New Core, Growth and International Funds Based on
NYLIM Equity Investors Group’s Quantitative 130/30 Institutional Strategies

NEW YORK, June 21, 2007– MainStay Investments, the retail distribution arm of New York Life Investment Management (NYLIM),   today announced the creation of three 130/30 mutual funds. Designed for individual investors, retirement plans and institutions, the three funds are based on the quantitative institutional strategies managed by NYLIM’s Equity Investors Group (EIG).   Both the MainStay 130/30 Core Fund and the MainStay 130/30 Growth Fund will be available for purchase on June 29^th.  The MainStay 130/30 International Fund will be available for purchase on August 31^st.   

A 130/30 fund is an equity fund benchmarked to an equity index that invests 130 percent of its assets in long positions, while 30 percent of its assets are sold short. The proceeds from the short sales are used to fund the purchase of the additional 30 percent of the long positions. The net investment is 100 percent exposure to the equity benchmark. [1]

“Simply stated, 130/30 funds provide institutional investment strategies to investors in the form of a mutual fund. For those seeking the benefit of exposure to short equity positions, but in a measured, risk-controlled manner, 130/30 funds can provide that opportunity.    And since 130/30 funds target a risk level similar to that of a typical long-only equity benchmark, they can be classified as equity investments as opposed to alternative investments,” said Stephen Fisher, president of The MainStay Funds.

Through short selling and applying modest amounts of leverage, 130/30 strategies have the potential to generate higher information ratios than traditional active long-only strategies and, therefore, may be able to achieve higher returns for the same amount of risk relative to the benchmark.

“We believe these three funds allow advisors to bring a deeper dimension to their client’s traditional equity style box.    By helping to maximize the untapped potential of a client’s portfolio, 130/30s funds may be a useful advisor-driven vehicle that can help investors achieve their financial objectives,” said Mike Coffey, managing director and head of distribution at MainStay Investments.

With over $243 billion in assets under management as of April 30, 2007, 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 atwww.nylim.com.  

Mutual funds are subject to market risk and will fluctuate in value. Please keep in mind that there are additional risks associated with investing in short sales and international securities. 

Please call 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.

Securities are distributed by NYLIFE Distributors LLC, 169 Lackawanna AveParisppany, NJ07054.

Media Contacts:
John Puccio                                                                   Alyson Nikulicz
New York Life Investment Management                            Makovsky + Co.
john_puccio@nylim.com                                                 anikulicz@makovsky.com  
(212) 576-8172                                                                (212) 508-9616