The Fund's performance depends on the advisor's skill in determining the asset class allocations and the mix of underlying MainStay Funds, as well as the performance of those underlying Funds. The underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Fund is indirectly subject to the investment risks of each underlying Fund held. The Fund may invest more than 25% of its assets in one underlying Fund, which may significantly affect the net asset value of the Fund.

• 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, a fund's performance may suffer. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.
• Stocks of mid-cap companies may be more volatile and less liquid than the securities of larger companies. Stocks of small companies may be subject to higher price volatility, be more vulnerable to adverse business or market developments and may have more limited product lines than large capitalization stocks.
• The underlying Funds may experience a portfolio turnover rate of over 100% and may generate shortterm capital gains which are taxable. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time that the seller would like or at the price that the seller believes the security is currently worth.
• Foreign securities may 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.
• An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the funds seeks to maintain a value of $1.00 per share, it is possible to lose money.

The term "fund of funds" is used to describe mutual funds that pursue their investment objectives by investing in other mutual funds. By investing in the Fund, you will indirectly bear fees and expenses charged by the underlying funds in which the Fund invests in addition to the Fund's direct fees and expenses. Your cost of investing in the Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. Additionally, the use of a fund-of-funds structure could affect the timing, amount, and character of distributions to you and therefore may increase the amount of taxes payable by you. You should consult your tax and financial professionals regarding these matters.

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 Maturity is the average time to maturity of debt securities held in the portfolio taking into consideration the possibility that the issuer may call the bond before its maturity date. Modified duration is inversely related to the approximate percentage change in price for a given change in yield. Duration to Worst is the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality.

Average annual total returns include the change in share price and reinvestment of dividends and capital gain distributions. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (4/4/05) 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.