- Awarded for Excellence in Communication and Graphic Design -

PARSIPPANY, N.J., September 8, 2004 - New York Life Investment Management LLC (NYLIM) today announced that its Retail Marketing Creative Design Team has won two 2004 American Graphic Design Awards. The team received awards for excellence in communication and graphic design for the MainStay Funds’ “Across Generations Program” kit and the “Building and Managing Wealth, One Relationship at a Time” materials of NYLIM Separately Managed Accounts.

The competition, now in its 25^th year, is held annually every August by Graphic Design: USA magazine. Awards are given for excellence in advertising, books, catalogs, letterhead/stationary, packaging, posters, Internet/interactive, and many other categories.

New York Life Investment Management LLC and its affiliates, with more than $180 billion in assets under management as of July 31, 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.

Please call 1-800-624-6782 or visit www.mainstayfunds.com 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. 

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