UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-03833
MAINSTAY VP FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Item 1. | Reports to Stockholders. |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/23/1984 | 16.26% | 40.15% | 15.94% | 14.13% | 0.58% |
Service Class Shares | 6/5/2003 | 16.11 | 39.80 | 15.65 | 13.84 | 0.83 |
1. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the chart and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
Morningstar Large Blend Category Average2 | 14.78 | 39.87 | 15.65 | 12.51 |
1. | The S&P 500® Index is the Portfolio’s primary benchmark. "S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds' where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,162.60 | $3.06 | $1,021.97 | $2.86 | 0.57% |
Service Class Shares | $1,000.00 | $1,161.10 | $4.39 | $1,020.73 | $4.11 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington U.S. Equity Portfolio |
Software | 9.0% |
Interactive Media & Services | 8.4 |
Semiconductors & Semiconductor Equipment | 5.8 |
Technology Hardware, Storage & Peripherals | 5.5 |
Banks | 5.4 |
Internet & Direct Marketing Retail | 4.6 |
Health Care Equipment & Supplies | 4.5 |
IT Services | 4.2 |
Capital Markets | 3.8 |
Textiles, Apparel & Luxury Goods | 3.4 |
Entertainment | 3.4 |
Pharmaceuticals | 3.3 |
Household Products | 2.9 |
Hotels, Restaurants & Leisure | 2.7 |
Machinery | 2.6 |
Beverages | 2.4 |
Electric Utilities | 2.2 |
Health Care Providers & Services | 2.1 |
Chemicals | 2.1 |
Biotechnology | 2.0 |
Professional Services | 1.7% |
Equity Real Estate Investment Trusts | 1.7 |
Electronic Equipment, Instruments & Components | 1.7 |
Consumer Finance | 1.6 |
Specialty Retail | 1.6 |
Oil, Gas & Consumable Fuels | 1.5 |
Air Freight & Logistics | 1.3 |
Life Sciences Tools & Services | 1.3 |
Diversified Telecommunication Services | 1.2 |
Aerospace & Defense | 1.2 |
Building Products | 1.0 |
Electrical Equipment | 0.9 |
Insurance | 0.8 |
Commercial Services & Supplies | 0.6 |
Automobiles | 0.4 |
Short–Term Investment | 1.1 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Alphabet, Inc. |
3. | Amazon.com, Inc. |
4. | Apple, Inc. |
5. | Facebook, Inc., Class A |
6. | JPMorgan Chase & Co. |
7. | Bank of America Corp. |
8. | UnitedHealth Group, Inc. |
9. | Walt Disney Co. (The) |
10. | Procter & Gamble Co. (The) |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks 98.8% | ||
Aerospace & Defense 1.2% | ||
Raytheon Technologies Corp. | 124,620 | $ 10,631,332 |
Air Freight & Logistics 1.3% | ||
FedEx Corp. | 38,982 | 11,629,500 |
Automobiles 0.4% | ||
Tesla, Inc. (a) | 5,500 | 3,738,350 |
Banks 5.4% | ||
Bank of America Corp. | 467,775 | 19,286,363 |
JPMorgan Chase & Co. | 140,717 | 21,887,122 |
PNC Financial Services Group, Inc. (The) | 38,046 | 7,257,655 |
48,431,140 | ||
Beverages 2.4% | ||
Constellation Brands, Inc., Class A | 49,989 | 11,691,927 |
Monster Beverage Corp. (a) | 106,336 | 9,713,794 |
21,405,721 | ||
Biotechnology 2.0% | ||
Regeneron Pharmaceuticals, Inc. (a) | 12,880 | 7,193,995 |
Seagen, Inc. (a) | 27,300 | 4,310,124 |
Vertex Pharmaceuticals, Inc. (a) | 31,147 | 6,280,170 |
17,784,289 | ||
Building Products 1.0% | ||
Fortune Brands Home & Security, Inc. | 93,081 | 9,271,798 |
Capital Markets 3.8% | ||
BlackRock, Inc. | 12,604 | 11,028,122 |
Charles Schwab Corp. (The) | 118,059 | 8,595,876 |
Morgan Stanley | 159,105 | 14,588,337 |
34,212,335 | ||
Chemicals 2.1% | ||
PPG Industries, Inc. | 57,221 | 9,714,409 |
Sherwin-Williams Co. (The) | 33,635 | 9,163,856 |
18,878,265 | ||
Commercial Services & Supplies 0.6% | ||
Copart, Inc. (a) | 40,861 | 5,386,706 |
Consumer Finance 1.6% | ||
American Express Co. | 88,744 | 14,663,171 |
Shares | Value | |
Diversified Telecommunication Services 1.2% | ||
Verizon Communications, Inc. | 197,025 | $ 11,039,311 |
Electric Utilities 2.2% | ||
American Electric Power Co., Inc. | 56,502 | 4,779,504 |
Duke Energy Corp. | 86,038 | 8,493,672 |
Pinnacle West Capital Corp. | 79,964 | 6,554,649 |
19,827,825 | ||
Electrical Equipment 0.9% | ||
AMETEK, Inc. | 62,696 | 8,369,916 |
Electronic Equipment, Instruments & Components 1.7% | ||
CDW Corp. | 43,626 | 7,619,281 |
Corning, Inc. | 176,309 | 7,211,038 |
14,830,319 | ||
Entertainment 3.4% | ||
Netflix, Inc. (a) | 24,581 | 12,983,930 |
Walt Disney Co. (The) (a) | 97,240 | 17,091,875 |
30,075,805 | ||
Equity Real Estate Investment Trusts 1.7% | ||
American Tower Corp. | 33,018 | 8,919,483 |
Gaming and Leisure Properties, Inc. | 128,337 | 5,945,853 |
14,865,336 | ||
Health Care Equipment & Supplies 4.5% | ||
Abbott Laboratories | 63,742 | 7,389,610 |
Baxter International, Inc. | 108,991 | 8,773,775 |
Becton Dickinson and Co. | 30,308 | 7,370,603 |
Danaher Corp. | 38,012 | 10,200,900 |
Hologic, Inc. (a) | 91,651 | 6,114,955 |
39,849,843 | ||
Health Care Providers & Services 2.1% | ||
UnitedHealth Group, Inc. | 47,705 | 19,102,990 |
Hotels, Restaurants & Leisure 2.7% | ||
Airbnb, Inc., Class A (a) | 40,795 | 6,247,346 |
Booking Holdings, Inc. (a) | 3,819 | 8,356,316 |
McDonald's Corp. | 40,004 | 9,240,524 |
23,844,186 | ||
Household Products 2.9% | ||
Colgate-Palmolive Co. | 115,525 | 9,397,959 |
Procter & Gamble Co. (The) | 123,869 | 16,713,644 |
26,111,603 |
10 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Insurance 0.8% | ||
Chubb Ltd. | 46,655 | $ 7,415,346 |
Interactive Media & Services 8.4% | ||
Alphabet, Inc. (a) | ||
Class A | 15,577 | 38,035,763 |
Class C | 4,862 | 12,185,728 |
Facebook, Inc., Class A (a) | 71,476 | 24,852,920 |
75,074,411 | ||
Internet & Direct Marketing Retail 4.6% | ||
Amazon.com, Inc. (a) | 11,963 | 41,154,634 |
IT Services 4.2% | ||
Fidelity National Information Services, Inc. | 58,370 | 8,269,278 |
Global Payments, Inc. | 42,892 | 8,043,966 |
GoDaddy, Inc., Class A (a) | 79,437 | 6,907,841 |
Mastercard, Inc., Class A | 39,745 | 14,510,502 |
37,731,587 | ||
Life Sciences Tools & Services 1.3% | ||
Thermo Fisher Scientific, Inc. | 22,286 | 11,242,619 |
Machinery 2.6% | ||
Deere & Co. | 21,284 | 7,507,079 |
Illinois Tool Works, Inc. | 32,071 | 7,169,793 |
Nordson Corp. | 36,749 | 8,066,773 |
22,743,645 | ||
Oil, Gas & Consumable Fuels 1.5% | ||
EOG Resources, Inc. | 82,993 | 6,924,936 |
Pioneer Natural Resources Co. | 38,029 | 6,180,473 |
13,105,409 | ||
Pharmaceuticals 3.3% | ||
Eli Lilly and Co. | 68,028 | 15,613,786 |
Merck & Co., Inc. | 182,214 | 14,170,783 |
29,784,569 | ||
Professional Services 1.7% | ||
Equifax, Inc. | 31,477 | 7,539,056 |
Leidos Holdings, Inc. | 76,706 | 7,754,977 |
15,294,033 | ||
Semiconductors & Semiconductor Equipment 5.8% | ||
Advanced Micro Devices, Inc. (a) | 99,149 | 9,313,066 |
KLA Corp. | 28,594 | 9,270,461 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment (continued) | |||
Marvell Technology, Inc. | 143,004 | $ 8,341,423 | |
QUALCOMM, Inc. | 71,836 | 10,267,519 | |
Texas Instruments, Inc. | 73,861 | 14,203,470 | |
51,395,939 | |||
Software 9.0% | |||
Microsoft Corp. | 199,013 | 53,912,621 | |
salesforce.com, Inc. (a) | 56,900 | 13,898,963 | |
SS&C Technologies Holdings, Inc. | 65,472 | 4,717,912 | |
Workday, Inc., Class A (a) | 32,326 | 7,717,509 | |
80,247,005 | |||
Specialty Retail 1.6% | |||
TJX Cos., Inc. (The) | 216,454 | 14,593,329 | |
Technology Hardware, Storage & Peripherals 5.5% | |||
Apple, Inc. | 299,363 | 41,000,757 | |
NetApp, Inc. | 103,142 | 8,439,078 | |
49,439,835 | |||
Textiles, Apparel & Luxury Goods 3.4% | |||
NIKE, Inc., Class B | 73,979 | 11,429,016 | |
PVH Corp. (a) | 58,747 | 6,320,590 | |
Under Armour, Inc., Class C (a) | 252,492 | 4,688,776 | |
VF Corp. | 97,235 | 7,977,159 | |
30,415,541 | |||
Total Common Stocks (Cost $750,392,539) | 883,587,643 | ||
Short-Term Investment 1.1% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 9,906,952 | 9,906,952 | |
Total Short-Term Investment (Cost $9,906,952) | 9,906,952 | ||
Total Investments (Cost $760,299,491) | 99.9% | 893,494,595 | |
Other Assets, Less Liabilities | 0.1 | 493,777 | |
Net Assets | 100.0% | $ 893,988,372 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of June 30, 2021. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 883,587,643 | $ — | $ — | $ 883,587,643 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 9,906,952 | — | — | 9,906,952 | |||
Total Investments in Securities | $ 893,494,595 | $ — | $ — | $ 893,494,595 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Wellington U.S. Equity Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $750,392,539) | $883,587,643 |
Investment in affiliated investment companies, at value (identified cost $9,906,952) | 9,906,952 |
Cash | 1,549 |
Receivables: | |
Portfolio shares sold | 638,157 |
Dividends | 369,158 |
Other assets | 52,351 |
Total assets | 894,555,810 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 386,650 |
Portfolio shares redeemed | 77,870 |
NYLIFE Distributors (See Note 3) | 59,119 |
Professional fees | 27,357 |
Custodian | 16,442 |
Total liabilities | 567,438 |
Net assets | $893,988,372 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 27,335 |
Additional paid-in-capital | 543,509,191 |
543,536,526 | |
Total distributable earnings (loss) | 350,451,846 |
Net assets | $893,988,372 |
Initial Class | |
Net assets applicable to outstanding shares | $602,746,265 |
Shares of beneficial interest outstanding | 18,333,437 |
Net asset value per share outstanding | $ 32.88 |
Service Class | |
Net assets applicable to outstanding shares | $291,242,107 |
Shares of beneficial interest outstanding | 9,001,563 |
Net asset value per share outstanding | $ 32.35 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 5,070,969 |
Securities lending | 3,617 |
Dividends-affiliated | 202 |
Total income | 5,074,788 |
Expenses | |
Manager (See Note 3) | 2,227,357 |
Distribution/Service—Service Class (See Note 3) | 348,997 |
Professional fees | 50,041 |
Shareholder communication | 36,225 |
Custodian | 13,970 |
Trustees | 7,788 |
Miscellaneous | 10,674 |
Total expenses | 2,695,052 |
Net investment income (loss) | 2,379,736 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 165,789,628 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (42,893,265) |
Net realized and unrealized gain (loss) | 122,896,363 |
Net increase (decrease) in net assets resulting from operations | $125,276,099 |
14 | MainStay VP Wellington U.S. Equity Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,379,736 | $ 7,124,852 |
Net realized gain (loss) | 165,789,628 | 44,306,392 |
Net change in unrealized appreciation (depreciation) | (42,893,265) | 43,345,069 |
Net increase (decrease) in net assets resulting from operations | 125,276,099 | 94,776,313 |
Distributions to shareholders: | ||
Initial Class | — | (40,145,517) |
Service Class | — | (22,213,114) |
Total distributions to shareholders | — | (62,358,631) |
Capital share transactions: | ||
Net proceeds from sales of shares | 94,819,838 | 95,611,235 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 62,358,631 |
Cost of shares redeemed | (93,921,544) | (234,921,020) |
Increase (decrease) in net assets derived from capital share transactions | 898,294 | (76,951,154) |
Net increase (decrease) in net assets | 126,174,393 | (44,533,472) |
Net Assets | ||
Beginning of period | 767,813,979 | 812,347,451 |
End of period | $893,988,372 | $ 767,813,979 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | $ 25.60 | $ 25.43 | |||||
Net investment income (loss) (a) | 0.10 | 0.28 | 0.38 | 0.42 | 0.43 | 0.40 | |||||
Net realized and unrealized gain (loss) on investments | 4.50 | 3.68 | 5.74 | (1.69) | 5.30 | 1.82 | |||||
Total from investment operations | 4.60 | 3.96 | 6.12 | (1.27) | 5.73 | 2.22 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.43) | (0.43) | (0.49) | (0.39) | (0.40) | |||||
From net realized gain on investments | — | (2.08) | (4.09) | (2.76) | (1.19) | (1.65) | |||||
Total distributions | — | (2.51) | (4.52) | (3.25) | (1.58) | (2.05) | |||||
Net asset value at end of period | $ 32.88 | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | $ 25.60 | |||||
Total investment return (b) | 16.27%(c) | 15.55% | 26.21% | (5.84)% | 22.83% | 9.12% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.66%†† | 1.09% | 1.37% | 1.40% | 1.53% | 1.57% | |||||
Net expenses (d) | 0.57%†† | 0.58% | 0.58% | 0.57% | 0.57% | 0.58% | |||||
Portfolio turnover rate | 22% | 143% | 119% | 125% | 98% | 125% | |||||
Net assets at end of period (in 000’s) | $ 602,746 | $ 497,644 | $ 543,355 | $ 454,804 | $ 639,120 | $ 577,310 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | $ 25.37 | $ 25.23 | |||||
Net investment income (loss) (a) | 0.06 | 0.21 | 0.31 | 0.35 | 0.35 | 0.33 | |||||
Net realized and unrealized gain (loss) on investments | 4.42 | 3.62 | 5.67 | (1.68) | 5.26 | 1.81 | |||||
Total from investment operations | 4.48 | 3.83 | 5.98 | (1.33) | 5.61 | 2.14 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.35) | (0.36) | (0.42) | (0.34) | (0.35) | |||||
From net realized gain on investments | — | (2.08) | (4.09) | (2.76) | (1.19) | (1.65) | |||||
Total distributions | — | (2.43) | (4.45) | (3.18) | (1.53) | (2.00) | |||||
Net asset value at end of period | $ 32.35 | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | $ 25.37 | |||||
Total investment return (b) | 16.07%(c) | 15.26% | 25.89% | (6.08)% | 22.52% | 8.85% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.41%†† | 0.83% | 1.12% | 1.17% | 1.28% | 1.32% | |||||
Net expenses (d) | 0.82%†† | 0.83% | 0.83% | 0.82% | 0.82% | 0.83% | |||||
Portfolio turnover rate | 22% | 143% | 119% | 125% | 98% | 125% | |||||
Net assets at end of period (in 000’s) | $ 291,242 | $ 270,170 | $ 268,992 | $ 237,094 | $ 268,526 | $ 194,992 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington U.S. Equity Portfolio |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Wellington U.S. Equity Portfolio |
20 | MainStay VP Wellington U.S. Equity Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 2,314 | $ 85,626 | $ (78,033) | $ — | $ — | $ 9,907 | $ —(a) | $ — | 9,907 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $762,718,292 | $141,348,864 | $(10,572,561) | $130,776,303 |
2020 | |
Distributions paid from: | |
Ordinary Income | $19,229,381 |
Long-Term Capital Gains | 43,129,250 |
Total | $62,358,631 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 2,921,509 | $ 90,733,745 |
Shares redeemed | (2,185,238) | (68,849,134) |
Net increase (decrease) | 736,271 | $ 21,884,611 |
Year ended December 31, 2020: | ||
Shares sold | 2,990,187 | $ 77,797,974 |
Shares issued to shareholders in reinvestment of distributions | 1,546,962 | 40,145,517 |
Shares redeemed | (7,190,684) | (182,095,530) |
Net increase (decrease) | (2,653,535) | $ (64,152,039) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 138,469 | $ 4,086,093 |
Shares redeemed | (832,555) | (25,072,410) |
Net increase (decrease) | (694,086) | $ (20,986,317) |
Year ended December 31, 2020: | ||
Shares sold | 742,721 | $ 17,813,261 |
Shares issued to shareholders in reinvestment of distributions | 868,198 | 22,213,114 |
Shares redeemed | (2,077,311) | (52,825,490) |
Net increase (decrease) | (466,392) | $ (12,799,115) |
22 | MainStay VP Wellington U.S. Equity Portfolio |
Portfolio | Proceeds | Cost Basis |
MainStay VP Wellington U.S. Equity Portfolio | $1,300,602 | $1,174,184 |
24 | MainStay VP Wellington U.S. Equity Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other funds with similar strategies as those of the Portfolio, as repositioned, and the performance track record of those funds; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by Wellington; |
• | New York Life Investments’ and Wellington’s belief that their respective compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws and their commitment to further developing and strengthening compliance programs relating to the MainStay Group of Funds generally and the Portfolio specifically; |
• | ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
26 | MainStay VP Wellington U.S. Equity Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
28 | MainStay VP Wellington U.S. Equity Portfolio |
Some Portfolios may not be available in all products.
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1781606 | MSVPCS10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 9.36% | 53.13% | 19.05% | 13.05% | 0.85% |
Service Class Shares | 2/17/2012 | 9.23 | 52.75 | 18.76 | 12.77 | 1.10 |
1. | Effective May 1, 2020, the Portfolio replaced its subadvisor and modified its principal investment strategies. Therefore, the performance information shown in this report prior to May 1, 2020 reflects the Portfolio’s prior subadvisor and its principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
Russell 2000® Growth Index1 | 8.98% | 51.36% | 18.76% | 14.40% |
Morningstar Small Growth Category Average2 | 12.20 | 54.34 | 20.21 | 14.40 |
1. | The Russell 2000® Growth Index is the Portfolio’s primary benchmark. The Russell 2000® Growth Index is a broad-based benchmark that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Small Growth Category Average is representative of funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,093.60 | $4.31 | $1,020.68 | $4.16 | 0.83% |
Service Class Shares | $1,000.00 | $1,092.30 | $5.60 | $1,019.44 | $5.41 | 1.08% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Small Cap Growth Portfolio |
Software | 9.9% |
IT Services | 7.0 |
Health Care Equipment & Supplies | 5.9 |
Health Care Providers & Services | 5.9 |
Semiconductors & Semiconductor Equipment | 5.6 |
Biotechnology | 5.1 |
Commercial Services & Supplies | 4.5 |
Life Sciences Tools & Services | 4.1 |
Hotels, Restaurants & Leisure | 3.7 |
Chemicals | 3.4 |
Insurance | 3.3 |
Professional Services | 3.3 |
Diversified Consumer Services | 3.1 |
Health Care Technology | 3.0 |
Capital Markets | 2.4 |
Building Products | 2.2 |
Equity Real Estate Investment Trusts | 2.0 |
Aerospace & Defense | 2.0 |
Machinery | 1.8 |
Diversified Telecommunication Services | 1.6 |
Banks | 1.6 |
Specialty Retail | 1.5 |
Interactive Media & Services | 1.5 |
Entertainment | 1.5% |
Leisure Products | 1.3 |
Pharmaceuticals | 1.3 |
Food Products | 1.2 |
Electronic Equipment, Instruments & Components | 1.0 |
Road & Rail | 0.9 |
Construction & Engineering | 0.9 |
Food & Staples Retailing | 0.9 |
Trading Companies & Distributors | 0.6 |
Household Durables | 0.6 |
Electrical Equipment | 0.6 |
Auto Components | 0.5 |
Communications Equipment | 0.5 |
Multiline Retail | 0.5 |
Internet & Direct Marketing Retail | 0.4 |
Media | 0.3 |
Consumer Finance | 0.3 |
Energy Equipment & Services | 0.3 |
Short–Term Investments | 2.7 |
Other Assets, Less Liabilities | –0.7 |
100.0% |
1. | Bright Horizons Family Solutions, Inc. |
2. | Charles River Laboratories International, Inc. |
3. | Workiva, Inc. |
4. | Cogent Communications Holdings, Inc. |
5. | Zynga, Inc., Class A |
6. | Genpact Ltd. |
7. | Churchill Downs, Inc. |
8. | Goosehead Insurance, Inc., Class A |
9. | Globant SA |
10. | Endava plc |
The portion of the Portfolio subadvised by SBH outperformed the Index due to favorable sector allocation decisions. Security selection detracted slightly from relative performance.
In the first half of the reporting period, market leadership was dominated by companies with high short interest, low return on equity, high leverage and low share prices, all characteristics of stocks we consider to be lower quality. We tend to invest in issues that we consider higher quality. For the portion of the Portfolio subadvised by Brown Advisory, underweight exposure to these low-quality factors certainly produced a performance headwind for the first half of the reporting period. Thus, while the fundamental results from the vast majority of our companies were solid, our stock selection struggled to overcome the market’s bias in favor of lower quality. As the second half of the reporting period started, this trend began to reverse and market participants seemed to once again focus on fundamentals, which aided the Portfolio’s performance. During the final month of the reporting period, however, low-quality factors once again began to lead the market. This oscillation between high-quality and low-quality market leadership made relative returns volatile; nevertheless, the Portfolio outperformed the Index, largely due to positive security selection.
The three sectors that made the strongest positive contributions to the performance of the portion of the Portfolio subadvised by SBH relative to the Index were information technology, industrials and real estate. (Contributions take weightings and total returns into account.) Conversely, the three sectors that detracted most from relative performance during the reporting period were financials, health care and consumer discretionary.
The three sectors making the strongest contributions to the relative performance of the portion of the Portfolio subadvised by Brown Advisory were health care, real estate and energy. In health care, the bulk of the strong positive performance relative to the Index was the result of stock selection; however, the Portfolio’s underweight exposure to the sector also proved helpful. The three weakest contributors were consumer discretionary, industrials and information technology.
The three strongest performing holdings in the portion of the Portfolio subadvised by SBH included online freelance marketplace provider Upwork, online apparel retailer Revolve Group and work management software company Asana. Upwork’s user growth and engagement on its platform were strong as the pandemic heightened awareness of the value of its offerings to those engaged in remote and distributed work. Revolve Group reported improving sales trends as the economy reopened, driving an uptick in average order sizes. The company’s ability to generate significant free cash flow during the reporting period was also notable and a testament to its lean, flexible business model. Asana experienced accelerating sales growth with continued success moving upmarket to serve larger enterprise customers. In addition, the CEO was an aggressive buyer of the stock during the reporting period. We trimmed all three positions during the reporting period over valuation concerns. Shares in another notably strong performer, information technology services provider Endava, gained ground based on the company’s strength across all regions and verticals. As of June 30, 2021, Endava remained one of the Portfolio’s largest positions, reflecting our view that digital transformation projects remain in the early innings of adoption with a very large addressable market.
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Small Cap Growth Portfolio |
The three strongest performing holdings in the portion of the Portfolio subadvised by Brown Advisory included laboratory testing and contract research services provider Charles River Laboratories International, silicone breast implant developer and manufacturer Establishment Labs and health care for seniors services provider agilon health. Charles River stock benefited from the company’s success in continuing to execute at a very high level as the leading pre-clinical contract research organization, supporting hundreds of well-funded biotech assets. Strategic mergers and acquisitions in the high growth and exciting areas of cell and gene therapy continued during the reporting period, and investors continued to gain confidence in the company’s next phase of growth. Establishment Labs continued to garner more investor attention following several new and novel product announcements that dramatically expanded its total addressable market. The management team executed well during the pandemic and the company appears well positioned as global economies reopen. The Portfolio initiated its position in agilon health upon the company’s initial public offering on April 15, 2021, with a sizeable allocation, building on a relationship with the company’s management team and sponsors begun while agilon was still privately held. In our opinion, agilon possesses a highly scalable, value-based care model that partners with and enables leading primary care groups to assume full financial risk for their Medicare patients, enhancing both quality of care and medical practice economics.
Significant new purchases during the reporting period included payment processor solutions provider Shift4 Payments and social media management software company Sprout Social. Shift4 is a niche market leader of payment solutions in the hospitality industry, benefiting from the reopening of the economy. In our opinion, the company has a unique opportunity to capture incremental revenues from existing customers through its new, broader product suite. We believe Sprout Social’s cloud software platform is well positioned for the ongoing shift to social media as the default medium for managing brand communication with customers.
Significant purchases included building products manufacturer AZEK, pest control provider Terminix and health care provider agilon health. The Portfolio’s purchase of AZEK shares reflected our view that the company—a leading manufacturer of low-maintenance and environmentally sustainable building products—operates in an attractive composite decking space that offers a combination of secular growth, less cyclicality given decking replacement demand and margin enhancement opportunities. Terminix’s new CEO shed ancillary businesses and appears focused on returning the core pest business to organic growth while improving profitability, a task that we think is achievable given the company’s leading brand recognition.
The portion of the Portfolio subadvised by SBH saw its largest sector increases relative to the Index in information technology after underperformance across the sector in the first quarter of
The most notable change in sector exposure affecting the portion of the Portfolio subadvised by Brown Advisory was an increase in health care, reducing the extent of the Portfolio’s underweight exposure relative to the Index. We also trimmed the Portfolio’s information technology exposure from an overweight position to approximately in line with the Index.
As of June 30, 2021, the portion of the Portfolio subadvised by SBH held overweight exposure, relative to the Index, in the financials and industrials sectors, and underweight exposure primarily in the health care and consumer discretionary sectors. The portfolio’s overweight exposure to financials was primarily due not to investments in traditional banks, but rather to investments in unique, secular growth companies in the insurance sector, such as Goosehead Insurance and Trupanion. The Portfolio’s underweight exposure to health care was primarily due to holding relatively few investments in biotechnology companies, the vast majority of which do not, in our opinion, exhibit fundamentally stable growth characteristics.
As of June 30, 2021, the portion of the Portfolio subadvised by Brown Advisory held overweight exposure to the consumer discretionary and industrials sectors. As of the same date, the Portfolio held underweight exposure to energy and financials, neither of which represented a large portion of the Index. The Portfolio also held an underweight position in health care due to a relative lack of biotechnology exposure.
10 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks 98.0% | ||
Aerospace & Defense 2.0% | ||
AeroVironment, Inc. (a) | 22,009 | $ 2,204,201 |
Hexcel Corp. (a) | 63,667 | 3,972,821 |
Kratos Defense & Security Solutions, Inc. (a) | 114,705 | 3,267,946 |
Mercury Systems, Inc. (a) | 34,068 | 2,258,027 |
11,702,995 | ||
Auto Components 0.5% | ||
Fox Factory Holding Corp. (a) | 19,484 | 3,032,879 |
Banks 1.6% | ||
Bank OZK | 37,104 | 1,564,305 |
Eagle Bancorp, Inc. | 48,319 | 2,709,729 |
Prosperity Bancshares, Inc. | 73,379 | 5,268,612 |
9,542,646 | ||
Biotechnology 5.1% | ||
Abcam plc, Sponsored ADR (a) | 58,943 | 1,122,275 |
Acceleron Pharma, Inc. (a) | 16,866 | 2,116,514 |
Amicus Therapeutics, Inc. (a) | 119,829 | 1,155,152 |
Ascendis Pharma A/S, ADR (a) | 12,790 | 1,682,524 |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 35,277 | 3,424,691 |
Blueprint Medicines Corp. (a) | 52,562 | 4,623,353 |
Fate Therapeutics, Inc. (a) | 37,859 | 3,285,783 |
Natera, Inc. (a) | 51,254 | 5,818,867 |
Neurocrine Biosciences, Inc. (a) | 27,828 | 2,708,221 |
Turning Point Therapeutics, Inc. (a) | 31,792 | 2,480,412 |
Xencor, Inc. (a) | 56,078 | 1,934,130 |
30,351,922 | ||
Building Products 2.2% | ||
AZEK Co., Inc. (The) (a) | 167,453 | 7,110,054 |
Trex Co., Inc. (a) | 57,343 | 5,861,028 |
12,971,082 | ||
Capital Markets 2.4% | ||
Evercore, Inc., Class A | 17,710 | 2,493,037 |
Focus Financial Partners, Inc., Class A (a) | 51,947 | 2,519,429 |
Hamilton Lane, Inc., Class A | 49,131 | 4,476,817 |
Houlihan Lokey, Inc. | 32,383 | 2,648,605 |
StepStone Group, Inc., Class A | 61,845 | 2,127,468 |
14,265,356 | ||
Chemicals 3.4% | ||
Avient Corp. | 64,342 | 3,163,053 |
HB Fuller Co. | 44,822 | 2,851,127 |
Ingevity Corp. (a) | 42,416 | 3,450,966 |
Shares | Value | |
Chemicals (continued) | ||
Innospec, Inc. | 20,239 | $ 1,833,856 |
Livent Corp. (a) | 250,598 | 4,851,577 |
Quaker Chemical Corp. | 16,538 | 3,922,648 |
20,073,227 | ||
Commercial Services & Supplies 4.5% | ||
IAA, Inc. (a) | 127,513 | 6,954,559 |
Montrose Environmental Group, Inc. (a) | 33,414 | 1,792,995 |
MSA Safety, Inc. | 20,034 | 3,317,230 |
Ritchie Bros Auctioneers, Inc. | 55,734 | 3,303,912 |
Tetra Tech, Inc. | 37,894 | 4,624,584 |
Waste Connections, Inc. | 59,275 | 7,079,213 |
27,072,493 | ||
Communications Equipment 0.5% | ||
Infinera Corp. (a) | 293,389 | 2,992,568 |
Construction & Engineering 0.9% | ||
Ameresco, Inc., Class A (a) | 64,949 | 4,073,601 |
Valmont Industries, Inc. | 6,552 | 1,546,600 |
5,620,201 | ||
Consumer Finance 0.3% | ||
LendingTree, Inc. (a) | 9,363 | 1,983,832 |
Diversified Consumer Services 3.1% | ||
Bright Horizons Family Solutions, Inc. (a) | 87,147 | 12,820,196 |
Chegg, Inc. (a) | 32,820 | 2,727,670 |
Terminix Global Holdings, Inc. (a) | 66,210 | 3,158,879 |
18,706,745 | ||
Diversified Telecommunication Services 1.6% | ||
Cogent Communications Holdings, Inc. | 124,880 | 9,602,023 |
Electrical Equipment 0.6% | ||
TPI Composites, Inc. (a) | 71,942 | 3,483,432 |
Electronic Equipment, Instruments & Components 1.0% | ||
Littelfuse, Inc. | 12,129 | 3,090,348 |
Novanta, Inc. (a) | 22,770 | 3,068,485 |
6,158,833 | ||
Energy Equipment & Services 0.3% | ||
Cactus, Inc., Class A | 47,945 | 1,760,540 |
Entertainment 1.5% | ||
Zynga, Inc., Class A (a) | 843,749 | 8,969,052 |
Shares | Value | |
Common Stocks (continued) | ||
Equity Real Estate Investment Trusts 2.0% | ||
Americold Realty Trust | 58,861 | $ 2,227,889 |
DigitalBridge Group, Inc. (a) | 208,331 | 1,645,815 |
EastGroup Properties, Inc. | 28,567 | 4,697,843 |
Terreno Realty Corp. | 57,390 | 3,702,803 |
12,274,350 | ||
Food & Staples Retailing 0.9% | ||
Casey's General Stores, Inc. | 26,200 | 5,099,568 |
Food Products 1.2% | ||
Hain Celestial Group, Inc. (The) (a) | 65,724 | 2,636,847 |
Simply Good Foods Co. (The) (a) | 129,724 | 4,736,223 |
7,373,070 | ||
Health Care Equipment & Supplies 5.9% | ||
Cardiovascular Systems, Inc. (a) | 60,295 | 2,571,582 |
CONMED Corp. | 40,212 | 5,526,335 |
Establishment Labs Holdings, Inc. (a) | 59,365 | 5,184,939 |
Globus Medical, Inc., Class A (a) | 72,014 | 5,583,246 |
Inari Medical, Inc. (a) | 35,502 | 3,311,627 |
Integra LifeSciences Holdings Corp. (a) | 36,515 | 2,491,784 |
LivaNova plc (a) | 24,793 | 2,085,339 |
Nevro Corp. (a) | 11,641 | 1,929,961 |
OrthoPediatrics Corp. (a) | 42,741 | 2,700,376 |
SI-BONE, Inc. (a) | 45,157 | 1,421,091 |
Silk Road Medical, Inc. (a) | 57,512 | 2,752,524 |
35,558,804 | ||
Health Care Providers & Services 5.9% | ||
Accolade, Inc. (a) | 44,239 | 2,402,620 |
Addus HomeCare Corp. (a) | 37,526 | 3,273,768 |
agilon health, Inc. (a) | 114,350 | 4,639,180 |
Alignment Healthcare, Inc. (a)(b) | 60,435 | 1,412,366 |
Amedisys, Inc. (a) | 24,286 | 5,948,370 |
Castle Biosciences, Inc. (a) | 42,580 | 3,122,391 |
Encompass Health Corp. | 35,968 | 2,806,583 |
HealthEquity, Inc. (a) | 51,601 | 4,152,848 |
LifeStance Health Group, Inc. (a) | 68,775 | 1,916,072 |
Oak Street Health, Inc. (a) | 44,281 | 2,593,538 |
Progyny, Inc. (a) | 50,534 | 2,981,506 |
35,249,242 | ||
Health Care Technology 3.0% | ||
Inspire Medical Systems, Inc. (a) | 27,068 | 5,231,162 |
Omnicell, Inc. (a) | 38,706 | 5,862,024 |
Phreesia, Inc. (a) | 58,358 | 3,577,345 |
Shares | Value | |
Health Care Technology (continued) | ||
Vocera Communications, Inc. (a) | 81,373 | $ 3,242,714 |
17,913,245 | ||
Hotels, Restaurants & Leisure 3.7% | ||
Choice Hotels International, Inc. | 22,675 | 2,695,151 |
Churchill Downs, Inc. | 42,985 | 8,522,206 |
MakeMyTrip Ltd. (a) | 116,594 | 3,503,650 |
Shake Shack, Inc., Class A (a) | 38,006 | 4,067,402 |
Wingstop, Inc. | 22,523 | 3,550,300 |
22,338,709 | ||
Household Durables 0.6% | ||
TopBuild Corp. (a) | 17,996 | 3,559,249 |
Insurance 3.3% | ||
Goosehead Insurance, Inc., Class A | 66,229 | 8,430,952 |
Palomar Holdings, Inc. (a) | 42,829 | 3,231,876 |
Selectquote, Inc. (a) | 97,811 | 1,883,840 |
Trupanion, Inc. (a) | 53,023 | 6,102,947 |
19,649,615 | ||
Interactive Media & Services 1.5% | ||
Angi, Inc. (a) | 323,513 | 4,373,896 |
Eventbrite, Inc., Class A (a) | 161,969 | 3,077,411 |
Vimeo, Inc. (a) | 31,888 | 1,562,512 |
9,013,819 | ||
Internet & Direct Marketing Retail 0.4% | ||
Revolve Group, Inc. (a) | 37,795 | 2,604,075 |
IT Services 7.0% | ||
Endava plc, Sponsored ADR (a) | 69,346 | 7,862,449 |
Evo Payments, Inc., Class A (a) | 186,982 | 5,186,881 |
Genpact Ltd. | 190,769 | 8,666,636 |
Globant SA (a) | 36,429 | 7,984,508 |
MAXIMUS, Inc. | 46,633 | 4,102,305 |
Shift4 Payments, Inc., Class A (a) | 55,968 | 5,245,321 |
WEX, Inc. (a) | 14,042 | 2,722,744 |
41,770,844 | ||
Leisure Products 1.3% | ||
Callaway Golf Co. | 152,993 | 5,160,454 |
Clarus Corp. | 106,350 | 2,733,195 |
7,893,649 | ||
Life Sciences Tools & Services 4.1% | ||
Adaptive Biotechnologies Corp. (a) | 61,136 | 2,498,017 |
Bruker Corp. | 51,086 | 3,881,514 |
12 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Life Sciences Tools & Services (continued) | ||
Charles River Laboratories International, Inc. (a) | 26,424 | $ 9,774,766 |
NanoString Technologies, Inc. (a) | 40,060 | 2,595,487 |
NeoGenomics, Inc. (a) | 120,979 | 5,464,622 |
Olink Holding AB, ADR (a) | 13,947 | 480,056 |
24,694,462 | ||
Machinery 1.8% | ||
IDEX Corp. | 6,367 | 1,401,058 |
John Bean Technologies Corp. | 44,565 | 6,355,860 |
Proto Labs, Inc. (a) | 10,431 | 957,566 |
Woodward, Inc. | 15,355 | 1,886,823 |
10,601,307 | ||
Media 0.3% | ||
New York Times Co. (The), Class A | 46,043 | 2,005,173 |
Multiline Retail 0.5% | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 32,077 | 2,698,638 |
Pharmaceuticals 1.3% | ||
Catalent, Inc. (a) | 52,683 | 5,696,086 |
Pacira BioSciences, Inc. (a) | 34,068 | 2,067,246 |
7,763,332 | ||
Professional Services 3.3% | ||
ASGN, Inc. (a) | 30,949 | 2,999,887 |
FTI Consulting, Inc. (a) | 29,873 | 4,080,951 |
Huron Consulting Group, Inc. (a) | 50,849 | 2,499,228 |
ManTech International Corp., Class A | 39,380 | 3,407,945 |
Upwork, Inc. (a) | 113,032 | 6,588,635 |
19,576,646 | ||
Road & Rail 0.9% | ||
Knight-Swift Transportation Holdings, Inc. | 38,701 | 1,759,348 |
Saia, Inc. (a) | 18,468 | 3,868,861 |
5,628,209 | ||
Semiconductors & Semiconductor Equipment 5.6% | ||
CMC Materials, Inc. | 29,693 | 4,475,923 |
Entegris, Inc. | 38,152 | 4,691,551 |
Lattice Semiconductor Corp. (a) | 74,821 | 4,203,444 |
Onto Innovation, Inc. (a) | 65,776 | 4,804,279 |
Power Integrations, Inc. | 38,792 | 3,183,271 |
Silicon Laboratories, Inc. (a) | 48,459 | 7,426,342 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment (continued) | |||
SiTime Corp. (a) | 38,371 | $ 4,857,385 | |
33,642,195 | |||
Software 9.9% | |||
Anaplan, Inc. (a) | 77,888 | 4,151,430 | |
Asana, Inc., Class A (a)(b) | 49,895 | 3,094,987 | |
Blackline, Inc. (a) | 28,913 | 3,217,150 | |
Dynatrace, Inc. (a) | 72,395 | 4,229,316 | |
Envestnet, Inc. (a) | 94,879 | 7,197,521 | |
Everbridge, Inc. (a) | 27,083 | 3,685,455 | |
Mimecast Ltd. (a) | 73,980 | 3,924,639 | |
nCino, Inc. (a) | 62,609 | 3,751,531 | |
Nuance Communications, Inc. (a) | 73,120 | 3,980,653 | |
ON24, Inc. (a) | 23,081 | 818,914 | |
PROS Holdings, Inc. (a) | 56,100 | 2,556,477 | |
Sprout Social, Inc., Class A (a) | 51,343 | 4,591,091 | |
Sumo Logic, Inc. (a)(b) | 48,408 | 999,625 | |
Workiva, Inc. (a) | 86,376 | 9,616,240 | |
Zuora, Inc., Class A (a) | 190,668 | 3,289,023 | |
59,104,052 | |||
Specialty Retail 1.5% | |||
Leslie's, Inc. (a) | 66,636 | 1,831,824 | |
National Vision Holdings, Inc. (a) | 97,345 | 4,977,250 | |
Vroom, Inc. (a) | 52,925 | 2,215,440 | |
9,024,514 | |||
Trading Companies & Distributors 0.6% | |||
SiteOne Landscape Supply, Inc. (a) | 21,857 | 3,699,516 | |
Total Common Stocks (Cost $391,339,179) | 587,026,109 | ||
Short-Term Investments 2.7% | |||
Affiliated Investment Company 2.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 11,797,116 | 11,797,116 | |
Unaffiliated Investment Company 0.7% | |||
Wells Fargo Government Money Market Fund, 0.025% (c)(d) | 4,522,423 | 4,522,423 | |
Total Short-Term Investments (Cost $16,319,539) | 16,319,539 | ||
Total Investments (Cost $407,658,718) | 100.7% | 603,345,648 | |
Other Assets, Less Liabilities | (0.7) | (4,404,163) | |
Net Assets | 100.0% | $ 598,941,485 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $5,094,168; the total market value of collateral held by the Portfolio was $5,306,633. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $784,210. The Portfolio received cash collateral with a value of $4,522,423. (See Note 2(H)) |
(c) | Current yield as of June 30, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 587,026,109 | $ — | $ — | $ 587,026,109 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 11,797,116 | — | — | 11,797,116 | |||
Unaffiliated Investment Company | 4,522,423 | — | — | 4,522,423 | |||
Total Short-Term Investments | 16,319,539 | — | — | 16,319,539 | |||
Total Investments in Securities | $ 603,345,648 | $ — | $ — | $ 603,345,648 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Small Cap Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $395,861,602) including securities on loan of $5,094,168 | $591,548,532 |
Investment in affiliated investment companies, at value (identified cost $11,797,116) | 11,797,116 |
Receivables: | |
Portfolio shares sold | 514,947 |
Dividends | 163,583 |
Securities lending | 1,205 |
Other assets | 7,437 |
Total assets | 604,032,820 |
Liabilities | |
Cash collateral received for securities on loan | 4,522,423 |
Payables: | |
Manager (See Note 3) | 392,988 |
Portfolio shares redeemed | 82,679 |
Shareholder communication | 40,839 |
NYLIFE Distributors (See Note 3) | 34,923 |
Custodian | 13,640 |
Professional fees | 3,780 |
Trustees | 63 |
Total liabilities | 5,091,335 |
Net assets | $598,941,485 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,429 |
Additional paid-in-capital | 273,065,194 |
273,095,623 | |
Total distributable earnings (loss) | 325,845,862 |
Net assets | $598,941,485 |
Initial Class | |
Net assets applicable to outstanding shares | $425,672,408 |
Shares of beneficial interest outstanding | 21,436,609 |
Net asset value per share outstanding | $ 19.86 |
Service Class | |
Net assets applicable to outstanding shares | $173,269,077 |
Shares of beneficial interest outstanding | 8,992,870 |
Net asset value per share outstanding | $ 19.27 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $10,989) | $ 942,701 |
Securities lending | 9,060 |
Dividends-affiliated | 960 |
Total income | 952,721 |
Expenses | |
Manager (See Note 3) | 2,329,697 |
Distribution/Service—Service Class (See Note 3) | 205,012 |
Shareholder communication | 25,193 |
Custodian | 14,033 |
Professional fees | 9,551 |
Trustees | 5,692 |
Miscellaneous | 7,416 |
Total expenses before waiver/reimbursement | 2,596,594 |
Expense waiver/reimbursement from Manager (See Note 3) | (9,680) |
Net expenses | 2,586,914 |
Net investment income (loss) | (1,634,193) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 58,013,781 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (3,128,972) |
Net realized and unrealized gain (loss) | 54,884,809 |
Net increase (decrease) in net assets resulting from operations | $53,250,616 |
16 | MainStay VP Small Cap Growth Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (1,634,193) | $ (2,292,539) |
Net realized gain (loss) | 58,013,781 | 76,227,902 |
Net change in unrealized appreciation (depreciation) | (3,128,972) | 100,556,905 |
Net increase (decrease) in net assets resulting from operations | 53,250,616 | 174,492,268 |
Distributions to shareholders: | ||
Initial Class | — | (11,171,351) |
Service Class | — | (3,851,068) |
Total distributions to shareholders | — | (15,022,419) |
Capital share transactions: | ||
Net proceeds from sales of shares | 60,143,619 | 73,550,635 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 15,022,419 |
Cost of shares redeemed | (91,196,126) | (129,080,099) |
Increase (decrease) in net assets derived from capital share transactions | (31,052,507) | (40,507,045) |
Net increase (decrease) in net assets | 22,198,109 | 118,962,804 |
Net Assets | ||
Beginning of period | 576,743,376 | 457,780,572 |
End of period | $598,941,485 | $ 576,743,376 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | $ 12.03 | $ 11.53 | |||||
Net investment income (loss) (a) | (0.05) | (0.06) | (0.06) | (0.06) | (0.06) | (0.05) | |||||
Net realized and unrealized gain (loss) on investments | 1.75 | 5.36 | 2.96 | (1.04) | 2.78 | 1.19 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | 0.00‡ | — | — | — | — | |||||
Total from investment operations | 1.70 | 5.30 | 2.90 | (1.10) | 2.72 | 1.14 | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (0.45) | (1.79) | (0.79) | (0.66) | (0.64) | |||||
Net asset value at end of period | $ 19.86 | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | $ 12.03 | |||||
Total investment return (b) | 9.36% | 40.48% | 25.59% | (8.88)% | 22.83% | 10.01% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.50)%†† | (0.41)% | (0.41)% | (0.40)% | (0.48)% | (0.41)% | |||||
Net expenses (c) | 0.83%††(d) | 0.85%(d) | 0.85% | 0.85% | 0.85% | 0.86% | |||||
Portfolio turnover rate | 18% | 101% | 46% | 41% | 41% | 36% | |||||
Net assets at end of period (in 000’s) | $ 425,672 | $ 422,200 | $ 332,474 | $ 251,547 | $ 312,106 | $ 282,378 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | $ 11.88 | $ 11.42 | |||||
Net investment income (loss) (a) | (0.07) | (0.09) | (0.09) | (0.09) | (0.09) | (0.07) | |||||
Net realized and unrealized gain (loss) on investments | 1.70 | 5.21 | 2.89 | (1.03) | 2.74 | 1.17 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | 0.00‡ | — | — | — | — | |||||
Total from investment operations | 1.63 | 5.12 | 2.80 | (1.12) | 2.65 | 1.10 | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (0.45) | (1.79) | (0.79) | (0.66) | (0.64) | |||||
Net asset value at end of period | $ 19.27 | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | $ 11.88 | |||||
Total investment return (b) | 9.24%(c) | 40.13% | 25.28% | (9.11)% | 22.53% | 9.73% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.75)%†† | (0.66)% | (0.65)% | (0.64)% | (0.72)% | (0.66)% | |||||
Net expenses (d) | 1.08%††(e) | 1.10%(e) | 1.10% | 1.10% | 1.10% | 1.11% | |||||
Portfolio turnover rate | 18% | 101% | 46% | 41% | 41% | 36% | |||||
Net assets at end of period (in 000’s) | $ 173,269 | $ 154,543 | $ 125,306 | $ 96,497 | $ 90,887 | $ 70,131 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay VP Small Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Small Cap Growth Portfolio |
22 | MainStay VP Small Cap Growth Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 9,588 | $ 140,116 | $ (137,907) | $ — | $ — | $ 11,797 | $ 1 | $ — | 11,797 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $408,031,159 | $200,057,426 | $(4,742,937) | $195,314,489 |
2020 | |
Distributions paid from: | |
Long-Term Capital Gains | $15,022,419 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 2,421,405 | $ 45,647,679 |
Shares redeemed | (4,237,487) | (81,096,969) |
Net increase (decrease) | (1,816,082) | $(35,449,290) |
Year ended December 31, 2020: | ||
Shares sold | 3,917,901 | $ 53,281,864 |
Shares issued to shareholders in reinvestment of distributions | 737,251 | 11,171,351 |
Shares redeemed | (6,390,605) | (93,305,819) |
Net increase (decrease) | (1,735,453) | $(28,852,604) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 779,159 | $ 14,495,940 |
Shares redeemed | (547,524) | (10,099,157) |
Net increase (decrease) | 231,635 | $ 4,396,783 |
Year ended December 31, 2020: | ||
Shares sold | 1,540,640 | $ 20,268,771 |
Shares issued to shareholders in reinvestment of distributions | 261,458 | 3,851,068 |
Shares redeemed | (2,702,909) | (35,774,280) |
Net increase (decrease) | (900,811) | $(11,654,441) |
24 | MainStay VP Small Cap Growth Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
26 | MainStay VP Small Cap Growth Portfolio |
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Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781614 | MSVPESCG10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | 8.89% | 37.24% | 12.95% | 8.24% | 0.96% |
Service Class Shares | 6/5/2003 | 8.76 | 36.90 | 12.67 | 7.97 | 1.21 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
MSCI ACWI® ex USA Index (Net)1 | 9.16% | 35.72% | 11.08% | 5.45% |
MSCI EAFE® Index (Net)2 | 8.83 | 32.35 | 10.28 | 5.89 |
Morningstar Foreign Large Growth Category Average3 | 7.15 | 34.83 | 13.78 | 7.75 |
1. | The Portfolio has selected the MSCI ACWI® (All Country World Index) ex USA Index (Net) as its primary benchmark. The MSCI ACWI® ex USA Index (Net) is a free float-adjusted market capitalization weighted index is a broad-based benchmark that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,088.90 | $4.92 | $1,020.08 | $4.76 | 0.95% |
Service Class Shares | $1,000.00 | $1,087.60 | $6.21 | $1,018.84 | $6.01 | 1.20% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay International Equity Portfolio |
France | 15.9% |
United Kingdom | 13.6 |
Germany | 13.1 |
Japan | 9.9 |
United States | 9.0 |
Netherlands | 5.7 |
Denmark | 5.5 |
Switzerland | 4.6 |
India | 4.6 |
China | 4.3 |
Taiwan | 3.1 |
Sweden | 1.9% |
Ireland | 1.9 |
Mexico | 1.4 |
Canada | 1.2 |
Italy | 1.1 |
Spain | 1.1 |
Israel | 1.1 |
Brazil | 0.9 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | Tencent Holdings Ltd. |
2. | Sartorius Stedim Biotech |
3. | Teleperformance |
4. | Lonza Group AG (Registered) |
5. | STERIS plc |
6. | CyberAgent, Inc. |
7. | Deutsche Boerse AG |
8. | Dassault Systemes SE |
9. | Koninklijke Philips NV |
10. | Scout24 AG |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | |
Common Stocks 98.7% | ||
Brazil 0.9% | ||
Notre Dame Intermedica Participacoes SA (Health Care Providers & Services) | 309,149 | $ 5,278,866 |
Canada 1.2% | ||
Constellation Software, Inc. (Software) | 4,361 | 6,604,861 |
China 4.3% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 331,925 | 24,966,088 |
Denmark 5.5% | ||
Chr Hansen Holding A/S (Chemicals) | 159,417 | 14,387,885 |
Novo Nordisk A/S, Class B (Pharmaceuticals) | 208,289 | 17,450,275 |
31,838,160 | ||
France 15.9% | ||
BioMerieux (Health Care Equipment & Supplies) | 139,760 | 16,240,601 |
Dassault Systemes SE (Software) | 77,621 | 18,821,996 |
Edenred (IT Services) | 273,651 | 15,591,345 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 45,461 | 21,502,856 |
Teleperformance (Professional Services) | 49,818 | 20,220,241 |
92,377,039 | ||
Germany 13.1% | ||
Carl Zeiss Meditec AG (Health Care Equipment & Supplies) | 30,283 | 5,851,220 |
Deutsche Boerse AG (Capital Markets) | 108,284 | 18,900,149 |
SAP SE (Software) | 115,440 | 16,267,173 |
Scout24 AG (Interactive Media & Services) (a) | 213,695 | 18,021,015 |
Symrise AG (Chemicals) | 83,687 | 11,659,744 |
Zalando SE (Internet & Direct Marketing Retail) (a)(b) | 44,739 | 5,408,373 |
76,107,674 | ||
India 4.6% | ||
HDFC Bank Ltd. (Banks) | 868,517 | 17,502,376 |
Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance) | 269,667 | 8,980,133 |
26,482,509 | ||
Ireland 1.9% | ||
ICON plc (Life Sciences Tools & Services) (b)(c) | 51,594 | 10,664,996 |
Shares | Value | |
Israel 1.1% | ||
Nice Ltd. Sponsored ADR(Software) (b) | 24,803 | $ 6,137,750 |
Italy 1.1% | ||
Reply SpA (IT Services) | 38,383 | 6,308,052 |
Japan 9.9% | ||
CyberAgent, Inc. (Media) | 901,000 | 19,342,770 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 84,000 | 5,897,655 |
Relo Group, Inc. (Real Estate Management & Development) | 507,200 | 11,596,274 |
SMS Co. Ltd. (Professional Services) | 320,400 | 9,589,360 |
TechnoPro Holdings, Inc. (Professional Services) | 465,600 | 11,013,968 |
57,440,027 | ||
Mexico 1.4% | ||
Regional SAB de CV (Banks) | 1,410,934 | 8,297,572 |
Netherlands 5.7% | ||
Koninklijke DSM NV (Chemicals) | 80,009 | 14,932,644 |
Koninklijke Philips NV (Health Care Equipment & Supplies) | 366,958 | 18,183,683 |
33,116,327 | ||
Spain 1.1% | ||
Industria de Diseno Textil SA (Specialty Retail) | 176,881 | 6,231,276 |
Sweden 1.9% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 383,936 | 5,688,539 |
MIPS AB (Leisure Products) | 64,296 | 5,529,481 |
11,218,020 | ||
Switzerland 4.6% | ||
Belimo Holding AG (Registered) (Building Products) | 15,455 | 7,065,620 |
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 27,969 | 19,823,907 |
26,889,527 | ||
Taiwan 3.1% | ||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR(Semiconductors & Semiconductor Equipment) | 149,300 | 17,939,888 |
Shares | Value | |
Common Stocks (continued) | ||
United Kingdom 13.6% | ||
Diageo plc (Beverages) | 343,143 | $ 16,428,318 |
Experian plc (Professional Services) | 137,510 | 5,299,462 |
HomeServe plc (Commercial Services & Supplies) | 678,674 | 8,970,327 |
Linde plc (Chemicals) | 60,286 | 17,428,683 |
Prudential plc (Insurance) | 768,726 | 14,605,506 |
St James's Place plc (Capital Markets) | 800,938 | 16,364,237 |
79,096,533 | ||
United States 7.8% | ||
Accenture plc, Class A (IT Services) | 18,064 | 5,325,087 |
Globant SA (IT Services) (b) | 23,967 | 5,253,087 |
STERIS plc (Health Care Equipment & Supplies) | 94,545 | 19,504,633 |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 111,638 | 15,094,574 |
45,177,381 | ||
Total Common Stocks (Cost $487,860,500) | 572,172,546 | |
Short-Term Investments 1.2% | ||
Affiliated Investment Company 0.0% ‡ | ||
United States 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 138,503 | 138,503 |
Shares | Value | ||
Unaffiliated Investment Company 1.2% | |||
United States 1.2% | |||
Wells Fargo Government Money Market Fund, 0.025% (d)(e) | 7,004,829 | $ 7,004,829 | |
Total Short-Term Investments (Cost $7,143,332) | 7,143,332 | ||
Total Investments (Cost $495,003,832) | 99.9% | 579,315,878 | |
Other Assets, Less Liabilities | 0.1 | 677,420 | |
Net Assets | 100.0% | $ 579,993,298 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $6,628,570. The Portfolio received cash collateral with a value of $7,004,829. (See Note 2(I)) |
(d) | Current yield as of June 30, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 572,172,546 | $ — | $ — | $ 572,172,546 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 138,503 | — | — | 138,503 | |||
Unaffiliated Investment Company | 7,004,829 | — | — | 7,004,829 | |||
Total Short-Term Investments | 7,143,332 | — | — | 7,143,332 | |||
Total Investments in Securities | $ 579,315,878 | $ — | $ — | $ 579,315,878 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
10 | MainStay VP MacKay International Equity Portfolio |
Value | Percent | ||
Banks | $ 25,799,948 | 4.4% | |
Beverages | 16,428,318 | 2.8 | |
Building Products | 7,065,620 | 1.2 | |
Capital Markets | 35,264,386 | 6.1 | |
Chemicals | 58,408,956 | 10.1 | |
Commercial Services & Supplies | 8,970,327 | 1.6 | |
Electronic Equipment, Instruments & Components | 20,783,113 | 3.6 | |
Health Care Equipment & Supplies | 65,677,792 | 11.3 | |
Health Care Providers & Services | 5,278,866 | 0.9 | |
Insurance | 14,605,506 | 2.5 | |
Interactive Media & Services | 42,987,103 | 7.4 | |
Internet & Direct Marketing Retail | 5,408,373 | 0.9 | |
IT Services | 32,477,571 | 5.6 | |
Leisure Products | 5,529,481 | 0.9 | |
Life Sciences Tools & Services | 51,991,759 | 9.0 | |
Media | 19,342,770 | 3.3 | |
Pharmaceuticals | 17,450,275 | 3.0 | |
Professional Services | 46,123,031 | 8.0 | |
Real Estate Management & Development | 11,596,274 | 2.0 | |
Semiconductors & Semiconductor Equipment | 17,939,888 | 3.1 | |
Software | 47,831,780 | 8.3 | |
Specialty Retail | 6,231,276 | 1.1 | |
Thrifts & Mortgage Finance | 8,980,133 | 1.6 | |
572,172,546 | 98.7 | ||
Short-Term Investments | 7,143,332 | 1.2 | |
Other Assets, Less Liabilities | 677,420 | 0.1 | |
Net Assets | $579,993,298 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $494,865,329) including securities on loan of $6,628,570 | $579,177,375 |
Investment in affiliated investment companies, at value (identified cost $138,503) | 138,503 |
Cash denominated in foreign currencies (identified cost $8,249,153) | 8,160,209 |
Due from custodian | 238,496 |
Receivables: | |
Dividends and interest | 1,333,759 |
Investment securities sold | 323,652 |
Securities lending | 1,278 |
Other assets | 4,553 |
Total assets | 589,377,825 |
Liabilities | |
Cash collateral received for securities on loan | 7,004,829 |
Due to custodian | 3,305 |
Payables: | |
Foreign capital gains tax (See Note 2) | 824,522 |
Investment securities purchased | 618,083 |
Manager (See Note 3) | 421,237 |
Portfolio shares redeemed | 273,069 |
Custodian | 82,824 |
NYLIFE Distributors (See Note 3) | 66,476 |
Shareholder communication | 46,424 |
Professional fees | 39,315 |
Trustees | 71 |
Accrued expenses | 4,372 |
Total liabilities | 9,384,527 |
Net assets | $579,993,298 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 29,082 |
Additional paid-in-capital | 377,811,988 |
377,841,070 | |
Total distributable earnings (loss) | 202,152,228 |
Net assets | $579,993,298 |
Initial Class | |
Net assets applicable to outstanding shares | $256,080,842 |
Shares of beneficial interest outstanding | 12,757,660 |
Net asset value per share outstanding | $ 20.07 |
Service Class | |
Net assets applicable to outstanding shares | $323,912,456 |
Shares of beneficial interest outstanding | 16,324,806 |
Net asset value per share outstanding | $ 19.84 |
12 | MainStay VP MacKay International Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $473,422) | $ 5,060,574 |
Securities lending | 25,726 |
Interest | 312 |
Dividends-affiliated | 32 |
Total income | 5,086,644 |
Expenses | |
Manager (See Note 3) | 2,486,255 |
Distribution/Service—Service Class (See Note 3) | 391,175 |
Custodian | 71,567 |
Professional fees | 49,862 |
Shareholder communication | 26,022 |
Trustees | 5,727 |
Miscellaneous | 18,353 |
Total expenses | 3,048,961 |
Net investment income (loss) | 2,037,683 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | 50,815,083 |
Foreign currency transactions | 249,315 |
Net realized gain (loss) | 51,064,398 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | (4,784,867) |
Translation of other assets and liabilities in foreign currencies | (158,182) |
Net change in unrealized appreciation (depreciation) | (4,943,049) |
Net realized and unrealized gain (loss) | 46,121,349 |
Net increase (decrease) in net assets resulting from operations | $48,159,032 |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(182,783). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $166,225. |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,037,683 | $ 94,714 |
Net realized gain (loss) | 51,064,398 | 68,904,965 |
Net change in unrealized appreciation (depreciation) | (4,943,049) | 27,504,268 |
Net increase (decrease) in net assets resulting from operations | 48,159,032 | 96,503,947 |
Distributions to shareholders: | ||
Initial Class | — | (13,134,233) |
Service Class | — | (17,213,641) |
Total distributions to shareholders | — | (30,347,874) |
Capital share transactions: | ||
Net proceeds from sales of shares | 7,469,853 | 34,835,816 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 30,347,874 |
Cost of shares redeemed | (35,980,749) | (83,407,113) |
Increase (decrease) in net assets derived from capital share transactions | (28,510,896) | (18,223,423) |
Net increase (decrease) in net assets | 19,648,136 | 47,932,650 |
Net Assets | ||
Beginning of period | 560,345,162 | 512,412,512 |
End of period | $579,993,298 | $560,345,162 |
14 | MainStay VP MacKay International Equity Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | $ 13.24 | $ 14.04 | |||||
Net investment income (loss) (a) | 0.08 | 0.03 | 0.12 | 0.10 | 0.07 | 0.10 | |||||
Net realized and unrealized gain (loss) on investments | 1.55 | 3.24 | 3.28 | (2.00) | 4.21 | (0.77) | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.01 | 0.00‡ | 0.03 | (0.04) | 0.03 | (0.02) | |||||
Total from investment operations | 1.64 | 3.27 | 3.43 | (1.94) | 4.31 | (0.69) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.12) | (0.08) | (0.21) | (0.09) | (0.11) | |||||
From net realized gain on investments | — | (0.93) | (2.13) | (0.32) | — | — | |||||
Total distributions | — | (1.05) | (2.21) | (0.53) | (0.09) | (0.11) | |||||
Net asset value at end of period | $ 20.07 | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | $ 13.24 | |||||
Total investment return (b) | 8.90%(c) | 20.85% | 24.80% | (11.56)% | 32.61% | (4.95)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.87%†† | 0.16% | 0.74% | 0.55% | 0.43% | 0.71%(d) | |||||
Net expenses (e) | 0.95%†† | 0.96% | 0.96% | 0.96% | 0.96% | 0.95%(f) | |||||
Portfolio turnover rate | 46% | 135% | 66% | 46% | 49% | 28% | |||||
Net assets at end of period (in 000’s) | $ 256,081 | $ 245,101 | $ 209,278 | $ 158,215 | $ 196,676 | $ 171,048 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.70%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.96%. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | $ 13.13 | $ 13.92 | |||||
Net investment income (loss) (a) | 0.06 | (0.01) | 0.08 | 0.05 | 0.03 | 0.05 | |||||
Net realized and unrealized gain (loss) on investments | 1.53 | 3.20 | 3.25 | (1.99) | 4.18 | (0.74) | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.01 | 0.00‡ | 0.03 | (0.04) | 0.03 | (0.03) | |||||
Total from investment operations | 1.60 | 3.19 | 3.36 | (1.98) | 4.24 | (0.72) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.08) | (0.03) | (0.16) | (0.05) | (0.07) | |||||
From net realized gain on investments | — | (0.93) | (2.13) | (0.32) | — | — | |||||
Total distributions | — | (1.01) | (2.16) | (0.48) | (0.05) | (0.07) | |||||
Net asset value at end of period | $ 19.84 | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | $ 13.13 | |||||
Total investment return (b) | 8.77%(c) | 20.54% | 24.49% | (11.78)% | 32.28% | (5.17)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.61%†† | (0.08)% | 0.52% | 0.32% | 0.18% | 0.40%(d) | |||||
Net expenses (e) | 1.20%†† | 1.21% | 1.21% | 1.21% | 1.21% | 1.20%(f) | |||||
Portfolio turnover rate | 46% | 135% | 66% | 46% | 49% | 28% | |||||
Net assets at end of period (in 000’s) | $ 323,912 | $ 315,244 | $ 303,135 | $ 258,307 | $ 310,793 | $ 251,474 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.39%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.21%. |
16 | MainStay VP MacKay International Equity Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP MacKay International Equity Portfolio |
20 | MainStay VP MacKay International Equity Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 622 | $ 28,727 | $ (29,210) | $ — | $ — | $ 139 | $ —(a) | $ — | 139 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $504,386,707 | $76,555,064 | $(1,625,893) | $74,929,171 |
2020 | |
Distributions paid from: | |
Ordinary Income | $ 8,353,687 |
Long-Term Capital Gains | 21,994,187 |
Total | $30,347,874 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 257,564 | $ 4,866,797 |
Shares redeemed | (796,687) | (15,363,509) |
Net increase (decrease) | (539,123) | $(10,496,712) |
Year ended December 31, 2020: | ||
Shares sold | 713,217 | $ 11,874,962 |
Shares issued to shareholders in reinvestment of distributions | 783,932 | 13,134,233 |
Shares redeemed | (1,109,972) | (17,404,149) |
Net increase (decrease) | 387,177 | $ 7,605,046 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 139,989 | $ 2,603,056 |
Shares redeemed | (1,094,926) | (20,617,240) |
Net increase (decrease) | (954,937) | $(18,014,184) |
Year ended December 31, 2020: | ||
Shares sold | 1,552,128 | $ 22,960,854 |
Shares issued to shareholders in reinvestment of distributions | 1,037,498 | 17,213,641 |
Shares redeemed | (4,189,934) | (66,002,964) |
Net increase (decrease) | (1,600,308) | $(25,828,469) |
22 | MainStay VP MacKay International Equity Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
24 | MainStay VP MacKay International Equity Portfolio |
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781629 | MSVPIE10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1998 | 12.69% | 37.88% | 23.68% | 16.61% | 0.75% |
Service Class Shares | 6/6/2003 | 12.55 | 37.54 | 23.37 | 16.32 | 1.00 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 12.99% | 42.50% | 23.66% | 17.87% |
S&P 500® Index2 | 15.25 | 40.79 | 17.65 | 14.84 |
Morningstar Large Growth Category Average3 | 12.82 | 41.56 | 21.40 | 15.41 |
1. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The S&P 500® Index is the Portfolio's secondary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,126.90 | $3.90 | $1,021.13 | $3.71 | 0.74% |
Service Class Shares | $1,000.00 | $1,125.50 | $5.22 | $1,019.89 | $4.96 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Winslow Large Cap Growth Portfolio |
Software | 20.0% |
IT Services | 13.0 |
Interactive Media & Services | 11.9 |
Internet & Direct Marketing Retail | 8.0 |
Semiconductors & Semiconductor Equipment | 5.9 |
Hotels, Restaurants & Leisure | 5.2 |
Textiles, Apparel & Luxury Goods | 4.9 |
Technology Hardware, Storage & Peripherals | 3.7 |
Life Sciences Tools & Services | 3.5 |
Health Care Equipment & Supplies | 2.9 |
Capital Markets | 1.9 |
Pharmaceuticals | 1.7 |
Specialty Retail | 1.7 |
Chemicals | 1.6 |
Air Freight & Logistics | 1.6 |
Health Care Technology | 1.4% |
Health Care Providers & Services | 1.3 |
Personal Products | 1.3 |
Electronic Equipment, Instruments & Components | 1.2 |
Commercial Services & Supplies | 1.2 |
Entertainment | 1.1 |
Professional Services | 1.1 |
Machinery | 1.1 |
Biotechnology | 1.1 |
Containers & Packaging | 1.1 |
Real Estate Management & Development | 0.0‡ |
Short–Term Investment | 0.3 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | Microsoft Corp. |
2. | Amazon.com, Inc. |
3. | Alphabet, Inc. |
4. | Visa, Inc., Class A |
5. | Facebook, Inc., Class A |
6. | Apple, Inc. |
7. | Adobe, Inc. |
8. | NIKE, Inc., Class B |
9. | Mastercard, Inc., Class A |
10. | NVIDIA Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks 99.4% | ||
Air Freight & Logistics 1.6% | ||
United Parcel Service, Inc., Class B | 140,900 | $ 29,302,973 |
Biotechnology 1.1% | ||
AbbVie, Inc. | 176,900 | 19,926,016 |
Capital Markets 1.9% | ||
Moody's Corp. | 61,340 | 22,227,776 |
MSCI, Inc. | 23,200 | 12,367,456 |
34,595,232 | ||
Chemicals 1.6% | ||
Linde plc | 101,750 | 29,415,925 |
Commercial Services & Supplies 1.2% | ||
Cintas Corp. | 56,600 | 21,621,200 |
Containers & Packaging 1.1% | ||
Ball Corp. | 240,700 | 19,501,514 |
Electronic Equipment, Instruments & Components 1.2% | ||
TE Connectivity Ltd. | 165,550 | 22,384,016 |
Entertainment 1.1% | ||
Netflix, Inc. (a) | 38,600 | 20,388,906 |
Health Care Equipment & Supplies 2.9% | ||
Align Technology, Inc. (a) | 46,410 | 28,356,510 |
Edwards Lifesciences Corp. (a) | 240,100 | 24,867,157 |
53,223,667 | ||
Health Care Providers & Services 1.3% | ||
UnitedHealth Group, Inc. | 59,430 | 23,798,149 |
Health Care Technology 1.4% | ||
Doximity, Inc., Class A (a) | 59,600 | 3,468,720 |
Veeva Systems, Inc., Class A (a) | 68,500 | 21,300,075 |
24,768,795 | ||
Hotels, Restaurants & Leisure 5.2% | ||
Airbnb, Inc., Class A (a) | 139,800 | 21,408,972 |
Chipotle Mexican Grill, Inc. (a) | 17,050 | 26,433,297 |
Hilton Worldwide Holdings, Inc. (a) | 186,800 | 22,531,816 |
Starbucks Corp. | 224,600 | 25,112,526 |
95,486,611 |
Shares | Value | |
Interactive Media & Services 11.9% | ||
Alphabet, Inc. (a) | ||
Class A | 24,780 | $ 60,507,556 |
Class C | 25,214 | 63,194,353 |
Facebook, Inc., Class A (a) | 206,510 | 71,805,592 |
Snap, Inc., Class A (a) | 315,800 | 21,518,612 |
217,026,113 | ||
Internet & Direct Marketing Retail 8.0% | ||
Amazon.com, Inc. (a) | 42,535 | 146,327,206 |
IT Services 13.0% | ||
Mastercard, Inc., Class A | 163,850 | 59,819,996 |
Payoneer, Inc. (a)(b) | 148,000 | 1,493,320 |
PayPal Holdings, Inc. (a) | 167,550 | 48,837,474 |
Square, Inc., Class A (a) | ���108,000 | 26,330,400 |
Visa, Inc., Class A | 342,400 | 80,059,968 |
Wix.com Ltd. (a) | 67,850 | 19,695,498 |
236,236,656 | ||
Life Sciences Tools & Services 3.5% | ||
Agilent Technologies, Inc. | 195,490 | 28,895,377 |
Bio-Techne Corp. | 22,300 | 10,040,798 |
IQVIA Holdings, Inc. (a) | 100,950 | 24,462,204 |
63,398,379 | ||
Machinery 1.1% | ||
Parker-Hannifin Corp. | 65,500 | 20,115,705 |
Personal Products 1.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 72,700 | 23,124,416 |
Pharmaceuticals 1.7% | ||
Zoetis, Inc. | 169,650 | 31,615,974 |
Professional Services 1.1% | ||
CoStar Group, Inc. (a) | 245,950 | 20,369,579 |
Real Estate Management & Development 0.0% ‡ | ||
Compass, Inc., Class A (a)(c) | 54,700 | 718,758 |
Semiconductors & Semiconductor Equipment 5.9% | ||
Analog Devices, Inc. | 113,600 | 19,557,376 |
ASML Holding NV (Registered) | 47,010 | 32,476,388 |
NVIDIA Corp. | 69,300 | 55,446,930 |
107,480,694 |
10 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Software 20.0% | ||
Adobe, Inc. (a) | 109,650 | $ 64,215,426 |
Atlassian Corp. plc, Class A (a) | 81,400 | 20,908,404 |
Intuit, Inc. | 65,050 | 31,885,558 |
Microsoft Corp. | 597,500 | 161,862,750 |
PTC, Inc. (a) | 112,900 | 15,948,254 |
salesforce.com, Inc. (a) | 82,530 | 20,159,603 |
ServiceNow, Inc. (a) | 52,850 | 29,043,718 |
Workday, Inc., Class A (a) | 91,300 | 21,796,962 |
365,820,675 | ||
Specialty Retail 1.7% | ||
Lowe's Cos., Inc. | 155,400 | 30,142,938 |
Technology Hardware, Storage & Peripherals 3.7% | ||
Apple, Inc. | 498,000 | 68,206,080 |
Textiles, Apparel & Luxury Goods 4.9% | ||
Lululemon Athletica, Inc. (a) | 75,500 | 27,555,235 |
NIKE, Inc., Class B | 395,250 | 61,062,172 |
88,617,407 | ||
Total Common Stocks (Cost $1,053,611,303) | 1,813,613,584 |
Shares | Value | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 6,475,279 | $ 6,475,279 | |
Total Short-Term Investment (Cost $6,475,279) | 6,475,279 | ||
Total Investments (Cost $1,060,086,582) | 99.7% | 1,820,088,863 | |
Other Assets, Less Liabilities | 0.3 | 5,277,002 | |
Net Assets | 100.0% | $ 1,825,365,865 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Restricted security. (See Note 5) |
(c) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $105,567. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $111,013. (See Note 2(H)) |
(d) | Current yield as of June 30, 2021. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 1,812,120,264 | $ 1,493,320 | $ — | $ 1,813,613,584 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 6,475,279 | — | — | 6,475,279 | |||
Total Investments in Securities | $ 1,818,595,543 | $ 1,493,320 | $ — | $ 1,820,088,863 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,053,611,303) including securities on loan of $105,567 | $1,813,613,584 |
Investment in affiliated investment companies, at value (identified cost $6,475,279) | 6,475,279 |
Receivables: | |
Investment securities sold | 18,404,460 |
Dividends | 105,883 |
Portfolio shares sold | 61,185 |
Securities lending | 424 |
Other assets | 23,935 |
Total assets | 1,838,684,750 |
Liabilities | |
Payables: | |
Investment securities purchased | 11,770,899 |
Manager (See Note 3) | 1,043,981 |
NYLIFE Distributors (See Note 3) | 245,325 |
Shareholder communication | 115,501 |
Portfolio shares redeemed | 66,928 |
Professional fees | 60,194 |
Custodian | 16,057 |
Total liabilities | 13,318,885 |
Net assets | $1,825,365,865 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 51,758 |
Additional paid-in-capital | 824,411,442 |
824,463,200 | |
Total distributable earnings (loss) | 1,000,902,665 |
Net assets | $1,825,365,865 |
Initial Class | |
Net assets applicable to outstanding shares | $ 591,882,833 |
Shares of beneficial interest outstanding | 16,031,892 |
Net asset value per share outstanding | $ 36.92 |
Service Class | |
Net assets applicable to outstanding shares | $1,233,483,032 |
Shares of beneficial interest outstanding | 35,726,219 |
Net asset value per share outstanding | $ 34.53 |
12 | MainStay VP Winslow Large Cap Growth Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $14,054) | $ 3,574,677 |
Securities lending | 9,636 |
Dividends-affiliated | 907 |
Total income | 3,585,220 |
Expenses | |
Manager (See Note 3) | 6,054,105 |
Distribution/Service—Service Class (See Note 3) | 1,417,284 |
Professional fees | 74,739 |
Shareholder communication | 63,960 |
Trustees | 16,411 |
Custodian | 13,647 |
Miscellaneous | 18,954 |
Total expenses before waiver/reimbursement | 7,659,100 |
Expense waiver/reimbursement from Manager (See Note 3) | (13,940) |
Net expenses | 7,645,160 |
Net investment income (loss) | (4,059,940) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 106,468,622 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 103,509,661 |
Net realized and unrealized gain (loss) | 209,978,283 |
Net increase (decrease) in net assets resulting from operations | $205,918,343 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (4,059,940) | $ (4,447,507) |
Net realized gain (loss) | 106,468,622 | 138,815,013 |
Net change in unrealized appreciation (depreciation) | 103,509,661 | 308,412,770 |
Net increase (decrease) in net assets resulting from operations | 205,918,343 | 442,780,276 |
Distributions to shareholders: | ||
Initial Class | — | (32,083,765) |
Service Class | — | (68,003,617) |
Total distributions to shareholders | — | (100,087,382) |
Capital share transactions: | ||
Net proceeds from sales of shares | 87,040,327 | 205,574,641 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 100,087,382 |
Cost of shares redeemed | (96,405,357) | (282,706,153) |
Increase (decrease) in net assets derived from capital share transactions | (9,365,030) | 22,955,870 |
Net increase (decrease) in net assets | 196,553,313 | 365,648,764 |
Net Assets | ||
Beginning of period | 1,628,812,552 | 1,263,163,788 |
End of period | $1,825,365,865 | $1,628,812,552 |
14 | MainStay VP Winslow Large Cap Growth Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | $ 18.71 | $ 20.83 | |||||
Net investment income (loss) (a) | (0.05) | (0.04) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | |||||
Net realized and unrealized gain (loss) on investments | 4.21 | 9.36 | 6.95 | 1.36 | 6.00 | (0.43) | |||||
Total from investment operations | 4.16 | 9.32 | 6.95 | 1.36 | 6.02 | (0.42) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (2.07) | (3.08) | (3.64) | (0.81) | (1.70) | |||||
Net asset value at end of period | $ 36.92 | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | $ 18.71 | |||||
Total investment return (b) | 12.70%(c) | 37.16% | 33.64% | 3.57% | 32.39% | (2.27)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.31)%†† | (0.16)% | 0.01% | 0.01% | 0.10% | 0.07% | |||||
Net expenses (d) | 0.74%††(e) | 0.75%(e) | 0.76%(e) | 0.76%(e) | 0.76%(e) | 0.77% | |||||
Portfolio turnover rate | 31% | 54% | 56% | 58% | 53% | 94% | |||||
Net assets at end of period (in 000’s) | $ 591,883 | $ 534,965 | $ 438,089 | $ 238,174 | $ 368,861 | $ 518,425 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | $ 18.03 | $ 20.18 | |||||
Net investment income (loss) (a) | (0.09) | (0.11) | (0.06) | (0.06) | (0.03) | (0.03) | |||||
Net realized and unrealized gain (loss) on investments | 3.94 | 8.81 | 6.59 | 1.34 | 5.77 | (0.42) | |||||
Total from investment operations | 3.85 | 8.70 | 6.53 | 1.28 | 5.74 | (0.45) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (2.07) | (3.08) | (3.64) | (0.81) | (1.70) | |||||
Net asset value at end of period | $ 34.53 | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | $ 18.03 | |||||
Total investment return (b) | 12.55% | 36.81% | 33.30% | 3.31% | 32.06% | (2.52)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.56)%†† | (0.41)% | (0.25)% | (0.23)% | (0.15)% | (0.17)% | |||||
Net expenses (c) | 0.99%††(d) | 1.00%(d) | 1.01%(d) | 1.01%(d) | 1.01%(d) | 1.02% | |||||
Portfolio turnover rate | 31% | 54% | 56% | 58% | 53% | 94% | |||||
Net assets at end of period (in 000’s) | $ 1,233,483 | $ 1,093,847 | $ 825,075 | $ 623,836 | $ 575,514 | $ 435,029 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 6, 2003 |
16 | MainStay VP Winslow Large Cap Growth Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Winslow Large Cap Growth Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 14,908 | $ 135,650 | $ (144,083) | $ — | $ — | $ 6,475 | $ 1 | $ — | 6,475 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,060,407,558 | $762,805,652 | $(3,124,347) | $759,681,305 |
2020 | |
Distributions paid from: | |
Long-Term Capital Gains | $100,087,382 |
Security | Date of Acquisition | Shares | Cost | 6/30/21 Value | Percent of Net Assets |
Payoneer, Inc. | |||||
Common Stock | 6/25/21 | 148,000 | $ 1,480,000 | $ 1,493,320 | 0.1% |
20 | MainStay VP Winslow Large Cap Growth Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,288,740 | $ 43,567,551 |
Shares redeemed | (1,585,093) | (54,364,365) |
Net increase (decrease) | (296,353) | $ (10,796,814) |
Year ended December 31, 2020: | ||
Shares sold | 1,607,424 | $ 47,202,241 |
Shares issued to shareholders in reinvestment of distributions | 1,053,301 | 32,083,765 |
Shares redeemed | (3,506,165) | (99,452,086) |
Net increase (decrease) | (845,440) | $ (20,166,080) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,384,321 | $ 43,472,776 |
Shares redeemed | (1,314,554) | (42,040,992) |
Net increase (decrease) | 69,767 | $ 1,431,784 |
Year ended December 31, 2020: | ||
Shares sold | 5,983,502 | $ 158,372,400 |
Shares issued to shareholders in reinvestment of distributions | 2,382,965 | 68,003,617 |
Shares redeemed | (7,019,980) | (183,254,067) |
Net increase (decrease) | 1,346,487 | $ 43,121,950 |
22 | MainStay VP Winslow Large Cap Growth Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
24 | MainStay VP Winslow Large Cap Growth Portfolio |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 7/2/2001 | 16.04% | 46.81% | 12.50% | 11.85% | 0.89% |
Service Class Shares | 6/5/2003 | 15.90 | 46.44 | 12.22 | 11.57 | 1.14 |
1. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the chart and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Russell Midcap® Index1 | 16.25% | 49.80% | 15.62% | 13.24% |
S&P MidCap 400® Index2 | 17.59 | 53.24 | 14.29 | 12.40 |
Morningstar Mid-Cap Blend Category Average3 | 17.00 | 50.12 | 13.42 | 10.72 |
1. | The Russell Midcap® Index is the Portfolio's primary benchmark. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index and it includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® Index companies. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the S&P MidCap 400® Index as its secondary benchmark. The S&P MidCap 400® Index is a market capitalization weighted index of common stocks representing the mid-cap U.S. equity market. |
3. | The Morningstar Mid-Cap Blend Category Average is representative of funds that invest primarily in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,160.40 | $4.61 | $1,020.53 | $4.31 | 0.86% |
Service Class Shares | $1,000.00 | $1,159.00 | $5.94 | $1,019.29 | $5.56 | 1.11% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Mid Cap Portfolio |
Machinery | 8.4% |
Banks | 6.1 |
Insurance | 5.8 |
Equity Real Estate Investment Trusts | 5.7 |
Communications Equipment | 5.5 |
Electronic Equipment, Instruments & Components | 5.1 |
Health Care Providers & Services | 4.8 |
Biotechnology | 4.5 |
IT Services | 4.4 |
Semiconductors & Semiconductor Equipment | 4.2 |
Health Care Equipment & Supplies | 4.0 |
Textiles, Apparel & Luxury Goods | 3.6 |
Software | 2.9 |
Hotels, Restaurants & Leisure | 2.9 |
Commercial Services & Supplies | 2.8 |
Chemicals | 2.1 |
Life Sciences Tools & Services | 1.9 |
Road & Rail | 1.9 |
Professional Services | 1.8 |
Building Products | 1.7 |
Pharmaceuticals | 1.7 |
Food & Staples Retailing | 1.5 |
Internet & Direct Marketing Retail | 1.4 |
Household Durables | 1.3% |
Leisure Products | 1.3 |
Trading Companies & Distributors | 1.2 |
Gas Utilities | 1.2 |
Consumer Finance | 1.1 |
Media | 1.0 |
Food Products | 0.9 |
Diversified Financial Services | 0.9 |
Entertainment | 0.8 |
Oil, Gas & Consumable Fuels | 0.8 |
Multi–Utilities | 0.7 |
Containers & Packaging | 0.7 |
Specialty Retail | 0.7 |
Real Estate Management & Development | 0.6 |
Electric Utilities | 0.5 |
Interactive Media & Services | 0.4 |
Metals & Mining | 0.4 |
Capital Markets | 0.3 |
Short–Term Investments | 1.8 |
Other Assets, Less Liabilities | –1.3 |
100.0% |
1. | F5 Networks, Inc. |
2. | Ingersoll Rand, Inc. |
3. | MKS Instruments, Inc. |
4. | Lumentum Holdings, Inc. |
5. | II-VI, Inc. |
6. | Molina Healthcare, Inc. |
7. | Genpact Ltd. |
8. | WEX, Inc. |
9. | CommScope Holding Co., Inc. |
10. | Encompass Health Corp. |
During the time MacKay Shields managed the Portfolio, the Portfolio significantly outperformed the Russell Midcap® Index, helped by robust stock selection, with no sectors detracting from the relative performance. In terms of stock-selection model efficacy, the combination of signals used by the quantitative stock selection model was primarily rewarded by valuation measures.
During the time Wellington managed the Portfolio, the Portfolio underperformed the Russell Midcap® Index primarily due to security selection, particularly in the health care and information technology sectors.
During the time MacKay Shields managed the Portfolio, the strongest positive contributors to the Portfolio’s performance relative to the Russell Midcap® Index were the information technology, consumer discretionary and industrials sectors. (Contributions take weightings and total returns into account.) During the same period, the weakest contributor to relative performance was the energy sector.
Under Wellington’s management, the Portfolio employs two investment strategies with different investment styles: mid-cap opportunities and select mid-cap value. Each of these investment strategies has a distinct investment philosophy and analytical process to identify securities for purchase or sale.
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Mid Cap Portfolio |
The stocks providing the strongest positive contributions to the Portfolio’s absolute performance during the time MacKay Shields managed the Portfolio included regional banking firm Signature Bank; apparel retailer L Brands; and technology hardware, storage & peripherals maker HP. During the same period, the most significant detractors from absolute performance were shares in leisure products maker Peloton Interactive, online music streaming service Spotify Technology, and interactive home entertainment company Take-Two Interactive Software.
The strongest positive contributors to absolute performance during the time Wellington managed the Portfolio were holdings in communications equipment and technology company CommScope, biopharmaceutical developer Reata Pharmaceutical, and solar panel manufacturer First Solar. CommScope shares rose after the company announced plans to spin off its Home Networks business as part of a strategy to reduce operating costs, a move investors viewed favorably. Shares rose further after the company reported first-quarter 2021 results that exceeded consensus revenue and EPS (earnings-per-share estimates), driven by strong growth in the company’s broadband networks segment. Shares of Reata rose after the company announced that the Food and Drug Administration had suggested a pre-NDA (new drug application) meeting regarding Reata’s drug for the treatment of Friedreich’s ataxia, omaveloxolone. Shares of First Solar rose after the company announced it would invest $680 million to fund construction of its third U.S. manufacturing facility. In addition, the Biden administration banned silicon imports used in the manufacturing of solar panels from a Chinese producer.
The Portfolio’s largest initial purchase during the time MacKay Shields managed the Portfolio was in shares of petroleum refining and transport company Marathon Petroleum, while its largest increase in position size was in information technology services provider Gartner. The Portfolio's largest sale was its position in biotechnology developer Alexion Pharmaceuticals, while its most significantly decreased position size was in cloud services provider Akamai Technologies.
During the time Wellington managed the Portfolio, we initiated a position in Mirati Therapeutics, a clinical-stage oncology biotechnology company. During the same period, Wellington eliminated the Portfolio’s position in ChemoCentryx over concerns of turnover at the FDA. Additionally, the Portfolio’s position in Lennar, a U.S. homebuilder, was eliminated on strong performance as well as broad trends in the housing market.
During the time MacKay Shields managed the Portfolio, the largest increases in sector exposures relative to the Russell Midcap® Index were in the financials and industrials sectors. Conversely, the Portfolio's largest decreases in benchmark-relative sector exposures were in the information technology and consumer discretionary sectors.
During the time Wellington managed the Portfolio, the most notable increases in absolute sector exposures through the mid-cap opportunities strategy were to industrials and financials, while the most notable reductions were to real estate and information technology. The most notable increases in absolute sector exposure through the select mid-cap value strategy were to industrials and energy, while the most significant reductions were to consumer discretionary and financials.
At the end of the period when MacKay managed the Portfolio, the Portfolio held its largest overweight positions relative to the Russell Midcap® Index in the health care and consumer discretionary sectors. As of the same date, the Portfolio’s most significantly underweight sector positions were in materials and real estate.
As of June 30, 2021, the Portfolio’s mid-cap opportunities
10 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Banks 6.1% | ||
Cullen | 52,389 | $ 5,867,568 |
First Citizens BancShares, Inc., Class A (a) | 9,804 | 8,164,183 |
First Republic Bank | 42,008 | 7,862,638 |
M&T Bank Corp. | 49,026 | 7,123,968 |
Prosperity Bancshares, Inc. | 73,641 | 5,287,424 |
South State Corp. | 40,641 | 3,322,808 |
Western Alliance Bancorp | 104,132 | 9,668,656 |
Zions Bancorp NA | 178,969 | 9,460,301 |
56,757,546 | ||
Biotechnology 4.5% | ||
Allakos, Inc. (b) | 51,766 | 4,419,264 |
Apellis Pharmaceuticals, Inc. (b) | 129,058 | 8,156,466 |
Arena Pharmaceuticals, Inc. (b) | 75,749 | 5,166,082 |
Iovance Biotherapeutics, Inc. (b) | 197,316 | 5,134,162 |
Kodiak Sciences, Inc. (b) | 47,499 | 4,417,407 |
Mirati Therapeutics, Inc. (b) | 21,463 | 3,466,918 |
PTC Therapeutics, Inc. (b) | 136,411 | 5,766,093 |
Sage Therapeutics, Inc. (b) | 95,267 | 5,412,118 |
41,938,510 | ||
Building Products 1.7% | ||
Jeld-Wen Holding, Inc. (b) | 199,392 | 5,236,034 |
Lennox International, Inc. | 30,739 | 10,783,241 |
16,019,275 | ||
Capital Markets 0.3% | ||
Hamilton Lane, Inc., Class A | 35,848 | 3,266,470 |
Chemicals 2.1% | ||
Celanese Corp. | 45,768 | 6,938,429 |
Element Solutions, Inc. | 321,126 | 7,507,926 |
FMC Corp. | 43,346 | 4,690,037 |
19,136,392 | ||
Commercial Services & Supplies 2.8% | ||
Clean Harbors, Inc. (b) | 82,200 | 7,656,108 |
GFL Environmental, Inc. | 234,843 | 7,496,189 |
IAA, Inc. (b) | 113,239 | 6,176,055 |
KAR Auction Services, Inc. (b) | 247,944 | 4,351,417 |
25,679,769 | ||
Communications Equipment 5.5% | ||
CommScope Holding Co., Inc. (b) | 609,779 | 12,994,390 |
F5 Networks, Inc. (b) | 110,540 | 20,633,396 |
Lumentum Holdings, Inc. (b) | 213,852 | 17,542,280 |
51,170,066 |
Shares | Value | |
Consumer Finance 1.1% | ||
Credit Acceptance Corp. (a)(b) | 21,904 | $ 9,946,825 |
Containers & Packaging 0.7% | ||
Packaging Corp. of America | 19,445 | 2,633,242 |
Silgan Holdings, Inc. | 100,065 | 4,152,697 |
6,785,939 | ||
Diversified Financial Services 0.9% | ||
Voya Financial, Inc. | 129,300 | 7,951,950 |
Electric Utilities 0.5% | ||
Pinnacle West Capital Corp. | 53,426 | 4,379,329 |
Electronic Equipment, Instruments & Components 5.1% | ||
CDW Corp. | 47,764 | 8,341,982 |
Coherent, Inc. (b) | 6,414 | 1,695,477 |
Flex Ltd. (b) | 577,593 | 10,321,587 |
II-VI, Inc. (b) | 214,209 | 15,549,431 |
National Instruments Corp. | 116,899 | 4,942,490 |
Rogers Corp. (b) | 29,510 | 5,925,608 |
46,776,575 | ||
Entertainment 0.8% | ||
Zynga, Inc., Class A (b) | 694,376 | 7,381,217 |
Equity Real Estate Investment Trusts 5.7% | ||
Douglas Emmett, Inc. | 93,247 | 3,134,964 |
Equity Commonwealth | 97,632 | 2,557,959 |
Gaming and Leisure Properties, Inc. | 160,500 | 7,435,965 |
Life Storage, Inc. | 107,457 | 11,535,509 |
PS Business Parks, Inc. | 15,800 | 2,339,664 |
Rexford Industrial Realty, Inc. | 139,026 | 7,917,531 |
Ryman Hospitality Properties, Inc. (b) | 102,093 | 8,061,263 |
STORE Capital Corp. | 268,208 | 9,255,858 |
52,238,713 | ||
Food & Staples Retailing 1.5% | ||
Performance Food Group Co. (b) | 124,949 | 6,058,777 |
US Foods Holding Corp. (b) | 192,700 | 7,391,972 |
13,450,749 | ||
Food Products 0.9% | ||
Lamb Weston Holdings, Inc. | 102,052 | 8,231,514 |
Gas Utilities 1.2% | ||
UGI Corp. | 240,181 | 11,122,782 |
Shares | Value | |
Common Stocks (continued) | ||
Health Care Equipment & Supplies 4.0% | ||
Hill-Rom Holdings, Inc. | 102,080 | $ 11,595,267 |
Integra LifeSciences Holdings Corp. (b) | 151,569 | 10,343,069 |
NuVasive, Inc. (b) | 102,594 | 6,953,821 |
Teleflex, Inc. | 19,608 | 7,878,298 |
36,770,455 | ||
Health Care Providers & Services 4.8% | ||
Acadia Healthcare Co., Inc. (b) | 83,900 | 5,264,725 |
Amedisys, Inc. (b) | 21,215 | 5,196,190 |
Encompass Health Corp. | 164,603 | 12,843,972 |
LHC Group, Inc. (b) | 33,262 | 6,661,048 |
Molina Healthcare, Inc. (b) | 56,752 | 14,361,661 |
44,327,596 | ||
Hotels, Restaurants & Leisure 2.9% | ||
Bloomin' Brands, Inc. (b) | 135,476 | 3,676,819 |
Choice Hotels International, Inc. | 79,336 | 9,429,877 |
Hyatt Hotels Corp., Class A (b) | 41,607 | 3,230,367 |
Six Flags Entertainment Corp. (b) | 127,379 | 5,512,963 |
Wyndham Hotels & Resorts, Inc. | 63,552 | 4,594,174 |
26,444,200 | ||
Household Durables 1.3% | ||
NVR, Inc. (b) | 2,375 | 11,811,587 |
Insurance 5.8% | ||
Alleghany Corp. (b) | 8,482 | 5,658,088 |
Assurant, Inc. | 56,164 | 8,771,693 |
CNO Financial Group, Inc. | 204,318 | 4,825,991 |
Erie Indemnity Co., Class A | 11,206 | 2,166,680 |
Fidelity National Financial, Inc. | 110,269 | 4,792,291 |
Globe Life, Inc. | 42,921 | 4,088,225 |
Hanover Insurance Group, Inc. (The) | 42,400 | 5,751,136 |
Markel Corp. (b) | 7,277 | 8,635,689 |
W R Berkley Corp. | 49,663 | 3,696,417 |
White Mountains Insurance Group Ltd. | 4,400 | 5,051,332 |
53,437,542 | ||
Interactive Media & Services 0.4% | ||
Cargurus, Inc. (b) | 158,899 | 4,167,921 |
Internet & Direct Marketing Retail 1.4% | ||
Etsy, Inc. (b) | 62,338 | 12,831,654 |
IT Services 4.4% | ||
Black Knight, Inc. (b) | 34,800 | 2,713,704 |
Genpact Ltd. | 315,387 | 14,328,031 |
Shares | Value | |
IT Services (continued) | ||
LiveRamp Holdings, Inc. (b) | 72,686 | $ 3,405,339 |
Shift4 Payments, Inc., Class A (b) | 71,527 | 6,703,511 |
WEX, Inc. (b) | 71,763 | 13,914,846 |
41,065,431 | ||
Leisure Products 1.3% | ||
YETI Holdings, Inc. (b) | 126,575 | 11,622,117 |
Life Sciences Tools & Services 1.9% | ||
ICON plc (a)(b) | 7,661 | 1,583,605 |
PRA Health Sciences, Inc. (b) | 62,023 | 10,246,820 |
Syneos Health, Inc. (b) | 67,049 | 6,000,215 |
17,830,640 | ||
Machinery 8.4% | ||
Colfax Corp. (b) | 175,017 | 8,017,529 |
Graco, Inc. | 49,845 | 3,773,266 |
IDEX Corp. | 49,601 | 10,914,700 |
Ingersoll Rand, Inc. (b) | 417,948 | 20,400,042 |
Kennametal, Inc. | 126,036 | 4,527,213 |
Lincoln Electric Holdings, Inc. | 58,680 | 7,728,743 |
Middleby Corp. (The) (b) | 57,605 | 9,980,642 |
SPX FLOW, Inc. | 100,896 | 6,582,455 |
Westinghouse Air Brake Technologies Corp. | 65,049 | 5,353,533 |
77,278,123 | ||
Media 1.0% | ||
Cable One, Inc. | 4,743 | 9,072,458 |
Metals & Mining 0.4% | ||
Steel Dynamics, Inc. | 56,718 | 3,380,393 |
Multi-Utilities 0.7% | ||
Black Hills Corp. | 65,552 | 4,302,178 |
NiSource, Inc. | 106,100 | 2,599,450 |
6,901,628 | ||
Oil, Gas & Consumable Fuels 0.8% | ||
Cabot Oil & Gas Corp. | 40,890 | 713,939 |
Diamondback Energy, Inc. | 70,192 | 6,590,327 |
7,304,266 | ||
Pharmaceuticals 1.7% | ||
Jazz Pharmaceuticals plc (b) | 43,485 | 7,724,675 |
Reata Pharmaceuticals, Inc., Class A (a)(b) | 56,965 | 8,062,257 |
15,786,932 |
12 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services 1.8% | ||
Dun & Bradstreet Holdings, Inc. (b) | 188,086 | $ 4,019,398 |
Leidos Holdings, Inc. | 61,919 | 6,260,011 |
Science Applications International Corp. | 71,822 | 6,300,944 |
16,580,353 | ||
Real Estate Management & Development 0.6% | ||
Redfin Corp. (b) | 92,873 | 5,889,077 |
Road & Rail 1.9% | ||
AMERCO | 12,266 | 7,229,580 |
Knight-Swift Transportation Holdings, Inc. | 228,014 | 10,365,517 |
17,595,097 | ||
Semiconductors & Semiconductor Equipment 4.2% | ||
First Solar, Inc. (b) | 141,489 | 12,806,170 |
MKS Instruments, Inc. | 103,173 | 18,359,635 |
Silicon Laboratories, Inc. (b) | 51,064 | 7,825,558 |
38,991,363 | ||
Software 2.9% | ||
Aspen Technology, Inc. (b) | 36,938 | 5,080,453 |
Guidewire Software, Inc. (b) | 61,115 | 6,888,883 |
Q2 Holdings, Inc. (b) | 60,492 | 6,205,269 |
Teradata Corp. (b) | 167,931 | 8,391,512 |
26,566,117 | ||
Specialty Retail 0.7% | ||
CarMax, Inc. (b) | 48,970 | 6,324,476 |
Textiles, Apparel & Luxury Goods 3.6% | ||
Carter's, Inc. | 114,419 | 11,804,608 |
PVH Corp. (b) | 92,873 | 9,992,206 |
Steven Madden Ltd. | 137,824 | 6,031,178 |
Under Armour, Inc., Class C (b) | 297,282 | 5,520,527 |
33,348,519 |
Shares | Value | ||
Trading Companies & Distributors 1.2% | |||
AerCap Holdings NV (b) | 121,542 | $ 6,224,166 | |
Watsco, Inc. | 17,553 | 5,031,392 | |
11,255,558 | |||
Total Common Stocks (Cost $901,909,548) | 918,817,124 | ||
Short-Term Investments 1.8% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 5,569,706 | 5,569,706 | |
Unaffiliated Investment Company 1.2% | |||
Wells Fargo Government Money Market Fund, 0.025% (c)(d) | 11,079,428 | 11,079,428 | |
Total Short-Term Investments (Cost $16,649,134) | 16,649,134 | ||
Total Investments (Cost $918,558,682) | 101.3% | 935,466,258 | |
Other Assets, Less Liabilities | (1.3) | (11,564,436) | |
Net Assets | 100.0% | $ 923,901,822 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $13,032,535; the total market value of collateral held by the Portfolio was $13,334,610. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,255,182. The Portfolio received cash collateral with a value of $11,079,428. (See Note 2(H)) |
(b) | Non-income producing security. |
(c) | Current yield as of June 30, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 918,817,124 | $ — | $ — | $ 918,817,124 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,569,706 | — | — | 5,569,706 | |||
Unaffiliated Investment Company | 11,079,428 | — | — | 11,079,428 | |||
Total Short-Term Investments | 16,649,134 | — | — | 16,649,134 | |||
Total Investments in Securities | $ 935,466,258 | $ — | $ — | $ 935,466,258 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Wellington Mid Cap Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $912,988,976) including securities on loan of $13,032,535 | $929,896,552 |
Investment in affiliated investment companies, at value (identified cost $5,569,706) | 5,569,706 |
Receivables: | |
Dividends | 512,359 |
Securities lending | 3,044 |
Other assets | 24,719 |
Total assets | 936,006,380 |
Liabilities | |
Cash collateral received for securities on loan | 11,079,428 |
Payables: | |
Manager (See Note 3) | 630,404 |
Portfolio shares redeemed | 259,850 |
NYLIFE Distributors (See Note 3) | 117,394 |
Custodian | 17,482 |
Total liabilities | 12,104,558 |
Net assets | $923,901,822 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 57,788 |
Additional paid-in-capital | 592,537,183 |
592,594,971 | |
Total distributable earnings (loss) | 331,306,851 |
Net assets | $923,901,822 |
Initial Class | |
Net assets applicable to outstanding shares | $352,706,716 |
Shares of beneficial interest outstanding | 21,774,281 |
Net asset value per share outstanding | $ 16.20 |
Service Class | |
Net assets applicable to outstanding shares | $571,195,106 |
Shares of beneficial interest outstanding | 36,013,482 |
Net asset value per share outstanding | $ 15.86 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 4,292,863 |
Securities lending | 12,479 |
Dividends-affiliated | 102 |
Interest | 95 |
Other | 18 |
Total income | 4,305,557 |
Expenses | |
Manager (See Note 3) | 3,904,262 |
Distribution/Service—Service Class (See Note 3) | 710,788 |
Professional fees | 54,177 |
Shareholder communication | 42,283 |
Custodian | 15,296 |
Trustees | 9,236 |
Miscellaneous | 12,288 |
Total expenses before waiver/reimbursement | 4,748,330 |
Expense waiver/reimbursement from Manager (See Note 3) | (87,346) |
Net expenses | 4,660,984 |
Net investment income (loss) | (355,427) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 304,360,560 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (166,660,586) |
Net realized and unrealized gain (loss) | 137,699,974 |
Net increase (decrease) in net assets resulting from operations | $ 137,344,547 |
16 | MainStay VP Wellington Mid Cap Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (355,427) | $ 4,171,226 |
Net realized gain (loss) | 304,360,560 | 12,548,378 |
Net change in unrealized appreciation (depreciation) | (166,660,586) | 78,527,857 |
Net increase (decrease) in net assets resulting from operations | 137,344,547 | 95,247,461 |
Distributions to shareholders: | ||
Initial Class | — | (25,918,174) |
Service Class | — | (38,008,170) |
Total distributions to shareholders | — | (63,926,344) |
Capital share transactions: | ||
Net proceeds from sales of shares | 6,253,682 | 74,832,263 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 63,926,344 |
Cost of shares redeemed | (117,931,283) | (186,530,560) |
Increase (decrease) in net assets derived from capital share transactions | (111,677,601) | (47,771,953) |
Net increase (decrease) in net assets | 25,666,946 | (16,450,836) |
Net Assets | ||
Beginning of period | 898,234,876 | 914,685,712 |
End of period | $ 923,901,822 | $ 898,234,876 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | $ 13.37 | $ 13.00 | |||||
Net investment income (loss) (a) | (0.01) | 0.08 | 0.11 | 0.16 | 0.12 | 0.13 | |||||
Net realized and unrealized gain (loss) on investments | 2.25 | 1.32 | 2.54 | (1.68) | 2.42 | 1.28 | |||||
Total from investment operations | 2.24 | 1.40 | 2.65 | (1.52) | 2.54 | 1.41 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.12) | (0.16) | (0.15) | (0.16) | (0.11) | |||||
From net realized gain on investments | — | (0.88) | (0.87) | (1.96) | (0.18) | (0.93) | |||||
Total distributions | — | (1.00) | (1.03) | (2.11) | (0.34) | (1.04) | |||||
Net asset value at end of period | $ 16.20 | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | $ 13.37 | |||||
Total investment return (b) | 16.05%(c) | 11.28% | 22.88% | (11.98)% | 19.14% | 11.17% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.07)%†† | 0.65% | 0.84% | 1.08% | 0.87% | 1.09% | |||||
Net expenses (d) | 0.86%†† | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |||||
Expenses (before waiver/reimbursement) (d) | 0.88%†† | 0.89% | 0.88% | 0.88% | 0.88% | 0.89% | |||||
Portfolio turnover rate | 34% | 178% | 174% | 181% | 155% | 164% | |||||
Net assets at end of period (in 000’s) | $ 352,707 | $ 346,379 | $ 398,240 | $ 453,343 | $ 503,364 | $ 558,783 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Mid Cap Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | $ 13.18 | $ 12.83 | |||||
Net investment income (loss) (a) | (0.01) | 0.05 | 0.08 | 0.12 | 0.09 | 0.12 | |||||
Net realized and unrealized gain (loss) on investments | 2.19 | 1.28 | 2.49 | (1.66) | 2.38 | 1.24 | |||||
Total from investment operations | 2.18 | 1.33 | 2.57 | (1.54) | 2.47 | 1.36 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.09) | (0.12) | (0.11) | (0.12) | (0.08) | |||||
From net realized gain on investments | — | (0.88) | (0.87) | (1.96) | (0.18) | (0.93) | |||||
Total distributions | — | (0.97) | (0.99) | (2.07) | (0.30) | (1.01) | |||||
Net asset value at end of period | $ 15.86 | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | $ 13.18 | |||||
Total investment return (b) | 15.94%(c) | 11.00% | 22.57% | (12.20)% | 18.85% | 10.89% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.08)%†† | 0.42% | 0.58% | 0.83% | 0.64% | 0.83% | |||||
Net expenses (d) | 1.11%†† | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | |||||
Expenses (before waiver/reimbursement) (d) | 1.13%†† | 1.14% | 1.13% | 1.13% | 1.13% | 1.14% | |||||
Portfolio turnover rate | 34% | 178% | 174% | 181% | 155% | 164% | |||||
Net assets at end of period (in 000’s) | $ 571,195 | $ 551,856 | $ 516,445 | $ 395,800 | $ 477,253 | $ 435,287 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | July 2, 2001 |
Service Class | June 5, 2003 |
20 | MainStay VP Wellington Mid Cap Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay VP Wellington Mid Cap Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ — | $ 46,905 | $ (41,335) | $ — | $ — | $ 5,570 | $ —(a) | $ — | 5,570 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $930,008,977 | $35,877,575 | $(30,420,294) | $5,457,281 |
2020 | |
Distributions paid from: | |
Ordinary Income | $26,437,525 |
Long-Term Capital Gains | 37,488,819 |
Total | $63,926,344 |
24 | MainStay VP Wellington Mid Cap Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 275,196 | $ 4,276,281 |
Shares redeemed | (3,314,994) | (50,996,595) |
Net increase (decrease) | (3,039,798) | $(46,720,314) |
Year ended December 31, 2020: | ||
Shares sold | 541,033 | $ 6,496,484 |
Shares issued to shareholders in reinvestment of distributions | 2,114,906 | 25,918,174 |
Shares redeemed | (7,201,123) | (92,080,310) |
Net increase (decrease) | (4,545,184) | $(59,665,652) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 131,759 | $ 1,977,401 |
Shares redeemed | (4,444,241) | (66,934,688) |
Net increase (decrease) | (4,312,482) | $(64,957,287) |
Year ended December 31, 2020: | ||
Shares sold | 6,166,167 | $ 68,335,779 |
Shares issued to shareholders in reinvestment of distributions | 3,161,762 | 38,008,170 |
Shares redeemed | (7,776,625) | (94,450,250) |
Net increase (decrease) | 1,551,304 | $ 11,893,699 |
26 | MainStay VP Wellington Mid Cap Portfolio |
Portfolio | Proceeds | Cost Basis |
MainStay VP Wellington Mid Cap Portfolio | $808,180 | $790,269 |
28 | MainStay VP Wellington Mid Cap Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other funds with similar strategies as those of the Portfolio, as repositioned, and the performance track record of those funds; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by Wellington; |
• | New York Life Investments’ and Wellington’s belief that their respective compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws and their commitment to further developing and strengthening compliance programs relating to the MainStay Group of Funds generally and the Portfolio specifically; |
• | ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
30 | MainStay VP Wellington Mid Cap Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
32 | MainStay VP Wellington Mid Cap Portfolio |
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781635 | MSVPMCC10-08/21 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 0.00% | 0.01% | 0.77% | 0.39% | 0.42% |
7-Day Current Yield = 0.01%; 7-Day Effective Yield = 0.01%.3 |
1. | Effective August 26, 2016 and October 14, 2016, the Portfolio modified its principal investment strategies in connection with commencing operations as a "government money market fund." Consequently the performance information may have been different if the current investment strategies had been in effect during the period prior to the Portfolio commencing operations as a "government money market fund." |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Average Lipper Variable Products U.S. Government Money Market Portfolio1 | 0.00% | 0.01% | 0.73% | 0.37% |
Morningstar Prime Money Market Category Average2 | 0.00 | 0.02 | 0.96 | 0.50 |
1. | The Portfolio has selected the Average Variable Products U.S. Government Money Market Portfolio as its primary benchmark. The Average Lipper VP U.S. Government Money Market Portfolio is an equally weighted performance average consisting of funds that invest 99.5% of their assets in cash, government securities and/or repurchase agreements that are collateralized solely by government securities or cash, and have a weighted average maturity of 60 days or less. These funds intend to keep a constant net asset value. |
2. | The Morningstar Prime Money Market Category Average is representative of funds that invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,000.00 | $0.25 | $1,024.55 | $0.25 | 0.05% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP U.S. Government Money Market Portfolio |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
8 | MainStay VP U.S. Government Money Market Portfolio |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Government Agency Debt 45.6% | ||
Federal Agricultural Mortgage Corp. | ||
0.08%, due 7/29/21 | $ 13,000,000 | $ 12,999,191 |
0.13%, due 7/30/21 | 21,000,000 | 20,997,801 |
0.015%, due 8/17/21 | 30,000,000 | 29,999,412 |
Federal Farm Credit Banks | ||
0.01%, due 7/15/21 | 2,000,000 | 1,999,992 |
0.08%, due 7/20/21 | 10,000,000 | 9,999,578 |
0.02%, due 8/6/21 | 7,000,000 | 6,999,860 |
0.06%, due 8/23/21 | 14,000,000 | 13,998,763 |
0.02%, due 8/26/21 | 10,000,000 | 9,999,689 |
0.02%, due 8/31/21 | 7,000,000 | 6,999,763 |
Federal Home Loan Banks | ||
0.045%, due 8/4/21 | 27,809,000 | 27,807,818 |
0.016%, due 8/11/21 | 6,000,000 | 5,999,891 |
0.005%, due 8/13/21 | 47,000,000 | 46,999,719 |
0.033%, due 10/27/21 | 20,000,000 | 19,997,837 |
Federal National Mortgage Association | ||
0.04%, due 9/15/21 | 25,000,000 | 24,997,889 |
Tennessee Valley Authority | ||
0.01%, due 7/21/21 | 61,100,000 | 61,099,661 |
Total Government Agency Debt (Cost $300,896,864) | 300,896,864 | |
Treasury Debt 41.5% | ||
U.S. Treasury Bills (a) | ||
0.023%, due 7/13/21 | 83,000,000 | 82,999,361 |
0.045%, due 7/20/21 | 3,000,000 | 2,999,928 |
0.01%, due 7/22/21 | 45,000,000 | 44,999,737 |
0.007%, due 9/7/21 | 14,000,000 | 13,999,802 |
0.008%, due 9/14/21 | 52,000,000 | 51,999,129 |
0.024%, due 9/28/21 | 77,000,000 | 76,995,527 |
Total Treasury Debt (Cost $273,993,484) | 273,993,484 |
Principal Amount | Value | ||
Treasury Repurchase Agreements 12.9% | |||
RBC Capital Markets LLC 0.05%, dated 6/30/21 due 7/1/21 Proceeds at Maturity $60,246,084 (Collateralized by United States Treasury securities with rates between 0.13% and 2.23% and maturity dates between 10/15/25 and 08/15/46, with a Principal Amount of $56,409,400 and a Market Value of $61,451,107) | 60,246,000 | $ 60,246,000 | |
TD Securities, Inc. 0.05%, dated 6/30/21 due 7/1/21 Proceeds at Maturity $25,000,035 (Collateralized by United States Treasury securities with rates between 1.38% and 2.63% and maturity dates between 10/15/22 and 02/28/23, with a Principal Amount of $24,932,500 and a Market Value of $25,500,073) | 25,000,000 | 25,000,000 | |
Total Treasury Repurchase Agreements (Cost $85,246,000) | 85,246,000 | ||
Total Short-Term Investments (Cost $660,136,348) | 100.0% | 660,136,348 | |
Other Assets, Less Liabilities | (0.0)‡ | (171,537) | |
Net Assets | 100.0% | $ 659,964,811 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Interest rate shown represents yield to maturity. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Short-Term Investments | |||||||
Government Agency Debt | $ — | $ 300,896,864 | $ — | $ 300,896,864 | |||
Treasury Debt | — | 273,993,484 | — | 273,993,484 | |||
Treasury Repurchase Agreements | — | 85,246,000 | — | 85,246,000 | |||
Total Investments in Securities | $ — | $ 660,136,348 | $ — | $ 660,136,348 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
10 | MainStay VP U.S. Government Money Market Portfolio |
Assets | |
Investment in securities, at value (amortized cost $574,890,348) | $574,890,348 |
Repurchase agreements, at value (amortized cost $85,246,000) | 85,246,000 |
Cash | 696 |
Receivables: | |
Interest | 118 |
Other assets | 156,721 |
Total assets | 660,293,883 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 136,959 |
Shareholder communication | 59,000 |
Portfolio shares redeemed | 57,845 |
Professional fees | 44,532 |
Custodian | 24,403 |
Trustees | 753 |
Dividends payable | 5,580 |
Total liabilities | 329,072 |
Net assets | $659,964,811 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 659,895 |
Additional paid-in-capital | 659,289,390 |
659,949,285 | |
Total distributable earnings (loss) | 15,526 |
Net assets | $659,964,811 |
Initial Class | |
Net assets applicable to outstanding shares | $659,964,811 |
Shares of beneficial interest outstanding | 659,895,481 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $ 215,435 |
Other | 72 |
Total income | 215,507 |
Expenses | |
Manager (See Note 3) | 1,461,384 |
Professional fees | 49,225 |
Shareholder communication | 32,837 |
Custodian | 20,898 |
Trustees | 8,949 |
Miscellaneous | 4,427 |
Total expenses before waiver/reimbursement | 1,577,720 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,400,406) |
Net expenses | 177,314 |
Net investment income (loss) | 38,193 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 3,260 |
Net increase (decrease) in net assets resulting from operations | $ 41,453 |
12 | MainStay VP U.S. Government Money Market Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 38,193 | $ 1,012,893 |
Net realized gain (loss) | 3,260 | 7,864 |
Net increase (decrease) in net assets resulting from operations | 41,453 | 1,020,757 |
Distributions to shareholders: | ||
Initial Class | (38,211) | (1,012,896) |
Capital share transactions: | ||
Net proceeds from sales of shares | 303,100,606 | 1,078,323,719 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 32,628 | 1,012,896 |
Cost of shares redeemed | (470,221,825) | (648,548,415) |
Increase (decrease) in net assets derived from capital share transactions | (167,088,591) | 430,788,200 |
Net increase (decrease) in net assets | (167,085,349) | 430,796,061 |
Net Assets | ||
Beginning of period | 827,050,160 | 396,254,099 |
End of period | $ 659,964,811 | $ 827,050,160 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Net investment income (loss) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | 0.00‡ | |||||
Net realized and unrealized gain (loss) on investments‡ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.00) | |||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | 0.00‡ | |||||
Less distributions: | |||||||||||
From net investment income | (0.00)‡ | 0.00‡ | (0.02) | (0.01) | (0.00)‡ | (0.00)‡ | |||||
Net asset value at end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Total investment return (a) | 0.00%‡‡ | 0.24% | 1.78% | 1.38% | 0.42% | 0.02% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.01%†† | 0.15% | 1.78% | 1.37% | 0.41% | 0.02%(b) | |||||
Net expenses | 0.05%†† | 0.16% | 0.44% | 0.44% | 0.44% | 0.39%(c) | |||||
Expenses (before waiver/reimbursement) | 0.41%†† | 0.42% | 0.44% | 0.44% | 0.44% | 0.49% | |||||
Net assets at end of period (in 000’s) | $ 659,965 | $ 827,050 | $ 396,254 | $ 512,490 | $ 496,871 | $ 657,487 |
* | Unaudited. |
‡‡ | Less than one-tenth percent. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(b) | Without the custody fee reimbursement, net investment income (loss) would have been 0.01%. |
(c) | Without the custody fee reimbursement, net expenses would have been 0.40%. |
14 | MainStay VP U.S. Government Money Market Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
16 | MainStay VP U.S. Government Money Market Portfolio |
2020 | |
Distributions paid from: | |
Ordinary Income | $1,012,551 |
Long-Term Capital Gains | 345 |
Total | $1,012,896 |
18 | MainStay VP U.S. Government Money Market Portfolio |
Initial Class (at $1 per share) | Shares |
Six-month period ended June 30, 2021: | |
Shares sold | 303,070,299 |
Shares issued to shareholders in reinvestment of distributions | 32,625 |
Shares redeemed | (470,174,808) |
Net increase (decrease) | (167,071,884) |
Year ended December 31, 2020 : | |
Shares sold | 1,078,220,316 |
Shares issued to shareholders in reinvestment of distributions | 1,012,804 |
Shares redeemed | (648,484,735) |
Net increase (decrease) | 430,748,385 |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
20 | MainStay VP U.S. Government Money Market Portfolio |
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1781646 | MSVPUSGMM10-08/21 |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 10/1/1996 | 6.01% | 35.53% | 16.26% | 11.12% | 0.61% |
Service Class Shares | 6/5/2003 | 5.88 | 35.19 | 15.97 | 10.84 | 0.86 |
Service 2 Class Shares | 4/26/2016 | 5.82 | 35.06 | 15.86 | 15.32 | 0.96 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | 6.90% | 45.75% | 18.86% | 12.85% |
Morningstar Convertibles Category Average2 | 4.64 | 34.23 | 15.42 | 9.98 |
1. | The ICE BofA U.S. Convertible Index is the Portfolio’s primary benchmark. The ICE BofA U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in this Index, bonds and preferred stocks must be convertible only to common stock. Results assume reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP MacKay Convertible Portfolio |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,060.10 | $2.86 | $1,022.02 | $2.81 | 0.56% |
Service Class Shares | $1,000.00 | $1,058.80 | $4.13 | $1,020.78 | $4.06 | 0.81% |
Service 2 Class Shares | $1,000.00 | $1,058.20 | $4.64 | $1,020.28 | $4.56 | 0.91% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | Danaher Corp., 4.75%-5.00% |
2. | Anthem, Inc., 2.75%, due 10/15/42 |
3. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
4. | Microchip Technology, Inc., 1.625%, due 2/15/25–2/15/27 |
5. | EQT Corp., 1.75%, due 5/1/26 |
6. | Southwest Airlines Co., 1.25%, due 5/1/25 |
7. | BioMarin Pharmaceutical, Inc., 0.599%-1.25%, due 8/1/24–5/15/27 |
8. | Nice Ltd., (zero coupon), due 9/15/25 |
9. | Lumentum Holdings, Inc., 0.25%, due 3/15/24 |
10. | NRG Energy, Inc., 2.75%, due 6/1/48 |
8 | MainStay VP MacKay Convertible Portfolio |
1. | See page 5 for more information on benchmark and peer group returns. |
10 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Long-Term Bonds 1.5% | ||
Corporate Bonds 1.5% | ||
Biotechnology 0.6% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,895,000 | $ 11,342,275 |
Oil & Gas 0.0% ‡ | ||
Valaris Ltd. | ||
Series 1145 | ||
8.25%, due 4/30/28 | 801,000 | 831,037 |
Oil & Gas Services 0.1% | ||
Weatherford International Ltd. | ||
11.00%, due 12/1/24 (a) | 1,137,000 | 1,182,480 |
Semiconductors 0.8% | ||
Silicon Laboratories, Inc. | ||
0.625%, due 6/15/25 | 11,949,000 | 16,564,899 |
Total Corporate Bonds (Cost $37,163,568) | 29,920,691 | |
Total Long-Term Bonds (Cost $37,163,568) | 29,920,691 | |
Convertible Securities 90.5% | ||
Convertible Bonds 79.8% | ||
Airlines 2.8% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 6,895,000 | 10,842,387 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 (a)(b) | 4,623,000 | 4,629,934 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 | 25,423,000 | 38,627,071 |
Spirit Airlines, Inc. | ||
1.00%, due 5/15/26 | 3,235,000 | 3,099,454 |
57,198,846 | ||
Auto Manufacturers 1.4% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 (a) | 25,312,000 | 28,112,140 |
Biotechnology 5.7% | ||
Apellis Pharmaceuticals, Inc. | ||
3.50%, due 9/15/26 | 4,715,000 | 8,728,644 |
BioMarin Pharmaceutical, Inc. | ||
0.599%, due 8/1/24 | 25,312,000 | 26,294,106 |
1.25%, due 5/15/27 | 11,674,000 | 11,754,867 |
Principal Amount | Value | |
Biotechnology (continued) | ||
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | $ 21,770,000 | $ 27,022,012 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 (a) | 7,494,000 | 8,566,579 |
Halozyme Therapeutics, Inc. | ||
0.25%, due 3/1/27 (a) | 3,493,000 | 3,259,406 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 (b) | 15,498,000 | 19,585,597 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 (a) | 9,307,000 | 9,164,603 |
114,375,814 | ||
Building Materials 0.9% | ||
Patrick Industries, Inc. | ||
1.00%, due 2/1/23 | 16,885,000 | 18,383,544 |
Commercial Services 3.3% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 (a) | 3,250,000 | 2,996,500 |
Chegg, Inc. | ||
(zero coupon), due 9/1/26 (a) | 10,000,000 | 10,440,000 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 | 11,685,000 | 13,364,719 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (a) | 2,180,000 | 2,169,100 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,185,000 | 2,162,625 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 (a) | 2,300,000 | 3,112,130 |
Square, Inc. (a) | ||
(zero coupon), due 5/1/26 | 14,812,000 | 16,783,847 |
0.25%, due 11/1/27 | 13,105,000 | 15,267,325 |
66,296,246 | ||
Computers 2.7% | ||
Lumentum Holdings, Inc. | ||
0.25%, due 3/15/24 | 24,689,000 | 36,030,677 |
Parsons Corp. | ||
0.25%, due 8/15/25 (a) | 2,878,000 | 3,060,753 |
Western Digital Corp. | ||
1.50%, due 2/1/24 (b)(c) | 4,634,000 | 4,972,861 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 (a) | 6,293,000 | 9,820,113 |
53,884,404 | ||
Diversified Financial Services 0.4% | ||
LendingTree, Inc. | ||
0.625%, due 6/1/22 | 7,200,000 | 8,536,500 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Electric 1.7% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | $ 29,752,000 | $ 34,720,584 |
Energy-Alternate Sources 2.1% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 (a) | 9,315,000 | 9,151,987 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (a) | 10,860,000 | 11,739,660 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 (a) | 16,283,000 | 20,435,165 |
41,326,812 | ||
Entertainment 2.2% | ||
Live Nation Entertainment, Inc. | ||
2.50%, due 3/15/23 | 9,704,000 | 13,598,215 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 (a) | 3,060,000 | 3,423,528 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 (a) | 25,384,000 | 26,462,820 |
43,484,563 | ||
Food 0.6% | ||
Chefs' Warehouse, Inc. (The) | ||
1.875%, due 12/1/24 | 11,724,000 | 12,280,890 |
Healthcare-Products 3.2% | ||
Cantel Medical Corp. | ||
3.25%, due 5/15/25 | 2,749,000 | 5,967,048 |
CONMED Corp. | ||
2.625%, due 2/1/24 | 14,887,000 | 24,061,114 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 (a) | 4,580,000 | 3,864,375 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,831,000 | 9,792,696 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 12,958,000 | 12,836,519 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 (a) | 1,735,000 | 2,818,507 |
SmileDirectClub, Inc. | ||
(zero coupon), due 2/1/26 (a) | 5,580,000 | 4,596,525 |
63,936,784 | ||
Healthcare-Services 4.1% | ||
Anthem, Inc. | ||
2.75%, due 10/15/42 | 9,296,000 | 50,223,499 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | $ 28,389,000 | $ 31,920,592 |
82,144,091 | ||
Internet 8.9% | ||
Booking Holdings, Inc. | ||
0.90%, due 9/15/21 | 13,680,000 | 14,890,680 |
Etsy, Inc. | ||
0.125%, due 10/1/26 | 9,415,000 | 22,605,415 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 (a)(b) | 2,758,000 | 2,992,430 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (a) | 11,153,000 | 21,420,731 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 7,194,000 | 10,391,733 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 8,438,000 | 11,517,870 |
0.75%, due 7/1/23 | 13,152,000 | 19,201,920 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 (b) | 2,800,000 | 3,673,600 |
Shopify, Inc. | ||
0.125%, due 11/1/25 | 14,522,000 | 18,980,254 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 (a) | 4,625,000 | 4,967,250 |
0.75%, due 8/1/26 | 1,000 | 3,015 |
Twitter, Inc. | ||
(zero coupon), due 3/15/26 (a) | 6,865,000 | 6,581,819 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 (a) | 12,588,000 | 12,827,172 |
Wix.com Ltd. | ||
(zero coupon), due 7/1/23 | 9,769,000 | 20,119,255 |
Zendesk, Inc. | ||
0.625%, due 6/15/25 | 5,370,000 | 7,847,181 |
178,020,325 | ||
Leisure Time 1.4% | ||
Carnival Corp. | ||
5.75%, due 4/1/23 | 5,612,000 | 15,404,940 |
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 (a) | 2,860,000 | 5,215,210 |
6.00%, due 5/15/24 | 1,756,000 | 4,084,456 |
Royal Caribbean Cruises Ltd. | ||
4.25%, due 6/15/23 (a) | 3,070,000 | 4,198,452 |
28,903,058 | ||
Machinery-Diversified 1.3% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 (a) | 10,278,000 | 26,061,154 |
12 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Media 2.7% | ||
Cable One, Inc. | ||
1.125%, due 3/15/28 (a) | $ 11,625,000 | $ 11,880,939 |
DISH Network Corp. | ||
(zero coupon), due 12/15/25 (a) | 22,607,000 | 26,438,887 |
Liberty Media Corp. | ||
1.375%, due 10/15/23 | 5,512,000 | 7,351,567 |
Liberty Media Corp-Liberty Formula One | ||
1.00%, due 1/30/23 | 6,664,000 | 9,088,863 |
54,760,256 | ||
Oil & Gas 5.0% | ||
Centennial Resource Production LLC | ||
3.25%, due 4/1/28 | 14,611,000 | 19,295,287 |
EQT Corp. | ||
1.75%, due 5/1/26 | 23,557,000 | 39,354,324 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 25,668,000 | 41,081,634 |
99,731,245 | ||
Oil & Gas Services 2.5% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 18,071,000 | 22,202,031 |
Oil States International, Inc. | ||
1.50%, due 2/15/23 | 1,013,000 | 952,865 |
4.75%, due 4/1/26 (a)(b) | 25,625,000 | 27,799,180 |
50,954,076 | ||
Pharmaceuticals 2.9% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 | 28,123,000 | 29,511,573 |
Neurocrine Biosciences, Inc. | ||
2.25%, due 5/15/24 | 11,238,000 | 15,136,462 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 (a) | 10,608,000 | 11,682,060 |
2.375%, due 4/1/22 | 1,094,000 | 1,197,247 |
57,527,342 | ||
Real Estate Investment Trusts 0.6% | ||
Pebblebrook Hotel Trust | ||
1.75%, due 12/15/26 | 5,863,000 | 6,677,957 |
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | 6,165,000 | 6,383,857 |
13,061,814 | ||
Retail 3.3% | ||
American Eagle Outfitters, Inc. | ||
3.75%, due 4/15/25 | 5,261,000 | 22,985,309 |
Principal Amount | Value | |
Retail (continued) | ||
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 | $ 20,948,000 | $ 33,385,875 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,488,000 | 9,387,190 |
65,758,374 | ||
Semiconductors 4.5% | ||
Cree, Inc. | ||
1.75%, due 5/1/26 | 1,495,000 | 3,252,372 |
Microchip Technology, Inc. | ||
1.625%, due 2/15/25 | 6,103,000 | 20,151,496 |
1.625%, due 2/15/27 | 9,215,000 | 20,554,979 |
Micron Technology, Inc. | ||
Series D | ||
3.125%, due 5/1/32 | 2,310,000 | 19,665,723 |
ON Semiconductor Corp. | ||
1.625%, due 10/15/23 | 8,983,000 | 17,118,791 |
Rambus, Inc. | ||
1.375%, due 2/1/23 | 6,552,000 | 8,657,158 |
89,400,519 | ||
Software 10.9% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 18,297,000 | 21,261,114 |
Atlassian, Inc. | ||
0.625%, due 5/1/23 | 7,925,000 | 24,906,700 |
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 (a) | 3,445,000 | 4,121,254 |
Bill.com Holdings, Inc. | ||
(zero coupon), due 12/1/25 (a) | 2,885,000 | 3,865,900 |
Coupa Software, Inc. | ||
0.375%, due 6/15/26 | 8,365,000 | 9,691,898 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 8,148,000 | 10,892,857 |
Envestnet, Inc. | ||
1.75%, due 6/1/23 | 15,677,000 | 19,272,912 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 | 10,466,000 | 14,331,879 |
Five9, Inc. | ||
0.50%, due 6/1/25 (a) | 2,865,000 | 4,249,153 |
J2 Global, Inc. | ||
1.75%, due 11/1/26 (a) | 3,285,000 | 4,202,829 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 5,853,000 | 10,590,272 |
RingCentral, Inc. | ||
(zero coupon), due 3/1/25 | 28,729,000 | 31,871,234 |
Slack Technologies, Inc. | ||
0.50%, due 4/15/25 | 10,546,000 | 16,023,329 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Software (continued) | ||
Splunk, Inc. | ||
0.50%, due 9/15/23 | $ 14,072,000 | $ 16,446,650 |
Workday, Inc. | ||
0.25%, due 10/1/22 | 10,554,000 | 17,499,587 |
Zynga, Inc. | ||
(zero coupon), due 12/15/26 (a) | 8,495,000 | 9,100,269 |
218,327,837 | ||
Telecommunications 3.6% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 4,490,000 | 6,837,205 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 2,860,000 | 3,183,537 |
Nice Ltd. | ||
(zero coupon), due 9/15/25 (a)(b) | 34,334,000 | 36,840,107 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,133,000 | 19,971,696 |
Vonage Holdings Corp. | ||
1.75%, due 6/1/24 | 5,148,000 | 5,763,908 |
72,596,453 | ||
Transportation 0.9% | ||
Atlas Air Worldwide Holdings, Inc. | ||
2.25%, due 6/1/22 | 16,769,000 | 18,341,932 |
Trucking & Leasing 0.2% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 (a) | 3,235,000 | 3,383,810 |
Total Convertible Bonds (Cost $1,357,659,245) | 1,601,509,413 | |
Shares | ||
Convertible Preferred Stocks 10.7% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (d) | 11,636 | 16,476,576 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (d) | 12,264 | 18,717,439 |
35,194,015 |
Shares | Value | |
Capital Markets 1.1% | ||
KKR & Co., Inc. | ||
Series C | ||
6.00% (e) | 283,400 | $ 21,838,804 |
Chemicals 0.2% | ||
Lyondellbasell Advanced Polymers, Inc. | ||
6.00% (d) | 4,110 | 4,315,500 |
Electric Utilities 0.8% | ||
PG&E Corp. | ||
5.50% | 154,100 | 15,621,117 |
Health Care Equipment & Supplies 4.2% | ||
Becton Dickinson and Co. | ||
Series B | ||
6.00% (b) | 106,750 | 5,712,192 |
Danaher Corp. (b) | ||
Series A | ||
4.75% | 34,270 | 61,638,365 |
Series B | ||
5.00% | 11,280 | 16,641,046 |
83,991,603 | ||
Independent Power and Renewable Electricity Producers 0.8% | ||
AES Corp. (The) | ||
6.87% (b) | 150,600 | 16,200,042 |
Machinery 1.0% | ||
Stanley Black & Decker, Inc. | ||
5.25% (b) | 164,200 | 19,823,866 |
Semiconductors & Semiconductor Equipment 0.9% | ||
Broadcom, Inc. | ||
Series A | ||
8.00% (e) | 12,125 | 18,428,424 |
Total Convertible Preferred Stocks (Cost $192,703,477) | 215,413,371 | |
Total Convertible Securities (Cost $1,550,362,722) | 1,816,922,784 | |
Common Stocks 1.6% | ||
Banks 0.6% | ||
Bank of America Corp. | 267,678 | 11,036,364 |
14 | MainStay VP MacKay Convertible Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Energy Equipment & Services 0.3% | |||
Valaris Ltd. (e) | 111,802 | $ 3,228,842 | |
Weatherford International plc (e) | 157,538 | 2,867,191 | |
6,096,033 | |||
Semiconductors & Semiconductor Equipment 0.7% | |||
Lam Research Corp. | 21,836 | 14,208,685 | |
Total Common Stocks (Cost $24,231,816) | 31,341,082 | ||
Short-Term Investments 9.1% | |||
Affiliated Investment Company 6.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (f)(g) | 126,164,447 | 126,164,447 | |
Unaffiliated Investment Companies 2.8% | |||
BlackRock Liquidity FedFund, 0.025% (g)(h) | 35,000,000 | 35,000,000 | |
Wells Fargo Government Money Market Fund, 0.025% (g)(h) | 21,616,984 | 21,616,984 | |
56,616,984 | |||
Total Short-Term Investments (Cost $182,781,431) | 182,781,431 | ||
Total Investments (Cost $1,794,539,537) | 102.7% | 2,060,965,988 | |
Other Assets, Less Liabilities | (2.7) | (53,281,333) | |
Net Assets | 100.0% | $ 2,007,684,655 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $55,809,467; the total market value of collateral held by the Portfolio was $57,073,334. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $456,350. The Portfolio received cash collateral with a value of $56,616,984. (See Note 2(H)) |
(c) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Non-income producing security. |
(f) | As of June 30, 2021, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(g) | Current yield as of June 30, 2021. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 29,920,691 | $ — | $ 29,920,691 | |||
Total Corporate Bonds | — | 29,920,691 | — | 29,920,691 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,601,509,413 | — | 1,601,509,413 | |||
Convertible Preferred Stocks | 215,413,371 | — | — | 215,413,371 | |||
Total Convertible Securities | 215,413,371 | 1,601,509,413 | — | 1,816,922,784 | |||
Common Stocks | 31,341,082 | — | — | 31,341,082 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 126,164,447 | — | — | 126,164,447 | |||
Unaffiliated Investment Companies | 56,616,984 | — | — | 56,616,984 | |||
Total Short-Term Investments | 182,781,431 | — | — | 182,781,431 | |||
Total Investments in Securities | $ 429,535,884 | $ 1,631,430,104 | $ — | $ 2,060,965,988 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay VP MacKay Convertible Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,668,375,090) including securities on loan of $55,809,467 | $1,934,801,541 |
Investment in affiliated investment companies, at value (identified cost $126,164,447) | 126,164,447 |
Receivables: | |
Dividends and interest | 4,018,383 |
Portfolio shares sold | 514,726 |
Securities lending | 36,106 |
Other assets | 34,853 |
Total assets | 2,065,570,056 |
Liabilities | |
Cash collateral received for securities on loan | 56,616,984 |
Due to custodian | 19,000 |
Payables: | |
Manager (See Note 3) | 873,991 |
NYLIFE Distributors (See Note 3) | 221,218 |
Shareholder communication | 82,593 |
Professional fees | 53,546 |
Custodian | 17,039 |
Portfolio shares redeemed | 1,030 |
Total liabilities | 57,885,401 |
Net assets | $2,007,684,655 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 105,705 |
Additional paid-in-capital | 1,487,027,615 |
1,487,133,320 | |
Total distributable earnings (loss) | 520,551,335 |
Net assets | $2,007,684,655 |
Initial Class | |
Net assets applicable to outstanding shares | $ 916,464,810 |
Shares of beneficial interest outstanding | 47,990,284 |
Net asset value per share outstanding | $ 19.10 |
Service Class | |
Net assets applicable to outstanding shares | $1,081,288,457 |
Shares of beneficial interest outstanding | 57,189,631 |
Net asset value per share outstanding | $ 18.91 |
Service 2 Class | |
Net assets applicable to outstanding shares | $ 9,931,388 |
Shares of beneficial interest outstanding | 525,268 |
Net asset value and offering price per share outstanding | $ 18.91 |
Investment Income (Loss) | |
Income | |
Interest | $ 5,688,358 |
Dividends-unaffiliated | 4,209,796 |
Securities lending | 162,543 |
Dividends-affiliated | 8,863 |
Other | 33 |
Total income | 10,069,593 |
Expenses | |
Manager (See Note 3) | 5,053,850 |
Distribution/Service—Service Class (See Note 3) | 1,283,282 |
Distribution/Service—Service 2 Class (See Note 3) | 10,521 |
Professional fees | 75,182 |
Shareholder communication | 46,953 |
Custodian | 14,440 |
Trustees | 11,787 |
Shareholder service (See Note 3) | 4,209 |
Miscellaneous | 13,541 |
Total expenses | 6,513,765 |
Net investment income (loss) | 3,555,828 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 163,361,432 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (69,879,181) |
Net realized and unrealized gain (loss) | 93,482,251 |
Net increase (decrease) in net assets resulting from operations | $ 97,038,079 |
18 | MainStay VP MacKay Convertible Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,555,828 | $ 4,734,545 |
Net realized gain (loss) | 163,361,432 | 113,765,608 |
Net change in unrealized appreciation (depreciation) | (69,879,181) | 186,348,336 |
Net increase (decrease) in net assets resulting from operations | 97,038,079 | 304,848,489 |
Distributions to shareholders: | ||
Initial Class | (7,545,815) | (3,134,899) |
Service Class | (7,794,509) | (12,798,176) |
Service 2 Class | (55,976) | (113,691) |
Total distributions to shareholders | (15,396,300) | (16,046,766) |
Capital share transactions: | ||
Net proceeds from sales of shares | 603,372,984 | 347,963,493 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 15,396,300 | 16,046,766 |
Cost of shares redeemed | (54,518,222) | (252,348,769) |
Increase (decrease) in net assets derived from capital share transactions | 564,251,062 | 111,661,490 |
Net increase (decrease) in net assets | 645,892,841 | 400,463,213 |
Net Assets | ||
Beginning of period | 1,361,791,814 | 961,328,601 |
End of period | $2,007,684,655 | $1,361,791,814 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | $ 12.28 | $ 11.86 | |||||
Net investment income (loss) (a) | 0.05 | 0.10 | 0.13 | 0.17 | 0.18 | 0.19 | |||||
Net realized and unrealized gain (loss) on investments | 1.04 | 4.74 | 2.56 | (0.41) | 1.28 | 1.18 | |||||
Total from investment operations | 1.09 | 4.84 | 2.69 | (0.24) | 1.46 | 1.37 | |||||
Less distributions: | |||||||||||
From net investment income | (0.16) | (0.11) | (0.20) | (0.23) | (0.23) | (0.47) | |||||
From net realized gain on investments | — | (0.16) | (1.20) | (0.51) | (0.22) | (0.48) | |||||
Total distributions | (0.16) | (0.27) | (1.40) | (0.74) | (0.45) | (0.95) | |||||
Net asset value at end of period | $ 19.10 | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | $ 12.28 | |||||
Total investment return (b) | 6.01% | 36.04% | 22.46% | (2.27)% | 11.99% | 12.07% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.53%†† | 0.70% | 0.94% | 1.24% | 1.40% | 1.59% | |||||
Net expenses (c) | 0.56%†† | 0.61% | 0.61% | 0.61% | 0.62% | 0.64% | |||||
Portfolio turnover rate | 20% | 49% | 26% | 43% | 34% | 39% | |||||
Net assets at end of period (in 000’s) | $ 916,465 | $ 370,733 | $ 202,104 | $ 177,136 | $ 227,285 | $ 162,462 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | $ 11.77 | |||||
Net investment income (loss) (a) | 0.02 | 0.06 | 0.09 | 0.13 | 0.15 | 0.16 | |||||
Net realized and unrealized gain (loss) on investments | 1.04 | 4.69 | 2.53 | (0.40) | 1.26 | 1.17 | |||||
Total from investment operations | 1.06 | 4.75 | 2.62 | (0.27) | 1.41 | 1.33 | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.07) | (0.16) | (0.19) | (0.19) | (0.44) | |||||
From net realized gain on investments | — | (0.16) | (1.20) | (0.51) | (0.22) | (0.48) | |||||
Total distributions | (0.14) | (0.23) | (1.36) | (0.70) | (0.41) | (0.92) | |||||
Net asset value at end of period | $ 18.91 | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | |||||
Total investment return (b) | 5.88% | 35.70% | 22.15% | (2.52)% | 11.72% | 11.79% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.26%†† | 0.44% | 0.69% | 0.99% | 1.15% | 1.35% | |||||
Net expenses (c) | 0.81%†† | 0.86% | 0.86% | 0.86% | 0.87% | 0.89% | |||||
Portfolio turnover rate | 20% | 49% | 26% | 43% | 34% | 39% | |||||
Net assets at end of period (in 000’s) | $ 1,081,288 | $ 982,863 | $ 752,670 | $ 592,673 | $ 565,974 | $ 476,926 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay VP MacKay Convertible Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | April 26, 2016^ through December 31, 2016 | |||||||||
Service Class 2 | 2020 | 2019 | 2018 | 2017 | |||||||
Net asset value at beginning of period | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | $ 11.63 | |||||
Net investment income (loss) (a) | 0.02 | 0.05 | 0.08 | 0.12 | 0.14 | 0.11 | |||||
Net realized and unrealized gain (loss) on investments | 1.02 | 4.70 | 2.53 | (0.40) | 1.26 | 1.04 | |||||
Total from investment operations | 1.04 | 4.75 | 2.61 | (0.28) | 1.40 | 1.15 | |||||
Less distributions: | |||||||||||
From net investment income | (0.13) | (0.06) | (0.15) | (0.18) | (0.18) | (0.12) | |||||
From net realized gain on investments | — | (0.16) | (1.20) | (0.51) | (0.22) | (0.48) | |||||
Total distributions | (0.13) | (0.22) | (1.35) | (0.69) | (0.40) | (0.60) | |||||
Net asset value at end of period | $ 18.91 | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | |||||
Total investment return (b) | 5.82% | 35.57% | 22.03% | (2.59)% | 11.60% | 10.01% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.17%†† | 0.32% | 0.56% | 0.88% | 1.05% | 1.33%†† | |||||
Net expenses (c) | 0.91%†† | 0.96% | 0.96% | 0.96% | 0.97% | 1.00%†† | |||||
Portfolio turnover rate | $ 20% | $ 49% | $ 26% | $ 43% | $ 34% | $ 39% | |||||
Net assets at end of period (in 000’s) | $ 9,931 | $ 8,196 | $ 6,555 | $ 3,016 | $ 2,179 | $ 797 |
* | Unaudited. |
^ | Inception date. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | October 1, 1996 |
Service Class | June 5, 2003 |
Service 2 Class | April 26, 2016 |
22 | MainStay VP MacKay Convertible Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
24 | MainStay VP MacKay Convertible Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 163,347 | $ 622,841 | $ (660,024) | $ — | $ — | $ 126,164 | $ 9 | $ — | 126,164 |
26 | MainStay VP MacKay Convertible Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,803,758,855 | $291,195,853 | $(33,988,720) | $257,207,133 |
2020 | |
Distributions paid from: | |
Ordinary Income | $ 5,745,857 |
Long-Term Capital Gains | 10,300,909 |
Total | $16,046,766 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 27,800,586 | $ 518,981,260 |
Shares issued to shareholders in reinvestment of distributions | 407,078 | 7,545,815 |
Shares redeemed | (616,851) | (11,585,893) |
Net increase (decrease) | 27,590,813 | $ 514,941,182 |
Year ended December 31, 2020: | ||
Shares sold | 10,584,369 | $ 189,502,221 |
Shares issued to shareholders in reinvestment of distributions | 209,351 | 3,134,899 |
Shares redeemed | (5,252,451) | (69,916,218) |
Net increase (decrease) | 5,541,269 | $ 122,720,902 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 4,347,786 | $ 81,113,545 |
Shares issued to shareholders in reinvestment of distributions | 425,549 | 7,794,509 |
Shares redeemed | (2,202,999) | (40,889,706) |
Net increase (decrease) | 2,570,336 | $ 48,018,348 |
Year ended December 31, 2020: | ||
Shares sold | 10,432,501 | $ 151,830,845 |
Shares issued to shareholders in reinvestment of distributions | 853,201 | 12,798,176 |
Shares redeemed | (12,539,552) | (175,639,923) |
Net increase (decrease) | (1,253,850) | $ (11,010,902) |
Service 2 Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 176,002 | $ 3,278,179 |
Shares issued to shareholders in reinvestment of distributions | 3,056 | 55,976 |
Shares redeemed | (109,223) | (2,042,623) |
Net increase (decrease) | 69,835 | $ 1,291,532 |
Year ended December 31, 2020: | ||
Shares sold | 456,713 | $ 6,630,427 |
Shares issued to shareholders in reinvestment of distributions | 7,438 | 113,691 |
Shares redeemed | (495,342) | (6,792,628) |
Net increase (decrease) | (31,191) | $ (48,510) |
28 | MainStay VP MacKay Convertible Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
30 | MainStay VP MacKay Convertible Portfolio |
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Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781608 | MSVPC10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2, 3 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 1/29/1993 | 13.68% | 40.90% | 20.87% | 14.00% | 0.73% |
Service Class Shares | 6/5/2003 | 13.54 | 40.54 | 20.57 | 13.72 | 0.98 |
1. | Effective January 11, 2013 and July 29, 2016, the Portfolio modified its principal investment strategies in connection with changes in the Portfolio’s Subadvisor. The past performance in the chart and table reflect the Subadvisors and strategies in place during their respective time periods. |
2. | Effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the chart and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
3. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 12.99% | 42.50% | 23.66% | 17.87% |
Morningstar Large Growth Category Average2 | 12.82 | 41.56 | 21.40 | 15.41 |
1. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,136.80 | $3.81 | $1,021.22 | $3.61 | 0.72% |
Service Class Shares | $1,000.00 | $1,135.40 | $5.14 | $1,019.98 | $4.86 | 0.97% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Growth Portfolio |
Software | 20.5% |
IT Services | 14.9 |
Interactive Media & Services | 12.4 |
Internet & Direct Marketing Retail | 7.3 |
Technology Hardware, Storage & Peripherals | 7.3 |
Semiconductors & Semiconductor Equipment | 5.7 |
Hotels, Restaurants & Leisure | 3.9 |
Professional Services | 2.8 |
Beverages | 2.8 |
Capital Markets | 2.8 |
Health Care Equipment & Supplies | 2.4 |
Specialty Retail | 2.2 |
Life Sciences Tools & Services | 2.0 |
Health Care Providers & Services | 1.6 |
Consumer Finance | 1.6 |
Aerospace & Defense | 1.3 |
Commercial Services & Supplies | 1.3% |
Insurance | 1.3 |
Textiles, Apparel & Luxury Goods | 1.1 |
Biotechnology | 0.9 |
Road & Rail | 0.9 |
Entertainment | 0.8 |
Electronic Equipment, Instruments & Components | 0.6 |
Equity Real Estate Investment Trusts | 0.5 |
Energy Equipment & Services | 0.4 |
Pharmaceuticals | 0.3 |
Machinery | 0.2 |
Media | 0.0‡ |
Short–Term Investment | 0.2 |
Other Assets, Less Liabilities | 0.0‡ |
100.0% |
1. | Microsoft Corp. |
2. | Amazon.com, Inc. |
3. | Apple, Inc. |
4. | Alphabet, Inc., Class C |
5. | Facebook, Inc., Class A |
6. | Mastercard, Inc., Class A |
7. | PayPal Holdings, Inc. |
8. | Adobe, Inc. |
9. | salesforce.com, Inc. |
10. | Advanced Micro Devices, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks 99.8% | ||
Aerospace & Defense 1.3% | ||
Airbus SE, ADR | 110,456 | $ 3,556,683 |
Northrop Grumman Corp. | 16,683 | 6,063,103 |
9,619,786 | ||
Beverages 2.8% | ||
Constellation Brands, Inc., Class A | 53,693 | 12,558,256 |
Monster Beverage Corp. (a) | 80,856 | 7,386,195 |
19,944,451 | ||
Biotechnology 0.9% | ||
Seagen, Inc. (a) | 41,620 | 6,570,966 |
Capital Markets 2.8% | ||
Blackstone Group, Inc. (The) | 56,077 | 5,447,320 |
Coinbase Global, Inc., Class A (a) | 9,275 | 2,349,358 |
MarketAxess Holdings, Inc. | 15,598 | 7,231,077 |
S&P Global, Inc. | 11,812 | 4,848,235 |
19,875,990 | ||
Commercial Services & Supplies 1.3% | ||
Copart, Inc. (a) | 67,313 | 8,873,873 |
Legalzoom.com, Inc. (a) | 10,200 | 386,070 |
9,259,943 | ||
Consumer Finance 1.6% | ||
American Express Co. | 68,084 | 11,249,519 |
Electronic Equipment, Instruments & Components 0.6% | ||
CDW Corp. | 25,622 | 4,474,882 |
Energy Equipment & Services 0.4% | ||
Schlumberger NV | 91,553 | 2,930,612 |
Entertainment 0.8% | ||
Walt Disney Co. (The) (a) | 31,072 | 5,461,525 |
Equity Real Estate Investment Trusts 0.5% | ||
Equinix, Inc. | 4,290 | 3,443,154 |
Health Care Equipment & Supplies 2.4% | ||
ABIOMED, Inc. (a) | 27,078 | 8,451,315 |
Boston Scientific Corp. (a) | 211,020 | 9,023,215 |
17,474,530 | ||
Health Care Providers & Services 1.6% | ||
UnitedHealth Group, Inc. | 28,739 | 11,508,245 |
Shares | Value | |
Hotels, Restaurants & Leisure 3.9% | ||
Airbnb, Inc., Class A (a) | 59,091 | $ 9,049,196 |
Booking Holdings, Inc. (a) | 2,882 | 6,306,075 |
DraftKings, Inc., Class A (a)(b) | 148,286 | 7,736,080 |
Hilton Worldwide Holdings, Inc. (a) | 40,898 | 4,933,117 |
28,024,468 | ||
Insurance 1.3% | ||
Markel Corp. (a) | 3,545 | 4,206,887 |
Marsh & McLennan Cos., Inc. | 34,315 | 4,827,434 |
9,034,321 | ||
Interactive Media & Services 12.4% | ||
Alphabet, Inc., Class C (a) | 13,485 | 33,797,725 |
Facebook, Inc., Class A (a) | 90,508 | 31,470,537 |
Match Group, Inc. (a) | 38,678 | 6,236,828 |
Snap, Inc., Class A (a) | 114,200 | 7,781,588 |
ZoomInfo Technologies, Inc., Class A (a) | 182,584 | 9,525,407 |
88,812,085 | ||
Internet & Direct Marketing Retail 7.3% | ||
Amazon.com, Inc. (a) | 15,225 | 52,376,436 |
IT Services 14.9% | ||
Affirm Holdings, Inc. (a) | 57,678 | 3,884,613 |
Fidelity National Information Services, Inc. | 61,872 | 8,765,406 |
FleetCor Technologies, Inc. (a) | 41,247 | 10,561,707 |
Global Payments, Inc. | 43,760 | 8,206,750 |
Mastercard, Inc., Class A | 60,974 | 22,260,998 |
PayPal Holdings, Inc. (a) | 72,249 | 21,059,139 |
Shopify, Inc., Class A (a) | 3,318 | 4,847,532 |
Snowflake, Inc., Class A (a) | 18,274 | 4,418,653 |
Square, Inc., Class A (a) | 53,664 | 13,083,283 |
Visa, Inc., Class A | 40,279 | 9,418,036 |
106,506,117 | ||
Life Sciences Tools & Services 2.0% | ||
Illumina, Inc. (a) | 22,172 | 10,492,012 |
Mettler-Toledo International, Inc. (a) | 2,563 | 3,550,627 |
14,042,639 | ||
Machinery 0.2% | ||
IDEX Corp. | 7,336 | 1,614,287 |
Media 0.0% ‡ | ||
Interpublic Group of Cos., Inc. (The) | 7,626 | 247,769 |
Pharmaceuticals 0.3% | ||
Zoetis, Inc. | 9,779 | 1,822,414 |
10 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services 2.8% | ||
IHS Markit Ltd. | 68,465 | $ 7,713,267 |
TransUnion | 115,020 | 12,630,346 |
20,343,613 | ||
Road & Rail 0.9% | ||
DiDi Global, Inc., ADR (a) | 50,176 | 709,489 |
Uber Technologies, Inc. (a) | 109,518 | 5,489,042 |
6,198,531 | ||
Semiconductors & Semiconductor Equipment 5.7% | ||
Advanced Micro Devices, Inc. (a) | 151,206 | 14,202,779 |
Microchip Technology, Inc. | 75,577 | 11,316,900 |
Monolithic Power Systems, Inc. | 5,517 | 2,060,324 |
NVIDIA Corp. | 16,499 | 13,200,850 |
40,780,853 | ||
Software 20.5% | ||
Adobe, Inc. (a) | 28,793 | 16,862,333 |
Autodesk, Inc. (a) | 37,168 | 10,849,339 |
Avalara, Inc. (a) | 48,328 | 7,819,470 |
DocuSign, Inc. (a) | 13,254 | 3,705,421 |
Intuit, Inc. | 15,904 | 7,795,664 |
Microsoft Corp. | 212,256 | 57,500,150 |
nCino, Inc. (a) | 83,147 | 4,982,168 |
RingCentral, Inc., Class A (a) | 12,145 | 3,529,094 |
salesforce.com, Inc. (a) | 60,628 | 14,809,602 |
ServiceNow, Inc. (a) | 18,124 | 9,960,044 |
Workday, Inc., Class A (a) | 37,484 | 8,948,930 |
146,762,215 | ||
Specialty Retail 2.2% | ||
Burlington Stores, Inc. (a) | 21,385 | 6,885,756 |
TJX Cos., Inc. (The) | 131,857 | 8,889,799 |
15,775,555 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals 7.3% | |||
Apple, Inc. | 379,718 | $ 52,006,177 | |
Textiles, Apparel & Luxury Goods 1.1% | |||
Lululemon Athletica, Inc. (a) | 22,529 | 8,222,409 | |
Total Common Stocks (Cost $571,612,795) | 714,383,492 | ||
Short-Term Investment 0.2% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 1,095,390 | 1,095,390 | |
Total Short-Term Investment (Cost $1,095,390) | 1,095,390 | ||
Total Investments (Cost $572,708,185) | 100.0% | 715,478,882 | |
Other Assets, Less Liabilities | 0.0‡ | 189,846 | |
Net Assets | 100.0% | $ 715,668,728 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $7,736,081. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $7,870,129. (See Note 2(H)) |
(c) | Current yield as of June 30, 2021. |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 714,383,492 | $ — | $ — | $ 714,383,492 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 1,095,390 | — | — | 1,095,390 | |||
Total Investments in Securities | $ 715,478,882 | $ — | $ — | $ 715,478,882 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Wellington Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $571,612,795) including securities on loan of $7,736,081 | $714,383,492 |
Investment in affiliated investment companies, at value (identified cost $1,095,390) | 1,095,390 |
Cash | 17,896 |
Receivables: | |
Investment securities sold | 2,170,638 |
Dividends | 25,198 |
Securities lending | 1,688 |
Other assets | 6,512 |
Total assets | 717,700,814 |
Liabilities | |
Payables: | |
Investment securities purchased | 1,464,280 |
Manager (See Note 3) | 391,189 |
Portfolio shares redeemed | 91,814 |
Shareholder communication | 34,147 |
Professional fees | 21,904 |
Custodian | 16,570 |
NYLIFE Distributors (See Note 3) | 11,903 |
Trustees | 279 |
Total liabilities | 2,032,086 |
Net assets | $715,668,728 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 16,094 |
Additional paid-in-capital | 314,669,555 |
314,685,649 | |
Total distributable earnings (loss) | 400,983,079 |
Net assets | $715,668,728 |
Initial Class | |
Net assets applicable to outstanding shares | $656,512,706 |
Shares of beneficial interest outstanding | 14,744,014 |
Net asset value per share outstanding | $ 44.53 |
Service Class | |
Net assets applicable to outstanding shares | $ 59,156,022 |
Shares of beneficial interest outstanding | 1,350,266 |
Net asset value per share outstanding | $ 43.81 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 1,801,914 |
Securities lending | 6,091 |
Dividends-affiliated | 113 |
Total income | 1,808,118 |
Expenses | |
Manager (See Note 3) | 2,250,568 |
Distribution/Service—Service Class (See Note 3) | 71,100 |
Professional fees | 67,014 |
Shareholder communication | 60,498 |
Custodian | 13,761 |
Trustees | 6,862 |
Miscellaneous | 10,290 |
Total expenses before waiver/reimbursement | 2,480,093 |
Expense waiver/reimbursement from Manager (See Note 3) | (46,857) |
Net expenses | 2,433,236 |
Net investment income (loss) | (625,118) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 155,227,383 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (67,369,876) |
Net realized and unrealized gain (loss) | 87,857,507 |
Net increase (decrease) in net assets resulting from operations | $ 87,232,389 |
14 | MainStay VP Wellington Growth Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (625,118) | $ 2,215,651 |
Net realized gain (loss) | 155,227,383 | 103,480,396 |
Net change in unrealized appreciation (depreciation) | (67,369,876) | 78,489,040 |
Net increase (decrease) in net assets resulting from operations | 87,232,389 | 184,185,087 |
Distributions to shareholders: | ||
Initial Class | — | (59,754,524) |
Service Class | — | (5,072,008) |
Total distributions to shareholders | — | (64,826,532) |
Capital share transactions: | ||
Net proceeds from sales of shares | 30,857,044 | 8,061,237 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 64,826,532 |
Cost of shares redeemed | (50,612,465) | (252,257,221) |
Increase (decrease) in net assets derived from capital share transactions | (19,755,421) | (179,369,452) |
Net increase (decrease) in net assets | 67,476,968 | (60,010,897) |
Net Assets | ||
Beginning of period | 648,191,760 | 708,202,657 |
End of period | $715,668,728 | $ 648,191,760 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | $ 23.90 | $ 26.09 | |||||
Net investment income (loss) (a) | (0.03) | 0.12 | 0.18 | 0.19 | 0.19 | 0.09 | |||||
Net realized and unrealized gain (loss) on investments | 5.41 | 10.08 | 7.77 | (1.10) | 7.05 | (0.02) | |||||
Total from investment operations | 5.38 | 10.20 | 7.95 | (0.91) | 7.24 | 0.07 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.21) | (0.19) | (0.21) | (0.07) | (0.04) | |||||
From net realized gain on investments | — | (3.48) | (2.86) | (2.01) | (0.20) | (2.22) | |||||
Total distributions | — | (3.69) | (3.05) | (2.22) | (0.27) | (2.26) | |||||
Net asset value at end of period | $ 44.53 | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | $ 23.90 | |||||
Total investment return (b) | 13.74%(c) | 32.30% | 30.01% | (4.24)% | 30.41% | 0.40% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.17)%†† | 0.35% | 0.56% | 0.60% | 0.71% | 0.35%(d) | |||||
Net expenses (e) | 0.72%†† | 0.73% | 0.72% | 0.73% | 0.74% | 0.76%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.74%†† | 0.73% | 0.72% | 0.73% | 0.74% | 0.76% | |||||
Portfolio turnover rate | 26% | 144% | 156% | 127% | 141% | 177% | |||||
Net assets at end of period (in 000’s) | $ 656,513 | $ 590,841 | $ 652,081 | $ 461,537 | $ 525,483 | $ 337,401 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.34%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.77%. |
16 | MainStay VP Wellington Growth Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | $ 23.62 | $ 25.83 | |||||
Net investment income (loss) (a) | (0.08) | 0.04 | 0.10 | 0.11 | 0.12 | 0.02 | |||||
Net realized and unrealized gain (loss) on investments | 5.32 | 9.93 | 7.66 | (1.10) | 6.97 | (0.01) | |||||
Total from investment operations | 5.24 | 9.97 | 7.76 | (0.99) | 7.09 | 0.01 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.11) | (0.09) | (0.12) | (0.01) | — | |||||
From net realized gain on investments | — | (3.48) | (2.86) | (2.01) | (0.20) | (2.22) | |||||
Total distributions | — | (3.59) | (2.95) | (2.13) | (0.21) | (2.22) | |||||
Net asset value at end of period | $ 43.81 | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | $ 23.62 | |||||
Total investment return (b) | 13.59%(c) | 31.97% | 29.69% | (4.48)% | 30.09% | 0.15% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.42)%†† | 0.11% | 0.32% | 0.35% | 0.46% | 0.10%(d) | |||||
Net expenses (e) | 0.97%†† | 0.98% | 0.97% | 0.98% | 0.99% | 1.01%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.99%†† | 0.98% | 0.97% | 0.98% | 0.99% | 1.01% | |||||
Portfolio turnover rate | 26% | 144% | 156% | 127% | 141% | 177% | |||||
Net assets at end of period (in 000’s) | $ 59,156 | $ 57,351 | $ 56,122 | $ 51,674 | $ 66,735 | $ 58,448 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.09%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.02%. |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
18 | MainStay VP Wellington Growth Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Wellington Growth Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 32 | $ 65,788 | $ (64,725) | $ — | $ — | $ 1,095 | $ —(a) | $ — | 1,095 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $575,142,747 | $151,240,411 | $(10,904,276) | $140,336,135 |
2020 | |
Distributions paid from: | |
Ordinary Income | $21,811,757 |
Long-Term Capital Gains | 43,014,775 |
Total | $64,826,532 |
22 | MainStay VP Wellington Growth Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 739,411 | $ 30,714,390 |
Shares redeemed | (1,085,636) | (44,902,054) |
Net increase (decrease) | (346,225) | $ (14,187,664) |
Year ended December 31, 2020: | ||
Shares sold | 270,749 | $ 7,421,176 |
Shares issued to shareholders in reinvestment of distributions | 1,663,929 | 59,754,524 |
Shares redeemed | (6,824,924) | (238,125,894) |
Net increase (decrease) | (4,890,246) | $(170,950,194) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,593 | $ 142,654 |
Shares redeemed | (140,200) | (5,710,411) |
Net increase (decrease) | (136,607) | $ (5,567,757) |
Year ended December 31, 2020: | ||
Shares sold | 19,462 | $ 640,061 |
Shares issued to shareholders in reinvestment of distributions | 143,286 | 5,072,008 |
Shares redeemed | (419,134) | (14,131,327) |
Net increase (decrease) | (256,386) | $ (8,419,258) |
24 | MainStay VP Wellington Growth Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other funds with similar strategies as those of the Portfolio, as repositioned, and the performance track record of those funds; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by Wellington; |
• | New York Life Investments’ and Wellington’s belief that their respective compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws and their commitment to further developing and strengthening compliance programs relating to the MainStay Group of Funds generally and the Portfolio specifically; |
• | ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
26 | MainStay VP Wellington Growth Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
28 | MainStay VP Wellington Growth Portfolio |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1998 | 13.53% | 32.88% | 10.95% | 9.45% | 0.73% |
Service Class Shares | 6/5/2003 | 13.39 | 32.55 | 10.67 | 9.17 | 0.98 |
1. | Effective January 9, 2017, the Portfolio replaced its subadvisor and modified its principal investment as of March 13, 2017. The past performance in the bar chart and table prior to those dates reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 17.05% | 43.68% | 11.87% | 11.61% |
U.S. Equity Yield Composite Index2 | 10.59 | 25.65 | 10.74 | 11.91 |
Morningstar Large Value Category Average3 | 17.48 | 42.51 | 12.02 | 10.57 |
1. | The Portfolio has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in USD for the lowest absolute risk (within a given set of constraints). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,135.30 | $3.60 | $1,021.42 | $3.41 | 0.68% |
Service Class Shares | $1,000.00 | $1,133.90 | $4.92 | $1,020.18 | $4.66 | 0.93% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Semiconductors & Semiconductor Equipment | 6.7% |
Banks | 6.6 |
Insurance | 6.0 |
Pharmaceuticals | 5.5 |
Chemicals | 5.4 |
Electric Utilities | 5.2 |
Capital Markets | 4.2 |
Oil, Gas & Consumable Fuels | 4.0 |
Equity Real Estate Investment Trusts | 3.5 |
Multi–Utilities | 3.3 |
Electrical Equipment | 3.3 |
Household Products | 3.2 |
Biotechnology | 3.1 |
Aerospace & Defense | 2.9 |
Beverages | 2.9 |
Tobacco | 2.9 |
Media | 2.2 |
Diversified Telecommunication Services | 2.1 |
Hotels, Restaurants & Leisure | 2.0 |
Health Care Equipment & Supplies | 2.0 |
Health Care Providers & Services | 2.0% |
Software | 1.9 |
Commercial Services & Supplies | 1.8 |
IT Services | 1.8 |
Trading Companies & Distributors | 1.5 |
Food & Staples Retailing | 1.4 |
Specialty Retail | 1.4 |
Communications Equipment | 1.4 |
Industrial Conglomerates | 1.4 |
Multiline Retail | 1.3 |
Air Freight & Logistics | 1.0 |
Leisure Products | 1.0 |
Technology Hardware, Storage & Peripherals | 1.0 |
Containers & Packaging | 0.9 |
Household Durables | 0.7 |
Textiles, Apparel & Luxury Goods | 0.6 |
Short–Term Investment | 2.0 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Medtronic plc |
2. | Microsoft Corp. |
3. | MetLife, Inc. |
4. | Emerson Electric Co. |
5. | Nutrien Ltd. |
6. | BlackRock, Inc. |
7. | JPMorgan Chase & Co. |
8. | Truist Financial Corp. |
9. | AbbVie, Inc. |
10. | Johnson & Johnson |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks 98.1% | ||
Aerospace & Defense 2.9% | ||
General Dynamics Corp. | 34,247 | $ 6,447,340 |
Lockheed Martin Corp. | 31,283 | 11,835,923 |
Raytheon Technologies Corp. | 125,461 | 10,703,078 |
28,986,341 | ||
Air Freight & Logistics 1.0% | ||
United Parcel Service, Inc., Class B | 48,736 | 10,135,626 |
Banks 6.6% | ||
Bank of America Corp. | 254,545 | 10,494,890 |
JPMorgan Chase & Co. | 114,595 | 17,824,106 |
PNC Financial Services Group, Inc. (The) | 50,053 | 9,548,110 |
Truist Financial Corp. | 319,014 | 17,705,277 |
U.S. Bancorp | 195,151 | 11,117,753 |
66,690,136 | ||
Beverages 2.9% | ||
Coca-Cola Co. (The) | 173,539 | 9,390,195 |
Coca-Cola Europacific Partners plc | 138,304 | 8,204,193 |
PepsiCo, Inc. | 76,726 | 11,368,492 |
28,962,880 | ||
Biotechnology 3.1% | ||
AbbVie, Inc. | 155,530 | 17,518,899 |
Amgen, Inc. | 58,211 | 14,188,932 |
31,707,831 | ||
Capital Markets 4.2% | ||
BlackRock, Inc. | 20,463 | 17,904,511 |
CME Group, Inc. | 37,540 | 7,984,007 |
Lazard Ltd., Class A | 220,395 | 9,972,874 |
T. Rowe Price Group, Inc. | 32,600 | 6,453,822 |
42,315,214 | ||
Chemicals 5.4% | ||
Dow, Inc. | 193,773 | 12,261,955 |
Linde plc | 25,359 | 7,331,287 |
LyondellBasell Industries NV, Class A | 92,861 | 9,552,611 |
Nutrien Ltd. | 307,891 | 18,661,274 |
PPG Industries, Inc. | 42,528 | 7,219,979 |
55,027,106 | ||
Commercial Services & Supplies 1.8% | ||
Republic Services, Inc. | 91,544 | 10,070,756 |
Waste Management, Inc. | 61,465 | 8,611,861 |
18,682,617 |
Shares | Value | |
Communications Equipment 1.4% | ||
Cisco Systems, Inc. | 259,485 | $ 13,752,705 |
Containers & Packaging 0.9% | ||
Amcor plc | 806,114 | 9,238,066 |
Diversified Telecommunication Services 2.1% | ||
AT&T, Inc. | 293,229 | 8,439,131 |
Verizon Communications, Inc. | 224,804 | 12,595,768 |
21,034,899 | ||
Electric Utilities 5.2% | ||
Alliant Energy Corp. | 103,728 | 5,783,873 |
American Electric Power Co., Inc. | 96,483 | 8,161,497 |
Duke Energy Corp. | 60,148 | 5,937,810 |
Entergy Corp. | 122,498 | 12,213,051 |
Evergy, Inc. | 134,023 | 8,099,010 |
Eversource Energy | 83,312 | 6,684,955 |
NextEra Energy, Inc. | 75,878 | 5,560,340 |
52,440,536 | ||
Electrical Equipment 3.3% | ||
Eaton Corp. plc | 101,374 | 15,021,599 |
Emerson Electric Co. | 195,528 | 18,817,615 |
33,839,214 | ||
Equity Real Estate Investment Trusts 3.5% | ||
American Tower Corp. | 28,680 | 7,747,615 |
Iron Mountain, Inc. | 351,493 | 14,875,184 |
Welltower, Inc. | 72,790 | 6,048,849 |
WP Carey, Inc. | 89,568 | 6,683,564 |
35,355,212 | ||
Food & Staples Retailing 1.4% | ||
Walmart, Inc. | 100,106 | 14,116,948 |
Health Care Equipment & Supplies 2.0% | ||
Medtronic plc | 162,671 | 20,192,351 |
Health Care Providers & Services 2.0% | ||
CVS Health Corp. | 117,558 | 9,809,039 |
UnitedHealth Group, Inc. | 25,356 | 10,153,557 |
19,962,596 | ||
Hotels, Restaurants & Leisure 2.0% | ||
Las Vegas Sands Corp. (a) | 97,960 | 5,161,512 |
McDonald's Corp. | 43,624 | 10,076,708 |
Vail Resorts, Inc. | 16,465 | 5,211,502 |
20,449,722 |
10 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Household Durables 0.7% | ||
Leggett & Platt, Inc. | 146,790 | $ 7,605,190 |
Household Products 3.2% | ||
Colgate-Palmolive Co. | 67,737 | 5,510,405 |
Kimberly-Clark Corp. | 95,825 | 12,819,468 |
Procter & Gamble Co. (The) | 104,387 | 14,084,938 |
32,414,811 | ||
Industrial Conglomerates 1.4% | ||
Honeywell International, Inc. | 62,566 | 13,723,852 |
Insurance 6.0% | ||
Allianz SE, ADR | 391,371 | 9,780,361 |
Arthur J. Gallagher & Co. | 109,635 | 15,357,671 |
Marsh & McLennan Cos., Inc. | 54,004 | 7,597,282 |
MetLife, Inc. | 321,721 | 19,255,002 |
Travelers Cos., Inc. (The) | 57,956 | 8,676,593 |
60,666,909 | ||
IT Services 1.8% | ||
Automatic Data Processing, Inc. | 27,990 | 5,559,374 |
International Business Machines Corp. | 49,394 | 7,240,666 |
Paychex, Inc. | 53,346 | 5,724,026 |
18,524,066 | ||
Leisure Products 1.0% | ||
Hasbro, Inc. | 106,886 | 10,102,865 |
Media 2.2% | ||
Comcast Corp., Class A | 278,584 | 15,884,860 |
Omnicom Group, Inc. | 77,055 | 6,163,629 |
22,048,489 | ||
Multiline Retail 1.3% | ||
Target Corp. | 56,309 | 13,612,138 |
Multi-Utilities 3.3% | ||
Ameren Corp. | 126,779 | 10,147,391 |
CMS Energy Corp. | 84,629 | 4,999,881 |
Dominion Energy, Inc. | 84,077 | 6,185,545 |
NiSource, Inc. | 217,335 | 5,324,708 |
WEC Energy Group, Inc. | 80,881 | 7,194,365 |
33,851,890 | ||
Oil, Gas & Consumable Fuels 4.0% | ||
Chevron Corp. | 124,803 | 13,071,866 |
Enterprise Products Partners LP | 469,246 | 11,322,906 |
Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | ||
Magellan Midstream Partners LP | 171,563 | $ 8,391,146 |
Phillips 66 | 93,520 | 8,025,887 |
40,811,805 | ||
Pharmaceuticals 5.5% | ||
Eli Lilly and Co. | 40,833 | 9,371,990 |
Johnson & Johnson | 103,716 | 17,086,174 |
Merck & Co., Inc. | 212,154 | 16,499,217 |
Pfizer, Inc. | 325,344 | 12,740,471 |
55,697,852 | ||
Semiconductors & Semiconductor Equipment 6.7% | ||
Analog Devices, Inc. | 95,166 | 16,383,779 |
Broadcom, Inc. | 35,123 | 16,748,051 |
Intel Corp. | 182,100 | 10,223,094 |
KLA Corp. | 39,600 | 12,838,716 |
Texas Instruments, Inc. | 58,655 | 11,279,356 |
67,472,996 | ||
Software 1.9% | ||
Microsoft Corp. | 71,740 | 19,434,366 |
Specialty Retail 1.4% | ||
Home Depot, Inc. (The) | 43,796 | 13,966,107 |
Technology Hardware, Storage & Peripherals 1.0% | ||
Apple, Inc. | 72,774 | 9,967,127 |
Textiles, Apparel & Luxury Goods 0.6% | ||
Hanesbrands, Inc. | 322,051 | 6,012,692 |
Tobacco 2.9% | ||
Altria Group, Inc. | 203,047 | 9,681,281 |
British American Tobacco plc, Sponsored ADR | 182,052 | 7,156,464 |
Philip Morris International, Inc. | 121,869 | 12,078,437 |
28,916,182 | ||
Trading Companies & Distributors 1.5% | ||
MSC Industrial Direct Co., Inc., Class A | 80,348 | 7,209,626 |
Watsco, Inc. | 27,661 | 7,928,749 |
15,138,375 | ||
Total Common Stocks (Cost $761,129,876) | 992,857,712 |
Shares | Value | ||
Short-Term Investment 2.0% | |||
Affiliated Investment Company 2.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 20,405,166 | $ 20,405,166 | |
Total Short-Term Investment (Cost $20,405,166) | 20,405,166 | ||
Total Investments (Cost $781,535,042) | 100.1% | 1,013,262,878 | |
Other Assets, Less Liabilities | (0.1) | (965,784) | |
Net Assets | 100.0% | $ 1,012,297,094 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of June 30, 2021. |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 992,857,712 | $ — | $ — | $ 992,857,712 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 20,405,166 | — | — | 20,405,166 | |||
Total Investments in Securities | $ 1,013,262,878 | $ — | $ — | $ 1,013,262,878 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $761,129,876) | $ 992,857,712 |
Investment in affiliated investment companies, at value (identified cost $20,405,166) | 20,405,166 |
Receivables: | |
Investment securities sold | 4,133,502 |
Dividends and interest | 1,870,725 |
Portfolio shares sold | 850,000 |
Other assets | 10,062 |
Total assets | 1,020,127,167 |
Liabilities | |
Payables: | |
Investment securities purchased | 6,589,602 |
Manager (See Note 3) | 544,111 |
Portfolio shares redeemed | 452,385 |
NYLIFE Distributors (See Note 3) | 92,789 |
Shareholder communication | 83,622 |
Professional fees | 52,786 |
Custodian | 14,778 |
Total liabilities | 7,830,073 |
Net assets | $1,012,297,094 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 59,377 |
Additional paid-in-capital | 755,431,715 |
755,491,092 | |
Total distributable earnings (loss) | 256,806,002 |
Net assets | $1,012,297,094 |
Initial Class | |
Net assets applicable to outstanding shares | $565,492,452 |
Shares of beneficial interest outstanding | 32,928,558 |
Net asset value per share outstanding | $ 17.17 |
Service Class | |
Net assets applicable to outstanding shares | $446,804,642 |
Shares of beneficial interest outstanding | 26,448,672 |
Net asset value per share outstanding | $ 16.89 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $91,825) | $ 14,385,334 |
Dividends-affiliated | 877 |
Securities lending | 133 |
Total income | 14,386,344 |
Expenses | |
Manager (See Note 3) | 3,311,736 |
Distribution/Service—Service Class (See Note 3) | 545,460 |
Professional fees | 61,283 |
Shareholder communication | 45,226 |
Custodian | 12,408 |
Trustees | 9,627 |
Miscellaneous | 13,785 |
Total expenses before waiver/reimbursement | 3,999,525 |
Expense waiver/reimbursement from Manager (See Note 3) | (191,411) |
Net expenses | 3,808,114 |
Net investment income (loss) | 10,578,230 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 28,871,836 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 81,426,459 |
Net realized and unrealized gain (loss) | 110,298,295 |
Net increase (decrease) in net assets resulting from operations | $120,876,525 |
14 | MainStay VP Epoch U.S. Equity Yield Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,578,230 | $ 21,227,734 |
Net realized gain (loss) | 28,871,836 | (32,499,703) |
Net change in unrealized appreciation (depreciation) | 81,426,459 | (972,217) |
Net increase (decrease) in net assets resulting from operations | 120,876,525 | (12,244,186) |
Distributions to shareholders: | ||
Initial Class | — | (30,366,836) |
Service Class | — | (24,324,032) |
Total distributions to shareholders | — | (54,690,868) |
Capital share transactions: | ||
Net proceeds from sales of shares | 56,556,146 | 68,376,620 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 54,690,868 |
Cost of shares redeemed | (82,381,189) | (190,864,938) |
Increase (decrease) in net assets derived from capital share transactions | (25,825,043) | (67,797,450) |
Net increase (decrease) in net assets | 95,051,482 | (134,732,504) |
Net Assets | ||
Beginning of period | 917,245,612 | 1,051,978,116 |
End of period | $1,012,297,094 | $ 917,245,612 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | $ 13.79 | $ 15.58 | |||||
Net investment income (loss) (a) | 0.19 | 0.35 | 0.38 | 0.39 | 0.30 | 0.21 | |||||
Net realized and unrealized gain (loss) on investments | 1.85 | (0.41) | 2.92 | (1.12) | 2.26 | 0.47 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | — | 0.00‡ | — | — | — | |||||
Total from investment operations | 2.04 | (0.06) | 3.30 | (0.73) | 2.56 | 0.68 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.41) | (0.52) | (0.35) | (0.20) | (0.18) | |||||
From net realized gain on investments | — | (0.52) | (0.67) | (1.06) | — | (2.29) | |||||
Total distributions | — | (0.93) | (1.19) | (1.41) | (0.20) | (2.47) | |||||
Net asset value at end of period | $ 17.17 | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | $ 13.79 | |||||
Total investment return (b) | 13.48%(c) | 0.03% | 24.18% | (5.23)% | 18.66% | 4.90% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.32%†† | 2.47% | 2.43% | 2.49% | 2.01% | 1.41% | |||||
Net expenses (d) | 0.68%†† | 0.68% | 0.68% | 0.68% | 0.73% | 0.79% | |||||
Expenses (before waiver/reimbursement) (d) | 0.72%†† | 0.73% | 0.72% | 0.71% | 0.74% | 0.79% | |||||
Portfolio turnover rate | 10% | 26% | 22% | 25% | 122% | 99% | |||||
Net assets at end of period (in 000’s) | $ 565,492 | $ 495,193 | $ 591,185 | $ 548,881 | $ 791,462 | $ 637,936 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | $ 13.61 | $ 15.40 | |||||
Net investment income (loss) (a) | 0.16 | 0.31 | 0.34 | 0.35 | 0.26 | 0.17 | |||||
Net realized and unrealized gain (loss) on investments | 1.83 | (0.42) | 2.88 | (1.12) | 2.24 | 0.46 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | — | 0.00‡ | — | — | — | |||||
Total from investment operations | 1.99 | (0.11) | 3.22 | (0.77) | 2.50 | 0.63 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.36) | (0.47) | (0.30) | (0.17) | (0.13) | |||||
From net realized gain on investments | — | (0.52) | (0.67) | (1.06) | — | (2.29) | |||||
Total distributions | — | (0.88) | (1.14) | (1.36) | (0.17) | (2.42) | |||||
Net asset value at end of period | $ 16.89 | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | $ 13.61 | |||||
Total investment return (b) | 13.36%(c) | (0.22)% | 23.87% | (5.46)% | 18.37% | 4.63% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.07%†† | 2.21% | 2.18% | 2.23% | 1.73% | 1.16% | |||||
Net expenses (d) | 0.93%†† | 0.93% | 0.93% | 0.93% | 0.98% | 1.04% | |||||
Expenses (before waiver/reimbursement) (d) | 0.97%†† | 0.98% | 0.97% | 0.96% | 0.99% | 1.04% | |||||
Portfolio turnover rate | 10% | 26% | 22% | 25% | 122% | 99% | |||||
Net assets at end of period (in 000’s) | $ 446,805 | $ 422,053 | $ 460,793 | $ 431,635 | $ 536,044 | $ 526,452 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 5, 2003 |
18 | MainStay VP Epoch U.S. Equity Yield Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 21,984 | $ 106,651 | $ (108,230) | $ — | $ — | $ 20,405 | $ 1 | $ — | 20,405 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $787,025,669 | $241,014,853 | $(14,777,644) | $226,237,209 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $27,728 | $4,800 |
2020 | |
Distributions paid from: | |
Ordinary Income | $23,317,781 |
Long-Term Capital Gains | 31,373,087 |
Total | $54,690,868 |
22 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,122,819 | $ 52,059,530 |
Shares redeemed | (2,931,007) | (47,516,237) |
Net increase (decrease) | 191,812 | $ 4,543,293 |
Year ended December 31, 2020: | ||
Shares sold | 2,458,147 | $ 35,425,531 |
Shares issued to shareholders in reinvestment of distributions | 2,166,877 | 30,366,836 |
Shares redeemed | (8,562,407) | (122,749,006) |
Net increase (decrease) | (3,937,383) | $ (56,956,639) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 296,210 | $ 4,496,616 |
Shares redeemed | (2,176,491) | (34,864,952) |
Net increase (decrease) | (1,880,281) | $ (30,368,336) |
Year ended December 31, 2020: | ||
Shares sold | 2,391,552 | $ 32,951,089 |
Shares issued to shareholders in reinvestment of distributions | 1,761,258 | 24,324,032 |
Shares redeemed | (4,829,707) | (68,115,932) |
Net increase (decrease) | (676,897) | $ (10,840,811) |
24 | MainStay VP Epoch U.S. Equity Yield Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781616 | MSVPEUE10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 18.36% | 47.67% | 12.16% | 11.04% | 0.76% |
Service Class Shares | 2/17/2012 | 18.22 | 47.30 | 11.88 | 10.76 | 1.01 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
Russell 1000® Value Index1 | 17.05% | 43.68% | 11.87% | 12.15% |
S&P 500® Index2 | 15.25 | 40.79 | 17.65 | 15.37 |
Morningstar Large Value Category Average3 | 17.48 | 42.51 | 12.02 | 11.08 |
1. | The Russell 1000® Value Index is the Portfolio’s primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The S&P 500® Index is the Portfolio's secondary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,183.60 | $4.11 | $1,021.03 | $3.81 | 0.76% |
Service Class Shares | $1,000.00 | $1,182.20 | $5.46 | $1,019.79 | $5.06 | 1.01% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP T. Rowe Price Equity Income Portfolio |
Banks | 8.7% |
Insurance | 8.0 |
Oil, Gas & Consumable Fuels | 5.8 |
Semiconductors & Semiconductor Equipment | 5.4 |
Capital Markets | 4.9 |
Health Care Providers & Services | 4.8 |
Electric Utilities | 4.3 |
Equity Real Estate Investment Trusts | 4.1 |
Multi–Utilities | 4.0 |
Chemicals | 3.9 |
Health Care Equipment & Supplies | 3.9 |
Pharmaceuticals | 3.7 |
Media | 3.6 |
Industrial Conglomerates | 3.4 |
Food Products | 3.1 |
Aerospace & Defense | 2.7 |
Air Freight & Logistics | 2.6 |
Biotechnology | 2.3 |
Software | 2.3 |
Containers & Packaging | 1.8 |
Tobacco | 1.6 |
Machinery | 1.4 |
Automobiles | 1.2% |
Household Products | 1.2 |
Diversified Financial Services | 1.1 |
Hotels, Restaurants & Leisure | 1.1 |
Communications Equipment | 0.9 |
Entertainment | 0.9 |
Multiline Retail | 0.8 |
Professional Services | 0.8 |
Commercial Services & Supplies | 0.7 |
Leisure Products | 0.7 |
Beverages | 0.6 |
Specialty Retail | 0.6 |
Diversified Telecommunication Services | 0.5 |
Energy Equipment & Services | 0.4 |
Food & Staples Retailing | 0.4 |
Airlines | 0.3 |
Electronic Equipment, Instruments & Components | 0.3 |
Short–Term Investments | 1.4 |
Other Assets, Less Liabilities | –0.2 |
100.0% |
1. | Wells Fargo & Co. |
2. | General Electric Co. |
3. | Southern Co. (The) |
4. | United Parcel Service, Inc., Class B |
5. | QUALCOMM, Inc. |
6. | American International Group, Inc. |
7. | MetLife, Inc. |
8. | TotalEnergies SE |
9. | Anthem, Inc. |
10. | Becton Dickinson and Co. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP T. Rowe Price Equity Income Portfolio |
10 | MainStay VP T. Rowe Price Equity Income Portfolio |
Shares | Value | |
Common Stocks 96.2% | ||
Aerospace & Defense 2.7% | ||
Airbus SE (a) | 2,310 | $ 297,026 |
Boeing Co. (The) (a) | 25,589 | 6,130,101 |
L3Harris Technologies, Inc. | 37,993 | 8,212,187 |
14,639,314 | ||
Air Freight & Logistics 2.6% | ||
United Parcel Service, Inc., Class B | 66,254 | 13,778,844 |
Airlines 0.3% | ||
Alaska Air Group, Inc. (a) | 11,142 | 671,974 |
Southwest Airlines Co. (a) | 21,534 | 1,143,240 |
1,815,214 | ||
Automobiles 0.1% | ||
General Motors Co. (a) | 13,575 | 803,233 |
Banks 8.7% | ||
Bank of America Corp. | 49,142 | 2,026,125 |
Citizens Financial Group, Inc. | 48,400 | 2,220,108 |
Fifth Third Bancorp | 219,794 | 8,402,724 |
Huntington Bancshares, Inc. | 289,800 | 4,135,446 |
JPMorgan Chase & Co. | 30,528 | 4,748,325 |
PNC Financial Services Group, Inc. (The) | 24,426 | 4,659,504 |
Wells Fargo & Co. | 448,665 | 20,320,038 |
46,512,270 | ||
Beverages 0.6% | ||
Coca-Cola Co. (The) | 55,472 | 3,001,590 |
Biotechnology 2.3% | ||
AbbVie, Inc. | 77,176 | 8,693,104 |
Biogen, Inc. (a) | 5,300 | 1,835,231 |
Gilead Sciences, Inc. | 28,745 | 1,979,381 |
12,507,716 | ||
Capital Markets 4.9% | ||
Bank of New York Mellon Corp. (The) | 59,437 | 3,044,958 |
Charles Schwab Corp. (The) | 39,115 | 2,847,963 |
Franklin Resources, Inc. | 42,460 | 1,358,295 |
Goldman Sachs Group, Inc. (The) | 12,616 | 4,788,151 |
Morgan Stanley | 88,383 | 8,103,837 |
Raymond James Financial, Inc. | 24,395 | 3,168,911 |
State Street Corp. | 35,280 | 2,902,838 |
26,214,953 | ||
Chemicals 3.9% | ||
Akzo Nobel NV | 15,889 | 1,963,168 |
Shares | Value | |
Chemicals (continued) | ||
CF Industries Holdings, Inc. | 184,038 | $ 9,468,755 |
DuPont de Nemours, Inc. | 38,182 | 2,955,669 |
International Flavors & Fragrances, Inc. | 38,731 | 5,786,411 |
PPG Industries, Inc. | 5,722 | 971,424 |
21,145,427 | ||
Commercial Services & Supplies 0.7% | ||
Stericycle, Inc. (a) | 50,664 | 3,625,009 |
Communications Equipment 0.9% | ||
Cisco Systems, Inc. | 94,147 | 4,989,791 |
Containers & Packaging 1.8% | ||
International Paper Co. | 161,197 | 9,882,988 |
Diversified Financial Services 1.1% | ||
Equitable Holdings, Inc. | 198,243 | 6,036,499 |
Diversified Telecommunication Services 0.5% | ||
AT&T, Inc. | 56,137 | 1,615,623 |
Verizon Communications, Inc. | 20,353 | 1,140,378 |
2,756,001 | ||
Electric Utilities 3.6% | ||
Edison International | 39,336 | 2,274,408 |
Entergy Corp. | 15,074 | 1,502,878 |
NextEra Energy, Inc. | 40,358 | 2,957,434 |
Southern Co. (The) | 203,638 | 12,322,135 |
19,056,855 | ||
Electronic Equipment, Instruments & Components 0.3% | ||
TE Connectivity Ltd. | 11,800 | 1,595,478 |
Energy Equipment & Services 0.4% | ||
Halliburton Co. | 97,632 | 2,257,252 |
Entertainment 0.9% | ||
Walt Disney Co. (The) (a) | 26,592 | 4,674,076 |
Equity Real Estate Investment Trusts 4.1% | ||
CyrusOne, Inc. | 8,000 | 572,160 |
Equity Residential | 95,389 | 7,344,953 |
Rayonier, Inc. | 117,129 | 4,208,445 |
Welltower, Inc. | 19,675 | 1,634,993 |
Weyerhaeuser Co. | 240,141 | 8,265,653 |
22,026,204 |
Shares | Value | |
Common Stocks (continued) | ||
Food & Staples Retailing 0.4% | ||
Walmart, Inc. | 15,132 | $ 2,133,915 |
Food Products 3.1% | ||
Bunge Ltd. | 13,270 | 1,037,050 |
Conagra Brands, Inc. | 174,151 | 6,335,613 |
Mondelez International, Inc., Class A | 4,163 | 259,938 |
Tyson Foods, Inc., Class A | 120,247 | 8,869,419 |
16,502,020 | ||
Health Care Equipment & Supplies 3.5% | ||
Becton Dickinson and Co. | 32,731 | 7,959,852 |
Medtronic plc | 66,808 | 8,292,877 |
Zimmer Biomet Holdings, Inc. | 16,939 | 2,724,130 |
18,976,859 | ||
Health Care Providers & Services 4.8% | ||
Anthem, Inc. | 27,709 | 10,579,296 |
Cardinal Health, Inc. | 30,000 | 1,712,700 |
Centene Corp. (a) | 20,100 | 1,465,893 |
Cigna Corp. | 11,915 | 2,824,689 |
CVS Health Corp. | 84,942 | 7,087,561 |
UnitedHealth Group, Inc. | 4,800 | 1,922,112 |
25,592,251 | ||
Hotels, Restaurants & Leisure 1.1% | ||
Las Vegas Sands Corp. (a) | 92,491 | 4,873,351 |
McDonald's Corp. | 4,600 | 1,062,554 |
5,935,905 | ||
Household Products 1.2% | ||
Kimberly-Clark Corp. | 48,507 | 6,489,266 |
Industrial Conglomerates 3.4% | ||
3M Co. | 5,900 | 1,171,917 |
General Electric Co. | 1,159,655 | 15,608,956 |
Siemens AG, Sponsored ADR (b) | 16,909 | 1,346,616 |
18,127,489 | ||
Insurance 8.0% | ||
American International Group, Inc. | 236,144 | 11,240,455 |
Chubb Ltd. | 60,641 | 9,638,281 |
Hartford Financial Services Group, Inc. (The) | 24,000 | 1,487,280 |
Loews Corp. | 152,394 | 8,328,332 |
Marsh & McLennan Cos., Inc. | 10,012 | 1,408,488 |
MetLife, Inc. | 185,218 | 11,085,297 |
43,188,133 |
Shares | Value | |
Leisure Products 0.7% | ||
Mattel, Inc. (a) | 173,865 | $ 3,494,687 |
Machinery 1.4% | ||
Caterpillar, Inc. | 6,064 | 1,319,709 |
Cummins, Inc. | 2,121 | 517,121 |
Flowserve Corp. | 14,635 | 590,083 |
PACCAR, Inc. | 21,789 | 1,944,668 |
Snap-on, Inc. | 14,889 | 3,326,649 |
7,698,230 | ||
Media 3.6% | ||
Comcast Corp., Class A | 160,756 | 9,166,307 |
Fox Corp., Class B | 104,891 | 3,692,163 |
News Corp., Class A | 257,976 | 6,648,042 |
19,506,512 | ||
Multiline Retail 0.8% | ||
Kohl's Corp. | 73,921 | 4,073,786 |
Multi-Utilities 3.6% | ||
Ameren Corp. | 38,975 | 3,119,559 |
Dominion Energy, Inc. | 22,600 | 1,662,682 |
NiSource, Inc. | 264,683 | 6,484,733 |
Sempra Energy | 59,987 | 7,947,078 |
19,214,052 | ||
Oil, Gas & Consumable Fuels 5.8% | ||
Chevron Corp. | 11,149 | 1,167,746 |
ConocoPhillips | 9,095 | 553,885 |
EOG Resources, Inc. | 71,734 | 5,985,485 |
Exxon Mobil Corp. | 78,995 | 4,983,004 |
Hess Corp. | 6,780 | 592,030 |
Occidental Petroleum Corp. | 36,463 | 1,140,198 |
Targa Resources Corp. | 35,711 | 1,587,354 |
TC Energy Corp. | 83,557 | 4,137,743 |
TotalEnergies SE (b) | 202,899 | 9,179,616 |
TotalEnergies SE, Sponsored ADR | 39,600 | 1,792,296 |
31,119,357 | ||
Pharmaceuticals 3.7% | ||
AstraZeneca plc, Sponsored ADR (b) | 23,100 | 1,383,690 |
GlaxoSmithKline plc | 49,432 | 970,576 |
Johnson & Johnson | 39,794 | 6,555,663 |
Merck & Co., Inc. | 32,811 | 2,551,711 |
Organon & Co. (a) | 2,381 | 72,049 |
Pfizer, Inc. | 119,899 | 4,695,245 |
Sanofi | 29,773 | 3,119,403 |
12 | MainStay VP T. Rowe Price Equity Income Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals (continued) | ||
Sanofi, ADR | 13,763 | $ 724,760 |
20,073,097 | ||
Professional Services 0.8% | ||
Nielsen Holdings plc | 163,561 | 4,035,050 |
Semiconductors & Semiconductor Equipment 5.4% | ||
Applied Materials, Inc. | 49,315 | 7,022,456 |
NXP Semiconductors NV | 11,002 | 2,263,331 |
QUALCOMM, Inc. | 94,063 | 13,444,425 |
Texas Instruments, Inc. | 31,346 | 6,027,836 |
28,758,048 | ||
Software 2.3% | ||
Citrix Systems, Inc. | 39,602 | 4,644,126 |
Microsoft Corp. | 28,061 | 7,601,725 |
12,245,851 | ||
Specialty Retail 0.6% | ||
TJX Cos., Inc. (The) | 44,459 | 2,997,426 |
Tobacco 1.6% | ||
Altria Group, Inc. | 39,916 | 1,903,195 |
Philip Morris International, Inc. | 69,051 | 6,843,644 |
8,746,839 | ||
Total Common Stocks (Cost $368,440,788) | 516,227,487 | |
Convertible Preferred Stocks 1.1% | ||
Electric Utilities 0.7% | ||
NextEra Energy, Inc., 5.28% | 33,097 | 1,620,429 |
Southern Co. (The), 6.75% | 41,886 | 2,120,689 |
3,741,118 | ||
Multi-Utilities 0.4% | ||
NiSource, Inc., 7.75% | 15,018 | 1,543,700 |
Sempra Energy, 6.75% | 8,631 | 852,484 |
2,396,184 | ||
Total Convertible Preferred Stocks (Cost $6,077,176) | 6,137,302 |
Shares | Value | ||
Preferred Stocks 1.5% | |||
Automobiles 1.1% | |||
Volkswagen AG ADR (zero coupon) | 245,092 | $ 6,137,103 | |
Health Care Equipment & Supplies 0.4% | |||
Becton Dickinson and Co., 6.00% | 37,419 | 2,002,291 | |
Total Preferred Stocks (Cost $5,800,535) | 8,139,394 | ||
Short-Term Investments 1.4% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 5,773,973 | 5,773,973 | |
Unaffiliated Investment Company 0.3% | |||
Wells Fargo Government Money Market Fund, 0.025% (c)(d) | 1,599,035 | 1,599,035 | |
Total Short-Term Investments (Cost $7,373,008) | 7,373,008 | ||
Total Investments (Cost $387,691,507) | 100.2% | 537,877,191 | |
Other Assets, Less Liabilities | (0.2) | (1,238,117) | |
Net Assets | 100.0% | $ 536,639,074 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $10,897,789; the total market value of collateral held by the Portfolio was $11,713,516. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $10,114,481. The Portfolio received cash collateral with a value of $1,599,035. (See Note 2(I)) |
(c) | Current yield as of June 30, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 516,227,487 | $ — | $ — | $ 516,227,487 | |||
Convertible Preferred Stocks | 6,137,302 | — | — | 6,137,302 | |||
Preferred Stocks | 8,139,394 | — | — | 8,139,394 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,773,973 | — | — | 5,773,973 | |||
Unaffiliated Investment Company | 1,599,035 | — | — | 1,599,035 | |||
Total Short-Term Investments | 7,373,008 | — | — | 7,373,008 | |||
Total Investments in Securities | $ 537,877,191 | $ — | $ — | $ 537,877,191 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP T. Rowe Price Equity Income Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $381,917,534) including securities on loan of $10,897,789 | $532,103,218 |
Investment in affiliated investment companies, at value (identified cost $5,773,973) | 5,773,973 |
Receivables: | |
Investment securities sold | 1,448,636 |
Dividends and interest | 795,524 |
Securities lending | 2,163 |
Other assets | 5,691 |
Total assets | 540,129,205 |
Liabilities | |
Cash collateral received for securities on loan | 1,599,035 |
Payables: | |
Investment securities purchased | 1,287,020 |
Manager (See Note 3) | 323,979 |
Portfolio shares redeemed | 115,092 |
Shareholder communication | 52,976 |
NYLIFE Distributors (See Note 3) | 48,768 |
Professional fees | 44,693 |
Custodian | 17,111 |
Trustees | 101 |
Accrued expenses | 1,356 |
Total liabilities | 3,490,131 |
Net assets | $536,639,074 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 39,310 |
Additional paid-in-capital | 333,549,114 |
333,588,424 | |
Total distributable earnings (loss) | 203,050,650 |
Net assets | $536,639,074 |
Initial Class | |
Net assets applicable to outstanding shares | $303,952,371 |
Shares of beneficial interest outstanding | 22,216,330 |
Net asset value per share outstanding | $ 13.68 |
Service Class | |
Net assets applicable to outstanding shares | $232,686,703 |
Shares of beneficial interest outstanding | 17,093,590 |
Net asset value per share outstanding | $ 13.61 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $146,720) | $ 6,491,690 |
Interest | 34,060 |
Securities lending | 7,025 |
Dividends-affiliated | 230 |
Other | 1,347 |
Total income | 6,534,352 |
Expenses | |
Manager (See Note 3) | 1,942,172 |
Distribution/Service—Service Class (See Note 3) | 293,243 |
Professional fees | 46,979 |
Shareholder communication | 28,982 |
Custodian | 14,661 |
Trustees | 5,698 |
Miscellaneous | 10,424 |
Total expenses | 2,342,159 |
Net investment income (loss) | 4,192,193 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 36,982,411 |
Foreign currency transactions | 7,492 |
Net realized gain (loss) | 36,989,903 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 49,923,251 |
Translation of other assets and liabilities in foreign currencies | (1,321) |
Net change in unrealized appreciation (depreciation) | 49,921,930 |
Net realized and unrealized gain (loss) | 86,911,833 |
Net increase (decrease) in net assets resulting from operations | $91,104,026 |
16 | MainStay VP T. Rowe Price Equity Income Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,192,193 | $ 12,775,127 |
Net realized gain (loss) | 36,989,903 | 2,096,702 |
Net change in unrealized appreciation (depreciation) | 49,921,930 | (30,283,571) |
Net increase (decrease) in net assets resulting from operations | 91,104,026 | (15,411,742) |
Distributions to shareholders: | ||
Initial Class | — | (35,016,325) |
Service Class | — | (22,876,840) |
Total distributions to shareholders | — | (57,893,165) |
Capital share transactions: | ||
Net proceeds from sales of shares | 740,397 | 38,760,574 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 57,893,165 |
Cost of shares redeemed | (84,625,285) | (220,766,449) |
Increase (decrease) in net assets derived from capital share transactions | (83,884,888) | (124,112,710) |
Net increase (decrease) in net assets | 7,219,138 | (197,417,617) |
Net Assets | ||
Beginning of period | 529,419,936 | 726,837,553 |
End of period | $536,639,074 | $ 529,419,936 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | $ 12.99 | $ 11.97 | |||||
Net investment income (loss) (a) | 0.11 | 0.25 | 0.29 | 0.29 | 0.24 | 0.27 | |||||
Net realized and unrealized gain (loss) on investments | 2.01 | (0.33) | 2.58 | (1.40) | 1.83 | 1.90 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions‡ | 0.00 | 0.00 | 0.00 | (0.00) | 0.00 | (0.00) | |||||
Total from investment operations | 2.12 | (0.08) | 2.87 | (1.11) | 2.07 | 2.17 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.40) | (0.31) | (0.29) | (0.30) | (0.25) | |||||
From net realized gain on investments | — | (0.85) | (1.06) | (1.31) | (0.66) | (0.90) | |||||
Total distributions | — | (1.25) | (1.37) | (1.60) | (0.96) | (1.15) | |||||
Net asset value at end of period | $ 13.68 | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | $ 12.99 | |||||
Total investment return (b) | 18.34%(c) | 0.96% | 26.36%(d) | (9.38)% | 16.20% | 18.82% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.67%†† | 2.32% | 2.30% | 2.11% | 1.78% | 2.18% | |||||
Net expenses (e) | 0.76%†† | 0.76% | 0.75% | 0.77% | 0.77% | 0.78% | |||||
Portfolio turnover rate | 9% | 28% | 16% | 22% | 24% | 23% | |||||
Net assets at end of period (in 000’s) | $ 303,952 | $ 302,584 | $ 464,120 | $ 431,672 | $ 469,556 | $ 472,125 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.36%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP T. Rowe Price Equity Income Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | $ 12.94 | $ 11.93 | |||||
Net investment income (loss) (a) | 0.09 | 0.22 | 0.26 | 0.25 | 0.21 | 0.24 | |||||
Net realized and unrealized gain (loss) on investments | 2.01 | (0.33) | 2.56 | (1.39) | 1.82 | 1.89 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions‡ | 0.00 | 0.00 | 0.00 | (0.00) | 0.00 | (0.00) | |||||
Total from investment operations | 2.10 | (0.11) | 2.82 | (1.14) | 2.03 | 2.13 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.36) | (0.27) | (0.25) | (0.27) | (0.22) | |||||
From net realized gain on investments | — | (0.85) | (1.06) | (1.31) | (0.66) | (0.90) | |||||
Total distributions | — | (1.21) | (1.33) | (1.56) | (0.93) | (1.12) | |||||
Net asset value at end of period | $ 13.61 | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | $ 12.94 | |||||
Total investment return (b) | 18.25%(c) | 0.71% | 26.04%(d) | (9.61)% | 15.91% | 18.53% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.42%†† | 2.05% | 2.05% | 1.84% | 1.54% | 1.93% | |||||
Net expenses (e) | 1.01%†† | 1.01% | 1.00% | 1.02% | 1.02% | 1.03% | |||||
Portfolio turnover rate | 9% | 28% | 16% | 22% | 24% | 23% | |||||
Net assets at end of period (in 000’s) | $ 232,687 | $ 226,836 | $ 262,717 | $ 257,159 | $ 348,450 | $ 318,059 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.04%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
20 | MainStay VP T. Rowe Price Equity Income Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
22 | MainStay VP T. Rowe Price Equity Income Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 4,433 | $ 72,231 | $ (70,890) | $ — | $ — | $ 5,774 | $ —(a) | $ — | 5,774 |
(a) | Less than $500. |
24 | MainStay VP T. Rowe Price Equity Income Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $396,984,304 | $144,849,426 | $(3,956,539) | $140,892,887 |
2020 | |
Distributions paid from: | |
Ordinary Income | $19,264,249 |
Long-Term Capital Gains | 38,628,916 |
Total | $57,893,165 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 33,110 | $ 434,011 |
Shares redeemed | (3,994,170) | (50,711,528) |
Net increase (decrease) | (3,961,060) | $ (50,277,517) |
Year ended December 31, 2020: | ||
Shares sold | 3,081,157 | $ 28,201,342 |
Shares issued to shareholders in reinvestment of distributions | 3,500,827 | 35,016,325 |
Shares redeemed | (16,423,541) | (175,944,865) |
Net increase (decrease) | (9,841,557) | $(112,727,198) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 25,638 | $ 306,386 |
Shares redeemed | (2,631,275) | (33,913,757) |
Net increase (decrease) | (2,605,637) | $ (33,607,371) |
Year ended December 31, 2020: | ||
Shares sold | 1,070,152 | $ 10,559,232 |
Shares issued to shareholders in reinvestment of distributions | 2,294,568 | 22,876,840 |
Shares redeemed | (4,138,334) | (44,821,584) |
Net increase (decrease) | (773,614) | $ (11,385,512) |
26 | MainStay VP T. Rowe Price Equity Income Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
28 | MainStay VP T. Rowe Price Equity Income Portfolio |
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New York, NY 10010
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1781643 | MSVPTRPE10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 25.12% | 65.20% | 4.27% | -1.49% | 0.86% |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies and changed its classification from a diversified fund to a non-diversified fund as of November 30, 2018. Therefore, the performance information shown in this report prior to November 30, 2018 reflects the Portfolio’s prior subadvisor, investment objective and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
S&P Global Natural Resources Index1 | 19.94% | 49.35% | 11.42% | 3.31% |
Morningstar Natural Resources Category Average2 | 20.52 | 62.91 | 9.73 | 2.40 |
1. | The Portfolio has selected the S&P Global Natural Resources Index as its primary benchmark. The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Natural Resources Category Average is representative of funds that invest primarily on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Some funds invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Funds that concentrate primarily in energy-related industries are part of the equity energy category. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,251.20 | $4.74 | $1,020.58 | $4.26 | 0.85% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Natural Resources Portfolio |
United States | 82.8% |
Canada | 7.1 |
South Africa | 4.3 |
Norway | 2.9 |
Zambia | 2.0 |
Italy | 1.7% |
Denmark | 0.7 |
Other Assets, Less Liabilities | –1.5 |
100.0% |
1. | ConocoPhillips |
2. | Hess Corp. |
3. | CF Industries Holdings, Inc. |
4. | Marathon Petroleum Corp. |
5. | EQT Corp. |
6. | Valero Energy Corp. |
7. | Pioneer Natural Resources Co. |
8. | Occidental Petroleum Corp. |
9. | Mosaic Co. (The) |
10. | Devon Energy Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Natural Resources Portfolio |
Shares | Value | |
Common Stocks 98.7% | ||
Canada 7.1% | ||
Alamos Gold, Inc. Class A (Metals & Mining) | 590,521 | $ 4,517,486 |
Kinross Gold Corp. (Metals & Mining) | 1,573,477 | 9,977,032 |
Nutrien Ltd. (Chemicals) | 81,882 | 4,962,868 |
19,457,386 | ||
Denmark 0.7% | ||
Orsted A/S (Electric Utilities) (a) | 14,397 | 2,020,229 |
Italy 1.7% | ||
Enel SpA (Electric Utilities) | 489,871 | 4,549,331 |
Norway 2.9% | ||
Equinor ASA (Oil, Gas & Consumable Fuels) | 328,663 | 6,954,098 |
NEL ASA (Electrical Equipment) (b) | 396,780 | 925,343 |
7,879,441 | ||
South Africa 4.3% | ||
Anglo American plc (Metals & Mining) | 198,605 | 7,891,628 |
Sibanye Stillwater Ltd. (Metals & Mining) | 913,995 | 3,818,553 |
11,710,181 | ||
United States 80.0% | ||
Array Technologies, Inc. (Electrical Equipment) (b) | 69,616 | 1,086,010 |
Bunge Ltd. (Food Products) | 112,061 | 8,757,567 |
CF Industries Holdings, Inc. (Chemicals) | 246,276 | 12,670,900 |
Clean Harbors, Inc. (Commercial Services & Supplies) (b) | 29,189 | 2,718,663 |
CNX Resources Corp. (Oil, Gas & Consumable Fuels) (b) | 208,596 | 2,849,421 |
Coeur Mining, Inc. (Metals & Mining) (b) | 650,044 | 5,772,391 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) (b) | 567,353 | 3,784,245 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | 227,753 | 13,870,158 |
Corteva, Inc. (Chemicals) | 219,262 | 9,724,270 |
Covanta Holding Corp. (Commercial Services & Supplies) | 208,646 | 3,674,256 |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 379,404 | 11,074,803 |
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 52,588 | 4,937,487 |
EQT Corp. (Oil, Gas & Consumable Fuels) (b) | 533,486 | 11,875,398 |
Fluor Corp. (Construction & Engineering) (b) | 251,325 | 4,448,453 |
Shares | Value | |
United States (continued) | ||
Freeport-McMoRan, Inc. (Metals & Mining) | 239,119 | $ 8,873,706 |
Hess Corp. (Oil, Gas & Consumable Fuels) | 157,746 | 13,774,381 |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 202,213 | 12,217,709 |
Mosaic Co. (The) (Chemicals) | 350,451 | 11,182,891 |
MP Materials Corp. (Metals & Mining) (b)(c) | 84,075 | 3,099,005 |
Newmont Corp. (Metals & Mining) | 124,267 | 7,876,042 |
NextEra Energy Partners LP (Independent Power and Renewable Electricity Producers) (c) | 51,006 | 3,894,818 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 364,398 | 11,394,725 |
Peridot Acquisition Corp. Class A (Capital Markets) (b)(c) | 68,525 | 834,635 |
Phillips 66 (Oil, Gas & Consumable Fuels) | 113,961 | 9,780,133 |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 71,159 | 11,564,761 |
Range Resources Corp. (Oil, Gas & Consumable Fuels) (b) | 320,180 | 5,366,217 |
Stem, Inc. (Electrical Equipment) (b)(c) | 53,947 | 1,942,631 |
Sunnova Energy International, Inc. (Independent Power and Renewable Electricity Producers) (b) | 117,573 | 4,427,799 |
Tronox Holdings plc Class A (Chemicals) | 175,849 | 3,939,018 |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 150,358 | 11,739,953 |
219,152,446 | ||
Zambia 2.0% | ||
First Quantum Minerals Ltd. (Metals & Mining) | 242,487 | 5,588,781 |
Total Common Stocks (Cost $212,099,150) | 270,357,795 | |
Short-Term Investments 2.8% | ||
Affiliated Investment Company 0.7% | ||
United States 0.7% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 1,820,389 | 1,820,389 |
10 | MainStay VP Natural Resources Portfolio |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 2.1% | |||
United States 2.1% | |||
Wells Fargo Government Money Market Fund, 0.025% (d)(e) | 5,901,060 | $ 5,901,060 | |
Total Short-Term Investments (Cost $7,721,449) | 7,721,449 | ||
Total Investments (Cost $219,820,599) | 101.5% | 278,079,244 | |
Other Assets, Less Liabilities | (1.5) | (4,095,403) | |
Net Assets | 100.0% | $ 273,983,841 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $8,061,081; the total market value of collateral held by the Portfolio was $8,244,990. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,343,930. The Portfolio received cash collateral with a value of $5,901,060. (See Note 2(I)) |
(d) | Current yield as of June 30, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 270,357,795 | $ — | $ — | $ 270,357,795 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,820,389 | — | — | 1,820,389 | |||
Unaffiliated Investment Company | 5,901,060 | — | — | 5,901,060 | |||
Total Short-Term Investments | 7,721,449 | — | — | 7,721,449 | |||
Total Investments in Securities | $ 278,079,244 | $ — | $ — | $ 278,079,244 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Capital Markets | $ 834,635 | 0.3% | |
Chemicals | 42,479,947 | 15.5 | |
Commercial Services & Supplies | 6,392,919 | 2.3 | |
Construction & Engineering | 4,448,453 | 1.6 | |
Electric Utilities | 6,569,560 | 2.4 | |
Electrical Equipment | 3,953,984 | 1.4 | |
Food Products | 8,757,567 | 3.2 | |
Independent Power and Renewable Electricity Producers | 8,322,617 | 3.0 | |
Metals & Mining | 57,414,624 | 20.9 | |
Oil, Gas & Consumable Fuels | 131,183,489 | 48.1 | |
270,357,795 | 98.7 | ||
Short-Term Investments | 7,721,449 | 2.8 | |
Other Assets, Less Liabilities | (4,095,403) | (1.5) | |
Net Assets | $273,983,841 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
12 | MainStay VP Natural Resources Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $218,000,210) including securities on loan of $8,061,081 | $ 276,258,855 |
Investment in affiliated investment companies, at value (identified cost $1,820,389) | 1,820,389 |
Cash denominated in foreign currencies (identified cost $234,576) | 238,525 |
Receivables: | |
Investment securities sold | 3,604,845 |
Dividends and interest | 293,384 |
Securities lending | 47,021 |
Portfolio shares sold | 26,136 |
Other assets | 1,979 |
Total assets | 282,291,134 |
Liabilities | |
Cash collateral received for securities on loan | 5,901,060 |
Payables: | |
Investment securities purchased | 2,139,039 |
Manager (See Note 3) | 181,155 |
Professional fees | 33,595 |
Custodian | 23,956 |
Shareholder communication | 22,041 |
Accrued expenses | 6,447 |
Total liabilities | 8,307,293 |
Net assets | $ 273,983,841 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 33,452 |
Additional paid-in-capital | 407,923,780 |
407,957,232 | |
Total distributable earnings (loss) | (133,973,391) |
Net assets | $ 273,983,841 |
Initial Class | |
Net assets applicable to outstanding shares | $273,983,841 |
Shares of beneficial interest outstanding | 33,452,395 |
Net asset value per share outstanding | $ 8.19 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $92,302) | $ 2,679,524 |
Securities lending | 93,295 |
Dividends-affiliated | 115 |
Other | 215 |
Total income | 2,773,149 |
Expenses | |
Manager (See Note 3) | 1,033,105 |
Professional fees | 33,646 |
Custodian | 20,348 |
Shareholder communication | 12,855 |
Trustees | 2,405 |
Miscellaneous | 13,785 |
Total expenses | 1,116,144 |
Net investment income (loss) | 1,657,005 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 30,372,027 |
Foreign currency transactions | (14,522) |
Net realized gain (loss) | 30,357,505 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 25,468,453 |
Translation of other assets and liabilities in foreign currencies | (1,807) |
Net change in unrealized appreciation (depreciation) | 25,466,646 |
Net realized and unrealized gain (loss) | 55,824,151 |
Net increase (decrease) in net assets resulting from operations | $57,481,156 |
14 | MainStay VP Natural Resources Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,657,005 | $ 3,497,346 |
Net realized gain (loss) | 30,357,505 | 1,573,874 |
Net change in unrealized appreciation (depreciation) | 25,466,646 | 11,424,951 |
Net increase (decrease) in net assets resulting from operations | 57,481,156 | 16,496,171 |
Distributions to shareholders: | ||
Initial Class | — | (5,462,396) |
Capital share transactions: | ||
Net proceeds from sales of shares | 8,357,046 | 21,659,133 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 5,462,396 |
Cost of shares redeemed | (30,762,664) | (48,522,616) |
Increase (decrease) in net assets derived from capital share transactions | (22,405,618) | (21,401,087) |
Net increase (decrease) in net assets | 35,075,538 | (10,367,312) |
Net Assets | ||
Beginning of period | 238,908,303 | 249,275,615 |
End of period | $273,983,841 | $238,908,303 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | $ 7.67 | $ 5.38 | |||||
Net investment income (loss) | 0.05(a) | 0.09(a) | 0.13(a) | 0.04 | (0.01) | (0.01) | |||||
Net realized and unrealized gain (loss) on investments | 1.59 | 0.32 | 0.78 | (2.22) | (0.05) | 2.34 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions‡ | (0.00) | (0.00) | (0.00) | 0.00 | (0.00) | (0.00) | |||||
Total from investment operations | 1.64 | 0.41 | 0.91 | (2.18) | (0.06) | 2.33 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.15) | (0.05) | — | — | (0.04) | |||||
Net asset value at end of period | $ 8.19 | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | $ 7.67 | |||||
Total investment return (b) | 25.04%(c) | 6.89% | 16.62% | (28.65)%(c) | (0.78)%(c) | 43.33% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.27%†† | 1.68% | 2.17% | 0.59% | (0.10)% | (0.12)%(d) | |||||
Net expenses (e) | 0.85%†† | 0.86% | 0.96% | 0.94% | 0.94% | 0.93%(f) | |||||
Portfolio turnover rate | 36% | 68% | 87% | 78% | 17% | 40% | |||||
Net assets at end of period (in 000’s) | $ 273,984 | $ 238,908 | $ 249,276 | $ 240,067 | $ 379,253 | $ 432,891 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been (0.13)%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.94%. |
16 | MainStay VP Natural Resources Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Natural Resources Portfolio |
20 | MainStay VP Natural Resources Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,065 | $ 42,087 | $ (41,332) | $ — | $ — | $ 1,820 | $ —(a) | $ — | 1,820 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $221,771,070 | $61,348,949 | $(5,040,775) | $56,308,174 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $37,930 | $187,746 |
2020 | |
Distributions paid from: | |
Ordinary Income | $5,462,396 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,083,775 | $ 8,357,046 |
Shares redeemed | (4,130,744) | (30,762,664) |
Net increase (decrease) | (3,046,969) | $(22,405,618) |
Year ended December 31, 2020: | ||
Shares sold | 4,689,954 | $ 21,659,133 |
Shares issued to shareholders in reinvestment of distributions | 997,534 | 5,462,396 |
Shares redeemed | (8,836,986) | (48,522,616) |
Net increase (decrease) | (3,149,498) | $(21,401,087) |
22 | MainStay VP Natural Resources Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
24 | MainStay VP Natural Resources Portfolio |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 15.16% | 40.57% | 17.42% | 14.56% | 0.20% |
Service Class Shares | 6/5/2003 | 15.02 | 40.22 | 17.13 | 14.28 | 0.45 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
Morningstar Large Blend Category Average2 | 14.78 | 39.87 | 15.65 | 12.51 |
1. | The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds' where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,151.60 | $0.64 | $1,024.20 | $0.60 | 0.12% |
Service Class Shares | $1,000.00 | $1,150.20 | $1.97 | $1,022.96 | $1.86 | 0.37% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay S&P 500 Index Portfolio |
Software | 8.8% |
Interactive Media & Services | 6.4 |
Technology Hardware, Storage & Peripherals | 6.2 |
Semiconductors & Semiconductor Equipment | 5.7 |
IT Services | 5.1 |
Banks | 4.3 |
Internet & Direct Marketing Retail | 4.2 |
Pharmaceuticals | 3.6 |
Health Care Equipment & Supplies | 3.6 |
Capital Markets | 3.0 |
Health Care Providers & Services | 2.6 |
Oil, Gas & Consumable Fuels | 2.6 |
Equity Real Estate Investment Trusts | 2.5 |
Specialty Retail | 2.2 |
Hotels, Restaurants & Leisure | 2.0 |
Entertainment | 1.9 |
Insurance | 1.8 |
Automobiles | 1.8 |
Biotechnology | 1.8 |
Chemicals | 1.8 |
Machinery | 1.7 |
Aerospace & Defense | 1.6 |
Electric Utilities | 1.5 |
Diversified Financial Services | 1.4 |
Beverages | 1.4 |
Household Products | 1.3 |
Food & Staples Retailing | 1.3 |
Media | 1.3 |
Life Sciences Tools & Services | 1.3 |
Diversified Telecommunication Services | 1.2 |
Industrial Conglomerates | 1.2 |
Road & Rail | 1.0 |
Food Products | 0.9 |
Communications Equipment | 0.8 |
Multi–Utilities | 0.7% |
Textiles, Apparel & Luxury Goods | 0.7 |
Air Freight & Logistics | 0.7 |
Tobacco | 0.7 |
Consumer Finance | 0.7 |
Electronic Equipment, Instruments & Components | 0.6 |
Electrical Equipment | 0.6 |
Multiline Retail | 0.5 |
Building Products | 0.5 |
Household Durables | 0.4 |
Professional Services | 0.4 |
Commercial Services & Supplies | 0.4 |
Metals & Mining | 0.4 |
Containers & Packaging | 0.3 |
Airlines | 0.3 |
Energy Equipment & Services | 0.2 |
Wireless Telecommunication Services | 0.2 |
Personal Products | 0.2 |
Trading Companies & Distributors | 0.2 |
Auto Components | 0.2 |
Distributors | 0.1 |
Construction Materials | 0.1 |
Real Estate Management & Development | 0.1 |
Water Utilities | 0.1 |
Health Care Technology | 0.1 |
Independent Power and Renewable Electricity Producers | 0.1 |
Construction & Engineering | 0.0‡ |
Gas Utilities | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 0.7 |
Other Assets, Less Liabilities | –0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Apple, Inc. |
2. | Microsoft Corp. |
3. | Amazon.com, Inc. |
4. | Alphabet, Inc. |
5. | Facebook, Inc., Class A |
6. | Berkshire Hathaway, Inc., Class B |
7. | Tesla, Inc. |
8. | NVIDIA Corp. |
9. | JPMorgan Chase & Co. |
10. | Johnson & Johnson |
1. | Mr. Baker served as a portfolio manager for the Portfolio until June 2021. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks 99.3% | ||
Aerospace & Defense 1.6% | ||
Boeing Co. (The) (a) | 54,316 | $ 13,011,941 |
General Dynamics Corp. | 22,617 | 4,257,877 |
Howmet Aerospace, Inc. (a) | 38,622 | 1,331,300 |
Huntington Ingalls Industries, Inc. | 3,971 | 836,888 |
L3Harris Technologies, Inc. | 20,254 | 4,377,902 |
Lockheed Martin Corp. | 24,166 | 9,143,206 |
Northrop Grumman Corp. | 14,791 | 5,375,493 |
Raytheon Technologies Corp. | 149,700 | 12,770,907 |
Teledyne Technologies, Inc. (a) | 4,589 | 1,922,011 |
Textron, Inc. | 22,301 | 1,533,640 |
TransDigm Group, Inc. (a) | 5,424 | 3,510,901 |
58,072,066 | ||
Air Freight & Logistics 0.7% | ||
CH Robinson Worldwide, Inc. | 13,140 | 1,230,824 |
Expeditors International of Washington, Inc. | 16,707 | 2,115,106 |
FedEx Corp. | 24,120 | 7,195,720 |
United Parcel Service, Inc., Class B | 71,468 | 14,863,200 |
25,404,850 | ||
Airlines 0.3% | ||
Alaska Air Group, Inc. (a) | 12,253 | 738,978 |
American Airlines Group, Inc. (a) | 63,373 | 1,344,141 |
Delta Air Lines, Inc. (a) | 63,201 | 2,734,075 |
Southwest Airlines Co. (a) | 58,431 | 3,102,102 |
United Airlines Holdings, Inc. (a) | 31,971 | 1,671,764 |
9,591,060 | ||
Auto Components 0.2% | ||
Aptiv plc (a) | 26,723 | 4,204,330 |
BorgWarner, Inc. | 23,699 | 1,150,349 |
5,354,679 | ||
Automobiles 1.8% | ||
Ford Motor Co. (a) | 387,397 | 5,756,719 |
General Motors Co. (a) | 126,134 | 7,463,349 |
Tesla, Inc. (a) | 76,146 | 51,756,436 |
64,976,504 | ||
Banks 4.3% | ||
Bank of America Corp. | 745,095 | 30,720,267 |
Citigroup, Inc. | 204,236 | 14,449,697 |
Citizens Financial Group, Inc. | 42,084 | 1,930,393 |
Comerica, Inc. | 13,795 | 984,135 |
Fifth Third Bancorp | 69,556 | 2,659,126 |
First Republic Bank | 17,389 | 3,254,699 |
Huntington Bancshares, Inc. | 145,787 | 2,080,381 |
Shares | Value | |
Banks (continued) | ||
JPMorgan Chase & Co. | 299,098 | $ 46,521,703 |
KeyCorp | 95,894 | 1,980,211 |
M&T Bank Corp. | 12,712 | 1,847,181 |
People's United Financial, Inc. | 42,252 | 724,199 |
PNC Financial Services Group, Inc. (The) | 41,978 | 8,007,723 |
Regions Financial Corp. | 94,980 | 1,916,696 |
SVB Financial Group (a) | 5,367 | 2,986,360 |
Truist Financial Corp. | 132,885 | 7,375,118 |
U.S. Bancorp | 133,942 | 7,630,676 |
Wells Fargo & Co. | 408,421 | 18,497,387 |
Zions Bancorp NA | 16,199 | 856,279 |
154,422,231 | ||
Beverages 1.4% | ||
Brown-Forman Corp., Class B | 18,017 | 1,350,194 |
Coca-Cola Co. (The) | 383,417 | 20,746,694 |
Constellation Brands, Inc., Class A | 16,698 | 3,905,495 |
Molson Coors Beverage Co., Class B (a) | 18,567 | 996,862 |
Monster Beverage Corp. (a) | 36,557 | 3,339,482 |
PepsiCo, Inc. | 136,513 | 20,227,131 |
50,565,858 | ||
Biotechnology 1.8% | ||
AbbVie, Inc. | 174,513 | 19,657,144 |
Alexion Pharmaceuticals, Inc. (a) | 21,838 | 4,011,859 |
Amgen, Inc. | 56,769 | 13,837,444 |
Biogen, Inc. (a) | 14,876 | 5,151,113 |
Gilead Sciences, Inc. | 123,920 | 8,533,131 |
Incyte Corp. (a) | 18,432 | 1,550,684 |
Regeneron Pharmaceuticals, Inc. (a) | 10,344 | 5,777,538 |
Vertex Pharmaceuticals, Inc. (a) | 25,577 | 5,157,090 |
63,676,003 | ||
Building Products 0.5% | ||
Allegion plc | 8,890 | 1,238,377 |
AO Smith Corp. | 13,286 | 957,389 |
Carrier Global Corp. | 80,710 | 3,922,506 |
Fortune Brands Home & Security, Inc. | 13,679 | 1,362,566 |
Johnson Controls International plc | 70,816 | 4,860,102 |
Masco Corp. | 25,076 | 1,477,227 |
Trane Technologies plc | 23,629 | 4,351,044 |
18,169,211 | ||
Capital Markets 3.0% | ||
Ameriprise Financial, Inc. | 11,452 | 2,850,174 |
Bank of New York Mellon Corp. (The) | 79,716 | 4,083,851 |
BlackRock, Inc. | 14,016 | 12,263,580 |
Cboe Global Markets, Inc. | 10,541 | 1,254,906 |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Charles Schwab Corp. (The) | 148,194 | $ 10,790,005 |
CME Group, Inc. | 35,481 | 7,546,099 |
Franklin Resources, Inc. | 26,920 | 861,171 |
Goldman Sachs Group, Inc. (The) | 33,615 | 12,757,901 |
Intercontinental Exchange, Inc. | 55,605 | 6,600,313 |
Invesco Ltd. | 37,387 | 999,354 |
MarketAxess Holdings, Inc. | 3,748 | 1,737,535 |
Moody's Corp. | 15,907 | 5,764,220 |
Morgan Stanley | 147,070 | 13,484,848 |
MSCI, Inc. | 8,146 | 4,342,470 |
Nasdaq, Inc. | 11,349 | 1,995,154 |
Northern Trust Corp. | 20,548 | 2,375,760 |
Raymond James Financial, Inc. | 12,089 | 1,570,361 |
S&P Global, Inc. | 23,802 | 9,769,531 |
State Street Corp. | 34,362 | 2,827,305 |
T. Rowe Price Group, Inc. | 22,415 | 4,437,498 |
108,312,036 | ||
Chemicals 1.8% | ||
Air Products and Chemicals, Inc. | 21,867 | 6,290,699 |
Albemarle Corp. | 11,533 | 1,942,849 |
Celanese Corp. | 11,129 | 1,687,156 |
CF Industries Holdings, Inc. | 21,195 | 1,090,483 |
Corteva, Inc. | 72,830 | 3,230,010 |
Dow, Inc. | 73,807 | 4,670,507 |
DuPont de Nemours, Inc. | 52,579 | 4,070,140 |
Eastman Chemical Co. | 13,488 | 1,574,724 |
Ecolab, Inc. | 24,579 | 5,062,537 |
FMC Corp. | 12,759 | 1,380,524 |
International Flavors & Fragrances, Inc. | 24,595 | 3,674,493 |
Linde plc | 51,400 | 14,859,740 |
LyondellBasell Industries NV, Class A | 25,438 | 2,616,807 |
Mosaic Co. (The) | 34,148 | 1,089,663 |
PPG Industries, Inc. | 23,426 | 3,977,032 |
Sherwin-Williams Co. (The) | 23,650 | 6,443,442 |
63,660,806 | ||
Commercial Services & Supplies 0.4% | ||
Cintas Corp. | 8,719 | 3,330,658 |
Copart, Inc. (a) | 20,570 | 2,711,743 |
Republic Services, Inc. | 20,805 | 2,288,758 |
Rollins, Inc. | 21,845 | 747,099 |
Waste Management, Inc. | 38,372 | 5,376,301 |
14,454,559 | ||
Communications Equipment 0.8% | ||
Arista Networks, Inc. (a) | 5,421 | 1,964,083 |
Cisco Systems, Inc. | 416,388 | 22,068,564 |
Shares | Value | |
Communications Equipment (continued) | ||
F5 Networks, Inc. (a) | 5,890 | $ 1,099,427 |
Juniper Networks, Inc. | 32,369 | 885,292 |
Motorola Solutions, Inc. | 16,764 | 3,635,273 |
29,652,639 | ||
Construction & Engineering 0.0% ‡ | ||
Quanta Services, Inc. | 13,768 | 1,246,968 |
Construction Materials 0.1% | ||
Martin Marietta Materials, Inc. | 6,162 | 2,167,853 |
Vulcan Materials Co. | 13,108 | 2,281,710 |
4,449,563 | ||
Consumer Finance 0.7% | ||
American Express Co. | 64,291 | 10,622,802 |
Capital One Financial Corp. | 44,610 | 6,900,721 |
Discover Financial Services | 30,125 | 3,563,486 |
Synchrony Financial | 53,443 | 2,593,054 |
23,680,063 | ||
Containers & Packaging 0.3% | ||
Amcor plc | 152,337 | 1,745,782 |
Avery Dennison Corp. | 8,189 | 1,721,655 |
Ball Corp. | 32,433 | 2,627,722 |
International Paper Co. | 38,706 | 2,373,065 |
Packaging Corp. of America | 9,386 | 1,271,052 |
Sealed Air Corp. | 15,018 | 889,816 |
Westrock Co. | 26,294 | 1,399,367 |
12,028,459 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 14,275 | 1,805,359 |
LKQ Corp. (a) | 27,525 | 1,354,781 |
Pool Corp. | 3,970 | 1,820,880 |
4,981,020 | ||
Diversified Financial Services 1.4% | ||
Berkshire Hathaway, Inc., Class B (a) | 187,272 | 52,046,634 |
Diversified Telecommunication Services 1.2% | ||
AT&T, Inc. | 705,473 | 20,303,513 |
Lumen Technologies, Inc. | 98,289 | 1,335,747 |
Verizon Communications, Inc. | 409,063 | 22,919,800 |
44,559,060 | ||
Electric Utilities 1.5% | ||
Alliant Energy Corp. | 24,715 | 1,378,108 |
American Electric Power Co., Inc. | 49,378 | 4,176,885 |
Duke Energy Corp. | 76,003 | 7,503,016 |
10 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities (continued) | ||
Edison International | 37,490 | $ 2,167,672 |
Entergy Corp. | 19,826 | 1,976,652 |
Evergy, Inc. | 22,653 | 1,368,921 |
Eversource Energy | 33,936 | 2,723,025 |
Exelon Corp. | 96,550 | 4,278,130 |
FirstEnergy Corp. | 53,740 | 1,999,665 |
NextEra Energy, Inc. | 193,802 | 14,201,811 |
NRG Energy, Inc. | 24,143 | 972,963 |
Pinnacle West Capital Corp. | 11,115 | 911,097 |
PPL Corp. | 76,024 | 2,126,391 |
Southern Co. (The) | 104,599 | 6,329,285 |
Xcel Energy, Inc. | 53,178 | 3,503,367 |
55,616,988 | ||
Electrical Equipment 0.6% | ||
AMETEK, Inc. | 22,816 | 3,045,936 |
Eaton Corp. plc | 39,374 | 5,834,439 |
Emerson Electric Co. | 59,254 | 5,702,605 |
Generac Holdings, Inc. (a) | 6,220 | 2,582,233 |
Rockwell Automation, Inc. | 11,457 | 3,276,931 |
20,442,144 | ||
Electronic Equipment, Instruments & Components 0.6% | ||
Amphenol Corp., Class A | 59,048 | 4,039,474 |
CDW Corp. | 13,853 | 2,419,426 |
Corning, Inc. | 76,548 | 3,130,813 |
IPG Photonics Corp. (a) | 3,538 | 745,704 |
Keysight Technologies, Inc. (a) | 18,202 | 2,810,571 |
TE Connectivity Ltd. | 32,638 | 4,412,984 |
Trimble, Inc. (a) | 24,756 | 2,025,784 |
Zebra Technologies Corp., Class A (a) | 5,287 | 2,799,414 |
22,384,170 | ||
Energy Equipment & Services 0.2% | ||
Baker Hughes Co. | 71,904 | 1,644,445 |
Halliburton Co. | 87,910 | 2,032,479 |
NOV, Inc. (a) | 38,598 | 591,321 |
Schlumberger NV | 138,163 | 4,422,598 |
8,690,843 | ||
Entertainment 1.9% | ||
Activision Blizzard, Inc. | 76,774 | 7,327,311 |
Electronic Arts, Inc. | 28,277 | 4,067,081 |
Live Nation Entertainment, Inc. (a) | 14,275 | 1,250,347 |
Netflix, Inc. (a) | 43,811 | 23,141,408 |
Take-Two Interactive Software, Inc. (a) | 11,427 | 2,022,807 |
Walt Disney Co. (The) (a) | 179,523 | 31,554,758 |
69,363,712 |
Shares | Value | |
Equity Real Estate Investment Trusts 2.5% | ||
Alexandria Real Estate Equities, Inc. | 13,554 | $ 2,466,015 |
American Tower Corp. | 44,927 | 12,136,580 |
AvalonBay Communities, Inc. | 13,794 | 2,878,670 |
Boston Properties, Inc. | 14,033 | 1,608,041 |
Crown Castle International Corp. | 42,703 | 8,331,355 |
Digital Realty Trust, Inc. | 27,823 | 4,186,249 |
Duke Realty Corp. | 37,051 | 1,754,365 |
Equinix, Inc. | 8,851 | 7,103,813 |
Equity Residential | 33,998 | 2,617,846 |
Essex Property Trust, Inc. | 6,411 | 1,923,364 |
Extra Space Storage, Inc. | 13,213 | 2,164,554 |
Federal Realty Investment Trust | 6,991 | 819,135 |
Healthpeak Properties, Inc. | 53,250 | 1,772,693 |
Host Hotels & Resorts, Inc. (a) | 69,577 | 1,189,071 |
Iron Mountain, Inc. | 28,450 | 1,204,004 |
Kimco Realty Corp. | 42,828 | 892,964 |
Mid-America Apartment Communities, Inc. | 11,312 | 1,905,167 |
Prologis, Inc. | 73,094 | 8,736,926 |
Public Storage | 15,041 | 4,522,678 |
Realty Income Corp. | 36,911 | 2,463,440 |
Regency Centers Corp. | 15,578 | 998,082 |
SBA Communications Corp. | 10,804 | 3,443,235 |
Simon Property Group, Inc. | 32,461 | 4,235,511 |
UDR, Inc. | 29,278 | 1,434,036 |
Ventas, Inc. | 37,066 | 2,116,469 |
Vornado Realty Trust | 15,479 | 722,405 |
Welltower, Inc. | 41,254 | 3,428,207 |
Weyerhaeuser Co. | 74,027 | 2,548,009 |
89,602,884 | ||
Food & Staples Retailing 1.3% | ||
Costco Wholesale Corp. | 43,662 | 17,275,744 |
Kroger Co. (The) | 74,806 | 2,865,818 |
Sysco Corp. | 50,547 | 3,930,029 |
Walgreens Boots Alliance, Inc. | 70,888 | 3,729,418 |
Walmart, Inc. | 135,665 | 19,131,478 |
46,932,487 | ||
Food Products 0.9% | ||
Archer-Daniels-Midland Co. | 55,203 | 3,345,302 |
Campbell Soup Co. | 20,021 | 912,757 |
Conagra Brands, Inc. | 47,422 | 1,725,212 |
General Mills, Inc. | 60,311 | 3,674,749 |
Hershey Co. (The) | 14,456 | 2,517,946 |
Hormel Foods Corp. | 27,851 | 1,329,885 |
J M Smucker Co. (The) | 10,810 | 1,400,652 |
Kellogg Co. | 24,896 | 1,601,560 |
Kraft Heinz Co. (The) | 64,052 | 2,612,041 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products (continued) | ||
Lamb Weston Holdings, Inc. | 14,437 | $ 1,164,488 |
McCormick & Co., Inc. (Non-Voting) | 24,603 | 2,172,937 |
Mondelez International, Inc., Class A | 138,793 | 8,666,235 |
Tyson Foods, Inc., Class A | 29,077 | 2,144,720 |
33,268,484 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. | 12,911 | 1,240,876 |
Health Care Equipment & Supplies 3.6% | ||
Abbott Laboratories | 175,560 | 20,352,671 |
ABIOMED, Inc. (a) | 4,468 | 1,394,507 |
Align Technology, Inc. (a) | 7,115 | 4,347,265 |
Baxter International, Inc. | 49,685 | 3,999,642 |
Becton Dickinson and Co. | 28,735 | 6,988,065 |
Boston Scientific Corp. (a) | 140,394 | 6,003,247 |
Cooper Cos., Inc. (The) | 4,866 | 1,928,250 |
Danaher Corp. | 62,724 | 16,832,613 |
Dentsply Sirona, Inc. | 21,607 | 1,366,859 |
Dexcom, Inc. (a) | 9,555 | 4,079,985 |
Edwards Lifesciences Corp. (a) | 61,421 | 6,361,373 |
Hologic, Inc. (a) | 25,318 | 1,689,217 |
IDEXX Laboratories, Inc. (a) | 8,427 | 5,322,072 |
Intuitive Surgical, Inc. (a) | 11,700 | 10,759,788 |
Medtronic plc | 132,933 | 16,500,973 |
ResMed, Inc. | 14,378 | 3,544,465 |
STERIS plc | 9,647 | 1,990,176 |
Stryker Corp. | 32,386 | 8,411,616 |
Teleflex, Inc. | 4,618 | 1,855,466 |
West Pharmaceutical Services, Inc. | 7,294 | 2,619,275 |
Zimmer Biomet Holdings, Inc. | 20,599 | 3,312,731 |
129,660,256 | ||
Health Care Providers & Services 2.6% | ||
AmerisourceBergen Corp. | 14,613 | 1,673,042 |
Anthem, Inc. | 24,192 | 9,236,506 |
Cardinal Health, Inc. | 28,668 | 1,636,656 |
Centene Corp. (a) | 57,578 | 4,199,164 |
Cigna Corp. | 33,905 | 8,037,858 |
CVS Health Corp. | 130,085 | 10,854,292 |
DaVita, Inc. (a) | 6,926 | 834,098 |
HCA Healthcare, Inc. | 25,967 | 5,368,418 |
Henry Schein, Inc. (a) | 13,902 | 1,031,389 |
Humana, Inc. | 12,747 | 5,643,352 |
Laboratory Corp. of America Holdings (a) | 9,647 | 2,661,125 |
McKesson Corp. | 15,630 | 2,989,081 |
Shares | Value | |
Health Care Providers & Services (continued) | ||
Quest Diagnostics, Inc. | 12,908 | $ 1,703,469 |
UnitedHealth Group, Inc. | 93,243 | 37,338,227 |
Universal Health Services, Inc., Class B | 7,684 | 1,125,168 |
94,331,845 | ||
Health Care Technology 0.1% | ||
Cerner Corp. | 29,772 | 2,326,980 |
Hotels, Restaurants & Leisure 2.0% | ||
Booking Holdings, Inc. (a) | 4,056 | 8,874,893 |
Caesars Entertainment, Inc. (a) | 20,621 | 2,139,429 |
Carnival Corp. (a) | 78,877 | 2,079,198 |
Chipotle Mexican Grill, Inc. (a) | 2,781 | 4,311,495 |
Darden Restaurants, Inc. | 12,928 | 1,887,359 |
Domino's Pizza, Inc. | 3,836 | 1,789,456 |
Expedia Group, Inc. (a) | 13,976 | 2,288,011 |
Hilton Worldwide Holdings, Inc. (a) | 27,521 | 3,319,583 |
Las Vegas Sands Corp. (a) | 32,398 | 1,707,050 |
Marriott International, Inc., Class A (a) | 26,384 | 3,601,944 |
McDonald's Corp. | 73,726 | 17,029,969 |
MGM Resorts International | 40,228 | 1,715,724 |
Norwegian Cruise Line Holdings Ltd. (a) | 36,552 | 1,074,994 |
Penn National Gaming, Inc. (a) | 14,663 | 1,121,573 |
Royal Caribbean Cruises Ltd. (a) | 21,593 | 1,841,451 |
Starbucks Corp. | 116,423 | 13,017,256 |
Wynn Resorts Ltd. (a) | 10,377 | 1,269,107 |
Yum! Brands, Inc. | 29,434 | 3,385,793 |
72,454,285 | ||
Household Durables 0.4% | ||
DR Horton, Inc. | 32,412 | 2,929,073 |
Garmin Ltd. | 14,808 | 2,141,829 |
Leggett & Platt, Inc. | 13,118 | 679,644 |
Lennar Corp., Class A | 27,247 | 2,706,990 |
Mohawk Industries, Inc. (a) | 5,786 | 1,112,011 |
Newell Brands, Inc. | 37,275 | 1,023,944 |
NVR, Inc. (a) | 338 | 1,680,975 |
PulteGroup, Inc. | 26,132 | 1,426,023 |
Whirlpool Corp. | 6,192 | 1,349,980 |
15,050,469 | ||
Household Products 1.3% | ||
Church & Dwight Co., Inc. | 24,232 | 2,065,051 |
Clorox Co. (The) | 12,289 | 2,210,914 |
Colgate-Palmolive Co. | 83,587 | 6,799,803 |
Kimberly-Clark Corp. | 33,340 | 4,460,225 |
Procter & Gamble Co. (The) | 241,900 | 32,639,567 |
48,175,560 |
12 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Independent Power and Renewable Electricity Producers 0.1% | ||
AES Corp. (The) | 65,902 | $ 1,718,065 |
Industrial Conglomerates 1.2% | ||
3M Co. | 57,275 | 11,376,533 |
General Electric Co. | 867,382 | 11,674,962 |
Honeywell International, Inc. | 68,604 | 15,048,287 |
Roper Technologies, Inc. | 10,398 | 4,889,140 |
42,988,922 | ||
Insurance 1.8% | ||
Aflac, Inc. | 62,454 | 3,351,282 |
Allstate Corp. (The) | 29,576 | 3,857,893 |
American International Group, Inc. | 84,789 | 4,035,956 |
Aon plc, Class A | 22,291 | 5,322,199 |
Arthur J Gallagher & Co. | 20,244 | 2,835,780 |
Assurant, Inc. | 5,984 | 934,581 |
Chubb Ltd. | 44,409 | 7,058,366 |
Cincinnati Financial Corp. | 14,793 | 1,725,160 |
Everest Re Group Ltd. | 3,951 | 995,692 |
Globe Life, Inc. | 9,374 | 892,873 |
Hartford Financial Services Group, Inc. (The) | 35,265 | 2,185,372 |
Lincoln National Corp. | 17,681 | 1,111,074 |
Loews Corp. | 22,103 | 1,207,929 |
Marsh & McLennan Cos., Inc. | 50,246 | 7,068,607 |
MetLife, Inc. | 73,522 | 4,400,292 |
Principal Financial Group, Inc. | 25,008 | 1,580,256 |
Progressive Corp. (The) | 57,778 | 5,674,377 |
Prudential Financial, Inc. | 38,930 | 3,989,157 |
Travelers Cos., Inc. (The) | 24,850 | 3,720,293 |
Unum Group | 20,095 | 570,698 |
W R Berkley Corp. | 13,820 | 1,028,623 |
Willis Towers Watson plc | 12,744 | 2,931,375 |
66,477,835 | ||
Interactive Media & Services 6.4% | ||
Alphabet, Inc. (a) | ||
Class A | 29,716 | 72,560,232 |
Class C | 28,135 | 70,515,313 |
Facebook, Inc., Class A (a) | 236,743 | 82,317,908 |
Twitter, Inc. (a) | 78,860 | 5,426,357 |
230,819,810 | ||
Internet & Direct Marketing Retail 4.2% | ||
Amazon.com, Inc. (a) | 42,356 | 145,711,417 |
eBay, Inc. | 63,947 | 4,489,719 |
Shares | Value | |
Internet & Direct Marketing Retail (continued) | ||
Etsy, Inc. (a) | 12,559 | $ 2,585,144 |
152,786,280 | ||
IT Services 5.1% | ||
Accenture plc, Class A | 62,806 | 18,514,581 |
Akamai Technologies, Inc. (a) | 16,099 | 1,877,143 |
Automatic Data Processing, Inc. | 42,044 | 8,350,779 |
Broadridge Financial Solutions, Inc. | 11,474 | 1,853,395 |
Cognizant Technology Solutions Corp., Class A | 52,111 | 3,609,208 |
DXC Technology Co. (a) | 25,113 | 977,900 |
Fidelity National Information Services, Inc. | 61,268 | 8,679,838 |
Fiserv, Inc. (a) | 58,848 | 6,290,263 |
FleetCor Technologies, Inc. (a) | 8,229 | 2,107,118 |
Gartner, Inc. (a) | 8,505 | 2,059,911 |
Global Payments, Inc. | 29,169 | 5,470,354 |
International Business Machines Corp. | 88,285 | 12,941,698 |
Jack Henry & Associates, Inc. | 7,340 | 1,200,163 |
Mastercard, Inc., Class A | 86,434 | 31,556,189 |
Paychex, Inc. | 31,660 | 3,397,118 |
PayPal Holdings, Inc. (a) | 116,070 | 33,832,084 |
VeriSign, Inc. (a) | 9,792 | 2,229,541 |
Visa, Inc., Class A | 167,160 | 39,085,351 |
Western Union Co. (The) | 40,533 | 931,043 |
184,963,677 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 12,641 | 1,194,827 |
Life Sciences Tools & Services 1.3% | ||
Agilent Technologies, Inc. | 29,982 | 4,431,639 |
Bio-Rad Laboratories, Inc., Class A (a) | 2,128 | 1,371,049 |
Charles River Laboratories International, Inc. (a) | 4,965 | 1,836,653 |
Illumina, Inc. (a) | 14,426 | 6,826,527 |
IQVIA Holdings, Inc. (a) | 18,937 | 4,588,814 |
Mettler-Toledo International, Inc. (a) | 2,299 | 3,184,897 |
PerkinElmer, Inc. | 11,054 | 1,706,848 |
Thermo Fisher Scientific, Inc. | 38,833 | 19,590,084 |
Waters Corp. (a) | 6,096 | 2,106,839 |
45,643,350 | ||
Machinery 1.7% | ||
Caterpillar, Inc. | 54,125 | 11,779,224 |
Cummins, Inc. | 14,446 | 3,522,079 |
Deere & Co. | 30,822 | 10,871,228 |
Dover Corp. | 14,221 | 2,141,683 |
Fortive Corp. | 33,448 | 2,332,664 |
Shares | Value | |
Common Stocks (continued) | ||
Machinery (continued) | ||
IDEX Corp. | 7,485 | $ 1,647,074 |
Illinois Tool Works, Inc. | 28,402 | 6,349,551 |
Ingersoll Rand, Inc. (a) | 36,886 | 1,800,406 |
Otis Worldwide Corp. | 39,858 | 3,259,189 |
PACCAR, Inc. | 34,301 | 3,061,364 |
Parker-Hannifin Corp. | 12,752 | 3,916,267 |
Pentair plc | 16,380 | 1,105,486 |
Snap-on, Inc. | 5,347 | 1,194,680 |
Stanley Black & Decker, Inc. | 15,957 | 3,271,025 |
Westinghouse Air Brake Technologies Corp. | 17,515 | 1,441,484 |
Xylem, Inc. | 17,791 | 2,134,208 |
59,827,612 | ||
Media 1.3% | ||
Charter Communications, Inc., Class A (a) | 13,608 | 9,817,492 |
Comcast Corp., Class A | 453,009 | 25,830,573 |
Discovery, Inc. (a) | ||
Class A (b) | 16,664 | 511,252 |
Class C | 29,685 | 860,271 |
DISH Network Corp., Class A (a) | 24,550 | 1,026,190 |
Fox Corp. | ||
Class A | 32,303 | 1,199,410 |
Class B | 15,015 | 528,528 |
Interpublic Group of Cos., Inc. (The) | 38,867 | 1,262,789 |
News Corp. | ||
Class A | 38,578 | 994,155 |
Class B | 12,011 | 292,468 |
Omnicom Group, Inc. | 21,208 | 1,696,428 |
ViacomCBS, Inc. | 59,836 | 2,704,587 |
46,724,143 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 144,802 | 5,373,602 |
Newmont Corp. | 79,159 | 5,017,098 |
Nucor Corp. | 29,567 | 2,836,362 |
13,227,062 | ||
Multiline Retail 0.5% | ||
Dollar General Corp. | 23,338 | 5,050,110 |
Dollar Tree, Inc. (a) | 22,918 | 2,280,341 |
Target Corp. | 48,882 | 11,816,735 |
19,147,186 | ||
Multi-Utilities 0.7% | ||
Ameren Corp. | 25,250 | 2,021,010 |
CenterPoint Energy, Inc. | 57,357 | 1,406,394 |
Shares | Value | |
Multi-Utilities (continued) | ||
CMS Energy Corp. | 28,600 | $ 1,689,688 |
Consolidated Edison, Inc. | 33,872 | 2,429,300 |
Dominion Energy, Inc. | 79,689 | 5,862,720 |
DTE Energy Co. | 19,114 | 2,477,174 |
NiSource, Inc. | 38,653 | 946,998 |
Public Service Enterprise Group, Inc. | 49,906 | 2,981,384 |
Sempra Energy | 31,131 | 4,124,235 |
WEC Energy Group, Inc. | 31,167 | 2,772,305 |
26,711,208 | ||
Oil, Gas & Consumable Fuels 2.6% | ||
APA Corp. | 37,272 | 806,193 |
Cabot Oil & Gas Corp. | 39,402 | 687,959 |
Chevron Corp. | 190,968 | 20,001,988 |
ConocoPhillips | 133,330 | 8,119,797 |
Devon Energy Corp. | 58,856 | 1,718,007 |
Diamondback Energy, Inc. | 17,884 | 1,679,129 |
EOG Resources, Inc. | 57,664 | 4,811,484 |
Exxon Mobil Corp. | 418,298 | 26,386,238 |
Hess Corp. | 27,122 | 2,368,293 |
Kinder Morgan, Inc. | 192,429 | 3,507,981 |
Marathon Oil Corp. | 77,864 | 1,060,508 |
Marathon Petroleum Corp. | 49,058 | 2,964,084 |
Occidental Petroleum Corp. | 83,004 | 2,595,535 |
ONEOK, Inc. | 44,021 | 2,449,328 |
Phillips 66 | 43,264 | 3,712,917 |
Pioneer Natural Resources Co. | 22,899 | 3,721,546 |
Valero Energy Corp. | 40,388 | 3,153,495 |
Williams Cos., Inc. (The) | 120,026 | 3,186,690 |
92,931,172 | ||
Personal Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 22,913 | 7,288,167 |
Pharmaceuticals 3.6% | ||
Bristol-Myers Squibb Co. | 220,725 | 14,748,844 |
Catalent, Inc. (a) | 16,831 | 1,819,768 |
Eli Lilly and Co. | 78,648 | 18,051,289 |
Johnson & Johnson | 260,195 | 42,864,524 |
Merck & Co., Inc. | 250,182 | 19,456,654 |
Organon & Co. (a) | 24,958 | 755,229 |
Perrigo Co. plc | 13,129 | 601,965 |
Pfizer, Inc. | 553,084 | 21,658,769 |
Viatris, Inc. | 119,423 | 1,706,555 |
Zoetis, Inc. | 46,910 | 8,742,148 |
130,405,745 | ||
Professional Services 0.4% | ||
Equifax, Inc. | 12,014 | 2,877,473 |
14 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services (continued) | ||
IHS Markit Ltd. | 37,014 | $ 4,169,997 |
Jacobs Engineering Group, Inc. | 12,866 | 1,716,582 |
Leidos Holdings, Inc. | 13,157 | 1,330,173 |
Nielsen Holdings plc | 35,293 | 870,678 |
Robert Half International, Inc. | 11,159 | 992,816 |
Verisk Analytics, Inc. | 16,015 | 2,798,141 |
14,755,860 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A (a) | 33,165 | 2,843,235 |
Road & Rail 1.0% | ||
CSX Corp. | 224,505 | 7,202,120 |
JB Hunt Transport Services, Inc. | 8,238 | 1,342,382 |
Kansas City Southern | 8,985 | 2,546,080 |
Norfolk Southern Corp. | 24,725 | 6,562,262 |
Old Dominion Freight Line, Inc. | 9,396 | 2,384,705 |
Union Pacific Corp. | 65,637 | 14,435,545 |
34,473,094 | ||
Semiconductors & Semiconductor Equipment 5.7% | ||
Advanced Micro Devices, Inc. (a) | 120,051 | 11,276,390 |
Analog Devices, Inc. | 36,442 | 6,273,855 |
Applied Materials, Inc. | 90,670 | 12,911,408 |
Broadcom, Inc. | 40,343 | 19,237,156 |
Enphase Energy, Inc. (a) | 13,408 | 2,462,111 |
Intel Corp. | 398,978 | 22,398,625 |
KLA Corp. | 15,145 | 4,910,160 |
Lam Research Corp. | 14,092 | 9,169,664 |
Maxim Integrated Products, Inc. | 26,516 | 2,793,726 |
Microchip Technology, Inc. | 27,026 | 4,046,873 |
Micron Technology, Inc. (a) | 110,802 | 9,415,954 |
Monolithic Power Systems, Inc. | 4,250 | 1,587,163 |
NVIDIA Corp. | 61,556 | 49,250,956 |
NXP Semiconductors NV | 27,246 | 5,605,047 |
Qorvo, Inc. (a) | 11,124 | 2,176,411 |
QUALCOMM, Inc. | 111,453 | 15,929,977 |
Skyworks Solutions, Inc. | 16,312 | 3,127,826 |
Teradyne, Inc. | 16,442 | 2,202,570 |
Texas Instruments, Inc. | 91,250 | 17,547,375 |
Xilinx, Inc. | 24,290 | 3,513,306 |
205,836,553 | ||
Software 8.8% | ||
Adobe, Inc. (a) | 47,229 | 27,659,191 |
ANSYS, Inc. (a) | 8,611 | 2,988,534 |
Autodesk, Inc. (a) | 21,739 | 6,345,614 |
Shares | Value | |
Software (continued) | ||
Cadence Design Systems, Inc. (a) | 27,494 | $ 3,761,729 |
Citrix Systems, Inc. | 12,268 | 1,438,668 |
Fortinet, Inc. (a) | 13,394 | 3,190,317 |
Intuit, Inc. | 27,000 | 13,234,590 |
Microsoft Corp. | 744,163 | 201,593,757 |
NortonLifeLock, Inc. | 57,398 | 1,562,374 |
Oracle Corp. | 179,493 | 13,971,735 |
Paycom Software, Inc. (a) | 4,842 | 1,759,922 |
PTC, Inc. (a) | 10,393 | 1,468,115 |
salesforce.com, Inc. (a) | 91,494 | 22,349,239 |
ServiceNow, Inc. (a) | 19,509 | 10,721,171 |
Synopsys, Inc. (a) | 15,073 | 4,156,983 |
Tyler Technologies, Inc. (a) | 4,025 | 1,820,789 |
318,022,728 | ||
Specialty Retail 2.2% | ||
Advance Auto Parts, Inc. | 6,463 | 1,325,820 |
AutoZone, Inc. (a) | 2,136 | 3,187,382 |
Best Buy Co., Inc. | 22,026 | 2,532,549 |
CarMax, Inc. (a) | 16,120 | 2,081,898 |
Gap, Inc. (The) | 20,521 | 690,532 |
Home Depot, Inc. (The) | 105,056 | 33,501,308 |
L Brands, Inc. | 23,148 | 1,668,045 |
Lowe's Cos., Inc. | 69,845 | 13,547,835 |
O'Reilly Automotive, Inc. (a) | 6,893 | 3,902,885 |
Ross Stores, Inc. | 35,235 | 4,369,140 |
TJX Cos., Inc. (The) | 119,159 | 8,033,700 |
Tractor Supply Co. | 11,388 | 2,118,851 |
Ulta Beauty, Inc. (a) | 5,410 | 1,870,616 |
78,830,561 | ||
Technology Hardware, Storage & Peripherals 6.2% | ||
Apple, Inc. (c) | 1,549,905 | 212,274,990 |
Hewlett Packard Enterprise Co. | 129,033 | 1,881,301 |
HP, Inc. | 118,691 | 3,583,281 |
NetApp, Inc. | 21,958 | 1,796,604 |
Seagate Technology Holdings plc | 19,674 | 1,729,935 |
Western Digital Corp. (a) | 30,279 | 2,154,956 |
223,421,067 | ||
Textiles, Apparel & Luxury Goods 0.7% | ||
Hanesbrands, Inc. | 34,405 | 642,341 |
NIKE, Inc., Class B | 125,973 | 19,461,569 |
PVH Corp. (a) | 7,013 | 754,529 |
Ralph Lauren Corp. | 4,757 | 560,422 |
Tapestry, Inc. (a) | 27,553 | 1,198,004 |
Under Armour, Inc. (a) | ||
Class A | 18,606 | 393,517 |
Class C | 19,222 | 356,953 |
Shares | Value | |
Common Stocks (continued) | ||
Textiles, Apparel & Luxury Goods (continued) | ||
VF Corp. | 31,772 | $ 2,606,575 |
25,973,910 | ||
Tobacco 0.7% | ||
Altria Group, Inc. | 182,854 | 8,718,479 |
Philip Morris International, Inc. | 153,993 | 15,262,246 |
23,980,725 | ||
Trading Companies & Distributors 0.2% | ||
Fastenal Co. | 56,748 | 2,950,896 |
United Rentals, Inc. (a) | 7,151 | 2,281,241 |
WW Grainger, Inc. | 4,325 | 1,894,350 |
7,126,487 | ||
Water Utilities 0.1% | ||
American Water Works Co., Inc. | 17,930 | 2,763,551 |
Wireless Telecommunication Services 0.2% | ||
T-Mobile US, Inc. (a) | 57,902 | 8,385,947 |
Total Common Stocks (d) (Cost $1,161,925,948) | 3,588,115,031 | |
Short-Term Investments 0.7% | ||
Affiliated Investment Company 0.1% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (e) | 2,029,498 | 2,029,498 |
Unaffiliated Investment Company 0.0% ‡ | ||
Wells Fargo Government Money Market Fund, 0.025% (e)(f) | 515,751 | 515,751 |
Principal Amount | Value | ||
U.S. Treasury Debt 0.6% | |||
U.S. Treasury Bills (g) | |||
0.038%, due 9/16/21 (c) | $ 2,000,000 | $ 1,999,807 | |
0.039%, due 9/30/21 | 2,000,000 | 1,999,734 | |
0.043%, due 9/23/21 | 19,200,000 | 19,197,760 | |
Total U.S. Treasury Debt (Cost $23,197,665) | 23,197,301 | ||
Total Short-Term Investments (Cost $25,742,914) | 25,742,550 | ||
Total Investments (Cost $1,187,668,862) | 100.0% | 3,613,857,581 | |
Other Assets, Less Liabilities | (0.0)‡ | (235,306) | |
Net Assets | 100.0% | $ 3,613,622,275 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $511,252. The Portfolio received cash collateral with a value of $515,751. (See Note 2(I)) |
(c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
(d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 99.9% of the Portfolio’s net assets. |
(e) | Current yield as of June 30, 2021. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
(g) | Interest rate shown represents yield to maturity. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)1 |
Long Contracts | |||||
S&P 500 E-Mini Index | 108 | September 2021 | $ 22,708,198 | $ 23,158,440 | $ 450,242 |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
16 | MainStay VP MacKay S&P 500 Index Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 3,588,115,031 | $ — | $ — | $ 3,588,115,031 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 2,029,498 | — | — | 2,029,498 | |||
Unaffiliated Investment Company | 515,751 | — | — | 515,751 | |||
U.S. Treasury Debt | — | 23,197,301 | — | 23,197,301 | |||
Total Short-Term Investments | 2,545,249 | 23,197,301 | — | 25,742,550 | |||
Total Investments in Securities | 3,590,660,280 | 23,197,301 | — | 3,613,857,581 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 450,242 | — | — | 450,242 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,591,110,522 | $ 23,197,301 | $ — | $ 3,614,307,823 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,185,639,364) including securities on loan of $511,252 | $3,611,828,083 |
Investment in affiliated investment companies, at value (identified cost $2,029,498) | 2,029,498 |
Due from custodian | 1,999,803 |
Receivables: | |
Dividends and interest | 2,085,301 |
Portfolio shares sold | 1,041,715 |
Variation margin on futures contracts | 41,884 |
Securities lending | 556 |
Other assets | 122,452 |
Total assets | 3,619,149,292 |
Liabilities | |
Cash collateral received for securities on loan | 515,751 |
Due to custodian | 2,012,074 |
Payables: | |
Investment securities purchased | 1,999,803 |
NYLIFE Distributors (See Note 3) | 374,897 |
Manager (See Note 3) | 286,778 |
Shareholder communication | 234,984 |
Professional fees | 95,089 |
Custodian | 7,641 |
Total liabilities | 5,527,017 |
Net assets | $3,613,622,275 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 44,178 |
Additional paid-in-capital | 1,070,763,694 |
1,070,807,872 | |
Total distributable earnings (loss) | 2,542,814,403 |
Net assets | $3,613,622,275 |
Initial Class | |
Net assets applicable to outstanding shares | $1,760,851,240 |
Shares of beneficial interest outstanding | 21,412,940 |
Net asset value per share outstanding | $ 82.23 |
Service Class | |
Net assets applicable to outstanding shares | $1,852,771,035 |
Shares of beneficial interest outstanding | 22,765,453 |
Net asset value per share outstanding | $ 81.39 |
18 | MainStay VP MacKay S&P 500 Index Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $2,305) | $ 25,638,842 |
Interest | 6,984 |
Securities lending | 5,255 |
Dividends-affiliated | 16 |
Total income | 25,651,097 |
Expenses | |
Manager (See Note 3) | 2,766,518 |
Distribution/Service—Service Class (See Note 3) | 2,150,550 |
Professional fees | 128,644 |
Shareholder communication | 128,534 |
Trustees | 33,999 |
Custodian | 30,006 |
Miscellaneous | 72,691 |
Total expenses before waiver/reimbursement | 5,310,942 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,046,354) |
Net expenses | 4,264,588 |
Net investment income (loss) | 21,386,509 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 33,143,823 |
Futures transactions | 5,366,828 |
Net realized gain (loss) | 38,510,651 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 443,492,790 |
Futures contracts | 59,503 |
Net change in unrealized appreciation (depreciation) | 443,552,293 |
Net realized and unrealized gain (loss) | 482,062,944 |
Net increase (decrease) in net assets resulting from operations | $503,449,453 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 21,386,509 | $ 39,963,323 |
Net realized gain (loss) | 38,510,651 | 34,324,525 |
Net change in unrealized appreciation (depreciation) | 443,552,293 | 469,492,808 |
Net increase (decrease) in net assets resulting from operations | 503,449,453 | 543,780,656 |
Distributions to shareholders: | ||
Initial Class | — | (32,014,852) |
Service Class | — | (28,858,985) |
Total distributions to shareholders | — | (60,873,837) |
Capital share transactions: | ||
Net proceeds from sales of shares | 144,901,184 | 717,352,187 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 60,873,837 |
Cost of shares redeemed | (404,803,877) | (356,638,845) |
Increase (decrease) in net assets derived from capital share transactions | (259,902,693) | 421,587,179 |
Net increase (decrease) in net assets | 243,546,760 | 904,493,998 |
Net Assets | ||
Beginning of period | 3,370,075,515 | 2,465,581,517 |
End of period | $3,613,622,275 | $3,370,075,515 |
20 | MainStay VP MacKay S&P 500 Index Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | $ 44.05 | $ 41.29 | |||||
Net investment income (loss) (a) | 0.51 | 1.00 | 1.01 | 1.04 | 0.80 | 0.70 | |||||
Net realized and unrealized gain (loss) on investments | 10.31 | 10.13 | 13.88 | (3.15) | 8.60 | 4.02 | |||||
Total from investment operations | 10.82 | 11.13 | 14.89 | (2.11) | 9.40 | 4.72 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.91) | (1.00) | (0.78) | (0.70) | (0.70) | |||||
From net realized gain on investments | — | (0.51) | (0.30) | (1.02) | (0.73) | (1.26) | |||||
Total distributions | — | (1.42) | (1.30) | (1.80) | (1.43) | (1.96) | |||||
Net asset value at end of period | $ 82.23 | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | $ 44.05 | |||||
Total investment return (b) | 15.15%(c) | 18.24% | 31.25% | (4.52)% | 21.49% | 11.62% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.33%†† | 1.61% | 1.80% | 1.95% | 1.65% | 1.66% | |||||
Net expenses (d) | 0.12%†† | 0.13% | 0.16% | 0.16% | 0.22% | 0.28% | |||||
Expenses (before waiver/reimbursement) (d) | 0.18%†† | 0.20% | 0.19% | 0.19% | 0.23% | 0.28% | |||||
Portfolio turnover rate | 1% | 2% | 7% | 9% | 3% | 3% | |||||
Net assets at end of period (in 000’s) | $ 1,760,851 | $ 1,749,834 | $ 1,123,943 | $ 1,001,911 | $ 1,156,346 | $ 899,633 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | $ 43.80 | $ 41.08 | |||||
Net investment income (loss) (a) | 0.41 | 0.83 | 0.86 | 0.90 | 0.67 | 0.59 | |||||
Net realized and unrealized gain (loss) on investments | 10.22 | 10.03 | 13.77 | (3.13) | 8.54 | 4.00 | |||||
Total from investment operations | 10.63 | 10.86 | 14.63 | (2.23) | 9.21 | 4.59 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.78) | (0.88) | (0.67) | (0.62) | (0.61) | |||||
From net realized gain on investments | — | (0.51) | (0.30) | (1.02) | (0.73) | (1.26) | |||||
Total distributions | — | (1.29) | (1.18) | (1.69) | (1.35) | (1.87) | |||||
Net asset value at end of period | $ 81.39 | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | $ 43.80 | |||||
Total investment return (b) | 15.02% | 17.95% | 30.92% | (4.76)% | 21.19% | 11.34% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.09%†† | 1.37% | 1.54% | 1.70% | 1.40% | 1.41% | |||||
Net expenses (c) | 0.37%†† | 0.38% | 0.41% | 0.41% | 0.47% | 0.53% | |||||
Expenses (before waiver/reimbursement) (c) | 0.43%†† | 0.45% | 0.44% | 0.44% | 0.48% | 0.53% | |||||
Portfolio turnover rate | 1% | 2% | 7% | 9% | 3% | 3% | |||||
Net assets at end of period (in 000’s) | $ 1,852,771 | $ 1,620,242 | $ 1,341,639 | $ 920,531 | $ 897,611 | $ 613,011 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay VP MacKay S&P 500 Index Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay VP MacKay S&P 500 Index Portfolio |
26 | MainStay VP MacKay S&P 500 Index Portfolio |
Asset Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $450,242 | $450,242 |
Total Fair Value | $450,242 | $450,242 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Futures Contracts | $5,366,828 | $5,366,828 |
Total Net Realized Gain (Loss) | $5,366,828 | $5,366,828 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $59,503 | $59,503 |
Total Net Change in Unrealized Appreciation (Depreciation) | $59,503 | $59,503 |
Average Notional Amount | Total |
Futures Contracts Long | $35,954,745 |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,897 | $ 41,105 | $ (40,973) | $ — | $ — | $ 2,029 | $ —(a) | $ — | 2,029 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,207,941,985 | $2,415,141,140 | $(9,225,544) | $2,405,915,596 |
2020 | |
Distributions paid from: | |
Ordinary Income | $47,539,689 |
Long-Term Capital Gains | 13,334,148 |
Total | $60,873,837 |
28 | MainStay VP MacKay S&P 500 Index Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,162,018 | $ 87,864,184 |
Shares redeemed | (4,254,301) | (337,036,954) |
Net increase (decrease) | (3,092,283) | $(249,172,770) |
Year ended December 31, 2020: | ||
Shares sold | 7,686,597 | $ 453,164,433 |
Shares issued to shareholders in reinvestment of distributions | 490,124 | 32,014,852 |
Shares redeemed | (1,887,708) | (114,377,735) |
Net increase (decrease) | 6,289,013 | $ 370,801,550 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 768,324 | $ 57,037,000 |
Shares redeemed | (901,258) | (67,766,923) |
Net increase (decrease) | (132,934) | $ (10,729,923) |
Year ended December 31, 2020: | ||
Shares sold | 4,480,239 | $ 264,187,754 |
Shares issued to shareholders in reinvestment of distributions | 445,605 | 28,858,985 |
Shares redeemed | (3,954,679) | (242,261,110) |
Net increase (decrease) | 971,165 | $ 50,785,629 |
30 | MainStay VP MacKay S&P 500 Index Portfolio |
Portfolio | Proceeds | Cost Basis |
MainStay VP MacKay S&P 500 Index Portfolio | $682,856 | $527,309 |
32 | MainStay VP MacKay S&P 500 Index Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781637 | MSVPSP10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2015 | 8.55% | 20.33% | -1.31% | -4.24% | 1.62% |
Service Class Shares | 5/1/2015 | 8.41 | 20.04 | -1.56 | -4.47 | 1.87 |
1. | Effective February 28, 2020, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)1 | 7.09% | 18.51% | 7.28% | 6.38% |
Morningstar Infrastructure Category Average2 | 7.99 | 23.97 | 7.53 | 5.60 |
1. | The FTSE Global Core Infrastructure 50/50 Index (Net) is the Portfolio’s primary benchmark. The FTSE Global Core Infrastructure 50/50 Index (Net) is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,085.50 | $4.91 | $1,020.08 | $4.76 | 0.95% |
Service Class Shares | $1,000.00 | $1,084.10 | $6.20 | $1,018.84 | $6.01 | 1.20% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP CBRE Global Infrastructure Portfolio |
United States | 49.1% |
France | 8.5 |
Australia | 7.4 |
Italy | 6.9 |
Canada | 6.4 |
Spain | 6.1 |
United Kingdom | 5.2 |
Japan | 3.1 |
Portugal | 2.7% |
Mexico | 2.2 |
Germany | 1.7 |
New Zealand | 1.2 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
1. | American Tower Corp. |
2. | Cellnex Telecom SA |
3. | Enel SpA |
4. | American Electric Power Co., Inc. |
5. | Crown Castle International Corp. |
6. | NextEra Energy, Inc. |
7. | Vinci SA |
8. | Union Pacific Corp. |
9. | Transurban Group |
10. | Atlas Arteria Ltd. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | |
Common Stocks 99.1% | ||
Australia 7.4% | ||
Atlas Arteria Ltd. (Transportation) | 151,625 | $ 724,340 |
Sydney Airport (Transportation) | 58,738 | 255,053 |
Transurban Group (Transportation) | 71,712 | 765,295 |
1,744,688 | ||
Canada 6.4% | ||
Canadian National Railway Co. (Transportation) | 3,696 | 389,965 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 18,007 | 572,197 |
TC Energy Corp. (Midstream / Pipelines) | 11,311 | 559,710 |
1,521,872 | ||
France 8.5% | ||
Eiffage SA (Transportation) | 4,217 | 429,027 |
Engie SA (Utilities) | 52,110 | 713,915 |
Vinci SA (Transportation) | 8,143 | 868,904 |
2,011,846 | ||
Germany 1.7% | ||
Fraport AG Frankfurt Airport Services Worldwide (Transportation) (a) | 5,722 | 389,858 |
Italy 6.9% | ||
Atlantia SpA (Transportation) | 14,057 | 254,522 |
Enel SpA (Utilities) | 105,996 | 984,363 |
Infrastrutture Wireless Italiane SpA (Communications) | 18,082 | 203,944 |
Terna Rete Elettrica Nazionale SpA (Utilities) | 24,803 | 184,813 |
1,627,642 | ||
Japan 3.1% | ||
Central Japan Railway Co. (Transportation) | 1,635 | 247,984 |
Chubu Electric Power Co., Inc. (Utilities) | 13,600 | 166,243 |
West Japan Railway Co. (Transportation) | 5,380 | 306,737 |
720,964 | ||
Mexico 2.2% | ||
Grupo Aeroportuario del Sureste SAB de CV (Transportation) | 15,322 | 282,774 |
Promotora y Operadora de Infraestructura SAB de CV (Transportation) | 29,100 | 232,797 |
515,571 | ||
New Zealand 1.2% | ||
Infratil Ltd. (Diversified) | 51,618 | 277,824 |
Portugal 2.7% | ||
EDP - Energias de Portugal SA (Utilities) | 121,382 | 643,361 |
Shares | Value | |
Spain 6.1% | ||
Aena SME SA (Transportation) (b) | 1,129 | $ 185,144 |
Cellnex Telecom SA (Communications) | 15,471 | 985,479 |
Iberdrola SA (Utilities) | 22,901 | 279,152 |
1,449,775 | ||
United Kingdom 5.2% | ||
National Grid plc (Utilities) | 55,282 | 704,150 |
Pennon Group plc (Utilities) | 17,747 | 278,759 |
United Utilities Group plc (Utilities) | 17,242 | 232,403 |
1,215,312 | ||
United States 47.7% | ||
AES Corp. (The) (Utilities) | 19,170 | 499,762 |
Alliant Energy Corp. (Utilities) | 10,640 | 593,286 |
Ameren Corp. (Utilities) | 7,993 | 639,760 |
American Electric Power Co., Inc. (Utilities) | 11,528 | 975,154 |
American Tower Corp. (Communications) | 3,831 | 1,034,906 |
Cheniere Energy, Inc. (Midstream / Pipelines) (b) | 8,272 | 717,513 |
CMS Energy Corp. (Utilities) | 8,268 | 488,473 |
Crown Castle International Corp. (Communications) | 4,910 | 957,941 |
Dominion Energy, Inc. (Utilities) | 6,447 | 474,306 |
Equinix, Inc. (Communications) | 428 | 343,513 |
Essential Utilities, Inc. (Utilities) | 4,620 | 211,134 |
Exelon Corp. (Utilities) | 13,170 | 583,563 |
FirstEnergy Corp. (Utilities) | 12,486 | 464,604 |
Kansas City Southern (Transportation) | 1,661 | 470,678 |
NextEra Energy, Inc. (Utilities) | 12,140 | 889,619 |
NiSource, Inc. (Utilities) | 18,932 | 463,834 |
Public Service Enterprise Group, Inc. (Utilities) | 9,900 | 591,426 |
Union Pacific Corp. (Transportation) | 3,894 | 856,407 |
11,255,879 | ||
Total Common Stocks (Cost $20,932,802) | 23,374,592 |
10 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | ||
Short-Term Investment 1.4% | |||
Affiliated Investment Company 1.4% | |||
United States 1.4% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 340,025 | $ 340,025 | |
Total Short-Term Investment (Cost $340,025) | 340,025 | ||
Total Investments (Cost $21,272,827) | 100.5% | 23,714,617 | |
Other Assets, Less Liabilities | (0.5) | (124,649) | |
Net Assets | 100.0% | $ 23,589,968 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $156,979. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $175,065. (See Note 2(I)) |
(b) | Non-income producing security. |
(c) | Current yield as of June 30, 2021. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 23,374,592 | $ — | $ — | $ 23,374,592 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 340,025 | — | — | 340,025 | |||
Total Investments in Securities | $ 23,714,617 | $ — | $ — | $ 23,714,617 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † | ||
Utilities | $11,062,080 | 47.0% | |
Transportation | 6,659,485 | 28.3 | |
Communications | 3,525,783 | 14.8 | |
Midstream / Pipelines | 1,849,420 | 7.8 | |
Diversified | 277,824 | 1.2 | |
23,374,592 | 99.1 | ||
Short-Term Investment | 340,025 | 1.4 | |
Other Assets, Less Liabilities | (124,649) | (0.5) | |
Net Assets | $23,589,968 | 100.0% |
† | Percentages is indicated are based on Portfolio net assets. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $20,932,802) including securities on loan of $156,979 | $ 23,374,592 |
Investment in affiliated investment companies, at value (identified cost $340,025) | 340,025 |
Cash denominated in foreign currencies (identified cost $476) | 471 |
Receivables: | |
Dividends | 66,587 |
Investment securities sold | 37,417 |
Portfolio shares sold | 9,525 |
Securities lending | 132 |
Other assets | 174 |
Total assets | 23,828,923 |
Liabilities | |
Due to custodian | 1,428 |
Payables: | |
Investment securities purchased | 130,777 |
Professional fees | 45,460 |
Custodian | 27,265 |
Shareholder communication | 23,455 |
NYLIFE Distributors (See Note 3) | 4,597 |
Manager (See Note 3) | 3,666 |
Accrued expenses | 2,307 |
Total liabilities | 238,955 |
Net assets | $ 23,589,968 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 3,388 |
Additional paid-in-capital | 59,713,972 |
59,717,360 | |
Total distributable earnings (loss) | (36,127,392) |
Net assets | $ 23,589,968 |
Initial Class | |
Net assets applicable to outstanding shares | $ 1,543,847 |
Shares of beneficial interest outstanding | 219,463 |
Net asset value per share outstanding | $ 7.03 |
Service Class | |
Net assets applicable to outstanding shares | $22,046,121 |
Shares of beneficial interest outstanding | 3,169,007 |
Net asset value per share outstanding | $ 6.96 |
12 | MainStay VP CBRE Global Infrastructure Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $25,027) | $ 358,302 |
Securities lending | 785 |
Dividends-affiliated | 9 |
Total income | 359,096 |
Expenses | |
Manager (See Note 3) | 94,048 |
Professional fees | 43,487 |
Distribution/Service—Service Class (See Note 3) | 26,077 |
Custodian | 23,736 |
Shareholder communication | 19,401 |
Trustees | 215 |
Miscellaneous | 3,819 |
Total expenses before waiver/reimbursement | 210,783 |
Expense waiver/reimbursement from Manager (See Note 3) | (79,149) |
Net expenses | 131,634 |
Net investment income (loss) | 227,462 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 617,894 |
Foreign currency transactions | (1,897) |
Net realized gain (loss) | 615,997 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 954,527 |
Translation of other assets and liabilities in foreign currencies | (1,193) |
Net change in unrealized appreciation (depreciation) | 953,334 |
Net realized and unrealized gain (loss) | 1,569,331 |
Net increase (decrease) in net assets resulting from operations | $1,796,793 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 227,462 | $ 129,325 |
Net realized gain (loss) | 615,997 | (4,887,575) |
Net change in unrealized appreciation (depreciation) | 953,334 | 2,070,360 |
Net increase (decrease) in net assets resulting from operations | 1,796,793 | (2,687,890) |
Distributions to shareholders: | ||
Initial Class | — | (524,797) |
Service Class | — | (1,333,105) |
Total distributions to shareholders | — | (1,857,902) |
Capital share transactions: | ||
Net proceeds from sales of shares | 2,573,082 | 11,782,193 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 1,857,902 |
Cost of shares redeemed | (1,842,946) | (11,837,646) |
Increase (decrease) in net assets derived from capital share transactions | 730,136 | 1,802,449 |
Net increase (decrease) in net assets | 2,526,929 | (2,743,343) |
Net Assets | ||
Beginning of period | 21,063,039 | 23,806,382 |
End of period | $23,589,968 | $ 21,063,039 |
14 | MainStay VP CBRE Global Infrastructure Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | $ 9.75 | $ 7.59 | |||||
Net investment income (loss) (a) | 0.08 | 0.03 | 0.03 | (0.07) | (0.05) | 0.00‡ | |||||
Net realized and unrealized gain (loss) on investments | 0.47 | (1.08) | 0.37 | (2.84) | 0.82 | 2.18 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions‡ | (0.00) | (0.00) | 0.00 | (0.00) | (0.00) | 0.00 | |||||
Total from investment operations | 0.55 | (1.05) | 0.40 | (2.91) | 0.77 | 2.18 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.48) | — | — | — | (0.02) | |||||
Net asset value at end of period | $ 7.03 | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | $ 9.75 | |||||
Total investment return (b) | 8.49%(c) | (12.81)% | 5.26%(c) | (27.66)%(c) | 7.90% | 28.77% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.42%†† | 0.41% | 0.33% | (0.66)% | (0.49)% | 0.06% | |||||
Net expenses (d) | 0.95%†† | 1.05% | 1.21% | 1.21% | 1.31% | 1.38% | |||||
Expenses (before waiver/reimbursement) (d) | 1.67%†† | 1.44% | 1.21% | 1.21% | 1.31% | 1.38% | |||||
Portfolio turnover rate | 22% | 163% | 119% | 162% | 116% | 356% | |||||
Net assets at end of period (in 000’s) | $ 1,544 | $ 1,022 | $ 1,009 | $ 90,681 | $ 158,846 | $ 71,036 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | $ 9.73 | $ 7.59 | |||||
Net investment income (loss) (a) | 0.07 | 0.04 | 0.01 | (0.09) | (0.07) | (0.02) | |||||
Net realized and unrealized gain (loss) on investments | 0.47 | (1.09) | 0.37 | (2.83) | 0.81 | 2.18 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions‡ | (0.00) | (0.00) | 0.00 | (0.00) | (0.00) | 0.00 | |||||
Total from investment operations | 0.54 | (1.05) | 0.38 | (2.92) | 0.74 | 2.16 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.46) | — | — | — | (0.02) | |||||
Net asset value at end of period | $ 6.96 | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | $ 9.73 | |||||
Total investment return (b) | 8.41% | (13.03)% | 5.03%(c) | (27.89)%(c) | 7.61%(c) | 28.48% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.03%†† | 0.62% | 0.11% | (0.91)% | (0.74)% | (0.37)% | |||||
Net expenses (d) | 1.20%†† | 1.52% | 1.62% | 1.46% | 1.56% | 1.64% | |||||
Expenses (before waiver/reimbursement) (d) | 1.92%†† | 1.95% | 1.62% | 1.46% | 1.56% | 1.64% | |||||
Portfolio turnover rate | 22% | 163% | 119% | 162% | 116% | 356% | |||||
Net assets at end of period (in 000’s) | $ 22,046 | $ 20,041 | $ 22,798 | $ 22,133 | $ 32,457 | $ 26,714 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP CBRE Global Infrastructure Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2015 |
Service Class | May 1, 2015 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP CBRE Global Infrastructure Portfolio |
20 | MainStay VP CBRE Global Infrastructure Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 303 | $ 3,367 | $ (3,330) | $ — | $ — | $ 340 | $ —(a) | $ — | 340 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $21,568,368 | $2,365,387 | $(219,138) | $2,146,249 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $35,185 | $3,932 |
2020 | |
Distributions paid from: | |
Ordinary Income | $1,857,902 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 69,111 | $ 473,653 |
Shares redeemed | (7,415) | (51,729) |
Net increase (decrease) | 61,696 | $ 421,924 |
Year ended December 31, 2020: | ||
Shares sold | 1,086,806 | $ 6,916,396 |
Shares issued to shareholders in reinvestment of distributions | 85,297 | 524,797 |
Shares redeemed | (1,140,203) | (7,053,406) |
Net increase (decrease) | 31,900 | $ 387,787 |
22 | MainStay VP CBRE Global Infrastructure Portfolio |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 314,375 | $ 2,099,429 |
Shares redeemed | (268,396) | (1,791,217) |
Net increase (decrease) | 45,979 | $ 308,212 |
Year ended December 31, 2020: | ||
Shares sold | 785,805 | $ 4,865,797 |
Shares issued to shareholders in reinvestment of distributions | 218,703 | 1,333,105 |
Shares redeemed | (754,887) | (4,784,240) |
Net increase (decrease) | 249,621 | $ 1,414,662 |
24 | MainStay VP CBRE Global Infrastructure Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781612 | MSVPCRA10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 2.30% | 18.45% | 7.03% | 7.95% | 0.67% |
Service Class Shares | 2/17/2012 | 2.18 | 18.15 | 6.77 | 7.68 | 0.92 |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies and changed its classification from a diversified fund to a non-diversified fund as of November 30, 2018. Therefore, the performance information shown in this report prior to November 30, 2018 reflects the Portfolio’s prior subadvisor, principal investment strategies and diversification status. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
MSCI USA IMI Utilities 25/50 Index (Gross)1 | 2.65% | 15.78% | 7.35% | 10.60% |
Morningstar Utilities Category Average2 | 4.19 | 18.72 | 7.27 | 9.17 |
1. | The MSCI USA IMI Utilities 25/50 Index (Gross) is the Portfolio's primary benchmark. The MSCI USA IMI Utilities 25/50 Index (Gross) is a modified market capitalization weighted index of stocks designed to measure the performance of utilities companies in the MSCI U.S. Investable Market 2500 Index. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Utilities Category Average is representative of funds that seek capital appreciation by investing primarily in equity securities of U.S. or non-U.S. public utilities including electric, gas, and telephone-service providers. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,023.00 | $3.36 | $1,021.47 | $3.36 | 0.67% |
Service Class Shares | $1,000.00 | $1,021.80 | $4.61 | $1,020.23 | $4.61 | 0.92% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Electric Utilities | 64.2% |
Multi–Utilities | 26.2 |
Independent Power and Renewable Electricity Producers | 8.3 |
Short–Term Investment | 1.0 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Southern Co. (The) |
3. | Exelon Corp. |
4. | Sempra Energy |
5. | Dominion Energy, Inc. |
6. | Edison International |
7. | FirstEnergy Corp. |
8. | American Electric Power Co., Inc. |
9. | Duke Energy Corp. |
10. | CenterPoint Energy, Inc. |
1. | Fidelity Institutional AM is a registered trademark of FMR LLC. Used with permission. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Shares | Value | |
Common Stocks 98.7% | ||
Electric Utilities 64.2% | ||
American Electric Power Co., Inc. | 640,448 | $ 54,175,496 |
Duke Energy Corp. | 548,145 | 54,112,875 |
Edison International | 1,103,237 | 63,789,163 |
Entergy Corp. | 272,300 | 27,148,310 |
Evergy, Inc. | 856,121 | 51,735,392 |
Exelon Corp. | 1,938,598 | 85,899,277 |
FirstEnergy Corp. | 1,545,318 | 57,501,283 |
NextEra Energy, Inc. | 1,579,332 | 115,733,449 |
NRG Energy, Inc. | 553,795 | 22,317,939 |
OGE Energy Corp. | 240,100 | 8,079,365 |
PG&E Corp. (a) | 4,778,999 | 48,602,420 |
Southern Co. (The) | 1,719,882 | 104,070,059 |
693,165,028 | ||
Independent Power and Renewable Electricity Producers 8.3% | ||
AES Corp. (The) | 1,920,179 | 50,059,067 |
Clearway Energy, Inc., Class C | 83,837 | 2,220,004 |
NextEra Energy Partners LP (b) | 234,903 | 17,937,193 |
Sunnova Energy International, Inc. (a) | 186,423 | 7,020,690 |
Vistra Corp. | 667,330 | 12,378,971 |
89,615,925 | ||
Multi-Utilities 26.2% | ||
CenterPoint Energy, Inc. | 2,135,598 | 52,364,863 |
Dominion Energy, Inc. | 957,043 | 70,409,653 |
NiSource, Inc. | 1,551,584 | 38,013,808 |
Shares | Value | ||
Multi-Utilities (continued) | |||
Public Service Enterprise Group, Inc. | 692,631 | $ 41,377,776 | |
Sempra Energy | 605,843 | 80,262,081 | |
282,428,181 | |||
Total Common Stocks (Cost $967,105,951) | 1,065,209,134 | ||
Short-Term Investment 1.0% | |||
Affiliated Investment Company 1.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 10,601,974 | 10,601,974 | |
Total Short-Term Investment (Cost $10,601,974) | 10,601,974 | ||
Total Investments (Cost $977,707,925) | 99.7% | 1,075,811,108 | |
Other Assets, Less Liabilities | 0.3 | 3,712,474 | |
Net Assets | 100.0% | $ 1,079,523,582 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $14,814,756. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $14,881,659. (See Note 2(H)) |
(c) | Current yield as of June 30, 2021. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 1,065,209,134 | $ — | $ — | $ 1,065,209,134 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 10,601,974 | — | — | 10,601,974 | |||
Total Investments in Securities | $ 1,075,811,108 | $ — | $ — | $ 1,075,811,108 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
10 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $967,105,951) including securities on loan of $14,814,756 | $1,065,209,134 |
Investment in affiliated investment companies, at value (identified cost $10,601,974) | 10,601,974 |
Receivables: | |
Investment securities sold | 4,828,272 |
Interest | 308,838 |
Portfolio shares sold | 195,000 |
Securities lending | 1,813 |
Other assets | 8,989 |
Total assets | 1,081,154,020 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 695,349 |
Manager (See Note 3) | 574,476 |
NYLIFE Distributors (See Note 3) | 191,882 |
Shareholder communication | 96,760 |
Professional fees | 57,612 |
Custodian | 9,561 |
Trustees | 2,125 |
Accrued expenses | 2,673 |
Total liabilities | 1,630,438 |
Net assets | $1,079,523,582 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 85,890 |
Additional paid-in-capital | 886,497,394 |
886,583,284 | |
Total distributable earnings (loss) | 192,940,298 |
Net assets | $1,079,523,582 |
Initial Class | |
Net assets applicable to outstanding shares | $164,884,778 |
Shares of beneficial interest outstanding | 13,053,415 |
Net asset value per share outstanding | $ 12.63 |
Service Class | |
Net assets applicable to outstanding shares | $914,638,804 |
Shares of beneficial interest outstanding | 72,836,335 |
Net asset value per share outstanding | $ 12.56 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 15,825,918 |
Securities lending | 1,891 |
Dividends-affiliated | 608 |
Interest | 328 |
Total income | 15,828,745 |
Expenses | |
Manager (See Note 3) | 3,473,295 |
Distribution/Service—Service Class (See Note 3) | 1,170,633 |
Professional fees | 65,285 |
Shareholder communication | 51,951 |
Custodian | 15,669 |
Trustees | 11,334 |
Miscellaneous | 24,220 |
Total expenses | 4,812,387 |
Net investment income (loss) | 11,016,358 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 47,405,586 |
Foreign currency transactions | 26,297 |
Net realized gain (loss) | 47,431,883 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (33,702,923) |
Translation of other assets and liabilities in foreign currencies | (39,195) |
Net change in unrealized appreciation (depreciation) | (33,742,118) |
Net realized and unrealized gain (loss) | 13,689,765 |
Net increase (decrease) in net assets resulting from operations | $ 24,706,123 |
12 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,016,358 | $ 19,441,319 |
Net realized gain (loss) | 47,431,883 | 23,725,848 |
Net change in unrealized appreciation (depreciation) | (33,742,118) | (58,306,186) |
Net increase (decrease) in net assets resulting from operations | 24,706,123 | (15,139,019) |
Distributions to shareholders: | ||
Initial Class | — | (9,132,357) |
Service Class | — | (76,778,772) |
Total distributions to shareholders | — | (85,911,129) |
Capital share transactions: | ||
Net proceeds from sales of shares | 51,946,562 | 93,346,304 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 85,911,129 |
Cost of shares redeemed | (86,598,042) | (207,898,643) |
Increase (decrease) in net assets derived from capital share transactions | (34,651,480) | (28,641,210) |
Net increase (decrease) in net assets | (9,945,357) | (129,691,358) |
Net Assets | ||
Beginning of period | 1,089,468,939 | 1,219,160,297 |
End of period | $1,079,523,582 | $1,089,468,939 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | $ 10.66 | $ 10.15 | |||||
Net investment income (loss) (a) | 0.14 | 0.25 | 0.31 | 0.28 | 0.25 | 0.19 | |||||
Net realized and unrealized gain (loss) on investments | 0.14 | (0.34) | 2.39 | (0.32) | 1.49 | 0.88 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | 0.00‡ | (0.00)‡ | 0.14 | (0.16) | 0.08 | |||||
Total from investment operations | 0.28 | (0.09) | 2.70 | 0.10 | 1.58 | 1.15 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.33) | (0.34) | (0.15) | (0.49) | (0.34) | |||||
From net realized gain on investments | — | (0.72) | (0.55) | (0.02) | — | (0.30) | |||||
Total distributions | — | (1.05) | (0.89) | (0.17) | (0.49) | (0.64) | |||||
Net asset value at end of period | $ 12.63 | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | $ 10.66 | |||||
Total investment return (b) | 2.27%(c) | (0.38)% | 23.26% | 0.80% | 14.72% | 11.43% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.24%†† | 2.06% | 2.41% | 2.31% | 2.11% | 1.76%(d) | |||||
Net expenses (e) | 0.67%†† | 0.67% | 0.68% | 0.76% | 0.76% | 0.75%(f) | |||||
Portfolio turnover rate | 22% | 62% | 47% | 84% | 30% | 35% | |||||
Net assets at end of period (in 000’s) | $ 164,885 | $ 135,814 | $ 97,503 | $ 81,716 | $ 83,261 | $ 75,772 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.74%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.77%. |
14 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | $ 10.62 | $ 10.10 | |||||
Net investment income (loss) (a) | 0.12 | 0.22 | 0.28 | 0.25 | 0.22 | 0.16 | |||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.35) | 2.37 | (0.32) | 1.47 | 0.89 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | 0.00‡ | (0.00)‡ | 0.14 | (0.16) | 0.08 | |||||
Total from investment operations | 0.27 | (0.13) | 2.65 | 0.07 | 1.53 | 1.13 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.29) | (0.30) | (0.11) | (0.46) | (0.31) | |||||
From net realized gain on investments | — | (0.72) | (0.55) | (0.02) | — | (0.30) | |||||
Total distributions | — | (1.01) | (0.85) | (0.13) | (0.46) | (0.61) | |||||
Net asset value at end of period | $ 12.56 | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | $ 10.62 | |||||
Total investment return (b) | 2.20%(c) | (0.63)% | 22.95% | 0.55% | 14.44% | 11.15% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.99%†† | 1.80% | 2.15% | 2.08% | 1.87% | 1.52%(d) | |||||
Net expenses (e) | 0.92%†† | 0.92% | 0.93% | 1.01% | 1.01% | 1.00%(f) | |||||
Portfolio turnover rate | 22% | 62% | 47% | 84% | 30% | 35% | |||||
Net assets at end of period (in 000’s) | $ 914,639 | $ 953,655 | $ 1,121,657 | $ 1,066,963 | $ 1,240,213 | $ 1,160,397 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.50%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.02%. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
16 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 19,834 | $ 149,870 | $ (159,102) | $ — | $ — | $ 10,602 | $ 1 | $ — | 10,602 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,007,655,850 | $77,546,377 | $(9,391,119) | $68,155,258 |
2020 | |
Distributions paid from: | |
Ordinary Income | $33,504,758 |
Long-Term Capital Gains | 52,406,371 |
Total | $85,911,129 |
20 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$11,034 | $17,223 | $6,803 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,456,885 | $ 43,409,398 |
Shares redeemed | (1,403,060) | (18,057,207) |
Net increase (decrease) | 2,053,825 | $ 25,352,191 |
Year ended December 31, 2020: | ||
Shares sold | 3,663,908 | $ 43,908,398 |
Shares issued to shareholders in reinvestment of distributions | 771,028 | 9,132,357 |
Shares redeemed | (661,711) | (7,926,284) |
Net increase (decrease) | 3,773,225 | $ 45,114,471 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 692,985 | $ 8,537,164 |
Shares redeemed | (5,452,639) | (68,540,835) |
Net increase (decrease) | (4,759,654) | $ (60,003,671) |
Year ended December 31, 2020: | ||
Shares sold | 4,130,475 | $ 49,437,906 |
Shares issued to shareholders in reinvestment of distributions | 6,508,661 | 76,778,772 |
Shares redeemed | (16,563,106) | (199,972,359) |
Net increase (decrease) | (5,923,970) | $ (73,755,681) |
22 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2016 | 16.83% | 55.80% | 11.75% | 11.42% | 0.86% |
Service Class Shares | 5/2/2016 | 16.68 | 55.41 | 11.47 | 11.15 | 1.11 |
1. | Effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the chart and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
Russell 2000® Index1 | 17.54% | 62.03% | 16.47% | 16.20% |
Morningstar Small Blend Category Average2 | 20.14 | 60.17 | 13.54 | 13.14 |
1. | The Russell 2000® Index is the Portfolio’s primary benchmark. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. An investment cannot be made directly in an index. |
2. | The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,168.30 | $3.98 | $1,021.13 | $3.71 | 0.74% |
Service Class Shares | $1,000.00 | $1,166.80 | $5.32 | $1,019.89 | $4.96 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Small Cap Portfolio |
Banks | 9.0% |
Software | 8.1 |
Biotechnology | 5.2 |
Semiconductors & Semiconductor Equipment | 4.4 |
Health Care Equipment & Supplies | 4.3 |
Equity Real Estate Investment Trusts | 3.9 |
Machinery | 3.5 |
Commercial Services & Supplies | 3.1 |
Health Care Providers & Services | 2.6 |
Thrifts & Mortgage Finance | 2.5 |
Electronic Equipment, Instruments & Components | 2.4 |
IT Services | 2.2 |
Diversified Consumer Services | 2.2 |
Textiles, Apparel & Luxury Goods | 2.2 |
Media | 2.2 |
Consumer Finance | 2.1 |
Hotels, Restaurants & Leisure | 2.1 |
Professional Services | 2.0 |
Exchange–Traded Funds | 1.9 |
Building Products | 1.8 |
Health Care Technology | 1.8 |
Household Durables | 1.6 |
Electrical Equipment | 1.5 |
Internet & Direct Marketing Retail | 1.5 |
Capital Markets | 1.5 |
Specialty Retail | 1.5 |
Food Products | 1.5 |
Metals & Mining | 1.4 |
Insurance | 1.3 |
Leisure Products | 1.3% |
Personal Products | 1.3 |
Trading Companies & Distributors | 1.2 |
Chemicals | 1.2 |
Gas Utilities | 1.1 |
Auto Components | 1.0 |
Energy Equipment & Services | 1.0 |
Life Sciences Tools & Services | 0.9 |
Construction & Engineering | 0.9 |
Multiline Retail | 0.7 |
Diversified Financial Services | 0.6 |
Paper & Forest Products | 0.6 |
Communications Equipment | 0.6 |
Marine | 0.5 |
Entertainment | 0.5 |
Air Freight & Logistics | 0.5 |
Beverages | 0.5 |
Electric Utilities | 0.5 |
Real Estate Management & Development | 0.5 |
Household Products | 0.5 |
Aerospace & Defense | 0.4 |
Pharmaceuticals | 0.4 |
Diversified Telecommunication Services | 0.3 |
Mortgage Real Estate Investment Trusts | 0.2 |
Short–Term Investments | 4.7 |
Other Assets, Less Liabilities | –3.2 |
100.0% |
1. | Tower Semiconductor Ltd. |
2. | iShares Russell 2000 ETF |
3. | Cardlytics, Inc. |
4. | Hostess Brands, Inc. |
5. | Skyline Champion Corp. |
6. | EnerSys |
7. | PRA Group, Inc. |
8. | Federal Agricultural Mortgage Corp., Class C |
9. | Rapid7, Inc. |
10. | Varonis Systems, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks 96.6% | ||
Aerospace & Defense 0.4% | ||
Curtiss-Wright Corp. | 17,931 | $ 2,129,486 |
Air Freight & Logistics 0.5% | ||
Hub Group, Inc., Class A (a) | 40,500 | 2,672,190 |
Auto Components 1.0% | ||
Dana, Inc. | 110,237 | 2,619,231 |
Gentherm, Inc. (a) | 39,543 | 2,809,530 |
5,428,761 | ||
Banks 9.0% | ||
Allegiance Bancshares, Inc. | 42,563 | 1,636,122 |
Ameris Bancorp | 37,320 | 1,889,512 |
Bank OZK | 69,100 | 2,913,256 |
Berkshire Hills Bancorp, Inc. | 110,574 | 3,030,833 |
Cadence Bancorp | 139,700 | 2,916,936 |
First Hawaiian, Inc. | 80,500 | 2,281,370 |
First Interstate BancSystem, Inc., Class A | 62,292 | 2,605,674 |
First Midwest Bancorp, Inc. | 91,500 | 1,814,445 |
FNB Corp. | 192,800 | 2,377,224 |
Great Western Bancorp, Inc. | 83,300 | 2,731,407 |
Home BancShares, Inc. | 113,500 | 2,801,180 |
OFG Bancorp | 114,200 | 2,526,104 |
Pacific Premier Bancorp, Inc. | 68,134 | 2,881,387 |
Sandy Spring Bancorp, Inc. | 68,241 | 3,011,475 |
Sterling Bancorp | 101,880 | 2,525,605 |
Umpqua Holdings Corp. | 144,184 | 2,660,195 |
United Community Banks, Inc. | 66,000 | 2,112,660 |
Veritex Holdings, Inc. | 68,000 | 2,407,880 |
Western Alliance Bancorp | 18,195 | 1,689,406 |
46,812,671 | ||
Beverages 0.5% | ||
Boston Beer Co., Inc. (The), Class A (a) | 2,539 | 2,591,811 |
Biotechnology 5.2% | ||
Allakos, Inc. (a) | 7,560 | 645,397 |
ALX Oncology Holdings, Inc. (a) | 13,700 | 749,116 |
Amicus Therapeutics, Inc. (a) | 180,300 | 1,738,092 |
Apellis Pharmaceuticals, Inc. (a) | 56,445 | 3,567,324 |
Arena Pharmaceuticals, Inc. (a) | 44,200 | 3,014,440 |
Ascendis Pharma A/S, ADR (a) | 9,023 | 1,186,976 |
Celldex Therapeutics, Inc. (a) | 67,678 | 2,263,152 |
Dicerna Pharmaceuticals, Inc. (a) | 63,015 | 2,351,720 |
Kodiak Sciences, Inc. (a) | 14,990 | 1,394,070 |
Kura Oncology, Inc. (a) | 51,429 | 1,072,295 |
Shares | Value | |
Biotechnology (continued) | ||
Myovant Sciences Ltd. (a)(b) | 130,916 | $ 2,980,957 |
REVOLUTION Medicines, Inc. (a) | 25,933 | 823,113 |
Rocket Pharmaceuticals, Inc. (a) | 13,000 | 575,770 |
Sage Therapeutics, Inc. (a) | 31,124 | 1,768,155 |
TCR2 Therapeutics, Inc. (a) | 67,861 | 1,113,599 |
Turning Point Therapeutics, Inc. (a) | 14,544 | 1,134,723 |
Y-mAbs Therapeutics, Inc. (a) | 28,700 | 970,060 |
27,348,959 | ||
Building Products 1.8% | ||
Builders FirstSource, Inc. (a) | 47,442 | 2,023,876 |
Gibraltar Industries, Inc. (a) | 21,200 | 1,617,772 |
Insteel Industries, Inc. | 94,389 | 3,034,606 |
PGT Innovations, Inc. (a) | 120,428 | 2,797,543 |
9,473,797 | ||
Capital Markets 1.5% | ||
Greenhill & Co., Inc. | 148,761 | 2,314,721 |
Hamilton Lane, Inc., Class A | 28,200 | 2,569,584 |
Moelis & Co., Class A | 50,817 | 2,890,979 |
7,775,284 | ||
Chemicals 1.2% | ||
Livent Corp. (a) | 172,430 | 3,338,245 |
Minerals Technologies, Inc. | 35,000 | 2,753,450 |
6,091,695 | ||
Commercial Services & Supplies 3.1% | ||
BrightView Holdings, Inc. (a) | 139,536 | 2,249,320 |
CoreCivic, Inc. (a) | 172,196 | 1,802,892 |
Deluxe Corp. | 78,365 | 3,743,496 |
Herman Miller, Inc. | 70,841 | 3,339,445 |
Interface, Inc. | 181,300 | 2,773,890 |
Legalzoom.com, Inc. (a) | 2,300 | 87,055 |
Loomis AB | 67,826 | 2,121,618 |
US Ecology, Inc. (a) | 5,700 | 213,864 |
16,331,580 | ||
Communications Equipment 0.6% | ||
Plantronics, Inc. (a) | 69,634 | 2,905,827 |
Construction & Engineering 0.9% | ||
Badger Infrastructure Solutions Ltd. | 92,111 | 2,795,431 |
Fluor Corp. (a) | 95,579 | 1,691,748 |
4,487,179 | ||
Consumer Finance 2.1% | ||
Enova International, Inc. (a) | 84,629 | 2,895,158 |
Navient Corp. | 170,573 | 3,297,176 |
10 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Consumer Finance (continued) | ||
PRA Group, Inc. (a) | 125,495 | $ 4,827,793 |
11,020,127 | ||
Diversified Consumer Services 2.2% | ||
2U, Inc. (a) | 58,820 | 2,451,029 |
Adtalem Global Education, Inc. (a) | 70,182 | 2,501,287 |
Chegg, Inc. (a) | 44,768 | 3,720,669 |
H&R Block, Inc. | 122,267 | 2,870,829 |
11,543,814 | ||
Diversified Financial Services 0.6% | ||
ECN Capital Corp. | 426,516 | 3,199,902 |
Diversified Telecommunication Services 0.3% | ||
Bandwidth, Inc., Class A (a) | 12,956 | 1,786,892 |
Electric Utilities 0.5% | ||
Portland General Electric Co. | 55,303 | 2,548,362 |
Electrical Equipment 1.5% | ||
EnerSys | 53,073 | 5,186,824 |
nVent Electric plc | 84,464 | 2,638,656 |
7,825,480 | ||
Electronic Equipment, Instruments & Components 2.4% | ||
FARO Technologies, Inc. (a) | 35,088 | 2,728,794 |
II-VI, Inc. (a) | 45,040 | 3,269,454 |
Knowles Corp. (a) | 131,632 | 2,598,416 |
Novanta, Inc. (a) | 9,831 | 1,324,825 |
PAR Technology Corp. (a)(b) | 39,500 | 2,762,630 |
12,684,119 | ||
Energy Equipment & Services 1.0% | ||
DMC Global, Inc. (a) | 33,500 | 1,883,035 |
Nabors Industries Ltd. (a)(b) | 30,500 | 3,484,320 |
5,367,355 | ||
Entertainment 0.5% | ||
IMAX Corp. (a) | 127,100 | 2,732,650 |
Equity Real Estate Investment Trusts 3.9% | ||
Acadia Realty Trust | 151,022 | 3,316,443 |
Empire State Realty Trust, Inc., Class A | 225,300 | 2,703,600 |
Essential Properties Realty Trust, Inc. | 84,254 | 2,278,228 |
Pebblebrook Hotel Trust | 116,100 | 2,734,155 |
Piedmont Office Realty Trust, Inc., Class A | 143,000 | 2,641,210 |
Ryman Hospitality Properties, Inc. (a) | 25,489 | 2,012,612 |
Shares | Value | |
Equity Real Estate Investment Trusts (continued) | ||
Uniti Group, Inc. | 244,900 | $ 2,593,491 |
Xenia Hotels & Resorts, Inc. (a) | 98,562 | 1,846,066 |
20,125,805 | ||
Food Products 1.5% | ||
Calavo Growers, Inc. | 27,900 | 1,769,418 |
Hostess Brands, Inc. (a) | 356,305 | 5,768,578 |
7,537,996 | ||
Gas Utilities 1.1% | ||
New Jersey Resources Corp. | 74,456 | 2,946,224 |
South Jersey Industries, Inc. | 116,181 | 3,012,573 |
5,958,797 | ||
Health Care Equipment & Supplies 4.3% | ||
Avanos Medical, Inc. (a) | 56,400 | 2,051,268 |
Envista Holdings Corp. (a) | 57,200 | 2,471,612 |
Globus Medical, Inc., Class A (a) | 25,400 | 1,969,262 |
Hill-Rom Holdings, Inc. | 16,829 | 1,911,606 |
Integra LifeSciences Holdings Corp. (a) | 37,440 | 2,554,906 |
Lantheus Holdings, Inc. (a) | 125,200 | 3,460,528 |
NuVasive, Inc. (a) | 42,100 | 2,853,538 |
Orthofix Medical, Inc. (a) | 60,700 | 2,434,677 |
SI-BONE, Inc. (a) | 88,924 | 2,798,438 |
22,505,835 | ||
Health Care Providers & Services 2.6% | ||
Accolade, Inc. (a) | 49,604 | 2,693,993 |
AMN Healthcare Services, Inc. (a) | 33,200 | 3,219,736 |
LHC Group, Inc. (a) | 11,565 | 2,316,007 |
Oak Street Health, Inc. (a) | 44,075 | 2,581,473 |
Premier, Inc., Class A | 76,638 | 2,666,236 |
13,477,445 | ||
Health Care Technology 1.8% | ||
Health Catalyst, Inc. (a) | 43,781 | 2,430,283 |
Multiplan Corp. (a)(b) | 198,100 | 1,885,912 |
NextGen Healthcare, Inc. (a) | 158,514 | 2,629,747 |
Omnicell, Inc. (a) | 15,819 | 2,395,788 |
9,341,730 | ||
Hotels, Restaurants & Leisure 2.1% | ||
Boyd Gaming Corp. (a) | 25,432 | 1,563,814 |
Hilton Grand Vacations, Inc. (a) | 68,500 | 2,835,215 |
Penn National Gaming, Inc. (a) | 13,600 | 1,040,264 |
Planet Fitness, Inc., Class A (a) | 49,478 | 3,723,219 |
Wingstop, Inc. | 11,730 | 1,849,000 |
11,011,512 |
Shares | Value | |
Common Stocks (continued) | ||
Household Durables 1.6% | ||
Cavco Industries, Inc. (a) | 11,559 | $ 2,568,294 |
Skyline Champion Corp. (a) | 104,210 | 5,554,393 |
8,122,687 | ||
Household Products 0.5% | ||
Energizer Holdings, Inc. | 55,188 | 2,371,980 |
Insurance 1.3% | ||
Lancashire Holdings Ltd. | 246,476 | 2,088,320 |
ProAssurance Corp. | 116,225 | 2,644,119 |
SiriusPoint Ltd. (a) | 214,891 | 2,163,952 |
6,896,391 | ||
Internet & Direct Marketing Retail 1.5% | ||
Porch Group, Inc. (a) | 74,500 | 1,440,830 |
Quotient Technology, Inc. (a) | 265,548 | 2,870,574 |
RealReal, Inc. (The) (a) | 75,656 | 1,494,962 |
Shutterstock, Inc. | 20,200 | 1,983,034 |
7,789,400 | ||
IT Services 2.2% | ||
BM Technologies, Inc. (a) | 10,187 | 126,726 |
CSG Systems International, Inc. | 45,740 | 2,158,013 |
LiveRamp Holdings, Inc. (a) | 43,117 | 2,020,032 |
Perficient, Inc. (a) | 42,504 | 3,418,172 |
Repay Holdings Corp. (a) | 90,957 | 2,186,606 |
Verra Mobility Corp. (a) | 116,000 | 1,782,920 |
11,692,469 | ||
Leisure Products 1.3% | ||
Polaris, Inc. | 11,756 | 1,610,102 |
Sturm Ruger & Co., Inc. | 30,100 | 2,708,398 |
YETI Holdings, Inc. (a) | 27,921 | 2,563,706 |
6,882,206 | ||
Life Sciences Tools & Services 0.9% | ||
Codexis, Inc. (a) | 137,227 | 3,109,564 |
NeoGenomics, Inc. (a) | 38,700 | 1,748,079 |
4,857,643 | ||
Machinery 3.5% | ||
Altra Industrial Motion Corp. | 48,235 | 3,136,240 |
Astec Industries, Inc. | 48,563 | 3,056,555 |
Colfax Corp. (a) | 37,500 | 1,717,875 |
Hydrofarm Holdings Group, Inc. (a)(b) | 24,318 | 1,437,437 |
Kennametal, Inc. | 85,990 | 3,088,761 |
Kornit Digital Ltd. (a) | 7,400 | 920,042 |
Middleby Corp. (The) (a) | 14,714 | 2,549,347 |
Shares | Value | |
Machinery (continued) | ||
REV Group, Inc. | 155,572 | $ 2,440,925 |
18,347,182 | ||
Marine 0.5% | ||
Kirby Corp. (a) | 45,567 | 2,763,183 |
Media 2.2% | ||
Cardlytics, Inc. (a) | 50,355 | 6,391,560 |
Criteo SA, Sponsored ADR (a) | 52,343 | 2,367,474 |
TEGNA, Inc. | 142,964 | 2,682,005 |
11,441,039 | ||
Metals & Mining 1.4% | ||
Carpenter Technology Corp. | 61,000 | 2,453,420 |
Compass Minerals International, Inc. | 38,199 | 2,263,673 |
MP Materials Corp. (a)(b) | 76,400 | 2,816,104 |
7,533,197 | ||
Mortgage Real Estate Investment Trusts 0.2% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 20,400 | 1,145,460 |
Multiline Retail 0.7% | ||
Ollie's Bargain Outlet Holdings, Inc. (a) | 43,813 | 3,685,988 |
Paper & Forest Products 0.6% | ||
Schweitzer-Mauduit International, Inc. | 73,017 | 2,948,426 |
Personal Products 1.3% | ||
Edgewell Personal Care Co. | 83,500 | 3,665,650 |
Medifast, Inc. | 10,970 | 3,104,291 |
6,769,941 | ||
Pharmaceuticals 0.4% | ||
Arvinas, Inc. (a) | 25,300 | 1,948,100 |
Professional Services 2.0% | ||
ICF International, Inc. | 31,672 | 2,782,702 |
Kforce, Inc. | 47,049 | 2,960,793 |
Science Applications International Corp. | 30,400 | 2,666,992 |
TriNet Group, Inc. (a) | 27,500 | 1,993,200 |
10,403,687 | ||
Real Estate Management & Development 0.5% | ||
Marcus & Millichap, Inc. (a) | 65,000 | 2,526,550 |
12 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Semiconductors & Semiconductor Equipment 4.4% | ||
ACM Research, Inc., Class A (a)(b) | 19,776 | $ 2,021,503 |
Ichor Holdings Ltd. (a) | 41,137 | 2,213,171 |
Maxeon Solar Technologies Ltd. (a)(b) | 43,844 | 939,577 |
Rambus, Inc. (a) | 152,761 | 3,621,963 |
Silicon Motion Technology Corp., ADR | 44,663 | 2,862,898 |
Synaptics, Inc. (a) | 12,200 | 1,898,076 |
Tower Semiconductor Ltd. (a) | 326,473 | 9,608,100 |
23,165,288 | ||
Software 8.1% | ||
8x8, Inc. (a) | 107,600 | 2,986,976 |
Agilysys, Inc. (a) | 67,861 | 3,859,255 |
Box, Inc., Class A (a) | 143,861 | 3,675,649 |
Clear Secure, Inc., Class A (a) | 1,500 | 60,000 |
Digital Turbine, Inc. (a) | 49,767 | 3,783,785 |
InterDigital, Inc. | 35,216 | 2,571,824 |
J2 Global, Inc. (a) | 18,939 | 2,605,059 |
Jamf Holding Corp. (a) | 61,533 | 2,065,663 |
Manhattan Associates, Inc. (a) | 16,344 | 2,367,265 |
PROS Holdings, Inc. (a) | 61,800 | 2,816,226 |
Rapid7, Inc. (a) | 45,725 | 4,326,957 |
SentinelOne, Inc., Class A (a) | 1,500 | 63,750 |
Telos Corp. (a) | 45,320 | 1,541,333 |
Varonis Systems, Inc. (a) | 70,566 | 4,066,013 |
Veritone, Inc. (a)(b) | 123,814 | 2,440,374 |
Xperi Holding Corp. | 138,515 | 3,080,574 |
42,310,703 | ||
Specialty Retail 1.5% | ||
Children's Place, Inc. (The) (a) | 25,096 | 2,335,434 |
Five Below, Inc. (a) | 16,741 | 3,235,533 |
Floor & Decor Holdings, Inc., Class A (a) | 20,242 | 2,139,579 |
7,710,546 | ||
Textiles, Apparel & Luxury Goods 2.2% | ||
Carter's, Inc. | 28,119 | 2,901,037 |
Kontoor Brands, Inc. (b) | 46,693 | 2,633,952 |
Movado Group, Inc. | 85,221 | 2,681,905 |
Steven Madden Ltd. | 74,679 | 3,267,953 |
11,484,847 | ||
Thrifts & Mortgage Finance 2.5% | ||
Federal Agricultural Mortgage Corp., Class C | 44,450 | 4,396,105 |
MGIC Investment Corp. | 191,654 | 2,606,494 |
NMI Holdings, Inc., Class A (a) | 75,048 | 1,687,079 |
Radian Group, Inc. | 115,600 | 2,572,100 |
Shares | Value | ||
Thrifts & Mortgage Finance (continued) | |||
WSFS Financial Corp. | 37,200 | $ 1,733,148 | |
12,994,926 | |||
Trading Companies & Distributors 1.2% | |||
Applied Industrial Technologies, Inc. | 32,624 | 2,970,741 | |
Boise Cascade Co. | 54,800 | 3,197,580 | |
6,168,321 | |||
Total Common Stocks (Cost $492,629,241) | 504,677,221 | ||
Exchange-Traded Funds 1.9% | |||
iShares Russell 2000 ETF (b) | 39,311 | 9,016,764 | |
iShares Russell 2000 Value ETF | 5,157 | 854,876 | |
Total Exchange-Traded Funds (Cost $9,570,978) | 9,871,640 | ||
Number of Warrants | |||
Warrant 0.0% ‡ | |||
Energy Equipment & Services 0.0% ‡ | |||
Nabors Industries Ltd. | |||
Expires 6/11/26 (a) | 12,200 | 122,000 | |
Total Warrant (Cost $0) | 122,000 | ||
Shares | |||
Short-Term Investments 4.7% | |||
Affiliated Investment Company 1.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 7,160,850 | 7,160,850 | |
Unaffiliated Investment Company 3.4% | |||
Wells Fargo Government Money Market Fund, 0.025% (c)(d) | 17,703,457 | 17,703,457 | |
Total Short-Term Investments (Cost $24,864,307) | 24,864,307 | ||
Total Investments (Cost $527,064,526) | 103.2% | 539,535,168 | |
Other Assets, Less Liabilities | (3.2) | (16,903,027) | |
Net Assets | 100.0% | $ 522,632,141 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $23,778,040; the total market value of collateral held by the Portfolio was $24,269,340. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,565,883. The Portfolio received cash collateral with a value of $17,703,457. (See Note 2(H)) |
(c) | Current yield as of June 30, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 504,677,221 | $ — | $ — | $ 504,677,221 | |||
Exchange-Traded Funds | 9,871,640 | — | — | 9,871,640 | |||
Warrant | 122,000 | — | — | 122,000 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 7,160,850 | — | — | 7,160,850 | |||
Unaffiliated Investment Company | 17,703,457 | — | — | 17,703,457 | |||
Total Short-Term Investments | 24,864,307 | — | — | 24,864,307 | |||
Total Investments in Securities | $ 539,535,168 | $ — | $ — | $ 539,535,168 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Wellington Small Cap Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $519,903,676) including securities on loan of $23,778,040 | $532,374,318 |
Investment in affiliated investment companies, at value (identified cost $7,160,850) | 7,160,850 |
Cash | 729 |
Receivables: | |
Investment securities sold | 1,928,797 |
Dividends | 345,535 |
Securities lending | 6,799 |
Other assets | 7,468 |
Total assets | 541,824,496 |
Liabilities | |
Cash collateral received for securities on loan | 17,703,457 |
Payables: | |
Investment securities purchased | 983,123 |
Manager (See Note 3) | 297,077 |
NYLIFE Distributors (See Note 3) | 65,382 |
Portfolio shares redeemed | 63,495 |
Custodian | 43,223 |
Professional fees | 36,146 |
Shareholder communication | 452 |
Total liabilities | 19,192,355 |
Net assets | $522,632,141 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 38,397 |
Additional paid-in-capital | 393,691,835 |
393,730,232 | |
Total distributable earnings (loss) | 128,901,909 |
Net assets | $522,632,141 |
Initial Class | |
Net assets applicable to outstanding shares | $204,347,323 |
Shares of beneficial interest outstanding | 14,914,842 |
Net asset value per share outstanding | $ 13.70 |
Service Class | |
Net assets applicable to outstanding shares | $318,284,818 |
Shares of beneficial interest outstanding | 23,482,033 |
Net asset value per share outstanding | $ 13.55 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $15,189) | $ 2,743,069 |
Securities lending | 38,718 |
Dividends-affiliated | 160 |
Total income | 2,781,947 |
Expenses | |
Manager (See Note 3) | 2,099,857 |
Distribution/Service—Service Class (See Note 3) | 400,848 |
Professional fees | 63,246 |
Shareholder communication | 62,025 |
Custodian | 37,510 |
Trustees | 5,102 |
Miscellaneous | 7,390 |
Total expenses before waiver/reimbursement | 2,675,978 |
Expense waiver/reimbursement from Manager (See Note 3) | (332,762) |
Net expenses | 2,343,216 |
Net investment income (loss) | 438,731 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 157,411,583 |
Foreign currency transactions | (6,745) |
Net realized gain (loss) | 157,404,838 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (74,925,073) |
Net realized and unrealized gain (loss) | 82,479,765 |
Net increase (decrease) in net assets resulting from operations | $ 82,918,496 |
16 | MainStay VP Wellington Small Cap Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 438,731 | $ 1,155,825 |
Net realized gain (loss) | 157,404,838 | (4,645,271) |
Net change in unrealized appreciation (depreciation) | (74,925,073) | 49,572,838 |
Net increase (decrease) in net assets resulting from operations | 82,918,496 | 46,083,392 |
Distributions to shareholders: | ||
Initial Class | — | (219,144) |
Capital share transactions: | ||
Net proceeds from sales of shares | 13,562,526 | 28,506,306 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 219,144 |
Cost of shares redeemed | (75,914,059) | (88,033,138) |
Increase (decrease) in net assets derived from capital share transactions | (62,351,533) | (59,307,688) |
Net increase (decrease) in net assets | 20,566,963 | (13,443,440) |
Net Assets | ||
Beginning of period | 502,065,178 | 515,508,618 |
End of period | $522,632,141 | $502,065,178 |
Six months ended June 30, 2021* | Year Ended December 31, | May 2, 2016^ through December 31, 2016 | |||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | |||||||
Net asset value at beginning of period | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | $ 11.73 | $ 10.00 | |||||
Net investment income (loss) (a) | 0.02 | 0.04 | 0.05 | 0.04 | 0.01 | 0.03 | |||||
Net realized and unrealized gain (loss) on investments | 1.95 | 1.05 | 1.61 | (1.71) | 1.63 | 1.88 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | — | — | — | — | — | |||||
Total from investment operations | 1.97 | 1.09 | 1.66 | (1.67) | 1.64 | 1.91 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.01) | (0.02) | — | — | (0.02) | |||||
From net realized gain on investments | — | — | (0.81) | (1.67) | (0.21) | (0.16) | |||||
Total distributions | — | (0.01) | (0.83) | (1.67) | (0.21) | (0.18) | |||||
Net asset value at end of period | $ 13.70 | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | $ 11.73 | |||||
Total investment return (b) | 16.79%(c) | 10.22% | 17.82% | (15.11)% | 13.93% | 19.14% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.32%†† | 0.42% | 0.48% | 0.33% | 0.10% | 0.39%†† | |||||
Net expenses (d) | 0.74%†† | 0.75% | 0.82% | 0.90% | 0.90% | 1.00%†† | |||||
Expenses (before waiver/reimbursement) (d) | 0.87%†† | 0.86% | 0.86% | 0.90% | 0.90% | 1.00%†† | |||||
Portfolio turnover rate | 44% | 225% | 257% | 161% | 159% | 180% | |||||
Net assets at end of period (in 000’s) | $ 204,347 | $ 197,586 | $ 198,292 | $ 123,857 | $ 180,840 | $ 164,253 |
* | Unaudited. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Small Cap Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | May 2, 2016^ through December 31, 2016 | |||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | |||||||
Net asset value at beginning of period | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | $ 11.72 | $ 10.00 | |||||
Net investment income (loss) (a) | 0.00‡ | 0.02 | 0.02 | 0.01 | (0.02) | 0.01 | |||||
Net realized and unrealized gain (loss) on investments | 1.94 | 1.03 | 1.59 | (1.69) | 1.62 | 1.88 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | — | — | — | — | — | |||||
Total from investment operations | 1.94 | 1.05 | 1.61 | (1.68) | 1.60 | 1.89 | |||||
Less distributions: | |||||||||||
From net investment income | — | — | (0.00)‡ | — | — | (0.01) | |||||
From net realized gain on investments | — | — | (0.81) | (1.67) | (0.21) | (0.16) | |||||
Total distributions | — | — | (0.81) | (1.67) | (0.21) | (0.17) | |||||
Net asset value at end of period | $ 13.55 | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | $ 11.72 | |||||
Total investment return (b) | 16.71%(c) | 9.94%(c) | 17.53% | (15.32)% | 13.64% | 18.95% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.07%†† | 0.17% | 0.22% | 0.09% | (0.15)% | 0.16%†† | |||||
Net expenses (d) | 0.99%†† | 1.00% | 1.07% | 1.15% | 1.15% | 1.25%†† | |||||
Expenses (before waiver/reimbursement) (d) | 1.12%†† | 1.11% | 1.12% | 1.15% | 1.15% | 1.25%†† | |||||
Portfolio turnover rate | 44% | 225% | 257% | 161% | 159% | 180% | |||||
Net assets at end of period (in 000’s) | $ 318,285 | $ 304,479 | $ 317,216 | $ 136,965 | $ 176,295 | $ 175,015 |
* | Unaudited. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2016 |
Service Class | May 2, 2016 |
20 | MainStay VP Wellington Small Cap Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay VP Wellington Small Cap Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ — | $ 86,708 | $ (79,547) | $ — | $ — | $ 7,161 | $ —(a) | $ — | 7,161 |
(a) | Less than $500. |
24 | MainStay VP Wellington Small Cap Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $539,333,232 | $20,257,003 | $(20,055,067) | $201,936 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $29,441 | $1,406 |
2020 | |
Distributions paid from: | |
Ordinary Income | $219,144 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 494,106 | $ 6,649,831 |
Shares redeemed | (2,430,919) | (32,950,064) |
Net increase (decrease) | (1,936,813) | $(26,300,233) |
Year ended December 31, 2020: | ||
Shares sold | 549,601 | $ 4,722,504 |
Shares issued to shareholders in reinvestment of distributions | 22,016 | 219,144 |
Shares redeemed | (2,337,460) | (23,020,294) |
Net increase (decrease) | (1,765,843) | $(18,078,646) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 532,798 | $ 6,912,695 |
Shares redeemed | (3,267,326) | (42,963,995) |
Net increase (decrease) | (2,734,528) | $(36,051,300) |
Year ended December 31, 2020: | ||
Shares sold | 3,009,340 | $ 23,783,802 |
Shares redeemed | (6,822,754) | (65,012,844) |
Net increase (decrease) | (3,813,414) | $(41,229,042) |
26 | MainStay VP Wellington Small Cap Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other accounts (noting that none of which are registered investment companies) with similar strategies as those of the Portfolio, as repositioned, and the performance track record of those accounts; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by Wellington; |
• | New York Life Investments’ and Wellington’s belief that their respective compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws and their commitment to further developing and strengthening compliance programs relating to the MainStay Group of Funds generally and the Portfolio specifically; |
• | ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
28 | MainStay VP Wellington Small Cap Portfolio |
30 | MainStay VP Wellington Small Cap Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781641 | MSVPSCC10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2, 3 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio4 |
Initial Class Shares | 2/17/2012 | 10.62% | 48.03% | 14.16% | 3.84% | 1.19% |
Service Class Shares | 2/17/2012 | 10.49 | 47.66 | 13.87 | 3.58 | 1.44 |
1. | Effective January 13, 2015, the Portfolio changed its subadvisors and revised its principal investment strategies. The performance in the bar chart and table prior to that date reflects the Portfolio’s prior subadvisors and principal investment strategies. |
2. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
3. | Effective May 1, 2021, the Portfolio replaced one of its subadvisors and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
MSCI Emerging Markets Index (Net)1 | 7.45% | 40.90% | 13.03% | 5.29% |
Morningstar Diversified Emerging Markets Category Average2 | 8.81 | 41.51 | 11.77 | 5.05 |
1. | The MSCI Emerging Markets Index (Net) is the Portfolio's primary benchmark. The MSCI Emerging Markets Index (Net) is a broad-based benchmark that is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,106.20 | $6.06 | $1,019.04 | $5.81 | 1.16% |
Service Class Shares | $1,000.00 | $1,104.90 | $7.36 | $1,017.80 | $7.05 | 1.41% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Candriam Emerging Markets Equity Portfolio |
China | 39.9% |
Republic of Korea | 12.9 |
India | 11.9 |
Taiwan | 11.3 |
Brazil | 6.9 |
Russia | 3.4 |
South Africa | 3.3 |
Mexico | 2.0 |
Hong Kong | 1.8 |
Poland | 1.3 |
Thailand | 1.1 |
Indonesia | 0.7% |
Peru | 0.7 |
Chile | 0.5 |
Argentina | 0.4 |
Hungary | 0.2 |
Turkey | 0.2 |
Canada | 0.1 |
Greece | 0.0‡ |
Other Assets, Less Liabilities | 1.4 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. |
2. | Samsung Electronics Co. Ltd. |
3. | Tencent Holdings Ltd. |
4. | Alibaba Group Holding Ltd. |
5. | Meituan |
6. | KB Financial Group, Inc. |
7. | TCS Group Holding plc (Registered) |
8. | China Merchants Bank Co. Ltd., Class H |
9. | Naspers Ltd., Class N |
10. | China Construction Bank Corp., Class H |
1. | Mr. Boudewijns will serve as a portfolio manager for the Portfolio until on or about April 1, 2022. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Candriam Emerging Markets Equity Portfolio |
10 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks 97.5% | ||
Argentina 0.4% | ||
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a) | 940 | $ 1,464,323 |
Brazil 6.3% | ||
Banco BTG Pactual SA (Capital Markets) | 121,000 | 2,969,412 |
Banco Inter SA (Banks) | 201,000 | 3,143,631 |
Banco Santander Brasil SA (Banks) | 640,000 | 5,211,307 |
Cosan SA (Oil, Gas & Consumable Fuels) | 1,040,000 | 5,009,932 |
Localiza Rent a Car SA (Road & Rail) | 122,500 | 1,576,260 |
Notre Dame Intermedica Participacoes SA (Health Care Providers & Services) | 100,000 | 1,707,547 |
Pagseguro Digital Ltd., Class A (IT Services) (a) | 20,000 | 1,118,400 |
WEG SA (Electrical Equipment) | 264,000 | 1,788,202 |
22,524,691 | ||
Canada 0.1% | ||
Pan American Silver Corp. (Metals & Mining) | 10,000 | 285,700 |
China 39.9% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 171,057 | 1,879,087 |
Air China Ltd., Class H (Airlines) | 1,320,000 | 970,751 |
Airtac International Group (Machinery) | 61,000 | 2,353,522 |
Alibaba Group Holding Ltd. Sponsored ADR(Internet & Direct Marketing Retail) (a) | 26,000 | 5,896,280 |
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) (a) | 266,000 | 7,537,061 |
Alibaba Health Information Technology Ltd. (Health Care Technology) (a) | 320,000 | 709,710 |
Asia Cement China Holdings Corp. (Construction Materials) | 15,500 | 12,138 |
Baidu, Inc. Sponsored ADR(Interactive Media & Services) (a) | 13,600 | 2,773,040 |
Bank of Ningbo Co. Ltd., Class A (Banks) | 390,857 | 2,357,319 |
Bilibili, Inc. Sponsored ADR(Entertainment) (a) | 15,000 | 1,827,600 |
Brilliance China Automotive Holdings Ltd. (Automobiles) (b)(c)(d) | 1,142,000 | 536,855 |
BYD Co. Ltd., Class H (Automobiles) | 18,000 | 538,310 |
CanSino Biologics, Inc., Class H (Pharmaceuticals) (a)(e) | 34,000 | 1,806,782 |
China Construction Bank Corp., Class H (Banks) | 7,000,000 | 5,508,546 |
Shares | Value | |
China (continued) | ||
China Feihe Ltd. (Food Products) (e) | 600,000 | $ 1,295,159 |
China Mengniu Dairy Co. Ltd. (Food Products) | 230,000 | 1,390,789 |
China Merchants Bank Co. Ltd., Class H (Banks) | 660,000 | 5,631,544 |
China Molybdenum Co. Ltd., Class H (Metals & Mining) | 2,140,660 | 1,271,002 |
China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels) | 4,400,000 | 2,227,116 |
China Tourism Group Duty Free Corp. Ltd., Class A (Specialty Retail) | 40,000 | 1,857,787 |
Chongqing Zhifei Biological Products Co. Ltd., Class A (Biotechnology) | 55,992 | 1,618,118 |
CIFI Holdings Group Co. Ltd. (Real Estate Management & Development) | 1,960,000 | 1,529,771 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 38,906 | 3,220,164 |
Country Garden Services Holdings Co. Ltd. (Commercial Services & Supplies) | 239,000 | 2,582,602 |
East Money Information Co. Ltd., Class A (Capital Markets) | 350,178 | 1,777,053 |
Ecovacs Robotics Co. Ltd., Class A (Household Durables) | 10,975 | 387,402 |
ENN Energy Holdings Ltd. (Gas Utilities) | 120,000 | 2,284,301 |
Focus Media Information Technology Co. Ltd., Class A (Media) | 799,991 | 1,165,050 |
Ganfeng Lithium Co. Ltd., Class A (Metals & Mining) | 83,994 | 1,574,079 |
Geely Automobile Holdings Ltd. (Automobiles) | 220,000 | 692,786 |
JD.com, Inc. ADR (Internet & Direct Marketing Retail) (a) | 34,000 | 2,713,540 |
Jiumaojiu International Holdings Ltd. (Hotels, Restaurants & Leisure) (e) | 190,000 | 776,953 |
Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 1,740,000 | 2,001,236 |
Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 290,000 | 3,540,821 |
Longfor Group Holdings Ltd. (Real Estate Management & Development) | 400,000 | 2,241,026 |
LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 131,600 | 1,809,399 |
Meituan (Internet & Direct Marketing Retail) (a) | 168,000 | 6,932,653 |
MMG Ltd. (Metals & Mining) (a) | 1,760,000 | 775,241 |
NIO, Inc. ADR (Automobiles) (a) | 69,000 | 3,670,800 |
Shares | Value | |
Common Stocks (continued) | ||
China (continued) | ||
Pinduoduo, Inc. ADR (Internet & Direct Marketing Retail) (a) | 19,000 | $ 2,413,380 |
Ping An Bank Co. Ltd., Class A (Banks) | 500,997 | 1,753,871 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 392,000 | 3,839,573 |
Sany Heavy Industry Co. Ltd., Class A (Machinery) | 333,906 | 1,502,240 |
Shandong Linglong Tyre Co. Ltd., Class A (Auto Components) | 244,000 | 1,651,728 |
Shandong Pharmaceutical Glass Co. Ltd., Class A (Health Care Equipment & Supplies) | 119,956 | 630,277 |
Shandong Sinocera Functional Material Co. Ltd., Class A (Chemicals) | 160,482 | 1,210,796 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 150,000 | 1,723,916 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Supplies) | 18,964 | 1,408,920 |
Silergy Corp. (Semiconductors & Semiconductor Equipment) | 20,200 | 2,747,708 |
Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) | 75,000 | 2,370,465 |
Tencent Holdings Ltd. (Interactive Media & Services) | 181,000 | 13,614,106 |
Vipshop Holdings Ltd. ADR (Internet & Direct Marketing Retail) (a) | 56,000 | 1,124,480 |
Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 47,006 | 2,342,498 |
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(e) | 252,000 | 4,618,523 |
Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Electronic Equipment, Instruments & Components) | 175,984 | 1,637,973 |
Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) | 900,000 | 1,942,738 |
Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy Equipment & Services) | 325,899 | 2,254,554 |
Yonyou Network Technology Co. Ltd., Class A (Software) | 112,000 | 576,515 |
Yunnan Energy New Material Co. Ltd. (Containers & Packaging) | 87,916 | 3,185,219 |
142,222,873 |
Shares | Value | |
Greece 0.0% ‡ | ||
FF Group (Textiles, Apparel & Luxury Goods) (a)(b)(c)(d) | 19,000 | $ 0 |
Hong Kong 1.8% | ||
AIA Group Ltd. (Insurance) | 124,000 | 1,541,156 |
China Lumena New Materials Corp. (Chemicals) (a)(b)(c)(d) | 6,500 | 0 |
China Metal Recycling Holdings Ltd. (Metals & Mining) (a)(b)(c)(d) | 75,000 | 0 |
Hong Kong Exchanges & Clearing Ltd. (Capital Markets) | 20,000 | 1,192,123 |
Nine Dragons Paper Holdings Ltd. (Paper & Forest Products) | 980,000 | 1,257,138 |
Xinyi Glass Holdings Ltd. (Building Products) | 580,000 | 2,364,283 |
6,354,700 | ||
Hungary 0.2% | ||
OTP Bank Nyrt. (Banks) (a) | 16,000 | 861,357 |
India 11.9% | ||
Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure) | 28,000 | 265,083 |
Asian Paints Ltd. (Chemicals) | 34,000 | 1,368,920 |
Bajaj Finance Ltd. (Consumer Finance) | 34,000 | 2,751,768 |
Divi's Laboratories Ltd. (Life Sciences Tools & Services) (a) | 29,671 | 1,759,682 |
GAIL India Ltd. (Gas Utilities) | 900,000 | 1,811,987 |
Graphite India Ltd. (Electrical Equipment) | 192,000 | 1,646,323 |
Grasim Industries Ltd. (Construction Materials) | 110,000 | 2,217,981 |
HDFC Bank Ltd. (Banks) | 155,078 | 3,125,136 |
ICICI Bank Ltd. (Banks) | 504,000 | 4,277,864 |
ICICI Lombard General Insurance Co. Ltd. (Insurance) (e) | 36,000 | 758,940 |
Info Edge India Ltd. (Interactive Media & Services) | 27,000 | 1,785,621 |
Infosys Ltd. (IT Services) | 218,000 | 4,636,276 |
JSW Steel Ltd. (Metals & Mining) | 470,000 | 4,324,405 |
Jubilant Foodworks Ltd. (Hotels, Restaurants & Leisure) (a) | 29,922 | 1,239,953 |
Motherson Sumi Systems Ltd. (Auto Components) (a) | 470,978 | 1,534,021 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 134,000 | 3,805,019 |
State Bank of India (Banks) | 540,000 | 3,045,446 |
12 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
India (continued) | ||
Tata Consumer Products Ltd. (Food Products) | 190,000 | $ 1,928,373 |
42,282,798 | ||
Indonesia 0.7% | ||
Bank Central Asia Tbk. PT (Banks) | 1,220,000 | 2,534,655 |
Mexico 2.0% | ||
Alsea SAB de CV (Hotels, Restaurants & Leisure) (a) | 780,000 | 1,387,910 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 470,000 | 3,035,878 |
Ternium SA Sponsored ADR(Metals & Mining) | 67,000 | 2,576,820 |
7,000,608 | ||
Peru 0.7% | ||
Southern Copper Corp. (Metals & Mining) | 36,400 | 2,341,248 |
Poland 1.3% | ||
Dino Polska SA (Food & Staples Retailing) (a)(e) | 26,000 | 1,908,576 |
KGHM Polska Miedz SA (Metals & Mining) | 11,000 | 541,345 |
Powszechny Zaklad Ubezpieczen SA (Insurance) | 228,000 | 2,194,493 |
4,644,414 | ||
Republic of Korea 12.9% | ||
Amorepacific Corp. (Personal Products) | 3,200 | 716,068 |
Kakao Corp. (Interactive Media & Services) | 27,000 | 3,908,005 |
KB Financial Group, Inc. (Banks) | 124,000 | 6,144,119 |
Kia Corp. (Automobiles) | 57,000 | 4,535,097 |
NAVER Corp. (Interactive Media & Services) | 3,500 | 1,297,563 |
Samsung C&T Corp. (Industrial Conglomerates) | 11,000 | 1,333,304 |
Samsung Electro-Mechanics Co. Ltd. (Electronic Equipment, Instruments & Components) | 10,800 | 1,697,465 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 215,000 | 15,406,917 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 56,000 | 1,188,474 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 4,400 | 2,727,168 |
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 37,600 | 4,256,982 |
Shares | Value | |
Republic of Korea (continued) | ||
S-Oil Corp. (Oil, Gas & Consumable Fuels) | 32,000 | $ 2,912,578 |
46,123,740 | ||
Russia 3.4% | ||
HeadHunter Group plc ADR (Professional Services) | 14,000 | 593,180 |
Mobile TeleSystems PJSC Sponsored ADR(Wireless Telecommunication Services) | 64,000 | 592,640 |
Polymetal International plc (Metals & Mining) | 102,000 | 2,193,347 |
Tatneft PJSC (Oil, Gas & Consumable Fuels) | 68,694 | 499,012 |
TCS Group Holding plc (Registered) GDR (Banks) | 67,000 | 5,862,500 |
Yandex NV, Class A (Interactive Media & Services) (a) | 36,000 | 2,547,000 |
12,287,679 | ||
South Africa 3.3% | ||
Capitec Bank Holdings Ltd. (Banks) | 16,000 | 1,889,614 |
Impala Platinum Holdings Ltd. (Metals & Mining) | 148,000 | 2,440,653 |
Kumba Iron Ore Ltd. (Metals & Mining) | 38,000 | 1,704,651 |
Naspers Ltd., Class N (Internet & Direct Marketing Retail) | 26,800 | 5,626,855 |
11,661,773 | ||
Taiwan 11.3% | ||
Accton Technology Corp. (Communications Equipment) | 170,000 | 2,016,510 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 60,000 | 1,315,747 |
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 22,000 | 1,587,079 |
Chailease Holding Co. Ltd. (Diversified Financial Services) (a) | 640,000 | 4,651,413 |
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 260,000 | 2,827,456 |
Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment) | 66,000 | 2,176,905 |
MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 150,000 | 5,179,004 |
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 122,000 | 2,211,216 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 780,000 | 16,656,797 |
Shares | Value | ||
Common Stocks (continued) | |||
Taiwan (continued) | |||
Wiwynn Corp. (Technology Hardware, Storage & Peripherals) | 42,000 | $ 1,502,880 | |
40,125,007 | |||
Thailand 1.1% | |||
Carabao Group PCL NVDR (Beverages) | 200,000 | 882,995 | |
Energy Absolute PCL NVDR (Independent Power and Renewable Electricity Producers) (f) | 720,800 | �� | 1,371,882 |
Srisawad Corp. PCL NVDR (Consumer Finance) (f) | 860,000 | 1,844,774 | |
4,099,651 | |||
Turkey 0.2% | |||
Ford Otomotiv Sanayi A/S (Automobiles) | 33,000 | 645,086 | |
Total Common Stocks (Cost $272,151,805) | 347,460,303 | ||
Preferred Stocks 1.1% | |||
Brazil 0.6% | |||
Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) 2.69% | 380,000 | 2,248,462 | |
Chile 0.5% | |||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) 0.35% | 34,000 | 1,609,220 | |
Total Preferred Stocks (Cost $3,685,015) | 3,857,682 | ||
Total Investments (Cost $275,836,820) | 98.6% | 351,317,985 | |
Other Assets, Less Liabilities | 1.4 | 4,900,649 | |
Net Assets | 100.0% | $ 356,218,634 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2021, the total market value was $536,855, which represented 0.2% of the Portfolio’s net assets. |
(c) | Illiquid security—As of June 30, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $536,855, which represented 0.2% of the Portfolio’s net assets. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(f) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $2,668,396. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,868,202. (See Note 2(J)) |
Abbreviation(s): |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
14 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 346,923,448 | $ — | $ 536,855 | $ 347,460,303 | |||
Preferred Stocks | 3,857,682 | — | — | 3,857,682 | |||
Total Investments in Securities | $ 350,781,130 | $ — | $ 536,855 | $ 351,317,985 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | |
Airlines | $ 970,751 | 0.3% |
Auto Components | 3,185,749 | 0.9 |
Automobiles | 10,618,934 | 2.9 |
Banks | 54,382,787 | 15.3 |
Beverages | 882,995 | 0.2 |
Biotechnology | 1,618,118 | 0.5 |
Building Products | 2,364,283 | 0.7 |
Capital Markets | 5,938,588 | 1.6 |
Chemicals | 4,188,936 | 1.2 |
Commercial Services & Supplies | 2,582,602 | 0.7 |
Communications Equipment | 2,016,510 | 0.6 |
Construction & Engineering | 1,188,474 | 0.3 |
Construction Materials | 2,230,119 | 0.6 |
Consumer Finance | 4,596,542 | 1.3 |
Containers & Packaging | 3,185,219 | 0.9 |
Diversified Financial Services | 4,651,413 | 1.3 |
Electrical Equipment | 6,654,689 | 1.9 |
Electronic Equipment, Instruments & Components | 11,260,527 | 3.3 |
Energy Equipment & Services | 2,254,554 | 0.6 |
Entertainment | 1,827,600 | 0.5 |
Food & Staples Retailing | 1,908,576 | 0.5 |
Food Products | 4,614,321 | 1.3 |
Gas Utilities | 4,096,288 | 1.1 |
Health Care Equipment & Supplies | 2,039,197 | 0.5 |
Health Care Providers & Services | 3,586,634 | 1.0 |
Health Care Technology | 709,710 | 0.2 |
Hotels, Restaurants & Leisure | 3,404,816 | 0.9 |
Household Durables | 387,402 | 0.1 |
Independent Power and Renewable Electricity Producers | 1,371,882 | 0.4 |
Industrial Conglomerates | 1,333,304 | 0.4 |
Insurance | 8,334,162 | 2.3 |
Interactive Media & Services | 25,925,335 | 7.2 |
Internet & Direct Marketing Retail | 33,708,572 | 9.5 |
IT Services | 5,754,676 | 1.6 |
Life Sciences Tools & Services | 6,378,205 | 1.8 |
Machinery | 5,579,678 | 1.6 |
Media | 1,165,050 | 0.3 |
Metals & Mining | 20,028,491 | 5.7 |
Oil, Gas & Consumable Fuels | 16,702,119 | 4.6 |
Paper & Forest Products | 1,257,138 | 0.4 |
Personal Products | 716,068 | 0.2 |
Pharmaceuticals | 1,806,782 | 0.5 |
Professional Services | 593,180 | 0.2 |
Value | Percent | ||
Real Estate Management & Development | $ 3,770,797 | 1.0% | |
Road & Rail | 1,576,260 | 0.4 | |
Semiconductors & Semiconductor Equipment | 42,226,073 | 11.9 | |
Software | 576,515 | 0.2 | |
Specialty Retail | 1,857,787 | 0.6 | |
Technology Hardware, Storage & Peripherals | 18,911,033 | 5.3 | |
Textiles, Apparel & Luxury Goods | 3,540,821 | 1.0 | |
Transportation Infrastructure | 265,083 | 0.1 | |
Wireless Telecommunication Services | 592,640 | 0.2 | |
351,317,985 | 98.6 | ||
Other Assets, Less Liabilities | 4,900,649 | 1.4 | |
Net Assets | $356,218,634 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
16 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Assets | |
Investment in securities, at value (identified cost $275,836,820) including securities on loan of $2,668,396 | $351,317,985 |
Cash | 5,176,247 |
Cash denominated in foreign currencies (identified cost $1,368,079) | 1,364,698 |
Receivables: | |
Investment securities sold | 1,839,487 |
Dividends and interest | 520,726 |
Securities lending | 2,151 |
Other assets | 3,070 |
Total assets | 360,224,364 |
Liabilities | |
Payables: | |
Investment securities purchased | 2,280,956 |
Foreign capital gains tax (See Note 2) | 1,034,402 |
Manager (See Note 3) | 291,543 |
Custodian | 225,935 |
Portfolio shares redeemed | 91,948 |
Professional fees | 30,172 |
NYLIFE Distributors (See Note 3) | 24,052 |
Shareholder communication | 16,524 |
Dividend payable | 3,664 |
Trustees | 147 |
Accrued expenses | 6,387 |
Total liabilities | 4,005,730 |
Net assets | $356,218,634 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 27,976 |
Additional paid-in-capital | 249,908,275 |
249,936,251 | |
Total distributable earnings (loss) | 106,282,383 |
Net assets | $356,218,634 |
Initial Class | |
Net assets applicable to outstanding shares | $238,610,603 |
Shares of beneficial interest outstanding | 18,733,698 |
Net asset value per share outstanding | $ 12.74 |
Service Class | |
Net assets applicable to outstanding shares | $117,608,031 |
Shares of beneficial interest outstanding | 9,242,402 |
Net asset value per share outstanding | $ 12.72 |
Investment Income (Loss) | |
Income | |
Dividends (net of foreign tax withholding of $477,673) | $ 3,458,949 |
Securities lending | 27,547 |
Total income | 3,486,496 |
Expenses | |
Manager (See Note 3) | 1,810,103 |
Custodian | 192,512 |
Distribution/Service—Service Class (See Note 3) | 148,332 |
Professional fees | 72,671 |
Shareholder communication | 33,085 |
Trustees | 3,832 |
Miscellaneous | 15,376 |
Total expenses before waiver/reimbursement | 2,275,911 |
Expense waiver/reimbursement from Manager (See Note 3) | (25,829) |
Net expenses | 2,250,082 |
Net investment income (loss) | 1,236,414 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | 60,439,666 |
Foreign currency transactions | (350,928) |
Net realized gain (loss) | 60,088,738 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | (22,442,146) |
Translation of other assets and liabilities in foreign currencies | (15,797) |
Net change in unrealized appreciation (depreciation) | (22,457,943) |
Net realized and unrealized gain (loss) | 37,630,795 |
Net increase (decrease) in net assets resulting from operations | $ 38,867,209 |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(93,221). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(862,130). |
18 | MainStay VP Candriam Emerging Markets Equity Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,236,414 | $ 2,436,450 |
Net realized gain (loss) | 60,088,738 | 22,540,454 |
Net change in unrealized appreciation (depreciation) | (22,457,943) | 50,658,697 |
Net increase (decrease) in net assets resulting from operations | 38,867,209 | 75,635,601 |
Distributions to shareholders: | ||
Initial Class | — | (7,555,963) |
Service Class | — | (3,147,716) |
Total distributions to shareholders | — | (10,703,679) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,056,102 | 2,857,868 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 10,703,679 |
Cost of shares redeemed | (62,087,763) | (100,193,578) |
Increase (decrease) in net assets derived from capital share transactions | (61,031,661) | (86,632,031) |
Net increase (decrease) in net assets | (22,164,452) | (21,700,109) |
Net Assets | ||
Beginning of period | 378,383,086 | 400,083,195 |
End of period | $356,218,634 | $ 378,383,086 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | $ 7.22 | $ 6.83 | |||||
Net investment income (loss) (a) | 0.05 | 0.07 | 0.19 | 0.12 | 0.09 | 0.06 | |||||
Net realized and unrealized gain (loss) on investments | 1.19 | 2.32 | 1.42 | (2.19) | 3.03 | 0.37 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.01) | (0.02) | (0.01) | (0.02) | (0.01) | (0.01) | |||||
Total from investment operations | 1.23 | 2.37 | 1.60 | (2.09) | 3.11 | 0.42 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.32) | (0.13) | (0.14) | (0.11) | (0.03) | |||||
Net asset value at end of period | $ 12.74 | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | $ 7.22 | |||||
Total investment return (b) | 10.69%(c) | 25.71% | 20.08% | (20.55)% | 43.12% | 6.23% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.76%†† | 0.79% | 2.18% | 1.27% | 0.94% | 0.91%(d) | |||||
Net expenses (e)(f) | 1.16%†† | 1.18% | 1.17% | 1.16% | 1.24% | 1.29%(g) | |||||
Expenses (before waiver/reimbursement) (e) | 1.18%†† | 1.18% | 1.17% | 1.16% | 1.24% | 1.29% | |||||
Portfolio turnover rate | 26% | 123% | 121% | 135% | 149% | 123% | |||||
Net assets at end of period (in 000’s) | $ 238,611 | $ 257,933 | $ 273,042 | $ 371,834 | $ 497,861 | $ 257,593 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.83%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021 | 1.16% | — | ||
December 31, 2020 | 1.18% | — | ||
December 31, 2019 | 1.17% | — | ||
December 31, 2018 | 1.16% | — | ||
December 31, 2017 | 1.24% | 0.00%(h) | ||
December 31, 2016 | 1.29% | 0.00%(h) |
(g) | Without the custody fee reimbursement, net expenses would have been 1.37%. |
(h) | Less than 0.01%. |
20 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | $ 7.21 | $ 6.82 | |||||
Net investment income (loss) (a) | 0.03 | 0.05 | 0.17 | 0.10 | 0.07 | 0.05 | |||||
Net realized and unrealized gain (loss) on investments | 1.18 | 2.33 | 1.41 | (2.19) | 3.02 | 0.36 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.01) | (0.02) | (0.01) | (0.02) | (0.01) | (0.01) | |||||
Total from investment operations | 1.20 | 2.36 | 1.57 | (2.11) | 3.08 | 0.40 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.29) | (0.10) | (0.11) | (0.09) | (0.01) | |||||
Net asset value at end of period | $ 12.72 | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | $ 7.21 | |||||
Total investment return (b) | 10.42%(c) | 25.40% | 19.78% | (20.74)% | 42.77% | 5.96% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.52%†† | 0.57% | 2.00% | 1.07% | 0.73% | 0.69%(d) | |||||
Net expenses (e)(f) | 1.41%†† | 1.43% | 1.42% | 1.41% | 1.49% | 1.55%(g) | |||||
Expenses (before waiver/reimbursement) (e) | 1.43%†† | 1.43% | 1.42% | 1.41% | 1.49% | 1.55% | |||||
Portfolio turnover rate | 26% | 123% | 121% | 135% | 149% | 123% | |||||
Net assets at end of period (in 000’s) | $ 117,608 | $ 120,450 | $ 127,042 | $ 131,498 | $ 208,590 | $ 155,777 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 0.62%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021 | 1.41% | — | ||
December 31, 2020 | 1.43% | — | ||
December 31, 2019 | 1.42% | — | ||
December 31, 2018 | 1.41% | — | ||
December 31, 2017 | 1.49% | 0.00%(h) | ||
December 31, 2016 | 1.55% | 0.00%(h) |
(g) | Without the custody fee reimbursement, net expenses would have been 1.62%. |
(h) | Less than 0.01%. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
22 | MainStay VP Candriam Emerging Markets Equity Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay VP Candriam Emerging Markets Equity Portfolio |
26 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 2,098 | $ 39,589 | $ (41,687) | $ — | $ — | $ — | $ —(a) | $ — | — |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $282,113,141 | $74,557,428 | $(5,352,584) | $69,204,844 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $26,544 | $— |
2020 | |
Distributions paid from: | |
Ordinary Income | $10,703,679 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 57,964 | $ 709,040 |
Shares redeemed | (3,726,405) | (46,729,759) |
Net increase (decrease) | (3,668,441) | $(46,020,719) |
Year ended December 31, 2020: | ||
Shares sold | 162,798 | $ 1,486,705 |
Shares issued to shareholders in reinvestment of distributions | 768,171 | 7,555,963 |
Shares redeemed | (7,404,710) | (67,849,037) |
Net increase (decrease) | (6,473,741) | $(58,806,369) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 28,415 | $ 347,062 |
Shares redeemed | (1,244,501) | (15,358,004) |
Net increase (decrease) | (1,216,086) | $(15,010,942) |
Year ended December 31, 2020: | ||
Shares sold | 164,132 | $ 1,371,163 |
Shares issued to shareholders in reinvestment of distributions | 319,740 | 3,147,716 |
Shares redeemed | (3,463,232) | (32,344,541) |
Net increase (decrease) | (2,979,360) | $(27,825,662) |
28 | MainStay VP Candriam Emerging Markets Equity Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
30 | MainStay VP Candriam Emerging Markets Equity Portfolio |
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Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
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1781615 | MSVPEME10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1 | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2013 | 1.19% | 8.36% | 2.08% | -0.35% | 1.26% |
Service Class Shares | 5/1/2013 | 1.07 | 8.09 | 1.82 | -0.56 | 1.51 |
1. | Effective November 30, 2018, the Portfolio’s predecessor fund, MainStay VP Absolute Return Multi-Strategy Portfolio (the “VP ARMS Portfolio”), was reorganized into the Portfolio. The Portfolio assumed the VP ARMS Portfolio’s historical performance and accounting information. Therefore, the performance information prior to November 30, 2018, shown in this report is that of the VP ARMS Portfolio, which had a different investment objective and different principal investment strategies and subadvisors. Past performance may have been different if the Portfolio’s current subadvisor, investment objective or principal investment strategies had been in place during the periods. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
S&P Balanced Equity and Bond Conservative Index1 | 1.20% | 5.81% | 6.14% | 5.83% |
HFRI Fund of Funds Composite Index2 | 4.75 | 18.07 | 6.09 | 4.31 |
IQ Hedge Multi-Strategy Index3 | 1.61 | 9.26 | 3.99 | 3.62 |
Morningstar Multistrategy Category Average4 | 5.48 | 12.44 | 3.30 | 2.97 |
1. | The Portfolio has selected the S&P Balanced Equity and Bond Conservative Index as its primary benchmark. The S&P Balanced Equity and Bond-Conservative Index consists of a position in the S&P 500 Total Return Index (25%) and a position in the S&P U.S. Treasury Bond 7-10 Year Index (75%). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the HFRI Fund of Funds Composite Index as its secondary benchmark. The HFRI Fund of Funds Composite Index is an equally weighted hedge fund index including over 650 domestic and off-shore fund of funds. The index is rebalanced monthly with performance updates three times per month. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The IQ Hedge Multi-Strategy Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using various hedge fund investment styles, including long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets. |
4. | The Morningstar Multistrategy Category Average is representative of funds that have a majority of their assets exposed to alternative strategies. Funds in this category include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,011.90 | $3.49 | $1,021.32 | $3.51 | 0.70% |
Service Class Shares | $1,000.00 | $1,010.70 | $4.74 | $1,020.08 | $4.76 | 0.95% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
U.S. Ultra Short Term Bond Funds | 19.0% |
Investment Grade Corporate Bond Funds | 16.2 |
Convertible Bond Funds | 11.1 |
Bank Loan Funds | 10.4 |
Unaffiliated Investment Company | 9.9 |
Emerging Equity Funds | 4.6 |
U.S. Medium Term Treasury Bond Funds | 4.1 |
Europe Equity Funds | 3.5 |
International Bond Fund | 2.6 |
BRIC Equity Funds | 2.4 |
U.S. Small Cap Growth Funds | 2.3 |
Emerging Bonds—USD Funds | 2.3 |
Floating Rate—Investment Grade Funds | 2.3 |
Emerging Small Cap Equity Fund | 2.2 |
Emerging Bonds—Local Currency Funds | 2.1 |
U.S. Dollar Fund | 2.1 |
High Yield Corporate Bond Funds | 1.8 |
Gold Funds | 1.7 |
International Small Cap Equity Funds | 1.6% |
U.S. Large Cap Core Funds | 1.5 |
U.S. Large Cap Growth Funds | 1.3 |
Silver Funds | 1.2 |
U.S. Preferred Funds | 1.0 |
Affiliated Investment Company | 1.0 |
International Equity Core Funds | 0.5 |
International Large Cap Growth Fund | 0.4 |
Mortgage–Backed Security Funds | 0.3 |
Volatility | 0.2 |
Broad Funds | 0.2 |
U.S. Momentum Fund | 0.1 |
U.S. Small Cap Value Funds | 0.0‡ |
Municipal Bond Fund | 0.0‡ |
Other Assets, Less Liabilities | –9.9 |
100.0% |
1. | IQ Ultra Short Duration ETF |
2. | Vanguard Short-Term Corporate Bond ETF |
3. | SPDR Bloomberg Barclays Convertible Securities ETF |
4. | Invesco Senior Loan ETF |
5. | SPDR Blackstone Senior Loan ETF |
6. | Vanguard FTSE Europe ETF |
7. | SPDR Bloomberg Barclays International Treasury Bond ETF |
8. | iShares Short Treasury Bond ETF |
9. | SPDR Portfolio Short Term Corporate Bond ETF |
10. | iShares Convertible Bond ETF |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | “S&P 500®” is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
8 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Exchange-Traded Funds 93.6% | ||
Bonds 72.2% | ||
Bank Loan Funds 10.4% | ||
Invesco Senior Loan ETF | 1,013,251 | $ 22,443,510 |
SPDR Blackstone Senior Loan ETF | 385,705 | 17,854,284 |
40,297,794 | ||
Convertible Bond Funds 11.1% | ||
iShares Convertible Bond ETF | 88,306 | 9,004,563 |
SPDR Bloomberg Barclays Convertible Securities ETF (a) | 393,054 | 34,089,573 |
43,094,136 | ||
Emerging Bonds—Local Currency Funds 2.1% | ||
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (a) | 84,695 | 2,238,489 |
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (a) | 190,860 | 5,989,187 |
8,227,676 | ||
Emerging Bonds—USD Funds 2.3% | ||
iShares J.P. Morgan USD Emerging Markets Bond ETF | 68,479 | 7,701,148 |
Vanguard Emerging Markets Government Bond ETF (a) | 14,138 | 1,128,637 |
8,829,785 | ||
Floating Rate—Investment Grade Funds 2.3% | ||
iShares Floating Rate Bond ETF (a) | 127,095 | 6,458,968 |
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (a) | 80,238 | 2,459,294 |
8,918,262 | ||
High Yield Corporate Bond Funds 1.8% | ||
iShares 0-5 Year High Yield Corporate Bond ETF | 3,942 | 181,569 |
iShares iBoxx High Yield Corporate Bond ETF (a) | 42,181 | 3,713,615 |
SPDR Bloomberg Barclays High Yield Bond ETF (a) | 16,465 | 1,810,491 |
SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 6,178 | 170,389 |
Xtrackers USD High Yield Corporate Bond ETF (a) | 27,408 | 1,104,817 |
6,980,881 | ||
International Bond Fund 2.6% | ||
SPDR Bloomberg Barclays International Treasury Bond ETF | 338,249 | 9,927,608 |
Shares | Value | |
Investment Grade Corporate Bond Funds 16.2% | ||
iShares Broad USD Investment Grade Corporate Bond ETF (a) | 5,128 | $ 310,706 |
iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 16,458 | 2,211,297 |
SPDR Portfolio Short Term Corporate Bond ETF (a) | 299,624 | 9,378,231 |
Vanguard Intermediate-Term Corporate Bond ETF | 25,641 | 2,437,690 |
Vanguard Short-Term Corporate Bond ETF (a) | 584,251 | 48,323,400 |
62,661,324 | ||
Mortgage-Backed Security Funds 0.3% | ||
iShares MBS ETF (a) | ��� 5,595 | 605,547 |
SPDR Portfolio Mortgage-Backed Bond ETF | 3,362 | 86,941 |
Vanguard Mortgage-Backed Securities ETF | 6,619 | 353,256 |
1,045,744 | ||
Municipal Bond Fund 0.0% ‡ | ||
VanEck Vectors High Yield Muni ETF (a) | 3,330 | 211,821 |
U.S. Medium Term Treasury Bond Funds 4.1% | ||
iShares 3-7 Year Treasury Bond ETF (a) | 60,818 | 7,938,574 |
Schwab Intermediate-Term U.S. Treasury ETF | 42,951 | 2,442,623 |
Vanguard Intermediate-Term Treasury ETF | 79,616 | 5,398,761 |
15,779,958 | ||
U.S. Ultra Short Term Bond Funds 19.0% | ||
Invesco Treasury Collateral ETF | 38,809 | 4,100,947 |
IQ Ultra Short Duration ETF | 1,200,718 | 59,519,591 |
iShares Short Treasury Bond ETF (a)(b) | 86,284 | 9,533,519 |
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a) | 2,524 | 230,871 |
73,384,928 | ||
Total Bonds (Cost $273,549,850) | 279,359,917 | |
Equities 21.4% | ||
BRIC Equity Funds 2.4% | ||
iShares MSCI China ETF (a) | 90,249 | 7,440,128 |
SPDR S&P China ETF | 14,717 | 1,952,946 |
9,393,074 |
10 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Equities (continued) | ||
Emerging Equity Funds 4.6% | ||
iShares Core MSCI Emerging Markets ETF | 132,093 | $ 8,848,910 |
Vanguard FTSE Emerging Markets ETF (a) | 164,333 | 8,924,925 |
17,773,835 | ||
Emerging Small Cap Equity Fund 2.2% | ||
SPDR S&P Emerging Markets SmallCap ETF | 139,114 | 8,530,471 |
Europe Equity Funds 3.5% | ||
iShares Core MSCI Europe ETF (a) | 46,821 | 2,681,907 |
Vanguard FTSE Europe ETF (a) | 162,836 | 10,952,349 |
13,634,256 | ||
International Equity Core Funds 0.5% | ||
iShares Core MSCI EAFE ETF | 11,283 | 844,645 |
Vanguard FTSE Developed Markets ETF | 17,328 | 892,739 |
1,737,384 | ||
International Large Cap Growth Fund 0.4% | ||
iShares MSCI EAFE Growth ETF (a) | 15,436 | 1,655,974 |
International Small Cap Equity Funds 1.6% | ||
Schwab International Small-Cap Equity ETF (a) | 39,849 | 1,657,718 |
Vanguard FTSE All World ex-US Small-Cap ETF (a) | 32,546 | 4,440,902 |
6,098,620 | ||
U.S. Large Cap Core Funds 1.5% | ||
Energy Select Sector SPDR Fund | 19,833 | 1,068,404 |
Financial Select Sector SPDR Fund | 56,321 | 2,066,417 |
Health Care Select Sector SPDR Fund (a) | 1,381 | 173,937 |
Technology Select Sector SPDR Fund | 7,966 | 1,176,260 |
Vanguard Energy ETF | 2,979 | 226,076 |
Vanguard Financials ETF (a) | 5,638 | 509,957 |
Vanguard Health Care ETF (a) | 1,019 | 251,825 |
Vanguard Information Technology ETF | 788 | 314,231 |
5,787,107 | ||
U.S. Large Cap Growth Funds 1.3% | ||
Schwab U.S. Large-Cap Growth ETF (a) | 4,763 | 695,208 |
Vanguard Growth ETF (a) | 12,403 | 3,557,304 |
Vanguard Mega Cap Growth ETF | 2,179 | 504,177 |
Vanguard Russell 1000 Growth ETF (a) | 4,289 | 299,458 |
5,056,147 |
Shares | Value | |
U.S. Momentum Fund 0.1% | ||
iShares MSCI USA Momentum Factor ETF | 1,376 | $ 238,640 |
U.S. Preferred Funds 1.0% | ||
Invesco Preferred ETF (a) | 66,191 | 1,014,046 |
iShares Preferred & Income Securities ETF (a) | 69,328 | 2,727,017 |
3,741,063 | ||
U.S. Small Cap Growth Funds 2.3% | ||
iShares Russell 2000 Growth ETF (a) | 10,278 | 3,203,550 |
iShares S&P Small-Cap 600 Growth ETF | 12,530 | 1,661,854 |
Vanguard Small-Cap Growth ETF (a) | 14,354 | 4,159,645 |
9,025,049 | ||
U.S. Small Cap Value Funds 0.0% ‡ | ||
iShares Russell 2000 Value ETF | 124 | 20,555 |
iShares S&P Small-Cap 600 Value ETF | 106 | 11,176 |
Vanguard Small-Cap Value ETF | 168 | 29,175 |
60,906 | ||
Total Equities (Cost $75,965,353) | 82,732,526 | |
Total Exchange-Traded Funds (Cost $349,515,203) | 362,092,443 | |
Exchange-Traded Note 0.2% | ||
Volatility 0.2% | ||
Volatility 0.2% | ||
iPath Series B S&P 500 VIX Short-Term Futures ETN (a)(c) | 21,298 | 627,439 |
Total Volatility (Cost $862,957) | 627,439 | |
Total Exchange-Traded Note (Cost $862,957) | 627,439 | |
Exchange-Traded Vehicles 5.2% | ||
Commodities 3.1% | ||
Broad Funds 0.2% | ||
FlexShares Global Upstream Natural Resources Index Fund (a) | 13,513 | 517,413 |
SPDR S&P Global Natural Resources ETF | 3,948 | 209,244 |
726,657 | ||
Gold Funds 1.7% | ||
Aberdeen Standard Physical Gold Shares ETF (a)(c) | 25,807 | 438,461 |
Graniteshares Gold Trust (a)(c) | 11,293 | 198,644 |
iShares Gold Trust (c) | 157,290 | 5,302,246 |
Shares | Value | |
Commodities (continued) | ||
Gold Funds (continued) | ||
SPDR Gold MiniShares Trust (c) | 45,339 | $ 798,420 |
6,737,771 | ||
Silver Funds 1.2% | ||
Aberdeen Standard Physical Silver Shares ETF (c) | 11,354 | 286,007 |
iShares Silver Trust (c) | 173,373 | 4,199,094 |
4,485,101 | ||
Total Commodities (Cost $11,906,377) | 11,949,529 | |
Currency 2.1% | ||
U.S. Dollar Fund 2.1% | ||
Invesco DB US Dollar Index Bullish Fund (a) | 325,982 | 8,094,133 |
Total Currency (Cost $8,020,033) | 8,094,133 | |
Total Exchange-Traded Vehicles (Cost $19,926,410) | 20,043,662 | |
Short-Term Investments 10.9% | ||
Affiliated Investment Company 1.0% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (d) | 3,817,819 | 3,817,819 |
Unaffiliated Investment Company 9.9% | ||
BlackRock Liquidity FedFund, 0.03% (d)(e) | 25,000,000 | 25,000,000 |
Shares | Value | ||
Unaffiliated Investment Company (continued) | |||
Wells Fargo Government Money Market Fund, 0.03% (d)(e) | 13,442,619 | $ 13,442,619 | |
Total Unaffiliated Investment Companies (Cost $38,442,619) | 38,442,619 | ||
Total Short-Term Investments (Cost $42,260,438) | 42,260,438 | ||
Total Investments (Cost $412,565,008) | 109.9% | 425,023,982 | |
Other Assets, Less Liabilities | (9.9) | (38,414,487) | |
Net Assets | 100.0% | $ 386,609,495 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $51,664,611; the total market value of collateral held by the Portfolio was $53,003,967. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $14,561,348. The Portfolio received cash collateral with a value of $38,442,619. (See Note 2(J)) |
(b) | Represents a security, or portion thereof, which was maintained at the broker as collateral for swaps. |
(c) | Non-income producing security. |
(d) | Current yield as of June 30, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Aberdeen Standard Physical Gold Shares ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 13 | $ — |
Morgan Stanley & Co. | Aberdeen Standard Physical Gold Shares ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 13 | — |
Bank of America Merrill Lynch | Aberdeen Standard Physical Silver Shares ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 8 | — |
Morgan Stanley & Co. | Aberdeen Standard Physical Silver Shares ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 8 | — |
Bank of America Merrill Lynch | Consumer Discretionary Select Sector SPDR Fund | 1 month LIBOR | 10/4/21 | Monthly | (348) | — |
12 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | Consumer Discretionary Select Sector SPDR Fund | Federal Fund Rate minus 0.05% | 9/14/22 | Monthly | (348) | $ — |
Bank of America Merrill Lynch | Energy Select Sector SPDR Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 31 | — |
Morgan Stanley & Co. | Energy Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 31 | — |
Bank of America Merrill Lynch | Fidelity MSCI Real Estate Index ETF | 1 month LIBOR | 10/4/21 | Monthly | (27) | — |
Morgan Stanley & Co. | Fidelity MSCI Real Estate Index ETF | Federal Fund Rate minus 21.75% | 9/14/22 | Monthly | (27) | — |
Bank of America Merrill Lynch | Financial Select Sector SPDR Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 60 | — |
Morgan Stanley & Co. | Financial Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 60 | — |
Bank of America Merrill Lynch | FlexShares Global Upstream Natural Resources Index Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 15 | — |
Morgan Stanley & Co. | FlexShares Global Upstream Natural Resources Index Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 15 | — |
Bank of America Merrill Lynch | Graniteshares Gold Trust | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 6 | — |
Morgan Stanley & Co. | Graniteshares Gold Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 6 | — |
Bank of America Merrill Lynch | Health Care Select Sector SPDR Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 5 | — |
Morgan Stanley & Co. | Health Care Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
Bank of America Merrill Lynch | Invesco DB US Dollar Index Bullish Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 235 | — |
Morgan Stanley & Co. | Invesco DB US Dollar Index Bullish Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 235 | — |
Bank of America Merrill Lynch | Invesco KBW Bank ETF | 1 month LIBOR | 10/4/21 | Monthly | (23) | — |
Morgan Stanley & Co. | Invesco KBW Bank ETF | Federal Fund Rate minus 2.90% | 9/14/22 | Monthly | (23) | — |
Bank of America Merrill Lynch | Invesco Preferred ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 29 | — |
Morgan Stanley & Co. | Invesco Preferred ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 29 | — |
Bank of America Merrill Lynch | Invesco Senior Loan ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 651 | — |
Morgan Stanley & Co. | Invesco Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 651 | — |
Bank of America Merrill Lynch | Invesco Treasury Collateral ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 119 | — |
Morgan Stanley & Co. | Invesco Treasury Collateral ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 119 | — |
Bank of America Merrill Lynch | iPath Series B S&P 500 VIX Short-Term Futures ETN | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 18 | — |
Morgan Stanley & Co. | iPath Series B S&P 500 VIX Short-Term Futures ETN | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 18 | — |
Bank of America Merrill Lynch | IQ Ultra Short Duration ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 1,725 | — |
Morgan Stanley & Co. | IQ Ultra Short Duration ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1,725 | — |
Bank of America Merrill Lynch | iShares 0-5 Year High Yield Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 5 | — |
Morgan Stanley & Co. | iShares 0-5 Year High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
Bank of America Merrill Lynch | iShares 20+ Year Treasury Bond ETF | 1 month LIBOR | 10/4/21 | Monthly | (466) | — |
Morgan Stanley & Co. | iShares 20+ Year Treasury Bond ETF | Federal Fund Rate minus 1.15% | 9/14/22 | Monthly | (466) | — |
Bank of America Merrill Lynch | iShares 3-7 Year Treasury Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 230 | — |
Morgan Stanley & Co. | iShares 3-7 Year Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 230 | — |
Bank of America Merrill Lynch | iShares Broad USD Investment Grade Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 9 | — |
Morgan Stanley & Co. | iShares Broad USD Investment Grade Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 9 | — |
Bank of America Merrill Lynch | iShares Convertible Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 261 | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | iShares Convertible Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 261 | $ — |
Bank of America Merrill Lynch | iShares Core MSCI EAFE ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 24 | — |
Morgan Stanley & Co. | iShares Core MSCI EAFE ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 24 | — |
Bank of America Merrill Lynch | iShares Core MSCI Emerging Markets ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 257 | — |
Morgan Stanley & Co. | iShares Core MSCI Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 257 | — |
Bank of America Merrill Lynch | iShares Core MSCI Europe ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 78 | — |
Morgan Stanley & Co. | iShares Core MSCI Europe ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 78 | — |
Bank of America Merrill Lynch | iShares Core S&P U.S. Value ETF | 1 month LIBOR | 10/4/21 | Monthly | (278) | — |
Morgan Stanley & Co. | iShares Core S&P U.S. Value ETF | Federal Fund Rate minus 0.60% | 9/14/22 | Monthly | (278) | — |
Bank of America Merrill Lynch | iShares Core U.S. REIT ETF | 1 month LIBOR | 10/4/21 | Monthly | (36) | — |
Morgan Stanley & Co. | iShares Core U.S. REIT ETF | Federal Fund Rate minus 3.05% | 9/14/22 | Monthly | (36) | — |
Bank of America Merrill Lynch | iShares Floating Rate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 187 | — |
Morgan Stanley & Co. | iShares Floating Rate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 187 | — |
Bank of America Merrill Lynch | iShares Gold Trust | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 154 | — |
Morgan Stanley & Co. | iShares Gold Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 154 | — |
Bank of America Merrill Lynch | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 64 | — |
Morgan Stanley & Co. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 64 | — |
Bank of America Merrill Lynch | iShares iBoxx High Yield Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 108 | — |
Morgan Stanley & Co. | iShares iBoxx High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 108 | — |
Bank of America Merrill Lynch | iShares J.P. Morgan USD Emerging Markets Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 223 | — |
Morgan Stanley & Co. | iShares J.P. Morgan USD Emerging Markets Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 223 | — |
Bank of America Merrill Lynch | iShares MBS ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 18 | — |
Morgan Stanley & Co. | iShares MBS ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 18 | — |
Bank of America Merrill Lynch | iShares MSCI China ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 216 | — |
Morgan Stanley & Co. | iShares MSCI China ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 216 | — |
Bank of America Merrill Lynch | iShares MSCI EAFE Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 48 | — |
Morgan Stanley & Co. | iShares MSCI EAFE Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 48 | — |
Bank of America Merrill Lynch | iShares MSCI Emerging Markets Min Vol Factor ETF | 1 month LIBOR | 10/4/21 | Monthly | (2,166) | — |
Morgan Stanley & Co. | iShares MSCI Emerging Markets Min Vol Factor ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (2,166) | — |
Bank of America Merrill Lynch | iShares MSCI Japan ETF | 1 month LIBOR | 10/4/21 | Monthly | (1,267) | — |
Morgan Stanley & Co. | iShares MSCI Japan ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (1,267) | — |
Bank of America Merrill Lynch | iShares MSCI USA Momentum Factor ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 7 | — |
Morgan Stanley & Co. | iShares MSCI USA Momentum Factor ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 7 | — |
Bank of America Merrill Lynch | iShares Preferred & Income Securities ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 79 | — |
Morgan Stanley & Co. | iShares Preferred & Income Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 79 | — |
Bank of America Merrill Lynch | iShares Russell 2000 Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 93 | — |
14 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | iShares Russell 2000 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 93 | $ — |
Bank of America Merrill Lynch | iShares Russell 2000 Value ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 1 | — |
Morgan Stanley & Co. | iShares Russell 2000 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1 | — |
Bank of America Merrill Lynch | iShares S&P Small-Cap 600 Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 48 | — |
Morgan Stanley & Co. | iShares S&P Small-Cap 600 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 48 | — |
Bank of America Merrill Lynch | iShares S&P Small-Cap 600 Value ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | —‡ | — |
Morgan Stanley & Co. | iShares S&P Small-Cap 600 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | —‡ | — |
Bank of America Merrill Lynch | iShares Short Treasury Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 276 | — |
Morgan Stanley & Co. | iShares Short Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 276 | — |
Bank of America Merrill Lynch | iShares Silver Trust | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 122 | — |
Morgan Stanley & Co. | iShares Silver Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 122 | — |
Bank of America Merrill Lynch | iShares TIPS Bond ETF | 1 month LIBOR | 10/4/21 | Monthly | (92) | — |
Morgan Stanley & Co. | iShares TIPS Bond ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (92) | — |
Bank of America Merrill Lynch | Schwab Intermediate-Term U.S. Treasury ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 71 | — |
Morgan Stanley & Co. | Schwab Intermediate-Term U.S. Treasury ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 71 | — |
Bank of America Merrill Lynch | Schwab International Small-Cap Equity ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 48 | — |
Morgan Stanley & Co. | Schwab International Small-Cap Equity ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 48 | — |
Bank of America Merrill Lynch | Schwab U.S. Large-Cap Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 20 | — |
Morgan Stanley & Co. | Schwab U.S. Large-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 20 | — |
Bank of America Merrill Lynch | Schwab U.S. Large-Cap Value ETF | 1 month LIBOR | 10/4/21 | Monthly | (271) | — |
Morgan Stanley & Co. | Schwab U.S. Large-Cap Value ETF | Federal Fund Rate minus 1.30% | 9/14/22 | Monthly | (271) | — |
Bank of America Merrill Lynch | Schwab U.S. TIPS ETF | 1 month LIBOR | 10/4/21 | Monthly | (57) | — |
Morgan Stanley & Co. | Schwab U.S. TIPS ETF | Federal Fund Rate minus 2.20% | 9/14/22 | Monthly | (57) | — |
Bank of America Merrill Lynch | SPDR Blackstone Senior Loan ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 518 | — |
Morgan Stanley & Co. | SPDR Blackstone Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 518 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 7 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 7 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays Convertible Securities ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 988 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays Convertible Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 988 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 65 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 65 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays High Yield Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 52 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays High Yield Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 52 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays International Treasury Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 288 | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | SPDR Bloomberg Barclays International Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 288 | $ — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 71 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 71 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 5 | — |
Morgan Stanley & Co. | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
Bank of America Merrill Lynch | SPDR Dow Jones International Real Estate ETF | 1 month LIBOR | 10/4/21 | Monthly | (338) | — |
Morgan Stanley & Co. | SPDR Dow Jones International Real Estate ETF | Federal Fund Rate minus 0.85% | 9/14/22 | Monthly | (338) | — |
Bank of America Merrill Lynch | SPDR Gold MiniShares Trust | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 23 | — |
Morgan Stanley & Co. | SPDR Gold MiniShares Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 23 | — |
Bank of America Merrill Lynch | SPDR Portfolio Long Term Treasury ETF | 1 month LIBOR | 10/4/21 | Monthly | (130) | — |
Morgan Stanley & Co. | SPDR Portfolio Long Term Treasury ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (130) | — |
Bank of America Merrill Lynch | SPDR Portfolio Mortgage-Backed Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 3 | — |
Morgan Stanley & Co. | SPDR Portfolio Mortgage-Backed Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 3 | — |
Bank of America Merrill Lynch | SPDR Portfolio S&P 500 Value ETF | 1 month LIBOR | 10/4/21 | Monthly | (358) | — |
Morgan Stanley & Co. | SPDR Portfolio S&P 500 Value ETF | Federal Fund Rate minus 0.70% | 9/14/22 | Monthly | (358) | — |
Bank of America Merrill Lynch | SPDR Portfolio Short Term Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 272 | — |
Morgan Stanley & Co. | SPDR Portfolio Short Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 272 | — |
Bank of America Merrill Lynch | SPDR S&P Bank ETF | 1 month LIBOR | 10/4/21 | Monthly | (31) | — |
Morgan Stanley & Co. | SPDR S&P Bank ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (31) | — |
Bank of America Merrill Lynch | SPDR S&P China ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 57 | — |
Morgan Stanley & Co. | SPDR S&P China ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 57 | — |
Bank of America Merrill Lynch | SPDR S&P Emerging Markets SmallCap ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 247 | — |
Morgan Stanley & Co. | SPDR S&P Emerging Markets SmallCap ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 247 | — |
Bank of America Merrill Lynch | SPDR S&P Global Natural Resources ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 6 | — |
Morgan Stanley & Co. | SPDR S&P Global Natural Resources ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 6 | — |
Bank of America Merrill Lynch | Technology Select Sector SPDR Fund | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 34 | — |
Morgan Stanley & Co. | Technology Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 34 | — |
Bank of America Merrill Lynch | VanEck Vectors High Yield Muni ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 6 | — |
Morgan Stanley & Co. | VanEck Vectors High Yield Muni ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 6 | — |
Bank of America Merrill Lynch | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 174 | — |
Morgan Stanley & Co. | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 174 | — |
Bank of America Merrill Lynch | Vanguard Consumer Discretionary ETF | 1 month LIBOR | 10/4/21 | Monthly | (107) | — |
Morgan Stanley & Co. | Vanguard Consumer Discretionary ETF | Federal Fund Rate minus 2.75% | 9/14/22 | Monthly | (107) | — |
Bank of America Merrill Lynch | Vanguard Emerging Markets Government Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 33 | — |
16 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | Vanguard Emerging Markets Government Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 33 | $ — |
Bank of America Merrill Lynch | Vanguard Energy ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 7 | — |
Morgan Stanley & Co. | Vanguard Energy ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 7 | — |
Bank of America Merrill Lynch | Vanguard Financials ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 15 | — |
Morgan Stanley & Co. | Vanguard Financials ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 15 | — |
Bank of America Merrill Lynch | Vanguard FTSE All World ex-US Small-Cap ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 129 | — |
Morgan Stanley & Co. | Vanguard FTSE All World ex-US Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 129 | — |
Bank of America Merrill Lynch | Vanguard FTSE Developed Markets ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 26 | — |
Morgan Stanley & Co. | Vanguard FTSE Developed Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 26 | — |
Bank of America Merrill Lynch | Vanguard FTSE Emerging Markets ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 259 | — |
Morgan Stanley & Co. | Vanguard FTSE Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 259 | — |
Bank of America Merrill Lynch | Vanguard FTSE Europe ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 317 | — |
Morgan Stanley & Co. | Vanguard FTSE Europe ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 317 | — |
Bank of America Merrill Lynch | Vanguard Global ex-U.S. Real Estate ETF | 1 month LIBOR | 10/4/21 | Monthly | (1,829) | — |
Morgan Stanley & Co. | Vanguard Global ex-U.S. Real Estate ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (1,829) | — |
Bank of America Merrill Lynch | Vanguard Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 103 | — |
Morgan Stanley & Co. | Vanguard Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 103 | — |
Bank of America Merrill Lynch | Vanguard Health Care ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 7 | — |
Morgan Stanley & Co. | Vanguard Health Care ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 7 | — |
Bank of America Merrill Lynch | Vanguard Information Technology ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 9 | — |
Morgan Stanley & Co. | Vanguard Information Technology ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 9 | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 71 | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 71 | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Treasury ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 157 | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Treasury ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 157 | — |
Bank of America Merrill Lynch | Vanguard Long-Term Treasury ETF | 1 month LIBOR | 10/4/21 | Monthly | (79) | — |
Morgan Stanley & Co. | Vanguard Long-Term Treasury ETF | Federal Fund Rate minus 2.25% | 9/14/22 | Monthly | (79) | — |
Bank of America Merrill Lynch | Vanguard Mega Cap Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 15 | — |
Morgan Stanley & Co. | Vanguard Mega Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 15 | — |
Bank of America Merrill Lynch | Vanguard Mortgage-Backed Securities ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 10 | — |
Morgan Stanley & Co. | Vanguard Mortgage-Backed Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 10 | — |
Bank of America Merrill Lynch | Vanguard Real Estate ETF | 1 month LIBOR | 10/4/21 | Monthly | (700) | — |
Morgan Stanley & Co. | Vanguard Real Estate ETF | Federal Fund Rate minus 0.15% | 9/14/22 | Monthly | (700) | — |
Bank of America Merrill Lynch | Vanguard Russell 1000 Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 9 | — |
Morgan Stanley & Co. | Vanguard Russell 1000 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 9 | — |
Bank of America Merrill Lynch | Vanguard Russell 1000 Value ETF | 1 month LIBOR | 10/4/21 | Monthly | (134) | — |
Morgan Stanley & Co. | Vanguard Russell 1000 Value ETF | Federal Fund Rate minus 1.00% | 9/14/22 | Monthly | (134) | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Vanguard Short-Term Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 1,401 | $ — |
Morgan Stanley & Co. | Vanguard Short-Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1,401 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Growth ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 121 | — |
Morgan Stanley & Co. | Vanguard Small-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 121 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Value ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 1 | — |
Morgan Stanley & Co. | Vanguard Small-Cap Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1 | — |
Bank of America Merrill Lynch | Vanguard Value ETF | 1 month LIBOR | 10/4/21 | Monthly | (2,243) | — |
Morgan Stanley & Co. | Vanguard Value ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (2,243) | — |
Bank of America Merrill Lynch | Xtrackers USD High Yield Corporate Bond ETF | 1 month LIBOR plus 0.50% | 10/4/21 | Monthly | 32 | — |
Morgan Stanley & Co. | Xtrackers USD High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 32 | — |
$ — |
1. | As of June 30, 2021, cash in the amount $580,000 was pledged from brokers for OTC swap contracts. |
2. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2021. |
Abbreviation(s): |
BRIC—Brazil, Russia, India and China |
DB—Deutsche Bank |
EAFE—Europe, Australasia and Far East |
EM—Emerging Markets |
ETF—Exchange-Traded Fund |
ETN—Exchange-Traded Note |
FTSE—Financial Times Stock Exchange |
KBW—Keefe, Bruyette & Woods |
LIBOR—London Interbank Offered Rate |
MBS—Mortgage-Backed Security |
MSCI—Morgan Stanley Capital International |
REIT—Real Estate Investment Trust |
SPDR—Standard & Poor’s Depositary Receipt |
TIPS—Treasury Inflation-Protected Security |
USD—United States Dollar |
VIX—CBOE Volatility Index |
18 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Exchange-Traded Funds | $ 362,092,443 | $ — | $ — | $ 362,092,443 | |||
Exchange-Traded Note | 627,439 | — | — | 627,439 | |||
Exchange-Traded Vehicles | 20,043,662 | — | — | 20,043,662 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,817,819 | — | — | 3,817,819 | |||
Unaffiliated Investment Company | 38,442,619 | — | — | 38,442,619 | |||
Total Short-Term Investments | 42,260,438 | — | — | 42,260,438 | |||
Total Investments in Securities | $ 425,023,982 | $ — | $ — | $ 425,023,982 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $408,747,189) including securities on loan of $51,664,611 | $421,206,163 |
Investment in affiliated investment companies, at value (identified cost $3,817,819) | 3,817,819 |
Cash | 14,778 |
Cash collateral on deposit at broker for swap contracts | 580,000 |
Receivables: | |
Dividends and interest | 205,796 |
Securities lending | 44,299 |
Portfolio shares sold | 220 |
Other assets | 4,034 |
Total assets | 425,873,109 |
Liabilities | |
Cash collateral received for securities on loan | 38,442,619 |
Payables: | |
Portfolio shares redeemed | 217,647 |
Manager (See Note 3) | 213,259 |
Custodian | 210,249 |
NYLIFE Distributors (See Note 3) | 76,591 |
Shareholder communication | 50,015 |
Professional fees | 39,264 |
Transfer agent (See Note 3) | 1,151 |
Trustees | 86 |
Accrued expenses | 12,733 |
Total liabilities | 39,263,614 |
Net assets | $386,609,495 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 42,446 |
Additional paid-in-capital | 430,679,218 |
430,721,664 | |
Total distributable earnings (loss) | (44,112,169) |
Net assets | $386,609,495 |
Initial Class | |
Net assets applicable to outstanding shares | $ 13,087,837 |
Shares of beneficial interest outstanding | 1,433,838 |
Net asset value per share outstanding | $ 9.13 |
Service Class | |
Net assets applicable to outstanding shares | $373,521,658 |
Shares of beneficial interest outstanding | 41,012,607 |
Net asset value per share outstanding | $ 9.11 |
20 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 2,556,779 |
Securities lending | 192,493 |
Dividends-affiliated | 93 |
Total income | 2,749,365 |
Expenses | |
Manager (See Note 3) | 1,427,606 |
Distribution/Service—Service Class (See Note 3) | 460,379 |
Custodian | 155,425 |
Professional fees | 37,197 |
Shareholder communication | 22,994 |
Trustees | 3,984 |
Miscellaneous | 15,716 |
Total expenses before waiver/reimbursement | 2,123,301 |
Expense waiver/reimbursement from Manager (See Note 3) | (330,489) |
Net expenses | 1,792,812 |
Net investment income (loss) | 956,553 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 15,239,363 |
Futures transactions | 95 |
Swap transactions | (3,147,558) |
Net realized gain (loss) | 12,091,900 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (8,931,720) |
Translation of other assets and liabilities in foreign currencies | (1,893) |
Net change in unrealized appreciation (depreciation) | (8,933,613) |
Net realized and unrealized gain (loss) | 3,158,287 |
Net increase (decrease) in net assets resulting from operations | $ 4,114,840 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 956,553 | $ 4,838,078 |
Net realized gain (loss) | 12,091,900 | (230,538) |
Net change in unrealized appreciation (depreciation) | (8,933,613) | 12,200,672 |
Net increase (decrease) in net assets resulting from operations | 4,114,840 | 16,808,212 |
Distributions to shareholders: | ||
Initial Class | — | (208,654) |
Service Class | — | (5,714,181) |
— | (5,922,835) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (37,559) |
Service Class | — | (1,028,579) |
Total distributions to shareholders | — | (6,988,973) |
Capital share transactions: | ||
Net proceeds from sales of shares | 8,774,998 | 18,019,863 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 6,988,973 |
Cost of shares redeemed | (10,157,036) | (50,801,186) |
Increase (decrease) in net assets derived from capital share transactions | (1,382,038) | (25,792,350) |
Net increase (decrease) in net assets | 2,732,802 | (15,973,111) |
Net Assets | ||
Beginning of period | 383,876,693 | 399,849,804 |
End of period | $386,609,495 | $383,876,693 |
22 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 † | 2017 † | 2016 † | ||||||
Net asset value at beginning of period | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | $ 9.04 | $ 9.03 | |||||
Net investment income (loss) (a) | 0.03 | 0.14 | 0.20 | (0.05) | (0.08) | (0.10) | |||||
Net realized and unrealized gain (loss) on investments | 0.08 | 0.33 | 0.49 | (0.55) | 0.16 | 0.03 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | (0.10) | 0.08 | |||||
Total from investment operations | 0.11 | 0.47 | 0.69 | (0.60) | (0.02) | 0.01 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.16) | (0.16) | (0.10) | (0.10) | — | |||||
Return of capital | — | (0.03) | (0.01) | — | — | — | |||||
Total distributions | — | (0.19) | (0.17) | (0.10) | (0.10) | — | |||||
Net asset value at end of period | $ 9.13 | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | $ 9.04 | |||||
Total investment return (b) | 1.22%(c) | 5.38% | 8.47% | (6.88)% | (0.25)% | 0.11%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.75%†† | 1.56% | 2.36% | (0.53)% | (0.93)% | (1.11)% | |||||
Net expenses (d) | 0.70%†† | 0.70% | 0.70% | 1.43% | 1.43% | 1.46% | |||||
Expenses (before waiver/reimbursement) (d)(e) | 0.87%†† | 1.00% | 1.20% | 2.96% | 2.63% | 2.63% | |||||
Portfolio turnover rate | 79% | 179% | 151% | 450% | 185% | 267% | |||||
Net assets at end of period (in 000’s) | $ 13,088 | $ 12,044 | $ 10,749 | $ 9,059 | $ 149,753 | $ 201,252 |
* | Unaudited. |
† | Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018, January 1, 2017 to December 31, 2017 and January 9, 2016 to December 31, 2016. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021*†† | 0.70% | — | ||
December 31, 2020 | 0.70% | — | ||
December 31, 2019 | 0.70% | — | ||
December 31, 2018 | 1.43% | 1.28% | ||
December 31, 2017 | 1.43% | 1.05% | ||
December 31, 2016 | 1.46% | 0.95% |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 † | 2017 † | 2016 † | ||||||
Net asset value at beginning of period | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | $ 8.99 | $ 9.00 | |||||
Net investment income (loss) (a) | 0.02 | 0.11 | 0.18 | (0.00)‡ | (0.11) | (0.12) | |||||
Net realized and unrealized gain (loss) on investments | 0.08 | 0.34 | 0.49 | (0.63) | 0.18 | 0.03 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | 0.00‡ | (0.00)‡ | 0.00‡ | (0.11) | 0.08 | |||||
Total from investment operations | 0.10 | 0.45 | 0.67 | (0.63) | (0.04) | (0.01) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.14) | (0.12) | (0.06) | (0.08) | — | |||||
Return of capital | — | (0.03) | (0.00)‡ | — | — | — | |||||
Total distributions | — | (0.17) | (0.12) | (0.06) | (0.08) | — | |||||
Net asset value at end of period | $ 9.11 | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | $ 8.99 | |||||
Total investment return (b) | 1.11%(c) | 5.14% | 8.23% | (7.14)% | (0.51)% | (0.11)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.49%†† | 1.29% | 2.09% | 0.03% | (1.20)% | (1.36)% | |||||
Net expenses (d) | 0.95%†† | 0.95% | 0.95% | 1.60% | 1.68% | 1.71% | |||||
Expenses (before waiver/reimbursement) (d)(e) | 1.12%†† | 1.25% | 1.45% | 2.84% | 2.88% | 2.80% | |||||
Portfolio turnover rate | 79% | 179% | 151% | 450% | 185% | 267% | |||||
Net assets at end of period (in 000’s) | $ 373,522 | $ 371,833 | $ 389,101 | $ 391,094 | $ 423,600 | $ 366,470 |
* | Unaudited. |
† | Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018, January 1, 2017 to December 31, 2017 and January 9, 2016 to December 31, 2016. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021*†† | 0.95% | — | ||
December 31, 2020 | 0.95% | — | ||
December 31, 2019 | 0.95% | — | ||
December 31, 2018 | 1.60% | 0.99% | ||
December 31, 2017 | 1.68% | 1.05% | ||
December 31, 2016 | 1.71% | 0.90% |
24 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2013 |
Service Class | May 1, 2013 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
28 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
30 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(3,147,558) | $(3,147,558) |
Total Net Realized Gain (Loss) | $(3,147,558) | $(3,147,558) |
Average Notional Amount | Total |
Swap Contracts Long | $ 31,055,901 |
Swap Contracts Short | $(31,346,119) |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 4,176 | $ 14,612 | $ (14,970) | $ — | $ — | $ 3,818 | $ —(a) | $ — | 3,818 |
(a) | Less than $500. |
Initial Class | $1,646,533 | 12.6% |
Service Class | 27,722 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $414,269,982 | $11,312,776 | $(558,776) | $10,754,000 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $61,988 | $2,911 |
2020 | |
Distributions paid from: | |
Ordinary Income | $5,922,835 |
Return of Capital | 1,066,138 |
Total | $6,988,973 |
32 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 106,244 | $ 964,680 |
Shares redeemed | (7,570) | (68,330) |
Net increase (decrease) | 98,674 | $ 896,350 |
Year ended December 31, 2020: | ||
Shares sold | 156,471 | $ 1,375,966 |
Shares issued to shareholders in reinvestment of distributions | 27,268 | 246,213 |
Shares redeemed | (78,784) | (661,131) |
Net increase (decrease) | 104,955 | $ 961,048 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 862,008 | $ 7,810,318 |
Shares redeemed | (1,111,299) | (10,088,706) |
Net increase (decrease) | (249,291) | $ (2,278,388) |
Year ended December 31, 2020: | ||
Shares sold | 1,899,216 | $ 16,643,897 |
Shares issued to shareholders in reinvestment of distributions | 747,510 | 6,742,760 |
Shares redeemed | (5,958,743) | (50,140,055) |
Net increase (decrease) | (3,312,017) | $(26,753,398) |
34 |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781596 | MSVPARM10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date1, 2 | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2005 | 11.61% | 27.74% | 8.53% | 8.58% | 0.71% |
Service Class Shares | 5/2/2005 | 11.47 | 27.42 | 8.26 | 8.31 | 0.96 |
1. | The Portfolio’s equity subadvisor changed effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
2. | Effective May 1, 2021, the Portfolio replaced the subadvisor to the equity portion of the Portfolio and modified the equity portion of the Portfolio's principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies for the equity portion of the Portfolio. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 17.05% | 43.68% | 11.87% | 11.61% |
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index2 | -0.90 | 0.19 | 2.63 | 2.76 |
Balanced Composite Index3 | 9.65 | 24.83 | 8.45 | 8.28 |
Russell Midcap® Value Index4 | 19.45 | 53.06 | 11.79 | 11.75 |
Morningstar Allocation - 50% to 70% Equity Category Average5 | 9.54 | 26.62 | 10.00 | 7.89 |
1. | The Portfolio has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar denominated U.S. treasuries, government related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell 1000® Value Index and the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index weighted 60% and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Russell Midcap® Value Index, the Fund's prior primary benchmark, measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
5. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP Balanced Portfolio |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,116.10 | $3.83 | $1,021.18 | $3.66 | 0.73% |
Service Class Shares | $1,000.00 | $1,114.70 | $5.14 | $1,019.94 | $4.91 | 0.98% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | U.S. Treasury Notes, 0.125%-1.625%, due 6/30/23–5/15/31 |
2. | FFCB, 1.14%-2.70%, due 1/21/28–6/21/41 |
3. | iShares Russell 1000 Value ETF |
4. | iShares Intermediate Government/Credit Bond ETF |
5. | JPMorgan Chase & Co. |
6. | UnitedHealth Group, Inc. |
7. | Bank of America Corp. |
8. | Cisco Systems, Inc. |
9. | Comcast Corp., Class A |
10. | Pfizer, Inc. |
8 | MainStay VP Balanced Portfolio |
During the time MacKay Shields managed the equity portion of the Portfolio, the equity portion of the Portfolio outperformed the Russell Midcap® Value Index primarily due to strong stock selection among consumer discretionary and health care stocks. Sector allocation modestly detracted, as the Portfolio held
During the time Wellington managed the equity portion of the Portfolio, the Portfolio underperformed the Russell 1000® Value Index. Sector attribution, a result of our bottom-up stock selection process, weighed on results.
During the time MacKay Shields managed the equity portion of the Portfolio, the strongest positive contributions to the Portfolio’s performance relative to the Russell Midcap® Value Index came from the consumer discretionary, utilities and financials sectors. (Contributions take weightings and total returns into account.) During the same period, the most significant detractors from relative performance were the communication services and consumer staples sectors.
During the time Wellington managed the equity portion of the Portfolio, security selection in the health care, communication services and industrials sectors made the strongest positive contributions to performance relative to the Russell 1000® Value Index, while selection in the financials, consumer discretionary and real estate sectors detracted. From an allocation standpoint, the Portfolio’s overweight position in health care and its underweight position in communication services bolstered relative results. Underweight exposure to energy and overweight exposure to materials were the most significant detractors.
The strongest positive contributions to the absolute performance of the equity portion of the Portfolio during the time it was managed by MacKay Shields included shares in regional banking firm Signature Bank, technology hardware storage & peripherals maker HP, and building products maker Johnson Controls International. During the same period, the most significant detractors from absolute returns were positions in film & TV
1. | See page 5 for more information on benchmark and peer group returns. |
The strongest positive contributors to absolute performance during the time Wellington managed the equity portion of the Portfolio were holdings in pharmaceutical company Eli Lilly, food packaging company Sealed Air, and managed care provider Centene. Shares of Eli Lilly rose after the U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy designation for donanemab, an Alzheimer’s disease treatment. Eli Lilly also gained emergency use authorization in India for the use of baricitinib in severely ill COVID-19 patients. Shares of Sealed Air rose after the company reported first-quarter 2021earnings ahead of expectations and raised fiscal 2021 operating guidance. Shares of Centene advanced as markets responded favorably to the company’s intermediate-term plans to improve margins.
The largest initial purchase in the equity portion of the Portfolio during the time it was managed by MacKay Shields was in shares of digital banking and payment services company Discover Financial Services, while the largest increase in position size was in mining firm Freeport-McMoRan. The largest full sale was a position in financial exchange Nasdaq, while the largest decreased position size was in regional banking firm First Republic Bank.
During the time Wellington managed the equity portion of the
During the time MacKay Shields managed the equity portion of the Portfolio, the largest increases in sector exposures relative to the Russell Midcap® Value Index were in the information technology and utilities sectors. Conversely, the largest decreases in benchmark-relative sector exposures were in the consumer discretionary and financials sectors.
During the time Wellington managed the equity portion of the Portfolio, the most notable increases in absolute sector exposures were to health care and, to a lesser extent, materials. Notable reductions in sector exposure included financials, industrials and consumer discretionary.
At the end of the period MacKay Shields managed the equity portion of the Portfolio, the equity portion of the Portfolio held its largest overweight relative to the Russell Midcap® Value Index in the health care and consumer staples sectors. As of the same date, the Portfolio’s most significantly underweight sector positions were in real estate and materials.
As of June 30, 2021, the equity portion of the Portfolio held its most overweight positions relative to the Russell 1000® Value Index in the information technology, health care and materials
10 | MainStay VP Balanced Portfolio |
duration relatively close to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index. On one occasion, toward the end of the reporting period, the duration of the Portfolio was shorter than that of the Index. This strategy had a negative impact on the Portfolio’s performance. As of June 30,
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
12 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 34.5% | ||
Asset-Backed Securities 4.6% | ||
Automobile Asset-Backed Security 0.2% | ||
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | $ 600,000 | $ 689,793 |
Other Asset-Backed Securities 4.4% | ||
522 Funding CLO Ltd. | ||
Series 2021-7A, Class A | ||
1.27% (3 Month LIBOR + 1.07%), due 4/23/34 (a)(b) | 400,000 | 400,286 |
AIG CLO LLC | ||
Series 2020-1A, Class AR | ||
1.294% (3 Month LIBOR + 1.16%), due 4/15/34 (a)(b) | 600,000 | 600,107 |
Apidos CLO XXV | ||
Series 2016-25A, Class A1R | ||
1.358% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b) | 400,000 | 400,153 |
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
1.79% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | 650,000 | 649,997 |
Apidos CLO XXXII | ||
Series 2019-32A, Class A1 | ||
1.508% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b) | 500,000 | 500,449 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class AR | ||
1.123% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) | 700,000 | 700,133 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
1.588% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 400,000 | 397,857 |
Battalion CLO Ltd. | ||
Series 2021-21A, Class A | ||
1.312% (3 Month LIBOR + 1.18%), due 7/15/34 (a)(b)(c) | 700,000 | 700,073 |
Benefit Street Partners CLO XVIII Ltd. | ||
Series 2019-18A, Class A | ||
1.524% (3 Month LIBOR + 1.34%), due 10/15/32 (a)(b) | 250,000 | 250,483 |
Benefit Street Partners CLO XXIII Ltd. | ||
Series 2021-23A, Class A1 | ||
1.293% (3 Month LIBOR + 1.08%), due 4/25/34 (a)(b) | 600,000 | 600,212 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
CAL Funding IV Ltd. | ||
Series 2020-1A, Class A | ||
2.22%, due 9/25/45 (a) | $ 702,188 | $ 708,513 |
Carlyle Global Market Strategies | ||
Series 2021-5A, Class B | ||
1.735% (3 Month LIBOR + 1.60%), due 7/20/34 (a)(b) | 500,000 | 500,502 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
1.584% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) | 800,000 | 794,917 |
Cedar Funding XII CLO Ltd. | ||
Series 2020-12A, Class A | ||
1.446% (3 Month LIBOR + 1.27%), due 10/25/32 (a)(b) | 500,000 | 500,176 |
Dryden 76 CLO Ltd. | ||
Series 2019-76A, Class A1 | ||
1.518% (3 Month LIBOR + 1.33%), due 10/20/32 (a)(b) | 250,000 | 250,364 |
HPS Loan Management Ltd. | ||
Series 11A-17, Class AR | ||
1.195% (3 Month LIBOR + 1.02%), due 5/6/30 (a)(b) | 850,000 | 847,637 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR | ||
1.236% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b) | 400,000 | 400,004 |
Magnetite XXIII Ltd. | ||
Series 2019-23A, Class A | ||
1.476% (3 Month LIBOR + 1.30%), due 10/25/32 (a)(b) | 250,000 | 250,356 |
Neuberger Berman Loan Advisers CLO 24 Ltd. | ||
Series 2017-24A, Class AR | ||
1.21% (3 Month LIBOR + 1.02%), due 4/19/30 (a)(b) | 250,000 | 249,638 |
Neuberger Berman Loan Advisers CLO 35 Ltd. | ||
Series 2019-35A, Class A1 | ||
1.53% (3 Month LIBOR + 1.34%), due 1/19/33 (a)(b) | 600,000 | 600,910 |
Neuberger Berman Loan Advisers CLO 37 Ltd. | ||
Series 2020-37A, Class BR | ||
1.542% (3 Month LIBOR + 1.45%), due 7/20/31 (a)(b) | 500,000 | 500,502 |
Octagon Investment Partners 29 Ltd. | ||
Series 2016-1A, Class AR | ||
1.356% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(b) | 350,000 | 349,331 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
OHA Credit Funding 6 Ltd. | ||
Series 2020-6A, Class A1 | ||
1.838% (3 Month LIBOR + 1.65%), due 7/20/31 (a)(b) | $ 600,000 | $ 600,000 |
Palmer Square CLO Ltd. (a)(b) | ||
Series 2014-1A, Class A1R2 | ||
1.32% (3 Month LIBOR + 1.13%), due 1/17/31 | 250,000 | 250,072 |
Series 2015-2A, Class A2R2 | ||
1.738% (3 Month LIBOR + 1.55%), due 7/20/30 | 750,000 | 750,026 |
Palmer Square Loan Funding Ltd. | ||
Series 2021-3A, Class A2 | ||
1.571% (3 Month LIBOR + 1.40%), due 7/20/29 (a)(b)(c) | 500,000 | 500,000 |
Progress Residential | ||
Series 2021-SFR3, Class A | ||
1.637%, due 5/17/26 (a) | 499,303 | 502,528 |
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
1.366% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(b) | 600,000 | 600,020 |
Regatta XV Funding Ltd. | ||
Series 2018-4A, Class A1 | ||
1.406% (3 Month LIBOR + 1.23%), due 10/25/31 (a)(b) | 250,000 | 250,103 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 243,750 | 246,341 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
1.305% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) | 250,000 | 250,193 |
Tiaa CLO III Ltd. | ||
Series 2017-2A, Class A | ||
1.334% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b) | 350,000 | 348,164 |
TIF Funding II LLC | ||
Series 2021-1A, Class A | ||
1.65%, due 2/20/46 (a) | 584,500 | 575,383 |
Vantage Data Centers LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 725,000 | 726,926 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Voya CLO Ltd. | ||
Series 2019-1A, Class AR | ||
1.244% (3 Month LIBOR + 1.06%), due 4/15/31 (a)(b) | $ 250,000 | $ 250,030 |
17,002,386 | ||
Total Asset-Backed Securities (Cost $17,693,747) | 17,692,179 | |
Corporate Bonds 14.2% | ||
Aerospace & Defense 0.3% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 240,000 | 253,719 |
3.25%, due 2/1/28 | 325,000 | 344,529 |
3.625%, due 2/1/31 | 375,000 | 403,323 |
1,001,571 | ||
Apparel 0.0% ‡ | ||
Ralph Lauren Corp. | ||
1.70%, due 6/15/22 | 175,000 | 177,287 |
Auto Manufacturers 1.1% | ||
American Honda Finance Corp. | ||
0.55%, due 7/12/24 | 300,000 | 299,028 |
Daimler Finance North America LLC | ||
2.45%, due 3/2/31 (a) | 250,000 | 256,138 |
Ford Motor Credit Co. LLC | ||
3.087%, due 1/9/23 | 425,000 | 433,500 |
3.664%, due 9/8/24 | 725,000 | 759,901 |
General Motors Financial Co., Inc. | ||
1.05%, due 3/8/24 | 200,000 | 201,147 |
1.50%, due 6/10/26 | 1,275,000 | 1,266,683 |
Hyundai Capital America (a) | ||
1.80%, due 1/10/28 | 225,000 | 222,987 |
2.375%, due 10/15/27 | 375,000 | 383,380 |
Nissan Motor Co. Ltd. | ||
4.81%, due 9/17/30 (a) | 275,000 | 310,486 |
4,133,250 | ||
Banks 2.9% | ||
Banco Santander SA | ||
1.849%, due 3/25/26 | 600,000 | 606,399 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 2,455,000 | 2,474,865 |
BNP Paribas SA | ||
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (a)(b) | 435,000 | 424,957 |
14 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Citigroup, Inc. | ||
3.20%, due 10/21/26 | $ 930,000 | $ 1,007,432 |
Goldman Sachs Group, Inc. (The) | ||
1.542%, due 9/10/27 (d) | 500,000 | 498,593 |
JPMorgan Chase & Co. | ||
1.578%, due 4/22/27 (d) | 1,705,000 | 1,713,834 |
Lloyds Banking Group plc | ||
0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) | 430,000 | 431,156 |
Morgan Stanley | ||
3.625%, due 1/20/27 | 350,000 | 388,087 |
4.35%, due 9/8/26 | 820,000 | 928,458 |
NatWest Markets plc | ||
0.80%, due 8/12/24 (a) | 1,425,000 | 1,418,469 |
Societe Generale SA | ||
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (a)(b) | 350,000 | 349,149 |
Standard Chartered plc | ||
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 (a)(b) | 200,000 | 199,371 |
Truist Financial Corp. | ||
1.267%, due 3/2/27 (d) | 375,000 | 374,579 |
UBS Group AG | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b) | 475,000 | 471,675 |
11,287,024 | ||
Beverages 0.3% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 | 760,000 | 905,361 |
Diageo Capital plc | ||
2.125%, due 4/29/32 | 325,000 | 326,375 |
1,231,736 | ||
Building Materials 0.2% | ||
Owens Corning | ||
3.95%, due 8/15/29 | 700,000 | 790,834 |
Chemicals 0.3% | ||
EI du Pont de Nemours and Co. | ||
1.70%, due 7/15/25 | 175,000 | 179,468 |
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (a) | 275,000 | 274,219 |
Principal Amount | Value | |
Chemicals (continued) | ||
LYB International Finance III LLC | ||
1.25%, due 10/1/25 | $ 175,000 | $ 174,562 |
NewMarket Corp. | ||
4.10%, due 12/15/22 | 525,000 | 550,145 |
1,178,394 | ||
Computers 0.2% | ||
HP, Inc. | ||
2.65%, due 6/17/31 (a) | 675,000 | 673,803 |
Diversified Financial Services 1.3% | ||
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,150,000 | 1,145,902 |
Aircastle Ltd. | ||
2.85%, due 1/26/28 (a) | 500,000 | 502,471 |
Antares Holdings LP | ||
3.95%, due 7/15/26 (a) | 250,000 | 260,156 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 475,000 | 475,128 |
BOC Aviation USA Corp. | ||
1.625%, due 4/29/24 (a) | 400,000 | 403,147 |
GE Capital Funding LLC | ||
4.05%, due 5/15/27 | 1,440,000 | 1,629,773 |
LSEGA Financing plc | ||
2.00%, due 4/6/28 (a) | 400,000 | 404,503 |
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 220,633 | 218,749 |
5,039,829 | ||
Electric 1.3% | ||
Berkshire Hathaway Energy Co. | ||
1.65%, due 5/15/31 | 475,000 | 455,897 |
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 | 250,000 | 266,887 |
DTE Electric Co. | ||
2.65%, due 6/15/22 | 500,000 | 508,294 |
DTE Energy Co. | ||
Series F | ||
1.05%, due 6/1/25 | 250,000 | 249,931 |
Entergy Arkansas LLC | ||
3.70%, due 6/1/24 | 500,000 | 539,964 |
Entergy Corp. | ||
4.00%, due 7/15/22 | 1,000,000 | 1,031,497 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 700,000 | 767,984 |
Pinnacle West Capital Corp. | ||
1.30%, due 6/15/25 | 625,000 | 628,666 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Southern California Edison Co. | ||
Series 20C | ||
1.20%, due 2/1/26 | $ 400,000 | $ 397,039 |
Tampa Electric Co. | ||
2.40%, due 3/15/31 | 225,000 | 229,864 |
5,076,023 | ||
Electrical Components & Equipment 0.1% | ||
Emerson Electric Co. | ||
1.80%, due 10/15/27 | 400,000 | 409,847 |
Electronics 0.1% | ||
Flex Ltd. | ||
3.75%, due 2/1/26 | 275,000 | 300,749 |
Food 0.1% | ||
Conagra Brands, Inc. | ||
4.85%, due 11/1/28 | 450,000 | 535,720 |
Forest Products & Paper 0.1% | ||
Georgia-Pacific LLC | ||
0.95%, due 5/15/26 (a) | 225,000 | 221,268 |
Healthcare-Services 0.3% | ||
Fresenius Medical Care U.S. Finance III, Inc. (a) | ||
1.875%, due 12/1/26 | 225,000 | 225,007 |
2.375%, due 2/16/31 | 1,025,000 | 1,000,005 |
1,225,012 | ||
Insurance 0.4% | ||
Brighthouse Financial Global Funding | ||
1.00%, due 4/12/24 (a) | 975,000 | 976,878 |
Guardian Life Global Funding | ||
1.25%, due 11/19/27 (a) | 625,000 | 609,221 |
1,586,099 | ||
Investment Companies 0.1% | ||
Blackstone Secured Lending Fund | ||
2.75%, due 9/16/26 (a) | 250,000 | 253,375 |
Iron & Steel 0.1% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 275,000 | 284,562 |
Principal Amount | Value | |
Iron & Steel (continued) | ||
Steel Dynamics, Inc. | ||
2.40%, due 6/15/25 | $ 250,000 | $ 261,425 |
545,987 | ||
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.10%, due 4/15/30 | 450,000 | 496,361 |
Media 0.1% | ||
Discovery Communications LLC | ||
3.625%, due 5/15/30 | 150,000 | 163,647 |
Thomson Reuters Corp. | ||
3.85%, due 9/29/24 | 300,000 | 325,262 |
488,909 | ||
Mining 0.3% | ||
Anglo American Capital plc (a) | ||
2.25%, due 3/17/28 | 525,000 | 530,814 |
5.625%, due 4/1/30 | 400,000 | 489,410 |
1,020,224 | ||
Oil & Gas 0.2% | ||
Valero Energy Corp. | ||
2.85%, due 4/15/25 | 675,000 | 715,719 |
Oil & Gas Services 0.2% | ||
Schlumberger Holdings Corp. | ||
3.75%, due 5/1/24 (a) | 925,000 | 995,475 |
Packaging & Containers 0.3% | ||
WRKCo, Inc. | ||
3.75%, due 3/15/25 | 925,000 | 1,009,107 |
Pharmaceuticals 0.6% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 950,000 | 1,021,199 |
Bayer US Finance II LLC | ||
4.375%, due 12/15/28 (a) | 600,000 | 687,395 |
Cigna Corp. | ||
2.375%, due 3/15/31 | 250,000 | 253,503 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 490,000 | 475,279 |
2,437,376 | ||
Pipelines 0.4% | ||
Energy Transfer Partners LP | ||
5.875%, due 3/1/22 | 1,150,000 | 1,174,602 |
16 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Texas Eastern Transmission LP | ||
2.80%, due 10/15/22 (a) | $ 225,000 | $ 229,653 |
1,404,255 | ||
Real Estate Investment Trusts 1.8% | ||
American Campus Communities Operating Partnership LP | ||
3.30%, due 7/15/26 | 900,000 | 965,098 |
Corporate Office Properties LP | ||
2.75%, due 4/15/31 | 230,000 | 231,736 |
Crown Castle International Corp. | ||
1.05%, due 7/15/26 | 1,835,000 | 1,792,147 |
Federal Realty Investment Trust | ||
1.25%, due 2/15/26 | 150,000 | 148,908 |
Highwoods Realty LP | ||
3.875%, due 3/1/27 | 1,350,000 | 1,481,308 |
Kimco Realty Corp. | ||
1.90%, due 3/1/28 | 225,000 | 224,603 |
2.80%, due 10/1/26 | 500,000 | 531,442 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 375,000 | 372,995 |
Spirit Realty LP | ||
2.70%, due 2/15/32 | 175,000 | 173,471 |
3.20%, due 2/15/31 | 175,000 | 182,383 |
VEREIT Operating Partnership LP | ||
3.95%, due 8/15/27 | 890,000 | 1,002,495 |
7,106,586 | ||
Retail 0.1% | ||
Advance Auto Parts, Inc. | ||
1.75%, due 10/1/27 | 150,000 | 148,837 |
CK Hutchison International 21 Ltd. | ||
1.50%, due 4/15/26 (a) | 375,000 | 376,964 |
525,801 | ||
Semiconductors 0.1% | ||
Skyworks Solutions, Inc. | ||
1.80%, due 6/1/26 | 300,000 | 303,779 |
Telecommunications 0.8% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 | 775,000 | 897,339 |
T-Mobile US, Inc. | ||
2.55%, due 2/15/31 | 825,000 | 834,240 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 350,000 | 357,320 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Verizon Communications, Inc. (continued) | ||
3.376%, due 2/15/25 | $ 6,000 | $ 6,518 |
4.016%, due 12/3/29 | 912,000 | 1,045,716 |
3,141,133 | ||
Total Corporate Bonds (Cost $53,682,437) | 55,312,533 | |
Foreign Government Bonds 0.1% | ||
Norway 0.1% | ||
Equinor ASA | ||
1.75%, due 1/22/26 | 225,000 | 231,697 |
Philippines 0.0% ‡ | ||
Philippine Government Bond | ||
3.00%, due 2/1/28 | 200,000 | 215,657 |
Poland 0.0% ‡ | ||
Poland Government Bond | ||
5.00%, due 3/23/22 | 50,000 | 51,709 |
Total Foreign Government Bonds (Cost $469,789) | 499,063 | |
Mortgage-Backed Securities 0.6% | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.6% | ||
BFLD Trust | ||
Series 2021-FPM, Class A | ||
1.70% (1 Month LIBOR + 1.60%), due 6/15/38 (a)(b) | 500,000 | 500,449 |
Citigroup Commercial Mortgage Trust | ||
Series 2020-420K, Class A | ||
2.456%, due 11/10/42 (a) | 500,000 | 506,222 |
Series 2020-GC46, Class A5 | ||
2.717%, due 2/15/53 | 500,000 | 528,057 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 750,000 | 781,720 |
Total Mortgage-Backed Securities (Cost $2,290,862) | 2,316,448 |
Principal Amount | Value | |
U.S. Government & Federal Agencies 15.0% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.5% | ||
FFCB | ||
1.14%, due 8/20/29 | $ 800,000 | $ 783,311 |
1.23%, due 9/10/29 | 1,000,000 | 977,545 |
1.23%, due 7/29/30 | 725,000 | 703,017 |
1.25%, due 6/24/30 | 925,000 | 898,241 |
1.62%, due 4/6/28 | 425,000 | 425,124 |
1.67%, due 3/3/31 | 650,000 | 649,437 |
1.84%, due 6/3/30 | 500,000 | 500,083 |
1.98%, due 6/2/31 | 1,200,000 | 1,197,714 |
2.00%, due 5/27/31 | 900,000 | 900,067 |
2.03%, due 1/21/28 | 850,000 | 891,443 |
2.04%, due 4/14/31 | 475,000 | 475,946 |
2.09%, due 4/1/31 | 625,000 | 625,005 |
2.10%, due 5/6/31 | 1,000,000 | 1,000,105 |
2.19%, due 6/1/33 | 700,000 | 698,001 |
2.35%, due 4/16/35 | 300,000 | 300,000 |
2.45%, due 5/10/34 | 425,000 | 425,321 |
2.50%, due 6/2/36 | 550,000 | 550,005 |
2.70%, due 6/21/41 | 350,000 | 351,115 |
FHLB | ||
0.375%, due 9/4/25 | 730,000 | 721,107 |
1.50%, due 9/11/29 | 600,000 | 595,177 |
2.00%, due 5/12/31 | 700,000 | 700,446 |
2.00%, due 5/27/31 | 945,000 | 945,157 |
3.125%, due 9/12/25 | 800,000 | 874,683 |
FHLMC | ||
0.375%, due 9/23/25 | 175,000 | 172,261 |
1.42%, due 12/30/30 | 725,000 | 711,019 |
FNMA | ||
0.50%, due 6/17/25 | 650,000 | 645,930 |
17,717,260 | ||
United States Treasury Notes 10.5% | ||
U.S. Treasury Notes | ||
0.125%, due 6/30/23 | 5,285,000 | 5,272,407 |
0.25%, due 6/15/24 | 14,590,000 | 14,501,092 |
0.875%, due 6/30/26 | 11,300,000 | 11,294,703 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
1.25%, due 6/30/28 | $ 3,823,000 | $ 3,828,974 |
1.625%, due 5/15/31 | 5,852,600 | 5,942,218 |
40,839,394 | ||
Total U.S. Government & Federal Agencies (Cost $58,488,674) | 58,556,654 | |
Total Long-Term Bonds (Cost $132,625,509) | 134,376,877 | |
Shares | ||
Common Stocks 56.5% | ||
Aerospace & Defense 3.1% | ||
General Dynamics Corp. | 14,829 | 2,791,708 |
L3Harris Technologies, Inc. | 13,859 | 2,995,623 |
Lockheed Martin Corp. | 6,675 | 2,525,486 |
Raytheon Technologies Corp. | 43,104 | 3,677,202 |
11,990,019 | ||
Auto Components 0.7% | ||
Gentex Corp. | 78,206 | 2,587,837 |
Banks 6.4% | ||
Bank of America Corp. | 157,204 | 6,481,521 |
JPMorgan Chase & Co. | 55,789 | 8,677,421 |
M&T Bank Corp. | 18,809 | 2,733,136 |
PNC Financial Services Group, Inc. (The) | 20,223 | 3,857,739 |
Truist Financial Corp. | 55,334 | 3,071,037 |
24,820,854 | ||
Beverages 0.8% | ||
Keurig Dr Pepper, Inc. | 89,900 | 3,168,076 |
Building Products 1.4% | ||
Fortune Brands Home & Security, Inc. | 23,202 | 2,311,151 |
Johnson Controls International plc | 45,820 | 3,144,627 |
5,455,778 | ||
Capital Markets 2.2% | ||
ARES Management Corp. | 33,570 | 2,134,716 |
BlackRock, Inc. | 1,179 | 1,031,590 |
LPL Financial Holdings, Inc. | 19,923 | 2,689,207 |
Morgan Stanley | 29,963 | 2,747,307 |
8,602,820 |
18 | MainStay VP Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Chemicals 1.9% | ||
Axalta Coating Systems Ltd. (e) | 69,772 | $ 2,127,348 |
Celanese Corp. | 18,921 | 2,868,423 |
FMC Corp. | 21,903 | 2,369,905 |
7,365,676 | ||
Communications Equipment 2.3% | ||
Cisco Systems, Inc. | 114,167 | 6,050,851 |
F5 Networks, Inc. (e) | 16,637 | 3,105,462 |
9,156,313 | ||
Containers & Packaging 0.8% | ||
Sealed Air Corp. | 53,913 | 3,194,345 |
Electric Utilities 1.3% | ||
Entergy Corp. | 23,408 | 2,333,778 |
Exelon Corp. | 66,327 | 2,938,949 |
5,272,727 | ||
Electrical Equipment 0.8% | ||
nVent Electric plc | 96,355 | 3,010,130 |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 79,200 | 3,239,280 |
Equity Real Estate Investment Trusts 2.1% | ||
Crown Castle International Corp. | 12,147 | 2,369,879 |
Gaming and Leisure Properties, Inc. | 73,339 | 3,397,796 |
Host Hotels & Resorts, Inc. (e) | 133,086 | 2,274,440 |
8,042,115 | ||
Food Products 0.8% | ||
Mondelez International, Inc., Class A | 50,656 | 3,162,961 |
Health Care Equipment & Supplies 2.7% | ||
Becton Dickinson and Co. | 13,179 | 3,205,001 |
Boston Scientific Corp. (e) | 70,142 | 2,999,272 |
Medtronic plc | 33,772 | 4,192,118 |
10,396,391 | ||
Health Care Providers & Services 3.7% | ||
Anthem, Inc. | 12,552 | 4,792,354 |
Centene Corp. (e) | 37,412 | 2,728,457 |
UnitedHealth Group, Inc. | 17,266 | 6,913,997 |
14,434,808 | ||
Hotels, Restaurants & Leisure 0.5% | ||
Booking Holdings, Inc. (e) | 897 | 1,962,717 |
Shares | Value | |
Household Durables 0.7% | ||
Lennar Corp., Class A | 28,435 | $ 2,825,017 |
Insurance 3.6% | ||
Assurant, Inc. | 20,129 | 3,143,747 |
Chubb Ltd. | 23,810 | 3,784,362 |
MetLife, Inc. | 73,123 | 4,376,412 |
Progressive Corp. (The) | 26,935 | 2,645,286 |
13,949,807 | ||
Interactive Media & Services 1.2% | ||
Alphabet, Inc., Class C (e) | 1,867 | 4,679,300 |
IT Services 1.5% | ||
Amdocs Ltd. | 35,694 | 2,761,288 |
Global Payments, Inc. | 15,474 | 2,901,994 |
5,663,282 | ||
Machinery 0.7% | ||
Middleby Corp. (The) (e) | 15,242 | 2,640,829 |
Media 1.5% | ||
Comcast Corp., Class A | 104,703 | 5,970,165 |
Metals & Mining 0.7% | ||
Rio Tinto plc, Sponsored ADR (f) | 31,013 | 2,601,681 |
Multi-Utilities 1.4% | ||
Dominion Energy, Inc. | 39,990 | 2,942,064 |
Sempra Energy | 20,191 | 2,674,904 |
5,616,968 | ||
Oil, Gas & Consumable Fuels 1.5% | ||
Phillips 66 | 34,256 | 2,939,850 |
Pioneer Natural Resources Co. | 18,582 | 3,019,947 |
5,959,797 | ||
Pharmaceuticals 5.2% | ||
AstraZeneca plc, Sponsored ADR (f) | 51,436 | 3,081,017 |
Eli Lilly and Co. | 18,871 | 4,331,272 |
Merck & Co., Inc. | 56,551 | 4,397,971 |
Pfizer, Inc. | 146,345 | 5,730,870 |
Roche Holding AG | 7,006 | 2,639,223 |
20,180,353 | ||
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A (e) | 31,204 | 2,675,119 |
Shares | Value | ||
Common Stocks (continued) | |||
Road & Rail 0.7% | |||
Knight-Swift Transportation Holdings, Inc. | 63,151 | $ 2,870,844 | |
Semiconductors & Semiconductor Equipment 2.9% | |||
Analog Devices, Inc. | 16,066 | 2,765,922 | |
KLA Corp. | 6,376 | 2,067,163 | |
Micron Technology, Inc. (e) | 41,033 | 3,486,984 | |
Qorvo, Inc. (e) | 15,461 | 3,024,945 | |
11,345,014 | |||
Software 0.6% | |||
VMware, Inc., Class A (e)(f) | 13,947 | 2,231,102 | |
Specialty Retail 1.3% | |||
Home Depot, Inc. (The) | 7,197 | 2,295,052 | |
TJX Cos., Inc. (The) | 40,134 | 2,705,834 | |
5,000,886 | |||
Total Common Stocks (Cost $207,298,303) | 220,073,011 | ||
Exchange-Traded Funds 4.9% | |||
iShares Intermediate Government/Credit Bond ETF | 76,929 | 8,894,531 | |
iShares Russell 1000 Value ETF | 63,914 | 10,138,039 | |
Total Exchange-Traded Funds (Cost $18,143,387) | 19,032,570 | ||
Short-Term Investments 2.7% | |||
Affiliated Investment Company 1.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (g) | 5,070,911 | 5,070,911 | |
Unaffiliated Investment Company 1.4% | |||
Wells Fargo Government Money Market Fund, 0.025% (g)(h) | 5,460,256 | 5,460,256 | |
Total Short-Term Investments (Cost $10,531,167) | 10,531,167 | ||
Total Investments (Cost $368,598,366) | 98.6% | 384,013,625 | |
Other Assets, Less Liabilities | 1.4 | 5,608,027 | |
Net Assets | 100.0% | $ 389,621,652 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(c) | Delayed delivery security. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(e) | Non-income producing security. |
(f) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $5,376,126; the total market value of collateral held by the Portfolio was $5,529,129. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $68,873. The Portfolio received cash collateral with a value of $5,460,256. (See Note 2(J)) |
(g) | Current yield as of June 30, 2021. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
20 | MainStay VP Balanced Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 62 | September 2021 | $ 13,671,404 | $ 13,659,859 | $ (11,545) |
U.S. Treasury 10 Year Notes | 24 | September 2021 | 3,162,246 | 3,180,000 | 17,754 |
U.S. Treasury Ultra Bonds | 1 | September 2021 | 193,303 | 192,688 | (615) |
Total Long Contracts | 5,594 | ||||
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (7) | September 2021 | (863,559) | (864,008) | (449) |
U.S. Treasury 10 Year Ultra Bonds | (42) | September 2021 | (6,090,146) | (6,182,531) | (92,385) |
U.S. Treasury Long Bonds | (4) | September 2021 | (624,680) | (643,000) | (18,320) |
Total Short Contracts | (111,154) | ||||
Net Unrealized Depreciation | $ (105,560) |
1. | As of June 30, 2021, cash in the amount of $80,404 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Abbreviation(s): |
ADR—American Depositary Receipt |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
LIBOR—London Interbank Offered Rate |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 17,692,179 | $ — | $ 17,692,179 | |||
Corporate Bonds | — | 55,312,533 | — | 55,312,533 | |||
Foreign Government Bonds | — | 499,063 | — | 499,063 | |||
Mortgage-Backed Securities | — | 2,316,448 | — | 2,316,448 | |||
U.S. Government & Federal Agencies | — | 58,556,654 | — | 58,556,654 | |||
Total Long-Term Bonds | — | 134,376,877 | — | 134,376,877 | |||
Common Stocks | 220,073,011 | — | — | 220,073,011 | |||
Exchange-Traded Funds | 19,032,570 | — | — | 19,032,570 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,070,911 | — | — | 5,070,911 | |||
Unaffiliated Investment Company | 5,460,256 | — | — | 5,460,256 | |||
Total Short-Term Investments | 10,531,167 | — | — | 10,531,167 | |||
Total Investments in Securities | 249,636,748 | 134,376,877 | — | 384,013,625 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 17,754 | — | — | 17,754 | |||
Total Investments in Securities and Other Financial Instruments | $ 249,654,502 | $ 134,376,877 | $ — | $ 384,031,379 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (123,314) | $ — | $ — | $ (123,314) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
22 | MainStay VP Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $363,527,455) including securities on loan of $5,376,126 | $378,942,714 |
Investment in affiliated investment companies, at value (identified cost $5,070,911) | 5,070,911 |
Cash | 11,254,984 |
Cash collateral on deposit at broker for futures contracts | 80,404 |
Receivables: | |
Investment securities sold | 3,748,128 |
Dividends and interest | 621,946 |
Portfolio shares sold | 338,839 |
Securities lending | 4,335 |
Other assets | 3,622 |
Total assets | 400,065,883 |
Liabilities | |
Cash collateral received for securities on loan | 5,460,256 |
Payables: | |
Investment securities purchased | 4,653,682 |
Manager (See Note 3) | 208,762 |
NYLIFE Distributors (See Note 3) | 76,002 |
Custodian | 28,668 |
Professional fees | 13,971 |
Variation margin on futures contracts | 2,890 |
Total liabilities | 10,444,231 |
Net assets | $389,621,652 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 23,814 |
Additional paid-in-capital | 289,185,328 |
289,209,142 | |
Total distributable earnings (loss) | 100,412,510 |
Net assets | $389,621,652 |
Initial Class | |
Net assets applicable to outstanding shares | $ 20,829,706 |
Shares of beneficial interest outstanding | 1,258,777 |
Net asset value per share outstanding | $ 16.55 |
Service Class | |
Net assets applicable to outstanding shares | $368,791,946 |
Shares of beneficial interest outstanding | 22,555,138 |
Net asset value per share outstanding | $ 16.35 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $369) | $ 2,155,850 |
Interest | 1,035,164 |
Securities lending | 25,221 |
Dividends-affiliated | 67 |
Other | 21 |
Total income | 3,216,323 |
Expenses | |
Manager (See Note 3) | 1,268,978 |
Distribution/Service—Service Class (See Note 3) | 439,907 |
Professional fees | 40,068 |
Custodian | 23,306 |
Shareholder communication | 17,818 |
Trustees | 3,674 |
Miscellaneous | 7,012 |
Total expenses | 1,800,763 |
Net investment income (loss) | 1,415,560 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 77,172,760 |
Futures transactions | (141,392) |
Foreign currency transactions | (16,525) |
Net realized gain (loss) | 77,014,843 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (38,207,521) |
Futures contracts | (138,839) |
Net change in unrealized appreciation (depreciation) | (38,346,360) |
Net realized and unrealized gain (loss) | 38,668,483 |
Net increase (decrease) in net assets resulting from operations | $ 40,084,043 |
24 | MainStay VP Balanced Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,415,560 | $ 4,428,441 |
Net realized gain (loss) | 77,014,843 | 6,164,007 |
Net change in unrealized appreciation (depreciation) | (38,346,360) | 9,512,059 |
Net increase (decrease) in net assets resulting from operations | 40,084,043 | 20,104,507 |
Distributions to shareholders: | ||
Initial Class | — | (1,017,200) |
Service Class | — | (18,038,419) |
Total distributions to shareholders | — | (19,055,619) |
Capital share transactions: | ||
Net proceeds from sales of shares | 13,529,947 | 26,609,990 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 19,055,619 |
Cost of shares redeemed | (17,557,544) | (86,852,589) |
Increase (decrease) in net assets derived from capital share transactions | (4,027,597) | (41,186,980) |
Net increase (decrease) in net assets | 36,056,446 | (40,138,092) |
Net Assets | ||
Beginning of period | 353,565,206 | 393,703,298 |
End of period | $389,621,652 | $353,565,206 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | $ 14.26 | $ 13.57 | |||||
Net investment income (loss) (a) | 0.08 | 0.21 | 0.25 | 0.28 | 0.23 | 0.21 | |||||
Net realized and unrealized gain (loss) on investments | 1.64 | 0.88 | 1.93 | (1.31) | 1.18 | 1.15 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | — | — | — | — | — | |||||
Total from investment operations | 1.72 | 1.09 | 2.18 | (1.03) | 1.41 | 1.36 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.30) | (0.29) | (0.25) | (0.19) | (0.20) | |||||
From net realized gain on investments | — | (0.55) | (0.53) | (0.67) | (0.30) | (0.47) | |||||
Total distributions | — | (0.85) | (0.82) | (0.92) | (0.49) | (0.67) | |||||
Net asset value at end of period | $ 16.55 | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | $ 14.26 | |||||
Total investment return (b) | 11.60%(c) | 7.90% | 16.75% | (7.36)% | 10.02% | 10.24% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.00%†† | 1.52% | 1.75% | 1.88% | 1.54% | 1.47%(d) | |||||
Net expenses (e) | 0.73%†† | 0.76% | 0.76% | 0.74% | 0.74% | 0.74%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.73%†† | 0.76% | 0.76% | 0.74% | 0.74% | 0.76% | |||||
Portfolio turnover rate | 102% | 218% | 186% | 209% | 174% | 253% | |||||
Net assets at end of period (in 000’s) | $ 20,830 | $ 18,533 | $ 18,653 | $ 16,084 | $ 17,209 | $ 15,666 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.45%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.76%. |
26 | MainStay VP Balanced Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | $ 14.13 | $ 13.45 | |||||
Net investment income (loss) (a) | 0.06 | 0.17 | 0.21 | 0.24 | 0.19 | 0.17 | |||||
Net realized and unrealized gain (loss) on investments | 1.62 | 0.88 | 1.91 | (1.30) | 1.17 | 1.15 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | — | — | — | — | — | |||||
Total from investment operations | 1.68 | 1.05 | 2.12 | (1.06) | 1.36 | 1.32 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.26) | (0.25) | (0.21) | (0.16) | (0.17) | |||||
From net realized gain on investments | — | (0.55) | (0.53) | (0.67) | (0.30) | (0.47) | |||||
Total distributions | — | (0.81) | (0.78) | (0.88) | (0.46) | (0.64) | |||||
Net asset value at end of period | $ 16.35 | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | $ 14.13 | |||||
Total investment return (b) | 11.45%(c) | 7.63% | 16.46% | (7.59)% | 9.75% | 9.96% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.75%†† | 1.27% | 1.50% | 1.62% | 1.28% | 1.22%(d) | |||||
Net expenses (e) | 0.98%†† | 1.01% | 1.01% | 0.99% | 0.99% | 0.99%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.98%†† | 1.01% | 1.01% | 0.99% | 0.99% | 1.01% | |||||
Portfolio turnover rate | 102% | 218% | 186% | 209% | 174% | 253% | |||||
Net assets at end of period (in 000’s) | $ 368,792 | $ 335,032 | $ 375,050 | $ 352,496 | $ 426,646 | $ 395,611 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.20%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.01%. |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
28 | MainStay VP Balanced Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
30 | MainStay VP Balanced Portfolio |
32 | MainStay VP Balanced Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $17,754 | $17,754 |
Total Fair Value | $17,754 | $17,754 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(123,314) | $(123,314) |
Total Fair Value | $(123,314) | $(123,314) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(141,392) | $(141,392) |
Total Net Realized Gain (Loss) | $(141,392) | $(141,392) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(138,839) | $(138,839) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(138,839) | $(138,839) |
Average Notional Amount | Total |
Futures Contracts Long | $16,146,397 |
Futures Contracts Short | $ (4,788,941) |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ — | $ 9,986 | $ (4,915) | $ — | $ — | $ 5,071 | $ —(a) | $ — | 5,071 |
(a) | Less than $500. |
34 | MainStay VP Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $373,685,880 | $13,598,102 | $(3,270,357) | $10,327,745 |
2020 | |
Distributions paid from: | |
Ordinary Income | $10,837,122 |
Long-Term Capital Gains | 8,218,497 |
Total | $19,055,619 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 67,637 | $ 1,058,935 |
Shares redeemed | (58,842) | (938,328) |
Net increase (decrease) | 8,795 | $ 120,607 |
Year ended December 31, 2020: | ||
Shares sold | 86,898 | $ 1,207,655 |
Shares issued to shareholders in reinvestment of distributions | 73,825 | 1,017,200 |
Shares redeemed | (189,520) | (2,605,835) |
Net increase (decrease) | (28,797) | $ (380,980) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 790,612 | $ 12,471,012 |
Shares redeemed | (1,076,212) | (16,619,216) |
Net increase (decrease) | (285,600) | $ (4,148,204) |
Year ended December 31, 2020: | ||
Shares sold | 1,840,287 | $ 25,402,335 |
Shares issued to shareholders in reinvestment of distributions | 1,322,542 | 18,038,419 |
Shares redeemed | (6,305,685) | (84,246,754) |
Net increase (decrease) | (3,142,856) | $(40,806,000) |
36 | MainStay VP Balanced Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other funds with similar strategies as those of the Portfolio, as repositioned, and the performance track record of those funds; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by Wellington; |
• | New York Life Investments’ and Wellington’s belief that their respective compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws and their commitment to further developing and strengthening compliance programs relating to the MainStay Group of Funds generally and the Portfolio specifically; |
• | ability to attract and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
38 | MainStay VP Balanced Portfolio |
40 | MainStay VP Balanced Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
42 | MainStay VP Balanced Portfolio |
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Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781603 | MSVPBL10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/23/1984 | -1.17% | 1.11% | 3.19% | 3.51% | 0.53% |
Service Class Shares | 6/4/2003 | -1.30 | 0.86 | 2.93 | 3.25 | 0.78 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Bloomberg Barclays U.S. Aggregate Bond Index1 | -1.60% | -0.33% | 3.03% | 3.39% |
Morningstar Intermediate Core Bond Category Average2 | -1.25 | 0.61 | 3.15 | 3.37 |
1. | The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $988.30 | $2.56 | $1,022.22 | $2.61 | 0.52% |
Service Class Shares | $1,000.00 | $987.00 | $3.79 | $1,020.98 | $3.86 | 0.77% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Bond Portfolio |
1. | FFCB, 1.05%-2.70%, due 1/21/28–6/21/41 |
2. | U.S. Treasury Notes, 0.125%-1.625%, due 6/30/23–5/15/31 |
3. | UMBS, 30 Year, 2.00%-7.50%, due 7/1/28–6/1/51 |
4. | UMBS, Single Family, 30 Year, 2.00%-3.00%, due 7/25/51 |
5. | FHLMC, 1.28%-4.00%, due 4/30/30–6/15/48 |
6. | U.S. Treasury Bonds, 1.625%-1.875%, due 2/15/41–11/15/50 |
7. | FHLMC, Multifamily Structured Pass-Through Certificates, 0.866%-1.81%, due 3/25/30–2/25/54 |
8. | FHLB, 2.00%, due 5/12/31–5/27/31 |
9. | UMBS, 30 Year, 3.00%-3.50%, due 3/1/50–9/1/50 |
10. | Boeing Co. (The), 3.10%-5.15%, due 5/1/26–2/1/31 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option. |
8 | MainStay VP Bond Portfolio |
5. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
Principal Amount | Value | |
Long-Term Bonds 98.2% | ||
Asset-Backed Securities 15.3% | ||
Automobile Asset-Backed Security 0.6% | ||
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | $ 4,245,000 | $ 4,880,286 |
Home Equity Asset-Backed Securities 0.1% | ||
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (a) | 51,934 | 52,909 |
JP Morgan Mortgage Acquisition Trust | ||
Series 2007-CH2, Class AF3 | ||
4.541%, due 10/25/30 (a) | 514,891 | 354,089 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-17XS, Class A3A | ||
5.651%, due 10/25/46 (a) | 846,003 | 359,044 |
766,042 | ||
Other Asset-Backed Securities 14.6% | ||
522 Funding CLO Ltd. | ||
Series 2019-4A, Class BR | ||
1.788% (3 Month LIBOR + 1.60%), due 4/20/30 (b)(c) | 3,000,000 | 2,994,675 |
AIMCO CLO | ||
Series 2015-AA, Class BR | ||
1.484% (3 Month LIBOR + 1.30%), due 1/15/28 (b)(c) | 2,000,000 | 1,999,996 |
Apidos CLO XXV | ||
Series 2016-25A, Class A1R | ||
1.358% (3 Month LIBOR + 1.17%), due 10/20/31 (b)(c) | 1,300,000 | 1,300,497 |
Apidos CLO XXXII | ||
Series 2019-32A, Class A1 | ||
1.508% (3 Month LIBOR + 1.32%), due 1/20/33 (b)(c) | 2,200,000 | 2,201,978 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class BR | ||
1.719% (3 Month LIBOR + 1.60%), due 1/15/32 (b)(c) | 2,000,000 | 2,000,378 |
ARES XLI CLO Ltd. | ||
Series 2016-41A, Class AR2 | ||
1.237% (3 Month LIBOR + 1.07%), due 4/15/34 (b)(c) | 3,000,000 | 3,000,534 |
ARES XXXIV CLO Ltd. | ||
Series 2015-2A, Class AR2 | ||
1.44% (3 Month LIBOR + 1.25%), due 4/17/33 (b)(c) | 2,000,000 | 2,007,476 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
1.588% (3 Month LIBOR + 1.40%), due 4/20/30 (b)(c) | $ 2,000,000 | $ 1,989,286 |
Battalion CLO 17 Ltd. | ||
Series 2021-17A, Class A1 | ||
1.45% (3 Month LIBOR + 1.26%), due 3/9/34 (b)(c) | 3,000,000 | 3,003,234 |
Battalion CLO Ltd. (b)(d) | ||
Series 2021-21A, Class B | ||
(zero coupon), due 7/15/34 | 2,000,000 | 1,999,792 |
Series 2021-21A, Class A | ||
1.312%, due 7/15/34 | 2,000,000 | 2,000,208 |
Benefit Street Partners CLO XIX Ltd. | ||
Series 2019-19A, Class A | ||
1.534% (3 Month LIBOR + 1.35%), due 1/15/33 (b)(c) | 1,500,000 | 1,501,671 |
Benefit Street Partners CLO XVIII Ltd. | ||
Series 2019-18A, Class A | ||
1.524% (3 Month LIBOR + 1.34%), due 10/15/32 (b)(c) | 1,000,000 | 1,001,933 |
CAL Funding IV Ltd. | ||
Series 2020-1A, Class A | ||
2.22%, due 9/25/45 (b) | 4,915,312 | 4,959,590 |
Capital Automotive LLC | ||
Series 2017-1A, Class A1 | ||
3.87%, due 4/15/47 (b) | 2,012,200 | 2,017,307 |
Carlyle Global Market Strategies | ||
Series 2021-5A, Class B | ||
1.735% (3 Month LIBOR + 1.60%), due 7/20/34 (b)(c) | 3,000,000 | 3,003,012 |
CARS-DB4 LP | ||
Series 2020-1A, Class A1 | ||
2.69%, due 2/15/50 (b) | 919,602 | 950,671 |
Cedar Funding VIII CLO Ltd. | ||
Series 2017-8A, Class A1 | ||
1.44% (3 Month LIBOR + 1.25%), due 10/17/30 (b)(c) | 1,250,000 | 1,250,304 |
Cedar Funding XII CLO Ltd. | ||
Series 2020-12A, Class A | ||
1.446% (3 Month LIBOR + 1.27%), due 10/25/32 (b)(c) | 2,600,000 | 2,600,918 |
College Avenue Student Loans LLC (b) | ||
Series 2021-A, Class A2 | ||
1.60%, due 7/25/51 | 3,052,325 | 3,043,500 |
Series 2021-B, Class B | ||
1.76%, due 6/25/52 | 3,198,073 | 3,193,992 |
10 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Cook Park CLO Ltd. | ||
Series 2018-1A, Class B | ||
1.59% (3 Month LIBOR + 1.40%), due 4/17/30 (b)(c) | $ 3,000,000 | $ 3,000,021 |
Dryden 76 CLO Ltd. | ||
Series 2019-76A, Class A1 | ||
1.518% (3 Month LIBOR + 1.33%), due 10/20/32 (b)(c) | 1,875,000 | 1,877,730 |
Dryden Senior Loan Fund | ||
Series 2021-87A, Class B | ||
1.688% (3 Month LIBOR + 1.55%), due 5/20/34 (b)(c) | 3,000,000 | 3,003,012 |
Galaxy XXI CLO Ltd. | ||
Series 2015-21A, Class BR | ||
1.538% (3 Month LIBOR + 1.35%), due 4/20/31 (b)(c) | 1,500,000 | 1,495,258 |
Galaxy XXVI CLO Ltd. | ||
Series 2018-26A, Class A | ||
1.35% (3 Month LIBOR + 1.20%), due 11/22/31 (b)(c) | 1,500,000 | 1,499,995 |
Grippen Park CLO Ltd. | ||
Series 2017-1A, Class B | ||
1.838% (3 Month LIBOR + 1.65%), due 1/20/30 (b)(c) | 750,000 | 750,064 |
Kayne CLO 10 Ltd. | ||
Series 2021-10A, Class A | ||
1.36% (3 Month LIBOR + 1.17%), due 4/23/34 (b)(c) | 2,000,000 | 2,001,418 |
Laurel Road Prime Student Loan Trust | ||
Series 2020-A, Class A2FX | ||
1.40%, due 11/25/50 (b) | 3,734,000 | 3,726,059 |
Magnetite CLO Ltd. | ||
Series 2021-31A, Class A1 | ||
(zero coupon), due 7/15/34 (b)(d) | 2,500,000 | 2,500,000 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR | ||
1.236% (3 Month LIBOR + 1.08%), due 11/15/28 (b)(c) | 1,900,000 | 1,900,019 |
Magnetite XXIII Ltd. | ||
Series 2019-23A, Class A | ||
1.476% (3 Month LIBOR + 1.30%), due 10/25/32 (b)(c) | 1,000,000 | 1,001,424 |
Magnetite XXVIII Ltd. | ||
Series 2020-28A, Class B | ||
1.826% (3 Month LIBOR + 1.65%), due 10/25/31 (b)(c) | 2,500,000 | 2,503,632 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Neuberger Berman CLO XIV Ltd. | ||
Series 2013-14A, Class BR2 | ||
1.684% (3 Month LIBOR + 1.50%), due 1/28/30 (b)(c) | $ 1,000,000 | $ 1,000,011 |
Neuberger Berman Loan Advisers CLO 24 Ltd. | ||
Series 2017-24A, Class BR | ||
1.69% (3 Month LIBOR + 1.50%), due 4/19/30 (b)(c) | 1,000,000 | 1,000,071 |
Neuberger Berman Loan Advisers CLO 35 Ltd. | ||
Series 2019-35A, Class A1 | ||
1.53% (3 Month LIBOR + 1.34%), due 1/19/33 (b)(c) | 3,000,000 | 3,004,548 |
Oaktree CLO Ltd. (b)(c) | ||
Series 2015-1A, Class A2BR | ||
1.538% (3 Month LIBOR + 1.35%), due 10/20/27 | 1,000,000 | 1,000,036 |
Series 2020-1A, Class BR | ||
1.995% (3 Month LIBOR + 1.65%), due 7/15/34 | 2,000,000 | 2,002,154 |
Octagon Investment Partners 29 Ltd. | ||
Series 2016-1A, Class AR | ||
1.356% (3 Month LIBOR + 1.18%), due 1/24/33 (b)(c) | 1,200,000 | 1,197,706 |
OHA Credit Funding 6 Ltd. | ||
Series 2020-6A, Class A1 | ||
1.838% (3 Month LIBOR + 1.65%), due 7/20/31 (b)(c) | 2,000,000 | 2,000,000 |
Palmer Square CLO Ltd. (b)(c) | ||
Series 2015-2A, Class A1R2 | ||
1.288% (3 Month LIBOR + 1.10%), due 7/20/30 | 300,000 | 299,677 |
Series 2014-1A, Class A1R2 | ||
1.32% (3 Month LIBOR + 1.13%), due 1/17/31 | 750,000 | 750,215 |
Series 2015-2A, Class A2R2 | ||
1.738% (3 Month LIBOR + 1.55%), due 7/20/30 | 2,000,000 | 2,000,070 |
Palmer Square Loan Funding Ltd. (b) | ||
Series 2021-3A, Class A2 | ||
1.571%, due 7/20/29 (d) | 2,500,000 | 2,500,000 |
Series 2019-3A, Class A2 | ||
1.755% (3 Month LIBOR + 1.60%), due 8/20/27 (c) | 3,000,000 | 3,001,770 |
Park Avenue Institutional Advisers CLO Ltd. | ||
Series 2021-1A, Class A1A | ||
1.595% (3 Month LIBOR + 1.39%), due 1/20/34 (b)(c) | 2,000,000 | 1,998,844 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
1.366% (3 Month LIBOR + 1.19%), due 10/25/31 (b)(c) | $ 2,000,000 | $ 2,000,066 |
Shackleton CLO Ltd. (b) | ||
Series 2019-14A, Class A1R | ||
(zero coupon), due 7/20/34 (d) | 1,000,000 | 1,000,000 |
Series 2019-15A, Class AR | ||
1.384% (3 Month LIBOR + 1.20%), due 1/15/32 (c) | 2,000,000 | 1,996,166 |
Series 2019-14A, Class A1 | ||
1.418% (3 Month LIBOR + 1.23%), due 7/20/30 (c) | 2,000,000 | 2,000,000 |
Slam Ltd. | ||
Series 2021-1A, Class A | ||
2.434%, due 6/15/46 (b) | 4,283,000 | 4,280,806 |
Stack Infrastructure Issuer LLC | ||
Series 2021-1A, Class A2 | ||
1.877%, due 3/26/46 (b) | 2,500,000 | 2,510,130 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (b) | 1,430,000 | 1,445,201 |
Textainer Marine Containers VII Ltd. | ||
Series 2021-1A, Class A | ||
1.68%, due 2/20/46 (b) | 3,893,333 | 3,850,953 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
1.305% (3 Month LIBOR + 1.15%), due 11/20/30 (b)(c) | 2,243,000 | 2,244,732 |
Tiaa CLO III Ltd. | ||
Series 2017-2A, Class A | ||
1.334% (3 Month LIBOR + 1.15%), due 1/16/31 (b)(c) | 2,400,000 | 2,387,410 |
TICP CLO XV Ltd. | ||
Series 2020-15A, Class A | ||
1.468% (3 Month LIBOR + 1.28%), due 4/20/33 (b)(c) | 2,000,000 | 2,005,058 |
TIF Funding II LLC | ||
Series 2021-1A, Class A | ||
1.65%, due 2/20/46 (b) | 2,338,000 | 2,301,533 |
TRP-TRIP Rail Master Funding LLC | ||
Series 2021-2, Class A | ||
2.15%, due 6/19/51 (b) | 3,000,000 | 3,005,724 |
Voya CLO Ltd. (b)(c) | ||
Series 2019-1A, Class AR | ||
1.244% (3 Month LIBOR + 1.06%), due 4/15/31 | 1,500,000 | 1,500,178 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Voya CLO Ltd. (b)(c) (continued) | ||
Series 2019-1A, Class BR | ||
1.734% (3 Month LIBOR + 1.55%), due 4/15/31 | $ 2,000,000 | $ 1,982,486 |
129,545,129 | ||
Total Asset-Backed Securities (Cost $135,526,787) | 135,191,457 | |
Corporate Bonds 36.6% | ||
Aerospace & Defense 1.0% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 1,925,000 | 2,035,035 |
3.25%, due 2/1/28 | 1,825,000 | 1,934,664 |
3.625%, due 2/1/31 | 2,500,000 | 2,688,820 |
5.15%, due 5/1/30 | 1,975,000 | 2,338,706 |
8,997,225 | ||
Auto Manufacturers 2.9% | ||
American Honda Finance Corp. | ||
0.55%, due 7/12/24 | 2,225,000 | 2,217,791 |
Daimler Finance North America LLC | ||
2.45%, due 3/2/31 (b) | 2,000,000 | 2,049,102 |
Ford Motor Credit Co. LLC | ||
3.087%, due 1/9/23 | 825,000 | 841,500 |
3.664%, due 9/8/24 | 1,800,000 | 1,886,652 |
General Motors Co. | ||
5.15%, due 4/1/38 | 1,500,000 | 1,829,078 |
General Motors Financial Co., Inc. | ||
1.05%, due 3/8/24 | 3,253,000 | 3,271,656 |
Hyundai Capital America (b) | ||
1.80%, due 1/10/28 | 875,000 | 867,171 |
2.375%, due 10/15/27 | 1,525,000 | 1,559,077 |
Nissan Motor Co. Ltd. | ||
4.81%, due 9/17/30 (b) | 5,885,000 | 6,644,402 |
Volkswagen Group of America Finance LLC | ||
3.35%, due 5/13/25 (b) | 4,225,000 | 4,559,229 |
25,725,658 | ||
Banks 5.9% | ||
Banco Santander SA | ||
1.849%, due 3/25/26 | 4,000,000 | 4,042,661 |
4.25%, due 4/11/27 | 1,800,000 | 2,031,118 |
Bank of America Corp. (e) | ||
2.087%, due 6/14/29 | 5,745,000 | 5,791,487 |
2.831%, due 10/24/51 | 2,890,000 | 2,818,230 |
12 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
BNP Paribas SA (b) | ||
1.323%, due 1/13/27 (e) | $ 1,650,000 | $ 1,630,011 |
2.824%, due 1/26/41 | 3,850,000 | 3,640,852 |
Citigroup, Inc. | ||
3.20%, due 10/21/26 | 1,500,000 | 1,624,891 |
4.75%, due 5/18/46 | 1,975,000 | 2,513,627 |
Goldman Sachs Group, Inc. (The) | ||
2.615%, due 4/22/32 (e) | 2,425,000 | 2,477,300 |
5.15%, due 5/22/45 | 975,000 | 1,303,711 |
JPMorgan Chase & Co. | ||
1.578%, due 4/22/27 (e) | 6,600,000 | 6,634,195 |
Morgan Stanley | ||
1.593%, due 5/4/27 (e) | 2,300,000 | 2,316,273 |
1.928%, due 4/28/32 (e) | 2,650,000 | 2,575,875 |
4.35%, due 9/8/26 | 1,556,000 | 1,761,806 |
Societe Generale SA (b)(c) | ||
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 | 2,075,000 | 2,069,956 |
3.625%, due 3/1/41 | 2,000,000 | 2,030,475 |
Standard Chartered plc | ||
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 (b)(c) | 2,100,000 | 2,093,393 |
UBS Group AG (b)(c) | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 | 2,825,000 | 2,805,224 |
2.095% (1 Year Treasury Constant Maturity Rate + 1.00%), due 2/11/32 | 1,800,000 | 1,763,337 |
51,924,422 | ||
Beverages 1.1% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.60%, due 4/15/48 | 2,000,000 | 2,441,687 |
4.75%, due 1/23/29 | 3,750,000 | 4,467,243 |
Diageo Capital plc | ||
2.125%, due 4/29/32 | 1,150,000 | 1,154,865 |
Keurig Dr Pepper, Inc. | ||
3.35%, due 3/15/51 | 2,000,000 | 2,096,964 |
10,160,759 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
3.375%, due 2/21/50 | 1,600,000 | 1,689,268 |
Principal Amount | Value | |
Building Materials 1.3% | ||
Carrier Global Corp. | ||
3.577%, due 4/5/50 | $ 3,575,000 | $ 3,791,167 |
Masco Corp. | ||
4.50%, due 5/15/47 | 3,000,000 | 3,640,134 |
Owens Corning | ||
3.95%, due 8/15/29 | 3,378,000 | 3,816,337 |
11,247,638 | ||
Chemicals 1.1% | ||
EI du Pont de Nemours and Co. | ||
1.70%, due 7/15/25 | 950,000 | 974,254 |
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (b) | 1,600,000 | 1,595,454 |
LYB International Finance III LLC | ||
1.25%, due 10/1/25 | 925,000 | 922,688 |
NewMarket Corp. | ||
4.10%, due 12/15/22 | 5,536,000 | 5,801,145 |
Nutrien Ltd. | ||
3.625%, due 3/15/24 | 825,000 | 880,918 |
10,174,459 | ||
Computers 0.5% | ||
HP, Inc. | ||
2.65%, due 6/17/31 (b) | 4,300,000 | 4,292,375 |
Diversified Financial Services 3.1% | ||
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,575,000 | 1,569,387 |
1.875%, due 8/15/26 | 2,125,000 | 2,126,642 |
3.875%, due 7/3/23 | 2,800,000 | 2,970,228 |
Aircastle Ltd. | ||
2.85%, due 1/26/28 (b) | 4,325,000 | 4,346,379 |
Antares Holdings LP | ||
3.95%, due 7/15/26 (b) | 1,600,000 | 1,664,996 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (b) | 3,525,000 | 3,525,952 |
BOC Aviation USA Corp. | ||
1.625%, due 4/29/24 (b) | 2,325,000 | 2,343,293 |
GE Capital International Funding Co. Unlimited Co. | ||
4.418%, due 11/15/35 | 6,160,000 | 7,382,646 |
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 1,765,060 | 1,749,990 |
27,679,513 | ||
Electric 3.2% | ||
Appalachian Power Co. | ||
6.375%, due 4/1/36 | 1,750,000 | 2,384,732 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Arizona Public Service Co. | ||
5.50%, due 9/1/35 | $ 1,275,000 | $ 1,659,865 |
Dayton Power & Light Co. (The) | ||
3.95%, due 6/15/49 | 1,025,000 | 1,136,289 |
DTE Energy Co. | ||
Series F | ||
1.05%, due 6/1/25 | 1,300,000 | 1,299,639 |
Entergy Mississippi LLC | ||
3.85%, due 6/1/49 | 2,500,000 | 2,873,706 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (b) | 3,455,000 | 3,790,551 |
Niagara Mohawk Power Corp. | ||
3.025%, due 6/27/50 (b) | 1,850,000 | 1,802,091 |
Ohio Edison Co. | ||
6.875%, due 7/15/36 | 2,500,000 | 3,546,159 |
Pinnacle West Capital Corp. | ||
1.30%, due 6/15/25 | 3,100,000 | 3,118,185 |
Southern California Edison Co. | ||
1.10%, due 4/1/24 | 2,275,000 | 2,290,669 |
Series 20C | ||
1.20%, due 2/1/26 | 1,800,000 | 1,786,674 |
Tennessee Valley Authority | ||
5.25%, due 9/15/39 | 2,000,000 | 2,862,500 |
28,551,060 | ||
Electronics 0.4% | ||
Flex Ltd. | ||
3.75%, due 2/1/26 | 3,400,000 | 3,718,350 |
Food 0.6% | ||
Bimbo Bakeries USA, Inc. | ||
4.00%, due 5/17/51 (b) | 1,325,000 | 1,422,788 |
Conagra Brands, Inc. | ||
4.85%, due 11/1/28 | 2,300,000 | 2,738,125 |
Kroger Co. (The) | ||
Series B | ||
7.70%, due 6/1/29 | 1,000,000 | 1,379,111 |
5,540,024 | ||
Gas 0.2% | ||
NiSource, Inc. | ||
5.65%, due 2/1/45 | 1,125,000 | 1,550,584 |
Healthcare-Products 0.1% | ||
Stryker Corp. | ||
2.90%, due 6/15/50 | 850,000 | 849,705 |
Principal Amount | Value | |
Healthcare-Services 0.9% | ||
Fresenius Medical Care U.S. Finance III, Inc. (b) | ||
1.875%, due 12/1/26 | $ 1,400,000 | $ 1,400,040 |
2.375%, due 2/16/31 | 4,270,000 | 4,165,876 |
UnitedHealth Group, Inc. | ||
3.25%, due 5/15/51 | 2,550,000 | 2,720,257 |
8,286,173 | ||
Insurance 0.7% | ||
Brighthouse Financial Global Funding | ||
1.00%, due 4/12/24 (b) | 3,975,000 | 3,982,657 |
Pacific LifeCorp | ||
3.35%, due 9/15/50 (b) | 1,700,000 | 1,797,175 |
5,779,832 | ||
Investment Companies 0.2% | ||
Blackstone Secured Lending Fund | ||
2.75%, due 9/16/26 (b) | 1,925,000 | 1,950,987 |
Iron & Steel 0.4% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 1,575,000 | 1,629,766 |
Steel Dynamics, Inc. | ||
2.40%, due 6/15/25 | 875,000 | 914,986 |
3.25%, due 10/15/50 | 725,000 | 722,427 |
3,267,179 | ||
Media 0.8% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 1,700,000 | 1,925,949 |
Comcast Corp. | ||
4.60%, due 10/15/38 | 750,000 | 929,552 |
Discovery Communications LLC | ||
3.625%, due 5/15/30 | 800,000 | 872,784 |
Fox Corp. | ||
5.576%, due 1/25/49 | 1,250,000 | 1,687,361 |
Thomson Reuters Corp. | ||
3.85%, due 9/29/24 | 1,575,000 | 1,707,628 |
7,123,274 | ||
Mining 0.6% | ||
Anglo American Capital plc (b) | ||
2.25%, due 3/17/28 | 2,900,000 | 2,932,117 |
5.625%, due 4/1/30 | 1,875,000 | 2,294,109 |
5,226,226 | ||
Oil & Gas 0.5% | ||
Valero Energy Corp. | ||
2.85%, due 4/15/25 | 4,000,000 | 4,241,296 |
14 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas Services 0.6% | ||
Schlumberger Holdings Corp. | ||
3.75%, due 5/1/24 (b) | $ 4,725,000 | $ 5,084,993 |
Packaging & Containers 0.4% | ||
Packaging Corp. of America | ||
4.05%, due 12/15/49 | 1,525,000 | 1,791,667 |
WRKCo, Inc. | ||
3.75%, due 3/15/25 | 1,825,000 | 1,990,941 |
3,782,608 | ||
Pharmaceuticals 1.3% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 2,575,000 | 2,767,987 |
Bayer US Finance II LLC | ||
4.375%, due 12/15/28 (b) | 2,825,000 | 3,236,484 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 2,425,000 | 2,352,147 |
4.25%, due 4/1/50 | 2,325,000 | 2,755,968 |
11,112,586 | ||
Pipelines 1.7% | ||
Energy Transfer Operating LP | ||
6.05%, due 6/1/41 | 1,300,000 | 1,648,452 |
Energy Transfer Partners LP | ||
5.875%, due 3/1/22 | 4,800,000 | 4,902,685 |
Enterprise Products Operating LLC | ||
5.10%, due 2/15/45 | 2,600,000 | 3,283,725 |
Kinder Morgan Energy Partners LP | ||
6.375%, due 3/1/41 | 400,000 | 552,898 |
Tennessee Gas Pipeline Co. LLC | ||
2.90%, due 3/1/30 (b) | 2,275,000 | 2,360,246 |
Texas Eastern Transmission LP | ||
2.80%, due 10/15/22 (b) | 2,350,000 | 2,398,602 |
15,146,608 | ||
Real Estate Investment Trusts 3.0% | ||
American Campus Communities Operating Partnership LP | ||
3.30%, due 7/15/26 | 3,000,000 | 3,216,994 |
American Homes 4 Rent LP | ||
3.375%, due 7/15/51 | 3,225,000 | 3,159,274 |
Corporate Office Properties LP | ||
2.75%, due 4/15/31 | 1,715,000 | 1,727,941 |
Federal Realty Investment Trust | ||
1.25%, due 2/15/26 | 850,000 | 843,812 |
Highwoods Realty LP | ||
3.05%, due 2/15/30 | 1,410,000 | 1,471,874 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Highwoods Realty LP (continued) | ||
3.875%, due 3/1/27 | $ 3,590,000 | $ 3,939,182 |
Kimco Realty Corp. | ||
2.80%, due 10/1/26 | 1,800,000 | 1,913,190 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 2,750,000 | 2,735,294 |
Spirit Realty LP | ||
2.70%, due 2/15/32 | 900,000 | 892,134 |
3.20%, due 2/15/31 | 900,000 | 937,971 |
VEREIT Operating Partnership LP | ||
3.95%, due 8/15/27 | 4,870,000 | 5,485,565 |
26,323,231 | ||
Retail 0.7% | ||
Advance Auto Parts, Inc. | ||
1.75%, due 10/1/27 | 1,125,000 | 1,116,282 |
CK Hutchison International 21 Ltd. | ||
1.50%, due 4/15/26 (b) | 3,375,000 | 3,392,674 |
Lowe's Cos., Inc. | ||
3.00%, due 10/15/50 | 1,450,000 | 1,429,595 |
5,938,551 | ||
Semiconductors 0.2% | ||
Skyworks Solutions, Inc. | ||
1.80%, due 6/1/26 | 1,825,000 | 1,847,991 |
Software 0.3% | ||
Fiserv, Inc. | ||
2.25%, due 6/1/27 | 2,960,000 | 3,070,502 |
Telecommunications 2.4% | ||
AT&T, Inc. | ||
1.65%, due 2/1/28 | 1,175,000 | 1,166,250 |
4.85%, due 3/1/39 | 2,000,000 | 2,429,346 |
NTT Finance Corp. | ||
1.162%, due 4/3/26 (b) | 2,800,000 | 2,793,561 |
Orange SA | ||
5.375%, due 1/13/42 | 895,000 | 1,207,118 |
Telefonica Emisiones SA | ||
5.213%, due 3/8/47 | 750,000 | 936,206 |
T-Mobile US, Inc. | ||
2.55%, due 2/15/31 | 6,540,000 | 6,613,248 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 2,350,000 | 2,399,151 |
4.272%, due 1/15/36 | 3,250,000 | 3,866,931 |
21,411,811 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Transportation 0.3% | ||
Norfolk Southern Corp. | ||
5.64%, due 5/17/29 | $ 1,400,000 | $ 1,732,467 |
Union Pacific Corp. | ||
3.25%, due 2/5/50 | 775,000 | 817,336 |
2,549,803 | ||
Total Corporate Bonds (Cost $305,382,047) | 324,244,691 | |
Foreign Government Bonds 0.7% | ||
Chile 0.2% | ||
Banco del Estado de Chile | ||
2.704%, due 1/9/25 (b) | 1,275,000 | 1,326,013 |
France 0.5% | ||
Electricite de France SA | ||
5.00%, due 9/21/48 (b) | 3,420,000 | 4,474,369 |
Poland 0.0% ‡ | ||
Poland Government Bond | ||
5.00%, due 3/23/22 | 350,000 | 361,967 |
Total Foreign Government Bonds (Cost $4,947,964) | 6,162,349 | |
Mortgage-Backed Securities 15.9% | ||
Agency (Collateralized Mortgage Obligations) 9.1% | ||
FHLMC | ||
REMIC, Series 4994, Class GV | ||
2.00%, due 6/25/46 | 2,000,000 | 2,003,090 |
REMIC, Series 4623, Class LZ | ||
2.50%, due 10/15/46 | 2,247,217 | 2,339,757 |
REMIC, Series 4199, Class BZ | ||
3.50%, due 5/15/43 | 3,183,476 | 3,556,570 |
REMIC, Series 4684, Class CZ | ||
4.00%, due 5/15/47 | 1,647,953 | 1,967,600 |
REMIC, Series 4748, Class Z | ||
4.00%, due 11/15/47 | 1,840,010 | 2,081,918 |
REMIC, Series 4798, Class GZ | ||
4.00%, due 6/15/48 | 2,262,059 | 2,568,419 |
FNMA, STRIPS | ||
REMIC, Series 396, Class 1 | ||
(zero coupon), due 6/25/39 | 3,104,563 | 2,864,180 |
GNMA | ||
REMIC, Series 2013-149, Class LZ | ||
2.50%, due 10/20/43 | 3,269,768 | 3,418,349 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2014-181, Class L | ||
3.00%, due 12/20/44 | $ 2,399,998 | $ 2,604,990 |
GNMA II, Single Family, 30 Year (f) | ||
2.00%, due 7/15/51 TBA | 3,000,000 | 3,055,313 |
2.50%, due 7/15/51 TBA | 5,650,000 | 5,846,867 |
UMBS, Single Family, 30 Year (f) | ||
2.00%, due 7/25/51 TBA | 22,850,000 | 23,071,360 |
2.50%, due 7/25/51 TBA | 22,200,000 | 22,961,391 |
3.00%, due 7/25/51 TBA | 2,100,000 | 2,188,963 |
80,528,767 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.4% | ||
Aventura Mall Trust | ||
Series 2018-AVM, Class A | ||
4.249%, due 7/5/40 (b)(g) | 3,250,000 | 3,691,716 |
BFLD Trust | ||
Series 2021-FPM, Class A | ||
1.70% (1 Month LIBOR + 1.60%), due 6/15/38 (b)(c) | 3,000,000 | 3,002,694 |
Citigroup Commercial Mortgage Trust | ||
Series 2020-420K, Class A | ||
2.456%, due 11/10/42 (b) | 3,100,000 | 3,138,577 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (b) | 5,000,000 | 5,211,467 |
FHLMC, Multifamily Structured Pass-Through Certificates (g) | ||
REMIC, Series K123, Class X1 | ||
0.866%, due 2/25/54 | 72,714,032 | 4,615,821 |
REMIC, Series K122, Class X1 | ||
0.974%, due 11/25/30 | 31,980,246 | 2,286,962 |
REMIC, Series K119, Class X1 | ||
1.027%, due 9/25/30 | 54,926,078 | 4,095,959 |
REMIC, Series K108, Class X1 | ||
1.81%, due 3/25/30 | 19,198,317 | 2,495,818 |
GS Mortgage Securities Trust | ||
Series 2015-GC32, Class AS | ||
4.018%, due 7/10/48 (h) | 3,000,000 | 3,281,107 |
Houston Galleria Mall Trust | ||
Series 2015-HGLR, Class A1A1 | ||
3.087%, due 3/5/37 (b) | 3,250,000 | 3,390,333 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C21, Class AS | ||
3.652%, due 3/15/48 | 1,000,000 | 1,070,734 |
WFLD Mortgage Trust | ||
Series 2014-MONT, Class A | ||
3.88%, due 8/10/31 (b)(g) | 2,800,000 | 2,951,469 |
39,232,657 |
16 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) 2.4% | ||
J.P. Morgan Mortgage Trust | ||
Series 2014-2, Class 1A1 | ||
3.00%, due 6/25/29 (b)(h) | $ 972,295 | $ 994,180 |
Seasoned Credit Risk Transfer Trust | ||
Series 2020-3, Class MT | ||
2.00%, due 5/25/60 | 2,898,946 | 2,932,633 |
Series 2020-2, Class M55G | ||
3.00%, due 11/25/59 | 3,474,951 | 3,682,568 |
Series 2019-2, Class M55D | ||
4.00%, due 8/25/58 | 1,756,788 | 1,928,716 |
Series 2019-4, Class M55D | ||
4.00%, due 2/25/59 | 1,655,645 | 1,819,431 |
Series 2017-4, Class M45T | ||
4.50%, due 6/25/57 | 808,338 | 898,291 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 3,044,354 | 3,245,057 |
Sequoia Mortgage Trust (b)(h) | ||
Series 2021-1, Class A1 | ||
2.50%, due 3/25/51 | 1,565,016 | 1,588,919 |
Series 2021-3, Class A1 | ||
2.50%, due 5/25/51 | 4,443,887 | 4,503,404 |
21,593,199 | ||
Total Mortgage-Backed Securities (Cost $140,567,492) | 141,354,623 | |
Municipal Bonds 0.6% | ||
Texas 0.6% | ||
San Antonio Water System Revenue Bonds | ||
5.502%, due 5/15/29 | 2,000,000 | 2,443,387 |
Texas Transportation Commission State Highway Fund Revenue Bonds, First Tier | ||
5.178%, due 4/1/30 | 2,150,000 | 2,655,087 |
5,098,474 | ||
Total Municipal Bonds (Cost $4,596,178) | 5,098,474 | |
U.S. Government & Federal Agencies 29.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 13.4% | ||
FFCB | ||
1.05%, due 6/22/28 | 3,300,000 | 3,258,210 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FFCB (continued) | ||
1.125%, due 6/1/29 | $ 6,950,000 | $ 6,828,805 |
1.14%, due 8/20/29 | 5,000,000 | 4,895,696 |
1.23%, due 9/10/29 | 7,000,000 | 6,842,813 |
1.23%, due 7/29/30 | 4,300,000 | 4,169,616 |
1.24%, due 12/23/30 | 1,025,000 | 991,446 |
1.25%, due 6/24/30 | 5,475,000 | 5,316,615 |
1.33%, due 7/1/30 | 5,000,000 | 4,895,916 |
1.67%, due 3/3/31 | 5,000,000 | 4,995,668 |
1.84%, due 6/3/30 | 2,000,000 | 2,000,333 |
1.98%, due 6/2/31 | 8,050,000 | 8,034,663 |
2.00%, due 5/27/31 | 5,900,000 | 5,900,441 |
2.02%, due 4/1/31 | 3,500,000 | 3,507,024 |
2.03%, due 1/21/28 | 3,800,000 | 3,985,273 |
2.04%, due 4/14/31 | 3,300,000 | 3,306,576 |
2.09%, due 4/1/31 | 3,500,000 | 3,500,031 |
2.19%, due 6/1/33 | 4,400,000 | 4,387,438 |
2.35%, due 4/16/35 | 1,835,000 | 1,835,001 |
2.45%, due 5/10/34 | 2,500,000 | 2,501,888 |
2.50%, due 6/2/36 | 3,600,000 | 3,600,031 |
2.70%, due 6/21/41 | 2,200,000 | 2,207,006 |
FHLB | ||
2.00%, due 5/12/31 | 4,400,000 | 4,402,801 |
2.00%, due 5/27/31 | 6,125,000 | 6,126,020 |
FHLMC | ||
1.28%, due 4/30/30 | 3,000,000 | 2,919,778 |
1.42%, due 12/30/30 | 4,600,000 | 4,511,293 |
FHLMC Gold Pools, 15 Year | ||
4.50%, due 4/1/22 | 634 | 664 |
4.50%, due 4/1/23 | 1,524 | 1,598 |
5.00%, due 3/1/25 | 28,942 | 30,187 |
5.50%, due 9/1/21 | 465 | 466 |
6.00%, due 7/1/21 | 780 | 779 |
FHLMC Gold Pools, 30 Year | ||
6.50%, due 11/1/35 | 3,469 | 3,885 |
6.50%, due 8/1/37 | 21,287 | 24,610 |
FNMA | ||
6.25%, due 5/15/29 | 3,000,000 | 4,085,142 |
UMBS, 30 Year | ||
3.00%, due 5/1/50 | 2,000,272 | 2,146,695 |
3.00%, due 8/1/50 | 2,204,230 | 2,349,984 |
3.00%, due 9/1/50 | 3,150,780 | 3,354,307 |
3.50%, due 3/1/50 | 2,033,719 | 2,213,760 |
119,132,459 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.8% | ||
UMBS, 15 Year | ||
4.50%, due 5/1/24 | $ 100,154 | $ 105,245 |
5.00%, due 12/1/23 | 26,944 | 28,072 |
5.00%, due 12/1/23 | 9,849 | 10,269 |
5.50%, due 12/1/21 | 443 | 445 |
5.50%, due 1/1/22 | 1,477 | 1,482 |
5.50%, due 2/1/22 | 82 | 83 |
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 5,656,599 | 5,723,945 |
2.00%, due 3/1/51 | 3,472,830 | 3,512,314 |
2.00%, due 4/1/51 | 2,847,219 | 2,881,381 |
2.50%, due 5/1/43 | 337,611 | 350,163 |
3.00%, due 5/1/48 | 2,669,006 | 2,823,123 |
3.00%, due 10/1/49 | 1,824,797 | 1,927,277 |
3.00%, due 9/1/50 | 2,733,501 | 2,915,504 |
3.00%, due 10/1/50 | 2,445,623 | 2,592,727 |
3.00%, due 2/1/51 | 2,249,651 | 2,398,445 |
3.00%, due 4/1/51 | 1,564,381 | 1,665,927 |
3.00%, due 6/1/51 | 2,096,870 | 2,206,619 |
3.50%, due 8/1/49 | 4,019,385 | 4,366,900 |
3.50%, due 3/1/50 | 6,007,170 | 6,538,987 |
3.50%, due 9/1/50 | 6,314,780 | 6,876,274 |
3.50%, due 4/1/51 | 1,379,750 | 1,490,235 |
4.00%, due 2/1/45 | 831,800 | 913,626 |
4.00%, due 6/1/46 | 1,252,928 | 1,370,161 |
4.00%, due 11/1/46 | 4,042,493 | 4,383,389 |
4.00%, due 4/1/47 | 3,810,825 | 4,182,406 |
4.00%, due 1/1/48 | 621,788 | 679,425 |
6.50%, due 10/1/36 | 16,593 | 19,550 |
6.50%, due 10/1/36 | 12,060 | 13,528 |
6.50%, due 8/1/37 | 3,324 | 3,808 |
7.00%, due 9/1/37 | 34,183 | 40,255 |
7.00%, due 10/1/37 | 459 | 543 |
7.00%, due 11/1/37 | 5,252 | 6,198 |
7.50%, due 7/1/28 | 7,602 | 8,360 |
60,036,666 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.1% | ||
GNMA I, 30 Year | ||
4.00%, due 3/15/44 | 24,995 | 27,589 |
4.00%, due 7/15/44 | 244,651 | 271,555 |
4.00%, due 7/15/45 | 106,643 | 116,807 |
4.50%, due 6/15/39 | 542,583 | 612,406 |
4.50%, due 6/15/40 | 186,841 | 211,022 |
1,239,379 |
Principal Amount | Value | ||
United States Treasury Bonds 1.7% | |||
U.S. Treasury Bonds | |||
1.625%, due 11/15/50 | $ 12,500,000 | $ 11,226,562 | |
1.875%, due 2/15/41 | 3,770,000 | 3,690,477 | |
14,917,039 | |||
United States Treasury Notes 7.1% | |||
U.S. Treasury Notes | |||
0.125%, due 6/30/23 | 3,500,000 | 3,491,660 | |
0.25%, due 6/15/24 | 10,125,000 | 10,063,301 | |
0.875%, due 6/30/26 | 26,920,000 | 26,907,382 | |
1.625%, due 5/15/31 | 22,300,000 | 22,641,469 | |
63,103,812 | |||
Total U.S. Government & Federal Agencies (Cost $257,906,470) | 258,429,355 | ||
Total Long-Term Bonds (Cost $848,926,938) | 870,480,949 | ||
Shares | |||
Short-Term Investment 6.4% | |||
Unaffiliated Investment Company 6.4% | |||
J.P. Morgan U.S. Government Money Market Fund, 0.026% (i) | 56,911,254 | 56,911,254 | |
Total Short-Term Investment (Cost $56,911,254) | 56,911,254 | ||
Total Investments (Cost $905,838,192) | 104.6% | 927,392,203 | |
Other Assets, Less Liabilities | (4.6) | (40,682,182) | |
Net Assets | 100.0% | $ 886,710,021 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(d) | Delayed delivery security. |
(e) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
18 | MainStay VP Bond Portfolio |
(f) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2021, the total net market value was $57,123,894, which represented 6.4% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(g) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(i) | Current yield as of June 30, 2021. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 160 | September 2021 | $ 35,250,256 | $ 35,251,250 | $ 994 |
U.S. Treasury 5 Year Notes | 115 | September 2021 | 14,245,942 | 14,194,414 | (51,528) |
U.S. Treasury Ultra Bonds | 285 | September 2021 | 53,579,989 | 54,915,938 | 1,335,949 |
Total Long Contracts | 1,285,415 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (96) | September 2021 | (12,665,955) | (12,720,000) | (54,045) |
U.S. Treasury 10 Year Ultra Bonds | (335) | September 2021 | (48,556,498) | (49,313,047) | (756,549) |
Total Short Contracts | (810,594) | ||||
Net Unrealized Appreciation | $ 474,821 |
1. | As of June 30, 2021, cash in the amount of $1,342,838 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 135,191,457 | $ — | $ 135,191,457 | |||
Corporate Bonds | — | 324,244,691 | — | 324,244,691 | |||
Foreign Government Bonds | — | 6,162,349 | — | 6,162,349 | |||
Mortgage-Backed Securities | — | 141,354,623 | — | 141,354,623 | |||
Municipal Bonds | — | 5,098,474 | — | 5,098,474 | |||
U.S. Government & Federal Agencies | — | 258,429,355 | — | 258,429,355 | |||
Total Long-Term Bonds | — | 870,480,949 | — | 870,480,949 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 56,911,254 | — | — | 56,911,254 | |||
Total Investments in Securities | 56,911,254 | 870,480,949 | — | 927,392,203 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,336,943 | — | — | 1,336,943 | |||
Total Investments in Securities and Other Financial Instruments | $ 58,248,197 | $ 870,480,949 | $ — | $ 928,729,146 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (862,122) | $ — | $ — | $ (862,122) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
20 | MainStay VP Bond Portfolio |
Assets | |
Investment in securities, at value (identified cost $905,838,192) | $927,392,203 |
Cash | 28,629,466 |
Cash collateral on deposit at broker for futures contracts | 1,342,838 |
Receivables: | |
Investment securities sold | 12,342,483 |
Interest | 3,859,819 |
Portfolio shares sold | 1,075,000 |
Variation margin on futures contracts | 69,887 |
Other assets | 14,008 |
Total assets | 974,725,704 |
Liabilities | |
Cash collateral due to broker for TBA | 637,836 |
Payables: | |
Investment securities purchased | 85,814,945 |
Portfolio shares redeemed | 928,930 |
Manager (See Note 3) | 354,487 |
NYLIFE Distributors (See Note 3) | 109,092 |
Shareholder communication | 79,231 |
Professional fees | 60,500 |
Custodian | 30,413 |
Trustees | 249 |
Total liabilities | 88,015,683 |
Net assets | $886,710,021 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 58,841 |
Additional paid-in-capital | 819,092,072 |
819,150,913 | |
Total distributable earnings (loss) | 67,559,108 |
Net assets | $886,710,021 |
Initial Class | |
Net assets applicable to outstanding shares | $353,783,040 |
Shares of beneficial interest outstanding | 23,293,791 |
Net asset value per share outstanding | $ 15.19 |
Service Class | |
Net assets applicable to outstanding shares | $532,926,981 |
Shares of beneficial interest outstanding | 35,547,374 |
Net asset value per share outstanding | $ 14.99 |
Investment Income (Loss) | |
Income | |
Interest | $ 9,309,372 |
Dividends | 121,539 |
Other | 5,254 |
Total income | 9,436,165 |
Expenses | |
Manager (See Note 3) | 2,223,031 |
Distribution/Service—Service Class (See Note 3) | 653,696 |
Professional fees | 66,391 |
Shareholder communication | 44,184 |
Custodian | 24,962 |
Trustees | 9,758 |
Miscellaneous | 12,408 |
Total expenses | 3,034,430 |
Net investment income (loss) | 6,401,735 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (1,023,055) |
Futures transactions | (1,233,416) |
Net realized gain (loss) | (2,256,471) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (16,490,652) |
Futures contracts | 492,693 |
Net change in unrealized appreciation (depreciation) | (15,997,959) |
Net realized and unrealized gain (loss) | (18,254,430) |
Net increase (decrease) in net assets resulting from operations | $(11,852,695) |
22 | MainStay VP Bond Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,401,735 | $ 14,248,343 |
Net realized gain (loss) | (2,256,471) | 26,821,653 |
Net change in unrealized appreciation (depreciation) | (15,997,959) | 19,568,324 |
Net increase (decrease) in net assets resulting from operations | (11,852,695) | 60,638,320 |
Distributions to shareholders: | ||
Initial Class | — | (8,712,379) |
Service Class | — | (10,771,134) |
Total distributions to shareholders | — | (19,483,513) |
Capital share transactions: | ||
Net proceeds from sales of shares | 113,277,902 | 274,423,509 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 19,483,513 |
Cost of shares redeemed | (157,105,928) | (161,417,551) |
Increase (decrease) in net assets derived from capital share transactions | (43,828,026) | 132,489,471 |
Net increase (decrease) in net assets | (55,680,721) | 173,644,278 |
Net Assets | ||
Beginning of period | 942,390,742 | 768,746,464 |
End of period | $ 886,710,021 | $ 942,390,742 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | $ 14.26 | $ 14.19 | |||||
Net investment income (loss) (a) | 0.12 | 0.28 | 0.37 | 0.38 | 0.32 | 0.32 | |||||
Net realized and unrealized gain (loss) on investments | (0.30) | 0.87 | 0.88 | (0.53) | 0.23 | 0.20 | |||||
Total from investment operations | (0.18) | 1.15 | 1.25 | (0.15) | 0.55 | 0.52 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.31) | (0.40) | (0.40) | (0.37) | (0.39) | |||||
From net realized gain on investments | — | (0.04) | — | (0.04) | (0.13) | (0.06) | |||||
Total distributions | — | (0.35) | (0.40) | (0.44) | (0.50) | (0.45) | |||||
Net asset value at end of period | $ 15.19 | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | $ 14.26 | |||||
Total investment return (b) | (1.17)% | 7.94% | 9.12% | (1.00)% | 3.85% | 3.53% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.55%†† | 1.83% | 2.60% | 2.76% | 2.23% | 2.16%(c) | |||||
Net expenses (d) | 0.52%†† | 0.53% | 0.54% | 0.53% | 0.52% | 0.51%(e) | |||||
Expenses (before waiver/reimbursement) (d) | 0.52%†† | 0.53% | 0.54% | 0.53% | 0.52% | 0.53% | |||||
Portfolio turnover rate (f) | 145% | 255% | 204% | 148% | 209% | 258% | |||||
Net assets at end of period (in 000’s) | $ 353,783 | $ 412,053 | $ 341,408 | $ 307,682 | $ 517,067 | $ 538,979 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Without the custody fee reimbursement, net investment income (loss) would have been 2.14%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Without the custody fee reimbursement, net expenses would have been 0.53%. |
(f) | The portfolio turnover rates not including mortgage dollar rolls were 99%, 241%, 197%, 133%, 190% and 223% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively. |
24 | MainStay VP Bond Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | $ 14.12 | $ 14.06 | |||||
Net investment income (loss) (a) | 0.10 | 0.24 | 0.33 | 0.35 | 0.28 | 0.28 | |||||
Net realized and unrealized gain (loss) on investments | (0.30) | 0.86 | 0.87 | (0.53) | 0.22 | 0.19 | |||||
Total from investment operations | (0.20) | 1.10 | 1.20 | (0.18) | 0.50 | 0.47 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.28) | (0.37) | (0.36) | (0.33) | (0.35) | |||||
From net realized gain on investments | — | (0.04) | — | (0.04) | (0.13) | (0.06) | |||||
Total distributions | — | (0.32) | (0.37) | (0.40) | (0.46) | (0.41) | |||||
Net asset value at end of period | $ 14.99 | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | $ 14.12 | |||||
Total investment return (b) | (1.32)%(c) | 7.67% | 8.85% | (1.25)% | 3.59% | 3.27% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.30%†† | 1.57% | 2.34% | 2.53% | 1.98% | 1.90%(d) | |||||
Net expenses (e) | 0.77%†† | 0.78% | 0.79% | 0.78% | 0.77% | 0.76%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.77%†† | 0.78% | 0.79% | 0.78% | 0.77% | 0.78% | |||||
Portfolio turnover rate (g) | 145% | 255% | 204% | 148% | 209% | 258% | |||||
Net assets at end of period (in 000’s) | $ 532,927 | $ 530,338 | $ 427,338 | $ 323,100 | $ 333,530 | $ 351,848 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.88%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.78%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 99%, 241%, 197%, 133%, 190% and 223% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively. |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 4, 2003 |
26 | MainStay VP Bond Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
28 | MainStay VP Bond Portfolio |
30 | MainStay VP Bond Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $1,336,943 | $1,336,943 |
Total Fair Value | $1,336,943 | $1,336,943 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(862,122) | $(862,122) |
Total Fair Value | $(862,122) | $(862,122) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(1,233,416) | $(1,233,416) |
Total Net Realized Gain (Loss) | $(1,233,416) | $(1,233,416) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $492,693 | $492,693 |
Total Net Change in Unrealized Appreciation (Depreciation) | $492,693 | $492,693 |
Average Notional Amount | Total |
Futures Contracts Long | $106,362,600 |
Futures Contracts Short | $ (61,107,099) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $905,856,104 | $24,941,962 | $(3,405,863) | $21,536,099 |
2020 | |
Distributions paid from: | |
Ordinary Income | $19,483,513 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 5,493,072 | $ 82,874,998 |
Shares redeemed | (9,010,096) | (136,154,316) |
Net increase (decrease) | (3,517,024) | $ (53,279,318) |
Year ended December 31, 2020: | ||
Shares sold | 8,066,603 | $ 123,217,088 |
Shares issued to shareholders in reinvestment of distributions | 574,551 | 8,712,379 |
Shares redeemed | (5,265,667) | (79,188,768) |
Net increase (decrease) | 3,375,487 | $ 52,740,699 |
32 | MainStay VP Bond Portfolio |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 2,033,355 | $ 30,402,904 |
Shares redeemed | (1,400,733) | (20,951,612) |
Net increase (decrease) | 632,622 | $ 9,451,292 |
Year ended December 31, 2020: | ||
Shares sold | 10,093,014 | $ 151,206,421 |
Shares issued to shareholders in reinvestment of distributions | 718,296 | 10,771,134 |
Shares redeemed | (5,549,124) | (47,384,751) |
Net increase (decrease) | 5,262,186 | $ 79,748,772 |
34 | MainStay VP Bond Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | -1.03% | -0.37% | 1.80% | 2.25% | 0.56% |
Service Class Shares | 6/4/2003 | -1.15 | -0.61 | 1.55 | 1.99 | 0.81 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Bloomberg Barclays U.S. Government Bond Index1 | -2.51% | -3.10% | 2.19% | 2.78% |
Morningstar Intermediate Government Category Average2 | -1.41 | -1.15 | 1.86 | 2.19 |
1. | The Bloomberg Barclays U.S. Government Bond Index is the Portfolio’s primary benchmark. The Bloomberg Barclays U.S. Government Bond Index is a broad-based benchmark that consists of publicly issued debt of the U.S. Treasury and government agencies. Results assume the reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Intermediate Government Category Average is representative of funds that have at least 90% of their bond holdings in bonds backed by U.S. government or by U.S. government-linked agencies. These funds have durations between 3.5 and 6 years and/or average effective maturities between 4 and 10 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $989.70 | $2.71 | $1,022.07 | $2.76 | 0.55% |
Service Class Shares | $1,000.00 | $988.50 | $3.94 | $1,020.83 | $4.01 | 0.80% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay Government Portfolio |
1. | UMBS, 30 Year, 2.00%-6.50%, due 7/1/39–4/1/51 |
2. | U.S. Treasury Notes, 0.375%-3.00%, due 7/31/23–2/15/30 |
3. | UMBS, 30 Year, 2.00%-3.50%, due 6/1/46–1/1/51 |
4. | U.S. Treasury Inflation Linked Notes, 0.125%-0.875%, due 1/15/29–7/15/30 |
5. | FNMA, 1.25%-3.50%, due 3/25/33–3/25/60 |
6. | FHLMC Gold Pools, 30 Year, 2.50%-6.50%, due 4/1/37–3/1/49 |
7. | GNMA, 1.00%-3.25%, due 8/16/41–6/20/51 |
8. | U.S. Treasury Bonds, 3.00%-4.375%, due 11/15/39–2/15/48 |
9. | Small Business Administration Participation Certificates, 1.93%-3.31%, due 12/1/32–4/1/38 |
10. | FNMA, Other, 2.50%-6.50%, due 4/1/25–6/1/57 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
4. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
8 | MainStay VP MacKay Government Portfolio |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
Principal Amount | Value | |
Long-Term Bonds 97.9% | ||
Asset-Backed Securities 2.5% | ||
Other Asset-Backed Securities 2.5% | ||
Atlantic City Electric Transition Funding LLC | ||
Series 2002-1, Class A4 | ||
5.55%, due 10/20/23 | $ 146,292 | $ 147,775 |
FirstEnergy Ohio PIRB Special Purpose Trust | ||
Series 2013-1, Class A3 | ||
3.45%, due 1/15/36 | 497,301 | 541,142 |
PSNH Funding LLC 3 | ||
Series 2018-1, Class A1 | ||
3.094%, due 2/1/26 | 251,703 | 260,229 |
Small Business Administration Participation Certificates | ||
Series 2012-20L, Class 1 | ||
1.93%, due 12/1/32 | 353,197 | 364,539 |
Series 2014-20H, Class 1 | ||
2.88%, due 8/1/34 | 428,235 | 454,898 |
Series 2015-20G, Class 1 | ||
2.88%, due 7/1/35 | 1,104,506 | 1,173,479 |
Series 2014-20I, Class 1 | ||
2.92%, due 9/1/34 | 469,311 | 498,967 |
Series 2014-20C, Class 1 | ||
3.21%, due 3/1/34 | 751,620 | 803,864 |
Series 2018-20B, Class 1 | ||
3.22%, due 2/1/38 | 1,701,739 | 1,857,753 |
Series 2018-20D, Class 1 | ||
3.31%, due 4/1/38 | 1,961,898 | 2,151,192 |
Total Asset-Backed Securities (Cost $7,877,761) | 8,253,838 | |
Corporate Bonds 1.7% | ||
Electric 1.3% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,900,000 | 2,002,850 |
Monongahela Power Co. | ||
4.10%, due 4/15/24 (a) | 2,000,000 | 2,152,623 |
4,155,473 | ||
Real Estate Investment Trusts 0.4% | ||
Host Hotels & Resorts LP | ||
Series D | ||
3.75%, due 10/15/23 | 1,350,000 | 1,423,272 |
Total Corporate Bonds (Cost $5,339,596) | 5,578,745 |
Principal Amount | Value | |
Mortgage-Backed Securities 18.5% | ||
Agency (Collateralized Mortgage Obligations) 10.7% | ||
FHLMC | ||
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | $ 365,000 | $ 369,188 |
REMIC, Series 5051, Class KI | ||
2.50%, due 12/25/50 | 2,668,116 | 412,384 |
REMIC, Series 4913, Class UA | ||
3.00%, due 3/15/49 | 468,434 | 492,540 |
REMIC, Series 4908, Class BD | ||
3.00%, due 4/25/49 | 1,532,902 | 1,584,108 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 300,506 | 313,105 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 325,719 | 344,752 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 458,185 | 482,884 |
REMIC, Series 4958, Class DL | ||
4.00%, due 1/25/50 | 360,742 | 389,364 |
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K042, Class A2 | ||
2.67%, due 12/25/24 | 1,500,000 | 1,592,993 |
REMIC, Series K729, Class A2 | ||
3.136%, due 10/25/24 | 2,745,000 | 2,937,118 |
FNMA | ||
REMIC, Series 2020-63, Class B | ||
1.25%, due 9/25/50 | 675,235 | 681,333 |
REMIC, Series 2013-24, Class PA | ||
1.75%, due 3/25/33 | 1,632,709 | 1,683,073 |
REMIC, Series 2012-124, Class PG | ||
2.00%, due 7/25/42 | 1,178,142 | 1,209,925 |
REMIC, Series 2021-2, Class AI | ||
2.00%, due 2/25/51 | 6,152,473 | 679,704 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 363,010 | 384,826 |
REMIC, Series 2019-58, Class LP | ||
3.00%, due 10/25/49 | 881,311 | 919,074 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 | 1,625,000 | 200,991 |
REMIC, Series 2020-10, Class LP | ||
3.50%, due 3/25/50 | 2,419,487 | 2,574,309 |
REMIC, Series 2021-6, Class ML | ||
3.50%, due 6/25/50 | 1,198,283 | 1,268,177 |
REMIC, Series 2021-6, Class MC | ||
3.50%, due 6/25/50 | 2,288,571 | 2,491,832 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,186,993 | 1,282,298 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 2,195,303 | 2,373,838 |
10 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, STRIPS (b) | ||
REMIC, Series 360, Class 2 | ||
5.00%, due 8/25/35 | $ 57,265 | $ 9,328 |
REMIC, Series 361, Class 2 | ||
6.00%, due 10/25/35 | 13,218 | 2,726 |
GNMA | ||
REMIC, Series 2021-77, Class BA | ||
1.00%, due 7/20/50 | 987,414 | 963,391 |
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 991,915 | 971,134 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 493,997 | 489,332 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 1,000,000 | 973,603 |
REMIC, Series 2021-57, Class IN | ||
2.00%, due 2/20/51 | 497,008 | 61,409 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 | 2,597,719 | 308,594 |
REMIC, Series 2014-63, Class PG | ||
2.50%, due 7/20/43 | 1,006,421 | 1,038,862 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 | 2,955,002 | 350,454 |
REMIC, Series 2019-3, Class A | ||
3.00%, due 4/20/48 | 564,463 | 580,616 |
REMIC, Series 2019-59, Class KA | ||
3.00%, due 12/20/48 | 649,521 | 676,820 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 | 1,482,624 | 209,832 |
REMIC, Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 1,249,044 | 1,316,043 |
UMBS, Single Family, 30 Year (c) | ||
3.00%, due 7/25/51 TBA | 1,100,000 | 1,146,600 |
3.50%, due 7/25/51 TBA | 1,600,000 | 1,684,156 |
35,450,716 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 7.4% | ||
BX Trust | ||
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 (a) | 485,000 | 522,473 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 1,750,000 | 1,912,754 |
FREMF Mortgage Trust (a)(d) | ||
REMIC, Series 2013-K33, Class B | ||
3.612%, due 8/25/46 | 933,000 | 983,591 |
REMIC, Series 2013-K27, Class B | ||
3.615%, due 1/25/46 | 1,300,000 | 1,355,683 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FREMF Mortgage Trust (a)(d) (continued) | ||
REMIC, Series 2013-K24, Class B | ||
3.627%, due 11/25/45 | $ 2,000,000 | $ 2,067,916 |
REMIC, Series 2015-K721, Class B | ||
3.673%, due 11/25/47 | 3,140,000 | 3,239,676 |
REMIC, Series 2012-K23, Class B | ||
3.782%, due 10/25/45 | 1,222,000 | 1,262,647 |
REMIC, Series 2012-K22, Class B | ||
3.811%, due 8/25/45 | 800,000 | 826,063 |
REMIC, Series 2016-K58, Class B | ||
3.866%, due 9/25/49 | 500,000 | 548,993 |
REMIC, Series 2014-K41, Class B | ||
3.964%, due 11/25/47 | 2,700,000 | 2,935,480 |
REMIC, Series 2013-K35, Class B | ||
4.069%, due 12/25/46 | 1,925,000 | 2,054,126 |
REMIC, Series 2016-K54, Class B | ||
4.189%, due 4/25/48 | 695,000 | 769,394 |
REMIC, Series 2014-K40, Class B | ||
4.208%, due 11/25/47 | 1,645,000 | 1,798,220 |
REMIC, Series 2014-K38, Class B | ||
4.376%, due 6/25/47 | 2,000,000 | 2,167,619 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,265,000 | 1,309,858 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-1745, Class A | ||
3.874%, due 6/15/36 (a)(d) | 695,000 | 773,183 |
24,527,676 | ||
Whole Loan (Collateralized Mortgage Obligations) 0.4% | ||
Citigroup Mortgage Loan Trust | ||
Series 2006-AR6, Class 1A1 | ||
3.206%, due 8/25/36 (d) | 77,083 | 73,571 |
Flagstar Mortgage Trust | ||
Series 2021-2, Class A2 | ||
2.50%, due 4/25/51 (a)(e) | 982,748 | 996,889 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 353,000 | 376,272 |
1,446,732 | ||
Total Mortgage-Backed Securities (Cost $60,752,993) | 61,425,124 |
Principal Amount | Value | |
Municipal Bonds 2.1% | ||
New Jersey 0.8% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
1.483%, due 1/1/28 | $ 1,000,000 | $ 994,914 |
7.102%, due 1/1/41 | 1,000,000 | 1,601,879 |
2,596,793 | ||
New York 1.3% | ||
New York State Thruway Authority Revenue Bonds | ||
Series M | ||
2.90%, due 1/1/35 | 4,000,000 | 4,289,322 |
Total Municipal Bonds (Cost $6,851,415) | 6,886,115 | |
U.S. Government & Federal Agencies 73.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 14.3% | ||
FHLMC Gold Pools, 30 Year | ||
2.50%, due 8/1/46 | 837,800 | 870,139 |
3.00%, due 2/1/46 | 1,470,684 | 1,549,219 |
3.00%, due 4/1/47 | 1,594,237 | 1,676,958 |
3.50%, due 1/1/44 | 375,674 | 404,669 |
3.50%, due 1/1/48 | 1,540,478 | 1,645,514 |
4.00%, due 7/1/44 | 832,047 | 908,435 |
4.00%, due 12/1/46 | 635,736 | 690,332 |
4.00%, due 10/1/48 | 666,385 | 727,803 |
4.00%, due 3/1/49 | 325,142 | 346,577 |
4.50%, due 12/1/44 | 1,109,466 | 1,237,253 |
5.00%, due 11/1/41 | 840,621 | 962,091 |
6.50%, due 4/1/37 | 24,134 | 28,571 |
FHLMC Gold Pools, Other | ||
4.50%, due 3/1/41 | 185,348 | 202,795 |
Freddie Mac Pool, 30 Year | ||
2.50%, due 5/1/51 | 1,396,973 | 1,446,765 |
Tennessee Valley Authority | ||
4.65%, due 6/15/35 | 4,395,000 | 5,781,567 |
UMBS, 15 Year | ||
2.00%, due 6/1/35 | 968,691 | 1,002,351 |
2.50%, due 9/1/34 | 394,024 | 411,529 |
UMBS, 30 Year | ||
2.00%, due 7/1/50 | 3,515,631 | 3,552,044 |
2.00%, due 7/1/50 | 1,571,726 | 1,588,005 |
2.00%, due 8/1/50 | 1,499,759 | 1,515,292 |
2.00%, due 8/1/50 | 3,092,795 | 3,146,976 |
2.00%, due 8/1/50 | 2,304,788 | 2,328,659 |
2.00%, due 9/1/50 | 1,041,439 | 1,052,224 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.00%, due 11/1/50 | $ 2,123,799 | $ 2,145,795 |
2.50%, due 3/1/50 | 1,385,442 | 1,434,304 |
2.50%, due 7/1/50 | 2,196,433 | 2,273,896 |
2.50%, due 10/1/50 | 189,888 | 196,870 |
2.50%, due 11/1/50 | 2,035,210 | 2,106,987 |
2.50%, due 1/1/51 | 519,750 | 538,961 |
3.00%, due 6/1/46 | 800,721 | 843,646 |
3.00%, due 8/1/49 | 1,583,301 | 1,653,400 |
3.00%, due 9/1/49 | 264,114 | 275,795 |
3.00%, due 11/1/49 | 907,244 | 953,363 |
3.50%, due 1/1/50 | 1,429,149 | 1,504,097 |
United States International Development Finance Corp. | ||
5.142%, due 12/15/23 | 346,256 | 368,622 |
47,371,504 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 36.2% | ||
FNMA, Other | ||
2.50%, due 1/1/57 | 732,506 | 770,545 |
2.68%, due 5/1/25 | 2,000,000 | 2,133,468 |
2.73%, due 4/1/25 | 1,025,000 | 1,095,132 |
3.00%, due 9/1/46 | 689,620 | 707,816 |
3.00%, due 10/1/46 | 671,619 | 689,408 |
3.00%, due 10/1/48 | 16,389 | 16,614 |
3.00%, due 2/1/57 | 621,268 | 672,316 |
3.00%, due 6/1/57 | 726,045 | 785,367 |
6.00%, due 4/1/37 | 7,701 | 8,651 |
6.50%, due 8/1/47 | 14,498 | 15,686 |
UMBS, 15 Year | ||
2.00%, due 6/1/35 | 1,775,166 | 1,836,898 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 2,480,279 | 2,522,722 |
2.50%, due 6/1/41 | 2,090,634 | 2,174,460 |
3.00%, due 10/1/32 | 415,728 | 441,056 |
UMBS, 30 Year | ||
2.00%, due 6/1/50 | 1,811,073 | 1,829,802 |
2.00%, due 8/1/50 | 3,426,741 | 3,462,182 |
2.00%, due 10/1/50 | 2,860,435 | 2,903,358 |
2.00%, due 10/1/50 | 2,249,059 | 2,274,095 |
2.00%, due 12/1/50 | 1,967,949 | 1,988,331 |
2.00%, due 3/1/51 | 2,485,259 | 2,512,562 |
2.50%, due 1/1/47 | 2,022,132 | 2,100,827 |
2.50%, due 9/1/49 | 1,788,204 | 1,851,270 |
2.50%, due 3/1/50 | 684,630 | 712,252 |
2.50%, due 3/1/50 | 1,672,549 | 1,731,536 |
12 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.50%, due 3/1/50 | $ 1,781,162 | $ 1,843,980 |
2.50%, due 4/1/50 | 2,568,720 | 2,683,311 |
2.50%, due 5/1/50 | 3,807,607 | 3,941,893 |
2.50%, due 7/1/50 | 2,201,749 | 2,279,400 |
2.50%, due 8/1/50 | 2,517,336 | 2,610,735 |
2.50%, due 8/1/50 | 3,343,518 | 3,475,568 |
2.50%, due 9/1/50 | 2,870,484 | 3,002,429 |
2.50%, due 10/1/50 | 2,932,698 | 3,037,021 |
2.50%, due 11/1/50 | 2,880,722 | 3,021,821 |
2.50%, due 12/1/50 | 2,730,228 | 2,826,517 |
2.50%, due 1/1/51 | 2,564,503 | 2,673,938 |
2.50%, due 1/1/51 | 2,338,907 | 2,423,156 |
2.50%, due 4/1/51 | 1,877,896 | 1,952,109 |
3.00%, due 10/1/44 | 1,295,414 | 1,382,341 |
3.00%, due 3/1/47 | 750,219 | 792,457 |
3.00%, due 12/1/47 | 974,403 | 1,024,365 |
3.00%, due 10/1/49 | 1,033,989 | 1,079,748 |
3.00%, due 3/1/50 | 1,397,625 | 1,476,908 |
3.00%, due 3/1/50 | 2,188,101 | 2,312,582 |
3.00%, due 3/1/50 | 1,816,025 | 1,896,113 |
3.00%, due 5/1/50 | 1,677,944 | 1,752,295 |
3.00%, due 7/1/50 | 2,424,333 | 2,546,186 |
3.50%, due 5/1/43 | 1,633,460 | 1,770,656 |
3.50%, due 11/1/44 | 572,046 | 617,698 |
3.50%, due 3/1/45 | 605,261 | 654,985 |
3.50%, due 11/1/45 | 1,707,618 | 1,836,654 |
3.50%, due 8/1/46 | 431,238 | 464,407 |
3.50%, due 10/1/47 | 339,851 | 359,977 |
3.50%, due 2/1/48 | 190,782 | 201,147 |
3.50%, due 8/1/49 | 1,050,935 | 1,104,082 |
3.50%, due 9/1/50 | 2,506,582 | 2,678,625 |
4.00%, due 1/1/46 | 580,871 | 634,716 |
4.00%, due 9/1/47 | 283,428 | 303,644 |
4.00%, due 7/1/48 | 743,044 | 791,942 |
4.00%, due 8/1/48 | 3,762,185 | 4,013,854 |
4.00%, due 9/1/48 | 720,487 | 768,162 |
4.00%, due 4/1/49 | 200,594 | 213,575 |
4.00%, due 3/1/50 | 1,787,930 | 1,923,671 |
4.50%, due 2/1/41 | 1,878,570 | 2,094,741 |
4.50%, due 4/1/41 | 4,724,694 | 5,308,373 |
4.50%, due 8/1/42 | 790,547 | 881,217 |
4.50%, due 8/1/44 | 895,930 | 998,599 |
5.00%, due 9/1/41 | 1,619,413 | 1,852,743 |
5.00%, due 10/1/41 | 1,375,835 | 1,572,205 |
5.50%, due 7/1/41 | 2,523,319 | 2,918,959 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
6.00%, due 7/1/39 | $ 587,210 | $ 695,621 |
6.50%, due 10/1/39 | 107,300 | 123,514 |
120,054,994 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.5% | ||
GNMA II, 30 Year | ||
4.00%, due 11/20/49 | 828,603 | 877,120 |
4.50%, due 7/20/49 | 676,323 | 720,855 |
1,597,975 | ||
United States Treasury Bonds 2.2% | ||
U.S. Treasury Bonds | ||
3.00%, due 5/15/45 | 2,790,000 | 3,290,238 |
3.00%, due 2/15/48 | 2,000,000 | 2,384,063 |
4.375%, due 11/15/39 | 1,200,000 | 1,669,359 |
7,343,660 | ||
United States Treasury Inflation - Indexed Notes 7.4% | ||
U.S. Treasury Inflation Linked Notes (f) | ||
0.125%, due 1/15/30 | 9,780,000 | 11,142,557 |
0.125%, due 7/15/30 | 7,500,000 | 8,617,123 |
0.875%, due 1/15/29 | 3,950,000 | 4,833,549 |
24,593,229 | ||
United States Treasury Notes 12.5% | ||
U.S. Treasury Notes | ||
0.375%, due 4/30/25 | 5,000,000 | 4,946,289 |
1.50%, due 2/15/30 | 2,615,000 | 2,640,844 |
2.25%, due 4/30/24 | 19,045,000 | 20,021,056 |
2.375%, due 8/15/24 | 1,695,000 | 1,794,515 |
2.625%, due 1/31/26 | 1,700,000 | 1,838,922 |
2.75%, due 7/31/23 | 345,000 | 362,816 |
2.75%, due 8/31/23 | 1,325,000 | 1,395,546 |
3.00%, due 10/31/25 | 7,805,000 | 8,550,743 |
41,550,731 | ||
Total U.S. Government & Federal Agencies (Cost $237,157,742) | 242,512,093 | |
Total Long-Term Bonds (Cost $317,979,507) | 324,655,915 | |
Shares | Value | ||
Short-Term Investment 3.2% | |||
Affiliated Investment Company 3.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (g) | 10,608,409 | $ 10,608,409 | |
Total Short-Term Investment (Cost $10,608,409) | 10,608,409 | ||
Total Investments (Cost $328,587,916) | 101.1% | 335,264,324 | |
Other Assets, Less Liabilities | (1.1) | (3,810,207) | |
Net Assets | 100.0% | $ 331,454,117 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(c) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2021, the total net market value was $2,830,756, which represented 0.9% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(d) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(e) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(f) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(g) | Current yield as of June 30, 2021. |
14 | MainStay VP MacKay Government Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (12) | September 2021 | $ (1,739,973) | $ (1,766,438) | $ (26,464) |
U.S. Treasury Long Bonds | (9) | September 2021 | (1,412,065) | (1,446,750) | (34,685) |
U.S. Treasury Ultra Bonds | (24) | September 2021 | (4,454,005) | (4,624,500) | (170,495) |
Net Unrealized Depreciation | $ (231,644) |
1. | As of June 30, 2021, cash in the amount of $216,900 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 8,253,838 | $ — | $ 8,253,838 | |||
Corporate Bonds | — | 5,578,745 | — | �� 5,578,745 | |||
Mortgage-Backed Securities | — | 61,425,124 | — | 61,425,124 | |||
Municipal Bonds | — | 6,886,115 | — | 6,886,115 | |||
U.S. Government & Federal Agencies | — | 242,512,093 | — | 242,512,093 | |||
Total Long-Term Bonds | — | 324,655,915 | — | 324,655,915 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 10,608,409 | — | — | 10,608,409 | |||
Total Investments in Securities | $ 10,608,409 | $ 324,655,915 | $ — | $ 335,264,324 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (231,644) | $ — | $ — | $ (231,644) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $317,979,507) | $324,655,915 |
Investment in affiliated investment companies, at value (identified cost $10,608,409) | 10,608,409 |
Cash | 203,056 |
Cash collateral on deposit at broker for futures contracts | 216,900 |
Receivables: | |
Investment securities sold | 1,583,906 |
Interest | 1,037,092 |
Portfolio shares sold | 120,000 |
Other assets | 5,582 |
Total assets | 338,430,860 |
Liabilities | |
Cash collateral due to broker for TBA | 201,575 |
Due to broker | 78,491 |
Payables: | |
Investment securities purchased | 5,870,583 |
Portfolio shares redeemed | 506,087 |
Manager (See Note 3) | 136,041 |
NYLIFE Distributors (See Note 3) | 52,843 |
Variation margin on futures contracts | 42,000 |
Professional fees | 40,192 |
Shareholder communication | 29,857 |
Custodian | 19,067 |
Trustees | 7 |
Total liabilities | 6,976,743 |
Net assets | $331,454,117 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,125 |
Additional paid-in-capital | 321,570,091 |
321,600,216 | |
Total distributable earnings (loss) | 9,853,901 |
Net assets | $331,454,117 |
Initial Class | |
Net assets applicable to outstanding shares | $ 74,853,616 |
Shares of beneficial interest outstanding | 6,745,477 |
Net asset value per share outstanding | $ 11.10 |
Service Class | |
Net assets applicable to outstanding shares | $256,600,501 |
Shares of beneficial interest outstanding | 23,379,872 |
Net asset value per share outstanding | $ 10.98 |
16 | MainStay VP MacKay Government Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 4,000,759 |
Dividends-affiliated | 492 |
Total income | 4,001,251 |
Expenses | |
Manager (See Note 3) | 933,044 |
Distribution/Service—Service Class (See Note 3) | 333,395 |
Professional fees | 41,080 |
Shareholder communication | 17,649 |
Custodian | 16,344 |
Trustees | 4,015 |
Miscellaneous | 5,924 |
Total expenses | 1,351,451 |
Net investment income (loss) | 2,649,800 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 175,673 |
Futures transactions | (94,934) |
Net realized gain (loss) | 80,739 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (6,747,948) |
Futures contracts | (231,644) |
Net change in unrealized appreciation (depreciation) | (6,979,592) |
Net realized and unrealized gain (loss) | (6,898,853) |
Net increase (decrease) in net assets resulting from operations | $(4,249,053) |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,649,800 | $ 4,416,874 |
Net realized gain (loss) | 80,739 | 1,424,439 |
Net change in unrealized appreciation (depreciation) | (6,979,592) | 7,617,671 |
Net increase (decrease) in net assets resulting from operations | (4,249,053) | 13,458,984 |
Distributions to shareholders: | ||
Initial Class | — | (1,180,531) |
Service Class | — | (3,747,304) |
Total distributions to shareholders | — | (4,927,835) |
Capital share transactions: | ||
Net proceeds from sales of shares | 53,565,029 | 237,953,765 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 4,927,835 |
Cost of shares redeemed | (106,869,650) | (114,972,175) |
Increase (decrease) in net assets derived from capital share transactions | (53,304,621) | 127,909,425 |
Net increase (decrease) in net assets | (57,553,674) | 136,440,574 |
Net Assets | ||
Beginning of period | 389,007,791 | 252,567,217 |
End of period | $ 331,454,117 | $ 389,007,791 |
18 | MainStay VP MacKay Government Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | $ 10.85 | $ 10.99 | |||||
Net investment income (loss) (a) | 0.09 | 0.17 | 0.25 | 0.26 | 0.25 | 0.24 | |||||
Net realized and unrealized gain (loss) on investments | (0.20) | 0.36 | 0.32 | (0.27) | (0.02) | (0.11) | |||||
Total from investment operations | (0.11) | 0.53 | 0.57 | (0.01) | 0.23 | 0.13 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.16) | (0.22) | (0.28) | (0.30) | (0.27) | |||||
Net asset value at end of period | $ 11.10 | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | $ 10.85 | |||||
Total investment return (b) | (0.98)%(c) | 4.97% | 5.42% | (0.06)% | 2.11% | 1.07% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.57%†† | 1.50% | 2.35% | 2.44% | 2.29% | 2.14%(d) | |||||
Net expenses (e) | 0.55%†† | 0.56% | 0.57% | 0.57% | 0.56% | 0.55%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.55%†† | 0.56% | 0.57% | 0.57% | 0.56% | 0.56% | |||||
Portfolio turnover rate (g) | 44% | 77% | 30% | 92% | 17% | 64% | |||||
Net assets at end of period (in 000’s) | $ 74,854 | $ 107,954 | $ 51,698 | $ 52,552 | $ 56,561 | $ 64,930 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 2.13%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.56%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 19%, 53%, 80%, 5% and 19% for the six months ended June 30, 2021 and for years ended December 31, 2020, 2018, 2017 and 2016, respectively. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | $ 10.76 | $ 10.90 | |||||
Net investment income (loss) (a) | 0.07 | 0.14 | 0.22 | 0.23 | 0.22 | 0.21 | |||||
Net realized and unrealized gain (loss) on investments | (0.19) | 0.37 | 0.31 | (0.26) | (0.03) | (0.11) | |||||
Total from investment operations | (0.12) | 0.51 | 0.53 | (0.03) | 0.19 | 0.10 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.15) | (0.20) | (0.25) | (0.26) | (0.24) | |||||
Net asset value at end of period | $ 10.98 | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | $ 10.76 | |||||
Total investment return (b) | (1.08)%(c) | 4.70% | 5.15% | (0.31)% | 1.86% | 0.82% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.36%†† | 1.29% | 2.09% | 2.19% | 2.04% | 1.89%(d) | |||||
Net expenses (e) | 0.80%†† | 0.80% | 0.82% | 0.82% | 0.81% | 0.80%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.80%†† | 0.80% | 0.82% | 0.82% | 0.81% | 0.81% | |||||
Portfolio turnover rate (g) | 44% | 77% | 30% | 92% | 17% | 64% | |||||
Net assets at end of period (in 000’s) | $ 256,601 | $ 281,054 | $ 200,869 | $ 159,575 | $ 155,477 | $ 186,207 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.88%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.81%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 19%, 53%, 80%, 5% and 19% for the six months ended June 30, 2021 and for years ended December 31, 2020, 2018, 2017 and 2016, respectively. |
20 | MainStay VP MacKay Government Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
22 | MainStay VP MacKay Government Portfolio |
24 | MainStay VP MacKay Government Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(231,644) | $(231,644) |
Total Fair Value | $(231,644) | $(231,644) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(94,934) | $(94,934) |
Total Net Realized Gain (Loss) | $(94,934) | $(94,934) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(231,644) | $(231,644) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(231,644) | $(231,644) |
Average Notional Amount | Total |
Futures Contracts Short | $(7,715,953) |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 12,052 | $ 175,746 | $ (177,190) | $ — | $ — | $ 10,608 | $ —(a) | $ — | 10,608 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $328,601,368 | $8,220,230 | $(1,557,274) | $6,662,956 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $3,839 |
2020 | |
Distributions paid from: | |
Ordinary Income | $4,927,835 |
26 | MainStay VP MacKay Government Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,552,127 | $ 39,510,424 |
Shares redeemed | (6,434,827) | (71,578,878) |
Net increase (decrease) | (2,882,700) | $ (32,068,454) |
Year ended December 31, 2020: | ||
Shares sold | 5,754,098 | $ 64,738,684 |
Shares issued to shareholders in reinvestment of distributions | 105,587 | 1,180,531 |
Shares redeemed | (1,001,790) | (11,226,218) |
Net increase (decrease) | 4,857,895 | $ 54,692,997 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,272,415 | $ 14,054,605 |
Shares redeemed | (3,206,090) | (35,290,772) |
Net increase (decrease) | (1,933,675) | $ (21,236,167) |
Year ended December 31, 2020: | ||
Shares sold | 15,621,490 | $ 173,215,081 |
Shares issued to shareholders in reinvestment of distributions | 338,268 | 3,747,304 |
Shares redeemed | (9,342,684) | (103,745,957) |
Net increase (decrease) | 6,617,074 | $ 73,216,428 |
28 | MainStay VP MacKay Government Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | |||||
Class | Inception Date | Six Months | One Year | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 5/1/2017 | -1.80% | -0.95% | 3.42% | 0.29% |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Since Inception |
Bloomberg Barclays U.S. Aggregate Bond Index1 | -1.60% | -0.33% | 3.89% |
Morningstar Intermediate Core Bond Category Average2 | -1.25 | 0.61 | 3.75 |
1. | The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $982.00 | $1.47 | $1,023.31 | $1.51 | 0.30% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Indexed Bond Portfolio |
1. | U.S. Treasury Notes, 0.125%-2.875%, due 12/31/22–5/15/31 |
2. | UMBS, Single Family, 30 Year, 2.00%-2.50%, due 7/25/51 |
3. | UMBS, 30 Year, 2.00%-5.50%, due 6/1/36–10/1/50 |
4. | U.S. Treasury Bonds, 1.25%-4.625%, due 2/15/36–11/15/50 |
5. | GNMA II, 30 Year, 2.50%-5.00%, due 11/20/42–2/20/50 |
6. | GNMA II, Single Family, 30 Year, 2.00%-2.50%, due 7/15/51 |
7. | FHLMC Gold Pools, 30 Year, 3.00%-5.50%, due 7/1/38–1/1/49 |
8. | UMBS, Single Family, 15 Year, 1.50%-2.00%, due 7/25/36 |
9. | UMBS, 30 Year, 2.50%-4.50%, due 12/1/47–5/1/50 |
10. | FNMA, 0.65%-1.875%, due 4/5/22–9/24/26 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘BBB’ by Standard & Poor’s (S&P) is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
8 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 98.2% | ||
Asset-Backed Securities 0.1% | ||
Automobile Asset-Backed Securities 0.1% | ||
Ally Auto Receivables Trust | ||
Series 2018-3, Class A3 | ||
3.00%, due 1/17/23 | $ 11,733 | $ 11,773 |
GM Financial Consumer Automobile Receivables Trust | ||
Series 2018-3, Class A3 | ||
3.02%, due 5/16/23 | 197,283 | 198,887 |
Honda Auto Receivables Owner Trust | ||
Series 2018-3, Class A3 | ||
2.95%, due 8/22/22 | 132,828 | 133,517 |
Total Asset-Backed Securities (Cost $341,820) | 344,177 | |
Corporate Bonds 29.2% | ||
Aerospace & Defense 0.7% | ||
Boeing Co. (The) | ||
3.25%, due 3/1/28 | 560,000 | 587,569 |
5.15%, due 5/1/30 | 650,000 | 769,701 |
Lockheed Martin Corp. | ||
4.07%, due 12/15/42 | 305,000 | 370,318 |
Northrop Grumman Systems Corp. | ||
7.75%, due 2/15/31 | 260,000 | 377,622 |
Raytheon Technologies Corp. | ||
3.125%, due 7/1/50 | 450,000 | 462,006 |
3.15%, due 12/15/24 | 305,000 | 327,308 |
3.50%, due 3/15/27 | 260,000 | 286,780 |
3.65%, due 8/16/23 | 2,000 | 2,122 |
3,183,426 | ||
Apparel 0.0% ‡ | ||
NIKE, Inc. | ||
3.625%, due 5/1/43 | 90,000 | 104,168 |
Auto Manufacturers 0.4% | ||
General Motors Financial Co., Inc. | ||
4.35%, due 1/17/27 | 1,425,000 | 1,602,115 |
Toyota Motor Credit Corp. | ||
2.25%, due 10/18/23 | 340,000 | 354,161 |
1,956,276 | ||
Banks 5.6% | ||
Bank of America Corp. | ||
0.523%, due 6/14/24 (a) | 900,000 | 899,811 |
2.831%, due 10/24/51 (a) | 695,000 | 677,740 |
3.248%, due 10/21/27 | 480,000 | 520,675 |
3.419%, due 12/20/28 (a) | 1,685,000 | 1,835,149 |
Principal Amount | Value | |
Banks (continued) | ||
Bank of New York Mellon Corp. (The) | ||
Series G | ||
3.00%, due 2/24/25 | $ 485,000 | $ 521,724 |
Barclays plc | ||
5.25%, due 8/17/45 | 270,000 | 359,171 |
BNP Paribas SA | ||
3.25%, due 3/3/23 | 495,000 | 518,637 |
Citigroup, Inc. | ||
0.981%, due 5/1/25 (a) | 1,750,000 | 1,754,165 |
2.561%, due 5/1/32 (a) | 250,000 | 254,488 |
4.45%, due 9/29/27 | 1,435,000 | 1,639,482 |
4.65%, due 7/30/45 | 170,000 | 218,863 |
Cooperatieve Rabobank UA | ||
5.25%, due 5/24/41 | 480,000 | 661,850 |
Credit Suisse Group AG | ||
3.80%, due 6/9/23 | 335,000 | 355,025 |
Goldman Sachs Group, Inc. (The) | ||
1.542%, due 9/10/27 (a) | 2,350,000 | 2,343,385 |
4.80%, due 7/8/44 | 400,000 | 522,303 |
HSBC Holdings plc | ||
3.90%, due 5/25/26 | 1,375,000 | 1,529,178 |
JPMorgan Chase & Co. | ||
4.25%, due 10/1/27 | 2,340,000 | 2,666,354 |
4.26%, due 2/22/48 (a) | 575,000 | 697,897 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 1,265,000 | 1,397,172 |
Mitsubishi UFJ Financial Group, Inc. | ||
3.455%, due 3/2/23 | 560,000 | 588,177 |
Morgan Stanley | ||
0.79%, due 5/30/25 (a) | 630,000 | 627,777 |
1.928%, due 4/28/32 (a) | 650,000 | 631,818 |
3.625%, due 1/20/27 | 1,700,000 | 1,884,994 |
Natwest Group plc | ||
3.875%, due 9/12/23 | 270,000 | 288,426 |
Wells Fargo & Co. | ||
3.00%, due 4/22/26 | 2,425,000 | 2,607,499 |
3.50%, due 3/8/22 | 97,000 | 99,156 |
4.75%, due 12/7/46 | 575,000 | 727,630 |
26,828,546 | ||
Beverages 0.9% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.60%, due 4/15/48 | 1,465,000 | 1,788,536 |
Coca-Cola Co. (The) | ||
2.60%, due 6/1/50 | 450,000 | 433,576 |
Constellation Brands, Inc. | ||
3.60%, due 2/15/28 | 125,000 | 138,480 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Beverages (continued) | ||
Diageo Capital plc | ||
5.875%, due 9/30/36 | $ 268,000 | $ 382,625 |
Keurig Dr Pepper, Inc. | ||
4.985%, due 5/25/38 | 90,000 | 114,713 |
Molson Coors Beverage Co. | ||
4.20%, due 7/15/46 | 90,000 | 100,264 |
PepsiCo, Inc. | ||
2.75%, due 3/1/23 | 380,000 | 395,371 |
2.85%, due 2/24/26 | 260,000 | 280,693 |
4.45%, due 4/14/46 | 550,000 | 708,242 |
4,342,500 | ||
Biotechnology 0.3% | ||
Amgen, Inc. | ||
3.125%, due 5/1/25 | 305,000 | 328,446 |
3.375%, due 2/21/50 | 405,000 | 427,596 |
Baxalta, Inc. | ||
3.60%, due 6/23/22 | 39,000 | 40,020 |
Gilead Sciences, Inc. | ||
3.65%, due 3/1/26 | 490,000 | 540,190 |
4.60%, due 9/1/35 | 205,000 | 250,831 |
1,587,083 | ||
Building Materials 0.0% ‡ | ||
Johnson Controls International plc | ||
6.00%, due 1/15/36 | 75,000 | 104,999 |
Chemicals 0.4% | ||
DuPont de Nemours, Inc. | ||
4.493%, due 11/15/25 | 450,000 | 511,720 |
Ecolab, Inc. | ||
2.70%, due 11/1/26 | 260,000 | 278,533 |
Mosaic Co. (The) | ||
4.05%, due 11/15/27 | 480,000 | 538,162 |
Nutrien Ltd. | ||
5.875%, due 12/1/36 | 260,000 | 353,484 |
Sherwin-Williams Co. (The) | ||
3.95%, due 1/15/26 | 305,000 | 340,318 |
2,022,217 | ||
Computers 1.0% | ||
Apple, Inc. | ||
2.90%, due 9/12/27 | 300,000 | 326,760 |
3.35%, due 2/9/27 | 16,000 | 17,767 |
4.25%, due 2/9/47 | 205,000 | 258,393 |
4.50%, due 2/23/36 | 845,000 | 1,065,506 |
Principal Amount | Value | |
Computers (continued) | ||
Dell International LLC | ||
5.45%, due 6/15/23 | $ 545,000 | $ 591,251 |
6.02%, due 6/15/26 | 375,000 | 450,197 |
Hewlett Packard Enterprise Co. | ||
4.40%, due 10/15/22 (b) | 205,000 | 213,912 |
International Business Machines Corp. | ||
1.875%, due 8/1/22 | 300,000 | 305,088 |
3.45%, due 2/19/26 | 275,000 | 303,826 |
3.50%, due 5/15/29 | 1,215,000 | 1,359,705 |
4,892,405 | ||
Cosmetics & Personal Care 0.1% | ||
Procter & Gamble Co. (The) | ||
2.70%, due 2/2/26 | 260,000 | 280,587 |
Unilever Capital Corp. | ||
3.10%, due 7/30/25 | 100,000 | 108,777 |
389,364 | ||
Diversified Financial Services 0.8% | ||
American Express Co. | ||
2.50%, due 7/30/24 | 765,000 | 806,037 |
GE Capital Funding LLC | ||
4.05%, due 5/15/27 | 1,625,000 | 1,839,153 |
Mastercard, Inc. | ||
3.85%, due 3/26/50 | 450,000 | 543,437 |
Visa, Inc. | ||
2.80%, due 12/14/22 | 480,000 | 495,943 |
4.30%, due 12/14/45 | 200,000 | 256,679 |
3,941,249 | ||
Electric 1.9% | ||
CenterPoint Energy Houston Electric LLC | ||
Series AC | ||
4.25%, due 2/1/49 | 300,000 | 375,003 |
Commonwealth Edison Co. | ||
3.65%, due 6/15/46 | 465,000 | 528,734 |
Consolidated Edison Co. of New York, Inc. | ||
Series 06-A | ||
5.85%, due 3/15/36 | 640,000 | 855,729 |
DTE Electric Co. | ||
3.375%, due 3/1/25 | 205,000 | 221,237 |
Duke Energy Carolinas LLC | ||
3.875%, due 3/15/46 | 790,000 | 911,171 |
4.00%, due 9/30/42 | 260,000 | 306,326 |
Edison International | ||
2.95%, due 3/15/23 | 205,000 | 211,622 |
10 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Entergy Louisiana LLC | ||
4.20%, due 4/1/50 | $ 350,000 | $ 428,232 |
Florida Power & Light Co. | ||
2.75%, due 6/1/23 | 120,000 | 124,193 |
3.80%, due 12/15/42 | 575,000 | 678,122 |
MidAmerican Energy Co. | ||
3.95%, due 8/1/47 | 380,000 | 449,671 |
National Rural Utilities Cooperative Finance Corp. | ||
2.70%, due 2/15/23 | 115,000 | 118,814 |
Ohio Power Co. | ||
Series G | ||
6.60%, due 2/15/33 | 190,000 | 260,840 |
PPL Electric Utilities Corp. | ||
3.95%, due 6/1/47 | 125,000 | 147,740 |
Public Service Electric and Gas Co. | ||
2.70%, due 5/1/50 | 450,000 | 445,286 |
San Diego Gas & Electric Co. | ||
4.15%, due 5/15/48 | 260,000 | 315,053 |
Sempra Energy | ||
3.80%, due 2/1/38 | 260,000 | 288,660 |
Southern California Edison Co. | ||
Series C | ||
4.125%, due 3/1/48 | 260,000 | 277,078 |
Southern Co. (The) | ||
2.95%, due 7/1/23 | 205,000 | 213,873 |
4.40%, due 7/1/46 | 525,000 | 616,544 |
Virginia Electric and Power Co. | ||
4.00%, due 1/15/43 | 390,000 | 457,823 |
Xcel Energy, Inc. | ||
3.30%, due 6/1/25 | 830,000 | 894,604 |
9,126,355 | ||
Environmental Control 0.1% | ||
Republic Services, Inc. | ||
3.20%, due 3/15/25 | 305,000 | 327,479 |
Waste Management, Inc. | ||
3.15%, due 11/15/27 | 305,000 | 333,585 |
661,064 | ||
Food 0.3% | ||
General Mills, Inc. | ||
3.15%, due 12/15/21 | 5,000 | 5,030 |
4.20%, due 4/17/28 | 90,000 | 103,751 |
Kroger Co. (The) | ||
2.20%, due 5/1/30 | 650,000 | 653,720 |
Principal Amount | Value | |
Food (continued) | ||
Sysco Corp. | ||
3.25%, due 7/15/27 | $ 305,000 | $ 330,216 |
Tyson Foods, Inc. | ||
5.10%, due 9/28/48 | 300,000 | 394,863 |
1,487,580 | ||
Forest Products & Paper 0.2% | ||
Fibria Overseas Finance Ltd. | ||
5.50%, due 1/17/27 | 480,000 | 556,805 |
International Paper Co. | ||
3.80%, due 1/15/26 | 235,000 | 260,939 |
817,744 | ||
Gas 0.1% | ||
NiSource, Inc. | ||
3.49%, due 5/15/27 | 260,000 | 285,974 |
Healthcare-Products 0.5% | ||
Abbott Laboratories | ||
3.75%, due 11/30/26 | 175,000 | 197,632 |
4.90%, due 11/30/46 | 275,000 | 376,356 |
Boston Scientific Corp. | ||
4.70%, due 3/1/49 | 225,000 | 287,753 |
Medtronic, Inc. | ||
4.625%, due 3/15/45 | 449,000 | 589,001 |
Stryker Corp. | ||
3.65%, due 3/7/28 | 260,000 | 292,468 |
Thermo Fisher Scientific, Inc. | ||
2.95%, due 9/19/26 | 340,000 | 366,642 |
2,109,852 | ||
Healthcare-Services 0.8% | ||
Aetna, Inc. | ||
6.625%, due 6/15/36 | 260,000 | 378,808 |
Anthem, Inc. | ||
4.375%, due 12/1/47 | 305,000 | 371,995 |
Laboratory Corp. of America Holdings | ||
3.60%, due 2/1/25 | 305,000 | 329,926 |
UnitedHealth Group, Inc. | ||
3.10%, due 3/15/26 | 575,000 | 627,118 |
3.75%, due 7/15/25 | 1,700,000 | 1,886,284 |
4.25%, due 4/15/47 | 300,000 | 368,603 |
3,962,734 | ||
Household Products & Wares 0.1% | ||
Clorox Co. (The) | ||
3.90%, due 5/15/28 | 260,000 | 295,847 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Household Products & Wares (continued) | ||
Kimberly-Clark Corp. | ||
2.75%, due 2/15/26 | $ 260,000 | $ 282,192 |
578,039 | ||
Housewares 0.0% ‡ | ||
Newell Brands, Inc. | ||
4.35%, due 4/1/23 (b) | 175,000 | 183,312 |
Insurance 0.7% | ||
Allstate Corp. (The) | ||
5.35%, due 6/1/33 | 260,000 | 338,268 |
American International Group, Inc. | ||
6.25%, due 5/1/36 | 350,000 | 485,244 |
Berkshire Hathaway Finance Corp. | ||
4.30%, due 5/15/43 | 405,000 | 504,663 |
Chubb INA Holdings, Inc. | ||
3.35%, due 5/3/26 | 205,000 | 225,072 |
MetLife, Inc. | ||
3.60%, due 11/13/25 | 1,590,000 | 1,757,294 |
Prudential Financial, Inc. | ||
3.935%, due 12/7/49 | 150,000 | 175,290 |
3,485,831 | ||
Internet 0.3% | ||
Alphabet, Inc. | ||
3.375%, due 2/25/24 | 350,000 | 376,257 |
Amazon.com, Inc. | ||
3.875%, due 8/22/37 | 935,000 | 1,114,941 |
1,491,198 | ||
Machinery—Construction & Mining 0.1% | ||
Caterpillar, Inc. | ||
5.30%, due 9/15/35 | 310,000 | 413,590 |
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.90%, due 6/9/42 | 170,000 | 208,787 |
Media 1.7% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 850,000 | 962,974 |
5.75%, due 4/1/48 | 800,000 | 1,018,193 |
Comcast Corp. | ||
3.30%, due 4/1/27 | 725,000 | 799,037 |
3.40%, due 7/15/46 | 1,415,000 | 1,509,430 |
Principal Amount | Value | |
Media (continued) | ||
Discovery Communications LLC | ||
3.95%, due 3/20/28 | $ 400,000 | $ 444,885 |
TWDC Enterprises 18 Corp. | ||
2.35%, due 12/1/22 | 560,000 | 575,583 |
ViacomCBS, Inc. | ||
4.95%, due 1/15/31 | 650,000 | 783,457 |
Walt Disney Co. (The) | ||
3.00%, due 9/15/22 | 715,000 | 738,093 |
3.80%, due 3/22/30 | 650,000 | 742,276 |
6.40%, due 12/15/35 | 485,000 | 709,906 |
8,283,834 | ||
Mining 0.3% | ||
Barrick North America Finance LLC | ||
5.70%, due 5/30/41 | 125,000 | 171,649 |
BHP Billiton Finance USA Ltd. | ||
3.85%, due 9/30/23 | 480,000 | 515,483 |
Rio Tinto Finance USA Ltd. | ||
3.75%, due 6/15/25 | 480,000 | 532,255 |
1,219,387 | ||
Miscellaneous—Manufacturing 0.3% | ||
3M Co. | ||
4.00%, due 9/14/48 | 300,000 | 365,488 |
Eaton Corp. | ||
4.00%, due 11/2/32 | 260,000 | 302,807 |
General Electric Co. | ||
4.125%, due 10/9/42 | 94,000 | 108,278 |
Parker-Hannifin Corp. | ||
3.50%, due 9/15/22 | 290,000 | 300,783 |
4.20%, due 11/21/34 | 90,000 | 105,811 |
1,183,167 | ||
Multi-National 0.2% | ||
International Bank for Reconstruction & Development | ||
3.00%, due 9/27/23 | 900,000 | 952,457 |
Oil & Gas 1.2% | ||
BP Capital Markets America, Inc. | ||
1.749%, due 8/10/30 | 875,000 | 853,763 |
3.588%, due 4/14/27 | 300,000 | 332,147 |
Canadian Natural Resources Ltd. | ||
6.25%, due 3/15/38 | 125,000 | 167,095 |
Chevron Corp. | ||
3.191%, due 6/24/23 | 485,000 | 509,209 |
ConocoPhillips Co. | ||
5.95%, due 3/15/46 | 340,000 | 503,864 |
12 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Devon Energy Corp. | ||
4.75%, due 5/15/42 | $ 260,000 | $ 293,373 |
EOG Resources, Inc. | ||
3.90%, due 4/1/35 | 205,000 | 236,668 |
Exxon Mobil Corp. | ||
4.114%, due 3/1/46 | 465,000 | 548,542 |
Hess Corp. | ||
7.125%, due 3/15/33 | 125,000 | 169,446 |
Shell International Finance BV | ||
2.375%, due 8/21/22 | 340,000 | 348,096 |
3.75%, due 9/12/46 | 560,000 | 632,989 |
TotalEnergies Capital International SA | ||
2.829%, due 1/10/30 | 875,000 | 939,769 |
5,534,961 | ||
Oil & Gas Services 0.0% ‡ | ||
Halliburton Co. | ||
3.80%, due 11/15/25 | 28,000 | 30,948 |
Pharmaceuticals 2.5% | ||
AbbVie, Inc. | ||
3.20%, due 11/6/22 | 490,000 | 506,184 |
3.75%, due 11/14/23 | 95,000 | 101,900 |
3.80%, due 3/15/25 | 175,000 | 191,423 |
4.70%, due 5/14/45 | 1,055,000 | 1,313,734 |
4.75%, due 3/15/45 | 100,000 | 125,375 |
Allergan Funding SCS | ||
3.80%, due 3/15/25 | 50,000 | 53,671 |
4.75%, due 3/15/45 | 25,000 | 25,614 |
AstraZeneca plc | ||
6.45%, due 9/15/37 | 490,000 | 732,478 |
Bristol-Myers Squibb Co. | ||
2.75%, due 2/15/23 | 25,000 | 25,933 |
3.40%, due 7/26/29 | 1,480,000 | 1,658,619 |
3.55%, due 8/15/22 | 180,000 | 186,435 |
3.625%, due 5/15/24 | 560,000 | 604,306 |
Cigna Corp. | ||
4.90%, due 12/15/48 | 175,000 | 225,372 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 1,160,000 | 1,125,151 |
2.75%, due 12/1/22 | 380,000 | 390,473 |
4.25%, due 4/1/50 | 325,000 | 385,243 |
Eli Lilly and Co. | ||
3.95%, due 3/15/49 | 300,000 | 363,640 |
GlaxoSmithKline Capital, Inc. | ||
3.875%, due 5/15/28 | 305,000 | 349,766 |
Principal Amount | Value | |
Pharmaceuticals (continued) | ||
Johnson & Johnson | ||
3.55%, due 3/1/36 | $ 350,000 | $ 407,355 |
4.95%, due 5/15/33 | 300,000 | 394,835 |
Merck & Co., Inc. | ||
3.70%, due 2/10/45 | 260,000 | 299,433 |
Mylan, Inc. | ||
4.20%, due 11/29/23 | 75,000 | 80,439 |
5.20%, due 4/15/48 | 90,000 | 110,750 |
Novartis Capital Corp. | ||
4.00%, due 11/20/45 | 310,000 | 378,331 |
Pfizer, Inc. | ||
3.00%, due 6/15/23 | 180,000 | 189,163 |
3.20%, due 9/15/23 | 25,000 | 26,420 |
4.00%, due 12/15/36 | 1,165,000 | 1,409,117 |
4.10%, due 9/15/38 | 95,000 | 115,731 |
11,776,891 | ||
Pipelines 1.8% | ||
Enbridge, Inc. | ||
4.50%, due 6/10/44 | 260,000 | 306,765 |
Energy Transfer Operating LP | ||
4.05%, due 3/15/25 | 2,655,000 | 2,878,755 |
Enterprise Products Operating LLC | ||
3.70%, due 2/15/26 | 475,000 | 525,457 |
4.80%, due 2/1/49 | 400,000 | 492,278 |
Kinder Morgan Energy Partners LP | ||
5.80%, due 3/15/35 | 305,000 | 391,776 |
Kinder Morgan, Inc. | ||
4.30%, due 6/1/25 | 565,000 | 629,069 |
MPLX LP | ||
4.125%, due 3/1/27 | 855,000 | 955,374 |
ONEOK, Inc. | ||
3.10%, due 3/15/30 | 650,000 | 679,577 |
Phillips 66 Partners LP | ||
4.68%, due 2/15/45 | 487,000 | 556,424 |
TransCanada PipeLines Ltd. | ||
4.875%, due 1/15/26 | 310,000 | 356,012 |
4.875%, due 5/15/48 | 575,000 | 726,735 |
8,498,222 | ||
Real Estate Investment Trusts 0.3% | ||
American Tower Corp. | ||
5.00%, due 2/15/24 | 170,000 | 188,538 |
AvalonBay Communities, Inc. | ||
2.90%, due 10/15/26 | 205,000 | 219,887 |
Crown Castle International Corp. | ||
1.05%, due 7/15/26 | 150,000 | 146,497 |
ERP Operating LP | ||
3.25%, due 8/1/27 | 260,000 | 282,363 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts (continued) | ||
Realty Income Corp. | ||
4.65%, due 3/15/47 | $ 150,000 | $ 193,140 |
Simon Property Group LP | ||
4.25%, due 11/30/46 | 443,000 | 510,388 |
1,540,813 | ||
Retail 1.1% | ||
Home Depot, Inc. (The) | ||
2.375%, due 3/15/51 | 850,000 | 786,179 |
Lowe's Cos., Inc. | ||
4.05%, due 5/3/47 | 385,000 | 443,301 |
McDonald's Corp. | ||
3.375%, due 5/26/25 | 1,485,000 | 1,612,709 |
Starbucks Corp. | ||
2.55%, due 11/15/30 | 875,000 | 906,632 |
Target Corp. | ||
2.35%, due 2/15/30 | 175,000 | 182,785 |
3.50%, due 7/1/24 | 300,000 | 325,397 |
Walmart, Inc. | ||
2.85%, due 7/8/24 | 250,000 | 266,798 |
3.30%, due 4/22/24 | 90,000 | 96,522 |
4.30%, due 4/22/44 | 625,000 | 794,859 |
5,415,182 | ||
Semiconductors 0.7% | ||
Applied Materials, Inc. | ||
5.10%, due 10/1/35 | 260,000 | 342,259 |
Broadcom, Inc. | ||
4.15%, due 11/15/30 | 650,000 | 728,920 |
Intel Corp. | ||
3.70%, due 7/29/25 | 1,460,000 | 1,613,890 |
QUALCOMM, Inc. | ||
4.65%, due 5/20/35 | 260,000 | 330,588 |
Texas Instruments, Inc. | ||
2.625%, due 5/15/24 | 350,000 | 368,996 |
3,384,653 | ||
Software 0.9% | ||
Fiserv, Inc. | ||
4.20%, due 10/1/28 | 625,000 | 718,460 |
Microsoft Corp. | ||
2.40%, due 2/6/22 | 10,000 | 10,118 |
2.921%, due 3/17/52 | 455,000 | 482,913 |
3.30%, due 2/6/27 | 390,000 | 433,886 |
Oracle Corp. | ||
2.95%, due 5/15/25 | 1,955,000 | 2,089,558 |
Principal Amount | Value | |
Software (continued) | ||
Oracle Corp. (continued) | ||
4.00%, due 7/15/46 | $ 205,000 | $ 222,297 |
5.375%, due 7/15/40 | 350,000 | 453,781 |
4,411,013 | ||
Telecommunications 1.8% | ||
AT&T, Inc. | ||
2.55%, due 12/1/33 (c) | 1,551,000 | 1,536,485 |
3.55%, due 9/15/55 (c) | 1,131,000 | 1,134,792 |
3.60%, due 7/15/25 | 310,000 | 339,920 |
Cisco Systems, Inc. | ||
2.95%, due 2/28/26 | 485,000 | 526,828 |
Deutsche Telekom International Finance BV | ||
8.75%, due 6/15/30 (b) | 260,000 | 389,594 |
Telefonica Emisiones SA | ||
7.045%, due 6/20/36 | 350,000 | 503,918 |
T-Mobile US, Inc. | ||
3.875%, due 4/15/30 | 650,000 | 726,583 |
Verizon Communications, Inc. | ||
4.016%, due 12/3/29 | 565,000 | 647,839 |
5.50%, due 3/16/47 | 975,000 | 1,363,961 |
Vodafone Group plc | ||
4.375%, due 5/30/28 | 1,330,000 | 1,547,149 |
8,717,069 | ||
Transportation 1.0% | ||
Burlington Northern Santa Fe LLC | ||
3.25%, due 6/15/27 | 956,000 | 1,054,193 |
Canadian National Railway Co. | ||
6.25%, due 8/1/34 | 260,000 | 367,093 |
CSX Corp. | ||
3.35%, due 9/15/49 | 575,000 | 609,713 |
Norfolk Southern Corp. | ||
3.942%, due 11/1/47 | 341,000 | 392,280 |
Union Pacific Corp. | ||
2.75%, due 3/1/26 | 1,680,000 | 1,792,456 |
United Parcel Service, Inc. | ||
3.40%, due 11/15/46 | 480,000 | 537,655 |
4,753,390 | ||
Total Corporate Bonds (Cost $135,149,504) | 139,866,280 | |
Foreign Government Bonds 2.9% | ||
Canada 0.4% | ||
Province of Ontario Canada | ||
2.50%, due 4/27/26 | 1,120,000 | 1,196,702 |
14 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Canada (continued) | ||
Province of Quebec Canada | ||
2.50%, due 4/20/26 | $ 775,000 | $ 829,986 |
2,026,688 | ||
Japan 0.1% | ||
Japan Bank for International Cooperation | ||
2.875%, due 6/1/27 | 576,000 | 628,004 |
Luxembourg 0.4% | ||
European Investment Bank | ||
2.25%, due 8/15/22 | 1,375,000 | 1,407,010 |
2.375%, due 5/24/27 | 520,000 | 557,626 |
1,964,636 | ||
Mexico 0.9% | ||
Mexico Government Bond | ||
4.125%, due 1/21/26 | 3,830,000 | 4,321,695 |
Norway 0.1% | ||
Equinor ASA | ||
5.10%, due 8/17/40 | 385,000 | 512,294 |
Panama 0.2% | ||
Panama Government Bond | ||
3.75%, due 3/16/25 | 750,000 | 814,418 |
Peru 0.3% | ||
Peruvian Government Bond | ||
7.35%, due 7/21/25 | 1,045,000 | 1,281,755 |
Philippines 0.4% | ||
Asian Development Bank | ||
2.75%, due 3/17/23 | 900,000 | 938,307 |
Philippine Government Bond | ||
5.00%, due 1/13/37 | 600,000 | 753,981 |
1,692,288 | ||
Republic of Korea 0.1% | ||
Korea Development Bank (The) | ||
3.25%, due 2/19/24 | 650,000 | 695,117 |
Total Foreign Government Bonds (Cost $13,387,623) | 13,936,895 |
Principal Amount | Value | |
Mortgage-Backed Securities 12.3% | ||
Agency (Collateralized Mortgage Obligations) 10.8% | ||
Freddie Mac Multifamily Structured Pass Through Certificates | ||
REMIC, Series K094, Class A2 | ||
2.903%, due 6/25/29 | $ 4,000,000 | $ 4,412,045 |
GNMA II, Single Family, 30 Year (d) | ||
2.00%, due 7/15/51 TBA | 4,250,000 | 4,328,359 |
2.50%, due 7/15/51 TBA | 5,300,000 | 5,484,672 |
UMBS, Single Family, 15 Year (d) | ||
1.50%, due 7/25/36 TBA | 3,500,000 | 3,542,178 |
2.00%, due 7/25/36 TBA | 2,950,000 | 3,042,706 |
UMBS, Single Family, 30 Year (d) | ||
2.00%, due 7/25/51 TBA | 20,050,000 | 20,244,234 |
2.50%, due 7/25/51 TBA | 10,350,000 | 10,704,973 |
51,759,167 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.5% | ||
BANK | ||
Series 2018-BN14, Class A3 | ||
3.966%, due 9/15/60 | 800,000 | 900,795 |
Benchmark Mortgage Trust | ||
Series 2018-B1, Class A2 | ||
3.571%, due 1/15/51 | 100,000 | 103,228 |
Series 2018-B1, Class A5 | ||
3.666%, due 1/15/51 (e) | 800,000 | 891,676 |
Series 2018-B6, Class A3 | ||
3.995%, due 10/10/51 | 900,000 | 1,021,020 |
CFCRE Commercial Mortgage Trust | ||
Series 2016-C6, Class A3 | ||
3.217%, due 11/10/49 (e) | 300,000 | 322,798 |
Series 2017-C8, Class A3 | ||
3.305%, due 6/15/50 | 200,000 | 216,758 |
Citigroup Commercial Mortgage Trust | ||
Series 2017-P8, Class A4 | ||
3.465%, due 9/15/50 | 300,000 | 331,338 |
Series 2015-GC35, Class A4 | ||
3.818%, due 11/10/48 | 300,000 | 330,878 |
CSAIL Commercial Mortgage Trust | ||
Series 2017-CX9, Class A5 | ||
3.446%, due 9/15/50 | 300,000 | 327,362 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A4 | ||
2.85%, due 10/10/49 | 300,000 | 319,922 |
Series 2014-GC22, Class A5 | ||
3.862%, due 6/10/47 | 300,000 | 323,395 |
Series 2018-GS9, Class A4 | ||
3.992%, due 3/10/51 (e) | 800,000 | 911,028 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2013-C7, Class A4 | ||
2.918%, due 2/15/46 | $ 300,000 | $ 308,675 |
Morgan Stanley Capital I Trust | ||
Series 2018-H3, Class A4 | ||
3.914%, due 7/15/51 | 500,000 | 559,992 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-SG1, Class A4 | ||
3.789%, due 9/15/48 | 298,975 | 323,141 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C8, Class A3 | ||
3.001%, due 8/15/45 | 200,000 | 203,701 |
7,395,707 | ||
Total Mortgage-Backed Securities (Cost $58,533,844) | 59,154,874 | |
U.S. Government & Federal Agencies 53.7% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 6.4% | ||
FFCB | ||
0.68%, due 1/13/27 | 1,125,000 | 1,099,651 |
1.98%, due 6/2/31 | 825,000 | 823,428 |
FHLB | ||
3.25%, due 11/16/28 | 2,200,000 | 2,498,672 |
FHLMC | ||
0.375%, due 7/21/25 | 1,800,000 | 1,774,657 |
2.375%, due 1/13/22 | 500,000 | 506,120 |
FHLMC Gold Pools, 15 Year | ||
2.50%, due 10/1/31 | 52,498 | 55,426 |
2.50%, due 2/1/32 | 227,283 | 238,088 |
2.50%, due 2/1/33 | 230,161 | 240,937 |
2.50%, due 4/1/33 | 301,277 | 314,772 |
2.50%, due 6/1/33 | 43,737 | 45,689 |
2.50%, due 7/1/33 | 103,410 | 108,196 |
3.00%, due 9/1/27 | 123,628 | 130,736 |
3.00%, due 4/1/32 | 142,756 | 150,944 |
3.00%, due 6/1/32 | 37,085 | 39,181 |
3.00%, due 9/1/32 | 18,283 | 19,331 |
3.00%, due 10/1/32 | 81,436 | 86,042 |
3.00%, due 5/1/33 | 108,053 | 113,929 |
3.00%, due 9/1/33 | 91,160 | 95,987 |
3.50%, due 12/1/25 | 25,774 | 27,546 |
3.50%, due 5/1/33 | 92,500 | 99,153 |
3.50%, due 9/1/33 | 26,874 | 28,765 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 20 Year | ||
3.00%, due 9/1/36 | $ 110,850 | $ 118,172 |
3.00%, due 11/1/37 | 66,767 | 69,818 |
3.00%, due 12/1/37 | 114,641 | 119,538 |
3.50%, due 2/1/37 | 109,752 | 117,680 |
3.50%, due 1/1/38 | 115,780 | 122,443 |
4.50%, due 5/1/38 | 69,735 | 75,672 |
5.50%, due 1/1/29 | 36,797 | 40,951 |
FHLMC Gold Pools, 30 Year | ||
3.00%, due 9/1/46 | 532,950 | 561,234 |
3.00%, due 12/1/46 | 37,457 | 39,366 |
3.00%, due 2/1/47 | 44,227 | 46,856 |
3.00%, due 3/1/47 | 194,908 | 204,884 |
3.00%, due 4/1/47 | 58,221 | 61,101 |
3.00%, due 1/1/48 | 382,408 | 399,522 |
3.00%, due 2/1/48 | 232,930 | 243,538 |
3.00%, due 3/1/48 | 207,974 | 217,147 |
3.00%, due 4/1/48 | 494,880 | 525,632 |
3.00%, due 6/1/48 | 350,341 | 366,036 |
3.50%, due 6/1/43 | 146,816 | 159,176 |
3.50%, due 9/1/44 | 122,027 | 132,302 |
3.50%, due 8/1/45 | 202,663 | 216,839 |
3.50%, due 8/1/46 | 287,264 | 307,905 |
3.50%, due 8/1/47 | 27,326 | 28,920 |
3.50%, due 9/1/47 | 65,839 | 69,458 |
3.50%, due 11/1/47 | 141,042 | 149,345 |
3.50%, due 12/1/47 | 301,260 | 318,627 |
3.50%, due 1/1/48 | 30,175 | 31,917 |
3.50%, due 3/1/48 | 397,301 | 420,481 |
3.50%, due 5/1/48 | 131,974 | 139,533 |
3.50%, due 6/1/48 | 205,104 | 216,363 |
3.50%, due 8/1/48 | 226,369 | 238,412 |
3.50%, due 9/1/48 | 183,639 | 193,760 |
3.50%, due 11/1/48 | 64,359 | 67,789 |
3.50%, due 12/1/48 | 171,945 | 181,499 |
4.00%, due 4/1/46 | 249,070 | 269,629 |
4.00%, due 5/1/46 | 80,008 | 86,437 |
4.00%, due 4/1/47 | 59,798 | 64,255 |
4.00%, due 6/1/47 | 151,258 | 162,369 |
4.00%, due 8/1/47 | 310,148 | 333,242 |
4.00%, due 10/1/47 | 71,404 | 76,560 |
4.00%, due 12/1/47 | 191,171 | 204,687 |
4.00%, due 1/1/48 | 61,302 | 65,764 |
4.00%, due 5/1/48 | 85,733 | 91,754 |
4.00%, due 9/1/48 | 323,349 | 344,166 |
4.00%, due 12/1/48 | 178,178 | 189,734 |
4.50%, due 9/1/46 | 16,221 | 17,678 |
16 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 30 Year (continued) | ||
4.50%, due 9/1/46 | $ 40,992 | $ 44,933 |
4.50%, due 10/1/46 | 127,430 | 138,921 |
4.50%, due 2/1/47 | 27,935 | 30,431 |
4.50%, due 11/1/47 | 33,891 | 36,763 |
4.50%, due 2/1/48 | 64,375 | 69,702 |
4.50%, due 4/1/48 | 80,469 | 86,990 |
4.50%, due 6/1/48 | 47,167 | 50,921 |
4.50%, due 7/1/48 | 174,411 | 188,004 |
4.50%, due 8/1/48 | 172,749 | 186,125 |
5.00%, due 9/1/38 | 48,960 | 56,059 |
5.00%, due 11/1/41 | 77,456 | 88,260 |
5.00%, due 3/1/47 | 136,506 | 151,553 |
5.00%, due 9/1/48 | 285,033 | 314,328 |
5.00%, due 1/1/49 | 96,092 | 105,635 |
5.50%, due 7/1/38 | 76,370 | 88,842 |
FNMA | ||
0.65%, due 12/10/25 | 2,000,000 | 1,982,624 |
1.375%, due 9/6/22 | 725,000 | 735,680 |
1.875%, due 4/5/22 | 300,000 | 304,100 |
1.875%, due 9/24/26 | 1,650,000 | 1,729,883 |
UMBS, 15 Year | ||
2.50%, due 9/1/34 | 583,120 | 609,026 |
2.50%, due 10/1/34 | 590,252 | 616,522 |
2.50%, due 3/1/35 | 1,173,939 | 1,226,264 |
UMBS, 30 Year | ||
2.50%, due 5/1/50 | 2,663,771 | 2,774,544 |
3.50%, due 12/1/47 | 2,344,176 | 2,478,622 |
4.50%, due 1/1/49 | 231,168 | 248,375 |
30,948,548 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 7.6% | ||
UMBS, 10 Year | ||
3.00%, due 4/1/25 | 35,891 | 37,685 |
3.50%, due 7/1/21 | 48 | 48 |
3.50%, due 3/1/22 | 7,574 | 8,080 |
UMBS, 15 Year | ||
2.50%, due 10/1/27 | 137,576 | 144,080 |
2.50%, due 4/1/30 | 118,810 | 124,362 |
2.50%, due 10/1/31 | 190,637 | 199,546 |
2.50%, due 2/1/32 | 181,396 | 190,066 |
2.50%, due 2/1/32 | 190,280 | 199,360 |
2.50%, due 8/1/32 | 407,216 | 429,727 |
2.50%, due 3/1/33 | 234,952 | 248,500 |
2.50%, due 6/1/33 | 175,020 | 183,123 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 15 Year (continued) | ||
3.00%, due 11/1/31 | $ 130,868 | $ 138,355 |
3.00%, due 1/1/32 | 148,849 | 157,211 |
3.00%, due 6/1/32 | 101,657 | 107,427 |
3.00%, due 1/1/33 | 144,438 | 152,420 |
3.00%, due 2/1/33 | 185,059 | 197,401 |
3.00%, due 4/1/33 | 199,013 | 209,886 |
3.00%, due 5/1/33 | 257,936 | 272,631 |
3.00%, due 9/1/33 | 30,536 | 32,142 |
3.00%, due 9/1/34 | 854,430 | 899,939 |
3.50%, due 5/1/26 | 28,806 | 30,776 |
3.50%, due 11/1/31 | 35,275 | 37,688 |
3.50%, due 5/1/33 | 84,268 | 90,273 |
3.50%, due 6/1/33 | 113,672 | 121,759 |
3.50%, due 7/1/33 | 54,786 | 58,672 |
3.50%, due 9/1/33 | 55,608 | 59,470 |
4.00%, due 5/1/24 | 41,740 | 44,326 |
4.00%, due 11/1/29 | 111,879 | 118,908 |
UMBS, 20 Year | ||
3.00%, due 2/1/37 | 159,721 | 169,915 |
3.00%, due 1/1/38 | 345,591 | 361,358 |
4.00%, due 2/1/37 | 32,553 | 35,416 |
4.00%, due 8/1/38 | 218,578 | 233,901 |
5.00%, due 8/1/31 | 99,606 | 109,435 |
5.50%, due 8/1/27 | 48,009 | 53,537 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,998,403 | 2,019,071 |
2.00%, due 9/1/50 | 2,682,300 | 2,710,063 |
2.50%, due 4/1/46 | 36,149 | 37,524 |
2.50%, due 10/1/46 | 139,565 | 145,012 |
3.00%, due 9/1/42 | 696,681 | 737,407 |
3.00%, due 3/1/43 | 1,960,667 | 2,076,512 |
3.00%, due 12/1/43 | 723,606 | 768,345 |
3.00%, due 10/1/44 | 506,356 | 538,073 |
3.00%, due 10/1/46 | 97,157 | 102,220 |
3.00%, due 12/1/46 | 875,954 | 925,290 |
3.00%, due 2/1/47 | 139,554 | 146,808 |
3.00%, due 8/1/47 | 681,451 | 724,908 |
3.00%, due 10/1/47 | 580,496 | 618,129 |
3.00%, due 11/1/47 | 95,538 | 100,055 |
3.00%, due 6/1/48 | 81,763 | 85,501 |
3.00%, due 9/1/49 | 979,551 | 1,021,139 |
3.00%, due 10/1/50 | 3,339,405 | 3,540,271 |
3.50%, due 5/1/45 | 596,811 | 650,578 |
3.50%, due 9/1/45 | 54,657 | 58,290 |
3.50%, due 12/1/45 | 139,781 | 149,056 |
3.50%, due 12/1/45 | 295,410 | 319,073 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.50%, due 1/1/46 | $ 211,155 | $ 230,209 |
3.50%, due 1/1/46 | 179,352 | 193,015 |
3.50%, due 4/1/46 | 74,429 | 79,754 |
3.50%, due 9/1/46 | 373,495 | 405,428 |
3.50%, due 10/1/46 | 165,985 | 176,349 |
3.50%, due 10/1/46 | 71,099 | 75,269 |
3.50%, due 1/1/47 | 142,149 | 151,476 |
3.50%, due 7/1/47 | 30,669 | 32,465 |
3.50%, due 7/1/47 | 163,528 | 176,112 |
3.50%, due 10/1/47 | 112,810 | 119,345 |
3.50%, due 11/1/47 | 347,823 | 367,917 |
3.50%, due 11/1/47 | 160,290 | 169,830 |
3.50%, due 11/1/47 | 428,563 | 453,352 |
3.50%, due 12/1/47 | 30,324 | 32,074 |
3.50%, due 8/1/48 | 209,066 | 220,235 |
3.50%, due 9/1/48 | 261,255 | 275,594 |
3.50%, due 2/1/49 | 506,642 | 533,021 |
3.50%, due 6/1/49 | 1,030,030 | 1,084,155 |
4.00%, due 8/1/44 | 178,273 | 195,013 |
4.00%, due 2/1/45 | 162,497 | 176,696 |
4.00%, due 9/1/45 | 30,499 | 33,079 |
4.00%, due 5/1/46 | 122,931 | 132,639 |
4.00%, due 9/1/46 | 54,620 | 59,170 |
4.00%, due 9/1/46 | 64,302 | 69,178 |
4.00%, due 2/1/47 | 24,741 | 26,736 |
4.00%, due 4/1/47 | 12,586 | 13,525 |
4.00%, due 5/1/47 | 93,236 | 100,271 |
4.00%, due 5/1/47 | 73,469 | 78,864 |
4.00%, due 6/1/47 | 279,466 | 299,156 |
4.00%, due 10/1/47 | 30,633 | 32,863 |
4.00%, due 11/1/47 | 30,871 | 33,093 |
4.00%, due 12/1/47 | 84,875 | 90,637 |
4.00%, due 1/1/48 | 171,004 | 182,904 |
4.00%, due 1/1/48 | 32,736 | 35,171 |
4.00%, due 1/1/48 | 194,329 | 207,422 |
4.00%, due 2/1/48 | 93,138 | 99,501 |
4.00%, due 6/1/48 | 341,005 | 363,659 |
4.00%, due 7/1/48 | 228,298 | 243,317 |
4.00%, due 7/1/48 | 95,690 | 101,938 |
4.00%, due 7/1/48 | 365,383 | 389,289 |
4.00%, due 8/1/48 | 60,950 | 65,022 |
4.00%, due 9/1/48 | 234,659 | 249,923 |
4.00%, due 9/1/48 | 58,778 | 62,616 |
4.00%, due 10/1/48 | 42,077 | 44,818 |
4.00%, due 11/1/48 | 110,788 | 118,008 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 1/1/49 | $ 83,449 | $ 88,894 |
4.00%, due 9/1/49 | 1,552,170 | 1,652,759 |
4.50%, due 7/1/46 | 32,926 | 35,878 |
4.50%, due 12/1/46 | 38,257 | 41,686 |
4.50%, due 4/1/47 | 370,892 | 405,388 |
4.50%, due 5/1/47 | 14,944 | 16,296 |
4.50%, due 7/1/47 | 204,819 | 220,763 |
4.50%, due 7/1/47 | 55,669 | 60,470 |
4.50%, due 8/1/47 | 7,118 | 7,708 |
4.50%, due 2/1/48 | 212,513 | 229,373 |
4.50%, due 4/1/48 | 48,800 | 52,741 |
4.50%, due 4/1/48 | 18,109 | 19,575 |
4.50%, due 4/1/48 | 55,294 | 59,732 |
4.50%, due 5/1/48 | 134,206 | 144,821 |
4.50%, due 6/1/48 | 78,603 | 84,602 |
4.50%, due 8/1/48 | 147,953 | 159,152 |
4.50%, due 10/1/48 | 52,795 | 56,889 |
4.50%, due 9/1/49 | 748,602 | 806,525 |
5.00%, due 6/1/39 | 117,144 | 133,908 |
5.00%, due 6/1/40 | 26,169 | 29,980 |
5.00%, due 7/1/47 | 78,433 | 86,686 |
5.00%, due 1/1/48 | 157,907 | 174,363 |
5.00%, due 4/1/48 | 28,078 | 30,886 |
5.00%, due 5/1/48 | 87,177 | 95,469 |
5.00%, due 9/1/48 | 86,113 | 94,962 |
5.50%, due 6/1/36 | 61,224 | 69,790 |
5.50%, due 5/1/44 | 78,184 | 90,445 |
5.50%, due 9/1/48 | 217,275 | 242,259 |
36,402,856 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 3.7% | ||
GNMA I, 30 Year | ||
3.00%, due 6/15/45 | 23,461 | 24,563 |
3.00%, due 10/15/45 | 9,302 | 9,680 |
3.00%, due 5/15/48 | 121,456 | 126,572 |
3.50%, due 3/15/45 | 12,533 | 13,364 |
3.50%, due 4/15/45 | 29,660 | 31,575 |
3.50%, due 5/15/48 | 46,049 | 48,391 |
4.00%, due 8/15/46 | 57,869 | 63,671 |
4.00%, due 11/15/47 | 57,507 | 61,762 |
4.00%, due 7/15/49 | 136,184 | 146,403 |
4.50%, due 8/15/46 | 51,368 | 57,160 |
4.50%, due 2/15/47 | 10,815 | 12,171 |
4.50%, due 4/15/47 | 42,761 | 47,389 |
4.50%, due 8/15/47 | 243,420 | 274,854 |
18 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA I, 30 Year (continued) | ||
4.50%, due 8/15/47 | $ 227,550 | $ 252,181 |
5.00%, due 4/15/47 | 34,961 | 39,732 |
5.00%, due 12/15/47 | 37,553 | 42,338 |
GNMA II, 30 Year | ||
2.50%, due 4/20/47 | 53,163 | 55,471 |
3.00%, due 11/20/45 | 426,808 | 451,927 |
3.00%, due 8/20/46 | 152,133 | 160,450 |
3.00%, due 9/20/46 | 82,494 | 87,009 |
3.00%, due 10/20/46 | 513,432 | 539,573 |
3.00%, due 1/20/47 | 581,514 | 613,064 |
3.00%, due 5/20/47 | 100,045 | 106,133 |
3.00%, due 12/20/47 | 310,787 | 327,922 |
3.00%, due 2/20/48 | 350,421 | 366,351 |
3.00%, due 3/20/48 | 418,137 | 437,149 |
3.00%, due 2/20/50 | 3,136,680 | 3,278,735 |
3.50%, due 11/20/42 | 178,967 | 190,243 |
3.50%, due 9/20/44 | 238,420 | 254,772 |
3.50%, due 7/20/45 | 610,110 | 652,657 |
3.50%, due 11/20/45 | 275,864 | 294,514 |
3.50%, due 7/20/46 | 30,448 | 32,404 |
3.50%, due 10/20/46 | 32,202 | 34,343 |
3.50%, due 11/20/46 | 393,431 | 418,116 |
3.50%, due 1/20/47 | 440,045 | 468,936 |
3.50%, due 5/20/47 | 324,915 | 344,768 |
3.50%, due 9/20/47 | 340,673 | 360,491 |
3.50%, due 10/20/47 | 610,464 | 649,264 |
3.50%, due 12/20/47 | 304,850 | 322,402 |
3.50%, due 7/20/48 | 166,399 | 175,783 |
3.50%, due 9/20/48 | 175,536 | 185,270 |
3.50%, due 10/20/48 | 177,099 | 186,853 |
3.50%, due 4/20/49 | 960,731 | 1,009,289 |
3.50%, due 7/20/49 | 1,115,888 | 1,172,128 |
4.00%, due 12/20/46 | 26,612 | 28,713 |
4.00%, due 1/20/47 | 210,921 | 227,081 |
4.00%, due 2/20/47 | 51,547 | 55,318 |
4.00%, due 3/20/47 | 38,422 | 41,218 |
4.00%, due 4/20/47 | 85,042 | 90,959 |
4.00%, due 5/20/47 | 69,714 | 74,616 |
4.00%, due 7/20/47 | 28,762 | 30,689 |
4.00%, due 11/20/47 | 349,877 | 373,706 |
4.00%, due 12/20/47 | 76,999 | 82,191 |
4.00%, due 4/20/48 | 281,674 | 299,749 |
4.00%, due 5/20/48 | 123,570 | 131,392 |
4.00%, due 6/20/48 | 51,310 | 54,614 |
4.00%, due 8/20/48 | 345,104 | 367,008 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, 30 Year (continued) | ||
4.00%, due 9/20/48 | $ 181,606 | $ 193,529 |
4.00%, due 3/20/49 | 48,409 | 51,296 |
4.50%, due 8/20/46 | 85,401 | 94,245 |
4.50%, due 4/20/47 | 79,433 | 86,041 |
4.50%, due 11/20/47 | 75,041 | 81,118 |
4.50%, due 1/20/48 | 179,280 | 193,700 |
4.50%, due 3/20/48 | 75,355 | 81,009 |
4.50%, due 5/20/48 | 65,887 | 70,238 |
4.50%, due 6/20/48 | 111,562 | 119,869 |
4.50%, due 8/20/48 | 210,139 | 226,103 |
5.00%, due 8/20/45 | 100,122 | 112,568 |
5.00%, due 11/20/46 | 61,801 | 69,982 |
5.00%, due 11/20/47 | 70,310 | 76,957 |
5.00%, due 3/20/48 | 46,377 | 50,655 |
5.00%, due 6/20/48 | 101,706 | 109,731 |
17,902,118 | ||
United States Treasury Bonds 4.7% | ||
U.S. Treasury Bonds | ||
1.25%, due 5/15/50 | 175,000 | 142,892 |
1.375%, due 8/15/50 | 500,000 | 421,504 |
1.625%, due 11/15/50 | 3,500,000 | 3,143,437 |
2.25%, due 8/15/49 | 475,000 | 492,070 |
2.375%, due 11/15/49 | 785,000 | 835,902 |
2.75%, due 8/15/47 | 235,000 | 267,313 |
2.75%, due 11/15/47 | 300,000 | 341,508 |
2.875%, due 11/15/46 | 140,000 | 162,488 |
2.875%, due 5/15/49 | 1,600,000 | 1,873,562 |
3.00%, due 2/15/47 | 815,000 | 968,195 |
3.00%, due 5/15/47 | 575,000 | 683,733 |
3.00%, due 2/15/48 | 1,950,000 | 2,324,461 |
3.00%, due 8/15/48 | 1,290,000 | 1,540,240 |
3.00%, due 2/15/49 | 845,000 | 1,011,656 |
3.125%, due 5/15/48 | 2,900,000 | 3,536,754 |
3.375%, due 11/15/48 | 550,000 | 702,238 |
3.625%, due 2/15/44 | 150,000 | 193,881 |
4.50%, due 2/15/36 | 1,900,000 | 2,608,344 |
4.625%, due 2/15/40 | 750,000 | 1,076,602 |
22,326,780 | ||
United States Treasury Notes 31.3% | ||
U.S. Treasury Notes | ||
0.125%, due 12/31/22 | 9,500,000 | 9,491,836 |
0.125%, due 1/31/23 | 1,000,000 | 999,023 |
0.125%, due 2/28/23 | 1,000,000 | 998,750 |
0.125%, due 4/30/23 | 2,000,000 | 1,996,250 |
0.125%, due 5/15/23 | 9,500,000 | 9,482,187 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
0.125%, due 5/31/23 | $ 1,500,000 | $ 1,496,777 |
0.125%, due 6/30/23 | 1,500,000 | 1,496,426 |
0.125%, due 7/15/23 | 6,300,000 | 6,283,512 |
0.125%, due 8/15/23 | 14,000,000 | 13,956,797 |
0.125%, due 9/15/23 | 2,250,000 | 2,241,738 |
0.125%, due 10/15/23 | 3,000,000 | 2,987,109 |
0.125%, due 12/15/23 | 1,500,000 | 1,492,090 |
0.125%, due 1/15/24 | 700,000 | 695,762 |
0.125%, due 2/15/24 | 400,000 | 397,422 |
0.25%, due 4/15/23 | 850,000 | 850,465 |
0.25%, due 6/15/23 | 5,450,000 | 5,450,426 |
0.25%, due 11/15/23 | 3,000,000 | 2,994,961 |
0.25%, due 3/15/24 | 1,400,000 | 1,394,422 |
0.25%, due 5/15/24 | 1,300,000 | 1,292,891 |
0.25%, due 6/15/24 | 700,000 | 695,734 |
0.25%, due 5/31/25 | 1,850,000 | 1,818,926 |
0.25%, due 6/30/25 | 700,000 | 687,586 |
0.25%, due 8/31/25 | 950,000 | 930,926 |
0.375%, due 4/15/24 | 1,000,000 | 998,828 |
0.375%, due 4/30/25 | 2,025,000 | 2,003,247 |
0.375%, due 12/31/25 | 200,000 | 196,211 |
0.375%, due 7/31/27 | 975,000 | 934,477 |
0.50%, due 4/30/27 | 500,000 | 484,941 |
0.50%, due 5/31/27 | 1,050,000 | 1,016,531 |
0.50%, due 6/30/27 | 1,150,000 | 1,112,266 |
0.50%, due 8/31/27 | 2,500,000 | 2,410,742 |
0.625%, due 12/31/27 | 450,000 | 435,041 |
0.625%, due 5/15/30 | 175,000 | 163,577 |
0.625%, due 8/15/30 | 250,000 | 232,910 |
0.75%, due 5/31/26 | 1,500,000 | 1,491,445 |
0.875%, due 6/30/26 | 1,500,000 | 1,499,297 |
0.875%, due 11/15/30 | 200,000 | 190,188 |
1.125%, due 2/29/28 | 400,000 | 398,813 |
1.125%, due 2/15/31 | 250,000 | 242,695 |
1.25%, due 3/31/28 | 200,000 | 200,789 |
1.25%, due 4/30/28 | 475,000 | 476,484 |
1.25%, due 5/31/28 | 3,900,000 | 3,909,750 |
1.25%, due 6/30/28 | 3,450,000 | 3,455,391 |
1.50%, due 10/31/24 | 3,100,000 | 3,198,812 |
1.50%, due 1/31/27 | 2,400,000 | 2,467,219 |
1.625%, due 8/15/29 | 1,050,000 | 1,073,912 |
1.625%, due 5/15/31 | 3,950,000 | 4,010,484 |
1.75%, due 6/30/24 | 2,875,000 | 2,985,732 |
1.75%, due 7/31/24 | 6,650,000 | 6,910,545 |
1.875%, due 8/31/24 | 650,000 | 678,082 |
2.00%, due 4/30/24 | 4,035,000 | 4,214,053 |
Principal Amount | Value | ||
United States Treasury Notes (continued) | |||
U.S. Treasury Notes (continued) | |||
2.00%, due 5/31/24 | $ 1,400,000 | $ 1,463,055 | |
2.125%, due 7/31/24 | 150,000 | 157,547 | |
2.375%, due 5/15/29 | 825,000 | 890,259 | |
2.50%, due 3/31/23 | 100,000 | 103,988 | |
2.625%, due 6/30/23 | 1,900,000 | 1,989,656 | |
2.625%, due 12/31/23 | 150,000 | 158,490 | |
2.75%, due 4/30/23 | 5,425,000 | 5,673,999 | |
2.75%, due 5/31/23 | 1,700,000 | 1,781,547 | |
2.75%, due 7/31/23 | 4,675,000 | 4,916,420 | |
2.75%, due 8/31/23 | 8,300,000 | 8,741,910 | |
2.75%, due 6/30/25 | 275,000 | 297,419 | |
2.875%, due 9/30/23 | 2,875,000 | 3,041,099 | |
2.875%, due 10/31/23 | 2,300,000 | 2,436,563 | |
2.875%, due 11/30/23 | 600,000 | 636,703 | |
2.875%, due 5/31/25 | 300,000 | 325,688 | |
150,138,821 | |||
Total U.S. Government & Federal Agencies (Cost $250,858,588) | 257,719,123 | ||
Total Long-Term Bonds (Cost $458,271,379) | 471,021,349 | ||
Shares | |||
Short-Term Investment 6.0% | |||
Unaffiliated Investment Company 6.0% | |||
J.P. Morgan U.S. Government Money Market Fund, 0.026% (f) | 28,829,465 | 28,829,465 | |
Total Short-Term Investment (Cost $28,829,465) | 28,829,465 | ||
Total Investments (Cost $487,100,844) | 104.2% | 499,850,814 | |
Other Assets, Less Liabilities | (4.2) | (20,200,461) | |
Net Assets | 100.0% | $ 479,650,353 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(b) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
20 | MainStay VP Indexed Bond Portfolio |
(d) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2021, the total net market value was $47,347,122, which represented 9.9% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(e) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(f) | Current yield as of June 30, 2021. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 5 Year Notes | 30 | September 2021 | $ 3,718,566 | $ 3,702,891 | $ (15,675) |
U.S. Treasury 10 Year Notes | 34 | September 2021 | 4,479,294 | 4,505,000 | 25,706 |
U.S. Treasury 10 Year Ultra Bonds | 54 | September 2021 | 7,810,690 | 7,948,969 | 138,279 |
U.S. Treasury Long Bonds | 131 | September 2021 | 20,455,738 | 21,058,250 | 602,512 |
U.S. Treasury Ultra Bonds | 27 | September 2021 | 4,978,743 | 5,202,562 | 223,819 |
Total Long Contracts | 974,641 | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (161) | September 2021 | (35,526,286) | (35,471,570) | 54,716 |
Net Unrealized Appreciation | $ 1,029,357 |
1. | As of June 30, 2021, cash in the amount of $809,513 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Abbreviation(s): |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 344,177 | $ — | $ 344,177 | |||
Corporate Bonds | — | 139,866,280 | — | 139,866,280 | |||
Foreign Government Bonds | — | 13,936,895 | — | 13,936,895 | |||
Mortgage-Backed Securities | — | 59,154,874 | — | 59,154,874 | |||
U.S. Government & Federal Agencies | — | 257,719,123 | — | 257,719,123 | |||
Total Long-Term Bonds | — | 471,021,349 | — | 471,021,349 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 28,829,465 | — | — | 28,829,465 | |||
Total Investments in Securities | 28,829,465 | 471,021,349 | — | 499,850,814 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,045,032 | — | — | 1,045,032 | |||
Total Investments in Securities and Other Financial Instruments | $ 29,874,497 | $ 471,021,349 | $ — | $ 500,895,846 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (15,675) | $ — | $ — | $ (15,675) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
22 | MainStay VP Indexed Bond Portfolio |
Assets | |
Investment in securities, at value (identified cost $487,100,844) | $499,850,814 |
Cash | 17,580,064 |
Cash collateral on deposit at broker for futures contracts | 809,513 |
Receivables: | |
Investment securities sold | 15,003,952 |
Interest | 2,083,671 |
Variation margin on futures contracts | 160,316 |
Other assets | 10,740 |
Total assets | 535,499,070 |
Liabilities | |
Cash collateral due to broker for TBA | 580,064 |
Payables: | |
Investment securities purchased | 55,017,002 |
Manager (See Note 3) | 108,372 |
Shareholder communication | 55,112 |
Professional fees | 54,667 |
Custodian | 32,042 |
Trustees | 1,458 |
Total liabilities | 55,848,717 |
Net assets | $479,650,353 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 43,428 |
Additional paid-in-capital | 432,632,675 |
432,676,103 | |
Total distributable earnings (loss) | 46,974,250 |
Net assets | $479,650,353 |
Initial Class | |
Net assets applicable to outstanding shares | $479,650,353 |
Shares of beneficial interest outstanding | 43,427,636 |
Net asset value per share outstanding | $ 11.04 |
Investment Income (Loss) | |
Income | |
Interest | $ 5,101,690 |
Dividends | 42,533 |
Total income | 5,144,223 |
Expenses | |
Manager (See Note 3) | 758,640 |
Professional fees | 56,135 |
Shareholder communication | 33,623 |
Custodian | 27,570 |
Trustees | 8,167 |
Miscellaneous | 11,589 |
Total expenses | 895,724 |
Net investment income (loss) | 4,248,499 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 5,847,953 |
Futures transactions | (4,917,781) |
Net realized gain (loss) | 930,172 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (20,120,718) |
Futures contracts | 1,324,070 |
Net change in unrealized appreciation (depreciation) | (18,796,648) |
Net realized and unrealized gain (loss) | (17,866,476) |
Net increase (decrease) in net assets resulting from operations | $(13,617,977) |
24 | MainStay VP Indexed Bond Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,248,499 | $ 11,825,564 |
Net realized gain (loss) | 930,172 | 17,704,592 |
Net change in unrealized appreciation (depreciation) | (18,796,648) | 15,176,885 |
Net increase (decrease) in net assets resulting from operations | (13,617,977) | 44,707,041 |
Distributions to shareholders: | ||
Initial Class | — | (10,704,315) |
Service Class (a) | — | (2,561,185) |
Total distributions to shareholders | — | (13,265,500) |
Capital share transactions: | ||
Net proceeds from sales of shares | 8,297,914 | 583,487,098 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 13,265,500 |
Cost of shares redeemed | (272,661,483) | (409,275,329) |
Increase (decrease) in net assets derived from capital share transactions | (264,363,569) | 187,477,269 |
Net increase (decrease) in net assets | (277,981,546) | 218,918,810 |
Net Assets | ||
Beginning of period | 757,631,899 | 538,713,089 |
End of period | $ 479,650,353 | $ 757,631,899 |
(a) | Service Class liquidated on November 22, 2020 |
Six months ended June 30, 2021* | Year Ended December 31, | May 1, 2017^ through December 31, 2017 | |||||||
Initial Class | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | $ 10.00 | ||||
Net investment income (loss) (a) | 0.08 | 0.18 | 0.27 | 0.26 | 0.13 | ||||
Net realized and unrealized gain (loss) on investments | (0.29) | 0.60 | 0.55 | (0.33) | 0.01 | ||||
Total from investment operations | (0.21) | 0.78 | 0.82 | (0.07) | 0.14 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.13) | — | (0.17) | (0.10) | ||||
From net realized gain on investments | — | (0.02) | — | — | (0.00)‡ | ||||
Total distributions | — | (0.15) | — | (0.17) | (0.10) | ||||
Net asset value at end of period | $ 11.04 | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | ||||
Total investment return (b) | (1.87)%(c) | 7.40% | 8.37%(c) | (0.67)% | 1.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.40%†† | 1.59% | 2.66% | 2.67% | 1.92%†† | ||||
Net expenses (d) | 0.30%†† | 0.29% | 0.30% | 0.31% | 0.37%†† | ||||
Portfolio turnover rate (e) | 115% | 191% | 65% | 143% | 104%(f) | ||||
Net assets at end of period (in 000’s) | $ 479,650 | $ 757,632 | $ 422,163 | $ 362,545 | $ 140,759 |
* | Unaudited. |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 26%, 138%, 57%, 104% and 59% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018 and for the period ended December 31, 2017, respectively. |
(f) | Portfolio turnover rate is not annualized. |
26 | MainStay VP Indexed Bond Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2017 |
Service Class | N/A* |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
28 | MainStay VP Indexed Bond Portfolio |
30 | MainStay VP Indexed Bond Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $1,045,032 | $1,045,032 |
Total Fair Value | $1,045,032 | $1,045,032 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(15,675) | $(15,675) |
Total Fair Value | $(15,675) | $(15,675) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(4,917,781) | $(4,917,781) |
Total Net Realized Gain (Loss) | $(4,917,781) | $(4,917,781) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,324,070 | $1,324,070 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,324,070 | $1,324,070 |
Average Notional Amount | Total |
Futures Contracts Long | $ 59,696,461 |
Futures Contracts Short | $(41,938,525) |
32 | MainStay VP Indexed Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $487,426,238 | $13,787,146 | $(1,362,570) | $12,424,576 |
2020 | |
Distributions paid from: | |
Ordinary Income | $13,265,500 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 761,489 | $ 8,297,914 |
Shares redeemed | (24,695,160) | (272,661,483) |
Net increase (decrease) | (23,933,671) | $(264,363,569) |
Year ended December 31, 2020: | ||
Shares sold | 41,854,751 | $ 468,357,354 |
Shares issued to shareholders in reinvestment of distributions | 958,902 | 10,704,315 |
Shares redeemed | (15,217,602) | (167,763,236) |
Net increase (decrease) | 27,596,051 | $ 311,298,433 |
Service Class | Shares | Amount |
Year ended December 31, 2020:(a) | ||
Shares sold | 10,398,358 | $ 115,129,744 |
Shares issued to shareholders in reinvestment of distributions | 230,808 | 2,561,185 |
Shares redeemed | (21,661,578) | (241,512,093) |
Net increase (decrease) | (11,032,412) | $(123,821,164) |
(a) | Service Class liquidated on November 22, 2020 |
34 | MainStay VP Indexed Bond Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
36 |
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Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781627 | MSVPIN10-08/21 |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 8.67% | 24.53% | 13.78% | 10.90% | 0.58% |
Service Class Shares | 2/17/2012 | 8.53 | 24.21 | 13.50 | 10.62 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 15.37% |
Bloomberg Barclays U.S. Aggregate Bond Index2 | -1.60 | -0.33 | 3.03 | 3.04 |
Janus Balanced Composite Index3 | 7.43 | 20.92 | 11.16 | 9.91 |
Morningstar Allocation—50% to 70% Equity Category Average4 | 9.54 | 26.62 | 10.00 | 8.29 |
1. | The S&P 500® Index is the Portfolio’s primary benchmark. "S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Janus Balanced Composite Index as an additional benchmark. The Janus Balanced Composite Index consists of the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 55% / 45%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,086.70 | $2.95 | $1,021.97 | $2.86 | 0.57% |
Service Class Shares | $1,000.00 | $1,085.30 | $4.24 | $1,020.73 | $4.11 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Janus Henderson Balanced Portfolio |
1. | U.S. Treasury Notes, 0.125%-1.625%, due 2/28/23–5/15/31 |
2. | Microsoft Corp. |
3. | Alphabet, Inc., Class C |
4. | Apple, Inc. |
5. | Amazon.com, Inc. |
6. | U.S. Treasury Bonds, 1.125%-2.75%, due 5/15/40–2/15/51 |
7. | Mastercard, Inc., Class A |
8. | UnitedHealth Group, Inc. |
9. | Adobe, Inc. |
10. | Bank of America Corp. |
1. | As of April 2, 2021, Mr. Pinto no longer served as portfolio manager for the Portfolio. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Janus Henderson Balanced Portfolio |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
10 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 34.4% | ||
Asset-Backed Securities 2.1% | ||
Automobile Asset-Backed Securities 0.5% | ||
CarMax Auto Owner Trust | ||
Series 2017-3, Class C | ||
2.72%, due 5/15/23 | $ 642,000 | $ 644,970 |
Chase Auto Credit Linked Notes | ||
Series 2021-1, Class B | ||
0.875%, due 9/25/28 (a) | 519,000 | 519,380 |
Credit Acceptance Auto Loan Trust | ||
Series 2018-2A, Class B | ||
3.94%, due 7/15/27 (a) | 85,425 | 85,575 |
Drive Auto Receivables Trust | ||
Series 2017-3, Class D | ||
3.53%, due 12/15/23 (a) | 53,222 | 53,705 |
Series 2018-4, Class C | ||
3.66%, due 11/15/24 | 7,297 | 7,307 |
Series 2017-1, Class E | ||
5.17%, due 9/16/24 | 1,590,000 | 1,610,575 |
Series 2017-2, Class E | ||
5.27%, due 11/15/24 | 1,400,000 | 1,427,477 |
Exeter Automobile Receivables Trust | ||
Series 2021-1A, Class C | ||
0.74%, due 1/15/26 | 211,000 | 210,871 |
Series 2021-1A, Class D | ||
1.08%, due 11/16/26 | 674,000 | 670,170 |
OneMain Direct Auto Receivables Trust (a) | ||
Series 2018-1A, Class C | ||
3.85%, due 10/14/25 | 181,000 | 183,210 |
Series 2018-1A, Class D | ||
4.40%, due 1/14/28 | 180,000 | 182,418 |
Santander Drive Auto Receivables Trust | ||
Series 2020-3, Class D | ||
1.64%, due 11/16/26 | 1,630,000 | 1,650,838 |
Westlake Automobile Receivables Trust | ||
Series 2020-1A, Class D | ||
2.80%, due 6/16/25 (a) | 741,000 | 765,279 |
8,011,775 | ||
Credit Card Asset-Backed Securities 0.1% | ||
Mercury Financial Credit Card Master Trust | ||
Series 2021-1A, Class A | ||
1.54%, due 3/20/26 (a) | 842,000 | 844,543 |
Newday Funding Master Issuer plc | ||
Series 2021-1A, Class A2 | ||
1.11% (SOFR + 1.10%), due 3/15/29 (a)(b) | 792,000 | 796,191 |
1,640,734 |
Principal Amount | Value | |
Other Asset-Backed Securities 1.5% | ||
Arbys Funding LLC | ||
Series 2020-1A, Class A2 | ||
3.237%, due 7/30/50 (a) | $ 1,397,440 | $ 1,460,115 |
CF Hippolyta LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 1,010,000 | 1,016,746 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 382,000 | 385,243 |
DB Master Finance LLC (a) | ||
Series 2019-1A, Class A2I | ||
3.787%, due 5/20/49 | 459,810 | 465,774 |
Series 2019-1A, Class A2II | ||
4.021%, due 5/20/49 | 253,485 | 267,510 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 367,455 | 405,861 |
Diamond Infrastructure Funding LLC | ||
Series 2021-1A, Class A | ||
1.76%, due 4/15/49 (a) | 1,031,000 | 1,025,898 |
Domino's Pizza Master Issuer LLC (a) | ||
Series 2019-1A, Class A2 | ||
3.668%, due 10/25/49 | 1,628,387 | 1,761,329 |
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 | 902,850 | 941,528 |
Series 2017-1A, Class A23 | ||
4.118%, due 7/25/47 | 208,013 | 224,454 |
Series 2018-1A, Class A2II | ||
4.328%, due 7/25/48 | 494,325 | 537,672 |
Jack in the Box Funding LLC (a) | ||
Series 2019-1A, Class A2I | ||
3.982%, due 8/25/49 | 983,567 | 1,006,386 |
Series 2019-1A, Class A2II | ||
4.476%, due 8/25/49 | 983,567 | 1,037,211 |
Series 2019-1A, Class A23 | ||
4.97%, due 8/25/49 | 983,567 | 1,083,478 |
Lakeview CDO LLC | ||
1.827%, due 11/10/32 (c)(d) | 829,317 | 829,317 |
Lakeview LLC | ||
Series 2020-CRT1 | ||
1.827%, due 7/10/32 (c)(d) | 27,065 | 27,065 |
NRZ Excess Spread-Collateralized Notes | ||
Series 2020-PLS1, Class A | ||
3.844%, due 12/25/25 (a) | 393,254 | 396,958 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2020-1A, Class A1 | ||
1.85%, due 11/20/50 (a) | 829,475 | 841,496 |
Planet Fitness Master Issuer LLC (a) | ||
Series 2019-1A, Class A2 | ||
3.858%, due 12/5/49 | 859,905 | 869,347 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Planet Fitness Master Issuer LLC (a) (continued) | ||
Series 2018-1A, Class A2I | ||
4.262%, due 9/5/48 | $ 614,620 | $ 616,894 |
PRPM LLC (a)(e) | ||
Series 2020-4, Class A1 | ||
2.951%, due 10/25/25 | 775,670 | 778,950 |
Series 2020-1A, Class A1 | ||
2.981%, due 2/25/25 | 215,368 | 216,328 |
Taco Bell Funding LLC (a) | ||
Series 2018-1A, Class A2I | ||
4.318%, due 11/25/48 | 655,200 | 656,602 |
Series 2018-1A, Class A2II | ||
4.94%, due 11/25/48 | 507,975 | 573,351 |
Series 2016-1A, Class A23 | ||
4.97%, due 5/25/46 | 489,600 | 528,680 |
Vantage Data Centers LLC (a) | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 | 1,615,000 | 1,619,290 |
Series 2020-2A, Class A2 | ||
1.992%, due 9/15/45 | 705,000 | 700,924 |
VCAT LLC (a)(e) | ||
Series 2021-NPL1, Class A1 | ||
2.289%, due 12/26/50 | 378,326 | 379,319 |
Series 2020-NPL1, Class A1 | ||
3.671%, due 8/25/50 | 376,685 | 378,509 |
Wendy's Funding LLC (a) | ||
Series 2021-1A, Class A2I | ||
2.37%, due 6/15/51 | 434,000 | 437,772 |
Series 2021-1A, Class A2II | ||
2.775%, due 6/15/51 | 505,000 | 509,626 |
Series 2019-1A, Class A2I | ||
3.783%, due 6/15/49 | 490,455 | 523,320 |
Series 2018-1A, Class A2II | ||
3.884%, due 3/15/48 | 87,815 | 93,387 |
Wingstop Funding LLC | ||
Series 2020-1A, Class A2 | ||
2.841%, due 12/5/50 (a) | 813,960 | 844,166 |
Zaxby's Funding LLC | ||
Series 2021-1A, Class A2 | ||
3.238%, due 7/30/51 (a) | 642,000 | 650,012 |
24,090,518 | ||
Total Asset-Backed Securities (Cost $33,163,888) | 33,743,027 |
Principal Amount | Value | |
Corporate Bonds 13.5% | ||
Aerospace & Defense 0.5% | ||
Boeing Co. (The) | ||
2.196%, due 2/4/26 | $ 442,000 | $ 446,225 |
3.25%, due 2/1/28 | 472,000 | 500,362 |
3.625%, due 2/1/31 | 991,000 | 1,065,848 |
3.95%, due 8/1/59 | 599,000 | 626,694 |
4.508%, due 5/1/23 | 1,427,000 | 1,521,317 |
4.875%, due 5/1/25 | 460,000 | 515,416 |
General Dynamics Corp. | ||
3.50%, due 4/1/27 | 456,000 | 505,936 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 (a) | 2,069,000 | 2,069,724 |
7,251,522 | ||
Banks 2.9% | ||
Bank of America Corp. (f) | ||
2.087%, due 6/14/29 | 1,528,000 | 1,540,364 |
2.592%, due 4/29/31 | 3,117,000 | 3,213,431 |
3.705%, due 4/24/28 | 1,598,000 | 1,767,039 |
3.97%, due 3/5/29 | 670,000 | 755,256 |
Series U | ||
5.20%, due 6/1/23 (g)(h) | 443,000 | 460,831 |
Series X | ||
6.25%, due 9/5/24 (g) | 1,172,000 | 1,296,525 |
Bank of New York Mellon Corp. (The) | ||
Series G | ||
4.70% (5 Year Treasury Constant Maturity Rate + 4.358%), due 9/20/25 (b)(g) | 2,024,000 | 2,208,690 |
BNP Paribas SA (a) | ||
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (b) | 1,692,000 | 1,652,937 |
2.819%, due 11/19/25 (f) | 227,000 | 238,836 |
Citigroup, Inc. (f) | ||
3.887%, due 1/10/28 | 2,060,000 | 2,292,668 |
4.412%, due 3/31/31 | 1,635,000 | 1,909,136 |
Series U | ||
5.00%, due 9/12/24 (g) | 559,000 | 585,049 |
Series D | ||
5.35%, due 5/15/23 (g) | 537,000 | 557,146 |
5.95%, due 1/30/23 (g) | 890,000 | 935,706 |
Series P | ||
5.95%, due 5/15/25 (g) | 584,000 | 639,159 |
Series M | ||
6.30%, due 5/15/24 (g) | 123,000 | 132,311 |
Credit Agricole SA | ||
1.907%, due 6/16/26 (a)(f) | 426,000 | 434,324 |
12 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
First Republic Bank | ||
4.625%, due 2/13/47 | $ 391,000 | $ 495,926 |
Goldman Sachs Group, Inc. (The) | ||
3.50%, due 4/1/25 | 2,399,000 | 2,602,669 |
Series R | ||
4.95% (5 Year Treasury Constant Maturity Rate + 3.224%), due 2/10/25 (b)(g) | 368,000 | 393,341 |
HSBC Holdings plc (f) | ||
1.589%, due 5/24/27 | 1,629,000 | 1,632,140 |
1.645%, due 4/18/26 | 700,000 | 709,385 |
JPMorgan Chase & Co. (f) | ||
1.578%, due 4/22/27 | 1,421,000 | 1,428,362 |
2.083%, due 4/22/26 | 570,000 | 589,405 |
2.956%, due 5/13/31 | 3,100,000 | 3,256,571 |
3.96%, due 1/29/27 | 1,446,000 | 1,610,273 |
Series HH | ||
4.60%, due 2/1/25 (g) | 466,000 | 482,916 |
Series FF | ||
5.00%, due 8/1/24 (g) | 441,000 | 466,115 |
Morgan Stanley | ||
1.593%, due 5/4/27 (f) | 685,000 | 689,847 |
1.794%, due 2/13/32 (f) | 1,226,000 | 1,177,956 |
2.188%, due 4/28/26 (f) | 1,521,000 | 1,579,257 |
3.95%, due 4/23/27 | 1,401,000 | 1,565,433 |
4.35%, due 9/8/26 | 898,000 | 1,016,775 |
National Australia Bank Ltd. | ||
2.99%, due 5/21/31 (a) | 1,708,000 | 1,734,122 |
Natwest Group plc | ||
3.032% (5 Year Treasury Constant Maturity Rate + 2.35%), due 11/28/35 (b) | 1,260,000 | 1,262,016 |
SVB Financial Group | ||
1.80%, due 2/2/31 | 625,000 | 597,825 |
4.10% (10 Year Treasury Constant Maturity Rate + 3.064%), due 2/15/31 (b)(g) | 1,382,000 | 1,401,859 |
Westpac Banking Corp. | ||
2.668% (5 Year Treasury Constant Maturity Rate + 1.75%), due 11/15/35 (b) | 1,218,000 | 1,198,049 |
46,509,650 | ||
Beverages 0.2% | ||
Anheuser-Busch Cos. LLC | ||
4.90%, due 2/1/46 | 919,000 | 1,163,224 |
Principal Amount | Value | |
Beverages (continued) | ||
Coca-Cola Femsa SAB de CV | ||
2.75%, due 1/22/30 | $ 651,000 | $ 677,743 |
Diageo Capital plc | ||
1.375%, due 9/29/25 | 757,000 | 769,410 |
2.00%, due 4/29/30 | 713,000 | 713,500 |
2.125%, due 4/29/32 | 572,000 | 574,420 |
3,898,297 | ||
Biotechnology 0.1% | ||
Royalty Pharma plc | ||
3.55%, due 9/2/50 (a) | 899,000 | 894,186 |
Chemicals 0.2% | ||
Axalta Coating Systems LLC | ||
3.375%, due 2/15/29 (a) | 1,696,000 | 1,657,840 |
Element Solutions, Inc. | ||
3.875%, due 9/1/28 (a) | 1,338,000 | 1,365,161 |
3,023,001 | ||
Commercial Services 0.4% | ||
CoStar Group, Inc. | ||
2.80%, due 7/15/30 (a) | 1,339,000 | 1,360,238 |
Experian Finance plc | ||
2.75%, due 3/8/30 (a) | 1,281,000 | 1,323,893 |
Global Payments, Inc. | ||
4.80%, due 4/1/26 | 629,000 | 719,142 |
IHS Markit Ltd. (a) | ||
4.75%, due 2/15/25 | 687,000 | 769,097 |
5.00%, due 11/1/22 | 119,000 | 124,657 |
Service Corp. International | ||
3.375%, due 8/15/30 | 489,000 | 479,122 |
4.00%, due 5/15/31 | 1,156,000 | 1,179,900 |
5,956,049 | ||
Computers 0.1% | ||
Booz Allen Hamilton, Inc. | ||
3.875%, due 9/1/28 (a) | 1,244,000 | 1,268,880 |
Seagate HDD Cayman | ||
3.125%, due 7/15/29 (a) | 206,000 | 199,596 |
4.091%, due 6/1/29 (a) | 350,000 | 358,330 |
4.125%, due 1/15/31 (a) | 361,000 | 368,220 |
4.875%, due 6/1/27 | 44,000 | 48,510 |
2,243,536 | ||
Diversified Financial Services 0.8% | ||
AerCap Ireland Capital DAC | ||
4.625%, due 10/15/27 | 1,147,000 | 1,284,564 |
Air Lease Corp. | ||
1.875%, due 8/15/26 | 1,020,000 | 1,020,788 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Air Lease Corp. (continued) | ||
3.00%, due 2/1/30 | $ 515,000 | $ 522,377 |
Ally Financial, Inc. | ||
Series B | ||
4.70% (5 Year Treasury Constant Maturity Rate + 3.868%), due 5/15/26 (b)(g) | 1,176,000 | 1,217,983 |
Charles Schwab Corp. (The) (b)(g) | ||
Series H | ||
4.00% (10 Year Treasury Constant Maturity Rate + 3.079%), due 12/1/30 | 809,000 | 827,607 |
Series G | ||
5.375% (5 Year Treasury Constant Maturity Rate + 4.971%), due 6/1/25 | 3,408,000 | 3,766,862 |
GE Capital International Funding Co. Unlimited Co. | ||
4.418%, due 11/15/35 | 1,835,000 | 2,199,214 |
Quicken Loans LLC (a) | ||
3.625%, due 3/1/29 | 1,013,000 | 1,000,338 |
3.875%, due 3/1/31 | 1,481,000 | 1,492,093 |
13,331,826 | ||
Electric 0.5% | ||
Dominion Energy, Inc. | ||
Series C | ||
3.375%, due 4/1/30 | 1,199,000 | 1,305,604 |
Duquesne Light Holdings, Inc. | ||
2.775%, due 1/7/32 (a) | 1,005,000 | 1,012,735 |
NextEra Energy Capital Holdings, Inc. | ||
2.75%, due 5/1/25 | 629,000 | 668,039 |
NRG Energy, Inc. | ||
3.375%, due 2/15/29 (a) | 1,057,000 | 1,034,560 |
3.625%, due 2/15/31 (a) | 1,195,000 | 1,174,326 |
6.625%, due 1/15/27 | 1,094,000 | 1,132,531 |
7.25%, due 5/15/26 | 1,111,000 | 1,151,668 |
Pacific Gas and Electric Co. | ||
3.00%, due 6/15/28 | 1,185,000 | 1,190,330 |
8,669,793 | ||
Electronics 0.2% | ||
Sensata Technologies, Inc. | ||
3.75%, due 2/15/31 (a) | 469,000 | 463,761 |
Principal Amount | Value | |
Electronics (continued) | ||
Trimble, Inc. | ||
4.75%, due 12/1/24 | $ 1,238,000 | $ 1,375,333 |
4.90%, due 6/15/28 | 672,000 | 788,141 |
2,627,235 | ||
Engineering & Construction 0.1% | ||
Cellnex Finance Co. SA | ||
3.875%, due 7/7/41 (a) | 1,182,000 | 1,178,407 |
Food 0.5% | ||
JBS Finance Luxembourg SARL | ||
3.625%, due 1/15/32 (a) | 784,000 | 783,757 |
JBS USA LUX SA (a) | ||
3.75%, due 12/1/31 | 742,000 | 759,252 |
5.50%, due 1/15/30 | 1,208,000 | 1,351,003 |
6.50%, due 4/15/29 | 1,551,000 | 1,742,952 |
6.75%, due 2/15/28 | 612,000 | 672,435 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 991,000 | 1,088,884 |
4.375%, due 6/1/46 | 182,000 | 206,242 |
4.875%, due 10/1/49 | 424,000 | 514,715 |
5.00%, due 6/4/42 | 630,000 | 769,292 |
Mondelez International, Inc. | ||
2.75%, due 4/13/30 | 173,000 | 182,228 |
Sysco Corp. | ||
6.60%, due 4/1/50 | 314,000 | 487,756 |
8,558,516 | ||
Food Service 0.1% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (a) | 1,470,000 | 1,561,875 |
Gas 0.0% ‡ | ||
East Ohio Gas Co. (The) | ||
2.00%, due 6/15/30 (a) | 152,000 | 150,269 |
Healthcare-Services 1.1% | ||
Centene Corp. | ||
2.45%, due 7/15/28 | 1,381,000 | 1,399,643 |
2.50%, due 3/1/31 | 337,000 | 332,366 |
3.00%, due 10/15/30 | 588,000 | 604,041 |
4.25%, due 12/15/27 | 1,112,000 | 1,171,770 |
5.375%, due 6/1/26 (a) | 1,510,000 | 1,577,950 |
DaVita, Inc. (a) | ||
3.75%, due 2/15/31 | 1,295,000 | 1,243,200 |
4.625%, due 6/1/30 | 1,054,000 | 1,083,744 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 2,329,000 | 2,481,247 |
14 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Services (continued) | ||
HCA, Inc. (continued) | ||
3.50%, due 7/15/51 (h) | $ 1,106,000 | $ 1,105,496 |
5.25%, due 6/15/49 | 339,000 | 432,121 |
5.375%, due 2/1/25 | 545,000 | 614,760 |
5.375%, due 9/1/26 | 220,000 | 253,165 |
5.50%, due 6/15/47 | 226,000 | 294,347 |
5.625%, due 9/1/28 | 310,000 | 367,350 |
5.875%, due 2/15/26 | 286,000 | 330,516 |
5.875%, due 2/1/29 | 459,000 | 554,242 |
Molina Healthcare, Inc. | ||
4.375%, due 6/15/28 (a) | 2,834,000 | 2,954,445 |
16,800,403 | ||
Home Builders 0.0% ‡ | ||
MDC Holdings, Inc. | ||
5.50%, due 1/15/24 | 465,000 | 509,477 |
Insurance 0.2% | ||
Brown & Brown, Inc. | ||
2.375%, due 3/15/31 | 216,000 | 215,815 |
4.50%, due 3/15/29 | 451,000 | 518,764 |
Prudential Financial, Inc. | ||
3.70% (5 Year Treasury Constant Maturity Rate + 3.035%), due 10/1/50 (b) | 1,777,000 | 1,852,523 |
2,587,102 | ||
Internet 0.1% | ||
Go Daddy Operating Co. LLC | ||
3.50%, due 3/1/29 (a) | 1,659,000 | 1,648,217 |
Iron & Steel 0.1% | ||
Allegheny Technologies, Inc. | ||
5.875%, due 12/1/27 (h) | 1,047,000 | 1,096,733 |
Reliance Steel & Aluminum Co. | ||
4.50%, due 4/15/23 | 469,000 | 496,532 |
1,593,265 | ||
Lodging 0.1% | ||
Choice Hotels International, Inc. | ||
3.70%, due 12/1/29 | 817,000 | 884,411 |
3.70%, due 1/15/31 | 294,000 | 318,149 |
MGM Resorts International | ||
7.75%, due 3/15/22 | 182,000 | 190,226 |
1,392,786 |
Principal Amount | Value | |
Machinery-Diversified 0.1% | ||
Westinghouse Air Brake Technologies Corp. | ||
3.20%, due 6/15/25 | $ 584,000 | $ 621,084 |
4.40%, due 3/15/24 (e) | 662,000 | 717,269 |
4.95%, due 9/15/28 (e) | 659,000 | 764,431 |
2,102,784 | ||
Media 0.9% | ||
CCO Holdings LLC | ||
4.25%, due 2/1/31 (a) | 1,527,000 | 1,555,631 |
4.50%, due 5/1/32 | 2,216,000 | 2,296,330 |
Charter Communications Operating LLC | ||
2.80%, due 4/1/31 | 811,000 | 829,095 |
4.80%, due 3/1/50 | 562,000 | 645,484 |
5.375%, due 5/1/47 | 205,000 | 251,209 |
6.484%, due 10/23/45 | 256,000 | 352,559 |
Comcast Corp. | ||
3.75%, due 4/1/40 | 365,000 | 411,457 |
CSC Holdings LLC (a) | ||
3.375%, due 2/15/31 | 926,000 | 874,987 |
4.125%, due 12/1/30 | 1,351,000 | 1,342,556 |
4.625%, due 12/1/30 | 1,204,000 | 1,181,256 |
5.00%, due 11/15/31 | 586,000 | 588,813 |
Fox Corp. | ||
4.03%, due 1/25/24 | 429,000 | 464,741 |
GCI LLC | ||
4.75%, due 10/15/28 (a) | 2,154,000 | 2,204,619 |
Sirius XM Radio, Inc. | ||
4.125%, due 7/1/30 (a) | 1,625,000 | 1,639,430 |
14,638,167 | ||
Miscellaneous—Manufacturing 0.1% | ||
General Electric Co. | ||
Series D | ||
3.449% (3 Month LIBOR + 3.33%), due 9/15/21 (b)(g) | 1,414,000 | 1,385,720 |
Oil & Gas 0.1% | ||
Continental Resources, Inc. | ||
5.75%, due 1/15/31 (a) | 1,214,000 | 1,453,765 |
Pharmaceuticals 0.2% | ||
CVS Health Corp. | ||
5.05%, due 3/25/48 | 617,000 | 801,406 |
Elanco Animal Health, Inc. | ||
5.272%, due 8/28/23 (e) | 1,242,000 | 1,335,883 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
Organon & Co. | ||
4.125%, due 4/30/28 (a) | $ 1,692,000 | $ 1,725,502 |
3,862,791 | ||
Pipelines 0.5% | ||
Cheniere Corpus Christi Holdings LLC | ||
3.70%, due 11/15/29 | 1,121,000 | 1,224,448 |
Cheniere Energy Partners LP | ||
4.00%, due 3/1/31 (a) | 783,000 | 818,235 |
Cheniere Energy, Inc. | ||
4.625%, due 10/15/28 (a) | 1,333,000 | 1,406,315 |
Energy Transfer Operating LP | ||
4.95%, due 6/15/28 | 116,000 | 134,024 |
5.50%, due 6/1/27 | 159,000 | 186,473 |
5.875%, due 1/15/24 | 301,000 | 333,539 |
Hess Midstream Operations LP | ||
5.125%, due 6/15/28 (a) | 1,336,000 | 1,401,130 |
NGPL PipeCo LLC | ||
3.25%, due 7/15/31 (a) | 472,000 | 486,457 |
ONEOK, Inc. | ||
6.35%, due 1/15/31 | 808,000 | 1,044,875 |
7.15%, due 1/15/51 | 211,000 | 310,187 |
7,345,683 | ||
Real Estate 0.0% ‡ | ||
Jones Lang LaSalle, Inc. | ||
4.40%, due 11/15/22 | 651,000 | 677,087 |
Real Estate Investment Trusts 0.5% | ||
Agree LP | ||
2.00%, due 6/15/28 | 684,000 | 678,373 |
2.60%, due 6/15/33 | 513,000 | 511,107 |
2.90%, due 10/1/30 | 473,000 | 493,520 |
Crown Castle International Corp. | ||
3.10%, due 11/15/29 | 710,000 | 753,281 |
3.65%, due 9/1/27 | 548,000 | 604,221 |
Equinix, Inc. | ||
2.15%, due 7/15/30 | 623,000 | 619,023 |
GLP Capital LP | ||
4.00%, due 1/15/30 | 1,005,000 | 1,078,677 |
5.25%, due 6/1/25 | 361,000 | 406,360 |
5.30%, due 1/15/29 | 86,000 | 100,190 |
5.375%, due 4/15/26 | 381,000 | 438,535 |
MPT Operating Partnership LP | ||
3.50%, due 3/15/31 | 1,099,000 | 1,109,979 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | $ 1,283,000 | $ 1,282,870 |
8,076,136 | ||
Retail 0.5% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 2,348,000 | 2,271,690 |
Dollar General Corp. | ||
4.125%, due 4/3/50 | 762,000 | 892,658 |
Lithia Motors, Inc. | ||
3.875%, due 6/1/29 (a) | 1,847,000 | 1,914,508 |
Nordstrom, Inc. | ||
4.375%, due 4/1/30 | 846,000 | 881,533 |
Yum! Brands, Inc. | ||
4.625%, due 1/31/32 | 1,198,000 | 1,257,900 |
7,218,289 | ||
Semiconductors 1.2% | ||
Analog Devices, Inc. | ||
2.95%, due 4/1/25 | 676,000 | 723,281 |
Broadcom, Inc. | ||
3.419%, due 4/15/33 (a) | 1,071,000 | 1,124,726 |
3.469%, due 4/15/34 (a) | 1,686,000 | 1,783,374 |
4.15%, due 11/15/30 | 1,233,000 | 1,382,705 |
4.30%, due 11/15/32 | 986,000 | 1,122,783 |
Marvell Technology, Inc. (a) | ||
1.65%, due 4/15/26 | 793,000 | 792,542 |
2.95%, due 4/15/31 | 1,256,000 | 1,301,682 |
4.20%, due 6/22/23 | 142,000 | 150,961 |
4.875%, due 6/22/28 | 883,000 | 1,020,749 |
Microchip Technology, Inc. | ||
2.67%, due 9/1/23 | 1,514,000 | 1,576,861 |
4.25%, due 9/1/25 | 1,186,000 | 1,245,141 |
Qorvo, Inc. | ||
3.375%, due 4/1/31 (a) | 1,333,000 | 1,389,279 |
SK Hynix, Inc. (a) | ||
1.50%, due 1/19/26 | 1,067,000 | 1,052,510 |
2.375%, due 1/19/31 | 773,000 | 752,694 |
Skyworks Solutions, Inc. | ||
0.90%, due 6/1/23 | 238,000 | 238,708 |
1.80%, due 6/1/26 | 371,000 | 375,674 |
3.00%, due 6/1/31 | 333,000 | 340,363 |
TSMC Global Ltd. (a) | ||
1.25%, due 4/23/26 | 1,347,000 | 1,335,312 |
1.75%, due 4/23/28 | 1,360,000 | 1,359,619 |
19,068,964 |
16 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software 0.3% | ||
Broadridge Financial Solutions, Inc. | ||
2.60%, due 5/1/31 | $ 1,084,000 | $ 1,103,775 |
MSCI, Inc. (a) | ||
3.625%, due 9/1/30 | 1,643,000 | 1,680,230 |
3.875%, due 2/15/31 | 1,122,000 | 1,164,367 |
4.00%, due 11/15/29 | 104,000 | 109,720 |
Twilio, Inc. | ||
3.625%, due 3/15/29 | 471,000 | 480,420 |
3.875%, due 3/15/31 | 471,000 | 483,364 |
5,021,876 | ||
Telecommunications 0.6% | ||
AT&T, Inc. (a) | ||
3.65%, due 9/15/59 | 105,000 | 106,480 |
3.80%, due 12/1/57 | 642,000 | 668,889 |
Level 3 Financing, Inc. | ||
3.875%, due 11/15/29 (a) | 956,000 | 1,023,905 |
Lumen Technologies, Inc. | ||
Series T | ||
5.80%, due 3/15/22 | 419,000 | 431,189 |
Switch Ltd. | ||
4.125%, due 6/15/29 (a) | 866,000 | 888,732 |
T-Mobile US, Inc. | ||
2.25%, due 2/15/26 | 647,000 | 651,852 |
2.625%, due 2/15/29 | 1,626,000 | 1,605,675 |
3.00%, due 2/15/41 | 686,000 | 677,542 |
3.50%, due 4/15/25 | 718,000 | 778,201 |
3.75%, due 4/15/27 | 990,000 | 1,093,950 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 389,000 | 397,136 |
3.00%, due 3/22/27 | 535,000 | 575,729 |
3.55%, due 3/22/51 | 658,000 | 702,985 |
9,602,265 | ||
Toys, Games & Hobbies 0.2% | ||
Hasbro, Inc. | ||
3.90%, due 11/19/29 | 1,867,000 | 2,075,881 |
5.10%, due 5/15/44 | 449,000 | 548,847 |
6.35%, due 3/15/40 | 420,000 | 585,549 |
3,210,277 |
Principal Amount | Value | |
Transportation 0.1% | ||
GXO Logistics, Inc. (a) | ||
1.65%, due 7/15/26 | $ 885,000 | $ 880,540 |
2.65%, due 7/15/31 | 585,000 | 580,302 |
1,460,842 | ||
Total Corporate Bonds (Cost $207,355,423) | 215,510,058 | |
Loan Assignments 0.4% | ||
Chemicals, Plastics & Rubber 0.1% | ||
Alpha 3 B.V. | ||
Initial Dollar Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 3/18/28 (b) | 941,000 | 935,560 |
Healthcare, Education & Childcare 0.1% | ||
Elanco Animal Health, Inc. | ||
Term Loan | ||
1.842% (1 Month LIBOR + 1.75%), due 8/1/27 (b) | 2,233,949 | 2,200,839 |
Manufacturing 0.1% | ||
Madison IAQ LLC | ||
Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | 1,526,204 | 1,526,586 |
Services: Business 0.1% | ||
ICON Luxembourg SARL | ||
Term Loan B | ||
TBD, due 7/1/28 | 1,962,000 | 1,965,679 |
Term Loan B | ||
TBD, due 7/1/28 | 488,833 | 489,749 |
2,455,428 | ||
Total Loan Assignments (Cost $7,135,528) | 7,118,413 | |
Mortgage-Backed Securities 6.2% | ||
Agency (Collateralized Mortgage Obligations) 2.6% | ||
FNMA | ||
REMIC, Series 2018-27, Class EA | ||
3.00%, due 5/25/48 | 820,147 | 862,908 |
REMIC, Series 2019-71, Class P | ||
3.00%, due 11/25/49 | 1,263,104 | 1,327,696 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA II, Single Family, 30 Year (i) | ||
2.00%, due 7/15/51 TBA | $ 8,805,569 | $ 8,967,922 |
2.50%, due 7/15/51 TBA | 4,969,800 | 5,142,967 |
UMBS, Single Family, 15 Year (i) | ||
1.50%, due 7/25/36 TBA | 404,515 | 409,390 |
2.00%, due 7/25/36 TBA | 2,603,869 | 2,685,698 |
UMBS, Single Family, 30 Year (i) | ||
2.00%, due 7/25/51 TBA | 6,776,402 | 6,842,048 |
2.50%, due 7/25/51 TBA | 10,495,769 | 10,855,741 |
3.50%, due 7/25/51 TBA | 4,190,000 | 4,410,384 |
41,504,754 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.3% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A | ||
0.953% (1 Month LIBOR + 0.88%), due 9/15/34 (a)(b) | 699,152 | 699,152 |
BANK | ||
Series 2019-BN23, Class A3 | ||
2.92%, due 12/15/52 | 888,598 | 952,935 |
Series 2019-BN24, Class A3 | ||
2.96%, due 11/15/62 | 218,800 | 235,521 |
Series 2019-BN20, Class A3 | ||
3.011%, due 9/15/62 | 493,957 | 533,547 |
Series 2019-BN18, Class A4 | ||
3.584%, due 5/15/62 | 1,026,801 | 1,148,472 |
Series 2019-BN17, Class A4 | ||
3.714%, due 4/15/52 | 603,641 | 679,659 |
Series 2018-BN12, Class A4 | ||
4.255%, due 5/15/61 (c) | 271,673 | 313,546 |
BBCMS Mortgage Trust | ||
Series 2017-DELC, Class A | ||
0.923% (1 Month LIBOR + 0.85%), due 8/15/36 (a)(b) | 495,000 | 495,458 |
BBCMS Trust | ||
Series 2015-SRCH, Class A2 | ||
4.197%, due 8/10/35 (a) | 875,000 | 991,963 |
Benchmark Mortgage Trust | ||
Series 2020-B16, Class A5 | ||
2.732%, due 2/15/53 | 550,000 | 581,939 |
BX Commercial Mortgage Trust (a)(b) | ||
Series 2018-IND, Class A | ||
0.823% (1 Month LIBOR + 0.75%), due 11/15/35 | 501,252 | 501,416 |
Series 2019-XL, Class A | ||
0.993% (1 Month LIBOR + 0.92%), due 10/15/36 | 1,069,119 | 1,070,515 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a)(b) (continued) | ||
Series 2020-FOX, Class A | ||
1.073% (1 Month LIBOR + 1.00%), due 11/15/32 | $ 1,518,808 | $ 1,523,566 |
Series 2019-XL, Class B | ||
1.153% (1 Month LIBOR + 1.08%), due 10/15/36 | 172,906 | 173,187 |
Series 2020-FOX, Class B | ||
1.423% (1 Month LIBOR + 1.35%), due 11/15/32 | 277,040 | 277,734 |
Series 2020-FOX, Class C | ||
1.623% (1 Month LIBOR + 1.55%), due 11/15/32 | 277,040 | 277,908 |
BX Trust (a) | ||
Series 2021-LBA, Class AV | ||
0.873% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,122,000 | 1,123,792 |
Series 2021-LBA, Class AJV | ||
0.873% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 987,000 | 988,576 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 565,000 | 608,654 |
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 284,000 | 310,860 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 564,000 | 612,937 |
Series 2019-OC11, Class D | ||
4.075%, due 12/9/41 (j) | 847,000 | 906,222 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 396,000 | 432,829 |
CHT Mortgage Trust | ||
Series 2017-CSMO, Class A | ||
1.003% (1 Month LIBOR + 0.93%), due 11/15/36 (a)(b) | 617,327 | 617,901 |
Cold Storage Trust (a)(b) | ||
Series 2020-ICE5, Class A | ||
0.973% (1 Month LIBOR + 0.90%), due 11/15/37 | 1,480,384 | 1,488,033 |
Series 2020-ICE5, Class B | ||
1.373% (1 Month LIBOR + 1.30%), due 11/15/37 | 657,620 | 659,476 |
Series 2020-ICE5, Class C | ||
1.723% (1 Month LIBOR + 1.65%), due 11/15/37 | 660,569 | 662,640 |
18 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Credit Suisse Mortgage Capital Certificates (a)(b) | ||
Series 2019-ICE4, Class A | ||
1.053% (1 Month LIBOR + 0.98%), due 5/15/36 | $ 1,783,000 | $ 1,787,766 |
Series 2019-ICE4, Class C | ||
1.503% (1 Month LIBOR + 1.43%), due 5/15/36 | 333,000 | 334,135 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class A | ||
(zero coupon) (1 Month LIBOR + 1.08%), due 7/15/38 | 1,277,000 | 1,280,589 |
Series 2021-ESH, Class B | ||
(zero coupon) (1 Month LIBOR + 1.38%), due 7/15/38 | 348,000 | 349,196 |
Great Wolf Trust (a)(b) | ||
Series 2019-WOLF, Class A | ||
1.107% (1 Month LIBOR + 1.034%), due 12/15/36 | 270,000 | 270,167 |
Series 2019-WOLF, Class B | ||
1.407% (1 Month LIBOR + 1.334%), due 12/15/36 | 303,000 | 303,093 |
Series 2019-WOLF, Class C | ||
1.706% (1 Month LIBOR + 1.633%), due 12/15/36 | 337,000 | 336,998 |
GS Mortgage Securities Trust | ||
Series 2020-GC47, Class A5 | ||
2.377%, due 5/12/53 | 736,000 | 759,459 |
Series 2020-GC45, Class A5 | ||
2.911%, due 2/13/53 | 547,000 | 586,392 |
Series 2018-GS9, Class A4 | ||
3.992%, due 3/10/51 (c) | 645,957 | 735,606 |
Series 2018-GS10, Class A5 | ||
4.155%, due 7/10/51 (c) | 388,105 | 444,777 |
Life Mortgage Trust (a)(b) | ||
Series 2021-BMR, Class A | ||
0.773% (1 Month LIBOR + 0.70%), due 3/15/38 | 1,864,000 | 1,866,242 |
Series 2021-BMR, Class C | ||
1.173% (1 Month LIBOR + 1.10%), due 3/15/38 | 924,000 | 925,762 |
MHC Commercial Mortgage Trust (a)(b) | ||
Series 2021-MHC, Class A | ||
0.874% (1 Month LIBOR + 0.80%), due 4/15/38 | 1,947,744 | 1,948,964 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
MHC Commercial Mortgage Trust (a)(b) (continued) | ||
Series 2021-MHC, Class C | ||
1.424% (1 Month LIBOR + 1.35%), due 4/15/38 | $ 938,912 | $ 939,796 |
Morgan Stanley Capital I Trust | ||
Series 2016-UB11, Class A4 | ||
2.782%, due 8/15/49 | 656,000 | 698,357 |
Series 2019-H6, Class A4 | ||
3.417%, due 6/15/52 | 343,549 | 379,026 |
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 517,000 | 567,672 |
Series 2018-H3, Class A5 | ||
4.177%, due 7/15/51 | 561,262 | 648,328 |
Series 2018-H4, Class A4 | ||
4.31%, due 12/15/51 | 840,223 | 967,851 |
VASA Trust | ||
Series 2021-VASA, Class A | ||
0.973% (1 Month LIBOR + 0.90%), due 7/15/39 (a)(b) | 525,000 | 525,157 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class A | ||
1.223% (1 Month LIBOR + 1.15%), due 2/15/40 (a)(b) | 497,235 | 499,285 |
36,023,056 | ||
Whole Loan (Collateralized Mortgage Obligations) 1.3% | ||
Angel Oak Mortgage Trust (a) | ||
Series 2020-3, Class A2 | ||
2.41%, due 4/25/65 (c) | 533,887 | 540,327 |
Series 2019-5, Class A1 | ||
2.593%, due 10/25/49 (j) | 351,110 | 352,535 |
Series 2019-6, Class A1 | ||
2.62%, due 11/25/59 (c) | 326,866 | 328,755 |
Series 2018-2, Class A1 | ||
3.674%, due 7/27/48 (c) | 49,720 | 50,076 |
Bayview Financing Trust | ||
Series 2021-1F | ||
1.56%, due 7/10/33 (c) | 239,108 | 239,124 |
Series 2021-2F, Class M1 | ||
1.56% (SOFR 30A + 1.55%), due 12/31/49 (a)(b)(d) | 744,043 | 744,043 |
CIM Trust | ||
Series 2021-NR1, Class A1 | ||
2.569%, due 7/25/55 (a)(e) | 910,114 | 910,049 |
COLT Mortgage Loan Trust (a)(c) | ||
Series 2020-3, Class A1 | ||
1.506%, due 4/27/65 | 275,642 | 276,708 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
COLT Mortgage Loan Trust (a)(c) (continued) | ||
Series 2020-2, Class A1 | ||
1.853%, due 3/25/65 | $ 259,163 | $ 260,544 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-R05, Class 1M2 | ||
2.091% (1 Month LIBOR + 2.00%), due 7/25/39 | 372,288 | 373,784 |
Series 2020-R02, Class 2M2 | ||
2.091% (1 Month LIBOR + 2.00%), due 1/25/40 | 922,805 | 926,873 |
Series 2019-R04, Class 2M2 | ||
2.192% (1 Month LIBOR + 2.10%), due 6/25/39 | 412,442 | 414,098 |
Series 2019-R07, Class 1M2 | ||
2.192% (1 Month LIBOR + 2.1%), due 10/25/39 | 163,156 | 163,830 |
Series 2019-R03, Class 1M2 | ||
2.242% (1 Month LIBOR + 2.15%), due 9/25/31 | 434,366 | 437,461 |
Series 2019-R02, Class 1M2 | ||
2.392% (1 Month LIBOR + 2.30%), due 8/25/31 | 185,190 | 186,467 |
Series 2018-R07, Class 1M2 | ||
2.491% (1 Month LIBOR + 2.40%), due 4/25/31 | 480,421 | 483,058 |
CSMC Trust | ||
3.795%, due 12/15/23 | 509,000 | 510,436 |
4.07%, due 4/15/26 (c) | 912,505 | 912,463 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2020-DNA6, Class M2 | ||
2.018% (SOFR 30A + 2.00%), due 12/25/50 | 1,021,000 | 1,031,863 |
Series 2021-HQA1, Class M2 | ||
2.268% (SOFR 30A + 2.25%), due 8/25/33 | 573,000 | 580,531 |
Series 2020-HQA4, Class M2 | ||
3.242% (1 Month LIBOR + 3.15%), due 9/25/50 | 460,316 | 465,535 |
FHLMC STACR Trust | ||
Series 2019-DNA4, Class M2 | ||
2.041% (1 Month LIBOR + 1.95%), due 10/25/49 (a)(b) | 151,327 | 152,127 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2021-DNA2, Class M2 | ||
2.318% (SOFR 30A + 2.30%), due 8/25/33 (a) | 372,000 | 381,663 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC Structured Agency Credit Risk Debt Notes (b) (continued) | ||
Series 2020-HQA5, Class M2 | ||
2.618% (SOFR 30A + 2.60%), due 11/25/50 (a) | $ 1,664,000 | $ 1,690,306 |
Series 2016-DNA1, Class M3 | ||
5.641% (1 Month LIBOR + 5.55%), due 7/25/28 | 411,036 | 430,622 |
FNMA (b) | ||
Series 2017-C06, Class 1M2 | ||
2.742% (1 Month LIBOR + 2.65%), due 2/25/30 | 356,844 | 362,534 |
Series 2017-C01, Class 1M2 | ||
3.642% (1 Month LIBOR + 3.55%), due 7/25/29 | 519,859 | 539,699 |
Series 2016-C04, Class 1M2 | ||
4.341% (1 Month LIBOR + 4.25%), due 1/25/29 | 376,887 | 393,388 |
Series 2016-C06, Class 1M2 | ||
4.341% (1 Month LIBOR + 4.25%), due 4/25/29 | 440,477 | 457,879 |
Series 2014-C04, Class 1M2 | ||
4.992% (1 Month LIBOR + 4.90%), due 11/25/24 | 74,298 | 76,818 |
Series 2015-C03, Class 1M2 | ||
5.092% (1 Month LIBOR + 5.00%), due 7/25/25 | 422,848 | 434,829 |
Series 2015-C04, Class 1M2 | ||
5.792% (1 Month LIBOR + 5.70%), due 4/25/28 | 321,422 | 340,510 |
Series 2016-C03, Class 2M2 | ||
5.992% (1 Month LIBOR + 5.90%), due 10/25/28 | 152,071 | 160,644 |
Lakeview LLC | ||
Series 2021-CRT1 | ||
2.327%, due 1/10/33 (c)(d) | 751,000 | 752,408 |
MRA Issuance Trust | ||
Series 2021-NA1, Class A1X | ||
1.595% (1 Month LIBOR + 1.50%), due 3/8/22 (a)(b)(d) | 1,505,000 | 1,505,000 |
New Residential Mortgage Loan Trust | ||
Series 2018-2A, Class A1 | ||
4.50%, due 2/25/58 (a)(c) | 238,846 | 254,606 |
PRPM LLC (a)(e) | ||
Series 2020-3, Class A1 | ||
2.857%, due 9/25/25 | 1,183,082 | 1,189,364 |
Series 2020-5, Class A1 | ||
3.104%, due 11/25/25 | 396,268 | 398,895 |
20 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Sequoia Mortgage Trust (a) | ||
Series 2013-5, Class A1 | ||
2.50%, due 5/25/43 (j) | $ 270,579 | $ 272,616 |
Series 2020-2, Class A19 | ||
3.50%, due 3/25/50 (c) | 117,291 | 119,788 |
Spruce Hill Mortgage Loan Trust (a)(c) | ||
Series 2020-SH1, Class A1 | ||
2.521%, due 1/28/50 | 105,644 | 107,186 |
Series 2020-SH1, Class A2 | ||
2.624%, due 1/28/50 | 264,353 | 267,843 |
Series 2020-SH2, Class A1 | ||
3.407%, due 6/25/55 | 552,639 | 557,924 |
21,035,209 | ||
Total Mortgage-Backed Securities (Cost $97,554,335) | 98,563,019 | |
U.S. Government & Federal Agencies 12.2% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.1% | ||
FHLMC Gold Pools, Other | ||
3.00%, due 6/1/43 | 25,609 | 26,366 |
3.50%, due 7/1/42 | 31,681 | 34,188 |
3.50%, due 8/1/42 | 41,996 | 45,320 |
3.50%, due 8/1/42 | 33,829 | 36,374 |
3.50%, due 2/1/43 | 221,280 | 238,792 |
3.50%, due 2/1/44 | 268,820 | 290,095 |
3.50%, due 1/1/47 | 82,540 | 89,074 |
4.50%, due 5/1/44 | 536,323 | 595,297 |
UMBS, 15 Year | ||
2.50%, due 12/1/33 | 1,300,491 | 1,361,326 |
2.50%, due 11/1/34 | 245,579 | 259,348 |
2.50%, due 11/1/34 | 277,648 | 293,310 |
3.00%, due 5/1/31 | 1,089,319 | 1,148,511 |
3.00%, due 9/1/32 | 240,936 | 254,990 |
3.00%, due 10/1/32 | 88,048 | 93,075 |
3.00%, due 1/1/33 | 138,463 | 147,208 |
3.00%, due 10/1/34 | 120,499 | 128,014 |
3.00%, due 10/1/34 | 289,346 | 308,206 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 5,175,008 | 5,280,999 |
UMBS, 30 Year | ||
2.50%, due 1/1/50 | 52,599 | 54,763 |
3.00%, due 1/1/45 | 155,604 | 163,895 |
3.00%, due 8/1/46 | 11,745 | 12,322 |
3.00%, due 10/1/46 | 800,051 | 847,221 |
3.00%, due 4/1/47 | 17,858 | 18,758 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 8/1/49 | $ 179,492 | $ 189,172 |
3.00%, due 8/1/49 | 69,867 | 74,743 |
3.00%, due 10/1/49 | 124,864 | 130,483 |
3.00%, due 11/1/49 | 127,860 | 133,492 |
3.00%, due 11/1/49 | 387,556 | 405,062 |
3.00%, due 12/1/49 | 117,005 | 122,173 |
3.00%, due 12/1/49 | 222,092 | 232,167 |
3.00%, due 12/1/49 | 202,954 | 212,301 |
3.00%, due 3/1/50 | 77,603 | 81,120 |
3.50%, due 12/1/44 | 536,491 | 579,314 |
3.50%, due 7/1/46 | 164,850 | 176,565 |
3.50%, due 9/1/47 | 336,649 | 356,450 |
3.50%, due 12/1/47 | 1,037,946 | 1,126,389 |
3.50%, due 2/1/48 | 261,853 | 281,038 |
3.50%, due 3/1/50 | 6,232 | 6,579 |
4.00%, due 3/1/47 | 42,559 | 46,411 |
4.00%, due 3/1/48 | 201,233 | 218,575 |
4.00%, due 4/1/48 | 4,511 | 4,810 |
4.00%, due 4/1/48 | 267,554 | 288,756 |
4.00%, due 5/1/48 | 594,928 | 634,917 |
4.50%, due 3/1/48 | 212,234 | 228,885 |
4.50%, due 12/1/48 | 266,967 | 295,047 |
5.00%, due 9/1/48 | 36,872 | 40,498 |
6.00%, due 4/1/40 | 520,884 | 616,597 |
18,208,996 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.6% | ||
FNMA, Other | ||
3.00%, due 2/1/43 | 21,167 | 22,534 |
3.00%, due 5/1/43 | 89,285 | 95,267 |
3.00%, due 2/1/57 | 1,064,421 | 1,151,883 |
3.00%, due 6/1/57 | 17,540 | 18,973 |
3.50%, due 8/1/56 | 1,330,985 | 1,446,635 |
4.50%, due 6/1/45 | 193,397 | 214,666 |
5.00%, due 7/1/44 | 332,028 | 371,260 |
UMBS, 15 Year | ||
2.50%, due 11/1/34 | 318,100 | 335,033 |
3.00%, due 10/1/34 | 141,244 | 149,550 |
3.00%, due 11/1/34 | 30,728 | 32,714 |
3.00%, due 12/1/34 | 32,028 | 34,185 |
UMBS, 30 Year | ||
2.50%, due 1/1/50 | 128,235 | 133,528 |
2.50%, due 10/1/50 | 147,766 | 153,730 |
2.50%, due 1/1/51 | 362,359 | 376,080 |
3.00%, due 1/1/43 | 59,470 | 63,240 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 5/1/43 | $ 586,550 | $ 620,779 |
3.00%, due 1/1/46 | 2,469 | 2,596 |
3.00%, due 9/1/46 | 987,459 | 1,049,236 |
3.00%, due 2/1/47 | 8,195,351 | 8,708,347 |
3.00%, due 3/1/47 | 619,778 | 658,343 |
3.00%, due 11/1/48 | 88,622 | 93,644 |
3.00%, due 8/1/49 | 233,334 | 249,615 |
3.00%, due 9/1/49 | 47,800 | 50,202 |
3.50%, due 12/1/45 | 131,923 | 141,272 |
3.50%, due 7/1/46 | 365,797 | 397,085 |
3.50%, due 3/1/47 | 113,742 | 121,385 |
3.50%, due 7/1/47 | 97,493 | 104,077 |
3.50%, due 8/1/47 | 129,825 | 137,439 |
3.50%, due 8/1/47 | 100,814 | 110,735 |
3.50%, due 12/1/47 | 28,907 | 31,752 |
3.50%, due 12/1/47 | 49,071 | 53,777 |
3.50%, due 1/1/48 | 300,049 | 321,846 |
3.50%, due 3/1/48 | 45,042 | 49,340 |
3.50%, due 7/1/48 | 2,730,634 | 2,904,553 |
4.00%, due 1/1/48 | 648,351 | 712,218 |
4.00%, due 1/1/48 | 1,155,169 | 1,241,246 |
4.00%, due 3/1/48 | 228,395 | 248,789 |
4.00%, due 2/1/49 | 192,582 | 205,200 |
4.50%, due 11/1/42 | 81,452 | 90,799 |
4.50%, due 10/1/44 | 262,050 | 292,253 |
4.50%, due 3/1/45 | 382,821 | 426,943 |
4.50%, due 2/1/46 | 429,666 | 477,708 |
4.50%, due 3/1/48 | 230,465 | 249,028 |
4.50%, due 8/1/48 | 135,406 | 145,921 |
5.00%, due 5/1/48 | 198,637 | 218,544 |
6.00%, due 2/1/37 | 30,829 | 36,571 |
24,750,521 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.2% | ||
GNMA I, 30 Year | ||
4.00%, due 1/15/45 | 600,385 | 664,406 |
4.00%, due 7/15/47 | 561,302 | 605,121 |
4.00%, due 8/15/47 | 101,124 | 110,892 |
4.00%, due 11/15/47 | 94,316 | 103,623 |
4.00%, due 12/15/47 | 116,787 | 126,808 |
4.50%, due 8/15/46 | 650,061 | 738,824 |
GNMA II, 30 Year | ||
4.00%, due 8/20/47 | 30,493 | 32,897 |
4.00%, due 8/20/47 | 72,931 | 78,124 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, 30 Year (continued) | ||
4.00%, due 8/20/47 | $ 23,070 | $ 24,700 |
4.00%, due 6/20/48 | 396,299 | 421,824 |
4.50%, due 2/20/48 | 86,783 | 92,517 |
4.50%, due 5/20/48 | 44,492 | 47,761 |
4.50%, due 5/20/48 | 223,475 | 240,331 |
5.00%, due 8/20/48 | 533,716 | 576,577 |
3,864,405 | ||
United States Treasury Bonds 2.6% | ||
U.S. Treasury Bonds | ||
1.125%, due 5/15/40 | 869,000 | 750,191 |
1.375%, due 11/15/40 | 2,707,000 | 2,431,647 |
1.375%, due 8/15/50 | 8,806,800 | 7,424,201 |
1.625%, due 11/15/50 | 14,468,900 | 12,994,881 |
1.875%, due 2/15/41 | 4,962,000 | 4,857,333 |
1.875%, due 2/15/51 | 2,663,600 | 2,542,073 |
2.25%, due 5/15/41 | 2,111,000 | 2,196,430 |
2.75%, due 8/15/42 | 6,590,900 | 7,426,863 |
40,623,619 | ||
United States Treasury Inflation - Indexed Notes 1.4% | ||
U.S. Treasury Inflation Linked Notes (k) | ||
0.125%, due 4/15/26 | 9,865,000 | 10,927,344 |
0.125%, due 1/15/31 | 3,906,000 | 4,409,414 |
0.625%, due 4/15/23 | 5,968,000 | 6,787,197 |
22,123,955 | ||
United States Treasury Notes 5.3% | ||
U.S. Treasury Notes | ||
0.125%, due 2/28/23 | 22,237,000 | 22,209,204 |
0.125%, due 4/30/23 | 19,097,000 | 19,061,193 |
0.25%, due 5/15/24 | 2,141,000 | 2,129,291 |
0.375%, due 1/31/26 | 4,346,900 | 4,259,792 |
0.50%, due 2/28/26 | 18,186,000 | 17,910,368 |
0.75%, due 4/30/26 | 10,323,000 | 10,270,579 |
0.875%, due 11/15/30 | 6,191,600 | 5,887,825 |
1.125%, due 2/15/31 | 770,300 | 747,793 |
22 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
1.25%, due 4/30/28 | $ 580,000 | $ 581,813 |
1.625%, due 5/15/31 | 876,800 | 890,226 |
83,948,084 | ||
Total U.S. Government & Federal Agencies (Cost $192,797,136) | 193,519,580 | |
Total Long-Term Bonds (Cost $538,006,310) | 548,454,097 | |
Shares | ||
Common Stocks 64.6% | ||
Aerospace & Defense 1.1% | ||
General Dynamics Corp. | 54,529 | 10,265,630 |
L3Harris Technologies, Inc. | 31,862 | 6,886,971 |
17,152,601 | ||
Air Freight & Logistics 1.3% | ||
United Parcel Service, Inc., Class B | 97,779 | 20,335,099 |
Airlines 0.4% | ||
Southwest Airlines Co. (l) | 118,101 | 6,269,982 |
Auto Components 0.4% | ||
Aptiv plc (l) | 40,225 | 6,328,599 |
Banks 1.5% | ||
Bank of America Corp. | 565,609 | 23,320,059 |
Beverages 0.8% | ||
Constellation Brands, Inc., Class A | 11,806 | 2,761,305 |
Monster Beverage Corp. (l) | 117,813 | 10,762,218 |
13,523,523 | ||
Biotechnology 0.9% | ||
AbbVie, Inc. | 123,590 | 13,921,179 |
Building Products 0.2% | ||
Trane Technologies plc | 17,390 | 3,202,195 |
Capital Markets 2.8% | ||
Charles Schwab Corp. (The) | 38,573 | 2,808,500 |
CME Group, Inc. | 66,019 | 14,040,921 |
Shares | Value | |
Capital Markets (continued) | ||
Morgan Stanley | 248,891 | $ 22,820,816 |
S&P Global, Inc. | 10,945 | 4,492,375 |
44,162,612 | ||
Chemicals 0.4% | ||
Sherwin-Williams Co. (The) | 26,424 | 7,199,219 |
Communications Equipment 0.5% | ||
Motorola Solutions, Inc. | 35,019 | 7,593,870 |
Consumer Finance 1.1% | ||
American Express Co. | 109,237 | 18,049,230 |
Electrical Equipment 0.4% | ||
Rockwell Automation, Inc. | 21,197 | 6,062,766 |
Electronic Equipment, Instruments & Components 0.3% | ||
Corning, Inc. | 139,198 | 5,693,198 |
Entertainment 1.7% | ||
Activision Blizzard, Inc. | 98,554 | 9,405,994 |
Netflix, Inc. (l) | 9,453 | 4,993,169 |
Walt Disney Co. (The) (l) | 74,731 | 13,135,468 |
27,534,631 | ||
Food & Staples Retailing 1.6% | ||
Costco Wholesale Corp. | 48,417 | 19,157,154 |
Sysco Corp. | 75,830 | 5,895,783 |
25,052,937 | ||
Food Products 0.5% | ||
Hershey Co. (The) | 44,687 | 7,783,582 |
Health Care Equipment & Supplies 2.7% | ||
Abbott Laboratories | 123,136 | 14,275,157 |
Edwards Lifesciences Corp. (l) | 70,993 | 7,352,745 |
Intuitive Surgical, Inc. (l) | 6,357 | 5,846,151 |
Medtronic plc | 72,945 | 9,054,663 |
Stryker Corp. | 23,689 | 6,152,744 |
42,681,460 | ||
Health Care Providers & Services 2.1% | ||
UnitedHealth Group, Inc. | 83,219 | 33,324,216 |
Hotels, Restaurants & Leisure 3.2% | ||
Booking Holdings, Inc. (l) | 4,715 | 10,316,844 |
Hilton Worldwide Holdings, Inc. (l) | 80,656 | 9,728,727 |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure (continued) | ||
McDonald's Corp. | 88,841 | $ 20,521,382 |
Starbucks Corp. | 93,296 | 10,431,426 |
50,998,379 | ||
Household Products 0.9% | ||
Procter & Gamble Co. (The) | 104,509 | 14,101,399 |
Industrial Conglomerates 1.1% | ||
Honeywell International, Inc. | 78,807 | 17,286,315 |
Insurance 1.1% | ||
Progressive Corp. (The) | 179,265 | 17,605,616 |
Interactive Media & Services 3.7% | ||
Alphabet, Inc., Class C (l) | 23,318 | 58,442,370 |
Internet & Direct Marketing Retail 3.0% | ||
Amazon.com, Inc. (l) | 14,059 | 48,365,209 |
IT Services 3.4% | ||
Accenture plc, Class A | 36,731 | 10,827,932 |
Fidelity National Information Services, Inc. | 44,420 | 6,292,981 |
Mastercard, Inc., Class A | 101,825 | 37,175,289 |
54,296,202 | ||
Leisure Products 0.5% | ||
Hasbro, Inc. | 78,700 | 7,438,724 |
Life Sciences Tools & Services 1.2% | ||
Illumina, Inc. (l) | 13,700 | 6,482,977 |
Thermo Fisher Scientific, Inc. | 25,815 | 13,022,893 |
19,505,870 | ||
Machinery 1.2% | ||
Deere & Co. | 46,858 | 16,527,285 |
Parker-Hannifin Corp. | 6,725 | 2,065,315 |
18,592,600 | ||
Media 1.4% | ||
Comcast Corp., Class A | 396,766 | 22,623,597 |
Multiline Retail 1.0% | ||
Dollar General Corp. | 72,121 | 15,606,263 |
Shares | Value | |
Personal Products 0.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 13,412 | $ 4,266,089 |
Pharmaceuticals 2.5% | ||
AstraZeneca plc, Sponsored ADR (h) | 82,745 | 4,956,426 |
Eli Lilly and Co. | 95,306 | 21,874,633 |
Merck & Co., Inc. | 164,779 | 12,814,863 |
39,645,922 | ||
Real Estate Management & Development 0.3% | ||
CBRE Group, Inc., Class A (l) | 61,462 | 5,269,137 |
Road & Rail 0.1% | ||
CSX Corp. | 59,689 | 1,914,823 |
Semiconductors & Semiconductor Equipment 4.7% | ||
Advanced Micro Devices, Inc. (l) | 79,262 | 7,445,080 |
Lam Research Corp. | 42,782 | 27,838,247 |
NVIDIA Corp. | 30,287 | 24,232,629 |
Texas Instruments, Inc. | 78,552 | 15,105,549 |
74,621,505 | ||
Software 8.5% | ||
Adobe, Inc. (l) | 56,564 | 33,126,141 |
Autodesk, Inc. (l) | 12,668 | 3,697,789 |
Cadence Design Systems, Inc. (l) | 44,546 | 6,094,784 |
Microsoft Corp. | 300,624 | 81,439,042 |
salesforce.com, Inc. (l) | 47,571 | 11,620,168 |
135,977,924 | ||
Specialty Retail 1.6% | ||
Home Depot, Inc. (The) | 78,028 | 24,882,349 |
Technology Hardware, Storage & Peripherals 3.3% | ||
Apple, Inc. | 386,592 | 52,947,640 |
Textiles, Apparel & Luxury Goods 0.9% | ||
NIKE, Inc., Class B | 93,404 | 14,429,984 |
Total Common Stocks (Cost $593,972,029) | 1,028,008,875 | |
Preferred Stocks 0.2% | ||
Banks 0.2% | ||
First Republic Bank, 4.12% (g)(h)(l) | 55,450 | 1,422,293 |
Truist Financial Corp., 4.75% (g)(l) | 61,225 | 1,629,809 |
Total Preferred Stocks (Cost $2,916,875) | 3,052,102 |
24 | MainStay VP Janus Henderson Balanced Portfolio |
Shares | Value | ||
Short-Term Investments 4.0% | |||
Affiliated Investment Company 3.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (m) | 57,559,601 | $ 57,559,601 | |
Unaffiliated Investment Company 0.4% | |||
Wells Fargo Government Money Market Fund, 0.025% (m)(n) | 6,628,836 | 6,628,836 | |
Total Short-Term Investments (Cost $64,188,437) | 64,188,437 | ||
Total Investments (Cost $1,199,083,651) | 103.2% | 1,643,703,511 | |
Other Assets, Less Liabilities | (3.2) | (51,318,031) | |
Net Assets | 100.0% | $ 1,592,385,480 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2021, the total market value was $3,857,833, which represented 0.2% of the Portfolio’s net assets. |
(e) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(f) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(g) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(h) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $6,839,824; the total market value of collateral held by the Portfolio was $7,018,293. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $389,457. The Portfolio received cash collateral with a value of $6,628,836. (See Note 2(H)) |
(i) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2021, the total net market value was $39,314,150, which represented 2.5% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(l) | Non-income producing security. |
(m) | Current yield as of June 30, 2021. |
(n) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
TBA—To Be Announced |
TBD—To Be Determined |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 33,743,027 | $ — | $ 33,743,027 | |||
Corporate Bonds | — | 215,510,058 | — | 215,510,058 | |||
Loan Assignments | — | 7,118,413 | — | 7,118,413 | |||
Mortgage-Backed Securities | — | 98,563,019 | — | 98,563,019 | |||
U.S. Government & Federal Agencies | — | 193,519,580 | — | 193,519,580 | |||
Total Long-Term Bonds | — | 548,454,097 | — | 548,454,097 | |||
Common Stocks | 1,028,008,875 | — | — | 1,028,008,875 | |||
Preferred Stocks | 3,052,102 | — | — | 3,052,102 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 57,559,601 | — | — | 57,559,601 | |||
Unaffiliated Investment Company | 6,628,836 | — | — | 6,628,836 | |||
Total Short-Term Investments | 64,188,437 | — | — | 64,188,437 | |||
Total Investments in Securities | $ 1,095,249,414 | $ 548,454,097 | $ — | $ 1,643,703,511 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
26 | MainStay VP Janus Henderson Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,141,524,050) including securities on loan of $6,839,824 | $1,586,143,910 |
Investment in affiliated investment companies, at value (identified cost $57,559,601) | 57,559,601 |
Cash | 135,983 |
Due from custodian | 82,818 |
Receivables: | |
Investment securities sold | 5,442,754 |
Dividends and interest | 2,780,273 |
Portfolio shares sold | 1,051,947 |
Securities lending | 2,125 |
Other assets | 20,038 |
Total assets | 1,653,219,449 |
Liabilities | |
Cash collateral received for securities on loan | 6,628,836 |
Payables: | |
Investment securities purchased | 53,044,979 |
Manager (See Note 3) | 697,080 |
NYLIFE Distributors (See Note 3) | 233,676 |
Shareholder communication | 120,632 |
Professional fees | 72,980 |
Custodian | 35,786 |
Total liabilities | 60,833,969 |
Net assets | $1,592,385,480 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 96,940 |
Additional paid-in-capital | 1,008,698,137 |
1,008,795,077 | |
Total distributable earnings (loss) | 583,590,403 |
Net assets | $1,592,385,480 |
Initial Class | |
Net assets applicable to outstanding shares | $ 437,004,547 |
Shares of beneficial interest outstanding | 26,440,357 |
Net asset value per share outstanding | $ 16.53 |
Service Class | |
Net assets applicable to outstanding shares | $1,155,380,933 |
Shares of beneficial interest outstanding | 70,500,034 |
Net asset value per share outstanding | $ 16.39 |
Investment Income (Loss) | |
Income | |
Interest | $ 6,945,908 |
Dividends-unaffiliated | 6,351,257 |
Securities lending | 14,833 |
Dividends-affiliated | 1,906 |
Total income | 13,313,904 |
Expenses | |
Manager (See Note 3) | 4,062,237 |
Distribution/Service—Service Class (See Note 3) | 1,352,920 |
Professional fees | 84,920 |
Shareholder communication | 66,270 |
Custodian | 30,375 |
Trustees | 15,047 |
Miscellaneous | 18,375 |
Total expenses | 5,630,144 |
Net investment income (loss) | 7,683,760 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 62,124,582 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 56,144,994 |
Net realized and unrealized gain (loss) | 118,269,576 |
Net increase (decrease) in net assets resulting from operations | $125,953,336 |
28 | MainStay VP Janus Henderson Balanced Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,683,760 | $ 18,335,563 |
Net realized gain (loss) | 62,124,582 | 53,224,727 |
Net change in unrealized appreciation (depreciation) | 56,144,994 | 106,458,260 |
Net increase (decrease) in net assets resulting from operations | 125,953,336 | 178,018,550 |
Distributions to shareholders: | ||
Initial Class | — | (20,833,044) |
Service Class | — | (49,436,862) |
Total distributions to shareholders | — | (70,269,906) |
Capital share transactions: | ||
Net proceeds from sales of shares | 63,325,141 | 174,035,243 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 70,269,906 |
Cost of shares redeemed | (55,818,584) | (217,020,749) |
Increase (decrease) in net assets derived from capital share transactions | 7,506,557 | 27,284,400 |
Net increase (decrease) in net assets | 133,459,893 | 135,033,044 |
Net Assets | ||
Beginning of period | 1,458,925,587 | 1,323,892,543 |
End of period | $1,592,385,480 | $1,458,925,587 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | $ 11.82 | $ 12.11 | |||||
Net investment income (loss) (a) | 0.09 | 0.22 | 0.27 | 0.26 | 0.25 | 0.22 | |||||
Net realized and unrealized gain (loss) on investments | 1.23 | 1.74 | 2.48 | (0.14) | 1.89 | 0.32 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | (0.00)‡ | 0.00‡ | (0.00)‡ | 0.00‡ | 0.00‡ | |||||
Total from investment operations | 1.32 | 1.96 | 2.75 | 0.12 | 2.14 | 0.54 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.27) | (0.25) | (0.25) | (0.23) | (0.23) | |||||
From net realized gain on investments | — | (0.52) | (0.77) | (0.74) | (0.55) | (0.60) | |||||
Total distributions | — | (0.79) | (1.02) | (0.99) | (0.78) | (0.83) | |||||
Net asset value at end of period | $ 16.53 | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | $ 11.82 | |||||
Total investment return (b) | 8.68%(c) | 14.32% | 22.93% | 0.42% | 18.35% | 4.70% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.21%†† | 1.57% | 2.01% | 1.93% | 1.95% | 1.87% | |||||
Net expenses (d) | 0.57%†† | 0.58% | 0.58% | 0.58% | 0.58% | 0.59% | |||||
Expenses (before waiver/reimbursement) (d) | 0.57%†† | 0.58% | 0.58% | 0.58%(e) | 0.58%(e) | 0.59% | |||||
Portfolio turnover rate | 54%(f) | 106%(f) | 98%(f) | 132%(f) | 73%(f) | 74% | |||||
Net assets at end of period (in 000’s) | $ 437,005 | $ 416,712 | $ 404,231 | $ 371,106 | $ 417,996 | $ 401,219 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
(f) | The portfolio turnover rate not including mortgage dollar rolls were 36%, 95%, 93%, 103% and 66% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018 and 2017, respectively. |
30 | MainStay VP Janus Henderson Balanced Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | $ 11.77 | $ 12.06 | |||||
Net investment income (loss) (a) | 0.07 | 0.18 | 0.24 | 0.22 | 0.22 | 0.19 | |||||
Net realized and unrealized gain (loss) on investments | 1.22 | 1.74 | 2.45 | (0.13) | 1.88 | 0.32 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | — | (0.00)‡ | 0.00‡ | (0.00)‡ | 0.00‡ | 0.00‡ | |||||
Total from investment operations | 1.29 | 1.92 | 2.69 | 0.09 | 2.10 | 0.51 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.24) | (0.22) | (0.22) | (0.21) | (0.20) | |||||
From net realized gain on investments | — | (0.52) | (0.77) | (0.74) | (0.55) | (0.60) | |||||
Total distributions | — | (0.76) | (0.99) | (0.96) | (0.76) | (0.80) | |||||
Net asset value at end of period | $ 16.39 | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | $ 11.77 | |||||
Total investment return (b) | 8.54%(c) | 14.03% | 22.62% | 0.17% | 18.05% | 4.44% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.95%†† | 1.31% | 1.76% | 1.69% | 1.70% | 1.62% | |||||
Net expenses (d) | 0.82%†† | 0.83% | 0.83% | 0.83% | 0.83% | 0.84% | |||||
Expenses (before waiver/reimbursement) (d) | 0.82%†† | 0.83% | 0.83% | 0.83%(e) | 0.83%(e) | 0.84% | |||||
Portfolio turnover rate | 54%(f) | 106%(f) | 98%(f) | 132%(f) | 73%(f) | 74% | |||||
Net assets at end of period (in 000’s) | $ 1,155,381 | $ 1,042,214 | $ 919,661 | $ 748,653 | $ 730,439 | $ 619,849 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
(f) | The portfolio turnover rate not including mortgage dollar rolls were 36%, 95%, 93%, 103% and 66% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018 and 2017, respectively. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
32 | MainStay VP Janus Henderson Balanced Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay VP Janus Henderson Balanced Portfolio |
36 | MainStay VP Janus Henderson Balanced Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 33,485 | $ 193,595 | $ (169,520) | $ — | $ — | $ 57,560 | $ 2 | $ — | 57,560 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,200,900,124 | $445,060,003 | $(2,256,616) | $442,803,387 |
2020 | |
Distributions paid from: | |
Ordinary Income | $33,150,432 |
Long-Term Capital Gains | 37,119,474 |
Total | $70,269,906 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 207,608 | $ 3,251,403 |
Shares redeemed | (1,165,158) | (18,247,797) |
Net increase (decrease) | (957,550) | $ (14,996,394) |
Year ended December 31, 2020: | ||
Shares sold | 758,889 | $ 10,891,846 |
Shares issued to shareholders in reinvestment of distributions | 1,448,943 | 20,833,044 |
Shares redeemed | (3,611,218) | (50,728,001) |
Net increase (decrease) | (1,403,386) | $ (19,003,111) |
38 | MainStay VP Janus Henderson Balanced Portfolio |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,917,295 | $ 60,073,738 |
Shares redeemed | (2,438,547) | (37,570,787) |
Net increase (decrease) | 1,478,748 | $ 22,502,951 |
Year ended December 31, 2020: | ||
Shares sold | 11,648,966 | $ 163,143,397 |
Shares issued to shareholders in reinvestment of distributions | 3,461,335 | 49,436,862 |
Shares redeemed | (12,044,352) | (166,292,748) |
Net increase (decrease) | 3,065,949 | $ 46,287,511 |
40 | MainStay VP Janus Henderson Balanced Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781630 | MSVPJB10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/2/2005 | 2.39% | 9.72% | 4.29% | 3.83% | 0.65% |
Service Class Shares | 5/2/2005 | 2.26 | 9.44 | 4.02 | 3.56 | 0.90 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P/LSTA Leveraged Loan Index1 | 3.28% | 11.65% | 4.99% | 4.39% |
Morningstar Bank Loan Category Average2 | 2.83 | 9.97 | 3.89 | 3.66 |
1. | The S&P/LSTA Leveraged Loan Index is the Portfolio's primary benchmark. The S&P/LSTA Leveraged Loan Index is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,023.90 | $3.26 | $1,021.57 | $3.26 | 0.65% |
Service Class Shares | $1,000.00 | $1,022.60 | $4.51 | $1,020.33 | $4.51 | 0.90% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Floating Rate Portfolio |
Electronics | 11.9% |
Healthcare, Education & Childcare | 9.7 |
Finance | 8.4 |
Hotels, Motels, Inns & Gaming | 4.8 |
Telecommunications | 4.7 |
Chemicals, Plastics & Rubber | 4.6 |
Broadcasting & Entertainment | 4.2 |
Diversified/Conglomerate Manufacturing | 3.9 |
Containers, Packaging & Glass | 3.6 |
Insurance | 3.2 |
Utilities | 3.1 |
Aerospace & Defense | 2.9 |
Buildings & Real Estate | 2.8 |
Diversified/Conglomerate Service | 2.5 |
Personal, Food & Miscellaneous Services | 2.4 |
Beverage, Food & Tobacco | 2.2 |
Retail Store | 2.0 |
Leisure, Amusement, Motion Pictures & Entertainment | 2.0 |
Personal & Nondurable Consumer Products | 1.9 |
Commercial Services | 1.9 |
Automobile | 1.6 |
Banking | 1.6 |
Oil & Gas | 1.5 |
Services: Business | 1.4 |
Machinery (Non–Agriculture, Non–Construct & Non–Electronic) | 1.3 |
Manufacturing | 1.1 |
Mining, Steel, Iron & Non–Precious Metals | 1.0 |
Printing & Publishing | 1.0 |
Entertainment | 0.9 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.5 |
Retail | 0.5 |
Personal Transportation | 0.4 |
Electric | 0.4% |
Affiliated Investment Company | 0.3 |
Cargo Transport | 0.3 |
Ecological | 0.3 |
Environmental Control | 0.3 |
Home and Office Furnishings, Housewares & Durable Consumer Products | 0.2 |
Media | 0.2 |
Lodging | 0.2 |
Real Estate | 0.2 |
Packaging & Containers | 0.2 |
Radio and TV Broadcasting | 0.1 |
Pharmaceuticals | 0.1 |
Auto Manufacturers | 0.1 |
Food | 0.1 |
Iron & Steel | 0.1 |
Distribution & Wholesale | 0.1 |
Real Estate Investment Trusts | 0.1 |
Building Materials | 0.1 |
Chemicals | 0.1 |
Oil & Gas Services | 0.1 |
Airlines | 0.1 |
Software | 0.1 |
Healthcare–Services | 0.0‡ |
Machinery–Diversified | 0.0‡ |
Health Care Equipment & Supplies | 0.0‡ |
Health Care Providers & Services | 0.0‡ |
Metals & Mining | 0.0‡ |
Communications Equipment | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Short–Term Investments | 8.5 |
Other Assets, Less Liabilities | –7.8 |
100.0% |
1. | Sunshine Luxembourg VII SARL, 4.50%, due 10/1/26 |
2. | Peraton Corp., 4.50%, due 2/1/28 |
3. | Organon & Co., 3.50%-5.125%, due 6/2/28–4/30/31 |
4. | SS&C Technologies Holdings, Inc., 1.854%, due 4/16/25 |
5. | Asurion LLC, 3.104%-5.354%, due 11/3/23–1/31/28 |
6. | Triton Water Holdings, Inc., 4.00%, due 3/31/28 |
7. | Scientific Games International, Inc., 2.854%-7.00%, due 8/14/24–5/15/28 |
8. | Prime Security Services Borrower LLC, 3.50%-6.25%, due 9/23/26–1/15/28 |
9. | IRB Holding Corp., 3.75%-7.00%, due 2/5/25–12/15/27 |
10. | TransDigm, Inc., 2.354%, due 5/30/25–12/9/25 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
4. | LIBOR is a composite of interest rates at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates. |
5. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
8 | MainStay VP Floating Rate Portfolio |
6. | An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
Principal Amount | Value | |
Long-Term Bonds 99.0% | ||
Corporate Bonds 4.2% | ||
Aerospace & Defense 0.2% | ||
Howmet Aerospace, Inc. | ||
6.875%, due 5/1/25 | $ 200,000 | $ 232,796 |
Spirit AeroSystems, Inc. | ||
7.50%, due 4/15/25 (a) | 900,000 | 960,750 |
1,193,546 | ||
Airlines 0.1% | ||
United Airlines, Inc. (a) | ||
4.375%, due 4/15/26 | 200,000 | 207,036 |
4.625%, due 4/15/29 | 600,000 | 621,000 |
828,036 | ||
Auto Manufacturers 0.1% | ||
Ford Motor Co. | ||
8.50%, due 4/21/23 | 300,000 | 334,785 |
9.00%, due 4/22/25 | 600,000 | 739,722 |
1,074,507 | ||
Building Materials 0.1% | ||
Koppers, Inc. | ||
6.00%, due 2/15/25 (a) | 500,000 | 516,000 |
U.S. Concrete, Inc. | ||
5.125%, due 3/1/29 (a) | 200,000 | 218,500 |
734,500 | ||
Chemicals 0.1% | ||
Kraton Polymers LLC | ||
4.25%, due 12/15/25 (a) | 400,000 | 408,000 |
Nouryon Holding BV | ||
8.00%, due 10/1/26 (a) | 500,000 | 530,000 |
938,000 | ||
Commercial Services 0.6% | ||
Bidfair Holdings, Inc. | ||
5.875%, due 6/1/29 (a) | 900,000 | 913,500 |
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | 850,000 | 896,087 |
Jaguar Holding Co. II | ||
4.625%, due 6/15/25 (a) | 1,200,000 | 1,260,000 |
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 1,063,750 |
Team Health Holdings, Inc. | ||
6.375%, due 2/1/25 (a) | 500,000 | 475,530 |
4,608,867 |
Principal Amount | Value | |
Distribution & Wholesale 0.1% | ||
IAA, Inc. | ||
5.50%, due 6/15/27 (a) | $ 500,000 | $ 524,860 |
KAR Auction Services, Inc. | ||
5.125%, due 6/1/25 (a) | 350,000 | 359,170 |
884,030 | ||
Electric 0.4% | ||
NRG Energy, Inc. | ||
7.25%, due 5/15/26 | 1,300,000 | 1,347,586 |
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,539,945 |
2,887,531 | ||
Entertainment 0.1% | ||
Scientific Games International, Inc. | ||
7.00%, due 5/15/28 (a) | 900,000 | 982,980 |
Environmental Control 0.3% | ||
GFL Environmental, Inc. (a) | ||
3.75%, due 8/1/25 | 1,000,000 | 1,027,500 |
4.25%, due 6/1/25 | 500,000 | 520,770 |
4.75%, due 6/15/29 | 1,000,000 | 1,038,300 |
2,586,570 | ||
Food 0.1% | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 257,100 |
U.S. Foods, Inc. | ||
6.25%, due 4/15/25 (a) | 500,000 | 530,000 |
787,100 | ||
Healthcare-Services 0.0% ‡ | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | 120,000 | 125,150 |
Iron & Steel 0.1% | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 310,000 | 340,334 |
Lodging 0.2% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 400,000 | 414,000 |
8.625%, due 6/1/25 (a) | 1,000,000 | 1,102,370 |
1,516,370 | ||
Machinery-Diversified 0.0% ‡ | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | 220,000 | 225,775 |
10 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media 0.1% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | $ 370,000 | $ 382,950 |
Univision Communications, Inc. | ||
6.625%, due 6/1/27 (a) | 600,000 | 650,130 |
1,033,080 | ||
Oil & Gas Services 0.1% | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | 360,000 | 377,100 |
Packaging & Containers 0.2% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 400,000 | 396,630 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 1,051,250 |
Plastipak Holdings, Inc. | ||
6.25%, due 10/15/25 (a) | 220,000 | 224,950 |
1,672,830 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 300,000 | 307,800 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 600,000 | 618,120 |
925,920 | ||
Real Estate 0.2% | ||
Realogy Group LLC (a) | ||
5.75%, due 1/15/29 | 1,330,000 | 1,390,369 |
7.625%, due 6/15/25 | 240,000 | 260,328 |
1,650,697 | ||
Real Estate Investment Trusts 0.1% | ||
Iron Mountain, Inc. | ||
5.00%, due 7/15/28 (a) | 350,000 | 363,283 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 308,115 |
671,398 | ||
Retail 0.5% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 1,040,000 | 1,006,200 |
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | 580,000 | 626,412 |
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | 1,000,000 | 1,007,700 |
Principal Amount | Value | |
Retail (continued) | ||
Magic Mergeco, Inc. (a) | ||
5.25%, due 5/1/28 | $ 450,000 | $ 461,668 |
7.875%, due 5/1/29 | 600,000 | 618,750 |
3,720,730 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 6/30/28 | 300,000 | 302,733 |
4.875%, due 6/30/29 | 300,000 | 307,875 |
610,608 | ||
Telecommunications 0.3% | ||
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 280,000 | 299,950 |
LogMeIn, Inc. | ||
5.50%, due 9/1/27 (a) | 1,100,000 | 1,138,555 |
Lumen Technologies, Inc. | ||
4.50%, due 1/15/29 (a) | 670,000 | 653,887 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 600,000 | 579,000 |
2,671,392 | ||
Total Corporate Bonds (Cost $31,666,531) | 33,047,051 | |
Loan Assignments 94.8% | ||
Aerospace & Defense 2.7% | ||
AI Convoy (Luxembourg) SARL | ||
Facility Term Loan B | ||
4.50% (2 Month LIBOR + 3.50%, 6 Month LIBOR + 3.50%), due 1/18/27 (b) | 861,740 | 860,394 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 9/7/27 (b) | 2,651,219 | 2,642,014 |
Dynasty Acquisition Co., Inc. (b) | ||
2020 Term Loan B1 | ||
3.647% (3 Month LIBOR + 3.50%), due 4/6/26 | 1,528,827 | 1,486,784 |
2020 Term Loan B2 | ||
3.647% (3 Month LIBOR + 3.50%), due 4/6/26 | 821,950 | 799,346 |
Kestrel Bidco, Inc. | ||
Term Loan | ||
4.00% (3 Month LIBOR + 3.00%), due 12/11/26 (b) | 1,234,375 | 1,208,762 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Aerospace & Defense (continued) | ||
Russell Investments U.S. Institutional Holdco, Inc. | ||
2025 Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 5/30/25 (b) | $ 4,367,733 | $ 4,340,435 |
Science Applications International Corp. | ||
Tranche Term Loan B | ||
1.979% (1 Month LIBOR + 1.875%), due 10/31/25 (b) | 877,500 | 875,306 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 10/20/27 (b) | 1,185,714 | 1,251,670 |
TransDigm, Inc. (b) | ||
Tranche Refinancing Term Loan E | ||
2.354% (1 Month LIBOR + 2.25%), due 5/30/25 | 967,763 | 952,641 |
Tranche Refinancing Term Loan F | ||
2.354% (1 Month LIBOR + 2.25%), due 12/9/25 | 4,091,292 | 4,027,648 |
United AirLines, Inc. | ||
Term Loan B | ||
4.50% (3 Month LIBOR + 3.75%), due 4/21/28 (b) | 2,793,000 | 2,826,916 |
21,271,916 | ||
Automobile 1.6% | ||
American Axle & Manufacturing, Inc. | ||
Tranche Term Loan B | ||
3.00% (1 Month LIBOR + 2.25%), due 4/6/24 (b) | 1,304,652 | 1,299,578 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term B | ||
5.00% (3 Month LIBOR + 4.50%), due 4/6/28 (b) | 1,456,350 | 1,465,452 |
Belron Finance U.S. LLC (b) | ||
First Incremental Loan | ||
2.438% (3 Month LIBOR + 2.25%), due 11/13/25 | 975,000 | 969,313 |
2019 Dollar Second Incremental Loan | ||
2.438% (3 Month LIBOR + 2.25%), due 10/30/26 | 1,231,250 | 1,221,631 |
Belron Group SA | ||
Dollar Third Incremental Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 4/13/28 (b) | 965,081 | 961,060 |
Principal Amount | Value | |
Automobile (continued) | ||
Chassix, Inc. | ||
Initial Term Loan | ||
6.50% (3 Month LIBOR + 4.50%, 3 Month LIBOR + 5.50%), due 11/15/23 (b) | $ 1,947,500 | $ 1,930,459 |
Clarios Global LP | ||
First Lien Amendment No. 1 Dollar Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/30/26 (b) | 1,370,942 | 1,357,233 |
KAR Auction Services, Inc. | ||
Tranche Term Loan B6 | ||
2.375% (1 Month LIBOR + 2.25%), due 9/19/26 (b) | 734,413 | 724,621 |
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
3.104% (1 Month LIBOR + 3.00%), due 2/5/26 (b) | 2,653,640 | 2,618,575 |
12,547,922 | ||
Banking 1.6% | ||
Apollo Commercial Real Estate Finance, Inc. (b) | ||
Initial Term Loan | ||
2.841% (1 Month LIBOR + 2.75%), due 5/15/26 | 1,473,750 | 1,451,644 |
Term Loan B1 | ||
4.00% (1 Month LIBOR + 3.50%), due 3/11/28 | 750,000 | 748,125 |
Broadstreet Partners, Inc. | ||
2020 Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 1/27/27 (b) | 2,528,350 | 2,504,330 |
Brookfield Property REIT, Inc. | ||
Initial Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 8/27/25 (b) | 1,411,782 | 1,376,488 |
Edelman Financial Engines Center LLC (The) | ||
2021 First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 4/7/28 (b) | 1,661,750 | 1,662,212 |
Greenhill & Co., Inc. | ||
New Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/12/24 (b)(c)(d) | 628,603 | 626,245 |
Jane Street Group LLC | ||
Dollar Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 1/26/28 (b) | 3,816,223 | 3,797,142 |
12,166,186 |
12 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Beverage, Food & Tobacco 2.2% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
3.591% (1 Month LIBOR + 3.50%), due 10/1/25 (b) | $ 2,554,898 | $ 2,544,786 |
American Seafoods Group LLC | ||
First Lien Tranche Term Loan B | ||
3.75% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 8/21/23 (b) | 589,361 | 589,361 |
Arctic Glacier Group Holdings, Inc. | ||
Specified Refinancing Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 3/20/24 (b)(c) | 619,218 | 590,966 |
CHG PPC Parent LLC | ||
First Lien Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 3/31/25 (b) | 1,697,500 | 1,676,281 |
City Brewing Co. LLC | ||
First Lien Closing Date Term Loan | ||
4.25% (3 Month LIBOR + 3.50%), due 4/5/28 (b) | 1,700,000 | 1,704,250 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
2.354% (1 Month LIBOR + 2.25%), due 1/29/27 (b) | 1,470,150 | 1,447,179 |
H Food Holdings LLC | ||
Initial Term Loan | ||
3.792% (1 Month LIBOR + 3.6875%), due 5/23/25 (b) | 1,259,784 | 1,250,729 |
JBS USA Lux SA | ||
New Term Loan | ||
2.093% (1 Month LIBOR + 2.00%), due 5/1/26 (b) | 3,334,380 | 3,324,257 |
Sunshine Investments BV | ||
Facility Term Loan B3 | ||
3.156% (3 Month LIBOR + 3.00%), due 3/28/25 (b) | 2,960,000 | 2,937,800 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 10/22/25 (b) | 1,346,306 | 1,346,306 |
17,411,915 |
Principal Amount | Value | |
Broadcasting & Entertainment 4.2% | ||
Altice France SA | ||
USD Incremental Term Loan B13 | ||
4.155% (3 Month LIBOR + 4.00%), due 8/14/26 (b) | $ 1,218,750 | $ 1,214,433 |
Charter Communications Operating LLC | ||
Term Loan B1 | ||
1.86% (1 Month LIBOR + 1.75%), due 4/30/25 (b) | 4,825,000 | 4,814,583 |
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B | ||
3.686% (3 Month LIBOR + 3.50%), due 8/21/26 (b) | 1,719,375 | 1,677,465 |
Diamond Sports Group LLC | ||
Term Loan | ||
3.36% (1 Month LIBOR + 3.25%), due 8/24/26 (b) | 2,942,563 | 1,793,913 |
Gray Television, Inc. | ||
Term Loan C | ||
2.592% (1 Month LIBOR + 2.50%), due 1/2/26 (b) | 2,506,446 | 2,492,869 |
Nexstar Broadcasting, Inc. | ||
Term Loan B4 | ||
2.592% (1 Month LIBOR + 2.50%), due 9/18/26 (b) | 2,911,767 | 2,901,887 |
Numericable U.S. LLC (b) | ||
Term Loan B11 | ||
2.936% (3 Month LIBOR + 2.75%), due 7/31/25 | 1,890,573 | 1,859,062 |
USD Term Loan B12 | ||
3.871% (3 Month LIBOR + 3.6875%), due 1/31/26 | 964,976 | 955,671 |
Radiate Holdco LLC | ||
Term Loan B | ||
4.25% (1 Month LIBOR + 3.50%), due 9/25/26 (b) | 4,120,353 | 4,118,808 |
Terrier Media Buyer, Inc. | ||
First Lien 2021 Term Loan B | ||
3.604% (1 Month LIBOR + 3.50%), due 12/17/26 (b) | 3,300,912 | 3,283,949 |
Univision Communications Inc. | ||
Term Loan B | ||
TBD, due 5/5/28 | 2,080,000 | 2,074,280 |
Univision Communications, Inc. | ||
First Lien 2017 Replacement Repriced Term Loan | ||
3.75% (1 Month LIBOR + 2.75%), due 3/15/24 (b) | 3,576,393 | 3,569,369 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Broadcasting & Entertainment (continued) | ||
WideOpenWest Finance LLC | ||
Eighth Amendment Term Loan B | ||
4.25% (1 Month LIBOR + 3.25%), due 8/18/23 (b) | $ 2,406,906 | $ 2,398,884 |
33,155,173 | ||
Buildings & Real Estate 2.8% | ||
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
2.604% (1 Month LIBOR + 2.50%), due 5/19/28 (b) | 1,500,000 | 1,491,562 |
Core & Main LP | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 8/1/24 (b) | 2,537,886 | 2,533,656 |
Cornerstone Building Brands, Inc. | ||
Tranche Term Loan B | ||
3.75% (1 Month LIBOR + 3.25%), due 4/12/28 (b) | 4,518,638 | 4,511,860 |
Cushman & Wakefield U.S. Borrower LLC | ||
Replacement Term Loan | ||
2.843% (1 Month LIBOR + 2.75%), due 8/21/25 (b) | 2,927,969 | 2,898,689 |
Hamilton Holdco LLC | ||
Term Loan | ||
2.15% (3 Month LIBOR + 2.00%), due 1/2/27 (b) | 304,597 | 302,313 |
Jeld-Wen, Inc. | ||
Term Loan B4 | ||
2.104% (1 Month LIBOR + 2.00%), due 12/14/24 (b) | 753,906 | 752,493 |
Realogy Group LLC | ||
Extended 2025 Term Loan | ||
3.00% (1 Month LIBOR + 2.25%), due 2/8/25 (b) | 413,088 | 411,435 |
SIWF Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 6/15/25 | 1,753,399 | 1,753,837 |
Second Lien Initial Term Loan | ||
8.604% (1 Month LIBOR + 8.50%), due 6/15/26 | 120,000 | 120,150 |
SRS Distribution Inc. | ||
2021 Refinancing Term Loan | ||
4.25% (1 Month LIBOR + 3.75%), due 6/2/28 (b) | 2,080,000 | 2,077,075 |
Principal Amount | Value | |
Buildings & Real Estate (continued) | ||
Wilsonart LLC | ||
Tranche Term Loan E | ||
4.50% (3 Month LIBOR + 3.50%), due 12/31/26 (b) | $ 2,938,807 | $ 2,935,951 |
Zebra Buyer LLC | ||
Term Loan | ||
TBD, due 4/21/28 | 1,800,000 | 1,804,500 |
21,593,521 | ||
Cargo Transport 0.3% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
2.147% (3 Month LIBOR + 2.00%), due 12/30/26 (b) | 2,478,725 | 2,461,684 |
Chemicals, Plastics & Rubber 4.6% | ||
Allnex (Luxembourg) & Cy S.C.A. (b)(c) | ||
Tranche Term Loan B2 | ||
4.00% (1 Month LIBOR + 3.25%), due 9/13/23 | 936,444 | 934,395 |
Tranche Term Loan B3 | ||
4.00% (1 Month LIBOR + 3.25%), due 9/13/23 | 705,543 | 703,999 |
Alpha 3 B.V. | ||
Initial Dollar Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 3/18/28 (b) | 1,024,000 | 1,018,080 |
Aruba Investments Holdings LLC | ||
First Lien Initial Dollar Term Loan | ||
4.75% (3 Month LIBOR + 4.00%), due 11/24/27 (b) | 531,994 | 533,324 |
Cabot Microelectronics Corp. | ||
Term Loan B1 | ||
2.125% (1 Month LIBOR + 2.00%), due 11/17/25 (b) | 784,543 | 782,337 |
Diamond (BC) BV | ||
Initial USD Term Loan 3.147%-3.185% | ||
(2 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 9/6/24 (b) | 1,608,333 | 1,598,030 |
Emerald Performance Materials LLC | ||
Cov-Lite Term Loan | ||
5.00% (1 Month LIBOR + 4.00%), due 8/12/25 (b) | 1,197,145 | 1,198,641 |
Flex Acquisition Co., Inc. | ||
2021 Specified Refinancing Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 3/2/28 (b) | 832,862 | 829,219 |
14 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
INEOS Styrolution Group GmbH | ||
2026 Tranche Dollar Term Loan B | ||
3.25% (1 Month LIBOR + 2.75%), due 1/29/26 (b) | $ 1,940,000 | $ 1,933,938 |
Ineos U.S. Finance LLC | ||
2024 New Dollar Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 4/1/24 (b) | 1,441,392 | 1,427,879 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/5/27 (b) | 1,481,250 | 1,477,547 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 5/5/28 (b) | 3,000,000 | 3,010,713 |
Lonza Group AG | ||
Term Loan B | ||
TBD, due 6/29/28 | 1,500,000 | 1,499,625 |
Minerals Technologies, Inc. | ||
New Term Loan B1 | ||
3.00% (1 Month LIBOR + 2.25%), due 2/14/24 (b)(c) | 618,032 | 618,419 |
Nouryon Finance BV | ||
Initial Dollar Term Loan 2.843%-5.00% | ||
(1 Month LIBOR + 2.75%, 3 Month LIBOR + 1.75%), due 10/1/25 (b) | 3,039,694 | 3,014,617 |
Oxea Holding Vier GMBH | ||
Tranche Term Loan B2 | ||
3.625% (1 Month LIBOR + 3.50%), due 10/14/24 (b) | 2,237,500 | 2,223,516 |
Pactiv Evergreen, Inc. | ||
Tranche U.S. Term Loan B1 | ||
2.854% (1 Month LIBOR + 2.75%), due 2/5/23 (b) | 583,190 | 581,813 |
Parexel International Corp. | ||
Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 9/27/24 (b) | 1,215,632 | 1,207,844 |
PPD, Inc. | ||
Initial Term Loan | ||
2.75% (1 Month LIBOR + 2.25%), due 1/13/28 (b) | 2,681,757 | 2,676,393 |
PQ Corp. | ||
Third Amendment Tranche Term Loan B1 | ||
2.436% (3 Month LIBOR + 2.25%), due 2/7/27 (b) | 401,024 | 399,879 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
SCIH Salt Holdings, Inc. | ||
First Lien Term Loan B1 | ||
4.75% (3 Month LIBOR + 4.00%), due 3/16/27 (b) | $ 3,325,000 | $ 3,329,156 |
Sparta U.S. HoldCo LLC | ||
Term Loan | ||
TBD, due 4/28/28 | 900,000 | 900,844 |
Tricorbraun Holdings, Inc. (b) | ||
First Lien Closing Date Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 3/3/28 | 1,148,025 | 1,138,518 |
First Lien Delayed Draw Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 3/3/28 (c) | 8,608 | 8,536 |
Tronox Finance LLC | ||
First Lien Refinancing Term Loan | ||
% (1 Month LIBOR + 2.50%, 3 Month LIBOR + 2.50%), due 3/10/28 (b) | 1,331,466 | 1,322,729 |
Venator Finance SARL | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 8/8/24 (b) | 1,430,141 | 1,415,840 |
35,785,831 | ||
Commercial Services 1.3% | ||
ADMI Corp. | ||
Amendment No. 4 Refinancing Term Loan | ||
3.875% (1 Month LIBOR + 2.75%), due 12/23/27 (b) | 1,496,250 | 1,480,871 |
MHI Holdings LLC | ||
Initial Term Loan | ||
5.095% (1 Month LIBOR + 5.00%), due 9/21/26 (b) | 1,888,143 | 1,892,864 |
Prime Security Services Borrower LLC | ||
First Lien 2021 Refinancing Term Loan B1 | ||
3.50% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 9/23/26 (b) | 4,163,823 | 4,158,618 |
Sotheby's | ||
2021 Refinancing Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 1/15/27 (b) | 2,296,915 | 2,307,442 |
9,839,795 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Containers, Packaging & Glass 3.6% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B | ||
4.25% (3 Month LIBOR + 3.50%), due 10/8/27 (b) | $ 1,771,714 | $ 1,772,822 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 2/3/28 (b) | 3,106,383 | 3,086,968 |
Anchor Glass Container Corp. | ||
First Lien July 2017 Additional Term Loan | ||
3.75% (3 Month LIBOR + 2.75%), due 12/7/23 (b) | 2,094,222 | 1,937,155 |
Berlin Packaging LLC | ||
Tranche Term Loan B4 | ||
3.75% (3 Month LIBOR + 3.25%), due 3/11/28 (b) | 2,000,000 | 1,991,250 |
Berry Global, Inc. | ||
Term Loan Z | ||
1.827% (1 Month LIBOR + 1.75%), due 7/1/26 (b) | 1,964,896 | 1,949,750 |
Charter Next Generation, Inc. | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 4.25%), due 12/1/27 (b) | 851,755 | 852,886 |
Clearwater Paper Corp. | ||
Initial Term Loan | ||
3.125% (1 Month LIBOR + 3.00%), due 7/26/26 (b) | 1,077,083 | 1,077,083 |
Fort Dearborn Holding Co., Inc. (b) | ||
First Lien Initial Term Loan | ||
5.00% (1 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 10/19/23 | 1,405,496 | 1,406,375 |
Second Lien Initial Term Loan | ||
9.50% (3 Month LIBOR + 8.50%), due 10/21/24 (c) | 1,000,000 | 997,500 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 8/4/27 (b) | 3,289,806 | 3,285,694 |
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | 2,857,903 | 2,787,476 |
Principal Amount | Value | |
Containers, Packaging & Glass (continued) | ||
Pretium PKG Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.75% (3 Month LIBOR + 4.00%), due 11/5/27 (b) | $ 1,142,177 | $ 1,143,248 |
Pro Mach Group, Inc. | ||
First Lien Initial Term Loan | ||
2.843% (1 Month LIBOR + 2.75%), due 3/7/25 (b)(c) | 997,423 | 983,085 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 2/4/27 (b) | 1,299,432 | 1,288,467 |
Tank Holding Corp. (b) | ||
First Lien 2020 Refinancing Term Loan 3.604%-5.75% | ||
(1 Month LIBOR + 3.50%, 3 Month LIBOR + 2.50%), due 3/26/26 | 2,213,088 | 2,195,799 |
First Lien 2020 Incremental Term Loan 5.75%-7.25% | ||
(1 Month LIBOR + 5.00%, 3 Month LIBOR + 4.00%, 3 Month LIBOR + 5.00%), due 3/26/26 (c) | 1,094,500 | 1,097,236 |
Trident TPI Holdings, Inc. | ||
Tranche Term Loan B1 | ||
4.00% (3 Month LIBOR + 3.00%), due 10/17/24 (b) | 720,533 | 717,831 |
28,570,625 | ||
Diversified/Conglomerate Manufacturing 3.9% | ||
AI Ladder (Luxembourg) Subco SARL | ||
Facility B | ||
4.584% (52 Week LIBOR + 4.50%), due 7/9/25 (b)(c) | 786,364 | 785,872 |
Allied Universal Holdco LLC | ||
Initial U.S. Dollar Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 5/12/28 (b) | 4,315,796 | 4,326,585 |
Bright Bidco BV | ||
2018 Refinancing Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 6/30/24 (b) | 1,920,087 | 1,605,329 |
EWT Holdings III Corp. | ||
Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 4/1/28 (b) | 1,750,000 | 1,737,421 |
Filtration Group Corp. | ||
Initial Dollar Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 3/31/25 (b) | 1,767,565 | 1,752,099 |
16 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Manufacturing (continued) | ||
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | $ 1,988,575 | $ 1,965,138 |
GYP Holdings III Corp. | ||
2021 First Lien Incremental Term Loan | ||
2.604% (1 Month LIBOR + 2.50%), due 6/1/25 (b) | 1,394,997 | 1,390,637 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 862,156 | 851,995 |
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 1,814,063 | 1,777,781 |
LTI Holdings, Inc. | ||
First Lien Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 9/6/25 (b) | 1,068,482 | 1,052,677 |
Pre-Paid Legal Services, Inc. | ||
First Lien Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 5/1/25 (b) | 2,962,838 | 2,939,876 |
Quikrete Holdings, Inc. | ||
First Lien Fourth Amendment Term Loan B1 | ||
TBD, due 5/12/28 | 1,500,000 | 1,487,250 |
First Lien Initial Term Loan | ||
2.593% (1 Month LIBOR + 2.50%), due 2/1/27 (b) | 2,301,741 | 2,279,011 |
Red Ventures LLC (b) | ||
First Lien Term Loan B2 | ||
2.604% (1 Month LIBOR + 2.50%), due 11/8/24 | 2,992,770 | 2,950,552 |
First Lien Term Loan B3 | ||
4.25% (1 Month LIBOR + 3.50%), due 11/8/24 | 1,990,000 | 1,983,781 |
TRC Companies, Inc. | ||
Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.50%), due 6/21/24 (b)(c) | 863,681 | 861,162 |
WP CPP Holdings LLC | ||
First Lien Initial Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 4/30/25 (b) | 995,111 | 973,550 |
30,720,716 |
Principal Amount | Value | |
Diversified/Conglomerate Service 2.5% | ||
Applied Systems, Inc. (b) | ||
First Lien Closing Date Term Loan 3.75%-5.50% | ||
(3 Month LIBOR + 2.25%, 3 Month LIBOR + 3.25%), due 9/19/24 | $ 2,536,196 | $ 2,529,402 |
2021 Second Lien Term Loan | ||
6.25% (3 Month LIBOR + 5.50%), due 9/19/25 | 445,140 | 450,259 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 6/15/25 (b) | 1,967,429 | 1,944,066 |
Brightview Landscapes LLC | ||
First Lien 2018 Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 8/15/25 (b) | 1,091,892 | 1,084,612 |
CCC Information Services, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 4/29/24 (b) | 921,021 | 920,199 |
Change Healthcare Holdings, Inc. | ||
Closing Date Term Loan | ||
3.50% (1 Month LIBOR + 2.50%), due 3/1/24 (b) | 1,467,752 | 1,465,917 |
Greeneden U.S. Holdings I LLC | ||
2020 Initial Dollar Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 12/1/27 (b) | 1,433,293 | 1,435,853 |
IRI Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 12/1/25 (b) | 3,176,306 | 3,172,336 |
Mitchell International, Inc. | ||
First Lien Initial Term Loan 3.342%-3.354% | ||
(1 Month LIBOR + 3.25%), due 11/29/24 (b) | 958,884 | 948,845 |
MKS Instruments, Inc. | ||
Tranche Term Loan B6 | ||
1.843% (1 Month LIBOR + 1.75%), due 2/2/26 (b) | 692,912 | 690,190 |
Monitronics International, Inc. | ||
Term Loan | ||
7.75% (1 Month LIBOR + 6.50%), due 3/29/24 (b)(c) | 946,498 | 918,103 |
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 (b) | 2,719,663 | 2,733,261 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Service (continued) | ||
Verint Systems, Inc. | ||
Refinancing Term Loan | ||
2.086% (1 Month LIBOR + 2.00%), due 6/28/24 (b) | $ 588,235 | $ 583,824 |
Verscend Holding Corp. | ||
Term Loan B1 | ||
4.104% (1 Month LIBOR + 4.00%), due 8/27/25 (b) | 1,054,996 | 1,056,973 |
19,933,840 | ||
Ecological 0.3% | ||
GFL Environmental, Inc. | ||
2020 Refinancing Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 5/30/25 (b) | 2,041,901 | 2,042,666 |
Sophia LP | ||
Closing Date Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 10/7/27 (b) | 683,379 | 683,522 |
2,726,188 | ||
Electronics 11.9% | ||
AqGen Ascensus, Inc. | ||
Term Loan | ||
TBD, due 5/19/28 | 2,400,000 | 2,394,000 |
Avast Software BV | ||
Initial Dollar Term Loan | ||
2.147% (3 Month LIBOR + 2.00%), due 3/22/28 (b) | 197,500 | 196,595 |
Barracuda Networks, Inc. | ||
First Lien 2020 Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 2/12/25 (b) | 1,944,003 | 1,948,052 |
Camelot U.S. Acquisition 1 Co. (b) | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 10/30/26 | 1,863,724 | 1,855,337 |
Amendment No. 2 Incremental Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 10/30/26 | 1,243,750 | 1,243,439 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
3.897% (3 Month LIBOR + 3.75%), due 1/29/27 | 1,429,001 | 1,410,424 |
Dollar Term Loan B2 | ||
4.75% (3 Month LIBOR + 4.00%), due 1/29/27 | 2,494,792 | 2,462,359 |
Principal Amount | Value | |
Electronics (continued) | ||
CommScope, Inc. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/6/26 (b) | $ 4,235,800 | $ 4,211,597 |
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 6/2/28 (b) | 4,000,000 | 3,985,000 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
4.104% (1 Month LIBOR + 4.00%), due 10/16/26 (b) | 2,472,481 | 2,474,026 |
Dell International LLC | ||
Refinancing Term Loan B2 | ||
2.00% (1 Month LIBOR + 1.75%), due 9/19/25 (b) | 2,152,954 | 2,152,057 |
Diebold Nixdorf, Inc. | ||
New Dollar Term Loan B | ||
2.875% (1 Month LIBOR + 2.75%), due 11/6/23 (b) | 638,986 | 628,203 |
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 11/9/27 (b) | 1,990,000 | 1,993,108 |
Epicor Software Corp. | ||
Term Loan C | ||
4.00% (1 Month LIBOR + 3.25%), due 7/30/27 (b) | 3,078,935 | 3,073,337 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
4.50% (3 Month LIBOR + 3.75%), due 3/3/28 (b) | 2,401,195 | 2,405,054 |
Go Daddy Operating Co. LLC | ||
Tranche Term Loan B2 | ||
1.854% (1 Month LIBOR + 1.75%), due 2/15/24 (b) | 2,193,347 | 2,174,903 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
3.917% (3 Month LIBOR + 3.75%), due 3/11/28 (b) | 497,143 | 496,832 |
Hyland Software, Inc. (b) | ||
First Lien 2018 Refinancing Term Loan | ||
4.25% (1 Month LIBOR + 3.50%), due 7/1/24 | 3,572,918 | 3,578,024 |
2021 Second Lien Refinancing Term Loan | ||
7.00% (1 Month LIBOR + 6.25%), due 7/7/25 | 535,333 | 536,337 |
18 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Informatica LLC | ||
2020 Dollar Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 2/25/27 (b) | $ 2,982,449 | $ 2,963,395 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
4.917% (3 Month LIBOR + 4.75%), due 4/1/28 (b) | 1,000,000 | 1,002,857 |
MA FinanceCo. LLC (b) | ||
Tranche Term Loan B3 | ||
2.854% (1 Month LIBOR + 2.75%), due 6/21/24 | 344,067 | 339,551 |
Tranche Term Loan B4 | ||
5.25% (3 Month LIBOR + 4.25%), due 6/5/25 (c) | 500,000 | 505,833 |
McAfee LLC | ||
USD Term Loan B | ||
3.846% (1 Month LIBOR + 3.75%), due 9/30/24 (b) | 4,088,526 | 4,087,389 |
MH Sub I LLC (b) | ||
First Lien Amendment No. 2 Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 9/13/24 | 3,024,443 | 3,009,862 |
First Lien 2020 June New Term Loan Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 9/13/24 | 587,940 | 588,822 |
Milano Acquisition Corp. | ||
First Lien Term Loan B | ||
4.75% (3 Month LIBOR + 4.00%), due 10/1/27 (b) | 523,684 | 524,666 |
Misys Ltd. (b) | ||
First Lien Dollar Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 6/13/24 | 2,672,982 | 2,628,712 |
Second Lien Dollar Term Loan | ||
8.25% (3 Month LIBOR + 7.25%), due 6/13/25 | 900,000 | 908,679 |
Project Alpha Intermediate Holding, Inc. | ||
2021 Refinancing Term Loan | ||
4.11% (1 Month LIBOR + 4.00%), due 4/26/24 (b) | 2,015,998 | 2,017,258 |
Project Leopard Holdings, Inc. (b) | ||
2018 Repricing Term Loan | ||
5.75% (3 Month LIBOR + 4.75%), due 7/5/24 | 1,083,504 | 1,085,401 |
Principal Amount | Value | |
Electronics (continued) | ||
Project Leopard Holdings, Inc. (b) (continued) | ||
2019 Incremental Term Loan | ||
5.75% (3 Month LIBOR + 4.75%), due 7/5/24 (c) | $ 978,784 | $ 980,497 |
Proofpoint, Inc. | ||
Term Loan | ||
TBD, due 6/9/28 | 2,500,000 | 2,484,765 |
Rocket Software, Inc. | ||
Term Loan | ||
TBD, due 11/28/25 | 1,500,000 | 1,471,875 |
First Lien Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 11/28/25 (b) | 879,750 | 862,155 |
Seattle SpinCo, Inc. | ||
Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 6/21/24 (b) | 2,323,570 | 2,293,073 |
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B3 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 1,978,881 | 1,955,176 |
Term Loan B4 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 1,503,480 | 1,485,470 |
Term Loan B5 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 1,943,778 | 1,921,359 |
Surf Holdings LLC SARL | ||
First Lien Dollar Tranche Term Loan | ||
3.628% (3 Month LIBOR + 3.50%), due 3/5/27 (b) | 2,030,999 | 2,015,766 |
Tempo Acquisition LLC | ||
Extended Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 11/2/26 (b) | 1,954,940 | 1,956,406 |
ThoughtWorks, Inc. | ||
Incremental Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 3/24/28 (b) | 598,500 | 598,201 |
Tibco Software, Inc. (b) | ||
Term Loan B3 | ||
3.86% (1 Month LIBOR + 3.75%), due 6/30/26 | 2,984,962 | 2,969,416 |
Second Lien Term Loan | ||
7.36% (1 Month LIBOR + 7.25%), due 3/3/28 | 400,000 | 405,333 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Trader Corp. | ||
First Lien 2017 Refinancing Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 9/28/23 (b) | $ 2,283,127 | $ 2,271,711 |
UKG, Inc. (b) | ||
First Lien Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 5/4/26 | 1,719,375 | 1,719,375 |
First Lien 2021 Incremental Term Loan | ||
4.00% (3 Month LIBOR + 3.25%), due 5/4/26 | 2,207,109 | 2,207,453 |
Vertiv Group Corp. | ||
Term Loan B | ||
2.836% (1 Month LIBOR + 2.75%), due 3/2/27 (b) | 1,975,075 | 1,962,731 |
Vision Solutions, Inc. | ||
First Lien Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.25%), due 4/24/28 (b) | 1,666,667 | 1,660,417 |
VS Buyer LLC | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 2/28/27 (b) | 987,500 | 980,711 |
Western Digital Corp. | ||
U.S. Term Loan B4 | ||
1.843% (1 Month LIBOR + 1.75%), due 4/29/23 (b) | 801,810 | 800,808 |
WEX, Inc. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/31/28 (b) | 997,500 | 990,019 |
92,873,826 | ||
Entertainment 0.8% | ||
Formula One Management Ltd. | ||
USD Facility B3 | ||
3.50% (1 Month LIBOR + 2.50%), due 2/1/24 (b) | 2,568,089 | 2,553,243 |
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 4/26/28 (b) | 4,000,000 | 4,010,000 |
6,563,243 |
Principal Amount | Value | |
Finance 8.4% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/20/28 (b) | $ 1,400,000 | $ 1,458,843 |
Acuity Specialty Products, Inc. | ||
First Lien Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 8/12/24 (b)(c) | 1,098,123 | 1,080,507 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
4.50% (3 Month LIBOR + 4.00%), due 2/16/28 (b) | 1,269,531 | 1,272,705 |
ADMI Corp. | ||
Term Loan B3 | ||
TBD, due 12/23/27 | 750,000 | 748,594 |
AlixPartners, LLP | ||
Initial Dollar Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 2/4/28 (b) | 1,496,250 | 1,489,185 |
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche Term Loan 1 | ||
3.604% (1 Month LIBOR + 3.50%), due 1/29/27 | 1,117,491 | 1,111,437 |
First Lien Tranche Term Loan 2 | ||
5.50% (3 Month LIBOR + 4.75%), due 1/29/27 | 997,500 | 1,004,981 |
Blue Tree Holdings, Inc. | ||
Term Loan | ||
2.65% (3 Month LIBOR + 2.50%), due 3/4/28 (b) | 498,750 | 495,633 |
Boxer Parent Co., Inc. | ||
2021 Replacement Dollar Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 10/2/25 (b) | 2,129,227 | 2,115,476 |
Brand Energy & Infrastructure Services, Inc. | ||
Initial Term Loan | ||
5.25% (3 Month LIBOR + 4.25%), due 6/21/24 (b) | 1,657,186 | 1,628,415 |
Colouroz Investment 1 LLC GMBH | ||
First Lien Initial Term Loan C | ||
5.25% (0.75% PIK), (3 Month LIBOR + 4.25%), due 9/21/23 (b)(c) | 288,043 | 286,424 |
Colouroz Investment 2 LLC GMBH | ||
First Lien Initial Term Loan B2 | ||
5.25% (0.75% PIK), (3 Month LIBOR + 4.25%), due 9/21/23 (b)(c) | 1,742,425 | 1,732,633 |
20 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Covia Holdings LLC | ||
Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 7/31/26 (b) | $ 709,736 | $ 697,759 |
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 12/29/27 (b) | 1,995,000 | 1,991,259 |
Cyxtera DC Holdings, Inc. | ||
Second Lien Initial Term Loan | ||
8.25% (3 Month LIBOR + 7.25%), due 5/1/25 (b)(c) | 800,000 | 791,400 |
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 4/9/27 (b) | 990,000 | 993,671 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.50%), due 2/10/28 (b) | 3,904,555 | 3,881,780 |
Flexential Intermediate Corp. | ||
First Lien Initial Term Loan | ||
3.647% (3 Month LIBOR + 3.50%), due 8/1/24 (b) | 1,155,000 | 1,055,381 |
Greenrock Finance, Inc. | ||
First Lien Initial USD Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 6/28/24 (b)(c) | 967,454 | 951,733 |
ICON Luxembourg SARL | ||
Term Loan B | ||
TBD, due 7/1/28 | 2,001,360 | 2,005,112 |
Indy US Bidco LLC | ||
Tranche Term Loan B1 | ||
4.08% (1 Month LIBOR + 4.00%), due 3/6/28 (b) | 1,496,250 | 1,497,853 |
Intelsat Jackson Holdings SA | ||
DIP Facility Term Loan | ||
6.50% (3 Month LIBOR + 5.50%), due 7/13/22 (b) | 241,525 | 243,458 |
IPS Acquisition LLC | ||
First Lien Term Loan B2 | ||
4.25% (1 Month LIBOR + 3.25%), due 11/7/24 (b) | 452,020 | 451,079 |
iStar, Inc. | ||
Loan 2.822%-2.835% | ||
(1 Month LIBOR + 2.75%), due 6/28/23 (b) | 630,585 | 629,009 |
Principal Amount | Value | |
Finance (continued) | ||
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 12/17/27 (b) | $ 700,000 | $ 694,968 |
LSF11 Skyscraper Holdco SARL | ||
USD Term Loan B | ||
4.25% (3 Month LIBOR + 3.50%), due 9/29/27 (b) | 798,000 | 799,995 |
Minimax Viking GmbH Facility | ||
Term Loan B1C | ||
3.50% (1 Month LIBOR + 2.75%), due 7/31/25 (b) | 2,183,962 | 2,183,962 |
ON Semiconductor Corp. | ||
2019 New Replacement Term Loan B4 | ||
2.104% (1 Month LIBOR + 2.00%), due 9/19/26 (b) | 486,325 | 484,501 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 2/28/28 (b) | 1,000,000 | 1,002,083 |
Pactiv Evergreen, Inc. | ||
Tranche U.S. Term Loan B2 | ||
3.354% (1 Month LIBOR + 3.25%), due 2/5/26 (b) | 1,120,622 | 1,112,685 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.25%), due 12/28/27 (b) | 1,333,333 | 1,324,444 |
Peraton Corp. | ||
First Lien Term Loan B | ||
4.50% (1 Month LIBOR + 3.75%), due 2/1/28 (b) | 5,586,000 | 5,599,094 |
PODS, LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 3/31/28 (b) | 2,992,500 | 2,986,267 |
Potters Industries LLC | ||
Initial Term Loan | ||
4.75% (3 Month LIBOR + 4.00%), due 12/14/27 (b) | 798,000 | 798,499 |
Realpage, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 4/24/28 (b) | 633,846 | 631,707 |
Spa Holdings 3 Oy | ||
USD Term Loan B | ||
4.75% (3 Month LIBOR + 4.00%), due 2/4/28 (b) | 798,000 | 799,995 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Transplace Holdings, Inc. | ||
First Lien Closing Date Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 10/7/24 (b)(c) | $ 1,158,098 | $ 1,158,387 |
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 3/31/28 (b) | 5,240,000 | 5,234,388 |
Truck Hero, Inc. | ||
Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 1/31/28 (b) | 1,077,300 | 1,076,701 |
USS Ultimate Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 8/25/24 (b) | 2,029,822 | 2,034,896 |
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 1/8/27 (b) | 2,272,500 | 2,278,181 |
WildBrain Ltd. | ||
Initial Term Loan | ||
5.00% (1 Month LIBOR + 4.25%), due 3/24/28 (b) | 3,635,888 | 3,617,708 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 3/24/28 (b) | 2,240,000 | 2,231,600 |
65,664,388 | ||
Healthcare, Education & Childcare 9.7% | ||
Agiliti Health, Inc. | ||
Initial Term Loan | ||
2.875% (1 Month LIBOR + 2.75%), due 1/4/26 (b) | 879,750 | 874,252 |
AHP Health Partners, Inc. | ||
Term Loan B1 | ||
4.75% (1 Month LIBOR + 3.75%), due 6/30/25 (b) | 2,288,746 | 2,291,607 |
Akorn Operating Co. LLC | ||
Term Loan | ||
8.50% (3 Month LIBOR + 7.50%), due 10/1/25 (b) | 75,632 | 77,807 |
Alliance Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.50%), due 10/24/23 (b)(c) | 781,165 | 773,353 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Alvogen Pharma U.S., Inc. | ||
January 2020 Loan | ||
6.25% (3 Month LIBOR + 5.25%), due 12/31/23 (b) | $ 1,283,715 | $ 1,261,250 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan | ||
3.625% (1 Month LIBOR + 3.50%), due 5/4/25 (b) | 3,159,864 | 3,103,777 |
athenahealth, Inc. | ||
First Lien Term Loan B1 | ||
4.41% (3 Month LIBOR + 4.25%), due 2/11/26 (b) | 2,821,593 | 2,833,937 |
Auris Luxembourg III SARL | ||
Facility Term Loan B2 | ||
3.854% (1 Month LIBOR + 3.75%), due 2/27/26 (b) | 1,155,848 | 1,144,290 |
Avantor Funding, Inc. | ||
Initial Dollar Term Loan B3 | ||
3.00% (1 Month LIBOR + 2.00%), due 11/21/24 (b) | 393,307 | 393,110 |
Bausch Health Cos., Inc. | ||
Initial Term Loan | ||
3.093% (1 Month LIBOR + 3.00%), due 6/2/25 (b) | 4,663,400 | 4,642,998 |
Carestream Dental Equipment, Inc. | ||
First Lien Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.25%), due 9/1/24 (b) | 962,500 | 958,891 |
Carestream Health, Inc. (b) | ||
First Lien 2023 Extended Term Loan | ||
7.75% (3 Month LIBOR + 6.75%), due 5/8/23 | 1,877,955 | 1,877,955 |
Second Lien 2023 Extended Loan | ||
13.50% (3 Month LIBOR + 4.50%), due 8/8/23 | 1,482,409 | 1,443,496 |
DaVita, Inc. | ||
Tranche Term Loan B1 | ||
1.854% (1 Month LIBOR + 1.75%), due 8/12/26 (b) | 1,709,535 | 1,699,384 |
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
3.25% (2 Month LIBOR + 2.75%), due 6/9/28 (b) | 1,800,000 | 1,796,999 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
1.842% (1 Month LIBOR + 1.75%), due 8/1/27 (b) | 1,549,438 | 1,526,474 |
22 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Endo Luxembourg Finance Co. SARL | ||
2021 Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 3/27/28 (b) | $ 2,294,250 | $ 2,226,856 |
Envision Healthcare Corp. | ||
Initial Term Loan | ||
3.843% (1 Month LIBOR + 3.75%), due 10/10/25 (b) | 1,826,357 | 1,559,252 |
eResearchTechnology, Inc. | ||
First Lien Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.50%), due 2/4/27 (b) | 1,985,985 | 1,994,052 |
ExamWorks Group, Inc. | ||
Term Loan B1 | ||
4.25% (1 Month LIBOR + 3.25%), due 7/27/23 (b) | 2,876,613 | 2,877,511 |
FC Compassus LLC | ||
Term Loan B1 | ||
5.00% (3 Month LIBOR + 4.25%), due 12/31/26 (b)(c) | 2,061,516 | 2,071,823 |
Gentiva Health Services, Inc. | ||
First Lien Term Loan B1 | ||
2.875% (1 Month LIBOR + 2.75%), due 7/2/25 (b) | 1,872,487 | 1,867,221 |
Grifols Worldwide Operations Ltd. | ||
Tranche Term Loan B | ||
2.088% (52 Week LIBOR + 2.00%), due 11/15/27 (b) | 985,000 | 974,814 |
HCA Inc. | ||
Term Loan | ||
TBD, due 6/30/28 | 600,000 | 602,250 |
Horizon Therapeutics USA, Inc. | ||
Incremental Term Loan B2 | ||
2.50% (1 Month LIBOR + 2.00%), due 3/15/28 (b) | 665,000 | 661,200 |
Insulet Corp. | ||
Term Loan B | ||
3.75% (1 Month LIBOR + 3.25%), due 5/4/28 (b) | 1,400,000 | 1,400,875 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 1,000,000 | 1,001,875 |
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
3.854% (1 Month LIBOR + 3.75%), due 11/16/25 (b) | 3,376,733 | 3,368,292 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Mallinckrodt International Finance SA | ||
2017 Term Loan B | ||
6.00% (3 Month LIBOR + 5.25%), due 9/24/24 (b)(e)(f) | $ 969,714 | $ 936,582 |
National Mentor Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 3/2/28 | 1,573,665 | 1,575,877 |
First Lien Initial Term Loan C | ||
4.50% (3 Month LIBOR + 3.75%), due 3/2/28 (c) | 49,563 | 49,632 |
Organon & Co. | ||
Dollar Term Loan | ||
3.50% (6 Month LIBOR + 3.00%), due 6/2/28 (b) | 4,750,000 | 4,751,696 |
Ortho-Clinical Diagnostics, Inc. | ||
Second Amendment New Term Loan | ||
3.089% (1 Month LIBOR + 3.00%), due 6/30/25 (b) | 2,610,690 | 2,607,426 |
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.25%), due 3/3/28 (b) | 1,995,000 | 1,990,725 |
Raptor Acquisition Corp. | ||
Term Loan | ||
TBD, due 11/1/26 | 1,250,000 | 1,251,173 |
Select Medical Corp. | ||
Tranche Term Loan B | ||
2.36% (1 Month LIBOR + 2.25%), due 3/6/25 (b) | 3,048,392 | 3,020,767 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 6/27/25 (b)(c) | 485,000 | 482,777 |
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
4.50% (3 Month LIBOR + 3.75%), due 10/1/26 (b) | 6,495,393 | 6,512,684 |
Team Health Holdings, Inc. | ||
Team Health Holdings, Inc. Initial Term Loan | ||
3.75% (1 Month LIBOR + 2.75%), due 2/6/24 (b) | 2,843,225 | 2,750,820 |
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.00%), due 6/23/24 (b) | 2,292,187 | 2,275,472 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Visual Comfort and Co. | ||
Term Loan | ||
TBD, due 6/1/28 | $ 500,000 | $ 497,500 |
76,008,732 | ||
Home and Office Furnishings, Housewares & Durable Consumer Products 0.2% | ||
Serta Simmons Bedding LLC | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 11/8/23 (b) | 2,506,599 | 1,709,709 |
Hotels, Motels, Inns & Gaming 4.8% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 2/2/26 (b) | 2,708,093 | 2,640,391 |
AP Gaming I LLC | ||
First Lien Incremental Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 2/15/24 (b) | 1,825,373 | 1,806,207 |
Caesars Resort Collection LLC | ||
Term Loan B | ||
2.854% (1 Month LIBOR + 2.75%), due 12/23/24 (b) | 2,388,035 | 2,366,395 |
Churchill Downs, Inc. | ||
Facility Term Loan B | ||
2.11% (1 Month LIBOR + 2.00%), due 12/27/24 (b) | 1,937,292 | 1,921,552 |
CityCenter Holdings LLC | ||
Term Loan B | ||
3.00% (1 Month LIBOR + 2.25%), due 4/18/24 (b) | 2,784,000 | 2,760,634 |
Everi Payments, Inc. | ||
Term Loan B | ||
3.50% (1 Month LIBOR + 2.75%), due 5/9/24 (b) | 2,955,113 | 2,947,111 |
Flutter Entertainment plc | ||
USD Term Loan | ||
3.647% (3 Month LIBOR + 3.50%), due 7/10/25 (b) | 378,430 | 379,106 |
Four Seasons Holdings, Inc. | ||
First Lien Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 11/30/23 (b) | 1,439,515 | 1,434,717 |
Principal Amount | Value | |
Hotels, Motels, Inns & Gaming (continued) | ||
Golden Entertainment, Inc. | ||
First Lien Facility Term Loan B | ||
3.75% (1 Month LIBOR + 3.00%), due 10/20/24 (b) | $ 1,502,591 | $ 1,490,382 |
GVC Holdings plc | ||
USD Facility Term Loan B3 | ||
3.00% (6 Month LIBOR + 2.00%), due 3/29/24 (b) | 1,456,112 | 1,447,465 |
Hilton Worldwide Finance LLC | ||
Refinancing Term Loan B2 | ||
1.842% (1 Month LIBOR + 1.75%), due 6/22/26 (b) | 235,804 | 233,741 |
PCI Gaming Authority Facility | ||
Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 5/29/26 (b) | 2,588,843 | 2,575,495 |
Penn National Gaming, Inc. | ||
Facility Term Loan B1 | ||
3.00% (1 Month LIBOR + 2.25%), due 10/15/25 (b) | 1,036,769 | 1,033,116 |
Scientific Games International, Inc. | ||
Initial Term Loan B5 | ||
2.854% (1 Month LIBOR + 2.75%), due 8/14/24 (b) | 4,277,109 | 4,245,030 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
2.50% (1 Month LIBOR + 2.25%), due 2/8/27 (b) | 1,639,899 | 1,620,016 |
UFC Holdings, LLC | ||
First Lien Term Loan B3 | ||
3.50% (3 Month LIBOR + 3.00%), due 4/29/26 (b) | 4,168,538 | 4,160,722 |
Wyndham Destinations, Inc. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 5/30/25 (b) | 1,952,349 | 1,926,859 |
Wyndham Hotels & Resorts, Inc. | ||
Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 5/30/25 (b) | 2,438,599 | 2,416,922 |
37,405,861 | ||
Insurance 3.2% | ||
Acrisure LLC | ||
2020 First Lien Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/15/27 (b) | 3,022,166 | 2,985,900 |
24 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Insurance (continued) | ||
AmWINS Group, Inc. | ||
Term Loan | ||
3.00% (1 Month LIBOR + 2.25%), due 2/19/28 (b) | $ 1,990,000 | $ 1,976,657 |
AssuredPartners, Inc. | ||
2020 February Refinancing Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/12/27 (b) | 3,173,192 | 3,153,927 |
Asurion LLC (b) | ||
Replacement Term Loan B6 | ||
3.104% (1 Month LIBOR + 3.00%), due 11/3/23 | 1,095,062 | 1,088,731 |
New Term Loan B7 | ||
3.104% (1 Month LIBOR + 3.00%), due 11/3/24 | 2,449,546 | 2,423,138 |
New Term Loan B8 | ||
3.354% (1 Month LIBOR + 3.25%), due 12/23/26 | 995,000 | 983,029 |
New Term Loan B9 | ||
3.354% (1 Month LIBOR + 3.25%), due 7/31/27 | 498,750 | 492,931 |
Second Lien Term Loan B3 | ||
5.354% (1 Month LIBOR + 5.25%), due 1/31/28 | 300,000 | 302,175 |
Hub International Ltd. (b) | ||
Initial Term Loan 2.90%-2.925% | ||
(2 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 4/25/25 | 1,411,699 | 1,395,082 |
Incremental Term Loan B3 | ||
4.00% (3 Month LIBOR + 3.25%), due 4/25/25 | 997,494 | 996,959 |
NFP Corp. | ||
Closing Date Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 2/15/27 (b) | 1,939,107 | 1,910,323 |
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 9/1/27 (b) | 992,500 | 991,259 |
Sedgwick Claims Management Services, Inc. (b) | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 12/31/25 | 2,940,074 | 2,906,999 |
2019 Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 9/3/26 | 980,000 | 978,095 |
Principal Amount | Value | |
Insurance (continued) | ||
USI, Inc. | ||
2017 New Term Loan | ||
3.147% (3 Month LIBOR + 3.00%), due 5/16/24 (b) | $ 2,887,500 | $ 2,859,656 |
25,444,861 | ||
Leisure, Amusement, Motion Pictures & Entertainment 2.0% | ||
Alterra Mountain Co. | ||
Initial Bluebird Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 7/31/24 (b) | 3,406,706 | 3,362,906 |
Bombardier Recreational Products, Inc. | ||
2020 Replacement Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 5/24/27 (b) | 3,298,713 | 3,257,479 |
Boyd Gaming Corp. | ||
Refinacing Term Loan B | ||
2.338% (52 Week LIBOR + 2.25%), due 9/15/23 (b) | 1,390,333 | 1,388,121 |
Creative Artists Agency LLC | ||
Closing Date Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 11/27/26 (b) | 1,477,500 | 1,471,343 |
Fitness International LLC (b) | ||
Term Loan A | ||
4.25% (3 Month LIBOR + 3.25%), due 1/8/25 | 1,179,375 | 1,122,372 |
Term Loan B | ||
4.25% (1 Month LIBOR + 3.25%), due 4/18/25 | 270,764 | 258,072 |
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/24/25 (b) | 1,025,784 | 1,016,808 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 8/29/25 (b) | 1,313,765 | 1,292,964 |
William Morris Endeavor Entertainment LLC | ||
First Lien Term Loan B1 | ||
2.86% (1 Month LIBOR + 2.75%), due 5/18/25 (b) | 2,632,102 | 2,581,653 |
15,751,718 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.3% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
2.375% (1 Month LIBOR + 2.25%), due 7/31/26 (b) | 470,893 | 472,305 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) (continued) | ||
Altra Industrial Motion Corp. | ||
Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 10/1/25 (b) | $ 1,798,930 | $ 1,788,587 |
Brown Group Holdings LLC | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 6/7/28 (b) | 1,250,000 | 1,243,750 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 5/14/28 (b) | 1,500,000 | 1,496,250 |
CPM Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
3.592% (1 Month LIBOR + 3.50%), due 11/17/25 | 1,462,498 | 1,450,067 |
Second Lien Initial Term Loan | ||
8.342% (1 Month LIBOR + 8.25%), due 11/16/26 (c) | 797,980 | 786,010 |
Titan Acquisition Ltd. | ||
Initial Term Loan | ||
3.167% (3 Month LIBOR + 3.00%), due 3/28/25 (b) | 1,814,058 | 1,780,951 |
Welbilt, Inc. | ||
2018 Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 10/23/25 (b) | 1,284,178 | 1,271,337 |
10,289,257 | ||
Manufacturing 1.1% | ||
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
4.25% (1 Month LIBOR + 3.75%), due 11/23/27 (b) | 1,995,000 | 1,988,516 |
Fairbanks Morse Defense | ||
Term Loan | ||
5.50% (3 Month LIBOR + 5.50%), due 6/23/28 (b) | 2,500,000 | 2,496,875 |
Fluid Flow Products, Inc. | ||
First Lien Intial Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 3/31/28 (b) | 840,000 | 840,525 |
Idemia Group SAS | ||
Term Loan B3 | ||
5.25% (2 Month LIBOR + 4.50%), due 1/10/26 (b) | 1,081,160 | 1,076,430 |
Principal Amount | Value | |
Manufacturing (continued) | ||
Madison IAQ LLC | ||
Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | $ 1,840,000 | $ 1,840,460 |
Weber-Stephen Products LLC | ||
Initial Term Loan B | ||
4.00% (1 Month LIBOR + 3.25%), due 10/30/27 (b) | 358,200 | 358,584 |
8,601,390 | ||
Media 0.1% | ||
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
2.604% (1 Month LIBOR + 2.50%), due 6/2/28 (b) | 600,000 | 598,050 |
Mining, Steel, Iron & Non-Precious Metals 1.0% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 6/9/28 (b) | 1,257,143 | 1,258,714 |
Gates Global LLC | ||
Initial Dollar Term Loan B3 | ||
3.50% (1 Month LIBOR + 2.75%), due 3/31/27 (b) | 2,943,738 | 2,936,043 |
Graftech International Ltd. | ||
Initial Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 2/12/25 (b) | 1,037,579 | 1,038,876 |
MRC Global (U.S.), Inc. | ||
2018 Refinancing Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | 1,054,451 | 1,046,543 |
U.S. Silica Co. | ||
Term Loan | ||
5.00% (1 Month LIBOR + 4.00%), due 5/1/25 (b) | 1,451,011 | 1,384,679 |
7,664,855 | ||
Oil & Gas 1.5% | ||
Buckeye Partners LP | ||
2021 Tranche Term Loan B1 | ||
2.354% (1 Month LIBOR + 2.25%), due 11/1/26 (b) | 1,357,864 | 1,347,303 |
ChampionX Corp. | ||
Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 5/9/25 (b)(c) | 202,410 | 200,891 |
26 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
DT Midstream, Inc. | ||
Initial Term Loan | ||
TBD, due 6/26/28 | $ 800,000 | $ 800,625 |
Fleet Midco I Ltd. | ||
Facility Loan B | ||
3.104% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | 1,228,125 | 1,209,703 |
GIP III Stetson I, LP | ||
Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 7/18/25 (b)(c) | 1,513,789 | 1,458,283 |
Keane Group Holdings LLC | ||
Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.50%), due 5/25/25 (b) | 970,000 | 955,450 |
Lucid Energy Group II Borrower LLC | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 2/17/25 (b) | 1,354,500 | 1,340,278 |
Medallion Midland Acquisition LLC | ||
Initial Term Loan | ||
4.25% (1 Month LIBOR + 3.25%), due 10/30/24 (b) | 579,000 | 574,078 |
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
2.25% (3 Month LIBOR + 1.75%), due 1/31/28 (b) | 448,875 | 449,436 |
NorthRiver Midstream Finance LP | ||
Initial Term Loan B | ||
3.452% (3 Month LIBOR + 3.25%), due 10/1/25 (b) | 1,167,000 | 1,156,372 |
PES Holdings LLC | ||
Tranche Term Loan C | ||
(3.00% PIK), (1 Month LIBOR + 4.50%), due 12/31/22 (b)(c)(e)(f) | 1,113,958 | 11,140 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
4.854% (1 Month LIBOR + 4.75%), due 3/11/26 (b) | 1,185,525 | 1,152,711 |
Traverse Midstream Partners LLC | ||
Advance | ||
6.50% (1 Month LIBOR + 5.50%), due 9/27/24 (b) | 1,221,054 | 1,225,252 |
11,881,522 |
Principal Amount | Value | |
Personal & Nondurable Consumer Products 1.9% | ||
Caesars Resort Collection LLC | ||
Term Loan B1 | ||
4.604% (1 Month LIBOR + 4.50%), due 7/21/25 (b) | $ 1,042,125 | $ 1,044,730 |
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 1/31/28 (b) | 750,000 | 744,509 |
Great Outdoors Group LLC | ||
Term Loan B1 | ||
5.00% (3 Month LIBOR + 4.25%), due 3/6/28 (b) | 2,397,950 | 2,409,940 |
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 3/9/28 (b) | 1,995,000 | 1,986,410 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
5.00% (3 Month LIBOR + 4.25%), due 4/15/28 (b) | 3,200,000 | 3,211,334 |
Perrigo Co. plc | ||
Term Loan B | ||
TBD, due 1/1/28 | 1,200,000 | 1,188,000 |
Prestige Brands, Inc. | ||
Term Loan B | ||
TBD, due 6/9/28 | 900,000 | 900,450 |
Term Loan B4 | ||
4.25% (3 Month LIBOR + 1.00%), due 1/26/24 (b) | 349,414 | 349,352 |
Spectrum Brands, Inc. | ||
2021 Term Loan | ||
2.50% (3 Month LIBOR + 2.00%), due 3/3/28 (b) | 99,750 | 99,293 |
SRAM LLC | ||
Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%), due 5/18/28 (b) | 2,972,728 | 2,969,011 |
14,903,029 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.5% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 1/15/27 (b) | 1,709,451 | 1,695,659 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Personal & Nondurable Consumer Products (Manufacturing Only) (continued) | ||
Hercules Achievement, Inc. | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.50%), due 12/16/24 (b) | $ 1,930,059 | $ 1,882,612 |
3,578,271 | ||
Personal Transportation 0.4% | ||
Uber Technologies, Inc. (b) | ||
2021 Incremental Term Loan | ||
3.593% (1 Month LIBOR + 3.50%), due 4/4/25 | 1,736,573 | 1,734,402 |
2021 Refinancing Term Loan | ||
3.593% (1 Month LIBOR + 3.50%), due 2/25/27 | 997,382 | 996,848 |
2,731,250 | ||
Personal, Food & Miscellaneous Services 2.4% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B4 | ||
1.854% (1 Month LIBOR + 1.75%), due 11/19/26 (b) | 2,153,920 | 2,121,275 |
Aramark Intermediate Holdco Corp. (b) | ||
U.S. Term Loan B3 | ||
1.854% (1 Month LIBOR + 1.75%), due 3/11/25 | 2,182,663 | 2,156,743 |
Term Loan B5 | ||
2.604% (1 Month LIBOR + 2.50%), due 4/6/28 | 1,596,000 | 1,586,025 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 5/30/28 (b) | 2,800,000 | 2,792,418 |
Hillman Group, Inc. | ||
The Term Loan B1 | ||
TBD, due 7/14/28 | 540,225 | 538,762 |
IRB Holding Corp. (b) | ||
2020 Replacement Term Loan B | ||
3.75% (3 Month LIBOR + 2.75%), due 2/5/25 | 2,429,773 | 2,421,802 |
Fourth Amendment Incremental Term Loan | ||
4.25% (1 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 12/15/27 | 2,161,244 | 2,158,542 |
Principal Amount | Value | |
Personal, Food & Miscellaneous Services (continued) | ||
KFC Holding Co. | ||
2021 Term Loan B | ||
1.833% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | $ 1,471,368 | $ 1,471,368 |
WW International, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 4/13/28 (b) | 3,600,000 | 3,606,750 |
18,853,685 | ||
Printing & Publishing 1.0% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan | ||
4.625% (1 Month LIBOR + 4.50%), due 2/19/26 (b) | 1,466,916 | 1,463,983 |
McGraw Hill LLC | ||
First Lien Term Loan B | ||
5.75% (1 Month LIBOR + 4.75%), due 11/1/24 (b) | 972,199 | 973,111 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
3.332% (1 Month LIBOR + 3.25%), due 8/1/25 (b) | 1,965,127 | 1,953,664 |
Springer Nature Deutschland GmbH | ||
Initial Term Loan B18 | ||
3.75% (1 Month LIBOR + 3.00%), due 8/14/26 (b) | 3,062,584 | 3,060,192 |
7,450,950 | ||
Radio and TV Broadcasting 0.1% | ||
Nielsen Finance LLC | ||
Term Loan B4 | ||
2.081% (1 Month LIBOR + 2.00%), due 10/4/23 (b) | 855,929 | 854,859 |
Retail Store 2.0% | ||
Alphabet Holding Co., Inc. | ||
First Lien Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 9/26/24 (b) | 2,021,250 | 2,018,022 |
BJ's Wholesale Club, Inc. | ||
First Lien Tranche Term Loan B | ||
2.073% (1 Month LIBOR + 2.00%), due 2/3/24 (b) | 1,549,996 | 1,549,644 |
EG Group Ltd. (b) | ||
Facility Term Loan B | ||
4.147% (3 Month LIBOR + 4.00%), due 2/7/25 | 670,361 | 664,663 |
28 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Retail Store (continued) | ||
EG Group Ltd. (b) (continued) | ||
USD Additional Facility Loan | ||
4.147% (3 Month LIBOR + 4.00%), due 2/7/25 | $ 1,451,274 | $ 1,438,938 |
Harbor Freight Tools USA, Inc. | ||
2020 Initial Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 10/19/27 (b) | 3,862,855 | 3,860,221 |
LBM Acquisition LLC | ||
First Lien Initial Delayed Draw Term Loan | ||
4.50% (2 Month LIBOR + 3.75%), due 12/17/27 (b) | 103,704 | 102,958 |
PetSmart LLC | ||
Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 2/11/28 (b) | 1,400,000 | 1,400,437 |
Rising Tide Holdings, Inc. | ||
First Lien Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.75%), due 6/1/28 (b) | 2,440,000 | 2,440,000 |
White Cap Buyer LLC | ||
Initial Closing Date Term Loan | ||
4.50% (3 Month LIBOR + 4.00%), due 10/19/27 (b) | 1,992,500 | 1,994,369 |
15,469,252 | ||
Services: Business 1.4% | ||
AI Aqua Merger Sub, Inc. | ||
Term Loan B | ||
TBD, due 6/16/28 | 2,133,333 | 2,137,333 |
Dun & Bradstreet Corp.(The) | ||
Initial Term Borrowing | ||
3.345% (1 Month LIBOR + 3.25%), due 2/6/26 (b) | 2,937,744 | 2,921,677 |
ICON Luxembourg SARL | ||
Term Loan B | ||
TBD, due 7/1/28 | 498,640 | 499,575 |
Intrado Corp. | ||
Initial Term Loan B | ||
5.00% (3 Month LIBOR + 4.00%), due 10/10/24 (b) | 1,517,146 | 1,483,010 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
4.50% (3 Month LIBOR + 4.00%), due 6/2/28 (b) | 3,000,000 | 3,006,819 |
Principal Amount | Value | |
Services: Business (continued) | ||
Project Boost Purchaser, LLC | ||
Term Loan | ||
TBD, due 5/30/26 | $ 750,000 | $ 749,063 |
10,797,477 | ||
Telecommunications 4.4% | ||
Avaya, Inc. | ||
Tranche Term Loan B2 | ||
4.073% (1 Month LIBOR + 4.00%), due 12/15/27 (b) | 1,168,269 | 1,171,372 |
Azalea TopCo, Inc. | ||
First Lien Initial Term Loan | ||
3.686% (3 Month LIBOR + 3.50%), due 7/24/26 (b) | 2,456,250 | 2,441,409 |
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 11/30/27 (b) | 1,500,000 | 1,499,063 |
Conduent, Inc. | ||
Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 12/7/23 (b) | 1,434,826 | 1,410,912 |
Connect Finco SARL | ||
Amendment No. 1 Refinancing Term Loan | ||
4.50% (1 Month LIBOR + 3.50%), due 12/11/26 (b) | 3,969,949 | 3,971,605 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
2.573% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 3,654,367 | 3,614,016 |
Cyxtera DC Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.00%), due 5/1/24 (b)(c) | 960,000 | 934,400 |
Frontier Communications Holdings LLC | ||
Term Loan B1 | ||
4.50% (1 Month LIBOR + 3.75%), due 5/1/28 (b) | 2,144,625 | 2,144,625 |
Gogo, Inc. | ||
Term Loan B | ||
4.50% (1 Month LIBOR + 3.75%), due 4/30/28 (b) | 2,000,000 | 1,992,500 |
Intelsat Jackson Holdings SA | ||
Tranche Term Loan B3 | ||
8.00% (1 Month LIBOR + 4.75%), due 11/27/23 (b) | 1,639,180 | 1,658,986 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Telecommunications (continued) | ||
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | $ 1,500,000 | $ 1,477,500 |
Lumen Technologies Inc. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/15/27 (b) | 2,701,307 | 2,663,742 |
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/27/28 (b) | 2,515,484 | 2,509,195 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
1.86% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 1,780,587 | 1,765,007 |
Telesat Canada | ||
Term Loan B5 | ||
2.86% (1 Month LIBOR + 2.75%), due 12/7/26 (b) | 1,220,447 | 1,137,456 |
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 3/9/27 (b) | 4,348,136 | 4,298,011 |
34,689,799 | ||
Utilities 3.1% | ||
Astoria Energy LLC | ||
2020 Term B Advance | ||
4.50% (3 Month LIBOR + 3.50%), due 12/10/27 (b) | 670,956 | 669,931 |
Brookfield WEC Holdings, Inc. | ||
First Lien 2021 Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 8/1/25 (b) | 2,927,750 | 2,898,473 |
Calpine Corp. | ||
2019 Term Loan | ||
2.11% (1 Month LIBOR + 2.00%), due 4/5/26 (b) | 3,087,000 | 3,045,742 |
Compass Power Generation LLC | ||
Tranche Term Loan B1 | ||
4.50% (1 Month LIBOR + 3.50%), due 12/20/24 (b) | 1,617,947 | 1,599,745 |
Edgewater Generation LLC | ||
Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 12/13/25 (b) | 3,834,351 | 3,650,850 |
Principal Amount | Value | |
Utilities (continued) | ||
ExGen Renewables IV LLC | ||
Term Loan | ||
3.50% (3 Month LIBOR + 2.50%), due 12/15/27 (b) | $ 1,475,042 | $ 1,475,349 |
Granite Generation LLC | ||
Term Loan | ||
4.75% (1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 11/9/26 (b) | 3,225,499 | 3,146,877 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
5.75% (3 Month LIBOR + 4.75%), due 6/17/27 (b) | 2,475,000 | 2,447,156 |
Helix Gen Funding LLC | ||
Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 6/3/24 (b) | 413,243 | 400,845 |
PG&E Corp. | ||
Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/23/25 (b) | 1,732,500 | 1,707,956 |
Southeast PowerGen LLC | ||
Advance Term Loan B | ||
4.50% (1 Month LIBOR + 3.50%), due 12/2/21 (b) | 403,024 | 398,994 |
Vistra Operations Co. LLC | ||
First Lien 2018 Incremental Term Loan 1.831%-1.854% | ||
(1 Month LIBOR + 1.75%), due 12/31/25 (b) | 3,134,511 | 3,111,304 |
24,553,222 | ||
Total Loan Assignments (Cost $748,483,056) | 742,524,518 | |
Total Long-Term Bonds (Cost $780,149,587) | 775,571,569 | |
Shares | ||
Affiliated Investment Company 0.3% | ||
Fixed Income Fund 0.3% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 436,571 | 2,484,742 |
Total Affiliated Investment Company (Cost $2,479,721) | 2,484,742 |
30 | MainStay VP Floating Rate Portfolio |
Shares | Value | |
Common Stocks 0.0% ‡ | ||
Communications Equipment 0.0% ‡ | ||
Energy Future Holdings Corp. (c)(d)(g)(h) | 94,456 | $ — |
Millennium Corporate Trust (c)(d)(g)(h) | 1,243 | — |
Millennium Lender Trust (c)(d)(g)(h) | 1,324 | — |
— | ||
Metals & Mining 0.0% ‡ | ||
Ameriforge Group, Inc. (c)(d)(g)(h) | 45,694 | 271,422 |
Total Common Stocks (Cost $1,573,379) | 271,422 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Vistra Energy Corp. | ||
Expires 12/31/46 (c)(d)(g)(h) | 57,684 | 60,568 |
Total Rights (Cost $47,301) | 60,568 | |
Number of Warrants | ||
Warrants 0.0% ‡ | ||
Health Care Equipment & Supplies 0.0% ‡ | ||
Carestream Health, Inc. | ||
Expires 12/31/21 (c)(d)(g)(h) | 29 | — |
Health Care Providers & Services 0.0% ‡ | ||
THAIHOT Investment Co. Ltd. | ||
Expires 10/13/27 (c)(d)(g)(h) | 22 | — |
Total Warrants (Cost $0) | — | |
Principal Amount | ||
Short-Term Investments 8.5% | ||
U.S. Treasury Debt 8.5% | ||
U.S. Treasury Bills (i) | ||
0.009%, due 7/15/21 | $ 9,759,000 | 9,758,829 |
Principal Amount | Value | ||
U.S. Treasury Debt (continued) | |||
U.S. Treasury Bills (i) (continued) | |||
0.011%, due 7/13/21 | $ 591,000 | $ 590,992 | |
0.012%, due 7/20/21 | 52,432,000 | 52,430,616 | |
0.069%, due 7/27/21 | 3,601,000 | 3,600,880 | |
Total Short-Term Investments (Cost $66,382,553) | 66,381,317 | ||
Total Investments (Cost $850,632,541) | 107.8% | 844,769,618 | |
Other Assets, Less Liabilities | (7.8) | (61,403,125) | |
Net Assets | 100.0% | $ 783,366,493 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(c) | Illiquid security—As of June 30, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $23,713,231, which represented 3.0% of the Portfolio’s net assets. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Issue in default. |
(f) | Issue in non-accrual status. |
(g) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2021, the total market value was $331,990, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(h) | Non-income producing security. |
(i) | Interest rate shown represents yield to maturity. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
REIT—Real Estate Investment Trust |
TBD—To Be Determined |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 33,047,051 | $ — | $ 33,047,051 | |||
Loan Assignments | — | 741,898,273 | 626,245 | 742,524,518 | |||
Total Long-Term Bonds | — | 774,945,324 | 626,245 | 775,571,569 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 2,484,742 | — | — | 2,484,742 | |||
Common Stocks | — | — | 271,422 | 271,422 | |||
Rights | — | — | 60,568 | 60,568 | |||
Warrants | — | — | — | — | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 66,381,317 | — | 66,381,317 | |||
Total Investments in Securities | $ 2,484,742 | $ 841,326,641 | $ 958,235 | $ 844,769,618 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Investments in Securities | Balance as of December 31, 2020 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of June 30, 2021 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of June 30, 2021 | |||||||||
Long-Term Bonds | |||||||||||||||||||
Loan Assignments | $6,817,156 | $2,298 | $ 9,646 | $ 45,868 | $— | $(4,172,332) | $667,587 | $(2,743,978) | $626,245 | $ (739) | |||||||||
Common Stocks | 1,336,649 | — | (662,769) | 444,395 | — | (846,853) | — | — | 271,422 | (1,301,956) | |||||||||
Rights | 62,876 | — | — | (2,308) | — | — | — | — | 60,568 | 13,267 | |||||||||
Warrants | 577 | — | (6,398) | 5,821 | — | — | — | — | — | — | |||||||||
Total | $8,217,258 | $2,298 | $(659,521) | $493,776 | $— | $(5,019,185) | $667,587 | $(2,743,978) | $958,235 | $(1,289,428) |
32 | MainStay VP Floating Rate Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $848,152,820) | $842,284,876 |
Investment in affiliated investment companies, at value (identified cost $2,479,721) | 2,484,742 |
Cash | 5,348,814 |
Receivables: | |
Interest | 2,505,340 |
Investment securities sold | 2,045,496 |
Portfolio shares sold | 43,670 |
Other assets | 5,375 |
Total assets | 854,718,313 |
Liabilities | |
Unrealized depreciation on unfunded commitments (See Note 5) | 8,031 |
Payables: | |
Investment securities purchased | 70,444,216 |
Manager (See Note 3) | 380,829 |
Portfolio shares redeemed | 250,978 |
NYLIFE Distributors (See Note 3) | 106,161 |
Professional fees | 64,507 |
Shareholder communication | 62,280 |
Custodian | 27,607 |
Accrued expenses | 7,211 |
Total liabilities | 71,351,820 |
Net assets | $783,366,493 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 88,137 |
Additional paid-in-capital | 831,840,655 |
831,928,792 | |
Total distributable earnings (loss) | (48,562,299) |
Net assets | $783,366,493 |
Initial Class | |
Net assets applicable to outstanding shares | $265,217,143 |
Shares of beneficial interest outstanding | 29,854,673 |
Net asset value per share outstanding | $ 8.88 |
Service Class | |
Net assets applicable to outstanding shares | $518,149,350 |
Shares of beneficial interest outstanding | 58,281,986 |
Net asset value per share outstanding | $ 8.89 |
Investment Income (Loss) | |
Income | |
Interest | $13,022,649 |
Dividends-affiliated | 64,438 |
Dividends-unaffiliated | 51 |
Total income | 13,087,138 |
Expenses | |
Manager (See Note 3) | 2,055,378 |
Distribution/Service—Service Class (See Note 3) | 630,037 |
Professional fees | 69,828 |
Shareholder communication | 35,507 |
Custodian | 23,125 |
Trustees | 6,710 |
Miscellaneous | 25,523 |
Total expenses | 2,846,108 |
Net investment income (loss) | 10,241,030 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (1,009,843) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 6,152,883 |
Affiliated investments | 17,758 |
Unfunded commitments | (8,031) |
Net change in unrealized appreciation (depreciation) | 6,162,610 |
Net realized and unrealized gain (loss) | 5,152,767 |
Net increase (decrease) in net assets resulting from operations | $15,393,797 |
34 | MainStay VP Floating Rate Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,241,030 | $ 24,045,879 |
Net realized gain (loss) | (1,009,843) | (17,282,060) |
Net change in unrealized appreciation (depreciation) | 6,162,610 | (1,860,669) |
Net increase (decrease) in net assets resulting from operations | 15,393,797 | 4,903,150 |
Distributions to shareholders: | ||
Initial Class | (2,850,503) | (6,228,271) |
Service Class | (7,321,525) | (17,934,955) |
Total distributions to shareholders | (10,172,028) | (24,163,226) |
Capital share transactions: | ||
Net proceeds from sales of shares | 164,890,111 | 67,930,271 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 10,172,015 | 24,163,559 |
Cost of shares redeemed | (35,965,958) | (218,800,676) |
Increase (decrease) in net assets derived from capital share transactions | 139,096,168 | (126,706,846) |
Net increase (decrease) in net assets | 144,317,937 | (145,966,922) |
Net Assets | ||
Beginning of period | 639,048,556 | 785,015,478 |
End of period | $783,366,493 | $ 639,048,556 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | $ 9.11 | $ 8.74 | |||||
Net investment income (loss) (a) | 0.14 | 0.32 | 0.44 | 0.43 | 0.39 | 0.35 | |||||
Net realized and unrealized gain (loss) on investments | 0.07 | (0.12) | 0.27 | (0.42) | (0.03) | 0.37 | |||||
Total from investment operations | 0.21 | 0.20 | 0.71 | 0.01 | 0.36 | 0.72 | |||||
Less distributions: | |||||||||||
From net investment income | (0.14) | (0.32) | (0.44) | (0.43) | (0.39) | (0.35) | |||||
Net asset value at end of period | $ 8.88 | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | $ 9.11 | |||||
Total investment return (b) | 2.39% | 2.45% | 8.48% | (0.00)%‡(c) | 3.98% | 8.45% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.17%†† | 3.81% | 4.98% | 4.75% | 4.21% | 3.94%(d) | |||||
Net expenses (e) | 0.65%†† | 0.65% | 0.65% | 0.65% | 0.64% | 0.64%(f) | |||||
Portfolio turnover rate | 16% | 19% | 35% | 29% | 52% | 36% | |||||
Net assets at end of period (in 000’s) | $ 265,217 | $ 142,403 | $ 205,596 | $ 187,285 | $ 259,054 | $ 287,373 |
* | Unaudited. |
‡ | Less than one-tenth of a percent. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 3.93%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.65%. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | $ 9.12 | $ 8.75 | |||||
Net investment income (loss) (a) | 0.13 | 0.30 | 0.42 | 0.41 | 0.36 | 0.33 | |||||
Net realized and unrealized gain (loss) on investments | 0.07 | (0.12) | 0.27 | (0.42) | (0.03) | 0.37 | |||||
Total from investment operations | 0.20 | 0.18 | 0.69 | (0.01) | 0.33 | 0.70 | |||||
Less distributions: | |||||||||||
From net investment income | (0.13) | (0.30) | (0.42) | (0.41) | (0.36) | (0.33) | |||||
Net asset value at end of period | $ 8.89 | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | $ 9.12 | |||||
Total investment return (b) | 2.26% | 2.20% | 8.19% | (0.25)%(c) | 3.71% | 8.18% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.92%†† | 3.50% | 4.73% | 4.52% | 3.96% | 3.68%(d) | |||||
Net expenses (e) | 0.90%†† | 0.90% | 0.90% | 0.90% | 0.89% | 0.89%(f) | |||||
Portfolio turnover rate | 16% | 19% | 35% | 29% | 52% | 36% | |||||
Net assets at end of period (in 000’s) | $ 518,149 | $ 496,645 | $ 579,419 | $ 611,492 | $ 581,596 | $ 582,341 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 3.67%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.90%. |
36 | MainStay VP Floating Rate Portfolio |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
38 | MainStay VP Floating Rate Portfolio |
40 | MainStay VP Floating Rate Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 2,454 | $ — | $ — | $ — | $ 31 | $ 2,485 | $ 64 | $ — | 437 |
42 | MainStay VP Floating Rate Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $850,644,736 | $3,091,200 | $(8,966,318) | $(5,875,118) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,592 | $37,905 |
2020 | |
Distributions paid from: | |
Ordinary Income | $24,163,226 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
AI Aqua Merger Sub, Inc., Delayed Draw Term Loan TBD, due 6/16/28 | $ 267,167 | $ 1,833 |
FCG Acquisitions, Inc., First Lien Delayed Draw Term Loan 1.875%, (1 Month LIBOR + 1.875%), due 3/31/28 | 85,685 | (395) |
Hillman Group, Inc., Delayed Term Loan TBD, due 2/24/28 | 10,324 | (28) |
LBM Acquisition LLC, First Lien Initial Delayed Draw Term Loan 4.50%, due 12/17/27 | 51,479 | 146 |
National Mentor Holdings, Inc., First Lien Delayed Draw Term Loan 3.75%, (3 Month LIBOR + 3.75), due 3/2/28 | 73,158 | (59) |
Pluto Acquisition I, Inc., 2021 Term Loan TBD, due 6/20/26 | 2,100,000 | (5,000) |
Redstone HoldCo 2 LP, First Lien Delayed Draw Term Loan TBD, due 4/27/28 | 982,055 | (2,461) |
Tricorbraun Holdings, Inc., First Lien Delayed Draw Term Loan TBD, (3 Month LIBOR + 3.25%), due 3/3/28 | 247,550 | (2,067) |
Total | $3,817,418 | $(8,031) |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 15,190,335 | $ 134,916,177 |
Shares issued to shareholders in reinvestment of distributions | 321,170 | 2,850,175 |
Shares redeemed | (1,816,522) | (16,126,119) |
Net increase (decrease) | 13,694,983 | $ 121,640,233 |
Year ended December 31, 2020: | ||
Shares sold | 902,443 | $ 7,694,804 |
Shares issued to shareholders in reinvestment of distributions | 735,186 | 6,228,563 |
Shares redeemed | (8,502,000) | (70,651,192) |
Net increase (decrease) | (6,864,371) | $ (56,727,825) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 3,376,838 | $ 29,973,934 |
Shares issued to shareholders in reinvestment of distributions | 824,545 | 7,321,840 |
Shares redeemed | (2,233,736) | (19,839,839) |
Net increase (decrease) | 1,967,647 | $ 17,455,935 |
Year ended December 31, 2020: | ||
Shares sold | 7,072,308 | $ 60,235,467 |
Shares issued to shareholders in reinvestment of distributions | 2,112,090 | 17,934,996 |
Shares redeemed | (17,706,501) | (148,149,484) |
Net increase (decrease) | (8,522,103) | $ (69,979,021) |
44 | MainStay VP Floating Rate Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
46 | MainStay VP Floating Rate Portfolio |
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781620 | MSVPFR10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | 4.12% | 14.43% | 6.99% | 6.48% | 0.59% |
Service Class Shares | 6/4/2003 | 3.99 | 14.15 | 6.72 | 6.22 | 0.84 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | 3.70% | 15.60% | 7.28% | 6.49% |
Morningstar High Yield Bond Category Average2 | 3.61 | 14.48 | 6.07 | 5.29 |
1. | The ICE BofA U.S. High Yield Constrained Index is the Portfolio's primary benchmark. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may issuer may constitute greater than 2% of the Index. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,041.20 | $2.94 | $1,021.92 | $2.91 | 0.58% |
Service Class Shares | $1,000.00 | $1,039.90 | $4.20 | $1,020.68 | $4.16 | 0.83% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 |
1. | CCO Holdings LLC, 4.25%-5.75%, due 2/15/26–6/1/33 |
2. | HCA, Inc., 3.50%-8.36%, due 5/1/23–11/6/33 |
3. | MSCI, Inc., 3.625%-5.375%, due 5/15/27–11/1/31 |
4. | TransDigm, Inc., 2.354%-8.00%, due 12/9/25–5/1/29 |
5. | Netflix, Inc., 4.875%-5.875%, due 2/15/22–6/15/30 |
6. | Carnival Corp., 5.75%-11.50%, due 4/1/23–8/1/27 |
7. | T-Mobile US, Inc., 2.625%-5.375%, due 2/1/26–4/15/31 |
8. | Sprint Capital Corp., 6.875%, due 11/15/28 |
9. | MGM Growth Properties Operating Partnership LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
10. | Gulfport Energy Operating Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by Standard & Poor’s (S&P) is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
8 |
Principal Amount | Value | |
Long-Term Bonds 92.7% | ||
Convertible Bonds 0.7% | ||
Investment Companies 0.2% | ||
Ares Capital Corp. | ||
4.625%, due 3/1/24 | $ 4,365,000 | $ 4,771,382 |
Media 0.2% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 3,050,000 | 2,968,031 |
3.375%, due 8/15/26 | 4,520,000 | 4,623,960 |
7,591,991 | ||
Oil & Gas Services 0.3% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (a) | 9,247,866 | 9,280,464 |
Total Convertible Bonds (Cost $20,123,824) | 21,643,837 | |
Corporate Bonds 89.3% | ||
Advertising 1.0% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 (b) | 9,000,000 | 8,797,500 |
3.75%, due 2/15/28 | 6,320,000 | 6,430,600 |
4.00%, due 2/15/30 | 6,400,000 | 6,477,504 |
4.875%, due 1/15/29 | 2,195,000 | 2,315,725 |
Outfront Media Capital LLC (b) | ||
4.25%, due 1/15/29 | 2,000,000 | 2,012,500 |
5.00%, due 8/15/27 | 6,910,000 | 7,154,545 |
33,188,374 | ||
Aerospace & Defense 1.8% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (b) | 5,587,000 | 5,754,610 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (b) | 3,210,000 | 3,535,783 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 7,637,000 | 8,057,035 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 (b) | 7,485,000 | 7,487,620 |
4.875%, due 5/1/29 (b) | 5,630,000 | 5,683,485 |
6.25%, due 3/15/26 (b) | 22,850,000 | 24,106,750 |
7.50%, due 3/15/27 | 2,500,000 | 2,659,375 |
8.00%, due 12/15/25 (b) | 2,000,000 | 2,161,000 |
59,445,658 |
Principal Amount | Value | |
Airlines 1.0% | ||
American Airlines, Inc. (b) | ||
5.50%, due 4/20/26 | $ 4,560,000 | $ 4,827,900 |
5.75%, due 4/20/29 | 3,750,000 | 4,054,687 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (b) | 4,095,000 | 4,400,572 |
4.75%, due 10/20/28 (b) | 5,450,000 | 6,059,079 |
7.00%, due 5/1/25 (b) | 1,220,000 | 1,423,726 |
7.375%, due 1/15/26 | 2,160,000 | 2,534,402 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (b) | 6,405,000 | 7,051,905 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (b) | 1,495,984 | 1,691,958 |
32,044,229 | ||
Auto Manufacturers 2.0% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 8,454,000 | 11,434,880 |
Ford Motor Co. | ||
7.45%, due 7/16/31 | 5,200,000 | 6,838,000 |
9.625%, due 4/22/30 | 1,500,000 | 2,152,500 |
Ford Motor Credit Co. LLC | ||
3.339%, due 3/28/22 | 2,561,000 | 2,598,647 |
3.375%, due 11/13/25 | 4,000,000 | 4,147,800 |
4.00%, due 11/13/30 | 5,000,000 | 5,237,500 |
4.125%, due 8/17/27 | 1,000,000 | 1,060,777 |
4.271%, due 1/9/27 | 1,647,000 | 1,764,596 |
4.389%, due 1/8/26 | 750,000 | 810,000 |
5.125%, due 6/16/25 | 3,500,000 | 3,854,375 |
General Motors Co. | ||
6.80%, due 10/1/27 | 3,000,000 | 3,778,705 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (b) | 11,255,000 | 11,888,094 |
Mclaren Finance plc | ||
5.75%, due 8/1/22 (b) | 2,711,000 | 2,701,701 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (b) | 3,775,000 | 3,976,660 |
Wabash National Corp. | ||
5.50%, due 10/1/25 (b) | 2,377,000 | 2,424,540 |
64,668,775 | ||
Auto Parts & Equipment 2.2% | ||
Adient Global Holdings Ltd. | ||
4.875%, due 8/15/26 (b) | 6,300,000 | 6,484,149 |
Adient US LLC | ||
9.00%, due 4/15/25 (b) | 1,320,000 | 1,453,650 |
American Axle & Manufacturing, Inc. | ||
6.25%, due 4/1/25 | 4,000,000 | 4,131,840 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (b) | 2,400,000 | 2,586,000 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment (continued) | ||
Exide Global Holding Netherlands CV | ||
10.75%, due 10/26/24 (c)(d)(e) | $ 3,380,000 | $ 3,312,400 |
Goodyear Tire & Rubber Co. (The) (b) | ||
5.00%, due 7/15/29 | 4,070,000 | 4,261,290 |
5.25%, due 7/15/31 | 2,135,000 | 2,231,075 |
IHO Verwaltungs GmbH (a)(b) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 7,173,000 | 7,332,886 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 9,581,000 | 10,036,097 |
6.375% (6.38% Cash or 7.13% PIK), due 5/15/29 | 10,105,000 | 11,014,450 |
Meritor, Inc. | ||
6.25%, due 6/1/25 (b) | 1,000,000 | 1,065,170 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (b) | 9,805,000 | 10,169,746 |
Tenneco, Inc. | ||
5.00%, due 7/15/26 | 1,500,000 | 1,492,050 |
7.875%, due 1/15/29 (b) | 2,770,000 | 3,128,383 |
Wheel Pros, Inc. | ||
6.50%, due 5/15/29 (b) | 3,000,000 | 3,033,750 |
71,732,936 | ||
Beverages 0.1% | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (b) | 3,725,000 | 3,725,000 |
Biotechnology 0.1% | ||
Emergent BioSolutions, Inc. | ||
3.875%, due 8/15/28 (b) | 2,980,000 | 2,918,970 |
Building Materials 1.1% | ||
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (b) | 8,011,000 | 8,484,330 |
Koppers, Inc. | ||
6.00%, due 2/15/25 (b) | 6,270,000 | 6,470,640 |
Patrick Industries, Inc. (b) | ||
4.75%, due 5/1/29 | 2,295,000 | 2,280,656 |
7.50%, due 10/15/27 | 5,615,000 | 6,071,050 |
Summit Materials LLC (b) | ||
5.125%, due 6/1/25 | 3,270,000 | 3,296,242 |
5.25%, due 1/15/29 | 3,930,000 | 4,175,350 |
6.50%, due 3/15/27 | 5,135,000 | 5,435,295 |
36,213,563 |
Principal Amount | Value | |
Chemicals 1.4% | ||
CVR Partners LP | ||
6.125%, due 6/15/28 (b) | $ 1,700,000 | $ 1,742,500 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (b) | 6,400,000 | 6,976,000 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (b) | 5,900,000 | 6,372,000 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (a)(b) | 5,015,000 | 5,115,300 |
NOVA Chemicals Corp. (b) | ||
4.875%, due 6/1/24 | 2,635,000 | 2,779,925 |
5.25%, due 6/1/27 | 1,000,000 | 1,077,800 |
SCIH Salt Holdings, Inc. (b) | ||
4.875%, due 5/1/28 | 6,000,000 | 5,999,280 |
6.625%, due 5/1/29 | 7,280,000 | 7,298,200 |
TPC Group, Inc. Escrow Claim Shares | ||
(zero coupon)%, due 12/31/49 (c)(d)(e)(f) | 53,500 | — |
10.50%, due 8/1/24 (b) | 3,583,000 | 3,368,020 |
10.875%, due 8/1/24 (b) | 5,350,000 | 5,724,500 |
46,453,525 | ||
Coal 0.2% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (b) | 2,600,000 | 2,769,000 |
Natural Resource Partners LP | ||
9.125%, due 6/30/25 (b) | 3,095,000 | 3,033,100 |
5,802,100 | ||
Commercial Services 4.0% | ||
Allied Universal Holdco LLC (b) | ||
6.625%, due 7/15/26 | 3,000,000 | 3,180,690 |
9.75%, due 7/15/27 | 4,115,000 | 4,531,644 |
AMN Healthcare, Inc. (b) | ||
4.00%, due 4/15/29 | 2,350,000 | 2,366,603 |
4.625%, due 10/1/27 | 2,100,000 | 2,182,320 |
Ashtead Capital, Inc. (b) | ||
4.00%, due 5/1/28 | 4,130,000 | 4,341,662 |
4.25%, due 11/1/29 | 5,300,000 | 5,724,000 |
4.375%, due 8/15/27 | 2,008,000 | 2,103,380 |
5.25%, due 8/1/26 | 3,500,000 | 3,648,890 |
Carriage Services, Inc. | ||
4.25%, due 5/15/29 (b) | 2,500,000 | 2,496,200 |
Cimpress plc | ||
7.00%, due 6/15/26 (b) | 7,892,000 | 8,319,510 |
Gartner, Inc. | ||
3.75%, due 10/1/30 (b) | 4,200,000 | 4,297,062 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (b) | 11,107,000 | 11,551,280 |
10 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
IHS Markit Ltd. (b) | ||
4.75%, due 2/15/25 | $ 3,950,000 | $ 4,422,025 |
5.00%, due 11/1/22 | 18,089,000 | 18,948,931 |
Jaguar Holding Co. II | ||
5.00%, due 6/15/28 (b) | 1,030,000 | 1,116,437 |
Korn Ferry | ||
4.625%, due 12/15/27 (b) | 4,000,000 | 4,155,000 |
MPH Acquisition Holdings LLC | ||
5.75%, due 11/1/28 (b) | 3,295,000 | 3,311,178 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (b) | 3,200,000 | 3,340,000 |
Nielsen Finance LLC (b) | ||
4.50%, due 7/15/29 | 1,900,000 | 1,905,320 |
4.75%, due 7/15/31 | 3,000,000 | 3,007,500 |
Rent-A-Center, Inc. | ||
6.375%, due 2/15/29 (b) | 1,000,000 | 1,073,750 |
Ritchie Bros Auctioneers, Inc. | ||
5.375%, due 1/15/25 (b) | 3,800,000 | 3,911,625 |
Service Corp. International | ||
3.375%, due 8/15/30 | 4,480,000 | 4,389,504 |
4.00%, due 5/15/31 | 7,000,000 | 7,144,725 |
Square, Inc. | ||
3.50%, due 6/1/31 (b) | 2,165,000 | 2,183,944 |
United Rentals North America, Inc. | ||
3.875%, due 11/15/27 | 4,495,000 | 4,723,031 |
3.875%, due 2/15/31 | 3,500,000 | 3,561,250 |
4.875%, due 1/15/28 | 1,000,000 | 1,060,500 |
5.50%, due 5/15/27 | 1,000,000 | 1,060,000 |
WW International, Inc. | ||
4.50%, due 4/15/29 (b) | 5,510,000 | 5,551,325 |
129,609,286 | ||
Computers 0.2% | ||
Booz Allen Hamilton, Inc. | ||
4.00%, due 7/1/29 (b) | 1,750,000 | 1,789,375 |
Unisys Corp. | ||
6.875%, due 11/1/27 (b) | 5,365,000 | 5,863,087 |
7,652,462 | ||
Cosmetics & Personal Care 0.3% | ||
Edgewell Personal Care Co. (b) | ||
4.125%, due 4/1/29 | 6,780,000 | 6,847,800 |
5.50%, due 6/1/28 | 4,000,000 | 4,240,000 |
11,087,800 | ||
Distribution & Wholesale 0.7% | ||
Avient Corp. | ||
5.25%, due 3/15/23 | 8,636,000 | 9,240,520 |
Principal Amount | Value | |
Distribution & Wholesale (continued) | ||
Avient Corp. (continued) | ||
5.75%, due 5/15/25 (b) | $ 2,000,000 | $ 2,111,510 |
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (b) | 5,000,000 | 5,412,750 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (b) | 4,450,000 | 4,378,800 |
Resideo Funding, Inc. | ||
6.125%, due 11/1/26 (b) | 1,927,000 | 2,023,350 |
23,166,930 | ||
Diversified Financial Services 1.5% | ||
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (b) | 2,605,000 | 2,699,431 |
6.625%, due 3/15/26 | 9,465,000 | 9,961,912 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (b) | 4,485,000 | 4,943,367 |
Jefferies Finance LLC | ||
6.25%, due 6/3/26 (b) | 5,000,000 | 5,225,000 |
LPL Holdings, Inc. (b) | ||
4.00%, due 3/15/29 | 6,970,000 | 7,001,156 |
4.375%, due 5/15/31 | 3,280,000 | 3,316,900 |
4.625%, due 11/15/27 | 1,535,000 | 1,590,644 |
Oxford Finance LLC | ||
6.375%, due 12/15/22 (b) | 5,480,000 | 5,521,100 |
PennyMac Financial Services, Inc. | ||
4.25%, due 2/15/29 (b) | 3,650,000 | 3,516,446 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (b) | 3,700,000 | 3,991,375 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (b) | 1,298,000 | 1,387,238 |
49,154,569 | ||
Electric 1.5% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (b) | 4,050,000 | 4,247,438 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 5,815,000 | 6,236,587 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (13.00% PIK), due 6/1/24 (a)(b)(d) | 3,416,654 | 2,801,656 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (b) | 4,400,000 | 4,455,000 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (b) | 4,500,000 | 4,753,125 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 7,000,000 | 7,246,540 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (b) | $ 4,205,000 | $ 4,353,016 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 5,960,000 | 6,026,275 |
5.25%, due 7/1/30 | 3,840,000 | 3,876,480 |
Vistra Operations Co. LLC (b) | ||
4.375%, due 5/1/29 | 2,850,000 | 2,864,250 |
5.00%, due 7/31/27 | 3,300,000 | 3,387,879 |
50,248,246 | ||
Electrical Components & Equipment 0.2% | ||
WESCO Distribution, Inc. (b) | ||
7.125%, due 6/15/25 | 4,535,000 | 4,900,975 |
7.25%, due 6/15/28 | 2,500,000 | 2,784,625 |
7,685,600 | ||
Energy-Alternate Sources 0.2% | ||
Renewable Energy Group, Inc. | ||
5.875%, due 6/1/28 (b) | 3,700,000 | 3,880,375 |
TerraForm Power Operating LLC | ||
4.75%, due 1/15/30 (b) | 3,000,000 | 3,072,510 |
6,952,885 | ||
Engineering & Construction 0.5% | ||
Arcosa, Inc. | ||
4.375%, due 4/15/29 (b) | 1,340,000 | 1,363,450 |
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (b) | 4,000,000 | 4,120,400 |
PowerTeam Services LLC | ||
9.033%, due 12/4/25 (b) | 3,465,000 | 3,811,500 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (b) | 5,800,000 | 6,003,000 |
15,298,350 | ||
Entertainment 2.6% | ||
Affinity Gaming | ||
6.875%, due 12/15/27 (b) | 3,340,000 | 3,544,575 |
Allen Media LLC | ||
10.50%, due 2/15/28 (b) | 4,700,000 | 4,993,750 |
Bally's Corp. | ||
6.75%, due 6/1/27 (b) | 6,595,000 | 7,027,830 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (b) | 2,900,000 | 2,992,017 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (b) | 2,170,000 | 2,278,500 |
Churchill Downs, Inc. (b) | ||
4.75%, due 1/15/28 | 11,527,000 | 11,927,102 |
5.50%, due 4/1/27 | 8,051,000 | 8,389,597 |
Principal Amount | Value | |
Entertainment (continued) | ||
Everi Holdings, Inc. | ||
5.00%, due 7/15/29 (b) | $ 440,000 | $ 440,000 |
International Game Technology plc | ||
6.25%, due 1/15/27 (b) | 6,725,000 | 7,666,500 |
Jacobs Entertainment, Inc. | ||
7.875%, due 2/1/24 (b) | 2,193,000 | 2,291,685 |
Live Nation Entertainment, Inc. (b) | ||
3.75%, due 1/15/28 | 1,300,000 | 1,305,746 |
6.50%, due 5/15/27 | 6,435,000 | 7,141,563 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (b) | 10,940,000 | 11,446,631 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (b) | 1,650,000 | 1,652,063 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (b) | 4,200,000 | 4,252,500 |
Powdr Corp. | ||
6.00%, due 8/1/25 (b) | 3,335,000 | 3,501,750 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (b) | 2,800,000 | 2,997,064 |
83,848,873 | ||
Environmental Control 0.2% | ||
Madison IAQ LLC (b) | ||
4.125%, due 6/30/28 | 2,300,000 | 2,323,000 |
5.875%, due 6/30/29 | 3,200,000 | 3,256,000 |
5,579,000 | ||
Food 2.0% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 4,142,000 | 4,254,248 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 4,625,000 | 5,081,827 |
4.25%, due 3/1/31 | 3,500,000 | 3,975,961 |
6.50%, due 2/9/40 | 7,715,000 | 10,714,402 |
6.875%, due 1/26/39 | 7,588,000 | 10,899,476 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (b) | 3,300,000 | 3,650,625 |
Land O' Lakes, Inc. | ||
6.00%, due 11/15/22 (b) | 7,880,000 | 8,311,298 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (b) | 5,130,000 | 5,901,706 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (b) | 4,950,000 | 4,993,015 |
TreeHouse Foods, Inc. | ||
4.00%, due 9/1/28 | 3,000,000 | 2,977,500 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (b) | 5,000,000 | 5,380,800 |
66,140,858 |
12 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Food Service 0.2% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (b) | $ 6,500,000 | $ 6,906,250 |
Forest Products & Paper 1.0% | ||
Mercer International, Inc. | ||
5.125%, due 2/1/29 (b) | 8,860,000 | 9,116,940 |
5.50%, due 1/15/26 | 1,000,000 | 1,027,490 |
Schweitzer-Mauduit International, Inc. | ||
6.875%, due 10/1/26 (b) | 3,000,000 | 3,176,250 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 15,843,000 | 19,684,927 |
33,005,607 | ||
Gas 0.6% | ||
AmeriGas Partners LP | ||
5.625%, due 5/20/24 | 4,425,000 | 4,834,313 |
5.75%, due 5/20/27 | 2,485,000 | 2,770,775 |
5.875%, due 8/20/26 | 6,885,000 | 7,708,790 |
Rockpoint Gas Storage Canada Ltd. | ||
7.00%, due 3/31/23 (b) | 5,100,000 | 5,214,750 |
20,528,628 | ||
Hand & Machine Tools 0.1% | ||
Werner FinCo. LP | ||
8.75%, due 7/15/25 (b) | 4,250,000 | 4,430,625 |
Healthcare-Products 0.9% | ||
Hologic, Inc. (b) | ||
3.25%, due 2/15/29 | 7,325,000 | 7,260,906 |
4.625%, due 2/1/28 | 3,000,000 | 3,150,000 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (b) | 7,755,000 | 8,084,588 |
4.625%, due 11/15/27 | 3,500,000 | 3,728,165 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (b) | 5,050,000 | 5,656,000 |
27,879,659 | ||
Healthcare-Services 5.1% | ||
Acadia Healthcare Co., Inc. (b) | ||
5.00%, due 4/15/29 | 1,750,000 | 1,825,110 |
5.50%, due 7/1/28 | 1,500,000 | 1,601,250 |
AHP Health Partners, Inc. | ||
9.75%, due 7/15/26 (b) | 5,890,000 | 6,336,462 |
Catalent Pharma Solutions, Inc. (b) | ||
3.125%, due 2/15/29 | 5,195,000 | 5,030,734 |
5.00%, due 7/15/27 | 5,180,000 | 5,412,893 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
Centene Corp. | ||
3.00%, due 10/15/30 | $ 4,000,000 | $ 4,109,120 |
4.25%, due 12/15/27 | 1,810,000 | 1,907,287 |
4.625%, due 12/15/29 | 4,870,000 | 5,355,880 |
5.375%, due 6/1/26 (b) | 3,245,000 | 3,391,025 |
5.375%, due 8/15/26 (b) | 2,380,000 | 2,487,100 |
Charles River Laboratories International, Inc. | ||
3.75%, due 3/15/29 (b) | 1,620,000 | 1,642,275 |
DaVita, Inc. (b) | ||
3.75%, due 2/15/31 | 2,900,000 | 2,784,000 |
4.625%, due 6/1/30 | 2,700,000 | 2,776,194 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,000,000 | 5,187,350 |
4.625%, due 4/1/31 | 1,875,000 | 2,008,969 |
4.75%, due 2/1/30 | 7,100,000 | 7,543,750 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 7,300,000 | 7,777,201 |
5.375%, due 2/1/25 | 7,255,000 | 8,183,640 |
5.625%, due 9/1/28 | 2,090,000 | 2,476,650 |
5.875%, due 5/1/23 | 4,800,000 | 5,216,160 |
5.875%, due 2/15/26 | 9,015,000 | 10,418,185 |
7.50%, due 11/6/33 | 12,100,000 | 16,698,000 |
7.58%, due 9/15/25 | 3,507,000 | 4,225,935 |
7.69%, due 6/15/25 | 9,195,000 | 11,171,465 |
8.36%, due 4/15/24 | 4,450,000 | 5,245,437 |
IQVIA, Inc. | ||
5.00%, due 10/15/26 (b) | 9,792,000 | 10,134,720 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (b) | 3,985,000 | 3,885,375 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (b) | 3,500,000 | 3,745,000 |
Molina Healthcare, Inc. | ||
3.875%, due 11/15/30 (b) | 4,180,000 | 4,352,425 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (b) | 10,055,000 | 10,821,694 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (b) | 2,000,000 | 2,130,040 |
165,881,326 | ||
Holding Companies-Diversified 0.3% | ||
Stena International SA | ||
6.125%, due 2/1/25 (b) | 9,525,000 | 9,906,000 |
Home Builders 2.2% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (b) | 5,250,000 | 5,486,250 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Home Builders (continued) | ||
Ashton Woods USA LLC (b) | ||
6.625%, due 1/15/28 | $ 2,000,000 | $ 2,130,000 |
6.75%, due 8/1/25 | 2,237,000 | 2,318,091 |
9.875%, due 4/1/27 | 3,230,000 | 3,609,525 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (b) | 4,855,000 | 5,128,094 |
Century Communities, Inc. | ||
5.875%, due 7/15/25 | 3,100,000 | 3,206,082 |
6.75%, due 6/1/27 | 6,775,000 | 7,189,969 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (b) | 4,655,000 | 4,899,387 |
M/I Homes, Inc. | ||
4.95%, due 2/1/28 | 3,000,000 | 3,129,750 |
5.625%, due 8/1/25 | 515,000 | 530,450 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (b) | 5,565,000 | 5,759,775 |
Picasso Finance Sub, Inc. | ||
6.125%, due 6/15/25 (b) | 3,935,000 | 4,160,279 |
PulteGroup, Inc. | ||
7.875%, due 6/15/32 | 3,595,000 | 5,160,622 |
Shea Homes LP (b) | ||
4.75%, due 2/15/28 | 7,300,000 | 7,470,601 |
4.75%, due 4/1/29 | 1,000,000 | 1,026,880 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (b) | 2,700,000 | 2,841,750 |
Williams Scotsman International, Inc. | ||
4.625%, due 8/15/28 (b) | 3,020,000 | 3,118,754 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (b) | 3,300,000 | 3,555,750 |
70,722,009 | ||
Household Products & Wares 0.3% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 2,020,000 | 2,062,925 |
4.125%, due 4/30/31 (b) | 2,300,000 | 2,325,875 |
Spectrum Brands, Inc. | ||
3.875%, due 3/15/31 (b) | 1,500,000 | 1,473,945 |
5.75%, due 7/15/25 | 3,840,000 | 3,935,040 |
9,797,785 | ||
Housewares 0.2% | ||
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 (b) | 4,860,000 | 4,844,837 |
Principal Amount | Value | |
Insurance 1.0% | ||
American Equity Investment Life Holding Co. | ||
5.00%, due 6/15/27 | $ 3,420,000 | $ 3,869,279 |
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (b) | 4,500,000 | 4,590,000 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 4,273,000 | 5,387,125 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (b) | 2,500,000 | 2,878,501 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 6,140,000 | 6,508,400 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (b) | 3,245,000 | 3,718,640 |
USI, Inc. | ||
6.875%, due 5/1/25 (b) | 5,890,000 | 5,963,802 |
32,915,747 | ||
Internet 2.2% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (b) | 4,150,000 | 4,426,141 |
Netflix, Inc. | ||
4.875%, due 4/15/28 | 1,692,000 | 1,966,950 |
4.875%, due 6/15/30 (b) | 3,000,000 | 3,567,900 |
5.375%, due 11/15/29 (b) | 2,500,000 | 3,036,491 |
5.50%, due 2/15/22 | 7,455,000 | 7,641,375 |
5.75%, due 3/1/24 | 10,899,000 | 12,234,127 |
5.875%, due 2/15/25 | 3,320,000 | 3,836,526 |
5.875%, due 11/15/28 | 8,800,000 | 10,801,384 |
Uber Technologies, Inc. (b) | ||
7.50%, due 5/15/25 | 2,400,000 | 2,590,080 |
7.50%, due 9/15/27 | 6,065,000 | 6,665,314 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 6,000,000 | 6,367,500 |
5.25%, due 4/1/25 | 9,025,000 | 10,249,602 |
73,383,390 | ||
Investment Companies 1.2% | ||
Compass Group Diversified Holdings LLC | ||
5.25%, due 4/15/29 (b) | 8,500,000 | 8,840,000 |
FS Energy and Power Fund | ||
7.50%, due 8/15/23 (b) | 21,035,000 | 21,718,637 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 4,000,000 | 4,129,980 |
5.25%, due 5/15/27 (b) | 425,000 | 438,813 |
6.25%, due 5/15/26 | 4,000,000 | 4,244,000 |
39,371,430 |
14 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Iron & Steel 0.9% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | $ 7,400,000 | $ 8,103,000 |
Allegheny Technologies, Inc. | ||
7.875%, due 8/15/23 (g) | 1,423,000 | 1,559,964 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (b) | 8,500,000 | 9,360,625 |
Mineral Resources Ltd. | ||
8.125%, due 5/1/27 (b) | 10,345,000 | 11,366,569 |
30,390,158 | ||
Leisure Time 2.3% | ||
Carlson Travel, Inc. (b) | ||
6.75%, due 12/15/25 (f)(h) | 14,283,000 | 13,131,505 |
10.50%, due 3/31/25 (g) | 9,199,150 | 9,659,107 |
11.50% (9.50% Cash and 2.00% PIK), due 12/15/26 (a)(f)(h)(i) | 8,460,000 | 4,230,000 |
Carnival Corp. (b) | ||
5.75%, due 3/1/27 | 16,080,000 | 16,843,800 |
7.625%, due 3/1/26 | 2,785,000 | 3,025,206 |
9.875%, due 8/1/27 | 7,000,000 | 8,172,500 |
10.50%, due 2/1/26 | 6,090,000 | 7,090,283 |
11.50%, due 4/1/23 | 5,880,000 | 6,617,352 |
Royal Caribbean Cruises Ltd. | ||
5.50%, due 4/1/28 (b) | 4,870,000 | 5,100,351 |
73,870,104 | ||
Lodging 1.7% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 8,195,000 | 8,481,825 |
4.75%, due 6/15/31 (b) | 5,825,000 | 6,043,438 |
Genting New York LLC | ||
3.30%, due 2/15/26 (b) | 6,185,000 | 6,243,499 |
Hilton Domestic Operating Co., Inc. | ||
4.00%, due 5/1/31 (b) | 6,845,000 | 6,905,715 |
4.875%, due 1/15/30 | 7,000,000 | 7,472,500 |
5.75%, due 5/1/28 (b) | 1,725,000 | 1,866,571 |
Hyatt Hotels Corp. | ||
5.75%, due 4/23/30 | 2,315,000 | 2,810,133 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 4,000,000 | 4,249,208 |
Series FF | ||
4.625%, due 6/15/30 | 2,000,000 | 2,303,404 |
Series EE | ||
5.75%, due 5/1/25 | 7,050,000 | 8,137,810 |
Principal Amount | Value | |
Lodging (continued) | ||
Marriott Ownership Resorts, Inc. | ||
6.50%, due 9/15/26 | $ 2,001,000 | $ 2,078,539 |
56,592,642 | ||
Machinery—Construction & Mining 0.1% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (b) | 2,150,000 | 2,241,375 |
Machinery-Diversified 0.5% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (d)(f)(h)(j) | 5,030,000 | 414,975 |
Colfax Corp. | ||
6.375%, due 2/15/26 (b) | 3,053,000 | 3,223,968 |
Stevens Holding Co., Inc. | ||
6.125%, due 10/1/26 (b) | 4,144,000 | 4,444,440 |
TK Elevator US Newco, Inc. | ||
5.25%, due 7/15/27 (b) | 5,380,000 | 5,669,175 |
Vertical Holdco GmbH | ||
7.625%, due 7/15/28 (b) | 1,570,000 | 1,703,748 |
15,456,306 | ||
Media 6.7% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (b) | 3,775,000 | 3,850,500 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (b) | 9,475,000 | 9,510,531 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (b) | 6,000,000 | 6,112,500 |
4.50%, due 8/15/30 (b) | 13,555,000 | 14,113,654 |
4.50%, due 5/1/32 | 10,680,000 | 11,067,150 |
4.50%, due 6/1/33 (b) | 4,300,000 | 4,400,018 |
4.75%, due 3/1/30 (b) | 7,715,000 | 8,158,613 |
5.00%, due 2/1/28 (b) | 8,550,000 | 8,966,813 |
5.125%, due 5/1/27 (b) | 12,000,000 | 12,586,800 |
5.375%, due 6/1/29 (b) | 4,780,000 | 5,225,018 |
5.75%, due 2/15/26 (b) | 2,532,000 | 2,616,974 |
CSC Holdings LLC (b) | ||
5.75%, due 1/15/30 | 6,705,000 | 6,964,819 |
6.50%, due 2/1/29 | 2,660,000 | 2,946,216 |
Diamond Sports Group LLC (b) | ||
5.375%, due 8/15/26 | 800,000 | 518,960 |
6.625%, due 8/15/27 | 3,335,000 | 1,637,935 |
DISH DBS Corp. | ||
5.125%, due 6/1/29 (b) | 3,300,000 | 3,258,519 |
5.875%, due 7/15/22 | 6,655,000 | 6,942,496 |
7.75%, due 7/1/26 | 9,055,000 | 10,254,787 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media (continued) | ||
LCPR Senior Secured Financing DAC (b) | ||
5.125%, due 7/15/29 | $ 1,700,000 | $ 1,757,375 |
6.75%, due 10/15/27 | 15,106,000 | 16,279,736 |
Meredith Corp. | ||
6.875%, due 2/1/26 | 16,403,000 | 17,059,120 |
News Corp. | ||
3.875%, due 5/15/29 (b) | 10,470,000 | 10,574,700 |
Quebecor Media, Inc. | ||
5.75%, due 1/15/23 | 12,147,000 | 12,999,294 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (b) | 4,805,000 | 4,766,704 |
Sirius XM Radio, Inc. | ||
4.00%, due 7/15/28 (b) | 2,750,000 | 2,832,500 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (c)(d)(e)(j) | 7,000,000 | 7,245,000 |
Townsquare Media, Inc. | ||
6.875%, due 2/1/26 (b) | 1,015,000 | 1,086,050 |
Videotron Ltd. | ||
5.00%, due 7/15/22 | 2,625,000 | 2,730,263 |
5.125%, due 4/15/27 (b) | 5,890,000 | 6,155,050 |
5.375%, due 6/15/24 (b) | 11,450,000 | 12,537,750 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (b) | 3,490,000 | 3,525,912 |
218,681,757 | ||
Metal Fabricate & Hardware 0.9% | ||
Advanced Drainage Systems, Inc. | ||
5.00%, due 9/30/27 (b) | 3,895,000 | 4,043,088 |
Grinding Media, Inc. | ||
7.375%, due 12/15/23 (b) | 20,535,000 | 20,997,859 |
Park-Ohio Industries, Inc. | ||
6.625%, due 4/15/27 | 4,875,000 | 4,961,775 |
30,002,722 | ||
Mining 2.3% | ||
Alcoa Nederland Holding BV | ||
7.00%, due 9/30/26 (b) | 5,745,000 | 6,003,525 |
Arconic Corp. | ||
6.00%, due 5/15/25 (b) | 2,200,000 | 2,344,694 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (b) | 5,650,000 | 5,995,836 |
Compass Minerals International, Inc. (b) | ||
4.875%, due 7/15/24 | 2,250,000 | 2,323,125 |
6.75%, due 12/1/27 | 7,990,000 | 8,589,250 |
Principal Amount | Value | |
Mining (continued) | ||
First Quantum Minerals Ltd. (b) | ||
6.875%, due 10/15/27 | $ 1,800,000 | $ 1,961,460 |
7.25%, due 4/1/23 | 7,480,000 | 7,624,962 |
Hudbay Minerals, Inc. | ||
4.50%, due 4/1/26 (b) | 2,750,000 | 2,760,313 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (b) | 7,000,000 | 7,282,450 |
Joseph T Ryerson & Son, Inc. | ||
8.50%, due 8/1/28 (b) | 2,880,000 | 3,196,800 |
Novelis Corp. (b) | ||
4.75%, due 1/30/30 | 5,700,000 | 5,985,000 |
5.875%, due 9/30/26 | 20,805,000 | 21,642,497 |
75,709,912 | ||
Miscellaneous—Manufacturing 0.8% | ||
Amsted Industries, Inc. (b) | ||
4.625%, due 5/15/30 | 2,615,000 | 2,680,375 |
5.625%, due 7/1/27 | 7,240,000 | 7,629,150 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 4,240,000 | 4,471,504 |
FXI Holdings, Inc. (b) | ||
7.875%, due 11/1/24 | 1,720,000 | 1,773,750 |
12.25%, due 11/15/26 | 4,206,000 | 4,842,158 |
Hillenbrand, Inc. | ||
3.75%, due 3/1/31 | 2,240,000 | 2,229,315 |
5.75%, due 6/15/25 | 2,000,000 | 2,146,800 |
25,773,052 | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (b) | 4,000,000 | 4,184,000 |
Oil & Gas 7.3% | ||
Apache Corp. | ||
4.625%, due 11/15/25 | 1,170,000 | 1,263,600 |
4.875%, due 11/15/27 | 3,130,000 | 3,389,759 |
Ascent Resources Utica Holdings LLC (b) | ||
7.00%, due 11/1/26 | 3,400,000 | 3,557,114 |
9.00%, due 11/1/27 | 2,684,000 | 3,709,664 |
California Resources Corp. | ||
7.125%, due 2/1/26 (b) | 3,500,000 | 3,683,120 |
Callon Petroleum Co. | ||
6.125%, due 10/1/24 | 4,560,000 | 4,495,202 |
9.00%, due 4/1/25 (b) | 5,600,000 | 6,104,000 |
Centennial Resource Production LLC (b) | ||
5.375%, due 1/15/26 | 4,300,000 | 4,214,000 |
16 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Centennial Resource Production LLC (b) (continued) | ||
6.875%, due 4/1/27 | $ 5,158,000 | $ 5,274,622 |
Chevron USA, Inc. | ||
4.95%, due 8/15/47 | 4,330,000 | 5,836,627 |
5.05%, due 11/15/44 | 2,366,000 | 3,172,705 |
5.25%, due 11/15/43 | 1,800,000 | 2,446,794 |
Colgate Energy Partners III LLC | ||
7.75%, due 2/15/26 (b) | 5,040,000 | 5,525,100 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (b) | 3,700,000 | 3,941,351 |
Continental Resources, Inc. | ||
4.50%, due 4/15/23 | 651,000 | 677,418 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (b) | 10,460,000 | 10,669,200 |
Endeavor Energy Resources LP | ||
6.625%, due 7/15/25 (b) | 1,805,000 | 1,931,350 |
EQT Corp. | ||
3.125%, due 5/15/26 (b) | 4,000,000 | 4,098,840 |
7.625%, due 2/1/25 (g) | 4,850,000 | 5,657,476 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (b) | 8,284,024 | 8,824,142 |
Gulfport Energy Operating Corp. Escrow Claim Shares (f) | ||
6.00%, due 10/15/24 | 15,745,000 | 590,438 |
6.375%, due 5/15/25 | 8,000,000 | 300,000 |
6.375%, due 1/15/26 | 4,441,000 | 166,538 |
Hilcorp Energy I LP (b) | ||
5.75%, due 2/1/29 | 1,610,000 | 1,678,425 |
6.00%, due 2/1/31 | 1,075,000 | 1,139,500 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 5,300,000 | 6,002,854 |
6.80%, due 3/15/32 | 2,665,000 | 3,500,825 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 2,800,000 | 2,884,000 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (b) | 4,065,000 | 3,780,450 |
Murphy Oil Corp. | ||
6.875%, due 8/15/24 | 3,315,000 | 3,389,587 |
Occidental Petroleum Corp. | ||
2.70%, due 2/15/23 | 1,523,000 | 1,556,811 |
2.90%, due 8/15/24 | 3,150,000 | 3,220,875 |
5.55%, due 3/15/26 | 9,840,000 | 10,873,200 |
5.875%, due 9/1/25 | 1,500,000 | 1,668,750 |
6.125%, due 1/1/31 | 2,500,000 | 2,941,325 |
6.375%, due 9/1/28 | 1,500,000 | 1,751,250 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Occidental Petroleum Corp. (continued) | ||
6.45%, due 9/15/36 | $ 3,100,000 | $ 3,706,360 |
6.625%, due 9/1/30 | 3,345,000 | 4,014,000 |
7.50%, due 5/1/31 | 1,200,000 | 1,512,000 |
8.00%, due 7/15/25 | 1,750,000 | 2,095,625 |
Parkland Corp. (b) | ||
4.50%, due 10/1/29 (k) | 3,470,000 | 3,526,179 |
5.875%, due 7/15/27 | 3,130,000 | 3,336,173 |
PBF Holding Co. LLC | ||
6.00%, due 2/15/28 | 8,790,000 | 6,021,150 |
7.25%, due 6/15/25 | 3,920,000 | 2,979,200 |
9.25%, due 5/15/25 (b) | 6,300,000 | 6,346,557 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 5,783,000 | 5,914,274 |
Range Resources Corp. | ||
8.25%, due 1/15/29 (b) | 1,615,000 | 1,820,913 |
9.25%, due 2/1/26 | 9,038,000 | 9,964,395 |
Southwestern Energy Co. | ||
6.45%, due 1/23/25 (g) | 7,455,000 | 8,252,685 |
7.50%, due 4/1/26 | 8,000,000 | 8,470,000 |
8.375%, due 9/15/28 | 1,600,000 | 1,808,000 |
Sunoco LP | ||
4.50%, due 5/15/29 (b) | 1,690,000 | 1,719,575 |
6.00%, due 4/15/27 | 2,000,000 | 2,091,500 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 19,985,000 | 21,284,025 |
Transocean Pontus Ltd. | ||
6.125%, due 8/1/25 (b) | 1,924,875 | 1,947,425 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (b) | 2,550,000 | 2,562,750 |
Transocean Sentry Ltd. | ||
5.375%, due 5/15/23 (b) | 3,308,300 | 3,233,863 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (b) | 3,470,000 | 3,614,734 |
240,138,295 | ||
Oil & Gas Services 0.5% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (b) | 5,355,000 | 5,462,100 |
Nine Energy Service, Inc. | ||
8.75%, due 11/1/23 (b) | 6,897,000 | 3,517,470 |
TechnipFMC plc | ||
6.50%, due 2/1/26 (b) | 6,945,000 | 7,498,971 |
16,478,541 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Packaging & Containers 0.4% | ||
ARD Finance SA | ||
6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (a)(b) | $ 3,000,000 | $ 3,150,000 |
Cascades USA, Inc. (b) | ||
5.125%, due 1/15/26 | 2,810,000 | 2,992,650 |
5.375%, due 1/15/28 | 5,200,000 | 5,466,500 |
Graphic Packaging International LLC | ||
3.50%, due 3/1/29 (b) | 1,000,000 | 990,700 |
12,599,850 | ||
Pharmaceuticals 2.3% | ||
Bausch Health Americas, Inc. (b) | ||
8.50%, due 1/31/27 | 1,600,000 | 1,739,040 |
9.25%, due 4/1/26 | 1,435,000 | 1,560,850 |
Bausch Health Cos., Inc. (b) | ||
5.00%, due 1/30/28 | 3,430,000 | 3,254,212 |
5.00%, due 2/15/29 | 1,430,000 | 1,333,475 |
5.25%, due 2/15/31 | 2,500,000 | 2,333,625 |
6.125%, due 4/15/25 | 3,392,000 | 3,476,800 |
6.25%, due 2/15/29 | 6,400,000 | 6,329,920 |
7.00%, due 1/15/28 | 1,750,000 | 1,802,500 |
Cheplapharm Arzneimittel GmbH | ||
5.50%, due 1/15/28 (b) | 1,850,000 | 1,896,250 |
Endo DAC (b) | ||
6.00%, due 6/30/28 | 4,575,000 | 3,085,174 |
9.50%, due 7/31/27 | 2,000,000 | 2,040,000 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (b) | 6,000,000 | 6,220,800 |
Organon & Co. (b) | ||
4.125%, due 4/30/28 | 8,200,000 | 8,362,360 |
5.125%, due 4/30/31 | 6,500,000 | 6,696,300 |
Owens & Minor, Inc. | ||
4.50%, due 3/31/29 (b) | 3,140,000 | 3,226,350 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (b) | 6,411,000 | 6,554,158 |
Prestige Brands, Inc. (b) | ||
3.75%, due 4/1/31 | 6,415,000 | 6,184,862 |
5.125%, due 1/15/28 | 4,245,000 | 4,468,966 |
Vizient, Inc. | ||
6.25%, due 5/15/27 (b) | 3,615,000 | 3,822,862 |
74,388,504 | ||
Pipelines 5.3% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 395,000 | 457,969 |
9.625%, due 11/1/21 | 5,950,000 | 6,129,562 |
Principal Amount | Value | |
Pipelines (continued) | ||
Antero Midstream Partners LP (b) | ||
5.375%, due 6/15/29 | $ 2,000,000 | $ 2,085,000 |
5.75%, due 1/15/28 | 1,565,000 | 1,646,803 |
Cheniere Energy Partners LP | ||
4.00%, due 3/1/31 (b) | 6,400,000 | 6,688,000 |
5.625%, due 10/1/26 | 1,800,000 | 1,867,500 |
CNX Midstream Partners LP | ||
6.50%, due 3/15/26 (b) | 6,022,000 | 6,317,078 |
DT Midstream, Inc. (b) | ||
4.125%, due 6/15/29 | 1,355,000 | 1,375,772 |
4.375%, due 6/15/31 | 2,975,000 | 3,039,825 |
Enable Midstream Partners LP | ||
4.15%, due 9/15/29 | 2,260,000 | 2,474,522 |
4.40%, due 3/15/27 | 5,702,000 | 6,286,317 |
4.95%, due 5/15/28 | 2,925,000 | 3,349,017 |
EQM Midstream Partners LP | ||
4.50%, due 1/15/29 (b) | 1,880,000 | 1,912,670 |
4.75%, due 1/15/31 (b) | 2,700,000 | 2,782,188 |
5.50%, due 7/15/28 | 720,000 | 778,018 |
6.00%, due 7/1/25 (b) | 2,975,000 | 3,235,312 |
6.50%, due 7/1/27 (b) | 1,405,000 | 1,566,575 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 2,716,000 | 2,722,790 |
6.50%, due 10/1/25 | 1,600,000 | 1,616,000 |
7.75%, due 2/1/28 | 470,000 | 485,717 |
8.00%, due 1/15/27 | 5,375,000 | 5,647,109 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (b) | 5,530,000 | 6,005,580 |
Hess Midstream Operations LP | ||
5.625%, due 2/15/26 (b) | 3,300,000 | 3,441,900 |
Holly Energy Partners LP | ||
5.00%, due 2/1/28 (b) | 2,845,000 | 2,909,012 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (b) | 2,250,000 | 2,292,187 |
MPLX LP | ||
4.875%, due 12/1/24 | 5,000,000 | 5,595,267 |
4.875%, due 6/1/25 | 6,708,000 | 7,572,199 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (b)(k) | 5,060,000 | 5,170,308 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (b) | 3,015,000 | 3,165,750 |
NGPL PipeCo LLC | ||
4.875%, due 8/15/27 (b) | 5,280,000 | 6,047,390 |
Northwest Pipeline LLC | ||
7.125%, due 12/1/25 | 2,195,000 | 2,664,571 |
Oasis Midstream Partners LP | ||
8.00%, due 4/1/29 (b) | 2,150,000 | 2,285,558 |
18 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
PBF Logistics LP | ||
6.875%, due 5/15/23 | $ 1,200,000 | $ 1,179,000 |
Plains All American Pipeline LP | ||
Series B | ||
6.125%, due 11/15/22 (l)(m) | 14,265,000 | 12,598,848 |
Rockies Express Pipeline LLC (b) | ||
3.60%, due 5/15/25 | 2,000,000 | 2,034,400 |
4.80%, due 5/15/30 | 5,000,000 | 4,989,350 |
Ruby Pipeline LLC | ||
8.00%, due 4/1/22 (b)(g) | 13,334,545 | 12,142,379 |
Tallgrass Energy Partners LP (b) | ||
5.50%, due 9/15/24 | 6,327,000 | 6,413,174 |
6.00%, due 3/1/27 | 1,500,000 | 1,545,000 |
Targa Resources Partners LP | ||
5.875%, due 4/15/26 | 4,915,000 | 5,162,274 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 8,055,000 | 8,236,237 |
Western Midstream Operating LP | ||
4.35%, due 2/1/25 (g) | 1,600,000 | 1,690,544 |
4.65%, due 7/1/26 | 2,000,000 | 2,134,360 |
5.50%, due 8/15/48 | 6,360,000 | 6,922,160 |
174,661,192 | ||
Real Estate 0.7% | ||
Howard Hughes Corp. (The) (b) | ||
4.125%, due 2/1/29 | 3,300,000 | 3,300,066 |
4.375%, due 2/1/31 | 2,000,000 | 1,992,760 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 9,839,000 | 10,823,519 |
Realogy Group LLC | ||
5.75%, due 1/15/29 (b) | 5,750,000 | 6,010,993 |
22,127,338 | ||
Real Estate Investment Trusts 3.0% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (b) | 3,345,000 | 3,415,646 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 5,700,000 | 6,640,500 |
5.375%, due 11/1/23 | 1,500,000 | 1,629,960 |
5.375%, due 4/15/26 | 1,506,000 | 1,733,421 |
5.75%, due 6/1/28 | 2,000,000 | 2,379,717 |
Host Hotels & Resorts LP | ||
Series I | ||
3.50%, due 9/15/30 | 2,100,000 | 2,203,677 |
MGM Growth Properties Operating Partnership LP | ||
3.875%, due 2/15/29 (b) | 8,495,000 | 8,627,267 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
MGM Growth Properties Operating Partnership LP (continued) | ||
4.625%, due 6/15/25 (b) | $ 3,100,000 | $ 3,311,947 |
5.625%, due 5/1/24 | 19,120,000 | 20,706,050 |
5.75%, due 2/1/27 | 6,315,000 | 7,026,195 |
MPT Operating Partnership LP | ||
3.50%, due 3/15/31 | 4,000,000 | 4,039,960 |
4.625%, due 8/1/29 | 3,000,000 | 3,211,380 |
5.00%, due 10/15/27 | 7,726,000 | 8,190,255 |
Park Intermediate Holdings LLC | ||
4.875%, due 5/15/29 (b) | 4,550,000 | 4,706,748 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (b) | 3,650,000 | 3,652,993 |
4.75%, due 10/15/27 | 6,175,000 | 6,342,034 |
SBA Communications Corp. | ||
3.125%, due 2/1/29 (b) | 4,500,000 | 4,338,298 |
3.875%, due 2/15/27 | 3,000,000 | 3,080,715 |
VICI Properties LP | ||
4.125%, due 8/15/30 (b) | 1,000,000 | 1,026,820 |
XHR LP | ||
4.875%, due 6/1/29 (b) | 1,655,000 | 1,708,788 |
97,972,371 | ||
Retail 3.8% | ||
1011778 BC ULC (b) | ||
3.50%, due 2/15/29 | 3,920,000 | 3,871,000 |
3.875%, due 1/15/28 | 3,340,000 | 3,381,750 |
4.00%, due 10/15/30 | 10,155,000 | 9,824,962 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 4,631,000 | 4,758,352 |
4.75%, due 3/1/30 | 4,182,000 | 4,370,190 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (b) | 3,435,000 | 3,525,169 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (b) | 3,350,000 | 3,605,438 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (b) | 2,250,000 | 2,289,375 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (b) | 5,885,000 | 6,002,700 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (b) | 5,275,000 | 5,518,969 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (b) | 7,850,000 | 8,046,250 |
Lithia Motors, Inc. (b) | ||
3.875%, due 6/1/29 | 2,000,000 | 2,073,100 |
4.375%, due 1/15/31 | 2,000,000 | 2,142,220 |
4.625%, due 12/15/27 | 700,000 | 740,320 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | $ 3,000,000 | $ 3,156,600 |
5.625%, due 5/1/27 | 2,994,000 | 3,158,670 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (b) | 16,000,000 | 17,080,000 |
Penske Automotive Group, Inc. | ||
3.50%, due 9/1/25 | 3,945,000 | 4,086,231 |
PetSmart, Inc. | ||
7.75%, due 2/15/29 (b) | 4,005,000 | 4,415,513 |
TPro Acquisition Corp. | ||
11.00%, due 10/15/24 (b) | 1,500,000 | 1,650,000 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (c)(d)(e)(f) | 9,675,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 9,150,000 | 9,104,250 |
4.625%, due 1/31/32 | 9,750,000 | 10,237,500 |
4.75%, due 1/15/30 (b) | 8,767,000 | 9,490,365 |
122,528,924 | ||
Software 3.9% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (b) | 4,405,000 | 4,619,744 |
Ascend Learning LLC | ||
6.875%, due 8/1/25 (b) | 7,485,000 | 7,589,341 |
BY Crown Parent LLC (b) | ||
4.25%, due 1/31/26 | 4,355,000 | 4,561,863 |
7.375%, due 10/15/24 | 7,110,000 | 7,237,980 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (b) | 4,480,000 | 4,687,200 |
CDK Global, Inc. | ||
5.25%, due 5/15/29 (b) | 2,000,000 | 2,182,820 |
Change Healthcare Holdings LLC | ||
5.75%, due 3/1/25 (b) | 2,300,000 | 2,337,375 |
Clarivate Science Holdings Corp. (b) | ||
3.875%, due 6/30/28 | 5,060,000 | 5,106,097 |
4.875%, due 6/30/29 | 7,425,000 | 7,619,906 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (b) | 3,590,000 | 4,038,750 |
MSCI, Inc. (b) | ||
3.625%, due 9/1/30 | 8,215,000 | 8,401,152 |
3.625%, due 11/1/31 | 8,300,000 | 8,513,310 |
3.875%, due 2/15/31 | 10,620,000 | 11,021,011 |
4.00%, due 11/15/29 | 9,500,000 | 10,022,500 |
5.375%, due 5/15/27 | 6,230,000 | 6,634,950 |
Open Text Corp. (b) | ||
3.875%, due 2/15/28 | 4,560,000 | 4,622,928 |
Principal Amount | Value | |
Software (continued) | ||
Open Text Corp. (b) (continued) | ||
5.875%, due 6/1/26 | $ 5,675,000 | $ 5,874,930 |
Open Text Holdings, Inc. | ||
4.125%, due 2/15/30 (b) | 5,969,000 | 6,087,186 |
PTC, Inc. (b) | ||
3.625%, due 2/15/25 | 3,400,000 | 3,502,000 |
4.00%, due 2/15/28 | 6,250,000 | 6,456,250 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (b) | 5,000,000 | 5,298,500 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (b) | 2,000,000 | 2,082,500 |
128,498,293 | ||
Telecommunications 5.0% | ||
Altice France SA | ||
7.375%, due 5/1/26 (b) | 3,108,000 | 3,232,102 |
CommScope Technologies LLC | ||
6.00%, due 6/15/25 (b) | 1,300,000 | 1,327,625 |
CommScope, Inc. | ||
8.25%, due 3/1/27 (b) | 8,924,000 | 9,537,971 |
Connect Finco SARL | ||
6.75%, due 10/1/26 (b) | 12,365,000 | 13,075,988 |
Hughes Satellite Systems Corp. | ||
5.25%, due 8/1/26 | 7,035,000 | 7,880,466 |
6.625%, due 8/1/26 | 6,460,000 | 7,243,275 |
Level 3 Financing, Inc. | ||
3.75%, due 7/15/29 (b) | 3,000,000 | 2,917,500 |
5.375%, due 5/1/25 | 6,300,000 | 6,433,875 |
Lumen Technologies, Inc. | ||
Series T | ||
5.80%, due 3/15/22 | 9,390,000 | 9,663,155 |
QualityTech LP | ||
3.875%, due 10/1/28 (b) | 4,500,000 | 4,812,300 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 31,465,000 | 40,353,862 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 14,030,000 | 15,939,146 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 4,000,000 | 3,950,000 |
2.875%, due 2/15/31 | 8,160,000 | 8,098,800 |
3.375%, due 4/15/29 (b) | 3,630,000 | 3,746,137 |
3.50%, due 4/15/31 (b) | 2,500,000 | 2,586,375 |
4.50%, due 2/1/26 | 3,345,000 | 3,408,956 |
4.75%, due 2/1/28 | 9,585,000 | 10,267,931 |
5.375%, due 4/15/27 | 8,875,000 | 9,449,124 |
163,924,588 |
20 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Toys, Games & Hobbies 0.3% | ||
Mattel, Inc. (b) | ||
3.375%, due 4/1/26 | $ 3,200,000 | $ 3,320,000 |
3.75%, due 4/1/29 | 3,000,000 | 3,120,000 |
6.75%, due 12/31/25 | 3,453,000 | 3,628,067 |
10,068,067 | ||
Transportation 0.4% | ||
Teekay Corp. | ||
9.25%, due 11/15/22 (b) | 1,500,000 | 1,549,688 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (b) | 10,340,000 | 11,063,800 |
12,613,488 | ||
Total Corporate Bonds (Cost $2,764,175,432) | 2,921,092,761 | |
Loan Assignments 2.7% | ||
Aerospace & Defense 0.1% | ||
TransDigm, Inc. | ||
Tranche Refinancing Term Loan F | ||
2.354% (1 Month LIBOR + 2.25%), due 12/9/25 (n) | 1,623,758 | 1,598,498 |
Automobile 0.2% | ||
Dealer Tire LLC | ||
Term Loan B1 | ||
4.354% (1 Month LIBOR + 4.25%), due 1/1/38 (n) | 5,910,000 | 5,907,045 |
Wheel Pros, Inc. | ||
First Lien Initial Term Loan | ||
5.25% (1 Month LIBOR + 4.50%), due 5/11/28 (n) | 2,000,000 | 2,003,612 |
7,910,657 | ||
Beverage, Food & Tobacco 0.2% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 10/22/25 (n) | 5,336,358 | 5,336,358 |
Chemicals, Plastics & Rubber 0.3% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/5/27 (n) | 1,876,250 | 1,871,560 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 5/5/28 (n) | $ 6,300,000 | $ 6,322,497 |
8,194,057 | ||
Finance 0.4% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/20/28 (n) | 2,000,000 | 2,084,062 |
American Trailer World Corp. | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 3/3/28 (n) | 3,600,000 | 3,592,501 |
BY Crown Parent LLC | ||
Initial Term Loan B1 | ||
4.00% (1 Month LIBOR + 3.00%), due 2/2/26 (n) | 1,188,039 | 1,186,554 |
Schweitzer-Mauduit International, Inc. | ||
Term Loan B | ||
4.50% (1 Month LIBOR + 3.75%), due 2/9/28 | 5,250,000 | 5,171,250 |
12,034,367 | ||
Healthcare, Education & Childcare 0.1% | ||
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
3.854% (1 Month LIBOR + 3.75%), due 11/16/25 (n) | 3,000,000 | 2,992,500 |
Manufacturing 0.2% | ||
Adient US LLC | ||
Term Loan B1 | ||
3.604% (1 Month LIBOR + 3.5%), due 4/10/28 (n) | 3,800,000 | 3,802,375 |
Madison IAQ LLC | ||
Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 6/21/28 (n) | 3,000,000 | 3,000,750 |
6,803,125 | ||
Oil & Gas 0.2% | ||
Ascent Resources Utica Holdings LLC | ||
Second Lien Term Loan | ||
10.00% (3 Month LIBOR + 9.00%), due 11/1/25 (n) | 2,842,000 | 3,134,490 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
PetroQuest Energy LLC (c)(d)(e) | ||
Term Loan | ||
8.50% (8.50% PIK), (1 Month LIBOR + 7.50%), due 11/8/23 (n) | $ 5,501,561 | $ 4,401,249 |
2020 Term Loan | ||
8.50% (8.50% PIK),, due 9/19/26 | 529,542 | 529,542 |
8,065,281 | ||
Personal & Nondurable Consumer Products 0.6% | ||
Great Outdoors Group LLC | ||
Term Loan B1 | ||
5.00% (3 Month LIBOR + 4.25%), due 3/6/28 (n) | 20,198,500 | 20,299,493 |
Utilities 0.4% | ||
PG&E Corp. | ||
Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/23/25 (n) | 13,365,000 | 13,175,658 |
Total Loan Assignments (Cost $86,327,331) | 86,409,994 | |
Total Long-Term Bonds (Cost $2,870,626,587) | 3,029,146,592 | |
Shares | ||
Common Stocks 1.9% | ||
Commercial Services & Supplies 0.1% | ||
ATD New Holdings, Inc. (c)(d)(o) | 44,740 | 2,538,995 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (c)(d)(e)(o) | 11,280 | 113 |
Electrical Equipment 0.3% | ||
Energy Technologies, Inc. (c)(d)(e)(o) | 4,822 | 9,523,450 |
Hotels, Restaurants & Leisure 0.0% ‡ | ||
Carlson Travel, Inc. (c)(e)(j)(o) | 6,281 | — |
Independent Power and Renewable Electricity Producers 0.4% | ||
GenOn Energy, Inc. (c)(j) | 115,826 | 12,451,295 |
Shares | Value | ||
Metals & Mining 0.0% ‡ | |||
Neenah Enterprises, Inc. (c)(d)(e)(j)(o) | 230,859 | $ 2,428,637 | |
Oil, Gas & Consumable Fuels 1.1% | |||
California Resources Corp. (o) | 55,317 | 1,667,254 | |
Gulfport Energy Operating Corp. (o) | 311,067 | 20,126,035 | |
PetroQuest Energy, Inc. (c)(d)(e)(o) | 8,224,665 | — | |
Talos Energy, Inc. (o) | 637,880 | 9,976,443 | |
Titan Energy LLC (c)(d)(e)(o) | 25,911 | — | |
Whiting Petroleum Corp. (o) | 80,669 | 4,400,494 | |
36,170,226 | |||
Software 0.0% ‡ | |||
ASG warrant corp. (c)(d)(e)(o) | 3,368 | — | |
Total Common Stocks (Cost $84,957,573) | 63,112,716 | ||
Preferred Stocks 0.4% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd., 0.000 (c)(d)(e)(o) | 10,741 | 8,646,505 | |
Oil, Gas & Consumable Fuels 0.1% | |||
Gulfport Energy Operating Corp., 10.00% (o) | 1,037 | 4,744,275 | |
Total Preferred Stocks (Cost $15,122,430) | 13,390,780 | ||
Number of Warrants | |||
Warrant 0.0% ‡ | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (o) | 9,742 | 74,819 | |
Total Warrant (Cost $3,897) | 74,819 | ||
Total Investments (Cost $2,970,710,487) | 95.0% | 3,105,724,907 | |
Other Assets, Less Liabilities | 5.0 | 164,053,582 | |
Net Assets | 100.0% | $ 3,269,778,489 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
22 |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2021, the total market value was $51,077,186, which represented 1.6% of the Portfolio’s net assets. |
(d) | Illiquid security—As of June 30, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $41,842,522, which represented 1.3% of the Portfolio’s net assets. |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(f) | Issue in non-accrual status. |
(g) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(h) | Issue in default. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(j) | Restricted security. (See Note 6) |
(k) | Delayed delivery security. |
(l) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(m) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(n) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(o) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Convertible Bonds | $ — | $ 21,643,837 | $ — | $ 21,643,837 | |||
Corporate Bonds | — | 2,910,535,361 | 10,557,400 | 2,921,092,761 | |||
Loan Assignments | — | 81,479,203 | 4,930,791 | 86,409,994 | |||
Total Long-Term Bonds | — | 3,013,658,401 | 15,488,191 | 3,029,146,592 | |||
Common Stocks | 36,170,226 | 14,990,290 | 11,952,200 | 63,112,716 | |||
Preferred Stocks | — | 4,744,275 | 8,646,505 | 13,390,780 | |||
Warrant | 74,819 | — | — | 74,819 | |||
Total Investments in Securities | $ 36,245,045 | $ 3,033,392,966 | $ 36,086,896 | $ 3,105,724,907 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Investments in Securities | Balance as of December 31, 2020 | Accrued Discounts (Premiums) | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers in to Level 3 | Transfers out of Level 3 | Balance as of June 30, 2021 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of June 30, 2021 | |||||||||
Long-Term Bonds | |||||||||||||||||||
Corporate Bonds | $10,874,686 | $3,045,269 | $ — | $ 10,199,107 | $ — | $(13,561,662) | $ — | $— | $10,557,400 | $ (387,869) | |||||||||
Loan Assignments | 4,290,785 | — | — | (158,433) | 287,619 | — | 510,820 | — | 4,930,791 | (158,433) | |||||||||
Common Stocks | 10,866,455 | — | 667,348 | (12,510,231) | 13,594,162 | (667,348) | 1,814 | — | 11,952,200 | (11,936,031) | |||||||||
Preferred Stock | 8,109,455 | — | — | 537,050 | — | — | — | — | 8,646,505 | 537,050 | |||||||||
Total | $34,141,381 | $3,045,269 | $667,348 | $ (1,932,507) | $13,881,781 | $(14,229,010) | $512,634 | $— | $36,086,896 | $(11,945,283) |
24 |
Assets | |
Investment in securities, at value (identified cost $2,970,710,487) | $3,105,724,907 |
Cash | 150,589,172 |
Due from custodian | 1,295,511 |
Receivables: | |
Interest | 43,742,586 |
Investment securities sold | 3,218,012 |
Other assets | 53,847 |
Total assets | 3,304,624,035 |
Liabilities | |
Payables: | |
Investment securities purchased | 31,217,199 |
Manager (See Note 3) | 1,481,698 |
Portfolio shares redeemed | 1,150,504 |
NYLIFE Distributors (See Note 3) | 560,334 |
Shareholder communication | 279,751 |
Professional fees | 130,268 |
Custodian | 25,637 |
Trustees | 155 |
Total liabilities | 34,845,546 |
Net assets | $3,269,778,489 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 322,152 |
Additional paid-in-capital | 3,034,148,758 |
3,034,470,910 | |
Total distributable earnings (loss) | 235,307,579 |
Net assets | $3,269,778,489 |
Initial Class | |
Net assets applicable to outstanding shares | $ 527,381,138 |
Shares of beneficial interest outstanding | 51,206,296 |
Net asset value per share outstanding | $ 10.30 |
Service Class | |
Net assets applicable to outstanding shares | $2,742,397,351 |
Shares of beneficial interest outstanding | 270,945,867 |
Net asset value per share outstanding | $ 10.12 |
Investment Income (Loss) | |
Income | |
Interest | $ 84,296,017 |
Dividends | 1,355,149 |
Securities lending | 353 |
Other | 47,190 |
Total income | 85,698,709 |
Expenses | |
Manager (See Note 3) | 8,683,459 |
Distribution/Service—Service Class (See Note 3) | 3,314,628 |
Professional fees | 159,229 |
Shareholder communication | 149,935 |
Trustees | 31,923 |
Custodian | 22,594 |
Miscellaneous | 39,183 |
Total expenses | 12,400,951 |
Net investment income (loss) | 73,297,758 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | 32,587,249 |
Net change in unrealized appreciation (depreciation) on investments | 17,255,865 |
Net realized and unrealized gain (loss) | 49,843,114 |
Net increase (decrease) in net assets resulting from operations | $123,140,872 |
26 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 73,297,758 | $ 155,731,043 |
Net realized gain (loss) | 32,587,249 | (85,686,820) |
Net change in unrealized appreciation (depreciation) | 17,255,865 | 71,065,568 |
Net increase (decrease) in net assets resulting from operations | 123,140,872 | 141,109,791 |
Distributions to shareholders: | ||
Initial Class | — | (25,417,401) |
Service Class | — | (140,197,619) |
Total distributions to shareholders | — | (165,615,020) |
Capital share transactions: | ||
Net proceeds from sales of shares | 165,372,196 | 362,905,712 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 165,615,020 |
Cost of shares redeemed | (94,543,394) | (457,051,427) |
Increase (decrease) in net assets derived from capital share transactions | 70,828,802 | 71,469,305 |
Net increase (decrease) in net assets | 193,969,674 | 46,964,076 |
Net Assets | ||
Beginning of period | 3,075,808,815 | 3,028,844,739 |
End of period | $3,269,778,489 | $3,075,808,815 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | $ 9.99 | $ 9.10 | |||||
Net investment income (loss) (a) | 0.25 | 0.54 | 0.58 | 0.55 | 0.58 | 0.62 | |||||
Net realized and unrealized gain (loss) on investments | 0.16 | (0.04) | 0.64 | (0.68) | 0.10 | 0.85 | |||||
Total from investment operations | 0.41 | 0.50 | 1.22 | (0.13) | 0.68 | 1.47 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.57) | (0.58) | (0.60) | (0.62) | (0.58) | |||||
Net asset value at end of period | $ 10.30 | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | $ 9.99 | |||||
Total investment return (b) | 4.15%(c) | 5.40% | 13.22% | (1.46)% | 6.86% | 16.23% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.90%†† | 5.56% | 5.84% | 5.58% | 5.69% | 6.41% | |||||
Net expenses | 0.58%†† | 0.59%(d) | 0.59%(d) | 0.58%(d) | 0.58%(d) | 0.59%(d) | |||||
Portfolio turnover rate | 22% | 39% | 28% | 28% | 40% | 39% | |||||
Net assets at end of period (in 000’s) | $ 527,381 | $ 461,075 | $ 471,775 | $ 458,129 | $ 574,162 | $ 665,881 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | $ 9.86 | $ 8.99 | |||||
Net investment income (loss) (a) | 0.23 | 0.50 | 0.55 | 0.52 | 0.55 | 0.59 | |||||
Net realized and unrealized gain (loss) on investments | 0.15 | (0.02) | 0.62 | (0.66) | 0.10 | 0.83 | |||||
Total from investment operations | 0.38 | 0.48 | 1.17 | (0.14) | 0.65 | 1.42 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.55) | (0.55) | (0.58) | (0.60) | (0.55) | |||||
Net asset value at end of period | $ 10.12 | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | $ 9.86 | |||||
Total investment return (b) | 4.00%(c) | 5.14% | 12.94% | (1.71)% | 6.59% | 15.94% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.66%†† | 5.31% | 5.60% | 5.33% | 5.43% | 6.15% | |||||
Net expenses | 0.83%†† | 0.84%(d) | 0.84%(d) | 0.83%(d) | 0.83%(d) | 0.84%(d) | |||||
Portfolio turnover rate | 22% | 39% | 28% | 28% | 40% | 39% | |||||
Net assets at end of period (in 000’s) | $ 2,742,397 | $ 2,614,734 | $ 2,557,069 | $ 2,298,144 | $ 2,528,783 | $ 2,315,441 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
28 |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
30 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Asset Class | Fair Value at 6/30/21* | Valuation Technique | Unobservable Inputs | Inputs/Range |
Corporate Bonds | 3,312,400 | Income Approach | Spread Adjustment | 0.72% |
Loan Assignments | 4,930,791 | Market Approach | Implied natural gas price | $2.70 |
Discount Rate | 10.00% | |||
Common Stocks | 113 | Market Approach | Ownership % of equity interest | 16.56%-39.70% |
9,523,450 | Income Approach | Rate of Return | 14.00% | |
Market Approach | EBITDA Multiple | 6.50x-9.00x | ||
2,428,637 | Market Approach | EBITDA Multiple | 5.75x | |
0 | Market Approach | Implied natural gas price | $2.70 | |
Discount Rate | 10.00% | |||
Preferred Stock | 8,646,505 | Income Approach | Spread Adjustment | 4.21% |
$28,841,896 | ||||
* The table above does not include a level 3 investment that was valued by a broker. As of June 30, 2021, the value of this investment was $7,245,000. The inputs for this investment were not readily available or cannot be reasonably estimated. |
32 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
34 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $2,967,529,267 | $194,254,939 | $(56,059,300) | $138,195,639 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $14,221 | $145,563 |
2020 | |
Distributions paid from: | |
Ordinary Income | $165,615,020 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
Neenah Foundry, 2020 PIK Loan TBD, due 4/1/23 | $320,000 | $— |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 6/30/21 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 5,030,000 | $ 5,170,425 | $ 414,975 | 0.0% ‡ |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20-2/4/21 | 6,281 | — | — | 0.0‡ |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 115,826 | 12,970,154 | 12,451,295 | 0.4 |
Neenah Enterprises, Inc. | |||||
Common Stock | 4/12/20 | 230,859 | 1,955,376 | 2,428,637 | 0.0‡ |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17-7/3/21 | $ 7,000,000 | 6,937,878 | 7,245,000 | 0.3% |
Total | $ 27,033,833 | $ 22,539,907 | 0.7% |
‡ | Less than one-tenth of a percent. |
36 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 8,530,740 | $ 86,749,083 |
Shares redeemed | (3,923,489) | (39,557,889) |
Net increase (decrease) | 4,607,251 | $ 47,191,194 |
Year ended December 31, 2020: | ||
Shares sold | 4,741,138 | $ 45,519,125 |
Shares issued to shareholders in reinvestment of distributions | 2,675,798 | 25,417,401 |
Shares redeemed | (8,207,626) | (78,748,285) |
Net increase (decrease) | (790,690) | $ (7,811,759) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 7,962,634 | $ 78,623,113 |
Shares redeemed | (5,578,275) | (54,985,505) |
Net increase (decrease) | 2,384,359 | $ 23,637,608 |
Year ended December 31, 2020: | ||
Shares sold | 33,371,463 | $ 317,386,587 |
Shares issued to shareholders in reinvestment of distributions | 14,990,710 | 140,197,619 |
Shares redeemed | (40,584,222) | (378,303,142) |
Net increase (decrease) | 7,777,951 | $ 79,281,064 |
38 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
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Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 7.19% | 21.09% | 8.37% | 8.35% | 0.63% |
Service Class Shares | 6/4/2003 | 7.06 | 20.79 | 8.10 | 8.08 | 0.88 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 13.05% | 39.04% | 14.83% | 10.65% |
Bloomberg Barclays U.S. Aggregate Bond Index2 | -1.60 | -0.33 | 3.03 | 3.39 |
Blended Benchmark Index3 | 7.01 | 22.10 | 10.26 | 7.96 |
Morningstar World Allocation Category Average4 | 8.65 | 24.56 | 7.38 | 4.79 |
1. | The MSCI World Index (Net) is the Portfolio's primary benchmark. The MSCI World Index (Net) is a broad-based benchmark that is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the MSCI World Index (Net) and the Bloomberg Barclays U.S. Aggregate Bond Index, weighted 60% and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Morningstar World Allocation Category Average is representative of funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these funds do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,071.90 | $3.19 | $1,021.72 | $3.11 | 0.62% |
Service Class Shares | $1,000.00 | $1,070.60 | $4.47 | $1,020.48 | $4.36 | 0.87% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Income Builder Portfolio |
1. | U.S. Treasury Notes, 0.125%-1.625%, due 4/30/23–5/15/31 |
2. | JPMorgan Chase & Co. |
3. | GNMA, 1.00%-3.25%, due 8/16/41–6/20/51 |
4. | U.S. Treasury Bonds, 1.875%-4.375%, due 11/15/39–5/15/51 |
5. | Bank of America Corp., 2.087%-6.30%, due 12/20/23–4/23/40 |
6. | U.S. Treasury Inflation Linked Notes, 0.125%-0.875%, due 1/15/29–7/15/30 |
7. | Apple, Inc. |
8. | AbbVie, Inc. |
9. | Microsoft Corp. |
10. | FNMA, 2.50%-3.742%, due 7/25/29–3/25/60 |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Income Builder Portfolio |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | A securitization is a financial instrument created by an issuer by combining a pool of financial assets (such as mortgages). The financial instrument is then marketed to investors, sometimes in tiers. |
10 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Long-Term Bonds 50.3% | ||
Asset-Backed Securities 4.1% | ||
Automobile Asset-Backed Securities 1.2% | ||
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 (a) | $ 1,000,000 | $ 998,421 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 (a) | 360,000 | 370,699 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 (a) | 515,000 | 536,701 |
Chase Auto Credit Linked Notes | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 516,719 | 518,218 |
Ford Credit Auto Owner Trust | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 (a) | 645,000 | 644,282 |
Series 2020-1, Class A | ||
2.04%, due 8/15/31 (a) | 680,000 | 705,778 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2019-4, Class A | ||
2.44%, due 9/15/26 | 850,000 | 894,572 |
Series 2017-3, Class A | ||
2.48%, due 9/15/24 | 895,000 | 918,970 |
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 530,000 | 609,317 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class A | ||
1.68%, due 12/27/27 (a) | 805,000 | 803,926 |
Series 2021-2A, Class B | ||
2.12%, due 12/27/27 (a) | 175,000 | 174,713 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 520,000 | 519,755 |
Santander Revolving Auto Loan Trust | ||
Series 2019-A, Class A | ||
2.51%, due 1/26/32 (a) | 330,000 | 347,722 |
8,043,074 | ||
Credit Card Asset-Backed Security 0.1% | ||
Capital One Multi-Asset Execution Trust | ||
Series 2019-A3, Class A3 | ||
2.06%, due 8/15/28 | 700,000 | 734,047 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.2% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.281% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | $ 1,269,066 | $ 1,251,671 |
JP Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.191% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 139,791 | 89,608 |
MASTR Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.191% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 209,157 | 93,499 |
1,434,778 | ||
Other Asset-Backed Securities 2.6% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 594,185 | 574,672 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 506,669 | 483,060 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,602,382 | 1,625,878 |
American Tower Trust #1 | ||
3.07%, due 3/15/23 (a) | 175,000 | 175,851 |
CF Hippolyta LLC | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 (a) | 550,000 | 553,673 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 (a) | 906,660 | 921,291 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 (a) | 520,096 | 527,931 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 990,000 | 1,117,416 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 22,942 | 25,159 |
FirstKey Homes 2020-SFR1 Trust | ||
Series 2021-SFR1, Class A | ||
1.538%, due 8/17/28 (a)(c) | 1,165,000 | 1,165,308 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 1,500,000 | 1,489,515 |
MVW LLC | ||
Series 2019-2A, Class A | ||
2.22%, due 10/20/38 (a) | 605,103 | 615,923 |
Navient Private Education Refi Loan Trust | ||
Series 2020-DA, Class A | ||
1.69%, due 5/15/69 (a) | 285,839 | 288,707 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Navient Private Education Refi Loan Trust (continued) | ||
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 (a) | $ 450,994 | $ 458,121 |
PFS Financing Corp. | ||
Series 2020-B, Class B | ||
1.71%, due 6/15/24 (a) | 355,000 | 358,521 |
Series 2020-A, Class B | ||
1.77%, due 6/15/25 (a) | 765,000 | 776,589 |
Progress Residential | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 (a) | 765,000 | 750,564 |
Series 2021-SFR3, Class A | ||
1.637%, due 5/17/26 (a) | 389,457 | 391,972 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 670,000 | 670,268 |
Progress Residential Trust | ||
Series 2021-SFR2, Class A | ||
1.546%, due 4/19/38 (a) | 350,000 | 350,987 |
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 (a) | 1,050,000 | 1,048,109 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2020-2A, Class A | ||
1.33%, due 7/20/37 (a) | 393,790 | 395,836 |
Series 2020-2A, Class C | ||
3.51%, due 7/20/37 (a) | 856,493 | 884,393 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 525,475 | 549,061 |
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 265,806 | 270,279 |
United Airlines Pass-Through Trust | ||
Series 2014-2, Class B | ||
4.625%, due 9/3/22 | 244,946 | 250,452 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 808,902 | 897,544 |
Series 2007-1 | ||
6.636%, due 7/2/22 | 322,035 | 333,306 |
17,950,386 | ||
Total Asset-Backed Securities (Cost $27,359,355) | 28,162,285 |
Principal Amount | Value | |
Corporate Bonds 28.8% | ||
Aerospace & Defense 0.2% | ||
BAE Systems plc | ||
3.00%, due 9/15/50 (United Kingdom) (a) | $ 550,000 | $ 538,072 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 810,000 | 940,292 |
1,478,364 | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 905,000 | 884,287 |
Airlines 0.6% | ||
American Airlines, Inc. | ||
5.50%, due 4/20/26 (a) | 600,000 | 635,250 |
5.75%, due 4/20/29 (a) | 360,000 | 389,250 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (a) | 465,000 | 499,699 |
4.75%, due 10/20/28 (a) | 325,000 | 361,321 |
7.00%, due 5/1/25 (a) | 985,000 | 1,149,483 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 795,000 | 875,295 |
3,910,298 | ||
Auto Manufacturers 1.0% | ||
Ford Motor Co. | ||
8.50%, due 4/21/23 | 890,000 | 993,195 |
9.00%, due 4/22/25 | 890,000 | 1,097,254 |
Ford Motor Credit Co. LLC | ||
4.063%, due 11/1/24 | 780,000 | 829,647 |
4.25%, due 9/20/22 | 305,000 | 314,934 |
General Motors Co. | ||
6.125%, due 10/1/25 | 285,000 | 337,384 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 344,000 | 339,425 |
2.70%, due 6/10/31 | 850,000 | 853,056 |
3.15%, due 6/30/22 | 320,000 | 327,667 |
3.45%, due 4/10/22 | 1,500,000 | 1,527,618 |
6,620,180 | ||
Banks 7.4% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 715,000 | 720,786 |
2.496%, due 2/13/31 (d) | 650,000 | 663,646 |
3.004%, due 12/20/23 (d) | 734,000 | 760,680 |
3.458%, due 3/15/25 (d) | 1,425,000 | 1,523,018 |
3.705%, due 4/24/28 (d) | 555,000 | 613,709 |
12 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Bank of America Corp. (continued) | ||
4.078%, due 4/23/40 (d) | $ 785,000 | $ 915,800 |
4.20%, due 8/26/24 | 325,000 | 356,276 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 1,461,000 | 1,510,674 |
Series DD | ||
6.30%, due 3/10/26 (d)(e) | 735,000 | 848,124 |
BNP Paribas SA (France) | ||
3.052%, due 1/13/31 (a)(d) | 1,415,000 | 1,491,849 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (a)(b)(e) | 620,000 | 645,432 |
Citigroup, Inc. | ||
2.976%, due 11/5/30 (d) | 845,000 | 895,009 |
3.352%, due 4/24/25 (d) | 780,000 | 831,131 |
3.668%, due 7/24/28 (d) | 430,000 | 474,239 |
3.70%, due 1/12/26 | 545,000 | 602,696 |
3.98%, due 3/20/30 (d) | 565,000 | 639,945 |
4.05%, due 7/30/22 | 105,000 | 109,090 |
5.30%, due 5/6/44 | 436,000 | 587,101 |
6.625%, due 6/15/32 | 190,000 | 258,739 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 1,190,000 | 1,190,023 |
Credit Suisse Group AG (Switzerland) | ||
2.593%, due 9/11/25 (a)(d) | 1,265,000 | 1,316,074 |
3.091%, due 5/14/32 (a)(d) | 785,000 | 808,748 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (Germany) (d) | 425,000 | 432,160 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 815,000 | 1,004,866 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 775,000 | 853,802 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 685,000 | 713,085 |
Goldman Sachs Group, Inc. (The) | ||
1.326% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 815,000 | 836,532 |
1.431%, due 3/9/27 (d) | 535,000 | 533,492 |
1.992%, due 1/27/32 (d) | 590,000 | 573,005 |
2.615%, due 4/22/32 (d) | 425,000 | 434,166 |
2.905%, due 7/24/23 (d) | 310,000 | 317,779 |
2.908%, due 6/5/23 (d) | 285,000 | 291,326 |
3.625%, due 1/22/23 | 1,330,000 | 1,396,245 |
5.25%, due 7/27/21 | 1,295,000 | 1,299,506 |
6.75%, due 10/1/37 | 159,000 | 231,531 |
Principal Amount | Value | |
Banks (continued) | ||
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (d) | $ 970,000 | $ 1,085,698 |
JPMorgan Chase & Co. | ||
2.182%, due 6/1/28 (d) | 835,000 | 855,024 |
2.956%, due 5/13/31 (d) | 475,000 | 498,991 |
3.207%, due 4/1/23 (d) | 1,540,000 | 1,573,426 |
3.54%, due 5/1/28 (d) | 850,000 | 934,545 |
Series HH | ||
4.60%, due 2/1/25 (d)(e) | 1,249,000 | 1,294,339 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 508,000 | 570,807 |
4.65%, due 3/24/26 | 1,075,000 | 1,216,969 |
Morgan Stanley | ||
3.125%, due 1/23/23 | 1,560,000 | 1,626,478 |
Series H | ||
3.794% (3 Month LIBOR + 3.61%), due 7/15/21 (b)(e) | 645,000 | 647,419 |
5.00%, due 11/24/25 | 1,150,000 | 1,325,807 |
6.25%, due 8/9/26 | 881,000 | 1,088,716 |
7.25%, due 4/1/32 | 100,000 | 145,378 |
Natwest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 1,580,000 | 1,667,314 |
PNC Bank NA | ||
2.55%, due 12/9/21 | 815,000 | 821,898 |
PNC Financial Services Group, Inc. (The) | ||
2.55%, due 1/22/30 | 810,000 | 852,043 |
Societe Generale SA (France) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 (a)(b)(e) | 395,000 | 409,319 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 (a)(b)(e) | 1,415,000 | 1,498,131 |
Standard Chartered plc (United Kingdom) | ||
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 (a)(b) | 655,000 | 657,169 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (a)(b)(e) | 525,000 | 540,209 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(e) | $ 770,000 | $ 783,706 |
Truist Bank | ||
2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | 760,000 | 795,788 |
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (Switzerland) (a)(b)(e) | 1,005,000 | 1,026,808 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 700,000 | 904,319 |
Wells Fargo & Co. | ||
2.406%, due 10/30/25 (d) | 525,000 | 549,292 |
Wells Fargo Bank NA | ||
3.55%, due 8/14/23 | 1,015,000 | 1,080,574 |
51,130,451 | ||
Beverages 0.3% | ||
Anheuser-Busch Cos. LLC | ||
4.70%, due 2/1/36 (Belgium) | 475,000 | 582,988 |
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 (Belgium) | 1,270,000 | 1,512,906 |
2,095,894 | ||
Biotechnology 0.2% | ||
Biogen, Inc. | ||
3.625%, due 9/15/22 | 1,240,000 | 1,288,281 |
Building Materials 0.6% | ||
Builders FirstSource, Inc. | ||
5.00%, due 3/1/30 (a) | 820,000 | 862,189 |
6.75%, due 6/1/27 (a) | 438,000 | 469,208 |
Carrier Global Corp. | ||
2.722%, due 2/15/30 | 940,000 | 974,513 |
Cemex SAB de CV | ||
3.125%, due 3/19/26 (Mexico) (a) | EUR 1,515,000 | 1,846,136 |
4,152,046 | ||
Chemicals 0.6% | ||
Air Liquide Finance SA | ||
1.75%, due 9/27/21 (France) (a) | $ 610,000 | 611,494 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | 745,000 | 785,007 |
Principal Amount | Value | |
Chemicals (continued) | ||
Huntsman International LLC | ||
4.50%, due 5/1/29 | $ 731,000 | $ 831,108 |
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (a) | 990,000 | 987,187 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (Mexico) (a) | 625,000 | 685,156 |
3,899,952 | ||
Commercial Services 0.6% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 650,000 | 689,149 |
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 380,000 | 399,475 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 605,000 | 674,271 |
Cintas Corp. No. 2 | ||
3.70%, due 4/1/27 | 1,065,000 | 1,193,297 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (France) (a) | 1,010,000 | 1,030,490 |
3,986,682 | ||
Computers 0.6% | ||
Apple, Inc. | ||
2.75%, due 1/13/25 | 715,000 | 764,373 |
Dell International LLC | ||
4.90%, due 10/1/26 | 680,000 | 784,777 |
5.30%, due 10/1/29 | 318,000 | 383,709 |
8.10%, due 7/15/36 | 975,000 | 1,486,023 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 991,000 | 1,024,763 |
4,443,645 | ||
Distribution & Wholesale 0.2% | ||
Performance Food Group, Inc. | ||
5.50%, due 10/15/27 (a) | 1,113,000 | 1,169,707 |
Diversified Financial Services 1.9% | ||
AerCap Ireland Capital DAC (Ireland) | ||
3.30%, due 1/23/23 | 730,000 | 757,122 |
4.45%, due 12/16/21 | 285,000 | 289,327 |
4.625%, due 7/1/22 | 415,000 | 431,533 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,215,000 | 1,256,045 |
2.75%, due 1/15/23 | 500,000 | 515,862 |
3.50%, due 1/15/22 | 340,000 | 345,622 |
4.25%, due 9/15/24 | 420,000 | 457,829 |
14 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | $ 485,000 | $ 489,850 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 310,000 | 334,038 |
8.00%, due 11/1/31 | 1,560,000 | 2,241,795 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 520,000 | 520,140 |
Avolon Holdings Funding Ltd. (Ireland) | ||
2.125%, due 2/21/26 (a) | 645,000 | 642,329 |
2.875%, due 2/15/25 (a) | 1,040,000 | 1,070,786 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (Brazil) (a) | 1,130,000 | 1,101,185 |
Capital One Financial Corp. | ||
4.20%, due 10/29/25 | 165,000 | 184,253 |
Home Point Capital, Inc. | ||
5.00%, due 2/1/26 (a) | 465,000 | 433,613 |
Intercontinental Exchange, Inc. | ||
3.00%, due 9/15/60 | 845,000 | 814,684 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 375,000 | 377,813 |
PennyMac Financial Services, Inc. | ||
4.25%, due 2/15/29 (a) | 545,000 | 525,058 |
5.375%, due 10/15/25 (a) | 150,000 | 157,875 |
12,946,759 | ||
Electric 1.0% | ||
Connecticut Light and Power Co. (The) | ||
4.00%, due 4/1/48 | 450,000 | 544,383 |
Duke Energy Ohio, Inc. | ||
4.30%, due 2/1/49 | 565,000 | 697,835 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 865,000 | 938,198 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 790,000 | 925,623 |
Evergy, Inc. | ||
5.292%, due 6/15/22 (f) | 500,000 | 516,557 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 700,000 | 710,564 |
Public Service Electric and Gas Co. | ||
3.00%, due 5/15/27 | 800,000 | 864,563 |
Puget Energy, Inc. | ||
5.625%, due 7/15/22 | 350,000 | 364,022 |
Southern California Edison Co. | ||
Series E | ||
3.70%, due 8/1/25 | 330,000 | 359,435 |
Principal Amount | Value | |
Electric (continued) | ||
Southern California Edison Co. (continued) | ||
4.00%, due 4/1/47 | $ 520,000 | $ 546,989 |
WEC Energy Group, Inc. | ||
2.268% (3 Month LIBOR + 2.112%), due 5/15/67 (b) | 480,000 | 440,741 |
6,908,910 | ||
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
4.75%, due 5/15/23 | 316,000 | 338,067 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 120,000 | 119,764 |
Waste Management, Inc. | ||
2.40%, due 5/15/23 | 810,000 | 837,724 |
1,295,555 | ||
Food 1.4% | ||
JBS USA Food Co. | ||
7.00%, due 1/15/26 (a) | 230,000 | 243,800 |
Kraft Heinz Foods Co. | ||
4.25%, due 3/1/31 | 1,267,000 | 1,439,298 |
5.00%, due 7/15/35 | 501,000 | 614,537 |
Mondelez International Holdings Netherlands BV | ||
2.00%, due 10/28/21 (a) | 1,110,000 | 1,114,686 |
Nestle Holdings, Inc. | ||
1.00%, due 9/15/27 (a) | 1,750,000 | 1,707,343 |
3.10%, due 9/24/21 (a) | 1,615,000 | 1,621,876 |
Smithfield Foods, Inc. | ||
3.35%, due 2/1/22 (a) | 565,000 | 572,942 |
4.25%, due 2/1/27 (a) | 500,000 | 546,549 |
Sysco Corp. | ||
3.30%, due 2/15/50 | 465,000 | 467,362 |
5.95%, due 4/1/30 | 352,000 | 451,461 |
Tyson Foods, Inc. | ||
3.95%, due 8/15/24 | 965,000 | 1,051,713 |
9,831,567 | ||
Gas 0.1% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 355,000 | 357,060 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 325,000 | 405,548 |
762,608 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Products 0.1% | ||
Abbott Laboratories | ||
3.40%, due 11/30/23 | $ 535,000 | $ 570,953 |
Healthcare-Services 0.3% | ||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20%, due 6/1/30 (a) | 1,685,000 | 1,690,114 |
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | 605,000 | 640,836 |
2,330,950 | ||
Insurance 1.5% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,030,000 | 1,055,712 |
Equitable Holdings, Inc. | ||
5.00%, due 4/20/48 | 830,000 | 1,059,439 |
Liberty Mutual Group, Inc. | ||
4.25%, due 6/15/23 (a) | 295,000 | 315,080 |
MassMutual Global Funding II | ||
2.50%, due 10/17/22 (a) | 1,270,000 | 1,305,804 |
2.95%, due 1/11/25 (a) | 365,000 | 390,755 |
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 425,000 | 465,220 |
Principal Life Global Funding II | ||
2.375%, due 11/21/21 (a) | 1,470,000 | 1,482,244 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 725,000 | 1,164,122 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 950,000 | 990,700 |
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | 310,000 | 343,190 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 1,395,000 | 1,464,771 |
3.875%, due 9/15/49 | 185,000 | 207,820 |
10,244,857 | ||
Internet 0.4% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | 875,000 | 864,797 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 1,305,000 | 1,363,134 |
3.60%, due 12/15/23 | 480,000 | 510,127 |
3.80%, due 2/15/28 | 157,000 | 170,752 |
5.00%, due 2/15/26 | 22,000 | 25,097 |
6.25%, due 5/1/25 (a) | 88,000 | 102,366 |
3,036,273 |
Principal Amount | Value | |
Iron & Steel 0.2% | ||
Vale Overseas Ltd. (Brazil) | ||
6.25%, due 8/10/26 | $ 1,070,000 | $ 1,287,210 |
6.875%, due 11/21/36 | 305,000 | 418,067 |
1,705,277 | ||
Lodging 0.6% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 695,000 | 741,912 |
5.75%, due 5/1/28 (a) | 315,000 | 340,852 |
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 555,000 | 582,489 |
Marriott International, Inc. | ||
2.30%, due 1/15/22 | 890,000 | 896,333 |
3.60%, due 4/15/24 | 920,000 | 981,072 |
Sands China Ltd. (Macao) | ||
4.60%, due 8/8/23 | 355,000 | 377,045 |
5.125%, due 8/8/25 | 460,000 | 513,972 |
4,433,675 | ||
Machinery-Diversified 0.1% | ||
CNH Industrial Capital LLC | ||
4.20%, due 1/15/24 | 545,000 | 589,735 |
Media 0.5% | ||
Comcast Corp. | ||
3.25%, due 11/1/39 | 675,000 | 717,955 |
4.70%, due 10/15/48 | 555,000 | 715,497 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 480,000 | 606,973 |
Sirius XM Radio, Inc. | ||
4.125%, due 7/1/30 (a) | 955,000 | 963,481 |
Sky Ltd. | ||
3.75%, due 9/16/24 (United Kingdom) (a) | 340,000 | 371,608 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 355,000 | 401,148 |
3,776,662 | ||
Metal Fabricate & Hardware 0.2% | ||
Precision Castparts Corp. | ||
3.25%, due 6/15/25 | 1,455,000 | 1,578,721 |
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 1,205,000 | 1,218,700 |
16 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Miscellaneous—Manufacturing 0.3% | ||
Siemens Financieringsmaatschappij NV | ||
2.70%, due 3/16/22 (Germany) (a)(g) | $ 760,000 | $ 773,621 |
Textron Financial Corp. | ||
1.891% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 1,295,000 | 1,100,750 |
1,874,371 | ||
Oil & Gas 0.8% | ||
BP Capital Markets plc | ||
4.875% (5 Year Treasury Constant Maturity Rate + 4.398%), due 3/22/30 (United Kingdom) (b)(e) | 205,000 | 225,090 |
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a) | 640,000 | 891,142 |
Marathon Petroleum Corp. | ||
4.50%, due 5/1/23 | 620,000 | 661,201 |
4.70%, due 5/1/25 | 675,000 | 761,252 |
5.125%, due 12/15/26 | 450,000 | 529,123 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 (Brazil) | 555,000 | 555,194 |
Valero Energy Corp. | ||
3.65%, due 3/15/25 | 1,000,000 | 1,090,084 |
6.625%, due 6/15/37 | 415,000 | 568,917 |
5,282,003 | ||
Packaging & Containers 0.2% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 84,000 | 88,885 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 1,135,000 | 1,234,313 |
1,323,198 | ||
Pharmaceuticals 0.9% | ||
AbbVie, Inc. | ||
3.45%, due 3/15/22 | 1,005,000 | 1,021,947 |
4.05%, due 11/21/39 | 1,125,000 | 1,306,604 |
Becton Dickinson and Co. | ||
4.669%, due 6/6/47 | 635,000 | 791,085 |
CVS Health Corp. | ||
2.70%, due 8/21/40 | 1,255,000 | 1,216,493 |
4.78%, due 3/25/38 | 400,000 | 492,098 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 (Israel) | 1,285,000 | 1,222,356 |
6,050,583 |
Principal Amount | Value | |
Pipelines 0.8% | ||
Enterprise Products Operating LLC | ||
3.125%, due 7/31/29 | $ 630,000 | $ 679,731 |
3.95%, due 1/31/60 | 595,000 | 663,238 |
4.20%, due 1/31/50 | 160,000 | 184,545 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 865,000 | 875,617 |
MPLX LP | ||
2.65%, due 8/15/30 | 730,000 | 736,784 |
Spectra Energy Partners LP | ||
4.75%, due 3/15/24 | 795,000 | 872,531 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 840,000 | 1,023,506 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (f) | 350,000 | 405,242 |
5,441,194 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 560,000 | 585,418 |
Real Estate Investment Trusts 1.0% | ||
Alexandria Real Estate Equities, Inc. | ||
3.375%, due 8/15/31 | 825,000 | 906,745 |
American Tower Corp. | ||
3.375%, due 10/15/26 | 705,000 | 767,984 |
3.60%, due 1/15/28 | 375,000 | 412,459 |
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | 1,295,000 | 1,449,482 |
Equinix, Inc. | ||
1.25%, due 7/15/25 | 710,000 | 711,703 |
2.625%, due 11/18/24 | 740,000 | 778,614 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 505,000 | 534,955 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 720,000 | 762,178 |
Kilroy Realty LP | ||
3.45%, due 12/15/24 | 720,000 | 767,953 |
7,092,073 | ||
Retail 1.4% | ||
7-Eleven, Inc. | ||
2.50%, due 2/10/41 (a) | 130,000 | 121,035 |
2.80%, due 2/10/51 (a) | 430,000 | 401,138 |
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,040,000 | 1,230,012 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(g) | 645,000 | 693,652 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Macy's, Inc. | ||
8.375%, due 6/15/25 (a) | $ 1,370,000 | $ 1,508,644 |
McDonald's Corp. | ||
3.35%, due 4/1/23 | 1,085,000 | 1,138,276 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 (g) | 640,000 | 664,090 |
4.25%, due 8/1/31 (a) | 530,000 | 551,994 |
O'Reilly Automotive, Inc. | ||
3.55%, due 3/15/26 | 1,000,000 | 1,102,236 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 940,000 | 958,800 |
Starbucks Corp. | ||
3.35%, due 3/12/50 | 375,000 | 392,263 |
4.45%, due 8/15/49 | 475,000 | 589,173 |
9,351,313 | ||
Semiconductors 0.1% | ||
Broadcom, Inc. | ||
3.50%, due 2/15/41 (a) | 325,000 | 332,484 |
NXP BV | ||
3.40%, due 5/1/30 (China) (a) | 555,000 | 606,009 |
938,493 | ||
Software 0.3% | ||
Fiserv, Inc. | ||
3.20%, due 7/1/26 | 205,000 | 221,847 |
Oracle Corp. | ||
3.65%, due 3/25/41 | 245,000 | 259,787 |
salesforce.com, Inc. | ||
3.25%, due 4/11/23 | 510,000 | 535,037 |
3.70%, due 4/11/28 | 690,000 | 786,025 |
1,802,696 | ||
Telecommunications 1.7% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 865,000 | 869,239 |
AT&T, Inc. | ||
3.50%, due 9/15/53 (a) | 795,000 | 798,713 |
4.35%, due 3/1/29 | 320,000 | 370,514 |
CommScope Technologies LLC | ||
6.00%, due 6/15/25 (a) | 411,000 | 419,734 |
CommScope, Inc. | ||
7.125%, due 7/1/28 (a) | 1,080,000 | 1,170,450 |
Level 3 Financing, Inc. | ||
3.40%, due 3/1/27 (a) | 1,050,000 | 1,113,157 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 1,448,437 | 1,553,971 |
Principal Amount | Value | |
Telecommunications (continued) | ||
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | $ 885,000 | $ 873,937 |
VEON Holdings BV | ||
4.95%, due 6/16/24 (Netherlands) (a) | 1,045,000 | 1,125,987 |
Verizon Communications, Inc. | ||
1.256% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 985,000 | 1,015,860 |
3.40%, due 3/22/41 | 330,000 | 349,088 |
3.55%, due 3/22/51 | 365,000 | 389,954 |
Vodafone Group plc | ||
4.25%, due 9/17/50 (United Kingdom) | 1,180,000 | 1,378,247 |
11,428,851 | ||
Toys, Games & Hobbies 0.1% | ||
Hasbro, Inc. | ||
2.60%, due 11/19/22 | 500,000 | 514,412 |
Total Corporate Bonds (Cost $186,740,620) | 197,975,594 | |
Foreign Government Bonds 1.0% | ||
Brazil 0.4% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 965,000 | 951,972 |
Federative Republic of Brazil | ||
4.625%, due 1/13/28 | 1,526,000 | 1,648,431 |
2,600,403 | ||
Chile 0.2% | ||
Corp. Nacional del Cobre de Chile | ||
3.00%, due 9/30/29 (a) | 1,170,000 | 1,215,220 |
Colombia 0.1% | ||
Colombia Government International Bond | ||
3.25%, due 4/22/32 | 725,000 | 710,109 |
Mexico 0.3% | ||
Mexico Government Bond | ||
2.659%, due 5/24/31 | 1,612,000 | 1,574,747 |
3.75%, due 4/19/71 | 800,000 | 731,520 |
2,306,267 | ||
Total Foreign Government Bonds (Cost $6,914,656) | 6,831,999 |
18 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Loan Assignments 0.6% | ||
Containers, Packaging & Glass 0.2% | ||
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | $ 1,257,084 | $ 1,226,106 |
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 (b) | 577,100 | 579,985 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 (b) | 250,000 | 255,000 |
834,985 | ||
Finance 0.2% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 1,252,405 | 1,238,743 |
Personal & Nondurable Consumer Products 0.0% ‡ | ||
Prestige Brands, Inc. | ||
Term Loan B4 | ||
4.25% (3 Month LIBOR + 1.00%), due 1/26/24 (b) | 354,056 | 353,992 |
Telecommunications 0.1% | ||
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 718,508 | 707,731 |
Total Loan Assignments (Cost $4,365,310) | 4,361,557 | |
Mortgage-Backed Securities 8.0% | ||
Agency (Collateralized Mortgage Obligations) 2.8% | ||
FHLMC | ||
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | 875,000 | 885,040 |
REMIC, Series 4993, Class D | ||
2.00%, due 9/25/47 | 925,000 | 964,979 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5049, Class UI | ||
3.00%, due 12/25/50 (h) | $ 2,263,414 | $ 401,398 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 283,383 | 295,264 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 485,721 | 514,104 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 681,465 | 718,201 |
REMIC, Series 4958, Class DL | ||
4.00%, due 1/25/50 | 1,280,635 | 1,382,243 |
FNMA | ||
REMIC, Series 2021-33, Class AI | ||
2.50%, due 5/25/47 (h) | 2,775,591 | 361,969 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 1,817,473 | 255,844 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 746,000 | 768,215 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 539,944 | 572,392 |
REMIC, Series 2019-13, Class CA | ||
3.50%, due 4/25/49 | 869,620 | 948,360 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,102,070 | 1,190,556 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 953,959 | 1,031,540 |
GNMA | ||
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 892,724 | 874,020 |
REMIC, Series 2021-87, Class EG | ||
1.00%, due 5/20/51 | 890,247 | 882,488 |
REMIC, Series 2021-87, Class EK | ||
1.00%, due 5/20/51 | 2,581,716 | 2,559,216 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 889,194 | 880,798 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 940,000 | 915,187 |
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 (h) | 2,325,028 | 255,162 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 2,861,427 | 339,356 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 2,884,691 | 408,263 |
REMIC, Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 1,778,942 | 1,874,364 |
19,278,959 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.4% | ||
Arbor Multifamily Mortgage Securities Trust | ||
Series 2021-MF2, Class AS | ||
2.70%, due 6/15/54 (a)(i) | $ 750,000 | $ 774,752 |
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
0.437% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(b) | 34,200 | 32,879 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 935,000 | 949,314 |
BX Commercial Mortgage Trust | ||
Series 2020-VIV2, Class C | ||
3.66%, due 3/9/44 (a)(j) | 785,000 | 830,463 |
Series 2020-VIV3, Class B | ||
3.662%, due 3/9/44 (a)(j) | 675,059 | 733,066 |
BX Trust | ||
Series 2021-LBA, Class AV | ||
0.873% (1 Month LIBOR + 0.80%), due 2/15/36 (a)(b) | 820,000 | 821,310 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 (a) | 580,000 | 624,813 |
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 (a) | 170,000 | 186,078 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 (a) | 205,000 | 222,787 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 845,000 | 922,210 |
Extended Stay America Trust | ||
Series 2021-ESH, Class C | ||
(zero coupon) (1 Month LIBOR + 1.70%), due 7/15/38 (a)(b) | 975,000 | 978,959 |
FREMF Mortgage Trust | ||
REMIC, Series 2015-K720, Class B | ||
3.511%, due 7/25/22 (a)(j) | 460,000 | 472,001 |
REMIC, Series 2014-K41, Class B | ||
3.964%, due 11/25/47 (a)(j) | 330,000 | 358,781 |
GB Trust | ||
Series 2020-FLIX, Class C | ||
1.673% (1 Month LIBOR + 1.60%), due 8/15/37 (a)(b) | 500,000 | 501,401 |
Series 2020-FLIX, Class D | ||
2.423% (1 Month LIBOR + 2.35%), due 8/15/37 (a)(b) | 765,000 | 766,682 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | $ 665,000 | $ 723,893 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,120,000 | 1,145,522 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 471,777 | 508,550 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 780,000 | 856,449 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,315,000 | 1,361,631 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-1745, Class A | ||
3.874%, due 6/15/36 (a)(j) | 940,000 | 1,045,744 |
Series 2018-AUS, Class A | ||
4.194%, due 8/17/36 (a)(j) | 1,200,000 | 1,356,804 |
16,174,089 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.8% | ||
Chase Home Lending Mortgage Trust | ||
Series 2019-ATR2, Class A3 | ||
3.50%, due 7/25/49 (a)(i) | 72,198 | 74,262 |
FHLMC STACR REMIC Trust | ||
Series 2020-DNA6, Class M2 | ||
2.018% (SOFR 30A + 2.00%), due 12/25/50 (a)(b) | 1,220,000 | 1,232,981 |
FHLMC STACR Trust | ||
Series 2018-DNA2, Class M2 | ||
2.242% (1 Month LIBOR + 2.15%), due 12/25/30 (a)(b) | 920,000 | 930,263 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2017-DNA1, Class M2 | ||
3.341% (1 Month LIBOR + 3.25%), due 7/25/29 (b) | 1,440,977 | 1,492,808 |
Series 2017-HQA1, Class M2 | ||
3.642% (1 Month LIBOR + 3.55%), due 8/25/29 (b) | 1,388,514 | 1,436,461 |
Series 2015-DNA3, Class M3 | ||
4.791% (1 Month LIBOR + 4.70%), due 4/25/28 (b) | 1,174,647 | 1,215,536 |
20 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC Structured Agency Credit Risk Debt Notes (continued) | ||
Series 2016-DNA1, Class M3 | ||
5.641% (1 Month LIBOR + 5.55%), due 7/25/28 (b) | $ 634,250 | $ 664,472 |
Flagstar Mortgage Trust | ||
Series 2021-2, Class A2 | ||
2.50%, due 4/25/51 (a)(i) | 800,940 | 812,464 |
FNMA | ||
Series 2017-C01, Class 1M2 | ||
3.642% (1 Month LIBOR + 3.55%), due 7/25/29 (b) | 1,061,635 | 1,102,153 |
Series 2017-C02, Class 2M2 | ||
3.742% (1 Month LIBOR + 3.65%), due 9/25/29 (b) | 479,283 | 496,687 |
GS Mortgage-Backed Securities Corp. Trust | ||
Series 2021-PJ5, Class A8 | ||
2.50%, due 10/25/51 (a)(i) | 571,447 | 584,483 |
J.P. Morgan Mortgage Trust | ||
Series 2021-6, Class A4 | ||
2.50%, due 10/25/51 (a)(i) | 818,908 | 838,572 |
Series 2021-7, Class A3 | ||
2.50%, due 11/25/51 (a)(i) | 368,442 | 374,769 |
Series 2021-7, Class A4 | ||
2.50%, due 11/25/51 (a)(i) | 899,920 | 921,574 |
Series 2019-3, Class A3 | ||
4.00%, due 9/25/49 (a)(i) | 75,617 | 76,906 |
Mello Mortgage Capital Acceptance | ||
Series 2021-MTG2, Class A1 | ||
2.50%, due 6/25/51 (a)(i) | 1,005,604 | 1,020,177 |
New Residential Mortgage Loan Trust | ||
Series 2019-5A, Class B7 | ||
4.459%, due 8/25/59 (a)(j) | 1,343,243 | 1,097,229 |
Series 2019-2A, Class B6 | ||
4.963%, due 12/25/57 (a)(i) | 475,895 | 348,019 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
0.842% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | 1,075,000 | 1,076,609 |
OBX Trust | ||
Series 2021-J1, Class A1 | ||
2.50%, due 5/25/51 (a)(i) | 394,990 | 400,283 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 509,567 | 543,161 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Sequoia Mortgage Trust | ||
Series 2021-4, Class A1 | ||
2.50%, due 6/25/51 (a)(i) | $ 2,562,970 | $ 2,597,309 |
19,337,178 | ||
Total Mortgage-Backed Securities (Cost $53,981,543) | 54,790,226 | |
Municipal Bond 0.2% | ||
California 0.2% | ||
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 1,115,000 | 1,149,682 |
Total Municipal Bond (Cost $1,115,000) | 1,149,682 | |
U.S. Government & Federal Agencies 7.6% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.6% | ||
FHLMC Gold Pools, 30 Year | ||
3.50%, due 1/1/48 | 878,072 | 937,943 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,080,518 | 1,091,709 |
2.00%, due 8/1/50 | 858,464 | 867,355 |
2.00%, due 11/1/50 | 272,650 | 275,473 |
3.50%, due 7/1/50 | 672,387 | 708,299 |
3,880,779 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.1% | ||
FNMA, Other | ||
3.50%, due 2/1/42 | 1,040,570 | 1,120,998 |
6.00%, due 4/1/37 | 6,907 | 7,758 |
UMBS, 20 Year | ||
2.50%, due 5/1/41 | 496,075 | 516,258 |
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 171,626 | 174,202 |
2.00%, due 12/1/50 | 265,287 | 268,035 |
2.50%, due 8/1/50 | 87,256 | 90,493 |
2.50%, due 10/1/50 | 687,351 | 711,802 |
2.50%, due 11/1/50 | 508,927 | 533,855 |
2.50%, due 1/1/51 | 301,135 | 313,985 |
2.50%, due 1/1/51 | 501,870 | 519,949 |
3.00%, due 3/1/50 | 962,764 | 1,017,536 |
3.00%, due 6/1/51 | 425,000 | 444,435 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 8/1/48 | $ 1,295,124 | $ 1,381,760 |
4.00%, due 2/1/49 | 213,808 | 229,703 |
7,330,769 | ||
United States Treasury Bonds 1.2% | ||
U.S. Treasury Bonds | ||
1.875%, due 2/15/51 | 65,000 | 62,034 |
2.25%, due 5/15/41 | 385,000 | 400,581 |
2.375%, due 5/15/51 | 2,490,000 | 2,658,464 |
4.375%, due 11/15/39 | 2,382,000 | 3,313,678 |
4.375%, due 5/15/40 | 1,605,000 | 2,242,925 |
8,677,682 | ||
United States Treasury Inflation - Indexed Notes 1.1% | ||
U.S. Treasury Inflation Linked Notes | ||
0.125%, due 1/15/30 (k) | 2,550,000 | 2,905,268 |
0.125%, due 7/15/30 (k) | 2,530,000 | 2,906,843 |
0.875%, due 1/15/29 (k) | 1,435,000 | 1,755,985 |
7,568,096 | ||
United States Treasury Notes 3.6% | ||
U.S. Treasury Notes | ||
0.125%, due 4/30/23 | 10,442,000 | 10,422,421 |
0.375%, due 4/15/24 | 4,040,000 | 4,035,266 |
0.75%, due 4/30/26 | 7,510,000 | 7,471,863 |
1.25%, due 4/30/28 | 1,004,000 | 1,007,138 |
1.625%, due 5/15/31 | 1,865,000 | 1,893,558 |
24,830,246 | ||
Total U.S. Government & Federal Agencies (Cost $51,467,530) | 52,287,572 | |
Total Long-Term Bonds (Cost $331,944,014) | 345,558,915 | |
Shares | ||
Common Stocks 44.4% | ||
Aerospace & Defense 1.1% | ||
BAE Systems plc (United Kingdom) | 384,563 | 2,776,863 |
Lockheed Martin Corp. | 6,687 | 2,530,026 |
Raytheon Technologies Corp. | 30,210 | 2,577,215 |
7,884,104 |
Shares | Value | |
Air Freight & Logistics 1.0% | ||
Deutsche Post AG (Registered) (Germany) | 53,245 | $ 3,621,438 |
United Parcel Service, Inc., Class B | 15,399 | 3,202,530 |
6,823,968 | ||
Automobiles 0.3% | ||
Toyota Motor Corp. (Japan) | 20,800 | 1,817,976 |
Banks 1.9% | ||
JPMorgan Chase & Co. | 25,646 | 3,988,979 |
PNC Financial Services Group, Inc. (The) | 11,889 | 2,267,946 |
Royal Bank of Canada (Canada) | 35,978 | 3,645,109 |
Truist Financial Corp. | 51,205 | 2,841,877 |
12,743,911 | ||
Beverages 0.8% | ||
Coca-Cola Co. (The) | 42,410 | 2,294,805 |
Coca-Cola Europacific Partners plc (United Kingdom) | 28,257 | 1,676,205 |
PepsiCo, Inc. | 12,520 | 1,855,089 |
5,826,099 | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 42,086 | 4,740,567 |
Amgen, Inc. | 9,006 | 2,195,212 |
6,935,779 | ||
Capital Markets 1.6% | ||
BlackRock, Inc. | 5,412 | 4,735,337 |
Lazard Ltd., Class A | 61,156 | 2,767,309 |
Singapore Exchange Ltd. (Singapore) | 188,900 | 1,570,538 |
T. Rowe Price Group, Inc. | 9,338 | 1,848,644 |
10,921,828 | ||
Chemicals 2.2% | ||
BASF SE (Germany) | 33,766 | 2,660,127 |
Dow, Inc. | 41,273 | 2,611,755 |
Linde plc (United Kingdom) | 9,417 | 2,722,455 |
LyondellBasell Industries NV, Class A | 23,995 | 2,468,366 |
Nutrien Ltd. (Canada) | 77,944 | 4,724,186 |
15,186,889 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (l) | 6 | 25 |
Communications Equipment 0.7% | ||
Cisco Systems, Inc. | 88,061 | 4,667,233 |
22 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Diversified Telecommunication Services 2.5% | ||
AT&T, Inc. | 60,118 | $ 1,730,196 |
BCE, Inc. (Canada) | 31,779 | 1,567,159 |
Deutsche Telekom AG (Registered) (Germany) | 234,915 | 4,961,541 |
Orange SA (France) | 165,794 | 1,890,215 |
Telenor ASA (Norway) | 136,118 | 2,293,888 |
TELUS Corp. (Canada) | 98,284 | 2,204,175 |
Verizon Communications, Inc. | 48,084 | 2,694,147 |
17,341,321 | ||
Electric Utilities 2.0% | ||
American Electric Power Co., Inc. | 21,133 | 1,787,641 |
Duke Energy Corp. | 15,195 | 1,500,050 |
Entergy Corp. | 19,789 | 1,972,963 |
Evergy, Inc. | 34,022 | 2,055,949 |
Fortis, Inc. (Canada) | 33,877 | 1,499,541 |
NextEra Energy, Inc. | 41,236 | 3,021,774 |
Terna Rete Elettrica Nazionale SpA (Italy) | 250,061 | 1,863,268 |
13,701,186 | ||
Electrical Equipment 1.3% | ||
Eaton Corp. plc | 21,572 | 3,196,539 |
Emerson Electric Co. | 58,145 | 5,595,875 |
8,792,414 | ||
Equity Real Estate Investment Trusts 1.3% | ||
American Tower Corp. | 6,435 | 1,738,351 |
Iron Mountain, Inc. | 92,154 | 3,899,957 |
Welltower, Inc. | 21,092 | 1,752,745 |
WP Carey, Inc. | 23,078 | 1,722,081 |
9,113,134 | ||
Food Products 0.7% | ||
Danone SA (France) | 21,721 | 1,529,114 |
Nestle SA (Registered) (Switzerland) | 16,159 | 2,012,256 |
Orkla ASA (Norway) | 143,076 | 1,457,323 |
4,998,693 | ||
Gas Utilities 0.4% | ||
Snam SpA (Italy) | 462,060 | 2,670,952 |
Health Care Equipment & Supplies 0.8% | ||
Medtronic plc | 44,880 | 5,570,954 |
Hotels, Restaurants & Leisure 1.7% | ||
Las Vegas Sands Corp. (l) | 61,520 | 3,241,489 |
McDonald's Corp. | 8,369 | 1,933,155 |
Shares | Value | |
Hotels, Restaurants & Leisure (continued) | ||
Restaurant Brands International, Inc. (Canada) | 66,680 | $ 4,296,859 |
Vail Resorts, Inc. | 7,630 | 2,415,048 |
11,886,551 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 43,351 | 2,246,015 |
Household Products 0.5% | ||
Kimberly-Clark Corp. | 15,577 | 2,083,891 |
Procter & Gamble Co. (The) | 12,141 | 1,638,185 |
3,722,076 | ||
Industrial Conglomerates 0.3% | ||
Siemens AG (Registered) (Germany) | 14,698 | 2,328,750 |
Insurance 2.8% | ||
Allianz SE (Registered) (Germany) | 16,153 | 4,027,964 |
Assicurazioni Generali SpA (Italy) | 100,322 | 2,010,965 |
AXA SA (France) | 96,041 | 2,435,337 |
Great-West Lifeco, Inc. (Canada) | 50,913 | 1,512,275 |
MetLife, Inc. | 74,875 | 4,481,269 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 12,836 | 3,515,125 |
Tokio Marine Holdings, Inc. (Japan) | 33,000 | 1,517,296 |
19,500,231 | ||
IT Services 0.5% | ||
International Business Machines Corp. | 23,652 | 3,467,147 |
Leisure Products 0.4% | ||
Hasbro, Inc. | 30,154 | 2,850,156 |
Media 0.3% | ||
Omnicom Group, Inc. | 22,103 | 1,768,019 |
Multiline Retail 0.4% | ||
Target Corp. | 10,555 | 2,551,566 |
Multi-Utilities 1.0% | ||
Ameren Corp. | 18,666 | 1,494,027 |
Dominion Energy, Inc. | 27,659 | 2,034,872 |
National Grid plc (United Kingdom) | 123,447 | 1,572,397 |
WEC Energy Group, Inc. | 16,907 | 1,503,878 |
6,605,174 |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels 2.1% | ||
Chevron Corp. | 25,569 | $ 2,678,097 |
Enterprise Products Partners LP | 144,273 | 3,481,307 |
Magellan Midstream Partners LP | 53,152 | 2,599,664 |
Phillips 66 | 20,008 | 1,717,087 |
TotalEnergies SE (France) (g) | 83,800 | 3,791,304 |
14,267,459 | ||
Personal Products 0.5% | ||
Unilever plc (United Kingdom) | 56,395 | 3,300,264 |
Pharmaceuticals 3.8% | ||
AstraZeneca plc Sponsored ADR (United Kingdom) (g) | 83,767 | 5,017,643 |
Bayer AG (Registered) (Germany) | 23,015 | 1,397,523 |
GlaxoSmithKline plc (United Kingdom) | 80,079 | 1,572,316 |
Johnson & Johnson | 14,253 | 2,348,039 |
Merck & Co., Inc. | 39,035 | 3,035,752 |
Novartis AG (Registered) (Switzerland) | 24,099 | 2,196,193 |
Pfizer, Inc. | 60,546 | 2,370,981 |
Roche Holding AG (Switzerland) | 4,126 | 1,554,301 |
Sanofi (France) | 29,281 | 3,067,855 |
Takeda Pharmaceutical Co. Ltd. (Japan) | 96,100 | 3,217,030 |
25,777,633 | ||
Semiconductors & Semiconductor Equipment 4.0% | ||
Analog Devices, Inc. | 35,256 | 6,069,673 |
Broadcom, Inc. | 12,719 | 6,064,928 |
Intel Corp. | 77,933 | 4,375,159 |
KLA Corp. | 11,616 | 3,766,023 |
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR (Taiwan) | 31,311 | 3,762,330 |
Texas Instruments, Inc. | 19,073 | 3,667,738 |
27,705,851 | ||
Software 1.0% | ||
Microsoft Corp. | 26,033 | 7,052,340 |
Specialty Retail 0.7% | ||
Home Depot, Inc. (The) | 10,056 | 3,206,758 |
Industria de Diseno Textil SA (Spain) | 42,297 | 1,490,065 |
4,696,823 | ||
Technology Hardware, Storage & Peripherals 1.5% | ||
Apple, Inc. | 47,806 | 6,547,510 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals (continued) | |||
Samsung Electronics Co. Ltd. (Registered) GDR (Republic of Korea) (a) | 2,263 | $ 4,036,060 | |
10,583,570 | |||
Textiles, Apparel & Luxury Goods 0.3% | |||
Hanesbrands, Inc. | 101,798 | 1,900,569 | |
Tobacco 1.8% | |||
Altria Group, Inc. | 64,489 | 3,074,835 | |
British American Tobacco plc (United Kingdom) | 80,812 | 3,130,043 | |
British American Tobacco plc Sponsored ADR (United Kingdom) | 26,429 | 1,038,924 | |
Philip Morris International, Inc. | 48,198 | 4,776,904 | |
12,020,706 | |||
Trading Companies & Distributors 0.7% | |||
MSC Industrial Direct Co., Inc., Class A | 30,588 | 2,744,661 | |
Watsco, Inc. | 5,974 | 1,712,388 | |
4,457,049 | |||
Wireless Telecommunication Services 0.2% | |||
Rogers Communications, Inc., Class B (Canada) | 29,969 | 1,593,221 | |
Total Common Stocks (Cost $258,072,253) | 305,277,636 | ||
Short-Term Investments 4.1% | |||
Affiliated Investment Company 3.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (m) | 24,981,996 | 24,981,996 | |
Unaffiliated Investment Company 0.5% | |||
Wells Fargo Government Money Market Fund, 0.025% (m)(n) | 3,555,166 | 3,555,166 | |
Total Short-Term Investments (Cost $28,537,162) | 28,537,162 | ||
Total Investments (Cost $618,553,429) | 98.8% | 679,373,713 | |
Other Assets, Less Liabilities | 1.2 | 8,304,868 | |
Net Assets | 100.0% | $ 687,678,581 |
24 | MainStay VP Income Builder Portfolio |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(c) | Delayed delivery security. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(g) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $5,555,667; the total market value of collateral held by the Portfolio was $5,804,060. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,248,894. The Portfolio received cash collateral with a value of $3,555,166. (See Note 2(L)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(k) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(l) | Non-income producing security. |
(m) | Current yield as of June 30, 2021. |
(n) | Represents a security purchased with cash collateral received for securities on loan. |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 9,875,000 | USD | 7,678,000 | JPMorgan Chase Bank N.A. | 8/3/21 | $ (271,006) |
EUR | 18,712,000 | USD | 22,642,268 | JPMorgan Chase Bank N.A. | 8/2/21 | (439,844) |
EUR | 500,000 | USD | 610,757 | JPMorgan Chase Bank N.A. | 8/2/21 | (17,490) |
GBP | 13,801,000 | USD | 19,207,404 | JPMorgan Chase Bank N.A. | 8/2/21 | (114,659) |
JPY | 2,168,758,000 | USD | 19,999,797 | JPMorgan Chase Bank N.A. | 8/2/21 | (473,005) |
Total Unrealized Depreciation | $ (1,316,004) |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
E-mini S&P500-Industrial Sector Index | 195 | September 2021 | $ 20,239,064 | $ 20,085,000 | $ (154,064) |
Euro STOXX 50 Index | 472 | September 2021 | 23,059,902 | 22,697,579 | (362,323) |
FTSE 100 Index | 73 | September 2021 | 7,156,566 | 7,048,972 | (107,594) |
S&P 500 E-Mini Index | 213 | September 2021 | 45,119,732 | 45,673,590 | 553,857 |
U.S. Treasury 2 Year Notes | 166 | September 2021 | 36,634,485 | 36,573,172 | (61,313) |
U.S. Treasury 5 Year Notes | 52 | September 2021 | 6,441,066 | 6,418,344 | (22,722) |
U.S. Treasury 10 Year Notes | 124 | September 2021 | 16,362,904 | 16,430,000 | 67,096 |
U.S. Treasury Long Bonds | 60 | September 2021 | 9,414,514 | 9,645,000 | 230,486 |
U.S. Treasury Ultra Bonds | 146 | September 2021 | 27,143,065 | 28,132,375 | 989,310 |
XAF Financial Index | 119 | September 2021 | 13,686,862 | 13,426,175 | (260,687) |
Yen Denominated Nikkei 225 Index | 192 | September 2021 | 25,131,960 | 24,856,565 | (275,395) |
Total Long Contracts | 596,651 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (157) | September 2021 | (22,801,485) | (23,110,891) | (309,406) |
Net Unrealized Appreciation | $ 287,245 |
1. | As of June 30, 2021, cash in the amount of $8,934,930 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
26 | MainStay VP Income Builder Portfolio |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 28,162,285 | $ — | $ 28,162,285 | |||
Corporate Bonds | — | 197,975,594 | — | 197,975,594 | |||
Foreign Government Bonds | — | 6,831,999 | — | 6,831,999 | |||
Loan Assignments | — | 4,361,557 | — | 4,361,557 | |||
Mortgage-Backed Securities | — | 54,790,226 | — | 54,790,226 | |||
Municipal Bond | — | 1,149,682 | — | 1,149,682 | |||
U.S. Government & Federal Agencies | — | 52,287,572 | — | 52,287,572 | |||
Total Long-Term Bonds | — | 345,558,915 | — | 345,558,915 | |||
Common Stocks | 305,277,636 | — | — | 305,277,636 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 24,981,996 | — | — | 24,981,996 | |||
Unaffiliated Investment Company | 3,555,166 | — | — | 3,555,166 | |||
Total Short-Term Investments | 28,537,162 | — | — | 28,537,162 | |||
Total Investments in Securities | 333,814,798 | 345,558,915 | — | 679,373,713 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,840,749 | — | — | 1,840,749 | |||
Total Investments in Securities and Other Financial Instruments | $ 335,655,547 | $ 345,558,915 | $ — | $ 681,214,462 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (1,316,004) | $ — | $ (1,316,004) | |||
Futures Contracts (b) | (1,553,504) | — | — | (1,553,504) | |||
Total Other Financial Instruments | $ (1,553,504) | $ (1,316,004) | $ — | $ (2,869,508) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $593,571,433) including securities on loan of $5,555,667 | $654,391,717 |
Investment in affiliated investment companies, at value (identified cost $24,981,996) | 24,981,996 |
Cash denominated in foreign currencies (identified cost $3,609,597) | 3,526,923 |
Cash collateral on deposit at broker for futures contracts | 8,934,930 |
Receivables: | |
Investment securities sold | 13,978,698 |
Dividends and interest | 3,455,360 |
Variation margin on futures contracts | 128,845 |
Portfolio shares sold | 21,782 |
Securities lending | 13,208 |
Other assets | 31,315 |
Total assets | 709,464,774 |
Liabilities | |
Cash collateral received for securities on loan | 3,555,166 |
Due to custodian | 1,269,067 |
Payables: | |
Investment securities purchased | 15,063,180 |
Manager (See Note 3) | 323,683 |
NYLIFE Distributors (See Note 3) | 101,024 |
Shareholder communication | 57,420 |
Professional fees | 55,655 |
Custodian | 39,021 |
Trustees | 82 |
Accrued expenses | 5,891 |
Unrealized depreciation on foreign currency forward contracts | 1,316,004 |
Total liabilities | 21,786,193 |
Net assets | $687,678,581 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,863 |
Additional paid-in-capital | 580,236,348 |
580,274,211 | |
Total distributable earnings (loss) | 107,404,370 |
Net assets | $687,678,581 |
Initial Class | |
Net assets applicable to outstanding shares | $198,276,252 |
Shares of beneficial interest outstanding | 10,847,414 |
Net asset value per share outstanding | $ 18.28 |
Service Class | |
Net assets applicable to outstanding shares | $489,402,329 |
Shares of beneficial interest outstanding | 27,015,511 |
Net asset value per share outstanding | $ 18.12 |
28 | MainStay VP Income Builder Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $455,719) | $ 6,068,961 |
Interest (net of foreign tax withholding of $2,070) | 5,347,885 |
Securities lending | 41,178 |
Dividends-affiliated | 922 |
Total income | 11,458,946 |
Expenses | |
Manager (See Note 3) | 1,911,626 |
Distribution/Service—Service Class (See Note 3) | 596,339 |
Professional fees | 63,471 |
Custodian | 34,509 |
Shareholder communication | 32,522 |
Trustees | 6,918 |
Miscellaneous | 18,933 |
Total expenses | 2,664,318 |
Net investment income (loss) | 8,794,628 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 22,633,698 |
Futures transactions | 15,854,771 |
Foreign currency transactions | (47,392) |
Foreign currency forward transactions | (64,540) |
Net realized gain (loss) | 38,376,537 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 4,151,235 |
Futures contracts | (2,202,275) |
Foreign currency forward contracts | (2,197,655) |
Translation of other assets and liabilities in foreign currencies | (569,103) |
Net change in unrealized appreciation (depreciation) | (817,798) |
Net realized and unrealized gain (loss) | 37,558,739 |
Net increase (decrease) in net assets resulting from operations | $46,353,367 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,794,628 | $ 14,317,119 |
Net realized gain (loss) | 38,376,537 | 13,600,217 |
Net change in unrealized appreciation (depreciation) | (817,798) | 19,536,923 |
Net increase (decrease) in net assets resulting from operations | 46,353,367 | 47,454,259 |
Distributions to shareholders: | ||
Initial Class | (3,568,860) | (11,330,042) |
Service Class | (8,275,164) | (26,508,706) |
Total distributions to shareholders | (11,844,024) | (37,838,748) |
Capital share transactions: | ||
Net proceeds from sales of shares | 16,255,225 | 88,346,012 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 11,844,024 | 37,838,748 |
Cost of shares redeemed | (40,070,217) | (97,426,876) |
Increase (decrease) in net assets derived from capital share transactions | (11,970,968) | 28,757,884 |
Net increase (decrease) in net assets | 22,538,375 | 38,373,395 |
Net Assets | ||
Beginning of period | 665,140,206 | 626,766,811 |
End of period | $687,678,581 | $665,140,206 |
30 | MainStay VP Income Builder Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | $ 15.94 | $ 15.31 | |||||
Net investment income (loss) (a) | 0.25 | 0.41 | 0.49 | 0.53 | 0.49 | 0.54 | |||||
Net realized and unrealized gain (loss) on investments | 0.99 | 0.79 | 2.22 | (1.49) | 1.62 | 0.72 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | 0.08 | 0.00‡ | 0.11 | (0.14) | 0.14 | |||||
Total from investment operations | 1.24 | 1.28 | 2.71 | (0.85) | 1.97 | 1.40 | |||||
Less distributions: | |||||||||||
From net investment income | (0.33) | (0.42) | (0.68) | (0.46) | (0.54) | (0.68) | |||||
From net realized gain on investments | — | (0.63) | (0.12) | (0.75) | (0.08) | (0.09) | |||||
Total distributions | (0.33) | (1.05) | (0.80) | (1.21) | (0.62) | (0.77) | |||||
Net asset value at end of period | $ 18.28 | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | $ 15.94 | |||||
Total investment return (b) | 7.19% | 7.98% | 18.07% | (5.21)% | 12.53% | 9.30% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.80%†† | 2.50% | 3.00% | 3.18% | 2.91% | 3.47% | |||||
Net expenses (c) | 0.62%†† | 0.62% | 0.63% | 0.62% | 0.62% | 0.63% | |||||
Interest expense and fees | —% | —% | —% | 0.00%(d) | 0.01% | —% | |||||
Portfolio turnover rate | 34%(e) | 68%(e) | 59%(e) | 50%(e) | 26% | 28% | |||||
Net assets at end of period (in 000’s) | $ 198,276 | $ 192,022 | $ 193,252 | $ 178,608 | $ 207,056 | $ 202,450 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Less than 0.01%. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 34%, 67%, 52% and 39% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019 and 2018, respectively. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | $ 15.83 | $ 15.21 | |||||
Net investment income (loss) (a) | 0.22 | 0.37 | 0.45 | 0.48 | 0.44 | 0.50 | |||||
Net realized and unrealized gain (loss) on investments | 0.99 | 0.78 | 2.19 | (1.48) | 1.62 | 0.72 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.00)‡ | 0.08 | 0.00‡ | 0.11 | (0.14) | 0.14 | |||||
Total from investment operations | 1.21 | 1.23 | 2.64 | (0.89) | 1.92 | 1.36 | |||||
Less distributions: | |||||||||||
From net investment income | (0.31) | (0.37) | (0.64) | (0.42) | (0.50) | (0.65) | |||||
From net realized gain on investments | — | (0.63) | (0.12) | (0.75) | (0.08) | (0.09) | |||||
Total distributions | (0.31) | (1.00) | (0.76) | (1.17) | (0.58) | (0.74) | |||||
Net asset value at end of period | $ 18.12 | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | $ 15.83 | |||||
Total investment return (b) | 7.06% | 7.71% | 17.78% | (5.45)% | 12.25% | 9.03% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.55%†† | 2.25% | 2.74% | 2.93% | 2.65% | 3.20% | |||||
Net expenses (c) | 0.87%†† | 0.87% | 0.88% | 0.87% | 0.87% | 0.88% | |||||
Interest expense and fees | —% | —% | —% | 0.00%(d) | 0.01% | —% | |||||
Portfolio turnover rate | 34%(e) | 68%(e) | 59%(e) | 50%(e) | 26% | 28% | |||||
Net assets at end of period (in 000’s) | $ 489,402 | $ 473,118 | $ 433,515 | $ 360,874 | $ 425,340 | $ 361,357 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Less than 0.01%. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 34%, 67%, 52% and 39% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019 and 2018, respectively. |
32 | MainStay VP Income Builder Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay VP Income Builder Portfolio |
36 | MainStay VP Income Builder Portfolio |
38 | MainStay VP Income Builder Portfolio |
Asset Derivatives | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $553,857 | $1,286,892 | $1,840,749 |
Total Fair Value | $553,857 | $1,286,892 | $1,840,749 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(1,160,063) | $(393,441) | $(1,553,504) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (1,316,004) | — | — | (1,316,004) |
Total Fair Value | $(1,316,004) | $(1,160,063) | $(393,441) | $(2,869,508) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $19,452,950 | $(3,598,179) | $15,854,771 |
Forward Contracts | (64,540) | — | — | (64,540) |
Total Net Realized Gain (Loss) | $(64,540) | $19,452,950 | $(3,598,179) | $15,790,231 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(3,364,521) | $1,162,246 | $(2,202,275) |
Forward Contracts | (2,197,655) | — | — | (2,197,655) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(2,197,655) | $(3,364,521) | $1,162,246 | $(4,399,930) |
Average Notional Amount | Total |
Futures Contracts Long | $223,574,129 |
Futures Contracts Short | $ (18,052,880) |
Forward Contracts Long | $ 71,760,816 |
Forward Contracts Short (a) | $ (57,509,144) |
(a) | Positions were open two months during the reporting period. |
40 | MainStay VP Income Builder Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 25,926 | $ 119,507 | $ (120,451) | $ — | $ — | $ 24,982 | $ 1 | $ — | 24,982 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $620,503,287 | $64,473,794 | $(5,603,368) | $58,870,426 |
2020 | |
Distributions paid from: | |
Ordinary Income | $19,117,766 |
Long-Term Capital Gains | 18,720,982 |
Total | $37,838,748 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 92,002 | $ 1,640,554 |
Shares issued to shareholders in reinvestment of distributions | 199,939 | 3,568,860 |
Shares redeemed | (499,605) | (8,932,479) |
Net increase (decrease) | (207,664) | $ (3,723,065) |
Year ended December 31, 2020: | ||
Shares sold | 471,005 | $ 7,739,984 |
Shares issued to shareholders in reinvestment of distributions | 698,843 | 11,330,042 |
Shares redeemed | (1,392,697) | (22,876,387) |
Net increase (decrease) | (222,849) | $ (3,806,361) |
42 | MainStay VP Income Builder Portfolio |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 835,453 | $ 14,614,671 |
Shares issued to shareholders in reinvestment of distributions | 467,894 | 8,275,164 |
Shares redeemed | (1,766,653) | (31,137,738) |
Net increase (decrease) | (463,306) | $ (8,247,903) |
Year ended December 31, 2020: | ||
Shares sold | 4,941,562 | $ 80,606,028 |
Shares issued to shareholders in reinvestment of distributions | 1,648,141 | 26,508,706 |
Shares redeemed | (4,620,404) | (74,550,489) |
Net increase (decrease) | 1,969,299 | $ 32,564,245 |
44 | MainStay VP Income Builder Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
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New York, NY 10010
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1781626 | MSVPIB10-08/21 |
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President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 4/29/2011 | 1.64% | 8.09% | 4.49% | 4.20% | 0.68% |
Service Class Shares | 4/29/2011 | 1.52 | 7.82 | 4.23 | 3.94 | 0.93 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
Bloomberg Barclays U.S. Aggregate Bond Index1 | -1.60% | -0.33% | 3.03% | 3.39% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 0.11 | 0.25 | 1.46 | 0.90 |
Morningstar Nontraditional Bond Category Average3 | 1.81 | 7.94 | 3.53 | 2.43 |
1. | The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Portfolio has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as a secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is unmanaged and tracks the performance of a synthetic asset paying London Interbank Offered Rate to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,016.40 | $3.15 | $1,021.67 | $3.16 | 0.63% |
Service Class Shares | $1,000.00 | $1,015.20 | $4.40 | $1,020.43 | $4.41 | 0.88% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP MacKay Strategic Bond Portfolio |
1. | U.S. Treasury Inflation Linked Notes, 0.125%-0.875%, due 7/15/28–1/15/30 |
2. | FNMA, (zero coupon)-4.442%, due 4/25/29–3/25/60 |
3. | Bank of America Corp., 2.087%-8.57%, due 12/20/23–6/14/29 |
4. | FHLMC Structured Agency Credit Risk Debt Notes, 2.591%-3.992%, due 3/25/29–3/25/30 |
5. | GNMA, 1.00%-2.50%, due 7/20/50–6/20/51 |
6. | Morgan Stanley, 3.794%-5.00%, due 7/15/21–11/24/25 |
7. | JPMorgan Chase & Co., 2.956%-4.60%, due 2/1/25–5/13/31 |
8. | Marathon Petroleum Corp., 4.50%-5.125%, due 5/1/23–12/15/26 |
9. | CF Hippolyta LLC, 1.69%-1.99%, due 7/15/60–3/15/61 |
10. | Federative Republic of Brazil, 4.625%, due 1/13/28 |
1. | Effective July 20, 2021, Joseph Cantwell is no longer a portfolio manager. |
2. | See page 5 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
5. | A securitization is a financial instrument created by an issuer by combining a pool of financial assets (such as mortgages). The financial instrument is then marketed to investors, sometimes in tiers. |
8 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 90.0% | ||
Asset-Backed Securities 9.1% | ||
Automobile Asset-Backed Securities 2.3% | ||
American Credit Acceptance Receivables Trust | ||
Series 2020-2, Class C | ||
3.88%, due 4/13/26 (a) | $ 3,615,000 | $ 3,791,011 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,550,000 | 2,545,975 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 2,280,000 | 2,347,759 |
Drive Auto Receivables Trust | ||
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,075,000 | 3,093,121 |
Flagship Credit Auto Trust | ||
Series 2019-2, Class E | ||
4.52%, due 12/15/26 (a) | 1,258,000 | 1,327,098 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2019-4, Class A | ||
2.44%, due 9/15/26 | 1,770,000 | 1,862,815 |
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 2,295,000 | 2,638,458 |
GLS Auto Receivables Trust | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 (a) | 1,350,000 | 1,344,812 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class B | ||
2.12%, due 12/27/27 | 1,570,000 | 1,567,429 |
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 1,255,000 | 1,253,207 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 1,180,000 | 1,179,215 |
22,950,900 | ||
Home Equity Asset-Backed Securities 0.5% | ||
Bayview Financial Acquisition Trust | ||
Series 2006-D, Class 2A4 | ||
0.515% (1 Month LIBOR + 0.42%), due 12/28/36 (b) | 167,922 | 167,782 |
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.281% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 3,446,847 | 3,399,600 |
First NLC Trust | ||
Series 2007-1, Class A1 | ||
0.161% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 62,808 | 40,154 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
JP Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.191% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | $ 22,006 | $ 14,106 |
MASTR Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.191% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 17,070 | 7,631 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
0.201% (1 Month LIBOR + 0.11%), due 2/25/37 | 17,868 | 7,732 |
Series 2007-HE7, Class M1 | ||
2.091% (1 Month LIBOR + 2.00%), due 7/25/37 | 930,000 | 961,438 |
4,598,443 | ||
Other Asset-Backed Securities 6.3% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,576,361 | 1,524,592 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 1,491,003 | 1,421,526 |
Series 2015-2, Class A | ||
4.00%, due 9/22/27 | 381,586 | 375,001 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 4,123,127 | 4,183,583 |
CF Hippolyta LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 2,285,737 | 2,322,622 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 5,685,000 | 5,733,264 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,309,697 | 1,329,426 |
Continental Airlines Pass-Through Trust | ||
Series 2007-1, Class A | ||
5.983%, due 4/19/22 | 299,669 | 306,436 |
Crown Castle Towers LLC (a) | ||
3.72%, due 7/15/23 | 1,550,000 | 1,600,834 |
4.241%, due 7/15/28 | 3,755,000 | 4,238,280 |
DB Master Finance LLC | ||
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 (a) | 1,915,875 | 2,116,122 |
Domino's Pizza Master Issuer LLC | ||
Series 2015-1A, Class A2II | ||
4.474%, due 10/25/45 (a) | 3,127,625 | 3,279,503 |
10 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
FirstKey Homes 2020-SFR1 Trust (a)(c) | ||
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/28 | $ 2,285,000 | $ 2,285,526 |
Series 2021-SFR1, Class C | ||
1.888%, due 8/17/28 | 3,800,000 | 3,800,836 |
Hilton Grand Vacations Trust (a) | ||
Series 2019-AA, Class A | ||
2.34%, due 7/25/33 | 1,526,844 | 1,570,002 |
Series 2020-AA, Class A | ||
2.74%, due 2/25/39 | 1,364,142 | 1,415,306 |
Series 2020-AA, Class B | ||
4.22%, due 2/25/39 | 1,425,169 | 1,514,480 |
MVW LLC | ||
Series 2019-2A, Class A | ||
2.22%, due 10/20/38 (a) | 1,861,632 | 1,894,921 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,590,000 | 1,604,266 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 1,100,000 | 1,133,113 |
PFS Financing Corp. (a) | ||
Series 2020-B, Class B | ||
1.71%, due 6/15/24 | 910,000 | 919,026 |
Series 2020-A, Class B | ||
1.77%, due 6/15/25 | 2,150,000 | 2,182,572 |
Progress Residential | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 2,085,000 | 2,085,834 |
Progress Residential Trust | ||
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 (a) | 3,000,000 | 2,994,598 |
Sierra Timeshare Receivables Funding LLC (a) | ||
Series 2021-1A, Class C | ||
1.79%, due 11/20/37 | 822,043 | 824,854 |
Series 2020-2A, Class C | ||
3.51%, due 7/20/37 | 2,047,707 | 2,114,410 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 914,230 | 955,264 |
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 584,773 | 594,614 |
United Airlines Pass-Through Trust | ||
Series 2014-2, Class B | ||
4.625%, due 9/3/22 | 857,312 | 876,581 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 2,122,180 | 2,354,732 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
United Airlines Pass-Through Trust (continued) | ||
Series 2007-1 | ||
6.636%, due 7/2/22 | $ 1,288,140 | $ 1,333,224 |
Wendy's Funding LLC | ||
Series 2019-1A, Class A2I | ||
3.783%, due 6/15/49 (a) | 1,932,525 | 2,062,024 |
62,947,372 | ||
Total Asset-Backed Securities (Cost $87,758,848) | 90,496,715 | |
Corporate Bonds 51.1% | ||
Advertising 0.1% | ||
Clear Channel International BV | ||
6.625%, due 8/1/25 (a) | 1,389,000 | 1,459,603 |
Aerospace & Defense 0.5% | ||
BAE Systems plc | ||
3.00%, due 9/15/50 (a) | 775,000 | 758,193 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 3,270,000 | 3,795,994 |
4,554,187 | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,900,000 | 1,856,513 |
Airlines 1.0% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,640,000 | 1,736,350 |
5.75%, due 4/20/29 | 1,000,000 | 1,081,250 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,185,000 | 1,273,425 |
4.75%, due 10/20/28 | 955,000 | 1,061,729 |
7.00%, due 5/1/25 | 2,555,000 | 2,981,655 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 2,050,000 | 2,257,050 |
10,391,459 | ||
Auto Manufacturers 1.9% | ||
Ford Motor Co. | ||
8.50%, due 4/21/23 | 2,335,000 | 2,605,743 |
9.00%, due 4/22/25 | 2,400,000 | 2,958,888 |
Ford Motor Credit Co. LLC | ||
1.391% (3 Month LIBOR + 1.235%), due 2/15/23 (b) | 1,230,000 | 1,225,387 |
4.063%, due 11/1/24 | 2,485,000 | 2,643,170 |
4.25%, due 9/20/22 | 900,000 | 929,313 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
General Motors Co. | ||
6.125%, due 10/1/25 | $ 745,000 | $ 881,933 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 908,000 | 895,924 |
2.70%, due 6/10/31 | 2,255,000 | 2,263,106 |
3.45%, due 4/10/22 | 4,000,000 | 4,073,649 |
18,477,113 | ||
Banks 12.5% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 1,895,000 | 1,910,334 |
3.004%, due 12/20/23 (d) | 6,566,000 | 6,804,662 |
3.705%, due 4/24/28 (d) | 1,695,000 | 1,874,300 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 4,056,000 | 4,193,904 |
Series DD | ||
6.30%, due 3/10/26 (d)(e) | 1,810,000 | 2,088,577 |
8.57%, due 11/15/24 | 455,000 | 565,846 |
Barclays plc | ||
2.852%, due 5/7/26 (d) | 3,010,000 | 3,179,983 |
5.20%, due 5/12/26 | 1,725,000 | 1,970,192 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (d) | 2,900,000 | 3,057,500 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 1,650,000 | 1,717,683 |
Citigroup, Inc. | ||
5.50%, due 9/13/25 | 2,710,000 | 3,156,581 |
Series M | ||
6.30%, due 5/15/24 (d)(e) | 3,975,000 | 4,275,907 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 2,550,000 | 2,550,050 |
Series G | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.215%), due 10/6/26 (b)(e) | 1,620,000 | 1,632,150 |
Credit Suisse Group AG | ||
3.091%, due 5/14/32 (a)(d) | 2,195,000 | 2,261,402 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (d) | 1,125,000 | 1,143,954 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 2,920,000 | 3,039,720 |
Goldman Sachs Group, Inc. (The) | ||
1.326% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 3,075,000 | 3,156,241 |
3.21%, due 4/22/42 (d) | 1,990,000 | 2,081,989 |
6.75%, due 10/1/37 | 1,828,000 | 2,661,883 |
Principal Amount | Value | |
Banks (continued) | ||
Huntington National Bank (The) | ||
3.55%, due 10/6/23 | $ 1,445,000 | $ 1,540,927 |
Intesa Sanpaolo SpA | ||
4.198%, due 6/1/32 (a) | 3,460,000 | 3,545,670 |
JPMorgan Chase & Co. (d) | ||
2.956%, due 5/13/31 | 1,245,000 | 1,307,881 |
3.54%, due 5/1/28 | 4,175,000 | 4,590,265 |
Series HH | ||
4.60%, due 2/1/25 (e) | 5,182,000 | 5,370,107 |
Lloyds Banking Group plc | ||
2.907%, due 11/7/23 (d) | 1,160,000 | 1,196,089 |
4.582%, due 12/10/25 | 2,500,000 | 2,809,090 |
Morgan Stanley | ||
Series H | ||
3.794% (3 Month LIBOR + 3.61%), due 7/15/21 (b)(e) | 2,125,000 | 2,132,969 |
Series F | ||
3.875%, due 4/29/24 | 6,015,000 | 6,542,055 |
5.00%, due 11/24/25 | 3,840,000 | 4,427,044 |
Natwest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,685,000 | 2,833,379 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (e) | 2,740,000 | 2,752,878 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,953,000 | 2,107,287 |
Santander Holdings USA, Inc. | ||
3.40%, due 1/18/23 | 5,055,000 | 5,262,919 |
Societe Generale SA (a)(b)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 1,070,000 | 1,108,788 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 3,850,000 | 4,076,187 |
Standard Chartered plc (a)(b) | ||
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 | 2,435,000 | 2,443,062 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (e) | 1,390,000 | 1,430,268 |
12 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(e) | $ 2,070,000 | $ 2,106,846 |
Texas Capital Bancshares, Inc. | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.15%), due 5/6/31 (b) | 1,615,000 | 1,677,904 |
Truist Bank | ||
2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | 2,700,000 | 2,827,143 |
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (a)(b)(e) | 2,715,000 | 2,773,916 |
Wells Fargo & Co. | ||
3.00%, due 10/23/26 | 1,640,000 | 1,768,585 |
Series U | ||
5.875%, due 6/15/25 (d)(e) | 595,000 | 666,346 |
Series S | ||
5.90%, due 6/15/24 (d)(e) | 3,270,000 | 3,523,425 |
124,143,888 | ||
Beverages 0.5% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 | 1,833,000 | 2,183,588 |
Constellation Brands, Inc. | ||
4.25%, due 5/1/23 | 2,985,000 | 3,184,045 |
5,367,633 | ||
Biotechnology 0.5% | ||
Biogen, Inc. | ||
3.15%, due 5/1/50 | 1,125,000 | 1,104,854 |
3.625%, due 9/15/22 | 3,560,000 | 3,698,612 |
4,803,466 | ||
Building Materials 0.3% | ||
Builders FirstSource, Inc. (a) | ||
5.00%, due 3/1/30 | 2,200,000 | 2,313,190 |
6.75%, due 6/1/27 | 755,000 | 808,794 |
3,121,984 | ||
Chemicals 0.7% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 1,250,000 | 1,265,013 |
Principal Amount | Value | |
Chemicals (continued) | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | $ 1,015,000 | $ 1,069,506 |
International Flavors & Fragrances, Inc. | ||
2.30%, due 11/1/30 (a) | 2,035,000 | 2,023,514 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (a) | 2,200,000 | 2,411,750 |
6,769,783 | ||
Commercial Services 1.7% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 1,320,000 | 1,399,504 |
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 2,250,000 | 2,430,000 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,614,000 | 1,798,798 |
IHS Markit Ltd. | ||
4.125%, due 8/1/23 | 2,175,000 | 2,321,595 |
4.75%, due 2/15/25 (a) | 3,105,000 | 3,476,047 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (a) | 2,705,000 | 2,759,878 |
Trustees of the University of Pennsylvania (The) | ||
3.61%, due 2/15/19 | 2,515,000 | 2,843,442 |
17,029,264 | ||
Computers 1.2% | ||
Dell International LLC | ||
4.90%, due 10/1/26 | 3,695,000 | 4,264,340 |
6.02%, due 6/15/26 | 625,000 | 750,329 |
8.10%, due 7/15/36 | 1,240,000 | 1,889,916 |
NCR Corp. (a) | ||
5.00%, due 10/1/28 | 2,230,000 | 2,305,976 |
6.125%, due 9/1/29 | 893,000 | 973,370 |
8.125%, due 4/15/25 | 1,484,000 | 1,622,754 |
11,806,685 | ||
Distribution & Wholesale 0.3% | ||
Performance Food Group, Inc. | ||
5.50%, due 10/15/27 (a) | 2,955,000 | 3,105,557 |
Diversified Financial Services 3.7% | ||
AerCap Ireland Capital DAC | ||
3.30%, due 1/23/23 | 1,400,000 | 1,452,015 |
4.45%, due 12/16/21 | 2,200,000 | 2,233,405 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 3,640,000 | 3,762,966 |
2.625%, due 7/1/22 | 2,155,000 | 2,195,812 |
2.75%, due 1/15/23 | 1,040,000 | 1,072,992 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | $ 1,305,000 | $ 1,318,050 |
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | 3,570,000 | 4,098,923 |
8.00%, due 11/1/31 | 3,450,000 | 4,957,817 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,340,000 | 2,412,569 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 3,885,000 | 3,785,932 |
Capital One Financial Corp. | ||
Series E | ||
3.935% (3 Month LIBOR + 3.80%), due 9/1/21 (b)(e) | 2,365,000 | 2,373,467 |
Discover Financial Services | ||
3.85%, due 11/21/22 | 300,000 | 314,356 |
Home Point Capital, Inc. | ||
5.00%, due 2/1/26 (a) | 1,034,000 | 964,205 |
Intercontinental Exchange, Inc. | ||
3.00%, due 9/15/60 | 2,130,000 | 2,053,582 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 2,715,000 | 2,735,363 |
6.125%, due 3/15/24 | 880,000 | 947,100 |
36,678,554 | ||
Electric 1.4% | ||
AEP Transmission Co. LLC | ||
3.10%, due 12/1/26 | 3,360,000 | 3,647,871 |
Appalachian Power Co. | ||
Series X | ||
3.30%, due 6/1/27 | 1,400,000 | 1,516,338 |
Duke Energy Corp. | ||
4.875% (5 Year Treasury Constant Maturity Rate + 3.388%), due 9/16/24 (b)(e) | 2,625,000 | 2,789,062 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 1,675,000 | 1,837,677 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 1,605,000 | 1,430,474 |
Puget Energy, Inc. | ||
5.625%, due 7/15/22 | 585,000 | 608,437 |
WEC Energy Group, Inc. | ||
2.268% (3 Month LIBOR + 2.112%), due 5/15/67 (b) | 1,860,340 | 1,708,182 |
13,538,041 |
Principal Amount | Value | |
Electronics 0.1% | ||
FLIR Systems, Inc. | ||
2.50%, due 8/1/30 | $ 1,335,000 | $ 1,345,099 |
Environmental Control 0.3% | ||
Republic Services, Inc. | ||
4.75%, due 5/15/23 | 1,999,000 | 2,138,597 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 310,000 | 309,389 |
Waste Management, Inc. | ||
2.40%, due 5/15/23 | 505,000 | 522,285 |
2,970,271 | ||
Food 1.1% | ||
JBS USA Food Co. | ||
7.00%, due 1/15/26 (a) | 885,000 | 938,100 |
Kraft Heinz Foods Co. | ||
4.25%, due 3/1/31 | 2,364,000 | 2,685,477 |
5.00%, due 7/15/35 | 997,000 | 1,222,940 |
Smithfield Foods, Inc. (a) | ||
3.00%, due 10/15/30 | 2,005,000 | 2,021,494 |
3.35%, due 2/1/22 | 1,805,000 | 1,830,372 |
Sysco Corp. | ||
3.30%, due 7/15/26 | 1,735,000 | 1,885,707 |
10,584,090 | ||
Gas 0.1% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 960,000 | 965,569 |
Healthcare-Products 0.7% | ||
Baxter International, Inc. | ||
2.60%, due 8/15/26 | 6,085,000 | 6,476,724 |
Healthcare-Services 0.4% | ||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
3.20%, due 6/1/50 (a) | 1,845,000 | 1,900,124 |
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | 1,805,000 | 1,911,916 |
3,812,040 | ||
Home Builders 0.7% | ||
DR Horton, Inc. | ||
4.375%, due 9/15/22 | 3,350,000 | 3,472,188 |
Lennar Corp. | ||
4.75%, due 11/29/27 | 868,000 | 1,003,293 |
14 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Home Builders (continued) | ||
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 (f) | $ 1,251,000 | $ 1,341,698 |
4.35%, due 2/15/28 | 764,000 | 838,490 |
6,655,669 | ||
Home Furnishings 0.4% | ||
Panasonic Corp. | ||
2.536%, due 7/19/22 (a) | 3,500,000 | 3,569,203 |
Household Products & Wares 0.2% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,465,000 | 2,501,975 |
Housewares 0.2% | ||
Scotts Miracle-Gro Co. (The) | ||
5.25%, due 12/15/26 | 1,960,000 | 2,038,400 |
Insurance 2.2% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 2,985,000 | 3,059,514 |
Empower Finance 2020 LP | ||
3.075%, due 9/17/51 (a) | 2,270,000 | 2,297,115 |
Lincoln National Corp. | ||
2.513% (3 Month LIBOR + 2.357%), due 5/17/66 (b) | 6,418,000 | 5,663,885 |
MassMutual Global Funding II | ||
2.95%, due 1/11/25 (a) | 2,995,000 | 3,206,328 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 870,000 | 996,985 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,564,000 | 2,511,293 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 3,100,000 | 3,232,812 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 840,000 | 943,613 |
21,911,545 | ||
Internet 1.1% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | 2,140,000 | 2,115,047 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 2,315,000 | 2,418,126 |
3.60%, due 12/15/23 | 1,215,000 | 1,291,258 |
3.80%, due 2/15/28 | 2,245,000 | 2,441,642 |
5.00%, due 2/15/26 | 315,000 | 359,344 |
Principal Amount | Value | |
Internet (continued) | ||
Expedia Group, Inc. (continued) | ||
6.25%, due 5/1/25 (a) | $ 231,000 | $ 268,712 |
Match Group Holdings II LLC (a) | ||
4.125%, due 8/1/30 | 148,000 | 150,590 |
5.00%, due 12/15/27 | 1,775,000 | 1,865,969 |
10,910,688 | ||
Iron & Steel 0.3% | ||
Vale Overseas Ltd. | ||
6.25%, due 8/10/26 | 2,780,000 | 3,344,340 |
Lodging 0.8% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 2,120,000 | 2,263,100 |
5.375%, due 5/1/25 (a) | 1,135,000 | 1,194,588 |
Marriott International, Inc. | ||
3.75%, due 10/1/25 | 1,860,000 | 2,003,833 |
MGM Resorts International | ||
6.00%, due 3/15/23 | 2,300,000 | 2,460,310 |
7,921,831 | ||
Machinery-Diversified 0.2% | ||
Clark Equipment Co. | ||
5.875%, due 6/1/25 (a) | 1,535,000 | 1,623,263 |
Media 1.0% | ||
Charter Communications Operating LLC | ||
4.464%, due 7/23/22 | 2,770,000 | 2,867,750 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,735,000 | 2,193,955 |
Sirius XM Radio, Inc. | ||
5.375%, due 7/15/26 (a) | 3,000,000 | 3,097,500 |
Sky Ltd. | ||
3.75%, due 9/16/24 (a) | 1,105,000 | 1,207,727 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 740,000 | 836,195 |
10,203,127 | ||
Mining 0.6% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (a) | 3,165,000 | 3,200,984 |
Industrias Penoles SAB de CV | ||
4.75%, due 8/6/50 (a) | 2,672,000 | 2,875,740 |
6,076,724 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Miscellaneous—Manufacturing 0.3% | ||
Textron Financial Corp. | ||
1.891% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | $ 3,720,000 | $ 3,162,000 |
Oil & Gas 2.0% | ||
BP Capital Markets plc | ||
4.875% (5 Year Treasury Constant Maturity Rate + 4.398%), due 3/22/30 (b)(e) | 525,000 | 576,450 |
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a) | 2,500,000 | 3,481,025 |
Marathon Petroleum Corp. | ||
4.50%, due 5/1/23 | 1,615,000 | 1,722,324 |
4.70%, due 5/1/25 | 1,755,000 | 1,979,254 |
5.125%, due 12/15/26 | 5,755,000 | 6,766,895 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 | 1,215,000 | 1,215,425 |
5.60%, due 1/3/31 | 1,370,000 | 1,534,400 |
Valero Energy Corp. | ||
4.00%, due 4/1/29 | 2,250,000 | 2,512,583 |
19,788,356 | ||
Packaging & Containers 1.3% | ||
Ball Corp. | ||
5.00%, due 3/15/22 | 4,240,000 | 4,346,000 |
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 166,000 | 175,655 |
Graham Packaging Co., Inc. | ||
7.125%, due 8/15/28 (a) | 1,000,000 | 1,077,500 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 2,950,000 | 3,208,125 |
Sealed Air Corp. | ||
4.875%, due 12/1/22 (a) | 1,875,000 | 1,950,000 |
WestRock RKT LLC | ||
4.00%, due 3/1/23 | 2,230,000 | 2,338,058 |
13,095,338 | ||
Pharmaceuticals 1.3% | ||
AbbVie, Inc. | ||
3.45%, due 3/15/22 | 4,165,000 | 4,235,233 |
4.25%, due 11/21/49 | 3,065,000 | 3,673,446 |
Becton Dickinson and Co. | ||
3.363%, due 6/6/24 | 2,245,000 | 2,405,270 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 2,575,000 | 2,449,469 |
12,763,418 |
Principal Amount | Value | |
Pipelines 1.8% | ||
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | $ 1,760,000 | $ 1,961,845 |
4.20%, due 1/31/50 | 545,000 | 628,604 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,310,000 | 2,338,354 |
Hess Midstream Operations LP | ||
5.625%, due 2/15/26 (a) | 389,000 | 405,727 |
MPLX LP | ||
4.00%, due 3/15/28 | 2,500,000 | 2,792,892 |
4.125%, due 3/1/27 | 1,780,000 | 1,988,966 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,330,000 | 1,423,177 |
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | 2,710,000 | 3,041,122 |
Spectra Energy Partners LP | ||
4.75%, due 3/15/24 | 818,000 | 897,774 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (g) | 1,975,000 | 2,286,724 |
17,765,185 | ||
Real Estate Investment Trusts 1.3% | ||
Boston Properties LP | ||
3.20%, due 1/15/25 | 4,800,000 | 5,142,292 |
CyrusOne LP | ||
3.45%, due 11/15/29 | 2,030,000 | 2,156,093 |
Host Hotels & Resorts LP | ||
Series D | ||
3.75%, due 10/15/23 | 329,000 | 346,857 |
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 2,599,000 | 2,682,688 |
Office Properties Income Trust | ||
2.65%, due 6/15/26 | 2,310,000 | 2,343,762 |
12,671,692 | ||
Retail 2.7% | ||
7-Eleven, Inc. (a) | ||
2.50%, due 2/10/41 | 395,000 | 367,759 |
2.80%, due 2/10/51 | 1,240,000 | 1,156,770 |
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 2,880,000 | 3,406,186 |
Darden Restaurants, Inc. | ||
3.85%, due 5/1/27 | 2,025,000 | 2,249,749 |
Dollar General Corp. | ||
3.25%, due 4/15/23 | 2,794,000 | 2,915,605 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(f) | 1,750,000 | 1,882,003 |
Macy's, Inc. | ||
8.375%, due 6/15/25 (a) | 2,605,000 | 2,868,626 |
16 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | $ 840,000 | $ 871,618 |
4.25%, due 8/1/31 (a) | 3,200,000 | 3,332,796 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,430,000 | 2,478,600 |
Starbucks Corp. | ||
4.45%, due 8/15/49 | 2,065,000 | 2,561,352 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 2,445,000 | 2,445,000 |
26,536,064 | ||
Semiconductors 0.6% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,470,000 | 2,612,654 |
3.75%, due 2/15/51 | 910,000 | 949,957 |
NXP BV (a) | ||
3.40%, due 5/1/30 | 1,380,000 | 1,506,833 |
4.625%, due 6/1/23 | 1,065,000 | 1,144,601 |
6,214,045 | ||
Software 0.1% | ||
Oracle Corp. | ||
3.65%, due 3/25/41 | 685,000 | 726,344 |
Telecommunications 2.8% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 2,410,000 | 2,421,809 |
AT&T, Inc. | ||
3.65%, due 6/1/51 | 1,860,000 | 1,930,962 |
CommScope Technologies LLC | ||
5.00%, due 3/15/27 (a) | 3,909,000 | 4,001,839 |
CommScope, Inc. | ||
7.125%, due 7/1/28 (a) | 930,000 | 1,007,888 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 4,453,125 | 4,777,580 |
Telefonica Emisiones SA | ||
4.57%, due 4/27/23 | 1,781,000 | 1,907,685 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 2,355,000 | 2,325,562 |
4.50%, due 2/1/26 | 2,245,000 | 2,287,924 |
Verizon Communications, Inc. | ||
1.256% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 2,455,000 | 2,531,915 |
3.40%, due 3/22/41 | 900,000 | 952,058 |
3.55%, due 3/22/51 | 1,000,000 | 1,068,367 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Vodafone Group plc | ||
4.25%, due 9/17/50 | $ 2,020,000 | $ 2,359,371 |
27,572,960 | ||
Total Corporate Bonds (Cost $476,158,093) | 506,309,690 | |
Foreign Government Bonds 3.0% | ||
Brazil 1.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 2,565,000 | 2,530,373 |
Federative Republic of Brazil | ||
4.625%, due 1/13/28 | 7,789,000 | 8,413,911 |
10,944,284 | ||
Chile 0.4% | ||
Corp. Nacional del Cobre de Chile (a) | ||
3.00%, due 9/30/29 | 2,055,000 | 2,134,426 |
3.75%, due 1/15/31 | 1,635,000 | 1,780,204 |
3,914,630 | ||
Colombia 0.2% | ||
Colombia Government International Bond | ||
3.25%, due 4/22/32 | 2,065,000 | 2,022,585 |
Mexico 1.3% | ||
Comision Federal de Electricidad | ||
4.677%, due 2/9/51 (a) | 2,765,000 | 2,668,252 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 3,402,000 | 3,323,380 |
3.75%, due 4/19/71 | 2,230,000 | 2,039,112 |
Petroleos Mexicanos | ||
6.75%, due 9/21/47 | 4,990,000 | 4,416,150 |
12,446,894 | ||
Total Foreign Government Bonds (Cost $29,957,676) | 29,328,393 | |
Loan Assignments 3.7% | ||
Containers, Packaging & Glass 0.5% | ||
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | 5,018,517 | 4,894,845 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Service 0.6% | ||
Change Healthcare Holdings, Inc. | ||
Closing Date Term Loan | ||
3.50% (1 Month LIBOR + 2.50%), due 3/1/24 (b) | $ 4,192,236 | $ 4,186,996 |
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 | 1,487,525 | 1,494,963 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 | 645,000 | 657,900 |
6,339,859 | ||
Ecological 0.2% | ||
GFL Environmental, Inc. | ||
2020 Refinancing Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 5/30/25 (b) | 1,970,434 | 1,971,173 |
Finance 1.2% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 3,968,405 | 3,925,114 |
Iqvia, Inc. | ||
Dollar Term Loan B3 | ||
1.897% (3 Month LIBOR + 1.75%), due 6/11/25 (b) | 3,734,500 | 3,709,994 |
Match Group, Inc. | ||
2020 Refinancing Term Loan | ||
1.906% (3 Month LIBOR + 1.75%), due 2/13/27 (b) | 1,859,000 | 1,832,663 |
ON Semiconductor Corp. | ||
2019 New Replacement Term Loan B4 | ||
2.104% (1 Month LIBOR + 2.00%), due 9/19/26 (b) | 1,853,140 | 1,846,191 |
11,313,962 | ||
Personal & Nondurable Consumer Products 0.2% | ||
Prestige Brands, Inc. | ||
Term Loan B4 | ||
4.25% (3 Month LIBOR + 1.00%), due 1/26/24 (b) | 1,535,575 | 1,535,300 |
Principal Amount | Value | |
Radio and TV Broadcasting 0.2% | ||
Nielsen Finance LLC | ||
Term Loan B4 | ||
2.081% (1 Month LIBOR + 2.00%), due 10/4/23 (b) | $ 2,067,297 | $ 2,064,713 |
Telecommunications 0.8% | ||
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 3,963,602 | 3,904,148 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
1.86% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 4,148,728 | 4,112,427 |
8,016,575 | ||
Total Loan Assignments (Cost $36,326,411) | 36,136,427 | |
Mortgage-Backed Securities 18.9% | ||
Agency (Collateralized Mortgage Obligations) 3.1% | ||
FHLMC | ||
REMIC, Series 5070, Class IG | ||
1.50%, due 1/25/44 | 9,997,555 | 607,178 |
REMIC, Series 5048, Class IC | ||
2.00%, due 12/25/50 | 10,460,641 | 1,000,896 |
REMIC, Series 5051, Class KI | ||
2.50%, due 12/25/50 | 6,707,476 | 1,036,708 |
REMIC, Series 5036, Class IO | ||
3.50%, due 11/25/50 | 5,880,932 | 922,260 |
REMIC, Series 4924, Class NS | ||
5.959% (1 Month LIBOR + 6.05%), due 10/25/49 (b) | 4,269,854 | 626,557 |
REMIC, Series 4957, Class SB | ||
5.959% (1 Month LIBOR + 6.05%), due 11/25/49 (b) | 3,045,715 | 530,378 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 2,587,675 | 2,452,000 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 973,202 | 913,984 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 685,279 | 653,747 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 1,004,617 | 939,933 |
REMIC, Series 2020-78, Class TI | ||
2.00%, due 11/25/50 | 6,256,813 | 713,263 |
18 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2020-91, Class MI | ||
2.00%, due 12/25/50 | $ 7,716,995 | $ 828,203 |
REMIC, Series 2021-2, Class AI | ||
2.00%, due 2/25/51 | 15,466,027 | 1,708,632 |
REMIC, Series 2020-91, Class AI | ||
2.50%, due 12/25/50 | 6,333,423 | 986,239 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 | 4,747,997 | 566,376 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 | 4,050,000 | 500,930 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 2,235,217 | 2,416,998 |
GNMA | ||
REMIC, Series 2021-77, Class BA | ||
1.00%, due 7/20/50 | 2,320,424 | 2,263,969 |
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 1,304,369 | 1,277,041 |
REMIC, Series 2021-87, Class EG | ||
1.00%, due 5/20/51 | 1,038,621 | 1,029,570 |
REMIC, Series 2021-87, Class EK | ||
1.00%, due 5/20/51 | 994,109 | 985,445 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 1,136,192 | 1,125,464 |
REMIC, Series 2021-105, Class DA | ||
1.00%, due 6/20/51 | 3,350,000 | 3,263,992 |
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 | 12,015,900 | 1,318,693 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 | 7,803,034 | 926,955 |
REMIC, Series 2021-57, Class IB | ||
2.50%, due 2/20/51 | 4,959,754 | 631,340 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 | 4,555,628 | 540,283 |
30,767,034 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 7.5% | ||
Bayview Commercial Asset Trust | ||
Series 2005-3A, Class A1 | ||
0.572% (1 Month LIBOR + 0.48%), due 11/25/35 (a)(b) | 1,151,570 | 1,090,979 |
BX Commercial Mortgage Trust (a)(h) | ||
Series 2020-VIV2, Class C | ||
3.66%, due 3/9/44 | 2,450,000 | 2,591,891 |
Series 2020-VIV3, Class B | ||
3.662%, due 3/9/44 | 1,680,000 | 1,824,360 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a)(h) (continued) | ||
Series 2020-VIVA, Class D | ||
3.667%, due 3/11/44 | $ 950,000 | $ 979,772 |
BX Trust (a) | ||
Series 2021-MFM1, Class C | ||
1.273% (1 Month LIBOR + 1.20%), due 1/15/34 (b) | 2,325,000 | 2,324,999 |
Series 2021-MFM1, Class D | ||
1.573% (1 Month LIBOR + 1.50%), due 1/15/34 (b) | 1,050,000 | 1,050,000 |
Series 2021-LBA, Class DV | ||
1.673% (1 Month LIBOR + 1.60%), due 2/15/36 (b) | 2,000,000 | 2,001,798 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 1,395,000 | 1,502,782 |
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 340,000 | 372,156 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 895,000 | 972,657 |
Series 2019-OC11, Class E | ||
4.075%, due 12/9/41 (h) | 2,525,000 | 2,640,752 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,855,000 | 1,871,251 |
Series 2013-CR9, Class B | ||
4.413%, due 7/10/45 (a)(h) | 1,500,000 | 1,514,161 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 2,715,503 | 2,963,627 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 3,107,500 | 3,238,927 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
1.22% (1 Month LIBOR + 1.15%), due 4/15/26 (a)(b) | 1,535,000 | 1,540,851 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
2.344%, due 7/15/38 (a) | 2,400,000 | 2,417,243 |
GB Trust (a)(b) | ||
Series 2020-FLIX, Class C | ||
1.673% (1 Month LIBOR + 1.60%), due 8/15/37 | 1,300,000 | 1,303,643 |
Series 2020-FLIX, Class D | ||
2.423% (1 Month LIBOR + 2.35%), due 8/15/37 | 1,920,000 | 1,924,220 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
GS Mortgage Securities Corp. Trust | ||
Series 2019-BOCA, Class A | ||
1.273% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b) | $ 4,480,000 | $ 4,488,326 |
GS Mortgage Securities Trust | ||
Series 2017-GS7, Class A4 | ||
3.43%, due 8/10/50 | 2,990,000 | 3,289,637 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,580,000 | 1,719,926 |
J.P. Morgan Chase Commercial Mortgage Securities Corp. | ||
Series 2018-AON, Class B | ||
4.379%, due 7/5/31 (a)(h) | 1,960,000 | 2,067,926 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2014-C26, Class A3 | ||
3.231%, due 1/15/48 | 2,044,974 | 2,167,006 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,725,000 | 1,764,309 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 1,391,014 | 1,499,437 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 4,585,000 | 4,747,589 |
SLG Office Trust | ||
Series 2021-OVA, Class D | ||
2.851%, due 7/15/41 (a) | 1,600,000 | 1,614,119 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2013-C6, Class B | ||
3.875%, due 4/10/46 (a)(i) | 1,485,000 | 1,500,954 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2019-C53, Class A3 | ||
2.787%, due 10/15/52 | 1,005,000 | 1,054,147 |
Series 2019-C53, Class A4 | ||
3.04%, due 10/15/52 | 3,566,000 | 3,852,787 |
Series 2018-1745, Class A | ||
3.874%, due 6/15/36 (a)(h) | 2,900,000 | 3,226,230 |
Series 2018-AUS, Class A | ||
4.194%, due 8/17/36 (a)(h) | 4,325,000 | 4,890,149 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C7, Class AS | ||
4.09%, due 6/15/45 (i) | 2,290,000 | 2,318,582 |
74,327,193 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) 8.3% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
0.651% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | $ 3,152,141 | $ 2,997,340 |
Chase Home Lending Mortgage Trust | ||
Series 2019-ATR2, Class A3 | ||
3.50%, due 7/25/49 (a)(i) | 336,000 | 345,602 |
Connecticut Avenue Securities Trust | ||
Series 2020-R02, Class 2M2 | ||
2.091% (1 Month LIBOR + 2.00%), due 1/25/40 (a)(b) | 4,127,462 | 4,145,654 |
FHLMC STACR REMIC Trust | ||
Series 2020-DNA6, Class M2 | ||
2.018% (SOFR 30A + 2.00%), due 12/25/50 (a)(b) | 4,235,000 | 4,280,060 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class M2 | ||
2.242% (1 Month LIBOR + 2.15%), due 12/25/30 | 2,500,000 | 2,527,890 |
Series 2019-DNA3, Class B1 | ||
3.341% (1 Month LIBOR + 3.25%), due 7/25/49 | 2,240,000 | 2,260,103 |
Series 2018-DNA2, Class B1 | ||
3.791% (1 Month LIBOR + 3.70%), due 12/25/30 | 3,095,000 | 3,213,933 |
Series 2019-DNA2, Class B1 | ||
4.442% (1 Month LIBOR + 4.35%), due 3/25/49 | 1,100,000 | 1,142,183 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2017-DNA3, Class M2 | ||
2.591% (1 Month LIBOR + 2.50%), due 3/25/30 | 1,240,000 | 1,267,606 |
Series 2017-HQA1, Class M2 | ||
3.642% (1 Month LIBOR + 3.55%), due 8/25/29 | 3,220,349 | 3,331,551 |
Series 2016-DNA4, Class M3 | ||
3.891% (1 Month LIBOR + 3.80%), due 3/25/29 | 2,121,500 | 2,196,905 |
Series 2016-HQA3, Class M3 | ||
3.941% (1 Month LIBOR + 3.85%), due 3/25/29 | 5,458,561 | 5,655,040 |
Series 2016-HQA4, Class M3 | ||
3.992% (1 Month LIBOR + 3.90%), due 4/25/29 | 2,137,585 | 2,226,753 |
FNMA (b) | ||
Series 2017-C05, Class 1M2 | ||
2.292% (1 Month LIBOR + 2.20%), due 1/25/30 | 1,325,210 | 1,346,335 |
20 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FNMA (b) (continued) | ||
Series 2017-C07, Class 2M2 | ||
2.591% (1 Month LIBOR + 2.50%), due 5/25/30 | $ 1,805,243 | $ 1,827,087 |
Series 2018-C04, Class 2M2 | ||
2.642% (1 Month LIBOR + 2.55%), due 12/25/30 | 2,631,415 | 2,678,357 |
Series 2017-C03, Class 1M2 | ||
3.092% (1 Month LIBOR + 3.00%), due 10/25/29 | 1,288,011 | 1,328,047 |
Series 2017-C02, Class 2M2 | ||
3.742% (1 Month LIBOR + 3.65%), due 9/25/29 | 2,405,810 | 2,493,170 |
Series 2016-C06, Class 1M2 | ||
4.341% (1 Month LIBOR + 4.25%), due 4/25/29 | 2,963,347 | 3,080,423 |
Series 2016-C07, Class 2M2 | ||
4.442% (1 Month LIBOR + 4.35%), due 5/25/29 | 3,171,385 | 3,324,297 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(i) | 1,750,000 | 1,802,220 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
0.312% (1 Month LIBOR + 0.22%), due 6/25/37 (b) | 671,968 | 668,638 |
Mello Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
0.992% (1 Month LIBOR + 0.90%), due 2/25/55 (a)(b) | 1,600,000 | 1,604,212 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.459%, due 8/25/59 (h) | 3,664,951 | 2,993,718 |
Series 2019-4A, Class B6 | ||
4.77%, due 12/25/58 (i) | 3,198,085 | 2,563,631 |
Series 2019-2A, Class B6 | ||
4.963%, due 12/25/57 (i) | 1,294,982 | 947,014 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
0.992% (1 Month LIBOR + 0.90%), due 5/25/55 (a)(b) | 4,615,000 | 4,619,419 |
OBX Trust | ||
Series 2021-J1, Class A1 | ||
2.50%, due 5/25/51 (a)(i) | 2,567,438 | 2,601,836 |
Sequoia Mortgage Trust (a)(i) | ||
Series 2021-4, Class A1 | ||
2.50%, due 6/25/51 | 2,109,215 | 2,137,474 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Sequoia Mortgage Trust (a)(i) (continued) | ||
Series 2017-1, Class A4 | ||
3.50%, due 2/25/47 | $ 130,740 | $ 130,946 |
Series 2018-7, Class B3 | ||
4.217%, due 9/25/48 | 1,605,968 | 1,654,803 |
STACR Trust (a)(b) | ||
Series 2018-DNA3, Class M2 | ||
2.192% (1 Month LIBOR + 2.10%), due 9/25/48 | 2,025,000 | 2,051,625 |
Series 2018-HRP2, Class M3 | ||
2.491% (1 Month LIBOR + 2.40%), due 2/25/47 | 5,750,000 | 5,856,074 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
1.843% (11th District Cost of Funds Index + 1.50%), due 8/25/46 (b) | 945,022 | 924,966 |
82,224,912 | ||
Total Mortgage-Backed Securities (Cost $181,929,571) | 187,319,139 | |
Municipal Bond 0.3% | ||
California 0.3% | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 3,170,000 | 3,268,603 |
Total Municipal Bond (Cost $3,170,000) | 3,268,603 | |
U.S. Government & Federal Agencies 3.9% | ||
Federal National Mortgage Association (Mortgage Pass-Through Security) 0.2% | ||
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 2,376,054 | 2,402,503 |
United States Treasury Bond 0.0% ‡ | ||
U.S. Treasury Bonds | ||
2.375%, due 5/15/51 | 200,000 | 213,531 |
United States Treasury Inflation - Indexed Notes 3.7% | ||
U.S. Treasury Inflation Linked Notes (j) | ||
0.125%, due 1/15/30 | 5,246,938 | 5,759,266 |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Inflation - Indexed Notes (continued) | |||
U.S. Treasury Inflation Linked Notes (j) (continued) | |||
0.75%, due 7/15/28 | $ 10,197,386 | $ 11,699,908 | |
0.875%, due 1/15/29 | 16,139,434 | 18,673,409 | |
36,132,583 | |||
Total U.S. Government & Federal Agencies (Cost $35,547,375) | 38,748,617 | ||
Total Long-Term Bonds (Cost $850,847,974) | 891,607,584 | ||
Shares | |||
Short-Term Investments 10.5% | |||
Affiliated Investment Company 10.3% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (k) | 101,945,025 | 101,945,025 | |
Unaffiliated Investment Company 0.2% | |||
Wells Fargo Government Money Market Fund, 0.025% (k)(l) | 2,060,506 | 2,060,506 | |
Total Short-Term Investments (Cost $104,005,531) | 104,005,531 | ||
Total Investments (Cost $954,853,505) | 100.5% | 995,613,115 | |
Other Assets, Less Liabilities | (0.5) | (4,942,829) | |
Net Assets | 100.0% | $ 990,670,286 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(c) | Delayed delivery security. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | All or a portion of this security was held on loan. As of June 30, 2021, the aggregate market value of securities on loan was $1,989,253. The Portfolio received cash collateral with a value of $2,060,506. (See Note 2(N)) |
(g) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(h) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(j) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(k) | Current yield as of June 30, 2021. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 2,767,361 | EUR | 2,287,000 | JPMorgan Chase Bank N.A. | 8/2/21 | $ 53,758 |
USD | 615,149 | GBP | 442,000 | JPMorgan Chase Bank N.A. | 8/2/21 | 3,672 |
Total Unrealized Appreciation | 57,430 | |||||
EUR | 1,230,000 | USD | 1,501,803 | JPMorgan Chase Bank N.A. | 8/2/21 | (42,366) |
Total Unrealized Depreciation | (42,366) | |||||
Net Unrealized Appreciation | $ 15,064 |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
22 | MainStay VP MacKay Strategic Bond Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 357 | September 2021 | $ 78,784,571 | $ 78,654,351 | $ (130,220) |
U.S. Treasury Long Bonds | 196 | September 2021 | 31,198,018 | 31,507,000 | 308,982 |
Total Long Contracts | 178,762 | ||||
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (839) | September 2021 | (103,490,234) | (103,557,508) | (67,274) |
U.S. Treasury 10 Year Notes | (873) | September 2021 | (115,442,534) | (115,672,500) | (229,966) |
U.S. Treasury 10 Year Ultra Bonds | (183) | September 2021 | (26,773,913) | (26,938,172) | (164,259) |
U.S. Treasury Ultra Bonds | (88) | September 2021 | (16,326,307) | (16,956,500) | (630,193) |
Total Short Contracts | (1,091,692) | ||||
Net Unrealized Depreciation | $ (912,930) |
1. | As of June 30, 2021, cash in the amount of $2,410,274 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Notional Amount | Currency | Expiration Date | Payments made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 50,000,000 | USD | 3/16/23 | Fixed 2.793% | 3 month USD LIBOR | Quarterly | $ — | $ (2,162,481) | $ (2,162,481) | ||
50,000,000 | USD | 3/29/23 | Fixed 2.762% | 3 month USD LIBOR | Quarterly | — | (2,171,499) | (2,171,499) | ||
$ — | $ (4,333,980) | $ (4,333,980) |
1. | As of June 30, 2021, cash in the amount of $901,765 was on deposit with a broker for centrally cleared swap agreements. |
Abbreviation(s): |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GBP—British Pound Sterling |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 90,496,715 | $ — | $ 90,496,715 | |||
Corporate Bonds | — | 506,309,690 | — | 506,309,690 | |||
Foreign Government Bonds | — | 29,328,393 | — | 29,328,393 | |||
Loan Assignments | — | 36,136,427 | — | 36,136,427 | |||
Mortgage-Backed Securities | — | 187,319,139 | — | 187,319,139 | |||
Municipal Bond | — | 3,268,603 | — | 3,268,603 | |||
U.S. Government & Federal Agencies | — | 38,748,617 | — | 38,748,617 | |||
Total Long-Term Bonds | — | 891,607,584 | — | 891,607,584 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 101,945,025 | — | — | 101,945,025 | |||
Unaffiliated Investment Company | 2,060,506 | — | — | 2,060,506 | |||
Total Short-Term Investments | 104,005,531 | — | — | 104,005,531 | |||
Total Investments in Securities | 104,005,531 | 891,607,584 | — | 995,613,115 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 57,430 | — | 57,430 | |||
Futures Contracts (b) | 308,982 | — | — | 308,982 | |||
Total Other Financial Instruments | 308,982 | 57,430 | — | 366,412 | |||
Total Investments in Securities and Other Financial Instruments | $ 104,314,513 | $ 891,665,014 | $ — | $ 995,979,527 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (42,366) | $ — | $ (42,366) | |||
Futures Contracts (b) | (1,221,912) | — | — | (1,221,912) | |||
Interest Rate Swaps (b) | — | (4,333,980) | — | (4,333,980) | |||
Total Other Financial Instruments | $ (1,221,912) | $ (4,376,346) | $ — | $ (5,598,258) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
24 | MainStay VP MacKay Strategic Bond Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $852,908,480) including securities on loan of $1,989,253 | $ 893,668,090 |
Investment in affiliated investment companies, at value (identified cost $101,945,025) | 101,945,025 |
Cash | 5,525,612 |
Cash denominated in foreign currencies (identified cost $1,915,586) | 1,872,092 |
Cash collateral on deposit at broker for futures contracts | 2,410,274 |
Cash collateral on deposit at broker for swap contracts | 901,765 |
Receivables: | |
Investment securities sold | 6,987,040 |
Interest | 6,208,083 |
Securities lending | 1,158 |
Portfolio shares sold | 300 |
Unrealized appreciation on foreign currency forward contracts | 57,430 |
Other assets | 14,243 |
Total assets | 1,019,591,112 |
Liabilities | |
Cash collateral received for securities on loan | 2,060,506 |
Payables: | |
Investment securities purchased | 19,777,513 |
Variation margin on centrally cleared swap contracts | 5,589,601 |
Portfolio shares redeemed | 493,641 |
Manager (See Note 3) | 468,543 |
NYLIFE Distributors (See Note 3) | 198,747 |
Shareholder communication | 93,041 |
Professional fees | 61,980 |
Variation margin on futures contracts | 58,634 |
Broker fees and charges on short sales | 51,986 |
Custodian | 23,908 |
Trustees | 161 |
Accrued expenses | 199 |
Unrealized depreciation on foreign currency forward contracts | 42,366 |
Total liabilities | 28,920,826 |
Net assets | $ 990,670,286 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 96,624 |
Additional paid-in-capital | 990,501,531 |
990,598,155 | |
Total distributable earnings (loss) | 72,131 |
Net assets | $ 990,670,286 |
Initial Class | |
Net assets applicable to outstanding shares | $ 24,026,610 |
Shares of beneficial interest outstanding | 2,335,504 |
Net asset value per share outstanding | $ 10.29 |
Service Class | |
Net assets applicable to outstanding shares | $966,643,676 |
Shares of beneficial interest outstanding | 94,288,893 |
Net asset value per share outstanding | $ 10.25 |
Investment Income (Loss) | |
Income | |
Interest | $ 16,758,087 |
Securities lending | 5,332 |
Dividends-affiliated | 3,339 |
Other | 115,007 |
Total income | 16,881,765 |
Expenses | |
Manager (See Note 3) | 2,838,009 |
Distribution/Service—Service Class (See Note 3) | 1,204,959 |
Professional fees | 69,122 |
Shareholder communication | 51,596 |
Broker fees and charges on short sales | 51,570 |
Interest on investments sold short | 30,201 |
Custodian | 21,919 |
Trustees | 10,359 |
Miscellaneous | 16,742 |
Total expenses | 4,294,477 |
Net investment income (loss) | 12,587,288 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 20,228,205 |
Futures transactions | 7,849,411 |
Investments sold short | (323,725) |
Swap transactions | (1,303,362) |
Foreign currency transactions | 177,845 |
Foreign currency forward transactions | (96,029) |
Net realized gain (loss) | 26,532,345 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (24,767,051) |
Futures contracts | (1,191,205) |
Investments sold short | 206,075 |
Swap contracts | 1,412,191 |
Foreign currency forward contracts | 240,842 |
Translation of other assets and liabilities in foreign currencies | (54,351) |
Net change in unrealized appreciation (depreciation) | (24,153,499) |
Net realized and unrealized gain (loss) | 2,378,846 |
Net increase (decrease) in net assets resulting from operations | $ 14,966,134 |
26 | MainStay VP MacKay Strategic Bond Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 12,587,288 | $ 25,072,270 |
Net realized gain (loss) | 26,532,345 | (12,109,969) |
Net change in unrealized appreciation (depreciation) | (24,153,499) | 36,714,085 |
Net increase (decrease) in net assets resulting from operations | 14,966,134 | 49,676,386 |
Distributions to shareholders: | ||
Initial Class | (296,669) | (692,907) |
Service Class | (11,035,016) | (22,210,493) |
(11,331,685) | (22,903,400) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (16,255) |
Service Class | — | (521,050) |
— | (537,305) | |
Total distributions to shareholders | (11,331,685) | (23,440,705) |
Capital share transactions: | ||
Net proceeds from sales of shares | 22,661,941 | 75,789,465 |
Net asset value of shares issued to shareholder in reinvestment of distributions | 11,331,685 | 23,440,705 |
Cost of shares redeemed | (38,817,128) | (173,638,542) |
Increase (decrease) in net assets derived from capital share transactions | (4,823,502) | (74,408,372) |
Net increase (decrease) in net assets | (1,189,053) | (48,172,691) |
Net Assets | ||
Beginning of period | 991,859,339 | 1,040,032,030 |
End of period | $990,670,286 | $ 991,859,339 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | $ 9.90 | $ 9.54 | |||||
Net investment income (loss) (a) | 0.15 | 0.28 | 0.29 | 0.30 | 0.29 | 0.37 | |||||
Net realized and unrealized gain (loss) on investments | 0.02 | 0.33 | 0.38 | (0.43) | 0.18 | 0.33 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | (0.01) | 0.00‡ | 0.00‡ | 0.00‡ | 0.01 | |||||
Total from investment operations | 0.17 | 0.60 | 0.67 | (0.13) | 0.47 | 0.71 | |||||
Less distributions: | |||||||||||
From net investment income | (0.13) | (0.26) | (0.35) | (0.33) | (0.31) | (0.35) | |||||
Return of capital | — | (0.01) | — | — | — | — | |||||
Total distributions | (0.13) | (0.27) | (0.35) | (0.33) | (0.31) | (0.35) | |||||
Net asset value at end of period | $ 10.29 | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | $ 9.90 | |||||
Total investment return (b) | 1.64% | 6.12% | 7.06% | (1.21)% | 4.81% | 7.50% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.85%†† | 2.84% | 2.96% | 3.04% | 2.89% | 3.80% | |||||
Net expenses (c)(d) | 0.63%†† | 0.70% | 0.76% | 0.75% | 0.67% | 0.72% | |||||
Portfolio turnover rate | 31% | 52%(e) | 51%(e) | 33% | 32% | 34% | |||||
Net assets at end of period (in 000’s) | $ 24,027 | $ 22,538 | $ 49,296 | $ 116,901 | $ 137,454 | $ 122,586 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021*†† | 0.61% | 0.02% | ||
December 31, 2020 | 0.62% | 0.08% | ||
December 31, 2019 | 0.61% | 0.15% | ||
December 31, 2018 | 0.60% | 0.15% | ||
December 31, 2017 | 0.60% | 0.07% | ||
December 31, 2016 | 0.62% | 0.10% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 51% and 45% for the years ended December 31, 2020 and 2019, respectively. |
28 | MainStay VP MacKay Strategic Bond Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | $ 9.87 | $ 9.51 | |||||
Net investment income (loss) (a) | 0.13 | 0.26 | 0.26 | 0.28 | 0.26 | 0.34 | |||||
Net realized and unrealized gain (loss) on investments | 0.03 | 0.31 | 0.39 | (0.43) | 0.19 | 0.33 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | 0.00‡ | (0.01) | 0.00‡ | 0.00‡ | 0.00‡ | 0.01 | |||||
Total from investment operations | 0.16 | 0.56 | 0.65 | (0.15) | 0.45 | 0.68 | |||||
Less distributions: | |||||||||||
From net investment income | (0.12) | (0.23) | (0.33) | (0.31) | (0.29) | (0.32) | |||||
Return of capital | — | (0.01) | — | — | — | — | |||||
Total distributions | (0.12) | (0.24) | (0.33) | (0.31) | (0.29) | (0.32) | |||||
Net asset value at end of period | $ 10.25 | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | $ 9.87 | |||||
Total investment return (b) | 1.52% | 5.86% | 6.80% | (1.46)% | 4.55% | 7.23% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.54%†† | 2.59% | 2.66% | 2.79% | 2.64% | 3.54% | |||||
Net expenses (c)(d) | 0.88%†† | 0.93% | 1.01% | 1.00% | 0.92% | 0.97% | |||||
Portfolio turnover rate | 31% | 52%(e) | 51%(e) | 33% | 32% | 34% | |||||
Net assets at end of period (in 000’s) | $ 966,644 | $ 969,321 | $ 990,736 | $ 999,100 | $ 1,064,435 | $ 882,928 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
June 30, 2021*†† | 0.86% | 0.02% | ||
December 31, 2020 | 0.86% | 0.07% | ||
December 31, 2019 | 0.86% | 0.15% | ||
December 31, 2018 | 0.85% | 0.15% | ||
December 31, 2017 | 0.85% | 0.07% | ||
December 31, 2016 | 0.87% | 0.10% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 51% and 45% for the years ended December 31, 2020 and 2019, respectively. |
Class | Commenced Operations |
Initial Class | April 29, 2011 |
Service Class | April 29, 2011 |
30 | MainStay VP MacKay Strategic Bond Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
32 | MainStay VP MacKay Strategic Bond Portfolio |
34 | MainStay VP MacKay Strategic Bond Portfolio |
36 | MainStay VP MacKay Strategic Bond Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $308,982 | $308,982 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 57,430 | — | 57,430 |
Total Fair Value | $57,430 | $308,982 | $366,412 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(1,221,912) | $(1,221,912) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (4,333,980) | (4,333,980) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (42,366) | — | (42,366) |
Total Fair Value | $(42,366) | $(5,555,892) | $(5,598,258) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $ 7,849,411 | $ 7,849,411 |
Swap Contracts | — | (1,303,362) | (1,303,362) |
Forward Contracts | (96,029) | — | (96,029) |
Total Net Realized Gain (Loss) | $(96,029) | $ 6,546,049 | $ 6,450,020 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(1,191,205) | $(1,191,205) |
Swap Contracts | — | 1,412,191 | 1,412,191 |
Forward Contracts | 240,842 | — | 240,842 |
Total Net Change in Unrealized Appreciation (Depreciation) | $240,842 | $ 220,986 | $ 461,828 |
Average Notional Amount | Total |
Futures Contracts Long | $ 64,737,294 |
Futures Contracts Short | $(158,474,025) |
Swap Contracts Long | $ 100,000,000 |
Forward Contracts Long (a) | $ 4,210,953 |
Forward Contracts Short | $ (7,501,775) |
(a) | Positions were open four months during the reporting period. |
38 | MainStay VP MacKay Strategic Bond Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 63,644 | $ 244,682 | $ (206,381) | $ — | $ — | $ 101,945 | $ 3 | $ — | 101,945 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $954,573,291 | $43,994,102 | $(2,954,278) | $41,039,824 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $17,257 | $45,589 |
2020 | |
Distributions paid from: | |
Ordinary Income | $22,903,400 |
Return of Capital | 537,305 |
Total | $23,440,705 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 138,856 | $ 1,427,428 |
Shares issued to shareholders in reinvestment of distributions | 28,929 | 296,260 |
Shares redeemed | (31,607) | (324,492) |
Net increase (decrease) | 136,178 | $ 1,399,196 |
Year ended December 31, 2020: | ||
Shares sold | 258,514 | $ 2,583,158 |
Shares issued to shareholders in reinvestment of distributions | 73,639 | 709,162 |
Shares redeemed | (3,101,043) | (29,875,147) |
Net increase (decrease) | (2,768,890) | $ (26,582,827) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 2,071,902 | $ 21,234,513 |
Shares issued to shareholders in reinvestment of distributions | 1,081,194 | 11,035,425 |
Shares redeemed | (3,756,979) | (38,492,636) |
Net increase (decrease) | (603,883) | $ (6,222,698) |
Year ended December 31, 2020: | ||
Shares sold | 7,366,851 | $ 73,206,307 |
Shares issued to shareholders in reinvestment of distributions | 2,339,365 | 22,731,543 |
Shares redeemed | (14,977,424) | (143,763,395) |
Net increase (decrease) | (5,271,208) | $ (47,825,545) |
40 | MainStay VP MacKay Strategic Bond Portfolio |
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42 | MainStay VP MacKay Strategic Bond Portfolio |
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Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 4.64% | 14.58% | 7.28% | 6.37% | 0.54% |
Service Class Shares | 2/13/2006 | 4.51 | 14.29 | 7.02 | 6.11 | 0.79 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
MSCI EAFE® Index (Net)2 | 8.83 | 32.35 | 10.28 | 5.89 |
Bloomberg Barclays U.S. Aggregate Bond Index3 | -1.60 | -0.33 | 3.03 | 3.39 |
Conservative Allocation Composite Index4 | 4.30 | 14.12 | 8.26 | 7.34 |
Morningstar Allocation—30% to 50% Equity Category Average5 | 5.91 | 18.19 | 6.98 | 5.46 |
1. | The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Portfolio has selected the Conservative Allocation Composite Index as an additional benchmark. The Conservative Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
5. | The Morningstar Allocation – 30% to 50% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,046.40 | $0.15 | $1,024.65 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,045.10 | $1.42 | $1,023.41 | $1.40 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Conservative Allocation Portfolio |
Equity Funds | 36.4 % |
Fixed Income Funds | 55.6 |
Short-Term Investments | 8.1 |
Other Assets, Less Liabilities | (0.1) |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 5 for more information on benchmark and peer group returns. |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
8 | MainStay VP Conservative Allocation Portfolio |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
10 | MainStay VP Conservative Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 92.0% | ||
Equity Funds 36.4% | ||
IQ 50 Percent Hedged FTSE International ETF | 555,262 | $ 13,753,840 |
IQ 500 International ETF | 364,522 | 11,892,348 |
IQ Candriam ESG International Equity ETF (a) | 409,778 | 12,149,918 |
IQ Candriam ESG U.S. Equity ETF | 558,538 | 20,552,746 |
IQ Chaikin U.S. Large Cap ETF | 411,878 | 13,738,397 |
IQ Chaikin U.S. Small Cap ETF | 164,898 | 5,871,160 |
MainStay Epoch Capital Growth Fund Class I | 160,673 | 2,561,305 |
MainStay Epoch International Choice Fund Class I | 168,696 | 7,033,835 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 830,717 | 10,580,923 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 710,000 | 12,192,970 |
MainStay VP MacKay International Equity Portfolio Initial Class | 270,782 | 5,435,326 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 321,402 | 26,429,875 |
MainStay VP Small Cap Growth Portfolio Initial Class | 578,053 | 11,478,517 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 755,420 | 10,335,200 |
MainStay VP Wellington Growth Portfolio Initial Class | 285,892 | 12,725,470 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 582,612 | 9,437,318 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 456,360 | 6,251,175 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 126,622 | 4,162,913 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 639,969 | 23,627,353 |
MainStay WMC Enduring Capital Fund Class R6 | 375,853 | 12,605,334 |
MainStay WMC International Research Equity Fund Class I | 833,925 | 6,787,234 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 | 279,328 | $ 15,235,963 | |
Total Equity Funds (Cost $199,788,758) | 254,839,120 | ||
Fixed Income Funds 55.6% | |||
MainStay MacKay Short Duration High Yield Fund Class I | 4,989,227 | 49,436,257 | |
MainStay Short Term Bond Fund Class I | 356,112 | 3,509,197 | |
MainStay VP Bond Portfolio Initial Class | 2,797,955 | 42,496,463 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 5,148,168 | 45,729,115 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 20,517,275 | 226,609,196 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 1,373,146 | 14,146,015 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 732,695 | 7,051,168 | |
Total Fixed Income Funds (Cost $371,117,094) | 388,977,411 | ||
Total Affiliated Investment Companies (Cost $570,905,852) | 643,816,531 | ||
Short-Term Investment 8.1% | |||
Affiliated Investment Company 8.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 56,648,013 | 56,648,013 | |
Total Short-Term Investment (Cost $56,648,013) | 8.1% | 56,648,013 | |
Total Investments (Cost $627,553,865) | 100.1% | 700,464,544 | |
Other Assets, Less Liabilities | (0.1) | (573,314) | |
Net Assets | 100.0% | $ 699,891,230 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of June 30, 2021, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2021. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi 2nd Wave Virus Basket | 1 month LIBOR BBA plus 0.35% | 12/2/21 | Monthly | 5,061 | $ — |
Citibank NA | Citi Stay at Home Basket | 1 month LIBOR BBA minus 0.30% | 12/2/21 | Monthly | (6,115) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 month LIBOR BBA plus 0.40% | 12/2/21 | Monthly | 23,831 | — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 6,806 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 month LIBOR BBA plus 0.03% | 12/3/21 | Monthly | (25,572) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 month LIBOR BBA plus 0.30% | 12/2/21 | Monthly | 4,036 | — |
Citibank NA | Russell 2000 Total Return Index | 1 month LIBOR BBA minus 0.06% | 12/2/21 | Monthly | (9,434) | — |
Citibank NA | Russell Midcap Total Return Index | 1 month LIBOR BBA plus 0.31% | 12/2/21 | Monthly | 26,055 | — |
Citibank NA | VanEck Vectors Gold Miners ETF | 1 month LIBOR BBA plus 0.50% | 12/2/21 | Monthly | 5,903 | — |
$ — |
1. | As of June 30, 2021, cash in the amount $3,500,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2021. |
Abbreviation(s): |
BBA—British Bankers’ Association |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FTSE—Financial Times Stock Exchange |
LIBOR—London Interbank Offered Rate |
MSCI—Morgan Stanley Capital International |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 254,839,120 | $ — | $ — | $ 254,839,120 | |||
Fixed Income Funds | 388,977,411 | — | — | 388,977,411 | |||
Total Affiliated Investment Companies | 643,816,531 | — | — | 643,816,531 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 56,648,013 | — | — | 56,648,013 | |||
Total Investments in Securities | $ 700,464,544 | $ — | $ — | $ 700,464,544 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
12 | MainStay VP Conservative Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $627,553,865) | $700,464,544 |
Cash collateral on deposit at broker for swap contracts | 3,500,000 |
Receivables: | |
Dividends | 109,289 |
Portfolio shares sold | 316 |
Other assets | 7,111 |
Total assets | 704,081,260 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 3,643,825 |
Portfolio shares redeemed | 181,528 |
NYLIFE Distributors (See Note 3) | 140,627 |
Investment securities purchased | 108,861 |
Shareholder communication | 64,212 |
Professional fees | 36,656 |
Custodian | 14,119 |
Trustees | 202 |
Total liabilities | 4,190,030 |
Net assets | $699,891,230 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 54,420 |
Additional paid-in-capital | 604,127,421 |
604,181,841 | |
Total distributable earnings (loss) | 95,709,389 |
Net assets | $699,891,230 |
Initial Class | |
Net assets applicable to outstanding shares | $ 17,268,474 |
Shares of beneficial interest outstanding | 1,326,649 |
Net asset value per share outstanding | $ 13.02 |
Service Class | |
Net assets applicable to outstanding shares | $682,622,756 |
Shares of beneficial interest outstanding | 53,093,002 |
Net asset value per share outstanding | $ 12.86 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 2,599,530 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 848,287 |
Professional fees | 41,205 |
Shareholder communication | 34,352 |
Custodian | 22,515 |
Trustees | 7,385 |
Miscellaneous | 7,821 |
Total expenses | 961,565 |
Net investment income (loss) | 1,637,965 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 20,359,287 |
Realized capital gain distributions from affiliated investment companies | 5,642,044 |
Swap transactions | 595,936 |
Net realized gain (loss) | 26,597,267 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 2,740,264 |
Net realized and unrealized gain (loss) | 29,337,531 |
Net increase (decrease) in net assets resulting from operations | $30,975,496 |
14 | MainStay VP Conservative Allocation Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,637,965 | $ 10,323,185 |
Net realized gain (loss) | 26,597,267 | 11,277,304 |
Net change in unrealized appreciation (depreciation) | 2,740,264 | 40,337,689 |
Net increase (decrease) in net assets resulting from operations | 30,975,496 | 61,938,178 |
Distributions to shareholders: | ||
Initial Class | — | (565,783) |
Service Class | — | (22,500,681) |
Total distributions to shareholders | — | (23,066,464) |
Capital share transactions: | ||
Net proceeds from sales of shares | 13,190,733 | 71,082,058 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 23,066,464 |
Cost of shares redeemed | (47,325,935) | (162,373,215) |
Increase (decrease) in net assets derived from capital share transactions | (34,135,202) | (68,224,693) |
Net increase (decrease) in net assets | (3,159,706) | (29,352,979) |
Net Assets | ||
Beginning of period | 703,050,936 | 732,403,915 |
End of period | $699,891,230 | $ 703,050,936 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | $ 10.87 | $ 10.71 | |||||
Net investment income (loss) (a) | 0.05 | 0.21 | 0.20 | 0.23 | 0.22 | 0.22 | |||||
Net realized and unrealized gain (loss) on investments | 0.53 | 0.97 | 1.38 | (0.98) | 0.95 | 0.46 | |||||
Total from investment operations | 0.58 | 1.18 | 1.58 | (0.75) | 1.17 | 0.68 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.25) | (0.34) | (0.28) | (0.24) | (0.29) | |||||
From net realized gain on investments | — | (0.19) | (0.31) | — | — | (0.23) | |||||
Total distributions | — | (0.44) | (0.65) | (0.28) | (0.24) | (0.52) | |||||
Net asset value at end of period | $ 13.02 | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | $ 10.87 | |||||
Total investment return (b) | 4.66%(c) | 10.28% | 14.83% | (6.47)% | 10.80% | 6.36% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.72%†† | 1.76% | 1.75% | 2.02% | 1.89% | 2.02% | |||||
Net expenses (d) | 0.03%†† | 0.04% | 0.03% | 0.03% | 0.02% | 0.03% | |||||
Portfolio turnover rate | 11% | 29% | 42% | 58% | 44% | 44% | |||||
Net assets at end of period (in 000’s) | $ 17,268 | $ 16,707 | $ 16,327 | $ 14,616 | $ 16,481 | $ 16,599 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | $ 10.75 | $ 10.60 | |||||
Net investment income (loss) (a) | 0.03 | 0.17 | 0.17 | 0.20 | 0.19 | 0.19 | |||||
Net realized and unrealized gain (loss) on investments | 0.53 | 0.97 | 1.35 | (0.96) | 0.94 | 0.45 | |||||
Total from investment operations | 0.56 | 1.14 | 1.52 | (0.76) | 1.13 | 0.64 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.22) | (0.30) | (0.25) | (0.21) | (0.26) | |||||
From net realized gain on investments | — | (0.19) | (0.31) | — | — | (0.23) | |||||
Total distributions | — | (0.41) | (0.61) | (0.25) | (0.21) | (0.49) | |||||
Net asset value at end of period | $ 12.86 | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | $ 10.75 | |||||
Total investment return (b) | 4.55%(c) | 10.01% | 14.55% | (6.68)% | 10.52% | 6.10% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.46%†† | 1.50% | 1.47% | 1.70% | 1.66% | 1.74% | |||||
Net expenses (d) | 0.28%†† | 0.29% | 0.28% | 0.28% | 0.27% | 0.28% | |||||
Portfolio turnover rate | 11% | 29% | 42% | 58% | 44% | 44% | |||||
Net assets at end of period (in 000’s) | $ 682,623 | $ 686,344 | $ 716,077 | $ 714,720 | $ 865,873 | $ 850,124 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Conservative Allocation Portfolio |
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 7.57% | 22.04% | 9.40% | 7.76% | 0.61% |
Service Class Shares | 2/13/2006 | 7.43 | 21.73 | 9.13 | 7.49 | 0.86 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
MSCI EAFE® Index (Net)2 | 8.83 | 32.35 | 10.28 | 5.89 |
Bloomberg Barclays U.S. Aggregate Bond Index3 | -1.60 | -0.33 | 3.03 | 3.39 |
Moderate Allocation Composite Index4 | 7.35 | 21.92 | 10.83 | 9.19 |
Morningstar Allocation—50% to 70% Equity Category Average5 | 9.54 | 26.62 | 10.00 | 7.89 |
1. | The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Portfolio has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
5. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,075.70 | $0.15 | $1,024.65 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,074.30 | $1.44 | $1,023.41 | $1.40 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
18 | MainStay VP Moderate Allocation Portfolio |
Equity Funds | 56.4 % |
Fixed Income Funds | 35.2 |
Short-Term Investments | 8.6 |
Other Assets, Less Liabilities | (0.2) |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 17 for more information on benchmark and peer group returns. |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
20 | MainStay VP Moderate Allocation Portfolio |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
22 | MainStay VP Moderate Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 91.6% | ||
Equity Funds 56.4% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 893,838 | $ 22,140,367 |
IQ 500 International ETF (a) | 855,894 | 27,923,114 |
IQ Candriam ESG International Equity ETF (a) | 839,260 | 24,884,059 |
IQ Candriam ESG U.S. Equity ETF (a) | 1,357,865 | 49,965,902 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,022,876 | 34,118,540 |
IQ Chaikin U.S. Small Cap ETF (a) | 542,353 | 19,310,370 |
MainStay Epoch Capital Growth Fund Class I (a) | 262,408 | 4,183,067 |
MainStay Epoch International Choice Fund Class I (a) | 485,655 | 20,249,534 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 2,215,505 | 28,219,115 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 1,896,697 | 32,572,361 |
MainStay VP MacKay International Equity Portfolio Initial Class | 768,820 | 15,432,293 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 708,203 | 58,237,618 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 1,852,891 | 36,793,232 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 2,029,158 | 27,761,716 |
MainStay VP Wellington Growth Portfolio Initial Class | 486,834 | 21,669,712 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 1,653,461 | 26,783,265 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 1,459,492 | 19,991,980 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 100,121 | 3,291,665 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 1,460,296 | 53,913,395 |
MainStay WMC Enduring Capital Fund Class R6 | 949,580 | 31,846,934 |
MainStay WMC International Research Equity Fund Class I (a) | 2,442,608 | 19,880,143 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 | 674,474 | $ 36,789,163 | |
Total Equity Funds (Cost $486,569,882) | 615,957,545 | ||
Fixed Income Funds 35.2% | |||
MainStay MacKay Short Duration High Yield Fund Class I | 4,983,038 | 49,374,929 | |
MainStay Short Term Bond Fund Class I | 553,261 | 5,451,945 | |
MainStay VP Bond Portfolio Initial Class | 2,717,196 | 41,269,861 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 4,921,340 | 43,714,298 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 19,162,420 | 211,645,091 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 2,133,358 | 21,977,637 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 1,138,398 | 10,955,488 | |
Total Fixed Income Funds (Cost $378,397,180) | 384,389,249 | ||
Total Affiliated Investment Companies (Cost $864,967,062) | 1,000,346,794 | ||
Short-Term Investment 8.6% | |||
Affiliated Investment Company 8.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (a)(b) | 93,848,757 | 93,848,757 | |
Total Short-Term Investment (Cost $93,848,757) | 8.6% | 93,848,757 | |
Total Investments (Cost $958,815,819) | 100.2% | 1,094,195,551 | |
Other Assets, Less Liabilities | (0.2) | (1,721,310) | |
Net Assets | 100.0% | $ 1,092,474,241 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of June 30, 2021, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2021. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi 2nd Wave Virus Basket | 1 month LIBOR BBA plus 0.35% | 12/2/21 | Monthly | 7,784 | $ — |
Citibank NA | Citi Stay at Home Basket | 1 month LIBOR BBA minus 0.30% | 12/2/21 | Monthly | (9,404) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 month LIBOR BBA plus 0.40% | 12/2/21 | Monthly | 37,025 | — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 10,574 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 month LIBOR BBA plus 0.03% | 12/2/21 | Monthly | (39,740) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 month LIBOR BBA plus 0.30% | 12/2/21 | Monthly | 6,270 | — |
Citibank NA | Russell 2000 Total Return Index | 1 month LIBOR BBA minus 0.06% | 12/2/21 | Monthly | (17,072) | — |
Citibank NA | Russell Midcap Total Return Index | 1 month LIBOR BBA plus 0.31% | 12/2/21 | Monthly | 42,940 | — |
Citibank NA | VanEck Vectors Gold Miners ETF | 1 month LIBOR BBA plus 0.50% | 12/2/21 | Monthly | 9,170 | — |
$ — |
1. | As of June 30, 2021, cash in the amount $5,361,054 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2021. |
Abbreviation(s): |
BBA—British Bankers’ Association |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FTSE—Financial Times Stock Exchange |
LIBOR—London Interbank Offered Rate |
MSCI—Morgan Stanley Capital International |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 615,957,545 | $ — | $ — | $ 615,957,545 | |||
Fixed Income Funds | 384,389,249 | — | — | 384,389,249 | |||
Total Affiliated Investment Companies | 1,000,346,794 | — | — | 1,000,346,794 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 93,848,757 | — | — | 93,848,757 | |||
Total Investments in Securities | $ 1,094,195,551 | $ — | $ — | $ 1,094,195,551 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
24 | MainStay VP Moderate Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $958,815,819) | $1,094,195,551 |
Cash collateral on deposit at broker for swap contracts | 5,361,054 |
Receivables: | |
Dividends | 100,008 |
Portfolio shares sold | 4,368 |
Other assets | 11,267 |
Total assets | 1,099,672,248 |
Liabilities | |
Due to custodian | 361,054 |
Payables: | |
Dividends and interest on OTC swaps contracts | 5,606,114 |
Portfolio shares redeemed | 755,358 |
NYLIFE Distributors (See Note 3) | 214,372 |
Investment securities purchased | 99,300 |
Shareholder communication | 98,807 |
Professional fees | 48,987 |
Custodian | 13,748 |
Trustees | 267 |
Total liabilities | 7,198,007 |
Net assets | $1,092,474,241 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 85,589 |
Additional paid-in-capital | 914,281,678 |
914,367,267 | |
Total distributable earnings (loss) | 178,106,974 |
Net assets | $1,092,474,241 |
Initial Class | |
Net assets applicable to outstanding shares | $ 52,715,215 |
Shares of beneficial interest outstanding | 4,088,485 |
Net asset value per share outstanding | $ 12.89 |
Service Class | |
Net assets applicable to outstanding shares | $1,039,759,026 |
Shares of beneficial interest outstanding | 81,500,320 |
Net asset value per share outstanding | $ 12.76 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 3,505,869 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,285,761 |
Professional fees | 54,633 |
Shareholder communication | 52,885 |
Custodian | 22,549 |
Trustees | 11,313 |
Miscellaneous | 11,515 |
Total expenses | 1,438,656 |
Net investment income (loss) | 2,067,213 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 35,018,822 |
Realized capital gain distributions from affiliated investment companies | 13,581,726 |
Swap transactions | 1,386,574 |
Net realized gain (loss) | 49,987,122 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 25,986,553 |
Net realized and unrealized gain (loss) | 75,973,675 |
Net increase (decrease) in net assets resulting from operations | $78,040,888 |
26 | MainStay VP Moderate Allocation Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,067,213 | $ 16,200,095 |
Net realized gain (loss) | 49,987,122 | 23,048,257 |
Net change in unrealized appreciation (depreciation) | 25,986,553 | 68,669,592 |
Net increase (decrease) in net assets resulting from operations | 78,040,888 | 107,917,944 |
Distributions to shareholders: | ||
Initial Class | — | (2,317,718) |
Service Class | — | (49,413,476) |
Total distributions to shareholders | — | (51,731,194) |
Capital share transactions: | ||
Net proceeds from sales of shares | 13,117,330 | 44,548,280 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 51,731,194 |
Cost of shares redeemed | (84,609,221) | (213,972,555) |
Increase (decrease) in net assets derived from capital share transactions | (71,491,891) | (117,693,081) |
Net increase (decrease) in net assets | 6,548,997 | (61,506,331) |
Net Assets | ||
Beginning of period | 1,085,925,244 | 1,147,431,575 |
End of period | $1,092,474,241 | $1,085,925,244 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | $ 10.57 | $ 10.59 | |||||
Net investment income (loss) (a) | 0.04 | 0.20 | 0.23 | 0.23 | 0.20 | 0.19 | |||||
Net realized and unrealized gain (loss) on investments | 0.86 | 1.07 | 1.60 | (1.16) | 1.36 | 0.48 | |||||
Total from investment operations | 0.90 | 1.27 | 1.83 | (0.93) | 1.56 | 0.67 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.29) | (0.36) | (0.27) | (0.19) | (0.24) | |||||
From net realized gain on investments | — | (0.31) | (0.48) | (0.36) | (0.05) | (0.45) | |||||
Total distributions | — | (0.60) | (0.84) | (0.63) | (0.24) | (0.69) | |||||
Net asset value at end of period | $ 12.89 | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | $ 10.57 | |||||
Total investment return (b) | 7.51%(c) | 11.57% | 18.29% | (8.40)% | 14.97% | 6.41% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.63%†† | 1.83% | 2.04% | 1.99% | 1.79% | 1.76% | |||||
Net expenses (d) | 0.03%†† | 0.03% | 0.03% | 0.02% | 0.02% | 0.03% | |||||
Portfolio turnover rate | 13% | 31% | 40% | 52% | 33% | 40% | |||||
Net assets at end of period (in 000’s) | $ 52,715 | $ 48,025 | $ 45,283 | $ 43,161 | $ 49,419 | $ 43,873 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | $ 10.48 | $ 10.51 | |||||
Net investment income (loss) (a) | 0.02 | 0.17 | 0.20 | 0.20 | 0.17 | 0.16 | |||||
Net realized and unrealized gain (loss) on investments | 0.86 | 1.06 | 1.60 | (1.16) | 1.36 | 0.47 | |||||
Total from investment operations | 0.88 | 1.23 | 1.80 | (0.96) | 1.53 | 0.63 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.26) | (0.33) | (0.24) | (0.17) | (0.21) | |||||
From net realized gain on investments | — | (0.31) | (0.48) | (0.36) | (0.05) | (0.45) | |||||
Total distributions | — | (0.57) | (0.81) | (0.60) | (0.22) | (0.66) | |||||
Net asset value at end of period | $ 12.76 | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | $ 10.48 | |||||
Total investment return (b) | 7.41%(c) | 11.29% | 18.00% | (8.63)% | 14.68% | 6.14% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.37%†† | 1.52% | 1.76% | 1.73% | 1.53% | 1.52% | |||||
Net expenses (d) | 0.28%†† | 0.28% | 0.27% | 0.27% | 0.27% | 0.28% | |||||
Portfolio turnover rate | 13% | 31% | 40% | 52% | 33% | 40% | |||||
Net assets at end of period (in 000’s) | $ 1,039,759 | $ 1,037,900 | $ 1,102,149 | $ 1,103,235 | $ 1,288,895 | $ 1,171,213 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
28 | MainStay VP Moderate Allocation Portfolio |
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 10.95% | 32.37% | 11.51% | 9.07% | 0.71% |
Service Class Shares | 2/13/2006 | 10.81 | 32.04 | 11.23 | 8.80 | 0.96 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
MSCI EAFE® Index (Net)2 | 8.83 | 32.35 | 10.28 | 5.89 |
Bloomberg Barclays U.S. Aggregate Bond Index3 | -1.60 | -0.33 | 3.03 | 3.39 |
Growth Allocation Composite Index4 | 10.46 | 30.11 | 13.35 | 10.98 |
Morningstar Allocation—70% to 85% Equity Category Average5 | 15.45 | 32.58 | 10.98 | 8.41 |
1. | The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Portfolio has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
5. | The Morningstar Allocation—70% to 85% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,109.50 | $0.10 | $1,024.70 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,108.10 | $1.41 | $1,023.46 | $1.35 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
30 | MainStay VP Growth Allocation Portfolio |
Equity Funds | 77.3 % |
Fixed Income Funds | 15.2 |
Short-Term Investments | 7.7 |
Other Assets, Less Liabilities | (0.2) |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 29 for more information on benchmark and peer group returns. |
3. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
32 | MainStay VP Growth Allocation Portfolio |
4. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
34 | MainStay VP Growth Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 92.5% | ||
Equity Funds 77.3% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 1,705,039 | $ 42,233,816 |
IQ 500 International ETF (a) | 2,056,710 | 67,099,135 |
IQ Candriam ESG International Equity ETF (a) | 1,216,519 | 36,069,788 |
IQ Candriam ESG U.S. Equity ETF (a) | 2,871,868 | 105,677,275 |
IQ Chaikin U.S. Large Cap ETF (a) | 2,425,477 | 80,902,998 |
IQ Chaikin U.S. Small Cap ETF (a) | 711,422 | 25,330,038 |
MainStay Epoch Capital Growth Fund Class I (a) | 440,640 | 7,024,279 |
MainStay Epoch International Choice Fund Class I (a) | 1,290,054 | 53,789,198 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 5,580,184 | 71,075,363 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 4,664,097 | 80,097,472 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,594,183 | 31,999,563 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 1,600,017 | 131,574,172 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 5,039,444 | 100,069,246 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 4,955,200 | 67,794,071 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 914,306 | 40,697,119 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 3,816,000 | 61,812,718 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 4,104,760 | 56,226,597 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 8,225 | 270,409 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 3,408,977 | 125,857,726 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 2,115,393 | 70,945,849 |
MainStay WMC International Research Equity Fund Class I (a) | 6,499,522 | 52,898,962 |
MainStay WMC Value Fund Class R6 (a) | 1,616,171 | 88,154,040 |
Total Equity Funds (Cost $1,116,847,820) | 1,397,599,834 |
Shares | Value | ||
Fixed Income Funds 15.2% | |||
MainStay MacKay Short Duration High Yield Fund Class I (a) | 8,333,670 | $ 82,574,999 | |
MainStay Short Term Bond Fund Class I (a) | 925,295 | 9,118,043 | |
MainStay VP Bond Portfolio Initial Class | 910,023 | 13,821,793 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 8,230,639 | 73,109,475 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 3,747,942 | 41,395,268 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 3,567,932 | 36,756,480 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 1,903,843 | 18,321,822 | |
Total Fixed Income Funds (Cost $272,581,834) | 275,097,880 | ||
Total Affiliated Investment Companies (Cost $1,389,429,654) | 1,672,697,714 | ||
Short-Term Investment 7.7% | |||
Affiliated Investment Company 7.7% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (a)(b) | 138,892,599 | 138,892,599 | |
Total Short-Term Investment (Cost $138,892,599) | 7.7% | 138,892,599 | |
Total Investments (Cost $1,528,322,253) | 100.2% | 1,811,590,313 | |
Other Assets, Less Liabilities | (0.2) | (3,443,863) | |
Net Assets | 100.0% | $ 1,808,146,450 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of June 30, 2021, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2021. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi 2nd Wave Virus Basket | 1 month LIBOR BBA plus 0.35% | 12/2/21 | Monthly | 13,084 | $ — |
Citibank NA | Citi Stay at Home Basket | 1 month LIBOR BBA minus 0.30% | 12/2/21 | Monthly | (15,807) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 month LIBOR BBA plus 0.40% | 12/2/21 | Monthly | 61,923 | — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 17,684 | — |
Citibank NA | iShares MSCI USA Momentum Factor ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 42,827 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 month LIBOR BBA plus 0.03% | 12/2/21 | Monthly | (77,802) | — |
Citibank NA | Russell 2000 Total Return Index | 1 month LIBOR BBA minus 0.07% | 12/2/21 | Monthly | (24,496) | — |
Citibank NA | Russell Midcap Total Return Index | 1 month LIBOR BBA plus 0.31% | 12/2/21 | Monthly | 73,845 | — |
Citibank NA | S&P 500 Total Return Index | 1 month LIBOR BBA plus 0.10% | 12/2/21 | Monthly | (37,782) | — |
Citibank NA | VanEck Vectors Gold Miners ETF | 1 month LIBOR BBA plus 0.50% | 12/2/21 | Monthly | 15,331 | — |
$ — |
1. | As of June 30, 2021, cash in the amount $9,000,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2021. |
Abbreviation(s): |
BBA—British Bankers’ Association |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FTSE—Financial Times Stock Exchange |
LIBOR—London Interbank Offered Rate |
MSCI—Morgan Stanley Capital International |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 1,397,599,834 | $ — | $ — | $ 1,397,599,834 | |||
Fixed Income Funds | 275,097,880 | — | — | 275,097,880 | |||
Total Affiliated Investment Companies | 1,672,697,714 | — | — | 1,672,697,714 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 138,892,599 | — | — | 138,892,599 | |||
Total Investments in Securities | $ 1,811,590,313 | $ — | $ — | $ 1,811,590,313 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
36 | MainStay VP Growth Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,528,322,253) | $1,811,590,313 |
Cash collateral on deposit at broker for swap contracts | 9,000,000 |
Receivables: | |
Dividends | 167,430 |
Other assets | 18,986 |
Total assets | 1,820,776,729 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 9,630,169 |
Portfolio shares redeemed | 2,241,140 |
NYLIFE Distributors (See Note 3) | 352,602 |
Investment securities purchased | 166,363 |
Shareholder communication | 161,767 |
Professional fees | 62,699 |
Custodian | 15,211 |
Trustees | 328 |
Total liabilities | 12,630,279 |
Net assets | $1,808,146,450 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 135,307 |
Additional paid-in-capital | 1,447,849,302 |
1,447,984,609 | |
Total distributable earnings (loss) | 360,161,841 |
Net assets | $1,808,146,450 |
Initial Class | |
Net assets applicable to outstanding shares | $ 104,816,602 |
Shares of beneficial interest outstanding | 7,751,923 |
Net asset value per share outstanding | $ 13.52 |
Service Class | |
Net assets applicable to outstanding shares | $1,703,329,848 |
Shares of beneficial interest outstanding | 127,555,117 |
Net asset value per share outstanding | $ 13.35 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 6,482,039 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,131,156 |
Shareholder communication | 86,532 |
Professional fees | 77,055 |
Custodian | 23,611 |
Trustees | 18,793 |
Miscellaneous | 18,676 |
Total expenses | 2,355,823 |
Net investment income (loss) | 4,126,216 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 49,335,530 |
Realized capital gain distributions from affiliated investment companies | 31,598,405 |
Swap transactions | 2,835,398 |
Net realized gain (loss) | 83,769,333 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 99,490,874 |
Net realized and unrealized gain (loss) | 183,260,207 |
Net increase (decrease) in net assets resulting from operations | $187,386,423 |
38 | MainStay VP Growth Allocation Portfolio |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,126,216 | $ 27,223,667 |
Net realized gain (loss) | 83,769,333 | 32,814,256 |
Net change in unrealized appreciation (depreciation) | 99,490,874 | 137,830,502 |
Net increase (decrease) in net assets resulting from operations | 187,386,423 | 197,868,425 |
Distributions to shareholders: | ||
Initial Class | — | (5,689,162) |
Service Class | — | (99,239,141) |
Total distributions to shareholders | — | (104,928,303) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,707,236 | 31,035,516 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 104,928,303 |
Cost of shares redeemed | (193,883,799) | (379,216,886) |
Increase (decrease) in net assets derived from capital share transactions | (189,176,563) | (243,253,067) |
Net increase (decrease) in net assets | (1,790,140) | (150,312,945) |
Net Assets | ||
Beginning of period | 1,809,936,590 | 1,960,249,535 |
End of period | $1,808,146,450 | $1,809,936,590 |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | $ 11.00 | $ 11.08 | |||||
Net investment income (loss) (a) | 0.04 | 0.21 | 0.26 | 0.21 | 0.17 | 0.18 | |||||
Net realized and unrealized gain (loss) on investments | 1.29 | 1.21 | 1.91 | (1.47) | 1.86 | 0.64 | |||||
Total from investment operations | 1.33 | 1.42 | 2.17 | (1.26) | 2.03 | 0.82 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.34) | (0.39) | (0.24) | (0.18) | (0.24) | |||||
From net realized gain on investments | — | (0.40) | (0.84) | (0.54) | (0.24) | (0.66) | |||||
Total distributions | — | (0.74) | (1.23) | (0.78) | (0.42) | (0.90) | |||||
Net asset value at end of period | $ 13.52 | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | $ 11.00 | |||||
Total investment return (b) | 10.91%(c) | 12.94% | 21.42% | (10.73)% | 18.62% | 7.56% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.70%†† | 1.87% | 2.22% | 1.71% | 1.43% | 1.60% | |||||
Net expenses (d) | 0.02%†† | 0.03% | 0.02% | 0.02% | 0.02% | 0.03% | |||||
Portfolio turnover rate | 11% | 32% | 41% | 44% | 31% | 33% | |||||
Net assets at end of period (in 000’s) | $ 104,817 | $ 98,314 | $ 91,615 | $ 80,133 | $ 90,089 | $ 76,025 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | $ 10.90 | $ 10.99 | |||||
Net investment income (loss) (a) | 0.03 | 0.17 | 0.22 | 0.17 | 0.14 | 0.14 | |||||
Net realized and unrealized gain (loss) on investments | 1.27 | 1.21 | 1.88 | (1.44) | 1.84 | 0.64 | |||||
Total from investment operations | 1.30 | 1.38 | 2.10 | (1.27) | 1.98 | 0.78 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.31) | (0.35) | (0.21) | (0.15) | (0.21) | |||||
From net realized gain on investments | — | (0.40) | (0.84) | (0.54) | (0.24) | (0.66) | |||||
Total distributions | — | (0.71) | (1.19) | (0.75) | (0.39) | (0.87) | |||||
Net asset value at end of period | $ 13.35 | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | $ 10.90 | |||||
Total investment return (b) | 10.79%(c) | 12.65% | 21.12% | (10.95)% | 18.32% | 7.30% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.44%†† | 1.55% | 1.90% | 1.42% | 1.17% | 1.32% | |||||
Net expenses (d) | 0.27%†† | 0.28% | 0.27% | 0.27% | 0.27% | 0.28% | |||||
Portfolio turnover rate | 11% | 32% | 41% | 44% | 31% | 33% | |||||
Net assets at end of period (in 000’s) | $ 1,703,330 | $ 1,711,623 | $ 1,868,634 | $ 1,849,974 | $ 2,263,952 | $ 1,990,699 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
40 | MainStay VP Growth Allocation Portfolio |
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 13.80% | 41.15% | 13.49% | 10.16% | 0.74% |
Service Class Shares | 2/13/2006 | 13.66 | 40.80 | 13.21 | 9.88 | 0.99 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Ten Years |
S&P 500® Index1 | 15.25% | 40.79% | 17.65% | 14.84% |
MSCI EAFE® Index (Net)2 | 8.83 | 32.35 | 10.28 | 5.89 |
Equity Allocation Composite Index3 | 13.64 | 38.71 | 15.82 | 12.71 |
Morningstar Allocation—85%+ Equity Category Average4 | 13.45 | 40.06 | 13.11 | 9.97 |
1. | The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Portfolio has selected the Equity Allocation Composite Index as an additional benchmark. The Equity Allocation Composite Index consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. Prior to February 28, 2014, the Equity Allocation Composite Index consisted of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 80% and 20%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
4. | The Morningstar Allocation—85%+ Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures of over 85%. These funds typically allocate at least 10% to equities of foreign companies and do not exclusively allocate between cash and equities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,138.00 | $0.16 | $1,024.65 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,136.60 | $1.48 | $1,023.41 | $1.40 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
42 | MainStay VP Equity Allocation Portfolio |
Equity Funds | 97.1 % |
Short-Term Investments | 2.9 |
Other Assets, Less Liabilities | 0.0 ‡ |
‡ | Less than one-tenth of a percent. |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 41 for more information on benchmark and peer group returns. |
44 | MainStay VP Equity Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 97.1% | ||
Equity Funds 97.1% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 1,001,996 | $ 24,819,441 |
IQ 500 International ETF (a) | 1,520,411 | 49,602,649 |
IQ Candriam ESG International Equity ETF (a) | 1,059,579 | 31,416,517 |
IQ Candriam ESG U.S. Equity ETF (a) | 2,418,403 | 88,990,942 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,622,491 | 54,118,999 |
IQ Chaikin U.S. Small Cap ETF (a) | 327,996 | 11,678,232 |
MainStay Epoch Capital Growth Fund Class I (a) | 276,057 | 4,400,656 |
MainStay Epoch International Choice Fund Class I (a) | 988,702 | 41,224,235 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 4,856,185 | 61,853,718 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 3,921,398 | 67,342,947 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,786,613 | 35,862,151 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 1,685,731 | 138,622,728 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 2,612,562 | 51,878,168 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 4,314,149 | 59,023,599 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 1,042,991 | 46,425,084 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 2,881,221 | 46,670,874 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 1,985,390 | 27,195,673 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 809,513 | $ 26,614,186 | |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,592,061 | 95,697,578 | |
MainStay WMC Enduring Capital Fund Class R6 (a) | 1,355,240 | 45,451,901 | |
MainStay WMC International Research Equity Fund Class I (a) | 4,993,996 | 40,645,631 | |
MainStay WMC Value Fund Class R6 (a) | 1,490,892 | 81,320,688 | |
Total Affiliated Investment Companies (Cost $911,096,835) | 1,130,856,597 | ||
Short-Term Investment 2.9% | |||
Affiliated Investment Company 2.9% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 33,724,598 | 33,724,598 | |
Total Short-Term Investment (Cost $33,724,598) | 2.9% | 33,724,598 | |
Total Investments (Cost $944,821,433) | 100.0% | 1,164,581,195 | |
Other Assets, Less Liabilities | 0.0‡ | 357,625 | |
Net Assets | 100.0% | $ 1,164,938,820 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | As of June 30, 2021, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2021. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi 2nd Wave Virus Basket | 1 month LIBOR BBA plus 0.35% | 12/2/21 | Monthly | 8,218 | $ — |
Citibank NA | Citi Stay at Home Basket | 1 month LIBOR BBA minus 0.30% | 12/2/21 | Monthly | (9,928) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 month LIBOR BBA plus 0.40% | 12/2/21 | Monthly | 39,639 | — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 11,320 | — |
Citibank NA | iShares MSCI USA Momentum Factor ETF | 1 month LIBOR BBA plus 0.55% | 12/2/21 | Monthly | 48,280 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 month LIBOR BBA plus 0.03% | 12/2/21 | Monthly | (49,800) | — |
Citibank NA | Russell 2000 Total Return Index | 1 month LIBOR BBA minus 0.08% | 12/2/21 | Monthly | (14,122) | — |
Citibank NA | Russell Midcap Total Return Index | 1 month LIBOR BBA plus 0.31% | 12/2/21 | Monthly | 44,902 | — |
Citibank NA | S&P 500 Total Return Index | 1 month LIBOR BBA plus 0.10% | 12/2/21 | Monthly | (50,633) | — |
46 | MainStay VP Equity Allocation Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | VanEck Vectors Gold Miners ETF | 1 month LIBOR BBA plus 0.50% | 12/2/21 | Monthly | 5,362 | $ — |
$ — |
1. | As of June 30, 2021, cash in the amount $5,743,897 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2021. |
Abbreviation(s): |
BBA—British Bankers’ Association |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FTSE—Financial Times Stock Exchange |
LIBOR—London Interbank Offered Rate |
MSCI—Morgan Stanley Capital International |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 1,130,856,597 | $ — | $ — | $ 1,130,856,597 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 33,724,598 | — | — | 33,724,598 | |||
Total Investments in Securities | $ 1,164,581,195 | $ — | $ — | $ 1,164,581,195 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $944,821,433) | $1,164,581,195 |
Cash | 842,074 |
Cash collateral on deposit at broker for swap contracts | 5,743,897 |
Receivables: | |
Dividends | 298 |
Other assets | 13,722 |
Total assets | 1,171,181,186 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 5,454,839 |
Portfolio shares redeemed | 412,306 |
NYLIFE Distributors (See Note 3) | 219,093 |
Shareholder communication | 92,831 |
Professional fees | 48,499 |
Custodian | 14,731 |
Trustees | 67 |
Total liabilities | 6,242,366 |
Net assets | $1,164,938,820 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 82,087 |
Additional paid-in-capital | 871,968,341 |
872,050,428 | |
Total distributable earnings (loss) | 292,888,392 |
Net assets | $1,164,938,820 |
Initial Class | |
Net assets applicable to outstanding shares | $ 101,153,709 |
Shares of beneficial interest outstanding | 7,044,021 |
Net asset value per share outstanding | $ 14.36 |
Service Class | |
Net assets applicable to outstanding shares | $1,063,785,111 |
Shares of beneficial interest outstanding | 75,042,479 |
Net asset value per share outstanding | $ 14.18 |
48 | MainStay VP Equity Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 2,681,661 |
Interest | 1,643 |
Total income | 2,683,304 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,311,835 |
Professional fees | 55,113 |
Shareholder communication | 50,819 |
Custodian | 22,444 |
Trustees | 11,660 |
Miscellaneous | 10,574 |
Total expenses | 1,462,445 |
Net investment income (loss) | 1,220,859 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 33,478,046 |
Realized capital gain distributions from affiliated investment companies | 22,603,950 |
Swap transactions | 2,218,404 |
Net realized gain (loss) | 58,300,400 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 88,469,498 |
Net realized and unrealized gain (loss) | 146,769,898 |
Net increase (decrease) in net assets resulting from operations | $147,990,757 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,220,859 | $ 13,999,807 |
Net realized gain (loss) | 58,300,400 | 41,630,464 |
Net change in unrealized appreciation (depreciation) | 88,469,498 | 97,042,610 |
Net increase (decrease) in net assets resulting from operations | 147,990,757 | 152,672,881 |
Distributions to shareholders: | ||
Initial Class | — | (5,868,206) |
Service Class | — | (66,857,357) |
Total distributions to shareholders | — | (72,725,563) |
Capital share transactions: | ||
Net proceeds from sales of shares | 1,632,359 | 46,065,158 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 72,725,563 |
Cost of shares redeemed | (119,149,032) | (181,229,820) |
Increase (decrease) in net assets derived from capital share transactions | (117,516,673) | (62,439,099) |
Net increase (decrease) in net assets | 30,474,084 | 17,508,219 |
Net Assets | ||
Beginning of period | 1,134,464,736 | 1,116,956,517 |
End of period | $1,164,938,820 | $1,134,464,736 |
50 | MainStay VP Equity Allocation Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | $ 10.60 | $ 10.63 | |||||
Net investment income (loss) (a) | 0.03 | 0.18 | 0.21 | 0.18 | 0.12 | 0.12 | |||||
Net realized and unrealized gain (loss) on investments | 1.71 | 1.49 | 2.25 | (1.67) | 2.26 | 0.68 | |||||
Total from investment operations | 1.74 | 1.67 | 2.46 | (1.49) | 2.38 | 0.80 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.27) | (0.36) | (0.19) | (0.12) | (0.17) | |||||
From net realized gain on investments | — | (0.58) | (0.80) | (0.47) | (0.21) | (0.66) | |||||
Total distributions | — | (0.85) | (1.16) | (0.66) | (0.33) | (0.83) | |||||
Net asset value at end of period | $ 14.36 | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | $ 10.60 | |||||
Total investment return (b) | 13.79%(c) | 15.02% | 24.58% | (12.78)% | 22.67% | 7.59% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.45%†† | 1.64% | 1.80% | 1.42% | 1.05% | 1.19% | |||||
Net expenses (d) | 0.03%†† | 0.03% | 0.03% | 0.02% | 0.02% | 0.03% | |||||
Portfolio turnover rate | 8% | 26% | 38% | 28% | 26% | 21% | |||||
Net assets at end of period (in 000’s) | $ 101,154 | $ 92,647 | $ 83,143 | $ 66,326 | $ 76,504 | $ 60,070 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | $ 10.51 | $ 10.55 | |||||
Net investment income (loss) (a) | 0.01 | 0.15 | 0.17 | 0.14 | 0.09 | 0.10 | |||||
Net realized and unrealized gain (loss) on investments | 1.70 | 1.47 | 2.24 | (1.65) | 2.24 | 0.66 | |||||
Total from investment operations | 1.71 | 1.62 | 2.41 | (1.51) | 2.33 | 0.76 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.24) | (0.33) | (0.16) | (0.10) | (0.14) | |||||
From net realized gain on investments | — | (0.58) | (0.80) | (0.47) | (0.21) | (0.66) | |||||
Total distributions | — | (0.82) | (1.13) | (0.63) | (0.31) | (0.80) | |||||
Net asset value at end of period | $ 14.18 | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | $ 10.51 | |||||
Total investment return (b) | 13.71%(c) | 14.74% | 24.27% | (12.99)% | 22.36% | 7.32% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.19%†† | 1.34% | 1.49% | 1.16% | 0.81% | 0.95% | |||||
Net expenses (d) | 0.28%†† | 0.28% | 0.28% | 0.27% | 0.27% | 0.28% | |||||
Portfolio turnover rate | 8% | 26% | 38% | 28% | 26% | 21% | |||||
Net assets at end of period (in 000’s) | $ 1,063,785 | $ 1,041,818 | $ 1,033,813 | $ 929,230 | $ 1,074,280 | $ 829,780 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations1 |
MainStay VP Conservative Allocation Fund | Initial Class, Service Class |
MainStay VP Moderate Allocation Fund | Initial Class, Service Class |
MainStay VP Growth Allocation Fund | Initial Class, Service Class |
MainStay VP Equity Allocation Fund | Initial Class, Service Class |
1. | For each VP Allocation Portfolio, Initial Class and Service Class shares were registered for sale as of February 13, 2006. |
52 | MainStay VP Asset Allocation Funds |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including each Allocation Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
54 | MainStay VP Asset Allocation Funds |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $595,936 | $595,936 |
Total Net Realized Gain (Loss) | $595,936 | $595,936 |
Average Notional Amount | Total |
Swap Contracts Long | $ 73,320,450 |
Swap Contracts Short | $(34,241,245) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $1,386,574 | $1,386,574 |
Total Net Realized Gain (Loss) | $1,386,574 | $1,386,574 |
Average Notional Amount | Total |
Swap Contracts Long | $128,931,231 |
Swap Contracts Short | $ (66,682,944) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $2,835,398 | $2,835,398 |
Total Net Realized Gain (Loss) | $2,835,398 | $2,835,398 |
Average Notional Amount | Total |
Swap Contracts Long | $ 203,113,950 |
Swap Contracts Short | $(103,776,056) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $2,218,404 | $2,218,404 |
Total Net Realized Gain (Loss) | $2,218,404 | $2,218,404 |
Average Notional Amount | Total |
Swap Contracts Long | $115,416,602 |
Swap Contracts Short | $ (74,661,945) |
56 | MainStay VP Asset Allocation Funds |
MainStay VP Conservative Allocation Portfolio | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 50 Percent Hedged FTSE International ETF | $ 14,322 | $ — | $ (1,838) | $ 195 | $ 1,075 | $ 13,754 | $ 238 | $ — | 555 |
IQ 500 International ETF | 11,409 | 212 | (1,056) | 121 | 1,206 | 11,892 | 232 | — | 365 |
IQ Candriam ESG International Equity ETF | 12,059 | — | (895) | 249 | 737 | 12,150 | 179 | — | 410 |
IQ Candriam ESG U.S. Equity ETF | 19,112 | 844 | (1,942) | 393 | 2,146 | 20,553 | 116 | — | 559 |
IQ Chaikin U.S. Large Cap ETF | 13,446 | 6 | (1,529) | 348 | 1,467 | 13,738 | 71 | — | 412 |
IQ Chaikin U.S. Small Cap ETF | 6,251 | — | (1,631) | 462 | 789 | 5,871 | 27 | — | 165 |
IQ S&P High Yield Low Volatility Bond ETF | 7,049 | 151 | (7,100) | 76 | (176) | — | 105 | — | — |
MainStay Epoch Capital Growth Fund Class I | 2,548 | 44 | (353) | 35 | 287 | 2,561 | — | — | 161 |
MainStay Epoch International Choice Fund Class I | 7,627 | 1 | (1,022) | 108 | 320 | 7,034 | — | — | 169 |
MainStay MacKay Short Duration High Yield Fund Class I | 53,201 | 4,602 | (9,225) | 41 | 818 | 49,437 | 1,157 | — | 4,989 |
MainStay Short Term Bond Fund Class I | — | 3,575 | (50) | — | (16) | 3,509 | 16 | — | 356 |
MainStay U.S. Government Liquidity Fund | 22,830 | 129,722 | (95,904) | — | — | 56,648 | 2 | — | 56,648 |
MainStay VP Bond Portfolio Initial Class | 49,624 | 445 | (6,999) | 738 | (1,312) | 42,496 | — | — | 2,798 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 11,057 | 346 | (1,991) | 531 | 638 | 10,581 | — | — | 831 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 11,941 | 20 | (1,307) | 165 | 1,374 | 12,193 | — | — | 710 |
MainStay VP Floating Rate Portfolio Initial Class | 21,199 | 25,012 | (655) | (19) | 193 | 45,730 | 452 | — | 5,148 |
MainStay VP Conservative Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay VP Indexed Bond Portfolio Initial Class | $ 280,683 | $ 2,921 | $ (51,972) | $ 5,594 | $ (10,617) | $ 226,609 | $ — | $ — | 20,517 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 14,013 | — | — | 134 | 14,147 | — | — | 1,373 |
MainStay VP MacKay International Equity Portfolio Initial Class | 8,073 | — | (3,181) | 617 | (74) | 5,435 | — | — | 271 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 37,381 | — | (15,970) | 6,508 | (1,489) | 26,430 | — | — | 321 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 7,078 | 43 | (186) | 16 | 100 | 7,051 | — | — | 733 |
MainStay VP Small Cap Growth Portfolio Initial Class | 16,155 | 923 | (6,801) | 2,253 | (1,051) | 11,479 | — | — | 578 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 10,147 | 86 | (1,651) | 127 | 1,626 | 10,335 | — | — | 755 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 5,992 | 6,302 | (758) | 221 | 969 | 12,726 | — | — | 286 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 9,783 | — | (1,815) | 45 | 1,424 | 9,437 | — | — | 583 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 6,717 | — | (1,569) | 401 | 702 | 6,251 | — | — | 456 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 4,069 | — | — | 94 | 4,163 | — | — | 127 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 22,519 | 793 | (2,439) | 676 | 2,078 | 23,627 | — | — | 640 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 12,942 | 5,647 | (2,787) | 154 | (3,351) | 12,605 | 5 | 5,642 | 376 |
MainStay WMC International Research Equity Fund Class I (h) | 6,116 | 1,082 | (1,070) | (156) | 815 | 6,787 | — | — | 834 |
MainStay WMC Value Fund Class R6 (i)(j) | 14,991 | 7 | (2,056) | 460 | 1,834 | 15,236 | — | — | 279 |
$ 702,252 | $ 200,866 | $ (225,752) | $ 20,359 | $ 2,740 | $ 700,465 | $ 2,600 | $ 5,642 |
(a) | Prior to May 1, 2021, known as MainStay VP Emerging Markets Equity Portfolio Initial Class. |
(b) | Prior to May 1, 2021, known as MainStay VP MacKay Growth Portfolio Initial Class. |
(c) | Prior to May 1, 2021, known as MainStay VP MacKay Mid Cap Core Portfolio Initial Class. |
(d) | Prior to May 1, 2021, known as MainStay VP MacKay Small Cap Core Portfolio Initial Class. |
(e) | Prior to May 1, 2021, known as MainStay VP MacKay Common Stock Portfolio Initial Class. |
(f) | As of April 26, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay Epoch U.S. All Cap Fund Class R6 into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(g) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Enduring Capital Fund Class I into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(h) | Prior to March 5, 2021, known as MainStay MacKay International Opportunities Fund Class I. |
(i) | Prior to April 26, 2021, known as MainStay MAP Equity Fund Class I. |
(j) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Value Fund Class I into the newly launched MainStay WMC Value Fund Class R6. |
MainStay VP Moderate Allocation Portfolio | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 50 Percent Hedged FTSE International ETF | $ 24,322 | $ — | $ (4,342) | $ 543 | $ 1,617 | $ 22,140 | $ 387 | $ — | 894 |
58 | MainStay VP Asset Allocation Funds |
MainStay VP Moderate Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 500 International ETF | $ 30,000 | $ — | $ (5,504) | $ 709 | $ 2,718 | $ 27,923 | $ 543 | $ — | 856 |
IQ Candriam ESG International Equity ETF | 19,430 | 4,180 | (445) | 141 | 1,578 | 24,884 | 362 | — | 839 |
IQ Candriam ESG U.S. Equity ETF | 36,733 | 7,653 | — | — | 5,580 | 49,966 | 268 | — | 1,358 |
IQ Chaikin U.S. Large Cap ETF | 35,922 | 9 | (6,498) | 1,490 | 3,196 | 34,119 | 179 | — | 1,023 |
IQ Chaikin U.S. Small Cap ETF | 10,445 | 7,927 | (1,608) | 366 | 2,180 | 19,310 | 87 | — | 542 |
IQ S&P High Yield Low Volatility Bond ETF | 10,834 | 374 | (11,052) | 114 | (270) | — | 162 | — | — |
MainStay Epoch Capital Growth Fund Class I | 3,917 | — | (246) | 38 | 474 | 4,183 | — | — | 262 |
MainStay Epoch International Choice Fund Class I | 25,145 | — | (6,262) | 929 | 438 | 20,250 | — | — | 486 |
MainStay MacKay Short Duration High Yield Fund Class I | 54,503 | 6,517 | (12,527) | 43 | 839 | 49,375 | 1,201 | — | 4,983 |
MainStay Short Term Bond Fund Class I | — | 5,616 | (138) | (1) | (25) | 5,452 | 26 | — | 553 |
MainStay U.S. Government Liquidity Fund | 35,517 | 220,610 | (162,278) | — | — | 93,849 | 4 | — | 93,849 |
MainStay VP Bond Portfolio Initial Class | 51,927 | 688 | (10,738) | 617 | (1,224) | 41,270 | — | — | 2,717 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 32,779 | — | (7,929) | 1,653 | 1,716 | 28,219 | — | — | 2,216 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 36,333 | 13 | (8,079) | 107 | 4,198 | 32,572 | — | — | 1,897 |
MainStay VP Floating Rate Portfolio Initial Class | 5,429 | 38,516 | (280) | (3) | 52 | 43,714 | 275 | — | 4,921 |
MainStay VP Indexed Bond Portfolio Initial Class | 293,707 | 4,027 | (80,793) | 9,252 | (14,548) | 211,645 | — | — | 19,162 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 21,769 | — | — | 209 | 21,978 | — | — | 2,133 |
MainStay VP MacKay International Equity Portfolio Initial Class | 10,397 | 3,950 | (84) | 24 | 1,145 | 15,432 | — | — | 769 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 71,458 | — | (23,177) | 7,625 | 2,332 | 58,238 | — | — | 708 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 10,893 | 116 | (233) | 21 | 159 | 10,956 | — | — | 1,138 |
MainStay VP Small Cap Growth Portfolio Initial Class | 33,784 | 5,762 | (5,671) | 2,109 | 809 | 36,793 | — | — | 1,853 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 31,943 | 18 | (9,313) | (466) | 5,580 | 27,762 | — | — | 2,029 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 18,846 | 6,327 | (6,084) | 1,451 | 1,130 | 21,670 | — | — | 487 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 31,932 | 10 | (9,743) | 2,070 | 2,514 | 26,783 | — | — | 1,653 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 15,554 | 1,842 | (7) | (1) | 2,604 | 19,992 | — | — | 1,459 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 3,219 | — | — | 73 | 3,292 | — | — | 100 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 55,366 | 6 | (7,872) | 2,668 | 3,745 | 53,913 | — | — | 1,460 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 35,599 | 13,594 | (10,035) | 2,615 | (9,926) | 31,847 | 12 | 13,582 | 950 |
MainStay WMC International Research Equity Fund Class I (h) | 21,815 | — | (4,096) | (865) | 3,026 | 19,880 | — | — | 2,443 |
MainStay VP Moderate Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay WMC Value Fund Class R6 (i)(j) | $ 40,635 | $ 9 | $ (9,693) | $ 1,770 | $ 4,068 | $ 36,789 | $ — | $ — | 674 |
$ 1,085,165 | $ 352,752 | $ (404,727) | $ 35,019 | $ 25,987 | $ 1,094,196 | $ 3,506 | $ 13,582 |
(a) | Prior to May 1, 2021, known as MainStay VP Emerging Markets Equity Portfolio Initial Class. |
(b) | Prior to May 1, 2021, known as MainStay VP MacKay Growth Portfolio Initial Class. |
(c) | Prior to May 1, 2021, known as MainStay VP MacKay Mid Cap Core Portfolio Initial Class. |
(d) | Prior to May 1, 2021, known as MainStay VP MacKay Small Cap Core Portfolio Initial Class. |
(e) | Prior to May 1, 2021, known as MainStay VP MacKay Common Stock Portfolio Initial Class. |
(f) | As of April 26, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay Epoch U.S. All Cap Fund Class R6 into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(g) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Enduring Capital Fund Class I into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(h) | Prior to March 5, 2021, known as MainStay MacKay International Opportunities Fund Class I. |
(i) | Prior to April 26, 2021, known as MainStay MAP Equity Fund Class I. |
(j) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Value Fund Class I into the newly launched MainStay WMC Value Fund Class R6. |
MainStay VP Growth Allocation Portfolio | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 50 Percent Hedged FTSE International ETF | $ 41,263 | $ — | $ (2,820) | $ 319 | $ 3,472 | $ 42,234 | $ 730 | $ — | 1,705 |
IQ 500 International ETF | 70,393 | — | (11,481) | 2,294 | 5,893 | 67,099 | 1,306 | — | 2,057 |
IQ Candriam ESG International Equity ETF | 24,894 | 9,115 | (256) | 84 | 2,233 | 36,070 | 520 | — | 1,217 |
IQ Candriam ESG U.S. Equity ETF | 71,473 | 22,368 | — | — | 11,836 | 105,677 | 580 | — | 2,872 |
IQ Chaikin U.S. Large Cap ETF | 74,711 | 10 | (4,351) | 1,049 | 9,484 | 80,903 | 418 | — | 2,425 |
IQ Chaikin U.S. Small Cap ETF | 17,245 | 4,306 | (111) | 24 | 3,866 | 25,330 | 108 | — | 711 |
IQ S&P High Yield Low Volatility Bond ETF | 18,024 | 766 | (18,527) | 181 | (444) | — | 273 | — | — |
MainStay Epoch Capital Growth Fund Class I | 6,518 | — | (350) | 66 | 790 | 7,024 | — | — | 441 |
MainStay Epoch International Choice Fund Class I | 63,234 | — | (12,994) | 3,833 | (284) | 53,789 | — | — | 1,290 |
MainStay MacKay Short Duration High Yield Fund Class I | 90,674 | 12,282 | (21,851) | 66 | 1,404 | 82,575 | 2,011 | — | 8,334 |
MainStay Short Term Bond Fund Class I | — | 9,444 | (283) | (1) | (42) | 9,118 | 43 | — | 925 |
MainStay U.S. Government Liquidity Fund | 49,196 | 378,584 | (288,887) | — | — | 138,893 | 5 | — | 138,893 |
MainStay VP Bond Portfolio Initial Class | 32,398 | 285 | (18,481) | 1,360 | (1,740) | 13,822 | — | — | 910 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 79,737 | — | (16,952) | 3,584 | 4,706 | 71,075 | — | — | 5,580 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 82,128 | 12 | (12,300) | 241 | 10,016 | 80,097 | — | — | 4,664 |
MainStay VP Floating Rate Portfolio Initial Class | 9,032 | 64,478 | (483) | (2) | 85 | 73,110 | 461 | — | 8,231 |
60 | MainStay VP Asset Allocation Funds |
MainStay VP Growth Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay VP Indexed Bond Portfolio Initial Class | $ 183,242 | $ 1,350 | $ (139,896) | $ (2,389) | $ (912) | $ 41,395 | $ — | $ — | 3,748 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 36,406 | — | — | 350 | 36,756 | — | — | 3,568 |
MainStay VP MacKay International Equity Portfolio Initial Class | 29,531 | 29 | (178) | 49 | 2,569 | 32,000 | — | — | 1,594 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 148,274 | — | (37,809) | 13,336 | 7,773 | 131,574 | — | — | 1,600 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 18,122 | 335 | (438) | 40 | 263 | 18,322 | — | — | 1,904 |
MainStay VP Small Cap Growth Portfolio Initial Class | 121,943 | — | (32,196) | 13,114 | (2,792) | 100,069 | — | — | 5,039 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 71,125 | 16 | (15,273) | 459 | 11,467 | 67,794 | — | — | 4,955 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 38,429 | 5,499 | (8,267) | 1,871 | 3,165 | 40,697 | — | — | 914 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 67,461 | 250 | (15,816) | 1,806 | 8,112 | 61,813 | — | — | 3,816 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 60,390 | 239 | (14,530) | 880 | 9,248 | 56,227 | — | — | 4,105 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 264 | — | — | 6 | 270 | — | — | 8 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 122,219 | — | (11,047) | 3,154 | 11,532 | 125,858 | — | — | 3,409 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 71,349 | 31,626 | (14,219) | 722 | (18,532) | 70,946 | 27 | 31,598 | 2,115 |
MainStay WMC International Research Equity Fund Class I (h) | 55,766 | — | (8,524) | (1,375) | 7,032 | 52,899 | — | — | 6,500 |
MainStay WMC Value Fund Class R6 (i)(j) | 90,137 | 10 | (15,499) | 4,571 | 8,935 | 88,154 | — | — | 1,616 |
$ 1,808,908 | $ 577,674 | $ (723,819) | $ 49,336 | $ 99,491 | $ 1,811,590 | $ 6,482 | $ 31,598 |
(a) | Prior to May 1, 2021, known as MainStay VP Emerging Markets Equity Portfolio Initial Class. |
(b) | Prior to May 1, 2021, known as MainStay VP MacKay Growth Portfolio Initial Class. |
(c) | Prior to May 1, 2021, known as MainStay VP MacKay Mid Cap Core Portfolio Initial Class. |
(d) | Prior to May 1, 2021, known as MainStay VP MacKay Small Cap Core Portfolio Initial Class. |
(e) | Prior to May 1, 2021, known as MainStay VP MacKay Common Stock Portfolio Initial Class. |
(f) | As of April 26, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay Epoch U.S. All Cap Fund Class R6 into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(g) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Enduring Capital Fund Class I into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(h) | Prior to March 5, 2021, known as MainStay MacKay International Opportunities Fund Class I. |
(i) | Prior to April 26, 2021, known as MainStay MAP Equity Fund Class I. |
(j) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Value Fund Class I into the newly launched MainStay WMC Value Fund Class R6. |
MainStay VP Equity Allocation Portfolio | |||||||||
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 50 Percent Hedged FTSE International ETF | $ 23,239 | $ — | $ (556) | $ 79 | $ 2,057 | $ 24,819 | $ 425 | $ — | 1,002 |
IQ 500 International ETF | 50,814 | — | (7,085) | 1,200 | 4,674 | 49,603 | 965 | — | 1,520 |
IQ Candriam ESG International Equity ETF | 17,844 | 11,836 | (142) | 47 | 1,832 | 31,417 | 447 | — | 1,060 |
IQ Candriam ESG U.S. Equity ETF | 69,281 | 10,048 | (919) | 290 | 10,291 | 88,991 | 502 | — | 2,418 |
IQ Chaikin U.S. Large Cap ETF | 46,551 | 975 | (174) | 33 | 6,734 | 54,119 | 271 | — | 1,622 |
IQ Chaikin U.S. Small Cap ETF | 8,540 | 1,317 | (31) | 5 | 1,847 | 11,678 | 51 | — | 328 |
MainStay Epoch Capital Growth Fund Class I | 4,052 | — | (188) | 30 | 507 | 4,401 | — | — | 276 |
MainStay Epoch International Choice Fund Class I | 46,636 | — | (8,046) | 2,430 | 204 | 41,224 | — | — | 989 |
MainStay U.S. Government Liquidity Fund | 28,141 | 147,066 | (141,482) | — | — | 33,725 | 2 | — | 33,725 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 66,393 | 93 | (11,655) | 3,688 | 3,334 | 61,853 | — | — | 4,856 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 67,585 | 33 | (8,871) | 269 | 8,327 | 67,343 | — | — | 3,921 |
MainStay VP MacKay International Equity Portfolio Initial Class | 38,142 | — | (5,536) | 1,721 | 1,535 | 35,862 | — | — | 1,787 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 146,224 | 300 | (29,234) | 9,332 | 12,000 | 138,622 | — | — | 1,686 |
MainStay VP Small Cap Growth Portfolio Initial Class | 69,758 | — | (23,648) | 5,745 | 23 | 51,878 | — | — | 2,613 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 60,492 | 85 | (11,886) | (620) | 10,952 | 59,023 | — | — | 4,314 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 35,564 | 11,914 | (6,211) | 1,431 | 3,727 | 46,425 | — | — | 1,043 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 50,281 | 313 | (11,391) | 1,782 | 5,686 | 46,671 | — | — | 2,881 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 32,259 | 254 | (10,689) | 758 | 4,614 | 27,196 | — | — | 1,985 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 26,060 | — | — | 554 | 26,614 | — | — | 810 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 102,494 | — | (18,409) | 5,731 | 5,882 | 95,698 | — | — | 2,592 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 44,574 | 22,651 | (8,237) | (2,580) | (10,956) | 45,452 | 19 | 22,604 | 1,355 |
MainStay WMC International Research Equity Fund Class I (h) | 41,274 | — | (4,837) | (666) | 4,875 | 40,646 | — | — | 4,994 |
MainStay WMC Value Fund Class R6 (i)(j) | 81,922 | — | (13,144) | 2,773 | 9,770 | 81,321 | — | — | 1,491 |
$ 1,132,060 | $ 232,945 | $ (322,371) | $ 33,478 | $ 88,469 | $ 1,164,581 | $ 2,682 | $ 22,604 |
(a) | Prior to May 1, 2021, known as MainStay VP Emerging Markets Equity Portfolio Initial Class. |
(b) | Prior to May 1, 2021, known as MainStay VP MacKay Growth Portfolio Initial Class. |
(c) | Prior to May 1, 2021, known as MainStay VP MacKay Mid Cap Core Portfolio Initial Class. |
(d) | Prior to May 1, 2021, known as MainStay VP MacKay Small Cap Core Portfolio Initial Class. |
(e) | Prior to May 1, 2021, known as MainStay VP MacKay Common Stock Portfolio Initial Class. |
(f) | As of April 26, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay Epoch U.S. All Cap Fund Class R6 into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(g) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Enduring Capital Fund Class I into the newly launched MainStay WMC Enduring Capital Fund Class R6. |
(h) | Prior to March 5, 2021, known as MainStay MacKay International Opportunities Fund Class I. |
(i) | Prior to April 26, 2021, known as MainStay MAP Equity Fund Class I. |
(j) | As of April 27, 2021, the Fund exchanged in a nontaxable transfer all shares of the MainStay WMC Value Fund Class I into the newly launched MainStay WMC Value Fund Class R6. |
62 | MainStay VP Asset Allocation Funds |
MainStay VP Conservative Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $629,806,230 | $72,464,482 | $(1,806,168) | $70,658,314 |
MainStay VP Moderate Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $964,864,271 | $133,921,821 | $(4,590,541) | $129,331,280 |
MainStay VP Growth Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,543,748,046 | $282,680,155 | $(14,837,888) | $267,842,267 |
MainStay VP Equity Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $952,996,372 | $219,863,528 | $(8,278,705) | $211,584,823 |
2020 | |||
Tax Based Distributions from Ordinary Income | Tax Based Distributions from Long-Term Capital Gains | Total | |
MainStay VP Conservative Allocation Portfolio | $12,422,569 | $10,643,895 | $ 23,066,464 |
MainStay VP Moderate Allocation Portfolio | 24,336,060 | 27,395,134 | 51,731,194 |
MainStay VP Growth Allocation Portfolio | 46,464,860 | 58,463,443 | 104,928,303 |
MainStay VP Equity Allocation Portfolio | 21,490,445 | 51,235,118 | 72,725,563 |
Fund | Purchases | Sales |
MainStay VP Conservative Allocation Portfolio | $ 71,146 | $129,851 |
MainStay VP Moderate Allocation Portfolio | 132,144 | 242,450 |
MainStay VP Growth Allocation Portfolio | 193,750 | 434,931 |
MainStay VP Equity Allocation Portfolio | 85,881 | 180,892 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 37,183 | $ 473,119 |
Shares redeemed | (53,637) | (679,204) |
Net increase (decrease) | (16,454) | $ (206,085) |
Year ended December 31, 2020: | ||
Shares sold | 165,444 | $ 1,939,398 |
Shares issued to shareholders in reinvestment of distributions | 47,741 | 565,783 |
Shares redeemed | (265,881) | (3,099,423) |
Net increase (decrease) | (52,696) | $ (594,242) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 1,020,500 | $ 12,717,614 |
Shares redeemed | (3,718,472) | (46,646,731) |
Net increase (decrease) | (2,697,972) | $ (33,929,117) |
Year ended December 31, 2020: | ||
Shares sold | 6,002,972 | $ 69,142,660 |
Shares issued to shareholders in reinvestment of distributions | 1,918,707 | 22,500,681 |
Shares redeemed | (14,018,302) | (159,273,792) |
Net increase (decrease) | (6,096,623) | $ (67,630,451) |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 173,680 | $ 2,192,117 |
Shares redeemed | (91,680) | (1,133,285) |
Net increase (decrease) | 82,000 | $ 1,058,832 |
Year ended December 31, 2020: | ||
Shares sold | 204,811 | $ 2,316,758 |
Shares issued to shareholders in reinvestment of distributions | 206,627 | 2,317,718 |
Shares redeemed | (404,204) | (4,421,650) |
Net increase (decrease) | 7,234 | $ 212,826 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 883,671 | $ 10,925,213 |
Shares redeemed | (6,784,729) | (83,475,936) |
Net increase (decrease) | (5,901,058) | $ (72,550,723) |
Year ended December 31, 2020: | ||
Shares sold | 3,821,150 | $ 42,231,522 |
Shares issued to shareholders in reinvestment of distributions | 4,444,138 | 49,413,476 |
Shares redeemed | (19,100,663) | (209,550,905) |
Net increase (decrease) | (10,835,375) | $(117,905,907) |
64 | MainStay VP Asset Allocation Funds |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 99,718 | $ 1,281,332 |
Shares redeemed | (414,785) | (5,416,708) |
Net increase (decrease) | (315,067) | $ (4,135,376) |
Year ended December 31, 2020: | ||
Shares sold | 282,309 | $ 3,077,867 |
Shares issued to shareholders in reinvestment of distributions | 512,542 | 5,689,162 |
Shares redeemed | (688,585) | (7,661,011) |
Net increase (decrease) | 106,266 | $ 1,106,018 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 276,163 | $ 3,425,904 |
Shares redeemed | (14,752,895) | (188,467,091) |
Net increase (decrease) | (14,476,732) | $(185,041,187) |
Year ended December 31, 2020: | ||
Shares sold | 2,702,839 | $ 27,957,649 |
Shares issued to shareholders in reinvestment of distributions | 9,036,445 | 99,239,141 |
Shares redeemed | (33,868,042) | (371,555,875) |
Net increase (decrease) | (22,128,758) | $(244,359,085) |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 44,351 | $ 600,384 |
Shares redeemed | (342,329) | (4,640,589) |
Net increase (decrease) | (297,978) | $ (4,040,205) |
Year ended December 31, 2020: | ||
Shares sold | 400,067 | $ 4,222,007 |
Shares issued to shareholders in reinvestment of distributions | 520,600 | 5,868,206 |
Shares redeemed | (626,769) | (7,005,903) |
Net increase (decrease) | 293,898 | $ 3,084,310 |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 80,460 | $ 1,031,975 |
Shares redeemed | (8,570,142) | (114,508,443) |
Net increase (decrease) | (8,489,682) | $(113,476,468) |
Year ended December 31, 2020: | ||
Shares sold | 4,352,975 | $ 41,843,151 |
Shares issued to shareholders in reinvestment of distributions | 5,997,574 | 66,857,357 |
Shares redeemed | (15,422,860) | (174,223,917) |
Net increase (decrease) | (5,072,311) | $ (65,523,409) |
66 | MainStay VP Asset Allocation Funds |
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New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781600 | MSVPAA10-08/21 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2021 | ||||||
Class | Inception Date | Six Months | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 1.64% | 7.16% | 4.41% | 2.53% | 0.83% |
Service Class Shares | 2/17/2012 | 1.52 | 6.89 | 4.15 | 2.29 | 1.08 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance | Six Months | One Year | Five Years | Since Inception |
Bloomberg Barclays U.S. TIPS Index1 | 1.73% | 6.51% | 4.17% | 2.70% |
Morningstar Inflation-Protected Bond Category Average2 | 1.79 | 6.91 | 3.96 | 2.19 |
1. | The Bloomberg Barclays U.S. TIPS Index is the primary benchmark. The Bloomberg Barclays U.S. TIPS Index includes all publicly issued U.S. Treasury Inflation-Protected Securities (“TIPS”) that have at least one year remaining to maturity and are rated investment grade. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Inflation-Protected Bond Category Average is representative of funds that invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,016.40 | $2.80 | $1,022.02 | $2.81 | 0.56% |
Service Class Shares | $1,000.00 | $1,015.20 | $4.05 | $1,020.78 | $4.06 | 0.81% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP PIMCO Real Return Portfolio |
1. | U.S. Treasury Inflation Linked Notes, 0.125%-0.875%, due 1/15/22–1/15/31 |
2. | U.S. Treasury Inflation Linked Bonds, 0.125%-3.375%, due 1/15/25–2/15/51 |
3. | Italy Buoni Poliennali Del Tesoro, 0.40%-1.40%, due 5/26/25–5/15/30 |
4. | UMBS, Single Family, 30 Year, 3.50%-4.00%, due 8/25/51 |
5. | Japan Government CPI Linked Bond, 0.005%-0.10%, due 3/10/28–3/10/31 |
6. | Nykredit Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
7. | France Government Bond, 0.10%-0.25%, due 7/25/24–3/1/26 |
8. | Jyske Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
9. | Nordea Kredit Realkreditaktieselskab, 0.50%-2.50%, due 10/1/43–10/1/53 |
10. | New Zealand Government Inflation Linked Bond, 2.00%-3.00%, due 9/20/25–9/20/35 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | A securitization is a financial instrument created by an issuer by combining a pool of financial assets (such as mortgages). The financial instrument is then marketed to investors, sometimes in tiers. |
8 | MainStay VP PIMCO Real Return Portfolio |
5. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
Principal Amount | Value | |
Long-Term Bonds 128.6% | ||
Asset-Backed Securities 8.1% | ||
Home Equity Asset-Backed Securities 2.0% | ||
Argent Securities Trust | ||
Series 2006-W4, Class A2C | ||
0.412% (1 Month LIBOR + 0.32%), due 5/25/36 (a) | $ 307,230 | $ 110,759 |
Countrywide Asset-Backed Certificates | ||
Series 2007-8, Class 1A1 | ||
0.281% (1 Month LIBOR + 0.19%), due 11/25/37 (a) | 1,860,029 | 1,774,084 |
Credit Suisse First Boston Mortgage Securities Corp. | ||
Series 2001-HE17, Class A1 | ||
0.712% (1 Month LIBOR + 0.62%), due 1/25/32 (a) | 805,245 | 783,672 |
Credit-Based Asset Servicing and Securitization LLC | ||
Series 2007-CB6, Class A3 | ||
0.312% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b) | 977,098 | 770,398 |
First Franklin Mortgage Loan Trust | ||
Series 2006-FF17, Class A2 | ||
0.212% (1 Month LIBOR + 0.12%), due 12/25/36 (a) | 513,189 | 458,396 |
GSAA Home Equity Trust | ||
Series 2006-17, Class A3A | ||
0.572% (1 Month LIBOR + 0.48%), due 11/25/36 (a) | 1,164,938 | 569,149 |
Home Equity Asset Trust (a) | ||
Series 2005-8, Class M2 | ||
0.542% (1 Month LIBOR + 0.675%), due 2/25/36 | 300,000 | 297,745 |
Series 2004-2, Class M1 | ||
0.887% (1 Month LIBOR + 0.795%), due 7/25/34 | 82,863 | 82,240 |
Long Beach Mortgage Loan Trust | ||
Series 2006-7, Class 2A2 | ||
0.212% (1 Month LIBOR + 0.12%), due 8/25/36 (a) | 253,229 | 134,565 |
Mastr Asset Backed Securities Trust | ||
Series 2006-WMC4, Class A5 | ||
0.241% (1 Month LIBOR + 0.15%), due 10/25/36 (a) | 122,242 | 53,360 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2005-WMC1, Class M3 | ||
0.871% (1 Month LIBOR + 0.78%), due 1/25/35 (a) | 197,533 | 196,018 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
New Century Home Equity Loan Trust | ||
Series 2004-4, Class M1 | ||
0.857% (1 Month LIBOR + 0.765%), due 2/25/35 (a) | $ 65,106 | $ 64,335 |
Option One Mortgage Loan Trust | ||
Series 2006-1, Class M1 | ||
0.632% (1 Month LIBOR + 0.54%), due 1/25/36 (a) | 1,200,000 | 1,168,349 |
Popular ABS Mortgage Pass-Through Trust | ||
Series 2006-A, Class M2 | ||
0.672% (1 Month LIBOR + 0.58%), due 2/25/36 (a) | 1,238,000 | 1,197,360 |
RASC Trust (a) | ||
Series 2006-KS6, Class A4 | ||
0.341% (1 Month LIBOR + 0.25%), due 8/25/36 | 165,584 | 164,994 |
Series 2006-EMX4, Class A4 | ||
0.551% (1 Month LIBOR + 0.23%), due 6/25/36 | 646,511 | 631,931 |
Series 2005-KS8, Class M4 | ||
0.977% (1 Month LIBOR + 0.59%), due 8/25/35 | 471,942 | 472,124 |
Series 2005-EMX1, Class M2 | ||
1.186% (1 Month LIBOR + 1.095%), due 3/25/35 | 631,322 | 626,536 |
Saxon Asset Securities Trust | ||
Series 2007-3, Class 1A | ||
0.402% (1 Month LIBOR + 0.31%), due 9/25/37 (a) | 143,337 | 140,953 |
Securitized Asset-Backed Receivables LLC Trust (a) | ||
Series 2006-HE2, Class A2C | ||
0.392% (1 Month LIBOR + 0.30%), due 7/25/36 | 372,373 | 208,751 |
Series 2006-HE1, Class A2C | ||
0.412% (1 Month LIBOR + 0.32%), due 7/25/36 | 588,571 | 278,262 |
Soundview Home Loan Trust (a) | ||
Series 2007-OPT2, Class 2A3 | ||
0.272% (1 Month LIBOR + 0.18%), due 7/25/37 | 205,679 | 197,580 |
Series 2007-OPT1, Class 1A1 | ||
0.291% (1 Month LIBOR + 0.20%), due 6/25/37 | 320,764 | 263,896 |
10,645,457 |
10 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities 6.1% | ||
Anchorage Capital CLO 6 Ltd. | ||
Series 2015-6A, Class ARR | ||
1.234% (3 Month LIBOR + 1.05%), due 7/15/30 (a)(b) | $ 500,000 | $ 500,020 |
Anchorage Capital CLO 16 Ltd. | ||
Series 2020-16A, Class A | ||
1.588% (3 Month LIBOR + 1.40%), due 10/20/31 (a)(b) | 1,100,000 | 1,100,951 |
Apidos CLO XXVII | ||
Series 2017-27A, Class A1R | ||
1.049% (3 Month LIBOR + 0.93%), due 7/17/30 (a)(b) | 600,000 | 600,190 |
Arch Street CLO Ltd. | ||
Series 2016-2A, Class AR2 | ||
1.188% (3 Month LIBOR + 1.00%), due 10/20/28 (a)(b) | 700,000 | 700,018 |
Ares European CLO X DAC | ||
Series 10A, Class AR | ||
0.78% (3 Month EURIBOR + 0.78%), due 10/15/31 (a)(b) | EUR 1,100,000 | 1,303,896 |
Atlas Senior Loan Fund Ltd. | ||
Series 2017-8A, Class A | ||
1.53% (3 Month LIBOR + 1.15%), due 1/16/30 (a)(b) | $ 1,200,000 | 1,199,944 |
Atrium XII | ||
Series 12A, Class AR | ||
1.014% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b) | 271,696 | 271,532 |
Benefit Street Partners CLO XVI Ltd. | ||
Series 2018-16A, Class A1R | ||
1.03% (3 Month LIBOR + 1.03%), due 1/17/32 (a)(b) | 300,000 | 300,095 |
Black Diamond CLO Designated Activity Co. | ||
Series 2015-1A, Class A1R | ||
0.65% (3 Month EURIBOR + 0.65%), due 10/3/29 (a)(b) | EUR 152,724 | 181,093 |
Black Diamond CLO Ltd. | ||
Series 2017-2A, Class A1 | ||
0.86% (3 Month EURIBOR + 0.86%), due 1/20/32 (a)(b) | 1,000,000 | 1,185,753 |
BlueMountain Fuji Eur CLO V DAC | ||
Series 5A, Class A | ||
0.91% (3 Month EURIBOR + 0.91%), due 1/15/33 (a)(b) | 1,100,000 | 1,304,334 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-1A, Class A1RR | ||
1.061%, due 8/14/30 (b) | $ 600,000 | 600,000 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Carlyle Global Market Strategies Euro CLO Ltd. | ||
Series 2014-2A, Class AR1 | ||
0.75% (3 Month EURIBOR + 0.75%), due 11/15/31 (a)(b) | EUR 1,000,000 | $ 1,177,374 |
Catamaran CLO Ltd. | ||
Series 2013-1A, Class AR | ||
1.031% (3 Month LIBOR + 0.85%), due 1/27/28 (a)(b) | $ 549,078 | 549,085 |
CBAM Ltd. | ||
Series 2017-3A, Class A | ||
1.42% (3 Month LIBOR + 1.23%), due 10/17/29 (a)(b) | 500,000 | 500,157 |
CIFC Funding 2017-IV Ltd. | ||
Series 2017-4A, Class A1R | ||
1.038% (3 Month LIBOR + 0.95%), due 10/24/30 (a)(b) | 400,000 | 400,102 |
CoreVest American Finance Trust | ||
Series 2017-1, Class A | ||
2.968%, due 10/15/49 (b) | 14,977 | 15,010 |
Dryden 52 Euro CLO DAC | ||
Series 2017-52A, Class AR | ||
0.86%, due 5/15/34 (b) | EUR 500,000 | 592,015 |
Halcyon Loan Advisors Funding Ltd. | ||
Series 2015-1A, Class AR | ||
1.108% (3 Month LIBOR + 0.92%), due 4/20/27 (a)(b) | $ 37,473 | 37,474 |
ICG US CLO Ltd. | ||
Series 2020-1A, Class A1 | ||
1.584% (3 Month LIBOR + 1.40%), due 10/22/31 (a)(b) | 1,100,000 | 1,100,829 |
Jubilee CLO BV | ||
Series 2015-16A, Class A1R | ||
0.252% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b) | EUR 1,637,258 | 1,932,714 |
KKR CLO 18 Ltd. | ||
Series 18, Class A | ||
1.46% (3 Month LIBOR + 1.27%), due 7/18/30 (a)(b) | $ 900,000 | 900,103 |
KVK CLO Ltd. | ||
Series 2013-1A, Class AR | ||
1.086% (3 Month LIBOR + 0.90%), due 1/14/28 (a)(b) | 625,364 | 625,378 |
LCM 30 Ltd. | ||
Series 30A, Class AR | ||
1.203% (3 Month LIBOR + 1.08%), due 4/20/31 (a)(b) | 1,350,000 | 1,350,327 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
LCM XV LP | ||
Series 15A, Class AR2 | ||
1.188% (3 Month LIBOR + 1.00%), due 7/20/30 (a)(b) | $ 400,000 | $ 400,010 |
Legacy Mortgage Asset Trust | ||
Series 2019-GS3, Class A1 | ||
3.75%, due 4/25/59 (b)(c) | 150,778 | 152,032 |
MacKay Shields Euro DAC | ||
Series 2A, Class A | ||
1.55% (3 Month EURIBOR + 1.55%), due 8/15/33 (a)(b) | EUR 250,000 | 296,797 |
Man GLG Euro CLO II DAC | ||
Series 2A, Class A1R | ||
0.87% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b) | 249,868 | 296,429 |
Marathon CLO V Ltd. | ||
Series 2013-5A, Class A1R | ||
1.019% (3 Month LIBOR + 0.87%), due 11/21/27 (a)(b) | $ 668,796 | 668,945 |
Marlette Funding Trust | ||
Series 2019-3A, Class A | ||
2.69%, due 9/17/29 (b) | 17,366 | 17,421 |
MidOcean Credit CLO II | ||
Series 2013-2A, Class ARR | ||
1.207% (3 Month LIBOR + 1.03%), due 1/29/30 (a)(b) | 300,000 | 300,011 |
MP CLO VII Ltd. | ||
Series 2015-1A, Class AR3 | ||
0.891% (3 Month LIBOR + 0.89%), due 10/18/28 (a)(b) | 500,000 | 500,092 |
Nassau Ltd. | ||
Series 2020-1A, Class A1 | ||
2.338% (3 Month LIBOR + 2.15%), due 7/20/29 (a)(b) | 1,100,000 | 1,100,447 |
OCP CLO Ltd. (a)(b) | ||
Series 2015-9A, Class A1R | ||
0.984% (3 Month LIBOR + 0.80%), due 7/15/27 | 46,615 | 46,617 |
Series 2015-10A, Class A1R | ||
0.996% (3 Month LIBOR + 0.82%), due 10/26/27 | 539,034 | 539,057 |
Palmer Square European Loan Funding DAC | ||
Series 2020-1A, Class A | ||
1.15% (3 Month EURIBOR + 1.15%), due 1/15/30 (a)(b) | EUR 772,329 | 917,113 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Palmer Square Loan Funding Ltd. | ||
Series 2021-3A, Class A1 | ||
0.971%, due 7/20/29 (b)(d) | $ 1,400,000 | $ 1,400,000 |
Romark CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
(zero coupon), due 10/23/30 (b)(d) | 400,000 | 400,042 |
SLM Student Loan Trust | ||
Series 2003-5, Class A5 | ||
(zero coupon), due 6/17/24 | EUR 1,778 | 2,108 |
Series 2004-3A, Class A6B | ||
0.726% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b) | $ 428,671 | 427,628 |
Sound Point CLO XIV Ltd. | ||
Series 2016-3A, Class AR2 | ||
1.163% (3 Month LIBOR + 0.99%), due 1/23/29 (a)(b) | 1,181,489 | 1,180,616 |
Sound Point CLO XV Ltd. | ||
Series 2017-1A, Class ARR | ||
1.073% (3 Month LIBOR + 0.90%), due 1/23/29 (a)(b) | 1,100,000 | 1,100,033 |
SP-STATIC CLO 1 Ltd. | ||
Series 2020-1A, Class A | ||
1.584% (3 Month LIBOR + 1.40%), due 7/22/28 (a)(b) | 386,407 | 386,474 |
Stanwich Mortgage Loan Co. LLC | ||
Series 2019-NPB1, Class A1 | ||
3.375%, due 8/15/24 (b)(c) | 155,341 | 156,302 |
Symphony CLO XIV Ltd. | ||
Series 2014-14A, Class AR | ||
1.136% (3 Month LIBOR + 0.95%), due 7/14/26 (a)(b) | 164,001 | 164,005 |
Venture 36 CLO Ltd. | ||
Series 2019-36A, Class A1AR | ||
1.223% (3 Month LIBOR + 1.13%), due 4/20/32 (a)(b) | 600,000 | 601,241 |
Venture XX CLO Ltd. | ||
Series 2015-20A, Class AR | ||
1.004% (3 Month LIBOR + 0.82%), due 4/15/27 (a)(b) | 298,105 | 298,112 |
Venture XXI CLO Ltd. | ||
Series 2015-21A, Class AR | ||
1.064% (3 Month LIBOR + 0.88%), due 7/15/27 (a)(b) | 740,700 | 740,717 |
Venture XXIV CLO Ltd. | ||
Series 2016-24A, Class ARR | ||
1.088% (3 Month LIBOR + 0.90%), due 10/20/28 (a)(b) | 393,051 | 392,797 |
12 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Vibrant CLO VI Ltd. | ||
Series 2017-6A, Class AR | ||
1.085% (3 Month LIBOR + 0.95%), due 6/20/29 (a)(b) | $ 1,300,000 | $ 1,300,309 |
Voya CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
1.073% (3 Month LIBOR + 0.95%), due 4/17/30 (a)(b) | 1,000,000 | 1,000,025 |
Z Capital Credit Partners CLO Ltd. | ||
Series 2015-1A, Class A1R | ||
1.134% (3 Month LIBOR + 0.95%), due 7/16/27 (a)(b) | 160,210 | 160,214 |
33,373,988 | ||
Total Asset-Backed Securities (Cost $43,855,692) | 44,019,445 | |
Corporate Bonds 5.7% | ||
Auto Manufacturers 0.4% | ||
BMW US Capital LLC | ||
3.40%, due 8/13/21 (b) | 600,000 | 602,177 |
Nissan Motor Acceptance Corp. (b) | ||
1.90%, due 9/14/21 | 100,000 | 100,275 |
2.65%, due 7/13/22 | 200,000 | 203,263 |
Volkswagen Group of America Finance LLC (b) | ||
0.994% (3 Month LIBOR + 0.86%), due 9/24/21 (a) | 900,000 | 901,658 |
4.00%, due 11/12/21 | 600,000 | 608,356 |
2,415,729 | ||
Banks 2.4% | ||
Banco Bilbao Vizcaya Argentaria SA | ||
Series Reg S | ||
5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (a)(e) | EUR 400,000 | 512,244 |
Bank of America Corp. | ||
Series FF | ||
5.875%, due 3/15/28 (e)(f) | $ 190,000 | 217,466 |
Credit Suisse Group Funding Guernsey Ltd. | ||
3.80%, due 9/15/22 | 300,000 | 312,175 |
Deutsche Bank AG | ||
4.25%, due 10/14/21 | 1,400,000 | 1,415,181 |
ING Bank NV | ||
2.625%, due 12/5/22 (b) | 400,000 | 413,105 |
Principal Amount | Value | |
Banks (continued) | ||
Lloyds Banking Group plc | ||
Series Reg S | ||
4.947% (5 Month EURIBOR ICE Swap Rate + 5.29%), due 6/27/25 (a)(e) | EUR 200,000 | $ 261,465 |
Natwest Group plc | ||
1.697% (3 Month LIBOR + 1.55%), due 6/25/24 (a) | $ 300,000 | 306,799 |
4.519%, due 6/25/24 (f) | 200,000 | 214,716 |
Nykredit Realkredit A/S | ||
Series Reg S | ||
0.50%, due 10/1/43 | DKK 13,177,748 | 1,985,724 |
Series Reg S | ||
1.00%, due 10/1/50 | 26,743,148 | 4,100,225 |
Series Reg S | ||
1.50%, due 10/1/53 | 6,500,000 | 1,016,472 |
Series 01E | ||
2.50%, due 10/1/47 | 2,291 | 389 |
UniCredit SpA | ||
7.83%, due 12/4/23 (b) | $ 1,800,000 | 2,075,868 |
12,831,829 | ||
Beverages 0.0% ‡ | ||
Keurig Dr Pepper, Inc. | ||
4.057%, due 5/25/23 | 52,000 | 55,433 |
Biotechnology 0.1% | ||
Amgen, Inc. | ||
3.625%, due 5/15/22 | 400,000 | 407,234 |
Commercial Services 0.1% | ||
ERAC USA Finance LLC | ||
4.50%, due 8/16/21 (b) | 400,000 | 402,051 |
RELX Capital, Inc. | ||
3.50%, due 3/16/23 | 100,000 | 104,853 |
506,904 | ||
Distribution & Wholesale 0.0% ‡ | ||
Toyota Tsusho Corp. | ||
3.625%, due 9/13/23 | 200,000 | 212,785 |
Diversified Financial Services 2.0% | ||
Ally Financial, Inc. | ||
4.125%, due 2/13/22 | 200,000 | 204,558 |
Avolon Holdings Funding Ltd. | ||
5.50%, due 1/15/23 (b) | 58,000 | 61,602 |
BOC Aviation Ltd. | ||
2.375%, due 9/15/21 (b) | 200,000 | 200,292 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Jyske Realkredit A/S | ||
Series CCE | ||
0.50%, due 10/1/43 | DKK 2,582,502 | $ 390,901 |
Series Reg S | ||
1.00%, due 10/1/50 | 16,634,791 | 2,550,425 |
Series CCE | ||
1.00%, due 10/1/53 | 6,685,856 | 1,000,546 |
Series 111E | ||
2.50%, due 10/1/47 | 6,125 | 1,040 |
Mitsubishi HC Capital, Inc. | ||
2.652%, due 9/19/22 (b) | $ 200,000 | 204,530 |
Nordea Kredit Realkreditaktieselskab | ||
0.50%, due 10/1/43 | DKK 991,660 | 150,301 |
Series Reg S | ||
1.00%, due 10/1/50 | 10,775,949 | 1,653,873 |
1.50%, due 10/1/53 | 9,500,000 | 1,486,446 |
2.50%, due 10/1/47 | 2,592 | 440 |
Park Aerospace Holdings Ltd. | ||
5.25%, due 8/15/22 (b) | $ 14,000 | 14,650 |
Realkredit Danmark A/S | ||
Series Reg S | ||
1.00%, due 10/1/53 | DKK 18,251,673 | 2,729,929 |
Series 23S | ||
2.50%, due 4/1/47 | 11,669 | 1,981 |
10,651,514 | ||
Electric 0.0% ‡ | ||
American Electric Power Co., Inc. | ||
Series I | ||
3.65%, due 12/1/21 | $ 100,000 | 101,432 |
LG&E and KU Energy LLC | ||
4.375%, due 10/1/21 | 100,000 | 100,000 |
201,432 | ||
Food 0.1% | ||
Conagra Brands, Inc. | ||
3.25%, due 9/15/22 | 200,000 | 206,568 |
Danone SA (b) | ||
2.077%, due 11/2/21 | 200,000 | 200,921 |
3.00%, due 6/15/22 | 200,000 | 205,065 |
612,554 | ||
Home Builders 0.0% ‡ | ||
DR Horton, Inc. | ||
5.75%, due 8/15/23 | 100,000 | 109,665 |
Principal Amount | Value | |
Home Furnishings 0.2% | ||
Panasonic Corp. | ||
2.536%, due 7/19/22 (b) | $ 800,000 | $ 815,818 |
Media 0.1% | ||
Charter Communications Operating LLC | ||
4.464%, due 7/23/22 | 600,000 | 621,173 |
Oil & Gas 0.1% | ||
Petrobras Global Finance BV | ||
5.093%, due 1/15/30 | 543,000 | 592,690 |
Pharmaceuticals 0.0% ‡ | ||
Cigna Corp. | ||
3.75%, due 7/15/23 | 73,000 | 77,739 |
CVS Health Corp. | ||
3.70%, due 3/9/23 | 28,000 | 29,488 |
107,227 | ||
Semiconductors 0.1% | ||
NXP BV | ||
3.875%, due 9/1/22 (b) | 400,000 | 414,754 |
Telecommunications 0.1% | ||
Sprint Corp. | ||
7.25%, due 9/15/21 | 300,000 | 304,434 |
Telstra Corp. Ltd. | ||
4.80%, due 10/12/21 (b) | 300,000 | 303,750 |
608,184 | ||
Total Corporate Bonds (Cost $31,021,715) | 31,164,925 | |
Foreign Government Bonds 8.5% | ||
Argentina 0.0% ‡ | ||
Argentine Republic Government Bond (h) | ||
34.087%, due 10/4/22 (g) | ARS 14,039 | 118 |
36.104% (BADLARPP + 2.00%), due 4/3/22 (a) | 2,854,000 | 28,932 |
29,050 | ||
Australia 0.5% | ||
Australia Government Bond (i) | ||
Series Reg S | ||
1.25%, due 2/21/22 | AUD 1,157,772 | 887,882 |
14 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Australia (continued) | ||
Australia Government Bond (i) (continued) | ||
Series Reg S | ||
3.00%, due 9/20/25 | AUD 1,844,835 | $ 1,642,951 |
2,530,833 | ||
Canada 0.2% | ||
Canadian Government Real Return Bond | ||
4.25%, due 12/1/26 (i) | CAD 958,488 | 997,536 |
France 1.1% | ||
France Government Bond (i) | ||
Series Reg S | ||
0.10%, due 3/1/26 (b) | EUR 3,146,004 | 4,057,230 |
Series Reg S | ||
0.25%, due 7/25/24 | 1,406,223 | 1,781,314 |
5,838,544 | ||
Italy 4.1% | ||
Italy Buoni Poliennali Del Tesoro (b)(i) | ||
Series Reg S | ||
0.40%, due 5/15/30 | 5,977,306 | 7,656,015 |
Series Reg S | ||
1.40%, due 5/26/25 | 11,512,171 | 14,747,243 |
22,403,258 | ||
Japan 1.8% | ||
Japan Government CPI Linked Bond (i) | ||
0.005%, due 3/10/31 | JPY 230,710,700 | 2,122,385 |
0.10%, due 3/10/28 | 370,236,940 | 3,415,931 |
0.10%, due 3/10/29 | 493,769,080 | 4,566,792 |
10,105,108 | ||
New Zealand 0.5% | ||
New Zealand Government Inflation Linked Bond (i) | ||
Series Reg S | ||
2.00%, due 9/20/25 | NZD 2,020,500 | 1,574,758 |
Series Reg S | ||
2.50%, due 9/20/35 | 876,560 | 766,833 |
Series Reg S | ||
3.00%, due 9/20/30 | 556,400 | 491,521 |
2,833,112 |
Principal Amount | Value | |
Peru 0.2% | ||
Peru Government Bond | ||
5.94%, due 2/12/29 | PEN 1,300,000 | $ 369,132 |
6.15%, due 8/12/32 | 2,600,000 | 707,956 |
1,077,088 | ||
Qatar 0.1% | ||
Qatar Government Bond | ||
Series Reg S | ||
3.875%, due 4/23/23 | $ 300,000 | 318,451 |
Total Foreign Government Bonds (Cost $44,252,570) | 46,132,980 | |
Mortgage-Backed Securities 5.1% | ||
Agency (Collateralized Mortgage Obligations) 3.6% | ||
FHLMC | ||
REMIC, Series 4779, Class WF | ||
0.46% (1 Month LIBOR + 0.35%), due 7/15/44 (a) | 250,876 | 252,755 |
FHLMC, STRIPS | ||
Series 278, Class F1 | ||
0.523% (1 Month LIBOR + 0.45%), due 9/15/42 (a) | 273,146 | 276,511 |
GNMA (a) | ||
REMIC, Series 2018-H15, Class FG | ||
0.599% (12 Month LIBOR + 0.15%), due 8/20/68 | 476,710 | 472,449 |
REMIC, Series 2017-H10, Class FB | ||
1.029% (12 Month LIBOR + 0.75%), due 4/20/67 | 288,259 | 292,513 |
UMBS, Single Family, 30 Year (j) | ||
3.50%, due 8/25/51 TBA | 11,800,000 | 12,428,027 |
4.00%, due 8/25/51 TBA | 5,480,000 | 5,840,053 |
19,562,308 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.1% | ||
AREIT Trust | ||
Series 2020-CRE4, Class A | ||
2.702% (1 Month LIBOR + 2.62%), due 4/15/37 (a)(b) | 269,419 | 270,872 |
Whole Loan (Collateralized Mortgage Obligations) 1.4% | ||
Alternative Loan Trust | ||
Series 2005-29CB, Class A4 | ||
5.00%, due 7/25/35 | 34,012 | 26,473 |
Series 2007-1T1, Class 1A1 | ||
6.00%, due 3/25/37 | 610,324 | 364,592 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
CHL Mortgage Pass-Through Trust | ||
Series 2007-1, Class A1 | ||
6.00%, due 3/25/37 | $ 32,951 | $ 25,186 |
Citigroup Mortgage Loan Trust | ||
Series 2007-AR4, Class 1A1A | ||
3.192%, due 3/25/37 (k) | 272,732 | 272,432 |
Series 2019-B, Class A1 | ||
3.258%, due 4/25/66 (b)(g) | 240,819 | 242,851 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2004-NCM2, Class 1CB1 | ||
5.50%, due 8/25/34 | 194,375 | 198,721 |
CSMC Trust | ||
Series 2019-RPL9, Class A1 | ||
2.98%, due 10/27/59 (b)(g) | 907,396 | 914,590 |
Eurosail-UK plc (a) | ||
Series 2007-3X, Class A3A | ||
1.034% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 | GBP 140,255 | 194,353 |
Series 2007-3X, Class A3C | ||
1.034% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 | 37,396 | 51,784 |
Series 2007-3A, Class A3C | ||
1.034% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 (b) | 37,397 | 51,784 |
GreenPoint Mortgage Funding Trust | ||
Series 2006-AR4, Class A6A | ||
0.272% (1 Month LIBOR + 0.18%), due 9/25/46 (a) | $ 81,320 | 79,275 |
IndyMac INDX Mortgage Loan Trust (a) | ||
Series 2005-AR12, Class 2A1A | ||
0.572% (1 Month LIBOR + 0.48%), due 7/25/35 | 127,958 | 124,024 |
Series 2005-AR14, Class 1A1A | ||
0.651% (1 Month LIBOR + 0.56%), due 7/25/35 | 864,318 | 710,789 |
Lehman XS Trust | ||
Series 2007-20N, Class A1 | ||
1.241% (1 Month LIBOR + 1.15%), due 12/25/37 (a) | 40,594 | 41,993 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-A4, Class 1A | ||
2.539%, due 7/25/35 (k) | 165,786 | 109,973 |
New Residential Mortgage Loan Trust (b)(g) | ||
Series 2019-RPL3, Class A1 | ||
2.75%, due 7/25/59 | 305,780 | 318,603 |
Series 2018-3A, Class A1 | ||
4.50%, due 5/25/58 | 170,315 | 184,722 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
OBX Trust | ||
Series 2018-1, Class A2 | ||
0.741% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b) | $ 43,408 | $ 43,441 |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | ||
Series 2005-2, Class M7 | ||
1.892% (1 Month LIBOR + 1.80%), due 4/25/35 (a) | 100,000 | 100,656 |
RALI Trust | ||
Series 2006-QH1, Class A1 | ||
0.471% (1 Month LIBOR + 0.38%), due 12/25/36 (a) | 975,283 | 934,615 |
Residential Asset Securitization Trust | ||
Series 2006-A10, Class A5 | ||
6.50%, due 9/25/36 | 227,507 | 125,236 |
Residential Mortgage Securities 32 plc | ||
Series 32A, Class A | ||
1.299% (SONIA3M + 1.25%), due 6/20/70 (a)(b) | GBP 176,290 | 246,538 |
Structured Asset Securities Corp. Mortgage Loan Trust | ||
Series 2005-OPT1, Class A2 | ||
0.511% (1 Month LIBOR + 0.42%), due 11/25/35 (a) | $ 29,326 | 29,318 |
Thornburg Mortgage Securities Trust | ||
Series 2004-2, Class A1 | ||
0.712% (1 Month LIBOR + 0.62%), due 6/25/44 (a) | 719,444 | 718,416 |
Towd Point Mortgage Funding Granite4 plc | ||
Series 2019-GR4A, Class A1 | ||
1.109% (3 Month Sterling LIBOR + 1.025%), due 10/20/51 (a)(b) | GBP 904,778 | 1,258,628 |
Washington Mutual Mortgage Pass-Through Certificates WMALT | ||
Series 2007-HY1, Class A2A | ||
0.251% (1 Month LIBOR + 0.16%), due 2/25/37 (a) | $ 525,609 | 471,815 |
Series 2006-5, Class 2CB1 | ||
6.00%, due 7/25/36 | 39,773 | 34,595 |
7,875,403 | ||
Total Mortgage-Backed Securities (Cost $27,777,513) | 27,708,583 |
16 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies 101.2% | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.1% | ||
FNMA (a) | ||
1.318% (12 Month Monthly Treasury Average Index + 1.20%), due 6/1/43 | $ 195,841 | $ 200,902 |
2.561% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 | 211,732 | 225,367 |
4.038% (11th District Cost of Funds Index + 1.926%), due 12/1/36 | 136,550 | 145,599 |
571,868 | ||
United States Treasury Bond 0.3% | ||
U.S. Treasury Bonds | ||
1.625%, due 11/15/50 | 2,080,000 | 1,868,100 |
United States Treasury Inflation - Indexed Notes 100.7% | ||
U.S. Treasury Inflation Linked Bonds (i) | ||
0.125%, due 2/15/51 | 1,497,580 | 1,643,868 |
0.25%, due 2/15/50 | 2,679,949 | 3,031,239 |
0.625%, due 2/15/43 | 2,067,559 | 2,468,310 |
0.75%, due 2/15/42 | 6,181,128 | 7,525,201 |
0.75%, due 2/15/45 | 6,509,619 | 8,024,123 |
0.875%, due 2/15/47 | 12,659,505 | 16,278,014 |
1.00%, due 2/15/46 | 7,427,391 | 9,701,933 |
1.00%, due 2/15/48 | 2,716,064 | 3,620,357 |
1.00%, due 2/15/49 | 3,236,874 | 4,355,660 |
1.375%, due 2/15/44 | 17,061,856 | 23,532,253 |
1.75%, due 1/15/28 | 14,817,578 | 17,906,502 |
2.00%, due 1/15/26 | 6,240,475 | 7,341,578 |
2.125%, due 2/15/40 | 4,275,038 | 6,370,140 |
2.125%, due 2/15/41 | 5,890,040 | 8,872,180 |
2.375%, due 1/15/25 | 12,878,348 | 14,964,540 |
2.375%, due 1/15/27 | 26,485 | 32,440 |
2.50%, due 1/15/29 | 6,505,336 | 8,378,669 |
3.375%, due 4/15/32 | 491,981 | 725,487 |
U.S. Treasury Inflation Linked Notes (i) | ||
0.125%, due 1/15/22 | 4,519,055 | 4,620,734 |
0.125%, due 4/15/22 (d) | 37,059,777 | 38,014,259 |
0.125%, due 7/15/22 | 4,438,450 | 4,599,778 |
0.125%, due 1/15/23 | 13,574,729 | 14,182,675 |
0.125%, due 10/15/24 | 10,616,976 | 11,441,312 |
0.125%, due 4/15/25 | 8,064,342 | 8,703,504 |
0.125%, due 10/15/25 | 823,384 | 895,977 |
0.125%, due 4/15/26 | 7,484,652 | 8,141,508 |
0.125%, due 7/15/26 | 9,592,487 | 10,502,399 |
Principal Amount | Value | ||
United States Treasury Inflation - Indexed Notes (continued) | |||
U.S. Treasury Inflation Linked Notes (i) (continued) | |||
0.125%, due 1/15/30 | $ 10,151,347 | $ 23,424,435 | |
0.125%, due 7/15/30 | 7,811,925 | 17,487,015 | |
0.125%, due 1/15/31 | 29,176,027 | 32,105,407 | |
0.25%, due 1/15/25 | 11,951,500 | 12,934,698 | |
0.25%, due 7/15/29 | 21,235,367 | 23,622,687 | |
0.375%, due 7/15/23 | 6,577,699 | 6,997,156 | |
0.375%, due 1/15/27 | 15,455,449 | 17,105,439 | |
0.375%, due 7/15/27 | 18,144,387 | 20,233,826 | |
0.50%, due 4/15/24 (d) | 27,022,107 | 29,125,469 | |
0.50%, due 1/15/28 | 17,768,616 | 19,919,590 | |
0.625%, due 4/15/23 | 22,943,274 | 24,269,234 | |
0.625%, due 1/15/24 (l) | 22,348,093 | 24,067,848 | |
0.625%, due 1/15/26 | 9,699,343 | 10,770,565 | |
0.75%, due 7/15/28 | 10,197,386 | 19,542,567 | |
0.875%, due 1/15/29 | 4,177,639 | 19,933,782 | |
547,414,358 | |||
United States Treasury Note 0.1% | |||
U.S. Treasury Notes | |||
1.75%, due 12/31/24 | 330,000 | 343,406 | |
Total U.S. Government & Federal Agencies (Cost $511,736,837) | 550,197,732 | ||
Total Long-Term Bonds (Cost $658,644,327) | 699,223,665 | ||
Shares | |||
Short-Term Investment 0.6% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (m) | 3,369,769 | 3,369,769 | |
Total Short-Term Investment (Cost $3,369,769) | 3,369,769 | ||
Total Investments Excluding Purchased Options (Cost $662,014,096) | 129.2% | 702,593,434 | |
Total Purchased Options (Cost $183,861) | 0.1% | 224,462 | |
Total Investments (Cost $662,197,957) | 129.3% | 702,817,896 | |
Other Assets, Less Liabilities | (29.3) | (159,063,550) | |
Net Assets | 100.0% | $ 543,754,346 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Step coupon—Rate shown was the rate in effect as of June 30, 2021. |
(d) | Delayed delivery security. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2021. |
(g) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2021. |
(h) | Illiquid security—As of June 30, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $29,050, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(i) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(j) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2021, the total net market value was $18,268,080, which represented 3.4% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(k) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2021. |
(l) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for swap contracts. |
(m) | Current yield as of June 30, 2021. |
18 | MainStay VP PIMCO Real Return Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
DKK | 2,435,000 | USD | 387,125 | JPMorgan Chase Bank N.A. | 7/1/21 | $ 1,155 |
USD | 1,451,060 | AUD | 1,876,000 | JPMorgan Chase Bank N.A. | 7/2/21 | 44,154 |
USD | 1,030,850 | DKK | 6,325,000 | Bank of America N.A. | 7/1/21 | 22,279 |
USD | 1,482,765 | DKK | 9,255,000 | JPMorgan Chase Bank N.A. | 7/1/21 | 6,982 |
USD | 11,618,298 | DKK | 72,254,951 | JPMorgan Chase Bank N.A. | 10/1/21 | 75,632 |
USD | 5,715,820 | DKK | 35,528,909 | Morgan Stanley & Co. International | 10/1/21 | 40,108 |
USD | 1,658,649 | EUR | 1,394,000 | Bank of America N.A. | 7/2/21 | 5,713 |
USD | 38,186,984 | EUR | 32,105,000 | JPMorgan Chase Bank N.A. | 8/3/21 | 92,539 |
USD | 39,045,483 | EUR | 32,076,000 | Morgan Stanley & Co. International | 7/2/21 | 1,011,366 |
USD | 2,261,287 | GBP | 1,594,000 | Bank of America N.A. | 7/2/21 | 56,307 |
USD | 98,978 | GBP | 70,000 | Bank of America N.A. | 7/2/21 | 2,147 |
USD | 85,190 | GBP | 61,000 | JPMorgan Chase Bank N.A. | 7/2/21 | 809 |
USD | 113,123 | GBP | 81,000 | Morgan Stanley & Co. International | 7/2/21 | 1,076 |
USD | 2,085,193 | JPY | 228,600,000 | Bank of America N.A. | 7/2/21 | 27,494 |
USD | 10,339,662 | JPY | 1,142,123,631 | JPMorgan Chase Bank N.A. | 8/3/21 | 56,266 |
USD | 2,857,400 | JPY | 311,052,380 | Morgan Stanley & Co. International | 7/2/21 | 57,523 |
USD | 5,486,028 | JPY | 602,471,251 | Morgan Stanley & Co. International | 7/2/21 | 63,001 |
USD | 3,038,046 | NZD | 4,186,000 | Bank of America N.A. | 7/2/21 | 112,032 |
USD | 221,158 | PEN | 848,251 | JPMorgan Chase Bank N.A.* | 7/13/21 | 657 |
USD | 880,015 | PEN | 3,380,136 | JPMorgan Chase Bank N.A.* | 7/13/21 | 1,358 |
Total Unrealized Appreciation | 1,678,598 | |||||
CNY | 7,553,000 | USD | 1,174,738 | Bank of America N.A. | 9/15/21 | (12,101) |
DKK | 35,528,909 | USD | 5,705,915 | Morgan Stanley & Co. International | 7/1/21 | (40,552) |
EUR | 1,011,000 | USD | 1,207,033 | Morgan Stanley & Co. International | 7/2/21 | (8,239) |
EUR | 354,000 | USD | 422,678 | Morgan Stanley & Co. International | 7/2/21 | (2,922) |
GBP | 449,000 | USD | 622,419 | Morgan Stanley & Co. International | 7/2/21 | (1,317) |
IDR | 17,663,047,000 | USD | 1,225,494 | Bank of America N.A. | 9/15/21 | (14,940) |
NOK | 10,050,000 | USD | 1,194,514 | Morgan Stanley & Co. International | 8/17/21 | (27,014) |
SEK | 9,845,000 | USD | 1,177,877 | Morgan Stanley & Co. International | 8/17/21 | (27,007) |
USD | 5,721,854 | DKK | 35,956,200 | Bank of America N.A. | 7/1/21 | (11,644) |
USD | 9,352,088 | DKK | 58,961,470 | JPMorgan Chase Bank N.A. | 7/1/21 | (49,781) |
Total Unrealized Depreciation | (195,517) | |||||
Net Unrealized Appreciation | $ 1,483,081 |
* | Non-deliverable forward. |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Euro-Bobl | 78 | September 2021 | $ 12,405,616 | $ 12,407,332 | $ 1,716 |
Euro-Bund | 79 | September 2021 | 16,050,919 | 16,169,112 | 118,193 |
U.S. Treasury 5 Year Notes | 839 | September 2021 | 103,809,124 | 103,557,508 | (251,616) |
Total Long Contracts | (131,707) | ||||
Short Contracts | |||||
Australia 3 Year Bonds | (13) | September 2021 | (1,138,486) | (1,135,672) | 2,814 |
Australia 10 Year Bonds | (7) | September 2021 | (738,008) | (741,193) | (3,185) |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Euro-BTP | (8) | September 2021 | $ (1,072,189) | $ (1,073,436) | $ (1,247) |
Euro-BTP | (40) | September 2021 | (7,129,654) | (7,181,376) | (51,722) |
Euro-Buxl | (67) | September 2021 | (15,933,982) | (16,146,452) | (212,470) |
Euro-Schatz | (698) | September 2021 | (92,811,661) | (92,813,063) | (1,402) |
Japan 10 Year Bonds | (8) | September 2021 | (10,908,224) | (10,923,264) | (15,040) |
U.S. Treasury 2 Year Notes | (116) | September 2021 | (25,597,790) | (25,557,156) | 40,634 |
U.S. Treasury 10 Year Notes | (200) | September 2021 | (26,375,644) | (26,500,000) | (124,356) |
U.S. Treasury 10 Year Ultra Bonds | (22) | September 2021 | (3,230,230) | (3,238,469) | (8,239) |
U.S. Treasury Long Bonds | (91) | September 2021 | (14,166,011) | (14,628,250) | (462,239) |
U.S. Treasury Ultra Bonds | (63) | September 2021 | (11,559,704) | (12,139,312) | (579,608) |
Total Short Contracts | (1,416,060) | ||||
Net Unrealized Depreciation | $ (1,547,767) |
1. | As of June 30, 2021, cash in the amount of $1,379,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2021. |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | $ 99.66 | 7/7/21 | 200,000 | $ 200,000 | $ 1,125 | $ 27 | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.47 | 8/5/21 | 200,000 | 200,000 | 1,875 | 800 | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.16 | 8/5/21 | 200,000 | 200,000 | 1,875 | 631 | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.24 | 8/5/21 | 300,000 | 300,000 | 1,711 | 1,114 | |
$ 6,586 | $2,572 |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-Euro-Schatz | Morgan Stanley & Co., LLC | $ 113.30 | 8/27/21 | 300 | EUR 30,000,000 | $ 2,086 | $ 1,779 |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-5-Year Interest Rate Swap | Morgan Stanley & Co., LLC | $ 0.70 | 8/24/21 | 20,300,000 | $ 20,300,000 | $ 73,080 | $ 9,853 |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-30-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | $ 0.19 | 11/2/22 | 1,400,000 | EUR 1,400,000 | $ 102,109 | $ 210,258 |
Description | Counterparty | Initial Index | Floating Rate | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-Cap-OTC USA Non-Revised Consumer Price Index- Urban (CPI-U), American Style -Call | JPMorgan Chase Bank N.A. | $ 238.643 | Maximum of [0, Final Index/Initial Index - (1 + 4.00%10)] | 5/16/24 | (300,000) | $ (300,000) | $ (599) | $ (4,478) |
20 | MainStay VP PIMCO Real Return Portfolio |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | $ 102.05 | 7/7/21 | (100,000) | $ (100,000) | $ (344) | $ (3) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 99.47 | 8/5/21 | (400,000) | (400,000) | (2,484) | (776) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 99.16 | 8/5/21 | (400,000) | (400,000) | (2,500) | (628) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 101.98 | 8/5/21 | (200,000) | (200,000) | (688) | (223) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 102.23 | 8/5/21 | (600,000) | (600,000) | (1,875) | (830) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 102.30 | 8/12/21 | (500,000) | (500,000) | (1,680) | (857) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 102.23 | 8/12/21 | (500,000) | (500,000) | (1,602) | (816) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 104.14 | 8/5/21 | (200,000) | (200,000) | (344) | (325) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.98 | 9/7/21 | (200,000) | (200,000) | (609) | (471) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.70 | 9/7/21 | (200,000) | (200,000) | (609) | (317) | |
$(12,735) | $(5,246) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | $ 104.05 | 7/7/21 | (100,000) | $ (100,000) | $ (172) | $ (7) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.99 | 8/5/21 | (200,000) | (200,000) | (406) | (152) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 101.31 | 9/7/21 | (100,000) | (100,000) | (313) | (405) | |
$ (891) | $(564) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | $ 0.10 | 11/2/22 | (4,200,000) | EUR (4,200,000) | $ (101,882) | $ (191,314) | |
Put-10-Year Interest Rate Swap | Morgan Stanley & Co., LLC | 2.30 | 9/29/21 | (10,100,000) | $ (10,100,000) | (71,565) | (5,684) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley & Co., LLC | 0.98 | 7/21/21 | (200,000) | (200,000) | (480) | (4) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 0.75 | 7/21/21 | (700,000) | EUR (700,000) | (724) | (29) | |
Put-10-Year Interest Rate Swap | Morgan Stanley & Co., LLC | 1.76 | 7/7/21 | (100,000) | $ (100,000) | (765) | (1) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 0.75 | 8/18/21 | (800,000) | (800,000) | (780) | (135) | |
$ (176,196) | $ (197,167) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-5-Year Interest Rate Swap | Morgan Stanley & Co., LLC | $ 0.55 | 8/24/21 | (40,600,000) | $ (40,600,000) | $ (63,945) | $ (3,942) |
Notional Amount | Currency | Expiration Date | Payments made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 14,000,000 | JPY | 9/21/27 | Fixed 0.30% | 6 month USD LIBOR | Semi-Annually/Semi-Annually | $ (150) | $ (2,316) | $ (2,166) | ||
1,600,000 | NZD | 3/21/28 | Fixed 3.25% | 3 month NZD BBR | Semi-Annually/Quarterly | 3,249 | (121,269) | (124,518) | ||
50,000,000 | JPY | 3/21/28 | Fixed 0.30% | 6 month USD LIBOR | Semi-Annually/Semi-Annually | (593) | (8,693) | (8,100) | ||
106,980,000 | JPY | 3/21/29 | Fixed 0.45% | 6 month USD LIBOR | Semi-Annually/Semi-Annually | (3,573) | (31,115) | (27,542) | ||
$ (1,067) | $ (163,393) | $ (162,326) |
Notional Amount | Currency | Expiration Date | Payments Made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 800,000 | EUR | 6/15/27 | 1-Month EUR-CPI | Fixed 1.36% | At Maturity | $ (7,189) | $ 2,371 | $ 9,560 | ||
1,000,000 | EUR | 3/15/28 | 1-Month EUR-CPI | Fixed 1.535% | At Maturity | 86 | 24,531 | 24,445 | ||
770,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.36% | At Maturity | — | (5,541) | (5,541) | ||
510,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.353% | At Maturity | — | (4,111) | (4,111) | ||
1,100,000 | EUR | 7/15/22 | Fixed 0.33% | 1-Month EUR-CPI | At Maturity | (60) | 35,585 | 35,645 | ||
2,500,000 | EUR | 5/15/22 | Fixed 0.09% | 1-Month EUR-CPI | At Maturity | — | 78,589 | 78,589 | ||
3,460,000 | GBP | 6/15/30 | UK RPI | Fixed 3.4% | At Maturity | 9,843 | 143,711 | 133,868 | ||
2,200,000 | GBP | 9/15/24 | UK RPI | Fixed 3.85% | At Maturity | 226 | 125,862 | 125,636 | ||
2,800,000 | GBP | 1/15/30 | UK RPI | Fixed 3.39% | At Maturity | (19,583) | (52,818) | (33,235) | ||
6,800,000 | GBP | 1/15/25 | UK RPI | Fixed 3.33% | At Maturity | 150,526 | 43,202 | (107,324) | ||
3,100,000 | GBP | 8/15/25 | UK RPI | Fixed 3.473% | At Maturity | — | (38,524) | (38,524) | ||
5,400,000 | USD | 2/26/26 | Fixed 2.31% | 1-Month USD-CPI | At Maturity | 1 | 150,459 | 150,458 | ||
2,700,000 | USD | 3/5/26 | Fixed 2.42% | 1-Month USD-CPI | At Maturity | — | 59,424 | 59,424 | ||
200,000 | EUR | 3/15/33 | Fixed 1.71% | 1-Month EUR-CPI | At Maturity | (302) | (11,606) | (11,304) | ||
1,100,000 | USD | 4/27/23 | Fixed 2.26% | 1-Month USD-CPI | At Maturity | — | 11,176 | 11,176 | ||
510,000 | USD | 5/9/23 | Fixed 2.26% | 1-Month USD-CPI | At Maturity | — | 5,388 | 5,388 | ||
780,000 | USD | 5/10/23 | Fixed 2.28% | 1-Month USD-CPI | At Maturity | — | 7,511 | 7,511 | ||
2,600,000 | USD | 11/4/29 | 1 Month USD-CPI | Fixed 1.76% | At Maturity | (1,182) | (213,056) | (211,874) | ||
2,200,000 | USD | 5/19/30 | 1 Month USD-CPI | Fixed 1.28% | At Maturity | — | (296,112) | (296,112) | ||
2,800,000 | EUR | 3/15/24 | Fixed 1.03% | 1-Month EUR-CPI | At Maturity | (563) | (12,028) | (11,465) | ||
1,100,000 | USD | 1/19/22 | 1 Month USD-CPI | Fixed 2.155% | At Maturity | — | (29,939) | (29,939) | ||
4,100,000 | USD | 1/19/22 | 1 Month USD-CPI | Fixed 2.18% | At Maturity | (33) | (110,566) | (110,533) | ||
1,800,000 | USD | 1/21/22 | 1 Month USD-CPI | Fixed 2.2% | At Maturity | — | (48,114) | (48,114) | ||
900,000 | USD | 2/1/22 | 1 Month USD-CPI | Fixed 2.17% | At Maturity | — | (24,143) | (24,143) | ||
5,500,000 | USD | 2/4/22 | 1 Month USD-CPI | Fixed 2.155% | At Maturity | — | (147,795) | (147,795) | ||
1,200,000 | USD | 2/5/22 | 1 Month USD-CPI | Fixed 2.2% | At Maturity | — | (31,665) | (31,665) | ||
1,100,000 | GBP | 3/15/22 | UK RPI | Fixed 3.22% | At Maturity | (11) | (17,191) | (17,180) | ||
600,000 | GBP | 3/15/36 | UK RPI | Fixed 3.566% | At Maturity | — | (13,113) | (13,113) | ||
800,000 | GBP | 3/15/36 | UK RPI | Fixed 3.58% | At Maturity | (7,081) | (14,118) | (7,037) | ||
4,500,000 | EUR | 3/15/31 | 1-Month EUR-CPI | Fixed 1.38% | At Maturity | (30,997) | (154,555) | (123,558) | ||
2,200,000 | USD | 5/13/26 | Fixed 2.77% | 1-Month USD-CPI | At Maturity | — | (793) | (793) | ||
1,000,000 | USD | 5/14/26 | Fixed 2.81% | 1-Month USD-CPI | At Maturity | — | (2,901) | (2,901) | ||
2,090,000 | GBP | 4/15/31 | 1 Month UK RPI | Fixed 3.75% | At Maturity | 725 | (6,457) | (7,182) | ||
1,250,000 | USD | 5/25/26 | Fixed 2.70% | 1-Month USD-CPI | At Maturity | 226 | 2,534 | 2,308 | ||
500,000 | USD | 6/1/26 | Fixed 2.69% | 1-Month USD-CPI | At Maturity | — | 1,049 | 1,049 | ||
$ 94,632 | $ (543,754) | $ (638,386) |
22 | MainStay VP PIMCO Real Return Portfolio |
Reference Entity | Termination Date | Buy/Sell Protection2 | Notional Amount (000)3 | (Pay)/ Receive Fixed Rate4 | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation)5 | ||
General Electric Co. 2.70%, 10/09/22 | 12/20/2023 | Sell | $ 100 | 1.00% | Quarterly | $ (2,388) | $ 1,516 | $ 3,904 |
1. | As of June 30, 2021, cash in the amount of $1,271,000 was on deposit with a broker for centrally cleared swap agreements. |
2. | Sell—Portfolio receives premium and sells credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
3. | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract. |
4. | The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract. |
5. | Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at June 30, 2021. |
Abbreviation(s): |
ARS—Argentina Peso |
AUD—Australia Dollar |
BADLARPP—Average rate on 30-day deposits of at least 1 million Argentinian Pesos |
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index) |
CAD—Canada Dollar |
CNY—China Yuan Renminbi |
DKK—Denmark Krone |
EUR—Euro |
EURIBOR—Euro Interbank Offered Rate |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GBP—British Pound Sterling |
GNMA—Government National Mortgage Association |
IDR—Indonesia Rupiah |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
NOK—Norway Krone |
NZD—New Zealand Dollar |
PEN—Peru Nuevo Sol |
REMIC—Real Estate Mortgage Investment Conduit |
SEK—Sweden Krona |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 44,019,445 | $ — | $ 44,019,445 | |||
Corporate Bonds | — | 31,164,925 | — | 31,164,925 | |||
Foreign Government Bonds | — | 46,132,980 | — | 46,132,980 | |||
Mortgage-Backed Securities | — | 27,708,583 | — | 27,708,583 | |||
U.S. Government & Federal Agencies | — | 550,197,732 | — | 550,197,732 | |||
Total Long-Term Bonds | — | 699,223,665 | — | 699,223,665 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 3,369,769 | — | — | 3,369,769 | |||
Total Investments in Securities | 3,369,769 | 699,223,665 | — | 702,593,434 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 1,678,598 | — | 1,678,598 | |||
Futures Contracts (b) | 163,357 | — | — | 163,357 | |||
Purchased Options | 1,779 | 222,683 | — | 224,462 | |||
Credit Default Swaps (b) | — | 3,904 | — | 3,904 | |||
Inflation Swap Contracts (b) | — | 645,057 | — | 645,057 | |||
Total Other Financial Instruments | 163,049 | 2,368,469 | — | 2,531,518 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,533,126 | $ 701,551,224 | $ — | $ 705,084,350 | |||
Liability Valuation Inputs | |||||||
Written Options | $ — | $ (211,397) | $ — | $ (211,397) | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | (195,517) | — | (195,517) | |||
Futures Contracts | (1,711,124) | — | — | (1,711,124) | |||
Interest Rate Swaps | — | (162,326) | — | (162,326) | |||
Inflation Swap Contracts | — | (1,283,443) | — | (1,283,443) | |||
Total Other Financial Instruments | (1,711,124) | (1,641,286) | — | (3,352,410) | |||
Total Investments in Securities and Other Financial Instruments | $ (1,711,124) | $ (1,852,683) | $ — | $ (3,563,807) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
24 | MainStay VP PIMCO Real Return Portfolio |
Counterparty | Borrowing Rate (a) | Borrowing Date | Maturity Date | Amount Borrowed (a) | Payable for Sale-Buyback Transcations (b) | |
BofA Securities, Inc. | 0.05% | 6/24/2021 | 7/1/2021 | $ 803,160 | $ 803,160 | |
BNP Paribas S.A. | 0.08 | 6/24/2021 | 7/2/2021 | 23,580,232 | 23,585,318 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 15,100,146 | 15,104,261 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 17,998,004 | 18,002,542 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 16,222,086 | 16,225,566 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 20,234,080 | 20,238,879 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 19,925,227 | 19,930,029 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 18,828,582 | 18,833,476 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 12,943,845 | 12,947,079 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 10,791,233 | 10,793,883 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 10,497,341 | 10,499,846 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 14,184,971 | 14,188,504 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 17,109,881 | 17,114,060 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 19,561,628 | 19,566,430 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 11,439,294 | 11,442,057 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 23,373,722 | 23,379,292 | |
BNP Paribas S.A. | 0.09 | 6/25/2021 | 7/2/2021 | 17,452,439 | 17,456,562 | |
BofA Securities, Inc. | 0.00 | 6/8/2021 | 7/6/2021 | 31,844,093 | 31,883,925 | |
Barclays Capital Inc. | 0.06 | 5/11/2021 | 7/8/2021 | 21,025,478 | 21,057,279 | |
Barclays Capital Inc. | 0.06 | 5/11/2021 | 7/8/2021 | 23,966,568 | 24,005,725 | |
BNP Paribas S.A. | 0.05 | 6/9/2021 | 7/9/2021 | 5,458,673 | 5,470,401 | |
Morgan Stanley & Co. LLC. | 0.08 | 6/17/2021 | 7/19/2021 | 22,049,634 | 22,151,687 | |
Morgan Stanley & Co. LLC. | 0.08 | 6/17/2021 | 7/19/2021 | 37,933,421 | 38,110,590 | |
$412,323,738 | $412,790,552 |
Assets | |
Investment in unaffiliated securities, at value (identified cost $658,828,188) | $ 699,448,127 |
Investment in affiliated investment companies, at value (identified cost $3,369,769) | 3,369,769 |
Cash | 764,617 |
Cash denominated in foreign currencies (identified cost $1,349,756) | 1,349,869 |
Cash collateral on deposit at broker for futures contracts | 1,379,000 |
Cash collateral on deposit at broker for swap contracts | 1,271,000 |
Receivables: | |
Investment securities sold | 307,262,725 |
Interest | 1,356,833 |
Portfolio shares sold | 530,269 |
Variation margin on futures contracts | 22,361 |
Unrealized appreciation on foreign currency forward contracts | 1,678,598 |
Other assets | 8,445 |
Total assets | 1,018,441,613 |
Liabilities | |
Cash collateral due to broker for TBA | 659,245 |
Written options, at value (premiums received $254,366) | 211,397 |
Payables: | |
Sale buyback transaction | 412,790,552 |
Investment securities purchased | 59,455,101 |
Variation margin on centrally cleared swap contracts | 727,730 |
Manager (See Note 3) | 207,270 |
Portfolio shares redeemed | 170,324 |
NYLIFE Distributors (See Note 3) | 88,498 |
Custodian | 71,789 |
Professional fees | 62,715 |
Shareholder communication | 47,008 |
Trustees | 121 |
Unrealized depreciation on foreign currency forward contracts | 195,517 |
Total liabilities | 474,687,267 |
Net assets | $ 543,754,346 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 56,709 |
Additional paid-in-capital | 561,984,349 |
562,041,058 | |
Total distributable earnings (loss) | (18,286,712) |
Net assets | $ 543,754,346 |
Initial Class | |
Net assets applicable to outstanding shares | $111,579,320 |
Shares of beneficial interest outstanding | 11,592,275 |
Net asset value per share outstanding | $ 9.63 |
Service Class | |
Net assets applicable to outstanding shares | $432,175,026 |
Shares of beneficial interest outstanding | 45,116,251 |
Net asset value per share outstanding | $ 9.58 |
26 | MainStay VP PIMCO Real Return Portfolio |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $4,169) | $11,300,446 |
Dividends-affiliated | 89 |
Other | 360 |
Total income | 11,300,895 |
Expenses | |
Manager (See Note 3) | 1,227,142 |
Distribution/Service—Service Class (See Note 3) | 531,395 |
Interest expense | 73,308 |
Professional fees | 65,305 |
Custodian | 61,748 |
Shareholder communication | 27,239 |
Trustees | 4,994 |
Miscellaneous | 7,034 |
Total expenses before waiver/reimbursement | 1,998,165 |
Expense waiver/reimbursement from Manager (See Note 3) | (92,686) |
Net expenses | 1,905,479 |
Net investment income (loss) | 9,395,416 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 2,365,660 |
Futures transactions | 3,778,795 |
Swap transactions | (149,679) |
Foreign currency transactions | (1,743,167) |
Foreign currency forward transactions | 1,181,575 |
Written option transactions | 136,136 |
Net realized gain (loss) | 5,569,320 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (7,162,957) |
Futures contracts | (1,594,056) |
Swap contracts | (987,581) |
Foreign currency forward contracts | 2,533,799 |
Translation of other assets and liabilities in foreign currencies | (183,332) |
Written option contracts | 13,653 |
Net change in unrealized appreciation (depreciation) | (7,380,474) |
Net realized and unrealized gain (loss) | (1,811,154) |
Net increase (decrease) in net assets resulting from operations | $ 7,584,262 |
for the six months ended June 30, 2021 (Unaudited) and the year ended December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 9,395,416 | $ 4,586,196 |
Net realized gain (loss) | 5,569,320 | 1,156,058 |
Net change in unrealized appreciation (depreciation) | (7,380,474) | 40,834,058 |
Net increase (decrease) in net assets resulting from operations | 7,584,262 | 46,576,312 |
Distributions to shareholders: | ||
Initial Class | — | (998,898) |
Service Class | — | (7,260,665) |
Total distributions to shareholders | — | (8,259,563) |
Capital share transactions: | ||
Net proceeds from sales of shares | 84,633,813 | 116,839,503 |
Net asset value of shares issued to shareholder in reinvestment of distributions | — | 8,259,563 |
Cost of shares redeemed | (30,610,337) | (73,308,369) |
Increase (decrease) in net assets derived from capital share transactions | 54,023,476 | 51,790,697 |
Net increase (decrease) in net assets | 61,607,738 | 90,107,446 |
Net Assets | ||
Beginning of period | 482,146,608 | 392,039,162 |
End of period | $543,754,346 | $482,146,608 |
28 | MainStay VP PIMCO Real Return Portfolio |
for the six-month period ended June 30, 2021 (Unaudited)
Cash flows from (used in) operating activities: | |
Net increase in net assets resulting from operations | $ 7,584,262 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (478,164,973) |
Long term investments sold | 479,067,191 |
Purchase of short term investments, net | (37,201,459) |
Sale of affiliated investments, net | 1,539,093 |
Amortization (accretion) of discount and premium, net | (2,457,160) |
Decrease in investment securities sold receivable | 64,512,322 |
Decrease in dividends and interest receivable | 38,836 |
Decrease in securities lending receivable | 60 |
Increase in other assets | (8,445) |
Increase in unrealized appreciation for open forward foreign currency contracts | (1,652,992) |
Increase in premiums from written options | 130,991 |
Decrease in investment securities purchased payable | (106,384,598) |
Decrease in cash collateral due to broker for sale-buyback transactions | (1,580,000) |
Increase in cash collateral due to broker for TBA | 389,245 |
Decrease in due to NYLIFE Distributors | (2,225) |
Decrease in professional fees payable | (5,122) |
Increase in custodian payable | 40,403 |
Increase in shareholder communication payable | 23,527 |
Decrease in due to Trustees | (454) |
Decrease in due to manager | (5,671) |
Increase in variation margin on centrally cleared swap contracts | 851,981 |
Decrease in variation margin on futures contracts | 45,183 |
Decrease in unrealized depreciation for open forward foreign currency contracts | (880,807) |
Decrease in accrued expenses | (2,416) |
Net realized gain (loss) from unaffiliated investments | (2,365,660) |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | 7,162,957 |
Net change in unrealized (appreciation) depreciation on written options | (13,653) |
Net cash used in operating activities* | (69,339,584) |
Cash flows from financing activities: | |
Proceeds from shares sold | 84,316,777 |
Payment on shares redeemed | (30,625,035) |
Decrease in due to custodian | (267,566) |
Payments on sale-buyback transactions | (3,087,729,032) |
Proceeds from sale-buyback transactions | 3,104,151,506 |
Net cash from financing activities | 69,846,650 |
Effect of exchange rate changes on cash | 27,423 |
Net increase in cash and restricted cash | 534,488 |
Cash, restricted cash and foreign currency at beginning of period | 4,229,998 |
Cash, restricted cash and foreign currency at end of period | $ 4,764,486 |
* Included in operating expenses is cash of $73,308 paid for interest on borrowings. |
Supplemental disclosure of cash flow information: | |
The following tables provide a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows: | |
Cash and restricted cash at beginning of period | |
Cash | $ 507 |
Cash denominated in foreign currencies | 1,566,491 |
Cash collateral on deposit at broker for futures contracts | 1,333,000 |
Cash collateral on deposit at broker for swap contracts | 1,330,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,229,998 |
Cash and restricted cash at end of period | |
Cash | $ 764,617 |
Cash denominated in foreign currencies | 1,349,869 |
Cash collateral on deposit at broker for futures contracts | 1,379,000 |
Cash collateral on deposit at broker for swap contracts | 1,271,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,764,486 |
Restricted cash consists of cash that has been segregated to cover the Portfolio’s collateral or margin obligations under derivative contracts. It is separately reported on the Statement of Assets and Liabilities as cash collateral on deposit at brokers. |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Initial Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | $ 8.40 | $ 8.11 | |||||
Net investment income (loss) (a) | 0.19 | 0.12 | 0.20 | 0.23 | 0.23 | 0.17 | |||||
Net realized and unrealized gain (loss) on investments | — | 0.96 | 0.50 | (0.53) | 0.15 | 0.21 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.03) | (0.05) | 0.01 | 0.10 | (0.09) | 0.05 | |||||
Total from investment operations | 0.16 | 1.03 | 0.71 | (0.20) | 0.29 | 0.43 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.19) | (0.28) | (0.14) | (0.15) | (0.14) | |||||
Net asset value at end of period | $ 9.63 | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | $ 8.40 | |||||
Total investment return (b) | 1.69%(c) | 11.93%(c) | 8.56%(c) | (2.38)%(c) | 3.45% | 5.28% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.04%†† | 1.27% | 2.35% | 2.78% | 2.71% | 2.05%(d) | |||||
Net expenses (e) | 0.56%†† | 0.78% | 1.65% | 1.43% | 1.03% | 0.91%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.60%†† | 0.83% | 1.71% | 1.43% | 1.03% | 0.91%(f) | |||||
Interest expense and fees | 0.03%†† | 0.25% | 1.09% | 0.81% | 0.42% | 0.32% | |||||
Portfolio turnover rate (g) | 75% | 199% | 187% | 157% | 121% | 143% | |||||
Net assets at end of period (in 000’s) | $ 111,579 | $ 48,479 | $ 48,707 | $ 44,523 | $ 45,563 | $ 36,060 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 2.04%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.92%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 24%, 128%, 139%, 48%, 96% and 91% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively. |
30 | MainStay VP PIMCO Real Return Portfolio |
Six months ended June 30, 2021* | Year Ended December 31, | ||||||||||
Service Class | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||
Net asset value at beginning of period | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | $ 8.39 | $ 8.10 | |||||
Net investment income (loss) (a) | 0.18 | 0.09 | 0.18 | 0.21 | 0.21 | 0.18 | |||||
Net realized and unrealized gain (loss) on investments | (0.01) | 0.96 | 0.49 | (0.54) | 0.15 | 0.19 | |||||
Net realized and unrealized gain (loss) on foreign currency transactions | (0.03) | (0.05) | 0.01 | 0.10 | (0.09) | 0.04 | |||||
Total from investment operations | 0.14 | 1.00 | 0.68 | (0.23) | 0.27 | 0.41 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.17) | (0.26) | (0.11) | (0.13) | (0.12) | |||||
Net asset value at end of period | $ 9.58 | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | $ 8.39 | |||||
Total investment return (b) | 1.48%(c) | 11.61%(c) | 8.30%(c) | (2.63)%(c) | 3.20% | 5.03% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.79%†† | 1.04% | 2.14% | 2.53% | 2.46% | 2.15%(d) | |||||
Net expenses (e) | 0.81%†† | 1.03% | 1.89% | 1.68% | 1.28% | 1.16%(f) | |||||
Expenses (before waiver/reimbursement) (e) | 0.85%†† | 1.08% | 1.96% | 1.68% | 1.28% | 1.16%(f) | |||||
Interest expense and fees | 0.03%†† | 0.25% | 1.09% | 0.81% | 0.42% | 0.32% | |||||
Portfolio turnover rate (g) | 75% | 199% | 187% | 157% | 121% | 143% | |||||
Net assets at end of period (in 000’s) | $ 432,175 | $ 433,668 | $ 343,332 | $ 282,052 | $ 287,520 | $ 282,006 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 2.14%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.17%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 24%, 128%, 139%, 48%, 96% and 91% for the six months ended June 30, 2021 and for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
32 | MainStay VP PIMCO Real Return Portfolio |
• | Level 1—quoted prices in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Equity and credit default swap curves | • Monthly payment information |
34 | MainStay VP PIMCO Real Return Portfolio |
36 | MainStay VP PIMCO Real Return Portfolio |
38 | MainStay VP PIMCO Real Return Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options - Investments in securities, at value | $ — | $ — | $ 224,462 | $ 224,462 |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | — | — | 163,357 | 163,357 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,678,598 | — | — | 1,678,598 |
Inflation Rate Contracts - Unrealized appreciation (b) | — | — | 645,057 | 645,057 |
Credit Default Swaps (b) | — | 3,904 | — | 3,904 |
Total Fair Value | $1,678,598 | $3,904 | $1,032,876 | $2,715,378 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Written Options - Investments in written options, at value | $ — | $ (211,397) | $ (211,397) |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | — | (1,711,124) | (1,711,124) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (162,326) | (162,326) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (195,517) | — | (195,517) |
Inflation Rate Contracts - Unrealized appreciation depreciation (b) | — | (1,283,443) | (1,283,443) |
Total Fair Value | $(195,517) | $(3,368,290) | $(3,563,807) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
40 | MainStay VP PIMCO Real Return Portfolio |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $ — | $ (105,272) | $ (105,272) |
Written Options | — | — | 136,136 | 136,136 |
Futures Contracts | — | — | 3,778,795 | 3,778,795 |
Swap Contracts | — | (191,813) | 42,134 | (149,679) |
Forward Contracts | 1,181,575 | — | — | 1,181,575 |
Total Net Realized Gain (Loss) | $1,181,575 | $(191,813) | $3,851,793 | $4,841,555 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $ — | $ 132,713 | $ 132,713 |
Written Options | — | — | 13,653 | 13,653 |
Futures Contracts | — | — | (1,594,056) | (1,594,056) |
Swap Contracts | — | 126,549 | (1,114,130) | (987,581) |
Forward Contracts | 2,533,799 | — | — | 2,533,799 |
Total Net Change in Unrealized Appreciation (Depreciation) | $2,533,799 | $126,549 | $(2,561,820) | $ 98,528 |
Average Notional Amount | Total |
Purchased Options | $ 666,667 |
Written Options | $ (6,673,453) |
Purchased Swaptions | $ 18,595,908 |
Written Swaptions | $ (55,209,073) |
Written Inflation—Capped Options | $ (300,000) |
Futures Contracts Long | $ 122,596,955 |
Futures Contracts Short | $(242,071,270) |
Swap Contracts Long | $ 76,784,926 |
Forward Contracts Long | $ 14,575,434 |
Forward Contracts Short | $ (95,497,622) |
Counterparty | Payable for Sale-Buyback Transactions | Total Borrowings and Other Financing Transactions | Collateral (Received)/ Pledged | Net Exposure (a) |
Master Securities Forward Transaction Agreement | ||||
Barclays Capital Inc. | $ (45,063,004) | $ (45,063,004) | $ 45,063,004 | $— |
BofA Securities, Inc. | (32,687,085) | (32,687,085) | 32,687,085 | — |
BNP Paribas S.A. | (274,778,186) | (274,778,186) | 274,778,186 | — |
Morgan Stanley & Co. LLC. | (60,262,277) | (60,262,277) | 60,262,277 | — |
Total Borrowings and Other Financing Transactions | $(412,790,552) |
(a) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater than 90 days | Total | |
Sale-Buyback Transactions | |||||
US Treasury Obligations | $— | $412,790,552 | $— | $— | $412,790,552 |
Total Borrowings | $— | $412,790,552 | $— | $— | $412,790,552 |
Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions | $412,790,552 |
42 | MainStay VP PIMCO Real Return Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,440 | $ 115,525 | $ (113,595) | $ — | $ — | $ 3,370 | $ —(a) | $ — | 3,370 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $662,394,645 | $43,741,607 | $(3,318,356) | $40,423,251 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $20,380 | $54,258 |
2020 | |
Distributions paid from: | |
Ordinary Income | $8,259,563 |
Initial Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 6,617,580 | $ 63,177,590 |
Shares redeemed | (147,200) | (1,401,034) |
Net increase (decrease) | 6,470,380 | $ 61,776,556 |
Year ended December 31, 2020: | ||
Shares sold | 362,350 | $ 3,332,081 |
Shares issued to shareholders in reinvestment of distributions | 107,581 | 998,898 |
Shares redeemed | (993,417) | (9,122,960) |
Net increase (decrease) | (523,486) | $ (4,791,981) |
Service Class | Shares | Amount |
Period ended June 30, 2021: | ||
Shares sold | 2,278,270 | $ 21,456,223 |
Shares redeemed | (3,091,268) | (29,209,303) |
Net increase (decrease) | (812,998) | $ (7,753,080) |
Year ended December 31, 2020: | ||
Shares sold | 12,408,077 | $113,507,422 |
Shares issued to shareholders in reinvestment of distributions | 783,454 | 7,260,665 |
Shares redeemed | (7,132,197) | (64,185,409) |
Net increase (decrease) | 6,059,334 | $ 56,582,678 |
44 | MainStay VP PIMCO Real Return Portfolio |
products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.
46 | MainStay VP PIMCO Real Return Portfolio |
Some Portfolios may not be available in all products.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1781636 | MSVPPRR10-08/21 |
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this |
Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management |
Investment Companies.
Not applicable.
Item 13. | Exhibits. |
(a) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY VP FUNDS TRUST | ||
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | September 2, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | September 2, 2021 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | September 2, 2021 |
EXHIBIT INDEX
(a) |
(b) |