MainStay Mid Cap Core Fund

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MainStay Mid Cap Core Fund

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> Performance

> Holdings

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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 06/30/2009
NAV:
Class A (01/02/2004)	7.79	-28.58	-11.37	-2.79	1.94	7.56
Class INV (02/28/2008)	7.71	-28.71	-11.41	-2.82	1.93	7.55
Class B (01/02/2004)	7.32	-29.18	-12.07	-3.55	1.16	6.70
Class C (12/30/2002)	7.33	-29.20	-12.07	-3.56	1.17	6.71
With Sales Charges:
Class A (01/02/2004)	1.87	-32.50	-13.02	-3.89	1.37	7.14
Class INV (02/28/2008)	1.78	-32.63	-13.06	-3.92	1.35	7.13
Class B (01/02/2004)	2.32	-32.71	-12.81	-3.85	1.16	6.70
Class C (12/30/2002)	6.33	-29.90	-12.07	-3.56	1.17	6.71
Average Annual Total Returns as of 06/30/2009
NAV:
Class A (01/02/2004)	7.79	-28.58	-11.37	-2.79	1.94	7.56
Class INV (02/28/2008)	7.71	-28.71	-11.41	-2.82	1.93	7.55
Class B (01/02/2004)	7.32	-29.18	-12.07	-3.55	1.16	6.70
Class C (12/30/2002)	7.33	-29.20	-12.07	-3.56	1.17	6.71
With Sales Charges:
Class A (01/02/2004)	1.87	-32.50	-13.02	-3.89	1.37	7.14
Class INV (02/28/2008)	1.78	-32.63	-13.06	-3.92	1.35	7.13
Class B (01/02/2004)	2.32	-32.71	-12.81	-3.85	1.16	6.70
Class C (12/30/2002)	6.33	-29.90	-12.07	-3.56	1.17	6.71
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 1.78%, INV 1.98%, B 2.64%, C 2.64%, R3 1.99%, I 1.36%. Net Expenses: Class A 1.35%, INV 1.45%, B 2.20%, C 2.20%, R3 1.64%, I 1.04%.

Growth of a Hypothetical $10,000 Investment at NAV

Class I shares 12/27/1994 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 Midcap^® Value Index is an unmanaged index that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. 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, Madison Square Investors, which is a subsidiary of New York Life Investment Management Holdings LLC. The firm offers quantitative investment solutions to a wide range of individual, corporate, public, endowment and foundation, and Taft-Hartley clients. Madsion Square Investors applies a disciplined investment process that brings together the important elements of security analysis, risk management, and superior portfolio construction across all of their investment strategies.

Portfolio Manager(s)

Harvey Fram, CFA
Mr. Fram is the Portfolio Manager of the MainStay 130/30 Core Fund. He is also Portfolio Manager for the MainStay Common Stock Fund, MainStay VP Common Stock Portfolio, MainStay VP Mid Cap Core Portfolio, MainStay Mid Cap Core Fund, and McMorgan Equity Investment Fund, and he manages the equity portion of the McMorgan Balanced Fund. Mr. Fram is currently a Managing Director at Madison Square Investors. Prior to joining the firm in 2000, Mr. Fram was a Portfolio Manager and Research Strategist of Monitor Capital Advisors LLC (a former subsidiary of NYLIM). Mr. Fram is responsible for the management of quantitative equity portfolios. Prior to joining Monitor, he was a quantitative equity research analyst at ITG, a technology based equity brokerage firm. Mr. Fram was awarded his CFA charterholder in 1999 and has an M.B.A from the Wharton School at the University of Pennsylvania.

Migene Kim, CFA

Ms. Kim is has been part of the management team for the Common Stock Fund since 2007 and is also the Portfolio Manager for the MainStay Mid Cap Core Fund. Prior to joining NYLIM in 2005, Ms. Kim spent seven years as a quantitative research analyst at INVESCO's Structured Products Group. She started her career as an analyst at the Market Risk Management Group of Chase Manhattan Bank in 1993. Ms. Kim earned her MBA in Financial Engineering from the MIT Sloan School of Management and is a summa cum laude graduate in Mathematics from the University of Pennsylvania where she was elected to Phi Beta Kappa. She is also a CFA charterholder.

Fund Objective

To seek long-term growth of capital.

Investment Strategy

The Fund normally invests at least 80% of its assets in companies with market capitalizations at the time of investment that are similar to the market capitalizations of companies in the Russell Midcap^® Index, and invests primarily in common stocks of U.S. companies. NYLIM, the Fund's Manager, seeks those mid-cap companies that it believes will outperform the average of the mid-cap universe.

The Russell Midcap^® Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000^® Index, and represents approximately 25% of the total market capitalization of the Russell 1000^® Index.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	13.2M	9.5M	7.6M	7.5M
Beta¹	0.97	0.97	0.97	0.97
Standard Deviation²	17.81	17.81	17.81	17.83
Number of Holdings	360
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 potential value opportunities among mid-cap stocks.
>	Investors who seek to benefit from financially strong but undervalued stocks that may be poised for price appreciation.

Why Value Stocks?

Value stocks may be overlooked securities with strong recovery potential.

About Risk

Investment in common stocks and other equity securities is particularly subject to the risk of changing economic, stock market, industry and company conditions that can adversely affect the value of the Fund’s holdings. Opportunities for greater gain often come with greater risk of loss. Mid-cap stocks are generally less established and may be more volatile and less liquid than stocks of larger companies. Because these businesses frequently rely on narrower product lines and niche markets, they can suffer isolated setbacks. Some of the securities in the Fund may carry above-average risk compared to common stocks that comprise indices such as the Dow Jones Industrial Average and the S&P 500^® Index.

Due to its trading strategies, the Fund may experience a portfolio turnover rate of 100%. Portfolio turnover measures the amount of trading a Fund does during the year. Funds with high turnover rates (at or over 100%) often have higher transaction costs (which are paid by the Fund) and may generate short-term capital gains (on which you will pay taxes, even if you do not sell any shares by year-end).

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. 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 (12/27/94) 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. 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 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: 12/30/02

>	Nasdaq Symbol
	Class A: MMOAX
	Class INV: MMOUX
	Class B: MMOBX
	Class C: MMOCX

>	Cusip Number
	Class A: 278846290
	Class INV: 27885C262
	Class B: 278846282
	Class C: 278846563

>	Fund Number
	Class A: 1531
	Class INV: 2555
	Class B: 1532
	Class C: 1922

>	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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