MainStay MAP Fund

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MainStay MAP Fund

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Fund Performance

Share Class (Inception)
Category: Equity	YTD %	1 Year %	3 Year %	5 Year %	10 Year %	Since Incep. %
Average Annual Total Returns as of 04/30/2008
NAV:
Class A (06/09/1999)	-2.94	-3.07	10.54	14.70	n/a	8.80
Class INV (02/28/2008)	-2.88	-3.02	10.56	14.71	n/a	8.81
Class B (06/09/1999)	-3.18	-3.82	9.72	13.85	n/a	8.00
Class C (06/09/1999)	-3.18	-3.82	9.72	13.85	n/a	8.00
Class I (06/09/1999)	-2.83	-2.75	10.93	15.09	9.44	11.36
With Sales Charges:
Class A (06/09/1999)	-8.27	-8.41	8.48	13.41	n/a	8.12
Class INV (02/28/2008)	-8.22	-8.35	8.50	13.42	n/a	8.12
Class B (06/09/1999)	-8.02	-8.04	8.89	13.61	n/a	8.00
Class C (06/09/1999)	-4.14	-4.66	9.72	13.85	n/a	8.00
Class I (06/09/1999)	-2.83	-2.75	10.93	15.09	9.44	11.36
Average Annual Total Returns as of 03/31/2008
NAV:
Class A (06/09/1999)	-6.92	-3.16	7.78	15.41	n/a	8.37
Class INV (02/28/2008)	-6.86	-3.10	7.80	15.43	n/a	8.38
Class B (06/09/1999)	-7.10	-3.90	6.97	14.55	n/a	7.57
Class C (06/09/1999)	-7.07	-3.87	6.98	14.56	n/a	7.58
Class I (06/09/1999)	-6.83	-2.82	8.17	15.81	9.02	11.26
With Sales Charges:
Class A (06/09/1999)	-12.04	-8.49	5.76	14.12	n/a	7.68
Class INV (02/28/2008)	-11.98	-8.43	5.79	14.13	n/a	7.69
Class B (06/09/1999)	-11.74	-8.12	6.15	14.32	n/a	7.57
Class C (06/09/1999)	-8.00	-4.71	6.98	14.56	n/a	7.58
Class I (06/09/1999)	-6.83	-2.82	8.17	15.81	9.02	11.26
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data shown at NAV does not reflect the deduction of the sales load, which, if reflected, would reduce the performance quoted.
Class A & INV: 5.5% maximum initial sales charge. Class B: CDSC up to 5% if redeemed within six years. Class C: 1% CDSC if redeemed within one year. Class I: No initial sales charge or CDSC, generally available to corporate & institutional investors with a minimum initial investment of $5 million. Class R1 & R2: No initial sales charge or CDSC, available only through corporate-sponsored retirement programs, which include certain minimum program requirements. Gross Expenses: Class A 1.22%, INV 1.32%, B 2.05%, C 2.05%, R1 1.02%, R2 1.27%, R3 1.52%, I 0.92%

Growth of a Hypothetical $10,000 Investment at NAV

Class I shares 09/30/1995 to 03/31/2008. Based on total returns with reinvestment of distributions and does not reflect the effect of any sales charges, which would reduce performance shown. Performance for Class A, B, and C shares will differ based on differences in their sales charges and expense structures. The Russell Midcap^® Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000^® Index. Results assume the reinvestment of all capital gain and dividend distributions. S&P 500^® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500 is an unmanaged index and is widely regarded as the standard for measuring large-cap U.S. stock-market performance. Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index.

Investment Advisor

MainStay is a division of New York Life Investment Management LLC (NYLIM), a world-class financial services organization that with its affiliates has more than $246 billion in assets under management as of March 31, 2008. NYLIM is the Investment Advisor for all MainStay Funds and serving as manager, runs the Funds' day-to-day business.

Investment Subadvisor

The Investment Advisor has delegated its portfolio management responsibilities for this Fund to its Investment Subadvisors, Institutional Capital LLC (ICAP) and Markston International LLC. With over 35 years of experience, ICAP has managed domestic equity and international equity, large-value portfolios for some of the world's largest and most respected corporations and institutions. Markston International has managed investments for more than two decades.

Portfolio Manager(s)

Jerrold K. Senser, CFA
Mr. Senser serves as Chief Executive Officer and Chief Investment Officer of ICAP. As CEO and CIO, Mr. Senser heads the investment committee and is the lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Fund. Mr. Senser has been with the firm since 1986. Mr. Senser graduated with a B.A. in economics from the University of Michigan and an M.B.A from the University of Chicago. He is a CFA charterholder. Prior to joining ICAP, Mr. Senser spent seven years at Stein Roe & Farnham as an associate involved in economic and fixed-income analysis. He began his career at Data Resources, Inc., an economic consulting firm.

Thomas R. Wenzel, CFA
Mr. Wenzel, Executive Vice President and Director of Research, is a senior member of the investment committee. Mr. Wenzel serves as a lead portfolio manager for all of ICAP’s investment strategies, MainStay ICAP Funds, and MainStay MAP Funds. As a 15-year veteran of the firm, Mr. Wenzel also leads the firm’s investment research with particular emphasis on the financial sector. At the University of Wisconsin-Madison, he participated in the applied security analysis and investment management program and earned a B.A. in economics and an M.B.A. He is a CFA charterholder. Before joining ICAP in 1993, he served as a senior equity analyst at Brinson Partners for six years.

Michael Mullarkey
Mr. Mullarkey has been Portfolio Manager of MainStay MAP Fund since 1981. Mr. Mullarkey is Managing Member of Markston International LLC and has over 30 years experience in the investment world. Prior to founding Markston in 1981, Mr. Mullarkey was an analyst at Baker Weeks, Goldman Sachs, and Sector Manager at the Ford Foundation. Additionally, he was co-founder of the Computer Industry Analysts Group, and is still a member of the Electronic Analysts Group. Mr. Mullarkey has an M.B.A. from Harvard Business School.

Roger Lob
Mr. Lob has been Portfolio Manager for MainStay MAP Fund since 1987. Mr. Lob joined Markston International LLC in 1985, became a Portfolio Manager in 1987, and was made a partner in 1988. Prior to joining Markston, Mr. Lob was a quantitative analyst at Kidder, Peabody and Company. Mr. Lob has an M.B.A. from Columbia Business School.

Christopher Mullarkey

Mr. Mullarkey has an MBA from Stern School of Business at New York University, is a Member of Markston International, has over ten years of experience in the investment business and has been a portfolio manager for MainStay MAP Fund since 2002.

Fund Objective

To seek long-term appreciation of capital. The Fund also seeks to earn income, but as a secondary objective.

Investment Strategy

>	The Fund invests primarily in common stocks and convertible securities deemed by the subadvisor to represent value opportunities.
>	Emphasis is placed on the presence of a catalyst, such as management changes, restructuring, and sales of underperforming assets, that may unlock a company's potential.
>	The Fund may use both statistical and fundamental research to assess a company's products, performance, management, and value potential.
>	The Fund is diversified across a wide variety of sectors and industries to help manage risk.

Fund Statistics

	Class A	Class INV	Class B	Class C	Class I
Total Net Assets	459.3M	85.9M	299.6M	272.8M	390.7M
Beta¹	0.97	0.97	0.97	0.96	0.97
Standard Deviation²	10.30	10.30	10.28	10.28	10.28
Number of Holdings	237
Purchases	Class A, B, C shares: $1,000 minimum initial investment, $50 subsequent. Class I Shares: $250,000 minimum initial investment, $1,000 subsequent.

Investor Profile

>	Investors seeking long-term capital appreciation from common stocks and convertible securities of companies at all capitalization levels.
>	Investors seeking value opportunities among out-of-favor securities with catalysts that may unlock underlying potential.
>	Investors willing to accept the higher risks of equities as they pursue higher return potential.

Why Value Stocks?

Value equities offer potential for appreciation and are a natural complement to growth investments.

¹Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the market's. Beta shown is based on monthly returns over the last three years.
²Standard Deviation measures how widely dispersed a fund's returns have been over a specified period of time (five years). A high standard deviation indicates that the range is wide, implying greater potential for volatility.

What You Should Know

Before You Invest

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 companies may be more vulnerable to adverse business or market developments than mid- or large-capitalization companies.

View the Prospectus

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.

All total returns are shown both with and without their maximum sales charge and assume capital gain and dividend distributions are reinvested.

Class A and R2 shares have an annual 12b-1 fee of .25%. Class B and C shares have an annual 12b-1 fee of 1.00%. Class I and R1 shares have no annual 12b-1 fee.

Performance figures reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. The fee waivers and/or expense limitations are voluntary and may be discontinued at any time. Effective 6/10/02, MainStay MAP Equity Fund was renamed MainStay MAP Fund. MAP-Equity Fund was reorganized as MainStay MAP Fund Class I shares on 6/9/99. 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.

> Back to Top

>	First Offered
	Class A: 06/09/99
	Class INV: 02/28/08
	Class B: 06/09/99
	Class C: 06/09/99
	Class I: 06/09/99

>	Nasdaq Symbol
	Class A: MAPAX
	Class INV: MSMIX
	Class B: MAPBX
	Class C: MMPCX
	Class I: MUBFX

>	Cusip Number
	Class A: 56062F210
	Class INV: 56062X443
	Class B: 56062F194
	Class C: 56062F186
	Class I: 56062F228

>	Fund Number
	Class A: 1225
	Class INV: 2553
	Class B: 1226
	Class C: 1227
	Class I: 1224

>	Download Prospectus
>	View Fact Sheet
>	Access Annual / Semiannual Report

>	Morningstar Style Box^TM

The Morningstar Style Box^TM reveals a fund's investment strategy. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows the investment style (value, blend, or growth).

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