NOTE 1 -- ORGANIZATION AND BUSINESS:
The MainStay Funds (the "Trust") was organized on January 9, 1986 as a Massachusetts business trust. The
Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company and comprises twenty-three funds (collectively referred to as the "Funds").
These financial statements and notes relate only to MainStay MAP Fund (formerly MainStay MAP Equity Fund,
the "Fund"), a diversified fund.
MainStay MAP Fund commenced operations in 1971 as the Mutual Benefit Fund. It was renamed MAP-Equity
Fund on May 1, 1995. Pursuant to an Agreement and Plan of Reorganization approved by MAP-Equity
shareholders on June 3, 1999, the MAP-Equity Fund was reorganized as the MainStay MAP Equity Fund. As of
June 10, 2002 the MainStay MAP Equity Fund was renamed the MainStay MAP Fund. The financial statements
of the MainStay MAP Fund reflect the historical financial results of the MAP-Equity Fund prior to the
The Fund currently offers six classes of shares, Class A shares, Class B shares, Class C shares, Class I shares,
Class R1 shares and Class R2 shares. Distribution of Class A shares, Class B shares, and Class C shares
commenced on June 9, 1999. Distribution of Class R1 shares and Class R2 shares commenced on January 1,
2004. Class A shares are offered at net asset value per share plus an initial sales charge. No sales charge applies
on investments of $1 million or more (and certain other qualified purchases) in Class A shares, but a contingent
deferred sales charge is imposed on certain redemptions of such shares within one year of the date of purchase.
Class B shares and Class C shares are offered without an initial sales charge, although a declining contingent
deferred sales charge may be imposed on redemptions made within six years of purchase of Class B shares and
within one year of purchase of Class C shares. Class I shares, Class R1 shares and Class R2 shares are not
subject to sales char