New York Life - MainStay Investments

July 10, 2009

MainStay Adopts Epoch Investment Partners’ $750 Million Family of Mutual Funds

Dear Valued Partner,

We are pleased to inform you that MainStay Investments announced yesterday the adoption of four equity mutual funds managed by Epoch Investment Partners, Inc. (“Epoch”) to the MainStay Group of Funds. Pending shareholder approval, these funds with over $750 million in assets will be reorganized as “MainStay Epoch” mutual funds in November 2009. In addition, MainStay Investments will become the primary distributor of Separately Managed Accounts (SMAs) managed by Epoch.

Three of the funds have four-star ratings from Morningstar: Epoch Global Equity Shareholder Yield (EPSYX), Epoch International Small Cap (EPIEX) and Epoch US All Cap Equity (EPACX).

Founded in 2004 and led by CEO and co-CIO, William W. Priest, Epoch is a global, boutique asset management firm located in New York City. Their equity strategies are created in a manner consistent with the firm’s investment philosophy – to seek businesses that produce significant "free cash flow" and are run by management teams that intelligently use their free cash flow to create shareholder value.

“We’re delighted to be adding the Epoch Funds to the MainStay family. Epoch’s investment offerings are complementary to MainStay’s strong Large Cap Equity and Fixed Income product line-up. In both investment style and product scope, MainStay is adding greater depth and breadth to its family of mutual funds,” said Stephen Fisher, president of the MainStay Funds.

Thank you for your continued support.


Bill Higgins		Thomas C. Smythe
Director		Director
610.639.6333 Bill_Higgins@nylim.com		720.570.2829 Tom_Smythe@nylim.com

"New York Life Investments" is a service mark used byNew York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC. MainStay Investments is a registered name under which New York Life Investments does business.

Past performance is no guarantee of future results.

Epoch Global Equity Shareholder Yield Fund Class I, Epoch U.S. All Cap Equity Fund Class I, and Epoch International Small Cap Fund Class I rated four stars overall and for the 3-year period ended 6/30/09 from among 544 world stock, 1740 large blend, and 101 foreign small/mid growth funds, respectively. Ratings shown for Class I only; other share classes may vary. The Overall Morningstar Rating™ is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the next 10% receive one star.