NEW YORK, April 10, 2008– MainStay Investments, the retail distribution arm of New York Life Investment Management, today announced the MainStay ICAP Select Equity Fund I (ICSLX) received the 2008 Lipper Fund Award in the Large-Cap Value, 10-year category.   

“This recognition reflects our highly successful team approach which is based on our bottom-up, value-driven stock selection process and in-depth portfolio analysis. Our global research effort differentiates us and is also a key factor in achieving these results,” said Jerrold K. Senser, chief executive officer and chief investment officer, Institutional Capital LLC.

In achieving this recognition, the fund outperformed 149 other funds in its category, generating 10.80 percent for its 10-year trailing returns (annualized as of December 31, 2007).  The fund outperformed its benchmark, the Standard & Poor’s 500, by 4.9 percentage points over the same period. 
MainStay ICAP’s 16-member investment team is led by Jerrold K. Senser and Thomas R.Wenzel, who have 52 years of combined investment industry experience, today managing $18 billion in retail and institutional assets.

MainStay Investments is the advisor distribution arm of New YorkLife Investment Management, a top 25 global money manager [*] with over $249 billion in assets under management. [†]   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.  For more information, visit MainStay Investments’ website at www.mainstayinvestments.com.

MainStay ICAP Select Equity Fund I (ICSLX) generated (3.25)%, 16.17% and 8.48%, respectively for its 1-, 5- and 10-year quarterly average annual total returns, as of March 31, 2008.

Class I: No initial sales charge or CDSC, generally available to corporate & institutional investors with a minimum initial investment of $5 million.  Gross Expenses: Class I 0.87%

Performance data quoted represents past performance.  Past performance is no guarantee of future results.  Due to market volatility, current performance may be less or higher than the figures shown.  Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost.  For current to the most recent month-end performance information, please contact 1-800-MAINSTAY.

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

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

allison_scott@nylim.com

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