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-29832NYLIM-29832 MSIE31b-07/14MSIE31b-07/141

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-29832NYLIM-29832 MSIE31b-07/14MSIE31b-07/142

Philosophy for Investment Success

There can be no assurance that investment objectives will be met.There can be no assurance that investment objectives will be met.

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

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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.

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.

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.

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Philosophy for Investment Success

Investment SelectionProcess

Research-Driven Investment ProcessWe only invest in stocks that meet our strict criteria and pass our disciplined review 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 agreeon 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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DecisionProcess

Action

Candidates Must Meet All Four Criteria

Portfolio Construction and Risk ManagementPortfolio Construction 40-70 securities across all market

capitalizations

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

Risk Monitoring Security Level:

• 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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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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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

17

Carlos Garcia-Tunon, CFA Portfolio Manager

Europe Latin America Consumer Staples Materials

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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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MainStay International Equity Fund (as of 6/30/14)

Source: FactSet 6/30/14The 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.

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

26%

13%

17%

9% 9%6%

0%

4%

13%

8% 7%

11%8%

11%

4%

10%

5%

10%

26%

0%

10%

20%

30%MainStay International Equity Fund MSCI ACWI Ex US

Sector Breakdown – Fund vs. MSCI ACWI Ex US

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Annualized as of June 30, 2014Class A Shares at NAV

Performance Period

MainStay International Equity 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%

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MainStay International Equity Fund Performance

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%.

MainStay International Equity Fund SEC Average Annual Total Returns

Annualized as of June 30, 2014Class A Shares w/ Sales Charges

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.

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%.

Performance Period

MainStay International Equity Fund

1 Year 12.88%

3 Years 4.83%

5 Years 6.71%

10 Years 5.68%

Since Inception (1/ 3/ 95) 5.16%

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MainStay International Equity Fund SEC Average Annual Total Returns

Annualized as of June 30, 2014Class I Shares

Class I shares are generally available only to corporate and institutional investors.

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%.

Performance Period

MainStay International Equity Fund

1 Year 19.73%

3 Years 7.11%

5 Years 8.20%

10 Years 6.67%

Since Inception (1/ 2/ 04) 5.75%

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MainStay International Equity Fund SEC Average Annual Total Returns

Annualized as of June 30, 2014Class R2 Shares at NAV

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%.

Performance Period

MainStay International Equity Fund

1 Year 19.32%

3 Years 6.73%

5 Years 7.83%

10 Years 6.33%

Since Inception (1/ 2/ 04) 5.39%

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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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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 capitalizationranges without concentrating 75% of their assets in any one market capitalization range over an extended period oftime. 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.

Index Definitions

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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.

For More Information

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