New York Life to Acquire a Minority Stake in Cornerstone Capital Management

MainStay Investments and Cornerstone to Partner on New “MainStay Cornerstone Growth Fund”

Reflects Continued Broadening of MainStay Product Lineup through Large-Cap Growth Fund Adoption and New Sub-Advisory Relationship

New York, September 27, 2012 – New York Life, through a subsidiary, today announced that it has signed an agreement to acquire a minority stake in Cornerstone Capital Management, Inc. ("Cornerstone"), a Minneapolis-based large-cap growth manager with more than $2.2 billion in assets under management. The terms of the agreement call for New York Life to increase its ownership over a period of seven years to a majority stake.

"Cornerstone has a strong track record of achieving long-term investment success for its clients. Its expertise in investing in large-cap growth equities complements our overall investment capabilities and positions us for growth," said Yie-Hsin Hung, senior managing director and head of Institutional Investments for the Investments Group of New York Life. "We are committed to making strategic acquisitions that enhance our investment boutiques with a focus on strategies sought by our clients."

Cornerstone manages the Keystone Large Cap Growth Fund and has a distinct philosophy of being a short-term contrarian within the context of long-term fundamental investing. The Fund invests primarily in equity securities of U.S. companies focusing on a relatively small number of intensively researched organizations. The Fund typically invests at least 80 percent of net assets in common stocks of high-growth large-capitalization companies with at least $3 billion in market capitalization. The Fund typically will hold approximately 35 to 55 companies in various stages of growth.

Founded in 1992, Cornerstone is led by Andrew Wyatt, chief executive officer and Thomas Kamp, president and chief investment officer. Prior to joining Cornerstone in 2006, Kamp managed more than $9 billion in assets at Alliance Capital Management. "Partnering with one of America's strongest and most well-regarded financial institutions is part of our strategic growth plan and provides increased opportunities for our clients and our team," said Wyatt. "This partnership enables Cornerstone to preserve its long-standing investment and management philosophies and continue its focus on performance while benefiting from New York Life's global breadth and depth in distribution, marketing and service."

New Subadvisory Relationship
As part of this agreement, the Investments Group of New York Life also announced the formation of a new subadvisory partnership with Cornerstone and the proposed adoption of the Keystone Large Cap Growth Fund to the MainStay family of funds. The Keystone Large Cap Growth Fund, with $330 million in assets as of July 31, 2012, will be reorganized into the MainStay Funds and become the "MainStay Cornerstone Growth Fund" pending shareholder approval. MainStay Investments will become the investment manager to the new fund and Cornerstone will be sub-advisor to the fund. Cornerstone will continue to be responsible for the day-to-day portfolio management of the fund. Hung continued, "We are very pleased to bring the investment expertise of Cornerstone to our current shareholders and distribution partners adding depth and breadth to our product lineup."

The parties expect to close the transaction on or about January 13, 2013. Advisors to Cornerstone were Faegre Baker Daniels LLP and Ted Gooden of Berkshire Capital Securities LLC.

About Cornerstone Capital Management
Cornerstone Capital Management, Inc. is a Minneapolis-based global investment and financial advisory firm for institutions and private clients. Founded in 1992, Cornerstone currently manages more than $2.2 billion in assets as of July 31, 2012. The company is a values-driven, customer-centric organization operating at the highest levels of professionalism and integrity, seeking to consistently deliver superior investment performance.

About MainStay Investments
With more than $63.5 billion in assets under management as of July 31, 2012, MainStay Investments ("Mainstay") is the mutual fund distribution arm of New York Life. MainStay provides financial advisors access to a powerful mix of autonomous, institutional investment managers, delivered by people who understand the needs of today's financial advisor. The MainStay Fund Family has been designated a top three fund family1 by Barron's for the 10-year time period for three consecutive years (as of 12/31/11, out of 45 mutual fund families). As an indirect subsidiary of New York Life Insurance Company, a Fortune 100 company founded in 1845, MainStay is owned by the largest mutual life insurance company in the United States2 and is one of the largest life insurers in the world.

About New York Life's Investments Group
The Investments Group of New York Life ranks among the largest asset management firms in the United States.3 Through its multiple-boutique investment structure, New York Life offers access to an array of products designed for both institutional and retail clients. New York Life is a leading provider of retirement plans for corporations, multi-employer trusts and individuals, and is recognized as one of the nation's top providers of guaranteed products to both the qualified and non-qualified markets. Together with its affiliates and over 2,000 employees, the Investments Group of New York Life managed more than $345 billion in assets as of July 31, 2012.

Media Contacts:
John Brine
New York Life
212-576-7260
john_s_brine@newyorklife.com

Beth LaBreche
For Cornerstone Capital Management
612-392-7603
blabreche@labreche.com

For more information about MainStay Funds, call 800-MAINSTAY (624-6782) for a prospectus or summary prospectus. Investors are asked to consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus or summary prospectus contains this and other information about the investment company. Please read the prospectus or summary prospectus carefully before investing.

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. The MainStay Funds are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, NJ 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member of FINRA/SIPC.

1. Barron's Annual Ranking of mutual fund families (February 6, 2012). To qualify for the Lipper/Baron's Fund Survey, a fund family must have at least three funds in Lipper's general U.S. stock category, one in world equity, one mixed equity fund, at least two taxable bond funds, and one tax-exempt offering. Each fund's returns are adjusted for 12b-1 fees. Fund loads, or sales charges, are not included in the calculation of returns. Each fund's return is measured against those of all the funds in its Lipper category.

2. Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, May 21, 2012.

3. Pensions & Investments, May 30, 2012

NO PERFORANCE DATA HAS BEEN QUOTED.

Mutual fund investing involves risk; principal loss is possible. The Keystone Large Cap Growth Fund may concentrate its assets in fewer holdings which will expose it to increased individual stock volatility. The Fund may also purchase foreign securities or use derivatives, which involve additional risks. Please refer to the prospectus for details.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The statutory and summary prospectus contains this and other important information about the investment company, and it may be obtained by calling (866) 596-3863, or visiting www.keystonefunds.com. Read it carefully before investing.

The Keystone Large Cap Growth Fund is distributed by Quasar Distributors, LLC. Quasar Distributors, LLC is not affiliated with NYLIFE Distributors LLC or the MainStay Funds.