareto Partners. Mr. Roberts assembled the US fixed income team while serving 10 years at UBS Asset Management, most recently as Managing Director and head of the Fixed Income Group. Prior to its acquisition by UBS, he was a Financial Economist for Chase Manhattan Bank, NA and later was head of Global Interest Rate and Currency Swaps Trading. In 1997, Mr. Roberts' fixed income group was lifted out of UBS by Forstmann-Leff International and was subsequently purchased by Pareto Partners. His regulatory and government experience includes two years at the U.S. Securities and Exchange Commission, serving at The White House with the President's Council of Economic Advisors and as Executive Director (Chief of Staff) of the U.S. Congress Joint Economic Committee. Mr. Roberts holds a BBA and a PhD from University of Iowa and has been in the investment management industry since 1977.

Gary Goodenough
Mr. Goodenough joined MacKay Shields as a Managing Director and Co-head of Fixed Income in 2000, and became a Senior Managing Director in 2004. Prior to joining MacKay Shields, Mr. Goodenough was a Senior Portfolio Manager at Loomis Sayles Co. from December 1993 to May 2000. Prior to this, he was a Managing Director at Bear Stearns Company and was a Managing Director of High Yield Bonds and a Managing Director of Global Bonds at Salomon Brothers.

Michael Kimble, CFA

Mr. Kimble joined MacKay Shields in October 2004 as Director and Co-Head of High Yield portfolio management when MacKay Shields acquired the fixed income active core division of Pareto Partners. Previously the Co-Head of Pareto Partners' High Yield Investments, Mr. Kimble began his investment career with positions at Citicorp and E.F. Hutton as a Fixed Income Credit Analyst. In 1988, Mr. Kimble moved to Home Insurance Company as a High Yield Bond Analyst and Portfolio Manager. Shortly thereafter, Mr. Kimble joined the UBS team in the same capacity. While at UBS, Mr. Kimble was Co-Chairman of the Credit Committee. He received a B.A. from Columbia University, an M.B.A from New York University and a JD from Fordham School of Law. With fixed income experience since 1984, Mr. Kimble is a member of the Capital Markets Credit Analyst Society, the New York Society of Security Analysts and the New York and Louisiana State Bar Associations.

James Ramsay

Mr. Ramsay joined MacKay Shields in September 2008 as a Senior Managing Director and the Chief Fixed Income Strategist. He previously was Senior Managing Director and Chief Investment Officer of the US Fixed Income division of Robeco Investment Management from 2007 to 2008, a Senior Vice President at PIMCO from 2003 to 2006, a Senior Managing Director and Executive Vice President in the domestic Fixed Income division of AIG/SunAmerica from 2000 to 2002, and Senior Vice President managing the Investment Division of UNUM Provident Corporation from 1991 to 2000. Mr. Ramsay is a graduate of the University of Arkansas with a BSBA in Finance and Banking and is a CFA charterholder.

William W. Priest, CFA

Mr. Priest founded Epoch Investment Partners in 2004. Previously, Mr. Priest was a Co-Managing Partner and Portfolio Manager at Steinberg Priest & Sloane Capital Management, LLC from 2001 to 2004. Prior to joining Steinberg Priest, he was a Member of the Global Executive Committee of Credit Suisse Asset Management (CSAM) from 1997 to 2001, Chairman and Chief Executive Officer of Credit Suisse Asset Management Americas from 1990 to 2001 and CEO and Portfolio Manager of its predecessor firm BEA Associates, which he co-founded in 1972. During his 30 year tenure at BEA and CSAM, Mr. Priest developed the firm into a well-recognized investment manager with over $100 billion under management. He is a CFA charterholder, CPA, and a graduate of Duke University and the University of Pennsylvania's Wharton Graduate School of Business. Mr. Priest is a Director of Globe Wireless, InfraRedX and a Member of the Council on Foreign Relations.

Eric Sappenfield

Prior to joining Epoch in 2006, Mr. Sappenfield was a research analyst at Spear Leads & Kellogg from 2004 to 2006 where he was responsible for credit/risk assessment. Previously, he was a senior analyst at Steinberg Priest & Sloane from 2002 to 2006 focusing on high yield bonds and equities of leveraged companies. Additional experience includes senior analytical roles at The Carlyle Group, Travelers, and Jeffries and Co. Mr. Sappenfield holds a BA degree from Stanford University and an MBA from the University of California, Los Angeles.

Michael A. Welhoelter, CFA

Mr. Welhoelter joined Epoch in 2005. Prior to joining Epoch, Mr. Welhoelter was a Director and Portfolio Manager in the Quantitative Strategies Group at Columbia Management Group, Inc. from 2001 to 2005. In this role, he managed over $5 billion of mutual funds and separately managed portfolios. Prior to joining Columbia Management Group, he was at Credit Suisse Asset Management Group (CSAM) from 1997 to 2001, where he was a portfolio manager in the Structured Equity Group, overseeing long/short market neutral and large cap core products. Prior to joining CSAM, he was a portfolio manager and quantitative research analyst at Chancellor/LGT Asset Management from 1986 to 1997. Mr. Welhoelter holds a BA degree in Computer and Information Science from Colgate University. He is a member of the New York Society of Security Analysts and the Society of Quantitative Analysts, is a CFA charterholder.

Fund Objective

To realize current income consistent with reasonable opportunity for future growth of capital and income.

Investment Strategy

>	The Fund invests approximately 60% of its net assets in U.S. equity securities, most of which have growth in revenues and earnings per share better than the average of the stocks comprising the S&P 500 Index.
>	The Fund also invests approximately 40% of its assets in U.S. debt securities, consisting primarily of securities rated A or better by S&P or Moody's or, if unrated, deemed by the Fund's subadvisor to be of comparable creditworthiness.

S&P 500® is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use. Standard & Poor's does not sponsor, endorse, sell, or promote the Fund or represent the advisability of investing in the Fund. The S&P 500 is an unmanaged index and is widely regarded as the standard for measuring large-cap U.S. stock market performance. An investment cannot be made directly into an index.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	164.9M	129.7M	61.5M	1.5M
Beta¹	1.00	1.00	1.00	1.00
Standard Deviation²	10.01	10.02	10.00	9.99
Number of Holdings	561
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 a core fund to which equity or income investments can be added.
>	Investors seeking income and long-term growth potential.
>	Investors seeking broad diversification across companies, industries, and asset classes.
>	Income investors seeking to enhance their total return.

Why Growth and Value?

The flexibility to invest across growth and value stocks may help you take advantage of shifting opportunities as they arise.

About Risk

Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Fund's performance may suffer. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. 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 can 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 invest in derivatives, which may increase the Fund's net asset value and may result in a loss to the Fund. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. The principal risk of mortgage dollar rolls is that the security the Fund receives at the end of the transaction may be worth less than the security the Fund sold to the same counterparty at the beginning of the transaction. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. The principal risk of mortgage-related and asset-backed securities is that underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Fund's investment. If interest rates rise, less of the debt may be prepaid and the Fund may lose money.

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.

Effective 1/1/04, MainStay Total Return Fund expanded the equity component of its holdings by adding value stocks to its portfolio. The Fund's investment objective is unchanged. Performance for Class A and C shares, first offered 1/3/95 and 9/1/98, respectively, includes the historical performance of Class B shares from inception (12/29/87) 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. 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.

> Back to Top

>	First Offered
	Class A: 01/03/95
	Class INV: 02/28/08
	Class B: 12/29/87
	Class C: 09/01/98

>	Nasdaq Symbol
	Class A: MTRAX
	Class INV: MTINX
	Class B: MKTRX
	Class C: MCTRX

>	Cusip Number
	Class A: 56062F798
	Class INV: 56062X369
	Class B: 56062F889
	Class C: 56062F426

>	Fund Number
	Class A: 657
	Class INV: 2571
	Class B: 57
	Class C: 637

>	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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