Victor Samoilovich and Daniel Glickman to Lead Value Team;
William Knapp, PhD. to serve as Investment Strategist

NEW YORK, September 18, 2006 -- New York Life Investment Management (NYLIM) today announced three key additions to its investment management unit Equity Investors Group (EIG).  Daniel Glickman and Victor Samoilovich were named managing directors and together will serve as portfolio managers for NYLIM’s quantitative institutional value strategies and mutual funds.  William Knapp, PhD. has joined the EIG investment committee as a managing director and will serve as the group’s investment strategist.

“The quantitative investment engines being developed within EIG are gaining considerable traction in the institutional and retail marketplace.  Our strong track record for developing and deploying innovative quantitative models is a source of pride and a credit to the talented people who work here.  The additions of Bill, Dan and Victor to our ranks will allow us to build upon our successful foundation. I am delighted to have them join our team and look forward to their collective contributions,” said Tony Elavia, senior managing director and chief investment officer, NYLIM’s Equity Investors Group.    

Quantitative Value Team

Adding substantial depth to EIG, Victor Samoilovich and Daniel Glickman together will serve as portfolio managers for quantitative institutional strategies such as Small Cap Value and Mid Cap Value as well as MainStay’s Small Cap Opportunity and Mid Cap Opportunity mutual funds. 

Samoilovich and Glickman join NYLIM from TIAA-CREF where, for four years, they worked together developing strategies and managing portfolios benchmarked to the small cap Russell 2000 universe.

The new team will immediately begin management of the existing value strategies within EIG, implementing the process currently in place, with plans to make incremental changes to the process after careful research.

“We are constantly looking to upgrade our capabilities and we have done that in a significant way by bringing Victor and Dan on board to lead our quantitative value team.  Their track record and expertise is an immediate asset and we are confident that the success they have achieved in the past will be translated here at NYLIM for the benefit of our investors,” said Elavia.   

Prior to joining TIAA-CREF in 2000, Victor Samoilovich spent seven years with Morgan Stanley where as a vice president he developed and implemented quantitative strategies and participated in building the first generation of MSCI country risk models.

Samoilovich is a graduate of Moscow State University in Russia.

Daniel Glickman joined TIAA-CREF in 2001 where he co-managed small cap portfolios with Victor Samoilovich. Prior to TIAA-CREF, Glickman was a senior researcher at State Street Global Advisors. He developed and helped implement quantitative stock selection and risk management strategies.  Glickman received his MBA in Analytic Finance and Econometrics from the University of Chicago, Graduate School of Business, his MS in Operations Research from Columbia University’s School of Engineering and his BS in Mathematics from Massachusetts Institute of Technology.

Investment Strategist

As a senior investment officer at EIG, William Knapp, PhD, will bring a new perspective and skill set to the team.  He will contribute to product development while also interfacing with clients as the public representative of EIG’s investment team.

Prior to joining NYLIM, Knapp served as a managing director and chief investment officer of Personal Financial Services at the Northern Trust Company in Chicago, Illinois.  He oversaw strategic asset allocation and was responsible for investment policy for the private client business of Northern.

Prior to Northern Trust, Knapp was managing director and head of global investment strategy at Citigroup Asset Management/Citigroup Private Bank where he oversaw Citigroup’s flagship global asset allocation products. He also led various asset allocation and quantitative research efforts for the organization.  Prior to Citi, Knapp spent six years with Scudder Kemper Investments serving as vice president and portfolio manager for nine funds as well as performing a broad range of quantitative analysis for Kemper Mutual Funds.

“Bill is a tremendous hire for NYLIM.  Having such robust experience in asset allocation and in quantitative portfolio management, he will be a big contributor to our product innovation efforts and broad aspects of the investment process. Bill will also provide an invaluable service by communicating our fund strategies directly to the institutional marketplace and our retail sales force. This will ensure that our distribution force will have a direct link to the investment engines at all times.  “When markets move and events take place, Bill will provide the necessary insights.  We see this as a great advantage as EIG continues its trajectory of growth,” said Elavia.

William Knapp received his PhD in Economics from the University of Wisconsin – Madison.

With over $220 billion in assets under management as of June 30, 2006, New York Life Investment Management (NYLIM) and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients.  NYLIM offers institutional asset management, retail investments, retirement plan services, guaranteed products, real estate investments, and alternative investments.  For more information, visit NYLIM’s website at www.nylim.com. 

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

Please call 1-800-MAINSTAY (1-800-624-6782) for 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.

The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8 percent of the total market capitalization of the Russell 3000 Index.

Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable.  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. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. The Fund may experience a portfolio turnover rate of over 100% and may generate short-term capital gains which are taxable. The Fund’s use of securities lending presents the risk of default by the borrower, which may result in a loss to the Fund.

Media Contact:

Allison Nussen
New York Life Investment Management
212-576-4517
allison_nussen@nylim.com