Morningstar’s Fund Manager of the Year now part of MainStay Funds

NEW YORK, September 19, 2006 – MainStay Investments, the retail distribution arm of New York Life Investment Management LLC (NYLIM), today announced the addition of three new funds managed by ICAP to its fund family. They are the MainStay ICAP International Fund, the MainStay ICAP Select Equity Fund and the MainStay ICAP Equity Fund, respectively.

"The launch of MainStay ICAP Funds adds historically top-rated funds to the MainStay Fund line-up, giving us additional, complementary capabilities in both international and large-cap value,” said Chris Blunt, president of MainStay Investments.  “Our wholesalers are thrilled with the opportunity to deliver ICAP’s institutional expertise to retail investors.”

With its value-oriented focus, team approach, and time-tested investment process, ICAP has set itself apart from other portfolio managers.  In 2005, Morningstar named ICAP’s international management team as the International-Stock Fund Manager of the Year. Also, in 2005, Morningstar nominated ICAP’s Select Equity team for Domestic-Stock Fund Manager of the Year.

• MainStay ICAP International Fund (ICEVX) — Invests primarily in equity securities of foreign companies with market capitalizations of at least $2 billion. The Fund may invest in stocks that trade in emerging or developing markets and typically holds between 30 and 50 securities.

• MainStay ICAP Select Equity Fund (ICSRX) — A large-cap value Fund that invests primarily in U.S. dollar-denominated equity securities of companies with market capitalizations of at least $2 billion. The Fund typically holds between 20 and 30 securities.

• MainStay ICAP Equity Fund (ICAUX) — A large-cap value Fund that invests primarily in U.S. dollar denominated equity securities of companies with market capitalizations of at least $2 billion. The Fund intends to be fully invested in equity securities and typically holds between 40 and 45 securities.

The Funds will continue to be managed by the same team of investment professionals under the leadership of Portfolio Manager Rob Lyon, president and chief investment officer of ICAP.  No changes will be made to the funds’ time-tested and focused investment strategies and philosophies.

Additionally, ICAP will continue to serve as co-manager of MainStay MAP Fund—a multi-cap and multi-subadvisor Fund that seeks to provide investors with long-term capital appreciation.  ICAP became a co-manager of the MAP Fund on July 3, 2006.

The ICAP additions enhance MainStay’s product diversity within the domestic, large-cap value style box. MainStay offers large-cap value funds from two other of NYLIM’s boutique investment managers: Equity Investors Group, a quantitative manager, and MacKay Shields which takes a classic value approach.  With the addition of ICAP’s relative value investment approach, MainStay rounds out its large-cap value offerings.

NYLIM’s acquisition of ICAP was completed on June 30, 2006.  With over $14 billion in assets under management, ICAP manages U.S. and international equity portfolios for some of the world’s largest and most respected corporations and institutions.

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. 

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

Contact:

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