MainStay Funds Performance

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Performance

View month-end and quarter-end performance plus daily prices.

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.

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Fund Name	Monthly Average Annual Total Returns as of 10/31/08					Quarterly Average Annual Total Returns as of 09/30/08
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay 130/30 Core Fund
Without Sales Charges (NAV):
Class A (06/29/2007)	-37.57	n/a	n/a	n/a	-31.49	-22.89	n/a	n/a	n/a	-21.20
With Sales Charges (POP):
Class A (06/29/2007)	-41.00	n/a	n/a	n/a	-34.32	-27.13	n/a	n/a	n/a	-24.67
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A & INV 2.60%, C 3.35%, I 2.22%
MainStay 130/30 Growth Fund
Without Sales Charges (NAV):
Class A (06/29/2007)	-37.22	n/a	n/a	n/a	-25.96	-20.90	n/a	n/a	n/a	-15.43
With Sales Charges (POP):
Class A (06/29/2007)	-40.67	n/a	n/a	n/a	-29.01	-25.25	n/a	n/a	n/a	-19.15
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A & INV 3.05%, C 3.80%, I 2.75%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay All Cap Growth Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-41.88	-8.43	-1.58	-2.38	7.39	-23.72	-1.46	4.34	0.59	8.87
With Sales Charges (POP):
Class A (01/02/2004)	-45.07	-10.14	-2.69	-2.93	7.05	-27.91	-3.30	3.16	0.02	8.53
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 1.36%, INV 1.66%, B 2.36%, C 2.36%, I 0.95%
MainStay Capital Appreciation Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-38.92	-7.62	-2.73	-3.10	7.29	-25.11	-2.92	1.70	-0.87	8.13
With Sales Charges (POP):
Class A (01/03/1995)	-42.28	-9.34	-3.83	-3.65	7.02	-29.22	-4.74	0.56	-1.43	7.85
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 1.10%, INV 1.35%, B 2.05%, C 2.05%, I 0.65%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Common Stock Fund
Without Sales Charges (NAV):
Class A (06/01/1998)	-37.22	-6.39	-0.64	0.04	0.48	-22.24	-0.85	4.64	2.63	2.40
With Sales Charges (POP):
Class A (06/01/1998)	-40.67	-8.13	-1.76	-0.53	-0.07	-26.52	-2.70	3.47	2.06	1.84
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 1.26%, INV 1.58%, B 2.29%, C 2.29%, I 0.88%
MainStay Equity Index Fund
Without Sales Charges (NAV):
Class A (12/20/1990)	-36.44	-5.71	-0.38	-0.32	7.44	-22.35	-0.29	4.51	2.33	8.60
With Sales Charges (POP):
Class A (12/20/1990)	-38.34	-6.67	-0.98	-0.62	7.25	-24.68	-1.30	3.88	2.02	8.41
Class A: 3% maximum initial sales charge. Gross Expenses: Class A 0.74%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay ICAP Equity Fund
Without Sales Charges (NAV):
Class A (08/31/2006)	-37.52	-5.06	2.04	2.85	8.39	-23.11	0.56	7.03	5.60	9.98
With Sales Charges (POP):
Class A (08/31/2006)	-40.96	-6.83	0.89	2.27	7.95	-27.34	-1.32	5.83	5.00	9.53
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.20%, INV 1.52%, C 2.22%, R1 1.02%, R2 1.27%, R3 1.52%, I 0.92%
MainStay ICAP Select Equity Fund
Without Sales Charges (NAV):
Class A (08/31/2006)	-37.38	-4.24	3.99	5.51	5.67	-23.42	1.01	8.87	8.41	7.50
With Sales Charges (POP):
Class A (08/31/2006)	-40.82	-6.03	2.82	4.91	5.12	-27.63	-0.88	7.64	7.80	6.93
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.21%, INV 1.32%, C 2.05%, R1 1.01%, R2 1.26%, R3 1.51%, I 0.91%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Large Cap Growth Fund
Without Sales Charges (NAV):
Class A (04/01/2005)	-36.36	-4.04	1.62	0.86	4.58	-18.77	1.91	7.03	3.57	6.11
With Sales Charges (POP):
Class A (04/01/2005)	-39.86	-5.83	0.48	0.29	4.13	-23.24	0.01	5.82	2.99	5.66
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 1.34%, INV 1.54%, B 2.24%, C 2.24%, R1 1.01%, R2 1.27%, R3 1.51%, I 0.91%
MainStay MAP Fund
Without Sales Charges (NAV):
Class A (06/09/1999)	-36.80	-4.88	2.25	n/a	4.12	-21.34	0.62	7.40	n/a	6.37
With Sales Charges (POP):
Class A (06/09/1999)	-40.28	-6.65	1.10	n/a	3.50	-25.66	-1.26	6.20	n/a	5.73
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. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.22%, INV 1.32%, B 2.05%, C 2.05%, R1 1.02%, R2 1.27%, R3 1.52%, I 0.92%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Mid Cap Core Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-39.03	-9.54	-0.90	2.85	7.76	-21.15	-2.81	5.84	5.88	9.73
With Sales Charges (POP):
Class A (01/02/2004)	-42.39	-11.23	-2.01	2.27	7.32	-25.48	-4.63	4.65	5.29	9.28
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 1.49%, INV 1.73%, B 2.43%, C 2.43%, R3 1.72%, I 1.12%
MainStay Mid Cap Growth Fund
Without Sales Charges (NAV):
Class A (01/02/2001)	-44.89	-8.87	0.95	n/a	-1.87	-28.06	-2.24	8.11	n/a	1.29
With Sales Charges (POP):
Class A (01/02/2001)	-47.92	-10.58	-0.19	n/a	-2.57	-32.01	-4.06	6.89	n/a	0.55
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 1.36%, INV 1.52%, B 2.24%, C 2.24%, R2 1.35%, R3 1.60%, I 1.00%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Mid Cap Value Fund
Without Sales Charges (NAV):
Class A (06/01/1998)	-36.93	-7.46	0.30	5.68	5.37	-21.08	-1.45	5.90	8.57	7.83
With Sales Charges (POP):
Class A (06/01/1998)	-40.40	-9.19	-0.83	5.08	4.80	-25.42	-3.29	4.71	7.96	7.24
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. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.29%, INV 1.42%, B 2.14%, C 2.14%, R1 0.92%, R2 1.16%, I 0.81%
MainStay S&P 500 Index Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-36.32	-5.72	-0.32	-0.04	7.82	-22.29	-0.34	4.55	2.60	8.98
With Sales Charges (POP):
Class A (01/02/2004)	-38.23	-6.68	-0.93	-0.35	7.64	-24.62	-1.35	3.92	2.29	8.80
Class A & INV: 3% maximum initial sales charge. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 0.72%, INV 0.93%, I 0.42%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Small Cap Growth Fund
Without Sales Charges (NAV):
Class A (06/01/1998)	-40.09	-11.37	-5.03	1.40	0.54	-24.84	-5.85	1.46	3.93	2.75
With Sales Charges (POP):
Class A (06/01/1998)	-43.39	-13.03	-6.10	0.82	0.00	-28.97	-7.61	0.32	3.34	2.19
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 1.71%, INV 1.97%, B 2.68%, C 2.68%, I 1.30%
MainStay Small Cap Opportunity Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-38.10	-13.54	-0.94	4.20	8.09	-23.86	-8.17	5.70	6.70	9.20
With Sales Charges (POP):
Class A (01/02/2004)	-41.51	-15.15	-2.06	3.61	7.81	-28.05	-9.89	4.51	6.10	8.92
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 1.63%, INV 1.92%, B 2.56%, C 2.56%, I 1.35%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Small Cap Value Fund
Without Sales Charges (NAV):
Class A (06/01/1998)	-39.25	-13.06	-4.90	4.27	2.14	-19.36	-6.91	1.62	7.44	4.86
With Sales Charges (POP):
Class A (06/01/1998)	-42.59	-14.69	-5.97	3.68	1.59	-23.80	-8.65	0.48	6.84	4.29
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 1.62%, INV 1.80%, B 2.50%, C 2.50%, I 1.28%
MainStay Value Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-35.00	-5.00	1.01	1.33	7.26	-22.15	0.16	5.77	3.92	8.15
With Sales Charges (POP):
Class A (01/03/1995)	-38.58	-6.77	-0.13	0.76	7.00	-26.43	-1.71	4.58	3.34	7.88
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. Class R1 & R2: No initial sales charge or CDSC. Gross Expenses: Class A 1.12%, INV 1.32%, B 2.03%, C 2.03%, R1 0.87%, R2 1.12%, I 0.76%

Fund Name	Monthly Average Annual Total Returns as of 10/31/08					Quarterly Average Annual Total Returns as of 09/30/08
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay 130/30 High Yield Fund
Without Sales Charges (NAV):
Class A (12/14/2007)	n/a	n/a	n/a	n/a	-15.93	n/a	n/a	n/a	n/a	-4.98
With Sales Charges (POP):
Class A (12/14/2007)	n/a	n/a	n/a	n/a	-19.72	n/a	n/a	n/a	n/a	-9.26
Class A & INV: 4.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. Gross Expenses: Class A & INV 3.94%, C 4.69%, I 3.69%
MainStay Diversified Income Fund
Without Sales Charges (NAV):
Class A (02/28/1997)	-16.27	-1.46	1.16	3.57	3.84	-5.26	1.92	3.59	4.68	4.86
With Sales Charges (POP):
Class A (02/28/1997)	-20.03	-2.96	0.24	3.09	3.43	-9.53	0.37	2.64	4.20	4.45
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. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.32%, INV 1.51%, B 2.20%, C 2.20%, I 1.04%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Floating Rate Fund
Without Sales Charges (NAV):
Class A (05/03/2004)	-16.91	-3.20	n/a	n/a	-0.95	-4.80	1.02	n/a	n/a	1.93
With Sales Charges (POP):
Class A (05/03/2004)	-19.41	-4.17	n/a	n/a	-1.62	-7.66	0.00	n/a	n/a	1.23
Class A & INV: 3% maximum initial sales charge. Class B: 3%-2%-2%-1% CDSC. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. A redemption fee of 2% will be applied to shares that are redeemed within 60 days of their purchase. Gross Expenses: Class A 0.98%, INV 1.07%, B 1.79%, C 1.79%, I 0.67%
MainStay Government Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	3.12	4.02	3.24	4.17	6.11	5.74	4.28	3.31	4.26	6.20
With Sales Charges (POP):
Class A (01/03/1995)	-1.52	2.43	2.29	3.70	5.89	0.98	2.69	2.36	3.78	5.98
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. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.32%, INV 1.43%, B 2.15%, C 2.15%, I 1.00%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay High Yield Corporate Bond Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-22.00	-2.81	1.81	4.80	7.87	-8.22	1.97	5.62	6.30	8.62
With Sales Charges (POP):
Class A (01/03/1995)	-25.51	-4.29	0.87	4.32	7.65	-12.35	0.42	4.65	5.81	8.40
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. Class I: No initial sales charge or CDSC. A redemption fee of 2% will be applied to shares that are redeemed within 60 days of their purchase. Gross Expenses: Class A 1.01%, INV 1.13%, B 1.84%, C 1.84%, I 0.79%
MainStay Indexed Bond Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	0.88	3.26	2.99	4.30	5.84	3.89	3.66	3.19	4.44	5.99
With Sales Charges (POP):
Class A (01/02/2004)	-2.14	2.22	2.36	3.98	5.66	0.78	2.62	2.57	4.13	5.81
Class A & INV: 3% maximum initial sales charge. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 0.85%, INV 1.45%, I 0.53%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Intermediate Term Bond Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	0.07	2.93	2.87	3.90	5.54	3.68	3.62	3.23	4.11	5.73
With Sales Charges (POP):
Class A (01/02/2004)	-4.43	1.36	1.92	3.43	5.27	-0.99	2.04	2.29	3.63	5.46
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. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.19%, INV 1.38%, B 2.13%, C 2.13%, I 0.74%
MainStay Short Term Bond Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	3.87	4.23	2.76	3.66	4.73	4.07	4.19	2.63	3.68	4.75
With Sales Charges (POP):
Class A (01/02/2004)	0.75	3.18	2.13	3.35	4.56	0.95	3.14	2.01	3.37	4.57
Class A & INV: 3% maximum initial sales charge. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 1.11%, INV 1.48%, I 0.75%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Tax Free Bond Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-7.17	-0.35	1.07	2.32	4.94	-4.47	0.28	1.45	2.54	5.09
With Sales Charges (POP):
Class A (01/03/1995)	-11.35	-1.86	0.14	1.85	4.73	-8.76	-1.25	0.52	2.07	4.88
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 1.03%, INV 1.18%, B 1.38%, C 1.38%

Fund Name	Monthly Average Annual Total Returns as of 10/31/08					Quarterly Average Annual Total Returns as of 09/30/08
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Balanced Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-25.84	-4.53	0.48	3.67	7.62	-13.64	-0.81	4.25	5.34	8.41
With Sales Charges (POP):
Class A (01/02/2004)	-29.92	-6.31	-0.65	3.08	7.31	-18.39	-2.66	3.08	4.74	8.10
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. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.23%, INV 1.37%, B 2.08%, C 2.08%, R1 1.05%, R2 1.30%, R3 1.56%, I 0.95% Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses of such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes historical performance of the Class I shares from inception (5/1/89) through 12/29/02, adjusted to reflect the applicable sales charge and CDSC and the applicable fees and expenses. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares.
MainStay Convertible Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-35.00	-4.78	-0.01	4.15	7.46	-19.66	0.76	4.50	6.25	8.39
With Sales Charges (POP):
Class A (01/03/1995)	-38.57	-6.56	-1.14	3.56	7.19	-24.08	-1.12	3.33	5.65	8.12
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 1.20%, INV 1.43%, B 2.12%, C 2.12%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay Income Manager Fund
Without Sales Charges (NAV):
Class A (01/02/2004)	-26.12	-2.76	1.35	1.82	7.13	-15.77	0.62	4.36	3.73	7.90
With Sales Charges (POP):
Class A (01/02/2004)	-30.18	-4.58	0.21	1.25	6.79	-20.41	-1.26	3.19	3.14	7.56
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 1.18%, INV 1.42%, B 2.11%, C 2.11%, I 0.88%
MainStay Total Return Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-27.88	-3.66	0.17	0.55	7.25	-15.98	0.28	3.67	2.30	8.00
With Sales Charges (POP):
Class A (01/03/1995)	-31.85	-5.46	-0.95	-0.02	6.96	-20.60	-1.59	2.51	1.73	7.70
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 1.17%, INV 1.42%, B 2.11%, C 2.11%, I 0.93%

Fund Name	Monthly Average Annual Total Returns as of 10/31/08					Quarterly Average Annual Total Returns as of 09/30/08
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay 130/30 International Fund
Without Sales Charges (NAV):
Class A (09/28/2007)	-49.50	n/a	n/a	n/a	-44.91	-34.03	n/a	n/a	n/a	-33.81
With Sales Charges (POP):
Class A (09/28/2007)	-52.28	n/a	n/a	n/a	-47.69	-37.66	n/a	n/a	n/a	-37.42
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Gross Expenses: Class A & INV 4.69%, C 5.44%, I 4.44%
MainStay Global High Income Fund
Without Sales Charges (NAV):
Class A (06/01/1998)	-26.29	-3.79	2.53	9.46	6.52	-7.01	2.53	7.07	12.37	8.72
With Sales Charges (POP):
Class A (06/01/1998)	-29.60	-5.26	1.59	8.96	6.05	-11.19	0.97	6.09	11.85	8.24
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%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay ICAP Global Fund
Without Sales Charges (NAV):
Class A (04/30/2008)	n/a	n/a	n/a	n/a	-34.97	n/a	n/a	n/a	n/a	-20.39
With Sales Charges (POP):
Class A (04/30/2008)	n/a	n/a	n/a	n/a	-38.54	n/a	n/a	n/a	n/a	-24.77
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Gross Expenses: Class A 1.26%, INV 1.40%, C 2.13%, R1 1.08%, R2 1.33%, R3 1.58%, I 0.98%
MainStay ICAP International Fund
Without Sales Charges (NAV):
Class A (08/31/2006)	-43.50	-4.17	6.98	5.11	6.01	-28.08	2.25	13.02	8.65	8.26
With Sales Charges (POP):
Class A (08/31/2006)	-46.60	-5.96	5.78	4.51	5.46	-32.03	0.34	11.75	8.03	7.69
Class A & INV: 5.5% maximum initial sales charge. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Gross Expenses: Class A 1.26%, INV 1.40%, C 2.13%, R1 1.08%, R2 1.33%, R3 1.58%, I 0.98%
Share Class (Inception)	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
MainStay International Equity Fund
Without Sales Charges (NAV):
Class A (01/03/1995)	-32.67	0.36	5.71	3.56	4.36	-22.61	3.68	9.14	5.66	5.29
With Sales Charges (POP):
Class A (01/03/1995)	-36.37	-1.51	4.52	2.97	3.94	-26.87	1.74	7.91	5.07	4.86
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. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. A 2% redemption fee will be applied to any shares redeemed within 60 days of purchase. Gross Expenses: Class A 1.39%, INV 1.66%, B 2.36%, C 2.36%, R1 1.12%, R2 1.37%, R3 1.62%, I 1.02%

Effective January 2, 2006, MainStay Asset Manager Fund was renamed MainStay Income Manager Fund.

Untitled Document

MainStay 130/30 Core, 130/30 Growth, 130/30 International, All Cap Growth, Balanced, Capital Appreciation, Common Stock, Conservative Allocation, Convertible, Growth Allocation, ICAP Equity, ICAP Global, ICAP International, ICAP Select Equity, Income Manager, International Equity, Large Cap Growth, MAP, Mid Cap Growth, Mid Cap Opportunity, Mid Cap Value, Moderate Allocation, Moderate Growth Allocation, Small Cap Growth, Small Cap Opportunity, Small Cap Value, Total Return, and Value Funds: Class A shares are sold with a maximum initial sales charge of 5.5% and have an annual 12b-1 fee of .25%. The minimum initial investment for Class A shares is $25,000.

MainStay 130/30 High Yield, Diversified Income, Global High Income, Government, High Yield Corporate Bond, MainStay Intermediate Term Bond, and Tax Free Bond Funds: Class A shares are sold with a maximum initial sales charge of 4.5% and have an annual 12b-1 fee of .25%. The minimum initial investment for Class A shares is $25,000.

MainStay Equity Index, Floating Rate, Indexed Bond, S&P 500 Index, and Short Term Bond Funds: Class A shares are sold with a maximum initial sales charge of 3% and have an annual 12b-1 fee of .25%. The minimum initial investment for Class A shares is $25,000.

MainStay 130/30 Core, 130/30 Growth, 130/30 International, All Cap Growth, Balanced, Capital Appreciation, Common Stock, Conservative Allocation, Convertible, Growth Allocation, ICAP Equity, ICAP Global, ICAP International, ICAP Select Equity, Income Manager, International Equity, Large Cap Growth, MAP, Mid Cap Growth, Mid Cap Opportunity, Mid Cap Value, Moderate Allocation, Moderate Growth Allocation, Small Cap Growth, Small Cap Opportunity, Small Cap Value, Total Return, and Value Funds: Investor Class shares are sold with a maximum initial sales charge of 5.5% and have an annual 12b-1 fee of .25%.

MainStay 130/30 High Yield, Diversified Income, Global High Income, Government, High Yield Corporate Bond, MainStay Intermediate Term Bond, and Tax Free Bond Funds: Investor Class shares are sold with a maximum initial sales charge of 4.5% and have an annual 12b-1 fee of .25%.

MainStay Floating Rate, Indexed Bond, S&P 500 Index, and Short Term Bond Funds: Investor Class shares are sold with a maximum initial sales charge of 3% and have an annual 12b-1 fee of .25%.

Class B shares are sold with no initial sales charge, are subject to a CDSC of up to 5% (3% for MainStay Floating Rate Fund) if redeemed within the first six years of purchase (four years for MainStay Floating Rate Fund), and have an annual 12b-1 fee of 1% (.5% for MainStay Tax Free Bond Fund).

Class C shares are sold with no initial sales charge, are subject to a CDSC of 1% if redeemed within one year of purchase, and have an annual 12b-1 fee of 1% (.5% for MainStay Tax Free Bond Fund).

Class I shares are sold with no initial sales charge or CDSC, have no annual 12b-1 fee, and are generally available to corporate and institutional investors with a minimum initial investment of $5 million.

Class R1 shares are sold with no initial sales charge or CDSC, have no annual 12b-1 fee, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Class R2 shares are sold with no initial sales charge or CDSC, have an annual 12b-1 fee of .25%, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Class R3 shares are sold with no initial sales charge or CDSC, have an annual 12b-1 fee of .50%, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Additionally, for MainStay 130/30 International, Floating Rate, High Yield Corporate Bond, ICAP Global, ICAP International, and International Equity Funds, a redemption fee of 2% will be applied to any shares that are redeemed within 60 days of purchase.

Additionally:
Performance shown at NAV is based on total returns with reinvestment of capital gain and dividend distributions and does not reflect the effect of any sales charges or non-recurring fees, which, if reflected, would reduce performance shown.

SEC average annual total returns shown include the maximum sales charge and show the percentage change for each of the required periods with capital gain and dividend distributions reinvested.

Gross and Net Annual Operating Expenses shown are from the most recent Fund prospectus fee table. Net operating expenses for MainStay ICAP Equity, ICAP International, and ICAP Select Equity Funds reflect contractual waivers and/or expense limitations that are in effect through 5/1/09 for MainStay ICAP Equity Fund and through 8/25/08 for MainStay ICAP International and ICAP Select Equity Funds. There is no guarantee that these waivers and/or expense limitations will continue after the contractual date. Net operating expenses for all other MainStay Funds (except MainStay Capital Appreciation and High Yield Corporate Bond Funds) reflect contractual waivers and/or expense limitations which may be modified or terminated only with the approval of the Funds’ Board. MainStay Capital Appreciation and High Yield Corporate Bond Funds have no fee waivers or expense limitations in effect.

Total return since inception is quoted for Funds with less than 10 years of operating history.

Applies to all funds listed above except MainStay Capital Appreciation Fund and MainStay High Yield Corporate Bund Fund: Performance figures reflect contractual waivers and/or expense limitations, without which total returns may have been lower. Absent these waivers and/or expense limitations, SEC yields for the following Funds would have been: MainStay 130/30 High Yield Fund, Class A: 7.78%, Investor Class: 9.05%, Class C: 8.61%, Class I: 9.87%; MainStay Diversified Income Fund, Class A: 4.39%, Investor Class: 4.17%, Class B: 2.60%, Class C: 3.61%, Class I: 4.86%; MainStay Global High Income Fund, Class A: 5.20%, Investor Class: 5.03%, Class B: 4.51%, Class C: 4.51%, Class I: 5.73%; MainStay Government Fund, Class A: 3.99%, Investor Class: 3.84%, Class B: 3.27%, Class C: 3.27%, Class I: 4.40%; MainStay Indexed Bond Fund, Class A: 4.53%, Investor Class: 4.10%, Class I: 4.92%; MainStay Intermediate Term Bond Fund, Class A: 4.23%, Investor Class: 3.94%, Class B: 3.35%, Class C: 3.34%, Class I: 4.68%; MainStay Short Term Bond Fund, Class A: 2.55%, Investor Class: 2.09%, Class I: 2.89%; and MainStay Tax Free Bond Fund, Class A: 3.70%, Investor Class: 3.52%, Class B: 3.44%, Class C: 3.45%.

MainStay All Cap Growth Fund, and MainStay Intermediate Term Bond Fund: Performance for Class A, B, and C shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (1/2/91) through12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/2/91) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay Capital Appreciation Fund, MainStay Value Fund, MainStay Government Fund, and MainStay High Yield Corporate Bond Fund: Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund’s Class B shares from inception (5/1/86) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay Equity Index Fund: Effective 1/1/02, MainStay Equity Index Fund was closed to new investors and new share purchases.

MainStay ICAP Equity Fund, MainStay ICAP Select Equity Fund, and MainStay ICAP International Fund: Effective 8/31/06, ICAP Equity Fund, ICAP International Fund, and ICAP Select Equity Fund were renamed MainStay ICAP Equity Fund, MainStay ICAP International Fund, and MainStay ICAP Select Equity Fund, respectively. At that time, each Fund’s existing no-load shares were redesignated Class I shares. Performance for Class A and Class C shares of each Fund, first offered 8/31/06, includes the historical performance of each respective Fund’s Class I shares from inception (12/31/94 for ICAP Equity Fund and 12/31/97 for ICAP International Fund and ICAP Select Equity Fund) through 8/30/06, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares of each Fund, first offered 4/30/08, includes the historical performance of each respective fund’s Class A shares from Fund inception (12/31/94 for ICAP Equity Fund and 12/31/97 for ICAP International Fund and ICAP Select Equity Fund) through 4/29/08, adjusted to reflect the applicable fees and expense for such shares.

MainStay Large Cap Growth Fund: On 4/1/05, FMI Winslow Growth Fund was reorganized as MainStay Large Cap Growth Fund Class A shares. Performance for MainStay Large Cap Growth Fund Class A shares includes the historical performance of the FMI Winslow Growth Fund from inception (7/1/95) through 3/31/05 adjusted to reflect the current applicable maximum sales charge and fees and expenses for such shares. Performance for Class B, C, and I shares, first offered 4/1/05, and performance for Investor Class shares, first offered 2/28/08, include the historical performance of Class A shares from inception (7/1/95) through 3/31/05 for Class B, C, and I shares, and through 2/27/08 for Investor Class shares, adjusted for differences in certain contractual expenses and fees. Prior to the reorganization (7/1/95–3/31/05), the Fund operated as the FMI Winslow Growth Fund, had no sales charge, and its total net expenses were capped at 1.30%. The total expenses of MainStay Large Cap Growth Fund Class A shares are currently capped at 1.18%. Fund performance for all share classes prior to 4/1/05 has not been adjusted to reflect the current expense cap. If the above adjustments had not been made, or if Fund performance for all share classes prior to 4/1/05 had been adjusted to reflect the current expense caps, the performance numbers shown would have been different.

MainStay MAP Fund: Effective 6/10/02, MainStay MAP Equity Fund was renamed MainStay MAP Fund.

MainStay Mid Cap Opportunity Fund: Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (12/27/94) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception through 12/29/02 adjusted to reflect the applicable sales charge, CDSC, and fees and expenses for such shares. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (12/27/94) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay S&P 500 Index Fund, MainStay Indexed Bond Fund, and MainStay Short Term Bond Fund: Performance for Class A shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/2/91) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay Small Cap Opportunity Fund: Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (1/12/87) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception through 12/29/02 adjusted to reflect the applicable sales charge, CDSC, and fees and expenses for such shares. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/12/87) through 2/27/08 adjusted to reflect the applicable
fees and expense for such shares.

MainStay Money Market Fund: The 7-day current yield is based on the latest 7-day period ended 6/30/08. Yields reflect contractual waivers and/or expense limitations, without which the 7-day current yield would have been: Class A: 1.78%, Investor Class: 1.52%, Class B: 1.53%, and Class C: 1.53%. These limitations may be modified or terminated only with the approval of the Fund’s Board. The 7-day current yield more closely reflects the current earnings of the Fund than the total return.

MainStay Money Market Fund, MainStay Tax Free Bond Fund, and MainStay Convertible Fund: 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. Performance
for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay Tax Free Bond Fund: MainStay Tax Free Bond Fund is not available in Retirement Services products.

MainStay Balanced Fund: Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (5/1/89) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception through 12/29/02, adjusted to reflect the applicable sales charge, CDSC, and fees and expenses for such shares. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/89) through 2/27/08 adjusted to reflect the applicable
fees and expense for such shares.

MainStay Income Manager Fund: Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of the Fund’s Class I shares from inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Prior to 1/1/04, the Fund offered Class L shares, which were subject to a 1% sales charge and a 1% CDSC on redemptions within one year of purchase. Performance for Class L shares, first offered 12/30/02, includes the historical performance of the Class I shares from inception through 12/29/02, adjusted to reflect the applicable sales charge, CDSC, and fees and expenses for such shares. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/2/91) through 2/27/08 adjusted to reflect the applicable
fees and expense for such shares.

MainStay Total Return Fund: Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund’s Class B shares from inception (12/29/87) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (12/29/87) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay International Equity Fund: Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund’s Class B shares from inception (9/13/94) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (9/13/94) through 2/27/08 adjusted to reflect the applicable fees and expense for such shares.

MainStay Conservative Allocation Fund, MainStay Growth Allocation Fund, MainStay Moderate Allocation Fund, and MainStay Moderate Growth Allocation Fund: The Fund is a "fund of funds" that invests in shares of other mutual funds within the MainStay Family of Funds (the underlying funds). Fund performanc