Parsippany, NJ, June 13, 2002 - New York Life Investment Management LLC (NYLIM), today announced the seventh class of inductees to its MainStay Independence Bowl Hall of Honor: University of Texas Coach Mack Brown (Tulane, ‘87); NFL quarterback Billy Joe Tolliver (Texas Tech, ‘86); and former Saint and new Kansas City Chief Will Roaf (Louisiana Tech, ’90). The Mainstay fund family is managed by NYLIM and has been a sponsor of the Independence Bowl since 2001.

The Hall of Honor, which was established in the Bowl’s 20^th year, celebrates the Bowl’s history while honoring key individuals from the past. This year’s inductees will be welcomed into the Hall of Honor today in Shreveport, LA.

All inductees are former players and coaches who participated in the Independence Bowl and went on to achieve personal and professional success both on and off the field. Past inductees include Bruce Smith and Brett Favre.

Throughout its history, the Independence Bowl has hosted some of the great names in college football, including Oklahoma, Notre Dame, LSU, Wisconsin, Michigan State, Kansas State, Washington, Air Force and Army. In last year’s game, played on December 27, 2001, Alabama scored the winning touchdown in the fourth quarter and endured a last minute Cyclones drive, which ended in a missed field goal.

"Last year’s game was an exciting beginning for MainStay, and we are pleased to continue our sponsorship of the MainStay Independence Bowl for a second year," noted Steve Roussin, president and COO of NYLIM, investment adviser to the MainStay Funds. "We congratulate this year’s Hall of Honor Inductees for their performance both on and off the field."

As a college bowl game, the Independence Bowl is a natural tie-in for CollegeSense, a 529 Higher Education Savings Plan managed by New York Life Investment Management LLC in conjunction with Schoolhouse Capital, LLC, a wholly owned subsidiary of State Street Corporation and the program manager for the State of New Mexico. CollegeSense is an IRC 529 college savings program that allows families to save for future qualified higher education expenses. The portfolios’ underlying funds are managed by New York Life Investment Management LLC under its MainStay and Eclipse brands, as well as by State Street Global Advisors, and JPMorgan Fleming Asset Management. Please keep in mind that the underlying portfolio options are subject to market risk.

With over $150 billion in assets under management as of March 31, 2002, NYLIM and its affiliates provide investment management and related services to a wide range of individual, corporate, public, and Taft-Hartley clients. NYLIM offers 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 site at www.nylim.com.

MainStay and Eclipse Funds cover most major asset categories, including equity, fixed income, high yield, and international. The Funds offer active and quantitative management. Mutual funds and CollegeSense are distributed by NYLIFE Distributors Inc., NYLIM Center, 169 Lackawanna Avenue, Parsippany, New Jersey 07054. For more information about any of the Funds, including a free prospectus that includes fees and expenses, call (800) MAINSTAY. For a CollegeSense disclosure document which includes risks, fees, and expenses, call 1-866-529-7367. Please keep in mind the investment objectives may not be met. Please read the prospectus carefully before investing.

Schoolhouse Capital, LLC, Boston, Mass., a subsidiary of State Street Corporation, was initiated by State Street Global Advisors (SSgA) to provide integrated financial solutions to the education marketplace including colleges and universities, parents, students and families, and endowments and foundations.

SSgA, the investment management group of State Street Corporation, uses quantitative and traditional techniques to manage $808 billion in investment programs and portfolios for institutional and individual investors. In addition to Boston, SSgA has full investment operations in Hong Kong, Tokyo, Singapore, London, Paris, Montreal, Munich and Sydney. It also has offices in Brussels, Dubai, Moscow, Prague, Santiago, Seoul, Toronto, Zurich, and Montpellier, France. In the United States, it has offices in Atlanta, GA; Bellevue, WA; Chicago, IL; Clearwater, FL; Hartford, CT; Los Angeles, CA; Manchester, NH; Naples, FL; New York, NY; Osterville, MA; Purchase, NY; San Francisco, CA; and Stamford, CT. For more information, visit SSgA's web site at www.ssga.com.

State Street Corporation (NYSE: STT) is the world's leading specialist in providing sophisticated global investors with investment servicing, investment management, investment research and trading services. With $6.3 trillion in assets under custody and $808 billion in assets under management, State Street is headquartered in Boston, Massachusetts and operates in 22 countries and 100 markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.

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Contact:

New York Life Investment Management LLC

Public Relations

Nancy Paris

973.394.4410