MainStay Global High Income Fund

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MainStay Global High Income Fund

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> Holdings

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Fund Performance

Share Class (Inception)
Category: International	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 04/30/2008
NAV:
Class A (06/01/1998)	0.42	1.15	8.99	10.82	n/a	10.13
Class INV (02/28/2008)	0.40	1.13	8.98	10.81	n/a	10.13
Class B (06/01/1998)	0.08	0.31	8.15	9.98	n/a	9.29
Class C (09/01/1998)	0.17	0.40	8.19	10.00	n/a	9.30
With Sales Charges:
Class A (06/01/1998)	-4.10	-3.40	7.33	9.80	n/a	9.62
Class INV (02/28/2008)	-4.12	-3.42	7.32	9.80	n/a	9.62
Class B (06/01/1998)	-4.84	-4.35	7.29	9.70	n/a	9.29
Class C (09/01/1998)	-0.82	-0.54	8.19	10.00	n/a	9.30
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (06/01/1998)	-1.39	0.53	8.75	11.81	n/a	10.02
Class INV (02/28/2008)	-1.39	0.53	8.75	11.81	n/a	10.02
Class B (06/01/1998)	-1.68	-0.30	7.92	10.97	n/a	9.17
Class C (09/01/1998)	-1.59	-0.22	7.96	10.99	n/a	9.18
With Sales Charges:
Class A (06/01/1998)	-5.83	-3.99	7.09	10.78	n/a	9.51
Class INV (02/28/2008)	-5.83	-3.99	7.09	10.78	n/a	9.51
Class B (06/01/1998)	-6.53	-4.94	7.06	10.70	n/a	9.17
Class C (09/01/1998)	-2.56	-1.14	7.96	10.99	n/a	9.18
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: 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 1.32%, INV 1.48%, B 2.18%, C 2.18%, I 0.99%

Growth of a Hypothetical $10,000 Investment at NAV

Class A shares 06/01/1998 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 B and C shares will differ based on differences in their sales charges and expense structures. The JPMorgan EMBI Global Diversified Index (formerly JPMorgan EMBI Global Constrained Index) is an unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities. 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)

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.

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.

Jeffrey H. Saxon

Mr. Saxon has managed Global High Income Fund since 1999. He joined the Fixed Income Division of MacKay Shields in 1999 as a Research Analyst/Associate. He was formerly with Goldman, Sachs & Co. for eight years as a Vice President and previously as an Associate. Prior to that, he was a CMA Analyst at The First Boston Corporation. Jeff graduated from George Washington University with a BS in International Finance. He has been in the financial services industry since 1986.

Fund Objective

To seek to provide maximum current income by investing primarily in high-yield debt securities of non-U.S. issuers. Capital appreciation is a secondary objective.

Investment Strategy

>	The Fund normally invests at least 65% of its assets in high-yield securities.
>	Normally, the Fund invests in debt securities issued by governments, and their agencies and authorities, and corporations that are located in at least three different countries.
>	The Fund focuses on debt securities that generally are rated BBB by S&P or Baa by Moody's, or if unrated, determined by the Fund's subadvisor to be of comparable quality.
>	The Fund principally invests in countries that are considered emerging markets, and may invest in countries with established economies, that the Fund's subadvisor believes present favorable opportunities.
>	The Fund's principal investments include yankee (dollar-denominated) debt securities, Brady Bonds and derivative instruments, such as floaters, including inverse floaters, swaps, futures and options.
>	The Fund may buy and sell currency on a spot basis and enter into foreign currency forward contracts. The Fund may also buy foreign currency options. These techniques may be used for any legally permissible purpose, including increasing the Fund's return.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	107.1M	15.3M	32.4M	42.4M
Beta¹	1.15	1.15	1.15	1.15
Standard Deviation²	7.33	7.33	7.35	7.34
Average Maturity	8.3 Yrs
Number of Holdings	131
Average Duration	6.7 Years
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Aggressive investors seeking maximum current income from emerging-market debt.
>	Investors seeking to add global diversification to their portfolios.
>	Investors who can accept the higher risks of global high-yield debt securities to pursue the opportunity potential they may offer.

Why Global High-Yield Bonds?

Global investing can add diversification to domestic portfolios, and high-yield securities may offer potentially higher total returns.

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

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. High-yield securities ("junk bonds") are generally considered speculative because they present a greater risk of loss than higher-quality debt securities; these securities may also be subject to greater price volatility. 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.

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.

Performance figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time. Performance for Class C shares, first offered 9/1/98, includes the historical performance of the Fund's Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC and fees and expenses for such shares.

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>	First Offered
	Class A: 06/01/98
	Class INV: 02/28/08
	Class B: 06/01/98
	Class C: 09/01/98

>	Nasdaq Symbol
	Class A: MGHAX
	Class INV: MGHHX
	Class B: MGHBX
	Class C: MHYCX

>	Cusip Number
	Class A: 56062F475
	Class INV: 56062X492
	Class B: 56062F467
	Class C: 56062F244

>	Fund Number
	Class A: 832
	Class INV: 2543
	Class B: 868
	Class C: 802

>	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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