The
table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future,
at least $50,000 in the MainStay Funds. This amount may vary depending on the MainStay Fund in which
you invest. More information about these and other discounts is available from your financial professional
and in the "Information on Sales Charges" section starting on page 89 of the Prospectus and in the "Alternative
Sales Arrangements" section on page 103 of the Statement of Additional Information.
The Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem
all of your shares at the end of those periods (except as indicated with respect to Class B and Class
C shares). The Example reflects Class B shares converting into Investor Class shares in years 9-10;
fees could be lower if you are eligible to convert to Class A shares instead. The Example also assumes
that your investment has a 5% return each year and that the Fund's operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the Example, affect the
Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of
the average value of its portfolio.
Principal
Investment Strategies
The Fund normally invests at least 65% of its total assets in equity-type
securities, including common stocks, and securities convertible into, or exchangeable for, common stocks,
across all market capitalizations. The Fund primarily invests in domestic securities but may invest up
to 35% of its net assets in foreign securities, which are generally securities issued by companies organized
outside the U.S. and traded primarily in markets outside the U.S. Securities of foreign issuers that
are represented by American Depositary Receipts or that are listed on a U.S. securities exchange or traded
in the U.S. over-the-counter markets are not considered "foreign securities" for the purpose of this
limitation.
The Fund employs two subadvisors, Institutional Capital LLC ("ICAP") and Markston International
LLC ("Markston"), with investment processes and styles that New York Life Investment Management LLC,
the Fund's Manager, believes are complementary. Each Subadvisor is responsible for managing a portion
of the Fund's assets, as designated by the Manager from time to time.
Investment Process:
Each Subadvisor seeks securities that are out of favor but
where a catalyst exists for turning such securities into investments that the Subadvisor believes will
have improved performance. The Subadvisors' investment processes and styles are as follows:
ICAP:
ICAP uses a team approach with a primarily large-cap value oriented investment
style. ICAP's investment process involves the following key components: Identify Best Values – ICAP
identifies stocks that it believes offer the best values and seeks to avoid companies that are exhibiting
excessive deterioration in earnings trends. ICAP also considers the dividend yield as a component of
total returns when evaluating the attractiveness of a security; Identify Catalysts – ICAP focuses
on what it believes the key investment variables (catalysts) are that could potentially impact the security's
market value. These catalysts are primarily company-specific, such as a new product, restructuring or
a change in management, but occasionally the catalyst can be thematic - dependent on macroeconomic or
industry trends; Portfolio Construction – After a review of stock recommendations, ICAP's portfolio
management team determines whether or not to add the stock to the portfolio or to monitor it for future
purchase.
ICAP continuously monitors each security and evaluates whether to eliminate it when
its price target is achieved, the catalyst becomes inoperative or another stock offers a greater opportunity.
Markston:
Factors examined by Markston to seek
value opportunities include statistical indications, such as low multiples of book value or cash flow,
and more fundamental factors, such as industry consolidations. Markston also emphasizes the presence
of a catalyst that may unlock a company's potential, such as management changes, restructurings and sales
of underperforming assets. Markston also assesses the judgment, quality and integrity of company management
and the track record of capital deployment. Certain securities may be acquired from time to time in an
effort to earn short-term profits.
Although, under normal circumstances, Markston holds securities
for a relatively long period of time, it may sell investments when it believes the opportunity for current
profits or the risk of market decline outweighs the prospect of capital gains.
Loss of Money Risk:
Before considering an investment
in the Fund, you should understand that you could lose money.
Market
Changes Risk:
The value of the Fund's investments may change because of broad changes in the markets
in which the Fund invests, which could cause the Fund to underperform other funds with similar objectives.
From time to time, markets may experience periods of acute stress that may result in increased volatility.
Such market conditions tend to add significantly to the risk of short-term volatility in the net asset
value of the Fund's shares.
Management
Risk:
The investment strategies, practices and risk analysis used by the Subadvisors may not produce
the desired results.
Equity Securities Risk:
Investments in common stocks and other equity securities are particularly subject to the risk of changing
economic, stock market, industry and company conditions and the risks inherent in the portfolio managers'
ability to anticipate such changes that can adversely affect the value of the Fund's holdings. Opportunity
for greater gain often comes with greater risk of loss.
Value
Stock Risk:
Value stocks may never reach what the Subadvisors believe is their full value or they
may go down in value. In addition, different types of stocks tend to shift in and out of favor depending
on market and economic conditions, and therefore the Fund's performance may be lower or higher than that
of funds that invest in other types of equity securities.
Mid-Cap
Stock Risk:
Stocks of mid-cap companies may be subject to greater price volatility, significantly
lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their
bid and ask prices than stocks of larger companies. Because these businesses frequently rely on narrower
product lines and niche markets, they can suffer isolated setbacks.
Growth Stock Risk:
If growth companies do not increase their earnings at a rate
expected by investors, the market price of the stock may decline significantly, even if earnings show
an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock
prices in market downturns.
Foreign Securities
Risk:
Investments in foreign securities may be riskier than investments in U.S. securities. Differences
between U.S. and foreign regulatory regimes and securities markets, including less stringent investor
protections and disclosure standards of some foreign markets, less liquid trading markets and political
and economic developments in foreign countries may affect the value of the Fund's investments in foreign
securities. Foreign securities may also subject the Fund's investments to changes in currency rates.
These risks may be greater with respect to securities of companies that conduct their business activities
in emerging markets or whose securities are traded principally in emerging markets.
Depositary Receipts Risk:
Investments in depositary receipts may entail the
special risks of foreign investing, including currency exchange fluctuations, government regulations,
and the potential for political and economic instability.
Convertible
Securities Risk:
Convertible securities may be subordinate to other securities. In part, the total
return for a convertible security depends upon performance of the underlying stock into which it can
be converted. Also, issuers of convertible securities are often not as strong financially as those issuing
securities with higher credit ratings, are more likely to encounter financial difficulties and typically
are more vulnerable to changes in the economy, such as a
2
recession
or a sustained period of rising interest rates, which could affect their ability to make interest and
principal payments. If an issuer stops making interest and/or principal payments, the Fund could lose
its entire investment.
The following bar chart and tables indicate some
of the risks of investing in the Fund. The bar chart shows you how the Fund's calendar year performance
has varied over the last ten years. Sales loads are not reflected in the bar chart. If they were, returns
would be less than those shown. The average annual total returns table shows how the Fund's average annual
total returns (before and after taxes) for the one-, five- and ten-year periods compare to those of two
broad-based securities market indices. The Fund has selected the Russell 3000
®
Index
as its primary benchmark. The Russell
3000
®
Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of
the investable U.S. equity market. The Fund has selected the Standard & Poor’s 500
®
Index (“S&P 500
®
Index”) as a secondary benchmark. The S&P 500
®
Index is widely regarded as the standard index
for measuring large-cap U.S. stock market performance.
Performance data for the classes varies based
on differences in their fee and expense structures. Performance figures for Class R1 and R2 shares, first
offered on January 2, 2004, include the historical performance of Class A shares through January 1, 2004.
Performance figures for Class R3 shares, which were first offered on April 28, 2006, include the historical
performance of Class A shares through April 27, 2006. Performance figures for Investor Class shares,
first offered on February 28, 2008, include the historical performance of Class A shares through February
27, 2008. The performance for newer share classes is adjusted for differences in fees and expenses. Unadjusted,
the performance shown for the newer classes would likely have been different. Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please
visit mainstayinvestments.com for more recent performance information.
Annual Returns, Class I Shares
(by calendar year 2003-2012)
|
|
|
|
|
Best
Quarter
|
|
|
2Q/03
|
20.27
|
%
|
|
Worst
Quarter
|
|
|
4Q/08
|
-22.97
|
%
|
Average Annual Total Returns
(for the periods ended December 31, 2012)
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Year
|
5
Years
|
10
Years
|
|
|
Return Before Taxes
|
|
|
|
|
|
|
|
|
|
Investor Class
|
|
9.37
|
%
|
-0.04
|
%
|
7.84
|
%
|
|
|
Class A
|
|
9.59
|
%
|
0.14
|
%
|
7.94
|
%
|
|
|
Class B
|
|
9.85
|
%
|
-0.07
|
%
|
7.64
|
%
|
|
|
Class C
|
|
13.85
|
%
|
0.33
|
%
|
7.64
|
%
|
|
|
Class I
|
|
16.23
|
%
|
1.53
|
%
|
8.87
|
%
|
|
|
Class R1
|
|
16.08
|
%
|
1.41
|
%
|
8.74
|
%
|
|
|
Class R2
|
|
15.84
|
%
|
1.19
|
%
|
8.49
|
%
|
|
|
Class R3
|
|
15.53
|
%
|
0.92
|
%
|
8.19
|
%
|
|
|
Return
After Taxes on Distributions
|
|
|
|
|
|
|
|
|
|
Class I
|
|
15.99
|
%
|
1.32
|
%
|
8.12
|
%
|
|
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
|
|
|
|
|
|
|
|
|
Class I
|
|
10.85
|
%
|
1.26
|
%
|
7.65
|
%
|
|
|
Russell 3000
®
Index (reflects no deductions
for fees, expenses, or taxes)
|
16.42
|
%
|
2.04
|
%
|
7.68
|
%
|
|
|
S&P 500
®
Index (reflects no deductions
for fees, expenses, or taxes)
|
16.00
|
%
|
1.66
|
%
|
7.10
|
%
|
|
After-tax returns are calculated using the highest individual federal
marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale
of fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after
taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares
at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ
from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements,
such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares.
After-tax returns for the other share classes may vary.
New York Life Investments serves
as the Fund's Manager. Institutional Capital LLC and Markston International LLC serve as the Fund's Subadvisors.
3
|
|
|
|
|
Subadvisors
|
Portfolio Managers
|
Service Date
|
|
Markston International LLC
|
Roger Lob, Member
|
Since 1987
|
|
|
Christopher Mullarkey, Managing Member
|
Since
2002
|
|
|
James
Mulvey, Portfolio Manager
|
Since February 2013
|
|
Institutional Capital LLC
|
Thomas R. Wenzel, Senior Executive
Vice President & Co-Director of Research
|
Since 2006
|
|
|
Jerrold K. Senser, Chief Executive
Officer & Chief Investment Officer
|
Since 2006
|
|
|
Thomas
M. Cole, Senior Executive Vice President & Co-Director of Research
|
Since 2012
|
How to Purchase and Sell Shares
You may purchase or sell shares of the Fund on
any day the Fund is open for business by contacting your financial adviser or financial intermediary
firm, or by contacting the Fund by telephone at
800-MAINSTAY
(624-6782)
, by mail at MainStay Funds, P.O. Box 8401, Boston, MA 02266-8401 or by accessing our
website at mainstayinvestments.com. Generally, an initial investment minimum of $1,000 applies if you
invest in Investor Class, Class B, or Class C shares, $25,000 for Class A shares and $5,000,000 for individual
investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks
and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter
and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in
Investor Class, Class B and Class C shares. However, for Investor Class, Class B, or Class C shares purchased
through AutoInvest, a monthly systematic investment plan, a $500 initial investment minimum ($50 for
subsequent purchases) applies. Class R1, Class R2, Class R3 shares and institutional shareholders in
Class I shares have no initial or subsequent investment minimums.
The
Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination
of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an
individual retirement account.
Compensation to Financial Intermediary Firms
If you purchase Fund shares
through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies
may pay the intermediary for the sale of Fund shares and related services. These payments may create
a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend
the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's
website for more information. For additional information about compensation to financial intermediaries,
please see the section entitled "Compensation to Financial Intermediary Firms" in the "Shareholder Guide"
section starting on page 95 of the Prospectus.
4
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