CHICAGO, June 26, 2008 –– MainStay Investments, the retail distribution arm of New York Life Investment Management, today introduced the MainStay ICAP Global Fund (ICGLX) to advisors at the annual Morningstar Investor Conference. 

Open to investors as of April 30, 2008, this is the fourth mutual fund wholly managed by the Institutional Capital LLC (“ICAP”) investment team. Global joins ICAP’s Equity, Select Equity and International mutual funds, which are also products of MainStay Investments. 

“The global fund is a natural extension of the ICAP investment process and provides investors the best global equity ideas – all in one equity product,” said Mike Coffey, managing director and head of distribution for MainStay Investments.

The MainStay ICAP Global Fund’s objective is to seek a superior total return by investing primarily in equity securities of U.S. and foreign companies with market capitalizations of at least $2 billion.  The Fund typically holds between 50–80 securities, at least 40 percent of which will come from outside of the U.S.

The Global Fund’s investment decisions and portfolio construction are driven by a team led by Jerrold K. Senser and Thomas R.Wenzel, who have 52 years of combined investment industry experience, today managing over $18 billion in institutional and retail assets.

“By limiting investments to only U.S. equity markets, investors miss out on approximately 60 percent of the world’s total market capitalization.  With the new Fund, portfolio managers – in one product – can capture large cap opportunities from a global perspective, while providing valuable diversification benefits and potentially reducing risk to shareholders,” said Coffey.

ICAP employs the same investment process across all strategies they manage. It is a time-tested and disciplined team approach to finding large-cap value securities.

“As large-cap managers, ICAP’s research team has followed most industries on a global scale for many years.  We are pleased to offer this natural extension of their capabilities to MainStay investors,” concluded Coffey.

MainStay Investments is the retail distribution arm of New YorkLife Investment Management, a top 30 global money manager[1] with over $249 billion in assets under management.[2]  We deliver the investment products and expertise you’ve come to expect through: Multi-Boutique Management, offering access to leading institutional managers that drive performance; Proven Wealth-Building Tools, providing actionable and effective solutions to help invest and plan for all life stages; and a commitment to you.  We proudly stand on a track record of accountability, integrity, and commitment.

Please call 1-800-MAINSTAY (1-800-624-6782) for MainStay Funds prospectuses. Please 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 it carefully before you invest.

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

Foreign securities can 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.  These risks are likely to be greater for emerging markets than in developed markets.

Media Contact:
Allison Scott
New York Life Investment Management
212-576-4517

allison_scott@nylim.com