MainStay Large Cap Growth Fund

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MainStay Large 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 04/30/2008
NAV:
Class A (04/01/2005)	-4.48	10.34	13.05	12.99	3.96	7.87
Class INV (02/28/2008)	-4.34	10.50	13.10	13.03	3.98	7.88
Class B (04/01/2005)	-4.71	9.51	12.21	12.17	3.19	7.07
Class C (04/01/2005)	-4.57	9.51	12.21	12.17	3.19	7.07
With Sales Charges:
Class A (04/01/2005)	-9.73	4.27	10.94	11.72	3.38	7.40
Class INV (02/28/2008)	-9.60	4.42	10.99	11.76	3.39	7.41
Class B (04/01/2005)	-9.47	4.51	11.41	11.92	3.19	7.07
Class C (04/01/2005)	-5.53	8.51	12.21	12.17	3.19	7.07
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (04/01/2005)	-10.49	6.67	9.85	13.83	3.29	7.38
Class INV (02/28/2008)	-10.35	6.83	9.91	13.87	3.30	7.39
Class B (04/01/2005)	-10.70	5.92	9.05	12.99	2.52	6.58
Class C (04/01/2005)	-10.57	5.92	9.05	12.99	2.52	6.58
With Sales Charges:
Class A (04/01/2005)	-15.41	0.80	7.80	12.55	2.71	6.90
Class INV (02/28/2008)	-15.28	0.96	7.86	12.59	2.72	6.91
Class B (04/01/2005)	-15.16	0.92	8.20	12.75	2.52	6.58
Class C (04/01/2005)	-11.47	4.92	9.05	12.99	2.52	6.58
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 1.34%, INV 1.54%, B 2.24%, C 2.24%, R1 1.01%, R2 1.27%, R3 1.51%, I 0.91%

Growth of a Hypothetical $10,000 Investment at NAV

Class A shares 07/01/1995 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 B and C shares will differ based on differences in their sales charges and expense structures. The Russell 1000^® Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher 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 $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, Winslow Capital Management, Inc. Winslow Capital has been an investment advisor since 1992 and is 79% employee owned. The firm focuses solely on growth stock investing. At Winslow Capital, the portfolio managers also do the research to increase their understanding of a company's fundamentals. Decision-making and portfolio construction are implemented through a disciplined process on a team basis.

Portfolio Manager(s)

Clark J. Winslow
Mr. Winslow has jointly managed MainStay Large Cap Growth Fund (formerly FMI Winslow Growth Fund) since its inception on July 1, 1995. Mr. Winslow founded Winslow Capital Management in June 1992 and is Chief Executive Officer. As a Senior Vice President at Alliance Capital Management from 1987-1992, he managed over $1.1 billion in institutional assets. Mr. Winslow served as a Managing Director at J.W. Bristol & Co. in New York from 1980-1987. He started in portfolio management at MacKay-Shields Financial in 1975. He began his investment career at Baker, Weeks & Co. as an institutional research analyst from 1966-1975 covering technology. Mr. Winslow earned a B.A. from Yale University and an M.B.A. from Harvard Business School.

R. Bart Wear, CFA
Mr. Wear has jointly managed MainStay Large Cap Growth Fund (formerly FMI Winslow Growth Fund) since April 1997, when he joined Winslow Capital Management as Managing Director with responsibility for research and portfolio management of large cap stocks. For 13 years, Mr. Wear worked at Firstar Investment Research and Management Company serving as a Senior Vice President/Senior Portfolio Manager and Director of Research. He holds a B.S. in finance from Arizona State University.

Justin H. Kelly, CFA
Mr. Kelly has jointly managed MainStay Large Cap Growth Fund (formerly FMI Winslow Growth Fund) since April 1999, when he joined Winslow Capital Management as a Managing Director with responsibility for research and portfolio management of large cap stocks. Mr. Kelly was co-head of the Technology Research Team at Investment Advisers, Inc. in Minneapolis from 1997-1999. For the prior four years, he was an investment banker in New York City for Prudential Securities and then Salomon Brothers. Mr. Kelly graduated Summa Cum Laude from Babson College and holds a B.S. degree in finance and investments.

Fund Objective

To seek long-term growth of capital.

Investment Strategy

>	Normally, the Fund invests at least 80% of its assets in large capitalization companies with market capitalization in excess of $4.0 billion at the time of purchase and generally improving financial returns.
>	The Fund invests in companies that have the potential for above-average future earnings growth.
>	The Fund's investment strategy may result in high portfolio turnover.
>	The subadvisor takes a "bottom-up" investment approach when selecting investments for the Fund. This means it bases investment decisions on company specific factors, not general economic conditions.
>	The subadvisor also employs a sell discipline pursuant to which it will trim back a position which exceeds 5% of the Fund, sell an entire position when fundamentals are deteriorating, reduce or sell an entire position when it finds a better investment to replace it, and trim back a position after a strong relative price increase.

Fund Statistics

	Class A	Class INV	Class B	Class C
Total Net Assets	341.3M	48.8M	103.7M	81.1M
Beta¹	1.10	1.10	1.09	1.10
Standard Deviation²	11.66	11.65	11.61	11.61
Number of Holdings	60
Purchases	$1,000 minimum initial investment, $50 subsequent

Investor Profile

>	Investors who believe growth investing can help them reach their long-term goals.
>	Investors looking for potential growth opportunities from large, well-established companies.
>	Investors seeking to add a growth component to an income-oriented portfolio.

Why Growth Stocks?

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

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

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.

Effective April 1, 2005, FMI Winslow Growth Fund was reorganized as MainStay Large Cap Growth Fund Class A shares. Performance for MainStay Large Cap Growth Fund includes the performance history of the FMI Winslow Growth Fund from inception (July 1, 1995) through March 31, 2005. Prior to the reorganization, FMI Winslow Growth Fund had no sales charges and its total net expenses were capped at 1.30%. The total expenses of MainStay Large Cap Growth Fund are currently capped at 1.40%. Performance of the Class A shares of the Large Cap Fund (when it was the Winslow Fund) has not been adjusted to reflect the fees and expenses of that class; had it been, the performance shown would have been lower. Performance for Class B, C, and I shares, first offered April 1, 2005, includes the performance of Class A shares adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Class I shares are generally available only to corporate and institutional investors.

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>	First Offered
	Class A: 04/01/05
	Class INV: 02/28/08
	Class B: 04/01/05
	Class C: 04/01/05

>	Nasdaq Symbol
	Class A: MLAAX
	Class INV: MLINX
	Class B: MLABX
	Class C: MLACX

>	Cusip Number
	Class A: 56062X674
	Class INV: 56062X450
	Class B: 56062X666
	Class C: 56062X658

>	Fund Number
	Class A: 1480
	Class INV: 2552
	Class B: 1481
	Class C: 1482

>	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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