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| A Message from Our CEO |
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I would like to thank you for the commitment you have shown to MainStay Investments. Whether you've invested to fund a specific life event, such as saving for a car or home, to save for a college education, or to help secure a more comfortable retirement, the commitment you have shown to MainStay is something that everyone in our organization takes very seriously.
As you know, throughout much of the second half of 2008 the financial markets have been rocked by volatility, with all major indexes significantly down year-to-date. These gyrations include some of the largest one-day point swings in the history of the stock market, and the impact of recent events has been felt around the globe.
At MainStay Investments, we are well-positioned to weather current market challenges and, in turn, help you through this difficult time. It is during times such as these that we believe the strength and security of our parent, New York Life Insurance Company, is an asset to every part of our organization. While the current crisis is rooted in a period of aggressive lending practices by many financial institutions, we are proud to say New York Life was not one of them. New York Life is as strong as ever, as evidenced by its abundant liquidity and the strength of its investment risk and management practices.
MainStay Investments shares the values of our parent company, and we proudly stand on our track record of accountability, integrity, and commitment. As always, we encourage you to take a long-term view of the markets and suggest that you talk to your financial professional about your specific situation, goals, and strategy.
Again, thank you for the commitment you have made to MainStay Investments. We look forward to continuing to serve your investment needs, now and for years to come.
Sincerely,
John Kim
Chief Executive Officer and President,
New York Life Investment Management LLC
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