1. Institutional Capital
4th Quarter 2015
FUND NAME TICKERS MainStay ICAP Equity Fund A: ICAUX INV: ICANX C: ICAVX I: ICAEX R1: ICAWX R2: ICAYX R3: ICAZX
MainStay ICAP Select Equity Fund A: ICSRX INV: ICSOX C: ICSVX I: ICSLX R1: ICSWX R2: ICSYX R3: ICSZX R6: ICSDX
MainStay ICAP International Fund A: ICEVX INV: ICELX C: ICEWX I: ICEUX R1: ICETX R2: ICEYX R3: ICEZX
INSTITUTIONAL CAPITAL LLC
353 North Clark Street, Suite 3500
Chicago, Illinois 60654
NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey
FOR REGISTERED REPRESENTATIVE USE ONLY. NOT TO BE USED WITH THE GENERAL PUBLIC.
MSIC31c-01/16

2. Institutional Capital
At Institutional Capital (ICAP), the key to investment success lies in following a disciplined approach to investing that is consistently applied over time.
Well established institutional investment firm founded in 1970
Manages portfolios for some of the world’s largest and most respected corporations and institutions
Large-cap Value Specialists – all of ICAP’s resources are directed toward large cap, relative value investing
Clearly defined investment process with focused investment approach
One process, one style, and one philosophy for all investment models

3. Philosophy

4. Assets under management AS OF DECEMBER 31, 2015

5. Representative clients
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ICAP has extensive experience with all institutional client types.
ICAP has the privilege of working with many of its clients for more than a decade.
As of 12/31/15.

6. Investment team
As of 12/31/15.

7. Investment Team
As of 12/31/15.

8. ICAP’s equity selection process
Analysts develop target price based on fundamental research
Universe is narrowed to stocks that are undervalued by at least 15%
Stocks with the most negative earnings revisions are avoided
This narrows universe to our best value candidates
Catalyst identification is key to the process
Stock-specific catalysts
– Management
– Restructuring
– Problem fixing
– New product
– Pricing flexibility
Thematic catalysts
Analysts present a comprehensive recommendation
Global Research Team analyzes, discusses and challenges recommendation
After intensive scrutiny, Investment Committee votes ‘buy’ or ‘no-buy’
Portfolio Managers have responsibility over stock selection and portfolio weightings

9. Investment risk management
We believe it is important to control risk on a bottom-up, stock-by-stock basis
When stocks are evaluated for potential purchase, both valuation and catalysts are thoroughly vetted by the team
We believe our global macroeconomic analysis along with our company specific research provides a more robust framework allowing us to better understand each company’s individual risk profile
Through our focused approach to investing we thoroughly understand why each stock is in the portfolio and closely monitor the dynamics of each individual security
We systematically evaluate each of the securities purchased on an ongoing basis. Key factors in determining if a stock will undergo a full team review are:
– The stock is underperforming
– Earnings estimates have deteriorated
– The catalyst has changed or disappeared
– External risks bring the investment thesis into question
Stocks are sold for specific reasons. We will act when:
– The stock has achieved its target price
– The catalyst has been violated
– A risk to the investment thesis has been identified
– Other candidates are more attractive
* A complete version of ICAP’s investment guidelines and restrictions is available by request.

10. MainStay ICAP Equity Fund – Investment performance
Portfolios typically hold 40 to 50 stocks
Positions are generally limited to 5% of the total Fund
Sector weights are a result of bottom-up stock selection, with a typical maximum of no more than 30% in any one sector
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 I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. Performance figures for Class C and Investor Class shares reflect a voluntary fee waiver and/or expense limitation agreement, which may be discontinued at any time without notice, without which total returns may have been lower. For performance information current to the most recent month-end, visit our web site at mainstayinvestments.com. Performance for periods greater than one year is annualized.
Total annual operating expenses are: Class I: 0.89%.

11. MainStay ICAP Equity Fund – rolling 5-year performance and risk AS OF DECEMBER 31, 2015
Source: Morningstar of 12/31/15. Past performance is no guarantee of future results, which will vary. Rolling period returns shown for every three-month (quarterly) interval.
The Russell 1000® Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.

12. MainStay ICAP Equity Fund – top ten holdings and sector allocation AS OF DECEMBER 31, 2015
Portfolio data is as of 12/31/15, is a percentage of total net assets, and may change daily.
Sector weights are calculated using the percent of net assets.
Over/Under Weight
versus Index (%)

13. Performance attribution (gross of fees)
MainStay ICAP Equity Fund vs. Russell 1000 Value Index months as of 12/31/15
Source: FactSet. Holdings data as of: MainStay ICAP Equity 9/30/15 through 12/30/15; Russell 1000 Value 10/1/15 through 12/31/15. The Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. An investment cannot be made directly into an index. Past performance is no guarantee of future results.

14. MainStay ICAP Equity Fund – portfolio characteristics AS OF DECEMBER 31, 2015
Sources: ICG (FactSet) and Morningstar. Total net assets shown include all share classes. Fund statistics shown are for Class I only, other share classes may vary. The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the fund’s portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the fund’s portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the fund’s portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund’s returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark. Alpha measures a fund’s risk-adjusted performance and is expressed as an annualized percentage. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmarks. R-Squared measures the percentage of a fund’s movements that result from movements in the index. Past performance is no guarantee of future results.

15. MainStay ICAP Select Equity Fund – Investment performance
Portfolios typically hold 25 to 30 stocks
Positions can be greater than 5% but will not exceed 8%
Sector weights are a result of bottom-up stock selection, with a typical maximum of no more than 30% in any one sector
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 A and Class I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. For performance information current to the most recent month-end, visit our web site at mainstayinvestments.com. Performance for periods greater than one year is annualized.
Gross expenses (total annual operating expenses) are: Class I: 0.98%. Net expenses (total annual operating expenses minus waivers and/or reimbursements) are: Class I: 0.90%.

16. MainStay ICAP Select Equity Fund – rolling 5-year performance and risk AS OF DECEMBER 31, 2015
Source: Morningstar of 12/31/15. Past performance is no guarantee of future results, which will vary. Rolling period returns shown for every three-month (quarterly) interval.
The Russell 1000® Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.

17. MainStay ICAP Select Equity Fund – top ten holdings and sector allocation AS OF DECEMBER 31, 2015
Portfolio data is as of 12/31/15, is a percentage of total net assets, and may change daily.
Sector weights are calculated as a percentage of net assets.
Over/Under Weight
versus Index (%)

18. Performance attribution (gross of fees)
MainStay ICAP Select Equity Fund vs. Russell 1000 Value Index months as of 12/31/15
Source: FactSet. Holdings data as of: MainStay ICAP Select Equity 9/30/15 through 12/30/15; Russell 1000 Value 10/1/15 through 12/31/15. The Russell 1000 Value Index is an unmanaged index that measures the performance of those Russell companies with lower price-to-book ratios and lower forecasted growth values. An investment cannot be made directly into an index. Past performance is no guarantee of future results.

19. MainStay ICAP Select Equity Fund – portfolio characteristics AS OF DECEMBER 31, 2015
Sources: ICG (FactSet) and Morningstar. Total net assets shown include all share classes. Fund statistics shown are for Class I only, other share classes may vary. The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the fund’s portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the fund’s portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the fund’s portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund’s returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark. Alpha measures a fund’s risk-adjusted performance and is expressed as an annualized percentage. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmarks. R-Squared measures the percentage of a fund’s movements that result from movements in the index. Past performance is no guarantee of future results.

20. MainStay ICAP International Fund – Investment performance
Portfolios typically hold 30 to 50 stocks
Positions can be greater than 5% but will not exceed 8%
Sector and country weights are a result of bottom-up stock selection, with a typical maximum of no more than 30% in any one sector
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 I shares reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. For performance information current to the most recent month-end, visit our web site at mainstayinvestments.com. Performance for periods greater than one year is annualized.
Gross expenses (total annual operating expenses) are: Class I: 0.96%. Net expenses (total annual operating expenses minus waivers and/or reimbursements) are: Class I: 0.95%.

21. MainStay ICAP International Fund – rolling 5-year performance and risk AS OF DECEMBER 31, 2015
Source: Morningstar of 12/31/15. Past performance is no guarantee of future results, which will vary. Rolling period returns shown for every three-month (quarterly) interval.
The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index—the EAFE® Index—is an unmanaged, capitalization-weighted index containing approximately 985 equity securities of companies located outside the United States. Index results assume the reinvestment of all capital gain and dividend distributions. An investment cannot be made directly into an index. Standard deviation measures how widely dispersed a fund's returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility.

22. MainStay ICAP International Fund – top ten holdings and sector allocation AS OF DECEMBER 31, 2015
Portfolio data is as of 12/31/15, is a percentage of total net assets, and may change daily.
Sector weights are calculated as a percentage of net assets.
Over/Under Weight
versus Index (%)

23. Performance attribution (gross of fees)
MainStay ICAP International Fund vs. MSCI EAFE Index months as of 12/31/15
Source: Factset. Holdings data as of: MainStay ICAP International 9/30/15 through 12/30/15; MSCI EAFE 10/1/15 through 12/31/15. The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index–the EAFE® Index–is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. An investment cannot be made directly into an index. Past performance is no guarantee of future results.

24. Country attribution (gross of fees)
MainStay ICAP International Fund vs. MSCI EAFE Index months as of 12/31/15
Source: Factset. Holdings data as of: MainStay ICAP International 9/30/15 through 12/30/15; MSCI EAFE 10/1/15 through 12/31/15. The Morgan Stanley Capital International (MSCI) Europe, Australasia, and Far East Index–the EAFE® Index–is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. An investment cannot be made directly into an index. Past performance is no guarantee of future results.

25. MainStay ICAP International Fund – portfolio characteristics AS OF DECEMBER 31, 2015
Sources: ICG (FactSet) and Morningstar. Total net assets shown include all share classes. Fund statistics shown are for Class I only, other share classes may vary. The P/E Ratio (price-to-earnings) denotes the weighted average of all the P/Es of the securities in the fund’s portfolio. The P/B Ratio (price-to-book) is the weighted average of all the P/Bs of the securities in the fund’s portfolio. Return on Equity (ROE) is the weighted average of all the ROEs of the securities in the fund’s portfolio. ROE is calculated by dividing net income by book value. Standard deviation measures how widely dispersed a fund’s returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. The Sharpe Ratio shown is calculated for the past 36-month period by dividing annualized excess returns by annualized standard deviation. Upside/Downside Market Capture measures a manager's performance in up/down markets relative to the fund's benchmark. Alpha measures a fund’s risk-adjusted performance and is expressed as an annualized percentage. Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmarks. R-Squared measures the percentage of a fund’s movements that result from movements in the index. Effective April 30, 2005, the ICAP International Fund broadened its focus from investments exclusively in Europe to investments in the European region plus all other countries outside of the United States. It also changed its benchmark index from the MSCI-Europe to the MSCI-EAFE (Europe, Australasia, Far East) to match its broadened investment focus. Past performance is no guarantee of future results.

26. MainStay ICAP Funds standardized performance
Average Annual Total Returns as of 12/31/15 (with Maximum Sales Charges)
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 A and I shares of MainStay ICAP Select Equity Fund and Class I of MainStay ICAP International Fund and MainStay ICAP Equity Fund reflect a contractual fee waiver and/or expense limitation agreement in effect through 2/28/16, without which total returns may have been lower. This agreement shall renew automatically for one-year terms unless written notice is provided prior to the start of the next term or upon approval of the Board. Performance figures for Class C and Investor Class shares of MainStay ICAP Equity Fund 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.
Gross/Net annual operating expenses are: MainStay ICAP Equity Fund: Class A: 1.14%, Investor Class: 1.33%, Class C: 2.08%, Class I: 0.89%; Class R2: 1.24%; MainStay ICAP Select Equity Fund: Class A: 1.23%/1.18%, Investor Class: 1.35%/1.35%, Class C: 2.10%/2.10%, Class I: 0.98%/0.90%; Class R2: 1.33%/1.33%; MainStay ICAP International Fund: Class A: 1.21%/1.21%, Investor Class: 1.35%/1.35%, Class C: 2.10%/2.10%, Class I: 0.96%/0.95%; Class R2: 1.31%/1.31%.
Average annual total returns include the change in share price and reinvestment of capital gains and distributions. Effective 8/31/06, ICAP International Fund was renamed MainStay ICAP International Fund, ICAP Select Equity Fund was renamed MainStay ICAP Select Equity Fund and ICAP Equity Fund was renamed MainStay ICAP Equity Fund. At that time, the Funds’ existing no-load shares were redesignated Class I shares. Performance for Class A and C shares, first offered 8/31/06, includes the historical performance of Class I shares from inception through 8/30/06 adjusted to reflect the applicable sales charge (or CDSC) and fees and expenses for such shares. The inception date of the ICAP International Fund and ICAP Select Equity Fund was 12/31/97. The inception date of the ICAP Equity Fund was 12/31/94. Class I shares are generally available only to corporate and institutional investors.

27. Additional information

28. Global Research Team biographies

29. Global Research Team biographies

30. Global Research Team biographies

31. Global Research Team biographies

32. Global Research Team biographies

33. Global Research Team biographies

34. Client Service biographies

35. Client Service biographies

36. Client Service biographies

37. About risk MainStay ICAP Equity Fund
By concentrating in a smaller number of investments, the Fund’s risk is increased because each investment has a greater effect on the Fund’s performance. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to economic changes. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes, and changes in interest rates.
MainStay ICAP Select Equity Fund
MainStay ICAP International Fund
By concentrating in a smaller number of investments, the Fund’s risk is increased because each investment has a greater effect on the Fund’s performance. The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. Foreign securities may be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets. Mid-capitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including
decline in property values, extended vacancies, increases in property taxes, and changes in interest rates. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and are more vulnerable to economic changes. The Fund may invest in derivatives, which may increase the volatility of the Fund’s net asset value and may result in a loss to the Fund.

38. For more information mainstayinvestments.com
To learn more about these investment strategies, call us at:
Please ask your clients to consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus or summary prospectus contains this and other information about the Funds and can be obtained by contacting a financial professional. Instruct your clients to read the prospectus or summary prospectus carefully before investing.
mainstayinvestments.com
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 federally registered advisors to subadvise the Fund. Institutional Capital LLC (ICAP) is an affiliate of New York Life Investments. The MainStay Funds® are managed by New York Life Investment Management LLC and distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany, New Jersey (Effective April 1, 2016, the address will be: 30 Hudson Street, Jersey City, NJ 07302), a wholly owned subsidiary of New York Life Insurance Company, member FINRA/SIPC.
New York Life Investments engages the services of federally registered advisors to subadvise the Funds. Institutional Capital LLC is an affiliate of New York Life Investments.