MainStay Tax Free Bond Fund

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MainStay Tax Free Bond Fund

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> Performance

> Holdings

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> Profile

Fund Performance

Share Class (Inception)
Category: Income	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)	6.39	-1.08	1.22	2.05	3.14	5.05
Class INV (02/28/2008)	6.19	-1.18	1.17	2.02	3.12	5.04
Class B (05/01/1986)	6.20	-1.43	0.93	1.77	2.85	4.59
Class C (09/01/1998)	6.20	-1.43	0.92	1.77	2.85	4.59
With Sales Charges:
Class A (01/03/1995)	1.60	-5.54	-0.32	1.12	2.66	4.84
Class INV (02/28/2008)	1.41	-5.63	-0.37	1.09	2.65	4.83
Class B (05/01/1986)	1.20	-6.17	0.02	1.43	2.85	4.59
Class C (09/01/1998)	5.20	-2.38	0.92	1.77	2.85	4.59
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/03/1995)	6.39	-1.08	1.22	2.05	3.14	5.05
Class INV (02/28/2008)	6.19	-1.18	1.17	2.02	3.12	5.04
Class B (05/01/1986)	6.20	-1.43	0.93	1.77	2.85	4.59
Class C (09/01/1998)	6.20	-1.43	0.92	1.77	2.85	4.59
With Sales Charges:
Class A (01/03/1995)	1.60	-5.54	-0.32	1.12	2.66	4.84
Class INV (02/28/2008)	1.41	-5.63	-0.37	1.09	2.65	4.83
Class B (05/01/1986)	1.20	-6.17	0.02	1.43	2.85	4.59
Class C (09/01/1998)	5.20	-2.38	0.92	1.77	2.85	4.59
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: 4.5% 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 1.04%, INV 1.21%, B 1.40%, C 1.40%. Net Expenses: Class A 0.89%, INV 0.99%, B 1.24%, C 1.24%.

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 Barclays Capital 3-15 Year Municipal Index is an unmanaged index that includes approximately 15,000 municipal bonds, rated Baa or better by Moody's, with a maturity of at least two years. Bonds subject to the Alternative Minimum Tax or with floating or zero coupons are excluded. 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.

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its interim subadvisor, MacKay Shields LLC. MacKay Shields has specialized in money management for over 30 years, serving institutional and corporate clients.

Portfolio Manager(s)

Robert DiMella, CFA

Mr. DiMella is a Senior Managing Director of New York Life Investments and is a Senior Managing Director and portfolio manager for MacKay Shields Municipal Managers. He has been a municipal portfolio manager on Wall Street since 1992, with a broad range of trading and portfolio management experience in the municipal markets. Previously, Mr. DiMella was a Managing Director and Co-Head of BlackRock's Municipal Portfolio Management Group (from 2006-2007). Prior to BlackRock's merger with Merrill Lynch Investment Managers, he served as a Senior Portfolio Manager and Managing Director of the Municipal Products Group. He was employed by Merrill Lynch from 1992-2006. Mr. DiMella earned his Master's degree at Rutgers University Business School and a Bachelors Degree at the University of Connecticut. He is a Chartered Financial Analyst.

John Loffredo, CFA

Mr. Loffredo is a Senior Managing Director of New York Life Investments and is a Senior Managing Director and portfolio manager for MacKay Shields Municipal Managers. He has been a municipal portfolio manager and/or municipal analyst on Wall Street since 1990, with a broad range of portfolio management and analytic experience in the municipal markets. Mr. Loffredo was a Managing Director and Co-Head of BlackRock's Municipal Portfolio Management Group (from 2006-2007). Prior to BlackRock's merger with Merrill Lynch Investment Managers (MLIM), he served as Chief Investment Officer of the Municipal Products Group of MLIM. He was employed by Merrill Lynch from 1990-2006. Prior to Merrill Lynch, Mr. Loffredo worked for the City of Boston Treasury Department. Mr. Loffredo graduated with a MBA and Certificate of Public Management from Boston University and cum laude from Utah State University where he was a Harry S. Truman Scholar. He is a Chartered Financial Analyst.

Fund Objective

To provide a high level of current income free from regular federal income tax, consistent with the preservation of capital.

Investment Strategy

>	The Fund's portfolio managers seek to reduce risk by investing primarily in quality municipal securities, rated among the four highest grades by Moody's or Standard & Poor's.
>	The Fund's investments may include general obligation and revenue bonds, industrial development bonds, pollution control bonds, and zero-coupon bonds.
>	The Fund invests in municipal bonds and other tax-exempt securities issued for public projects, such as roads, bridges, hospitals, and schools.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	135.1M	21.2M	21.6M	8.0M
Beta¹	1.20	1.21	1.19	1.20
Standard Deviation²	5.12	5.14	5.10	5.13
Effective Maturity	9.0 Yrs
Number of Holdings	66
Effective Duration	6.4 Years
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 to keep more of what they earn.
>	Investors seeking regular monthly income.
>	Tax-conscious equity or equity-and-income investors seeking to strengthen the income portion of their portfolios.

Why Municipal Bonds?

Most municipal bonds are exempt from regular federal income taxes, which means you may keep more of what you earn.

About Risk

A portion of the Fund's income may be subject to state and local taxes or the alternative minimum tax. The Fund may invest in derivatives, which may increase the volatility of the Fund's net asset value and may result in a loss to the Fund. 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. MainStay Tax Free Bond Fund is not available in Retirement Services products.

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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: MTBAX
	Class INV: MKINX
	Class B: MKTBX
	Class C: MTFCX

>	Cusip Number
	Class A: 56062F756
	Class INV: 56062X377
	Class B: 56062F806
	Class C: 56062F327

>	Fund Number
	Class A: 645
	Class INV: 2570
	Class B: 45
	Class C: 725

>	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 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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