Boards of MainStay ICAP funds want to change investment objectives

By Toni Weeks

San Diego, Dec. 23 - The boards of trustees of the MainStay ICAP Equity Fund, the MainStay ICAP Select Equity Fund and the MainStay ICAP International Fund approved the submission of two proposals to shareholders of the funds concerning the funds' investment policies, according to a 497 filing with the Securities and Exchange Commission.

The proposals, if approved at a May 21 shareholder meeting, will allow the board to change each of the fund's investment objective to a non-fundamental investment policy from a fundamental investment policy and amend each fund's fundamental investment restriction.

Shareholders who own shares of a fund as of March 19 will receive a proxy statement and more information.

If the board gets permission to amend each fund's investment objective, it plans to change each as follows:

• The MainStay ICAP Equity Fund will seek total return rather than a superior total return with only a moderate degree of risk;

• The MainStay ICAP Select Equity Fund will seek total return rather than a superior total return; and

• The MainStay ICAP International Fund will seek total return rather than a superior total return with income as a secondary objective.

Parsippany, N.J.-based New York Life Investments is the manager of the funds.

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