Parsippany, N.J. – September 19, 2005 – MainStay Investments announced today that it has appointed Michael Breyel, Martha Schuman, Nicole DiBari and Robert Holz, Jr. as Regional Vice Presidents of Sales. MainStay Investments, a division of New York Life Investment Management LLC (NYLIM), offers retail investors a range of products including MainStay Funds, Separately Managed Accounts and the 529 CollegeSense College Savings Plan.

This is the most recent in a series of new hires that MainStay Investments began in April 2004 to expand an already impressive network of senior wholesalers. Fifteen wholesalers have been hired since April 2004, with four joining in July and August 2005.

“As others in the industry continue to scale back their wholesaler programs, we recognized the fact that a strong base of seasoned wholesalers translates into long-term growth at MainStay Investments,” said Chris Blunt, President of MainStay Investments. “We’re attracting high-quality wholesalers because of our reputation and commitment to providing advisors insightful sales related information, and it’s paying off.”

The four wholesalers are charged with marketing and selling MainStay products to financial intermediaries such as national, full service brokerage firms, regional firms and independent broker-dealers.

In addition to hiring senior wholesalers, MainStay continues to enhance its sales force support. Earlier this summer, MainStay rolled out a new client relationship management system – the SMART (Sales Management and Relationship Tool) program – which allows its sales force, both internal and external, to better target their efforts to coincide with individual advisors’ selling styles

Michael Breyel will work with national and regional brokerage firms in Georgia, Alabama, and Northern Florida. Most recently, Michael was a Vice President, Retirement Planning Advisor at Merrill Lynch in Atlanta. While there, he was responsible for managing the South Carolina, Georgia, Alabama, Louisiana, Mississippi and Florida panhandle region. He has also held positions at Pioneer Investments and Mortgage and Equity Funding.

Martha Schuman will work with advisors in regional and independent brokerage firms in Northern California and Nevada. Prior to joining NYLIM, Martha was most recently a Regional Vice President at MetLife Investors where she was responsible for sales of variable annuity products. In addition, she previously held positions at MFS Funds Distributors, Inc. and Lehman Brothers.

Nicole DiBari’s territory will include Los Angeles and Southern Nevada, where she will work with national and regional brokerage firms. Previously, Nicole was Vice President, Advisor Consulting Services at NWQ where she was responsible for separately managed accounts sales. Nicole also held positions at Weber Investment Management, Berkley Capital Management and Morgan Stanley.

Robert Holz, Jr., will call on regional and independent brokerage firms in Georgia, Alabama, and Mississippi. Prior to joining NYLIM, Robert was a business owner and has worked as a Financial Representative for Quick & Reilly. Additionally, he held positions at Northwestern Mutual, Merrill Lynch, Aeltus Investment Management and Keystone Investments.

New York Life Investment Management LLC (NYLIM) and its affiliates, with more than $194 billion in assets under management as of July 31, 2005, provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments and alternative investments. For more information, visit the New York Life Investment Management website at www.nylim.com.

Please call 1-800-624-6782 for a MainStay Funds prospectus. Investors are asked to 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 the prospectus carefully before investing.  

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054. 

FOR MORE INFORMATION:
Bliss, Gouverneur & Associates
Meghan Lantier
(212) 840-1661

New York Life Investment Management LLC
Diane Kagel
(973) 394-4403