MainStay Investments Launches Asset Allocation Funds-of-Funds; Four Funds Offer Conservative, Moderate, Moderate Growth & Growth Emphasis.

PARSIPPANY, N.J. -- MainStay Investments, a division of New York Life Investment Management LLC (NYLIM), announced today the launch of four MainStay Asset Allocation Funds. These fund-of-funds feature risk-based portfolio allocations and employ an institutional investment approach based on the principles of asset allocation, diversification and rebalancing.

"The MainStay Asset Allocation Funds were designed in response to the growing need for a complete investment solution among financial advisors and consumers -- especially consumers with small- to mid-size investment portfolios," said Chris Blunt, president of MainStay Investments. "The Funds use the three core components of institutional investing -- asset allocation, diversification and portfolio rebalancing -- as essential elements of their investment strategy. Individually, these core components can be extremely valuable tools. Collectively, they position a portfolio for potential long-term investment success. And, that's what investors are ultimately after."

MainStay Asset Allocation Funds are managed according to an objective process that factors in expected return, risk characteristics and correlations among the individual component funds. Each Fund follows pre-established allocation parameters, which correspond to different risk/reward categories, enabling investors to select the portfolio that most closely meets their financial goals and risk tolerance.

The MainStay Asset Allocation Funds are the newest editions to MainStay Investments' growing suite of balanced/asset allocation vehicles, each designed to support investors' long-term allocation needs. Among the 12 funds included in the allocations are: MainStay Large Cap Growth Fund, MainStay All Cap Growth Fund, MainStay Common Stock Fund, MainStay Map Fund, MainStay Small Cap Opportunity Fund, MainStay Small Cap Value Fund, MainStay Value Fund, MainStay International Equity Fund, MainStay Floating Rate Fund, MainStay High Yield Corporate Bond Fund, MainStay Intermediate Term Bond Fund and MainStay Indexed Bond Fund.

"The MainStay Asset Allocation Funds are monitored daily and rebalanced as needed to maintain the integrity of all target allocations," noted Tony Elavia, chief investment officer of NYLIM Equity Investors, the NYLIM division responsible for the Funds' portfolio management. "One important feature of the Funds is the ability to effect small tilts toward Growth or Value exposures, or to place greater emphasis on Large or Small Cap funds, while adhering to strict asset allocation parameters for each overall Fund."

With more than $189 billion in assets under management as of February 28, 2005, New York Life Investment Management LLC and its affiliates 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 LLC site at www.nylim.com.

For Fund information and to download a prospectus, please visit the MainStay Funds website at www.mainstayfunds.com. 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.

Securities distributed by NYLIFE Distributors LLC 169 Lackawanna Ave., Parsippany, NJ 07054.