Broadly Diversified Fund-of-Funds May Include Allocations to
130/30s, Commodities, REITs, TIPs and Market Neutral Strategies

NEW YORK, June 26, 2007 – New York Life Investment Management (NYLIM) today announced the creation of the MainStay Retirement Funds. This series will consist of five funds with target retirement dates of 2010, 2020, 2030, 2040 and 2050, respectively. The asset allocation of each fund will grow more conservative as it moves closer to its target retirement date.  The series will be managed by NYLIM’s Equity Investors Group (EIG) and will be primarily distributed to plan sponsors by New York Life Retirement Plan Services (RPS), a division of NYLIM.  MainStay Retirement Funds will be available for purchase on June 29^th. 

“We believe it is critical for plan sponsors to select target date funds that incorporate a broad diversification of asset classes, managed by experienced investment professionals who employ active risk management.  MainStay Retirement Funds will provide an exceptionally diverse asset allocation that will leverage both proprietary and non-proprietary investment products. And they will be managed by experienced portfolio managers already responsible for over one billion dollars in asset allocation funds,” said Don Salama, senior managing director and head of New York Life Retirement Plan Services.

Each MainStay Retirement Fund glide path (a measurement which reflects the change in a fund’s asset allocation over time) includes allocations to multiple sectors within U.S. and international equity (across large-, mid-, and small-cap, as well as growth, value, and blend styles), and fixed-income (investment-grade, high-yield, bank loan, international, emerging market, and inflation-protected bonds) as well as various sub-asset classes (real estate investment trusts, commodities, treasury inflation protected securities and market neutral strategies). The series will also have greater flexibility to respond to future market environments because the funds will not be tied to a static mix of underlying asset class weightings.

In addition to its own proprietary funds, MainStay portfolio managers will have access to unaffiliated managers to provide a broader, superior diversification for shareholders.   Because of the non-proprietary allocation, MainStay Retirement Funds may also include sub-sectors that many peer funds do not utilize such as commodities, REITS, TIPS and market neutral strategies. 

Also of note, the MainStay Retirement Funds will have a higher total equity allocation than most available retirement funds. The recently announced MainStay130/30 funds would qualify as an equity allocation within each fund.

“With the option to incorporate sophisticated institutional investment strategies into target date allocations -- and with the ability to tap non-proprietary expertise -- we’ve structured the funds to be flexible, diversified and to seek superior performance. This target date series is not only built to last, but to perform their job in an uncertain, long-term market environment,” said Tony Elavia, senior managing director and chief investment officer of EIG, and lead portfolio manager of the MainStay Retirement Funds.

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 at www.nylim.com. 

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.

About Risk:  The Mainstay Retirement Funds are funds of funds. The cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in the Funds, you will indirectly bear fees and expenses charged by the underlying Funds in which the Funds invest in addition to the Funds' direct fees and expenses. Additionally, the use of a fund-of-funds structure could affect the timing, amount, and character of distributions to you and therefore may increase the amount of taxes you pay. You should consult your tax and financial professionals regarding these matters.  The funds allocate investments among multiple asset classes which can include U.S.and foreign equity and fixed income securities. The fund may also allocate its investments in growth and value stocks, real estate investment trusts, and corporate and U.S.government bonds. Foreign investing involves risks not associated with U.S.investments, including currency fluctuations and political and economic changes. While diversification and shifting to a more conservative investment mix over time helps to manage risk, it does not guarantee earnings growth. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. The risks associated with an investment in the funds are more fully described in the funds’ prospectus.

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

Media Contacts:
John Puccio
New York Life Investment Management
john_puccio@nylim.com  
(212) 576-8172           

Sarah Lazarus
CL-Media Relations
sarah@cl-media.com
(978) 369-4478

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