MainStay Indexed Bond Fund

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MainStay Indexed Bond Fund

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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 (01/02/2004)	1.56	7.16	6.44	4.70	5.43	6.15
Class INV (02/28/2008)	1.59	7.12	6.41	4.68	5.43	6.15
With Sales Charges:
Class A (01/02/2004)	-1.49	3.95	5.36	4.06	5.11	5.98
Class INV (02/28/2008)	-1.46	3.91	5.34	4.05	5.11	5.97
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	1.56	7.16	6.44	4.70	5.43	6.15
Class INV (02/28/2008)	1.59	7.12	6.41	4.68	5.43	6.15
With Sales Charges:
Class A (01/02/2004)	-1.49	3.95	5.36	4.06	5.11	5.98
Class INV (02/28/2008)	-1.46	3.91	5.34	4.05	5.11	5.97
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: 3% maximum initial sales charge. Class I: No initial sales charge or CDSC. Gross Expenses: Class A 0.88%, INV 1.27%, I 0.56%. Net Expenses: Class A 0.82%, INV 0.92%, I 0.43%.

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 shares will differ based on differences in sales charges and expense structure. The Citigroup Broad Investment Grade Bond Index—the "BIG Index"—is generally considered representative of the U.S. investment-grade bond market. 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.

Investment Subadvisor

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisor, Fixed Income Investors. They are a division of New York Life Investment Management LLC and a multiproduct asset manager responsible for fixed-income and real estate equity capital markets activities.

Portfolio Manager(s)

Donald F. Serek

Mr. Serek became manager of MainStay Indexed Bond Fund on October 15, 2004. He joined NYLIM as a corporate bond specialist. Prior to that, he was a Senior Analyst at Citicorp Securities, where he analyzed global power, sovereign, supranational, telecommunications and media issuers for five years. He has also held positions in Citibank's Corporate Financial Analysis and International Banking and Finance Groups. Mr. Serek received his B.B.A. in Finance and Economics from Temple University in 1990.

Thomas J. Girard
Mr. Girard is a Senior Portfolio Manager, Head of the Portfolio Management and Strategy Group and chairs the Portfolio Strategy and Asset Allocation Committee. He joined New York Life Investments in 2007 and is responsible for managing all multi-sector third-party fixed income mandates. Prior to joining New York Life Investments, Mr. Girard was a Portfolio Manager and co-head of fixed income at Robeco Investment Management/Weiss Peck Greer where he developed specific investment strategies for institutional clients, including insurance companies and corporate pension plans from 1996 to 2006. Prior to that, Mr. Girard was a Portfolio Manager at Bankers Trust from 1994 to 1996 where he managed money market, asset-backed and corporate bond portfolios. He received a BS from St. John Fisher College and an MBA from Fordham University. Mr. Girard is a Certified Public Accountant.

Fund Objective

To seek to provide investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the Citigroup BIG Index.

Index funds seek to match their respective indices, unlike other funds, which generally seek to beat an index or indices. The Citigroup Broad Investment Grade Bond Index (the "BIG" Index) is an unmanaged index generally considered representative of the U.S. bond market. An investment cannot be made directly into an index.

Investment Strategy

>	The Fund normally invests at least 80% of its assets in fixed income securities that NYLIM believes will replicate the performance of the BIG Index. The BIG Index includes investment grade corporate bonds, U.S. dollar-denominated foreign securities, U.S. Treasury or agency issues, mortgage-related securities, and other securities. Corporate bonds and foreign securities must be rated BBB– or better by S&P or Baa3 or better by Moody's Investor Service, Inc.
>	The Fund may adjust holdings periodically to reflect changes in the Index and the average life of the securities it contains.
>	The Fund's principal investments may have fixed, variable, floating, or inverse floating rates of interest.

Fund Statistics

	Class A	Class INV
Total Net Assets	73.5M	3.4M
Beta¹	1.05	1.05
Standard Deviation²	4.04	4.03
Effective Weighted Average Life	5.2 Yrs
Number of Holdings	990
Effective Duration	3.8 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 total returns that are similar to the investment-grade bond market as a whole.
>	Equity investors seeking a broad-based income component for their portfolios.

Why Indexed Bond?

Tracking the investment-grade bond market may be a sound way to pursue income and enjoy broad exposure to quality fixed-income securities.

About Risk

Foreign securities can 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. 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. The Fund's use of securities lending presents the risk of default by the borrower, which may result in a loss to the Fund. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. 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 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 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.

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

>	Nasdaq Symbol
	Class A: MIXAX
	Class INV: MIXNX

>	Cusip Number
	Class A: 278846381
	Class INV: 27885C288

>	Fund Number
	Class A: 1550
	Class INV: 2549

>	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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