-- Financial Professional Web Site Ranked First Among Mutual Funds—

--Consumer Site Moves into Top Ten—

PARSIPPANY, N.J., June 29, 2004 - New York Life Investment Management LLC (NYLIM) today announced that MainStay Funds’ Online Sales Desk, www.mainstayfunds.com/pro, secured the number one ranking in DALBAR’s Top 40 Mutual Fund Financial Professional Web Sites.    DALBAR is the nation’s leading financial services market research firm.

In awarding the top ranking, DALBAR cited a host of new tools MainStay implemented to enhance its financial professionals site.  The most striking is the SAGE Allocation Tool that allows wholesalers to perform a goal-based “Monte Carlo analysis” on portfolios, and then create customized asset allocation strategies for clients of financial professionals.  Other enhancements include daily e-mail alerts through DST Vision with notification of clients’ previous day transactions, a new estate planning calculator and a new long-term care calculator.

MainStay Funds’ consumer site, www.mainstayfunds.com, also impressed the judges at DALBAR and took the eighth spot in DALBAR’s Top 40 Mutual Fund Consumer Web Sites.  Several enhancements were noted by DALBAR, including an asset allocation pie chart, which allows investors to view how their portfolio is distributed across different asset allocation classes.  MainStay also added new interactive forms, a suggested reading link entitled “Books on Investing,” and significantly enhanced its Tax Center. 

“NYLIM and MainStay are committed to serving the needs of financial professionals and their clients,” noted Brian Murdock, president of New York Life Investment Management LLC.  “We are honored that DALBAR has recognized MainStay’s online technology, tools, and information services as well as the value the sites provide to both advisors and shareholders. 

MainStay Funds are available across all major asset categories, including equity, fixed income, high yield, and international.  The Funds provide active and quantitative management across a variety of investment approaches.

New York Life Investment Management LLC and its affiliates, with more than $180 billion in assets under management as of April 30, 2004, provide a wide range of investment services to institutional, individual, corporate, public, and Taft-Hartley clients, including institutional asset management, retail investments, retirement services, guaranteed products, real estate investments, and alternative investments.  For more information, visit the New York Life Investment Management website at www.nylim.com.

DALBAR, Inc. is committed to raising the standards of excellence in the financial services industry. Headquartered in Boston, with additional offices in Toronto, DALBAR develops standards for, and provides research, ratings, and rankings of intangible factors to the mutual fund, broker/dealer, discount brokerage, life insurance, and banking industries. They include investor behavior, customer satisfaction, service quality, communications, Internet services, and financial-professional ratings. 

Please call 1-800-624-6782 for a MainStay Funds prospectus. Investors are asked to 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 the prospectus carefully before investing.   Please remember that investment objectives may not be met as the underlying investment options are subject to market risk and fluctuate in value.  Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey 07054.