Test Presentation

1. MainStay
International Equity Fund
Subadvised by:
TICKERS: A: MSEAX B: MINEX INV: MINNX C: MIECX I: MSIIX Class R1: MIERX Class R2: MIRRX Class
R3: MIFRX
NYLIM-29832 MSIE31b-07/14
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2. MainStay
International Equity Fund
Subadvised by:
TICKERS: A: MSEAX B: MINEX INV: MINNX C: MIECX I: MSIIX Class R1: MIERX Class R2: MIRRX Class
R3: MIFRX
NYLIM-29832 MSIE31b-07/14
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3. Philosophy for Investment Success
Cornerstone Capital Management Holdings LLC – International Equity
Team
We believe:
 We can generate excess returns by investing in companies that have sustainable business
models
We focus on:
 Long-term holdings in companies with diversified revenue streams that we believe can sustain
growth, year after year, regardless of the economic cycle
 Companies that we believe can benefit from secular trends that can support long-term revenue
and earnings growth
We construct:
 Diversified, high-conviction portfolios investing in companies that are attractively valued while
seeking long-term growth of capital for investors in volatile market environments
There can be no assurance that investment objectives will be met.
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4. We believe we can generate excess returns in relations to the benchmark, by investing in sustainable growth
companies that are attractively valued, while seeking an opportunity to provide long-term growth investors with a
well-managed, relatively low volatility portfolio.
Disciplined, High-Conviction Process
 Application of a valuation-conscious discipline in identifying sustainable growth opportunities
 Long-term secular themes help to buttress growth several years into the future
 Flexibility of market cap, geography and industry
 Decisions based on conviction, not consensus, of the portfolio management team
Culture
 Diversity in thought, background and experience
 Environment of healthy debate and discussion
 Learning from historical buy and sell decisions to improve decision making process
Commitment
 Providing a high-conviction portfolio that we believe has the potential to provide the greatest wealth
opportunities to investors
 Commitment to shareholder interest as portfolio management team members are also invested in the
strategy
There can be no assurance that investment objectives will be met.
Sustainable growth companies are those companies that we believe can continue to generate earnings growth regardless of the economic cycle.
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Philosophy for Investment Success

5. Research-Driven Investment Process
We only invest in stocks that meet our strict criteria and pass our disciplined review
process
Investment Selection
Process
Universe
of
Stocks
Three Decision-
Makers
Securities added to the
portfolio must be
approved by three
members of the
investment team:
•Lead Portfolio
Manager
•Regional/Country
Portfolio Manager
•Sector Analyst
Valuation
Reasonably
priced relative
to long term
earnings
potential
Portfolio
Inclusion
All three decision-makers
agree on
the idea
Watch List
All three agree
on all factors
except valuation
Rejected
At least one
decision-maker
rejects the idea
10% earnings growth
potential in each of the
next three to five years
Sustainable competitive
advantages
Secular growth trends or
forces that can benefit
the company
Lack of reliance on one
product, customer or
supplier
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Decision
Process
Action
Candidates Must Meet All
Four Criteria

6. Portfolio Construction and Risk Management
Portfolio Construction
Risk Monitoring
 40-70 securities across all market
 capitalizations
Security Level:
 Typically fully invested at all times
 No single country > 30%
 Emerging Markets < 15%
 No single industry group > 20%
 No single security > 5%
One-Year Post Sale Analysis
• Country Risk – macroeconomics and socio-political
factors are considered
• Industry Risk – volatility of the specific
industry in which it operates
• Individual Risk – predictability of the
company’s earnings profile
 Portfolio Level:
• Commitment to diversification
• Companies with highest conviction and
lowest apparent risk typically carry a higher
weighting
• Awareness of largest over and under
sector/country weightings
• Portfolio risk characteristics monitoring
 Daily monitoring for all individual portfolios for
compliance with investment guidelines
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7. Sell Discipline
Investments Are Trimmed or Sold
When:
 Investment thesis has been reassessed or has been
changed
 Valuation becomes too expensive
 Portfolio manager/analyst loses confidence in the
investment
Evaluating Sell Decisions
 Track performance of all investments sold
 Reassess sell decisions to further understand the
company and our decision
 Validates our investment philosophy and process
We realize that buying a stock
at the right price is only part
of the equation. Equally as
important is a sell discipline
that adds value.
We hope to learn from our
buy and sell decisions to
ensure better investing going
forward.
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8. International Equity Investment Team
Name
Current
Region/Sector
Responsibilities
Years of
Investment
Experience
Eddie Ramos, CFA
Lead Portfolio Manager
22
Eve Glatt
Portfolio Manager
 Asia
 North America
 Middle East/Africa
 Consumer Discretionary
 Utilities
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Carlos Garcia-Tunon, CFA
Portfolio Manager
 Europe
 Latin America
 Consumer Staples
 Materials
15
Maurice Onyuka
Senior Analyst
 Health Care
 Energy
22
Ian Murdoch, CFA
Senior Analyst
 North America
 IT Software & Services
 Industrials
14
Lawrence Rosenberg, CFA
Senior Analyst
 Financials
 Commercial &
Professional Services
16
Anthony B. Sneag
Senior Analyst
 Information Technology
 Telecommunications
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9. MainStay International Equity Fund (as of 6/30/14)
Top Ten Holdings
Security Percent of Fund
1. Shire PLC 4.6%
2. Grifols SA 4.4
3. Svenska Handelsbanken AB 4.0
4. SABMiller PLC 3.5
5. Linde AG 3.4
6. Syngenta AG 3.4
7. Fresenius Medical Care AG & Co KGaA 3.3
8. Standard Chartered PLC 3.2
9. Technip SA 3.2
10. Aggreko PLC 3.2
Top Ten Countries
Security Percent of Fund
1. United Kingdom 24.7%
2. Germany 16.0
3. France 7.6
4. Ireland 7.5
5. Spain 5.5
6. Switzerland 4.6
7. Sweden 4.1
8. Denmark 3.9
9. United States of America 3.0
10. Japan 3.0
Sector Breakdown – Fund vs. MSCI ACWI Ex US
26%
13%
17%
MainStay International Equity Fund MSCI ACWI Ex US
9% 9%
6%
0%
4%
13%
8% 7%
11%
8%
11%
4%
10%
5%
10%
26%
30%
20%
10%
0%
Source: FactSet 6/30/14
The holdings are as of June 30, 2014 and are not indicative of future holdings. This information has been provided for informational purposes only and may change
daily.
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10. MainStay International Equity Fund Performance
Annualized as of June 30, 2014
Class A Shares at NAV
Performance Period
MainStay
I nt ernat ional
Equit y Fund
MSCI ACWI
ex-US
QTD 4.67% 5.03%
YTD 5.91% 5.56%
1 Year 19.45% 21.75%
3 Years 6.83% 5.73%
5 Years 7.93% 11.11%
10 Years 6.27% 7.75%
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance
may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or
less than their original cost. Performance figures for Class B, C, and Investor Class shares reflect a voluntary fee waiver and/or expense limitation, which
may be discontinued at any time without notice, and without which total returns may have been lower. For performance information current to the most
recent month-end, please visit our web site at mainstayinvestments.com. Total annual operating expenses are: Class A: 1.39%.
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11. MainStay International Equity Fund
SEC Average Annual Total Returns
Annualized as of June 30, 2014
Class A Shares w/ Sales Charges
Performance Period
MainStay
I nternat ional
Equit y Fund
1 Year 12.88%
3 Years 4.83%
5 Years 6.71%
10 Years 5.68%
Since I ncept ion (1/ 3/ 95) 5.16%
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance
may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or
less than their original cost. Performance figures for Class B, C, and Investor Class shares reflect a voluntary fee waiver and/or expense limitation, which
may be discontinued at any time without notice, and without which total returns may have been lower. For performance information current to the most
recent month-end, please visit our web site at mainstayinvestments.com. Total annual operating expenses are: Class A: 1.39%.
These results include the maximum initial sales charge for Class A shares of 5.5% and show the percentage change for each of the required
periods with capital gain and dividend distributions reinvested. Total return since inception is quoted for Funds with less than ten years of operating
history. Performance for Class A shares first offered 1/3/95 includes the historical performance for Class B shares from inception 9/13/94 through 12/31/94,
adjusted to reflect the applicable sales charge or (CDSC) and fees and expenses for such share class.
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12. MainStay International Equity Fund
SEC Average Annual Total Returns
Annualized as of June 30, 2014
Class I Shares
Performance Period
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current
performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares
may be worth more or less than their original cost. Performance figures for Class B, C, and Investor Class shares reflect a voluntary fee waiver
and/or expense limitation, which may be discontinued at any time without notice, and without which total returns may have been lower. For
performance information current to the most recent month-end, please visit our web site at mainstayinvestments.com. Total annual operating
expenses are: Class I: 1.13%.
Class I shares are generally available only to corporate and institutional investors.
MainStay
I nternat ional
Equit y Fund
1 Year 19.73%
3 Years 7.11%
5 Years 8.20%
10 Years 6.67%
Since I ncept ion (1/ 2/ 04) 5.75%
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13. MainStay International Equity Fund
SEC Average Annual Total Returns
Annualized as of June 30, 2014
Class R2 Shares at NAV
Performance Period
MainStay
I nternat ional
Equit y Fund
1 Year 19.32%
3 Years 6.73%
5 Years 7.83%
10 Years 6.33%
Since I ncept ion (1/ 2/ 04) 5.39%
Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current
performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares
may be worth more or less than their original cost. Performance figures for Class B, C, and Investor Class shares reflect a voluntary fee waiver
and/or expense limitation, which may be discontinued at any time without notice, and without which total returns may have been lower. For
performance information current to the most recent month-end, please visit our web site at mainstayinvestments.com. Total annual operating
expenses are: Class R2: 1.48%.
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14. Disclosures
About Risk
Foreign securities can be subject to greater risks than U.S. investments, including currency
fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less
publicly available information, and changes in tax or currency laws or currency laws or monetary
policy. These risks are likely to be greater for emerging markets than in developed markets.
Growth stocks may be more volatile than other stocks because they are generally more sensitive to
investor perceptions and market moves. During periods of growth stock underperformance, the Fund’s
performance may suffer.
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15. Index Definitions
The MSCI ACWI® (All Country World Index) Ex U.S. is a free float-adjusted market capitalization weighted index that is
designed to measure the equity market performance of developed and emerging markets excluding the USA.
Results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an
index.
Lipper International Multi-Cap Core are funds that, by portfolio practice, invest in a variety of market capitalization
ranges without concentrating 75% of their assets in any one market capitalization range over an extended period of
time. Multi-cap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market
capitalizations (on a three-year weighted basis) greater than the 250th largest company in the S&P/Citigroup World ex-U.S.
Broad Market Index. Multi-cap growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and
three-year sales-per-share growth value, compared to the S&P/Citigroup World ex-U.S. BMI.11
Morningstar Foreign Large Growth portfolios seek capital appreciation by investing in large international stocks that are
growth-oriented. Large-cap foreign stocks have market capitalizations greater than 5 billion. Growth is defined based on high
price/book and price/cash-flow ratios, relative to the MSCI EAFE Index. These funds typically will have less than 20% of
assets invested in U.S. stocks.
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For More Information
To learn more about MainStay Funds®, call 800-MAINSTAY (624-6782) for a
prospectus or summary prospectus. Investors are asked to consider the
investment objectives, risks, and charges and expenses of the investment
carefully before investing. The prospectus or summary prospectus contains
this and other information about the investment company. Please read the
prospectus or summary prospectus carefully before investing.
mainstayinvestments.com
Cornerstone Capital Management LLC is an affiliate of Cornerstone Capital Management Holdings LLC, a wholly owned subsidiary of New York Life Investment
Management Holdings LLC.
MainStay Investments® is a registered service mark and name under which New York Life Investment Management LLC does business. MainStay Investments, an
indirect subsidiary of New York Life Insurance Company, New York, NY 10010, provides investment advisory products and services. New York Life Investments
engages the services of Cornerstone Capital Management Holdings LLC, a wholly owned subsidiary of New York Life Investment Management Holdings LLC. The
MainStay Funds® are managed by New York Life Investment Management LLC and distributed through NYLIFE Distributors LLC, 169 Lackawanna Avenue,
Parsippany, NJ 07054, a wholly owned subsidiary of New York Life Insurance Company. NYLIFE Distributors LLC is a Member FINRA/SIPC.
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