MainStay Investments and Marketfield Asset Management to Partner on Marketfield Fund

MainStay Investments, a New York Life company, today announced the formation of a new subadvisory partnership with Marketfield Asset Management (“Marketfield”) and the proposed adoption of The Marketfield Fund (MFLDX) to the MainStay Family of Funds. The flexible allocation fund, with $2 billion in assets, will be reorganized into the MainStay Funds and become the “MainStay Marketfield Fund” pending shareholder approval. MainStay Investments will become the investment advisor to the new fund and Marketfield will be sub-advisor to the fund. About MainStay Investments

With over $60 billion in mutual fund assets under management, as of March 31, 2012, MainStay Investments is the mutual fund distribution arm of New York Life. MainStay Funds has been designated a top three fund family by Barron’s for the 10-year time period* for three consecutive years (as of 12/31/11, out of 45 mutual fund families). About Marketfield Asset Management

For more information about MainStay Funds, call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. MainStay Investments is a registered name under which New York Life Investment Management LLC does business. MainStay Investments, an indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. *How Barron’s Ranks the Fund Families: To qualify for the Lipper/Barron’s Fund Survey, a fund family must have at least three funds in Lipper’s general U.S.-stock category, one in world equity (which combines global and international funds), one mixed-equity fund (which holds stocks and bonds), at least two taxable-bond funds, and one tax-exempt offering. Each fund’s returns are adjusted for 12b-1 fees. If a family’s biggest funds do well, that boosts its overall ranking. The category weightings for the 10-year results: general equity, 41.89%; world equity, 12.30%; mixed equity, 14.44%; taxable bonds, 25.99%; and tax-exempt bonds, 5.38%. Morningstar Percent Rank in Category This is the fund’s total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. Percentile ranks within categories are most useful in those categories that have a large number of funds.

Marketfield Fund rated five stars overall and five stars for the three-year period ending 5/31/12 from among 81 Long-Short Equity Funds. Performance data quoted represents past performance. New York Life