- Financial Professional Web Site Ranked First Among Mutual Funds -
- Consumer Site Moves Up to Seventh Place -

PARSIPPANY, N.J., September 8, 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 among DALBAR’s Top 40 Mutual Fund Financial Professional Web Sites. DALBAR is the nation’s leading financial services market research firm.

The MainStay OSD site was the only mutual fund web site to be designated with an “excellent” rating.  In awarding the top ranking, DALBAR cited a host of new tools MainStay added to enhance financial professionals’ experience on the site. These include Sales Tools enhancements, monthly portfolio manager commentaries, daily e-mail alerts, and newly added financial calculators.

MainStay Funds’ consumer site, www.mainstayfunds.com, also impressed the judges at DALBAR, placing seventh among DALBAR’s Top 40 Mutual Fund Consumer Web Sites.  Several enhancements were noted by DALBAR, including new interactive forms, a suggested reading link entitled “Books on Investing,” and a significantly enhanced Tax Center. 

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 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.

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. 

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