MainStay All Cap Growth Fund

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MainStay All Cap Growth Fund

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Fund Performance

Share Class (Inception)
Category: Equity	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 04/30/2008
NAV:
Class A (01/02/2004)	-6.56	-0.11	10.88	10.51	2.08	10.33
Class INV (02/28/2008)	-6.53	-0.07	10.89	10.52	2.08	10.33
Class B (01/02/2004)	-6.82	-0.89	10.05	9.69	1.23	9.26
Class C (01/02/2004)	-6.85	-0.89	10.08	9.70	1.24	9.27
With Sales Charges:
Class A (01/02/2004)	-11.70	-5.60	8.81	9.27	1.50	9.97
Class INV (02/28/2008)	-11.67	-5.56	8.82	9.28	1.51	9.97
Class B (01/02/2004)	-11.48	-5.44	9.22	9.41	1.23	9.26
Class C (01/02/2004)	-7.78	-1.80	10.08	9.70	1.24	9.27
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (01/02/2004)	-12.11	-2.37	7.21	10.96	1.49	9.99
Class INV (02/28/2008)	-12.03	-2.28	7.24	10.97	1.50	9.99
Class B (01/02/2004)	-12.26	-3.06	6.41	10.12	0.65	8.93
Class C (01/02/2004)	-12.25	-3.02	6.46	10.15	0.66	8.94
With Sales Charges:
Class A (01/02/2004)	-16.94	-7.74	5.21	9.71	0.92	9.63
Class INV (02/28/2008)	-16.87	-7.66	5.24	9.73	0.93	9.63
Class B (01/02/2004)	-16.65	-7.51	5.52	9.85	0.65	8.93
Class C (01/02/2004)	-13.12	-3.91	6.46	10.15	0.66	8.94
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 1.36%, INV 1.66%, B 2.36%, C 2.36%, I 0.95%

Growth of a Hypothetical $10,000 Investment at NAV

Class I Shares 01/02/1991 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, 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 $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.

John Butler

Mr. Butler is a Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund. He joined MacKay Shields as a Director in 2002. Prior to joining MacKay Shields, he was Managing Director of Equity Research at SG Cowen Securities Corporation. Previously he performed equity research with Prudential Securities and Alex, Brown & Sons. He received a MBA in Finance from The Wharton School of Business at the University of Pennsylvania and received a BA from Lafayette College. John has been in the investment management and research industry since 1993.

Robert J. Centrella, CFA

Mr. Centrella is a Managing Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund, Capital Appreciation Fund, and Mid Cap Growth Fund. He joined MacKay Shields in 1996 as a Portfolio Manager/Research Analyst in the Equity Division. Immediately prior to joining MacKay Shields, he was with Gibraltar Advisors where he was Vice President and Portfolio Manager. Prior to that, he was with Foxhall Investment Management as a Portfolio Manager, and earlier in his career he was a Senior Financial Analyst at the Federal National Mortgage Association. He has been in the investment management industry since 1985. He received a BS in Accounting from the University of Scranton and a MBA in Finance from George Mason University. He became a holder of the Chartered Financial Analyst designation in 1993.

Eileen Cook

Ms. Cook is a Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund. She rejoined MacKay in 2006 as a Director, Portfolio Manager/Research Analyst in the Growth Equity Investment team. She was previously with MacKay Shields from 1994 to 2002 in the Growth Equity Investment team. Prior to MacKay Shields, Ms. Cook was with Lord, Abbett & Co., Inc. as an Assistant Portfolio Manager/Analyst, and prior to that a Research Analyst at Smith Barney, Harris Upham & Co. for four years. She has 14 years experience in investment management and research and has a BA from The American University, majoring in International Studies and Economics. Eileen also did graduate work at the Stern School of Business at New York University.

Lanette Donovan

Ms. Donovan is a Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund. She joined MacKay Shields as a Director, Growth Equity Portfolio Manager/Research Analyst in 2005. She was most recently Managing Director of Global Equity Investments at Deutsche Asset Management. Prior to that, she spent several years as Managing Director of Global Equity Research at SSBCITI Global Asset Management. Previously, she was Director of Equity Research at College Retirement Equities Fund and prior to that was an Equity Research Analyst at Gabelli & Company. Earlier in her career, Ms. Donovan managed private investments, and also spent some time at Credit Agricole, Twenty-First Securities and Bankers Trust Company. She received her MBA from the Columbia Business School and her BS in Finance from The Wharton School at the University of Pennsylvania. She has been in the investment management and research industry since 1984.

Denise E. Higgins, CFA

Ms. Higgins is a Director at MacKay Shields and a portfolio manager for the All Cap Growth Fund and Small Cap Growth Fund. She joined MacKay Shields' Growth Equity team in 1999 after having spent six years at J.P. Morgan Investment Management, most recently as a Small Cap Portfolio Manager. Prior to that, she was with Lord, Abbett & Company for 11 years. Ms. Higgins received a MBA in Finance from The Wharton School of Business at the University of Pennsylvania and a BA in Economics at The College of Mount Saint Vincent. She became a holder of the Chartered Financial Analyst designation in 1985 and is a member of both the Association of Investment Management and Research and the New York Society of Security Analysts. She has been in the investment management and research industry since 1982.

Fund Objective

To seek long-term growth of capital. Dividend income, if any, is a consideration incidental to the Fund's objective of growth of capital.

Investment Strategy

>	The Fund normally invests in securities with growth characteristics across the entire range of market capitalizations as described by the Russell 3000^® Growth Index.
>	To help maximize potential for long-term capital growth, the Fund seeks to invest in companies in expanding markets with growth in revenues and earnings per share superior to that of the average of common stocks comprising indices such as the S&P^® 500 Index.
>	The Fund invests primarily in stocks with strong growth in revenues and earnings per share, including companies participating in expanding product or service markets.
>	The Fund looks for factors, such as new management, new products, or shifting consumer and economic trends, that could accelerate earnings growth.

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	22.1M	7.0M	10.1M	6.5M
Beta¹	1.17	1.17	1.17	1.17
Standard Deviation²	12.17	12.16	12.15	12.15
Number of Holdings	88
Purchases	$1,000 minimum initial investment, $50 subsequent

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.

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

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 stocks.

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.

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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