MainStay ICAP Select Equity Fund

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MainStay ICAP Select Equity 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 (08/31/2006)	-4.45	-4.17	10.49	15.19	8.29	9.67
Class INV (04/30/2008)	-4.45	-4.17	10.48	15.18	8.29	9.67
Class C (08/31/2006)	-4.68	-4.86	9.67	14.33	7.49	8.86
With Sales Charges:
Class A (08/31/2006)	-9.71	-9.44	8.42	13.89	7.68	9.07
Class INV (04/30/2008)	-9.71	-9.44	8.42	13.89	7.68	9.07
Class C (08/31/2006)	-5.63	-5.69	9.67	14.33	7.49	8.86
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (08/31/2006)	-8.05	-3.58	8.18	15.86	8.20	9.34
Class INV (04/30/2008)	n/a	n/a	n/a	n/a	n/a	n/a
Class C (08/31/2006)	-8.21	-4.28	7.39	15.01	7.40	8.53
With Sales Charges:
Class A (08/31/2006)	-13.11	-8.88	6.16	14.56	7.59	8.74
Class INV (04/30/2008)	n/a	n/a	n/a	n/a	n/a	n/a
Class C (08/31/2006)	-9.12	-5.12	7.39	15.01	7.40	8.53
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 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 1.21%, INV 1.32%, C 2.05%, R1 1.01%, R2 1.26%, R3 1.51%, I 0.91%

Growth of a Hypothetical $10,000 Investment at NAV

Class I Shares 12/31/1997 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 and C shares will differ based on differences in their sales charges and expense structures. The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index—the EAFE® Index—is an unmanaged, capitalization-weighted index containing approximately 985 equity securities located outside the United States. 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, Institutional Capital LLC (ICAP). ICAP is an affiliate of New York Life Investment Management LLC. Founded in 1970 as an institutional investment firm dedicated to the unique needs of institutional investors, ICAP currently manages over $14 billion in assets for some of the world's largest and most respected corporations and institutions.

Portfolio Manager(s)

Jerrold K. Senser, CFA
Mr. Senser serves as Chief Executive Officer and Chief Investment Officer of ICAP. As CEO and CIO, Mr. Senser heads the investment committee and is the lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Fund. Mr. Senser has been with the firm since 1986. Mr. Senser graduated with a B.A. in economics from the University of Michigan and an M.B.A from the University of Chicago. He is a CFA charterholder. Prior to joining ICAP, Mr. Senser spent seven years at Stein Roe & Farnham as an associate involved in economic and fixed-income analysis. He began his career at Data Resources, Inc., an economic consulting firm.

Thomas R. Wenzel, CFA
Mr. Wenzel, Executive Vice President and Director of Research, is a senior member of the investment committee. Mr. Wenzel serves as a lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Funds. As a 15-year veteran of the firm, Mr. Wenzel also leads the firm’s investment research with particular emphasis on the financial sector. At the University of Wisconsin-Madison, he participated in the applied security analysis and investment management program and earned a B.A. in economics and an M.B.A. He is a CFA charterholder. Before joining ICAP in 1993, he served as a senior equity analyst at Brinson Partners for six years.

What You Should Know

Before You Invest

The Fund is nondiversified. By concentrating in a smaller number of investments, the Fund's risk is increased because each investment has a greater effect on the Fund's performance. 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 may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.

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 C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.

Average annual total returns include the change in share price and reinvestment of capital gains and distributions. 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. Effective 8/31/06, ICAP Select Equity Fund was renamed MainStay ICAP Select Equity Fund. At that time, the Fund's existing no-load shares were redesignated Class I shares. Performance for Class A and C shares, first offered 8/31/06, includes the historical performance of Class I shares from inception (12/31/97) through 8/30/06 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: 08/31/06
	Class INV: 04/30/08
	Class C: 08/31/06

>	Nasdaq Symbol
	Class A: ICSRX
	Class INV: ICSOX
	Class C: ICSVX

>	Cusip Number
	Class A: 448926873
	Class INV: 448926717
	Class C: 448926865

>	Fund Number
	Class A: 1886
	Class INV: 2575
	Class C: 1887

>	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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