MainStay All Cap Growth Fund

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MainStay All Cap Growth Fund

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> Performance

> Holdings

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> Profile

Fund Performance

Share Class (Inception)
Category: Equity	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	11.68	-30.33	-9.44	-2.08	-4.59	7.28
Class INV (02/28/2008)	11.42	-30.64	-9.57	-2.17	-4.63	7.25
Class B (01/02/2004)	11.02	-31.16	-10.29	-2.93	-5.41	6.23
Class C (01/02/2004)	11.01	-31.13	-10.26	-2.90	-5.40	6.23
With Sales Charges:
Class A (01/02/2004)	5.54	-34.17	-11.13	-3.18	-5.13	6.95
Class INV (02/28/2008)	5.30	-34.46	-11.26	-3.27	-5.17	6.92
Class B (01/02/2004)	6.02	-34.60	-11.12	-3.29	-5.41	6.23
Class C (01/02/2004)	10.01	-31.82	-10.26	-2.90	-5.40	6.23
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	11.68	-30.33	-9.44	-2.08	-4.59	7.28
Class INV (02/28/2008)	11.42	-30.64	-9.57	-2.17	-4.63	7.25
Class B (01/02/2004)	11.02	-31.16	-10.29	-2.93	-5.41	6.23
Class C (01/02/2004)	11.01	-31.13	-10.26	-2.90	-5.40	6.23
With Sales Charges:
Class A (01/02/2004)	5.54	-34.17	-11.13	-3.18	-5.13	6.95
Class INV (02/28/2008)	5.30	-34.46	-11.26	-3.27	-5.17	6.92
Class B (01/02/2004)	6.02	-34.60	-11.12	-3.29	-5.41	6.23
Class C (01/02/2004)	10.01	-31.82	-10.26	-2.90	-5.40	6.23
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 1.40%, INV 1.66%, B 2.41%, C 2.41%, I 0.98%. Net Expenses: Class A 1.27%, INV 1.64%, B 2.39%, C 2.39%, I 0.93%.

Growth of a Hypothetical $10,000 Investment at NAV

Class I Shares 01/02/1991 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, B, and C shares will differ based on differences in their sales charges and expense structures. The Russell 3000^® Growth Index is an unmanaged index that measures the performance of those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Index is an unmanaged index that includes the 3,000 largest U.S. companies based on total market capitalization. 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 Subadvisor

Epoch Investment Partners, Inc., is the interim subadvisor. The firm was founded in April 2004 as a Delaware corporation.

Portfolio Manager(s)

David N. Pearl, CFA

Mr. Pearl joined Epoch in 2004. Prior to joining Epoch, Mr. Pearl was a Managing Director and Portfolio Manager at Steinberg Priest & Sloane Capital Management, LLC from 2001 to 2004, where he was responsible for both institutional and private client assets. Previously, he held a similar portfolio management position at ING Furman Selz Asset Management from 1997 to 2001, where he was responsible for $200 million of institutional and private client assets. He also founded and managed Sagacity International Ltd., a long/short hedge fund from 1997 to 2001. Prior to that, he was a Senior Portfolio Manager at Citibank Global Asset Management from 1994 to 1997. While at Citibank Global Asset Management, Mr. Pearl managed over $200 million of mutual fund and institutional accounts, and ranked in the top decile of performance versus his peer group. Prior to Citibank, Mr. Pearl was an officer and senior analyst of BEA Associates, predecessor to Credit Suisse Asset Management Americas from 1986 to 1989. Mr. Pearl received a BS in Mechanical Engineering from the University of Pennsylvania and an MBA from Stanford University Graduate School of Business.

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.

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

The Fund's investment objective is long-term capital appreciation.

Investment Strategy

The Fund will seek to achieve its investment objective by investing primarily in a diversified portfolio consisting of equity securities of U.S. companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in equity securities of U.S. companies across all market capitalizations. Equity securities consist of common stock, depositary receipts, real estate investment trusts ("REITs"), master limited partnerships ("MLPs"), and securities convertible into common stock, such as warrants, rights, convertible bonds, debentures and convertible preferred stock. The Fund may also invest up to 15% of its net assets in the securities of issuers that are located outside of the U.S., and which derive a significant portion of their business or profits outside of the United States.

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.

The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	10.5M	5.2M	5.0M	2.9M
Beta¹	1.09	1.09	1.08	1.08
Standard Deviation²	17.74	17.75	17.73	17.71
Number of Holdings	87
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.

Why Growth Stocks?

Stocks with attractive growth characteristics are often the leaders when markets rise and may perform well, even in difficult times.

Investor Profile

>	Investors who can accept the higher risks of equity investing as they pursue long-term growth.
>	Investors who don't need to earn current income.
>	Investors seeking to add growth potential to an income-oriented portfolio.

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. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. Stocks of small companies may be subject to higher price volatility, significantly lower trading volumes, and greater spreads between bid and ask prices, than stocks of larger companies. Small companies may be more vulnerable to adverse business or market developments than mid- or large-capitalization companies.

The principal risk of investing in value stocks is that they may never reach what the Subadvisor believes is their full value or that they may even go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.

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.

Eclipse Growth Equity Fund was renamed MainStay All Cap Growth Fund (effective January 1, 2004), giving and the portfolio manager greater flexibility to add investments in mid- and small-cap stocks, consistent with an all-cap growth strategy. The Fund's investment objective is unchanged. 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 A, B, and C shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from Fund inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares.

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>	First Offered
	Class A: 01/02/04
	Class INV: 02/28/08
	Class B: 01/02/04
	Class C: 01/02/04

>	Nasdaq Symbol
	Class A: MAAAX
	Class INV: MAWNX
	Class B: MAWBX
	Class C: MAWCX

>	Cusip Number
	Class A: 278846522
	Class INV: 27885C361
	Class B: 278846514
	Class C: 278846498

>	Fund Number
	Class A: 1556
	Class INV: 2535
	Class B: 1557
	Class C: 1558

>	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 market capitalization of the stocks owned and the horizontal axis shows the investment style (value, blend, or growth).

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