NEW YORK, February 13, 2007- New York Life Investment Management LLC (NYLIM), announced today that its MainStay Asset Allocation Funds achieved a significant milestone, surpassing $1 billion in assets under management as of December 31, 2006.

“The MainStay Asset Allocation Funds were designed to empower advisors and agents in solving their clients' long-term investment needs.   As such, the majority of the assets have been raised through the financial intermediary market,” said Chris Blunt, president, MainStay Investments. 

MainStay’s Asset Allocation Funds consist of four target risk strategies, Conservative, Growth, Moderate and Moderate Growth, each offered in retail and variable annuity funds. All MainStay Allocation Funds are allocated across stocks, bonds, and cash, and diversified among different market capitalizations, investment styles, and debt instruments and offer a sophisticated investment process, providing broad diversification across equity and fixed-income markets.*

“The funds provide a simple, yet sophisticated process designed to provide a suitable ‘core’ investment solution - affording access to asset allocation, diversification, and rebalancing in one single Fund,” said Tony Elavia, chief investment officer of NYLIM’s Equity Investors Group. 

For the past three years, over 80 percent of the underlying MainStay Funds used in the portfolios have outperformed their respective Lipper category averages as of December 31, 2006**.  Each underlying Fund focuses on a particular market sector or style.  In addition, these underlying MainStay Funds hold numerous individual securities, providing greater diversification.

MainStay Asset Allocation Funds are designed to help achieve long-term investment goals by using an institutional investment approach based on the principles of asset allocation, diversification, and rebalancing.  These funds are managed according to pre-established allocation parameters that correspond to different risk/reward categories.

With over $235 billion in assets under management as of December 31, 2006, New York Life Investment Management LLC (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.

*Diversification does not ensure a profit or guarantee against market loss.

**Past performance does not guarantee future results.

About Risk

T he Funds are "funds of funds" that invest in other MainStay 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, clients 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.  In addition, the use of a fund of funds structure could affect the timing, amount, and character of distributions and may increase taxes payable by the investor.

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.

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