Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. During periods of growth stock underperformance, the Fund's performance may suffer. The principal risk of investing in value stocks is that the price of the security may not approach its anticpated value or may decline in value. 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-capitalization companies may be more vulnerable to adverse business or market developments than large-capitalization companies. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. The Fund's use of securities lending presents the risk of default by the borrower, which may result in a loss to the Fund.
1. POP (Public Offering Price) is the NAV (Net Asset Value) plus a sales charge. All POPs are subject to revision and include the maximum sales charge.
3. $500 minimum for accounts opened with a systematic investment plan of at least $50 per month, or no minimum for accounts opened with a systematic investment plan of at least $100 per month.
Fund statistics shown are for Class A only, other share classes may vary. The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the fund's portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the fund's portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the fund's portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark's. Alpha measures a fund's risk-adjusted performance and is expressed as an annualized percentage. R-Squared measures the percentage of a fund's movements that result from movements in the index. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. The Annual Turnover Rate is as of the most recent annual shareholder report. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark.
Effective 1/30/09, the Fund changed its investment objective, principal investment strategy, and investment process; then, effective 2/13/09, the Fund changed its name from MainStay Small Cap Opportunity Fund to MainStay Small Company Value Fund. Effective 6/29/09, Epoch Investment Partners, Inc. was appointed interim subadvisor for the Fund. Effective 8/14/09, the Fund changed its principal investment strategy and investment process. Also, the Fund's primary benchmark was changed from the Russell 2000 Value Index to the Russell 2500 Index because it is believed to be more reflective of the Fund's new investment style. Effective 9/8/09, the Fund made further modifications to the principal investment strategy and investment process. Effective 10/30/09, MainStay Small Company Value Fund was renamed MainStay U.S. Small Cap Fund, and Epoch Investment Partners, Inc. was appointed as subadvisor for the Fund.
Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Performance for Class A and B shares, first offered 1/2/04, includes the historical performance of Class I shares from inception (1/12/87) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. 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 Class I shares from inception through 12/29/02 adjusted to reflect the applicable sales charge, CDSC, and fees and expenses for such shares. Effective 1/1/04, all outstanding Class L shares of the Fund were converted and/or redesignated Class C shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/12/87) through 2/27/08 adjusted to reflect the applicable fees and expenses for such shares. Class I shares are generally available only to corporate and institutional investors.
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.
