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 04/30/2008
NAV:
Class A (01/03/1995)	-3.45	-1.42	7.17	7.72	3.48	8.84
Class INV (02/28/2008)	-3.45	-1.42	7.17	7.72	3.48	8.84
Class B (12/29/1987)	-3.75	-2.17	6.37	6.93	2.72	8.08
Class C (09/01/1998)	-3.75	-2.17	6.34	6.91	2.71	8.07
With Sales Charges:
Class A (01/03/1995)	-8.76	-6.84	5.17	6.51	2.90	8.54
Class INV (02/28/2008)	-8.76	-6.84	5.17	6.51	2.90	8.54
Class B (12/29/1987)	-8.55	-6.45	5.55	6.62	2.72	8.08
Class C (09/01/1998)	-4.71	-3.03	6.34	6.91	2.71	8.07
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (01/03/1995)	-6.72	-1.91	5.27	8.11	3.16	8.70
Class INV (02/28/2008)	-6.72	-1.91	5.27	8.11	3.16	8.70
Class B (12/29/1987)	-6.94	-2.64	4.49	7.30	2.40	7.93
Class C (09/01/1998)	-6.95	-2.65	4.48	7.28	2.39	7.92
With Sales Charges:
Class A (01/03/1995)	-11.85	-7.31	3.31	6.89	2.57	8.39
Class INV (02/28/2008)	-11.85	-7.31	3.31	6.89	2.57	8.39
Class B (12/29/1987)	-11.58	-6.91	3.69	7.00	2.40	7.93
Class C (09/01/1998)	-7.88	-3.50	4.48	7.28	2.39	7.92
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 1.17%, INV 1.42%, B 2.11%, C 2.11%, I 0.93%

Growth of a Hypothetical $10,000 Investment at NAV

Class B shares 12/29/1987 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 Total Return Core Composite Index is comprised of the Russell 1000^® Index and the Lehman Brothers^® 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 Lehman Brothers^® 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 $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.

Richard A. Rosen, CFA
Mr. Rosen has managed MainStay Value and Mid Cap Value Funds since 1999. He also manages the MainStay Total Return Fund. Mr. Rosen is Senior Managing Director of MacKay Shields and Head of the Value Equity Division. He joined MacKay Shields in January 1999 after working as a Managing Director and Equity Portfolio Manager at Prudential Investments from August 1991 to January 1999. Prior to that, Mr. Rosen spent five years with Marine Midland Bank where he was a Senior Portfolio Manager and Vice President. Earlier in his career, he was a Municipals Securities Officer at Summit Bancorporation and an Account Executive at Merrill Lynch, Pierce, Fenner, & Smith, Inc. in New York. Mr. Rosen received a B.A. from Drew University and an M.B.A. from Boston University Graduate School of Management. He has been in the investment management and research industry since 1984 and is a Chartered Financial Analyst.

Gary Goodenough
Mr. Goodenough became a manager of the Government Fund and the Total Return Fund in 2000, the Global High Income Fund in 2003, the Money Market Fund in 2006 and the Diversified Income Fund in 2008. 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.

Joseph Portera
Mr. Portera has managed MainStay Diversified Income and Global High Income Funds since inception and MainStay Government Fund since July 2000. Mr. Portera also manages the MainStay Total Return Fund and Intermediate Term Bond Fund. Mr. Portera is a Managing Director of MacKay Shields, specializing in international investing. He returned to MacKay Shields in December 1996 after working at Fiduciary Trust Company International as a Portfolio Manager in international bonds. Mr. Portera originally joined MacKay Shields in 1991.

Rupal Bhansali

Ms. Bhansali became portfolio manager of the Total Return Fund in 2008. Ms. Bhansali joined MacKay Shields as Managing Director and Head of the International Equity Division Product in 2001 and became a Senior Managing Director in 2007. Ms. Bhansali was previously the co-head of the International Equity Division at Oppenheimer Capital, where she managed various institutional and retail international equity portfolios from 1995 to 2000. Earlier in her career, Ms. Bhansali worked in various capacities performing investment research and advisory work at Soros Fund Management, Crosby Securities, and ICICI Ltd. She has over 10 years of experience in the industry. Ms. Bhansali received her M.B.A. in finance from the University of Rochester and an undergraduate degree in business from the University of Bombay.

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	281.3M	167.0M	119.1M	2.4M
Beta¹	1.18	1.18	1.18	1.18
Standard Deviation²	6.57	6.57	6.58	6.56
Number of Holdings	550
Purchases	$1,000 minimum initial investment, $50 subsequent

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.

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

Before You Invest

The Fund may invest in derivatives, which may increase the fund's net asset value and may result in a loss to the Fund.

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.

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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