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.

2. Total return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.

MainStay 130/30 Core, 130/30 Growth, 130/30 International, Balanced, Common Stock, Conservative Allocation, Convertible, Epoch Global Choice, Epoch Global Equity Yield, Epoch International Small Cap, Epoch U.S. All Cap, Epoch U.S. Equity, Growth Allocation, Growth Equity, ICAP Equity, ICAP Global, ICAP International, ICAP Select Equity, Income Builder, International Equity, Large Cap Growth, MAP, Moderate Allocation, Moderate Growth Allocation, and U.S. Small Cap Funds Class A and Investor Class shares are sold with a maximum initial sales charge of 5.5% and have an annual 12b-1 fee of 0.25%.

MainStay Diversified Income, Global High Income, Government, High Yield Corporate Bond, High Yield Opportunities, Intermediate Term Bond, and Tax Free Bond Funds Class A and Investor Class shares are sold with a maximum initial sales charge of4.5% and have an annual 12b-1 fee of 0.25%.

MainStay Equity Index, Floating Rate, Indexed Bond, S&P 500 Index, and Short Term Bond Funds Class A and Investor Class shares are sold with a maximum initial salescharge of 3% and have an annual 12b-1 fee of 0.25%.

Investment minimums Class A share minimum initial investment is $25,000. Investor Class share minimum initial investment is $1,000 ($2,500 for MainStay Epoch Global Choice, Epoch Global Equity Yield, Epoch International Small Cap, and Epoch U.S. Equity Funds).

Class B shares are sold with no initial sales charge, are subject to a CDSC of up to 5% (3% for MainStay Floating Rate Fund) if redeemed within the first six years of purchase (four years for MainStay Floating Rate Fund), and have an annual 12b-1 fee of 1% (0.5% for MainStay Tax Free Bond Fund).

Class C shares are sold with no initial sales charge, are subject to a CDSC of 1% if redeemed within one year of purchase, and have an annual 12b-1 fee of 1% (0.5% for MainStay Tax Free Bond Fund).

Class I shares are sold with no initial sales charge or CDSC, have no annual 12b-1 fee, and are generally available to corporate and institutional investors with a minimum initial investment of $5 million.

Class R1 shares are sold with no initial sales charge or CDSC, have no annual 12b-1 fee, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Class R2 shares are sold with no initial sales charge or CDSC, have an annual 12b-1 fee of 0.25%, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Class R3 shares are sold with no initial sales charge or CDSC, have an annual 12b-1 fee of 0.50%, and are available only through corporate-sponsored retirement programs, which include certain minimum program requirements.

Additionally:
Performance shown at NAV is based on total returns with reinvestment of capital gain and dividend distributions and does not reflect the effect of any sales charges or nonrecurring fees, which, if reflected, would reduce performance shown.

SEC average annual total returns shown include the maximum sales charge (set forth above) and show the percentage change for each of the required periods with capital gain and dividend distributions reinvested.

Gross and Net Annual Operating Expenses shown are from the most recent Fund prospectus fee table. MainStay Floating Rate, Growth Equity, High Yield Corporate Bond, and Income Builder Funds have no fee waiver or expense limitation agreements in effect. Net Operating Expenses for all other MainStay Funds reflect fee waiver and/or expense limitation agreements, as follows: MainStay Cash Reserves, Conservative Allocation, Diversified Income, Equity Index, Global High Income, Government, Growth Allocation, ICAP Global, Indexed Bond, Intermediate Term Bond, Moderate Allocation, Moderate Growth Allocation, Money Market, Principal Preservation, Short Term Bond, Tax Free Bond, and U.S. Small Cap Funds reflect fee waiver and/or expense limitation agreements in effect through 2/28/11, which may be modified or terminated only with the approval of the Funds' Board. MainStay Balanced, Convertible, and High Yield Opportunities Funds reflect fee waiver and/or expense limitation agreements in effect through 7/31/10, which may be modified or terminated only with the approval of the Funds' Board. MainStay Common Stock and International Equity Funds reflect voluntary fee waiver and/or expense limitation agreements for Class B, C, and Investor Class shares, which may be discontinued at any time without notice. MainStay Epoch Global Choice, Epoch Global Equity Yield, Epoch International Small Cap, and Epoch U.S. Equity Funds reflect fee waiver and/or expense limitation agreements in effect through November 2011. There is no guarantee that these limitations will continue after that time. MainStay 130/30 Core, 130/30 Growth, and 130/30 International Funds reflect fee waiver and/or expense limitation agreements for Class A, C, and Investor Class shares. The agreement for Class A shares is in effect through 7/31/10, and may be modified or terminated only with the approval of the Funds' Board. The agreement for Class C and Investor Class shares is voluntary, and may be discontinued at any time without notice. MainStay Epoch U.S. All Cap Fund reflects a fee waiver and/or expense limitation agreement for Class B, C, I, and Investor Class shares in effect through 2/28/11, which may be modified or terminated only with the approval of the Fund's Board. MainStay ICAP Equity Fund reflects a fee waiver and/or expense limitation agreement for Class C, I, R1, and Investor Class shares. The agreement for Class I shares is in effect through 2/28/11, and may be modified or terminated which may be modified or terminated only with the approval of the Funds' Board. MainStay Balanced, Convertible, and High Yield Opportunities Funds reflect fee waiver and/or expense limitation agreements in effect through 7/31/10, which may be modified or terminated only with the approval of the Funds' Board. MainStay Common Stock and International Equity Funds reflect voluntary fee waiver and/or expense limitation agreements for Class B, C, and Investor Class shares, which may be discontinued at any time without notice. MainStay Epoch Global Choice, Epoch Global Equity Yield, Epoch International Small Cap, and Epoch U.S. Equity Funds reflect fee waiver and/or expense limitation agreements in effect through November 2011. There is no guarantee that these limitations will continue after that time. MainStay 130/30 Core, 130/30 Growth, and 130/30 International Funds reflect fee waiver and/or expense limitation agreements for Class A, C, and Investor Class shares. The agreement for Class A shares is in effect through 7/31/10, and may be modified or terminated only with the approval of the Funds' Board. The agreement for Class C and Investor Class shares is voluntary, and may be discontinued at any time without notice. MainStay Epoch U.S. All Cap Fund reflects a fee waiver and/or expense limitation agreement for Class B, C, I, and Investor Class shares in effect through 2/28/11, which may be modified or terminated only with the approval of the Fund's Board. MainStay ICAP Equity Fund reflects a fee waiver and/or expense limitation agreement for Class C, I, R1, and Investor Class shares. The agreement for Class I shares is in effect through 2/28/11, and may be modified or terminated only with the approval of the Fund's Board. The agreement for Class C, R1, and Investor Class shares is voluntary, and may be discontinued at any time without notice. MainStay ICAP International Fund reflects a fee waiver and/or expense limitation agreement for Class A, I, and R1 shares. The agreement for Class A and Class I shares is in effect through 2/28/11, and may be modified or terminated only with the approval of the Fund's Board. The agreement for Class R1 shares is voluntary, and may be discontinued at any time without notice. MainStay ICAP Select Equity Fund reflects fee waiver and/or expense limitation agreements for all shares classes. The agreement for Class A and Class I shares is in effect through 2/28/11, and may be modified or terminated only with the approval of the Fund's Board. The agreement for Class B, C, R1, R2, R3, and Investor Class shares is voluntary, and may be discontinued at any time without notice. MainStay Large Cap Growth Fund reflects fee waiver and/or expense limitation agreements for all share classes. The agreement for Class I shares is in effect through 2/28/11, and may be modified or terminated only with the approval of the Fund's Board. The agreement for Class A, B, C, R1, R2, R3, and Investor Class shares is voluntary, and may be discontinued at any time without notice. MainStay MAP Fund reflects a fee waiver and/or expense limitation agreement in effect through 7/31/10, which may be modified or terminated only with the approval of the Fund's Board. There is also a voluntary agreement for Class A, I, R1, R2, and R3 shares, which may be discontinued at any time without notice. MainStay S&P 500 Index Fund reflects a fee waiver and/or expense limitation agreement in effect through 2/28/11, which may be modified or terminated only with the approval of the Fund's Board. There is also a voluntary agreement for Investor Class shares, which may be discontinued at any time without notice.

Total return since inception is quoted for Funds with less than 10 years of operating history.

MainStay Common Stock Fund, MainStay Epoch U.S. All Cap Fund, MainStay Epoch U.S. Equity Fund, MainStay Equity Index Fund, MainStay ICAP Equity Fund, MainStay ICAP Select Equity Fund, MainStay Large Cap Growth Fund, MainStay Map Fund, MainStay S&P 500 Index Fund, MainStay  U.S. Small Cap Fund, MainStay Diversified Income Fund, MainStay Government Fund, MainStay High Yield Opportunities Fund, MainStay Indexed Bond Fund, MainStay Intermediate Term Bond Fund, MainStay Money Market Fund, MainStay Short Term Bond Fund, MainStay Tax Free Bond Fund, MainStay Balanced Fund, MainStay Convertible Fund, MainStay Epoch Global Choice Fund, MainStay Epoch Global Equity Yield Fund, MainStay Epoch International Small Cap Fund, MainStay Global High Income Fund, MainStay ICAP Global Fund, MainStay ICAP International Fund, MainStay International Equity Fund, MainStay Conservative Allocation Fund, MainStay Growth Allocation Fund, MainStay Moderate Allocation Fund, MainStay Moderate Growth Allocation Fund, MainStay 130/30 Core Fund, MainStay 130/30 Growth Fund, MainStay 130/30 International Fund, MainStay Cash Reserves Fund, MainStay Principal Preservation Fund: Performance figures reflect fee waivers and/or expense limitation agreements (see footnote 3), without which total returns may have been lower. Absent these limitations, SEC yields for the following Funds would have been: MainStay Diversified Income Fund, Class A: 5.43%, Investor Class: 5.22%, Class B: 4.62%, Class C: 4.71%, Class I: 5.20%; MainStay Government Fund, Class A: 2.34%, Investor Class: 2.23%, Class B: 1.58%, Class C: 1.59%, Class I: 2.70%; MainStay Indexed Bond Fund, Class A: 2.52%, Investor Class: 2.23%, Class I: 2.87%; MainStay Intermediate Term Bond Fund, Class A: 3.19%, Investor Class: 3.05%, Class B: 2.44%, Class C: 2.44%, Class I: 3.59%; and MainStay Short Term Bond Fund, Class A: 0.07%, Investor Class: -0.64%, Class I: 0.46%.

MainStay Epoch U.S. All Cap Fund: Effective 10/16/09, MainStay All Cap Growth Fund was renamed MainStay Epoch U.S. All Cap Fund.

MainStay Epoch U.S. All Cap Fund, MainStay Intermediate Term Bond Fund: Performance for Class A, B, and C shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/2/91) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Epoch U.S. Equity Fund: Effective after the close of business 11/13/09, Epoch U.S. Large Cap Equity Fund was reorganized as MainStay Epoch U.S. Equity Fund. Performance for Class A and I shares, reflects the performance of the Class P and Institutional Class shares, respectively, of

Epoch U.S. Large Cap Equity Fund (which was subject to a different fee structure) adjusted to reflect sales charges, but not fees and expenses; absent these adjustments, performance may have been lower. Performance for Class C and Investor Class shares, first offered 11/16/09, includes the performance of Class I shares from inception (12/3/08) through 11/15/09, adjusted to reflect the sales charge (or CDSC) and fees and expenses for such shares.

MainStay Equity Index Fund: Effective 1/1/02, MainStay Equity Index Fund was closed to new investors and new share purchases.      

MainStay ICAP Equity Fund, MainStay ICAP Select Equity Fund, MainStay ICAP International Fund: Effective 8/31/06, ICAP Equity Fund, ICAP International Fund, and ICAP Select Equity Fund were renamed MainStay ICAP Equity Fund, MainStay ICAP International Fund, and MainStay ICAP Select Equity Fund, respectively. At that time, each Fund's existing noload shares were redesignated Class I shares. Performance for Class A and C shares of each Fund, first offered 8/31/06, includes the historical performance of each respective Fund's Class I shares from inception (12/31/94 for ICAP Equity Fund and 12/31/97 for ICAP International and ICAP Select Equity Funds) through 8/30/06, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares of each Fund, first offered 4/30/08, includes the historical performance of each respective Fund's Class A shares from Fund inception (12/31/94 for ICAP Equity Fund and 12/31/97 for ICAP International and ICAP Select Equity Funds) through 4/29/08, adjusted to reflect the applicable fees and expenses. Performance for Class B shares of MainStay ICAP Select Equity Fund, first offered 11/13/09, includes the historical performance of the Fund's Class I shares from the Fund's inception (12/31/97) through 11/12/09, adjusted to reflect the applicable fees and expenses.

MainStay Large Cap Growth Fund : Effective 4/1/05, FMI Winslow Growth Fund was reorganized as MainStay Large Cap Growth Fund Class A shares. Performance for MainStay Large Cap Growth Fund Class A shares includes the historical performance of the FMI Winslow Growth Fund from inception (7/1/95) through 3/31/05 adjusted to reflect the current applicable maximum sales charge and fees and expenses. Performance for Class B, C, and I shares, first offered 4/1/05, and performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (7/1/95) through 3/31/05 for Class B, C, and I shares, and through 2/27/08 for Investor Class shares, adjusted to reflect the applicable sales charge (or CDSC) and fees and expense for such shares.

MainStay S&P 500 Index Fund, MainStay Short Term Bond Fund, MainStay Intermediate Term Bond Fund:  Performance for Class A shares, first offered 1/2/04, includes the historical performance of the Fund's Class I shares from inception (1/2/91) through 12/31/03 adjusted to reflect the applicable sales charge and fees and expenses for such shares. Performance for

Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (1/2/91) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay U.S. Small Cap Fund: Effective 10/30/09, MainStay Small Company Value Fund was renamed MainStay U.S. Small Cap Fund. 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 (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 the Class I shares from inception through 12/29/02 adjusted to reflect the applicable sales charge, CDSC, and 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 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.

MainStay Government Fund, MainStay High Yield Corporate Bond Fund:Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay High Yield Opportunities Fund: Effective 2/26/10, MainStay 130/30 High Yield Fund was renamed MainStay High Yield Opportunities Fund.

MainStay Money Market Fund: Yield reflects a year-end tax adjustment. Without this adjustment, the yield would have been 0.01% for all share classes. The 7-day current yield is based on the latest 7-day period ended 3/31/10. Yields reflect contractual waivers and/or expense limitations, without which the 7-day current yield would have been: Class A: -0.50%, Investor Class: -0.71%, Class B: -0.71%, and Class C: -0.71%. These limitations may be modified or terminated only with the approval of the Fund's Board. The 7-day current yield more closely reflects the current earnings of the Fund than the total return. Performance for Class A and C shares, first offered 1/3/95 and 9/1/98, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A, and through 8/31/98 for Class C, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Tax Free Bond Fund: MainStay Tax Free Bond Fund is not available in Retirement Services products. Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 12/21/09, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/20/09 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Balanced Fund: 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 (5/1/89) 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 the Class  shares from inception through 12/29/02, adjusted to reflect the applicable sales charge, CDSC, and 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 Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/89) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Convertible Fund: Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 11/28/08, respectively, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 11/27/08 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (5/1/86) through 2/27/08 adjusted to reflect the applicable fees and expenses

MainStay Income Builder Fund: Effective 10/16/09, MainStay Total Return Fund was renamed MainStay Income Builder Fund.  Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund's Class B shares from inception (12/29/87) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 2/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (12/29/87) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Epoch Global Choice Fund: Effective after the close of business 11/13/09, Epoch U.S. All Cap Equity Fund was reorganized as MainStay Epoch Global Choice Fund. Performance for Class A and I shares, reflects the performance of the Class P and Institutional Class shares, respectively, of Epoch U.S. All Cap Equity Fund (which was subject to a different fee structure) adjusted to reflect sales charges, but not fees and expenses; absent these adjustments, performance may have been lower. Performance for Class C and Investor Class shares, first offered 11/16/09, includes the performance of Class I shares from inception (7/25/05) through 11/15/09, adjusted to reflect the sales charge (or CDSC) and fees and expenses for such shares.

MainStay Epoch Global Equity Yield Fund: Effective after the close of business 11/13/09, Epoch Global Equity Shareholder Yield Fund was reorganized as MainStay Epoch Global Equity Yield Fund. Performance for Class A and I shares, reflects the performance of the Class P and Institutional Class shares, respectively, of Epoch Global Equity Shareholder Yield Fund (which was subject to a different fee structure) adjusted to reflect sales charges, but not fees and expenses; absent these adjustments, performance may have been lower. Performance for Class C and Investor Class shares, first offered 11/16/09, includes the performance of Class I shares from inception (12/27/05) through 11/15/09, adjusted to reflect the sales charge (or CDSC) and fees and expenses for such shares.

MainStay Epoch International Small Cap Fund: Effective after the close of business 11/13/09, Epoch International Small Cap Fund was reorganized as MainStay Epoch International Small Cap Fund. Performance for Class A and I shares, reflects the performance of the Class P and Institutional Class shares, respectively, of Epoch International Small Cap Fund (which was subject to a different fee structure) adjusted to reflect sales charges, but not fees and expenses; absent these adjustments, performance may have been lower. Performance for Class C and Investor Class shares, first offered 11/16/09, includes the performance of Class I shares from inception (1/25/05) through 11/15/09, adjusted to reflect the sales charge (or CDSC) and fees and expenses for such shares.

MainStay International Equity Fund: Performance for Class A, C, and I shares, first offered 1/3/95, 9/1/98, and 1/2/04, respectively, includes the historical performance of the Fund's Class B shares from inception (9/13/94) through 12/31/94 for Class A, through 8/31/98 for Class C, and through 12/31/03 for Class I, adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from Fund inception (9/13/94) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Conservative Allocation Fund, MainStay Growth Allocation Fund, MainStay Moderate Allocation Fund, MainStay Moderate Growth Allocation Fund: The Fund is a "fund of funds" that invests in shares of other mutual funds within the MainStay Family of Funds (the underlying funds). Fund 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 may invest more than 25% of its assets in one underly ing Fund, which may significantly affect net asset value of the Fund. Also, the cost of investing in this type of Fund may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. 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. 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.

MainStay Common Stock Fund: Performance for Class C shares, first offered 9/1/98, includes the historical performance of the Fund's Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC. Performance for Class I and Investor Class shares, first offered 12/28/04 and 2/28/08, respectively, includes the historical performance of the Fund's Class A shares from inception (6/1/98) through 12/27/04 for Class I and through 2/27/08 for Investor Class shares, adjusted to reflect the applicable fees and expenses for such shares.

MainStay Growth Equity Fund: Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (11/4/05) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Diversified Income Fund, MainStay Floating Rate Fund: Performance for Class C shares, first offered 9/1/98, includes the historical performance of the Fund's Class B shares from inception (2/28/97) through 8/31/98 adjusted to reflect the applicable CDSC. Performance for Class I and Investor Class shares, first offered 1/2/04 and 2/28/08, respectively, includes the historical performance of the Fund's Class A shares from inception (2/28/97) through 12/31/03 for Class I and through 2/27/08 for Investor Class, adjusted to reflect the applicable fees and expenses for such shares.

MainStay Floating Rate Fund: Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (5/3/04) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay High Yield Opportunities Fund: Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (12/14/07) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Global High Income Fund: Performance for Class C shares, first offered 9/1/98, includes the historical performance of the Fund's Class B shares from inception (6/1/98) through 8/31/98 adjusted to reflect the applicable CDSC. Performance for Class I and Investor Class shares, first offered 8/31/07 and 2/28/08, respectively, includes the historical performance of the Fund's Class A shares from inception (6/1/98) through 8/30/07 for Class I and through 2/27/08 for Investor Class, adjusted to reflect the applicable fees and expenses for such shares.

MainStay 130/30 Core Fund, MainStay 130/30 Growth Fund: Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (6/29/07) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay 130/30 International Fund: Performance for Investor Class shares, first offered 2/28/08, includes the historical performance of Class A shares from inception (9/28/07) through 2/27/08 adjusted to reflect the applicable fees and expenses.

MainStay Epoch U.S. All Cap Fund, MainStay S&P 500 Index Fund, MainStay U.S. Small Cap Fund, MainStay Cash Reserves Fund, MainStay Indexed Bond Fund, MainStay Intermediate Term Bond Fund, MainStay Short Term Bond Fund: Effective 1/1/04, the Fund changed the name of the No-Load Class shares to the Class I shares.

MainStay Map Fund: Effective 6/9/99, MAP-Equity Fund was reorganized as MainStay MAP Fund Class I shares. Performance for MainStay MAP Fund Class I shares, first offered 6/9/99, includes the performance of MAP-Equity Fund from inception (1/21/71) through 6/8/99. Prior to the reorganization, shares of MAP-Equity Fund were subject to a maximum 4.75% sales charge.

MainStay Cash Reserves Fund: The 7-day current yield is based on the latest 7-day period ended 3/31/10. Yield reflects contractual waivers and/or expense limitations, without which the 7-day current yield would have been -0.37%. These limitations may be modified or terminated only with the approval of the Fund's Board. The 7-day current yield more closely reflects the current earnings of the Fund than the total return.

MainStay Principal Preservation Fund: Effective 11/27/07, McMorgan Principal Preservation Fund was reorganized with and into MainStay Principal Preservation Fund. Performance includes the performance history of the McMorgan Principal Preservation Fund from inception (7/13/94) through 11/26/07.  The 7-day current yield is based on the latest 7-day period ended 3/31/10. Yield reflects contractual waivers and/or expense limitations, without which the 7-day current yield would have been -0.16%. These limitations may be modified or terminated only with the approval of the Fund's Board. The 7-day current yield more closely reflects the current earnings of the Fund than the total return.

MainStay ICAP Equity Fund: Performance for Class R1, R2, and R3 shares, first offered 8/31/06, includes the historical performance of the Fund's Class I shares from inception (12/31/94) through 8/30/06 adjusted to reflect the applicable fees and expenses.

MainStay ICAP Select Equity Fund, MainStay ICAP International Fund: Performance for Class R1, R2, and R3 shares, first offered 8/31/06, includes the historical performance of the Fund's Class I shares from inception (12/31/97) through 8/30/06 adjusted to reflect the applicable fees and expenses.

MainStay Large Cap Growth Fund: Performance for Class R1, R2, and R3 shares, first offered 4/1/05, 4/1/05, and 4/28/06, respectively, includes the historical performance of the Fund's Class A shares from inception (7/1/95) through 3/31/05 for Class R1 and R2, and through 4/27/06 for Class R3, adjusted to reflect the applicable fees and expenses.

MainStay MAP Fund: Performance for Class R1, R2, and R3 shares, first offered 1/2/04, 1/2/04, and 4/28/06, respectively, includes the historical performance of the Fund's Class A shares from inception (6/9/99) through 12/31/03 for Class R1 and R2, and through 4/27/06 for Class R3, adjusted to reflect the applicable fees and expenses.

MainStay Balanced Fund:. Performance for Class R1, R2, and R3 shares, first offered 1/2/04, 1/2/04, and 4/28/06, respectively, includes the historical performance of the Fund's Class I shares from inception (5/1/89) through 12/31/03 for Class R1 and R2, and through 4/27/06 for Class R3, adjusted to reflect the applicable fees and expenses.

MainStay International Equity Fund: Performance for Class R1, R2, and R3 shares, first offered 1/2/04, 1/2/04, and 4/28/06, respectively, includes the historical performance of the Fund's Class B shares from inception (9/13/94) through 12/31/03 for Class R1 and R2, and through 4/27/06 for Class R3, adjusted to reflect the applicable fees and expenses.

MainStay High Yield Corporate Bond Fund: Performance for Class R2 shares, first offered 4/30/08, includes the historical performance of the Fund's Class B shares from inception (5/1/86) through 4/29/08 adjusted to reflect the applicable fees and expenses

The 7-day current yield is more reflective of the Fund's current earnings than the total return quotation.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

From time to time, New York Life Investment Management LLC, the Funds' Manager ("Manager") may limit expenses of MainStay Money Market Fund to the extent it deems appropriate to enhance the yield of the Fund, or a particular class of the Fund, during periods when expenses have a significant impact on the yield of the Fund, or a particular class of the Fund, as applicable, because of low interest rates. The current yield is based on the latest 7-day period ending 05/23/13. This expense limitation policy is voluntary and in addition to any contractual arrangements that may be in place with respect to a Fund and described in the Fund's prospectus. It may be revised or terminated by the Manager at any time without notice.

1. Represents the Net Asset Value used for transactions. The Net Asset Value is calculated using the amortized cost method per the requirements of Rule 2a-7 under the 1940 Act.

2. The Market Based Net Asset Value is calculated using current market quotations and updated every Tuesday. The Fund does not use the Market Based Net Asset Value for transactions.