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: December 31, 2021
FORM N-CSR
Item 1. | Reports to Stockholders. |
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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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/23/1984 | 28.78% | 16.78% | 15.80% | 0.58% |
Service Class Shares | 6/5/2003 | 28.46 | 16.49 | 15.51 | 0.83 |
1. | Effective January 1, 2018, due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the graph 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
Morningstar Large Blend Category Average2 | 25.37 | 15.96 | 14.27 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,107.70 | $3.08 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,106.30 | $4.41 | $1,021.02 | $4.23 | 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 184 (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 | 9.8% |
Interactive Media & Services | 8.3 |
Semiconductors & Semiconductor Equipment | 7.2 |
Technology Hardware, Storage & Peripherals | 5.7 |
Banks | 4.3 |
Internet & Direct Marketing Retail | 3.9 |
Capital Markets | 3.7 |
IT Services | 3.5 |
Health Care Equipment & Supplies | 3.4 |
Entertainment | 3.0 |
Household Products | 3.0 |
Pharmaceuticals | 2.8 |
Hotels, Restaurants & Leisure | 2.8 |
Life Sciences Tools & Services | 2.8 |
Machinery | 2.6 |
Health Care Providers & Services | 2.4 |
Beverages | 2.4 |
Chemicals | 2.3 |
Biotechnology | 2.2 |
Textiles, Apparel & Luxury Goods | 2.2 |
Automobiles | 1.9% |
Equity Real Estate Investment Trusts | 1.6 |
Insurance | 1.6 |
Electronic Equipment, Instruments & Components | 1.6 |
Specialty Retail | 1.6 |
Oil, Gas & Consumable Fuels | 1.5 |
Professional Services | 1.5 |
Electric Utilities | 1.5 |
Consumer Finance | 1.4 |
Aerospace & Defense | 1.1 |
Diversified Telecommunication Services | 1.1 |
Air Freight & Logistics | 1.0 |
Building Products | 1.0 |
Electrical Equipment | 1.0 |
Communications Equipment | 0.9 |
Commercial Services & Supplies | 0.6 |
Short–Term Investment | 0.8 |
Other Assets, Less Liabilities | –0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Microsoft Corp. |
2. | Alphabet, Inc. |
3. | Apple, Inc. |
4. | Amazon.com, Inc. |
5. | Meta Platforms, Inc., Class A |
6. | UnitedHealth Group, Inc. |
7. | JPMorgan Chase & Co. |
8. | Bank of America Corp. |
9. | Procter & Gamble Co. (The) |
10. | TJX Cos., Inc. (The) |
During the time MacKay Shields managed the Portfolio, the Portfolio outperformed the Index, helped by strong stock selection, most notably among financials, industrials and information technology stocks. Sector allocation effect mildly detracted from relative returns due to underweight exposure to the strong-performing energy and financials sectors. In terms of stock-selection model efficacy, the combination of signals used by the Portfolio’s quantitative stock selection model was rewarded primarily by valuation measures.
During the time Wellington managed the Portfolio, the Portfolio underperformed the Index, primarily due to security selection.
During the time MacKay Shields managed the Portfolio, the strongest positive contributors to the Portfolio’s performance relative to the Index were the industrials, financials and information technology sectors. (Contributions take weightings and total returns into account.) During the same period, the most significant detractors from benchmark-relative performance were the real estate, energy and materials sectors.
During the time Wellington managed the Portfolio, security selection in the health care, communication services and financials sectors contributed positively to performance relative to the Index, while security selection in the information technology, consumer discretionary and utilities sectors detracted. From an allocation perspective, the Portfolio’s overweight allocation to communication services weighed on results but was marginally offset by the positive impact of an underweight exposure to materials.
The stocks providing the strongest positive contributions to the Portfolio’s absolute performance during the time MacKay Shields managed the Portfolio included systems software developer Microsoft and Internet content and information services provider Alphabet, the parent company of Google. During the same period, the most significant detractors from absolute performance were consumer technology company Apple, wireless communications technology firm Qualcomm and interactive home entertainment developer Take-Two Interactive Software.
The strongest contributors to absolute performance during the time Wellington managed the Portfolio were holdings in enterprise software company Microsoft, consumer electronics maker Apple and technology holdings company Alphabet. Microsoft reported strong overall year-over-year growth in July 2021 and again delivered strong results in October, with balanced performance across the product set and good margin expansion in all three reporting segments. Shares of Apple rose throughout the reporting
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington U.S. Equity Portfolio |
The Portfolio’s largest initial purchase during the time MacKay Shields managed the Portfolio was in diversified banking firm Citigroup, while the largest increase in position size was in conglomerate Berkshire Hathaway. The Portfolio's largest full sale was its position in freight and logistics company FedEx Corporation, while its most significantly decreased position size was in Apple.
The largest purchases during the time Wellington managed the Portfolio were in shares of agricultural machinery manufacturer Deere & Company, and power and natural gas company Duke Energy. We believe Deere is well positioned for continued margin improvement and view the company’s top-line growth as well supported by the expansion of its precision agriculture business. We believe Duke Energy is likely to benefit from the energy
During the time MacKay Shields managed the Portfolio, the largest increases in benchmark-relative sector exposures were in the financials and communication services sectors. Conversely, the Portfolio's largest decreases in benchmark-relative sector exposures were in the industrials and information technology sectors.
During the time Wellington managed the Portfolio, there were no significant changes to sector weights.
Shares | Value | |
Common Stocks 99.2% | ||
Aerospace & Defense 1.1% | ||
Raytheon Technologies Corp. | 132,231 | $ 11,379,800 |
Air Freight & Logistics 1.0% | ||
FedEx Corp. | 41,875 | 10,830,550 |
Automobiles 1.9% | ||
Ford Motor Co. | 413,268 | 8,583,576 |
Tesla, Inc. (a) | 10,370 | 10,958,809 |
19,542,385 | ||
Banks 4.3% | ||
Bank of America Corp. | 481,423 | 21,418,509 |
JPMorgan Chase & Co. | 144,820 | 22,932,247 |
44,350,756 | ||
Beverages 2.4% | ||
Constellation Brands, Inc., Class A | 53,696 | 13,476,085 |
Monster Beverage Corp. (a) | 114,918 | 11,036,725 |
24,512,810 | ||
Biotechnology 2.2% | ||
Regeneron Pharmaceuticals, Inc. (a) | 15,480 | 9,775,929 |
Seagen, Inc. (a) | 39,803 | 6,153,544 |
Vertex Pharmaceuticals, Inc. (a) | 33,458 | 7,347,377 |
23,276,850 | ||
Building Products 1.0% | ||
Fortune Brands Home & Security, Inc. | 100,045 | 10,694,810 |
Capital Markets 3.7% | ||
BlackRock, Inc. | 13,376 | 12,246,531 |
Charles Schwab Corp. (The) | 126,813 | 10,664,973 |
Morgan Stanley | 163,749 | 16,073,602 |
38,985,106 | ||
Chemicals 2.3% | ||
PPG Industries, Inc. | 67,957 | 11,718,505 |
Sherwin-Williams Co. (The) | 36,128 | 12,722,837 |
24,441,342 | ||
Commercial Services & Supplies 0.6% | ||
Copart, Inc. (a) | 38,011 | 5,763,228 |
Communications Equipment 0.9% | ||
F5, Inc. (a) | 38,889 | 9,516,527 |
Shares | Value | |
Consumer Finance 1.4% | ||
American Express Co. | 92,215 | $ 15,086,374 |
Diversified Telecommunication Services 1.1% | ||
Verizon Communications, Inc. | 211,633 | 10,996,451 |
Electric Utilities 1.5% | ||
American Electric Power Co., Inc. | 62,104 | 5,525,393 |
Duke Energy Corp. | 92,010 | 9,651,849 |
15,177,242 | ||
Electrical Equipment 1.0% | ||
AMETEK, Inc. | 67,838 | 9,974,899 |
Electronic Equipment, Instruments & Components 1.6% | ||
CDW Corp. | 46,825 | 9,588,823 |
Corning, Inc. | 189,381 | 7,050,655 |
16,639,478 | ||
Entertainment 3.0% | ||
Netflix, Inc. (a) | 26,194 | 15,780,314 |
Walt Disney Co. (The) (a) | 102,716 | 15,909,681 |
31,689,995 | ||
Equity Real Estate Investment Trusts 1.6% | ||
American Tower Corp. | 35,582 | 10,407,735 |
Gaming and Leisure Properties, Inc. | 137,855 | 6,708,024 |
17,115,759 | ||
Health Care Equipment & Supplies 3.4% | ||
Abbott Laboratories | 68,470 | 9,636,468 |
Baxter International, Inc. | 117,104 | 10,052,207 |
Becton Dickinson and Co. | 32,535 | 8,181,902 |
Hologic, Inc. (a) | 97,715 | 7,481,060 |
35,351,637 | ||
Health Care Providers & Services 2.4% | ||
UnitedHealth Group, Inc. | 49,118 | 24,664,112 |
Hotels, Restaurants & Leisure 2.8% | ||
Airbnb, Inc., Class A (a) | 45,599 | 7,591,777 |
Booking Holdings, Inc. (a) | 4,311 | 10,343,081 |
McDonald's Corp. | 43,175 | 11,573,922 |
29,508,780 | ||
Household Products 3.0% | ||
Colgate-Palmolive Co. | 124,733 | 10,644,714 |
Procter & Gamble Co. (The) | 127,482 | 20,853,506 |
31,498,220 |
10 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Insurance 1.6% | ||
Chubb Ltd. | 50,115 | $ 9,687,731 |
Progressive Corp. (The) | 70,037 | 7,189,298 |
16,877,029 | ||
Interactive Media & Services 8.3% | ||
Alphabet, Inc. (a) | ||
Class A | 16,296 | 47,210,164 |
Class C | 4,733 | 13,695,362 |
Meta Platforms, Inc., Class A (a) | 73,847 | 24,838,438 |
85,743,964 | ||
Internet & Direct Marketing Retail 3.9% | ||
Amazon.com, Inc. (a) | 12,153 | 40,522,234 |
IT Services 3.5% | ||
Fidelity National Information Services, Inc. | 70,632 | 7,709,483 |
Global Payments, Inc. | 46,198 | 6,245,045 |
GoDaddy, Inc., Class A (a) | 85,328 | 7,240,934 |
Mastercard, Inc., Class A | 41,300 | 14,839,916 |
36,035,378 | ||
Life Sciences Tools & Services 2.8% | ||
Danaher Corp. | 39,357 | 12,948,846 |
Thermo Fisher Scientific, Inc. | 23,532 | 15,701,492 |
28,650,338 | ||
Machinery 2.6% | ||
Deere & Co. | 28,285 | 9,698,644 |
Illinois Tool Works, Inc. | 34,516 | 8,518,549 |
Nordson Corp. | 33,509 | 8,553,842 |
26,771,035 | ||
Oil, Gas & Consumable Fuels 1.5% | ||
EOG Resources, Inc. | 89,048 | 7,910,134 |
Pioneer Natural Resources Co. | 40,701 | 7,402,698 |
15,312,832 | ||
Pharmaceuticals 2.8% | ||
Eli Lilly and Co. | 54,586 | 15,077,745 |
Merck & Co., Inc. | 189,356 | 14,512,244 |
29,589,989 | ||
Professional Services 1.5% | ||
Equifax, Inc. | 33,811 | 9,899,522 |
Leidos Holdings, Inc. | 60,412 | 5,370,627 |
15,270,149 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment 7.2% | |||
Advanced Micro Devices, Inc. (a) | 93,880 | $ 13,509,332 | |
KLA Corp. | 30,714 | 13,210,399 | |
Marvell Technology, Inc. | 153,605 | 13,438,902 | |
NVIDIA Corp. | 19,621 | 5,770,732 | |
QUALCOMM, Inc. | 77,162 | 14,110,615 | |
Texas Instruments, Inc. | 76,756 | 14,466,203 | |
74,506,183 | |||
Software 9.8% | |||
Microsoft Corp. | 206,460 | 69,436,627 | |
Palo Alto Networks, Inc. (a) | 13,553 | 7,545,768 | |
salesforce.com, Inc. (a) | 59,159 | 15,034,077 | |
Workday, Inc., Class A (a) | 34,721 | 9,485,083 | |
101,501,555 | |||
Specialty Retail 1.6% | |||
TJX Cos., Inc. (The) | 215,150 | 16,334,188 | |
Technology Hardware, Storage & Peripherals 5.7% | |||
Apple, Inc. | 276,694 | 49,132,554 | |
NetApp, Inc. | 110,788 | 10,191,388 | |
59,323,942 | |||
Textiles, Apparel & Luxury Goods 2.2% | |||
NIKE, Inc., Class B | 75,566 | 12,594,585 | |
VF Corp. | 141,196 | 10,338,371 | |
22,932,956 | |||
Total Common Stocks (Cost $807,537,977) | 1,030,368,883 | ||
Short-Term Investment 0.8% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 8,211,113 | 8,211,113 | |
Total Short-Term Investment (Cost $8,211,113) | 8,211,113 | ||
Total Investments (Cost $815,749,090) | 100.0% | 1,038,579,996 | |
Other Assets, Less Liabilities | (0.0)‡ | (144,566) | |
Net Assets | 100.0% | $ 1,038,435,430 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Current yield as of December 31, 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 | $ 1,030,368,883 | $ — | $ — | $ 1,030,368,883 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 8,211,113 | — | — | 8,211,113 | |||
Total Investments in Securities | $ 1,038,579,996 | $ — | $ — | $ 1,038,579,996 |
(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 $807,537,977) | $1,030,368,883 |
Investment in affiliated investment companies, at value (identified cost $8,211,113) | 8,211,113 |
Receivables: | |
Dividends | 414,661 |
Portfolio shares sold | 187,064 |
Other assets | 3,679 |
Total assets | 1,039,185,400 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 464,270 |
Portfolio shares redeemed | 147,198 |
NYLIFE Distributors (See Note 3) | 64,566 |
Professional fees | 36,761 |
Shareholder communication | 21,627 |
Custodian | 6,682 |
Trustees | 788 |
Securities lending | 54 |
Accrued expenses | 8,024 |
Total liabilities | 749,970 |
Net assets | $1,038,435,430 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,335 |
Additional paid-in-capital | 640,501,137 |
640,531,472 | |
Total distributable earnings (loss) | 397,903,958 |
Net assets | $1,038,435,430 |
Initial Class | |
Net assets applicable to outstanding shares | $732,244,691 |
Shares of beneficial interest outstanding | 21,289,429 |
Net asset value per share outstanding | $ 34.39 |
Service Class | |
Net assets applicable to outstanding shares | $306,190,739 |
Shares of beneficial interest outstanding | 9,045,884 |
Net asset value per share outstanding | $ 33.85 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 11,011,781 |
Securities lending | 4,102 |
Dividends-affiliated | 809 |
Total income | 11,016,692 |
Expenses | |
Manager (See Note 3) | 4,834,876 |
Distribution/Service—Service Class (See Note 3) | 726,249 |
Professional fees | 146,980 |
Shareholder communication | 112,220 |
Custodian | 25,151 |
Trustees | 17,911 |
Miscellaneous | 38,183 |
Total expenses | 5,901,570 |
Net investment income (loss) | 5,115,122 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 172,354,933 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 46,742,537 |
Net realized and unrealized gain (loss) | 219,097,470 |
Net increase (decrease) in net assets resulting from operations | $224,212,592 |
14 | MainStay VP Wellington U.S. Equity Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,115,122 | $ 7,124,852 |
Net realized gain (loss) | 172,354,933 | 44,306,392 |
Net change in unrealized appreciation (depreciation) | 46,742,537 | 43,345,069 |
Net increase (decrease) in net assets resulting from operations | 224,212,592 | 94,776,313 |
Distributions to shareholders: | ||
Initial Class | (35,636,214) | (40,145,517) |
Service Class | (15,848,167) | (22,213,114) |
Total distributions to shareholders | (51,484,381) | (62,358,631) |
Capital share transactions: | ||
Net proceeds from sales of shares | 193,654,667 | 95,611,235 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 51,484,381 | 62,358,631 |
Cost of shares redeemed | (147,245,808) | (234,921,020) |
Increase (decrease) in net assets derived from capital share transactions | 97,893,240 | (76,951,154) |
Net increase (decrease) in net assets | 270,621,451 | (44,533,472) |
Net Assets | ||
Beginning of year | 767,813,979 | 812,347,451 |
End of year | $1,038,435,430 | $ 767,813,979 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | $ 25.60 | ||||
Net investment income (loss) (a) | 0.21 | 0.28 | 0.38 | 0.42 | 0.43 | ||||
Net realized and unrealized gain (loss) | 7.77 | 3.68 | 5.74 | (1.69) | 5.30 | ||||
Total from investment operations | 7.98 | 3.96 | 6.12 | (1.27) | 5.73 | ||||
Less distributions: | |||||||||
From net investment income | (0.29) | (0.43) | (0.43) | (0.49) | (0.39) | ||||
From net realized gain on investments | (1.58) | (2.08) | (4.09) | (2.76) | (1.19) | ||||
Total distributions | (1.87) | (2.51) | (4.52) | (3.25) | (1.58) | ||||
Net asset value at end of year | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | ||||
Total investment return (b) | 28.78% | 15.55% | 26.21% | (5.84)% | 22.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.65% | 1.09% | 1.37% | 1.40% | 1.53% | ||||
Net expenses (c) | 0.58% | 0.58% | 0.58% | 0.57% | 0.57% | ||||
Portfolio turnover rate | 26% | 143% | 119% | 125% | 98% | ||||
Net assets at end of year (in 000's) | $ 732,245 | $ 497,644 | $ 543,355 | $ 454,804 | $ 639,120 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | $ 25.37 | ||||
Net investment income (loss) (a) | 0.13 | 0.21 | 0.31 | 0.35 | 0.35 | ||||
Net realized and unrealized gain (loss) | 7.65 | 3.62 | 5.67 | (1.68) | 5.26 | ||||
Total from investment operations | 7.78 | 3.83 | 5.98 | (1.33) | 5.61 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.35) | (0.36) | (0.42) | (0.34) | ||||
From net realized gain on investments | (1.58) | (2.08) | (4.09) | (2.76) | (1.19) | ||||
Total distributions | (1.80) | (2.43) | (4.45) | (3.18) | (1.53) | ||||
Net asset value at end of year | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | ||||
Total investment return (b) | 28.46% | 15.26% | 25.89% | (6.08)% | 22.52% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.40% | 0.83% | 1.12% | 1.17% | 1.28% | ||||
Net expenses (c) | 0.83% | 0.83% | 0.83% | 0.82% | 0.82% | ||||
Portfolio turnover rate | 26% | 143% | 119% | 125% | 98% | ||||
Net assets at end of year (in 000's) | $ 306,191 | $ 270,170 | $ 268,992 | $ 237,094 | $ 268,526 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
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 |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 2,314 | $ 168,337 | $ (162,440) | $ — | $ — | $ 8,211 | $ 1 | $ — | 8,211 |
20 | MainStay VP Wellington U.S. Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $816,336,627 | $236,788,263 | $(14,544,894) | $222,243,369 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$100,178,494 | $75,399,551 | $82,544 | $222,243,369 | $397,903,958 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 7,424,661 | $19,229,381 |
Long-Term Capital Gains | 44,059,720 | 43,129,250 |
Total | $51,484,381 | $62,358,631 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 5,417,196 | $ 173,672,097 |
Shares issued to shareholders in reinvestment of distributions | 1,118,933 | 35,636,214 |
Shares redeemed | (2,843,866) | (90,895,781) |
Net increase (decrease) | 3,692,263 | $ 118,412,530 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 633,617 | $ 19,982,570 |
Shares issued to shareholders in reinvestment of distributions | 505,346 | 15,848,167 |
Shares redeemed | (1,788,728) | (56,350,027) |
Net increase (decrease) | (649,765) | $ (20,519,290) |
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 |
MainStay VP Wellington U.S. Equity Portfolio (formerly known as MainStay VP MacKay Common Stock Portfolio)
New York, New York
February 24, 2022
24 | MainStay VP Wellington U.S. Equity Portfolio |
26 | MainStay VP Wellington U.S. Equity Portfolio |
28 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
32 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802145 | MSVPCS11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 10.31% | 16.85% | 12.44% | 0.85% |
Service Class Shares | 2/17/2012 | 10.03 | 16.56 | 12.16 | 1.10 |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies as of May 1, 2020. 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Russell 2000® Growth Index1 | 2.83% | 14.53% | 12.95% |
Morningstar Small Growth Category Average2 | 11.14 | 17.34 | 13.52 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,008.60 | $4.30 | $1,020.92 | $4.33 | 0.85% |
Service Class Shares | $1,000.00 | $1,007.40 | $5.57 | $1,019.66 | $5.60 | 1.10% |
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 184 (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 | 8.7% |
Health Care Equipment & Supplies | 6.0 |
IT Services | 5.8 |
Semiconductors & Semiconductor Equipment | 5.7 |
Biotechnology | 5.5 |
Health Care Providers & Services | 5.4 |
Commercial Services & Supplies | 4.8 |
Hotels, Restaurants & Leisure | 4.3 |
Chemicals | 3.9 |
Life Sciences Tools & Services | 3.5 |
Health Care Technology | 3.4 |
Professional Services | 3.1 |
Insurance | 2.9 |
Diversified Consumer Services | 2.6 |
Capital Markets | 2.6 |
Equity Real Estate Investment Trusts | 2.5 |
Building Products | 2.5 |
Specialty Retail | 1.9 |
Aerospace & Defense | 1.7 |
Electronic Equipment, Instruments & Components | 1.6 |
Machinery | 1.6 |
Diversified Telecommunication Services | 1.5 |
Leisure Products | 1.3% |
Pharmaceuticals | 1.3 |
Food Products | 1.2 |
Road & Rail | 1.1 |
Banks | 1.1 |
Construction & Engineering | 1.0 |
Entertainment | 1.0 |
Interactive Media & Services | 1.0 |
Food & Staples Retailing | 0.8 |
Auto Components | 0.8 |
Household Durables | 0.7 |
Media | 0.7 |
Trading Companies & Distributors | 0.6 |
Internet & Direct Marketing Retail | 0.6 |
Communications Equipment | 0.5 |
Energy Equipment & Services | 0.4 |
Electrical Equipment | 0.3 |
Consumer Finance | 0.2 |
Short–Term Investments | 4.9 |
Other Assets, Less Liabilities | –1.0 |
100.0% |
1. | AZEK Co., Inc. (The) |
2. | Bright Horizons Family Solutions, Inc. |
3. | Churchill Downs, Inc. |
4. | Genpact Ltd. |
5. | Cogent Communications Holdings, Inc. |
6. | Charles River Laboratories International, Inc. |
7. | Waste Connections, Inc. |
8. | Silicon Laboratories, Inc. |
9. | Workiva, Inc. |
10. | Endava plc,Sponsored ADR |
The portion of the Portfolio subadvised by SBH outperformed the Index during the reporting period due to a combination of security selection and sector allocation decisions, although security selection was the primary driver. From our vantage point, the dispersion in returns across styles and sectors across the market in 2021 created an attractive environment for active management.
During the reporting period, the portion of the Portfolio subadvised by Brown Advisory benefitted from our efforts to reduce exposure to some of the most extended and expensive parts of the Index. Stock selection bolstered relative returns as well, primarily in health care. Reductions in exposure to richly valued software companies drove the outperformance of the Portfolio’s information technology holdings. Conversely, some investments in the consumer goods & services sector were negatively affected by ongoing pandemic-related effects.
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, health care and communication services. (Contributions take weightings and total returns into account.) The three sectors that detracted most from relative performance during the reporting period were consumer discretionary, financials and consumer staples.
The three sectors making the strongest contributions to the relative performance of the portion of the Portfolio subadvised by Brown Advisory were information technology, health care and real estate. The outperformance in all three sectors was driven
The three strongest performing holdings in the portion of the Portfolio subadvised by SBH included information technology services providers Endava and Globant, and semiconductor company SiTime. Digital transformation projects accelerated meaningfully during the pandemic, driving strong results for both Endava and Globant. SiTime posted better-than-expected results as the company captured market share due to its superior efficiency across a host of attributes for timing semiconductor solutions. While the Portfolio continued to hold Endava and SiTime, it exited Globant after the company’s market cap grew beyond the Portfolio’s investable small-cap universe.
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, software-as-a-service company Workiva and equity real estate investment trust EastGroup Properties. 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, serving small and large biotech companies alike. The business proved resilient to early pandemic disruptions, growing revenues and achieving operating margin targets earlier than planned. Workiva growth accelerated throughout 2021 as the company rebounded from elongated sales cycles in 2020 during the height of the pandemic, and also benefited from strong capital markets activity. EastGroup
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Small Cap Growth Portfolio |
Significant purchases during the reporting period included new positions in composite decking and building materials provider The AZEK Company, social media management software company Sprout Social and hospital communications platform provider Vocera Communications. In our view, AZEK is a market leader with a long runway of growth, as the market transitions from wood to sustainable composite materials. Sprout Social’s enterprise cloud platform for social media management is having greater success with larger customers, yet we believe it remains in the early innings of social media becoming the default brand communication channel for companies. Vocera offers a leading hospital communications platform, and we believe the market is underestimating its growth opportunity driven by product innovation, particularly in managing critical hospital workflow.
Significant purchases included pest control provider Terminix and
The portion of the Portfolio subadvised by SBH saw its largest sector increases relative to the Index in health care. As the size of the utilities sector in the Index fell materially during the reporting period, utilities came to represent the second largest sector increase relative to the Index for the portion of the Portfolio subadvised by SBH, although no purchases of any utilities securities were made. The most significant decreases relative to the Index occurred in the consumer discretionary and industrials sectors.
During the reporting period, the most notable increase in sector exposure affecting the portion of the Portfolio subadvised by Brown Advisory was in health care, which went from an underweight position to an equal weight position relative to the Index. During the same period, we trimmed the Portfolio’s information technology exposure from an overweight position to a modest underweight position. We were careful to lower the Portfolio’s allocation to software as valuations expanded markedly during the reporting period.
As of December 31, 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
As of December 31, 2021, the portion of the Portfolio subadvised by Brown Advisory held overweight exposure to the consumer discretionary, industrials and utilities sectors. As of the same date, the Portfolio held underweight exposure to information technology and financials.
10 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks 96.1% | ||
Aerospace & Defense 1.7% | ||
AeroVironment, Inc. (a) | 20,525 | $ 1,273,166 |
Hexcel Corp. (a) | 59,372 | 3,075,470 |
Kratos Defense & Security Solutions, Inc. (a) | 176,738 | 3,428,717 |
Mercury Systems, Inc. (a) | 31,770 | 1,749,256 |
9,526,609 | ||
Auto Components 0.8% | ||
Fox Factory Holding Corp. (a) | 27,614 | 4,697,141 |
Banks 1.1% | ||
Prosperity Bancshares, Inc. | 84,049 | 6,076,743 |
Biotechnology 5.5% | ||
Abcam plc, Sponsored ADR (a) | 80,832 | 1,903,594 |
Amicus Therapeutics, Inc. (a) | 111,747 | 1,290,678 |
Ascendis Pharma A/S, ADR (a) | 14,248 | 1,916,783 |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 27,060 | 3,729,139 |
Blueprint Medicines Corp. (a) | 59,399 | 6,362,227 |
Fate Therapeutics, Inc. (a) | 65,239 | 3,817,134 |
Natera, Inc. (a) | 57,243 | 5,345,924 |
Neurocrine Biosciences, Inc. (a) | 31,906 | 2,717,434 |
Turning Point Therapeutics, Inc. (a) | 48,327 | 2,305,198 |
Xencor, Inc. (a) | 52,296 | 2,098,115 |
31,486,226 | ||
Building Products 2.5% | ||
AZEK Co., Inc. (The) (a) | 252,266 | 11,664,780 |
Zurn Water Solutions Corp. | 71,658 | 2,608,351 |
14,273,131 | ||
Capital Markets 2.6% | ||
Evercore, Inc., Class A | 16,516 | 2,243,699 |
Focus Financial Partners, Inc., Class A (a) | 48,444 | 2,893,076 |
Hamilton Lane, Inc., Class A | 31,770 | 3,292,007 |
Houlihan Lokey, Inc. | 30,199 | 3,126,200 |
StepStone Group, Inc., Class A | 74,684 | 3,104,614 |
14,659,596 | ||
Chemicals 3.9% | ||
Avient Corp. | 60,002 | 3,357,112 |
HB Fuller Co. | 54,127 | 4,384,287 |
Ingevity Corp. (a) | 39,556 | 2,836,165 |
Innospec, Inc. | 18,874 | 1,705,077 |
Livent Corp. (a)(b) | 233,697 | 5,697,533 |
Shares | Value | |
Chemicals (continued) | ||
Quaker Chemical Corp. | 17,241 | $ 3,978,878 |
21,959,052 | ||
Commercial Services & Supplies 4.8% | ||
IAA, Inc. (a) | 119,682 | 6,058,303 |
Montrose Environmental Group, Inc. (a) | 31,161 | 2,197,162 |
MSA Safety, Inc. | 16,201 | 2,445,703 |
Ritchie Bros Auctioneers, Inc. | 51,976 | 3,181,451 |
Tetra Tech, Inc. | 35,339 | 6,000,562 |
Waste Connections, Inc. | 56,066 | 7,640,114 |
27,523,295 | ||
Communications Equipment 0.5% | ||
Infinera Corp. (a)(b) | 305,545 | 2,930,177 |
Construction & Engineering 1.0% | ||
Ameresco, Inc., Class A (a) | 47,913 | 3,902,035 |
Valmont Industries, Inc. | 7,581 | 1,899,040 |
5,801,075 | ||
Consumer Finance 0.2% | ||
LendingTree, Inc. (a) | 8,732 | 1,070,543 |
Diversified Consumer Services 2.6% | ||
Bright Horizons Family Solutions, Inc. (a) | 88,224 | 11,105,637 |
Terminix Global Holdings, Inc. (a) | 84,685 | 3,830,303 |
14,935,940 | ||
Diversified Telecommunication Services 1.5% | ||
Cogent Communications Holdings, Inc. | 115,479 | 8,450,753 |
Electrical Equipment 0.3% | ||
TPI Composites, Inc. (a) | 116,890 | 1,748,674 |
Electronic Equipment, Instruments & Components 1.6% | ||
908 Devices, Inc. (a)(b) | 80,819 | 2,090,787 |
Littelfuse, Inc. | 11,279 | 3,549,276 |
Novanta, Inc. (a) | 21,235 | 3,744,368 |
9,384,431 | ||
Energy Equipment & Services 0.4% | ||
Cactus, Inc., Class A | 60,422 | 2,303,891 |
Entertainment 1.0% | ||
Zynga, Inc., Class A (a) | 859,201 | 5,498,886 |
Shares | Value | |
Common Stocks (continued) | ||
Equity Real Estate Investment Trusts 2.5% | ||
Americold Realty Trust | 54,892 | $ 1,799,909 |
DigitalBridge Group, Inc. (a) | 231,732 | 1,930,328 |
EastGroup Properties, Inc. | 26,563 | 6,052,379 |
Terreno Realty Corp. | 53,520 | 4,564,721 |
14,347,337 | ||
Food & Staples Retailing 0.8% | ||
Casey's General Stores, Inc. | 24,554 | 4,845,732 |
Food Products 1.2% | ||
Simply Good Foods Co. (The) (a) | 162,615 | 6,759,906 |
Health Care Equipment & Supplies 6.0% | ||
CONMED Corp. | 37,500 | 5,316,000 |
Establishment Labs Holdings, Inc. (a) | 55,201 | 3,731,036 |
Globus Medical, Inc., Class A (a) | 67,157 | 4,848,735 |
Inari Medical, Inc. (a) | 58,080 | 5,300,962 |
Integra LifeSciences Holdings Corp. (a) | 58,096 | 3,891,851 |
LivaNova plc (a) | 23,122 | 2,021,556 |
Nevro Corp. (a) | 17,938 | 1,454,234 |
OrthoPediatrics Corp. (a) | 34,976 | 2,093,663 |
SI-BONE, Inc. (a) | 105,943 | 2,352,994 |
Silk Road Medical, Inc. (a) | 68,979 | 2,939,195 |
33,950,226 | ||
Health Care Providers & Services 5.4% | ||
Accolade, Inc. (a) | 71,692 | 1,889,801 |
Addus HomeCare Corp. (a) | 34,995 | 3,272,382 |
agilon health, Inc. (a) | 120,259 | 3,246,993 |
Alignment Healthcare, Inc. (a) | 89,163 | 1,253,632 |
Amedisys, Inc. (a) | 22,648 | 3,666,258 |
Castle Biosciences, Inc. (a) | 73,636 | 3,156,775 |
Encompass Health Corp. | 40,127 | 2,618,688 |
HealthEquity, Inc. (a) | 54,844 | 2,426,299 |
Oak Street Health, Inc. (a)(b) | 32,220 | 1,067,771 |
Option Care Health, Inc. (a) | 140,121 | 3,985,041 |
Progyny, Inc. (a) | 17,770 | 894,720 |
Surgery Partners, Inc. (a) | 65,405 | 3,493,281 |
30,971,641 | ||
Health Care Technology 3.4% | ||
Inspire Medical Systems, Inc. (a) | 25,242 | 5,807,174 |
Omnicell, Inc. (a) | 36,102 | 6,514,245 |
Phreesia, Inc. (a) | 44,257 | 1,843,747 |
Vocera Communications, Inc. (a) | 75,885 | 4,920,383 |
19,085,549 |
Shares | Value | |
Hotels, Restaurants & Leisure 4.3% | ||
Choice Hotels International, Inc. | 21,084 | $ 3,288,893 |
Churchill Downs, Inc. | 45,265 | 10,904,339 |
First Watch Restaurant Group, Inc. (a)(b) | 37,663 | 631,232 |
MakeMyTrip Ltd. (a) | 101,202 | 2,804,307 |
Shake Shack, Inc., Class A (a) | 43,439 | 3,134,558 |
Wingstop, Inc. | 21,004 | 3,629,491 |
24,392,820 | ||
Household Durables 0.7% | ||
TopBuild Corp. (a) | 14,024 | 3,869,362 |
Insurance 2.9% | ||
Goosehead Insurance, Inc., Class A | 39,768 | 5,173,021 |
Palomar Holdings, Inc. (a) | 51,000 | 3,303,270 |
Selectquote, Inc. (a) | 198,859 | 1,801,663 |
Trupanion, Inc. (a)(b) | 49,447 | 6,528,487 |
16,806,441 | ||
Interactive Media & Services 1.0% | ||
Angi, Inc. (a) | 308,595 | 2,842,160 |
Eventbrite, Inc., Class A (a) | 151,046 | 2,634,242 |
5,476,402 | ||
Internet & Direct Marketing Retail 0.6% | ||
Revolve Group, Inc. (a) | 61,789 | 3,462,656 |
IT Services 5.8% | ||
Endava plc, Sponsored ADR (a) | 42,816 | 7,189,663 |
Evo Payments, Inc., Class A (a) | 207,725 | 5,317,760 |
Genpact Ltd. | 177,388 | 9,415,755 |
Maximus, Inc. | 59,645 | 4,751,917 |
Shift4 Payments, Inc., Class A (a) | 76,381 | 4,424,751 |
WEX, Inc. (a) | 13,666 | 1,918,570 |
33,018,416 | ||
Leisure Products 1.3% | ||
Callaway Golf Co. (a) | 165,568 | 4,543,186 |
Clarus Corp. | 101,178 | 2,804,654 |
7,347,840 | ||
Life Sciences Tools & Services 3.5% | ||
Adaptive Biotechnologies Corp. (a) | 57,013 | 1,599,785 |
Bruker Corp. | 39,049 | 3,276,601 |
Charles River Laboratories International, Inc. (a) | 20,709 | 7,802,737 |
NanoString Technologies, Inc. (a) | 73,203 | 3,091,363 |
NeoGenomics, Inc. (a) | 121,515 | 4,146,092 |
19,916,578 |
12 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Machinery 1.6% | ||
IDEX Corp. | 5,828 | $ 1,377,273 |
John Bean Technologies Corp. | 35,088 | 5,388,113 |
Proto Labs, Inc. (a) | 9,728 | 499,533 |
Woodward, Inc. | 18,057 | 1,976,519 |
9,241,438 | ||
Media 0.7% | ||
New York Times Co. (The), Class A | 77,561 | 3,746,196 |
Pharmaceuticals 1.3% | ||
Catalent, Inc. (a) | 42,342 | 5,421,046 |
Pacira BioSciences, Inc. (a) | 31,770 | 1,911,601 |
7,332,647 | ||
Professional Services 3.1% | ||
ASGN, Inc. (a) | 28,862 | 3,561,571 |
FTI Consulting, Inc. (a) | 27,778 | 4,261,701 |
Huron Consulting Group, Inc. (a) | 47,420 | 2,366,258 |
ManTech International Corp., Class A | 38,448 | 2,804,012 |
Upwork, Inc. (a) | 136,219 | 4,653,241 |
17,646,783 | ||
Road & Rail 1.1% | ||
Knight-Swift Transportation Holdings, Inc. | 35,987 | 2,193,048 |
Saia, Inc. (a) | 12,009 | 4,047,393 |
6,240,441 | ||
Semiconductors & Semiconductor Equipment 5.7% | ||
CMC Materials, Inc. | 23,386 | 4,482,862 |
Entegris, Inc. | 34,923 | 4,839,629 |
Lattice Semiconductor Corp. (a) | 29,459 | 2,270,111 |
Onto Innovation, Inc. (a) | 50,426 | 5,104,624 |
Power Integrations, Inc. | 51,732 | 4,805,385 |
Silicon Laboratories, Inc. (a) | 36,566 | 7,547,954 |
SiTime Corp. (a) | 11,355 | 3,321,792 |
32,372,357 | ||
Software 8.7% | ||
Anaplan, Inc. (a) | 88,626 | 4,063,502 |
Blackline, Inc. (a) | 29,813 | 3,086,838 |
Couchbase, Inc. (a)(b) | 55,173 | 1,377,118 |
Dynatrace, Inc. (a) | 55,300 | 3,337,355 |
Envestnet, Inc. (a) | 84,889 | 6,735,093 |
Everbridge, Inc. (a) | 31,964 | 2,152,136 |
Mimecast Ltd. (a) | 31,484 | 2,505,182 |
nCino, Inc. (a) | 70,054 | 3,843,162 |
Olo, Inc., Class A (a) | 116,228 | 2,418,705 |
PROS Holdings, Inc. (a) | 66,911 | 2,307,760 |
Shares | Value | ||
Software (continued) | |||
Sprout Social, Inc., Class A (a) | 63,817 | $ 5,787,564 | |
Sumo Logic, Inc. (a) | 91,116 | 1,235,533 | |
Workiva, Inc. (a) | 55,403 | 7,229,538 | |
Zuora, Inc., Class A (a) | 177,294 | 3,311,852 | |
49,391,338 | |||
Specialty Retail 1.9% | |||
Leslie's, Inc. (a) | 177,933 | 4,209,895 | |
National Vision Holdings, Inc. (a) | 54,629 | 2,621,646 | |
Warby Parker, Inc., Class A (a)(b) | 80,861 | 3,764,888 | |
10,596,429 | |||
Trading Companies & Distributors 0.6% | |||
SiteOne Landscape Supply, Inc. (a) | 15,348 | 3,718,514 | |
Total Common Stocks (Cost $404,531,284) | 546,863,212 | ||
Short-Term Investments 4.9% | |||
Affiliated Investment Company 4.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 22,772,211 | 22,772,211 | |
Unaffiliated Investment Company 0.9% | |||
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 4,890,612 | 4,890,612 | |
Total Short-Term Investments (Cost $27,662,823) | 27,662,823 | ||
Total Investments (Cost $432,194,107) | 101.0% | 574,526,035 | |
Other Assets, Less Liabilities | (1.0) | (5,646,934) | |
Net Assets | 100.0% | $ 568,879,101 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $5,159,237; the total market value of collateral held by the Portfolio was $5,395,243. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $504,631. The Portfolio received cash collateral with a value of $4,890,612. (See Note 2(G)) |
(c) | Current yield as of December 31, 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 | $ 546,863,212 | $ — | $ — | $ 546,863,212 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 22,772,211 | — | — | 22,772,211 | |||
Unaffiliated Investment Company | 4,890,612 | — | — | 4,890,612 | |||
Total Short-Term Investments | 27,662,823 | — | — | 27,662,823 | |||
Total Investments in Securities | $ 574,526,035 | $ — | $ — | $ 574,526,035 |
(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 $409,421,896) including securities on loan of $5,159,237 | $551,753,824 |
Investment in affiliated investment companies, at value (identified cost $22,772,211) | 22,772,211 |
Receivables: | |
Dividends | 193,155 |
Portfolio shares sold | 25,914 |
Securities lending | 809 |
Other assets | 2,655 |
Total assets | 574,748,568 |
Liabilities | |
Cash collateral received for securities on loan | 4,890,612 |
Payables: | |
Portfolio shares redeemed | 441,019 |
Manager (See Note 3) | 384,120 |
Investment securities purchased | 47,918 |
NYLIFE Distributors (See Note 3) | 35,840 |
Professional fees | 29,825 |
Shareholder communication | 25,321 |
Custodian | 6,457 |
Trustees | 646 |
Accrued expenses | 7,709 |
Total liabilities | 5,869,467 |
Net assets | $568,879,101 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,813 |
Additional paid-in-capital | 311,495,345 |
311,528,158 | |
Total distributable earnings (loss) | 257,350,943 |
Net assets | $568,879,101 |
Initial Class | |
Net assets applicable to outstanding shares | $395,321,303 |
Shares of beneficial interest outstanding | 22,550,485 |
Net asset value per share outstanding | $ 17.53 |
Service Class | |
Net assets applicable to outstanding shares | $173,557,798 |
Shares of beneficial interest outstanding | 10,262,112 |
Net asset value per share outstanding | $ 16.91 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $22,860) | $ 1,606,375 |
Securities lending | 20,835 |
Dividends-affiliated | 2,139 |
Total income | 1,629,349 |
Expenses | |
Manager (See Note 3) | 4,735,819 |
Distribution/Service—Service Class (See Note 3) | 424,691 |
Professional fees | 76,265 |
Shareholder communication | 40,682 |
Custodian | 31,496 |
Trustees | 12,098 |
Miscellaneous | 27,840 |
Total expenses before waiver/reimbursement | 5,348,891 |
Expense waiver/reimbursement from Manager (See Note 3) | (27,322) |
Net expenses | 5,321,569 |
Net investment income (loss) | (3,692,220) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 118,790,132 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (56,483,974) |
Net realized and unrealized gain (loss) | 62,306,158 |
Net increase (decrease) in net assets resulting from operations | $ 58,613,938 |
16 | MainStay VP Small Cap Growth Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (3,692,220) | $ (2,292,539) |
Net realized gain (loss) | 118,790,132 | 76,227,902 |
Net change in unrealized appreciation (depreciation) | (56,483,974) | 100,556,905 |
Net increase (decrease) in net assets resulting from operations | 58,613,938 | 174,492,268 |
Distributions to shareholders: | ||
Initial Class | (51,525,334) | (11,171,351) |
Service Class | (22,332,907) | (3,851,068) |
Total distributions to shareholders | (73,858,241) | (15,022,419) |
Capital share transactions: | ||
Net proceeds from sales of shares | 105,037,004 | 73,550,635 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 73,858,241 | 15,022,419 |
Cost of shares redeemed | (171,515,217) | (129,080,099) |
Increase (decrease) in net assets derived from capital share transactions | 7,380,028 | (40,507,045) |
Net increase (decrease) in net assets | (7,864,275) | 118,962,804 |
Net Assets | ||
Beginning of year | 576,743,376 | 457,780,572 |
End of year | $ 568,879,101 | $ 576,743,376 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | $ 12.03 | ||||
Net investment income (loss) (a) | (0.11) | (0.06) | (0.06) | (0.06) | (0.06) | ||||
Net realized and unrealized gain (loss) | 1.98 | 5.36 | 2.96 | (1.04) | 2.78 | ||||
Total from investment operations | 1.87 | 5.30 | 2.90 | (1.10) | 2.72 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.50) | (0.45) | (1.79) | (0.79) | (0.66) | ||||
Net asset value at end of year | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | ||||
Total investment return (b) | 10.31% | 40.48% | 25.59% | (8.88)% | 22.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.56)% | (0.41)% | (0.41)% | (0.40)% | (0.48)% | ||||
Net expenses (c) | 0.84%(d) | 0.85%(d) | 0.85% | 0.85% | 0.85% | ||||
Portfolio turnover rate | 32% | 101% | 46% | 41% | 41% | ||||
Net assets at end of year (in 000's) | $ 395,321 | $ 422,200 | $ 332,474 | $ 251,547 | $ 312,106 |
(a) | Per share data based on average shares outstanding during the year. |
(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%. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | $ 11.88 | ||||
Net investment income (loss) (a) | (0.15) | (0.09) | (0.09) | (0.09) | (0.09) | ||||
Net realized and unrealized gain (loss) | 1.92 | 5.21 | 2.89 | (1.03) | 2.74 | ||||
Total from investment operations | 1.77 | 5.12 | 2.80 | (1.12) | 2.65 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.50) | (0.45) | (1.79) | (0.79) | (0.66) | ||||
Net asset value at end of year | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | ||||
Total investment return (b) | 10.03% | 40.13% | 25.28% | (9.11)% | 22.53% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.81)% | (0.66)% | (0.65)% | (0.64)% | (0.72)% | ||||
Net expenses (c) | 1.09%(d) | 1.10%(d) | 1.10% | 1.10% | 1.10% | ||||
Portfolio turnover rate | 32% | 101% | 46% | 41% | 41% | ||||
Net assets at end of year (in 000's) | $ 173,558 | $ 154,543 | $ 125,306 | $ 96,497 | $ 90,887 |
(a) | Per share data based on average shares outstanding during the year. |
(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%. |
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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 9,588 | $ 240,776 | $ (227,592) | $ — | $ — | $ 22,772 | $ 2 | $ — | 22,772 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $432,801,558 | $162,938,666 | $(21,214,189) | $141,724,477 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$42,868,326 | $72,723,952 | $34,188 | $141,724,477 | $257,350,943 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $34,188,405 | $ — |
Long-Term Capital Gains | 39,669,836 | 15,022,419 |
Total | $73,858,241 | $15,022,419 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 3,788,555 | $ 71,083,995 |
Shares issued to shareholders in reinvestment of distributions | 2,935,314 | 51,525,334 |
Shares redeemed | (7,426,075) | (140,856,224) |
Net increase (decrease) | (702,206) | $ (18,246,895) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 1,843,221 | $ 33,953,009 |
Shares issued to shareholders in reinvestment of distributions | 1,317,996 | 22,332,907 |
Shares redeemed | (1,660,340) | (30,658,993) |
Net increase (decrease) | 1,500,877 | $ 25,626,923 |
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 |
MainStay VP Small Cap Growth Portfolio
New York, New York
February 24, 2022
26 | MainStay VP Small Cap Growth Portfolio |
28 | MainStay VP Small Cap Growth Portfolio |
30 | MainStay VP Small Cap Growth Portfolio |
32 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
34 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay VP Small Cap Growth Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801884 | MSVPESCG11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | 12.24% | 14.70% | 10.38% | 0.96% |
Service Class Shares | 6/5/2003 | 11.96 | 14.42 | 10.10 | 1.21 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI ACWI® Ex U.S. Index (Net)1 | 7.82% | 9.61% | 7.28% |
MSCI EAFE® Index (Net)2 | 11.26 | 9.55 | 8.03 |
Morningstar Foreign Large Growth Category Average3 | 7.51 | 13.85 | 9.68 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Portfolio has selected the MSCI ACWI® (All Country World Index) Ex U.S. Index (Net) as its primary benchmark. The MSCI ACWI® Ex U.S. 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,030.70 | $4.71 | $1,020.57 | $4.69 | 0.92% |
Service Class Shares | $1,000.00 | $1,029.50 | $5.99 | $1,019.31 | $5.96 | 1.17% |
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 184 (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 |
United Kingdom | 15.4% |
Germany | 12.2 |
France | 11.3 |
Japan | 10.9 |
United States | 9.5 |
India | 4.7 |
China | 3.9 |
Ireland | 3.9 |
Switzerland | 3.8 |
Sweden | 3.2 |
Taiwan | 3.0 |
Netherlands | 3.0 |
Spain | 2.8% |
Brazil | 2.4 |
Denmark | 2.3 |
Canada | 2.3 |
Italy | 1.0 |
Israel | 1.0 |
Mexico | 0.5 |
Finland | 0.5 |
Other Assets, Less Liabilities | 2.4 |
100.0% |
1. | Prudential plc |
2. | Tencent Holdings Ltd. |
3. | ICON plc |
4. | CyberAgent, Inc. |
5. | Teleperformance |
6. | Deutsche Boerse AG |
7. | Sartorius Stedim Biotech |
8. | HDFC Bank Ltd. |
9. | Taiwan Semiconductor Manufacturing Co. Ltd.,Sponsored ADR |
10. | Diageo plc |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | |
Common Stocks 97.6% | ||
Brazil 2.4% | ||
Notre Dame Intermedica Participacoes SA (Health Care Providers & Services) | 1,290,931 | $ 13,978,877 |
Canada 2.3% | ||
Constellation Software, Inc. (Software) | 7,165 | 13,293,668 |
China 3.9% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 388,755 | 22,774,241 |
Denmark 2.3% | ||
Chr Hansen Holding A/S (Chemicals) | 174,723 | 13,736,610 |
Finland 0.5% | ||
Musti Group Oyj (Specialty Retail) | 78,483 | 2,764,421 |
France 11.3% | ||
BioMerieux (Health Care Equipment & Supplies) | 43,685 | 6,211,948 |
Dassault Systemes SE (Software) | 103,411 | 6,158,635 |
Edenred (IT Services) | 357,372 | 16,506,636 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 32,641 | 17,926,842 |
Teleperformance (Professional Services) | 44,714 | 19,955,501 |
66,759,562 | ||
Germany 12.2% | ||
Carl Zeiss Meditec AG (Health Care Equipment & Supplies) | 23,824 | 5,013,165 |
Deutsche Boerse AG (Capital Markets) | 107,884 | 18,072,736 |
SAP SE (Software) | 115,440 | 16,487,262 |
Scout24 SE (Interactive Media & Services) (a) | 183,069 | 12,833,550 |
Symrise AG (Chemicals) | 35,241 | 5,227,327 |
Zalando SE (Internet & Direct Marketing Retail) (a)(b) | 177,600 | 14,401,915 |
72,035,955 | ||
India 4.7% | ||
HDFC Bank Ltd. (Banks) | 895,353 | 17,818,977 |
Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance) | 282,216 | 9,819,482 |
27,638,459 |
Shares | Value | |
Ireland 3.9% | ||
ICON plc (Life Sciences Tools & Services) (b) | 73,426 | $ 22,740,032 |
Israel 1.0% | ||
Nice Ltd., Sponsored ADR (Software) (b) | 18,827 | 5,715,877 |
Italy 1.0% | ||
Reply SpA (IT Services) | 28,377 | 5,728,152 |
Japan 10.9% | ||
CyberAgent, Inc. (Media) | 1,222,700 | 20,347,644 |
JMDC, Inc. (Health Care Technology) (b) | 78,200 | 5,833,911 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 267,200 | 7,875,257 |
Relo Group, Inc. (Real Estate Management & Development) | 615,300 | 11,122,043 |
SMS Co. Ltd. (Professional Services) | 163,900 | 6,428,075 |
TechnoPro Holdings, Inc. (Professional Services) | 417,900 | 12,680,101 |
64,287,031 | ||
Mexico 0.5% | ||
Regional SAB de CV (Banks) | 536,281 | 2,780,998 |
Netherlands 3.0% | ||
Adyen NV (IT Services) (a)(b) | 1,746 | 4,594,848 |
Koninklijke DSM NV (Chemicals) | 57,307 | 12,918,316 |
17,513,164 | ||
Spain 2.8% | ||
Industria de Diseno Textil SA (Specialty Retail) | 504,773 | 16,358,895 |
Sweden 3.2% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 800,225 | 12,598,386 |
MIPS AB (Leisure Products) | 46,322 | 6,073,412 |
18,671,798 | ||
Switzerland 3.8% | ||
Belimo Holding AG (Registered) (Building Products) | 9,100 | 5,759,838 |
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 20,026 | 16,682,528 |
22,442,366 |
10 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Taiwan 3.0% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 147,635 | $ 17,761,967 |
United Kingdom 15.4% | ||
Diageo plc (Beverages) | 318,675 | 17,408,985 |
Experian plc (Professional Services) | 178,830 | 8,791,450 |
HomeServe plc (Commercial Services & Supplies) | 816,152 | 9,660,624 |
Linde plc (Chemicals) | 44,570 | 15,440,385 |
Prudential plc (Insurance) | 1,338,896 | 23,097,288 |
St James's Place plc (Capital Markets) | 707,689 | 16,126,119 |
90,524,851 | ||
United States 9.5% | ||
Accenture plc, Class A (IT Services) | 18,064 | 7,488,431 |
Aon plc, Class A (Insurance) | 57,722 | 17,348,924 |
Fiverr International Ltd. (Internet & Direct Marketing Retail) (b) | 40,272 | 4,578,927 |
Globant SA (IT Services) (b) | 16,598 | 5,213,266 |
STERIS plc (Health Care Equipment & Supplies) | 27,602 | 6,718,603 |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 91,398 | 14,746,153 |
56,094,304 | ||
Total Common Stocks (Cost $516,180,064) | 573,601,228 |
Shares | Value | ||
Short-Term Investment 0.0% ‡ | |||
Affiliated Investment Company 0.0% ‡ | |||
United States 0.0% ‡ | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 144,792 | $ 144,792 | |
Total Short-Term Investment (Cost $144,792) | 144,792 | ||
Total Investments (Cost $516,324,856) | 97.6% | 573,746,020 | |
Other Assets, Less Liabilities | 2.4 | 14,135,415 | |
Net Assets | 100.0% | $ 587,881,435 |
† | 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) | Current yield as of December 31, 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 | |||||||
Brazil | $ — | $ 13,978,877 | $ — | $ 13,978,877 | |||
Denmark | — | 13,736,610 | — | 13,736,610 | |||
Finland | — | 2,764,421 | — | 2,764,421 | |||
Germany | — | 72,035,955 | — | 72,035,955 | |||
Italy | — | 5,728,152 | — | 5,728,152 | |||
Japan | — | 64,287,031 | — | 64,287,031 | |||
Spain | — | 16,358,895 | — | 16,358,895 | |||
Sweden | — | 18,671,798 | — | 18,671,798 | |||
Switzerland | — | 22,442,366 | — | 22,442,366 | |||
All Other Countries | 343,597,123 | — | — | 343,597,123 | |||
Total Common Stocks | 343,597,123 | 230,004,105 | — | 573,601,228 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 144,792 | — | — | 144,792 | |||
Total Investments in Securities | $ 343,741,915 | $ 230,004,105 | $ — | $ 573,746,020 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP MacKay International Equity Portfolio |
Value | Percent † | ||
Banks | $ 20,599,975 | 3.5% | |
Beverages | 17,408,985 | 3.0 | |
Building Products | 5,759,838 | 1.0 | |
Capital Markets | 34,198,855 | 5.8 | |
Chemicals | 47,322,638 | 8.0 | |
Commercial Services & Supplies | 9,660,624 | 1.7 | |
Electronic Equipment, Instruments & Components | 27,344,539 | 4.7 | |
Health Care Equipment & Supplies | 25,818,973 | 4.3 | |
Health Care Providers & Services | 13,978,877 | 2.4 | |
Health Care Technology | 5,833,911 | 1.0 | |
Insurance | 40,446,212 | 6.8 | |
Interactive Media & Services | 35,607,791 | 6.1 | |
Internet & Direct Marketing Retail | 18,980,842 | 3.2 | |
IT Services | 39,531,333 | 6.8 | |
Leisure Products | 6,073,412 | 1.0 | |
Life Sciences Tools & Services | 57,349,402 | 9.7 | |
Media | 20,347,644 | 3.5 | |
Professional Services | 47,855,127 | 8.1 | |
Real Estate Management & Development | 11,122,043 | 1.9 | |
Semiconductors & Semiconductor Equipment | 17,761,967 | 3.0 | |
Software | 41,655,442 | 7.1 | |
Specialty Retail | 19,123,316 | 3.3 | |
Thrifts & Mortgage Finance | 9,819,482 | 1.7 | |
573,601,228 | 97.6 | ||
Short-Term Investment | 144,792 | 0.0‡ | |
Other Assets, Less Liabilities | 14,135,415 | 2.4 | |
Net Assets | $587,881,435 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $516,180,064) | $573,601,228 |
Investment in affiliated investment companies, at value (identified cost $144,792) | 144,792 |
Cash denominated in foreign currencies (identified cost $13,303,317) | 13,510,204 |
Receivables: | |
Dividends and interest | 1,002,007 |
Investment securities sold | 481,498 |
Portfolio shares sold | 164,772 |
Other assets | 4,939 |
Total assets | 588,909,440 |
Liabilities | |
Due to custodian | 2,447 |
Payables: | |
Manager (See Note 3) | 431,339 |
Portfolio shares redeemed | 366,820 |
NYLIFE Distributors (See Note 3) | 66,526 |
Foreign capital gains tax (See Note 2) | 63,394 |
Professional fees | 48,835 |
Shareholder communication | 26,286 |
Custodian | 21,657 |
Trustees | 701 |
Total liabilities | 1,028,005 |
Net assets | $587,881,435 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,930 |
Additional paid-in-capital | 443,185,493 |
443,218,423 | |
Total distributable earnings (loss) | 144,663,012 |
Net assets | $587,881,435 |
Initial Class | |
Net assets applicable to outstanding shares | $266,746,884 |
Shares of beneficial interest outstanding | 14,833,295 |
Net asset value per share outstanding | $ 17.98 |
Service Class | |
Net assets applicable to outstanding shares | $321,134,551 |
Shares of beneficial interest outstanding | 18,096,570 |
Net asset value per share outstanding | $ 17.75 |
14 | MainStay VP MacKay International Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $635,750) | $ 7,455,475 |
Securities lending | 93,810 |
Interest | 312 |
Dividends-affiliated | 54 |
Total income | 7,549,651 |
Expenses | |
Manager (See Note 3) | 5,125,227 |
Distribution/Service—Service Class (See Note 3) | 802,495 |
Professional fees | 104,974 |
Custodian | 101,703 |
Shareholder communication | 36,698 |
Trustees | 12,073 |
Miscellaneous | 33,702 |
Total expenses | 6,216,872 |
Net investment income (loss) | 1,332,779 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | 95,000,894 |
Foreign currency transactions | 138,418 |
Net realized gain (loss) | 95,139,312 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | (30,914,621) |
Translation of other assets and liabilities in foreign currencies | 169,919 |
Net change in unrealized appreciation (depreciation) | (30,744,702) |
Net realized and unrealized gain (loss) | 64,394,610 |
Net increase (decrease) in net assets resulting from operations | $ 65,727,389 |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(828,734). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $927,353. |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,332,779 | $ 94,714 |
Net realized gain (loss) | 95,139,312 | 68,904,965 |
Net change in unrealized appreciation (depreciation) | (30,744,702) | 27,504,268 |
Net increase (decrease) in net assets resulting from operations | 65,727,389 | 96,503,947 |
Distributions to shareholders: | ||
Initial Class | (33,734,818) | (13,134,233) |
Service Class | (41,322,755) | (17,213,641) |
Total distributions to shareholders | (75,057,573) | (30,347,874) |
Capital share transactions: | ||
Net proceeds from sales of shares | 34,068,196 | 34,835,816 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 75,057,573 | 30,347,874 |
Cost of shares redeemed | (72,259,312) | (83,407,113) |
Increase (decrease) in net assets derived from capital share transactions | 36,866,457 | (18,223,423) |
Net increase (decrease) in net assets | 27,536,273 | 47,932,650 |
Net Assets | ||
Beginning of year | 560,345,162 | 512,412,512 |
End of year | $587,881,435 | $560,345,162 |
16 | MainStay VP MacKay International Equity Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | $ 13.24 | ||||
Net investment income (loss) (a) | 0.07 | 0.03 | 0.12 | 0.10 | 0.07 | ||||
Net realized and unrealized gain (loss) | 2.12 | 3.24 | 3.31 | (2.04) | 4.24 | ||||
Total from investment operations | 2.19 | 3.27 | 3.43 | (1.94) | 4.31 | ||||
Less distributions: | |||||||||
From net investment income | (0.02) | (0.12) | (0.08) | (0.21) | (0.09) | ||||
From net realized gain on investments | (2.62) | (0.93) | (2.13) | (0.32) | — | ||||
Total distributions | (2.64) | (1.05) | (2.21) | (0.53) | (0.09) | ||||
Net asset value at end of year | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | ||||
Total investment return (b) | 12.24% | 20.85% | 24.80% | (11.56)% | 32.61% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.37% | 0.16% | 0.74% | 0.55% | 0.43% | ||||
Net expenses (c) | 0.93% | 0.96% | 0.96% | 0.96% | 0.96% | ||||
Portfolio turnover rate | 86% | 135% | 66% | 46% | 49% | ||||
Net assets at end of year (in 000's) | $ 266,747 | $ 245,101 | $ 209,278 | $ 158,215 | $ 196,676 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | $ 13.13 | ||||
Net investment income (loss) (a) | 0.02 | (0.01) | 0.08 | 0.05 | 0.03 | ||||
Net realized and unrealized gain (loss) | 2.11 | 3.20 | 3.28 | (2.03) | 4.21 | ||||
Total from investment operations | 2.13 | 3.19 | 3.36 | (1.98) | 4.24 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.08) | (0.03) | (0.16) | (0.05) | ||||
From net realized gain on investments | (2.62) | (0.93) | (2.13) | (0.32) | — | ||||
Total distributions | (2.62) | (1.01) | (2.16) | (0.48) | (0.05) | ||||
Net asset value at end of year | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | ||||
Total investment return (b) | 11.96% | 20.54% | 24.49% | (11.78)% | 32.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.12% | (0.08)% | 0.52% | 0.32% | 0.18% | ||||
Net expenses (c) | 1.18% | 1.21% | 1.21% | 1.21% | 1.21% | ||||
Portfolio turnover rate | 86% | 135% | 66% | 46% | 49% | ||||
Net assets at end of year (in 000's) | $ 321,135 | $ 315,244 | $ 303,135 | $ 258,307 | $ 310,793 |
(a) | Per share data based on average shares outstanding during the year. |
(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 | May 1, 1995 |
Service Class | June 5, 2003 |
18 | MainStay VP MacKay International 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 |
20 | MainStay VP MacKay International Equity Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 622 | $ 55,243 | $ (55,720) | $ — | $ — | $ 145 | $ —(a) | $ — | 145 |
(a) | Less than $500. |
22 | MainStay VP MacKay International Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $519,479,620 | $81,403,644 | $(27,137,244) | $54,266,400 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$46,066,053 | $44,127,520 | $54,469,439 | $144,663,012 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $50,111,243 | $ 8,353,687 |
Long-Term Capital Gains | 24,946,330 | 21,994,187 |
Total | $75,057,573 | $30,347,874 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 838,988 | $ 16,153,016 |
Shares issued to shareholders in reinvestment of distributions | 1,922,628 | 33,734,818 |
Shares redeemed | (1,225,104) | (23,742,345) |
Net increase (decrease) | 1,536,512 | $ 26,145,489 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 962,140 | $ 17,915,180 |
Shares issued to shareholders in reinvestment of distributions | 2,385,193 | 41,322,755 |
Shares redeemed | (2,530,506) | (48,516,967) |
Net increase (decrease) | 816,827 | $ 10,720,968 |
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) |
24 | MainStay VP MacKay International Equity Portfolio |
MainStay VP MacKay International Equity Portfolio
New York, New York
February 24, 2022
26 | MainStay VP MacKay International Equity Portfolio |
28 | MainStay VP MacKay International Equity Portfolio |
30 | MainStay VP MacKay International Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
32 | MainStay VP MacKay International Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP MacKay International Equity Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802520 | MSVPIE11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1998 | 24.52% | 25.63% | 18.68% | 0.75% |
Service Class Shares | 6/6/2003 | 24.20 | 25.32 | 18.39 | 1.00 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 27.60% | 25.32% | 19.79% |
S&P 500® Index2 | 28.71 | 18.47 | 16.55 |
Morningstar Large Growth Category Average3 | 20.49 | 21.76 | 17.12 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,105.00 | $3.87 | $1,021.53 | $3.72 | 0.73% |
Service Class Shares | $1,000.00 | $1,103.60 | $5.20 | $1,020.26 | $4.99 | 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 184 (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 | 20.9% |
Interactive Media & Services | 12.2 |
IT Services | 8.1 |
Internet & Direct Marketing Retail | 7.2 |
Semiconductors & Semiconductor Equipment | 7.2 |
Hotels, Restaurants & Leisure | 4.9 |
Life Sciences Tools & Services | 3.9 |
Health Care Equipment & Supplies | 3.4 |
Textiles, Apparel & Luxury Goods | 3.4 |
Capital Markets | 3.0 |
Technology Hardware, Storage & Peripherals | 3.0 |
Entertainment | 2.0 |
Automobiles | 2.0 |
Specialty Retail | 1.9 |
Chemicals | 1.9 |
Pharmaceuticals | 1.8 |
Road & Rail | 1.5% |
Health Care Providers & Services | 1.5 |
Electronic Equipment, Instruments & Components | 1.4 |
Containers & Packaging | 1.4 |
Professional Services | 1.4 |
Personal Products | 1.4 |
Machinery | 1.4 |
Auto Components | 1.3 |
Health Care Technology | 1.0 |
Electrical Equipment | 0.2 |
Real Estate Management & Development | 0.0‡ |
Short–Term Investments | 0.8 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Amazon.com, Inc. |
3. | Alphabet, Inc. |
4. | NVIDIA Corp. |
5. | Apple, Inc. |
6. | Adobe, Inc. |
7. | Meta Platforms, Inc., Class A |
8. | Mastercard, Inc., Class A |
9. | Netflix, Inc. |
10. | salesforce.com, Inc. |
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 99.3% | ||
Auto Components 1.3% | ||
Aptiv plc (a) | 156,900 | $ 25,880,655 |
Automobiles 2.0% | ||
Tesla, Inc. (a) | 37,400 | 39,523,572 |
Capital Markets 3.0% | ||
Blackstone, Inc. | 172,600 | 22,332,714 |
Moody's Corp. | 49,040 | 19,154,043 |
MSCI, Inc. | 28,700 | 17,584,203 |
59,070,960 | ||
Chemicals 1.9% | ||
Linde plc | 104,800 | 36,305,864 |
Containers & Packaging 1.4% | ||
Ball Corp. | 282,600 | 27,205,902 |
Electrical Equipment 0.2% | ||
Fluence Energy, Inc. (a) | 95,500 | 3,395,980 |
Electronic Equipment, Instruments & Components 1.4% | ||
TE Connectivity Ltd. | 171,450 | 27,661,743 |
Entertainment 2.0% | ||
Netflix, Inc. (a) | 65,700 | 39,580,308 |
Health Care Equipment & Supplies 3.4% | ||
Align Technology, Inc. (a) | 50,010 | 32,865,572 |
Intuitive Surgical, Inc. (a) | 92,480 | 33,228,064 |
66,093,636 | ||
Health Care Providers & Services 1.5% | ||
UnitedHealth Group, Inc. | 57,630 | 28,938,328 |
Health Care Technology 1.0% | ||
Veeva Systems, Inc., Class A (a) | 74,100 | 18,931,068 |
Hotels, Restaurants & Leisure 4.9% | ||
Airbnb, Inc., Class A (a) | 104,950 | 17,473,125 |
Chipotle Mexican Grill, Inc. (a) | 18,440 | 32,237,730 |
Hilton Worldwide Holdings, Inc. (a) | 140,600 | 21,932,194 |
McDonald's Corp. | 88,800 | 23,804,616 |
95,447,665 |
Shares | Value | |
Interactive Media & Services 12.2% | ||
Alphabet, Inc. (a) | ||
Class A | 23,500 | $ 68,080,440 |
Class C | 23,793 | 68,847,187 |
Bumble, Inc., Class A (a) | 404,800 | 13,706,528 |
Match Group, Inc. (a) | 143,850 | 19,024,163 |
Meta Platforms, Inc., Class A (a) | 142,110 | 47,798,698 |
Snap, Inc., Class A (a) | 399,900 | 18,807,297 |
236,264,313 | ||
Internet & Direct Marketing Retail 7.2% | ||
Amazon.com, Inc. (a) | 42,040 | 140,175,654 |
IT Services 8.1% | ||
Block, Inc., Class A (a) | 105,940 | 17,110,369 |
Mastercard, Inc., Class A | 125,150 | 44,968,898 |
Payoneer Global, Inc. (a) | 148,000 | 1,087,800 |
PayPal Holdings, Inc. (a) | 208,750 | 39,366,075 |
Shopify, Inc., Class A (a) | 13,600 | 18,732,504 |
Snowflake, Inc., Class A (a) | 13,900 | 4,708,625 |
Visa, Inc., Class A | 143,200 | 31,032,872 |
157,007,143 | ||
Life Sciences Tools & Services 3.9% | ||
Agilent Technologies, Inc. | 174,990 | 27,937,154 |
Bio-Techne Corp. | 46,030 | 23,813,160 |
IQVIA Holdings, Inc. (a) | 83,950 | 23,685,653 |
75,435,967 | ||
Machinery 1.4% | ||
Parker-Hannifin Corp. | 83,100 | 26,435,772 |
Personal Products 1.4% | ||
Estee Lauder Cos., Inc. (The), Class A | 72,100 | 26,691,420 |
Pharmaceuticals 1.8% | ||
Zoetis, Inc. | 143,750 | 35,079,313 |
Professional Services 1.4% | ||
CoStar Group, Inc. (a) | 342,750 | 27,087,533 |
Real Estate Management & Development 0.0% ‡ | ||
Compass, Inc., Class A (a)(b) | 52,100 | 473,589 |
Road & Rail 1.5% | ||
Union Pacific Corp. | 119,784 | 30,177,183 |
10 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Semiconductors & Semiconductor Equipment 7.2% | ||
Advanced Micro Devices, Inc. (a) | 149,000 | $ 21,441,100 |
Analog Devices, Inc. | 166,800 | 29,318,436 |
ASML Holding NV (Registered) | 37,710 | 30,022,439 |
NVIDIA Corp. | 199,940 | 58,804,354 |
139,586,329 | ||
Software 20.9% | ||
Adobe, Inc. (a) | 89,150 | 50,553,399 |
Atlassian Corp. plc, Class A (a) | 53,250 | 20,303,693 |
Intuit, Inc. | 49,600 | 31,903,712 |
Microsoft Corp. | 590,300 | 198,529,696 |
salesforce.com, Inc. (a) | 155,680 | 39,562,958 |
ServiceNow, Inc. (a) | 49,400 | 32,066,034 |
Workday, Inc., Class A (a) | 120,400 | 32,890,872 |
405,810,364 | ||
Specialty Retail 1.9% | ||
Lowe's Cos., Inc. | 141,600 | 36,600,768 |
Technology Hardware, Storage & Peripherals 3.0% | ||
Apple, Inc. | 328,900 | 58,402,773 |
Textiles, Apparel & Luxury Goods 3.4% | ||
Lululemon Athletica, Inc. (a) | 68,700 | 26,892,615 |
NIKE, Inc., Class B | 229,950 | 38,325,766 |
65,218,381 | ||
Total Common Stocks (Cost $1,229,452,394) | 1,928,482,183 |
Shares | Value | ||
Short-Term Investments 0.8% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 15,462,999 | $ 15,462,999 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 169,385 | 169,385 | |
Total Short-Term Investments (Cost $15,632,384) | 15,632,384 | ||
Total Investments (Cost $1,245,084,778) | 100.1% | 1,944,114,567 | |
Other Assets, Less Liabilities | (0.1) | (1,528,499) | |
Net Assets | 100.0% | $ 1,942,586,068 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $473,580; the total market value of collateral held by the Portfolio was $490,146. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $320,761. The Portfolio received cash collateral with a value of $169,385. (See Note 2(G)) |
(c) | Current yield as of December 31, 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 | $ 1,928,482,183 | $ — | $ — | $ 1,928,482,183 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 15,462,999 | — | — | 15,462,999 | |||
Unaffiliated Investment Company | 169,385 | — | — | 169,385 | |||
Total Short-Term Investments | 15,632,384 | — | — | 15,632,384 | |||
Total Investments in Securities | $ 1,944,114,567 | $ — | $ — | $ 1,944,114,567 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,229,621,779) including securities on loan of $473,580 | $1,928,651,568 |
Investment in affiliated investment companies, at value (identified cost $15,462,999) | 15,462,999 |
Receivables: | |
Portfolio shares sold | 618,784 |
Securities lending | 1,081 |
Dividends | 103 |
Other assets | 7,656 |
Total assets | 1,944,742,191 |
Liabilities | |
Cash collateral received for securities on loan | 169,385 |
Payables: | |
Manager (See Note 3) | 1,179,189 |
Portfolio shares redeemed | 417,822 |
NYLIFE Distributors (See Note 3) | 276,725 |
Shareholder communication | 49,998 |
Professional fees | 41,854 |
Custodian | 6,849 |
Trustees | 1,159 |
Accrued expenses | 13,142 |
Total liabilities | 2,156,123 |
Net assets | $1,942,586,068 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 53,868 |
Additional paid-in-capital | 891,662,229 |
891,716,097 | |
Total distributable earnings (loss) | 1,050,869,971 |
Net assets | $1,942,586,068 |
Initial Class | |
Net assets applicable to outstanding shares | $ 632,665,678 |
Shares of beneficial interest outstanding | 16,684,639 |
Net asset value per share outstanding | $ 37.92 |
Service Class | |
Net assets applicable to outstanding shares | $1,309,920,390 |
Shares of beneficial interest outstanding | 37,183,677 |
Net asset value per share outstanding | $ 35.23 |
12 | MainStay VP Winslow Large Cap Growth Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $26,000) | $ 7,242,348 |
Securities lending | 22,560 |
Dividends-affiliated | 1,737 |
Total income | 7,266,645 |
Expenses | |
Manager (See Note 3) | 13,027,505 |
Distribution/Service—Service Class (See Note 3) | 3,055,794 |
Professional fees | 129,374 |
Shareholder communication | 96,794 |
Trustees | 35,825 |
Custodian | 30,420 |
Miscellaneous | 74,989 |
Total expenses before waiver/reimbursement | 16,450,701 |
Expense waiver/reimbursement from Manager (See Note 3) | (25,974) |
Net expenses | 16,424,727 |
Net investment income (loss) | (9,158,082) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 361,319,257 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 42,537,169 |
Net realized and unrealized gain (loss) | 403,856,426 |
Net increase (decrease) in net assets resulting from operations | $394,698,344 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (9,158,082) | $ (4,447,507) |
Net realized gain (loss) | 361,319,257 | 138,815,013 |
Net change in unrealized appreciation (depreciation) | 42,537,169 | 308,412,770 |
Net increase (decrease) in net assets resulting from operations | 394,698,344 | 442,780,276 |
Distributions to shareholders: | ||
Initial Class | (43,495,671) | (32,083,765) |
Service Class | (95,317,024) | (68,003,617) |
Total distributions to shareholders | (138,812,695) | (100,087,382) |
Capital share transactions: | ||
Net proceeds from sales of shares | 225,933,895 | 205,574,641 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 138,812,695 | 100,087,382 |
Cost of shares redeemed | (306,858,723) | (282,706,153) |
Increase (decrease) in net assets derived from capital share transactions | 57,887,867 | 22,955,870 |
Net increase (decrease) in net assets | 313,773,516 | 365,648,764 |
Net Assets | ||
Beginning of year | 1,628,812,552 | 1,263,163,788 |
End of year | $1,942,586,068 | $1,628,812,552 |
14 | MainStay VP Winslow Large Cap Growth Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | $ 18.71 | ||||
Net investment income (loss) (a) | (0.12) | (0.04) | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) | 8.01 | 9.36 | 6.95 | 1.36 | 6.00 | ||||
Total from investment operations | 7.89 | 9.32 | 6.95 | 1.36 | 6.02 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.73) | (2.07) | (3.08) | (3.64) | (0.81) | ||||
Net asset value at end of year | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | ||||
Total investment return (b) | 24.52% | 37.16% | 33.64% | 3.57% | 32.39% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.34)% | (0.16)% | 0.01% | 0.01% | 0.10% | ||||
Net expenses (c)(d) | 0.74% | 0.75% | 0.76% | 0.76% | 0.76% | ||||
Portfolio turnover rate | 62% | 54% | 56% | 58% | 53% | ||||
Net assets at end of year (in 000's) | $ 632,666 | $ 534,965 | $ 438,089 | $ 238,174 | $ 368,861 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(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%. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | $ 18.03 | ||||
Net investment income (loss) (a) | (0.20) | (0.11) | (0.06) | (0.06) | (0.03) | ||||
Net realized and unrealized gain (loss) | 7.48 | 8.81 | 6.59 | 1.34 | 5.77 | ||||
Total from investment operations | 7.28 | 8.70 | 6.53 | 1.28 | 5.74 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (2.73) | (2.07) | (3.08) | (3.64) | (0.81) | ||||
Net asset value at end of year | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | ||||
Total investment return (b) | 24.20% | 36.81% | 33.30% | 3.31% | 32.06% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.59)% | (0.41)% | (0.25)% | (0.23)% | (0.15)% | ||||
Net expenses (c)(d) | 0.99% | 1.00% | 1.01% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 62% | 54% | 56% | 58% | 53% | ||||
Net assets at end of year (in 000's) | $ 1,309,920 | $ 1,093,847 | $ 825,075 | $ 623,836 | $ 575,514 |
(a) | Per share data based on average shares outstanding during the year. |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 14,908 | $ 391,988 | $ (391,433) | $ — | $ — | $ 15,463 | $ 2 | $ — | 15,463 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,245,425,136 | $715,723,103 | $(17,033,672) | $698,689,431 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$51,907,115 | $300,273,425 | $698,689,431 | $1,050,869,971 |
2021 | 2020 | |
Distributions paid from: | ||
Long-Term Capital Gains | $138,812,695 | $100,087,382 |
20 | MainStay VP Winslow Large Cap Growth Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 2,316,264 | $ 82,342,909 |
Shares issued to shareholders in reinvestment of distributions | 1,208,858 | 43,495,671 |
Shares redeemed | (3,168,728) | (114,442,169) |
Net increase (decrease) | 356,394 | $ 11,396,411 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 4,318,772 | $ 143,590,986 |
Shares issued to shareholders in reinvestment of distributions | 2,849,784 | 95,317,024 |
Shares redeemed | (5,641,331) | (192,416,554) |
Net increase (decrease) | 1,527,225 | $ 46,491,456 |
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 |
MainStay VP Winslow Large Cap Growth Portfolio
New York, New York
February 24, 2022
22 | MainStay VP Winslow Large Cap Growth Portfolio |
24 | MainStay VP Winslow Large Cap Growth Portfolio |
26 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
28 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
30 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801639 | MSVPLG11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 7/2/2001 | 20.00% | 11.47% | 13.42% | 0.89% |
Service Class Shares | 6/5/2003 | 19.70 | 11.19 | 13.13 | 1.14 |
1. | Effective January 1, 2018, due to an organizational restructuring, 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* | One Year | Five Years | Ten Years |
Russell Midcap® Index1 | 22.58% | 15.10% | 14.91% |
S&P MidCap 400® Index2 | 24.76 | 13.09 | 14.20 |
Morningstar Mid-Cap Blend Category Average3 | 23.57 | 12.38 | 12.56 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,034.10 | $4.41 | $1,020.87 | $4.38 | 0.86% |
Service Class Shares | $1,000.00 | $1,032.80 | $5.69 | $1,019.61 | $5.65 | 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 184 (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 | 8.2% |
Banks | 6.2 |
Insurance | 6.2 |
Biotechnology | 5.9 |
Semiconductors & Semiconductor Equipment | 5.7 |
Communications Equipment | 5.6 |
Equity Real Estate Investment Trusts | 4.8 |
IT Services | 4.0 |
Software | 3.9 |
Electronic Equipment, Instruments & Components | 3.7 |
Health Care Providers & Services | 3.5 |
Health Care Equipment & Supplies | 3.4 |
Hotels, Restaurants & Leisure | 3.1 |
Textiles, Apparel & Luxury Goods | 2.6 |
Chemicals | 2.5 |
Building Products | 2.2 |
Life Sciences Tools & Services | 2.2 |
Road & Rail | 2.0 |
Commercial Services & Supplies | 1.9 |
Professional Services | 1.8 |
Household Durables | 1.8 |
Consumer Finance | 1.6 |
Internet & Direct Marketing Retail | 1.5 |
Aerospace & Defense | 1.4% |
Trading Companies & Distributors | 1.4 |
Pharmaceuticals | 1.2 |
Gas Utilities | 1.1 |
Media | 1.1 |
Leisure Products | 1.1 |
Diversified Financial Services | 0.8 |
Food & Staples Retailing | 0.8 |
Oil, Gas & Consumable Fuels | 0.8 |
Multi–Utilities | 0.8 |
Food Products | 0.8 |
Metals & Mining | 0.7 |
Specialty Retail | 0.6 |
Containers & Packaging | 0.6 |
Interactive Media & Services | 0.6 |
Entertainment | 0.5 |
Capital Markets | 0.4 |
Real Estate Management & Development | 0.4 |
Automobiles | 0.1 |
Short–Term Investments | 1.0 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
1. | F5, Inc. |
2. | Lumentum Holdings, Inc. |
3. | Ingersoll Rand, Inc. |
4. | MKS Instruments, Inc. |
5. | Integra LifeSciences Holdings Corp. |
6. | Molina Healthcare, Inc. |
7. | Genpact Ltd. |
8. | Credit Acceptance Corp. |
9. | II-VI, Inc. |
10. | NVR, Inc. |
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
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.
During the time Wellington managed the Portfolio, security selection in the health care and information technology sectors weighed on results, relative to the Russell Midcap® Index. These negative security selection effects were partially offset by positive contributions from security selection in the industrials and consumer discretionary sectors.
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 subprime auto lender Credit Acceptance, real estate investment trust Life Storage and software company F5. Shares of Credit Acceptance climbed after the company reported sharply higher year-over-year consolidated net income for the second quarter of 2021. Shares of Life Storage rose after the company reported higher revenues, with an increased volume of move-ins and a reduced volume of move-outs. Shares of F5 rose late in the reporting period following better-than-expected, year-over-year fourth-quarter revenue growth, driven by strong software and systems demand.
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
During the time Wellington managed the Portfolio, the largest purchases in the mid-cap opportunities portion of the Portfolio included shares in electrical weapon company Axon Enterprise and steel producer Steel Dynamics. Axon is the market leading producer of non-lethal weapons. The company has established a history of efficient capital allocation and a growing software business. Steel Dynamics is, in Wellington's opinion, run by an excellent management team focused on producing steel in a more environmentally friendly manner through electric arc furnace steel mill operations. The mid-cap opportunities strategy eliminated the Portfolio’s holdings in medical equipment provider Hill-Rom Holdings and laser and photonics producer Coherent.
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 reductions 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 in industrials and materials, while the most notable reductions were in health care and real estate. The most notable increases in absolute sector exposure through the select mid-cap value strategy were in health care and information technology, while the most significant reductions were in 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
As of December 31, 2021, the Portfolio’s mid-cap opportunities strategy had its most overweight exposures relative to the Russell Midcap® Index in the information technology and health care sectors, while its most underweight exposures were in real estate and materials. As of the same date, the Portfolio’s select mid-cap value strategy had its most overweight exposures relative to the Russell 2500™ Value Index in industrials and information technology, while its most underweight exposures were in real estate and utilities.
10 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Aerospace & Defense 1.4% | ||
Axon Enterprise, Inc. (a) | 44,958 | $ 7,058,406 |
Spirit AeroSystems Holdings, Inc., Class A | 151,514 | 6,528,738 |
13,587,144 | ||
Automobiles 0.1% | ||
Arrival SA (a)(b) | 184,525 | 1,369,175 |
Banks 6.2% | ||
Cadence Bank | 190,130 | 5,663,973 |
Cullen | 50,725 | 6,394,901 |
First Citizens BancShares, Inc., Class A | 10,184 | 8,451,090 |
First Republic Bank | 40,529 | 8,369,644 |
M&T Bank Corp. | 47,816 | 7,343,581 |
Prosperity Bancshares, Inc. | 77,012 | 5,567,968 |
Western Alliance Bancorp | 78,608 | 8,462,151 |
Zions Bancorp NA | 122,926 | 7,764,006 |
58,017,314 | ||
Biotechnology 5.9% | ||
Alnylam Pharmaceuticals, Inc. (a) | 8,995 | 1,525,372 |
Apellis Pharmaceuticals, Inc. (a) | 157,261 | 7,435,300 |
Arena Pharmaceuticals, Inc. (a) | 47,893 | 4,451,175 |
Exact Sciences Corp. (a) | 61,641 | 4,797,519 |
Iovance Biotherapeutics, Inc. (a) | 277,613 | 5,299,632 |
Kodiak Sciences, Inc. (a) | 59,034 | 5,004,903 |
Mirati Therapeutics, Inc. (a) | 25,218 | 3,699,228 |
PTC Therapeutics, Inc. (a) | 146,774 | 5,846,008 |
Sage Therapeutics, Inc. (a) | 140,389 | 5,972,148 |
Ultragenyx Pharmaceutical, Inc. (a) | 70,162 | 5,899,923 |
United Therapeutics Corp. (a) | 22,720 | 4,909,338 |
54,840,546 | ||
Building Products 2.2% | ||
Builders FirstSource, Inc. (a) | 66,631 | 5,710,943 |
JELD-WEN Holding, Inc. (a) | 198,388 | 5,229,508 |
Lennox International, Inc. | 29,933 | 9,709,068 |
20,649,519 | ||
Capital Markets 0.4% | ||
Hamilton Lane, Inc., Class A | 34,783 | 3,604,214 |
Chemicals 2.5% | ||
Celanese Corp. | 47,336 | 7,955,288 |
Element Solutions, Inc. | 366,854 | 8,907,215 |
FMC Corp. | 58,444 | 6,422,411 |
23,284,914 |
Shares | Value | |
Commercial Services & Supplies 1.9% | ||
Clean Harbors, Inc. (a) | 71,610 | $ 7,144,530 |
GFL Environmental, Inc. | 204,954 | 7,757,509 |
IAA, Inc. (a) | 53,362 | 2,701,184 |
17,603,223 | ||
Communications Equipment 5.6% | ||
CommScope Holding Co., Inc. (a) | 547,164 | 6,040,691 |
F5, Inc. (a) | 96,745 | 23,674,469 |
Lumentum Holdings, Inc. (a) | 215,665 | 22,810,887 |
52,526,047 | ||
Consumer Finance 1.6% | ||
Credit Acceptance Corp. (a)(b) | 21,425 | 14,733,544 |
Containers & Packaging 0.6% | ||
Silgan Holdings, Inc. | 128,856 | 5,520,191 |
Diversified Financial Services 0.8% | ||
Voya Financial, Inc. | 118,761 | 7,875,042 |
Electronic Equipment, Instruments & Components 3.7% | ||
CDW Corp. | 33,694 | 6,899,857 |
Flex Ltd. (a) | 586,341 | 10,747,630 |
II-VI, Inc. (a) | 211,038 | 14,420,227 |
National Instruments Corp. | 56,113 | 2,450,455 |
34,518,169 | ||
Entertainment 0.5% | ||
Zynga, Inc., Class A (a) | 723,258 | 4,628,851 |
Equity Real Estate Investment Trusts 4.8% | ||
Gaming and Leisure Properties, Inc. | 155,006 | 7,542,592 |
Life Storage, Inc. | 68,262 | 10,456,373 |
PS Business Parks, Inc. | 16,559 | 3,049,671 |
Rexford Industrial Realty, Inc. | 104,625 | 8,486,134 |
Ryman Hospitality Properties, Inc. (a) | 91,468 | 8,411,398 |
STORE Capital Corp. | 195,557 | 6,727,161 |
44,673,329 | ||
Food & Staples Retailing 0.8% | ||
Performance Food Group Co. (a) | 7,494 | 343,900 |
U.S. Foods Holding Corp. (a) | 206,416 | 7,189,469 |
7,533,369 | ||
Food Products 0.8% | ||
Lamb Weston Holdings, Inc. | 112,271 | 7,115,736 |
Shares | Value | |
Common Stocks (continued) | ||
Gas Utilities 1.1% | ||
UGI Corp. | 233,410 | $ 10,715,853 |
Health Care Equipment & Supplies 3.4% | ||
Inari Medical, Inc. (a) | 33,532 | 3,060,465 |
Insulet Corp. (a) | 2,728 | 725,839 |
Integra LifeSciences Holdings Corp. (a) | 256,897 | 17,209,530 |
Masimo Corp. (a) | 3,433 | 1,005,114 |
Nevro Corp. (a) | 23,762 | 1,926,385 |
Teleflex, Inc. | 22,514 | 7,395,399 |
31,322,732 | ||
Health Care Providers & Services 3.5% | ||
Acadia Healthcare Co., Inc. (a) | 74,450 | 4,519,115 |
Encompass Health Corp. | 183,044 | 11,945,451 |
Molina Healthcare, Inc. (a) | 50,911 | 16,193,771 |
32,658,337 | ||
Hotels, Restaurants & Leisure 3.1% | ||
Choice Hotels International, Inc. | 77,183 | 12,039,776 |
Denny's Corp. (a) | 391,467 | 6,263,472 |
Hyatt Hotels Corp., Class A (a) | 40,635 | 3,896,897 |
Six Flags Entertainment Corp. (a) | 159,861 | 6,806,881 |
29,007,026 | ||
Household Durables 1.8% | ||
NVR, Inc. (a) | 2,314 | 13,673,125 |
Vizio Holding Corp., Class A (a)(b) | 145,857 | 2,834,002 |
16,507,127 | ||
Insurance 6.2% | ||
Alleghany Corp. (a) | 13,190 | 8,805,512 |
Assurant, Inc. | 42,088 | 6,559,836 |
Erie Indemnity Co., Class A | 14,098 | 2,716,121 |
Fidelity National Financial, Inc. | 106,674 | 5,566,249 |
Globe Life, Inc. | 49,834 | 4,670,442 |
Hanover Insurance Group, Inc. (The) | 54,235 | 7,108,039 |
Kemper Corp. | 84,373 | 4,960,289 |
Markel Corp. (a) | 7,097 | 8,757,698 |
W R Berkley Corp. | 48,079 | 3,961,229 |
White Mountains Insurance Group Ltd. | 4,257 | 4,316,172 |
57,421,587 | ||
Interactive Media & Services 0.6% | ||
Cargurus, Inc. (a) | 159,647 | 5,370,525 |
Internet & Direct Marketing Retail 1.5% | ||
Chewy, Inc., Class A (a)(b) | 50,622 | 2,985,179 |
Shares | Value | |
Internet & Direct Marketing Retail (continued) | ||
Etsy, Inc. (a) | 50,324 | $ 11,017,937 |
14,003,116 | ||
IT Services 4.0% | ||
Genpact Ltd. | 298,773 | 15,858,871 |
LiveRamp Holdings, Inc. (a) | 90,697 | 4,348,921 |
Shift4 Payments, Inc., Class A (a) | 88,610 | 5,133,177 |
WEX, Inc. (a) | 83,582 | 11,734,077 |
37,075,046 | ||
Leisure Products 1.1% | ||
YETI Holdings, Inc. (a) | 119,131 | 9,867,621 |
Life Sciences Tools & Services 2.2% | ||
Bio-Techne Corp. | 2,017 | 1,043,475 |
ICON plc (a) | 32,236 | 9,983,489 |
NeoGenomics, Inc. (a) | 62,746 | 2,140,894 |
Syneos Health, Inc. (a) | 68,290 | 7,012,017 |
20,179,875 | ||
Machinery 8.2% | ||
Colfax Corp. (a) | 124,128 | 5,706,164 |
Graco, Inc. | 48,801 | 3,934,337 |
IDEX Corp. | 48,303 | 11,414,965 |
Ingersoll Rand, Inc. | 326,417 | 20,195,420 |
Kennametal, Inc. | 135,395 | 4,862,034 |
Lincoln Electric Holdings, Inc. | 53,439 | 7,453,137 |
Middleby Corp. (The) (a) | 61,130 | 12,027,939 |
Westinghouse Air Brake Technologies Corp. | 116,891 | 10,766,830 |
76,360,826 | ||
Media 1.1% | ||
Cable One, Inc. | 5,808 | 10,242,118 |
Metals & Mining 0.7% | ||
Steel Dynamics, Inc. | 110,063 | 6,831,610 |
Multi-Utilities 0.8% | ||
Black Hills Corp. | 63,591 | 4,487,617 |
NiSource, Inc. | 101,709 | 2,808,185 |
7,295,802 | ||
Oil, Gas & Consumable Fuels 0.8% | ||
Coterra Energy, Inc. | 37,463 | 711,797 |
Diamondback Energy, Inc. | 61,328 | 6,614,225 |
7,326,022 |
12 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals 1.2% | ||
Jazz Pharmaceuticals plc (a) | 71,561 | $ 9,116,872 |
Reata Pharmaceuticals, Inc., Class A (a) | 70,217 | 1,851,622 |
10,968,494 | ||
Professional Services 1.8% | ||
Dun & Bradstreet Holdings, Inc. (a) | 342,615 | 7,020,182 |
Leidos Holdings, Inc. | 65,987 | 5,866,244 |
Science Applications International Corp. | 45,332 | 3,789,302 |
16,675,728 | ||
Real Estate Management & Development 0.4% | ||
Redfin Corp. (a) | 91,922 | 3,528,886 |
Road & Rail 2.0% | ||
AMERCO | 11,429 | 8,300,083 |
JB Hunt Transport Services, Inc. | 8,676 | 1,773,374 |
Knight-Swift Transportation Holdings, Inc. | 136,358 | 8,309,657 |
18,383,114 | ||
Semiconductors & Semiconductor Equipment 5.7% | ||
First Solar, Inc. (a) | 132,856 | 11,579,729 |
MKS Instruments, Inc. | 106,874 | 18,614,244 |
Silicon Laboratories, Inc. (a) | 33,945 | 7,006,927 |
Synaptics, Inc. (a) | 32,833 | 9,505,482 |
Tower Semiconductor Ltd. (a) | 163,715 | 6,496,211 |
53,202,593 | ||
Software 3.9% | ||
Black Knight, Inc. (a) | 41,720 | 3,458,171 |
Digital Turbine, Inc. (a) | 102,539 | 6,253,854 |
Guidewire Software, Inc. (a) | 60,050 | 6,817,477 |
Informatica, Inc., Class A (a) | 122,247 | 4,520,694 |
Olo, Inc., Class A (a) | 121,036 | 2,518,759 |
Q2 Holdings, Inc. (a) | 65,305 | 5,187,829 |
Teradata Corp. (a) | 179,375 | 7,618,056 |
36,374,840 | ||
Specialty Retail 0.6% | ||
CarMax, Inc. (a) | 46,803 | 6,095,155 |
Textiles, Apparel & Luxury Goods 2.6% | ||
Carter's, Inc. | 69,059 | 6,990,152 |
PVH Corp. | 68,307 | 7,284,941 |
Steven Madden Ltd. | 94,725 | 4,401,871 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods (continued) | |||
Under Armour, Inc., Class C (a) | 329,619 | $ 5,946,327 | |
24,623,291 | |||
Trading Companies & Distributors 1.4% | |||
AerCap Holdings NV (a) | 124,430 | 8,140,210 | |
Watsco, Inc. | 17,019 | 5,324,905 | |
13,465,115 | |||
Total Common Stocks (Cost $883,548,527) | 927,582,766 | ||
Short-Term Investments 1.0% | |||
Affiliated Investment Company 0.5% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 4,362,239 | 4,362,239 | |
Unaffiliated Investment Companies 0.5% | |||
BlackRock Liquidity FedFund, 0.025% (c)(d) | 1,000,000 | 1,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 3,679,925 | 3,679,925 | |
Total Unaffiliated Investment Companies (Cost $4,679,925) | 4,679,925 | ||
Total Short-Term Investments (Cost $9,042,164) | 9,042,164 | ||
Total Investments (Cost $892,590,691) | 100.5% | 936,624,930 | |
Other Assets, Less Liabilities | (0.5) | (4,929,560) | |
Net Assets | 100.0% | $ 931,695,370 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $9,278,657; the total market value of collateral held by the Portfolio was $9,867,639. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $5,187,714. The Portfolio received cash collateral with a value of $4,679,925. (See Note 2(G)) |
(c) | Current yield as of December 31, 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 | $ 927,582,766 | $ — | $ — | $ 927,582,766 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 4,362,239 | — | — | 4,362,239 | |||
Unaffiliated Investment Companies | 4,679,925 | — | — | 4,679,925 | |||
Total Short-Term Investments | 9,042,164 | — | — | 9,042,164 | |||
Total Investments in Securities | $ 936,624,930 | $ — | $ — | $ 936,624,930 |
(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 $888,228,452) including securities on loan of $9,278,657 | $932,262,691 |
Investment in affiliated investment companies, at value (identified cost $4,362,239) | 4,362,239 |
Cash | 271 |
Receivables: | |
Investment securities sold | 2,472,625 |
Portfolio shares sold | 869,395 |
Dividends | 476,170 |
Securities lending | 3,271 |
Other assets | 4,221 |
Total assets | 940,450,883 |
Liabilities | |
Cash collateral received for securities on loan | 4,679,925 |
Payables: | |
Investment securities purchased | 2,792,694 |
Manager (See Note 3) | 640,977 |
Portfolio shares redeemed | 430,991 |
NYLIFE Distributors (See Note 3) | 118,398 |
Professional fees | 38,605 |
Shareholder communication | 31,118 |
Custodian | 8,368 |
Trustees | 1,507 |
Accrued expenses | 12,930 |
Total liabilities | 8,755,513 |
Net assets | $931,695,370 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 57,762 |
Additional paid-in-capital | 591,635,657 |
591,693,419 | |
Total distributable earnings (loss) | 340,001,951 |
Net assets | $931,695,370 |
Initial Class | |
Net assets applicable to outstanding shares | $360,436,608 |
Shares of beneficial interest outstanding | 22,063,682 |
Net asset value per share outstanding | $ 16.34 |
Service Class | |
Net assets applicable to outstanding shares | $571,258,762 |
Shares of beneficial interest outstanding | 35,698,314 |
Net asset value per share outstanding | $ 16.00 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $758) | $ 7,432,922 |
Securities lending | 45,979 |
Dividends-affiliated | 260 |
Other | 19 |
Total income | 7,479,180 |
Expenses | |
Manager (See Note 3) | 7,851,255 |
Distribution/Service—Service Class (See Note 3) | 1,426,662 |
Professional fees | 153,409 |
Shareholder communication | 124,584 |
Custodian | 37,547 |
Trustees | 19,849 |
Miscellaneous | 44,302 |
Total expenses before waiver/reimbursement | 9,657,608 |
Expense waiver/reimbursement from Manager (See Note 3) | (287,316) |
Net expenses | 9,370,292 |
Net investment income (loss) | (1,891,112) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 309,141,181 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (139,533,923) |
Net realized and unrealized gain (loss) | 169,607,258 |
Net increase (decrease) in net assets resulting from operations | $ 167,716,146 |
16 | MainStay VP Wellington Mid Cap Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (1,891,112) | $ 4,171,226 |
Net realized gain (loss) | 309,141,181 | 12,548,378 |
Net change in unrealized appreciation (depreciation) | (139,533,923) | 78,527,857 |
Net increase (decrease) in net assets resulting from operations | 167,716,146 | 95,247,461 |
Distributions to shareholders: | ||
Initial Class | (8,656,336) | (25,918,174) |
Service Class | (13,020,163) | (38,008,170) |
Total distributions to shareholders | (21,676,499) | (63,926,344) |
Capital share transactions: | ||
Net proceeds from sales of shares | 35,391,084 | 74,832,263 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 21,676,499 | 63,926,344 |
Cost of shares redeemed | (169,646,736) | (186,530,560) |
Increase (decrease) in net assets derived from capital share transactions | (112,579,153) | (47,771,953) |
Net increase (decrease) in net assets | 33,460,494 | (16,450,836) |
Net Assets | ||
Beginning of year | 898,234,876 | 914,685,712 |
End of year | $ 931,695,370 | $ 898,234,876 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | $ 13.37 | ||||
Net investment income (loss) (a) | (0.02) | 0.08 | 0.11 | 0.16 | 0.12 | ||||
Net realized and unrealized gain (loss) | 2.80 | 1.32 | 2.54 | (1.68) | 2.42 | ||||
Total from investment operations | 2.78 | 1.40 | 2.65 | (1.52) | 2.54 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.12) | (0.16) | (0.15) | (0.16) | ||||
From net realized gain on investments | (0.30) | (0.88) | (0.87) | (1.96) | (0.18) | ||||
Total distributions | (0.40) | (1.00) | (1.03) | (2.11) | (0.34) | ||||
Net asset value at end of year | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | ||||
Total investment return (b) | 20.00% | 11.28% | 22.88% | (11.98)% | 19.14% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.12)% | 0.65% | 0.84% | 1.08% | 0.87% | ||||
Net expenses (c) | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | ||||
Expenses (before waiver/reimbursement) (c) | 0.89% | 0.89% | 0.88% | 0.88% | 0.88% | ||||
Portfolio turnover rate | 54% | 178% | 174% | 181% | 155% | ||||
Net assets at end of year (in 000's) | $ 360,437 | $ 346,379 | $ 398,240 | $ 453,343 | $ 503,364 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | $ 13.18 | ||||
Net investment income (loss) (a) | (0.04) | 0.05 | 0.08 | 0.12 | 0.09 | ||||
Net realized and unrealized gain (loss) | 2.72 | 1.28 | 2.49 | (1.66) | 2.38 | ||||
Total from investment operations | 2.68 | 1.33 | 2.57 | (1.54) | 2.47 | ||||
Less distributions: | |||||||||
From net investment income | (0.06) | (0.09) | (0.12) | (0.11) | (0.12) | ||||
From net realized gain on investments | (0.30) | (0.88) | (0.87) | (1.96) | (0.18) | ||||
Total distributions | (0.36) | (0.97) | (0.99) | (2.07) | (0.30) | ||||
Net asset value at end of year | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | ||||
Total investment return (b) | 19.70% | 11.00% | 22.57% | (12.20)% | 18.85% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.25)% | 0.42% | 0.58% | 0.83% | 0.64% | ||||
Net expenses (c) | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | ||||
Expenses (before waiver/reimbursement) (c) | 1.14% | 1.14% | 1.13% | 1.13% | 1.13% | ||||
Portfolio turnover rate | 54% | 178% | 174% | 181% | 155% | ||||
Net assets at end of year (in 000's) | $ 571,259 | $ 551,856 | $ 516,445 | $ 395,800 | $ 477,253 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
18 | MainStay VP Wellington Mid Cap Portfolio |
Class | Commenced Operations |
Initial Class | July 2, 2001 |
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 |
20 | MainStay VP Wellington Mid Cap Portfolio |
22 | MainStay VP Wellington Mid Cap Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 104,809 | $ (100,447) | $ — | $ — | $ 4,362 | $ —(a) | $ — | 4,362 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $894,331,996 | $98,648,764 | $(56,355,830) | $42,292,934 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$163,813,711 | $133,766,181 | $129,132 | $42,292,927 | $340,001,951 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 4,299,927 | $26,437,525 |
Long-Term Capital Gains | 17,376,572 | 37,488,819 |
Total | $21,676,499 | $63,926,344 |
Sales (000's) | Realized Gain / (Loss) (000's) |
$274 | $(16) |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 670,483 | $ 10,666,624 |
Shares issued to shareholders in reinvestment of distributions | 549,295 | 8,656,336 |
Shares redeemed | (3,970,175) | (61,601,891) |
Net increase (decrease) | (2,750,397) | $ (42,278,931) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 1,575,723 | $ 24,724,460 |
Shares issued to shareholders in reinvestment of distributions | 842,947 | 13,020,163 |
Shares redeemed | (7,046,320) | (108,044,845) |
Net increase (decrease) | (4,627,650) | $ (70,300,222) |
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 |
24 | MainStay VP Wellington Mid Cap Portfolio |
Portfolio | Proceeds | Cost Basis |
MainStay VP Wellington Mid Cap Portfolio | $808,180 | $790,269 |
26 | MainStay VP Wellington Mid Cap Portfolio |
MainStay VP Wellington Mid Cap Portfolio (formerly known as MainStay VP MacKay Mid Cap Core Portfolio)
New York, New York
February 24, 2022
28 | MainStay VP Wellington Mid Cap Portfolio |
30 | MainStay VP Wellington Mid Cap Portfolio |
32 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
34 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay VP Wellington Mid Cap Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802521 | MSVPMCC11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Average Lipper Variable Products U.S. Government Money Market Portfolio1 | 0.01% | 0.72% | 0.37% |
Morningstar Prime Money Market Category Average2 | 0.02 | 0.94 | 0.50 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,000.10 | $0.15 | $1,025.05 | $0.15 | 0.03% |
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 184 (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 35.4% | ||
Federal Agricultural Mortgage Corp. | ||
0.04%, due 1/31/22 | $ 20,000,000 | $ 19,999,333 |
0.05%, due 2/1/22 | 30,000,000 | 29,998,708 |
0.05%, due 2/24/22 | 12,000,000 | 11,999,100 |
Federal Farm Credit Banks | ||
0.05%, due 1/10/22 | 5,000,000 | 4,999,938 |
0.04%, due 1/26/22 | 5,000,000 | 4,999,861 |
0.04%, due 2/1/22 | 20,000,000 | 19,999,311 |
0.05%, due 2/10/22 | 13,000,000 | 12,999,278 |
0.05%, due 2/15/22 | 9,000,000 | 8,999,438 |
Federal Home Loan Banks | ||
0.04%, due 1/7/22 | 16,500,000 | 16,499,890 |
0.04%, due 1/13/22 | 18,000,000 | 17,999,760 |
0.045%, due 2/18/22 | 20,000,000 | 19,998,800 |
0.17%, due 6/24/22 | 15,500,000 | 15,487,264 |
Federal National Mortgage Association | ||
0.04%, due 2/2/22 | 39,000,000 | 38,998,613 |
Total Government Agency Debt (Cost $222,979,294) | 222,979,294 | |
Treasury Debt 51.1% | ||
U.S. Treasury Bills (a) | ||
0.051%, due 1/4/22 | 30,000,000 | 29,999,872 |
0.01%, due 2/22/22 | 25,000,000 | 24,999,621 |
0.015%, due 3/3/22 | 100,000,000 | 99,997,374 |
0.021%, due 3/10/22 | 100,000,000 | 99,996,033 |
0.049%, due 3/17/22 | 3,000,000 | 2,999,695 |
0.047%, due 3/22/22 | 8,000,000 | 7,999,164 |
0.052%, due 3/24/22 | 15,000,000 | 14,998,234 |
0.078%, due 4/26/22 | 33,000,000 | 32,991,830 |
0.069%, due 5/12/22 | 7,000,000 | 6,998,255 |
U.S. Treasury Notes | ||
1.50%, due 1/31/22 | 1,000,000 | 1,001,183 |
Total Treasury Debt (Cost $321,981,261) | 321,981,261 |
Principal Amount | Value | ||
Treasury Repurchase Agreements 13.5% | |||
RBC Capital Markets LLC 0.04%, dated 12/31/21 due 1/3/22 Proceeds at Maturity $25,000,104 (Collateralized by United States Treasury securities with rates between 0.63% and 2.88% and maturity dates between 01/31/22 and 11/15/46, with a Principal Amount of $37,943,900 and a Market Value of $46,073,643) | 45,170,000 | $ 45,170,000 | |
TD Securities, Inc. 0.05%, dated 12/31/21 due 1/3/22 Proceeds at Maturity $40,000,167 (Collateralized by United States Treasury Note with a rate of 0.25% and maturity date of 06/15/23 , with a Principal Amount of $40,992,000 and a Market Value of $40,800,071) | 40,000,000 | 40,000,000 | |
Total Treasury Repurchase Agreements (Cost $85,170,000) | 85,170,000 | ||
Total Short-Term Investments (Cost $630,130,555) | 100.0% | 630,130,555 | |
Other Assets, Less Liabilities | (0.0)‡ | (96,194) | |
Net Assets | 100.0% | $ 630,034,361 |
† | 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 | $ — | $ 222,979,294 | $ — | $ 222,979,294 | |||
Treasury Debt | — | 321,981,261 | — | 321,981,261 | |||
Treasury Repurchase Agreements | — | 85,170,000 | — | 85,170,000 | |||
Total Investments in Securities | $ — | $ 630,130,555 | $ — | $ 630,130,555 |
(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 $544,960,555) | $544,960,555 |
Repurchase agreements, at value (amortized cost $85,170,000) | 85,170,000 |
Cash | 34 |
Receivables: | |
Interest | 6,383 |
Other assets | 130,908 |
Total assets | 630,267,880 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 139,992 |
Professional fees | 39,136 |
Shareholder communication | 35,946 |
Custodian | 9,069 |
Trustees | 1,821 |
Accrued expenses | 2,267 |
Dividends payable | 5,288 |
Total liabilities | 233,519 |
Net assets | $630,034,361 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 629,969 |
Additional paid-in-capital | 629,389,508 |
630,019,477 | |
Total distributable earnings (loss) | 14,884 |
Net assets | $630,034,361 |
Initial Class | |
Net assets applicable to outstanding shares | $630,034,361 |
Shares of beneficial interest outstanding | 629,968,666 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $ 348,571 |
Other | 1,739 |
Total income | 350,310 |
Expenses | |
Manager (See Note 3) | 2,724,001 |
Professional fees | 83,852 |
Shareholder communication | 43,692 |
Custodian | 28,414 |
Trustees | 16,479 |
Miscellaneous | 15,707 |
Total expenses before waiver/reimbursement | 2,912,145 |
Expense waiver/reimbursement from Manager (See Note 3) | (2,632,503) |
Net expenses | 279,642 |
Net investment income (loss) | 70,668 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 2,617 |
Net increase (decrease) in net assets resulting from operations | $ 73,285 |
12 | MainStay VP U.S. Government Money Market Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 70,668 | $ 1,012,893 |
Net realized gain (loss) | 2,617 | 7,864 |
Net increase (decrease) in net assets resulting from operations | 73,285 | 1,020,757 |
Distributions to shareholders: | ||
Initial Class | (70,685) | (1,012,896) |
Capital share transactions: | ||
Net proceeds from sales of shares | 565,120,376 | 1,078,323,719 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 65,395 | 1,012,896 |
Cost of shares redeemed | (762,204,170) | (648,548,415) |
Increase (decrease) in net assets derived from capital share transactions | (197,018,399) | 430,788,200 |
Net increase (decrease) in net assets | (197,015,799) | 430,796,061 |
Net Assets | ||
Beginning of year | 827,050,160 | 396,254,099 |
End of year | $ 630,034,361 | $ 827,050,160 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Net realized and unrealized gain (loss) on investments‡ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||
Total from investment operations | 0.00‡ | 0.00‡ | 0.02 | 0.01 | 0.00‡ | ||||
Less distributions: | |||||||||
From net investment income | (0.00)‡ | 0.00‡ | (0.02) | (0.01) | (0.00)‡ | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (a) | 0.01% | 0.24% | 1.78% | 1.38% | 0.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.01% | 0.15% | 1.78% | 1.37% | 0.41% | ||||
Net expenses | 0.04% | 0.16% | 0.44% | 0.44% | 0.44% | ||||
Expenses (before waiver/reimbursement) | 0.41% | 0.42% | 0.44% | 0.44% | 0.44% | ||||
Net assets at end of year (in 000's) | $ 630,034 | $ 827,050 | $ 396,254 | $ 512,490 | $ 496,871 |
‡ | Less than one cent per share. |
(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. |
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 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$20,172 | $— | $(5,288) | $— | $14,884 |
18 | MainStay VP U.S. Government Money Market Portfolio |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $70,685 | $1,012,551 |
Long-Term Capital Gains | — | 345 |
Total | $70,685 | $1,012,896 |
Initial Class (at $1 per share) | Shares |
Year ended December 31, 2021: | |
Shares sold | 565,063,871 |
Shares issued to shareholders in reinvestment of distributions | 65,388 |
Shares redeemed | (762,127,958) |
Net increase (decrease) | (196,998,699) |
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 |
MainStay VP U.S. Government Money Market Portfolio
New York, New York
February 24, 2022
20 | MainStay VP U.S. Government Money Market Portfolio |
22 | MainStay VP U.S. Government Money Market Portfolio |
24 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
26 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
28 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802524 | MSVPUSGMM11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 10/1/1996 | 9.25% | 14.78% | 12.52% | 0.61% |
Service Class Shares | 6/5/2003 | 8.98 | 14.49 | 12.24 | 0.86 |
Service 2 Class Shares | 4/26/2016 | 8.87 | 14.38 | 14.44 | 0.96 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | 6.34% | 16.87% | 13.89% |
Morningstar Convertibles Category Average2 | 4.64 | 13.89 | 11.00 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The ICE BofA U.S. Convertible Index is the Portfolio’s primary broad–based securities market index for comparison purposes. 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,030.60 | $2.87 | $1,022.38 | $2.85 | 0.56% |
Service Class Shares | $1,000.00 | $1,029.30 | $4.14 | $1,021.12 | $4.13 | 0.81% |
Service 2 Class Shares | $1,000.00 | $1,028.80 | $4.65 | $1,020.62 | $4.63 | 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 184 (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. | Nice Ltd., (zero coupon), due 9/15/25 |
3. | Anthem, Inc., 2.75%, due 10/15/42 |
4. | Palo Alto Networks, Inc., 0.375%-0.75%, due 7/1/23–6/1/25 |
5. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
6. | Ford Motor Co., (zero coupon), due 3/15/26 |
7. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
8. | BioMarin Pharmaceutical, Inc., 0.599%-1.25%, due 8/1/24–5/15/27 |
9. | EQT Corp., 1.75%, due 5/1/26 |
10. | Southwest Airlines Co., 1.25%, due 5/1/25 |
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 3.0% | ||
Corporate Bonds 3.0% | ||
Biotechnology 0.2% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,895,000 | $ 5,083,052 |
Commercial Services 0.7% | ||
Block, Inc. | ||
0.25%, due 11/1/27 (a) | 13,105,000 | 13,899,491 |
Leisure Time 0.2% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 2,860,000 | 4,061,200 |
Oil & Gas 0.0% ‡ | ||
Valaris Ltd. | ||
Series 1145 | ||
8.25% (8.25% Cash or 12.00% PIK), due 4/30/28 (b) | 801,000 | 833,040 |
Oil & Gas Services 0.0% ‡ | ||
Weatherford International Ltd. | ||
11.00%, due 12/1/24 (c) | 138,000 | 142,140 |
Semiconductors 1.6% | ||
Silicon Laboratories, Inc. | ||
0.625%, due 6/15/25 | 18,986,000 | 33,379,286 |
Software 0.3% | ||
Five9, Inc. | ||
0.50%, due 6/1/25 | 4,933,000 | 6,070,550 |
Total Corporate Bonds (Cost $56,778,541) | 63,468,759 | |
Total Long-Term Bonds (Cost $56,778,541) | 63,468,759 | |
Convertible Securities 91.1% | ||
Convertible Bonds 80.4% | ||
Airlines 2.6% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 6,895,000 | 9,556,470 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 (c) | 4,623,000 | 4,332,757 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 | 29,005,000 | 38,772,434 |
Principal Amount | Value | |
Airlines (continued) | ||
Spirit Airlines, Inc. | ||
1.00%, due 5/15/26 | $ 3,235,000 | $ 2,804,876 |
55,466,537 | ||
Auto Manufacturers 2.2% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 (c) | 32,843,000 | 45,343,867 |
Beverages 0.5% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 (c) | 8,635,000 | 9,892,256 |
Biotechnology 4.2% | ||
Apellis Pharmaceuticals, Inc. | ||
3.50%, due 9/15/26 | 4,715,000 | 7,152,066 |
BioMarin Pharmaceutical, Inc. | ||
0.599%, due 8/1/24 | 9,693,000 | 10,159,233 |
1.25%, due 5/15/27 | 28,541,000 | 29,913,822 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 | 7,494,000 | 7,618,401 |
Halozyme Therapeutics, Inc. | ||
0.25%, due 3/1/27 (c) | 3,493,000 | 3,128,418 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 (a) | 19,199,000 | 21,994,854 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 (c) | 9,307,000 | 8,231,111 |
88,197,905 | ||
Building Materials 1.0% | ||
Patrick Industries, Inc. | ||
1.00%, due 2/1/23 | 16,885,000 | 18,805,669 |
1.75%, due 12/1/28 (c) | 2,900,000 | 3,022,537 |
21,828,206 | ||
Commercial Services 2.2% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 (c) | 3,250,000 | 2,941,250 |
Block, Inc. | ||
(zero coupon), due 5/1/26 (a) | 14,812,000 | 15,265,351 |
Chegg, Inc. | ||
(zero coupon), due 9/1/26 | 10,000,000 | 8,325,000 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 | 11,685,000 | 12,736,650 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (c) | 2,180,000 | 1,895,292 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,185,000 | 1,622,699 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Commercial Services (continued) | ||
Shift4 Payments, Inc. (c) | ||
(zero coupon), due 12/15/25 | $ 2,300,000 | $ 2,436,620 |
0.50%, due 8/1/27 | 1,180,000 | 1,042,058 |
46,264,920 | ||
Computers 2.9% | ||
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 26,640,000 | 33,266,700 |
Parsons Corp. | ||
0.25%, due 8/15/25 | 2,878,000 | 2,868,502 |
Western Digital Corp. | ||
1.50%, due 2/1/24 (d) | 4,634,000 | 4,700,614 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 | 9,088,000 | 19,907,364 |
60,743,180 | ||
Cosmetics & Personal Care 0.3% | ||
Beauty Health Co. (The) | ||
1.25%, due 10/1/26 (c) | 5,672,000 | 6,035,598 |
Diversified Financial Services 0.4% | ||
LendingTree, Inc. | ||
0.625%, due 6/1/22 | 7,200,000 | 7,150,500 |
Upstart Holdings, Inc. | ||
0.25%, due 8/15/26 (c) | 2,380,000 | 2,284,800 |
9,435,300 | ||
Electric 1.7% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 29,752,000 | 35,443,558 |
Energy-Alternate Sources 2.0% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 (c) | 9,315,000 | 9,370,890 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (c) | 10,860,000 | 12,429,270 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | 16,283,000 | 20,720,118 |
42,520,278 | ||
Entertainment 2.6% | ||
Live Nation Entertainment, Inc. | ||
2.50%, due 3/15/23 | 9,704,000 | 17,564,240 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 (c) | 3,060,000 | 3,596,235 |
Principal Amount | Value | |
Entertainment (continued) | ||
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 | $ 30,094,000 | $ 32,223,939 |
53,384,414 | ||
Food 0.6% | ||
Chefs' Warehouse, Inc. (The) | ||
1.875%, due 12/1/24 | 11,724,000 | 12,537,353 |
Healthcare-Products 3.6% | ||
CONMED Corp. | ||
2.625%, due 2/1/24 (a) | 14,887,000 | 24,824,072 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 21,770,000 | 21,129,962 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 (c) | 4,580,000 | 3,852,351 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,831,000 | 9,609,011 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 12,958,000 | 12,488,273 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 1,735,000 | 3,281,319 |
75,184,988 | ||
Healthcare-Services 3.7% | ||
Anthem, Inc. | ||
2.75%, due 10/15/42 | 7,764,000 | 51,056,064 |
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 28,389,000 | 25,993,678 |
77,049,742 | ||
Internet 10.5% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 (a) | 11,000,000 | 16,208,500 |
Etsy, Inc. | ||
0.25%, due 6/15/28 (c) | 26,578,000 | 31,377,987 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 (a)(c) | 2,758,000 | 3,186,869 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (c) | 13,160,000 | 21,327,096 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 7,194,000 | 9,791,014 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 11,770,000 | 22,355,938 |
0.75%, due 7/1/23 | 13,152,000 | 27,603,418 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 2,800,000 | 3,152,724 |
Shopify, Inc. | ||
0.125%, due 11/1/25 (a) | 17,355,000 | 21,737,137 |
12 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Internet (continued) | ||
Snap, Inc. | ||
(zero coupon), due 5/1/27 (c) | $ 10,555,000 | $ 10,259,890 |
Twitter, Inc. | ||
(zero coupon), due 3/15/26 (c) | 6,865,000 | 6,182,619 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 | 12,588,000 | 12,418,062 |
Zendesk, Inc. | ||
0.625%, due 6/15/25 | 9,259,000 | 11,093,208 |
Zillow Group, Inc. | ||
2.75%, due 5/15/25 | 17,202,000 | 22,226,723 |
218,921,185 | ||
Leisure Time 0.7% | ||
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 1,756,000 | 3,041,392 |
Royal Caribbean Cruises Ltd. | ||
4.25%, due 6/15/23 | 8,684,000 | 11,093,810 |
14,135,202 | ||
Machinery-Diversified 1.6% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 (c) | 12,471,000 | 34,287,767 |
Media 3.6% | ||
Cable One, Inc. | ||
1.125%, due 3/15/28 (c) | 18,790,000 | 18,692,775 |
DISH Network Corp. | ||
(zero coupon), due 12/15/25 | 20,445,000 | 20,649,450 |
Liberty Media Corp. | ||
1.375%, due 10/15/23 | 11,955,000 | 18,049,525 |
Liberty Media Corp-Liberty Formula One | ||
1.00%, due 1/30/23 | 9,954,000 | 17,203,477 |
74,595,227 | ||
Oil & Gas 5.1% | ||
Centennial Resource Production LLC | ||
3.25%, due 4/1/28 | 14,611,000 | 18,254,618 |
EQT Corp. | ||
1.75%, due 5/1/26 | 23,557,000 | 39,375,526 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 27,292,000 | 48,767,392 |
106,397,536 | ||
Oil & Gas Services 2.0% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 18,071,000 | 18,025,822 |
Principal Amount | Value | |
Oil & Gas Services (continued) | ||
Oil States International, Inc. | ||
1.50%, due 2/15/23 | $ 1,013,000 | $ 950,068 |
4.75%, due 4/1/26 (c) | 25,625,000 | 22,774,219 |
41,750,109 | ||
Pharmaceuticals 2.6% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 (a) | 16,942,000 | 20,192,746 |
Neurocrine Biosciences, Inc. | ||
2.25%, due 5/15/24 | 15,225,000 | 19,135,922 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 11,671,000 | 12,962,105 |
2.375%, due 4/1/22 | 1,094,000 | 1,126,136 |
53,416,909 | ||
Real Estate Investment Trusts 1.0% | ||
Pebblebrook Hotel Trust | ||
1.75%, due 12/15/26 | 5,863,000 | 6,485,356 |
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | 13,238,000 | 13,873,424 |
20,358,780 | ||
Retail 2.3% | ||
American Eagle Outfitters, Inc. | ||
3.75%, due 4/15/25 | 2,758,000 | 8,393,973 |
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 | 20,948,000 | 31,225,613 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,488,000 | 8,545,130 |
48,164,716 | ||
Semiconductors 4.0% | ||
Impinj, Inc. | ||
1.125%, due 5/15/27 (c) | 4,870,000 | 5,338,981 |
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (a) | 35,083,000 | 43,590,627 |
ON Semiconductor Corp. | ||
1.625%, due 10/15/23 | 5,984,000 | 19,679,880 |
Rambus, Inc. | ||
1.375%, due 2/1/23 | 6,552,000 | 10,311,538 |
Wolfspeed, Inc. | ||
1.75%, due 5/1/26 | 1,495,000 | 3,668,356 |
82,589,382 | ||
Software 10.2% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 18,297,000 | 21,487,997 |
Avalara, Inc. | ||
0.25%, due 8/1/26 (c) | 2,365,000 | 2,194,720 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Software (continued) | ||
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 (c) | $ 3,445,000 | $ 3,561,441 |
Bill.com Holdings, Inc. | ||
(zero coupon), due 12/1/25 | 5,190,000 | 8,890,989 |
Coupa Software, Inc. | ||
0.375%, due 6/15/26 | 11,250,000 | 10,687,500 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 10,168,000 | 20,427,512 |
DigitalOcean Holdings, Inc. | ||
(zero coupon), due 12/1/26 (c) | 6,410,000 | 5,701,054 |
Envestnet, Inc. | ||
1.75%, due 6/1/23 | 21,941,000 | 27,673,086 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 (a) | 13,318,000 | 12,993,374 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,540,000 | 19,288,263 |
RingCentral, Inc. | ||
(zero coupon), due 3/1/25 | 28,729,000 | 27,133,392 |
Splunk, Inc. | ||
0.50%, due 9/15/23 | 17,072,000 | 18,298,415 |
Workday, Inc. | ||
0.25%, due 10/1/22 | 11,687,000 | 21,767,037 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 (c) | 3,285,000 | 4,075,901 |
Zynga, Inc. | ||
(zero coupon), due 12/15/26 | 8,495,000 | 7,794,938 |
211,975,619 | ||
Telecommunications 4.6% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 4,490,000 | 6,600,300 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 2,860,000 | 3,153,150 |
Nice Ltd. | ||
(zero coupon), due 9/15/25 (a) | 48,248,000 | 58,832,405 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,133,000 | 20,068,860 |
Vonage Holdings Corp. | ||
1.75%, due 6/1/24 | 5,148,000 | 6,900,897 |
95,555,612 | ||
Transportation 1.2% | ||
Atlas Air Worldwide Holdings, Inc. | ||
1.875%, due 6/1/24 | 15,022,000 | 24,485,860 |
Principal Amount | Value | |
Trucking & Leasing 0.5% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 (c) | $ 9,472,000 | $ 10,348,160 |
Total Convertible Bonds (Cost $1,499,796,514) | 1,676,310,166 | |
Shares | ||
Convertible Preferred Stocks 10.7% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (e) | 11,636 | 16,818,674 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (e) | 12,264 | 18,279,860 |
35,098,534 | ||
Capital Markets 1.3% | ||
KKR & Co., Inc. | ||
Series C | ||
6.00% (a) | 283,400 | 26,398,710 |
Chemicals 0.2% | ||
Lyondellbasell Advanced Polymers, Inc. | ||
6.00% (a)(e) | 4,110 | 4,126,440 |
Electric Utilities 0.8% | ||
PG&E Corp. | ||
5.50% | 154,100 | 17,826,288 |
Health Care Equipment & Supplies 0.3% | ||
Becton Dickinson and Co. | ||
Series B | ||
6.00% (a) | 106,750 | 5,631,062 |
Independent Power and Renewable Electricity Producers 0.7% | ||
AES Corp. (The) | ||
6.875% | 150,600 | 14,457,600 |
Life Sciences Tools & Services 3.6% | ||
Danaher Corp. | ||
Series A | ||
4.75% | 30,270 | 66,412,380 |
14 | MainStay VP MacKay Convertible Portfolio |
Shares | Value | |
Convertible Preferred Stocks (continued) | ||
Life Sciences Tools & Services (continued) | ||
Danaher Corp. (continued) | ||
Series B | ||
5.00% (a) | 4,769 | $ 8,289,333 |
74,701,713 | ||
Machinery 0.9% | ||
RBC Bearings, Inc. | ||
Series A | ||
5.00% | 17,043 | 1,787,129 |
Stanley Black & Decker, Inc. | ||
5.25% (a) | 164,200 | 17,928,998 |
19,716,127 | ||
Semiconductors & Semiconductor Equipment 1.2% | ||
Broadcom, Inc. | ||
Series A | ||
8.00% | 12,125 | 25,164,104 |
Total Convertible Preferred Stocks (Cost $178,635,072) | 223,120,578 | |
Total Convertible Securities (Cost $1,678,431,586) | 1,899,430,744 | |
Common Stocks 1.0% | ||
Banks 0.6% | ||
Bank of America Corp. | 267,678 | 11,908,994 |
Energy Equipment & Services 0.4% | ||
Valaris Ltd. (f) | 111,802 | 4,024,872 |
Weatherford International plc (f) | 157,538 | 4,366,953 |
8,391,825 | ||
Total Common Stocks (Cost $10,218,126) | 20,300,819 | |
Short-Term Investments 9.4% | ||
Affiliated Investment Company 4.8% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (g)(h) | 98,790,203 | 98,790,203 |
Shares | Value | ||
Unaffiliated Investment Companies 4.6% | |||
BlackRock Liquidity FedFund, 0.025% (h)(i) | 40,000,000 | $ 40,000,000 | |
Goldman Sachs Financial Square Government Fund, 0.026% (h)(i) | 10,000,000 | 10,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (h)(i) | 46,072,428 | 46,072,428 | |
96,072,428 | |||
Total Short-Term Investments (Cost $194,862,631) | 194,862,631 | ||
Total Investments (Cost $1,940,290,884) | 104.5% | 2,178,062,953 | |
Other Assets, Less Liabilities | (4.5) | (92,940,514) | |
Net Assets | 100.0% | $ 2,085,122,439 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $114,429,026; the total market value of collateral held by the Portfolio was $118,097,425. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $22,024,997. The Portfolio received cash collateral with a value of $96,072,428. (See Note 2(G)) |
(b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(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. |
(d) | Step coupon—Rate shown was the rate in effect as of December 31, 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) | Non-income producing security. |
(g) | As of December 31, 2021, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(h) | Current yield as of December 31, 2021. |
(i) | 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 | $ — | $ 63,468,759 | $ — | $ 63,468,759 | |||
Total Corporate Bonds | — | 63,468,759 | — | 63,468,759 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,676,310,166 | — | 1,676,310,166 | |||
Convertible Preferred Stocks | 218,994,138 | 4,126,440 | — | 223,120,578 | |||
Total Convertible Securities | 218,994,138 | 1,680,436,606 | — | 1,899,430,744 | |||
Common Stocks | 20,300,819 | — | — | 20,300,819 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 98,790,203 | — | — | 98,790,203 | |||
Unaffiliated Investment Companies | 96,072,428 | — | — | 96,072,428 | |||
Total Short-Term Investments | 194,862,631 | — | — | 194,862,631 | |||
Total Investments in Securities | $ 434,157,588 | $ 1,743,905,365 | $ — | $ 2,178,062,953 |
(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 $1,841,500,681) including securities on loan of $114,429,026 | $2,079,272,750 |
Investment in affiliated investment companies, at value (identified cost $98,790,203) | 98,790,203 |
Receivables: | |
Dividends and interest | 3,855,835 |
Portfolio shares sold | 836,255 |
Securities lending | 111,523 |
Other assets | 13,909 |
Total assets | 2,182,880,475 |
Liabilities | |
Cash collateral received for securities on loan | 96,072,428 |
Payables: | |
Manager (See Note 3) | 935,833 |
Portfolio shares redeemed | 435,470 |
NYLIFE Distributors (See Note 3) | 238,849 |
Professional fees | 45,053 |
Shareholder communication | 19,530 |
Custodian | 9,022 |
Trustees | 1,851 |
Total liabilities | 97,758,036 |
Net assets | $2,085,122,439 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 112,290 |
Additional paid-in-capital | 1,607,888,333 |
1,608,000,623 | |
Total distributable earnings (loss) | 477,121,816 |
Net assets | $2,085,122,439 |
Initial Class | |
Net assets applicable to outstanding shares | $ 946,695,795 |
Shares of beneficial interest outstanding | 50,688,876 |
Net asset value per share outstanding | $ 18.68 |
Service Class | |
Net assets applicable to outstanding shares | $1,129,151,149 |
Shares of beneficial interest outstanding | 61,099,445 |
Net asset value per share outstanding | $ 18.48 |
Service 2 Class | |
Net assets applicable to outstanding shares | $ 9,275,495 |
Shares of beneficial interest outstanding | 501,890 |
Net asset value and offering price per share outstanding | $ 18.48 |
Investment Income (Loss) | |
Income | |
Interest | $ 11,685,532 |
Dividends-unaffiliated | 8,750,328 |
Securities lending | 509,924 |
Dividends-affiliated | 15,836 |
Other | 109 |
Total income | 20,961,729 |
Expenses | |
Manager (See Note 3) | 10,582,187 |
Distribution/Service—Service Class (See Note 3) | 2,677,413 |
Distribution/Service—Service 2 Class (See Note 3) | 22,443 |
Professional fees | 157,400 |
Shareholder communication | 89,057 |
Trustees | 37,957 |
Custodian | 36,072 |
Shareholder service (See Note 3) | 8,977 |
Miscellaneous | 57,708 |
Total expenses | 13,669,214 |
Net investment income (loss) | 7,292,515 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 248,922,270 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (98,533,563) |
Net realized and unrealized gain (loss) | 150,388,707 |
Net increase (decrease) in net assets resulting from operations | $157,681,222 |
18 | MainStay VP MacKay Convertible Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,292,515 | $ 4,734,545 |
Net realized gain (loss) | 248,922,270 | 113,765,608 |
Net change in unrealized appreciation (depreciation) | (98,533,563) | 186,348,336 |
Net increase (decrease) in net assets resulting from operations | 157,681,222 | 304,848,489 |
Distributions to shareholders: | ||
Initial Class | (55,054,387) | (3,134,899) |
Service Class | (63,916,632) | (12,798,176) |
Service 2 Class | (497,943) | (113,691) |
Total distributions to shareholders | (119,468,962) | (16,046,766) |
Capital share transactions: | ||
Net proceeds from sales of shares | 742,122,288 | 347,963,493 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 119,468,962 | 16,046,766 |
Cost of shares redeemed | (176,472,885) | (252,348,769) |
Increase (decrease) in net assets derived from capital share transactions | 685,118,365 | 111,661,490 |
Net increase (decrease) in net assets | 723,330,625 | 400,463,213 |
Net Assets | ||
Beginning of year | 1,361,791,814 | 961,328,601 |
End of year | $2,085,122,439 | $1,361,791,814 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | $ 12.28 | ||||
Net investment income (loss) (a) | 0.10 | 0.10 | 0.13 | 0.17 | 0.18 | ||||
Net realized and unrealized gain (loss) | 1.56 | 4.74 | 2.56 | (0.41) | 1.28 | ||||
Total from investment operations | 1.66 | 4.84 | 2.69 | (0.24) | 1.46 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.11) | (0.20) | (0.23) | (0.23) | ||||
From net realized gain on investments | (0.93) | (0.16) | (1.20) | (0.51) | (0.22) | ||||
Total distributions | (1.15) | (0.27) | (1.40) | (0.74) | (0.45) | ||||
Net asset value at end of year | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | ||||
Total investment return (b) | 9.25% | 36.04% | 22.46% | (2.27)% | 11.99% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.51% | 0.70% | 0.94% | 1.24% | 1.40% | ||||
Net expenses (c) | 0.56% | 0.61% | 0.61% | 0.61% | 0.62% | ||||
Portfolio turnover rate | 41% | 49% | 26% | 43% | 34% | ||||
Net assets at end of year (in 000's) | $ 946,696 | $ 370,733 | $ 202,104 | $ 177,136 | $ 227,285 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | ||||
Net investment income (loss) (a) | 0.05 | 0.06 | 0.09 | 0.13 | 0.15 | ||||
Net realized and unrealized gain (loss) | 1.54 | 4.69 | 2.53 | (0.40) | 1.26 | ||||
Total from investment operations | 1.59 | 4.75 | 2.62 | (0.27) | 1.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.07) | (0.16) | (0.19) | (0.19) | ||||
From net realized gain on investments | (0.93) | (0.16) | (1.20) | (0.51) | (0.22) | ||||
Total distributions | (1.10) | (0.23) | (1.36) | (0.70) | (0.41) | ||||
Net asset value at end of year | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | ||||
Total investment return (b) | 8.98% | 35.70% | 22.15% | (2.52)% | 11.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.25% | 0.44% | 0.69% | 0.99% | 1.15% | ||||
Net expenses (c) | 0.81% | 0.86% | 0.86% | 0.86% | 0.87% | ||||
Portfolio turnover rate | 41% | 49% | 26% | 43% | 34% | ||||
Net assets at end of year (in 000's) | $ 1,129,151 | $ 982,863 | $ 752,670 | $ 592,673 | $ 565,974 |
(a) | Per share data based on average shares outstanding during the year. |
(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 |
Year Ended December 31, | |||||||||
Service Class 2 | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | $ 12.18 | ||||
Net investment income (loss) (a) | 0.03 | 0.05 | 0.08 | 0.12 | 0.14 | ||||
Net realized and unrealized gain (loss) | 1.53 | 4.70 | 2.53 | (0.40) | 1.26 | ||||
Total from investment operations | 1.56 | 4.75 | 2.61 | (0.28) | 1.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.06) | (0.15) | (0.18) | (0.18) | ||||
From net realized gain on investments | (0.93) | (0.16) | (1.20) | (0.51) | (0.22) | ||||
Total distributions | (1.08) | (0.22) | (1.35) | (0.69) | (0.40) | ||||
Net asset value at end of year | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | ||||
Total investment return (b) | 8.87% | 35.57% | 22.03% | (2.59)% | 11.60% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.16% | 0.32% | 0.56% | 0.88% | 1.05% | ||||
Net expenses (c) | 0.91% | 0.96% | 0.96% | 0.96% | 0.97% | ||||
Portfolio turnover rate | $ 41% | $ 49% | $ 26% | $ 43% | $ 34% | ||||
Net assets at end of year(in 000's) | $ 9,275 | $ 8,196 | $ 6,555 | $ 3,016 | $ 2,179 |
(a) | Per share data based on average shares outstanding during the year. |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 163,347 | $ 823,275 | $ (887,832) | $ — | $ — | $ 98,790 | $ 16 | $ — | 98,790 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,944,242,530 | $299,015,043 | $(65,194,620) | $233,820,423 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$68,670,806 | $174,993,758 | $(363,171) | $233,820,423 | $477,121,816 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 38,710,804 | $ 5,745,857 |
Long-Term Capital Gains | 80,758,158 | 10,300,909 |
Total | $119,468,962 | $16,046,766 |
26 | MainStay VP MacKay Convertible Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 28,905,024 | $ 539,730,987 |
Shares issued to shareholders in reinvestment of distributions | 2,990,672 | 55,054,387 |
Shares redeemed | (1,606,291) | (30,266,824) |
Net increase (decrease) | 30,289,405 | $ 564,518,550 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 10,612,726 | $ 197,997,196 |
Shares issued to shareholders in reinvestment of distributions | 3,510,792 | 63,916,632 |
Shares redeemed | (7,643,368) | (142,139,912) |
Net increase (decrease) | 6,480,150 | $ 119,773,916 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 235,940 | $ 4,394,105 |
Shares issued to shareholders in reinvestment of distributions | 27,351 | 497,943 |
Shares redeemed | (216,834) | (4,066,149) |
Net increase (decrease) | 46,457 | $ 825,899 |
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 |
MainStay VP MacKay Convertible Portfolio
New York, New York
February 24, 2022
30 | MainStay VP MacKay Convertible Portfolio |
32 | MainStay VP MacKay Convertible Portfolio |
34 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
36 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
38 | MainStay VP MacKay Convertible Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801637 | MSVPC11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 1/29/1993 | 19.75% | 20.80% | 15.24% | 0.73% |
Service Class Shares | 6/5/2003 | 19.45 | 20.50 | 14.96 | 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 graph and table reflect the Subadvisors and strategies in place during their respective time periods. |
2. | Effective January 1, 2018 due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the graph 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 27.60% | 25.32% | 19.79% |
Morningstar Large Growth Category Average2 | 20.49 | 21.76 | 17.12 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,053.30 | $3.73 | $1,021.58 | $3.67 | 0.72% |
Service Class Shares | $1,000.00 | $1,052.00 | $5.02 | $1,020.32 | $4.94 | 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 184 (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 | 23.9% |
Interactive Media & Services | 12.8 |
IT Services | 11.9 |
Technology Hardware, Storage & Peripherals | 8.6 |
Semiconductors & Semiconductor Equipment | 8.4 |
Internet & Direct Marketing Retail | 4.6 |
Capital Markets | 3.8 |
Health Care Equipment & Supplies | 3.6 |
Professional Services | 2.7 |
Beverages | 2.3 |
Hotels, Restaurants & Leisure | 2.0 |
Health Care Providers & Services | 1.9 |
Life Sciences Tools & Services | 1.7 |
Automobiles | 1.5 |
Commercial Services & Supplies | 1.4 |
Textiles, Apparel & Luxury Goods | 1.2 |
Aerospace & Defense | 1.1% |
Pharmaceuticals | 0.9 |
Biotechnology | 0.9 |
Insurance | 0.8 |
Entertainment | 0.7 |
Road & Rail | 0.7 |
Consumer Finance | 0.5 |
Equity Real Estate Investment Trusts | 0.5 |
Electronic Equipment, Instruments & Components | 0.4 |
Specialty Retail | 0.3 |
Machinery | 0.2 |
Media | 0.1 |
Short–Term Investments | 0.9 |
Other Assets, Less Liabilities | –0.3 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class C |
4. | Amazon.com, Inc. |
5. | Mastercard, Inc., Class A |
6. | Meta Platforms, Inc., Class A |
7. | Advanced Micro Devices, Inc. |
8. | NVIDIA Corp. |
9. | salesforce.com, Inc. |
10. | Adobe, Inc. |
During the time MacKay Shields managed the Portfolio, the Portfolio outperformed the Index, helped by strong stock selection, most notably among consumer discretionary and health care issues. Sector allocation effect also made a positive contribution to relative returns due to the Portfolio’s underweight exposure to consumer staples and overweight exposure to communication services. (Contributions take weightings and total returns into account.) In terms of stock-selection model efficacy, the combination of signals used by the Portfolio’s quantitative stock selection model was rewarded primarily by valuation measures.
During the time Wellington managed the Portfolio, the Portfolio underperformed the Index primarily due to security selection, with many of the most notable detractors coming from the information
During the time MacKay Shields managed the Portfolio, the strongest positive contributors to the Portfolio’s performance relative to the Index were the health care, consumer discretionary and information technology sectors. During the same period, the most significant detractors from relative performance were the real estate, communication services and energy sectors.
During the time Wellington managed the Portfolio, security selection in the industrials and utilities sectors made modestly positive contributions to performance relative to the Index. The sectors that detracted most significantly from relative performance were information technology, consumer discretionary and consumer staples. From a sector allocation perspective, the Portfolio’s overweight allocation to communication services weighed on results. This negative allocation effect was partially offset by the Portfolio’s overweight exposure to information technology and underweight exposure to consumer discretionary.
The stocks providing the strongest positive contributions to the
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Growth Portfolio |
The strongest positive contributors to absolute performance during the time Wellington managed the Portfolio were holdings in enterprise software company Microsoft, consumer electronics maker Apple, and semiconductor chip manufacturer Advanced Micro Devices. Shares of Microsoft rose when technology stocks rebounded following weakness in May 2021, when hawkish comments from the U.S. Federal Reserve prompted a market rotation away from cyclically sensitive value stocks and into growth stocks. Apple shares advanced after the company was granted a stay from a U.S. appeals court which prevented the company from being forced to allow payments outside of the company's app store, a change ordered by a federal judge as part of the company's antitrust battle with Epic Games. Additionally, Apple announced that it was accelerating plans to build a self-driving car and could unveil its debut model as early as 2025. Advanced Micro Devices stock gained ground after the company reported strong quarterly results and noted that it continues to see share gains in servers and personal computers. Interestingly, the company does not appear to have experienced the headwinds cited by key competitors. Instead, management described strong visibility for future market share gains in the server market.
The Portfolio’s largest initial purchase during the time MacKay
During the time Wellington managed the Portfolio, electric vehicle maker Tesla, mentioned earlier, was a notable addition to the portfolio. The Portfolio has historically not owned Tesla, a large benchmark constituent, for a variety of reasons, including operational and financing challenges in 2020 and an extended valuation over the past year based on incredible performance. However, we are incrementally more positive on the company given the recent infrastructure bill which should provide a positive boost for electric vehicle adoption. Additionally, we acknowledge that we previously underappreciated the significant lead Tesla has on legacy original equipment manufacturers and think they will retain this lead for some time. While we remain mindful of valuation, we made the decision to reduce the size of the Portfolio’s underweight position.
During the time MacKay Shields managed the Portfolio, the largest increases in sector exposures relative to the Index were in the health care and financials sectors. Conversely, the Portfolio's largest reductions in relative sector exposures were in the information technology and communication services sectors.
During the time Wellington managed the Portfolio, the most notable increases in absolute sector exposures were in health care and information technology, both of which represented overweight positions relative to the Index at the end of the reporting period. Notable reductions in the Portfolio’s absolute sector exposures included consumer discretionary and industrials. Industrials remained slightly overweight at the end of the reporting period, while consumer discretionary represented the Portfolio’s largest underweight.
10 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks 99.4% | ||
Aerospace & Defense 1.1% | ||
Airbus SE, ADR (a) | 119,410 | $ 3,810,373 |
Northrop Grumman Corp. | 12,654 | 4,897,984 |
8,708,357 | ||
Automobiles 1.5% | ||
Rivian Automotive, Inc., Class A (a)(b) | 31,186 | 3,233,676 |
Tesla, Inc. (a) | 7,961 | 8,413,026 |
11,646,702 | ||
Beverages 2.3% | ||
Constellation Brands, Inc., Class A | 56,467 | 14,171,523 |
Monster Beverage Corp. (a) | 39,334 | 3,777,637 |
17,949,160 | ||
Biotechnology 0.9% | ||
Seagen, Inc. (a) | 43,770 | 6,766,842 |
Capital Markets 3.8% | ||
Blackstone, Inc. | 58,974 | 7,630,646 |
Coinbase Global, Inc., Class A (a) | 18,665 | 4,710,486 |
MarketAxess Holdings, Inc. | 17,303 | 7,116,204 |
S&P Global, Inc. | 20,145 | 9,507,030 |
28,964,366 | ||
Commercial Services & Supplies 1.4% | ||
Copart, Inc. (a) | 70,790 | 10,733,180 |
Consumer Finance 0.5% | ||
American Express Co. | 22,609 | 3,698,832 |
Electronic Equipment, Instruments & Components 0.4% | ||
CDW Corp. | 16,362 | 3,350,610 |
Entertainment 0.7% | ||
ROBLOX Corp., Class A (a) | 27,465 | 2,833,290 |
Walt Disney Co. (The) (a) | 18,461 | 2,859,424 |
5,692,714 | ||
Equity Real Estate Investment Trusts 0.5% | ||
Equinix, Inc. | 4,018 | 3,398,585 |
Health Care Equipment & Supplies 3.6% | ||
ABIOMED, Inc. (a) | 28,477 | 10,228,084 |
Align Technology, Inc. (a) | 12,589 | 8,273,239 |
Boston Scientific Corp. (a) | 221,918 | 9,427,077 |
27,928,400 |
Shares | Value | |
Health Care Providers & Services 1.9% | ||
UnitedHealth Group, Inc. | 29,278 | $ 14,701,655 |
Hotels, Restaurants & Leisure 2.0% | ||
Airbnb, Inc., Class A (a) | 67,588 | 11,252,726 |
Hilton Worldwide Holdings, Inc. (a) | 27,735 | 4,326,383 |
15,579,109 | ||
Insurance 0.8% | ||
Marsh & McLennan Cos., Inc. | 36,085 | 6,272,295 |
Interactive Media & Services 12.8% | ||
Alphabet, Inc., Class C (a) | 18,103 | 52,382,660 |
Match Group, Inc. (a) | 40,864 | 5,404,264 |
Meta Platforms, Inc., Class A (a) | 66,723 | 22,442,281 |
Snap, Inc., Class A (a) | 120,646 | 5,673,981 |
ZoomInfo Technologies, Inc., Class A (a) | 199,871 | 12,831,718 |
98,734,904 | ||
Internet & Direct Marketing Retail 4.6% | ||
Amazon.com, Inc. (a) | 10,699 | 35,674,104 |
IT Services 11.9% | ||
Affirm Holdings, Inc. (a) | 23,368 | 2,349,886 |
Block, Inc., Class A (a) | 41,773 | 6,746,758 |
Fidelity National Information Services, Inc. | 109,647 | 11,967,970 |
FleetCor Technologies, Inc. (a) | 46,024 | 10,302,012 |
Global Payments, Inc. | 87,445 | 11,820,815 |
Mastercard, Inc., Class A | 70,819 | 25,446,683 |
PayPal Holdings, Inc. (a) | 38,472 | 7,255,050 |
Shopify, Inc., Class A (a) | 3,490 | 4,807,091 |
Snowflake, Inc., Class A (a) | 19,216 | 6,509,420 |
Visa, Inc., Class A | 22,162 | 4,802,727 |
92,008,412 | ||
Life Sciences Tools & Services 1.7% | ||
Illumina, Inc. (a) | 23,317 | 8,870,719 |
Mettler-Toledo International, Inc. (a) | 2,432 | 4,127,615 |
12,998,334 | ||
Machinery 0.2% | ||
IDEX Corp. | 7,715 | 1,823,209 |
Media 0.1% | ||
Interpublic Group of Cos., Inc. (The) | 7,626 | 285,594 |
Pharmaceuticals 0.9% | ||
Zoetis, Inc. | 28,309 | 6,908,245 |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services 2.7% | ||
IHS Markit Ltd. | 47,867 | $ 6,362,481 |
Legalzoom.com, Inc. (a)(b) | 10,553 | 169,587 |
TransUnion | 120,960 | 14,343,437 |
20,875,505 | ||
Road & Rail 0.7% | ||
Uber Technologies, Inc. (a) | 135,555 | 5,683,821 |
Semiconductors & Semiconductor Equipment 8.4% | ||
Advanced Micro Devices, Inc. (a) | 150,096 | 21,598,814 |
Marvell Technology, Inc. | 106,492 | 9,316,985 |
Microchip Technology, Inc. | 136,346 | 11,870,283 |
Monolithic Power Systems, Inc. | 5,800 | 2,861,314 |
NVIDIA Corp. | 65,778 | 19,345,968 |
64,993,364 | ||
Software 23.9% | ||
Adobe, Inc. (a) | 27,625 | 15,665,032 |
Autodesk, Inc. (a) | 39,089 | 10,991,436 |
Avalara, Inc. (a) | 56,808 | 7,334,481 |
Ceridian HCM Holding, Inc. (a) | 68,298 | 7,134,409 |
DocuSign, Inc. (a) | 13,938 | 2,122,897 |
HashiCorp, Inc., Class A (a) | 4,617 | 420,332 |
Intuit, Inc. | 15,192 | 9,771,798 |
Microsoft Corp. | 214,588 | 72,170,235 |
nCino, Inc. (a) | 94,712 | 5,195,900 |
Qualtrics International, Inc., Class A (a) | 10,623 | 376,054 |
RingCentral, Inc., Class A (a) | 30,161 | 5,650,663 |
salesforce.com, Inc. (a) | 63,758 | 16,202,820 |
SentinelOne, Inc., Class A (a) | 28,422 | 1,435,027 |
ServiceNow, Inc. (a) | 19,060 | 12,372,037 |
UiPath, Inc., Class A (a)(b) | 169,459 | 7,308,767 |
Workday, Inc., Class A (a) | 39,420 | 10,768,756 |
184,920,644 | ||
Specialty Retail 0.3% | ||
Burlington Stores, Inc. (a) | 7,980 | 2,326,250 |
Technology Hardware, Storage & Peripherals 8.6% | ||
Apple, Inc. | 375,191 | 66,622,666 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods 1.2% | |||
Lululemon Athletica, Inc. (a) | 23,693 | $ 9,274,625 | |
Total Common Stocks (Cost $619,293,737) | 768,520,484 | ||
Short-Term Investments 0.9% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 6,653,783 | 6,653,783 | |
Unaffiliated Investment Companies 0.1% | |||
BlackRock Liquidity FedFund, 0.025% (c)(d) | 100,000 | 100,000 | |
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 457,905 | 457,905 | |
Total Unaffiliated Investment Companies (Cost $557,905) | 557,905 | ||
Total Short-Term Investments (Cost $7,211,688) | 7,211,688 | ||
Total Investments (Cost $626,505,425) | 100.3% | 775,732,172 | |
Other Assets, Less Liabilities | (0.3) | (2,227,592) | |
Net Assets | 100.0% | $ 773,504,580 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $4,262,229; the total market value of collateral held by the Portfolio was $4,386,419. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,828,514. The Portfolio received cash collateral with a value of $557,905. (See Note 2(G)) |
(c) | Current yield as of December 31, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
12 | MainStay VP Wellington Growth 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 | $ 768,520,484 | $ — | $ — | $ 768,520,484 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 6,653,783 | — | — | 6,653,783 | |||
Unaffiliated Investment Companies | 557,905 | — | — | 557,905 | |||
Total Short-Term Investments | 7,211,688 | — | — | 7,211,688 | |||
Total Investments in Securities | $ 775,732,172 | $ — | $ — | $ 775,732,172 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $619,851,642) including securities on loan of $4,262,229 | $769,078,389 |
Investment in affiliated investment companies, at value (identified cost $6,653,783) | 6,653,783 |
Due from custodian | 25,812 |
Receivables: | |
Dividends | 11,383 |
Portfolio shares sold | 1,121 |
Securities lending | 1,051 |
Other assets | 3,066 |
Total assets | 775,774,605 |
Liabilities | |
Cash collateral received for securities on loan | 557,905 |
Payables: | |
Investment securities purchased | 885,999 |
Manager (See Note 3) | 441,677 |
Portfolio shares redeemed | 286,616 |
Shareholder communication | 35,243 |
Professional fees | 32,299 |
NYLIFE Distributors (See Note 3) | 12,047 |
Custodian | 7,078 |
Trustees | 420 |
Accrued expenses | 10,741 |
Total liabilities | 2,270,025 |
Net assets | $773,504,580 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 19,320 |
Additional paid-in-capital | 441,191,656 |
441,210,976 | |
Total distributable earnings (loss) | 332,293,604 |
Net assets | $773,504,580 |
Initial Class | |
Net assets applicable to outstanding shares | $716,521,373 |
Shares of beneficial interest outstanding | 17,873,386 |
Net asset value per share outstanding | $ 40.09 |
Service Class | |
Net assets applicable to outstanding shares | $ 56,983,207 |
Shares of beneficial interest outstanding | 1,446,785 |
Net asset value per share outstanding | $ 39.39 |
14 | MainStay VP Wellington Growth Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 3,077,699 |
Securities lending | 13,481 |
Dividends-affiliated | 434 |
Total income | 3,091,614 |
Expenses | |
Manager (See Note 3) | 4,837,404 |
Distribution/Service—Service Class (See Note 3) | 145,322 |
Professional fees | 121,699 |
Shareholder communication | 101,538 |
Custodian | 25,872 |
Trustees | 14,105 |
Miscellaneous | 35,101 |
Total expenses before waiver/reimbursement | 5,281,041 |
Expense waiver/reimbursement from Manager (See Note 3) | (48,499) |
Net expenses | 5,232,542 |
Net investment income (loss) | (2,140,928) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments(a) | 187,628,438 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (60,913,826) |
Net realized and unrealized gain (loss) | 126,714,612 |
Net increase (decrease) in net assets resulting from operations | $124,573,684 |
(a) | Includes transition cost of $16,469. |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (2,140,928) | $ 2,215,651 |
Net realized gain (loss) | 187,628,438 | 103,480,396 |
Net change in unrealized appreciation (depreciation) | (60,913,826) | 78,489,040 |
Net increase (decrease) in net assets resulting from operations | 124,573,684 | 184,185,087 |
Distributions to shareholders: | ||
Initial Class | (97,692,566) | (59,754,524) |
Service Class | (8,338,204) | (5,072,008) |
Total distributions to shareholders | (106,030,770) | (64,826,532) |
Capital share transactions: | ||
Net proceeds from sales of shares | 81,855,689 | 8,061,237 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 106,030,770 | 64,826,532 |
Cost of shares redeemed | (81,116,553) | (252,257,221) |
Increase (decrease) in net assets derived from capital share transactions | 106,769,906 | (179,369,452) |
Net increase (decrease) in net assets | 125,312,820 | (60,010,897) |
Net Assets | ||
Beginning of year | 648,191,760 | 708,202,657 |
End of year | $ 773,504,580 | $ 648,191,760 |
16 | MainStay VP Wellington Growth Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | $ 23.90 | ||||
Net investment income (loss) (a) | (0.12) | 0.12 | 0.18 | 0.19 | 0.19 | ||||
Net realized and unrealized gain (loss) | 7.70 | 10.08 | 7.77 | (1.10) | 7.05 | ||||
Total from investment operations | 7.58 | 10.20 | 7.95 | (0.91) | 7.24 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.21) | (0.19) | (0.21) | (0.07) | ||||
From net realized gain on investments | (6.49) | (3.48) | (2.86) | (2.01) | (0.20) | ||||
Total distributions | (6.64) | (3.69) | (3.05) | (2.22) | (0.27) | ||||
Net asset value at end of year | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | ||||
Total investment return (b) | 19.75% | 32.30% | 30.01% | (4.24)% | 30.41% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.28)% | 0.35% | 0.56% | 0.60% | 0.71% | ||||
Net expenses (c) | 0.72% | 0.73% | 0.72% | 0.73% | 0.74% | ||||
Expenses (before waiver/reimbursement) (c) | 0.73% | 0.73% | 0.72% | 0.73% | 0.74% | ||||
Portfolio turnover rate | 48% | 144% | 156% | 127% | 141% | ||||
Net assets at end of year (in 000's) | $ 716,521 | $ 590,841 | $ 652,081 | $ 461,537 | $ 525,483 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | $ 23.62 | ||||
Net investment income (loss) (a) | (0.22) | 0.04 | 0.10 | 0.11 | 0.12 | ||||
Net realized and unrealized gain (loss) | 7.57 | 9.93 | 7.66 | (1.10) | 6.97 | ||||
Total from investment operations | 7.35 | 9.97 | 7.76 | (0.99) | 7.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.11) | (0.09) | (0.12) | (0.01) | ||||
From net realized gain on investments | (6.49) | (3.48) | (2.86) | (2.01) | (0.20) | ||||
Total distributions | (6.53) | (3.59) | (2.95) | (2.13) | (0.21) | ||||
Net asset value at end of year | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | ||||
Total investment return (b) | 19.45% | 31.97% | 29.69% | (4.48)% | 30.09% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.53)% | 0.11% | 0.32% | 0.35% | 0.46% | ||||
Net expenses (c) | 0.97% | 0.98% | 0.97% | 0.98% | 0.99% | ||||
Expenses (before waiver/reimbursement) (c) | 0.98% | 0.98% | 0.97% | 0.98% | 0.99% | ||||
Portfolio turnover rate | 48% | 144% | 156% | 127% | 141% | ||||
Net assets at end of year (in 000's) | $ 56,983 | $ 57,351 | $ 56,122 | $ 51,674 | $ 66,735 |
(a) | Per share data based on average shares outstanding during the year. |
(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 | 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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 32 | $ 175,953 | $ (169,331) | $ — | $ — | $ 6,654 | $ —(a) | $ — | 6,654 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $627,181,333 | $179,974,742 | $(31,423,903) | $148,550,839 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$50,638,555 | $133,104,210 | $148,550,839 | $332,293,604 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 16,747,990 | $21,811,757 |
Long-Term Capital Gains | 89,282,780 | 43,014,775 |
Total | $106,030,770 | $64,826,532 |
22 | MainStay VP Wellington Growth Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 1,949,803 | $ 81,230,189 |
Shares issued to shareholders in reinvestment of distributions | 2,496,099 | 97,692,566 |
Shares redeemed | (1,662,755) | (69,745,620) |
Net increase (decrease) | 2,783,147 | $ 109,177,135 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 15,229 | $ 625,500 |
Shares issued to shareholders in reinvestment of distributions | 216,720 | 8,338,204 |
Shares redeemed | (272,037) | (11,370,933) |
Net increase (decrease) | (40,088) | $ (2,407,229) |
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) |
MainStay VP Wellington Growth Portfolio (formerly known as MainStay VP MacKay Growth Portfolio)
New York, New York
February 24, 2022
24 | MainStay VP Wellington Growth Portfolio |
26 | MainStay VP Wellington Growth Portfolio |
28 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
32 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802146 | MSVPCG11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1998 | 22.89% | 11.41% | 11.01% | 0.73% |
Service Class Shares | 6/5/2003 | 22.58 | 11.14 | 10.73 | 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 graph 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 25.16% | 11.16% | 12.97% |
U.S. Equity Yield Composite Index2 | 20.73 | 12.24 | 12.53 |
Morningstar Large Value Category Average3 | 26.08 | 11.41 | 12.06 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,082.50 | $3.57 | $1,021.78 | $3.47 | 0.68% |
Service Class Shares | $1,000.00 | $1,081.10 | $4.88 | $1,020.52 | $4.74 | 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 184 (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 |
Banks | 7.3% |
Semiconductors & Semiconductor Equipment | 6.9 |
Pharmaceuticals | 6.0 |
Electric Utilities | 5.6 |
Insurance | 5.1 |
Chemicals | 5.0 |
Equity Real Estate Investment Trusts | 4.3 |
Electrical Equipment | 4.1 |
Capital Markets | 4.0 |
Oil, Gas & Consumable Fuels | 3.9 |
Biotechnology | 3.3 |
Multi–Utilities | 3.2 |
Beverages | 2.9 |
Household Products | 2.9 |
Health Care Providers & Services | 2.8 |
Tobacco | 2.6 |
IT Services | 2.5 |
Aerospace & Defense | 2.4 |
Media | 2.2 |
Communications Equipment | 1.7 |
Hotels, Restaurants & Leisure | 1.7 |
Specialty Retail | 1.7% |
Diversified Telecommunication Services | 1.5 |
Software | 1.5 |
Food & Staples Retailing | 1.4 |
Commercial Services & Supplies | 1.3 |
Health Care Equipment & Supplies | 1.3 |
Consumer Finance | 1.2 |
Leisure Products | 1.2 |
Technology Hardware, Storage & Peripherals | 1.1 |
Trading Companies & Distributors | 1.1 |
Multiline Retail | 1.0 |
Industrial Conglomerates | 1.0 |
Air Freight & Logistics | 0.9 |
Containers & Packaging | 0.9 |
Machinery | 0.7 |
Household Durables | 0.5 |
Textiles, Apparel & Luxury Goods | 0.5 |
Short–Term Investments | 2.3 |
Other Assets, Less Liabilities | –1.5 |
100.0% |
1. | Broadcom, Inc. |
2. | AbbVie, Inc. |
3. | JPMorgan Chase & Co. |
4. | MetLife, Inc. |
5. | Johnson & Johnson |
6. | Merck & Co., Inc. |
7. | Emerson Electric Co. |
8. | UnitedHealth Group, Inc. |
9. | Cisco Systems, Inc. |
10. | Bank of America Corp. |
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 99.2% | ||
Aerospace & Defense 2.4% | ||
General Dynamics Corp. | 34,434 | $ 7,178,456 |
Lockheed Martin Corp. | 23,458 | 8,337,208 |
Raytheon Technologies Corp. | 126,146 | 10,856,125 |
26,371,789 | ||
Air Freight & Logistics 0.9% | ||
United Parcel Service, Inc., Class B | 49,002 | 10,503,089 |
Banks 7.3% | ||
Bank of America Corp. | 425,704 | 18,939,571 |
JPMorgan Chase & Co. | 130,606 | 20,681,460 |
PNC Financial Services Group, Inc. (The) | 60,109 | 12,053,057 |
Truist Financial Corp. | 288,858 | 16,912,636 |
U.S. Bancorp | 214,307 | 12,037,624 |
80,624,348 | ||
Beverages 2.9% | ||
Coca-Cola Co. (The) | 193,097 | 11,433,273 |
Coca-Cola Europacific Partners plc | 171,888 | 9,613,696 |
PepsiCo, Inc. | 65,472 | 11,373,141 |
32,420,110 | ||
Biotechnology 3.3% | ||
AbbVie, Inc. | 169,079 | 22,893,296 |
Amgen, Inc. | 58,603 | 13,183,917 |
36,077,213 | ||
Capital Markets 4.0% | ||
BlackRock, Inc. | 17,392 | 15,923,419 |
CME Group, Inc. | 37,745 | 8,623,223 |
Lazard Ltd., Class A | 289,195 | 12,617,578 |
T. Rowe Price Group, Inc. | 32,778 | 6,445,466 |
43,609,686 | ||
Chemicals 5.0% | ||
Dow, Inc. | 195,014 | 11,061,194 |
Linde plc | 27,302 | 9,458,232 |
LyondellBasell Industries NV, Class A | 93,368 | 8,611,331 |
Nutrien Ltd. (a) | 232,072 | 17,451,814 |
PPG Industries, Inc. | 48,743 | 8,405,243 |
54,987,814 | ||
Commercial Services & Supplies 1.3% | ||
Republic Services, Inc. | 58,386 | 8,141,928 |
Waste Management, Inc. | 38,407 | 6,410,128 |
14,552,056 |
Shares | Value | |
Communications Equipment 1.7% | ||
Cisco Systems, Inc. | 299,259 | $ 18,964,043 |
Consumer Finance 1.2% | ||
Ally Financial, Inc. | 274,919 | 13,088,894 |
Containers & Packaging 0.9% | ||
Amcor plc | 810,516 | 9,734,297 |
Diversified Telecommunication Services 1.5% | ||
AT&T, Inc. | 255,604 | 6,287,859 |
Verizon Communications, Inc. | 198,371 | 10,307,357 |
16,595,216 | ||
Electric Utilities 5.6% | ||
Alliant Energy Corp. | 104,294 | 6,410,952 |
American Electric Power Co., Inc. | 125,289 | 11,146,962 |
Duke Energy Corp. | 60,590 | 6,355,891 |
Entergy Corp. | 123,167 | 13,874,763 |
Evergy, Inc. | 134,755 | 9,245,541 |
Eversource Energy | 83,767 | 7,621,122 |
NextEra Energy, Inc. | 76,482 | 7,140,359 |
61,795,590 | ||
Electrical Equipment 4.1% | ||
Eaton Corp. plc | 101,977 | 17,623,665 |
Emerson Electric Co. | 206,600 | 19,207,602 |
Hubbell, Inc. | 39,619 | 8,251,449 |
45,082,716 | ||
Equity Real Estate Investment Trusts 4.3% | ||
American Tower Corp. | 28,805 | 8,425,463 |
Iron Mountain, Inc. | 282,101 | 14,762,345 |
Realty Income Corp. | 99,377 | 7,114,400 |
Welltower, Inc. | 71,412 | 6,125,007 |
WP Carey, Inc. | 137,065 | 11,246,183 |
47,673,398 | ||
Food & Staples Retailing 1.4% | ||
Walmart, Inc. | 104,633 | 15,139,349 |
Health Care Equipment & Supplies 1.3% | ||
Medtronic plc | 138,178 | 14,294,514 |
Health Care Providers & Services 2.8% | ||
CVS Health Corp. | 118,200 | 12,193,512 |
UnitedHealth Group, Inc. | 38,088 | 19,125,508 |
31,319,020 |
10 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure 1.7% | ||
McDonald's Corp. | 44,035 | $ 11,804,463 |
Vail Resorts, Inc. | 21,196 | 6,950,168 |
18,754,631 | ||
Household Durables 0.5% | ||
Leggett & Platt, Inc. | 147,668 | 6,078,015 |
Household Products 2.9% | ||
Colgate-Palmolive Co. | 68,205 | 5,820,615 |
Kimberly-Clark Corp. | 60,313 | 8,619,934 |
Procter & Gamble Co. (The) | 104,956 | 17,168,702 |
31,609,251 | ||
Industrial Conglomerates 1.0% | ||
Honeywell International, Inc. | 53,328 | 11,119,421 |
Insurance 5.1% | ||
Arthur J. Gallagher & Co. | 110,254 | 18,706,796 |
Marsh & McLennan Cos., Inc. | 49,669 | 8,633,466 |
MetLife, Inc. | 323,478 | 20,214,140 |
Travelers Cos., Inc. (The) | 58,272 | 9,115,489 |
56,669,891 | ||
IT Services 2.5% | ||
Automatic Data Processing, Inc. | 28,143 | 6,939,501 |
International Business Machines Corp. | 103,342 | 13,812,692 |
Paychex, Inc. | 53,637 | 7,321,450 |
28,073,643 | ||
Leisure Products 1.2% | ||
Hasbro, Inc. | 128,206 | 13,048,807 |
Machinery 0.7% | ||
Cummins, Inc. | 33,109 | 7,222,397 |
Media 2.2% | ||
Comcast Corp., Class A | 329,539 | 16,585,698 |
Omnicom Group, Inc. | 111,061 | 8,137,439 |
24,723,137 | ||
Multiline Retail 1.0% | ||
Target Corp. | 48,817 | 11,298,206 |
Multi-Utilities 3.2% | ||
Ameren Corp. | 101,174 | 9,005,498 |
CMS Energy Corp. | 85,091 | 5,535,170 |
Shares | Value | |
Multi-Utilities (continued) | ||
Dominion Energy, Inc. | 84,429 | $ 6,632,742 |
NiSource, Inc. | 218,521 | 6,033,365 |
WEC Energy Group, Inc. | 81,449 | 7,906,254 |
35,113,029 | ||
Oil, Gas & Consumable Fuels 3.9% | ||
Chevron Corp. | 148,811 | 17,462,971 |
Enterprise Products Partners LP | 552,512 | 12,133,163 |
Magellan Midstream Partners LP | 157,115 | 7,296,421 |
TotalEnergies SE, Sponsored ADR | 116,805 | 5,777,175 |
42,669,730 | ||
Pharmaceuticals 6.0% | ||
Eli Lilly and Co. | 54,565 | 15,071,944 |
Johnson & Johnson | 115,297 | 19,723,858 |
Merck & Co., Inc. | 255,990 | 19,619,074 |
Pfizer, Inc. | 208,121 | 12,289,545 |
66,704,421 | ||
Semiconductors & Semiconductor Equipment 6.9% | ||
Analog Devices, Inc. | 102,393 | 17,997,618 |
Broadcom, Inc. | 38,359 | 25,524,462 |
Intel Corp. | 118,453 | 6,100,330 |
KLA Corp. | 37,886 | 16,295,147 |
Texas Instruments, Inc. | 52,592 | 9,912,014 |
75,829,571 | ||
Software 1.5% | ||
Microsoft Corp. | 48,383 | 16,272,171 |
Specialty Retail 1.7% | ||
Home Depot, Inc. (The) | 44,035 | 18,274,965 |
Technology Hardware, Storage & Peripherals 1.1% | ||
Apple, Inc. | 67,646 | 12,011,900 |
Textiles, Apparel & Luxury Goods 0.5% | ||
Hanesbrands, Inc. | 335,994 | 5,617,819 |
Tobacco 2.6% | ||
Altria Group, Inc. | 204,284 | 9,681,019 |
British American Tobacco plc, Sponsored ADR | 183,094 | 6,849,546 |
Philip Morris International, Inc. | 122,504 | 11,637,880 |
28,168,445 |
Shares | Value | ||
Common Stocks (continued) | |||
Trading Companies & Distributors 1.1% | |||
MSC Industrial Direct Co., Inc., Class A | 141,714 | $ 11,912,479 | |
Total Common Stocks (Cost $814,062,139) | 1,094,005,071 | ||
Short-Term Investments 2.3% | |||
Affiliated Investment Company 0.9% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 9,626,007 | 9,626,007 | |
Unaffiliated Investment Company 1.4% | |||
Wells Fargo Government Money Market Fund, 0.10% (b)(c) | 15,904,917 | 15,904,917 | |
Total Short-Term Investments (Cost $25,530,924) | 25,530,924 | ||
Total Investments (Cost $839,593,063) | 101.5% | 1,119,535,995 | |
Other Assets, Less Liabilities | (1.5) | (17,070,980) | |
Net Assets | 100.0% | $ 1,102,465,015 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $15,706,498. The Portfolio received cash collateral with a value of $15,904,917. (See Note 2(H)) |
(b) | Current yield as of December 31, 2021. |
(c) | 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 | $ 1,094,005,071 | $ — | $ — | $ 1,094,005,071 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 9,626,007 | — | — | 9,626,007 | |||
Unaffiliated Investment Company | 15,904,917 | — | — | 15,904,917 | |||
Total Short-Term Investments | 25,530,924 | — | — | 25,530,924 | |||
Total Investments in Securities | $ 1,119,535,995 | $ — | $ — | $ 1,119,535,995 |
(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 $829,967,056) including securities on loan of $15,706,498 | $1,109,909,988 |
Investment in affiliated investment companies, at value (identified cost $9,626,007) | 9,626,007 |
Receivables: | |
Investment securities sold | 3,473,119 |
Dividends and interest | 2,214,856 |
Portfolio shares sold | 163,560 |
Securities lending | 616 |
Other assets | 4,265 |
Total assets | 1,125,392,411 |
Liabilities | |
Cash collateral received for securities on loan | 15,904,917 |
Payables: | |
Investment securities purchased | 6,012,174 |
Manager (See Note 3) | 603,179 |
Portfolio shares redeemed | 201,470 |
NYLIFE Distributors (See Note 3) | 95,801 |
Shareholder communication | 46,756 |
Professional fees | 44,191 |
Custodian | 5,974 |
Trustees | 1,197 |
Accrued expenses | 11,737 |
Total liabilities | 22,927,396 |
Net assets | $1,102,465,015 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 61,152 |
Additional paid-in-capital | 786,028,568 |
786,089,720 | |
Total distributable earnings (loss) | 316,375,295 |
Net assets | $1,102,465,015 |
Initial Class | |
Net assets applicable to outstanding shares | $640,585,270 |
Shares of beneficial interest outstanding | 35,296,111 |
Net asset value per share outstanding | $ 18.15 |
Service Class | |
Net assets applicable to outstanding shares | $461,879,745 |
Shares of beneficial interest outstanding | 25,855,745 |
Net asset value per share outstanding | $ 17.86 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $142,187) | $ 27,239,691 |
Dividends-affiliated | 1,939 |
Securities lending | 978 |
Total income | 27,242,608 |
Expenses | |
Manager (See Note 3) | 6,949,654 |
Distribution/Service—Service Class (See Note 3) | 1,113,393 |
Professional fees | 109,780 |
Shareholder communication | 61,606 |
Custodian | 27,082 |
Trustees | 20,936 |
Miscellaneous | 45,799 |
Total expenses before waiver/reimbursement | 8,328,250 |
Expense waiver/reimbursement from Manager (See Note 3) | (359,856) |
Net expenses | 7,968,394 |
Net investment income (loss) | 19,274,214 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 55,297,723 |
Foreign currency transactions | 3,873 |
Net realized gain (loss) | 55,301,596 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 129,641,555 |
Net realized and unrealized gain (loss) | 184,943,151 |
Net increase (decrease) in net assets resulting from operations | $204,217,365 |
14 | MainStay VP Epoch U.S. Equity Yield Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 19,274,214 | $ 21,227,734 |
Net realized gain (loss) | 55,301,596 | (32,499,703) |
Net change in unrealized appreciation (depreciation) | 129,641,555 | (972,217) |
Net increase (decrease) in net assets resulting from operations | 204,217,365 | (12,244,186) |
Distributions to shareholders: | ||
Initial Class | (14,032,271) | (30,366,836) |
Service Class | (9,739,276) | (24,324,032) |
Total distributions to shareholders | (23,771,547) | (54,690,868) |
Capital share transactions: | ||
Net proceeds from sales of shares | 119,905,528 | 68,376,620 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 23,771,547 | 54,690,868 |
Cost of shares redeemed | (138,903,490) | (190,864,938) |
Increase (decrease) in net assets derived from capital share transactions | 4,773,585 | (67,797,450) |
Net increase (decrease) in net assets | 185,219,403 | (134,732,504) |
Net Assets | ||
Beginning of year | 917,245,612 | 1,051,978,116 |
End of year | $1,102,465,015 | $ 917,245,612 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | $ 13.79 | ||||
Net investment income (loss) (a) | 0.34 | 0.35 | 0.38 | 0.39 | 0.30 | ||||
Net realized and unrealized gain (loss) | 3.09 | (0.41) | 2.92 | (1.12) | 2.26 | ||||
Total from investment operations | 3.43 | (0.06) | 3.30 | (0.73) | 2.56 | ||||
Less distributions: | |||||||||
From net investment income | (0.41) | (0.41) | (0.52) | (0.35) | (0.20) | ||||
From net realized gain on investments | — | (0.52) | (0.67) | (1.06) | — | ||||
Total distributions | (0.41) | (0.93) | (1.19) | (1.41) | (0.20) | ||||
Net asset value at end of year | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | ||||
Total investment return (b) | 22.89% | 0.03% | 24.18% | (5.23)% | 18.66% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.02% | 2.47% | 2.43% | 2.49% | 2.01% | ||||
Net expenses (c) | 0.68% | 0.68% | 0.68% | 0.68% | 0.73% | ||||
Expenses (before waiver/reimbursement) (c) | 0.72% | 0.73% | 0.72% | 0.71% | 0.74% | ||||
Portfolio turnover rate | 20% | 26% | 22% | 25% | 122% | ||||
Net assets at end of year (in 000's) | $ 640,585 | $ 495,193 | $ 591,185 | $ 548,881 | $ 791,462 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | $ 13.61 | ||||
Net investment income (loss) (a) | 0.29 | 0.31 | 0.34 | 0.35 | 0.26 | ||||
Net realized and unrealized gain (loss) | 3.05 | (0.42) | 2.88 | (1.12) | 2.24 | ||||
Total from investment operations | 3.34 | (0.11) | 3.22 | (0.77) | 2.50 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.36) | (0.47) | (0.30) | (0.17) | ||||
From net realized gain on investments | — | (0.52) | (0.67) | (1.06) | — | ||||
Total distributions | (0.38) | (0.88) | (1.14) | (1.36) | (0.17) | ||||
Net asset value at end of year | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | ||||
Total investment return (b) | 22.58% | (0.22)% | 23.87% | (5.46)% | 18.37% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.77% | 2.21% | 2.18% | 2.23% | 1.73% | ||||
Net expenses (c) | 0.93% | 0.93% | 0.93% | 0.93% | 0.98% | ||||
Expenses (before waiver/reimbursement) (c) | 0.97% | 0.98% | 0.97% | 0.96% | 0.99% | ||||
Portfolio turnover rate | 20% | 26% | 22% | 25% | 122% | ||||
Net assets at end of year (in 000's) | $ 461,880 | $ 422,053 | $ 460,793 | $ 431,635 | $ 536,044 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
16 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
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 Epoch U.S. Equity Yield Portfolio |
20 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 21,984 | $ 153,035 | $ (165,393) | $ — | $ — | $ 9,626 | $ 2 | $ — | 9,626 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $846,756,306 | $289,358,469 | $(16,578,780) | $272,779,689 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$20,927,554 | $22,291,106 | $376,946 | $272,779,689 | $316,375,295 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $23,771,547 | $23,317,781 |
Long-Term Capital Gains | — | 31,373,087 |
Total | $23,771,547 | $54,690,868 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 5,530,435 | $ 94,089,547 |
Shares issued to shareholders in reinvestment of distributions | 822,245 | 14,032,271 |
Shares redeemed | (3,793,315) | (62,560,476) |
Net increase (decrease) | 2,559,365 | $ 45,561,342 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 1,557,270 | $ 25,815,981 |
Shares issued to shareholders in reinvestment of distributions | 579,460 | 9,739,276 |
Shares redeemed | (4,609,938) | (76,343,014) |
Net increase (decrease) | (2,473,208) | $ (40,787,757) |
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) |
22 | MainStay VP Epoch U.S. Equity Yield Portfolio |
MainStay VP Epoch U.S. Equity Yield Portfolio
New York, New York
February 24, 2022
24 | MainStay VP Epoch U.S. Equity Yield Portfolio |
26 | MainStay VP Epoch U.S. Equity Yield Portfolio |
28 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
30 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Epoch U.S. Equity Yield Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802147 | MSVPEUE11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 25.49% | 11.01% | 11.10% | 0.76% |
Service Class Shares | 2/17/2012 | 25.18 | 10.73 | 10.83 | 1.01 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Russell 1000® Value Index1 | 25.16% | 11.16% | 12.26% |
S&P 500® Index2 | 28.71 | 18.47 | 15.82 |
Morningstar Large Value Category Average3 | 26.08 | 11.41 | 11.28 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,060.30 | $3.95 | $1,021.37 | $3.87 | 0.76% |
Service Class Shares | $1,000.00 | $1,058.90 | $5.24 | $1,020.11 | $5.14 | 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 184 (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 | 8.6% |
Insurance | 8.4 |
Health Care Providers & Services | 6.3 |
Semiconductors & Semiconductor Equipment | 5.5 |
Oil, Gas & Consumable Fuels | 5.4 |
Pharmaceuticals | 4.6 |
Equity Real Estate Investment Trusts | 4.6 |
Multi–Utilities | 4.6 |
Capital Markets | 4.4 |
Electric Utilities | 4.2 |
Health Care Equipment & Supplies | 3.8 |
Chemicals | 3.5 |
Industrial Conglomerates | 3.5 |
Media | 3.1 |
Food Products | 3.0 |
Air Freight & Logistics | 2.6 |
Software | 2.4 |
Biotechnology | 2.3 |
Aerospace & Defense | 2.3 |
Containers & Packaging | 1.5 |
Household Products | 1.5 |
Tobacco | 1.4 |
Diversified Financial Services | 1.2 |
Entertainment | 1.1% |
Automobiles | 1.0 |
Commercial Services & Supplies | 0.8 |
Machinery | 0.7 |
Specialty Retail | 0.7 |
Leisure Products | 0.7 |
Hotels, Restaurants & Leisure | 0.6 |
Multiline Retail | 0.6 |
Communications Equipment | 0.6 |
Beverages | 0.5 |
Professional Services | 0.5 |
Diversified Telecommunication Services | 0.4 |
IT Services | 0.4 |
Food & Staples Retailing | 0.4 |
Electronic Equipment, Instruments & Components | 0.3 |
Airlines | 0.2 |
Energy Equipment & Services | 0.1 |
Paper & Forest Products | 0.0‡ |
Short–Term Investments | 2.2 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
1. | Wells Fargo & Co. |
2. | QUALCOMM, Inc. |
3. | Southern Co. (The) |
4. | United Parcel Service, Inc., Class B |
5. | General Electric Co. |
6. | American International Group, Inc. |
7. | Anthem, Inc. |
8. | TotalEnergies SE |
9. | Tyson Foods, Inc., Class A |
10. | Chubb Ltd. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP T. Rowe Price Equity Income Portfolio |
Shares | Value | |
Common Stocks 95.9% | ||
Aerospace & Defense 2.3% | ||
Boeing Co. (The) (a) | 24,089 | $ 4,849,598 |
L3Harris Technologies, Inc. | 36,093 | 7,696,471 |
12,546,069 | ||
Air Freight & Logistics 2.6% | ||
United Parcel Service, Inc., Class B | 67,215 | 14,406,863 |
Airlines 0.2% | ||
Southwest Airlines Co. (a) | 31,934 | 1,368,053 |
Banks 8.6% | ||
Bank of America Corp. | 68,642 | 3,053,883 |
Citigroup, Inc. | 27,237 | 1,644,842 |
Citizens Financial Group, Inc. | 16,361 | 773,057 |
Fifth Third Bancorp | 219,794 | 9,572,029 |
Huntington Bancshares, Inc. | 368,300 | 5,679,186 |
JPMorgan Chase & Co. | 20,230 | 3,203,420 |
PNC Financial Services Group, Inc. (The) | 9,726 | 1,950,258 |
Wells Fargo & Co. | 449,584 | 21,571,040 |
47,447,715 | ||
Beverages 0.5% | ||
Coca-Cola Co. (The) | 50,472 | 2,988,447 |
Biotechnology 2.3% | ||
AbbVie, Inc. | 77,676 | 10,517,330 |
Biogen, Inc. (a) | 5,300 | 1,271,576 |
Gilead Sciences, Inc. | 12,045 | 874,588 |
12,663,494 | ||
Capital Markets 4.4% | ||
Bank of New York Mellon Corp. (The) | 14,037 | 815,269 |
Charles Schwab Corp. (The) | 37,715 | 3,171,832 |
Franklin Resources, Inc. | 19,160 | 641,668 |
Goldman Sachs Group, Inc. (The) | 17,016 | 6,509,471 |
Morgan Stanley | 55,183 | 5,416,763 |
Raymond James Financial, Inc. | 8,465 | 849,886 |
State Street Corp. | 72,265 | 6,720,645 |
24,125,534 | ||
Chemicals 3.5% | ||
Akzo Nobel NV | 18,671 | 2,051,294 |
CF Industries Holdings, Inc. | 135,038 | 9,557,990 |
DuPont de Nemours, Inc. | 15,026 | 1,213,800 |
International Flavors & Fragrances, Inc. | 40,442 | 6,092,587 |
RPM International, Inc. | 6,300 | 636,300 |
19,551,971 |
Shares | Value | |
Commercial Services & Supplies 0.8% | ||
Stericycle, Inc. (a) | 73,564 | $ 4,387,357 |
Communications Equipment 0.6% | ||
Cisco Systems, Inc. | 52,647 | 3,336,240 |
Containers & Packaging 1.5% | ||
International Paper Co. | 177,597 | 8,343,507 |
Diversified Financial Services 1.2% | ||
Equitable Holdings, Inc. | 198,243 | 6,500,388 |
Diversified Telecommunication Services 0.4% | ||
AT&T, Inc. | 66,437 | 1,634,350 |
Verizon Communications, Inc. | 12,653 | 657,450 |
2,291,800 | ||
Electric Utilities 3.5% | ||
Entergy Corp. | 12,174 | 1,371,401 |
NextEra Energy, Inc. | 34,258 | 3,198,327 |
Southern Co. (The) | 205,828 | 14,115,684 |
Xcel Energy, Inc. | 13,400 | 907,180 |
19,592,592 | ||
Electronic Equipment, Instruments & Components 0.3% | ||
TE Connectivity Ltd. | 10,300 | 1,661,802 |
Energy Equipment & Services 0.1% | ||
Halliburton Co. | 19,432 | 444,410 |
Entertainment 1.1% | ||
Walt Disney Co. (The) (a) | 37,992 | 5,884,581 |
Equity Real Estate Investment Trusts 4.6% | ||
Equity Residential | 95,064 | 8,603,292 |
Rayonier, Inc. | 109,929 | 4,436,735 |
Vornado Realty Trust | 15,400 | 644,644 |
Welltower, Inc. | 22,964 | 1,969,622 |
Weyerhaeuser Co. | 235,341 | 9,691,342 |
25,345,635 | ||
Food & Staples Retailing 0.4% | ||
Walmart, Inc. | 14,732 | 2,131,573 |
Food Products 3.0% | ||
Conagra Brands, Inc. | 168,732 | 5,762,198 |
Mondelez International, Inc., Class A | 5,663 | 375,513 |
10 | MainStay VP T. Rowe Price Equity Income Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Food Products (continued) | ||
Tyson Foods, Inc., Class A | 122,249 | $ 10,655,223 |
16,792,934 | ||
Health Care Equipment & Supplies 3.4% | ||
Becton Dickinson and Co. | 33,831 | 8,507,820 |
Medtronic plc | 66,108 | 6,838,873 |
Zimmer Biomet Holdings, Inc. | 27,039 | 3,435,034 |
18,781,727 | ||
Health Care Providers & Services 6.3% | ||
Anthem, Inc. | 28,101 | 13,025,938 |
Cardinal Health, Inc. | 46,400 | 2,389,136 |
Centene Corp. (a) | 43,100 | 3,551,440 |
Cigna Corp. | 24,315 | 5,583,453 |
CVS Health Corp. | 73,342 | 7,565,961 |
UnitedHealth Group, Inc. | 5,500 | 2,761,770 |
34,877,698 | ||
Hotels, Restaurants & Leisure 0.6% | ||
Las Vegas Sands Corp. (a) | 95,391 | 3,590,517 |
Household Products 1.5% | ||
Kimberly-Clark Corp. | 58,107 | 8,304,652 |
Industrial Conglomerates 3.5% | ||
3M Co. | 6,300 | 1,119,069 |
General Electric Co. | 147,056 | 13,892,380 |
Siemens AG, Sponsored ADR | 48,460 | 4,196,636 |
19,208,085 | ||
Insurance 8.4% | ||
American International Group, Inc. | 239,590 | 13,623,088 |
Chubb Ltd. | 55,104 | 10,652,154 |
Hartford Financial Services Group, Inc. (The) | 36,000 | 2,485,440 |
Loews Corp. | 156,470 | 9,037,707 |
Marsh & McLennan Cos., Inc. | 4,712 | 819,040 |
MetLife, Inc. | 157,818 | 9,862,047 |
46,479,476 | ||
IT Services 0.4% | ||
Fiserv, Inc. (a) | 21,650 | 2,247,054 |
Leisure Products 0.7% | ||
Mattel, Inc. (a) | 169,365 | 3,651,509 |
Shares | Value | |
Machinery 0.7% | ||
Flowserve Corp. | 14,635 | $ 447,831 |
PACCAR, Inc. | 28,289 | 2,496,787 |
Snap-on, Inc. | 5,389 | 1,160,683 |
4,105,301 | ||
Media 3.1% | ||
Comcast Corp., Class A | 162,556 | 8,181,443 |
Fox Corp., Class B | 87,691 | 3,005,171 |
News Corp., Class A | 267,676 | 5,971,852 |
17,158,466 | ||
Multiline Retail 0.6% | ||
Kohl's Corp. | 68,321 | 3,374,374 |
Multi-Utilities 4.3% | ||
Ameren Corp. | 38,975 | 3,469,165 |
Dominion Energy, Inc. | 67,900 | 5,334,224 |
NiSource, Inc. | 220,483 | 6,087,536 |
Sempra Energy | 67,276 | 8,899,269 |
23,790,194 | ||
Oil, Gas & Consumable Fuels 5.4% | ||
Chevron Corp. | 7,749 | 909,345 |
EOG Resources, Inc. | 67,334 | 5,981,279 |
Exxon Mobil Corp. | 73,595 | 4,503,278 |
Hess Corp. | 5,080 | 376,072 |
Occidental Petroleum Corp. | 36,463 | 1,057,062 |
Targa Resources Corp. | 8,911 | 465,511 |
TC Energy Corp. (b) | 71,657 | 3,334,917 |
TotalEnergies SE | 202,099 | 10,268,904 |
TotalEnergies SE, Sponsored ADR (b) | 54,900 | 2,715,354 |
29,611,722 | ||
Paper & Forest Products 0.0% ‡ | ||
Sylvamo Corp. (a) | 413 | 11,519 |
Pharmaceuticals 4.6% | ||
AstraZeneca plc, Sponsored ADR | 37,400 | 2,178,550 |
GlaxoSmithKline plc | 27,935 | 607,478 |
Johnson & Johnson | 38,694 | 6,619,383 |
Merck & Co., Inc. | 53,311 | 4,085,755 |
Organon & Co. | 2,381 | 72,502 |
Pfizer, Inc. | 119,899 | 7,080,036 |
Sanofi | 32,872 | 3,315,086 |
Sanofi, ADR | 28,863 | 1,446,036 |
25,404,826 | ||
Professional Services 0.5% | ||
Nielsen Holdings plc | 128,661 | 2,638,837 |
Shares | Value | |
Common Stocks (continued) | ||
Semiconductors & Semiconductor Equipment 5.5% | ||
Applied Materials, Inc. | 37,183 | $ 5,851,117 |
NXP Semiconductors NV | 9,702 | 2,209,921 |
QUALCOMM, Inc. | 90,570 | 16,562,536 |
Texas Instruments, Inc. | 31,346 | 5,907,781 |
30,531,355 | ||
Software 2.4% | ||
Citrix Systems, Inc. | 43,602 | 4,124,313 |
Microsoft Corp. | 26,861 | 9,033,892 |
13,158,205 | ||
Specialty Retail 0.7% | ||
TJX Cos., Inc. (The) | 50,459 | 3,830,847 |
Tobacco 1.4% | ||
Altria Group, Inc. | 26,630 | 1,261,996 |
Philip Morris International, Inc. | 69,251 | 6,578,845 |
7,840,841 | ||
Total Common Stocks (Cost $375,225,089) | 530,408,170 | |
Convertible Preferred Stocks 1.4% | ||
Electric Utilities 0.7% | ||
NextEra Energy, Inc., 5.279% | 33,097 | 1,904,401 |
Southern Co. (The), 6.75% | 41,886 | 2,251,373 |
4,155,774 | ||
Health Care Equipment & Supplies 0.4% | ||
Becton Dickinson and Co., 6.00% (b) | 37,419 | 1,973,852 |
Multi-Utilities 0.3% | ||
NiSource, Inc., 7.75% (b) | 15,018 | 1,681,866 |
Total Convertible Preferred Stocks (Cost $7,085,026) | 7,811,492 | |
Preferred Stock 1.0% | ||
Automobiles 1.0% | ||
Volkswagen AG, ADR | 273,843 | 5,498,767 |
Total Preferred Stock (Cost $4,572,143) | 5,498,767 |
Shares | Value | ||
Short-Term Investments 2.2% | |||
Affiliated Investment Company 1.4% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 7,977,354 | $ 7,977,354 | |
Unaffiliated Investment Companies 0.8% | |||
Goldman Sachs Financial Square Government Fund, 0.026% (c)(d) | 1,000,000 | 1,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 3,189,045 | 3,189,045 | |
Total Unaffiliated Investment Companies (Cost $4,189,045) | 4,189,045 | ||
Total Short-Term Investments (Cost $12,166,399) | 12,166,399 | ||
Total Investments (Cost $399,048,657) | 100.5% | 555,884,828 | |
Other Assets, Less Liabilities | (0.5) | (2,497,038) | |
Net Assets | 100.0% | $ 553,387,790 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $5,012,020; the total market value of collateral held by the Portfolio was $5,234,735. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,045,690. The Portfolio received cash collateral with a value of $4,189,045. (See Note 2(I)) |
(c) | Current yield as of December 31, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Abbreviation(s): |
ADR—American Depositary Receipt |
12 | MainStay VP T. Rowe Price Equity Income 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 | $ 530,408,170 | $ — | $ — | $ 530,408,170 | |||
Convertible Preferred Stocks | 7,811,492 | — | — | 7,811,492 | |||
Preferred Stock | 5,498,767 | — | — | 5,498,767 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 7,977,354 | — | — | 7,977,354 | |||
Unaffiliated Investment Companies | 4,189,045 | — | — | 4,189,045 | |||
Total Short-Term Investments | 12,166,399 | — | — | 12,166,399 | |||
Total Investments in Securities | $ 555,884,828 | $ — | $ — | $ 555,884,828 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $391,071,303) including securities on loan of $5,012,020 | $547,907,474 |
Investment in affiliated investment companies, at value (identified cost $7,977,354) | 7,977,354 |
Receivables: | |
Investment securities sold | 2,145,485 |
Dividends and interest | 878,518 |
Securities lending | 1,437 |
Portfolio shares sold | 256 |
Other assets | 3,873 |
Total assets | 558,914,397 |
Liabilities | |
Cash collateral received for securities on loan | 4,189,045 |
Payables: | |
Investment securities purchased | 594,875 |
Manager (See Note 3) | 332,475 |
Portfolio shares redeemed | 262,733 |
Professional fees | 57,459 |
NYLIFE Distributors (See Note 3) | 47,791 |
Shareholder communication | 33,910 |
Custodian | 6,675 |
Trustees | 911 |
Accrued expenses | 733 |
Total liabilities | 5,526,607 |
Net assets | $553,387,790 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 39,797 |
Additional paid-in-capital | 339,692,318 |
339,732,115 | |
Total distributable earnings (loss) | 213,655,675 |
Net assets | $553,387,790 |
Initial Class | |
Net assets applicable to outstanding shares | $324,377,865 |
Shares of beneficial interest outstanding | 23,288,277 |
Net asset value per share outstanding | $ 13.93 |
Service Class | |
Net assets applicable to outstanding shares | $229,009,925 |
Shares of beneficial interest outstanding | 16,509,065 |
Net asset value per share outstanding | $ 13.87 |
14 | MainStay VP T. Rowe Price Equity Income Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $227,415) | $ 12,548,921 |
Interest | 34,060 |
Securities lending | 16,334 |
Dividends-affiliated | 584 |
Other | 1,270 |
Total income | 12,601,169 |
Expenses | |
Manager (See Note 3) | 3,908,401 |
Distribution/Service—Service Class (See Note 3) | 581,532 |
Professional fees | 101,676 |
Shareholder communication | 37,666 |
Custodian | 27,888 |
Trustees | 11,754 |
Miscellaneous | 29,344 |
Total expenses | 4,698,261 |
Net investment income (loss) | 7,902,908 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 58,107,694 |
Foreign currency transactions | 4,913 |
Foreign currency forward transactions | 288 |
Net realized gain (loss) | 58,112,895 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 56,573,738 |
Translation of other assets and liabilities in foreign currencies | (1,492) |
Net change in unrealized appreciation (depreciation) | 56,572,246 |
Net realized and unrealized gain (loss) | 114,685,141 |
Net increase (decrease) in net assets resulting from operations | $122,588,049 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,902,908 | $ 12,775,127 |
Net realized gain (loss) | 58,112,895 | 2,096,702 |
Net change in unrealized appreciation (depreciation) | 56,572,246 | (30,283,571) |
Net increase (decrease) in net assets resulting from operations | 122,588,049 | (15,411,742) |
Distributions to shareholders: | ||
Initial Class | (12,318,709) | (35,016,325) |
Service Class | (8,560,289) | (22,876,840) |
Total distributions to shareholders | (20,878,998) | (57,893,165) |
Capital share transactions: | ||
Net proceeds from sales of shares | 11,605,051 | 38,760,574 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 20,878,998 | 57,893,165 |
Cost of shares redeemed | (110,225,246) | (220,766,449) |
Increase (decrease) in net assets derived from capital share transactions | (77,741,197) | (124,112,710) |
Net increase (decrease) in net assets | 23,967,854 | (197,417,617) |
Net Assets | ||
Beginning of year | 529,419,936 | 726,837,553 |
End of year | $ 553,387,790 | $ 529,419,936 |
16 | MainStay VP T. Rowe Price Equity Income Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | $ 12.99 | ||||
Net investment income (loss) (a) | 0.21 | 0.25 | 0.29 | 0.29 | 0.24 | ||||
Net realized and unrealized gain (loss) | 2.71 | (0.33) | 2.58 | (1.40) | 1.83 | ||||
Total from investment operations | 2.92 | (0.08) | 2.87 | (1.11) | 2.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.40) | (0.31) | (0.29) | (0.30) | ||||
From net realized gain on investments | (0.21) | (0.85) | (1.06) | (1.31) | (0.66) | ||||
Total distributions | (0.55) | (1.25) | (1.37) | (1.60) | (0.96) | ||||
Net asset value at end of year | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | ||||
Total investment return (b) | 25.49% | 0.96% | 26.36%(c) | (9.38)% | 16.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.57% | 2.32% | 2.30% | 2.11% | 1.78% | ||||
Net expenses (d) | 0.76% | 0.76% | 0.75% | 0.77% | 0.77% | ||||
Portfolio turnover rate | 18% | 28% | 16% | 22% | 24% | ||||
Net assets at end of year (in 000's) | $ 324,378 | $ 302,584 | $ 464,120 | $ 431,672 | $ 469,556 |
(a) | Per share data based on average shares outstanding during the year. |
(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 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%. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | $ 12.94 | ||||
Net investment income (loss) (a) | 0.17 | 0.22 | 0.26 | 0.25 | 0.21 | ||||
Net realized and unrealized gain (loss) | 2.71 | (0.33) | 2.56 | (1.39) | 1.82 | ||||
Total from investment operations | 2.88 | (0.11) | 2.82 | (1.14) | 2.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.36) | (0.27) | (0.25) | (0.27) | ||||
From net realized gain on investments | (0.21) | (0.85) | (1.06) | (1.31) | (0.66) | ||||
Total distributions | (0.52) | (1.21) | (1.33) | (1.56) | (0.93) | ||||
Net asset value at end of year | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | ||||
Total investment return (b) | 25.18% | 0.71% | 26.04%(c) | (9.61)% | 15.91% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.32% | 2.05% | 2.05% | 1.84% | 1.54% | ||||
Net expenses (d) | 1.01% | 1.01% | 1.00% | 1.02% | 1.02% | ||||
Portfolio turnover rate | 18% | 28% | 16% | 22% | 24% | ||||
Net assets at end of year (in 000's) | $ 229,010 | $ 226,836 | $ 262,717 | $ 257,159 | $ 348,450 |
(a) | Per share data based on average shares outstanding during the year. |
(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 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%. |
(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 | February 17, 2012 |
Service Class | February 17, 2012 |
18 | 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 |
20 | MainStay VP T. Rowe Price Equity Income Portfolio |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Total |
Forward Contracts | $288 | $288 |
Total Net Realized Gain (Loss) | $288 | $288 |
22 | MainStay VP T. Rowe Price Equity Income Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,433 | $ 104,720 | $ (101,176) | $ — | $ — | $ 7,977 | $ 1 | $ — | 7,977 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $403,784,043 | $157,053,719 | $(4,952,934) | $152,100,785 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$13,899,834 | $47,597,781 | $58,662 | $152,099,398 | $213,655,675 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $14,172,080 | $19,264,249 |
Long-Term Capital Gains | 6,706,918 | 38,628,916 |
Total | $20,878,998 | $57,893,165 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 677,739 | $ 9,236,783 |
Shares issued to shareholders in reinvestment of distributions | 926,930 | 12,318,709 |
Shares redeemed | (4,493,782) | (57,536,915) |
Net increase (decrease) | (2,889,113) | $ (35,981,423) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 178,175 | $ 2,368,268 |
Shares issued to shareholders in reinvestment of distributions | 646,396 | 8,560,289 |
Shares redeemed | (4,014,733) | (52,688,331) |
Net increase (decrease) | (3,190,162) | $ (41,759,774) |
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) |
24 | MainStay VP T. Rowe Price Equity Income Portfolio |
MainStay VP T. Rowe Price Equity Income Portfolio
New York, New York
February 24, 2022
26 | MainStay VP T. Rowe Price Equity Income Portfolio |
28 | MainStay VP T. Rowe Price Equity Income Portfolio |
30 | MainStay VP T. Rowe Price Equity Income Portfolio |
32 | MainStay VP T. Rowe Price Equity Income Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay VP T. Rowe Price Equity Income Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
36 | MainStay VP T. Rowe Price Equity Income Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802523 | MSVPTRPE11-02/22 |
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 Year-Ended December 31, 20211 | |||||
Class | Inception Date2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | 38.02% | 4.05% | -0.43% | 0.86% |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies 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. | Effective September 1, 2021, due to an organizational restructuring, the portfolio managers from Mellon Investments Corporation who managed the day-to-day operations of the Portfolio transitioned to Newton Investment Management North America, LLC. Both entities under the common control of The Bank of New York Mellon. The transition of the portfolio managers from Mellon Investments Corporation to Newton Investment Management North America, LLC did not impact the investment strategies or risks of the Portfolio. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
S&P Global Natural Resources Index1 | 25.20% | 9.64% | 3.59% |
Morningstar Natural Resources Category Average2 | 29.37 | 9.15 | 3.01 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,103.10 | $4.45 | $1,020.97 | $4.28 | 0.84% |
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 184 (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 | 82.7% |
Canada | 5.1 |
Norway | 4.8 |
South Africa | 4.0 |
Zambia | 2.8 |
Australia | 0.6% |
Other Assets, Less Liabilities | 0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Freeport-McMoRan, Inc. |
2. | Devon Energy Corp. |
3. | Alcoa Corp. |
4. | Valero Energy Corp. |
5. | Mosaic Co. (The) |
6. | Marathon Petroleum Corp. |
7. | Occidental Petroleum Corp. |
8. | Hess Corp. |
9. | Bunge Ltd. |
10. | Nutrien Ltd. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Natural Resources Portfolio |
Shares | Value | |
Common Stocks 99.1% | ||
Australia 0.6% | ||
OZ Minerals Ltd. (Metals & Mining) | 80,122 | $ 1,645,022 |
Canada 5.1% | ||
Li-Cycle Holdings Corp. (Commercial Services & Supplies) (a) | 91,745 | 913,780 |
Nutrien Ltd. (Chemicals) | 164,795 | 12,392,584 |
Tourmaline Oil Corp. (Oil, Gas & Consumable Fuels) | 43,562 | 1,406,437 |
14,712,801 | ||
Norway 4.8% | ||
Equinor ASA (Oil, Gas & Consumable Fuels) | 421,824 | 11,129,463 |
Norsk Hydro ASA (Metals & Mining) | 379,378 | 2,988,155 |
14,117,618 | ||
South Africa 4.0% | ||
Anglo American plc (Metals & Mining) | 255,984 | 10,450,052 |
Sibanye Stillwater Ltd. (Metals & Mining) | 426,801 | 1,315,088 |
11,765,140 | ||
United States 81.8% | ||
Alcoa Corp. (Metals & Mining) | 230,088 | 13,708,643 |
Archaea Energy, Inc. (Oil, Gas & Consumable Fuels) (a) | 77,463 | 1,416,024 |
Bunge Ltd. (Food Products) | 133,429 | 12,456,931 |
California Resources Corp. (Oil, Gas & Consumable Fuels) | 35,951 | 1,535,467 |
CF Industries Holdings, Inc. (Chemicals) | 166,729 | 11,801,078 |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 83,923 | 5,414,712 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) (a) | 387,641 | 3,136,016 |
Corteva, Inc. (Chemicals) | 112,797 | 5,333,042 |
Darling Ingredients, Inc. (Food Products) (a) | 43,706 | 3,028,389 |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 311,706 | 13,730,649 |
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 50,011 | 5,393,686 |
EQT Corp. (Oil, Gas & Consumable Fuels) (a) | 547,527 | 11,941,564 |
Fluor Corp. (Construction & Engineering) (a) | 476,187 | 11,795,152 |
Freeport-McMoRan, Inc. (Metals & Mining) | 382,431 | 15,958,846 |
Hess Corp. (Oil, Gas & Consumable Fuels) | 172,124 | 12,742,340 |
HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | 220,937 | 7,242,315 |
Shares | Value | |
United States (continued) | ||
Liberty Oilfield Services, Inc., Class A (Energy Equipment & Services) (a) | 148,721 | $ 1,442,594 |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 207,599 | 13,284,260 |
Mosaic Co. (The) (Chemicals) | 339,124 | 13,324,182 |
MP Materials Corp. (Metals & Mining) (a)(b) | 53,326 | 2,422,067 |
NextEra Energy Partners LP (Independent Power and Renewable Electricity Producers) | 32,569 | 2,748,823 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 454,712 | 13,182,101 |
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 176,966 | 1,495,363 |
Phillips 66 (Oil, Gas & Consumable Fuels) | 130,205 | 9,434,654 |
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 60,518 | 11,007,014 |
Range Resources Corp. (Oil, Gas & Consumable Fuels) (a) | 213,818 | 3,812,375 |
Schlumberger NV (Energy Equipment & Services) | 286,914 | 8,593,074 |
Stem, Inc. (Electrical Equipment) (a) | 53,472 | 1,014,364 |
Sunnova Energy International, Inc. (Independent Power and Renewable Electricity Producers) (a) | 55,429 | 1,547,578 |
Tronox Holdings plc, Class A (Chemicals) | 246,398 | 5,920,944 |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 179,265 | 13,464,594 |
239,328,841 | ||
Zambia 2.8% | ||
First Quantum Minerals Ltd. (Metals & Mining) | 344,932 | 8,254,153 |
Total Common Stocks (Cost $215,374,131) | 289,823,575 | |
Short-Term Investments 0.9% | ||
Affiliated Investment Company 0.9% | ||
United States 0.9% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 2,646,050 | 2,646,050 |
10 | MainStay VP Natural Resources Portfolio |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 0.0% ‡ | |||
United States 0.0% ‡ | |||
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 40,469 | $ 40,469 | |
Total Short-Term Investments (Cost $2,686,519) | 2,686,519 | ||
Total Investments (Cost $218,060,650) | 100.0% | 292,510,094 | |
Other Assets, Less Liabilities | 0.0‡ | 73,174 | |
Net Assets | 100.0% | $ 292,583,268 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $160,015; the total market value of collateral held by the Portfolio was $177,706. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $137,237. The Portfolio received cash collateral with a value of $40,469. (See Note 2(I)) |
(c) | Current yield as of December 31, 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 | |||||||
Norway | $ — | $ 14,117,618 | $ — | $ 14,117,618 | |||
All Other Countries | 275,705,957 | — | — | 275,705,957 | |||
Total Common Stocks | 275,705,957 | 14,117,618 | — | 289,823,575 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 2,646,050 | — | — | 2,646,050 | |||
Unaffiliated Investment Company | 40,469 | — | — | 40,469 | |||
Total Short-Term Investments | 2,686,519 | — | — | 2,686,519 | |||
Total Investments in Securities | $ 278,392,476 | $ 14,117,618 | $ — | $ 292,510,094 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † | ||
Chemicals | $ 48,771,830 | 16.7% | |
Commercial Services & Supplies | 913,780 | 0.3 | |
Construction & Engineering | 11,795,152 | 4.0 | |
Electrical Equipment | 1,014,364 | 0.4 | |
Energy Equipment & Services | 11,531,031 | 3.9 | |
Food Products | 15,485,320 | 5.3 | |
Independent Power and Renewable Electricity Producers | 4,296,401 | 1.4 | |
Metals & Mining | 56,742,026 | 19.4 | |
Oil, Gas & Consumable Fuels | 139,273,671 | 47.7 | |
289,823,575 | 99.1 | ||
Short-Term Investments | 2,686,519 | 0.9 | |
Other Assets, Less Liabilities | 73,174 | 0.0‡ | |
Net Assets | $292,583,268 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
12 | MainStay VP Natural Resources Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $215,414,600) including securities on loan of $160,015 | $ 289,864,044 |
Investment in affiliated investment companies, at value (identified cost $2,646,050) | 2,646,050 |
Cash denominated in foreign currencies (identified cost $304,847) | 303,133 |
Receivables: | |
Dividends | 335,312 |
Portfolio shares sold | 32,579 |
Securities lending | 1,182 |
Other assets | 2,359 |
Total assets | 293,184,659 |
Liabilities | |
Cash collateral received for securities on loan | 40,469 |
Payables: | |
Portfolio shares redeemed | 302,593 |
Manager (See Note 3) | 190,396 |
Professional fees | 46,013 |
Shareholder communication | 14,528 |
Custodian | 7,148 |
Trustees | 244 |
Total liabilities | 601,391 |
Net assets | $ 292,583,268 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,763 |
Additional paid-in-capital | 401,534,448 |
401,567,211 | |
Total distributable earnings (loss) | (108,983,943) |
Net assets | $ 292,583,268 |
Initial Class | |
Net assets applicable to outstanding shares | $292,583,268 |
Shares of beneficial interest outstanding | 32,762,787 |
Net asset value per share outstanding | $ 8.93 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $213,205) | $ 6,311,200 |
Securities lending | 171,879 |
Dividends-affiliated | 353 |
Total income | 6,483,432 |
Expenses | |
Manager (See Note 3) | 2,128,813 |
Professional fees | 80,702 |
Custodian | 31,002 |
Shareholder communication | 19,144 |
Trustees | 5,491 |
Miscellaneous | 16,277 |
Total expenses | 2,281,429 |
Net investment income (loss) | 4,202,003 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 39,973,215 |
Foreign currency transactions | (24,544) |
Net realized gain (loss) | 39,948,671 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 41,659,252 |
Translation of other assets and liabilities in foreign currencies | (15,861) |
Net change in unrealized appreciation (depreciation) | 41,643,391 |
Net realized and unrealized gain (loss) | 81,592,062 |
Net increase (decrease) in net assets resulting from operations | $85,794,065 |
14 | MainStay VP Natural Resources Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,202,003 | $ 3,497,346 |
Net realized gain (loss) | 39,948,671 | 1,573,874 |
Net change in unrealized appreciation (depreciation) | 41,643,391 | 11,424,951 |
Net increase (decrease) in net assets resulting from operations | 85,794,065 | 16,496,171 |
Distributions to shareholders: | ||
Initial Class | (3,323,461) | (5,462,396) |
Capital share transactions: | ||
Net proceeds from sales of shares | 39,038,894 | 21,659,133 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,323,461 | 5,462,396 |
Cost of shares redeemed | (71,157,994) | (48,522,616) |
Increase (decrease) in net assets derived from capital share transactions | (28,795,639) | (21,401,087) |
Net increase (decrease) in net assets | 53,674,965 | (10,367,312) |
Net Assets | ||
Beginning of year | 238,908,303 | 249,275,615 |
End of year | $292,583,268 | $238,908,303 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | $ 7.67 | ||||
Net investment income (loss) | 0.12(a) | 0.09(a) | 0.13(a) | 0.04 | (0.01) | ||||
Net realized and unrealized gain (loss) | 2.36 | 0.32 | 0.78 | (2.22) | (0.05) | ||||
Total from investment operations | 2.48 | 0.41 | 0.91 | (2.18) | (0.06) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.15) | (0.05) | — | — | ||||
Net asset value at end of year | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | ||||
Total investment return (b) | 38.02% | 6.89% | 16.62% | (28.65)%(c) | (0.78)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.56% | 1.68% | 2.17% | 0.59% | (0.10)% | ||||
Net expenses (d) | 0.85% | 0.86% | 0.96% | 0.94% | 0.94% | ||||
Portfolio turnover rate | 72% | 68% | 87% | 78% | 17% | ||||
Net assets at end of year (in 000's) | $ 292,583 | $ 238,908 | $ 249,276 | $ 240,067 | $ 379,253 |
(a) | Per share data based on average shares outstanding during the year. |
(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 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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,065 | $ 82,762 | $ (81,181) | $ — | $ — | $ 2,646 | $ —(a) | $ — | 2,646 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $218,843,191 | $77,911,103 | $(4,244,200) | $73,666,903 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$4,222,963 | $(186,874,754) | $1 | $73,667,847 | $(108,983,943) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $28,653 | $158,222 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $3,323,461 | $5,462,396 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 4,898,908 | $ 39,038,894 |
Shares issued to shareholders in reinvestment of distributions | 391,318 | 3,323,461 |
Shares redeemed | (9,026,803) | (71,157,994) |
Net increase (decrease) | (3,736,577) | $(28,795,639) |
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 |
MainStay VP Natural Resources Portfolio (formerly known as MainStay VP Mellon Natural Resources Portfolio)
New York, New York
February 24, 2022
24 | MainStay VP Natural Resources Portfolio |
26 | MainStay VP Natural Resources Portfolio |
28 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
30 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Natural Resources Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802526 | MSVPVEG11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 28.55% | 18.27% | 16.28% | 0.20% |
Service Class Shares | 6/5/2003 | 28.23 | 17.98 | 15.99 | 0.45 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
Morningstar Large Blend Category Average2 | 25.37 | 15.96 | 14.27 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,116.20 | $0.64 | $1,024.60 | $0.61 | 0.12% |
Service Class Shares | $1,000.00 | $1,114.80 | $1.97 | $1,023.34 | $1.89 | 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 184 (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 | 9.5% |
Technology Hardware, Storage & Peripherals | 7.2 |
Semiconductors & Semiconductor Equipment | 6.4 |
Interactive Media & Services | 6.3 |
IT Services | 4.5 |
Banks | 4.0 |
Internet & Direct Marketing Retail | 3.8 |
Pharmaceuticals | 3.7 |
Capital Markets | 3.0 |
Health Care Equipment & Supplies | 2.9 |
Health Care Providers & Services | 2.8 |
Equity Real Estate Investment Trusts | 2.7 |
Automobiles | 2.5 |
Oil, Gas & Consumable Fuels | 2.5 |
Specialty Retail | 2.4 |
Life Sciences Tools & Services | 2.0 |
Hotels, Restaurants & Leisure | 2.0 |
Insurance | 1.8 |
Biotechnology | 1.8 |
Chemicals | 1.8 |
Entertainment | 1.7 |
Electric Utilities | 1.6 |
Machinery | 1.5 |
Beverages | 1.4 |
Food & Staples Retailing | 1.4 |
Household Products | 1.4 |
Diversified Financial Services | 1.4 |
Aerospace & Defense | 1.3 |
Media | 1.0 |
Diversified Telecommunication Services | 1.0 |
Industrial Conglomerates | 1.0 |
Communications Equipment | 0.9 |
Road & Rail | 0.9 |
Food Products | 0.9 |
Multi–Utilities | 0.7% |
Electronic Equipment, Instruments & Components | 0.7 |
Textiles, Apparel & Luxury Goods | 0.7 |
Air Freight & Logistics | 0.6 |
Tobacco | 0.6 |
Consumer Finance | 0.5 |
Electrical Equipment | 0.5 |
Building Products | 0.5 |
Multiline Retail | 0.5 |
Professional Services | 0.4 |
Commercial Services & Supplies | 0.4 |
Household Durables | 0.4 |
Metals & Mining | 0.4 |
Containers & Packaging | 0.3 |
Personal Products | 0.2 |
Energy Equipment & Services | 0.2 |
Trading Companies & Distributors | 0.2 |
Airlines | 0.2 |
Wireless Telecommunication Services | 0.2 |
Distributors | 0.1 |
Auto Components | 0.1 |
Construction Materials | 0.1 |
Real Estate Management & Development | 0.1 |
Water Utilities | 0.1 |
Health Care Technology | 0.1 |
Construction & Engineering | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Gas Utilities | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 0.2 |
Other Assets, Less Liabilities | 0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Apple, Inc. |
2. | Microsoft Corp. |
3. | Alphabet, Inc. |
4. | Amazon.com, Inc. |
5. | Tesla, Inc. |
6. | Meta Platforms, Inc., Class A |
7. | NVIDIA Corp. |
8. | Berkshire Hathaway, Inc., Class B |
9. | UnitedHealth Group, Inc. |
10. | JPMorgan Chase & Co. |
1. | 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 99.8% | ||
Aerospace & Defense 1.3% | ||
Boeing Co. (The) (a) | 52,113 | $ 10,491,389 |
General Dynamics Corp. | 21,862 | 4,557,571 |
Howmet Aerospace, Inc. | 36,271 | 1,154,506 |
Huntington Ingalls Industries, Inc. | 3,779 | 705,691 |
L3Harris Technologies, Inc. | 18,510 | 3,947,072 |
Lockheed Martin Corp. | 23,154 | 8,229,163 |
Northrop Grumman Corp. | 14,058 | 5,441,430 |
Raytheon Technologies Corp. | 141,196 | 12,151,328 |
Textron, Inc. | 20,793 | 1,605,220 |
TransDigm Group, Inc. (a) | 4,939 | 3,142,587 |
51,425,957 | ||
Air Freight & Logistics 0.6% | ||
CH Robinson Worldwide, Inc. | 12,262 | 1,319,759 |
Expeditors International of Washington, Inc. | 15,980 | 2,145,954 |
FedEx Corp. | 23,055 | 5,962,945 |
United Parcel Service, Inc., Class B | 68,784 | 14,743,163 |
24,171,821 | ||
Airlines 0.2% | ||
Alaska Air Group, Inc. (a) | 11,820 | 615,822 |
American Airlines Group, Inc. (a)(b) | 61,082 | 1,097,032 |
Delta Air Lines, Inc. (a) | 60,374 | 2,359,416 |
Southwest Airlines Co. (a) | 55,838 | 2,392,100 |
United Airlines Holdings, Inc. (a) | 30,546 | 1,337,304 |
7,801,674 | ||
Auto Components 0.1% | ||
Aptiv plc (a) | 25,518 | 4,209,194 |
BorgWarner, Inc. | 22,618 | 1,019,393 |
5,228,587 | ||
Automobiles 2.5% | ||
Ford Motor Co. | 370,294 | 7,691,006 |
General Motors Co. (a) | 136,958 | 8,029,848 |
Tesla, Inc. (a) | 76,685 | 81,039,174 |
96,760,028 | ||
Banks 4.0% | ||
Bank of America Corp. | 679,386 | 30,225,883 |
Citigroup, Inc. | 187,182 | 11,303,921 |
Citizens Financial Group, Inc. | 40,205 | 1,899,686 |
Comerica, Inc. | 12,372 | 1,076,364 |
Fifth Third Bancorp | 64,501 | 2,809,018 |
First Republic Bank | 16,910 | 3,492,084 |
Huntington Bancshares, Inc. | 136,449 | 2,104,044 |
JPMorgan Chase & Co. | 278,779 | 44,144,655 |
Shares | Value | |
Banks (continued) | ||
KeyCorp | 87,830 | $ 2,031,508 |
M&T Bank Corp. | 12,139 | 1,864,308 |
People's United Financial, Inc. | 40,376 | 719,500 |
PNC Financial Services Group, Inc. (The) | 39,869 | 7,994,532 |
Regions Financial Corp. | 89,926 | 1,960,387 |
Signature Bank | 5,720 | 1,850,248 |
SVB Financial Group (a) | 5,536 | 3,754,737 |
Truist Financial Corp. | 125,924 | 7,372,850 |
U.S. Bancorp | 127,288 | 7,149,767 |
Wells Fargo & Co. | 376,128 | 18,046,621 |
Zions Bancorp NA | 14,760 | 932,242 |
150,732,355 | ||
Beverages 1.4% | ||
Brown-Forman Corp., Class B | 17,238 | 1,255,961 |
Coca-Cola Co. (The) | 366,718 | 21,713,373 |
Constellation Brands, Inc., Class A | 15,496 | 3,889,031 |
Molson Coors Beverage Co., Class B | 17,773 | 823,778 |
Monster Beverage Corp. (a) | 35,440 | 3,403,658 |
PepsiCo, Inc. | 130,430 | 22,656,995 |
53,742,796 | ||
Biotechnology 1.8% | ||
AbbVie, Inc. | 166,769 | 22,580,523 |
Amgen, Inc. | 53,135 | 11,953,781 |
Biogen, Inc. (a) | 13,857 | 3,324,571 |
Gilead Sciences, Inc. | 118,330 | 8,591,941 |
Incyte Corp. (a) | 17,712 | 1,300,061 |
Moderna, Inc. (a) | 33,275 | 8,451,185 |
Regeneron Pharmaceuticals, Inc. (a) | 9,973 | 6,298,149 |
Vertex Pharmaceuticals, Inc. (a) | 23,984 | 5,266,886 |
67,767,097 | ||
Building Products 0.5% | ||
Allegion plc | 8,461 | 1,120,575 |
AO Smith Corp. | 12,564 | 1,078,619 |
Carrier Global Corp. | 81,748 | 4,434,012 |
Fortune Brands Home & Security, Inc. | 12,804 | 1,368,748 |
Johnson Controls International plc | 66,854 | 5,435,899 |
Masco Corp. | 23,025 | 1,616,815 |
Trane Technologies plc | 22,408 | 4,527,088 |
19,581,756 | ||
Capital Markets 3.0% | ||
Ameriprise Financial, Inc. | 10,555 | 3,184,021 |
Bank of New York Mellon Corp. (The) | 71,670 | 4,162,594 |
BlackRock, Inc. | 13,471 | 12,333,509 |
Cboe Global Markets, Inc. | 10,060 | 1,311,824 |
Charles Schwab Corp. (The) | 141,819 | 11,926,978 |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
CME Group, Inc. | 33,903 | $ 7,745,479 |
FactSet Research Systems, Inc. | 3,551 | 1,725,822 |
Franklin Resources, Inc. | 26,508 | 887,753 |
Goldman Sachs Group, Inc. (The) | 32,022 | 12,250,016 |
Intercontinental Exchange, Inc. | 53,148 | 7,269,052 |
Invesco Ltd. | 32,195 | 741,129 |
MarketAxess Holdings, Inc. | 3,587 | 1,475,225 |
Moody's Corp. | 15,257 | 5,959,079 |
Morgan Stanley | 135,418 | 13,292,631 |
MSCI, Inc. | 7,777 | 4,764,890 |
Nasdaq, Inc. | 11,042 | 2,318,930 |
Northern Trust Corp. | 19,589 | 2,343,040 |
Raymond James Financial, Inc. | 17,471 | 1,754,088 |
S&P Global, Inc. | 22,734 | 10,728,857 |
State Street Corp. | 34,491 | 3,207,663 |
T. Rowe Price Group, Inc. | 21,201 | 4,168,965 |
113,551,545 | ||
Chemicals 1.8% | ||
Air Products and Chemicals, Inc. | 20,882 | 6,353,557 |
Albemarle Corp. | 11,035 | 2,579,652 |
Celanese Corp. | 10,270 | 1,725,976 |
CF Industries Holdings, Inc. | 20,232 | 1,432,021 |
Corteva, Inc. | 68,760 | 3,250,973 |
Dow, Inc. | 69,770 | 3,957,354 |
DuPont de Nemours, Inc. | 48,874 | 3,948,042 |
Eastman Chemical Co. | 12,682 | 1,533,381 |
Ecolab, Inc. | 23,518 | 5,517,088 |
FMC Corp. | 11,957 | 1,313,955 |
International Flavors & Fragrances, Inc. | 24,010 | 3,617,106 |
Linde plc | 48,351 | 16,750,237 |
LyondellBasell Industries NV, Class A | 24,800 | 2,287,304 |
Mosaic Co. (The) | 34,942 | 1,372,871 |
PPG Industries, Inc. | 22,395 | 3,861,794 |
Sherwin-Williams Co. (The) | 22,755 | 8,013,401 |
67,514,712 | ||
Commercial Services & Supplies 0.4% | ||
Cintas Corp. | 8,292 | 3,674,766 |
Copart, Inc. (a) | 20,130 | 3,052,111 |
Republic Services, Inc. | 19,742 | 2,753,022 |
Rollins, Inc. | 21,352 | 730,452 |
Waste Management, Inc. | 36,304 | 6,059,137 |
16,269,488 | ||
Communications Equipment 0.9% | ||
Arista Networks, Inc. (a) | 21,161 | 3,041,894 |
Cisco Systems, Inc. | 397,861 | 25,212,452 |
Shares | Value | |
Communications Equipment (continued) | ||
F5, Inc. (a) | 5,689 | $ 1,392,155 |
Juniper Networks, Inc. | 30,675 | 1,095,404 |
Motorola Solutions, Inc. | 15,933 | 4,328,996 |
35,070,901 | ||
Construction & Engineering 0.0% ‡ | ||
Quanta Services, Inc. | 13,442 | 1,541,260 |
Construction Materials 0.1% | ||
Martin Marietta Materials, Inc. | 5,885 | 2,592,460 |
Vulcan Materials Co. | 12,518 | 2,598,487 |
5,190,947 | ||
Consumer Finance 0.5% | ||
American Express Co. | 59,184 | 9,682,502 |
Capital One Financial Corp. | 40,150 | 5,825,364 |
Discover Financial Services | 27,647 | 3,194,887 |
Synchrony Financial | 51,625 | 2,394,884 |
21,097,637 | ||
Containers & Packaging 0.3% | ||
Amcor plc | 144,628 | 1,736,982 |
Avery Dennison Corp. | 7,810 | 1,691,412 |
Ball Corp. | 30,554 | 2,941,434 |
International Paper Co. | 36,532 | 1,716,273 |
Packaging Corp. of America | 8,961 | 1,220,040 |
Sealed Air Corp. | 13,976 | 942,961 |
Westrock Co. | 25,187 | 1,117,295 |
11,366,397 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 13,435 | 1,883,587 |
LKQ Corp. | 25,297 | 1,518,579 |
Pool Corp. | 3,782 | 2,140,612 |
5,542,778 | ||
Diversified Financial Services 1.4% | ||
Berkshire Hathaway, Inc., Class B (a) | 172,759 | 51,654,941 |
Diversified Telecommunication Services 1.0% | ||
AT&T, Inc. | 673,632 | 16,571,347 |
Lumen Technologies, Inc. | 86,928 | 1,090,946 |
Verizon Communications, Inc. | 390,554 | 20,293,186 |
37,955,479 | ||
Electric Utilities 1.6% | ||
Alliant Energy Corp. | 23,617 | 1,451,737 |
American Electric Power Co., Inc. | 47,511 | 4,227,054 |
Duke Energy Corp. | 72,563 | 7,611,859 |
10 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities (continued) | ||
Edison International | 35,838 | $ 2,445,944 |
Entergy Corp. | 18,959 | 2,135,731 |
Evergy, Inc. | 21,631 | 1,484,103 |
Eversource Energy | 32,432 | 2,950,663 |
Exelon Corp. | 92,288 | 5,330,555 |
FirstEnergy Corp. | 51,357 | 2,135,938 |
NextEra Energy, Inc. | 185,094 | 17,280,376 |
NRG Energy, Inc. | 23,096 | 994,976 |
Pinnacle West Capital Corp. | 10,643 | 751,289 |
PPL Corp. | 70,817 | 2,128,759 |
Southern Co. (The) | 99,975 | 6,856,285 |
Xcel Energy, Inc. | 50,815 | 3,440,175 |
61,225,444 | ||
Electrical Equipment 0.5% | ||
AMETEK, Inc. | 21,822 | 3,208,707 |
Eaton Corp. plc | 37,601 | 6,498,205 |
Emerson Electric Co. | 56,392 | 5,242,764 |
Generac Holdings, Inc. (a) | 5,951 | 2,094,276 |
Rockwell Automation, Inc. | 10,941 | 3,816,768 |
20,860,720 | ||
Electronic Equipment, Instruments & Components 0.7% | ||
Amphenol Corp., Class A | 56,414 | 4,933,968 |
CDW Corp. | 12,803 | 2,621,798 |
Corning, Inc. | 72,454 | 2,697,462 |
IPG Photonics Corp. (a) | 3,369 | 579,940 |
Keysight Technologies, Inc. (a) | 17,376 | 3,588,318 |
TE Connectivity Ltd. | 30,782 | 4,966,368 |
Teledyne Technologies, Inc. (a) | 4,401 | 1,922,753 |
Trimble, Inc. (a) | 23,678 | 2,064,485 |
Zebra Technologies Corp., Class A (a) | 5,041 | 3,000,403 |
26,375,495 | ||
Energy Equipment & Services 0.2% | ||
Baker Hughes Co. | 82,453 | 1,983,819 |
Halliburton Co. | 84,439 | 1,931,120 |
Schlumberger NV | 132,315 | 3,962,834 |
7,877,773 | ||
Entertainment 1.7% | ||
Activision Blizzard, Inc. | 73,475 | 4,888,292 |
Electronic Arts, Inc. | 26,678 | 3,518,828 |
Live Nation Entertainment, Inc. (a) | 12,743 | 1,525,210 |
Netflix, Inc. (a) | 41,785 | 25,172,955 |
Take-Two Interactive Software, Inc. (a) | 10,877 | 1,933,061 |
Walt Disney Co. (The) (a) | 171,415 | 26,550,469 |
63,588,815 |
Shares | Value | |
Equity Real Estate Investment Trusts 2.7% | ||
Alexandria Real Estate Equities, Inc. | 13,303 | $ 2,966,037 |
American Tower Corp. | 42,961 | 12,566,092 |
AvalonBay Communities, Inc. | 13,182 | 3,329,641 |
Boston Properties, Inc. | 13,409 | 1,544,449 |
Crown Castle International Corp. | 40,771 | 8,510,539 |
Digital Realty Trust, Inc. | 26,770 | 4,734,810 |
Duke Realty Corp. | 35,927 | 2,358,248 |
Equinix, Inc. | 8,494 | 7,184,565 |
Equity Residential | 32,193 | 2,913,466 |
Essex Property Trust, Inc. | 6,140 | 2,162,692 |
Extra Space Storage, Inc. | 12,630 | 2,863,600 |
Federal Realty Investment Trust | 6,604 | 900,257 |
Healthpeak Properties, Inc. | 50,852 | 1,835,249 |
Host Hotels & Resorts, Inc. (a) | 67,357 | 1,171,338 |
Iron Mountain, Inc. | 27,314 | 1,429,342 |
Kimco Realty Corp. | 58,150 | 1,433,398 |
Mid-America Apartment Communities, Inc. | 10,861 | 2,491,948 |
Prologis, Inc. | 69,743 | 11,741,931 |
Public Storage | 14,391 | 5,390,293 |
Realty Income Corp. | 53,370 | 3,820,758 |
Regency Centers Corp. | 14,536 | 1,095,288 |
SBA Communications Corp. | 10,262 | 3,992,123 |
Simon Property Group, Inc. | 30,999 | 4,952,710 |
UDR, Inc. | 27,416 | 1,644,686 |
Ventas, Inc. | 37,655 | 1,924,924 |
Vornado Realty Trust | 14,999 | 627,858 |
Welltower, Inc. | 41,061 | 3,521,802 |
Weyerhaeuser Co. | 70,660 | 2,909,779 |
102,017,823 | ||
Food & Staples Retailing 1.4% | ||
Costco Wholesale Corp. | 41,679 | 23,661,168 |
Kroger Co. (The) | 63,836 | 2,889,218 |
Sysco Corp. | 48,360 | 3,798,678 |
Walgreens Boots Alliance, Inc. | 67,774 | 3,535,092 |
Walmart, Inc. | 134,154 | 19,410,742 |
53,294,898 | ||
Food Products 0.9% | ||
Archer-Daniels-Midland Co. | 52,774 | 3,566,995 |
Campbell Soup Co. | 19,094 | 829,825 |
Conagra Brands, Inc. | 45,251 | 1,545,322 |
General Mills, Inc. | 57,137 | 3,849,891 |
Hershey Co. (The) | 13,715 | 2,653,441 |
Hormel Foods Corp. | 26,614 | 1,299,029 |
J M Smucker Co. (The) | 10,222 | 1,388,352 |
Kellogg Co. | 24,134 | 1,554,712 |
Kraft Heinz Co. (The) | 66,971 | 2,404,259 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products (continued) | ||
Lamb Weston Holdings, Inc. | 13,779 | $ 873,313 |
McCormick & Co., Inc. (Non-Voting) | 23,522 | 2,272,460 |
Mondelez International, Inc., Class A | 131,592 | 8,725,866 |
Tyson Foods, Inc., Class A | 27,811 | 2,424,007 |
33,387,472 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. | 12,492 | 1,308,787 |
Health Care Equipment & Supplies 2.9% | ||
Abbott Laboratories | 166,808 | 23,476,558 |
ABIOMED, Inc. (a) | 4,292 | 1,541,558 |
Align Technology, Inc. (a) | 6,918 | 4,546,371 |
Baxter International, Inc. | 47,232 | 4,054,395 |
Becton Dickinson and Co. | 27,092 | 6,813,096 |
Boston Scientific Corp. (a) | 134,424 | 5,710,332 |
Cooper Cos., Inc. (The) | 4,651 | 1,948,490 |
Dentsply Sirona, Inc. | 20,622 | 1,150,502 |
Dexcom, Inc. (a) | 9,143 | 4,909,334 |
Edwards Lifesciences Corp. (a) | 58,895 | 7,629,847 |
Hologic, Inc. (a) | 23,912 | 1,830,703 |
IDEXX Laboratories, Inc. (a) | 7,999 | 5,267,022 |
Intuitive Surgical, Inc. (a) | 33,674 | 12,099,068 |
Medtronic plc | 126,954 | 13,133,391 |
ResMed, Inc. | 13,746 | 3,580,558 |
STERIS plc | 9,435 | 2,296,573 |
Stryker Corp. | 31,672 | 8,469,726 |
Teleflex, Inc. | 4,419 | 1,451,553 |
Zimmer Biomet Holdings, Inc. | 19,707 | 2,503,577 |
112,412,654 | ||
Health Care Providers & Services 2.8% | ||
AmerisourceBergen Corp. | 14,113 | 1,875,476 |
Anthem, Inc. | 22,896 | 10,613,212 |
Cardinal Health, Inc. | 26,582 | 1,368,707 |
Centene Corp. (a) | 55,044 | 4,535,626 |
Cigna Corp. | 31,265 | 7,179,382 |
CVS Health Corp. | 124,525 | 12,845,999 |
DaVita, Inc. (a) | 6,152 | 699,851 |
HCA Healthcare, Inc. | 22,592 | 5,804,337 |
Henry Schein, Inc. (a) | 13,082 | 1,014,247 |
Humana, Inc. | 12,125 | 5,624,302 |
Laboratory Corp. of America Holdings (a) | 9,028 | 2,836,688 |
McKesson Corp. | 14,403 | 3,580,154 |
Quest Diagnostics, Inc. | 11,572 | 2,002,072 |
UnitedHealth Group, Inc. | 88,848 | 44,614,135 |
Shares | Value | |
Health Care Providers & Services (continued) | ||
Universal Health Services, Inc., Class B | 6,898 | $ 894,395 |
105,488,583 | ||
Health Care Technology 0.1% | ||
Cerner Corp. | 27,755 | 2,577,607 |
Hotels, Restaurants & Leisure 2.0% | ||
Booking Holdings, Inc. (a) | 3,874 | 9,294,617 |
Caesars Entertainment, Inc. (a) | 20,166 | 1,886,126 |
Carnival Corp. (a) | 75,887 | 1,526,846 |
Chipotle Mexican Grill, Inc. (a) | 2,654 | 4,639,855 |
Darden Restaurants, Inc. | 12,243 | 1,844,285 |
Domino's Pizza, Inc. | 3,432 | 1,936,781 |
Expedia Group, Inc. (a) | 13,773 | 2,489,057 |
Hilton Worldwide Holdings, Inc. (a) | 26,293 | 4,101,445 |
Las Vegas Sands Corp. (a) | 32,431 | 1,220,703 |
Marriott International, Inc., Class A (a) | 25,807 | 4,264,349 |
McDonald's Corp. | 70,490 | 18,896,254 |
MGM Resorts International | 36,718 | 1,647,904 |
Norwegian Cruise Line Holdings Ltd. (a) | 34,906 | 723,950 |
Penn National Gaming, Inc. (a) | 15,671 | 812,541 |
Royal Caribbean Cruises Ltd. (a) | 21,151 | 1,626,512 |
Starbucks Corp. | 111,313 | 13,020,282 |
Wynn Resorts Ltd. (a) | 9,928 | 844,277 |
Yum! Brands, Inc. | 27,652 | 3,839,757 |
74,615,541 | ||
Household Durables 0.4% | ||
DR Horton, Inc. | 30,748 | 3,334,621 |
Garmin Ltd. | 14,332 | 1,951,588 |
Lennar Corp., Class A | 25,645 | 2,978,923 |
Mohawk Industries, Inc. (a) | 5,175 | 942,781 |
Newell Brands, Inc. | 35,715 | 780,016 |
NVR, Inc. (a) | 309 | 1,825,841 |
PulteGroup, Inc. | 23,884 | 1,365,209 |
Whirlpool Corp. | 5,730 | 1,344,602 |
14,523,581 | ||
Household Products 1.4% | ||
Church & Dwight Co., Inc. | 23,031 | 2,360,677 |
Clorox Co. (The) | 11,590 | 2,020,832 |
Colgate-Palmolive Co. | 79,508 | 6,785,213 |
Kimberly-Clark Corp. | 31,764 | 4,539,711 |
Procter & Gamble Co. (The) | 228,281 | 37,342,206 |
53,048,639 | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
AES Corp. (The) | 62,893 | 1,528,300 |
12 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Industrial Conglomerates 1.0% | ||
3M Co. | 54,360 | $ 9,655,967 |
General Electric Co. | 103,591 | 9,786,241 |
Honeywell International, Inc. | 64,941 | 13,540,848 |
Roper Technologies, Inc. | 9,951 | 4,894,499 |
37,877,555 | ||
Insurance 1.8% | ||
Aflac, Inc. | 57,412 | 3,352,287 |
Allstate Corp. (The) | 27,043 | 3,181,609 |
American International Group, Inc. | 78,325 | 4,453,559 |
Aon plc, Class A | 20,785 | 6,247,140 |
Arthur J. Gallagher & Co. | 19,553 | 3,317,558 |
Assurant, Inc. | 5,375 | 837,748 |
Brown & Brown, Inc. | 22,113 | 1,554,102 |
Chubb Ltd. | 40,633 | 7,854,765 |
Cincinnati Financial Corp. | 14,137 | 1,610,628 |
Everest Re Group Ltd. | 3,714 | 1,017,339 |
Globe Life, Inc. | 8,764 | 821,362 |
Hartford Financial Services Group, Inc. (The) | 32,107 | 2,216,667 |
Lincoln National Corp. | 16,024 | 1,093,798 |
Loews Corp. | 18,905 | 1,091,953 |
Marsh & McLennan Cos., Inc. | 47,628 | 8,278,699 |
MetLife, Inc. | 67,447 | 4,214,763 |
Principal Financial Group, Inc. | 23,254 | 1,681,962 |
Progressive Corp. (The) | 55,191 | 5,665,356 |
Prudential Financial, Inc. | 35,658 | 3,859,622 |
Travelers Cos., Inc. (The) | 23,207 | 3,630,271 |
W R Berkley Corp. | 13,164 | 1,084,582 |
Willis Towers Watson plc | 11,754 | 2,791,457 |
69,857,227 | ||
Interactive Media & Services 6.3% | ||
Alphabet, Inc. (a) | ||
Class A | 28,358 | 82,154,260 |
Class C | 26,359 | 76,272,139 |
Match Group, Inc. (a) | 26,704 | 3,531,604 |
Meta Platforms, Inc., Class A (a) | 223,071 | 75,029,931 |
Twitter, Inc. (a) | 75,430 | 3,260,085 |
240,248,019 | ||
Internet & Direct Marketing Retail 3.8% | ||
Amazon.com, Inc. (a) | 41,116 | 137,094,723 |
eBay, Inc. | 59,053 | 3,927,025 |
Etsy, Inc. (a) | 11,960 | 2,618,522 |
143,640,270 |
Shares | Value | |
IT Services 4.5% | ||
Accenture plc, Class A | 59,585 | $ 24,700,962 |
Akamai Technologies, Inc. (a) | 15,327 | 1,793,872 |
Automatic Data Processing, Inc. | 39,750 | 9,801,555 |
Broadridge Financial Solutions, Inc. | 10,997 | 2,010,471 |
Cognizant Technology Solutions Corp., Class A | 49,549 | 4,395,987 |
DXC Technology Co. (a) | 23,794 | 765,929 |
EPAM Systems, Inc. (a) | 5,347 | 3,574,202 |
Fidelity National Information Services, Inc. | 57,443 | 6,269,903 |
Fiserv, Inc. (a) | 56,054 | 5,817,845 |
FleetCor Technologies, Inc. (a) | 7,660 | 1,714,614 |
Gartner, Inc. (a) | 7,758 | 2,593,655 |
Global Payments, Inc. | 27,371 | 3,700,012 |
International Business Machines Corp. | 84,598 | 11,307,369 |
Jack Henry & Associates, Inc. | 6,985 | 1,166,425 |
Mastercard, Inc., Class A | 81,833 | 29,404,234 |
Paychex, Inc. | 30,274 | 4,132,401 |
PayPal Holdings, Inc. (a) | 110,835 | 20,901,264 |
VeriSign, Inc. (a) | 9,116 | 2,313,823 |
Visa, Inc., Class A | 158,196 | 34,282,655 |
170,647,178 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 12,232 | 1,244,973 |
Life Sciences Tools & Services 2.0% | ||
Agilent Technologies, Inc. | 28,557 | 4,559,125 |
Bio-Rad Laboratories, Inc., Class A (a) | 2,038 | 1,539,852 |
Bio-Techne Corp. | 3,707 | 1,917,780 |
Charles River Laboratories International, Inc. (a) | 4,760 | 1,793,473 |
Danaher Corp. | 59,993 | 19,738,297 |
Illumina, Inc. (a) | 14,744 | 5,609,207 |
IQVIA Holdings, Inc. (a) | 18,021 | 5,084,445 |
Mettler-Toledo International, Inc. (a) | 2,168 | 3,679,551 |
PerkinElmer, Inc. | 11,905 | 2,393,619 |
Thermo Fisher Scientific, Inc. | 37,172 | 24,802,645 |
Waters Corp. (a) | 5,758 | 2,145,431 |
West Pharmaceutical Services, Inc. | 6,988 | 3,277,442 |
76,540,867 | ||
Machinery 1.5% | ||
Caterpillar, Inc. | 51,029 | 10,549,735 |
Cummins, Inc. | 13,493 | 2,943,363 |
Deere & Co. | 26,617 | 9,126,703 |
Dover Corp. | 13,583 | 2,466,673 |
Fortive Corp. | 33,826 | 2,580,586 |
Shares | Value | |
Common Stocks (continued) | ||
Machinery (continued) | ||
IDEX Corp. | 7,172 | $ 1,694,887 |
Illinois Tool Works, Inc. | 26,945 | 6,650,026 |
Ingersoll Rand, Inc. | 38,449 | 2,378,840 |
Otis Worldwide Corp. | 40,070 | 3,488,895 |
PACCAR, Inc. | 32,750 | 2,890,515 |
Parker-Hannifin Corp. | 12,178 | 3,874,065 |
Pentair plc | 15,610 | 1,139,998 |
Snap-on, Inc. | 5,068 | 1,091,546 |
Stanley Black & Decker, Inc. | 15,379 | 2,900,787 |
Westinghouse Air Brake Technologies Corp. | 17,623 | 1,623,255 |
Xylem, Inc. | 17,011 | 2,039,959 |
57,439,833 | ||
Media 1.0% | ||
Charter Communications, Inc., Class A (a) | 11,670 | 7,608,490 |
Comcast Corp., Class A | 430,109 | 21,647,386 |
Discovery, Inc., Class A (a)(b) | 15,962 | 375,745 |
Discovery, Inc., Class C (a) | 28,652 | 656,131 |
DISH Network Corp., Class A (a) | 23,556 | 764,157 |
Fox Corp. | ||
Class A | 30,219 | 1,115,081 |
Class B | 13,872 | 475,393 |
Interpublic Group of Cos., Inc. (The) | 37,144 | 1,391,043 |
News Corp. | ||
Class A | 37,076 | 827,166 |
Class B | 11,487 | 258,457 |
Omnicom Group, Inc. | 20,051 | 1,469,137 |
ViacomCBS, Inc. | 57,232 | 1,727,262 |
38,315,448 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 138,526 | 5,780,690 |
Newmont Corp. | 75,224 | 4,665,392 |
Nucor Corp. | 26,960 | 3,077,484 |
13,523,566 | ||
Multiline Retail 0.5% | ||
Dollar General Corp. | 22,009 | 5,190,382 |
Dollar Tree, Inc. (a) | 21,217 | 2,981,413 |
Target Corp. | 46,038 | 10,655,035 |
18,826,830 | ||
Multi-Utilities 0.7% | ||
Ameren Corp. | 24,301 | 2,163,032 |
CenterPoint Energy, Inc. | 59,323 | 1,655,705 |
CMS Energy Corp. | 27,328 | 1,777,686 |
Shares | Value | |
Multi-Utilities (continued) | ||
Consolidated Edison, Inc. | 33,370 | $ 2,847,128 |
Dominion Energy, Inc. | 76,401 | 6,002,063 |
DTE Energy Co. | 18,275 | 2,184,594 |
NiSource, Inc. | 37,045 | 1,022,812 |
Public Service Enterprise Group, Inc. | 47,701 | 3,183,088 |
Sempra Energy | 30,124 | 3,984,803 |
WEC Energy Group, Inc. | 29,756 | 2,888,415 |
27,709,326 | ||
Oil, Gas & Consumable Fuels 2.5% | ||
APA Corp. | 34,269 | 921,494 |
Chevron Corp. | 181,844 | 21,339,393 |
ConocoPhillips | 124,420 | 8,980,636 |
Coterra Energy, Inc. | 76,747 | 1,458,193 |
Devon Energy Corp. | 59,393 | 2,616,262 |
Diamondback Energy, Inc. | 16,065 | 1,732,610 |
EOG Resources, Inc. | 55,193 | 4,902,794 |
Exxon Mobil Corp. | 399,365 | 24,437,144 |
Hess Corp. | 26,004 | 1,925,076 |
Kinder Morgan, Inc. | 183,948 | 2,917,415 |
Marathon Oil Corp. | 73,442 | 1,205,918 |
Marathon Petroleum Corp. | 58,070 | 3,715,899 |
Occidental Petroleum Corp. | 83,700 | 2,426,463 |
ONEOK, Inc. | 42,067 | 2,471,857 |
Phillips 66 | 41,334 | 2,995,062 |
Pioneer Natural Resources Co. | 21,418 | 3,895,506 |
Valero Energy Corp. | 38,567 | 2,896,767 |
Williams Cos., Inc. (The) | 114,617 | 2,984,627 |
93,823,116 | ||
Personal Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 21,857 | 8,091,461 |
Pharmaceuticals 3.7% | ||
Bristol-Myers Squibb Co. | 209,386 | 13,055,217 |
Catalent, Inc. (a) | 16,149 | 2,067,556 |
Eli Lilly and Co. | 74,898 | 20,688,326 |
Johnson & Johnson | 248,341 | 42,483,695 |
Merck & Co., Inc. | 238,280 | 18,261,779 |
Organon & Co. | 23,918 | 728,303 |
Pfizer, Inc. | 529,479 | 31,265,735 |
Viatris, Inc. | 114,086 | 1,543,584 |
Zoetis, Inc. | 44,631 | 10,891,303 |
140,985,498 | ||
Professional Services 0.4% | ||
Equifax, Inc. | 11,509 | 3,369,720 |
IHS Markit Ltd. | 37,624 | 5,000,982 |
Jacobs Engineering Group, Inc. | 12,293 | 1,711,555 |
14 | MainStay VP MacKay S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services (continued) | ||
Leidos Holdings, Inc. | 13,239 | $ 1,176,947 |
Nielsen Holdings plc | 33,847 | 694,202 |
Robert Half International, Inc. | 10,502 | 1,171,183 |
Verisk Analytics, Inc. | 15,203 | 3,477,382 |
16,601,971 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A (a) | 31,570 | 3,425,661 |
Road & Rail 0.9% | ||
CSX Corp. | 209,229 | 7,867,010 |
JB Hunt Transport Services, Inc. | 7,925 | 1,619,870 |
Norfolk Southern Corp. | 22,955 | 6,833,933 |
Old Dominion Freight Line, Inc. | 8,788 | 3,149,444 |
Union Pacific Corp. | 60,644 | 15,278,043 |
34,748,300 | ||
Semiconductors & Semiconductor Equipment 6.4% | ||
Advanced Micro Devices, Inc. (a) | 113,917 | 16,392,656 |
Analog Devices, Inc. | 50,696 | 8,910,836 |
Applied Materials, Inc. | 85,176 | 13,403,295 |
Broadcom, Inc. | 38,829 | 25,837,205 |
Enphase Energy, Inc. (a) | 12,727 | 2,328,277 |
Intel Corp. | 383,652 | 19,758,078 |
KLA Corp. | 14,303 | 6,151,863 |
Lam Research Corp. | 13,282 | 9,551,750 |
Microchip Technology, Inc. | 52,343 | 4,556,982 |
Micron Technology, Inc. | 105,523 | 9,829,467 |
Monolithic Power Systems, Inc. | 4,087 | 2,016,240 |
NVIDIA Corp. | 235,677 | 69,314,963 |
NXP Semiconductors NV | 25,086 | 5,714,089 |
Qorvo, Inc. (a) | 10,398 | 1,626,143 |
QUALCOMM, Inc. | 105,653 | 19,320,764 |
Skyworks Solutions, Inc. | 15,579 | 2,416,926 |
SolarEdge Technologies, Inc. (a) | 4,954 | 1,389,944 |
Teradyne, Inc. | 15,377 | 2,514,601 |
Texas Instruments, Inc. | 87,119 | 16,419,318 |
Xilinx, Inc. | 23,383 | 4,957,898 |
242,411,295 | ||
Software 9.5% | ||
Adobe, Inc. (a) | 44,884 | 25,451,921 |
ANSYS, Inc. (a) | 8,231 | 3,301,619 |
Autodesk, Inc. (a) | 20,739 | 5,831,599 |
Cadence Design Systems, Inc. (a) | 26,144 | 4,871,934 |
Ceridian HCM Holding, Inc. (a) | 12,848 | 1,342,102 |
Citrix Systems, Inc. | 11,765 | 1,112,851 |
Shares | Value | |
Software (continued) | ||
Fortinet, Inc. (a) | 12,801 | $ 4,600,679 |
Intuit, Inc. | 26,712 | 17,181,693 |
Microsoft Corp. | 707,782 | 238,041,241 |
NortonLifeLock, Inc. | 54,879 | 1,425,757 |
Oracle Corp. | 152,147 | 13,268,740 |
Paycom Software, Inc. (a) | 4,541 | 1,885,378 |
PTC, Inc. (a) | 9,966 | 1,207,381 |
salesforce.com, Inc. (a) | 92,352 | 23,469,414 |
ServiceNow, Inc. (a) | 18,772 | 12,185,093 |
Synopsys, Inc. (a) | 14,386 | 5,301,241 |
Tyler Technologies, Inc. (a) | 3,865 | 2,079,177 |
362,557,820 | ||
Specialty Retail 2.4% | ||
Advance Auto Parts, Inc. | 5,943 | 1,425,607 |
AutoZone, Inc. (a) | 1,978 | 4,146,659 |
Bath & Body Works, Inc. | 24,939 | 1,740,493 |
Best Buy Co., Inc. | 20,882 | 2,121,611 |
CarMax, Inc. (a) | 15,293 | 1,991,607 |
Gap, Inc. (The) | 20,223 | 356,936 |
Home Depot, Inc. (The) | 99,555 | 41,316,321 |
Lowe's Cos., Inc. | 65,319 | 16,883,655 |
O'Reilly Automotive, Inc. (a) | 6,356 | 4,488,798 |
Ross Stores, Inc. | 33,523 | 3,831,008 |
TJX Cos., Inc. (The) | 113,439 | 8,612,289 |
Tractor Supply Co. | 10,737 | 2,561,848 |
Ulta Beauty, Inc. (a) | 5,128 | 2,114,480 |
91,591,312 | ||
Technology Hardware, Storage & Peripherals 7.2% | ||
Apple, Inc. (c) | 1,469,309 | 260,905,199 |
Hewlett Packard Enterprise Co. | 123,392 | 1,945,892 |
HP, Inc. | 108,721 | 4,095,520 |
NetApp, Inc. | 21,096 | 1,940,621 |
Seagate Technology Holdings plc | 19,322 | 2,183,000 |
Western Digital Corp. (a) | 29,396 | 1,916,913 |
272,987,145 | ||
Textiles, Apparel & Luxury Goods 0.7% | ||
NIKE, Inc., Class B | 120,539 | 20,090,235 |
PVH Corp. | 6,703 | 714,875 |
Ralph Lauren Corp. | 4,597 | 546,399 |
Tapestry, Inc. | 25,955 | 1,053,773 |
Under Armour, Inc. (a) | ||
Class A | 17,796 | 377,097 |
Class C | 20,288 | 365,996 |
VF Corp. | 30,753 | 2,251,735 |
25,400,110 |
Shares | Value | |
Common Stocks (continued) | ||
Tobacco 0.6% | ||
Altria Group, Inc. | 173,289 | $ 8,212,166 |
Philip Morris International, Inc. | 146,860 | 13,951,700 |
22,163,866 | ||
Trading Companies & Distributors 0.2% | ||
Fastenal Co. | 54,257 | 3,475,703 |
United Rentals, Inc. (a) | 6,829 | 2,269,208 |
WW Grainger, Inc. | 4,082 | 2,115,456 |
7,860,367 | ||
Water Utilities 0.1% | ||
American Water Works Co., Inc. | 17,125 | 3,234,227 |
Wireless Telecommunication Services 0.2% | ||
T-Mobile US, Inc. (a) | 55,379 | 6,422,856 |
Total Common Stocks (d) (Cost $1,058,781,865) | 3,806,276,385 | |
Short-Term Investments 0.2% | ||
Affiliated Investment Company 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 0.01% (e) | 73,463 | 73,463 |
Unaffiliated Investment Companies 0.1% | ||
BlackRock Liquidity FedFund, 0.025% (e)(f) | 300,000 | 300,000 |
Wells Fargo Government Money Market Fund, 0.10% (e)(f) | 1,114,637 | 1,114,637 |
Total Unaffiliated Investment Companies (Cost $1,414,637) | 1,414,637 | |
Principal Amount | Value | ||
U.S. Treasury Debt 0.1% | |||
U.S. Treasury Bills | |||
0.055%, due 3/17/22 (c)(g) | $ 3,700,000 | $ 3,699,585 | |
Total Short-Term Investments (Cost $5,187,675) | 5,187,685 | ||
Total Investments (Cost $1,063,969,540) | 100.0% | 3,811,464,070 | |
Other Assets, Less Liabilities | 0.0‡ | 1,119,177 | |
Net Assets | 100.0% | $ 3,812,583,247 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $1,362,478. The Portfolio received cash collateral with a value of $1,414,637. (See Note 2(H)) |
(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 December 31, 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 | 15 | March 2022 | $ 3,473,932 | $ 3,568,875 | $ 94,943 |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 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 | $ 3,806,276,385 | $ — | $ — | $ 3,806,276,385 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 73,463 | — | — | 73,463 | |||
Unaffiliated Investment Companies | 1,414,637 | — | — | 1,414,637 | |||
U.S. Treasury Debt | — | 3,699,585 | — | 3,699,585 | |||
Total Short-Term Investments | 1,488,100 | 3,699,585 | — | 5,187,685 | |||
Total Investments in Securities | 3,807,764,485 | 3,699,585 | — | 3,811,464,070 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 94,943 | — | — | 94,943 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,807,859,428 | $ 3,699,585 | $ — | $ 3,811,559,013 |
(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 $1,063,896,077) including securities on loan of $1,362,478 | $3,811,390,607 |
Investment in affiliated investment companies, at value (identified cost $73,463) | 73,463 |
Cash | 11,154 |
Receivables: | |
Dividends and interest | 2,302,579 |
Portfolio shares sold | 1,754,250 |
Securities lending | 301 |
Other assets | 131,713 |
Total assets | 3,815,664,067 |
Liabilities | |
Cash collateral received for securities on loan | 1,414,637 |
Payables: | |
Portfolio shares redeemed | 764,692 |
NYLIFE Distributors (See Note 3) | 430,249 |
Manager (See Note 3) | 251,420 |
Shareholder communication | 108,336 |
Professional fees | 64,912 |
Variation margin on futures contracts | 26,144 |
Custodian | 14,946 |
Trustees | 5,484 |
Total liabilities | 3,080,820 |
Net assets | $3,812,583,247 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 42,704 |
Additional paid-in-capital | 939,748,873 |
939,791,577 | |
Total distributable earnings (loss) | 2,872,791,670 |
Net assets | $3,812,583,247 |
Initial Class | |
Net assets applicable to outstanding shares | $1,745,640,082 |
Shares of beneficial interest outstanding | 19,446,871 |
Net asset value per share outstanding | $ 89.76 |
Service Class | |
Net assets applicable to outstanding shares | $2,066,943,165 |
Shares of beneficial interest outstanding | 23,256,952 |
Net asset value per share outstanding | $ 88.87 |
18 | MainStay VP MacKay S&P 500 Index Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $6,675) | $ 50,842,220 |
Interest | 11,088 |
Securities lending | 8,291 |
Dividends-affiliated | 22 |
Total income | 50,861,621 |
Expenses | |
Manager (See Note 3) | 5,697,657 |
Distribution/Service—Service Class (See Note 3) | 4,613,101 |
Professional fees | 218,362 |
Shareholder communication | 191,741 |
Custodian | 93,576 |
Trustees | 76,223 |
Miscellaneous | 299,240 |
Total expenses before waiver/reimbursement | 11,189,900 |
Expense waiver/reimbursement from Manager (See Note 3) | (2,218,668) |
Net expenses | 8,971,232 |
Net investment income (loss) | 41,890,389 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 95,982,876 |
Futures transactions | 7,797,555 |
Net realized gain (loss) | 103,780,431 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 764,798,601 |
Futures contracts | (295,796) |
Net change in unrealized appreciation (depreciation) | 764,502,805 |
Net realized and unrealized gain (loss) | 868,283,236 |
Net increase (decrease) in net assets resulting from operations | $910,173,625 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 41,890,389 | $ 39,963,323 |
Net realized gain (loss) | 103,780,431 | 34,324,525 |
Net change in unrealized appreciation (depreciation) | 764,502,805 | 469,492,808 |
Net increase (decrease) in net assets resulting from operations | 910,173,625 | 543,780,656 |
Distributions to shareholders: | ||
Initial Class | (37,666,492) | (32,014,852) |
Service Class | (39,080,413) | (28,858,985) |
Total distributions to shareholders | (76,746,905) | (60,873,837) |
Capital share transactions: | ||
Net proceeds from sales of shares | 364,010,795 | 717,352,187 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 76,746,905 | 60,873,837 |
Cost of shares redeemed | (831,676,688) | (356,638,845) |
Increase (decrease) in net assets derived from capital share transactions | (390,918,988) | 421,587,179 |
Net increase (decrease) in net assets | 442,507,732 | 904,493,998 |
Net Assets | ||
Beginning of year | 3,370,075,515 | 2,465,581,517 |
End of year | $3,812,583,247 | $3,370,075,515 |
20 | MainStay VP MacKay S&P 500 Index Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | $ 44.05 | ||||
Net investment income (loss) (a) | 1.03 | 1.00 | 1.01 | 1.04 | 0.80 | ||||
Net realized and unrealized gain (loss) | 19.19 | 10.13 | 13.88 | (3.15) | 8.60 | ||||
Total from investment operations | 20.22 | 11.13 | 14.89 | (2.11) | 9.40 | ||||
Less distributions: | |||||||||
From net investment income | (1.01) | (0.91) | (1.00) | (0.78) | (0.70) | ||||
From net realized gain on investments | (0.86) | (0.51) | (0.30) | (1.02) | (0.73) | ||||
Total distributions | (1.87) | (1.42) | (1.30) | (1.80) | (1.43) | ||||
Net asset value at end of year | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | ||||
Total investment return (b) | 28.55% | 18.24% | 31.25% | (4.52)% | 21.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.28% | 1.61% | 1.80% | 1.95% | 1.65% | ||||
Net expenses (c) | 0.12% | 0.13% | 0.16% | 0.16% | 0.22% | ||||
Expenses (before waiver/reimbursement) (c) | 0.18% | 0.20% | 0.19% | 0.19% | 0.23% | ||||
Portfolio turnover rate | 3% | 2% | 7% | 9% | 3% | ||||
Net assets at end of year (in 000's) | $ 1,745,640 | $ 1,749,834 | $ 1,123,943 | $ 1,001,911 | $ 1,156,346 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | $ 43.80 | ||||
Net investment income (loss) (a) | 0.83 | 0.83 | 0.86 | 0.90 | 0.67 | ||||
Net realized and unrealized gain (loss) | 18.99 | 10.03 | 13.77 | (3.13) | 8.54 | ||||
Total from investment operations | 19.82 | 10.86 | 14.63 | (2.23) | 9.21 | ||||
Less distributions: | |||||||||
From net investment income | (0.85) | (0.78) | (0.88) | (0.67) | (0.62) | ||||
From net realized gain on investments | (0.86) | (0.51) | (0.30) | (1.02) | (0.73) | ||||
Total distributions | (1.71) | (1.29) | (1.18) | (1.69) | (1.35) | ||||
Net asset value at end of year | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | ||||
Total investment return (b) | 28.23% | 17.95% | 30.92% | (4.76)% | 21.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.03% | 1.37% | 1.54% | 1.70% | 1.40% | ||||
Net expenses (c) | 0.37% | 0.38% | 0.41% | 0.41% | 0.47% | ||||
Expenses (before waiver/reimbursement) (c) | 0.43% | 0.45% | 0.44% | 0.44% | 0.48% | ||||
Portfolio turnover rate | 3% | 2% | 7% | 9% | 3% | ||||
Net assets at end of year (in 000's) | $ 2,066,943 | $ 1,620,242 | $ 1,341,639 | $ 920,531 | $ 897,611 |
(a) | Per share data based on average shares outstanding during the year. |
(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 | January 29, 1993 |
Service Class | June 5, 2003 |
22 | MainStay VP MacKay S&P 500 Index 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 MacKay S&P 500 Index Portfolio |
Asset Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $94,943 | $94,943 |
Total Fair Value | $94,943 | $94,943 |
(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. |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Futures Contracts | $7,797,555 | $7,797,555 |
Total Net Realized Gain (Loss) | $7,797,555 | $7,797,555 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $(295,796) | $(295,796) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(295,796) | $(295,796) |
Average Notional Amount | Total |
Futures Contracts Long | $26,093,688 |
26 | MainStay VP MacKay S&P 500 Index Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,897 | $ 54,159 | $ (55,983) | $ — | $ — | $ 73 | $ —(a) | $ — | 73 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,081,200,267 | $2,743,557,760 | $(13,293,957) | $2,730,263,803 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$89,260,487 | $53,061,761 | $205,619 | $2,730,263,803 | $2,872,791,670 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $56,145,964 | $47,539,689 |
Long-Term Capital Gains | 20,600,941 | 13,334,148 |
Total | $76,746,905 | $60,873,837 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 1,447,144 | $ 111,542,140 |
Shares issued to shareholders in reinvestment of distributions | 455,821 | 37,666,492 |
Shares redeemed | (6,961,317) | (569,084,066) |
Net increase (decrease) | (5,058,352) | $(419,875,434) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 3,147,547 | $ 252,468,655 |
Shares issued to shareholders in reinvestment of distributions | 477,391 | 39,080,413 |
Shares redeemed | (3,266,373) | (262,592,622) |
Net increase (decrease) | 358,565 | $ 28,956,446 |
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 |
28 | MainStay VP MacKay S&P 500 Index Portfolio |
Portfolio | Proceeds | Cost Basis |
MainStay VP MacKay S&P 500 Index Portfolio | $682,856 | $527,309 |
30 | MainStay VP MacKay S&P 500 Index Portfolio |
MainStay VP MacKay S&P 500 Index Portfolio
New York, New York
February 24, 2022
32 | MainStay VP MacKay S&P 500 Index Portfolio |
34 | MainStay VP MacKay S&P 500 Index Portfolio |
36 | MainStay VP MacKay S&P 500 Index Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
38 | MainStay VP MacKay S&P 500 Index Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
40 | MainStay VP MacKay S&P 500 Index Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802534 | MSVPSP11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2015 | 15.29% | -3.75% | -3.05% | 1.62% |
Service Class Shares | 5/1/2015 | 15.00 | -3.99 | -3.29 | 1.87 |
1. | Effective February 28, 2020, 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. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)1 | 14.88% | 9.41% | 7.01% |
Morningstar Infrastructure Category Average2 | 14.86 | 9.54 | 6.15 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The FTSE Global Core Infrastructure 50/50 Index (Net) is the Portfolio’s primary broad-based securities market index for comparison purposes. The FTSE Global Core Infrastructure 50/50 Index (Net) gives participants an industry-defined interpretation of infrastructure and adjusts the exposure to certain infrastructure sub-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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,062.10 | $4.94 | $1,020.42 | $4.84 | 0.95% |
Service Class Shares | $1,000.00 | $1,060.80 | $6.23 | $1,019.16 | $6.11 | 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 184 (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 | 53.2% |
France | 9.5 |
Australia | 8.8 |
Spain | 6.3 |
Italy | 5.8 |
Canada | 4.4 |
United Kingdom | 3.6 |
Portugal | 2.9 |
Germany | 1.4 |
Japan | 1.3% |
China | 1.2 |
New Zealand | 0.9 |
Mexico | 0.9 |
Denmark | 0.7 |
Other Assets, Less Liabilities | –0.9 |
100.0% |
1. | NextEra Energy, Inc. |
2. | American Electric Power Co., Inc. |
3. | Union Pacific Corp. |
4. | Vinci SA |
5. | Cellnex Telecom SA |
6. | Cheniere Energy, Inc. |
7. | Transurban Group |
8. | National Grid plc |
9. | Crown Castle International Corp. |
10. | Atlas Arteria Ltd. |
1. | Mr. Ferguson served as a portfolio manager until his retirement December 31, 2021. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | |
Common Stocks 98.9% | ||
Australia 8.8% | ||
Atlas Arteria Ltd. (Transportation) | 187,159 | $ 942,279 |
Aurizon Holdings Ltd. (Transportation) | 94,586 | 240,168 |
NEXTDC Ltd. (Communications) (a) | 21,475 | 199,833 |
Transurban Group (Transportation) | 97,608 | 981,423 |
2,363,703 | ||
Canada 4.4% | ||
Canadian National Railway Co. (Transportation) | 4,896 | 601,399 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 11,013 | 334,060 |
TC Energy Corp. (Midstream / Pipelines) (b) | 5,457 | 253,793 |
1,189,252 | ||
China 1.2% | ||
Guangdong Investment Ltd. (Utilities) | 248,038 | 315,235 |
Denmark 0.7% | ||
Orsted A/S (Utilities) | 1,477 | 189,668 |
France 9.5% | ||
Eiffage SA (Transportation) | 5,549 | 571,484 |
Engie SA (Utilities) | 60,697 | 899,313 |
Vinci SA (Transportation) | 10,229 | 1,082,004 |
2,552,801 | ||
Germany 1.4% | ||
Fraport AG Frankfurt Airport Services Worldwide (Transportation) (a) | 5,373 | 361,157 |
Italy 5.8% | ||
Atlantia SpA (Transportation) (a) | 6,681 | 132,717 |
Enel SpA (Utilities) | 100,928 | 803,787 |
Infrastrutture Wireless Italiane SpA (Communications) | 30,805 | 372,971 |
Terna - Rete Elettrica Nazionale (Utilities) | 30,362 | 244,971 |
1,554,446 | ||
Japan 1.3% | ||
Central Japan Railway Co. (Transportation) | 677 | 90,320 |
West Japan Railway Co. (Transportation) | 5,896 | 246,002 |
336,322 | ||
Mexico 0.9% | ||
Promotora y Operadora de Infraestructura SAB de CV (Transportation) | 30,979 | 242,077 |
Shares | Value | |
New Zealand 0.9% | ||
Infratil Ltd. (Diversified) | 44,977 | $ 246,438 |
Portugal 2.9% | ||
EDP - Energias de Portugal SA (Utilities) | 139,225 | 765,909 |
Spain 6.3% | ||
Aena SME SA (Transportation) (a) | 2,533 | 400,106 |
Cellnex Telecom SA (Communications) | 18,491 | 1,073,589 |
Ferrovial SA (Transportation) | 7,083 | 222,139 |
1,695,834 | ||
United Kingdom 3.6% | ||
National Grid plc (Utilities) | 67,933 | 974,494 |
United States 51.2% | ||
AES Corp. (The) (Utilities) | 32,987 | 801,584 |
Alliant Energy Corp. (Utilities) | 4,372 | 268,747 |
Ameren Corp. (Utilities) | 8,792 | 782,576 |
American Electric Power Co., Inc. (Utilities) | 13,140 | 1,169,066 |
American Tower Corp. (Communications) | 2,761 | 807,592 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 9,750 | 988,845 |
CMS Energy Corp. (Utilities) | 10,234 | 665,722 |
Crown Castle International Corp. (Communications) | 4,650 | 970,641 |
Dominion Energy, Inc. (Utilities) | 9,023 | 708,847 |
Equinix, Inc. (Communications) | 153 | 129,413 |
Exelon Corp. (Utilities) | 12,041 | 695,488 |
FirstEnergy Corp. (Utilities) | 18,251 | 759,059 |
NextEra Energy, Inc. (Utilities) | 12,914 | 1,205,650 |
NiSource, Inc. (Utilities) | 8,766 | 242,029 |
Norfolk Southern Corp. (Transportation) | 1,274 | 379,283 |
Public Service Enterprise Group, Inc. (Utilities) | 10,505 | 700,999 |
Union Pacific Corp. (Transportation) | 4,509 | 1,135,952 |
WEC Energy Group, Inc. (Utilities) | 7,195 | 698,419 |
Williams Cos., Inc. (The) (Midstream / Pipelines) | 24,268 | 631,939 |
13,741,851 | ||
Total Common Stocks (Cost $23,273,332) | 26,529,187 | |
Short-Term Investments 2.0% | ||
Affiliated Investment Company 1.1% | ||
United States 1.1% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (c) | 301,635 | 301,635 |
10 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 0.9% | |||
United States 0.9% | |||
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 237,399 | $ 237,399 | |
Total Short-Term Investments (Cost $539,034) | 539,034 | ||
Total Investments (Cost $23,812,366) | 100.9% | 27,068,221 | |
Other Assets, Less Liabilities | (0.9) | (228,689) | |
Net Assets | 100.0% | $ 26,839,532 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $228,353. The Portfolio received cash collateral with a value of $237,399. (See Note 2(I)) |
(c) | Current yield as of December 31, 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 | |||||||
Denmark | $ — | $ 189,668 | $ — | $ 189,668 | |||
Germany | — | 361,157 | — | 361,157 | |||
Italy | — | 1,554,446 | — | 1,554,446 | |||
Japan | — | 336,322 | — | 336,322 | |||
Spain | — | 1,695,834 | — | 1,695,834 | |||
All Other Countries | 22,391,760 | — | — | 22,391,760 | |||
Total Common Stocks | 22,391,760 | 4,137,427 | — | 26,529,187 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 301,635 | — | — | 301,635 | |||
Unaffiliated Investment Company | 237,399 | — | — | 237,399 | |||
Total Short-Term Investments | 539,034 | — | — | 539,034 | |||
Total Investments in Securities | $ 22,930,794 | $ 4,137,427 | $ — | $ 27,068,221 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † | ||
Utilities | $12,891,563 | 48.1% | |
Transportation | 7,628,510 | 28.4 | |
Communications | 3,554,039 | 13.2 | |
Midstream / Pipelines | 2,208,637 | 8.3 | |
Diversified | 246,438 | 0.9 | |
26,529,187 | 98.9 | ||
Short-Term Investments | 539,034 | 2.0 | |
Other Assets, Less Liabilities | (228,689) | (0.9) | |
Net Assets | $26,839,532 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
12 | MainStay VP CBRE Global Infrastructure Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $23,510,731) including securities on loan of $228,353 | $ 26,766,586 |
Investment in affiliated investment companies, at value (identified cost $301,635) | 301,635 |
Receivables: | |
Portfolio shares sold | 79,418 |
Dividends | 45,358 |
Securities lending | 40 |
Other assets | 95 |
Total assets | 27,193,132 |
Liabilities | |
Cash collateral received for securities on loan | 237,399 |
Payables: | |
Shareholder communication | 31,423 |
Professional fees | 24,261 |
Investment securities purchased | 20,424 |
Manager (See Note 3) | 18,456 |
Custodian | 8,399 |
NYLIFE Distributors (See Note 3) | 5,087 |
Portfolio shares redeemed | 3,938 |
Trustees | 21 |
Accrued expenses | 4,192 |
Total liabilities | 353,600 |
Net assets | $ 26,839,532 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 3,634 |
Additional paid-in-capital | 59,175,338 |
59,178,972 | |
Total distributable earnings (loss) | (32,339,440) |
Net assets | $ 26,839,532 |
Initial Class | |
Net assets applicable to outstanding shares | $ 1,898,919 |
Shares of beneficial interest outstanding | 254,148 |
Net asset value per share outstanding | $ 7.47 |
Service Class | |
Net assets applicable to outstanding shares | $24,940,613 |
Shares of beneficial interest outstanding | 3,379,613 |
Net asset value per share outstanding | $ 7.38 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $42,055) | $ 706,113 |
Securities lending | 1,140 |
Dividends-affiliated | 22 |
Total income | 707,275 |
Expenses | |
Manager (See Note 3) | 200,728 |
Distribution/Service—Service Class (See Note 3) | 55,313 |
Professional fees | 50,354 |
Custodian | 30,926 |
Shareholder communication | 28,632 |
Trustees | 477 |
Miscellaneous | 6,594 |
Total expenses before waiver/reimbursement | 373,024 |
Expense waiver/reimbursement from Manager (See Note 3) | (93,431) |
Net expenses | 279,593 |
Net investment income (loss) | 427,682 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 1,111,889 |
Foreign currency transactions | (5,675) |
Net realized gain (loss) | 1,106,214 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 1,768,592 |
Translation of other assets and liabilities in foreign currencies | 1,300 |
Net change in unrealized appreciation (depreciation) | 1,769,892 |
Net realized and unrealized gain (loss) | 2,876,106 |
Net increase (decrease) in net assets resulting from operations | $3,303,788 |
14 | MainStay VP CBRE Global Infrastructure Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 427,682 | $ 129,325 |
Net realized gain (loss) | 1,106,214 | (4,887,575) |
Net change in unrealized appreciation (depreciation) | 1,769,892 | 2,070,360 |
Net increase (decrease) in net assets resulting from operations | 3,303,788 | (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 | 7,248,924 | 11,782,193 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 1,857,902 |
Cost of shares redeemed | (4,776,219) | (11,837,646) |
Increase (decrease) in net assets derived from capital share transactions | 2,472,705 | 1,802,449 |
Net increase (decrease) in net assets | 5,776,493 | (2,743,343) |
Net Assets | ||
Beginning of year | 21,063,039 | 23,806,382 |
End of year | $26,839,532 | $ 21,063,039 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | $ 9.75 | ||||
Net investment income (loss) (a) | 0.15 | 0.03 | 0.03 | (0.07) | (0.05) | ||||
Net realized and unrealized gain (loss) | 0.84 | (1.08) | 0.37 | (2.84) | 0.82 | ||||
Total from investment operations | 0.99 | (1.05) | 0.40 | (2.91) | 0.77 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.48) | — | — | — | ||||
Net asset value at end of year | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | ||||
Total investment return (b) | 15.28%(c) | (12.81)% | 5.26%(c) | (27.66)%(c) | 7.90% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.08% | 0.41% | 0.33% | (0.66)% | (0.49)% | ||||
Net expenses (d) | 0.95% | 1.05% | 1.21% | 1.21% | 1.31% | ||||
Expenses (before waiver/reimbursement) (d) | 1.32% | 1.44% | 1.21% | 1.21% | 1.31% | ||||
Portfolio turnover rate | 43% | 163% | 119% | 162% | 116% | ||||
Net assets at end of year (in 000's) | $ 1,899 | $ 1,022 | $ 1,009 | $ 90,681 | $ 158,846 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | $ 9.73 | ||||
Net investment income (loss) (a) | 0.12 | 0.04 | 0.01 | (0.09) | (0.07) | ||||
Net realized and unrealized gain (loss) | 0.84 | (1.09) | 0.37 | (2.83) | 0.81 | ||||
Total from investment operations | 0.96 | (1.05) | 0.38 | (2.92) | 0.74 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.46) | — | — | — | ||||
Net asset value at end of year | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | ||||
Total investment return (b) | 14.95%(c) | (13.03)% | 5.03%(c) | (27.89)%(c) | 7.61%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.79% | 0.62% | 0.11% | (0.91)% | (0.74)% | ||||
Net expenses (d) | 1.20% | 1.52% | 1.62% | 1.46% | 1.56% | ||||
Expenses (before waiver/reimbursement) (d) | 1.60% | 1.95% | 1.62% | 1.46% | 1.56% | ||||
Portfolio turnover rate | 43% | 163% | 119% | 162% | 116% | ||||
Net assets at end of year (in 000's) | $ 24,941 | $ 20,041 | $ 22,798 | $ 22,133 | $ 32,457 |
(a) | Per share data based on average shares outstanding during the year. |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 303 | $ 6,695 | $ (6,696) | $ — | $ — | $ 302 | $ —(a) | $ — | 302 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $24,046,853 | $3,206,351 | $(184,983) | $3,021,368 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$441,041 | $(35,807,617) | $3,838 | $3,023,298 | $(32,339,440) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$2,280,957 | $(2,280,957) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $33,709 | $2,099 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $— | $1,857,902 |
22 | MainStay VP CBRE Global Infrastructure Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 123,981 | $ 868,975 |
Shares redeemed | (27,600) | (198,987) |
Net increase (decrease) | 96,381 | $ 669,988 |
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 |
Service Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 921,622 | $ 6,379,949 |
Shares redeemed | (665,037) | (4,577,232) |
Net increase (decrease) | 256,585 | $ 1,802,717 |
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 |
MainStay VP CBRE Global Infrastructure Portfolio
New York, New York
February 24, 2022
24 | MainStay VP CBRE Global Infrastructure Portfolio |
26 | MainStay VP CBRE Global Infrastructure Portfolio |
28 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
32 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801638 | MSVPCRA11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 17.24% | 10.73% | 9.02% | 0.67% |
Service Class Shares | 2/17/2012 | 16.95 | 10.46 | 8.75 | 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* | One Year | Five Years | Since Inception |
MSCI USA IMI Utilities 25/50 Index (Gross)1 | 17.48% | 11.40% | 11.55% |
Morningstar Utilities Category Average2 | 15.47 | 10.63 | 9.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,146.00 | $3.57 | $1,021.88 | $3.36 | 0.66% |
Service Class Shares | $1,000.00 | $1,144.60 | $4.92 | $1,020.62 | $4.63 | 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 184 (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 | 65.6% |
Multi–Utilities | 24.5 |
Independent Power and Renewable Electricity Producers | 9.6 |
Other Assets, Less Liabilities | 0.3 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Exelon Corp. |
3. | Southern Co. (The) |
4. | Sempra Energy |
5. | Dominion Energy, Inc. |
6. | FirstEnergy Corp. |
7. | Public Service Enterprise Group, Inc. |
8. | PG&E Corp. |
9. | Edison International |
10. | AES Corp. (The) |
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 99.7% | ||
Electric Utilities 65.6% | ||
American Electric Power Co., Inc. | 544,548 | $ 48,448,436 |
Duke Energy Corp. | 402,045 | 42,174,520 |
Edison International | 844,837 | 57,660,125 |
Entergy Corp. | 250,200 | 28,185,030 |
Evergy, Inc. | 635,721 | 43,616,818 |
Exelon Corp. | 2,151,398 | 124,264,748 |
FirstEnergy Corp. | 1,415,041 | 58,851,555 |
NextEra Energy, Inc. | 1,905,532 | 177,900,468 |
NRG Energy, Inc. | 312,195 | 13,449,361 |
OGE Energy Corp. | 434,400 | 16,672,272 |
PG&E Corp. (a) | 4,778,999 | 58,017,048 |
Southern Co. (The) | 1,668,482 | 114,424,496 |
783,664,877 | ||
Independent Power and Renewable Electricity Producers 9.6% | ||
AES Corp. (The) | 2,287,479 | 55,585,740 |
NextEra Energy Partners LP | 221,603 | 18,703,293 |
Sunnova Energy International, Inc. (a) | 316,385 | 8,833,469 |
Vistra Corp. | 1,377,630 | 31,368,635 |
114,491,137 |
Shares | Value | ||
Multi-Utilities 24.5% | |||
CenterPoint Energy, Inc. | 1,549,398 | $ 43,243,698 | |
Dominion Energy, Inc. | 957,043 | 75,185,298 | |
NiSource, Inc. | 1,341,784 | 37,046,656 | |
Public Service Enterprise Group, Inc. | 879,031 | 58,657,739 | |
Sempra Energy | 594,243 | 78,606,464 | |
292,739,855 | |||
Total Common Stocks (Cost $977,202,564) | 1,190,895,869 | ||
Total Investments (Cost $977,202,564) | 99.7% | 1,190,895,869 | |
Other Assets, Less Liabilities | 0.3 | 3,391,644 | |
Net Assets | 100.0% | $ 1,194,287,513 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
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 | $ 1,190,895,869 | $ — | $ — | $ 1,190,895,869 |
(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 securities, at value (identified cost $977,202,564) | $1,190,895,869 |
Receivables: | |
Investment securities sold | 4,745,370 |
Dividends | 1,541,534 |
Portfolio shares sold | 155,795 |
Securities lending | 492 |
Other assets | 5,139 |
Total assets | 1,197,344,199 |
Liabilities | |
Due to custodian | 102,117 |
Payables: | |
Investment securities purchased | 1,526,087 |
Manager (See Note 3) | 626,192 |
Portfolio shares redeemed | 463,642 |
NYLIFE Distributors (See Note 3) | 202,153 |
Professional fees | 64,594 |
Shareholder communication | 55,924 |
Custodian | 6,033 |
Trustees | 1,535 |
Accrued expenses | 8,409 |
Total liabilities | 3,056,686 |
Net assets | $1,194,287,513 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 88,320 |
Additional paid-in-capital | 913,371,831 |
913,460,151 | |
Total distributable earnings (loss) | 280,827,362 |
Net assets | $1,194,287,513 |
Initial Class | |
Net assets applicable to outstanding shares | $215,593,592 |
Shares of beneficial interest outstanding | 15,881,413 |
Net asset value per share outstanding | $ 13.58 |
Service Class | |
Net assets applicable to outstanding shares | $978,693,921 |
Shares of beneficial interest outstanding | 72,438,580 |
Net asset value per share outstanding | $ 13.51 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 34,092,507 |
Securities lending | 10,664 |
Dividends-affiliated | 926 |
Total income | 34,104,097 |
Expenses | |
Manager (See Note 3) | 7,096,790 |
Distribution/Service—Service Class (See Note 3) | 2,355,052 |
Professional fees | 130,536 |
Shareholder communication | 68,417 |
Custodian | 39,755 |
Trustees | 19,667 |
Miscellaneous | 50,903 |
Total expenses | 9,761,120 |
Net investment income (loss) | 24,342,977 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 72,719,476 |
Foreign currency transactions | 26,296 |
Net realized gain (loss) | 72,745,772 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 81,887,199 |
Translation of other assets and liabilities in foreign currencies | (51,502) |
Net change in unrealized appreciation (depreciation) | 81,835,697 |
Net realized and unrealized gain (loss) | 154,581,469 |
Net increase (decrease) in net assets resulting from operations | $178,924,446 |
12 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,342,977 | $ 19,441,319 |
Net realized gain (loss) | 72,745,772 | 23,725,848 |
Net change in unrealized appreciation (depreciation) | 81,835,697 | (58,306,186) |
Net increase (decrease) in net assets resulting from operations | 178,924,446 | (15,139,019) |
Distributions to shareholders: | ||
Initial Class | (11,646,224) | (9,132,357) |
Service Class | (54,685,087) | (76,778,772) |
Total distributions to shareholders | (66,331,311) | (85,911,129) |
Capital share transactions: | ||
Net proceeds from sales of shares | 102,621,118 | 93,346,304 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 66,331,311 | 85,911,129 |
Cost of shares redeemed | (176,726,990) | (207,898,643) |
Increase (decrease) in net assets derived from capital share transactions | (7,774,561) | (28,641,210) |
Net increase (decrease) in net assets | 104,818,574 | (129,691,358) |
Net Assets | ||
Beginning of year | 1,089,468,939 | 1,219,160,297 |
End of year | $1,194,287,513 | $1,089,468,939 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | $ 10.66 | ||||
Net investment income (loss) (a) | 0.31 | 0.25 | 0.31 | 0.28 | 0.25 | ||||
Net realized and unrealized gain (loss) | 1.73 | (0.34) | 2.39 | (0.18) | 1.33 | ||||
Total from investment operations | 2.04 | (0.09) | 2.70 | 0.10 | 1.58 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.33) | (0.34) | (0.15) | (0.49) | ||||
From net realized gain on investments | (0.53) | (0.72) | (0.55) | (0.02) | — | ||||
Total distributions | (0.81) | (1.05) | (0.89) | (0.17) | (0.49) | ||||
Net asset value at end of year | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | ||||
Total investment return (b) | 17.24% | (0.38)% | 23.26% | 0.80% | 14.72% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.41% | 2.06% | 2.41% | 2.31% | 2.11% | ||||
Net expenses (c) | 0.66% | 0.67% | 0.68% | 0.76% | 0.76% | ||||
Portfolio turnover rate | 34% | 62% | 47% | 84% | 30% | ||||
Net assets at end of year (in 000's) | $ 215,594 | $ 135,814 | $ 97,503 | $ 81,716 | $ 83,261 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | $ 10.62 | ||||
Net investment income (loss) (a) | 0.27 | 0.22 | 0.28 | 0.25 | 0.22 | ||||
Net realized and unrealized gain (loss) | 1.72 | (0.35) | 2.37 | (0.18) | 1.31 | ||||
Total from investment operations | 1.99 | (0.13) | 2.65 | 0.07 | 1.53 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.29) | (0.30) | (0.11) | (0.46) | ||||
From net realized gain on investments | (0.53) | (0.72) | (0.55) | (0.02) | — | ||||
Total distributions | (0.77) | (1.01) | (0.85) | (0.13) | (0.46) | ||||
Net asset value at end of year | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | ||||
Total investment return (b) | 16.95% | (0.63)% | 22.95% | 0.55% | 14.44% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.14% | 1.80% | 2.15% | 2.08% | 1.87% | ||||
Net expenses (c) | 0.91% | 0.92% | 0.93% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 34% | 62% | 47% | 84% | 30% | ||||
Net assets at end of year (in 000's) | $ 978,694 | $ 953,655 | $ 1,121,657 | $ 1,066,963 | $ 1,240,213 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
14 | MainStay VP Fidelity Institutional AM® Utilities 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 |
16 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
18 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 19,834 | $ 220,891 | $ (240,725) | $ — | $ — | $ — | $ 1 | $ — | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $987,155,656 | $205,656,720 | $(1,916,507) | $203,740,213 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$28,227,797 | $48,863,159 | $203,736,406 | $280,827,362 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$52 | $(52) |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $21,083,694 | $33,504,758 |
Long-Term Capital Gains | 45,247,617 | 52,406,371 |
Total | $66,331,311 | $85,911,129 |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$16,011 | $23,353 | $8,951 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 5,619,410 | $ 71,207,565 |
Shares issued to shareholders in reinvestment of distributions | 956,844 | 11,646,224 |
Shares redeemed | (1,694,431) | (21,841,993) |
Net increase (decrease) | 4,881,823 | $ 61,011,796 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 2,489,554 | $ 31,413,553 |
Shares issued to shareholders in reinvestment of distributions | 4,511,710 | 54,685,087 |
Shares redeemed | (12,158,673) | (154,884,997) |
Net increase (decrease) | (5,157,409) | $ (68,786,357) |
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) |
20 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
MainStay VP Fidelity Institutional AM® Utilities Portfolio
New York, New York
February 24, 2022
22 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
24 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
26 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
28 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
30 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803629 | MSVPMFS11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2016 | 18.03% | 8.19% | 10.55% | 0.86% |
Service Class Shares | 5/2/2016 | 17.73 | 7.92 | 10.28 | 1.11 |
1. | Effective January 1, 2018, due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the graph 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Russell 2000® Index1 | 14.82% | 12.02% | 14.19% |
Morningstar Small Blend Category Average2 | 23.85 | 10.68 | 12.52 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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. Results assume reinvestment of all dividends and capital gains. 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,010.30 | $3.75 | $1,021.47 | $3.77 | 0.74% |
Service Class Shares | $1,000.00 | $1,009.00 | $5.01 | $1,020.21 | $5.04 | 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 184 (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 | 8.9% |
Software | 7.1 |
Semiconductors & Semiconductor Equipment | 5.0 |
Equity Real Estate Investment Trusts | 4.4 |
Machinery | 4.1 |
Biotechnology | 3.7 |
Health Care Equipment & Supplies | 3.6 |
Trading Companies & Distributors | 3.5 |
Commercial Services & Supplies | 3.2 |
Health Care Providers & Services | 3.2 |
Consumer Finance | 3.0 |
Thrifts & Mortgage Finance | 2.9 |
IT Services | 2.3 |
Exchange–Traded Funds | 2.3 |
Household Durables | 2.2 |
Building Products | 2.2 |
Professional Services | 2.2 |
Electronic Equipment, Instruments & Components | 2.1 |
Textiles, Apparel & Luxury Goods | 1.9 |
Specialty Retail | 1.9 |
Health Care Technology | 1.7 |
Metals & Mining | 1.7 |
Electrical Equipment | 1.6 |
Capital Markets | 1.5 |
Life Sciences Tools & Services | 1.5 |
Insurance | 1.4 |
Hotels, Restaurants & Leisure | 1.4 |
Energy Equipment & Services | 1.3% |
Auto Components | 1.2 |
Chemicals | 1.2 |
Communications Equipment | 1.2 |
Gas Utilities | 1.2 |
Construction & Engineering | 1.1 |
Internet & Direct Marketing Retail | 1.1 |
Personal Products | 0.9 |
Media | 0.9 |
Diversified Consumer Services | 0.9 |
Air Freight & Logistics | 0.7 |
Real Estate Management & Development | 0.7 |
Marine | 0.6 |
Entertainment | 0.5 |
Electric Utilities | 0.5 |
Oil, Gas & Consumable Fuels | 0.5 |
Mortgage Real Estate Investment Trusts | 0.5 |
Pharmaceuticals | 0.4 |
Interactive Media & Services | 0.4 |
Household Products | 0.4 |
Paper & Forest Products | 0.4 |
Food Products | 0.4 |
Leisure Products | 0.4 |
Short–Term Investments | 2.3 |
Other Assets, Less Liabilities | –0.2 |
100.0% |
1. | Tower Semiconductor Ltd. |
2. | iShares Russell 2000 ETF |
3. | Skyline Champion Corp. |
4. | PRA Group, Inc. |
5. | Synaptics, Inc. |
6. | Piedmont Office Realty Trust, Inc., Class A |
7. | Federal Agricultural Mortgage Corp., Class C |
8. | Applied Industrial Technologies, Inc. |
9. | Boise Cascade Co. |
10. | MP Materials Corp. |
During the time MacKay Shields managed the Portfolio, the Portfolio outperformed the Index helped by both sector allocation and strong stock selection. In terms of stock-selection model efficacy, the combination of signals used by the Portfolio’s quantitative stock selection model was rewarded primarily by valuation measures.
During the time Wellington managed the Portfolio, the Portfolio outperformed the Index. While security selection made positive contributions to the outperformance, sector allocation, a result of our bottom-up stock selection process, was the primary driver of Portfolio’s relatively strong returns. (Contributions take weightings and total returns into account.)
During the time Wellington managed the Portfolio, the Portfolio used Russell 2000® Index futures to equitize cash. These futures positions detracted slightly from performance.
During the time MacKay Shields managed the Portfolio, the strongest positive contributors to the Portfolio’s performance relative to the Index were the information technology, financials and industrials sectors. During the same period, the most significant detractors from relative performance were the materials, energy and real estate sectors.
During the time Wellington managed the Portfolio, the top performing sector relative to the Index was health care, followed by information technology and financials. The positive relative performance of health care was driven by sector allocation. During the same period, the sector that detracted the most from relative performance was industrials, followed by communication services and real estate. For all three of these sectors, security selection detracted from relative returns.
The stocks providing the strongest positive contributions to the Portfolio’s absolute performance during the time MacKay Shields managed the Portfolio included shares in computer game and electronic entertainment retailer GameStop, biotechnology developer Novavax, and electrical components & equipment maker Atkore. During the same period, the most significant detractors from absolute performance were shares in biotechnology firm Amicus Therapeutics, residential solar equipment company Sunrun and biotechnology firm Editas Medicine.
The strongest positive contributors to absolute performance during the time Wellington managed the Portfolio were holdings in semiconductor manufacturer Tower Semiconductor, home building company Skyline Champion and human interface semiconductor
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Small Cap Portfolio |
The Portfolio’s largest initial purchase during the time MacKay Shields managed the Portfolio was in telecommunications services provider Iridium Communications, while the largest increase in position size was in media company TEGNA. The Portfolio's largest full sale was its position in health care management firm HMS Holdings, while its most significantly decreased position size was in Editas Medicine.
During the time Wellington managed the Portfolio, we increased the Portfolio’s positions in commercial office property company Piedmont Office Realty Trust and motion picture technology and presentations company IMAX. We favored Piedmont because of the company’s high-quality fundamentals and attractive valuation. In the case of IMAX, we appreciated the company’s high-quality fundamentals and its strong, asset-light business model.
During the time MacKay Shields managed the Portfolio, the largest increases in sector exposures relative to the Index were in the communication services and information technology sectors. Conversely, the Portfolio's largest decreases in relative sector exposures were in the health care and real estate sectors.
During the time Wellington managed the Portfolio, the most notable increases in absolute sector relative exposures were to industrials and financials. On the other hand, notable reductions in the Portfolio’s sector relative exposures included consumer discretionary and consumer staples.
As of December 31, 2021, the Portfolio held its most overweight positions relative to the Index in the industrials and financials sectors, and its most underweight positions in health care and energy sectors.
Shares | Value | |
Common Stocks 95.6% | ||
Air Freight & Logistics 0.7% | ||
Hub Group, Inc., Class A (a) | 42,175 | $ 3,552,822 |
Auto Components 1.2% | ||
Dana, Inc. | 116,918 | 2,668,069 |
Gentherm, Inc. (a) | 42,352 | 3,680,389 |
6,348,458 | ||
Banks 8.9% | ||
Allegiance Bancshares, Inc. | 44,294 | 1,869,650 |
Ameris Bancorp | 23,226 | 1,153,868 |
Bank OZK | 63,865 | 2,971,638 |
Berkshire Hills Bancorp, Inc. | 101,681 | 2,890,791 |
Cadence Bank | 89,397 | 2,663,137 |
First Hawaiian, Inc. | 73,678 | 2,013,620 |
First Interstate BancSystem, Inc., Class A | 57,279 | 2,329,537 |
First Midwest Bancorp, Inc. | 95,330 | 1,952,358 |
FNB Corp. | 176,887 | 2,145,639 |
Great Western Bancorp, Inc. | 76,116 | 2,584,899 |
Home BancShares, Inc. | 105,062 | 2,558,260 |
OFG Bancorp | 120,253 | 3,193,920 |
Pacific Premier Bancorp, Inc. | 62,613 | 2,506,398 |
Sandy Spring Bancorp, Inc. | 62,707 | 3,014,953 |
Synovus Financial Corp. | 33,497 | 1,603,501 |
Umpqua Holdings Corp. | 132,479 | 2,548,896 |
United Community Banks, Inc. | 68,733 | 2,470,264 |
Veritex Holdings, Inc. | 70,793 | 2,816,145 |
Western Alliance Bancorp | 27,368 | 2,946,165 |
46,233,639 | ||
Biotechnology 3.7% | ||
ALX Oncology Holdings, Inc. (a) | 7,849 | 168,675 |
Amicus Therapeutics, Inc. (a) | 190,137 | 2,196,082 |
Arena Pharmaceuticals, Inc. (a) | 33,365 | 3,100,943 |
Ascendis Pharma A/S, ADR (a) | 8,942 | 1,202,967 |
Celldex Therapeutics, Inc. (a) | 58,374 | 2,255,571 |
Intellia Therapeutics, Inc. (a) | 8,639 | 1,021,475 |
Kodiak Sciences, Inc. (a) | 5,364 | 454,760 |
Kymera Therapeutics, Inc. (a) | 24,230 | 1,538,363 |
Myovant Sciences Ltd. (a)(b) | 138,654 | 2,158,843 |
REVOLUTION Medicines, Inc. (a) | 24,628 | 619,887 |
Rocket Pharmaceuticals, Inc. (a) | 13,000 | 283,790 |
Sage Therapeutics, Inc. (a) | 43,836 | 1,864,783 |
Turning Point Therapeutics, Inc. (a) | 15,785 | 752,945 |
Y-mAbs Therapeutics, Inc. (a) | 18,732 | 303,646 |
Zymeworks, Inc. (a) | 89,184 | 1,461,726 |
19,384,456 |
Shares | Value | |
Building Products 2.2% | ||
Apogee Enterprises, Inc. | 48,754 | $ 2,347,505 |
Builders FirstSource, Inc. (a) | 43,290 | 3,710,386 |
Gibraltar Industries, Inc. (a) | 22,289 | 1,486,230 |
Insteel Industries, Inc. | 50,936 | 2,027,762 |
PGT Innovations, Inc. (a) | 83,971 | 1,888,508 |
11,460,391 | ||
Capital Markets 1.5% | ||
Greenhill & Co., Inc. | 136,695 | 2,450,941 |
Hamilton Lane, Inc., Class A | 29,390 | 3,045,392 |
Moelis & Co., Class A | 41,050 | 2,566,036 |
8,062,369 | ||
Chemicals 1.2% | ||
Livent Corp. (a) | 148,610 | 3,623,112 |
Minerals Technologies, Inc. | 36,472 | 2,667,927 |
6,291,039 | ||
Commercial Services & Supplies 3.2% | ||
BrightView Holdings, Inc. (a) | 185,454 | 2,611,192 |
CoreCivic, Inc. (a) | 158,212 | 1,577,374 |
Deluxe Corp. | 72,014 | 2,312,370 |
Interface, Inc. | 190,948 | 3,045,621 |
Loomis AB | 89,485 | 2,383,560 |
MillerKnoll, Inc. | 65,091 | 2,550,916 |
U.S. Ecology, Inc. (a) | 68,721 | 2,194,949 |
16,675,982 | ||
Communications Equipment 1.2% | ||
Calix, Inc. (a) | 44,245 | 3,538,273 |
Plantronics, Inc. (a) | 91,107 | 2,673,079 |
6,211,352 | ||
Construction & Engineering 1.1% | ||
Badger Infrastructure Solutions Ltd. (b) | 97,927 | 2,461,045 |
Fluor Corp. (a) | 131,285 | 3,251,930 |
5,712,975 | ||
Consumer Finance 3.0% | ||
Enova International, Inc. (a) | 89,981 | 3,685,622 |
Navient Corp. | 119,966 | 2,545,678 |
PRA Group, Inc. (a) | 129,963 | 6,525,442 |
PROG Holdings, Inc. (a) | 60,909 | 2,747,605 |
15,504,347 | ||
Diversified Consumer Services 0.9% | ||
Adtalem Global Education, Inc. (a) | 64,492 | 1,906,383 |
H&R Block, Inc. | 112,530 | 2,651,207 |
4,557,590 |
10 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities 0.5% | ||
Portland General Electric Co. | 50,813 | $ 2,689,024 |
Electrical Equipment 1.6% | ||
Acuity Brands, Inc. | 12,149 | 2,572,186 |
EnerSys | 33,478 | 2,646,771 |
nVent Electric plc | 77,604 | 2,948,952 |
8,167,909 | ||
Electronic Equipment, Instruments & Components 2.1% | ||
FARO Technologies, Inc. (a) | 43,058 | 3,014,921 |
II-VI, Inc. (a) | 40,389 | 2,759,780 |
Knowles Corp. (a)(b) | 139,945 | 3,267,716 |
Novanta, Inc. (a) | 9,555 | 1,684,833 |
10,727,250 | ||
Energy Equipment & Services 1.3% | ||
DMC Global, Inc. (a) | 61,353 | 2,430,192 |
Liberty Oilfield Services, Inc., Class A (a) | 206,487 | 2,002,924 |
Nabors Industries Ltd. | 27,899 | 2,262,330 |
6,695,446 | ||
Entertainment 0.5% | ||
IMAX Corp. (a) | 159,780 | 2,850,475 |
Equity Real Estate Investment Trusts 4.4% | ||
Acadia Realty Trust | 160,551 | 3,504,828 |
Essential Properties Realty Trust, Inc. | 67,472 | 1,945,218 |
Independence Realty Trust, Inc. | 42,400 | 1,095,192 |
Pebblebrook Hotel Trust | 107,136 | 2,396,632 |
Piedmont Office Realty Trust, Inc., Class A | 300,351 | 5,520,451 |
Ryman Hospitality Properties, Inc. (a) | 19,910 | 1,830,924 |
Uniti Group, Inc. | 255,136 | 3,574,455 |
Veris Residential, Inc. (a) | 158,675 | 2,916,447 |
22,784,147 | ||
Food Products 0.4% | ||
Calavo Growers, Inc. | 45,353 | 1,922,967 |
Gas Utilities 1.2% | ||
New Jersey Resources Corp. | 79,164 | 3,250,474 |
South Jersey Industries, Inc. | 106,759 | 2,788,545 |
6,039,019 | ||
Health Care Equipment & Supplies 3.6% | ||
Globus Medical, Inc., Class A (a) | 25,197 | 1,819,223 |
Integra LifeSciences Holdings Corp. (a) | 43,816 | 2,935,234 |
Lantheus Holdings, Inc. (a) | 131,639 | 3,803,051 |
Shares | Value | |
Health Care Equipment & Supplies (continued) | ||
NuVasive, Inc. (a) | 50,571 | $ 2,653,966 |
Orthofix Medical, Inc. (a) | 85,096 | 2,645,635 |
SI-BONE, Inc. (a) | 94,546 | 2,099,867 |
Tandem Diabetes Care, Inc. (a) | 17,239 | 2,594,814 |
18,551,790 | ||
Health Care Providers & Services 3.2% | ||
Accolade, Inc. (a) | 49,455 | 1,303,634 |
AMN Healthcare Services, Inc. (a) | 31,836 | 3,894,498 |
Cross Country Healthcare, Inc. (a) | 116,750 | 3,240,980 |
LHC Group, Inc. (a) | 18,681 | 2,563,594 |
Premier, Inc., Class A | 70,432 | 2,899,685 |
R1 RCM, Inc. (a) | 104,470 | 2,662,940 |
16,565,331 | ||
Health Care Technology 1.7% | ||
Health Catalyst, Inc. (a) | 43,152 | 1,709,682 |
Inspire Medical Systems, Inc. (a) | 10,738 | 2,470,384 |
NextGen Healthcare, Inc. (a) | 145,739 | 2,592,697 |
Omnicell, Inc. (a) | 12,867 | 2,321,722 |
9,094,485 | ||
Hotels, Restaurants & Leisure 1.4% | ||
Hilton Grand Vacations, Inc. (a) | 71,493 | 3,725,500 |
Planet Fitness, Inc., Class A (a) | 17,751 | 1,607,886 |
Wingstop, Inc. | 10,390 | 1,795,392 |
7,128,778 | ||
Household Durables 2.2% | ||
Cavco Industries, Inc. (a) | 3,405 | 1,081,598 |
Century Communities, Inc. | 42,312 | 3,460,699 |
Skyline Champion Corp. (a) | 87,957 | 6,946,844 |
11,489,141 | ||
Household Products 0.4% | ||
Energizer Holdings, Inc. | 50,712 | 2,033,551 |
Insurance 1.4% | ||
Lancashire Holdings Ltd. | 335,454 | 2,406,485 |
ProAssurance Corp. | 106,786 | 2,701,686 |
SiriusPoint Ltd. (a) | 301,096 | 2,447,910 |
7,556,081 | ||
Interactive Media & Services 0.4% | ||
Ziff Davis, Inc. (a) | 18,629 | 2,065,211 |
Internet & Direct Marketing Retail 1.1% | ||
Porch Group, Inc. (a)(b) | 86,627 | 1,350,515 |
Revolve Group, Inc. (a) | 27,058 | 1,516,330 |
Shares | Value | |
Common Stocks (continued) | ||
Internet & Direct Marketing Retail (continued) | ||
Shutterstock, Inc. | 24,907 | $ 2,761,688 |
5,628,533 | ||
IT Services 2.3% | ||
Concentrix Corp. | 8,657 | 1,546,314 |
CSG Systems International, Inc. | 42,031 | 2,421,826 |
LiveRamp Holdings, Inc. (a) | 39,678 | 1,902,560 |
Perficient, Inc. (a) | 19,246 | 2,488,316 |
Repay Holdings Corp. (a) | 40,042 | 731,567 |
Verra Mobility Corp. (a) | 175,233 | 2,703,845 |
11,794,428 | ||
Leisure Products 0.4% | ||
Sturm Ruger & Co., Inc. | 27,754 | 1,887,827 |
Life Sciences Tools & Services 1.5% | ||
Codexis, Inc. (a)(b) | 119,233 | 3,728,416 |
Medpace Holdings, Inc. (a) | 11,467 | 2,495,678 |
NeoGenomics, Inc. (a) | 47,327 | 1,614,797 |
7,838,891 | ||
Machinery 4.1% | ||
Altra Industrial Motion Corp. | 67,437 | 3,477,726 |
Astec Industries, Inc. | 51,632 | 3,576,548 |
Colfax Corp. (a) | 68,229 | 3,136,487 |
Kennametal, Inc. | 79,086 | 2,839,978 |
Kornit Digital Ltd. (a) | 14,943 | 2,275,072 |
Middleby Corp. (The) (a) | 17,543 | 3,451,761 |
REV Group, Inc. | 189,946 | 2,687,736 |
21,445,308 | ||
Marine 0.6% | ||
Kirby Corp. (a) | 53,482 | 3,177,900 |
Media 0.9% | ||
Cardlytics, Inc. (a) | 22,818 | 1,508,042 |
Criteo SA, Sponsored ADR (a) | 83,352 | 3,239,892 |
4,747,934 | ||
Metals & Mining 1.7% | ||
Carpenter Technology Corp. | 95,984 | 2,801,773 |
Compass Minerals International, Inc. | 35,101 | 1,792,959 |
MP Materials Corp. (a)(b) | 90,275 | 4,100,291 |
8,695,023 | ||
Mortgage Real Estate Investment Trusts 0.5% | ||
New Residential Investment Corp. | 228,038 | 2,442,287 |
Shares | Value | |
Oil, Gas & Consumable Fuels 0.5% | ||
Chesapeake Energy Corp. | 38,931 | $ 2,511,828 |
Paper & Forest Products 0.4% | ||
Schweitzer-Mauduit International, Inc. | 67,138 | 2,007,426 |
Personal Products 0.9% | ||
Edgewell Personal Care Co. | 59,663 | 2,727,196 |
Medifast, Inc. | 10,068 | 2,108,541 |
4,835,737 | ||
Pharmaceuticals 0.4% | ||
Arvinas, Inc. (a) | 26,401 | 2,168,578 |
Professional Services 2.2% | ||
ICF International, Inc. | 33,667 | 3,452,551 |
Insperity, Inc. | 26,100 | 3,082,671 |
Kforce, Inc. | 32,859 | 2,471,654 |
Science Applications International Corp. | 27,774 | 2,321,628 |
11,328,504 | ||
Real Estate Management & Development 0.7% | ||
Marcus & Millichap, Inc. (a) | 67,746 | 3,486,209 |
Semiconductors & Semiconductor Equipment 5.0% | ||
Ichor Holdings Ltd. (a) | 37,795 | 1,739,704 |
MKS Instruments, Inc. | 17,157 | 2,988,235 |
Rambus, Inc. (a) | 105,338 | 3,095,884 |
Silicon Motion Technology Corp., ADR | 30,717 | 2,919,037 |
Synaptics, Inc. (a) | 21,430 | 6,204,199 |
Tower Semiconductor Ltd. (a) | 232,811 | 9,237,940 |
26,184,999 | ||
Software 7.1% | ||
Agilysys, Inc. (a) | 74,926 | 3,331,210 |
Box, Inc., Class A (a) | 140,474 | 3,679,014 |
Digital Turbine, Inc. (a) | 43,108 | 2,629,157 |
InterDigital, Inc. | 32,347 | 2,317,016 |
Jamf Holding Corp. (a) | 95,214 | 3,619,084 |
Manhattan Associates, Inc. (a) | 11,246 | 1,748,641 |
Marathon Digital Holdings, Inc. (a)(b) | 72,232 | 2,373,543 |
Mimecast Ltd. (a) | 45,435 | 3,615,263 |
New Relic, Inc. (a) | 20,352 | 2,237,906 |
Rapid7, Inc. (a) | 22,509 | 2,649,084 |
Varonis Systems, Inc. (a) | 56,845 | 2,772,899 |
Veritone, Inc. (a)(b) | 148,041 | 3,327,962 |
Xperi Holding Corp. | 127,367 | 2,408,510 |
36,709,289 |
12 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Specialty Retail 1.9% | ||
Five Below, Inc. (a) | 19,013 | $ 3,933,600 |
Floor & Decor Holdings, Inc., Class A (a) | 14,603 | 1,898,536 |
Lumber Liquidators Holdings, Inc. (a) | 165,731 | 2,829,028 |
National Vision Holdings, Inc. (a) | 21,100 | 1,012,589 |
9,673,753 | ||
Textiles, Apparel & Luxury Goods 1.9% | ||
Carter's, Inc. | 25,841 | 2,615,626 |
Crocs, Inc. (a) | 19,722 | 2,528,755 |
Kontoor Brands, Inc. | 42,914 | 2,199,342 |
Steven Madden Ltd. | 50,308 | 2,337,813 |
9,681,536 | ||
Thrifts & Mortgage Finance 2.9% | ||
Federal Agricultural Mortgage Corp., Class C | 43,491 | 5,389,840 |
MGIC Investment Corp. | 202,399 | 2,918,594 |
NMI Holdings, Inc., Class A (a) | 79,698 | 1,741,401 |
Radian Group, Inc. | 140,439 | 2,967,476 |
WSFS Financial Corp. | 38,709 | 1,940,095 |
14,957,406 | ||
Trading Companies & Distributors 3.5% | ||
Air Lease Corp. | 58,525 | 2,588,561 |
Applied Industrial Technologies, Inc. | 41,643 | 4,276,736 |
Boise Cascade Co. | 58,204 | 4,144,125 |
McGrath RentCorp | 32,185 | 2,583,168 |
MRC Global, Inc. (a) | 349,636 | 2,405,496 |
WESCO International, Inc. (a) | 18,123 | 2,384,805 |
18,382,891 | ||
Total Common Stocks (Cost $478,154,702) | 495,942,312 | |
Exchange-Traded Funds 2.3% | ||
iShares Russell 2000 ETF (b) | 36,510 | 8,121,649 |
iShares Russell 2000 Growth ETF (b) | 5,217 | 1,528,842 |
iShares Russell 2000 Value ETF (b) | 14,311 | 2,376,342 |
Total Exchange-Traded Funds (Cost $12,089,762) | 12,026,833 | |
Number of Warrants | Value | ||
Warrant 0.0% ‡ | |||
Energy Equipment & Services 0.0% ‡ | |||
Nabors Industries Ltd. | |||
Expires 6/11/26 (a) | 11,300 | $ 42,149 | |
Total Warrant (Cost $0) | 42,149 | ||
Shares | |||
Short-Term Investments 2.3% | |||
Unaffiliated Investment Companies 2.3% | |||
BlackRock Liquidity FedFund, 0.025% (c)(d) | 5,000,000 | 5,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (c)(d) | 6,848,394 | 6,848,394 | |
Total Short-Term Investments (Cost $11,848,394) | 11,848,394 | ||
Total Investments (Cost $502,092,858) | 100.2% | 519,859,688 | |
Other Assets, Less Liabilities | (0.2) | (863,144) | |
Net Assets | 100.0% | $ 518,996,544 |
† | 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 December 31, 2021, the aggregate market value of securities on loan was $19,362,189; the total market value of collateral held by the Portfolio was $20,390,867. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,542,473. The Portfolio received cash collateral with a value of $11,848,394. (See Note 2(I)) |
(c) | Current yield as of December 31, 2021. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Russell 2000 E-Mini Index | 46 | March 2022 | $ 5,168,909 | $ 5,158,440 | $ (10,469) |
1. | As of December 31, 2021, cash in the amount of $303,600 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 December 31, 2021. |
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 | |||||||
Commercial Services & Supplies | $ 14,292,422 | $ 2,383,560 | $ — | $ 16,675,982 | |||
All Other Industries | 479,266,330 | — | — | 479,266,330 | |||
Total Common Stocks | 493,558,752 | 2,383,560 | — | 495,942,312 | |||
Exchange-Traded Funds | 12,026,833 | — | — | 12,026,833 | |||
Warrant | 42,149 | — | — | 42,149 | |||
Short-Term Investments | |||||||
Unaffiliated Investment Companies | 11,848,394 | — | — | 11,848,394 | |||
Total Investments in Securities | $ 517,476,128 | $ 2,383,560 | $ — | $ 519,859,688 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (10,469) | $ — | $ — | $ (10,469) |
(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. |
14 | MainStay VP Wellington Small Cap Portfolio |
Assets | |
Investment in securities, at value (identified cost $502,092,858) including securities on loan of $19,362,189 | $519,859,688 |
Cash denominated in foreign currencies (identified cost $(6,483)) | 2,851 |
Cash collateral on deposit at broker for futures contracts | 303,600 |
Receivables: | |
Investment securities sold | 11,398,800 |
Dividends and interest | 2,177,123 |
Portfolio shares sold | 147,861 |
Variation margin on futures contracts | 11,969 |
Securities lending | 6,562 |
Other assets | 2,430 |
Total assets | 533,910,884 |
Liabilities | |
Cash collateral received for securities on loan | 11,848,394 |
Due to custodian | 122,638 |
Payables: | |
Investment securities purchased | 2,398,492 |
Manager (See Note 3) | 310,462 |
Portfolio shares redeemed | 89,213 |
NYLIFE Distributors (See Note 3) | 64,837 |
Professional fees | 32,368 |
Shareholder communication | 20,778 |
Custodian | 19,935 |
Trustees | 930 |
Accrued expenses | 6,293 |
Total liabilities | 14,914,340 |
Net assets | $518,996,544 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,862 |
Additional paid-in-capital | 386,400,298 |
386,438,160 | |
Total distributable earnings (loss) | 132,558,384 |
Net assets | $518,996,544 |
Initial Class | |
Net assets applicable to outstanding shares | $206,409,539 |
Shares of beneficial interest outstanding | 14,968,528 |
Net asset value per share outstanding | $ 13.79 |
Service Class | |
Net assets applicable to outstanding shares | $312,587,005 |
Shares of beneficial interest outstanding | 22,893,110 |
Net asset value per share outstanding | $ 13.65 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $489,810) | $ 8,517,378 |
Securities lending | 89,959 |
Dividends-affiliated | 628 |
Total income | 8,607,965 |
Expenses | |
Manager (See Note 3) | 4,159,709 |
Distribution/Service—Service Class (See Note 3) | 793,418 |
Shareholder communication | 110,185 |
Professional fees | 98,697 |
Custodian | 54,539 |
Trustees | 11,186 |
Miscellaneous | 25,579 |
Total expenses before waiver/reimbursement | 5,253,313 |
Expense waiver/reimbursement from Manager (See Note 3) | (619,623) |
Net expenses | 4,633,690 |
Net investment income (loss) | 3,974,275 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | 153,604,874 |
Foreign currency transactions | (6,045) |
Net realized gain (loss) | 153,598,829 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (69,628,885) |
Futures contracts | (10,469) |
Translation of other assets and liabilities in foreign currencies | 9,337 |
Net change in unrealized appreciation (depreciation) | (69,630,017) |
Net realized and unrealized gain (loss) | 83,968,812 |
Net increase (decrease) in net assets resulting from operations | $ 87,943,087 |
(a) | Includes transition cost of $75,985. |
16 | MainStay VP Wellington Small Cap Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,974,275 | $ 1,155,825 |
Net realized gain (loss) | 153,598,829 | (4,645,271) |
Net change in unrealized appreciation (depreciation) | (69,630,017) | 49,572,838 |
Net increase (decrease) in net assets resulting from operations | 87,943,087 | 46,083,392 |
Distributions to shareholders: | ||
Initial Class | (775,143) | (219,144) |
Service Class | (592,973) | — |
Total distributions to shareholders | (1,368,116) | (219,144) |
Capital share transactions: | ||
Net proceeds from sales of shares | 46,281,087 | 28,506,306 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,368,116 | 219,144 |
Cost of shares redeemed | (117,292,808) | (88,033,138) |
Increase (decrease) in net assets derived from capital share transactions | (69,643,605) | (59,307,688) |
Net increase (decrease) in net assets | 16,931,366 | (13,443,440) |
Net Assets | ||
Beginning of year | 502,065,178 | 515,508,618 |
End of year | $ 518,996,544 | $502,065,178 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | $ 11.73 | ||||
Net investment income (loss) (a) | 0.16 | 0.04 | 0.05 | 0.04 | 0.01 | ||||
Net realized and unrealized gain (loss) | 1.95 | 1.05 | 1.61 | (1.71) | 1.63 | ||||
Total from investment operations | 2.11 | 1.09 | 1.66 | (1.67) | 1.64 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.01) | (0.02) | — | — | ||||
From net realized gain on investments | — | — | (0.81) | (1.67) | (0.21) | ||||
Total distributions | (0.05) | (0.01) | (0.83) | (1.67) | (0.21) | ||||
Net asset value at end of year | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | ||||
Total investment return (b) | 18.03% | 10.22% | 17.82% | (15.11)% | 13.93% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.93% | 0.42% | 0.48% | 0.33% | 0.10% | ||||
Net expenses (c) | 0.74% | 0.75% | 0.82% | 0.90% | 0.90% | ||||
Expenses (before waiver/reimbursement) (c) | 0.86% | 0.86% | 0.86% | 0.90% | 0.90% | ||||
Portfolio turnover rate | 83% | 225% | 257% | 161% | 159% | ||||
Net assets at end of year (in 000's) | $ 206,410 | $ 197,586 | $ 198,292 | $ 123,857 | $ 180,840 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | $ 11.72 | ||||
Net investment income (loss) (a) | 0.12 | 0.02 | 0.02 | 0.01 | (0.02) | ||||
Net realized and unrealized gain (loss) | 1.95 | 1.03 | 1.59 | (1.69) | 1.62 | ||||
Total from investment operations | 2.07 | 1.05 | 1.61 | (1.68) | 1.60 | ||||
Less distributions: | |||||||||
From net investment income | (0.03) | — | (0.00)‡ | — | — | ||||
From net realized gain on investments | — | — | (0.81) | (1.67) | (0.21) | ||||
Total distributions | (0.03) | — | (0.81) | (1.67) | (0.21) | ||||
Net asset value at end of year | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | ||||
Total investment return (b) | 17.73% | 9.94%(c) | 17.53% | (15.32)% | 13.64% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.66% | 0.17% | 0.22% | 0.09% | (0.15)% | ||||
Net expenses (d) | 0.99% | 1.00% | 1.07% | 1.15% | 1.15% | ||||
Expenses (before waiver/reimbursement) (d) | 1.11% | 1.11% | 1.12% | 1.15% | 1.15% | ||||
Portfolio turnover rate | 83% | 225% | 257% | 161% | 159% | ||||
Net assets at end of year (in 000's) | $ 312,587 | $ 304,479 | $ 317,216 | $ 136,965 | $ 176,295 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(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 |
Class | Commenced Operations |
Initial Class | May 2, 2016 |
Service Class | May 2, 2016 |
• | 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 Small Cap Portfolio |
22 | MainStay VP Wellington Small Cap Portfolio |
Liability Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts | $(10,469) | $(10,469) |
Total Fair Value | $(10,469) | $(10,469) |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $(10,469) | $(10,469) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(10,469) | $(10,469) |
Average Notional Amount | Total |
Futures Contracts Long (a) | $5,158,440 |
(a) | Position was open one month during the reporting period. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 173,522 | $ (173,522) | $ — | $ — | $ — | $ 1 | $ — | — |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $503,433,350 | $47,858,052 | $(31,431,714) | $16,426,338 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$88,230,463 | $27,744,974 | $146,617 | $16,436,330 | $132,558,384 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $1,368,116 | $219,144 |
24 | MainStay VP Wellington Small Cap Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$1,835 | $403 | $93 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 1,441,213 | $ 19,527,641 |
Shares issued to shareholders in reinvestment of distributions | 57,939 | 775,143 |
Shares redeemed | (3,382,279) | (45,833,212) |
Net increase (decrease) | (1,883,127) | $(25,530,428) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 2,018,860 | $ 26,753,446 |
Shares issued to shareholders in reinvestment of distributions | 44,736 | 592,973 |
Shares redeemed | (5,387,047) | (71,459,596) |
Net increase (decrease) | (3,323,451) | $(44,113,177) |
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) |
MainStay VP Wellington Small Cap Portfolio(formerly known as MainStay VP MacKay Small Cap Core Portfolio)
New York, New York
February 24, 2022
26 | MainStay VP Wellington Small Cap Portfolio |
28 | MainStay VP Wellington Small Cap Portfolio |
30 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
34 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803520 | MSVPSCC11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Since Inception | Gross Expense Ratio4 |
Initial Class Shares | 2/17/2012 | -2.00% | 10.96% | 2.38% | 1.19% |
Service Class Shares | 2/17/2012 | -2.25 | 10.69 | 2.12 | 1.44 |
1. | Effective January 13, 2015, the Portfolio changed its subadvisors and revised its principal investment strategies. The performance in the graph 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, 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 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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
MSCI Emerging Markets Index (Net)1 | -2.54% | 9.87% | 3.98% |
Morningstar Diversified Emerging Markets Category Average2 | 0.26 | 9.58 | 3.90 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $885.80 | $5.23 | $1,019.66 | $5.60 | 1.10% |
Service Class Shares | $1,000.00 | $884.70 | $6.41 | $1,018.40 | $6.87 | 1.35% |
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 184 (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 | 34.0% |
Taiwan | 15.3 |
Republic of Korea | 13.9 |
India | 13.4 |
Brazil | 3.1 |
South Africa | 2.6 |
Russia | 2.5 |
Thailand | 2.1 |
Mexico | 2.0 |
Poland | 1.5 |
Hungary | 1.4 |
Indonesia | 1.1% |
Peru | 0.8 |
Chile | 0.8 |
Argentina | 0.7 |
United States | 0.5 |
Uruguay | 0.3 |
Hong Kong | 0.0‡ |
Greece | 0.0‡ |
Other Assets, Less Liabilities | 4.0 |
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. | MediaTek, Inc. |
6. | Infosys Ltd. |
7. | KB Financial Group, Inc. |
8. | Chailease Holding Co. Ltd. |
9. | SK Hynix, Inc. |
10. | Meituan |
During a relatively volatile reporting period, the portion of the Portfolio subadvised by Candriam slightly outperformed the Index due to a combination of thematic stock selection and a balanced portfolio approach combining exposure to structural growth companies in emerging markets and those expected to benefit from economic reopening.
During the time MacKay Shields co-managed the Portfolio, the portion of the Portfolio subadvised by MacKay Shields outperformed the Index due to strong security selection and positive sector allocation effects. In terms of stock-selection model efficacy, valuation measures provided the most highly rewarded signals used by our quantitative stock selection model.
In the portion of the Portfolio subadvised by Candriam, the strongest positive contributions to relative performance during the reporting period came from the information technology, financials and materials sectors. (Contributions take weightings and total returns into account.) For both information technology and financials, the positive relative return resulted from higher sector allocation as well as positive selection effect. For materials, the positive relative return was primarily due to a higher allocation to the sector. The most significant detractors from relative performance during the same period were energy, industrials and communication services. The negative contribution from the energy sector primarily resulted from negative stock selection. Both the industrials and communication services sectors delivered negative total return for the reporting period.
In the portion of the Portfolio subadvised by MacKay Shields, the sectors that made the most substantial positive contributions to the Portfolio’s performance relative to the Index included materials, information technology and financials. During the time MacKay Shields managed the Portfolio, the utilities sector produced a negative contribution to return, while the consumer staples sector was a weak contributor to the Portfolio’s performance.
In the Candriam portion of the Portfolio, the strongest positive contributions to absolute performance came from holdings in Russian fintech company TCS Group, financial leasing company Chailease Holding and Taiwanese semiconductor manufacturer Mediatek. TCS delivered strong results as the company continued
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 |
During the time MacKay Shields managed the Portfolio, the stocks that made the most substantial positive contributions to the absolute performance of the MacKay Shields portion of the Portfolio included global semiconductor manufacturer Taiwan Semiconductor Manufacturing Company (TSMC), Chinese interactive media & value-added Internet services provider Tencent, and semiconductor maker Novatek Microelectronics. Over the same period, the stocks that detracted the most from absolute performance were Pinduoduo, technology hardware storage & peripherals maker Xiaomi, and oil & gas refining & marketing firm Reliance Industries.
The most significant purchases in the Candriam portion of the Portfolio during the reporting period included shares in Chinese electric vehicle (EV) manufacturer BYD, Taiwanese semiconductor manufacturing company United Microelectronics (UMC) and Chinese financial company Postal Savings Bank of China. BYD has emerged not only as a leading player in the EV landscape in China, but also as a company relatively insulated from semiconductor shortages due to its in-house semiconductor supply capabilities. UMC appears well positioned to take advantage of an ongoing upcycle in the process semiconductor industry. We view Postal Savings Bank of China as a well-managed bank positioned to benefit from possible credit easing and a recovery in consumer credit growth.
During the time MacKay Shields managed the Portfolio, the most substantial position initiated in the MacKay Shields portion of the Portfolio was in South Korea-based construction engineering company DL E&C, while the largest increased position size was in Tencent. The most substantial position that the MacKay Shields portion of the Portfolio exited entirely was in South Korean electronics company Samsung Electronics, while the most significantly decreased position size was in China-based multinational e-commerce and Internet services company Alibaba Group Holding.
During the reporting period, the Candriam portion of the Portfolio saw its most substantial weighting increases relative to the Index in the information technology, communication services and energy sectors. While the Portfolio added to its overweight exposure in the information technology sector, the increased weighting in communication services and energy represented reductions in relatively underweight exposures to these sectors. During the same period, the Portfolio decreased its relative weightings in the materials and industrials sectors.
During the time MacKay Shields managed the Portfolio, in their portion of the Portfolio, the most substantial increases in sector weightings relative to the Index were in financials and energy. Conversely, the Portfolio saw its most substantial decreases in sector weightings relative to the Index in consumer discretionary and health care.
As of December 31, 2021, the Portfolio maintained a generally balanced investment approach. The most substantially overweight sector positions relative to the Index in the Candriam portion of the Portfolio were in information technology, followed by financials. As of the same date, the sectors that were most substantially underweight relative to the Index were consumer staples and communication services. The underweight position in communication services was driven by regulatory uncertainty regarding benchmark names in the sector in China and Korea.
At the end of the period when MacKay Shields managed the portfolio, the sectors in their portion of the Portfolio that were most substantially overweight relative to the Index were materials
10 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks 95.2% | ||
Argentina 0.7% | ||
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a) | 1,680 | $ 2,265,312 |
Brazil 3.1% | ||
Banco Santander Brasil SA (Banks) | 490,000 | 2,648,385 |
Cosan SA (Oil, Gas & Consumable Fuels) | 1,100,000 | 4,320,869 |
WEG SA (Electrical Equipment) | 450,000 | 2,663,629 |
9,632,883 | ||
China 34.0% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 160,057 | 1,061,798 |
Airtac International Group (Machinery) | 57,001 | 2,094,592 |
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) (a) | 550,000 | 8,386,609 |
Asia Cement China Holdings Corp. (Construction Materials) | 15,500 | 9,899 |
Bank of Ningbo Co. Ltd., Class A (Banks) | 439,842 | 2,641,806 |
Beijing United Information Technology Co. Ltd., Class A (Trading Companies & Distributors) | 39,925 | 673,419 |
Brilliance China Automotive Holdings Ltd. (Automobiles) (a)(b)(c)(d) | 1,142,000 | 549,302 |
BYD Co. Ltd., Class H (Automobiles) | 122,000 | 4,171,208 |
China Meidong Auto Holdings Ltd. (Specialty Retail) | 210,000 | 1,082,648 |
China Mengniu Dairy Co. Ltd. (Food Products) | 330,000 | 1,870,588 |
China Merchants Bank Co. Ltd., Class H (Banks) | 536,000 | 4,162,179 |
China Molybdenum Co. Ltd., Class H (Metals & Mining) | 2,598,660 | 1,369,724 |
China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels) | 4,700,000 | 2,187,995 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 35,506 | 3,275,754 |
Country Garden Services Holdings Co. Ltd. (Real Estate Management & Development) | 178,000 | 1,066,053 |
East Money Information Co. Ltd., Class A (Capital Markets) | 470,118 | 2,737,348 |
Ecovacs Robotics Co. Ltd., Class A (Household Durables) | 25,968 | 615,041 |
ENN Energy Holdings Ltd. (Gas Utilities) | 88,000 | 1,656,725 |
Flat Glass Group Co. Ltd., Class H (Semiconductors & Semiconductor Equipment) (e) | 100,000 | 507,852 |
Shares | Value | |
China (continued) | ||
Ganfeng Lithium Co. Ltd., Class A (Metals & Mining) | 83,994 | $ 1,882,612 |
Hundsun Technologies, Inc., Class A (Software) | 215,770 | 2,104,090 |
Jafron Biomedical Co. Ltd., Class A (Health Care Equipment & Supplies) | 106,920 | 894,166 |
JD.com, Inc., Class A (Internet & Direct Marketing Retail) (a) | 108,000 | 3,795,038 |
Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 2,080,000 | 2,390,084 |
Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 286,000 | 3,130,483 |
Longfor Group Holdings Ltd. (Real Estate Management & Development) | 400,000 | 1,882,643 |
LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 125,600 | 1,698,749 |
Meituan (Internet & Direct Marketing Retail) (a) | 170,000 | 4,914,108 |
NetEase, Inc. (Entertainment) | 124,000 | 2,504,633 |
Ping An Bank Co. Ltd., Class A (Banks) | 639,997 | 1,654,883 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 340,000 | 2,448,333 |
Postal Savings Bank of China Co. Ltd., Class H (Banks) (f) | 4,800,000 | 3,367,211 |
Shandong Sinocera Functional Material Co. Ltd., Class A (Chemicals) | 180,482 | 1,205,507 |
Shanghai Baosight Software Co. Ltd., Class A (Software) | 113,874 | 1,086,863 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 148,000 | 1,593,008 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care Equipment & Supplies) | 18,964 | 1,133,077 |
Silergy Corp. (Semiconductors & Semiconductor Equipment) | 18,400 | 3,324,543 |
Sunny Optical Technology Group Co. Ltd. (Electronic Equipment, Instruments & Components) | 80,000 | 2,530,025 |
Tencent Holdings Ltd. (Interactive Media & Services) | 214,000 | 12,536,656 |
Will Semiconductor Co. Ltd. Shanghai, Class A (Semiconductors & Semiconductor Equipment) | 38,006 | 1,853,205 |
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(f) | 214,000 | 2,539,990 |
Shares | Value | |
Common Stocks (continued) | ||
China (continued) | ||
Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Electronic Equipment, Instruments & Components) | 175,984 | $ 2,053,540 |
Xinyi Solar Holdings Ltd. (Semiconductors & Semiconductor Equipment) | 280,000 | 474,713 |
Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy Equipment & Services) | 249,899 | 1,568,400 |
Yunnan Energy New Material Co. Ltd. (Containers & Packaging) | 49,916 | 1,961,130 |
106,648,230 | ||
Greece 0.0% ‡ | ||
FF Group (Textiles, Apparel & Luxury Goods) (a)(b)(c)(d) | 19,000 | 0 |
Hong Kong 0.0% ‡ | ||
China Lumena New Materials Corp. (Chemicals) (a)(b)(c)(d) | 6,500 | 0 |
Hungary 1.4% | ||
MOL Hungarian Oil & Gas plc (Oil, Gas & Consumable Fuels) | 252,000 | 1,955,958 |
OTP Bank Nyrt. (Banks) (a) | 50,000 | 2,554,755 |
4,510,713 | ||
India 13.4% | ||
Asian Paints Ltd. (Chemicals) | 38,000 | 1,729,346 |
Bajaj Finance Ltd. (Consumer Finance) | 29,000 | 2,722,001 |
Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels) | 142,000 | 736,308 |
Bharti Airtel Ltd. (Wireless Telecommunication Services) (a) | 256,000 | 2,354,897 |
Divi's Laboratories Ltd. (Life Sciences Tools & Services) | 36,000 | 2,265,605 |
GAIL India Ltd. (Gas Utilities) | 940,000 | 1,633,779 |
Graphite India Ltd. (Electrical Equipment) | 36,000 | 246,479 |
HDFC Bank Ltd. (Banks) | 82,000 | 1,631,933 |
ICICI Bank Ltd. (Banks) | 490,000 | 4,878,864 |
Info Edge India Ltd. (Interactive Media & Services) | 21,000 | 1,575,431 |
Infosys Ltd. (IT Services) | 244,000 | 6,196,367 |
JSW Steel Ltd. (Metals & Mining) | 380,000 | 3,353,182 |
Jubilant Foodworks Ltd. (Hotels, Restaurants & Leisure) | 26,000 | 1,256,041 |
Motherson Sumi Systems Ltd. (Auto Components) | 370,000 | 1,111,459 |
Shares | Value | |
India (continued) | ||
Piramal Enterprises Ltd. (Diversified Financial Services) | 35,000 | $ 1,244,847 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 140,000 | 4,460,054 |
State Bank of India (Banks) | 530,000 | 3,282,927 |
Tata Consumer Products Ltd. (Food Products) | 134,000 | 1,340,168 |
42,019,688 | ||
Indonesia 1.1% | ||
Bank Central Asia Tbk. PT (Banks) | 7,000,000 | 3,547,342 |
Mexico 2.0% | ||
Alsea SAB de CV (Hotels, Restaurants & Leisure) (a) | 250,000 | 463,359 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 106,000 | 1,460,719 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 460,000 | 2,988,411 |
Ternium SA, Sponsored ADR (Metals & Mining) | 29,000 | 1,262,080 |
6,174,569 | ||
Peru 0.8% | ||
Credicorp Ltd. (Banks) | 5,000 | 610,350 |
Southern Copper Corp. (Metals & Mining) | 29,000 | 1,789,590 |
2,399,940 | ||
Poland 1.5% | ||
Dino Polska SA (Food & Staples Retailing) (a)(f) | 28,000 | 2,552,233 |
Powszechny Zaklad Ubezpieczen SA (Insurance) | 250,000 | 2,191,667 |
4,743,900 | ||
Republic of Korea 13.9% | ||
HYBE Co. Ltd. (Entertainment) (a) | 2,700 | 788,664 |
Kakao Corp. (Interactive Media & Services) | 18,000 | 1,697,712 |
KB Financial Group, Inc. (Banks) | 130,000 | 5,992,401 |
Kia Corp. (Automobiles) | 58,000 | 3,981,895 |
Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(f) | 4,100 | 3,110,564 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 218,000 | 14,311,732 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 110,000 | 2,112,709 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 5,100 | 2,793,445 |
12 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Republic of Korea (continued) | ||
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 45,000 | $ 4,923,529 |
SK Square Co. Ltd. (Semiconductors & Semiconductor Equipment) (a) | 11,960 | 668,056 |
SK Telecom Co. Ltd. (Wireless Telecommunication Services) | 32,040 | 1,559,865 |
S-Oil Corp. (Oil, Gas & Consumable Fuels) | 24,000 | 1,728,364 |
43,668,936 | ||
Russia 2.5% | ||
HeadHunter Group plc, ADR (Professional Services) | 18,000 | 919,620 |
Magnit PJSC (Food & Staples Retailing) | 29,000 | 2,100,402 |
Polymetal International plc (Metals & Mining) | 54,000 | 958,597 |
TCS Group Holding plc (Registered), GDR (Banks) | 22,000 | 1,855,040 |
Yandex NV, Class A (Interactive Media & Services) (a) | 33,000 | 1,996,500 |
7,830,159 | ||
South Africa 2.6% | ||
Capitec Bank Holdings Ltd. (Banks) | 23,000 | 2,944,173 |
FirstRand Ltd. (Diversified Financial Services) | 440,000 | 1,678,820 |
Naspers Ltd., Class N (Internet & Direct Marketing Retail) | 16,600 | 2,575,162 |
Old Mutual Ltd. (Insurance) | 1,120,000 | 920,740 |
8,118,895 | ||
Taiwan 15.3% | ||
Accton Technology Corp. (Communications Equipment) | 120,000 | 1,127,850 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 60,000 | 2,207,834 |
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 25,000 | 3,212,366 |
Chailease Holding Co. Ltd. (Diversified Financial Services) | 610,000 | 5,791,509 |
E.Sun Financial Holding Co. Ltd. (Banks) | 2,700,000 | 2,735,132 |
Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment) | 62,000 | 1,982,517 |
MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 146,000 | 6,242,175 |
Nan Ya Printed Circuit Board Corp. (Electronic Equipment, Instruments & Components) | 66,000 | 1,353,714 |
Shares | Value | ||
Taiwan (continued) | |||
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 120,000 | $ 2,516,211 | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 700,000 | 15,499,929 | |
United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 1,640,000 | 3,831,562 | |
Wiwynn Corp. (Technology Hardware, Storage & Peripherals) | 40,000 | 1,607,302 | |
48,108,101 | |||
Thailand 2.1% | |||
Carabao Group PCL, NVDR (Beverages) | 140,000 | 499,208 | |
Energy Absolute PCL, NVDR (Independent Power and Renewable Electricity Producers) | 1,100,000 | 3,161,241 | |
Kasikornbank PCL, NVDR (Banks) | 500,000 | 2,122,788 | |
Srisawad Corp. PCL, NVDR (Consumer Finance) | 520,000 | 960,355 | |
6,743,592 | |||
United States 0.5% | |||
Globant SA (IT Services) (a) | 5,000 | 1,570,450 | |
Uruguay 0.3% | |||
Dlocal Ltd. (IT Services) (a) | 26,000 | 927,940 | |
Total Common Stocks (Cost $270,426,047) | 298,910,650 | ||
Preferred Stock 0.8% | |||
Chile 0.8% | |||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) 0.35% | 47,000 | 2,370,210 | |
Total Preferred Stock (Cost $2,270,247) | 2,370,210 | ||
Total Investments (Cost $272,696,294) | 96.0% | 301,280,860 | |
Other Assets, Less Liabilities | 4.0 | 12,603,357 | |
Net Assets | 100.0% | $ 313,884,217 |
† | 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 December 31, 2021, the total market value was $549,302, which represented 0.2% of the Portfolio’s net assets. |
(c) | Illiquid security—As of December 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $549,302, which represented 0.2% of the Portfolio’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $457,062. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $479,946. (See Note 2(J)) |
(f) | 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. |
Abbreviation(s): |
ADR—American Depositary Receipt |
GDR—Global Depositary Receipt |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
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 | |||||||
Brazil | $ — | $ 9,632,883 | $ — | $ 9,632,883 | |||
China | 100,679,793 | 5,419,135 | 549,302 | 106,648,230 | |||
Hungary | — | 4,510,713 | — | 4,510,713 | |||
Indonesia | — | 3,547,342 | — | 3,547,342 | |||
Poland | — | 4,743,900 | — | 4,743,900 | |||
Republic of Korea | — | 43,668,936 | — | 43,668,936 | |||
Russia | 5,729,757 | 2,100,402 | — | 7,830,159 | |||
Taiwan | — | 48,108,101 | — | 48,108,101 | |||
Thailand | — | 6,743,592 | — | 6,743,592 | |||
All Other Countries | 63,476,794 | — | — | 63,476,794 | |||
Total Common Stocks | 169,886,344 | 128,475,004 | 549,302 | 298,910,650 | |||
Preferred Stock | 2,370,210 | — | — | 2,370,210 | |||
Total Investments in Securities | $ 172,256,554 | $ 128,475,004 | $ 549,302 | $ 301,280,860 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Value | Percent † | ||
Auto Components | $ 1,111,459 | 0.4% | |
Automobiles | 8,702,405 | 2.8 | |
Banks | 49,618,580 | 15.8 | |
Beverages | 499,208 | 0.1 | |
Capital Markets | 2,737,348 | 0.9 | |
Chemicals | 5,305,063 | 1.8 | |
Communications Equipment | 1,127,850 | 0.4 | |
Construction & Engineering | 2,112,709 | 0.7 | |
Construction Materials | 9,899 | 0.0‡ | |
Consumer Finance | 3,682,356 | 1.2 | |
Containers & Packaging | 1,961,130 | 0.6 | |
Diversified Financial Services | 8,715,176 | 2.8 | |
Electrical Equipment | 6,185,862 | 2.0 | |
Electronic Equipment, Instruments & Components | 8,730,724 | 2.8 | |
Energy Equipment & Services | 1,568,400 | 0.5 | |
Entertainment | 3,293,297 | 1.0 | |
Food & Staples Retailing | 4,652,635 | 1.5 | |
Food Products | 3,210,756 | 1.0 | |
Gas Utilities | 3,290,504 | 1.0 | |
Health Care Equipment & Supplies | 2,027,243 | 0.6 | |
Health Care Providers & Services | 1,061,798 | 0.3 | |
Hotels, Restaurants & Leisure | 1,719,400 | 0.5 | |
Household Durables | 615,041 | 0.2 | |
Independent Power and Renewable Electricity Producers | 3,161,241 | 1.0 | |
Insurance | 5,560,740 | 1.8 | |
Interactive Media & Services | 17,806,299 | 5.6 | |
Internet & Direct Marketing Retail | 21,936,229 | 7.0 | |
IT Services | 8,694,757 | 2.8 | |
Life Sciences Tools & Services | 7,916,159 | 2.5 | |
Machinery | 3,687,600 | 1.2 | |
Metals & Mining | 10,615,785 | 3.4 | |
Oil, Gas & Consumable Fuels | 15,389,548 | 4.8 | |
Professional Services | 919,620 | 0.3 | |
Real Estate Management & Development | 2,948,696 | 0.9 | |
Semiconductors & Semiconductor Equipment | 48,943,241 | 15.6 | |
Software | 3,190,953 | 1.1 | |
Specialty Retail | 1,082,648 | 0.3 | |
Technology Hardware, Storage & Peripherals | 18,309,118 | 5.9 | |
Textiles, Apparel & Luxury Goods | 3,130,483 | 1.0 | |
Trading Companies & Distributors | 673,419 | 0.2 | |
Transportation Infrastructure | 1,460,719 | 0.5 | |
Wireless Telecommunication Services | 3,914,762 | 1.2 |
Value | Percent † | ||
301,280,860 | 96.0 | ||
Other Assets, Less Liabilities | 12,603,357 | 4.0 | |
Net Assets | $313,884,217 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
Assets | |
Investment in securities, at value (identified cost $272,696,294) including securities on loan of $457,062 | $301,280,860 |
Cash | 12,694,941 |
Cash denominated in foreign currencies (identified cost $968,923) | 970,064 |
Receivables: | |
Dividends | 614,865 |
Portfolio shares sold | 4,105 |
Securities lending | 3,521 |
Other assets | 5,145 |
Total assets | 315,573,501 |
Liabilities | |
Payables: | |
Foreign capital gains tax (See Note 2) | 1,156,517 |
Manager (See Note 3) | 264,788 |
Portfolio shares redeemed | 107,376 |
Custodian | 72,026 |
Professional fees | 43,924 |
Shareholder communication | 22,243 |
NYLIFE Distributors (See Note 3) | 21,587 |
Trustees | 702 |
Investment securities purchased | 121 |
Total liabilities | 1,689,284 |
Net assets | $313,884,217 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 28,134 |
Additional paid-in-capital | 251,531,773 |
251,559,907 | |
Total distributable earnings (loss) | 62,324,310 |
Net assets | $313,884,217 |
Initial Class | |
Net assets applicable to outstanding shares | $211,647,075 |
Shares of beneficial interest outstanding | 18,973,035 |
Net asset value per share outstanding | $ 11.16 |
Service Class | |
Net assets applicable to outstanding shares | $102,237,142 |
Shares of beneficial interest outstanding | 9,161,375 |
Net asset value per share outstanding | $ 11.16 |
16 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $953,119) | $ 7,443,619 |
Securities lending | 45,924 |
Dividends-affiliated | 82 |
Total income | 7,489,625 |
Expenses | |
Manager (See Note 3) | 3,471,689 |
Distribution/Service—Service Class (See Note 3) | 284,317 |
Custodian | 264,042 |
Professional fees | 143,044 |
Shareholder communication | 57,488 |
Trustees | 7,718 |
Miscellaneous | 20,221 |
Total expenses before waiver/reimbursement | 4,248,519 |
Expense waiver/reimbursement from Manager (See Note 3) | (30,108) |
Net expenses | 4,218,411 |
Net investment income (loss) | 3,271,214 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a), (b) | 65,011,644 |
Foreign currency transactions | (535,621) |
Net realized gain (loss) | 64,476,023 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(c) | (69,550,357) |
Translation of other assets and liabilities in foreign currencies | 73,371 |
Net change in unrealized appreciation (depreciation) | (69,476,986) |
Net realized and unrealized gain (loss) | (5,000,963) |
Net increase (decrease) in net assets resulting from operations | $ (1,729,749) |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(93,221). |
(b) | Includes transition cost of $134,259. |
(c) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(1,073,742). |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,271,214 | $ 2,436,450 |
Net realized gain (loss) | 64,476,023 | 22,540,454 |
Net change in unrealized appreciation (depreciation) | (69,476,986) | 50,658,697 |
Net increase (decrease) in net assets resulting from operations | (1,729,749) | 75,635,601 |
Distributions to shareholders: | ||
Initial Class | (2,442,858) | (7,555,963) |
Service Class | (918,257) | (3,147,716) |
Total distributions to shareholders | (3,361,115) | (10,703,679) |
Capital share transactions: | ||
Net proceeds from sales of shares | 9,154,592 | 2,857,868 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,361,115 | 10,703,679 |
Cost of shares redeemed | (71,923,712) | (100,193,578) |
Increase (decrease) in net assets derived from capital share transactions | (59,408,005) | (86,632,031) |
Net increase (decrease) in net assets | (64,498,869) | (21,700,109) |
Net Assets | ||
Beginning of year | 378,383,086 | 400,083,195 |
End of year | $313,884,217 | $ 378,383,086 |
18 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | $ 7.22 | ||||
Net investment income (loss) (a) | 0.12 | 0.07 | 0.19 | 0.12 | 0.09 | ||||
Net realized and unrealized gain (loss) | (0.34) | 2.30 | 1.41 | (2.21) | 3.02 | ||||
Total from investment operations | (0.22) | 2.37 | 1.60 | (2.09) | 3.11 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.32) | (0.13) | (0.14) | (0.11) | ||||
Net asset value at end of year | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | ||||
Total investment return (b) | (2.00)% | 25.71% | 20.08% | (20.55)% | 43.12% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.02% | 0.79% | 2.18% | 1.27% | 0.94% | ||||
Net expenses (c)(d) | 1.13% | 1.18% | 1.17% | 1.16% | 1.24% | ||||
Expenses (before waiver/reimbursement) (c) | 1.14% | 1.18% | 1.17% | 1.16% | 1.24% | ||||
Portfolio turnover rate | 63% | 123% | 121% | 135% | 149% | ||||
Net assets at end of year (in 000's) | $ 211,647 | $ 257,933 | $ 273,042 | $ 371,834 | $ 497,861 |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 1.13% | — | ||
December 31, 2020 | 1.18% | — | ||
December 31, 2019 | 1.17% | — | ||
December 31, 2018 | 1.16% | — | ||
December 31, 2017 | 1.24% | 0.00%(e) |
(e) | Less than 0.01%. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | $ 7.21 | ||||
Net investment income (loss) (a) | 0.09 | 0.05 | 0.17 | 0.10 | 0.07 | ||||
Net realized and unrealized gain (loss) | (0.35) | 2.31 | 1.40 | (2.21) | 3.01 | ||||
Total from investment operations | (0.26) | 2.36 | 1.57 | (2.11) | 3.08 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.29) | (0.10) | (0.11) | (0.09) | ||||
Net asset value at end of year | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | ||||
Total investment return (b) | (2.25)% | 25.40% | 19.78% | (20.74)% | 42.77% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.78% | 0.57% | 2.00% | 1.07% | 0.73% | ||||
Net expenses (c)(d) | 1.38% | 1.43% | 1.42% | 1.41% | 1.49% | ||||
Expenses (before waiver/reimbursement) (c) | 1.39% | 1.43% | 1.42% | 1.41% | 1.49% | ||||
Portfolio turnover rate | 63% | 123% | 121% | 135% | 149% | ||||
Net assets at end of year (in 000's) | $ 102,237 | $ 120,450 | $ 127,042 | $ 131,498 | $ 208,590 |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 1.38% | — | ||
December 31, 2020 | 1.43% | — | ||
December 31, 2019 | 1.42% | — | ||
December 31, 2018 | 1.41% | — | ||
December 31, 2017 | 1.49% | 0.00%(e) |
(e) | Less than 0.01%. |
20 | MainStay VP Candriam Emerging Markets Equity 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 |
22 | MainStay VP Candriam Emerging Markets Equity Portfolio |
24 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
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 | $274,418,729 | $48,487,742 | $(21,625,611) | $26,862,131 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,204,409 | $34,414,876 | $25,705,025 | $62,324,310 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $3,361,115 | $10,703,679 |
26 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 315,010 | $ 3,698,083 |
Shares issued to shareholders in reinvestment of distributions | 214,431 | 2,442,858 |
Shares redeemed | (3,958,545) | (49,469,268) |
Net increase (decrease) | (3,429,104) | $(43,328,327) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 467,105 | $ 5,456,509 |
Shares issued to shareholders in reinvestment of distributions | 80,524 | 918,257 |
Shares redeemed | (1,844,742) | (22,454,444) |
Net increase (decrease) | (1,297,113) | $(16,079,678) |
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) |
MainStay VP Candriam Emerging Markets Equity Portfolio (formerly known as MainStay VP Emerging Markets Equity Portfolio)
New York, New York
February 24, 2022
28 | MainStay VP Candriam Emerging Markets Equity Portfolio |
30 | MainStay VP Candriam Emerging Markets Equity Portfolio |
32 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
36 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802528 | MSVPEME11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2013 | -0.58% | 1.09% | -0.54% | 1.26% |
Service Class Shares | 5/1/2013 | -0.83 | 0.84 | -0.75 | 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* | One Year | Five Years | Since Inception |
S&P Balanced Equity and Bond Conservative Index1 | 4.21% | 7.38% | 5.84% |
HFRI Fund of Funds Composite Index2 | 6.53 | 5.78 | 4.26 |
IQ Hedge Multi-Strategy Index3 | 0.13 | 3.87 | 3.23 |
Morningstar Multistrategy Category Average4 | 6.72 | 3.25 | 2.71 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $982.50 | $3.50 | $1,021.68 | $3.57 | 0.70% |
Service Class Shares | $1,000.00 | $981.30 | $4.74 | $1,020.42 | $4.84 | 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 184 (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 |
Unaffiliated Investment Companies (a) | 25.6% |
Bank Loan Funds | 19.5 |
Investment Grade Corporate Bond Funds | 18.1 |
U.S. Medium Term Treasury Bond Funds | 11.8 |
Convertible Bond Funds | 8.2 |
Affiliated Investment Company | 6.8 |
High Yield Corporate Bond Funds | 5.0 |
Mortgage–Backed Security Funds | 4.9 |
Europe Equity Funds | 4.7 |
Gold Funds | 2.8 |
Floating Rate—Investment Grade Funds | 2.6 |
U.S. Small Cap Growth Funds | 2.4 |
U.S. Large Cap Core Funds | 1.8 |
Silver Funds | 1.8 |
U.S. Dollar Fund | 1.6 |
Japan Equity Fund | 1.4 |
Emerging Bonds—Local Currency Funds | 1.0 |
Municipal Bond Fund | 1.0% |
BRIC Equity Funds | 0.9 |
Emerging Small Cap Equity Fund | 0.7 |
International Small Cap Equity Funds | 0.7 |
U.S. Large Cap Growth Funds | 0.6 |
International Equity Core Funds | 0.5 |
International Large Cap Growth Fund | 0.5 |
U.S. Preferred Funds | 0.2 |
U.S. Large Cap Value Funds | 0.2 |
Volatility | 0.2 |
Emerging Equity Funds | 0.1 |
U.S. Small Cap Value Funds | 0.1 |
Broad Funds | 0.0‡ |
Other Assets, Less Liabilities | –25.7 |
100.0% |
1. | Vanguard Short-Term Corporate Bond ETF |
2. | SPDR Blackstone Senior Loan ETF |
3. | Invesco Senior Loan ETF |
4. | SPDR Bloomberg Convertible Securities ETF |
5. | IQ Ultra Short Duration ETF |
6. | iShares 3-7 Year Treasury Bond ETF |
7. | Vanguard Intermediate-Term Treasury ETF |
8. | Vanguard FTSE Europe ETF |
9. | SPDR Portfolio Short Term Corporate Bond ETF |
10. | iShares MBS 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 93.2% | ||
Bonds 78.4% | ||
Affiliated Investment Company 6.3% | ||
IQ Ultra Short Duration ETF (a) | 487,453 | $ 23,656,094 |
Bank Loan Funds 19.5% | ||
Invesco Senior Loan ETF (b) | 1,456,022 | 32,178,086 |
SPDR Blackstone Senior Loan ETF | 887,883 | 40,514,101 |
72,692,187 | ||
Convertible Bond Funds 8.2% | ||
iShares Convertible Bond ETF | 64,331 | 5,737,039 |
SPDR Bloomberg Convertible Securities ETF | 300,212 | 24,905,587 |
30,642,626 | ||
Emerging Bonds—Local Currency Funds 1.0% | ||
SPDR Bloomberg Emerging Markets Local Bond ETF (b) | 39,381 | 962,471 |
VanEck J.P. Morgan EM Local Currency Bond ETF | 92,303 | 2,639,866 |
3,602,337 | ||
Floating Rate—Investment Grade Funds 2.6% | ||
iShares Floating Rate Bond ETF | 141,221 | 7,164,142 |
SPDR Bloomberg Investment Grade Floating Rate ETF | 79,387 | 2,428,448 |
9,592,590 | ||
High Yield Corporate Bond Funds 5.0% | ||
iShares 0-5 Year High Yield Corporate Bond ETF (b) | 82,166 | 3,722,120 |
iShares iBoxx High Yield Corporate Bond ETF (b) | 75,188 | 6,542,108 |
SPDR Bloomberg High Yield Bond ETF (b) | 29,317 | 3,182,947 |
SPDR Bloomberg Short Term High Yield Bond ETF | 115,372 | 3,132,350 |
Xtrackers USD High Yield Corporate Bond ETF (b) | 57,210 | 2,279,246 |
18,858,771 | ||
Investment Grade Corporate Bond Funds 18.1% | ||
SPDR Portfolio Short Term Corporate Bond ETF | 346,472 | 10,730,238 |
Vanguard Short-Term Corporate Bond ETF (b) | 701,997 | 57,044,276 |
67,774,514 | ||
Mortgage-Backed Security Funds 4.9% | ||
iShares MBS ETF | 96,404 | 10,356,682 |
Shares | Value | |
Mortgage-Backed Security Funds (continued) | ||
SPDR Portfolio Mortgage-Backed Bond ETF (b) | 66,670 | $ 1,692,085 |
Vanguard Mortgage-Backed Securities ETF | 116,067 | 6,132,980 |
18,181,747 | ||
Municipal Bond Fund 1.0% | ||
VanEck High Yield Muni ETF (b) | 58,385 | 3,644,976 |
U.S. Medium Term Treasury Bond Funds 11.8% | ||
iShares 3-7 Year Treasury Bond ETF | 157,993 | 20,328,959 |
Schwab Intermediate-Term U.S. Treasury ETF | 114,116 | 6,406,472 |
Vanguard Intermediate-Term Treasury ETF | 262,897 | 17,474,764 |
44,210,195 | ||
Total Bonds (Cost $294,286,679) | 292,856,037 | |
Equities 14.8% | ||
BRIC Equity Funds 0.9% | ||
iShares MSCI China ETF | 41,091 | 2,579,282 |
SPDR S&P China ETF | 6,673 | 688,987 |
3,268,269 | ||
Emerging Equity Funds 0.1% | ||
iShares Core MSCI Emerging Markets ETF | 3,045 | 182,274 |
Vanguard FTSE Emerging Markets ETF (b) | 3,823 | 189,085 |
371,359 | ||
Emerging Small Cap Equity Fund 0.7% | ||
SPDR S&P Emerging Markets SmallCap ETF (b) | 43,429 | 2,575,774 |
Europe Equity Funds 4.7% | ||
iShares Core MSCI Europe ETF (b) | 60,138 | 3,497,626 |
Vanguard FTSE Europe ETF (b) | 207,704 | 14,173,721 |
17,671,347 | ||
International Equity Core Funds 0.5% | ||
iShares Core MSCI EAFE ETF | 11,097 | 828,280 |
Vanguard FTSE Developed Markets ETF | 16,841 | 859,902 |
1,688,182 | ||
International Large Cap Growth Fund 0.5% | ||
iShares MSCI EAFE Growth ETF (b) | 17,825 | 1,965,919 |
10 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Equities (continued) | ||
International Small Cap Equity Funds 0.7% | ||
Schwab International Small-Cap Equity ETF (b) | 19,085 | $ 781,149 |
Vanguard FTSE All World ex-US Small-Cap ETF (b) | 15,140 | 2,028,154 |
2,809,303 | ||
Japan Equity Fund 1.4% | ||
iShares MSCI Japan ETF | 78,776 | 5,274,841 |
U.S. Large Cap Core Funds 1.8% | ||
Energy Select Sector SPDR Fund | 46,863 | 2,600,896 |
Financial Select Sector SPDR Fund | 63,533 | 2,480,964 |
Health Care Select Sector SPDR Fund (b) | 950 | 133,845 |
Vanguard Energy ETF | 7,637 | 592,708 |
Vanguard Financials ETF (b) | 6,894 | 665,754 |
Vanguard Health Care ETF | 509 | 135,608 |
6,609,775 | ||
U.S. Large Cap Growth Funds 0.6% | ||
Schwab U.S. Large-Cap Growth ETF (b) | 1,976 | 323,570 |
Vanguard Growth ETF | 5,154 | 1,653,918 |
Vanguard Mega Cap Growth ETF (b) | 988 | 257,631 |
Vanguard Russell 1000 Growth ETF (b) | 1,920 | 150,797 |
2,385,916 | ||
U.S. Large Cap Value Funds 0.2% | ||
iShares Core S&P U.S. Value ETF | 993 | 75,806 |
Schwab U.S. Large-Cap Value ETF (b) | 923 | 67,582 |
SPDR Portfolio S&P 500 Value ETF | 2,105 | 88,410 |
Vanguard Russell 1000 Value | 639 | 47,120 |
Vanguard Value ETF | 4,076 | 599,620 |
878,538 | ||
U.S. Preferred Funds 0.2% | ||
Invesco Preferred ETF (b) | 14,611 | 219,165 |
iShares Preferred & Income Securities ETF (b) | 15,078 | 594,526 |
813,691 | ||
U.S. Small Cap Growth Funds 2.4% | ||
iShares Russell 2000 Growth ETF (b) | 10,347 | 3,032,188 |
iShares S&P Small-Cap 600 Growth ETF (b) | 11,728 | 1,627,846 |
Vanguard Small-Cap Growth ETF (b) | 14,783 | 4,165,702 |
8,825,736 | ||
U.S. Small Cap Value Funds 0.1% | ||
iShares Russell 2000 Value ETF (b) | 438 | 72,730 |
Shares | Value | |
U.S. Small Cap Value Funds (continued) | ||
iShares S&P Small-Cap 600 Value ETF | 388 | $ 40,542 |
Vanguard Small-Cap Value ETF | 680 | 121,618 |
234,890 | ||
Total Equities (Cost $55,591,419) | 55,373,540 | |
Total Exchange-Traded Funds (Cost $349,878,098) | 348,229,577 | |
Exchange-Traded Note 0.2% | ||
Volatility 0.2% | ||
Volatility 0.2% | ||
iPath Series B S&P 500 VIX Short-Term Futures ETN (b)(c) | 36,581 | 677,846 |
Total Volatility (Cost $968,605) | 677,846 | |
Total Exchange-Traded Note (Cost $968,605) | 677,846 | |
Exchange-Traded Vehicles 6.2% | ||
Commodities 4.6% | ||
Broad Funds 0.0% ‡ | ||
FlexShares Global Upstream Natural Resources Index Fund | 4,241 | 167,477 |
SPDR S&P Global Natural Resources ETF | 1,208 | 65,184 |
232,661 | ||
Gold Funds 2.8% | ||
Aberdeen Standard Physical Gold Shares ETF (c) | 38,643 | 678,571 |
Graniteshares Gold Trust (c) | 13,945 | 253,102 |
iShares Gold Trust (c) | 235,149 | 8,185,537 |
SPDR Gold MiniShares Trust (b)(c) | 66,925 | 1,216,696 |
10,333,906 | ||
Silver Funds 1.8% | ||
Aberdeen Standard Physical Silver Shares ETF (c) | 21,614 | 484,154 |
iShares Silver Trust (c) | 290,260 | 6,243,492 |
6,727,646 | ||
Total Commodities (Cost $17,720,181) | 17,294,213 |
Shares | Value | ||
Currency 1.6% | |||
U.S. Dollar Fund 1.6% | |||
Invesco DB U.S. Dollar Index Bullish Fund (b) | 232,718 | $ 5,964,562 | |
Total Currency (Cost $5,761,189) | 5,964,562 | ||
Total Exchange-Traded Vehicles (Cost $23,481,370) | 23,258,775 | ||
Short-Term Investments 26.1% | |||
Affiliated Investment Company 0.5% | |||
MainStay U.S. Government Liquidity Fund, 0.01%, (d) | 1,744,326 | 1,744,326 | |
Unaffiliated Investment Companies 25.6% | |||
BlackRock Liquidity FedFund, 0.03%, (d)(e) | 30,000,000 | 30,000,000 | |
HSBC U.S. Government Money Market Fund, 0.02%, (d)(e) | 24,000,000 | 24,000,000 | |
Wells Fargo Government Money Market Fund, 0.10%, (d)(e) | 41,763,438 | 41,763,438 | |
Total Unaffiliated Investment Companies (Cost $95,763,438) | 95,763,438 | ||
Total Short-Term Investments (Cost $97,507,764) | 97,507,764 | ||
Total Investments (Cost $471,835,837) | 125.7% | 469,673,962 | |
Other Assets, Less Liabilities | (25.7) | (95,913,186) | |
Net Assets | 100.0% | $ 373,760,776 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | As of December 31, 2021, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $93,845,220. The Portfolio received cash collateral with a value of $95,763,438. (See Note 2(J)) |
(c) | Non-income producing security. |
(d) | Current yield as of December 31, 2021. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
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. | Aberdeen Standard Physical Gold Shares ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 22 | $ — |
Bank of America Merrill Lynch | Aberdeen Standard Physical Gold Shares ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 22 | — |
Morgan Stanley & Co. | Aberdeen Standard Physical Silver Shares ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 16 | — |
Bank of America Merrill Lynch | Aberdeen Standard Physical Silver Shares ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 16 | — |
Morgan Stanley & Co. | Consumer Discretionary Select Sector SPDR Fund | Federal Fund Rate minus 0.05% | 9/14/22 | Monthly | (388) | — |
Bank of America Merrill Lynch | Consumer Discretionary Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (388) | — |
Morgan Stanley & Co. | Energy Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 85 | — |
Bank of America Merrill Lynch | Energy Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 85 | — |
Morgan Stanley & Co. | Fidelity MSCI Real Estate Index ETF | Federal Fund Rate minus 37.53% | 9/14/22 | Monthly | (102) | — |
Bank of America Merrill Lynch | Fidelity MSCI Real Estate Index ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (102) | — |
Morgan Stanley & Co. | Financial Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 81 | — |
Bank of America Merrill Lynch | Financial Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 81 | — |
Morgan Stanley & Co. | FlexShares Global Upstream Natural Resources Index Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
Bank of America Merrill Lynch | FlexShares Global Upstream Natural Resources Index Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 5 | — |
Morgan Stanley & Co. | Graniteshares Gold Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 8 | — |
Bank of America Merrill Lynch | Graniteshares Gold Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 8 | — |
Morgan Stanley & Co. | Health Care Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 4 | — |
Bank of America Merrill Lynch | Health Care Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 4 | — |
Morgan Stanley & Co. | Invesco DB US Dollar Index Bullish Fund | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 195 | — |
Bank of America Merrill Lynch | Invesco DB US Dollar Index Bullish Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 195 | — |
Morgan Stanley & Co. | Invesco KBW Bank ETF | Federal Fund Rate minus 2.93% | 9/14/22 | Monthly | (321) | — |
Bank of America Merrill Lynch | Invesco KBW Bank ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (321) | — |
Morgan Stanley & Co. | Invesco Preferred ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 7 | — |
Bank of America Merrill Lynch | Invesco Preferred ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 7 | — |
Morgan Stanley & Co. | Invesco Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1,050 | — |
Bank of America Merrill Lynch | Invesco Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 1,050 | — |
Morgan Stanley & Co. | iPath Series B S&P 500 VIX Short-Term Futures ETN | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 22 | — |
Bank of America Merrill Lynch | iPath Series B S&P 500 VIX Short-Term Futures ETN | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 22 | — |
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. | IQ Ultra Short Duration ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 772 | $ — |
Bank of America Merrill Lynch | IQ Ultra Short Duration ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 772 | — |
Morgan Stanley & Co. | iShares 0-5 Year High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 121 | — |
Bank of America Merrill Lynch | iShares 0-5 Year High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 121 | — |
Morgan Stanley & Co. | iShares 20+ Year Treasury Bond ETF | Federal Fund Rate minus 0.63% | 9/14/22 | Monthly | (1,157) | — |
Bank of America Merrill Lynch | iShares 20+ Year Treasury Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,157) | — |
Morgan Stanley & Co. | iShares 3-7 Year Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 663 | — |
Bank of America Merrill Lynch | iShares 3-7 Year Treasury Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 663 | — |
Morgan Stanley & Co. | iShares Broad USD Investment Grade Corporate Bond ETF | Federal Fund Rate minus 2.43% | 9/14/22 | Monthly | (37) | — |
Bank of America Merrill Lynch | iShares Broad USD Investment Grade Corporate Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (37) | — |
Morgan Stanley & Co. | iShares Convertible Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 187 | — |
Bank of America Merrill Lynch | iShares Convertible Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 187 | — |
Morgan Stanley & Co. | iShares Core MSCI EAFE ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 27 | — |
Bank of America Merrill Lynch | iShares Core MSCI EAFE ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 27 | — |
Morgan Stanley & Co. | iShares Core MSCI Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 6 | — |
Bank of America Merrill Lynch | iShares Core MSCI Emerging Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 6 | — |
Morgan Stanley & Co. | iShares Core MSCI Europe ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 114 | — |
Bank of America Merrill Lynch | iShares Core MSCI Europe ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 114 | — |
Morgan Stanley & Co. | iShares Core S&P U.S. Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 2 | — |
Bank of America Merrill Lynch | iShares Core S&P U.S. Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | iShares Core U.S. REIT ETF | Federal Fund Rate minus 2.93% | 9/14/22 | Monthly | (124) | — |
Bank of America Merrill Lynch | iShares Core U.S. REIT ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (124) | — |
Morgan Stanley & Co. | iShares Floating Rate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 234 | — |
Bank of America Merrill Lynch | iShares Floating Rate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 234 | — |
Morgan Stanley & Co. | iShares Gold Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 267 | — |
Bank of America Merrill Lynch | iShares Gold Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 267 | — |
Morgan Stanley & Co. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Federal Fund Rate minus 1.53% | 9/14/22 | Monthly | (206) | — |
Bank of America Merrill Lynch | iShares iBoxx $ Investment Grade Corporate Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (206) | — |
Morgan Stanley & Co. | iShares iBoxx High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 213 | — |
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 |
Bank of America Merrill Lynch | iShares iBoxx High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 213 | $ — |
Morgan Stanley & Co. | iShares J.P. Morgan USD Emerging Markets Bond ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (551) | — |
Bank of America Merrill Lynch | iShares J.P. Morgan USD Emerging Markets Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (551) | — |
Morgan Stanley & Co. | iShares MBS ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 338 | — |
Bank of America Merrill Lynch | iShares MBS ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 338 | — |
Morgan Stanley & Co. | iShares MSCI China ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 84 | — |
Bank of America Merrill Lynch | iShares MSCI China ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 84 | — |
Morgan Stanley & Co. | iShares MSCI EAFE Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 64 | — |
Bank of America Merrill Lynch | iShares MSCI EAFE Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 64 | — |
Morgan Stanley & Co. | iShares MSCI Emerging Markets Min Vol Factor ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (688) | — |
Bank of America Merrill Lynch | iShares MSCI Emerging Markets Min Vol Factor ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (688) | — |
Morgan Stanley & Co. | iShares MSCI Japan ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 172 | — |
Bank of America Merrill Lynch | iShares MSCI Japan ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 172 | — |
Morgan Stanley & Co. | iShares MSCI USA Momentum Factor ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (602) | — |
Bank of America Merrill Lynch | iShares MSCI USA Momentum Factor ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (602) | — |
Morgan Stanley & Co. | iShares Preferred & Income Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 19 | — |
Bank of America Merrill Lynch | iShares Preferred & Income Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 19 | — |
Morgan Stanley & Co. | iShares Russell 2000 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 99 | — |
Bank of America Merrill Lynch | iShares Russell 2000 Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 99 | — |
Morgan Stanley & Co. | iShares Russell 2000 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 2 | — |
Bank of America Merrill Lynch | iShares Russell 2000 Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | iShares S&P Small-Cap 600 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 53 | — |
Bank of America Merrill Lynch | iShares S&P Small-Cap 600 Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 53 | — |
Morgan Stanley & Co. | iShares S&P Small-Cap 600 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1 | — |
Bank of America Merrill Lynch | iShares S&P Small-Cap 600 Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 1 | — |
Morgan Stanley & Co. | iShares Silver Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 204 | — |
Bank of America Merrill Lynch | iShares Silver Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 204 | — |
Morgan Stanley & Co. | iShares TIPS Bond ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (1,645) | — |
Bank of America Merrill Lynch | iShares TIPS Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,645) | — |
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. | Schwab Intermediate-Term U.S. Treasury ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 209 | $ — |
Bank of America Merrill Lynch | Schwab Intermediate-Term U.S. Treasury ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 209 | — |
Morgan Stanley & Co. | Schwab International Small-Cap Equity ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 25 | — |
Bank of America Merrill Lynch | Schwab International Small-Cap Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 25 | — |
Morgan Stanley & Co. | Schwab U.S. Large-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 10 | — |
Bank of America Merrill Lynch | Schwab U.S. Large-Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 10 | — |
Morgan Stanley & Co. | Schwab U.S. Large-Cap Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 2 | — |
Bank of America Merrill Lynch | Schwab U.S. Large-Cap Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | Schwab U.S. TIPS ETF | Federal Fund Rate minus 0.58% | 9/14/22 | Monthly | (960) | — |
Bank of America Merrill Lynch | Schwab U.S. TIPS ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (960) | — |
Morgan Stanley & Co. | SPDR Blackstone Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1,322 | — |
Bank of America Merrill Lynch | SPDR Blackstone Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 1,322 | — |
Morgan Stanley & Co. | SPDR Bloomberg Convertible Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 812 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Convertible Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 812 | — |
Morgan Stanley & Co. | SPDR Bloomberg Emerging Markets Local Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 31 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Emerging Markets Local Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 31 | — |
Morgan Stanley & Co. | SPDR Bloomberg High Yield Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 104 | — |
Bank of America Merrill Lynch | SPDR Bloomberg High Yield Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 104 | — |
Morgan Stanley & Co. | SPDR Bloomberg International Treasury Bond ETF | Federal Fund Rate minus 5.48% | 9/14/22 | Monthly | (1,052) | — |
Bank of America Merrill Lynch | SPDR Bloomberg International Treasury Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,052) | — |
Morgan Stanley & Co. | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 79 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 79 | — |
Morgan Stanley & Co. | SPDR Bloomberg Short Term High Yield Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 102 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Short Term High Yield Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 102 | — |
Morgan Stanley & Co. | SPDR Dow Jones International Real Estate ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (101) | — |
Bank of America Merrill Lynch | SPDR Dow Jones International Real Estate ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (101) | — |
Morgan Stanley & Co. | SPDR Gold MiniShares Trust | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 40 | — |
Bank of America Merrill Lynch | SPDR Gold MiniShares Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 40 | — |
Morgan Stanley & Co. | SPDR Portfolio Long Term Treasury ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (328) | — |
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 |
Bank of America Merrill Lynch | SPDR Portfolio Long Term Treasury ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (328) | $ — |
Morgan Stanley & Co. | SPDR Portfolio Mortgage-Backed Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 55 | — |
Bank of America Merrill Lynch | SPDR Portfolio Mortgage-Backed Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 55 | — |
Morgan Stanley & Co. | SPDR Portfolio S&P 500 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 3 | — |
Bank of America Merrill Lynch | SPDR Portfolio S&P 500 Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 3 | — |
Morgan Stanley & Co. | SPDR Portfolio Short Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 350 | — |
Bank of America Merrill Lynch | SPDR Portfolio Short Term Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 350 | — |
Morgan Stanley & Co. | SPDR S&P Bank ETF | Federal Fund Rate minus 0.63% | 9/14/22 | Monthly | (378) | — |
Bank of America Merrill Lynch | SPDR S&P Bank ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (378) | — |
Morgan Stanley & Co. | SPDR S&P China ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 23 | — |
Bank of America Merrill Lynch | SPDR S&P China ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 23 | — |
Morgan Stanley & Co. | SPDR S&P Emerging Markets SmallCap ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 84 | — |
Bank of America Merrill Lynch | SPDR S&P Emerging Markets SmallCap ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 84 | — |
Morgan Stanley & Co. | SPDR S&P Global Natural Resources ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 2 | — |
Bank of America Merrill Lynch | SPDR S&P Global Natural Resources ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | Technology Select Sector SPDR Fund | Federal Fund Rate minus 0.05% | 9/14/22 | Monthly | (176) | — |
Bank of America Merrill Lynch | Technology Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (176) | — |
Morgan Stanley & Co. | VanEck High Yield Muni ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 119 | — |
Bank of America Merrill Lynch | VanEck High Yield Muni ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 119 | — |
Morgan Stanley & Co. | VanEck J.P. Morgan EM Local Currency Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 86 | — |
Bank of America Merrill Lynch | VanEck J.P. Morgan EM Local Currency Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 86 | — |
Morgan Stanley & Co. | Vanguard Consumer Discretionary ETF | Federal Fund Rate minus 12.98% | 9/14/22 | Monthly | (121) | — |
Bank of America Merrill Lynch | Vanguard Consumer Discretionary ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (121) | — |
Morgan Stanley & Co. | Vanguard Emerging Markets Government Bond ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (86) | — |
Bank of America Merrill Lynch | Vanguard Emerging Markets Government Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (86) | — |
Morgan Stanley & Co. | Vanguard Energy ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 19 | — |
Bank of America Merrill Lynch | Vanguard Energy ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 19 | — |
Morgan Stanley & Co. | Vanguard Financials ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 22 | — |
Bank of America Merrill Lynch | Vanguard Financials ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 22 | — |
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 FTSE All World ex-US Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 66 | $ — |
Bank of America Merrill Lynch | Vanguard FTSE All World ex-US Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 66 | — |
Morgan Stanley & Co. | Vanguard FTSE Developed Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 28 | — |
Bank of America Merrill Lynch | Vanguard FTSE Developed Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 28 | — |
Morgan Stanley & Co. | Vanguard FTSE Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 6 | — |
Bank of America Merrill Lynch | Vanguard FTSE Emerging Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 6 | — |
Morgan Stanley & Co. | Vanguard FTSE Europe ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 462 | — |
Bank of America Merrill Lynch | Vanguard FTSE Europe ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 462 | — |
Morgan Stanley & Co. | Vanguard Global ex-U.S. Real Estate ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (565) | — |
Bank of America Merrill Lynch | Vanguard Global ex-U.S. Real Estate ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (565) | — |
Morgan Stanley & Co. | Vanguard Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 54 | — |
Bank of America Merrill Lynch | Vanguard Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 54 | — |
Morgan Stanley & Co. | Vanguard Health Care ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
Bank of America Merrill Lynch | Vanguard Health Care ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 5 | — |
Morgan Stanley & Co. | Vanguard Information Technology ETF | Federal Fund Rate minus 0.78% | 9/14/22 | Monthly | (39) | — |
Bank of America Merrill Lynch | Vanguard Information Technology ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (39) | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Corporate Bond ETF | Federal Fund Rate minus 0.35% | 9/14/22 | Monthly | (256) | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Corporate Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (256) | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Treasury ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 570 | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Treasury ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 570 | — |
Morgan Stanley & Co. | Vanguard Long-Term Treasury ETF | Federal Fund Rate minus 1.53% | 9/14/22 | Monthly | (184) | — |
Bank of America Merrill Lynch | Vanguard Long-Term Treasury ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (184) | — |
Morgan Stanley & Co. | Vanguard Mega Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 8 | — |
Bank of America Merrill Lynch | Vanguard Mega Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 8 | — |
Morgan Stanley & Co. | Vanguard Mortgage-Backed Securities ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 200 | — |
Bank of America Merrill Lynch | Vanguard Mortgage-Backed Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 200 | — |
Morgan Stanley & Co. | Vanguard Real Estate ETF | Federal Fund Rate minus 0.15% | 9/14/22 | Monthly | (2,225) | — |
Bank of America Merrill Lynch | Vanguard Real Estate ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (2,225) | — |
Morgan Stanley & Co. | Vanguard Russell 1000 Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 5 | — |
18 | 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 |
Bank of America Merrill Lynch | Vanguard Russell 1000 Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 5 | $ — |
Morgan Stanley & Co. | Vanguard Russell 1000 Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 2 | — |
Bank of America Merrill Lynch | Vanguard Russell 1000 Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | Vanguard Short-Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 1,861 | — |
Bank of America Merrill Lynch | Vanguard Short-Term Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 1,861 | — |
Morgan Stanley & Co. | Vanguard Small-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 136 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 136 | — |
Morgan Stanley & Co. | Vanguard Small-Cap Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 4 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 4 | — |
Morgan Stanley & Co. | Vanguard Value ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 20 | — |
Bank of America Merrill Lynch | Vanguard Value ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 20 | — |
Morgan Stanley & Co. | Xtrackers USD High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/14/22 | Monthly | 74 | — |
Bank of America Merrill Lynch | Xtrackers USD High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 74 | — |
$ — |
1. | As of December 31, 2021, cash in the amount $280,188 was pledged to 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 December 31, 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 |
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 |
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 | $ 348,229,577 | $ — | $ — | $ 348,229,577 | |||
Exchange-Traded Note | 677,846 | — | — | 677,846 | |||
Exchange-Traded Vehicles | 23,258,775 | — | — | 23,258,775 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,744,326 | — | — | 1,744,326 | |||
Unaffiliated Investment Companies | 95,763,438 | — | — | 95,763,438 | |||
Total Short-Term Investments | 97,507,764 | — | — | 97,507,764 | |||
Total Investments in Securities | $ 469,673,962 | $ — | $ — | $ 469,673,962 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
20 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $445,899,430) including securities on loan of $93,845,220 | $444,273,542 |
Investment in affiliated investment companies, at value (identified cost $25,936,407) | 25,400,420 |
Cash | 7,936 |
Cash denominated in foreign currencies (identified cost $4,888) | 4,825 |
Cash collateral on deposit at broker for swap contracts | 280,188 |
Receivables: | |
Dividends and interest | 106,024 |
Securities lending | 54,549 |
Portfolio shares sold | 18,414 |
Other assets | 302,210 |
Total assets | 470,448,108 |
Liabilities | |
Cash collateral received for securities on loan | 95,763,438 |
Payables: | |
Dividends and interest on OTC swaps contracts | 334,022 |
Manager (See Note 3) | 220,992 |
Portfolio shares redeemed | 208,770 |
NYLIFE Distributors (See Note 3) | 76,276 |
Shareholder communication | 30,802 |
Professional fees | 26,457 |
Custodian | 16,649 |
Transfer agent (See Note 3) | 1,151 |
Trustees | 568 |
Accrued expenses | 8,207 |
Total liabilities | 96,687,332 |
Net assets | $373,760,776 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 41,817 |
Additional paid-in-capital | 421,451,485 |
421,493,302 | |
Total distributable earnings (loss) | (47,732,526) |
Net assets | $373,760,776 |
Initial Class | |
Net assets applicable to outstanding shares | $ 13,499,202 |
Shares of beneficial interest outstanding | 1,505,247 |
Net asset value per share outstanding | $ 8.97 |
Service Class | |
Net assets applicable to outstanding shares | $360,261,574 |
Shares of beneficial interest outstanding | 40,312,039 |
Net asset value per share outstanding | $ 8.94 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 5,184,888 |
Dividends-affiliated | 526,792 |
Securities lending | 430,721 |
Total income | 6,142,401 |
Expenses | |
Manager (See Note 3) | 2,867,055 |
Distribution/Service—Service Class (See Note 3) | 923,505 |
Custodian | 217,516 |
Professional fees | 60,232 |
Shareholder communication | 23,747 |
Trustees | 8,238 |
Miscellaneous | 17,670 |
Total expenses before waiver/reimbursement | 4,117,963 |
Expense waiver/reimbursement from Manager (See Note 3) | (518,538) |
Net expenses | 3,599,425 |
Net investment income (loss) | 2,542,976 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 21,500,186 |
Affiliated investment company transactions | 386,321 |
Realized capital gain distributions from affiliated investment companies | 299,535 |
Futures transactions | 95 |
Swap transactions | (4,265,009) |
Foreign currency transactions | (16) |
Net realized gain (loss) | 17,921,112 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (23,016,582) |
Affiliated investments | (535,987) |
Translation of other assets and liabilities in foreign currencies | (4,370) |
Net change in unrealized appreciation (depreciation) | (23,556,939) |
Net realized and unrealized gain (loss) | (5,635,827) |
Net increase (decrease) in net assets resulting from operations | $ (3,092,851) |
22 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,542,976 | $ 4,838,078 |
Net realized gain (loss) | 17,921,112 | (230,538) |
Net change in unrealized appreciation (depreciation) | (23,556,939) | 12,200,672 |
Net increase (decrease) in net assets resulting from operations | (3,092,851) | 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) |
— | (1,066,138) | |
Total distributions to shareholders | — | (6,988,973) |
Capital share transactions: | ||
Net proceeds from sales of shares | 22,487,176 | 18,019,863 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 6,988,973 |
Cost of shares redeemed | (29,510,242) | (50,801,186) |
Increase (decrease) in net assets derived from capital share transactions | (7,023,066) | (25,792,350) |
Net increase (decrease) in net assets | (10,115,917) | (15,973,111) |
Net Assets | ||
Beginning of year | 383,876,693 | 399,849,804 |
End of year | $373,760,776 | $383,876,693 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 † | 2017 † | ||||
Net asset value at beginning of year | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | $ 9.04 | ||||
Net investment income (loss) (a) | 0.09 | 0.14 | 0.20 | (0.05) | (0.08) | ||||
Net realized and unrealized gain (loss) | (0.14) | 0.33 | 0.49 | (0.55) | 0.06 | ||||
Total from investment operations | (0.05) | 0.47 | 0.69 | (0.60) | (0.02) | ||||
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 year | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | ||||
Total investment return (b) | (0.55)%(c) | 5.38% | 8.47% | (6.88)% | (0.25)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.97% | 1.56% | 2.36% | (0.53)% | (0.93)% | ||||
Net expenses (d) | 0.70% | 0.70% | 0.70% | 1.43% | 1.43% | ||||
Expenses (before waiver/reimbursement) (d)(e) | 0.83% | 1.00% | 1.20% | 2.96% | 2.63% | ||||
Portfolio turnover rate | 126% | 179% | 151% | 450% | 185% | ||||
Net assets at end of year (in 000's) | $ 13,499 | $ 12,044 | $ 10,749 | $ 9,059 | $ 149,753 |
† | Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018 and January 1, 2017 to December 31, 2017, which consolidates financial information of MainStay VP Multi-Strategy Cayman Fund Ltd., a wholly-owned subsidiary of the Portfolio prior to the reorganization. |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 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% |
24 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 † | 2017 † | ||||
Net asset value at beginning of year | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | $ 8.99 | ||||
Net investment income (loss) (a) | 0.06 | 0.11 | 0.18 | (0.00)‡ | (0.11) | ||||
Net realized and unrealized gain (loss) | (0.13) | 0.34 | 0.49 | (0.63) | 0.07 | ||||
Total from investment operations | (0.07) | 0.45 | 0.67 | (0.63) | (0.04) | ||||
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 year | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | ||||
Total investment return (b) | (0.78)%(c) | 5.14% | 8.23% | (7.14)% | (0.51)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.65% | 1.29% | 2.09% | 0.03% | (1.20)% | ||||
Net expenses (d) | 0.95% | 0.95% | 0.95% | 1.60% | 1.68% | ||||
Expenses (before waiver/reimbursement) (d)(e) | 1.09% | 1.25% | 1.45% | 2.84% | 2.88% | ||||
Portfolio turnover rate | 126% | 179% | 151% | 450% | 185% | ||||
Net assets at end of year (in 000's) | $ 360,262 | $ 371,833 | $ 389,101 | $ 391,094 | $ 423,600 |
† | Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018 and January 1, 2017 to December 31, 2017, which consolidates financial information of MainStay VP Multi-Strategy Cayman Fund Ltd., a wholly-owned subsidiary of the Portfolio prior to the reorganization. |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 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% |
Class | Commenced Operations |
Initial Class | May 1, 2013 |
Service Class | May 1, 2013 |
26 | MainStay VP IQ Hedge Multi-Strategy 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 IQ Hedge Multi-Strategy Portfolio |
30 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(4,265,009) | $(4,265,009) |
Total Net Realized Gain (Loss) | $(4,265,009) | $(4,265,009) |
Average Notional Amount | Total |
Swap Contracts Long | $ 25,943,072 |
Swap Contracts Short | $(26,152,207) |
32 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ Ultra Short Duration ETF | $ 57,488 | $ 21,790 | $ (54,893) | $ 386 | $ (1,115) | $ 23,656 | $ 527 | $ 300 | 487 |
MainStay U.S. Government Liquidity Fund | 4,176 | 26,452 | (28,884) | — | — | 1,744 | —(a) | — | 1,744 |
$ 61,664 | $ 48,242 | $ (83,777) | $ 386 | $ (1,115) | $ 25,400 | $ 527 | $ 300 |
(a) | Less than $500. |
Initial Class | $1,617,707 | 12.0% |
Service Class | 27,203 | 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 | $472,646,452 | $3,387,355 | $(6,603,899) | $(3,216,544) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(44,759,948) | $(2,972,578) | $(47,732,526) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$3,587,334 | $(3,587,334) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $44,196 | $— |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $— | $5,922,835 |
Return of Capital | — | 1,066,138 |
Total | $— | $6,988,973 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 200,003 | $ 1,812,192 |
Shares redeemed | (29,920) | (270,840) |
Net increase (decrease) | 170,083 | $ 1,541,352 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 2,287,759 | $ 20,674,984 |
Shares redeemed | (3,237,618) | (29,239,402) |
Net increase (decrease) | (949,859) | $ (8,564,418) |
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 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
MainStay VP IQ Hedge Multi-Strategy Portfolio
New York, New York
February 24, 2022
36 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
38 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
40 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
42 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
44 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803523 | MSVPARM11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2005 | 17.29% | 8.54% | 9.40% | 0.71% |
Service Class Shares | 5/2/2005 | 17.00 | 8.27 | 9.12 | 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, a former subadvisor. 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. |
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 and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 25.16% | 11.16% | 12.97% |
Bloomberg U.S. Intermediate Government/Credit Bond Index2 | -1.44 | 2.91 | 2.38 |
Balanced Composite Index3 | 14.03 | 8.17 | 8.88 |
Russell Midcap® Value Index4 | 28.34 | 11.22 | 13.44 |
Morningstar Allocation - 50% to 70% Equity Category Average5 | 13.91 | 9.97 | 8.81 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg 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 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 Portfolio'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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,051.00 | $3.67 | $1,021.63 | $3.62 | 0.71% |
Service Class Shares | $1,000.00 | $1,049.60 | $4.96 | $1,020.37 | $4.89 | 0.96% |
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 184 (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, 0.75%-2.50%, due 3/31/23–11/15/31 |
2. | iShares Intermediate Government/Credit Bond ETF |
3. | JPMorgan Chase & Co. |
4. | UnitedHealth Group, Inc. |
5. | Pfizer, Inc. |
6. | iShares Russell 1000 Value ETF |
7. | Cisco Systems, Inc. |
8. | Bank of America Corp. |
9. | Morgan Stanley |
10. | Comcast Corp., Class A |
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 equity portion of the Portfolio outperformed the Russell 1000® Value Index. Security selection in the health care, communication services and industrials sectors enhanced relative returns, as did overweight exposure to health care and underweight exposure to communication services and industrials.
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 security selection in the information technology, energy and real estate sectors detracted from performance. From an allocation standpoint, the Portfolio’s overweight position in health care and its underweight position in communication services bolstered relative results. Overweight exposure to information technology and underweight exposure to energy 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
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 companies Pfizer and Eli Lilly, and managed care provider UnitedHealth Group. Shares of Pfizer rose following the company’s announcement that its booster was shown to provide protection against the Omicron variant of COVID-19. The stock also benefitted from the U.S. Food and Drug Administration’s (FDA) decision to grant Emergency Use Authorization for the company’s oral antiviral for post-infection patients, following positive study results that showed the antiviral reduced the risk of hospitalization or death. Shares of Eli Lilly rose after the 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 in UnitedHealth Group, the largest managed care company in the United States, rose after the company reported robust revenue growth across its UnitedHealthcare and Optum subsidiaries. Optum, which provides pharmacy benefits (OptumRx), data and analytics (OptumInsight), and care delivery services (OptumHealth), saw growth across all three businesses, expanding to represent a majority of total group earnings.
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
Outside of initial funding, notable purchases during the time Wellington managed the equity portion of the Portfolio included video game company Electronic Arts (EA) and U.S.-based oil & gas company ConocoPhillips. In our opinion, EA is a heavily discounted growth name forgotten by investors focused on the next crop of gaming companies. We believe EA is quietly executing rather well and delivering growth and profitability that is not reflected in the share price. We see ConocoPhillips as a high-quality company with a robust return profile not reflected in its valuation.
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 sector exposures relative to the Russell 1000® Value Index were in communication services and, to a lesser extent, energy. As of the end of the reporting period, both sectors still represented slightly underweight positions relative to the Russell 1000 Value Index. Notable reductions in relative sector exposure included health care, in which the Portfolio held an overweight position as of December 31, 2021, and real estate, where the Portfolio held an underweight position as of the same date.
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
10 | MainStay VP Balanced Portfolio |
As of December 31, 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 financials sectors, and its most underweight positions were in consumer staples, real estate and energy.
The fixed-income portion of the Portfolio held overweight positions relative to the Bloomberg U.S. Intermediate Government/Credit Bond Index in U.S. government agencies, corporates, asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) throughout the reporting period. To facilitate these overweight positions, the Portfolio maintained an underweight position in the U.S. Treasury sector. Corporate sector holdings provided the strongest boost to the Portfolio’s performance relative to the Index, followed by ABS and CMBS. Relatively overweight exposure to the U.S. Treasury and the U.S. government agency sectors detracted slightly from relative performance.
Use of derivatives in the fixed-income portion of the Portfolio was limited to interest rate derivatives employed to keep the duration2 of the Portfolio in line with our target. These interest rate derivatives had a negative impact on performance during the reporting period.
The fixed-income portion of the Portfolio maintained a duration relatively close to that of the Bloomberg U.S. Intermediate Government/Credit Bond Index. On two occasions, the duration of the Portfolio was different from that of the benchmark. Toward the middle of the reporting period, the duration of the Portfolio was shorter than the benchmark, which had a slightly negative impact on performance. Toward the end of the reporting period, the duration of the Portfolio was longer than the benchmark– which
During the reporting period, ABS made the strongest positive contribution to the fixed-income portion of the Portfolio’s absolute performance. In the asset-backed sector, the Portfolio’s allocation to commercial loan obligations (CLOs) was the most accretive to absolute performance. The CMBS sector, particularly the non-agency subcomponent, made the second strongest contribution to the Portfolio’s absolute performance.
The largest purchases made by the fixed-income portion of the Portfolio during the reporting period included bonds issued by aircraft leasing company Air Lease, insurer Brighthouse Financial Global Funding and dialysis care provider Fresenius Medical Care. Other notably large purchases included bonds from specialty electronic maker Emerson Electric and aircraft leasing company Aviation Capital Group.
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. |
During the first quarter of 2021, we reduced the Portfolio’s exposure to non-agency residential mortgage-backed securities, on the basis of stretched valuations as well as uncertainty regarding prepayments on premium priced assets. In the latter stages of the first quarter, we took advantage of significant opportunities in the new issue calendar as issuers continued to access the primary market, increasing the Portfolio’s corporate exposure and diversification. At the same time, we found corporate bond valuations that were more attractive on both an option-adjusted spread4 (OAS) basis and an all-in yield basis than during the middle of the quarter.
As of December 31, 2021, the fixed-income portion of the Portfolio held overweight exposure relative to the Bloomberg U.S. Intermediate Government/Credit Bond Index in corporate bonds. Within the corporate sector, the Portfolio held overweight positions in financials, industrials and utilities. The Portfolio also held overweight positions in ABS and CMBS. The Portfolio’s largest overweight allocation among spread7 assets was to the ABS sector. As of the same date, the Portfolio held relatively underweight positions in the sovereign, supranational, foreign agency and foreign local government sectors. The Portfolio also held an underweight position in the U.S. Treasury sector.
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. |
5. | 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 Portfolio 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 Portfolio. |
6. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
7. | 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 29.0% | ||
Asset-Backed Securities 3.3% | ||
Other Asset-Backed Securities 3.3% | ||
AIG CLO LLC | ||
Series 2020-1A, Class AR | ||
1.284% (3 Month LIBOR + 1.16%), due 4/15/34 (a)(b) | $ 600,000 | $ 598,702 |
Apidos CLO XXV | ||
Series 2016-25A, Class A1R | ||
1.302% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b) | 400,000 | 400,001 |
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
1.722% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | 650,000 | 650,141 |
Apidos CLO XXXII | ||
Series 2019-32A, Class A1 | ||
1.451% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b) | 500,000 | 500,043 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class AR | ||
1.174% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) | 700,000 | 700,113 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
1.532% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 400,000 | 395,068 |
Battalion CLO Ltd. | ||
Series 2021-21A, Class A | ||
1.312% (3 Month LIBOR + 1.18%), due 7/15/34 (a)(b) | 700,000 | 700,105 |
CAL Funding IV Ltd. | ||
Series 2020-1A, Class A | ||
2.22%, due 9/25/45 (a) | 670,312 | 667,653 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
1.524% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) | 800,000 | 797,475 |
Carlyle US CLO Ltd. | ||
Series 2021-5A, Class B | ||
1.731% (3 Month LIBOR + 1.60%), due 7/20/34 (a)(b) | 500,000 | 496,780 |
Cedar Funding XII CLO Ltd. | ||
Series 2020-12A, Class A1R | ||
1.263% (3 Month LIBOR + 1.13%), due 10/25/34 (a)(b) | 500,000 | 498,837 |
ELFI Graduate Loan Program LLC | ||
Series 2021-A, Class A | ||
1.53%, due 12/26/46 (a) | 400,000 | 396,555 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Global SC Finance VII SRL | ||
Series 2021-2A, Class A | ��� | |
1.95%, due 8/17/41 (a) | $ 481,696 | $ 475,562 |
Neuberger Berman Loan Advisers CLO 35 Ltd. | ||
Series 2019-35A, Class A1 | ||
1.464% (3 Month LIBOR + 1.34%), due 1/19/33 (a)(b) | 600,000 | 600,084 |
Neuberger Berman Loan Advisers CLO 37 Ltd. | ||
Series 2020-37A, Class BR | ||
1.582% (3 Month LIBOR + 1.45%), due 7/20/31 (a)(b) | 500,000 | 500,006 |
Octagon Investment Partners 29 Ltd. | ||
Series 2016-1A, Class AR | ||
1.304% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(b) | 350,000 | 349,401 |
Palmer Square CLO Ltd. (a)(b) | ||
Series 2014-1A, Class A1R2 | ||
1.252% (3 Month LIBOR + 1.13%), due 1/17/31 | 250,000 | 250,070 |
Series 2015-2A, Class A2R2 | ||
1.681% (3 Month LIBOR + 1.55%), due 7/20/30 | 750,000 | 749,371 |
Palmer Square Loan Funding Ltd. | ||
Series 2021-3A, Class A2 | ||
1.571% (3 Month LIBOR + 1.40%), due 7/20/29 (a)(b) | 500,000 | 500,077 |
Progress Residential | ||
Series 2021-SFR3, Class A | ||
1.637%, due 5/17/26 (a) | 498,827 | 492,355 |
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
1.314% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(b) | 600,000 | 599,798 |
Regatta XV Funding Ltd. | ||
Series 2018-4A, Class A1 | ||
1.354% (3 Month LIBOR + 1.23%), due 10/25/31 (a)(b) | 250,000 | 250,088 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 243,141 | 239,592 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
1.31% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) | 250,000 | 250,003 |
Tiaa CLO III Ltd. | ||
Series 2017-2A, Class A | ||
1.272% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b) | 350,000 | 348,049 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Trestles CLO IV Ltd. | ||
Series 2021-4A, Class A | ||
1.294% (3 Month LIBOR + 1.17%), due 7/21/34 (a)(b) | $ 300,000 | $ 299,999 |
Vantage Data Centers LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 725,000 | 708,611 |
Wellfleet CLO Ltd. | ||
Series 2021-2A, Class A1 | ||
1.324% (3 Month LIBOR + 1.20%), due 7/15/34 (a)(b) | 373,333 | 373,561 |
Total Asset-Backed Securities (Cost $13,832,510) | 13,788,100 | |
Corporate Bonds 12.1% | ||
Aerospace & Defense 0.2% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 240,000 | 250,073 |
3.25%, due 2/1/28 | 325,000 | 338,647 |
5.15%, due 5/1/30 | 375,000 | 436,913 |
1,025,633 | ||
Apparel 0.0% ‡ | ||
Ralph Lauren Corp. | ||
1.70%, due 6/15/22 | 175,000 | 176,068 |
Auto Manufacturers 1.0% | ||
Daimler Finance North America LLC | ||
2.625%, due 3/10/30 (a) | 250,000 | 255,966 |
Daimler Trucks Finance North America LLC | ||
2.00%, due 12/14/26 (a) | 550,000 | 552,347 |
Ford Motor Credit Co. LLC | ||
3.087%, due 1/9/23 | 425,000 | 432,185 |
3.664%, due 9/8/24 | 725,000 | 753,094 |
General Motors Financial Co., Inc. | ||
1.05%, due 3/8/24 | 200,000 | 198,943 |
1.50%, due 6/10/26 | 1,275,000 | 1,254,485 |
Hyundai Capital America (a) | ||
1.80%, due 1/10/28 | 225,000 | 217,435 |
2.375%, due 10/15/27 | 375,000 | 372,895 |
4,037,350 |
Principal Amount | Value | |
Banks 2.0% | ||
Banco Santander SA | ||
1.722% (1 Year Treasury Constant Maturity Rate + 0.90%), due 9/14/27 (b) | $ 400,000 | $ 392,721 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 1,000,000 | 992,971 |
BNP Paribas SA | ||
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (a)(b) | 435,000 | 416,736 |
Citigroup, Inc. | ||
3.20%, due 10/21/26 | 930,000 | 985,510 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (c) | 450,000 | 448,020 |
JPMorgan Chase & Co. | ||
1.578%, due 4/22/27 (c) | 1,230,000 | 1,215,503 |
Lloyds Banking Group plc | ||
0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) | 430,000 | 428,294 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 300,000 | 288,885 |
3.625%, due 1/20/27 | 350,000 | 379,456 |
4.35%, due 9/8/26 | 820,000 | 906,377 |
Societe Generale SA | ||
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (a)(b) | 350,000 | 342,508 |
Standard Chartered plc | ||
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 (a)(b) | 200,000 | 197,742 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, due 9/16/26 (a) | 625,000 | 614,365 |
Truist Financial Corp. | ||
1.267%, due 3/2/27 (c) | 375,000 | 367,916 |
UBS Group AG | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b) | 475,000 | 464,277 |
8,441,281 | ||
Beverages 0.3% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 | 760,000 | 884,591 |
Diageo Capital plc | ||
2.125%, due 4/29/32 | 325,000 | 322,354 |
1,206,945 |
14 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Building Materials 0.3% | ||
Martin Marietta Materials, Inc. | ||
3.45%, due 6/1/27 | $ 425,000 | $ 453,061 |
Owens Corning | ||
3.95%, due 8/15/29 | 700,000 | 766,898 |
1,219,959 | ||
Chemicals 0.2% | ||
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (a) | 275,000 | 269,981 |
LYB International Finance III LLC | ||
1.25%, due 10/1/25 | 172,000 | 169,088 |
NewMarket Corp. | ||
4.10%, due 12/15/22 | 525,000 | 540,772 |
979,841 | ||
Commercial Services 0.2% | ||
Ashtead Capital, Inc. | ||
2.45%, due 8/12/31 (a) | 450,000 | 438,162 |
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 325,000 | 326,293 |
764,455 | ||
Diversified Financial Services 1.1% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 700,000 | 709,895 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,150,000 | 1,131,761 |
Aircastle Ltd. | ||
2.85%, due 1/26/28 (a) | 500,000 | 502,894 |
Antares Holdings LP | ||
3.95%, due 7/15/26 (a) | 250,000 | 257,070 |
Aviation Capital Group LLC (a) | ||
1.95%, due 1/30/26 | 250,000 | 243,844 |
1.95%, due 9/20/26 | 475,000 | 461,360 |
Blackstone Holdings Finance Co. LLC | ||
1.625%, due 8/5/28 (a) | 350,000 | 339,911 |
BOC Aviation USA Corp. | ||
1.625%, due 4/29/24 (a) | 400,000 | 399,395 |
LSEGA Financing plc | ||
2.00%, due 4/6/28 (a) | 400,000 | 394,823 |
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 211,859 | 204,036 |
4,644,989 | ||
Electric 1.0% | ||
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 (d) | 250,000 | 260,938 |
Principal Amount | Value | |
Electric (continued) | ||
DTE Electric Co. | ||
2.65%, due 6/15/22 | $ 500,000 | $ 502,190 |
DTE Energy Co. | ||
Series F | ||
1.05%, due 6/1/25 | 250,000 | 244,941 |
Entergy Arkansas LLC | ||
3.70%, due 6/1/24 | 500,000 | 525,246 |
Entergy Corp. | ||
4.00%, due 7/15/22 | 1,000,000 | 1,012,176 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 700,000 | 744,213 |
Pinnacle West Capital Corp. | ||
1.30%, due 6/15/25 | 625,000 | 614,740 |
Tampa Electric Co. | ||
2.40%, due 3/15/31 | 225,000 | 227,245 |
4,131,689 | ||
Electrical Components & Equipment 0.3% | ||
Emerson Electric Co. | ||
1.80%, due 10/15/27 | 400,000 | 401,681 |
2.00%, due 12/21/28 | 750,000 | 749,912 |
1,151,593 | ||
Electronics 0.1% | ||
Flex Ltd. | ||
3.75%, due 2/1/26 | 275,000 | 293,702 |
Food 0.1% | ||
Conagra Brands, Inc. | ||
4.85%, due 11/1/28 | 450,000 | 519,091 |
Forest Products & Paper 0.1% | ||
Georgia-Pacific LLC | ||
0.95%, due 5/15/26 (a) | 225,000 | 218,203 |
Healthcare-Products 0.2% | ||
Baxter International, Inc. | ||
2.272%, due 12/1/28 (a) | 625,000 | 629,527 |
Healthcare-Services 0.3% | ||
Fresenius Medical Care U.S. Finance III, Inc. (a) | ||
1.875%, due 12/1/26 | 225,000 | 222,577 |
2.375%, due 2/16/31 | 1,025,000 | 979,431 |
1,202,008 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Home Builders 0.2% | ||
MDC Holdings, Inc. | ||
2.50%, due 1/15/31 | $ 225,000 | $ 217,627 |
PulteGroup, Inc. | ||
5.50%, due 3/1/26 | 575,000 | 653,787 |
871,414 | ||
Insurance 0.3% | ||
Brighthouse Financial Global Funding | ||
1.00%, due 4/12/24 (a) | 975,000 | 966,647 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (a) | 350,000 | 341,570 |
1,308,217 | ||
Investment Companies 0.2% | ||
Blackstone Secured Lending Fund | ||
2.125%, due 2/15/27 (a) | 175,000 | 170,332 |
2.75%, due 9/16/26 | 250,000 | 249,960 |
Prospect Capital Corp. | ||
3.437%, due 10/15/28 | 475,000 | 457,081 |
877,373 | ||
Iron & Steel 0.1% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 275,000 | 280,397 |
Media 0.2% | ||
Charter Communications Operating LLC | ||
2.25%, due 1/15/29 | 325,000 | 317,102 |
Thomson Reuters Corp. | ||
3.85%, due 9/29/24 | 300,000 | 316,999 |
634,101 | ||
Mining 0.2% | ||
Anglo American Capital plc (a) | ||
2.25%, due 3/17/28 | 525,000 | 515,567 |
5.625%, due 4/1/30 | 400,000 | 473,939 |
989,506 | ||
Oil & Gas 0.2% | ||
Valero Energy Corp. | ||
2.85%, due 4/15/25 | 675,000 | 699,209 |
Oil & Gas Services 0.2% | ||
Schlumberger Holdings Corp. | ||
3.75%, due 5/1/24 (a) | 925,000 | 970,432 |
Principal Amount | Value | |
Packaging & Containers 0.2% | ||
WRKCo, Inc. | ||
3.75%, due 3/15/25 | $ 925,000 | $ 985,492 |
Pharmaceuticals 0.6% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 600,000 | 632,321 |
Bayer US Finance II LLC | ||
4.375%, due 12/15/28 (a) | 600,000 | 670,164 |
Cigna Corp. | ||
2.375%, due 3/15/31 | 250,000 | 251,285 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 490,000 | 470,109 |
Merck & Co., Inc. | ||
2.15%, due 12/10/31 | 325,000 | 325,906 |
2,349,785 | ||
Pipelines 0.1% | ||
Texas Eastern Transmission LP | ||
2.80%, due 10/15/22 (a) | 225,000 | 227,440 |
Real Estate Investment Trusts 1.2% | ||
American Campus Communities Operating Partnership LP | ||
3.30%, due 7/15/26 | 900,000 | 948,169 |
Brixmor Operating Partnership LP | ||
2.50%, due 8/16/31 | 150,000 | 146,788 |
CubeSmart LP | ||
2.25%, due 12/15/28 | 550,000 | 550,073 |
Highwoods Realty LP | ||
3.875%, due 3/1/27 | 1,350,000 | 1,471,910 |
Kimco Realty Corp. | ||
2.80%, due 10/1/26 | 500,000 | 519,688 |
Realty Income Corp. | ||
3.95%, due 8/15/27 | 890,000 | 986,795 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 375,000 | 367,753 |
Spirit Realty LP | ||
2.70%, due 2/15/32 | 175,000 | 173,149 |
5,164,325 | ||
Retail 0.2% | ||
Advance Auto Parts, Inc. | ||
1.75%, due 10/1/27 | 150,000 | 145,560 |
CK Hutchison International 21 Ltd. | ||
1.50%, due 4/15/26 (a) | 375,000 | 369,903 |
Walmart, Inc. | ||
1.50%, due 9/22/28 | 400,000 | 397,523 |
912,986 |
16 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Semiconductors 0.1% | ||
Skyworks Solutions, Inc. | ||
1.80%, due 6/1/26 | $ 300,000 | $ 296,905 |
Telecommunications 0.7% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 | 775,000 | 870,539 |
T-Mobile US, Inc. | ||
2.55%, due 2/15/31 | 825,000 | 820,854 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 350,000 | 350,667 |
3.376%, due 2/15/25 | 6,000 | 6,386 |
4.016%, due 12/3/29 | 912,000 | 1,022,444 |
3,070,890 | ||
Total Corporate Bonds (Cost $49,655,265) | 50,280,806 | |
Foreign Government Bonds 0.1% | ||
Philippines 0.1% | ||
Philippine Government Bond | ||
3.00%, due 2/1/28 | 200,000 | 214,467 |
Poland 0.0% ‡ | ||
Poland Government Bond | ||
5.00%, due 3/23/22 | 50,000 | 50,494 |
Total Foreign Government Bonds (Cost $245,130) | 264,961 | |
Mortgage-Backed Securities 0.5% | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.5% | ||
BFLD Trust | ||
Series 2021-FPM, Class A | ||
1.71% (1 Month LIBOR + 1.60%), due 6/15/38 (a)(b) | 500,000 | 499,699 |
Citigroup Commercial Mortgage Trust | ||
Series 2020-420K, Class A | ||
2.456%, due 11/10/42 (a)(e) | 500,000 | 499,594 |
Series 2020-GC46, Class A5 | ||
2.717%, due 2/15/53 | 500,000 | 519,236 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 500,000 | 515,244 |
Total Mortgage-Backed Securities (Cost $2,033,252) | 2,033,773 |
Principal Amount | Value | |
U.S. Government & Federal Agencies 13.0% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.7% | ||
FFCB | ||
2.03%, due 1/21/28 | $ 850,000 | $ 878,646 |
2.13%, due 4/19/34 | 450,000 | 444,584 |
FHLB | ||
1.60%, due 12/17/26 | 430,000 | 430,184 |
3.125%, due 9/12/25 | 800,000 | 857,562 |
2,610,976 | ||
United States Treasury Notes 12.3% | ||
U.S. Treasury Notes | ||
0.75%, due 12/31/23 | 6,050,000 | 6,051,181 |
1.00%, due 12/15/24 | 18,290,000 | 18,310,005 |
1.25%, due 12/31/26 | 8,000,000 | 7,991,250 |
1.375%, due 12/31/28 | 7,060,000 | 7,028,009 |
1.375%, due 11/15/31 | 7,660,000 | 7,563,053 |
2.50%, due 3/31/23 | 4,000,000 | 4,098,594 |
51,042,092 | ||
Total U.S. Government & Federal Agencies (Cost $53,514,568) | 53,653,068 | |
Total Long-Term Bonds (Cost $119,280,725) | 120,020,708 | |
Shares | ||
Common Stocks 63.5% | ||
Aerospace & Defense 3.5% | ||
General Dynamics Corp. | 16,272 | 3,392,224 |
L3Harris Technologies, Inc. | 16,382 | 3,493,298 |
Northrop Grumman Corp. | 8,732 | 3,379,895 |
Raytheon Technologies Corp. | 47,299 | 4,070,552 |
14,335,969 | ||
Auto Components 0.9% | ||
Gentex Corp. | 102,537 | 3,573,414 |
Banks 6.5% | ||
Bank of America Corp. | 133,239 | 5,927,803 |
JPMorgan Chase & Co. | 59,700 | 9,453,495 |
M&T Bank Corp. | 27,022 | 4,150,039 |
PNC Financial Services Group, Inc. (The) | 19,777 | 3,965,684 |
Truist Financial Corp. | 60,718 | 3,555,039 |
27,052,060 |
Shares | Value | |
Common Stocks (continued) | ||
Beverages 0.9% | ||
Keurig Dr Pepper, Inc. | 98,648 | $ 3,636,165 |
Building Products 1.6% | ||
Fortune Brands Home & Security, Inc. | 28,037 | 2,997,155 |
Johnson Controls International plc | 43,552 | 3,541,213 |
6,538,368 | ||
Capital Markets 2.8% | ||
ARES Management Corp. | 37,094 | 3,014,629 |
LPL Financial Holdings, Inc. | 22,297 | 3,569,527 |
Morgan Stanley | 53,166 | 5,218,775 |
11,802,931 | ||
Chemicals 1.6% | ||
Axalta Coating Systems Ltd. (f) | 87,743 | 2,906,048 |
Celanese Corp. | 23,185 | 3,896,471 |
6,802,519 | ||
Communications Equipment 2.8% | ||
Cisco Systems, Inc. | 121,238 | 7,682,852 |
F5, Inc. (f) | 16,856 | 4,124,832 |
11,807,684 | ||
Containers & Packaging 0.7% | ||
Sealed Air Corp. | 44,905 | 3,029,740 |
Electric Utilities 1.0% | ||
Exelon Corp. | 72,781 | 4,203,831 |
Electrical Equipment 0.7% | ||
Hubbell, Inc. | 14,588 | 3,038,243 |
Electronic Equipment, Instruments & Components 0.8% | ||
Corning, Inc. | 93,388 | 3,476,835 |
Entertainment 0.9% | ||
Electronic Arts, Inc. | 29,028 | 3,828,793 |
Equity Real Estate Investment Trusts 1.7% | ||
Gaming and Leisure Properties, Inc. | 80,476 | 3,915,962 |
Host Hotels & Resorts, Inc. (f) | 191,736 | 3,334,289 |
7,250,251 | ||
Food Products 1.0% | ||
Mondelez International, Inc., Class A | 59,659 | 3,955,988 |
Shares | Value | |
Health Care Equipment & Supplies 2.6% | ||
Becton Dickinson and Co. | 14,461 | $ 3,636,652 |
Boston Scientific Corp. (f) | 76,968 | 3,269,601 |
Medtronic plc | 37,058 | 3,833,650 |
10,739,903 | ||
Health Care Providers & Services 4.9% | ||
Anthem, Inc. | 13,773 | 6,384,336 |
Centene Corp. (f) | 52,132 | 4,295,677 |
UnitedHealth Group, Inc. | 18,946 | 9,513,545 |
20,193,558 | ||
Household Durables 0.8% | ||
Lennar Corp., Class A | 26,768 | 3,109,371 |
Insurance 3.9% | ||
Assurant, Inc. | 18,939 | 2,951,832 |
Chubb Ltd. | 26,127 | 5,050,610 |
MetLife, Inc. | 80,238 | 5,014,073 |
Progressive Corp. (The) | 32,163 | 3,301,532 |
16,318,047 | ||
Interactive Media & Services 1.3% | ||
Alphabet, Inc., Class C (f) | 1,828 | 5,289,483 |
IT Services 2.3% | ||
Amdocs Ltd. | 34,421 | 2,576,068 |
Fidelity National Information Services, Inc. | 31,908 | 3,482,758 |
Global Payments, Inc. | 25,262 | 3,414,917 |
9,473,743 | ||
Machinery 0.8% | ||
Middleby Corp. (The) (f) | 16,725 | 3,290,811 |
Media 2.3% | ||
Comcast Corp., Class A | 131,910 | 6,639,031 |
Omnicom Group, Inc. | 40,212 | 2,946,333 |
9,585,364 | ||
Multi-Utilities 1.8% | ||
Dominion Energy, Inc. | 47,363 | 3,720,837 |
Sempra Energy | 28,184 | 3,728,180 |
7,449,017 | ||
Oil, Gas & Consumable Fuels 2.7% | ||
ConocoPhillips | 58,078 | 4,192,070 |
Phillips 66 | 44,806 | 3,246,643 |
18 | MainStay VP Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels (continued) | ||
Pioneer Natural Resources Co. | 20,390 | $ 3,708,533 |
11,147,246 | ||
Pharmaceuticals 6.1% | ||
AstraZeneca plc, Sponsored ADR | 56,441 | 3,287,688 |
Eli Lilly and Co. | 17,856 | 4,932,184 |
Merck & Co., Inc. | 62,054 | 4,755,819 |
Pfizer, Inc. | 152,997 | 9,034,473 |
Roche Holding AG | 7,687 | 3,186,533 |
25,196,697 | ||
Real Estate Management & Development 0.8% | ||
CBRE Group, Inc., Class A (f) | 29,153 | 3,163,392 |
Road & Rail 0.7% | ||
Knight-Swift Transportation Holdings, Inc. | 44,650 | 2,720,971 |
Semiconductors & Semiconductor Equipment 2.6% | ||
Analog Devices, Inc. | 20,721 | 3,642,130 |
Micron Technology, Inc. | 42,427 | 3,952,075 |
Qorvo, Inc. (f) | 20,520 | 3,209,123 |
10,803,328 | ||
Software 0.4% | ||
VMware, Inc., Class A | 15,304 | 1,773,428 |
Specialty Retail 2.1% | ||
Home Depot, Inc. (The) | 6,322 | 2,623,693 |
TJX Cos., Inc. (The) | 44,538 | 3,381,325 |
Victoria's Secret & Co. (f) | 51,219 | 2,844,703 |
8,849,721 | ||
Total Common Stocks (Cost $232,904,739) | 263,436,871 | |
Exchange-Traded Funds 5.3% | ||
iShares Intermediate Government/Credit Bond ETF | 125,245 | 14,246,619 |
iShares Russell 1000 Value ETF | 46,066 | 7,735,863 |
Total Exchange-Traded Funds (Cost $21,051,500) | 21,982,482 |
Shares | Value | ||
Short-Term Investments 1.2% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (g) | 4,714,655 | $ 4,714,655 | |
Unaffiliated Investment Company 0.1% | |||
Wells Fargo Government Money Market Fund, 0.10% (g)(h) | 166,005 | 166,005 | |
Total Short-Term Investments (Cost $4,880,660) | 4,880,660 | ||
Total Investments (Cost $378,117,624) | 99.0% | 410,320,721 | |
Other Assets, Less Liabilities | 1.0 | 4,264,873 | |
Net Assets | 100.0% | $ 414,585,594 |
† | 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 December 31, 2021. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(d) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $161,782. The Portfolio received cash collateral with a value of $166,005. (See Note 2(I)) |
(e) | 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 December 31, 2021. |
(f) | Non-income producing security. |
(g) | Current yield as of December 31, 2021. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
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 | 49 | March 2022 | $ 10,724,572 | $ 10,690,422 | $ (34,150) |
U.S. Treasury 5 Year Notes | 10 | March 2022 | 1,212,908 | 1,209,766 | (3,142) |
U.S. Treasury 10 Year Notes | 17 | March 2022 | 2,214,413 | 2,217,969 | 3,556 |
Total Long Contracts | (33,736) | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (25) | March 2022 | (3,642,932) | (3,660,938) | (18,006) |
U.S. Treasury Long Bonds | (1) | March 2022 | (160,304) | (160,438) | (134) |
Total Short Contracts | (18,140) | ||||
Net Unrealized Depreciation | $ (51,876) |
1. | As of December 31, 2021, cash in the amount of $46,371 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 December 31, 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 |
LIBOR—London Interbank Offered Rate |
20 | MainStay VP Balanced 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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 13,788,100 | $ — | $ 13,788,100 | |||
Corporate Bonds | — | 50,280,806 | — | 50,280,806 | |||
Foreign Government Bonds | — | 264,961 | — | 264,961 | |||
Mortgage-Backed Securities | — | 2,033,773 | — | 2,033,773 | |||
U.S. Government & Federal Agencies | — | 53,653,068 | — | 53,653,068 | |||
Total Long-Term Bonds | — | 120,020,708 | — | 120,020,708 | |||
Common Stocks | |||||||
Pharmaceuticals | 22,010,164 | 3,186,533 | — | 25,196,697 | |||
All Other Industries | 238,240,174 | — | — | 238,240,174 | |||
Total Common Stocks | 260,250,338 | 3,186,533 | — | 263,436,871 | |||
Exchange-Traded Funds | 21,982,482 | — | — | 21,982,482 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 4,714,655 | — | — | 4,714,655 | |||
Unaffiliated Investment Company | 166,005 | — | — | 166,005 | |||
Total Short-Term Investments | 4,880,660 | — | — | 4,880,660 | |||
Total Investments in Securities | 287,113,480 | 123,207,241 | — | 410,320,721 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 3,556 | — | — | 3,556 | |||
Total Investments in Securities and Other Financial Instruments | $ 287,117,036 | $ 123,207,241 | $ — | $ 410,324,277 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (55,432) | $ — | $ — | $ (55,432) |
(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 $373,402,969) including securities on loan of $161,782 | $405,606,066 |
Investment in affiliated investment companies, at value (identified cost $4,714,655) | 4,714,655 |
Cash | 9,180,308 |
Cash collateral on deposit at broker for futures contracts | 46,371 |
Receivables: | |
Investment securities sold | 1,014,152 |
Dividends and interest | 679,040 |
Portfolio shares sold | 504,016 |
Securities lending | 909 |
Other assets | 1,631 |
Total assets | 421,747,148 |
Liabilities | |
Cash collateral received for securities on loan | 166,005 |
Payables: | |
Investment securities purchased | 6,556,959 |
Manager (See Note 3) | 223,619 |
NYLIFE Distributors (See Note 3) | 81,344 |
Portfolio shares redeemed | 69,576 |
Professional fees | 33,684 |
Shareholder communication | 12,148 |
Custodian | 9,546 |
Variation margin on futures contracts | 2,824 |
Trustees | 462 |
Accrued expenses | 5,387 |
Total liabilities | 7,161,554 |
Net assets | $414,585,594 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 24,875 |
Additional paid-in-capital | 306,396,424 |
306,421,299 | |
Total distributable earnings (loss) | 108,164,295 |
Net assets | $414,585,594 |
Initial Class | |
Net assets applicable to outstanding shares | $ 22,345,330 |
Shares of beneficial interest outstanding | 1,326,339 |
Net asset value per share outstanding | $ 16.85 |
Service Class | |
Net assets applicable to outstanding shares | $392,240,264 |
Shares of beneficial interest outstanding | 23,548,549 |
Net asset value per share outstanding | $ 16.66 |
22 | MainStay VP Balanced Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $369) | $ 4,942,082 |
Interest | 2,102,738 |
Securities lending | 58,187 |
Dividends-affiliated | 264 |
Total income | 7,103,271 |
Expenses | |
Manager (See Note 3) | 2,579,255 |
Distribution/Service—Service Class (See Note 3) | 916,712 |
Professional fees | 99,837 |
Shareholder communication | 52,330 |
Custodian | 39,090 |
Trustees | 8,005 |
Miscellaneous | 19,683 |
Total expenses | 3,714,912 |
Net investment income (loss) | 3,388,359 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 78,124,617 |
Futures transactions | (394,684) |
Foreign currency transactions | (16,712) |
Net realized gain (loss) | 77,713,221 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (21,419,683) |
Futures contracts | (85,155) |
Net change in unrealized appreciation (depreciation) | (21,504,838) |
Net realized and unrealized gain (loss) | 56,208,383 |
Net increase (decrease) in net assets resulting from operations | $ 59,596,742 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,388,359 | $ 4,428,441 |
Net realized gain (loss) | 77,713,221 | 6,164,007 |
Net change in unrealized appreciation (depreciation) | (21,504,838) | 9,512,059 |
Net increase (decrease) in net assets resulting from operations | 59,596,742 | 20,104,507 |
Distributions to shareholders: | ||
Initial Class | (670,643) | (1,017,200) |
Service Class | (11,090,271) | (18,038,419) |
Total distributions to shareholders | (11,760,914) | (19,055,619) |
Capital share transactions: | ||
Net proceeds from sales of shares | 58,759,681 | 26,609,990 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 11,760,914 | 19,055,619 |
Cost of shares redeemed | (57,336,035) | (86,852,589) |
Increase (decrease) in net assets derived from capital share transactions | 13,184,560 | (41,186,980) |
Net increase (decrease) in net assets | 61,020,388 | (40,138,092) |
Net Assets | ||
Beginning of year | 353,565,206 | 393,703,298 |
End of year | $414,585,594 | $353,565,206 |
24 | MainStay VP Balanced Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | $ 14.26 | ||||
Net investment income (loss) (a) | 0.18 | 0.21 | 0.25 | 0.28 | 0.23 | ||||
Net realized and unrealized gain (loss) | 2.36 | 0.88 | 1.93 | (1.31) | 1.18 | ||||
Total from investment operations | 2.54 | 1.09 | 2.18 | (1.03) | 1.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.30) | (0.29) | (0.25) | (0.19) | ||||
From net realized gain on investments | (0.30) | (0.55) | (0.53) | (0.67) | (0.30) | ||||
Total distributions | (0.52) | (0.85) | (0.82) | (0.92) | (0.49) | ||||
Net asset value at end of year | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | ||||
Total investment return (b) | 17.29% | 7.90% | 16.75% | (7.36)% | 10.02% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.11% | 1.52% | 1.75% | 1.88% | 1.54% | ||||
Net expenses (c) | 0.72% | 0.76% | 0.76% | 0.74% | 0.74% | ||||
Portfolio turnover rate | 195% | 218% | 186% | 209% | 174% | ||||
Net assets at end of year (in 000's) | $ 22,345 | $ 18,533 | $ 18,653 | $ 16,084 | $ 17,209 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | $ 14.13 | ||||
Net investment income (loss) (a) | 0.14 | 0.17 | 0.21 | 0.24 | 0.19 | ||||
Net realized and unrealized gain (loss) | 2.34 | 0.88 | 1.91 | (1.30) | 1.17 | ||||
Total from investment operations | 2.48 | 1.05 | 2.12 | (1.06) | 1.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.26) | (0.25) | (0.21) | (0.16) | ||||
From net realized gain on investments | (0.30) | (0.55) | (0.53) | (0.67) | (0.30) | ||||
Total distributions | (0.49) | (0.81) | (0.78) | (0.88) | (0.46) | ||||
Net asset value at end of year | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | ||||
Total investment return (b) | 17.00% | 7.63% | 16.46% | (7.59)% | 9.75% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.86% | 1.27% | 1.50% | 1.62% | 1.28% | ||||
Net expenses (c) | 0.97% | 1.01% | 1.01% | 0.99% | 0.99% | ||||
Portfolio turnover rate | 195% | 218% | 186% | 209% | 174% | ||||
Net assets at end of year (in 000's) | $ 392,240 | $ 335,032 | $ 375,050 | $ 352,496 | $ 426,646 |
(a) | Per share data based on average shares outstanding during the year. |
(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 | May 2, 2005 |
Service Class | May 2, 2005 |
26 | 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 |
28 | MainStay VP Balanced Portfolio |
30 | MainStay VP Balanced Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $3,556 | $3,556 |
Total Fair Value | $3,556 | $3,556 |
(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) | $(55,432) | $(55,432) |
Total Fair Value | $(55,432) | $(55,432) |
(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 | $(394,684) | $(394,684) |
Total Net Realized Gain (Loss) | $(394,684) | $(394,684) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(85,155) | $(85,155) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(85,155) | $(85,155) |
Average Notional Amount | Total |
Futures Contracts Long | $16,767,506 |
Futures Contracts Short | $ (5,056,844) |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 45,641 | $ (40,926) | $ — | $ — | $ 4,715 | $ —(a) | $ — | 4,715 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $378,497,379 | $36,460,912 | $(4,658,244) | $31,802,668 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$41,276,080 | $35,045,570 | $19,302 | $31,823,343 | $108,164,295 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $ 7,812,426 | $10,837,122 |
Long-Term Capital Gains | 3,948,488 | 8,218,497 |
Total | $11,760,914 | $19,055,619 |
32 | MainStay VP Balanced Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 120,400 | $ 1,937,700 |
Shares issued to shareholders in reinvestment of distributions | 41,246 | 670,643 |
Shares redeemed | (85,289) | (1,376,746) |
Net increase (decrease) | 76,357 | $ 1,231,597 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 3,506,546 | $ 56,821,981 |
Shares issued to shareholders in reinvestment of distributions | 689,492 | 11,090,271 |
Shares redeemed | (3,488,227) | (55,959,289) |
Net increase (decrease) | 707,811 | $ 11,952,963 |
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) |
MainStay VP Balanced Portfolio
New York, New York
February 24, 2022
34 | MainStay VP Balanced Portfolio |
36 | MainStay VP Balanced Portfolio |
38 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
40 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
42 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802143 | MSVPBL11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/23/1984 | -1.37% | 3.61% | 3.03% | 0.53% |
Service Class Shares | 6/4/2003 | -1.62 | 3.36 | 2.77 | 0.78 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -1.54% | 3.57% | 2.90% |
Morningstar Intermediate Core Bond Category Average2 | -1.53 | 3.43 | 3.05 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $998.00 | $2.62 | $1,022.58 | $2.65 | 0.52% |
Service Class Shares | $1,000.00 | $996.70 | $3.88 | $1,021.32 | $3.92 | 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 184 (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. | U.S. Treasury Notes, 0.75%-2.50%, due 3/31/23–11/15/31 |
2. | UMBS, Single Family, 30 Year, 2.00%-3.00%, due 1/25/52 |
3. | UMBS, 30 Year, 2.00%-7.50%, due 7/1/28–12/1/51 |
4. | GNMA II, Single Family, 30 Year, 2.00%-3.00%, due 1/15/52 |
5. | FHLMC, Multifamily Structured Pass-Through Certificates, 0.729%-1.69%, due 3/25/30–7/25/31 |
6. | FFCB, 1.24%-2.13%, due 1/21/28–4/19/34 |
7. | U.S. Treasury Bonds, 1.625%-1.875%, due 2/15/41–11/15/50 |
8. | Boeing Co. (The), 3.10%-5.15%, due 5/1/26–5/1/30 |
9. | Morgan Stanley, 1.512%-4.35%, due 9/8/26–9/16/36 |
10. | College Avenue Student Loans LLC, 1.60%-2.32%, due 7/25/51–7/26/55 |
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 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. |
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. 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. |
5. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
8 | MainStay VP Bond Portfolio |
6. | 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. |
7. | 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 98.3% | ||
Asset-Backed Securities 18.5% | ||
Home Equity Asset-Backed Securities 0.1% | ||
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (a) | $ 37,789 | $ 38,360 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-CH2, Class AF3 | ||
5.552%, due 10/25/30 (a) | 462,891 | 317,126 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-17XS, Class A3A | ||
5.651%, due 10/25/46 (a) | 825,011 | 341,123 |
696,609 | ||
Other Asset-Backed Securities 18.4% | ||
522 Funding CLO Ltd. (b)(c) | ||
Series 2020-6A, Class A1R | ||
1.277% (3 Month LIBOR + 1.15%), due 10/23/34 | 2,200,000 | 2,197,459 |
Series 2019-4A, Class BR | ||
1.731% (3 Month LIBOR + 1.60%), due 4/20/30 | 3,000,000 | 2,994,165 |
AIMCO CLO 16 Ltd. | ||
Series 2021-16A, Class A | ||
1.375% (3 Month LIBOR + 1.13%), due 1/17/35 (b)(c) | 2,200,000 | 2,198,665 |
Aligned Data Centers Issuer LLC | ||
Series 2021-1A, Class A2 | ||
1.937%, due 8/15/46 (b) | 3,000,000 | 2,954,175 |
Apidos CLO XXV | ||
Series 2016-25A, Class A1R | ||
1.302% (3 Month LIBOR + 1.17%), due 10/20/31 (b)(c) | 1,300,000 | 1,300,004 |
Apidos CLO XXXII | ||
Series 2019-32A, Class A1 | ||
1.451% (3 Month LIBOR + 1.32%), due 1/20/33 (b)(c) | 2,200,000 | 2,200,189 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class BR | ||
1.724% (3 Month LIBOR + 1.60%), due 1/15/32 (b)(c) | 2,000,000 | 2,000,100 |
ARES XXXIV CLO Ltd. | ||
Series 2015-2A, Class AR2 | ||
1.372% (3 Month LIBOR + 1.25%), due 4/17/33 (b)(c) | 2,000,000 | 2,000,474 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
1.532% (3 Month LIBOR + 1.40%), due 4/20/30 (b)(c) | 2,000,000 | 1,975,338 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Bain Capital Credit CLO Ltd. | ||
Series 2021-6A, Class A1 | ||
1.373% (3 Month LIBOR + 1.15%), due 10/21/34 (b)(c) | $ 2,200,000 | $ 2,197,400 |
Battalion CLO 17 Ltd. | ||
Series 2021-17A, Class A1 | ||
1.392% (3 Month LIBOR + 1.26%), due 3/9/34 (b)(c) | 3,000,000 | 3,004,683 |
Battalion CLO Ltd. (b)(c) | ||
Series 2021-21A, Class A | ||
1.312% (3 Month LIBOR + 1.18%), due 7/15/34 | 2,000,000 | 2,000,300 |
Series 2021-21A, Class B | ||
1.882% (3 Month LIBOR + 1.75%), due 7/15/34 | 2,000,000 | 1,999,982 |
Beacon Container Finance II LLC | ||
Series 2021-1A, Class A | ||
2.25%, due 10/22/46 (b) | 2,618,617 | 2,606,739 |
Benefit Street Partners CLO XIX Ltd. | ||
Series 2019-19A, Class A | ||
1.474% (3 Month LIBOR + 1.35%), due 1/15/33 (b)(c) | 1,500,000 | 1,500,131 |
CAL Funding IV Ltd. | ||
Series 2020-1A, Class A | ||
2.22%, due 9/25/45 (b) | 4,692,187 | 4,673,568 |
Carlyle US CLO Ltd. (b)(c) | ||
Series 2021-5A, Class B | ||
1.731% (3 Month LIBOR + 1.60%), due 7/20/34 | 3,000,000 | 2,980,677 |
Series 2019-2A, Class A2R | ||
1.749% (3 Month LIBOR + 1.65%), due 7/15/32 | 2,500,000 | 2,499,867 |
CARS-DB5 LP | ||
Series 2021-1A, Class A3 | ||
1.92%, due 8/15/51 (b) | 2,500,000 | 2,460,542 |
Cedar Funding XII CLO Ltd. | ||
Series 2020-12A, Class A1R | ||
1.263% (3 Month LIBOR + 1.13%), due 10/25/34 (b)(c) | 2,500,000 | 2,494,185 |
College Avenue Student Loans LLC (b) | ||
Series 2021-A, Class A2 | ||
1.60%, due 7/25/51 | 2,717,044 | 2,663,068 |
Series 2021-B, Class B | ||
1.76%, due 6/25/52 | 2,991,387 | 2,943,239 |
Series 2021-C, Class A2 | ||
2.32%, due 7/26/55 | 3,100,000 | 3,098,624 |
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 | ||
1.522% (3 Month LIBOR + 1.40%), due 4/17/30 (b)(c) | $ 3,000,000 | $ 2,991,444 |
DB Master Finance LLC | ||
Series 2021-1A, Class A2II | ||
2.493%, due 11/20/51 (b) | 3,749,000 | 3,732,234 |
Dewolf Park CLO Ltd. | ||
Series 2017-1A, Class BR | ||
1.574% (3 Month LIBOR + 1.45%), due 10/15/30 (b)(c) | 3,000,000 | 2,996,160 |
Dryden 87 CLO Ltd. | ||
Series 2021-87A, Class B | ||
1.71% (3 Month LIBOR + 1.55%), due 5/20/34 (b)(c) | 3,000,000 | 2,967,987 |
Elmwood CLO VI Ltd. | ||
Series 2020-3A, Class AR | ||
1.284% (3 Month LIBOR + 1.16%), due 10/20/34 (b)(c) | 2,500,000 | 2,500,890 |
Galaxy XXI CLO Ltd. | ||
Series 2015-21A, Class BR | ||
1.482% (3 Month LIBOR + 1.35%), due 4/20/31 (b)(c) | 1,500,000 | 1,485,503 |
Galaxy XXVI CLO Ltd. | ||
Series 2018-26A, Class A | ||
1.36% (3 Month LIBOR + 1.20%), due 11/22/31 (b)(c) | 1,500,000 | 1,498,512 |
Global SC Finance VII SRL | ||
Series 2021-2A, Class A | ||
1.95%, due 8/17/41 (b) | 3,275,534 | 3,233,822 |
Grippen Park CLO Ltd. | ||
Series 2017-1A, Class B | ||
1.781% (3 Month LIBOR + 1.65%), due 1/20/30 (b)(c) | 750,000 | 750,051 |
Hotwire Funding LLC | ||
Series 2021-1, Class A2 | ||
2.311%, due 11/20/51 (b) | 2,600,000 | 2,586,312 |
Invesco CLO Ltd. | ||
Series 2021-2A, Class A | ||
1.244% (3 Month LIBOR + 1.12%), due 7/15/34 (b)(c) | 2,000,000 | 1,994,352 |
Jersey Mike's Funding | ||
Series 2021-1A, Class A2I | ||
2.891%, due 2/15/52 (b) | 2,500,000 | 2,502,664 |
Lunar Structured Aircraft Portfolio Notes | ||
Series 2021-1, Class A | ||
2.636%, due 10/15/46 (b) | 2,754,994 | 2,739,261 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Neuberger Berman CLO XIV Ltd. | ||
Series 2013-14A, Class BR2 | ||
1.636% (3 Month LIBOR + 1.50%), due 1/28/30 (b)(c) | $ 1,000,000 | $ 1,000,019 |
Neuberger Berman Loan Advisers CLO 24 Ltd. | ||
Series 2017-24A, Class BR | ||
1.624% (3 Month LIBOR + 1.50%), due 4/19/30 (b)(c) | 1,000,000 | 1,000,113 |
Neuberger Berman Loan Advisers CLO 33 Ltd. | ||
Series 2019-33A, Class BR | ||
1.722% (3 Month LIBOR + 1.60%), due 10/16/33 (b)(c) | 3,000,000 | 2,996,472 |
Neuberger Berman Loan Advisers CLO 35 Ltd. | ||
Series 2019-35A, Class A1 | ||
1.464% (3 Month LIBOR + 1.34%), due 1/19/33 (b)(c) | 3,000,000 | 3,000,420 |
New Economy Assets Phase 1 Sponsor LLC | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 (b) | 4,000,000 | 3,922,046 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2021-2A, Class A1 | ||
2.38%, due 11/20/51 (b) | 2,396,574 | 2,399,591 |
Oaktree CLO Ltd. (b)(c) | ||
Series 2021-2A, Class A | ||
1.278% (3 Month LIBOR + 1.18%), due 1/15/35 | 3,000,000 | 2,997,486 |
Series 2015-1A, Class A2BR | ||
1.482% (3 Month LIBOR + 1.35%), due 10/20/27 | 1,000,000 | 999,178 |
Series 2020-1A, Class BR | ||
1.774% (3 Month LIBOR + 1.65%), due 7/15/34 | 2,000,000 | 1,985,588 |
Octagon Investment Partners 29 Ltd. | ||
Series 2016-1A, Class AR | ||
1.304% (3 Month LIBOR + 1.18%), due 1/24/33 (b)(c) | 1,200,000 | 1,197,946 |
Palmer Square CLO Ltd. (b)(c) | ||
Series 2014-1A, Class A1R2 | ||
1.252% (3 Month LIBOR + 1.13%), due 1/17/31 | 750,000 | 750,209 |
Series 2015-2A, Class A2R2 | ||
1.681% (3 Month LIBOR + 1.55%), due 7/20/30 | 2,000,000 | 1,998,324 |
Series 2020-3A, Class A2R | ||
1.734% (3 Month LIBOR + 1.60%), due 11/15/31 | 2,200,000 | 2,198,836 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Palmer Square Loan Funding Ltd. (b)(c) | ||
Series 2021-3A, Class A2 | ||
1.571% (3 Month LIBOR + 1.40%), due 7/20/29 | $ 2,500,000 | $ 2,500,387 |
Series 2019-3A, Class A2 | ||
1.76% (3 Month LIBOR + 1.60%), due 8/20/27 | 3,000,000 | 3,001,749 |
Park Avenue Institutional Advisers CLO Ltd. | ||
Series 2021-1A, Class A1A | ||
1.522% (3 Month LIBOR + 1.39%), due 1/20/34 (b)(c) | 2,000,000 | 2,004,650 |
Rad CLO 10 Ltd. | ||
Series 2021-10A, Class A | ||
1.294% (3 Month LIBOR + 1.17%), due 4/23/34 (b)(c) | 2,000,000 | 2,000,784 |
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
1.314% (3 Month LIBOR + 1.19%), due 10/25/31 (b)(c) | 2,000,000 | 1,999,326 |
Regatta XXIV Funding Ltd. | ||
Series 2021-5A, Class A1 | ||
1.368% (3 Month LIBOR + 1.15%), due 1/20/35 (b)(c) | 1,760,000 | 1,758,522 |
Shackleton CLO Ltd. (b)(c) | ||
Series 2019-15A, Class AR | ||
1.324% (3 Month LIBOR + 1.20%), due 1/15/32 | 2,000,000 | 1,996,574 |
Series 2019-14A, Class A1R | ||
1.331% (3 Month LIBOR + 1.20%), due 7/20/34 | 1,000,000 | 1,000,462 |
Slam Ltd. | ||
Series 2021-1A, Class A | ||
2.434%, due 6/15/46 (b) | 4,149,371 | 4,067,859 |
SMB Private Education Loan Trust | ||
Series 2021-A, Class B | ||
2.31%, due 1/15/53 (b) | 3,250,000 | 3,221,898 |
Stack Infrastructure Issuer LLC | ||
Series 2021-1A, Class A2 | ||
1.877%, due 3/26/46 (b) | 2,500,000 | 2,457,933 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (b) | 1,426,425 | 1,405,606 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
1.31% (3 Month LIBOR + 1.15%), due 11/20/30 (b)(c) | 2,243,000 | 2,243,025 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Tiaa CLO III Ltd. | ||
Series 2017-2A, Class A | ||
1.272% (3 Month LIBOR + 1.15%), due 1/16/31 (b)(c) | $ 2,400,000 | $ 2,386,625 |
TICP CLO XV Ltd. | ||
Series 2020-15A, Class A | ||
1.411% (3 Month LIBOR + 1.28%), due 4/20/33 (b)(c) | 2,000,000 | 2,001,580 |
Trestles CLO IV Ltd. | ||
Series 2021-4A, Class A | ||
1.294% (3 Month LIBOR + 1.17%), due 7/21/34 (b)(c) | 2,300,000 | 2,299,991 |
Voya CLO Ltd. (b)(c) | ||
Series 2019-1A, Class BR | ||
1.674% (3 Month LIBOR + 1.55%), due 4/15/31 | 2,000,000 | 1,980,796 |
Series 2021-2A, Class B | ||
1.727% (3 Month LIBOR + 1.60%), due 10/20/34 | 2,500,000 | 2,472,378 |
Series 2019-3A, Class BR | ||
1.763% (3 Month LIBOR + 1.65%), due 10/17/32 | 2,200,000 | 2,194,647 |
Wellfleet CLO Ltd. (b)(c) | ||
Series 2021-3A, Class A | ||
1.30% (3 Month LIBOR + 1.19%), due 1/15/35 | 2,200,000 | 2,200,992 |
Series 2021-2A, Class A1 | ||
1.324% (3 Month LIBOR + 1.20%), due 7/15/34 | 2,520,000 | 2,521,542 |
163,086,320 | ||
Total Asset-Backed Securities (Cost $164,758,876) | 163,782,929 | |
Corporate Bonds 36.9% | ||
Aerospace & Defense 1.0% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 1,925,000 | 2,005,795 |
3.25%, due 2/1/28 | 1,825,000 | 1,901,631 |
5.15%, due 5/1/30 | 4,475,000 | 5,213,827 |
9,121,253 | ||
Auto Manufacturers 2.5% | ||
Daimler Finance North America LLC | ||
2.625%, due 3/10/30 (b) | 3,495,000 | 3,578,408 |
Daimler Trucks Finance North America LLC | ||
2.00%, due 12/14/26 (b) | 3,750,000 | 3,766,000 |
12 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
Ford Motor Credit Co. LLC | ||
3.087%, due 1/9/23 | $ 825,000 | $ 838,947 |
3.664%, due 9/8/24 | 1,800,000 | 1,869,750 |
General Motors Co. | ||
5.15%, due 4/1/38 | 1,500,000 | 1,807,863 |
General Motors Financial Co., Inc. | ||
1.05%, due 3/8/24 | 3,253,000 | 3,235,817 |
Hyundai Capital America (b) | ||
1.80%, due 1/10/28 | 875,000 | 845,583 |
2.375%, due 10/15/27 | 1,525,000 | 1,516,438 |
Volkswagen Group of America Finance LLC | ||
3.35%, due 5/13/25 (b) | 4,225,000 | 4,445,116 |
21,903,922 | ||
Banks 6.1% | ||
Banco Santander SA | ||
1.722% (1 Year Treasury Constant Maturity Rate + 0.90%), due 9/14/27 (c) | 2,000,000 | 1,963,606 |
4.25%, due 4/11/27 | 1,800,000 | 1,978,957 |
Bank of America Corp. (d) | ||
2.087%, due 6/14/29 | 2,000,000 | 1,985,942 |
2.972%, due 7/21/52 | 2,515,000 | 2,522,479 |
BNP Paribas SA | ||
2.824%, due 1/26/41 (b) | 3,850,000 | 3,678,748 |
BPCE SA | ||
3.116%, due 10/19/32 (b)(d) | 1,850,000 | 1,855,912 |
Citigroup, Inc. | ||
3.20%, due 10/21/26 | 1,500,000 | 1,589,532 |
4.75%, due 5/18/46 | 1,975,000 | 2,428,550 |
Goldman Sachs Group, Inc. (The) | ||
2.65%, due 10/21/32 (d) | 2,325,000 | 2,339,547 |
5.15%, due 5/22/45 | 975,000 | 1,267,955 |
HSBC Holdings plc | ||
2.251%, due 11/22/27 (d) | 1,650,000 | 1,653,437 |
JPMorgan Chase & Co. | ||
1.578%, due 4/22/27 (d) | 6,600,000 | 6,522,211 |
Morgan Stanley | ||
1.512%, due 7/20/27 (d) | 2,300,000 | 2,263,751 |
2.484%, due 9/16/36 (d) | 1,925,000 | 1,853,679 |
2.511%, due 10/20/32 (d) | 3,025,000 | 3,021,783 |
4.35%, due 9/8/26 | 1,556,000 | 1,719,906 |
Societe Generale SA (b) | ||
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (c) | 2,075,000 | 2,030,584 |
Principal Amount | Value | |
Banks (continued) | ||
Societe Generale SA (b) (continued) | ||
3.625%, due 3/1/41 | $ 2,000,000 | $ 2,034,616 |
Standard Chartered plc | ||
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 (b)(c) | 2,100,000 | 2,076,287 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, due 9/16/26 (b) | 3,650,000 | 3,587,893 |
UBS Group AG | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (b)(c) | 2,825,000 | 2,761,227 |
Westpac Banking Corp. | ||
3.133%, due 11/18/41 | 2,775,000 | 2,750,288 |
53,886,890 | ||
Beverages 1.1% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.60%, due 4/15/48 | 2,000,000 | 2,445,679 |
4.75%, due 1/23/29 | 3,750,000 | 4,364,759 |
Diageo Capital plc | ||
2.125%, due 4/29/32 | 1,150,000 | 1,140,636 |
Keurig Dr Pepper, Inc. | ||
3.35%, due 3/15/51 | 2,000,000 | 2,079,637 |
10,030,711 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
3.375%, due 2/21/50 | 1,600,000 | 1,664,210 |
Building Materials 1.5% | ||
Carrier Global Corp. | ||
3.577%, due 4/5/50 | 3,575,000 | 3,801,037 |
Martin Marietta Materials, Inc. | ||
3.45%, due 6/1/27 | 1,825,000 | 1,945,499 |
Masco Corp. | ||
4.50%, due 5/15/47 | 3,000,000 | 3,598,707 |
Owens Corning | ||
3.95%, due 8/15/29 | 3,378,000 | 3,700,829 |
13,046,072 | ||
Chemicals 0.9% | ||
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (b) | 1,600,000 | 1,570,796 |
LYB International Finance III LLC | ||
1.25%, due 10/1/25 | 908,000 | 892,630 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Chemicals (continued) | ||
NewMarket Corp. | ||
4.10%, due 12/15/22 | $ 5,536,000 | $ 5,702,310 |
8,165,736 | ||
Commercial Services 0.5% | ||
Ashtead Capital, Inc. | ||
2.45%, due 8/12/31 (b) | 2,850,000 | 2,775,024 |
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 2,000,000 | 2,007,956 |
4,782,980 | ||
Diversified Financial Services 3.1% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 4,600,000 | 4,665,024 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,575,000 | 1,550,020 |
0.80%, due 8/18/24 | 2,800,000 | 2,742,748 |
1.875%, due 8/17/26 | 2,125,000 | 2,089,826 |
Aircastle Ltd. | ||
2.85%, due 1/26/28 (b) | 4,325,000 | 4,350,032 |
Antares Holdings LP (b) | ||
2.75%, due 1/15/27 | 650,000 | 636,967 |
3.95%, due 7/15/26 | 1,600,000 | 1,645,252 |
Aviation Capital Group LLC (b) | ||
1.95%, due 1/30/26 | 1,525,000 | 1,487,449 |
1.95%, due 9/20/26 | 3,525,000 | 3,423,777 |
Blackstone Holdings Finance Co. LLC | ||
1.625%, due 8/5/28 (b) | 2,250,000 | 2,185,141 |
BOC Aviation USA Corp. | ||
1.625%, due 4/29/24 (b) | 2,325,000 | 2,321,485 |
27,097,721 | ||
Electric 3.2% | ||
Appalachian Power Co. | ||
6.375%, due 4/1/36 | 1,750,000 | 2,372,223 |
Arizona Public Service Co. | ||
5.50%, due 9/1/35 | 1,275,000 | 1,585,811 |
Dayton Power & Light Co. (The) | ||
3.95%, due 6/15/49 | 1,025,000 | 1,168,257 |
DTE Energy Co. | ||
Series F | ||
1.05%, due 6/1/25 | 1,300,000 | 1,273,691 |
Entergy Mississippi LLC | ||
3.85%, due 6/1/49 | 2,500,000 | 2,866,150 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (b) | 3,455,000 | 3,673,222 |
Niagara Mohawk Power Corp. | ||
3.025%, due 6/27/50 (b) | 1,850,000 | 1,755,183 |
Principal Amount | Value | |
Electric (continued) | ||
Ohio Edison Co. | ||
6.875%, due 7/15/36 | $ 2,500,000 | $ 3,558,961 |
Pinnacle West Capital Corp. | ||
1.30%, due 6/15/25 | 3,100,000 | 3,049,112 |
Southern California Edison Co. | ||
1.10%, due 4/1/24 | 2,275,000 | 2,266,357 |
Series 20C | ||
1.20%, due 2/1/26 | 1,800,000 | 1,763,049 |
Tennessee Valley Authority | ||
5.25%, due 9/15/39 | 2,000,000 | 2,885,380 |
28,217,396 | ||
Electronics 0.4% | ||
Flex Ltd. | ||
3.75%, due 2/1/26 | 3,400,000 | 3,631,230 |
Food 0.3% | ||
Bimbo Bakeries USA, Inc. | ||
4.00%, due 5/17/51 (b) | 1,325,000 | 1,433,981 |
Kroger Co. (The) | ||
Series B | ||
7.70%, due 6/1/29 | 1,000,000 | 1,357,924 |
2,791,905 | ||
Gas 0.2% | ||
NiSource, Inc. | ||
5.65%, due 2/1/45 | 1,125,000 | 1,519,168 |
Healthcare-Products 0.5% | ||
Baxter International, Inc. | ||
2.272%, due 12/1/28 (b) | 4,425,000 | 4,457,051 |
Healthcare-Services 0.6% | ||
Fresenius Medical Care U.S. Finance III, Inc. (b) | ||
1.875%, due 12/1/26 | 1,400,000 | 1,384,927 |
2.375%, due 2/16/31 | 4,270,000 | 4,080,164 |
5,465,091 | ||
Home Builders 0.2% | ||
MDC Holdings, Inc. | ||
2.50%, due 1/15/31 | 1,450,000 | 1,402,487 |
Home Furnishings 0.3% | ||
Leggett & Platt, Inc. | ||
3.50%, due 11/15/51 | 2,750,000 | 2,759,472 |
14 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Insurance 0.9% | ||
Brighthouse Financial Global Funding | ||
1.00%, due 4/12/24 (b) | $ 3,975,000 | $ 3,940,946 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (b) | 2,250,000 | 2,195,808 |
Teachers Insurance & Annuity Association of America | ||
3.30%, due 5/15/50 (b) | 1,700,000 | 1,772,879 |
7,909,633 | ||
Investment Companies 0.7% | ||
Blackstone Secured Lending Fund | ||
2.125%, due 2/15/27 (b) | 1,275,000 | 1,240,990 |
2.75%, due 9/16/26 | 1,925,000 | 1,924,694 |
Prospect Capital Corp. | ||
3.437%, due 10/15/28 | 3,390,000 | 3,262,112 |
6,427,796 | ||
Iron & Steel 0.2% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 1,575,000 | 1,605,912 |
Media 0.9% | ||
Charter Communications Operating LLC | ||
2.25%, due 1/15/29 | 1,250,000 | 1,219,622 |
4.908%, due 7/23/25 | 1,700,000 | 1,871,884 |
Comcast Corp. | ||
4.60%, due 10/15/38 | 750,000 | 910,034 |
Discovery Communications LLC | ||
3.625%, due 5/15/30 | 800,000 | 855,253 |
Fox Corp. | ||
5.576%, due 1/25/49 | 1,250,000 | 1,706,120 |
Thomson Reuters Corp. | ||
3.85%, due 9/29/24 | 1,575,000 | 1,664,245 |
8,227,158 | ||
Mining 0.6% | ||
Anglo American Capital plc (b) | ||
2.25%, due 3/17/28 | 2,900,000 | 2,847,895 |
5.625%, due 4/1/30 | 1,875,000 | 2,221,589 |
5,069,484 | ||
Miscellaneous—Manufacturing 0.4% | ||
GE Capital International Funding Co. Unlimited Co. | ||
4.418%, due 11/15/35 | 3,327,000 | 3,970,309 |
Principal Amount | Value | |
Oil & Gas 0.5% | ||
Valero Energy Corp. | ||
2.85%, due 4/15/25 | $ 4,000,000 | $ 4,143,461 |
Oil & Gas Services 0.6% | ||
Schlumberger Holdings Corp. | ||
3.75%, due 5/1/24 (b) | 4,725,000 | 4,957,074 |
Packaging & Containers 0.4% | ||
Packaging Corp. of America | ||
4.05%, due 12/15/49 | 1,525,000 | 1,779,666 |
WRKCo, Inc. | ||
3.75%, due 3/15/25 | 1,825,000 | 1,944,350 |
3,724,016 | ||
Pharmaceuticals 1.0% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 575,000 | 605,974 |
Bayer US Finance II LLC | ||
4.375%, due 12/15/28 (b) | 2,825,000 | 3,155,354 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 2,425,000 | 2,326,562 |
4.25%, due 4/1/50 | 2,325,000 | 2,810,030 |
8,897,920 | ||
Pipelines 1.1% | ||
Energy Transfer LP | ||
6.05%, due 6/1/41 | 1,300,000 | 1,590,625 |
Enterprise Products Operating LLC | ||
5.10%, due 2/15/45 | 2,600,000 | 3,206,074 |
Kinder Morgan Energy Partners LP | ||
6.375%, due 3/1/41 | 400,000 | 530,067 |
Tennessee Gas Pipeline Co. LLC | ||
2.90%, due 3/1/30 (b) | 2,275,000 | 2,310,823 |
Texas Eastern Transmission LP | ||
2.80%, due 10/15/22 (b) | 2,350,000 | 2,375,482 |
10,013,071 | ||
Real Estate 0.2% | ||
Ontario Teachers' Cadillac Fairview Properties Trust | ||
2.50%, due 10/15/31 (b) | 1,675,000 | 1,667,248 |
Real Estate Investment Trusts 2.4% | ||
American Campus Communities Operating Partnership LP | ||
3.30%, due 7/15/26 | 3,000,000 | 3,160,563 |
American Homes 4 Rent LP | ||
3.375%, due 7/15/51 | 3,225,000 | 3,237,503 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts (continued) | ||
Brixmor Operating Partnership LP | ||
2.50%, due 8/16/31 | $ 725,000 | $ 709,475 |
Highwoods Realty LP | ||
3.05%, due 2/15/30 | 1,410,000 | 1,448,570 |
3.875%, due 3/1/27 | 3,590,000 | 3,914,188 |
Realty Income Corp. | ||
3.95%, due 8/15/27 | 4,870,000 | 5,399,655 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 2,750,000 | 2,696,852 |
Spirit Realty LP | ||
2.70%, due 2/15/32 | 900,000 | 890,482 |
21,457,288 | ||
Retail 0.7% | ||
Advance Auto Parts, Inc. | ||
1.75%, due 10/1/27 | 1,125,000 | 1,091,698 |
CK Hutchison International 21 Ltd. | ||
1.50%, due 4/15/26 (b) | 3,375,000 | 3,329,123 |
Lowe's Cos., Inc. | ||
3.00%, due 10/15/50 | 1,450,000 | 1,429,988 |
Walmart, Inc. | ||
1.50%, due 9/22/28 | 825,000 | 819,892 |
6,670,701 | ||
Semiconductors 0.7% | ||
Skyworks Solutions, Inc. | ||
1.80%, due 6/1/26 | 1,825,000 | 1,806,172 |
TSMC Arizona Corp. | ||
1.75%, due 10/25/26 | 2,000,000 | 2,000,904 |
2.50%, due 10/25/31 | 2,275,000 | 2,303,942 |
6,111,018 | ||
Software 0.3% | ||
Fiserv, Inc. | ||
2.25%, due 6/1/27 | 2,960,000 | 3,011,483 |
Telecommunications 2.2% | ||
AT&T, Inc. | ||
1.65%, due 2/1/28 | 1,175,000 | 1,150,121 |
4.85%, due 3/1/39 | 2,000,000 | 2,390,550 |
NTT Finance Corp. | ||
1.162%, due 4/3/26 (b) | 1,300,000 | 1,275,359 |
Orange SA | ||
5.375%, due 1/13/42 | 895,000 | 1,177,946 |
Telefonica Emisiones SA | ||
5.213%, due 3/8/47 | 750,000 | 931,139 |
Principal Amount | Value | |
Telecommunications (continued) | ||
T-Mobile US, Inc. | ||
2.55%, due 2/15/31 | $ 6,540,000 | $ 6,507,131 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 2,350,000 | 2,354,476 |
4.272%, due 1/15/36 | 3,250,000 | 3,812,201 |
19,598,923 | ||
Transportation 0.5% | ||
Canadian Pacific Railway Co. | ||
3.10%, due 12/2/51 | 2,400,000 | 2,467,969 |
Norfolk Southern Corp. | ||
5.64%, due 5/17/29 | 1,400,000 | 1,697,970 |
4,165,939 | ||
Total Corporate Bonds (Cost $315,405,353) | 327,571,729 | |
Foreign Government Bonds 0.9% | ||
Chile 0.2% | ||
Banco del Estado de Chile | ||
2.704%, due 1/9/25 (b) | 1,275,000 | 1,300,513 |
France 0.5% | ||
Electricite de France SA | ||
5.00%, due 9/21/48 (b) | 3,420,000 | 4,443,642 |
Poland 0.0% ‡ | ||
Poland Government Bond | ||
5.00%, due 3/23/22 | 350,000 | 353,456 |
United States 0.2% | ||
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 1,694,868 | 1,632,288 |
Total Foreign Government Bonds (Cost $6,643,964) | 7,729,899 | |
Mortgage-Backed Securities 19.6% | ||
Agency (Collateralized Mortgage Obligations) 13.4% | ||
FHLMC | ||
REMIC, Series 4994, Class GV | ||
2.00%, due 6/25/46 | 2,000,000 | 1,987,181 |
REMIC, Series 4199, Class BZ | ||
3.50%, due 5/15/43 | 3,239,594 | 3,544,909 |
FNMA | ||
REMIC, Series 2016-7, Class GY | ||
3.50%, due 3/25/36 | 3,000,000 | 3,289,905 |
16 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2012-15, Class PZ | ||
4.00%, due 3/25/42 | $ 3,406,170 | $ 3,783,762 |
GNMA | ||
REMIC, Series 2014-181, Class L | ||
3.00%, due 12/20/44 | 2,399,998 | 2,549,878 |
GNMA II, Single Family, 30 Year (e) | ||
2.00%, due 1/15/52 TBA | 7,800,000 | 7,870,421 |
2.50%, due 1/15/52 TBA | 11,400,000 | 11,674,300 |
3.00%, due 1/15/52 TBA | 8,750,000 | 9,053,211 |
UMBS, Single Family, 30 Year (e) | ||
2.00%, due 1/25/52 TBA | 33,800,000 | 33,695,859 |
2.50%, due 1/25/52 TBA | 32,450,000 | 33,106,762 |
3.00%, due 1/25/52 TBA | 8,000,000 | 8,287,706 |
118,843,894 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.9% | ||
Aventura Mall Trust | ||
Series 2018-AVM, Class A | ||
4.112%, due 7/5/40 (b)(f) | 3,250,000 | 3,604,702 |
BFLD Trust | ||
Series 2021-FPM, Class A | ||
1.71% (1 Month LIBOR + 1.60%), due 6/15/38 (b)(c) | 3,000,000 | 2,998,197 |
Citigroup Commercial Mortgage Trust | ||
Series 2020-420K, Class A | ||
2.456%, due 11/10/42 (b)(f) | 3,100,000 | 3,097,481 |
CSMC OA LLC | ||
Series 2014-USA, Class A1 | ||
3.304%, due 9/15/37 (b) | 2,143,467 | 2,209,853 |
CSMC Trust | ||
Series 2019-UVIL, Class A | ||
3.16%, due 12/15/41 (b) | 1,650,000 | 1,726,048 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (b) | 2,900,000 | 2,988,419 |
DBJPM Mortgage Trust | ||
Series 2016-SFC, Class A | ||
2.833%, due 8/10/36 (b) | 3,000,000 | 3,026,716 |
FHLMC, Multifamily Structured Pass-Through Certificates (f)(g) | ||
REMIC, Series K131, Class X1 | ||
0.729%, due 7/25/31 | 34,994,300 | 2,171,232 |
REMIC, Series K123, Class X1 | ||
0.775%, due 12/25/30 | 72,666,706 | 4,325,319 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FHLMC, Multifamily Structured Pass-Through Certificates (f)(g) (continued) | ||
REMIC, Series K122, Class X1 | ||
0.883%, due 11/25/30 | $ 31,952,762 | $ 2,155,080 |
REMIC, Series K119, Class X1 | ||
0.932%, due 9/25/30 | 54,861,578 | 3,826,480 |
REMIC, Series K130, Class X1 | ||
1.037%, due 6/25/31 | 29,463,268 | 2,523,376 |
REMIC, Series K108, Class X1 | ||
1.69%, due 3/25/30 | 19,194,574 | 2,338,486 |
Houston Galleria Mall Trust | ||
Series 2015-HGLR, Class A1A1 | ||
3.087%, due 3/5/37 (b) | 3,250,000 | 3,327,131 |
WFLD Mortgage Trust | ||
Series 2014-MONT, Class A | ||
3.755%, due 8/10/31 (b)(f) | 2,800,000 | 2,888,606 |
43,207,126 | ||
Other Asset-Backed Security 0.3% | ||
CMFT Net Lease Master Issuer LLC | ||
Series 2021-1, Class A1 | ||
2.09%, due 7/20/51 (b) | 2,801,273 | 2,747,497 |
Whole Loan (Collateralized Mortgage Obligations) 1.0% | ||
COLT Mortgage Loan Trust | ||
Series 2021-5, Class A1 | ||
1.726%, due 11/26/66 (b)(h) | 3,924,817 | 3,913,551 |
Seasoned Credit Risk Transfer Trust | ||
Series 2017-4, Class M45T | ||
4.50%, due 6/25/57 | 673,606 | 727,776 |
Sequoia Mortgage Trust | ||
Series 2021-3, Class A1 | ||
2.50%, due 5/25/51 (b)(h) | 4,202,419 | 4,199,608 |
8,840,935 | ||
Total Mortgage-Backed Securities (Cost $174,332,485) | 173,639,452 | |
Municipal Bonds 0.5% | ||
Texas 0.5% | ||
San Antonio Water System Revenue Bonds | ||
5.502%, due 5/15/29 | 2,000,000 | 2,380,312 |
Principal Amount | Value | |
Municipal Bonds (continued) | ||
Texas (continued) | ||
Texas Transportation Commission State Highway Fund Revenue Bonds, First Tier | ||
5.178%, due 4/1/30 | $ 2,150,000 | $ 2,582,601 |
4,962,913 | ||
Total Municipal Bonds (Cost $4,573,201) | 4,962,913 | |
U.S. Government & Federal Agencies 21.9% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.5% | ||
FFCB | ||
1.24%, due 12/23/30 | 1,025,000 | 978,449 |
1.33%, due 7/1/30 | 5,000,000 | 4,844,902 |
2.00%, due 4/14/33 | 3,075,000 | 3,059,054 |
2.03%, due 1/21/28 | 3,800,000 | 3,928,063 |
2.13%, due 4/19/34 | 2,950,000 | 2,914,497 |
FHLB | ||
1.60%, due 12/17/26 | 3,100,000 | 3,101,324 |
FHLMC Gold Pools, 15 Year | ||
4.50%, due 4/1/22 | 117 | 121 |
4.50%, due 4/1/23 | 957 | 994 |
5.00%, due 3/1/25 | 21,323 | 22,009 |
FHLMC Gold Pools, 30 Year | ||
6.50%, due 11/1/35 | 3,186 | 3,516 |
6.50%, due 8/1/37 | 17,302 | 19,522 |
UMBS, 30 Year | ||
3.00%, due 9/1/50 | 2,836,359 | 2,978,226 |
21,850,677 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.5% | ||
FNMA, Other | ||
4.00%, due 8/1/59 | 1,142,266 | 1,274,181 |
UMBS, 15 Year | ||
4.50%, due 5/1/24 | 81,904 | 85,148 |
5.00%, due 12/1/23 | 15,507 | 15,977 |
5.00%, due 12/1/23 | 7,332 | 7,562 |
5.50%, due 2/1/22 | 5 | 5 |
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 3,266,456 | 3,270,978 |
2.00%, due 1/1/51 | 4,768,871 | 4,767,229 |
2.00%, due 2/1/51 (i) | 1,889,271 | 1,887,685 |
2.00%, due 3/1/51 | 3,393,747 | 3,394,378 |
2.00%, due 4/1/51 | 2,701,811 | 2,700,558 |
2.00%, due 12/1/51 (i) | 3,500,000 | 3,506,594 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.50%, due 5/1/43 | $ 294,760 | $ 301,588 |
3.00%, due 5/1/48 | 2,291,562 | 2,409,603 |
3.00%, due 9/1/50 | 2,552,761 | 2,691,807 |
3.00%, due 2/1/51 | 2,101,131 | 2,194,144 |
3.00%, due 4/1/51 | 1,463,718 | 1,534,694 |
3.00%, due 7/1/51 | 1,916,556 | 2,002,477 |
3.50%, due 8/1/49 | 3,305,971 | 3,568,268 |
3.50%, due 3/1/50 | 5,346,356 | 5,779,110 |
3.50%, due 9/1/50 | 5,743,097 | 6,221,081 |
3.50%, due 4/1/51 | 1,206,049 | 1,294,273 |
4.00%, due 6/1/46 | 1,056,042 | 1,158,994 |
4.00%, due 11/1/46 | 3,403,503 | 3,713,227 |
4.00%, due 4/1/47 | 3,084,472 | 3,374,866 |
6.50%, due 10/1/36 | 11,825 | 13,045 |
6.50%, due 10/1/36 | 11,805 | 13,023 |
6.50%, due 8/1/37 | 1,979 | 2,228 |
7.00%, due 9/1/37 | 33,205 | 38,360 |
7.00%, due 10/1/37 | 412 | 489 |
7.00%, due 11/1/37 | 5,099 | 5,910 |
7.50%, due 7/1/28 | 6,611 | 7,065 |
57,234,547 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.1% | ||
GNMA I, 30 Year | ||
4.00%, due 3/15/44 | 24,409 | 26,854 |
4.00%, due 7/15/44 | 194,999 | 213,012 |
4.00%, due 7/15/45 | 101,191 | 110,899 |
4.50%, due 6/15/39 | 420,786 | 470,294 |
4.50%, due 6/15/40 | 157,040 | 176,932 |
997,991 | ||
United States Treasury Bonds 1.7% | ||
U.S. Treasury Bonds | ||
1.625%, due 11/15/50 | 12,500,000 | 11,645,996 |
1.875%, due 2/15/41 | 3,770,000 | 3,731,564 |
15,377,560 | ||
United States Treasury Notes 11.1% | ||
U.S. Treasury Notes | ||
0.75%, due 12/31/23 | 16,150,000 | 16,153,154 |
1.00%, due 12/15/24 | 22,350,000 | 22,374,445 |
1.25%, due 12/31/26 | 11,600,000 | 11,587,313 |
1.375%, due 12/31/28 | 16,850,000 | 16,773,648 |
18 | MainStay VP Bond Portfolio |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Notes (continued) | |||
U.S. Treasury Notes (continued) | |||
1.375%, due 11/15/31 | $ 21,750,000 | $ 21,474,727 | |
2.50%, due 3/31/23 | 10,000,000 | 10,246,484 | |
98,609,771 | |||
Total U.S. Government & Federal Agencies (Cost $194,071,993) | 194,070,546 | ||
Total Long-Term Bonds (Cost $859,785,872) | 871,757,468 | ||
Shares | |||
Short-Term Investment 12.5% | |||
Unaffiliated Investment Company 12.5% | |||
J.P. Morgan U.S. Government Money Market Fund, 0.026% (j) | 110,360,785 | 110,360,785 | |
Total Short-Term Investment (Cost $110,360,785) | 110,360,785 | ||
Total Investments (Cost $970,146,657) | 110.8% | 982,118,253 | |
Other Assets, Less Liabilities | (10.8) | (95,696,255) | |
Net Assets | 100.0% | $ 886,421,998 |
† | 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 December 31, 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 December 31, 2021. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(e) | 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 December 31, 2021, the total net market value was $103,688,259, which represented 11.7% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(f) | 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 December 31, 2021. |
(g) | 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. |
(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 December 31, 2021. |
(i) | Delayed delivery security. |
(j) | Current yield as of December 31, 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 | 223 | March 2022 | $ 48,807,744 | $ 48,652,328 | $ (155,416) |
U.S. Treasury Ultra Bonds | 309 | March 2022 | 60,579,830 | 60,911,625 | 331,795 |
Total Long Contracts | 176,379 | ||||
Short Contracts | |||||
U.S. Treasury 5 Year Notes | (39) | March 2022 | (4,729,882) | (4,718,086) | 11,796 |
U.S. Treasury 10 Year Notes | (74) | March 2022 | (9,638,947) | (9,654,687) | (15,740) |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury 10 Year Ultra Bonds | (120) | March 2022 | $ (17,486,070) | $ (17,572,500) | $ (86,430) |
Total Short Contracts | (90,374) | ||||
Net Unrealized Appreciation | $ 86,005 |
1. | As of December 31, 2021, cash in the amount of $1,833,301 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 December 31, 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 |
20 | MainStay VP Bond 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) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 163,782,929 | $ — | $ 163,782,929 | |||
Corporate Bonds | — | 327,571,729 | — | 327,571,729 | |||
Foreign Government Bonds | — | 7,729,899 | — | 7,729,899 | |||
Mortgage-Backed Securities | — | 173,639,452 | — | 173,639,452 | |||
Municipal Bonds | — | 4,962,913 | — | 4,962,913 | |||
U.S. Government & Federal Agencies | — | 194,070,546 | — | 194,070,546 | |||
Total Long-Term Bonds | — | 871,757,468 | — | 871,757,468 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 110,360,785 | — | — | 110,360,785 | |||
Total Investments in Securities | 110,360,785 | 871,757,468 | — | 982,118,253 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 343,591 | — | — | 343,591 | |||
Total Investments in Securities and Other Financial Instruments | $ 110,704,376 | $ 871,757,468 | $ — | $ 982,461,844 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (257,586) | $ — | $ — | $ (257,586) | |||
Total Investments in Securities and Other Financial Instruments | $ (257,586) | $ — | $ — | $ (257,586) |
(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 securities, at value (identified cost $970,146,657) | $ 982,118,253 |
Cash | 28,253,096 |
Cash collateral on deposit at broker for futures contracts | 1,833,301 |
Receivables: | |
Investment securities sold | 5,383,906 |
Interest | 3,649,540 |
Variation margin on futures contracts | 470,749 |
Portfolio shares sold | 271,183 |
Other assets | 6,960 |
Total assets | 1,021,986,988 |
Liabilities | |
Payables: | |
Investment securities purchased | 131,440,575 |
Portfolio shares redeemed | 3,513,617 |
Manager (See Note 3) | 369,388 |
NYLIFE Distributors (See Note 3) | 110,775 |
Professional fees | 51,449 |
Shareholder communication | 48,607 |
Custodian | 15,072 |
Trustees | 1,628 |
Accrued expenses | 13,879 |
Total liabilities | 135,564,990 |
Net assets | $ 886,421,998 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 61,899 |
Additional paid-in-capital | 862,826,374 |
862,888,273 | |
Total distributable earnings (loss) | 23,533,725 |
Net assets | $ 886,421,998 |
Initial Class | |
Net assets applicable to outstanding shares | $366,020,053 |
Shares of beneficial interest outstanding | 25,371,612 |
Net asset value per share outstanding | $ 14.43 |
Service Class | |
Net assets applicable to outstanding shares | $520,401,945 |
Shares of beneficial interest outstanding | 36,527,436 |
Net asset value per share outstanding | $ 14.25 |
22 | MainStay VP Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 17,162,730 |
Dividends | 121,539 |
Other | 6,186 |
Total income | 17,290,455 |
Expenses | |
Manager (See Note 3) | 4,414,399 |
Distribution/Service—Service Class (See Note 3) | 1,320,901 |
Professional fees | 115,753 |
Shareholder communication | 59,903 |
Custodian | 54,437 |
Trustees | 19,845 |
Miscellaneous | 45,589 |
Total expenses | 6,030,827 |
Net investment income (loss) | 11,259,628 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 485,492 |
Futures transactions | (74,810) |
Net realized gain (loss) | 410,682 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (26,073,067) |
Futures contracts | 103,877 |
Net change in unrealized appreciation (depreciation) | (25,969,190) |
Net realized and unrealized gain (loss) | (25,558,508) |
Net increase (decrease) in net assets resulting from operations | $(14,298,880) |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,259,628 | $ 14,248,343 |
Net realized gain (loss) | 410,682 | 26,821,653 |
Net change in unrealized appreciation (depreciation) | (25,969,190) | 19,568,324 |
Net increase (decrease) in net assets resulting from operations | (14,298,880) | 60,638,320 |
Distributions to shareholders: | ||
Initial Class | (17,030,411) | (8,712,379) |
Service Class | (24,548,787) | (10,771,134) |
Total distributions to shareholders | (41,579,198) | (19,483,513) |
Capital share transactions: | ||
Net proceeds from sales of shares | 203,534,486 | 274,423,509 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 41,579,198 | 19,483,513 |
Cost of shares redeemed | (245,204,350) | (161,417,551) |
Increase (decrease) in net assets derived from capital share transactions | (90,666) | 132,489,471 |
Net increase (decrease) in net assets | (55,968,744) | 173,644,278 |
Net Assets | ||
Beginning of year | 942,390,742 | 768,746,464 |
End of year | $ 886,421,998 | $ 942,390,742 |
24 | MainStay VP Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | $ 14.26 | ||||
Net investment income (loss) (a) | 0.21 | 0.28 | 0.37 | 0.38 | 0.32 | ||||
Net realized and unrealized gain (loss) | (0.42) | 0.87 | 0.88 | (0.53) | 0.23 | ||||
Total from investment operations | (0.21) | 1.15 | 1.25 | (0.15) | 0.55 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.31) | (0.40) | (0.40) | (0.37) | ||||
From net realized gain on investments | (0.46) | (0.04) | — | (0.04) | (0.13) | ||||
Total distributions | (0.73) | (0.35) | (0.40) | (0.44) | (0.50) | ||||
Net asset value at end of year | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | ||||
Total investment return (b) | (1.37)% | 7.94% | 9.12% | (1.00)% | 3.85% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.39% | 1.83% | 2.60% | 2.76% | 2.23% | ||||
Net expenses (c) | 0.52% | 0.53% | 0.54% | 0.53% | 0.52% | ||||
Portfolio turnover rate (d) | 326% | 255% | 204% | 148% | 209% | ||||
Net assets at end of year (in 000's) | $ 366,020 | $ 412,053 | $ 341,408 | $ 307,682 | $ 517,067 |
(a) | Per share data based on average shares outstanding during the year. |
(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 portfolio turnover rates not including mortgage dollar rolls were 194%, 241%, 197%, 133% and 190% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | $ 14.12 | ||||
Net investment income (loss) (a) | 0.17 | 0.24 | 0.33 | 0.35 | 0.28 | ||||
Net realized and unrealized gain (loss) | (0.41) | 0.86 | 0.87 | (0.53) | 0.22 | ||||
Total from investment operations | (0.24) | 1.10 | 1.20 | (0.18) | 0.50 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.28) | (0.37) | (0.36) | (0.33) | ||||
From net realized gain on investments | (0.46) | (0.04) | — | (0.04) | (0.13) | ||||
Total distributions | (0.70) | (0.32) | (0.37) | (0.40) | (0.46) | ||||
Net asset value at end of year | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | ||||
Total investment return (b) | (1.62)% | 7.67% | 8.85% | (1.25)% | 3.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.14% | 1.57% | 2.34% | 2.53% | 1.98% | ||||
Net expenses (c) | 0.77% | 0.78% | 0.79% | 0.78% | 0.77% | ||||
Portfolio turnover rate (d) | 326% | 255% | 204% | 148% | 209% | ||||
Net assets at end of year (in 000's) | $ 520,402 | $ 530,338 | $ 427,338 | $ 323,100 | $ 333,530 |
(a) | Per share data based on average shares outstanding during the year. |
(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 portfolio turnover rates not including mortgage dollar rolls were 194%, 241%, 197%, 133% and 190% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, 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 |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $343,591 | $343,591 |
Total Fair Value | $343,591 | $343,591 |
(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) | $(257,586) | $(257,586) |
Total Fair Value | $(257,586) | $(257,586) |
(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. |
30 | MainStay VP Bond Portfolio |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(74,810) | $(74,810) |
Total Net Realized Gain (Loss) | $(74,810) | $(74,810) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $103,877 | $103,877 |
Total Net Change in Unrealized Appreciation (Depreciation) | $103,877 | $103,877 |
Average Notional Amount | Total |
Futures Contracts Long | $113,506,171 |
Futures Contracts Short | $ (53,226,513) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $970,297,513 | $16,661,378 | $(5,241,367) | $11,420,011 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$12,889,576 | $(1,176,591) | $11,820,740 | $23,533,725 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $776 | $— |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $37,258,730 | $19,483,513 |
Long-Term Capital Gains | 4,320,468 | — |
Total | $41,579,198 | $ — |
32 | MainStay VP Bond Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 9,136,685 | $ 137,110,246 |
Shares issued to shareholders in reinvestment of distributions | 1,181,429 | 17,030,411 |
Shares redeemed | (11,757,317) | (177,394,270) |
Net increase (decrease) | (1,439,203) | $ (23,253,613) |
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 |
Service Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 4,474,396 | $ 66,424,240 |
Shares issued to shareholders in reinvestment of distributions | 1,723,447 | 24,548,787 |
Shares redeemed | (4,585,159) | (67,810,080) |
Net increase (decrease) | 1,612,684 | $ 23,162,947 |
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) | (82,228,783) |
Net increase (decrease) | 5,262,186 | $ 79,748,772 |
MainStay VP Bond Portfolio
New York, New York
February 24, 2022
34 | MainStay VP Bond Portfolio |
36 | MainStay VP Bond Portfolio |
38 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
40 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
42 | MainStay VP Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801640 | MSVPB11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | -1.50% | 2.15% | 1.83% | 0.56% |
Service Class Shares | 6/4/2003 | -1.74 | 1.90 | 1.58 | 0.81 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Government Bond Index1 | -2.28% | 3.07% | 2.14% |
Morningstar Intermediate Government Category Average2 | -1.83 | 2.25 | 1.73 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Bloomberg U.S. Government Bond Index is the Portfolio’s primary benchmark. The Bloomberg 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $995.30 | $2.77 | $1,022.43 | $2.80 | 0.55% |
Service Class Shares | $1,000.00 | $994.00 | $4.02 | $1,021.17 | $4.08 | 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 184 (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 7/1/39–11/1/51 |
2. | U.S. Treasury Notes, 0.375%-3.00%, due 4/30/24–2/15/30 |
3. | UMBS, 30 Year, 2.00%-3.50%, due 6/1/46–12/1/51 |
4. | U.S. Treasury Inflation Linked Notes, 0.125%, due 1/15/30–7/15/30 |
5. | FNMA, 1.25%-3.50%, due 7/25/42–3/25/60 |
6. | FHLMC Gold Pools, 30 Year, 2.50%-6.50%, due 4/1/37–3/1/49 |
7. | U.S. Treasury Bonds, 3.00%-4.375%, due 11/15/39–2/15/48 |
8. | GNMA, 1.00%-3.25%, due 8/16/41–12/20/51 |
9. | UMBS, 20 Year, 2.00%-3.00%, due 10/1/32–7/1/41 |
10. | United States Small Business Administration, 1.93%-3.31%, due 12/1/32–4/1/38 |
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 98.9% | ||
Asset-Backed Securities 2.2% | ||
Other Asset-Backed Securities 2.2% | ||
FirstEnergy Ohio PIRB Special Purpose Trust | ||
Series 2013-1, Class A3 | ||
3.45%, due 1/15/36 | $ 472,661 | $ 512,078 |
PSNH Funding LLC 3 | ||
Series 2018-1, Class A1 | ||
3.094%, due 2/1/26 | 205,911 | 210,774 |
United States Small Business Administration | ||
Series 2012-20L, Class 1 | ||
1.93%, due 12/1/32 | 313,091 | 316,617 |
Series 2014-20H, Class 1 | ||
2.88%, due 8/1/34 | 357,681 | 369,391 |
Series 2015-20G, Class 1 | ||
2.88%, due 7/1/35 | 982,453 | 1,022,888 |
Series 2014-20I, Class 1 | ||
2.92%, due 9/1/34 | 398,769 | 412,762 |
Series 2014-20C, Class 1 | ||
3.21%, due 3/1/34 | 657,115 | 687,257 |
Series 2018-20B, Class 1 | ||
3.22%, due 2/1/38 | 1,555,176 | 1,646,510 |
Series 2018-20D, Class 1 | ||
3.31%, due 4/1/38 | 1,866,822 | 2,017,356 |
Total Asset-Backed Securities (Cost $7,000,705) | 7,195,633 | |
Corporate Bonds 1.9% | ||
Electric 1.9% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,900,000 | 1,955,740 |
Monongahela Power Co. | ||
4.10%, due 4/15/24 (a) | 2,000,000 | 2,103,774 |
PG&E Energy Recovery Funding LLC | ||
Series A-1 | ||
1.46%, due 7/15/31 | 2,000,000 | 1,987,338 |
6,046,852 | ||
Total Corporate Bonds (Cost $5,966,377) | 6,046,852 |
Principal Amount | Value | |
Mortgage-Backed Securities 22.1% | ||
Agency (Collateralized Mortgage Obligations) 10.6% | ||
FHLMC | ||
REMIC, Series 5019, Class PL | ||
1.00%, due 10/25/50 | $ 730,363 | $ 697,705 |
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | 358,537 | 360,421 |
REMIC, Series 5051, Class KI | ||
2.50%, due 12/25/50 (b) | 2,475,530 | 418,009 |
REMIC, Series 4913, Class UA | ||
3.00%, due 3/15/49 | 358,164 | 368,437 |
REMIC, Series 4908, Class BD | ||
3.00%, due 4/25/49 | 1,211,781 | 1,241,264 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 210,124 | 214,840 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 223,415 | 233,765 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 311,676 | 322,918 |
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K042, Class A2 | ||
2.67%, due 12/25/24 | 1,500,000 | 1,558,212 |
REMIC, Series K729, Class A2 | ||
3.136%, due 10/25/24 | 2,745,000 | 2,872,314 |
FHLMC, STRIPS | ||
REMIC, Series 358, Class PO | ||
(zero coupon), due 10/15/47 | 2,062,340 | 1,940,010 |
FNMA | ||
REMIC, Series 2020-63, Class B | ||
1.25%, due 9/25/50 | 440,858 | 433,582 |
REMIC, Series 2012-124, Class PG | ||
2.00%, due 7/25/42 | 947,379 | 956,798 |
REMIC, Series 2021-2, Class AI | ||
2.00%, due 2/25/51 (b) | 5,775,219 | 554,155 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (b) | 2,038,978 | 316,014 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 277,529 | 289,592 |
REMIC, Series 2019-58, Class LP | ||
3.00%, due 10/25/49 | 598,336 | 613,994 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (b) | 1,318,373 | 133,646 |
REMIC, Series 2020-10, Class LP | ||
3.50%, due 3/25/50 | 1,859,056 | 1,948,907 |
REMIC, Series 2021-6, Class ML | ||
3.50%, due 6/25/50 | 886,807 | 926,114 |
REMIC, Series 2021-6, Class MC | ||
3.50%, due 6/25/50 | 1,711,149 | 1,830,173 |
10 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | $ 1,342,999 | $ 1,425,038 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,940,880 | 2,070,667 |
FNMA, STRIPS (b) | ||
REMIC, Series 360, Class 2 | ||
5.00%, due 8/25/35 | 49,759 | 8,487 |
REMIC, Series 361, Class 2 | ||
6.00%, due 10/25/35 | 11,426 | 2,351 |
GNMA | ||
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 822,540 | 810,350 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 417,205 | 406,355 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 961,675 | 914,161 |
REMIC, Series 2021-214, Class SA | ||
1.65% (SOFR 30A + 1.70%), due 12/20/51 (b)(c) | 5,910,000 | 143,755 |
REMIC, Series 2021-213, Class ES | ||
1.652% (SOFR 30A + 1.70%), due 12/20/51 (b)(c) | 5,910,000 | 164,040 |
REMIC, Series 2021-57, Class IN | ||
2.00%, due 2/20/51 (b) | 488,771 | 59,761 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (b) | 2,454,660 | 283,826 |
REMIC, Series 2014-63, Class PG | ||
2.50%, due 7/20/43 | 738,263 | 750,241 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (b) | 2,734,791 | 313,030 |
REMIC, Series 2021-30, Class WI | ||
2.50%, due 2/20/51 (b) | 2,671,074 | 362,030 |
REMIC, Series 2019-3, Class A | ||
3.00%, due 4/20/48 | 313,113 | 319,403 |
REMIC, Series 2019-59, Class KA | ||
3.00%, due 12/20/48 | 511,564 | 527,090 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (b) | 1,420,443 | 189,536 |
REMIC, Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (b) | 2,477,646 | 284,026 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (b) | 3,108,110 | 415,724 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (b) | 1,976,228 | 268,278 |
REMIC, Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 1,099,104 | 1,141,371 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
UMBS, Single Family, 30 Year (d) | ||
2.50%, due 1/25/52 TBA | $ 1,000,000 | $ 1,020,239 |
2.50%, due 2/25/52 TBA | 1,250,000 | 1,272,126 |
3.00%, due 1/25/52 TBA | 1,100,000 | 1,139,560 |
3.50%, due 1/25/52 TBA | 1,600,000 | 1,684,359 |
34,206,674 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 10.9% | ||
Arbor Multifamily Mortgage Securities Trust | ||
Series 2021-MF3, Class A5 | ||
2.575%, due 10/15/54 (a) | 3,000,000 | 3,085,190 |
BX Trust | ||
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 (a) | 485,000 | 510,493 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 1,750,000 | 1,848,307 |
FREMF Mortgage Trust (a)(e) | ||
REMIC, Series 2019-K103, Class B | ||
3.453%, due 12/25/51 | 2,144,000 | 2,238,911 |
REMIC, Series 2013-K27, Class B | ||
3.496%, due 1/25/46 | 1,300,000 | 1,330,402 |
REMIC, Series 2013-K33, Class B | ||
3.496%, due 8/25/46 | 933,000 | 965,244 |
REMIC, Series 2013-K24, Class B | ||
3.506%, due 11/25/45 | 2,000,000 | 2,035,630 |
REMIC, Series 2020-K104, Class C | ||
3.539%, due 2/25/52 | 1,200,000 | 1,217,829 |
REMIC, Series 2015-K721, Class B | ||
3.559%, due 11/25/47 | 3,140,000 | 3,188,414 |
REMIC, Series 2016-K59, Class B | ||
3.576%, due 11/25/49 | 500,000 | 525,416 |
REMIC, Series 2012-K23, Class B | ||
3.656%, due 10/25/45 | 1,222,000 | 1,241,937 |
REMIC, Series 2012-K22, Class B | ||
3.679%, due 8/25/45 | 800,000 | 811,884 |
REMIC, Series 2015-K49, Class C | ||
3.721%, due 10/25/48 | 500,000 | 516,136 |
REMIC, Series 2016-K58, Class B | ||
3.738%, due 9/25/49 | 1,000,000 | 1,070,280 |
REMIC, Series 2014-K41, Class B | ||
3.833%, due 11/25/47 | 2,700,000 | 2,855,700 |
REMIC, Series 2013-K35, Class B | ||
3.934%, due 12/25/46 | 1,925,000 | 2,009,175 |
REMIC, Series 2016-K54, Class B | ||
4.051%, due 4/25/48 | 695,000 | 742,845 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FREMF Mortgage Trust (a)(e) (continued) | ||
REMIC, Series 2014-K40, Class B | ||
4.073%, due 11/25/47 | $ 1,645,000 | $ 1,750,430 |
REMIC, Series 2016-K55, Class B | ||
4.163%, due 4/25/49 | 1,570,000 | 1,698,469 |
REMIC, Series 2014-K38, Class B | ||
4.221%, due 6/25/47 | 2,000,000 | 2,113,057 |
REMIC, Series 2019-K87, Class C | ||
4.322%, due 1/25/51 | 1,500,000 | 1,633,088 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,265,000 | 1,280,149 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-1745, Class A | ||
3.749%, due 6/15/36 (a)(e) | 695,000 | 753,056 |
35,422,042 | ||
Whole Loan (Collateralized Mortgage Obligations) 0.6% | ||
Citigroup Mortgage Loan Trust | ||
Series 2006-AR6, Class 1A1 | ||
3.029%, due 8/25/36 (e) | 65,795 | 62,855 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(f) | 1,500,000 | 1,500,877 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 294,385 | 306,007 |
1,869,739 | ||
Total Mortgage-Backed Securities (Cost $72,077,297) | 71,498,455 | |
Municipal Bonds 2.6% | ||
New Jersey 1.3% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
1.483%, due 1/1/28 | 1,000,000 | 969,180 |
7.102%, due 1/1/41 | 2,000,000 | 3,141,374 |
4,110,554 |
Principal Amount | Value | |
New York 1.3% | ||
New York State Thruway Authority Revenue Bonds | ||
Series M | ||
2.90%, due 1/1/35 | $ 4,000,000 | $ 4,178,894 |
Total Municipal Bonds (Cost $8,428,563) | 8,289,448 | |
U.S. Government & Federal Agencies 70.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 14.8% | ||
FHLMC Gold Pools, 30 Year | ||
2.50%, due 8/1/46 | 669,504 | 687,306 |
3.00%, due 2/1/46 | 1,187,527 | 1,247,588 |
3.00%, due 4/1/47 | 1,288,328 | 1,351,101 |
3.50%, due 1/1/44 | 306,870 | 330,947 |
3.50%, due 1/1/48 | 1,213,271 | 1,294,683 |
4.00%, due 7/1/44 | 684,494 | 750,819 |
4.00%, due 12/1/46 | 486,743 | 528,676 |
4.00%, due 10/1/48 | 553,075 | 604,519 |
4.00%, due 3/1/49 | 229,027 | 243,812 |
4.50%, due 12/1/44 | 945,170 | 1,045,019 |
5.00%, due 11/1/41 | 740,510 | 838,296 |
6.50%, due 4/1/37 | 20,477 | 24,166 |
FHLMC Gold Pools, Other | ||
4.50%, due 3/1/41 | 142,988 | 155,948 |
Freddie Mac Pool, 30 Year | ||
2.50%, due 5/1/51 | 1,330,990 | 1,360,018 |
Tennessee Valley Authority | ||
4.65%, due 6/15/35 | 4,395,000 | 5,686,473 |
UMBS, 15 Year | ||
2.00%, due 6/1/35 | 817,743 | 840,047 |
2.50%, due 9/1/34 | 298,082 | 308,679 |
UMBS, 30 Year | ||
2.00%, due 7/1/50 | 3,186,465 | 3,179,476 |
2.00%, due 7/1/50 | 890,104 | 888,152 |
2.00%, due 8/1/50 | 1,417,447 | 1,414,338 |
2.00%, due 8/1/50 | 2,815,933 | 2,830,728 |
2.00%, due 8/1/50 | 2,075,729 | 2,071,177 |
2.00%, due 9/1/50 | 968,796 | 966,671 |
2.00%, due 11/1/50 | 1,805,463 | 1,801,504 |
2.00%, due 12/1/51 | 1,245,958 | 1,243,269 |
2.50%, due 3/1/50 | 1,086,334 | 1,109,376 |
2.50%, due 7/1/50 | 1,790,230 | 1,828,202 |
2.50%, due 10/1/50 | 165,163 | 168,676 |
2.50%, due 11/1/50 | 1,680,277 | 1,715,917 |
2.50%, due 1/1/51 | 430,459 | 440,984 |
2.50%, due 2/1/51 | 2,433,507 | 2,489,014 |
12 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.50%, due 10/1/51 | $ 4,175,059 | $ 4,267,607 |
3.00%, due 6/1/46 | 633,130 | 665,392 |
3.00%, due 8/1/49 | 1,137,099 | 1,181,059 |
3.00%, due 9/1/49 | 200,940 | 208,287 |
3.00%, due 11/1/49 | 720,991 | 754,434 |
3.50%, due 1/1/50 | 1,123,303 | 1,184,574 |
47,706,934 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 31.4% | ||
FNMA, Other | ||
2.50%, due 1/1/57 | 682,283 | 708,214 |
2.68%, due 5/1/25 | 2,000,000 | 2,078,231 |
2.73%, due 4/1/25 | 1,025,000 | 1,066,807 |
3.00%, due 9/1/46 | 510,817 | 522,861 |
3.00%, due 10/1/46 | 528,224 | 541,203 |
3.00%, due 10/1/48 | 11,579 | 11,663 |
3.00%, due 2/1/57 | 549,313 | 575,963 |
3.00%, due 6/1/57 | 652,583 | 690,646 |
6.00%, due 4/1/37 | 7,170 | 7,922 |
6.50%, due 8/1/47 | 12,119 | 12,901 |
UMBS, 15 Year | ||
2.00%, due 6/1/35 | 1,484,229 | 1,520,894 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 2,354,763 | 2,392,681 |
2.50%, due 6/1/41 | 1,965,881 | 2,029,116 |
2.50%, due 7/1/41 | 2,023,201 | 2,088,884 |
3.00%, due 10/1/32 | 389,355 | 411,432 |
UMBS, 30 Year | ||
2.00%, due 6/1/50 | 1,601,493 | 1,597,980 |
2.00%, due 8/1/50 | 3,020,294 | 3,013,670 |
2.00%, due 10/1/50 | 2,652,020 | 2,657,791 |
2.00%, due 10/1/50 | 2,221,098 | 2,216,808 |
2.00%, due 12/1/50 | 1,850,872 | 1,846,812 |
2.00%, due 3/1/51 | 2,343,016 | 2,340,179 |
2.00%, due 11/1/51 | 2,495,409 | 2,492,586 |
2.50%, due 1/1/47 | 1,806,352 | 1,854,376 |
2.50%, due 9/1/49 | 1,518,914 | 1,552,193 |
2.50%, due 3/1/50 | 533,995 | 547,646 |
2.50%, due 3/1/50 | 1,185,064 | 1,210,200 |
2.50%, due 3/1/50 | 1,252,468 | 1,279,034 |
2.50%, due 4/1/50 | 2,218,142 | 2,283,874 |
2.50%, due 5/1/50 | 3,459,307 | 3,532,681 |
2.50%, due 7/1/50 | 1,778,824 | 1,816,554 |
2.50%, due 8/1/50 | 2,153,740 | 2,206,104 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.50%, due 8/1/50 | $ 2,654,367 | $ 2,711,502 |
2.50%, due 9/1/50 | 2,642,769 | 2,721,400 |
2.50%, due 10/1/50 | 2,127,844 | 2,173,150 |
2.50%, due 11/1/50 | 2,675,889 | 2,764,571 |
2.50%, due 1/1/51 | 2,095,031 | 2,145,210 |
2.50%, due 4/1/51 | 1,675,546 | 1,728,490 |
3.00%, due 10/1/44 | 1,098,298 | 1,163,370 |
3.00%, due 3/1/47 | 606,109 | 636,857 |
3.00%, due 12/1/47 | 780,459 | 818,251 |
3.00%, due 10/1/49 | 740,910 | 767,798 |
3.00%, due 3/1/50 | 1,129,967 | 1,181,102 |
3.00%, due 3/1/50 | 1,341,808 | 1,394,665 |
3.00%, due 5/1/50 | 1,129,334 | 1,170,318 |
3.00%, due 7/1/50 | 1,907,091 | 1,984,163 |
3.00%, due 11/1/51 | 2,807,265 | 2,927,440 |
3.50%, due 5/1/43 | 1,324,974 | 1,429,684 |
3.50%, due 11/1/44 | 478,759 | 516,896 |
3.50%, due 3/1/45 | 555,653 | 598,207 |
3.50%, due 11/1/45 | 1,336,356 | 1,427,707 |
3.50%, due 8/1/46 | 359,825 | 387,703 |
3.50%, due 10/1/47 | 258,404 | 274,000 |
3.50%, due 2/1/48 | 140,847 | 148,611 |
3.50%, due 8/1/49 | 738,055 | 776,864 |
3.50%, due 9/1/50 | 1,995,300 | 2,137,735 |
4.00%, due 1/1/46 | 483,949 | 530,603 |
4.00%, due 9/1/47 | 209,982 | 224,839 |
4.00%, due 7/1/48 | 530,985 | 564,363 |
4.00%, due 8/1/48 | 2,705,198 | 2,882,737 |
4.00%, due 9/1/48 | 494,611 | 525,677 |
4.00%, due 4/1/49 | 148,406 | 157,766 |
4.00%, due 3/1/50 | 1,230,586 | 1,318,484 |
4.50%, due 2/1/41 | 1,665,519 | 1,844,566 |
4.50%, due 4/1/41 | 4,125,833 | 4,607,502 |
4.50%, due 8/1/42 | 664,435 | 734,007 |
4.50%, due 8/1/44 | 769,134 | 849,665 |
5.00%, due 9/1/41 | 1,428,897 | 1,618,427 |
5.00%, due 10/1/41 | 1,186,034 | 1,338,630 |
5.50%, due 7/1/41 | 2,206,382 | 2,503,767 |
6.00%, due 7/1/39 | 507,133 | 587,321 |
6.50%, due 10/1/39 | 92,363 | 105,223 |
101,487,177 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.3% | ||
GNMA II, 30 Year | ||
4.00%, due 11/20/49 | $ 542,499 | $ 572,622 |
4.50%, due 7/20/49 | 448,616 | 474,471 |
1,047,093 | ||
United States Treasury Bonds 2.3% | ||
U.S. Treasury Bonds | ||
3.00%, due 5/15/45 | 2,790,000 | 3,336,992 |
3.00%, due 2/15/48 | 2,000,000 | 2,441,094 |
4.375%, due 11/15/39 | 1,200,000 | 1,672,453 |
7,450,539 | ||
United States Treasury Inflation - Indexed Notes 4.1% | ||
U.S. Treasury Inflation Linked Notes (g) | ||
0.125%, due 1/15/30 | 3,784,141 | 4,199,749 |
0.125%, due 7/15/30 | 8,090,850 | 9,051,597 |
13,251,346 | ||
United States Treasury Notes 17.2% | ||
U.S. Treasury Notes | ||
0.375%, due 4/30/25 | 5,000,000 | 4,889,062 |
1.375%, due 10/31/28 | 5,000,000 | 4,979,687 |
1.50%, due 2/15/30 | 9,465,000 | 9,513,804 |
2.25%, due 4/30/24 | 19,045,000 | 19,667,682 |
2.375%, due 8/15/24 | 1,695,000 | 1,759,953 |
2.625%, due 1/31/26 | 5,900,000 | 6,238,559 |
3.00%, due 10/31/25 | 7,805,000 | 8,347,387 |
55,396,134 | ||
Total U.S. Government & Federal Agencies (Cost $223,641,683) | 226,339,223 | |
Total Long-Term Bonds (Cost $317,114,625) | 319,369,611 | |
Shares | Value | ||
Short-Term Investment 2.4% | |||
Affiliated Investment Company 2.4% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (h) | 7,701,002 | $ 7,701,002 | |
Total Short-Term Investment (Cost $7,701,002) | 7,701,002 | ||
Total Investments (Cost $324,815,627) | 101.3% | 327,070,613 | |
Other Assets, Less Liabilities | (1.3) | (4,179,965) | |
Net Assets | 100.0% | $ 322,890,648 |
† | 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) | Floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(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 December 31, 2021, the total net market value was $5,116,284, which represented 1.6% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(e) | 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 December 31, 2021. |
(f) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2021. |
(g) | 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. |
(h) | Current yield as of December 31, 2021. |
14 | MainStay VP MacKay Government Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (12) | March 2022 | $ (1,736,222) | $ (1,757,250) | $ (21,028) |
U.S. Treasury Long Bonds | (9) | March 2022 | (1,434,073) | (1,443,938) | (9,865) |
U.S. Treasury Ultra Bonds | (11) | March 2022 | (2,146,755) | (2,168,375) | (21,620) |
Net Unrealized Depreciation | $ (52,513) |
1. | As of December 31, 2021, cash in the amount of $132,400 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 December 31, 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 |
SOFR—Secured Overnight Financing Rate |
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 | $ — | $ 7,195,633 | $ — | $ 7,195,633 | |||
Corporate Bonds | — | 6,046,852 | — | 6,046,852 | |||
Mortgage-Backed Securities | — | 71,498,455 | — | 71,498,455 | |||
Municipal Bonds | — | 8,289,448 | — | 8,289,448 | |||
U.S. Government & Federal Agencies | — | 226,339,223 | — | 226,339,223 | |||
Total Long-Term Bonds | — | 319,369,611 | — | 319,369,611 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 7,701,002 | — | — | 7,701,002 | |||
Total Investments in Securities | $ 7,701,002 | $ 319,369,611 | $ — | $ 327,070,613 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (52,513) | $ — | $ — | $ (52,513) | |||
Total Investments in Securities and Other Financial Instruments | $ (52,513) | $ — | $ — | $ (52,513) |
(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 $317,114,625) | $319,369,611 |
Investment in affiliated investment companies, at value (identified cost $7,701,002) | 7,701,002 |
Cash | 53 |
Cash collateral on deposit at broker for futures contracts | 132,400 |
Receivables: | |
Interest | 1,128,600 |
Portfolio shares sold | 25,835 |
Other assets | 1,896 |
Total assets | 328,359,397 |
Liabilities | |
Payables: | |
Investment securities purchased | 5,108,578 |
Manager (See Note 3) | 136,954 |
Portfolio shares redeemed | 75,697 |
NYLIFE Distributors (See Note 3) | 50,888 |
Professional fees | 35,534 |
Variation margin on futures contracts | 25,438 |
Shareholder communication | 19,682 |
Custodian | 8,469 |
Trustees | 983 |
Accrued expenses | 6,526 |
Total liabilities | 5,468,749 |
Net assets | $322,890,648 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 29,918 |
Additional paid-in-capital | 319,376,372 |
319,406,290 | |
Total distributable earnings (loss) | 3,484,358 |
Net assets | $322,890,648 |
Initial Class | |
Net assets applicable to outstanding shares | $ 83,837,706 |
Shares of beneficial interest outstanding | 7,711,933 |
Net asset value per share outstanding | $ 10.87 |
Service Class | |
Net assets applicable to outstanding shares | $239,052,942 |
Shares of beneficial interest outstanding | 22,205,624 |
Net asset value per share outstanding | $ 10.77 |
16 | MainStay VP MacKay Government Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 6,077,064 |
Dividends-affiliated | 811 |
Securities lending | 2 |
Total income | 6,077,877 |
Expenses | |
Manager (See Note 3) | 1,759,609 |
Distribution/Service—Service Class (See Note 3) | 645,868 |
Professional fees | 73,695 |
Custodian | 33,112 |
Shareholder communication | 24,733 |
Trustees | 8,244 |
Miscellaneous | 20,321 |
Total expenses | 2,565,582 |
Net investment income (loss) | 3,512,295 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 2,077,294 |
Futures transactions | (455,191) |
Net realized gain (loss) | 1,622,103 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (11,169,370) |
Futures contracts | (52,513) |
Net change in unrealized appreciation (depreciation) | (11,221,883) |
Net realized and unrealized gain (loss) | (9,599,780) |
Net increase (decrease) in net assets resulting from operations | $ (6,087,485) |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,512,295 | $ 4,416,874 |
Net realized gain (loss) | 1,622,103 | 1,424,439 |
Net change in unrealized appreciation (depreciation) | (11,221,883) | 7,617,671 |
Net increase (decrease) in net assets resulting from operations | (6,087,485) | 13,458,984 |
Distributions to shareholders: | ||
Initial Class | (1,259,194) | (1,180,531) |
Service Class | (3,271,917) | (3,747,304) |
Total distributions to shareholders | (4,531,111) | (4,927,835) |
Capital share transactions: | ||
Net proceeds from sales of shares | 84,262,367 | 237,953,765 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 4,531,111 | 4,927,835 |
Cost of shares redeemed | (144,292,025) | (114,972,175) |
Increase (decrease) in net assets derived from capital share transactions | (55,498,547) | 127,909,425 |
Net increase (decrease) in net assets | (66,117,143) | 136,440,574 |
Net Assets | ||
Beginning of year | 389,007,791 | 252,567,217 |
End of year | $ 322,890,648 | $ 389,007,791 |
18 | MainStay VP MacKay Government Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | $ 10.85 | ||||
Net investment income (loss) (a) | 0.13 | 0.17 | 0.25 | 0.26 | 0.25 | ||||
Net realized and unrealized gain (loss) | (0.30) | 0.36 | 0.32 | (0.27) | (0.02) | ||||
Total from investment operations | (0.17) | 0.53 | 0.57 | (0.01) | 0.23 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.16) | (0.22) | (0.28) | (0.30) | ||||
Net asset value at end of year | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | ||||
Total investment return (b) | (1.50)% | 4.97% | 5.42% | (0.06)% | 2.11% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.15% | 1.50% | 2.35% | 2.44% | 2.29% | ||||
Net expenses (c) | 0.55% | 0.56% | 0.57% | 0.57% | 0.56% | ||||
Portfolio turnover rate | 69%(d) | 77%(d) | 30% | 92%(d) | 17%(d) | ||||
Net assets at end of year (in 000's) | $ 83,838 | $ 107,954 | $ 51,698 | $ 52,552 | $ 56,561 |
(a) | Per share data based on average shares outstanding during the year. |
(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 portfolio turnover rates not including mortgage dollar rolls were 37%, 53%, 80%, and 5% for the years ended December 31, 2021, 2020, 2018 and 2017, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | $ 10.76 | ||||
Net investment income (loss) (a) | 0.10 | 0.14 | 0.22 | 0.23 | 0.22 | ||||
Net realized and unrealized gain (loss) | (0.29) | 0.37 | 0.31 | (0.26) | (0.03) | ||||
Total from investment operations | (0.19) | 0.51 | 0.53 | (0.03) | 0.19 | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | (0.15) | (0.20) | (0.25) | (0.26) | ||||
Net asset value at end of year | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | ||||
Total investment return (b) | (1.74)% | 4.70% | 5.15% | (0.31)% | 1.86% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.94% | 1.29% | 2.09% | 2.19% | 2.04% | ||||
Net expenses (c) | 0.80% | 0.80% | 0.82% | 0.82% | 0.81% | ||||
Portfolio turnover rate | 69%(d) | 77%(d) | 30% | 92%(d) | 17%(d) | ||||
Net assets at end of year (in 000's) | $ 239,053 | $ 281,054 | $ 200,869 | $ 159,575 | $ 155,477 |
(a) | Per share data based on average shares outstanding during the year. |
(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 portfolio turnover rates not including mortgage dollar rolls were 37%, 53%, 80%, and 5% for the years ended December 31, 2021, 2020, 2018 and 2017, respectively. |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
20 | MainStay VP MacKay Government 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 MacKay Government Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(52,513) | $(52,513) |
Total Fair Value | $(52,513) | $(52,513) |
(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 | $(455,191) | $(455,191) |
Total Net Realized Gain (Loss) | $(455,191) | $(455,191) |
24 | MainStay VP MacKay Government Portfolio |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(52,513) | $(52,513) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(52,513) | $(52,513) |
Average Notional Amount | Total |
Futures Contracts Short (a) | $(6,514,789) |
(a) | Positions were open for eight months during the reporting period. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 12,052 | $ 220,896 | $ (225,247) | $ — | $ — | $ 7,701 | $ 1 | $ — | 7,701 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $324,870,732 | $4,931,049 | $(3,315,043) | $1,616,006 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,729,716 | $(2,445,239) | $2,199,881 | $3,484,358 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $1,861 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $4,531,111 | $4,927,835 |
26 | MainStay VP MacKay Government Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 4,793,173 | $ 53,204,116 |
Shares issued to shareholders in reinvestment of distributions | 115,356 | 1,259,194 |
Shares redeemed | (6,824,773) | (75,876,782) |
Net increase (decrease) | (1,916,244) | $ (21,413,472) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 2,828,368 | $ 31,058,251 |
Shares issued to shareholders in reinvestment of distributions | 302,513 | 3,271,917 |
Shares redeemed | (6,238,804) | (68,415,243) |
Net increase (decrease) | (3,107,923) | $ (34,085,075) |
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 |
MainStay VP MacKay Government Portfolio
New York, New York
February 24, 2022
28 | MainStay VP MacKay Government Portfolio |
30 | MainStay VP MacKay Government Portfolio |
32 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
36 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801642 | MSVPG11-02/22 |
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 Year-Ended December 31, 2021 | ||||
Class | Inception Date | One Year | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 5/1/2017 | -1.95% | 3.01% | 0.29% |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Since Inception |
Bloomberg U.S. Aggregate Bond Index1 | -1.54% | 3.47% |
Morningstar Intermediate Core Bond Category Average2 | -1.53 | 3.29 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $998.50 | $1.51 | $1,023.69 | $1.53 | 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 184 (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 3/31/23–11/15/31 |
2. | UMBS, Single Family, 30 Year, 2.00%-3.00%, due 1/25/52 |
3. | UMBS, 30 Year, 2.00%-5.50%, due 6/1/36–12/1/51 |
4. | U.S. Treasury Bonds, 1.25%-4.625%, due 2/15/40–11/15/50 |
5. | GNMA II, Single Family, 30 Year, 2.00%-2.50%, due 1/15/52 |
6. | GNMA II, 30 Year, 2.50%-5.00%, due 11/20/42–2/20/50 |
7. | UMBS, Single Family, 15 Year, 1.50%-2.00%, due 1/25/37 |
8. | FHLMC Gold Pools, 30 Year, 3.00%-5.50%, due 7/1/38–1/1/49 |
9. | FHLMC, Multifamily Structured Pass-Through Certificates, 2.903%, due 6/25/29 |
10. | UMBS, 30 Year, 2.50%-4.50%, due 12/1/47–5/1/50 |
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. 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. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. An obligation rated ‘BBB’ by 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. When applied to Portfolio 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 Portfolio. |
8 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 98.5% | ||
Asset-Backed Security 0.0% ‡ | ||
Automobile Asset-Backed Security 0.0% ‡ | ||
GM Financial Consumer Automobile Receivables Trust | ||
Series 2018-3, Class A3 | ||
3.02%, due 5/16/23 | $ 47,470 | $ 47,577 |
Total Asset-Backed Security (Cost $47,467) | 47,577 | |
Corporate Bonds 29.3% | ||
Aerospace & Defense 0.7% | ||
Boeing Co. (The) | ||
3.25%, due 3/1/28 | 560,000 | 579,603 |
5.15%, due 5/1/30 | 650,000 | 757,316 |
Lockheed Martin Corp. | ||
4.07%, due 12/15/42 | 305,000 | 359,014 |
Northrop Grumman Systems Corp. | ||
7.75%, due 2/15/31 | 260,000 | 370,300 |
Raytheon Technologies Corp. | ||
3.125%, due 7/1/50 | 450,000 | 459,571 |
3.15%, due 12/15/24 | 305,000 | 320,137 |
3.50%, due 3/15/27 | 260,000 | 278,497 |
3.65%, due 8/16/23 | 2,000 | 2,079 |
3,126,517 | ||
Apparel 0.0% ‡ | ||
NIKE, Inc. | ||
3.625%, due 5/1/43 | 90,000 | 102,620 |
Auto Manufacturers 0.4% | ||
General Motors Financial Co., Inc. | ||
4.35%, due 1/17/27 | 1,425,000 | 1,569,783 |
Toyota Motor Credit Corp. | ||
2.25%, due 10/18/23 | 340,000 | 348,580 |
1,918,363 | ||
Banks 6.0% | ||
Bank of America Corp. | ||
0.523%, due 6/14/24 (a) | 900,000 | 894,027 |
2.972%, due 7/21/52 (a) | 695,000 | 697,067 |
3.248%, due 10/21/27 | 480,000 | 510,913 |
3.419%, due 12/20/28 (a) | 1,685,000 | 1,799,015 |
Bank of New York Mellon Corp. (The) | ||
Series G | ||
3.00%, due 2/24/25 | 485,000 | 508,828 |
Barclays plc | ||
5.25%, due 8/17/45 | 270,000 | 357,471 |
Principal Amount | Value | |
Banks (continued) | ||
BNP Paribas SA | ||
3.25%, due 3/3/23 | $ 495,000 | $ 509,677 |
Citigroup, Inc. | ||
0.981%, due 5/1/25 (a) | 1,750,000 | 1,736,200 |
2.561%, due 5/1/32 (a) | 250,000 | 251,296 |
4.45%, due 9/29/27 | 1,435,000 | 1,600,054 |
4.65%, due 7/30/45 | 170,000 | 214,360 |
Cooperatieve Rabobank UA | ||
5.25%, due 5/24/41 | 480,000 | 673,010 |
Credit Suisse Group AG | ||
3.80%, due 6/9/23 | 335,000 | 347,077 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (a) | 2,100,000 | 2,090,761 |
4.80%, due 7/8/44 | 400,000 | 510,863 |
HSBC Holdings plc | ||
3.90%, due 5/25/26 | 1,375,000 | 1,482,885 |
JPMorgan Chase & Co. (a) | ||
1.578%, due 4/22/27 | 2,340,000 | 2,312,420 |
4.26%, due 2/22/48 | 575,000 | 702,920 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 1,265,000 | 1,368,889 |
Mitsubishi UFJ Financial Group, Inc. | ||
3.455%, due 3/2/23 | 560,000 | 576,565 |
Morgan Stanley | ||
0.79%, due 5/30/25 (a) | 630,000 | 621,767 |
2.511%, due 10/20/32 (a) | 700,000 | 699,256 |
3.625%, due 1/20/27 | 1,700,000 | 1,843,069 |
NatWest Group plc | ||
3.875%, due 9/12/23 | 270,000 | 281,541 |
Wells Fargo & Co. | ||
3.00%, due 4/22/26 | 2,425,000 | 2,547,248 |
3.50%, due 3/8/22 | 97,000 | 97,554 |
4.75%, due 12/7/46 | 575,000 | 717,630 |
25,952,363 | ||
Beverages 0.6% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.60%, due 4/15/48 | 740,000 | 904,901 |
Coca-Cola Co. (The) | ||
2.60%, due 6/1/50 | 450,000 | 439,374 |
Constellation Brands, Inc. | ||
3.60%, due 2/15/28 | 125,000 | 134,965 |
Diageo Capital plc | ||
5.875%, due 9/30/36 | 268,000 | 374,737 |
Keurig Dr Pepper, Inc. | ||
4.985%, due 5/25/38 | 90,000 | 111,347 |
Molson Coors Beverage Co. | ||
4.20%, due 7/15/46 | 90,000 | 99,761 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Beverages (continued) | ||
PepsiCo, Inc. | ||
2.75%, due 3/1/23 | $ 380,000 | $ 389,344 |
2.85%, due 2/24/26 | 260,000 | 273,903 |
2,728,332 | ||
Biotechnology 0.4% | ||
Amgen, Inc. | ||
3.125%, due 5/1/25 | 305,000 | 321,506 |
3.375%, due 2/21/50 | 405,000 | 421,253 |
Baxalta, Inc. | ||
3.60%, due 6/23/22 | 39,000 | 39,327 |
Gilead Sciences, Inc. | ||
3.65%, due 3/1/26 | 490,000 | 527,904 |
4.60%, due 9/1/35 | 205,000 | 248,044 |
1,558,034 | ||
Building Materials 0.0% ‡ | ||
Johnson Controls International plc | ||
6.00%, due 1/15/36 | 75,000 | 103,362 |
Chemicals 0.5% | ||
DuPont de Nemours, Inc. | ||
4.493%, due 11/15/25 | 450,000 | 497,229 |
Ecolab, Inc. | ||
2.70%, due 11/1/26 | 260,000 | 273,002 |
Mosaic Co. (The) | ||
4.05%, due 11/15/27 | 480,000 | 529,651 |
Nutrien Ltd. | ||
5.875%, due 12/1/36 | 260,000 | 349,535 |
Sherwin-Williams Co. (The) | ||
3.95%, due 1/15/26 | 305,000 | 331,897 |
1,981,314 | ||
Computers 1.0% | ||
Apple, Inc. | ||
2.90%, due 9/12/27 | 300,000 | 319,759 |
3.35%, due 2/9/27 | 16,000 | 17,363 |
4.25%, due 2/9/47 | 205,000 | 256,013 |
4.50%, due 2/23/36 | 845,000 | 1,060,153 |
Dell International LLC | ||
5.45%, due 6/15/23 | 145,000 | 152,959 |
6.02%, due 6/15/26 | 375,000 | 433,444 |
Hewlett Packard Enterprise Co. | ||
4.40%, due 10/15/22 (b) | 205,000 | 209,597 |
International Business Machines Corp. | ||
1.875%, due 8/1/22 | 300,000 | 302,513 |
Principal Amount | Value | |
Computers (continued) | ||
International Business Machines Corp. (continued) | ||
3.45%, due 2/19/26 | $ 275,000 | $ 294,661 |
3.50%, due 5/15/29 | 1,215,000 | 1,318,568 |
4,365,030 | ||
Cosmetics & Personal Care 0.1% | ||
Procter & Gamble Co. (The) | ||
2.70%, due 2/2/26 | 260,000 | 274,628 |
Unilever Capital Corp. | ||
3.10%, due 7/30/25 | 100,000 | 106,049 |
380,677 | ||
Diversified Financial Services 0.5% | ||
American Express Co. | ||
1.65%, due 11/4/26 | 765,000 | 767,149 |
Mastercard, Inc. | ||
3.85%, due 3/26/50 | 450,000 | 540,815 |
Visa, Inc. | ||
2.80%, due 12/14/22 | 480,000 | 488,862 |
4.30%, due 12/14/45 | 200,000 | 251,673 |
2,048,499 | ||
Electric 2.1% | ||
CenterPoint Energy Houston Electric LLC | ||
Series AC | ||
4.25%, due 2/1/49 | 300,000 | 372,630 |
Commonwealth Edison Co. | ||
3.65%, due 6/15/46 | 465,000 | 514,873 |
Consolidated Edison Co. of New York, Inc. | ||
Series 06-A | ||
5.85%, due 3/15/36 | 640,000 | 843,261 |
DTE Electric Co. | ||
3.375%, due 3/1/25 | 205,000 | 215,974 |
Duke Energy Carolinas LLC | ||
3.875%, due 3/15/46 | 790,000 | 889,645 |
4.00%, due 9/30/42 | 260,000 | 298,439 |
Edison International | ||
2.95%, due 3/15/23 | 205,000 | 208,258 |
Entergy Louisiana LLC | ||
4.20%, due 4/1/50 | 350,000 | 416,048 |
Florida Power & Light Co. | ||
2.75%, due 6/1/23 | 120,000 | 122,102 |
3.80%, due 12/15/42 | 575,000 | 652,781 |
MidAmerican Energy Co. | ||
3.95%, due 8/1/47 | 380,000 | 446,254 |
10 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
National Rural Utilities Cooperative Finance Corp. | ||
2.70%, due 2/15/23 | $ 115,000 | $ 117,108 |
Ohio Power Co. | ||
Series G | ||
6.60%, due 2/15/33 | 190,000 | 256,256 |
PPL Electric Utilities Corp. | ||
3.95%, due 6/1/47 | 125,000 | 145,992 |
Public Service Electric and Gas Co. | ||
2.70%, due 5/1/50 | 450,000 | 434,494 |
San Diego Gas & Electric Co. | ||
4.15%, due 5/15/48 | 260,000 | 309,252 |
Sempra Energy | ||
3.80%, due 2/1/38 | 260,000 | 285,278 |
Southern California Edison Co. | ||
Series C | ||
4.125%, due 3/1/48 | 260,000 | 291,653 |
Southern Co. (The) | ||
2.95%, due 7/1/23 | 205,000 | 209,940 |
4.40%, due 7/1/46 | 525,000 | 615,017 |
Virginia Electric and Power Co. | ||
4.00%, due 1/15/43 | 390,000 | 448,145 |
Xcel Energy, Inc. | ||
3.30%, due 6/1/25 | 830,000 | 871,396 |
8,964,796 | ||
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
3.20%, due 3/15/25 | 305,000 | 319,921 |
Waste Management, Inc. | ||
3.15%, due 11/15/27 | 305,000 | 325,680 |
645,601 | ||
Food 0.3% | ||
General Mills, Inc. | ||
4.20%, due 4/17/28 | 90,000 | 100,505 |
Kroger Co. (The) | ||
2.20%, due 5/1/30 | 650,000 | 647,430 |
Sysco Corp. | ||
3.25%, due 7/15/27 | 305,000 | 324,331 |
Tyson Foods, Inc. | ||
5.10%, due 9/28/48 | 300,000 | 403,481 |
1,475,747 | ||
Forest Products & Paper 0.1% | ||
Fibria Overseas Finance Ltd. | ||
5.50%, due 1/17/27 | 480,000 | 538,205 |
Principal Amount | Value | |
Gas 0.1% | ||
NiSource, Inc. | ||
3.49%, due 5/15/27 | $ 260,000 | $ 279,094 |
Healthcare-Products 0.4% | ||
Abbott Laboratories | ||
3.75%, due 11/30/26 | 175,000 | 193,381 |
4.90%, due 11/30/46 | 275,000 | 375,980 |
Boston Scientific Corp. | ||
4.70%, due 3/1/49 | 225,000 | 284,979 |
Medtronic, Inc. | ||
4.625%, due 3/15/45 | 449,000 | 588,029 |
Stryker Corp. | ||
3.65%, due 3/7/28 | 260,000 | 283,800 |
1,726,169 | ||
Healthcare-Services 0.9% | ||
Aetna, Inc. | ||
6.625%, due 6/15/36 | 260,000 | 368,567 |
Anthem, Inc. | ||
4.375%, due 12/1/47 | 305,000 | 371,568 |
Laboratory Corp. of America Holdings | ||
3.60%, due 2/1/25 | 305,000 | 321,958 |
UnitedHealth Group, Inc. | ||
3.10%, due 3/15/26 | 575,000 | 614,612 |
3.75%, due 7/15/25 | 1,700,000 | 1,843,248 |
4.25%, due 4/15/47 | 300,000 | 367,161 |
3,887,114 | ||
Home Builders 0.1% | ||
PulteGroup, Inc. | ||
5.50%, due 3/1/26 | 210,000 | 238,774 |
Household Products & Wares 0.1% | ||
Clorox Co. (The) | ||
3.90%, due 5/15/28 | 260,000 | 291,351 |
Kimberly-Clark Corp. | ||
2.75%, due 2/15/26 | 260,000 | 274,872 |
566,223 | ||
Housewares 0.0% ‡ | ||
Newell Brands, Inc. | ||
4.35%, due 4/1/23 (b) | 175,000 | 180,250 |
Insurance 0.8% | ||
Allstate Corp. (The) | ||
5.35%, due 6/1/33 | 260,000 | 327,060 |
American International Group, Inc. | ||
6.25%, due 5/1/36 | 350,000 | 485,763 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Insurance (continued) | ||
Berkshire Hathaway Finance Corp. | ||
4.30%, due 5/15/43 | $ 405,000 | $ 484,570 |
Chubb INA Holdings, Inc. | ||
3.35%, due 5/3/26 | 205,000 | 219,786 |
MetLife, Inc. | ||
3.60%, due 11/13/25 | 1,590,000 | 1,714,584 |
Prudential Financial, Inc. | ||
3.935%, due 12/7/49 | 150,000 | 174,971 |
3,406,734 | ||
Internet 0.3% | ||
Alphabet, Inc. | ||
3.375%, due 2/25/24 | 350,000 | 368,766 |
Amazon.com, Inc. | ||
3.875%, due 8/22/37 | 935,000 | 1,098,937 |
1,467,703 | ||
Machinery—Construction & Mining 0.1% | ||
Caterpillar, Inc. | ||
5.30%, due 9/15/35 | 310,000 | 411,742 |
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.90%, due 6/9/42 | 170,000 | 201,840 |
Media 1.9% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 850,000 | 935,942 |
5.75%, due 4/1/48 | 800,000 | 997,647 |
Comcast Corp. | ||
3.30%, due 4/1/27 | 725,000 | 779,247 |
3.40%, due 7/15/46 | 1,415,000 | 1,498,711 |
Discovery Communications LLC | ||
3.95%, due 3/20/28 | 400,000 | 434,717 |
TWDC Enterprises 18 Corp. | ||
2.35%, due 12/1/22 | 560,000 | 567,294 |
ViacomCBS, Inc. | ||
4.95%, due 1/15/31 | 650,000 | 774,319 |
Walt Disney Co. (The) | ||
3.00%, due 9/15/22 | 715,000 | 727,479 |
3.80%, due 3/22/30 | 650,000 | 729,092 |
6.40%, due 12/15/35 | 485,000 | 694,061 |
8,138,509 | ||
Mining 0.2% | ||
Barrick North America Finance LLC | ||
5.70%, due 5/30/41 | 125,000 | 169,880 |
Principal Amount | Value | |
Mining (continued) | ||
BHP Billiton Finance USA Ltd. | ||
3.85%, due 9/30/23 | $ 480,000 | $ 504,575 |
674,455 | ||
Miscellaneous—Manufacturing 0.3% | ||
3M Co. | ||
4.00%, due 9/14/48 | 300,000 | 360,421 |
Eaton Corp. | ||
4.00%, due 11/2/32 | 260,000 | 298,744 |
General Electric Co. | ||
4.125%, due 10/9/42 | 94,000 | 104,731 |
Parker-Hannifin Corp. | ||
3.50%, due 9/15/22 | 290,000 | 295,985 |
4.20%, due 11/21/34 | 90,000 | 102,519 |
1,162,400 | ||
Multi-National 0.2% | ||
International Bank for Reconstruction & Development | ||
3.00%, due 9/27/23 | 900,000 | 935,256 |
Oil & Gas 0.7% | ||
BP Capital Markets America, Inc. | ||
1.749%, due 8/10/30 | 300,000 | 288,480 |
3.588%, due 4/14/27 | 300,000 | 323,969 |
Canadian Natural Resources Ltd. | ||
6.25%, due 3/15/38 | 125,000 | 164,464 |
Chevron Corp. | ||
3.191%, due 6/24/23 | 485,000 | 499,365 |
ConocoPhillips Co. | ||
5.95%, due 3/15/46 | 340,000 | 503,699 |
EOG Resources, Inc. | ||
3.90%, due 4/1/35 | 205,000 | 232,369 |
Exxon Mobil Corp. | ||
4.114%, due 3/1/46 | 465,000 | 542,610 |
Hess Corp. | ||
7.125%, due 3/15/33 | 125,000 | 167,016 |
Shell International Finance BV | ||
3.75%, due 9/12/46 | 310,000 | 348,088 |
3,070,060 | ||
Oil & Gas Services 0.0% ‡ | ||
Halliburton Co. | ||
3.80%, due 11/15/25 | 28,000 | 30,101 |
Pharmaceuticals 2.3% | ||
AbbVie, Inc. | ||
3.20%, due 11/6/22 | 490,000 | 498,282 |
12 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
AbbVie, Inc. (continued) | ||
3.75%, due 11/14/23 | $ 95,000 | $ 99,460 |
3.80%, due 3/15/25 | 175,000 | 186,283 |
4.70%, due 5/14/45 | 530,000 | 657,534 |
4.75%, due 3/15/45 | 100,000 | 124,728 |
Allergan Funding SCS | ||
3.80%, due 3/15/25 | 50,000 | 52,392 |
4.75%, due 3/15/45 | 25,000 | 27,748 |
AstraZeneca plc | ||
6.45%, due 9/15/37 | 490,000 | 720,350 |
Bristol-Myers Squibb Co. | ||
2.75%, due 2/15/23 | 25,000 | 25,567 |
3.40%, due 7/26/29 | 1,480,000 | 1,620,606 |
3.55%, due 8/15/22 | 180,000 | 183,415 |
3.625%, due 5/15/24 | 560,000 | 589,914 |
Cigna Corp. | ||
4.90%, due 12/15/48 | 175,000 | 226,122 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 10,000 | 9,594 |
2.75%, due 12/1/22 | 380,000 | 385,274 |
4.25%, due 4/1/50 | 325,000 | 392,800 |
Eli Lilly and Co. | ||
3.95%, due 3/15/49 | 300,000 | 362,769 |
GlaxoSmithKline Capital, Inc. | ||
3.875%, due 5/15/28 | 305,000 | 341,363 |
Johnson & Johnson | ||
3.55%, due 3/1/36 | 350,000 | 400,363 |
4.95%, due 5/15/33 | 300,000 | 382,781 |
Merck & Co., Inc. | ||
3.70%, due 2/10/45 | 260,000 | 299,222 |
Mylan, Inc. | ||
4.20%, due 11/29/23 | 75,000 | 78,593 |
5.20%, due 4/15/48 | 90,000 | 111,415 |
Novartis Capital Corp. | ||
4.00%, due 11/20/45 | 310,000 | 376,048 |
Pfizer, Inc. | ||
3.00%, due 6/15/23 | 180,000 | 186,272 |
3.20%, due 9/15/23 | 25,000 | 25,973 |
4.00%, due 12/15/36 | 1,165,000 | 1,384,949 |
9,749,817 | ||
Pipelines 1.7% | ||
Enbridge, Inc. | ||
4.50%, due 6/10/44 | 260,000 | 303,601 |
Energy Transfer LP | ||
4.05%, due 3/15/25 | 2,655,000 | 2,812,980 |
Principal Amount | Value | |
Pipelines (continued) | ||
Enterprise Products Operating LLC | ||
3.70%, due 2/15/26 | $ 475,000 | $ 509,493 |
4.80%, due 2/1/49 | 400,000 | 486,804 |
Kinder Morgan Energy Partners LP | ||
5.80%, due 3/15/35 | 305,000 | 382,565 |
Kinder Morgan, Inc. | ||
4.30%, due 6/1/25 | 565,000 | 610,562 |
MPLX LP | ||
4.125%, due 3/1/27 | 855,000 | 935,435 |
Phillips 66 Partners LP | ||
4.68%, due 2/15/45 | 487,000 | 570,950 |
TransCanada PipeLines Ltd. | ||
4.875%, due 1/15/26 | 310,000 | 345,197 |
4.875%, due 5/15/48 | 325,000 | 413,006 |
7,370,593 | ||
Real Estate Investment Trusts 0.3% | ||
American Tower Corp. | ||
5.00%, due 2/15/24 | 170,000 | 182,918 |
AvalonBay Communities, Inc. | ||
2.90%, due 10/15/26 | 205,000 | 216,176 |
ERP Operating LP | ||
3.25%, due 8/1/27 | 260,000 | 277,255 |
Realty Income Corp. | ||
4.65%, due 3/15/47 | 150,000 | 193,863 |
Simon Property Group LP | ||
4.25%, due 11/30/46 | 443,000 | 524,371 |
1,394,583 | ||
Retail 1.2% | ||
Home Depot, Inc. (The) | ||
2.375%, due 3/15/51 | 850,000 | 780,835 |
Lowe's Cos., Inc. | ||
4.05%, due 5/3/47 | 385,000 | 442,918 |
McDonald's Corp. | ||
3.375%, due 5/26/25 | 1,485,000 | 1,578,231 |
Starbucks Corp. | ||
2.55%, due 11/15/30 | 875,000 | 892,369 |
Target Corp. | ||
2.35%, due 2/15/30 | 175,000 | 179,839 |
3.50%, due 7/1/24 | 300,000 | 318,084 |
Walmart, Inc. | ||
2.85%, due 7/8/24 | 250,000 | 261,236 |
3.30%, due 4/22/24 | 90,000 | 94,340 |
4.30%, due 4/22/44 | 625,000 | 792,867 |
5,340,719 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Semiconductors 0.8% | ||
Applied Materials, Inc. | ||
5.10%, due 10/1/35 | $ 260,000 | $ 336,410 |
Broadcom, Inc. | ||
4.15%, due 11/15/30 | 650,000 | 720,887 |
Intel Corp. | ||
3.70%, due 7/29/25 | 1,460,000 | 1,575,393 |
QUALCOMM, Inc. | ||
4.65%, due 5/20/35 | 260,000 | 323,272 |
Texas Instruments, Inc. | ||
2.625%, due 5/15/24 | 350,000 | 363,311 |
3,319,273 | ||
Software 1.0% | ||
Fiserv, Inc. | ||
4.20%, due 10/1/28 | 625,000 | 700,641 |
Microsoft Corp. | ||
2.40%, due 2/6/22 | 10,000 | 10,001 |
2.921%, due 3/17/52 | 455,000 | 483,082 |
3.30%, due 2/6/27 | 390,000 | 424,992 |
Oracle Corp. | ||
2.95%, due 5/15/25 | 1,955,000 | 2,029,975 |
4.00%, due 7/15/46 | 205,000 | 212,774 |
5.375%, due 7/15/40 | 350,000 | 427,389 |
4,288,854 | ||
Telecommunications 1.8% | ||
AT&T, Inc. | ||
2.55%, due 12/1/33 | 1,551,000 | 1,516,943 |
3.55%, due 9/15/55 | 501,000 | 502,818 |
3.60%, due 7/15/25 | 310,000 | 330,910 |
Cisco Systems, Inc. | ||
2.95%, due 2/28/26 | 485,000 | 515,425 |
Deutsche Telekom International Finance BV | ||
8.75%, due 6/15/30 (b) | 260,000 | 377,900 |
Telefonica Emisiones SA | ||
7.045%, due 6/20/36 | 350,000 | 499,334 |
T-Mobile US, Inc. | ||
3.875%, due 4/15/30 | 650,000 | 710,940 |
Verizon Communications, Inc. | ||
4.016%, due 12/3/29 | 565,000 | 633,422 |
5.50%, due 3/16/47 | 725,000 | 1,011,559 |
Vodafone Group plc | ||
4.375%, due 5/30/28 | 1,330,000 | 1,496,497 |
7,595,748 |
Principal Amount | Value | |
Transportation 1.1% | ||
Burlington Northern Santa Fe LLC | ||
3.25%, due 6/15/27 | $ 956,000 | $ 1,028,771 |
Canadian National Railway Co. | ||
6.25%, due 8/1/34 | 260,000 | 357,719 |
CSX Corp. | ||
3.35%, due 9/15/49 | 575,000 | 607,372 |
Norfolk Southern Corp. | ||
3.942%, due 11/1/47 | 341,000 | 394,635 |
Union Pacific Corp. | ||
2.75%, due 3/1/26 | 1,680,000 | 1,759,995 |
United Parcel Service, Inc. | ||
3.40%, due 11/15/46 | 480,000 | 539,471 |
4,687,963 | ||
Total Corporate Bonds (Cost $123,373,054) | 126,013,434 | |
Foreign Government Bonds 3.2% | ||
Canada 0.5% | ||
Province of Ontario Canada | ||
2.50%, due 4/27/26 | 1,120,000 | 1,171,339 |
Province of Quebec Canada | ||
2.50%, due 4/20/26 | 775,000 | 811,897 |
1,983,236 | ||
Japan 0.1% | ||
Japan Bank for International Cooperation | ||
2.875%, due 6/1/27 | 576,000 | 612,993 |
Luxembourg 0.4% | ||
European Investment Bank | ||
2.25%, due 8/15/22 | 1,375,000 | 1,391,863 |
2.375%, due 5/24/27 | 520,000 | 545,570 |
1,937,433 | ||
Mexico 1.0% | ||
Mexico Government Bond | ||
4.125%, due 1/21/26 | 3,830,000 | 4,203,463 |
Norway 0.1% | ||
Equinor ASA | ||
5.10%, due 8/17/40 | 385,000 | 504,621 |
Panama 0.2% | ||
Panama Government Bond | ||
3.75%, due 3/16/25 | 750,000 | 794,257 |
14 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Peru 0.3% | ||
Peruvian Government Bond | ||
7.35%, due 7/21/25 | $ 1,045,000 | $ 1,244,867 |
Philippines 0.4% | ||
Asian Development Bank | ||
2.75%, due 3/17/23 | 900,000 | 923,583 |
Philippine Government Bond | ||
5.00%, due 1/13/37 | 600,000 | 744,664 |
1,668,247 | ||
Republic of Korea 0.2% | ||
Korea Development Bank (The) | ||
3.25%, due 2/19/24 | 650,000 | 680,075 |
Total Foreign Government Bonds (Cost $13,309,133) | 13,629,192 | |
Mortgage-Backed Securities 14.9% | ||
Agency (Collateralized Mortgage Obligations) 13.2% | ||
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K094, Class A2 | ||
2.903%, due 6/25/29 | 4,000,000 | 4,322,921 |
GNMA II, Single Family, 30 Year (c) | ||
2.00%, due 1/15/52 TBA | 6,350,000 | 6,407,329 |
2.50%, due 1/15/52 TBA | 6,300,000 | 6,451,587 |
UMBS, Single Family, 15 Year (c) | ||
1.50%, due 1/25/37 TBA | 3,500,000 | 3,509,366 |
2.00%, due 1/25/37 TBA | 3,950,000 | 4,044,508 |
UMBS, Single Family, 30 Year (c) | ||
2.00%, due 1/25/52 TBA | 17,350,000 | 15,302,704 |
2.50%, due 1/25/52 TBA | 13,500,000 | 13,773,229 |
3.00%, due 1/25/52 TBA | 3,100,000 | 3,211,486 |
57,023,130 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.7% | ||
BANK | ||
Series 2018-BN14, Class A3 | ||
3.966%, due 9/15/60 | 800,000 | 880,317 |
Benchmark Mortgage Trust | ||
Series 2018-B1, Class A2 | ||
3.571%, due 1/15/51 | 98,176 | 99,715 |
Series 2018-B1, Class A5 | ||
3.666%, due 1/15/51 (d) | 800,000 | 870,115 |
Series 2018-B6, Class A3 | ||
3.995%, due 10/10/51 | 900,000 | 996,636 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
CFCRE Commercial Mortgage Trust | ||
Series 2016-C6, Class A3 | ||
3.217%, due 11/10/49 (d) | $ 300,000 | $ 315,622 |
Series 2017-C8, Class A3 | ||
3.305%, due 6/15/50 | 180,518 | 187,317 |
Citigroup Commercial Mortgage Trust | ||
Series 2017-P8, Class A4 | ||
3.465%, due 9/15/50 | 300,000 | 322,044 |
Series 2015-GC35, Class A4 | ||
3.818%, due 11/10/48 | 300,000 | 321,574 |
CSAIL Commercial Mortgage Trust | ||
Series 2017-CX9, Class A5 | ||
3.446%, due 9/15/50 | 300,000 | 320,629 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A4 | ||
2.85%, due 10/10/49 | 300,000 | 312,310 |
Series 2014-GC22, Class A5 | ||
3.862%, due 6/10/47 | 300,000 | 315,513 |
Series 2018-GS9, Class A4 | ||
3.992%, due 3/10/51 (d) | 800,000 | 887,713 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2013-C7, Class A4 | ||
2.918%, due 2/15/46 | 300,000 | 303,715 |
Morgan Stanley Capital I Trust | ||
Series 2018-H3, Class A4 | ||
3.914%, due 7/15/51 | 500,000 | 547,641 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-SG1, Class A4 | ||
3.789%, due 9/15/48 | 296,023 | 311,606 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C8, Class A3 | ||
3.001%, due 8/15/45 | 174,754 | 175,574 |
7,168,041 | ||
Total Mortgage-Backed Securities (Cost $63,887,024) | 64,191,171 | |
U.S. Government & Federal Agencies 51.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 5.2% | ||
FFCB | ||
0.68%, due 1/13/27 | 1,125,000 | 1,089,351 |
FHLB | ||
3.25%, due 11/16/28 | 2,200,000 | 2,457,733 |
FHLMC | ||
2.375%, due 1/13/22 | 500,000 | 500,325 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 15 Year | ||
2.50%, due 10/1/31 | $ 49,982 | $ 52,309 |
2.50%, due 2/1/32 | 186,672 | 193,958 |
2.50%, due 2/1/33 | 181,131 | 188,177 |
2.50%, due 4/1/33 | 255,990 | 265,306 |
2.50%, due 6/1/33 | 36,932 | 38,273 |
2.50%, due 7/1/33 | 92,080 | 95,652 |
3.00%, due 9/1/27 | 104,693 | 109,794 |
3.00%, due 4/1/32 | 116,450 | 122,498 |
3.00%, due 6/1/32 | 29,490 | 30,984 |
3.00%, due 9/1/32 | 14,730 | 15,486 |
3.00%, due 10/1/32 | 65,042 | 68,379 |
3.00%, due 5/1/33 | 82,757 | 86,988 |
3.00%, due 9/1/33 | 65,525 | 68,784 |
3.50%, due 12/1/25 | 20,316 | 21,397 |
3.50%, due 5/1/33 | 69,086 | 73,045 |
3.50%, due 9/1/33 | 20,118 | 21,241 |
FHLMC Gold Pools, 20 Year | ||
3.00%, due 9/1/36 | 99,815 | 105,901 |
3.00%, due 11/1/37 | 51,662 | 54,179 |
3.00%, due 12/1/37 | 90,165 | 94,560 |
3.50%, due 2/1/37 | 90,331 | 96,627 |
3.50%, due 1/1/38 | 92,130 | 98,229 |
4.50%, due 5/1/38 | 59,445 | 64,787 |
5.50%, due 1/1/29 | 24,775 | 27,098 |
FHLMC Gold Pools, 30 Year | ||
3.00%, due 9/1/46 | 422,951 | 444,181 |
3.00%, due 12/1/46 | 27,966 | 29,215 |
3.00%, due 2/1/47 | 36,338 | 38,362 |
3.00%, due 3/1/47 | 162,314 | 170,116 |
3.00%, due 4/1/47 | 45,828 | 47,934 |
3.00%, due 1/1/48 | 300,358 | 313,215 |
3.00%, due 2/1/48 | 178,651 | 186,183 |
3.00%, due 3/1/48 | 161,941 | 168,688 |
3.00%, due 4/1/48 | 489,502 | 518,527 |
3.00%, due 6/1/48 | 286,017 | 297,743 |
3.50%, due 6/1/43 | 124,489 | 134,505 |
3.50%, due 9/1/44 | 100,096 | 107,817 |
3.50%, due 8/1/45 | 158,737 | 169,515 |
3.50%, due 8/1/46 | 220,794 | 236,744 |
3.50%, due 8/1/47 | 20,253 | 21,508 |
3.50%, due 9/1/47 | 49,686 | 52,685 |
3.50%, due 11/1/47 | 107,517 | 113,934 |
3.50%, due 12/1/47 | 227,238 | 241,012 |
3.50%, due 1/1/48 | 22,628 | 23,992 |
3.50%, due 3/1/48 | 309,811 | 327,859 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 30 Year (continued) | ||
3.50%, due 5/1/48 | $ 99,914 | $ 105,506 |
3.50%, due 6/1/48 | 117,720 | 124,081 |
3.50%, due 8/1/48 | 126,381 | 133,374 |
3.50%, due 9/1/48 | 131,179 | 138,577 |
3.50%, due 11/1/48 | 47,204 | 49,793 |
3.50%, due 12/1/48 | 124,951 | 132,163 |
4.00%, due 4/1/46 | 200,469 | 217,167 |
4.00%, due 5/1/46 | 62,018 | 67,156 |
4.00%, due 4/1/47 | 45,283 | 48,554 |
4.00%, due 6/1/47 | 114,174 | 122,530 |
4.00%, due 8/1/47 | 231,568 | 248,714 |
4.00%, due 10/1/47 | 54,107 | 57,670 |
4.00%, due 12/1/47 | 140,748 | 150,629 |
4.00%, due 1/1/48 | 45,227 | 48,491 |
4.00%, due 5/1/48 | 61,240 | 65,483 |
4.00%, due 9/1/48 | 230,292 | 244,871 |
4.00%, due 12/1/48 | 127,454 | 135,579 |
4.50%, due 9/1/46 | 12,401 | 13,435 |
4.50%, due 9/1/46 | 31,633 | 34,311 |
4.50%, due 10/1/46 | 96,838 | 105,011 |
4.50%, due 2/1/47 | 21,462 | 23,230 |
4.50%, due 11/1/47 | 25,430 | 27,460 |
4.50%, due 2/1/48 | 48,725 | 52,549 |
4.50%, due 4/1/48 | 59,436 | 64,024 |
4.50%, due 6/1/48 | 33,825 | 36,383 |
4.50%, due 7/1/48 | 126,442 | 135,744 |
4.50%, due 8/1/48 | 123,972 | 133,033 |
5.00%, due 9/1/38 | 42,285 | 47,915 |
5.00%, due 11/1/41 | 64,586 | 73,149 |
5.00%, due 3/1/47 | 124,180 | 137,043 |
5.00%, due 9/1/48 | 215,385 | 235,518 |
5.00%, due 1/1/49 | 84,300 | 92,501 |
5.50%, due 7/1/38 | 66,063 | 75,647 |
FNMA | ||
0.65%, due 12/10/25 | 2,000,000 | 1,954,086 |
1.375%, due 9/6/22 | 725,000 | 730,454 |
1.875%, due 4/5/22 | 300,000 | 301,212 |
UMBS, 15 Year | ||
2.50%, due 9/1/34 | 441,135 | 456,817 |
2.50%, due 10/1/34 | 454,347 | 470,529 |
2.50%, due 3/1/35 | 907,354 | 937,941 |
UMBS, 30 Year | ||
2.50%, due 5/1/50 | 2,432,143 | 2,500,227 |
3.50%, due 12/1/47 | 1,545,781 | 1,635,218 |
4.50%, due 1/1/49 | 163,517 | 175,007 |
22,223,578 |
16 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 7.8% | ||
UMBS, 10 Year | ||
3.00%, due 4/1/25 | $ 27,277 | $ 28,510 |
3.50%, due 3/1/22 | 1,199 | 1,261 |
UMBS, 15 Year | ||
2.50%, due 10/1/27 | 112,350 | 116,613 |
2.50%, due 4/1/30 | 97,640 | 101,315 |
2.50%, due 10/1/31 | 152,822 | 158,727 |
2.50%, due 2/1/32 | 153,358 | 159,292 |
2.50%, due 2/1/32 | 160,770 | 166,983 |
2.50%, due 8/1/32 | 391,091 | 409,132 |
2.50%, due 3/1/33 | 226,374 | 236,891 |
2.50%, due 6/1/33 | 132,633 | 137,725 |
3.00%, due 11/1/31 | 107,568 | 113,060 |
3.00%, due 1/1/32 | 110,920 | 116,492 |
3.00%, due 6/1/32 | 81,895 | 86,052 |
3.00%, due 1/1/33 | 123,436 | 129,794 |
3.00%, due 2/1/33 | 160,577 | 170,341 |
3.00%, due 4/1/33 | 152,641 | 160,479 |
3.00%, due 5/1/33 | 210,099 | 220,669 |
3.00%, due 9/1/33 | 24,566 | 25,744 |
3.00%, due 9/1/34 | 643,556 | 675,400 |
3.50%, due 5/1/26 | 23,645 | 24,910 |
3.50%, due 11/1/31 | 28,530 | 30,001 |
3.50%, due 5/1/33 | 68,762 | 72,739 |
3.50%, due 6/1/33 | 86,295 | 91,231 |
3.50%, due 7/1/33 | 41,683 | 44,037 |
3.50%, due 9/1/33 | 50,268 | 53,143 |
4.00%, due 5/1/24 | 30,222 | 31,707 |
4.00%, due 11/1/29 | 86,190 | 90,466 |
UMBS, 20 Year | ||
3.00%, due 2/1/37 | 141,495 | 149,867 |
3.00%, due 1/1/38 | 273,899 | 286,814 |
4.00%, due 2/1/37 | 26,688 | 28,916 |
4.00%, due 8/1/38 | 161,349 | 172,405 |
5.00%, due 8/1/31 | 73,854 | 80,629 |
5.50%, due 8/1/27 | 40,643 | 44,482 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,778,958 | 1,775,056 |
2.00%, due 9/1/50 | 2,392,146 | 2,386,900 |
2.00%, due 10/1/50 | 2,268,372 | 2,271,512 |
2.00%, due 1/1/51 | 3,191,980 | 3,190,881 |
2.00%, due 12/1/51 (e) | 2,000,000 | 2,003,768 |
2.50%, due 4/1/46 | 26,745 | 27,378 |
2.50%, due 10/1/46 | 120,847 | 124,005 |
3.00%, due 9/1/42 | 562,845 | 594,304 |
3.00%, due 3/1/43 | 1,653,361 | 1,739,546 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 12/1/43 | $ 661,559 | $ 697,300 |
3.00%, due 10/1/44 | 426,127 | 449,356 |
3.00%, due 10/1/46 | 68,421 | 71,528 |
3.00%, due 12/1/46 | 712,681 | 750,571 |
3.00%, due 2/1/47 | 114,549 | 120,132 |
3.00%, due 8/1/47 | 591,971 | 625,565 |
3.00%, due 10/1/47 | 504,247 | 532,317 |
3.00%, due 11/1/47 | 85,691 | 89,491 |
3.00%, due 6/1/48 | 64,253 | 66,811 |
3.00%, due 9/1/49 | 693,412 | 718,576 |
3.50%, due 5/1/45 | 503,217 | 543,467 |
3.50%, due 9/1/45 | 41,807 | 44,627 |
3.50%, due 12/1/45 | 106,100 | 113,235 |
3.50%, due 12/1/45 | 244,433 | 263,768 |
3.50%, due 1/1/46 | 179,413 | 193,742 |
3.50%, due 1/1/46 | 147,554 | 158,181 |
3.50%, due 4/1/46 | 63,859 | 68,345 |
3.50%, due 9/1/46 | 319,318 | 343,780 |
3.50%, due 10/1/46 | 135,096 | 143,914 |
3.50%, due 10/1/46 | 58,051 | 61,746 |
3.50%, due 1/1/47 | 111,250 | 118,775 |
3.50%, due 7/1/47 | 23,542 | 25,015 |
3.50%, due 7/1/47 | 133,834 | 144,229 |
3.50%, due 10/1/47 | 84,335 | 89,419 |
3.50%, due 11/1/47 | 268,954 | 285,062 |
3.50%, due 11/1/47 | 116,025 | 123,054 |
3.50%, due 11/1/47 | 319,944 | 339,248 |
3.50%, due 12/1/47 | 22,811 | 24,184 |
3.50%, due 8/1/48 | 153,799 | 162,203 |
3.50%, due 9/1/48 | 188,451 | 199,064 |
3.50%, due 2/1/49 | 359,896 | 379,288 |
3.50%, due 6/1/49 | 741,169 | 781,752 |
4.00%, due 8/1/44 | 156,267 | 171,546 |
4.00%, due 2/1/45 | 129,472 | 141,452 |
4.00%, due 9/1/45 | 22,825 | 24,764 |
4.00%, due 5/1/46 | 103,468 | 112,199 |
4.00%, due 9/1/46 | 43,076 | 46,821 |
4.00%, due 9/1/46 | 50,143 | 54,020 |
4.00%, due 2/1/47 | 19,239 | 20,823 |
4.00%, due 4/1/47 | 9,230 | 9,916 |
4.00%, due 5/1/47 | 69,271 | 74,468 |
4.00%, due 5/1/47 | 54,610 | 58,605 |
4.00%, due 6/1/47 | 211,466 | 226,274 |
4.00%, due 10/1/47 | 22,821 | 24,483 |
4.00%, due 11/1/47 | 22,770 | 24,395 |
4.00%, due 12/1/47 | 56,735 | 60,434 |
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 1/1/48 | $ 126,907 | $ 135,671 |
4.00%, due 1/1/48 | 24,271 | 26,058 |
4.00%, due 1/1/48 | 142,792 | 152,248 |
4.00%, due 2/1/48 | 68,699 | 73,323 |
4.00%, due 6/1/48 | 281,651 | 300,155 |
4.00%, due 7/1/48 | 167,966 | 178,818 |
4.00%, due 7/1/48 | 65,464 | 69,626 |
4.00%, due 7/1/48 | 267,472 | 284,639 |
4.00%, due 8/1/48 | 43,167 | 45,890 |
4.00%, due 9/1/48 | 169,676 | 180,668 |
4.00%, due 9/1/48 | 41,725 | 44,421 |
4.00%, due 10/1/48 | 29,581 | 31,472 |
4.00%, due 11/1/48 | 75,430 | 80,263 |
4.00%, due 1/1/49 | 62,985 | 66,972 |
4.00%, due 9/1/49 | 1,076,416 | 1,144,312 |
4.50%, due 7/1/46 | 24,848 | 26,922 |
4.50%, due 12/1/46 | 33,909 | 36,921 |
4.50%, due 4/1/47 | 262,092 | 283,479 |
4.50%, due 5/1/47 | 10,706 | 11,569 |
4.50%, due 7/1/47 | 150,173 | 161,031 |
4.50%, due 7/1/47 | 46,688 | 50,648 |
4.50%, due 8/1/47 | 4,770 | 5,141 |
4.50%, due 2/1/48 | 164,324 | 176,715 |
4.50%, due 4/1/48 | 27,719 | 29,845 |
4.50%, due 4/1/48 | 13,769 | 14,821 |
4.50%, due 4/1/48 | 39,667 | 42,739 |
4.50%, due 5/1/48 | 92,414 | 99,254 |
4.50%, due 6/1/48 | 56,947 | 60,984 |
4.50%, due 8/1/48 | 105,226 | 112,700 |
4.50%, due 10/1/48 | 37,681 | 40,442 |
4.50%, due 9/1/49 | 516,312 | 553,541 |
5.00%, due 6/1/39 | 98,779 | 111,757 |
5.00%, due 6/1/40 | 23,296 | 26,424 |
5.00%, due 7/1/47 | 56,489 | 61,972 |
5.00%, due 1/1/48 | 108,140 | 118,417 |
5.00%, due 4/1/48 | 27,855 | 30,455 |
5.00%, due 5/1/48 | 60,002 | 65,411 |
5.00%, due 9/1/48 | 51,673 | 56,614 |
5.50%, due 6/1/36 | 47,078 | 53,222 |
5.50%, due 5/1/44 | 68,000 | 77,306 |
5.50%, due 9/1/48 | 165,928 | 181,990 |
33,611,978 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) 3.0% | ||
GNMA I, 30 Year | ||
3.00%, due 6/15/45 | $ 18,710 | $ 19,468 |
3.00%, due 10/15/45 | 9,068 | 9,354 |
3.00%, due 5/15/48 | 62,392 | 64,929 |
3.50%, due 3/15/45 | 9,630 | 10,230 |
3.50%, due 4/15/45 | 16,977 | 17,960 |
3.50%, due 5/15/48 | 33,876 | 35,423 |
4.00%, due 8/15/46 | 42,338 | 45,757 |
4.00%, due 11/15/47 | 56,884 | 60,774 |
4.00%, due 7/15/49 | 86,922 | 92,599 |
4.50%, due 8/15/46 | 50,844 | 56,420 |
4.50%, due 2/15/47 | 5,385 | 6,010 |
4.50%, due 4/15/47 | 34,584 | 38,255 |
4.50%, due 8/15/47 | 189,068 | 212,715 |
4.50%, due 8/15/47 | 157,992 | 174,763 |
5.00%, due 4/15/47 | 28,952 | 32,809 |
5.00%, due 12/15/47 | 19,109 | 21,496 |
GNMA II, 30 Year | ||
2.50%, due 4/20/47 | 42,296 | 43,501 |
3.00%, due 11/20/45 | 335,596 | 350,297 |
3.00%, due 8/20/46 | 115,750 | 120,822 |
3.00%, due 9/20/46 | 62,336 | 65,070 |
3.00%, due 10/20/46 | 390,050 | 407,158 |
3.00%, due 1/20/47 | 449,976 | 469,690 |
3.00%, due 5/20/47 | 78,116 | 81,337 |
3.00%, due 12/20/47 | 235,080 | 244,159 |
3.00%, due 2/20/48 | 260,970 | 271,043 |
3.00%, due 3/20/48 | 309,477 | 321,263 |
3.00%, due 2/20/50 | 2,216,249 | 2,294,988 |
3.50%, due 11/20/42 | 151,895 | 159,997 |
3.50%, due 9/20/44 | 191,169 | 203,230 |
3.50%, due 7/20/45 | 470,413 | 499,459 |
3.50%, due 11/20/45 | 214,916 | 227,732 |
3.50%, due 7/20/46 | 22,857 | 24,073 |
3.50%, due 10/20/46 | 24,284 | 25,595 |
3.50%, due 11/20/46 | 297,496 | 312,906 |
3.50%, due 1/20/47 | 331,721 | 349,027 |
3.50%, due 5/20/47 | 242,459 | 254,701 |
3.50%, due 9/20/47 | 247,786 | 260,995 |
3.50%, due 10/20/47 | 443,526 | 467,952 |
3.50%, due 12/20/47 | 219,908 | 230,919 |
3.50%, due 7/20/48 | 119,172 | 124,882 |
3.50%, due 9/20/48 | 127,141 | 133,355 |
3.50%, due 10/20/48 | 127,436 | 133,569 |
3.50%, due 4/20/49 | 661,797 | 689,737 |
3.50%, due 7/20/49 | 756,186 | 788,186 |
4.00%, due 12/20/46 | 20,532 | 21,827 |
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 II, 30 Year (continued) | ||
4.00%, due 1/20/47 | $ 157,368 | $ 167,812 |
4.00%, due 2/20/47 | 38,148 | 40,459 |
4.00%, due 3/20/47 | 28,364 | 30,241 |
4.00%, due 4/20/47 | 62,663 | 66,809 |
4.00%, due 5/20/47 | 51,742 | 55,174 |
4.00%, due 7/20/47 | 20,590 | 21,943 |
4.00%, due 11/20/47 | 255,694 | 272,491 |
4.00%, due 12/20/47 | 55,272 | 58,902 |
4.00%, due 4/20/48 | 192,900 | 204,819 |
4.00%, due 5/20/48 | 85,690 | 90,883 |
4.00%, due 6/20/48 | 35,417 | 37,438 |
4.00%, due 8/20/48 | 240,404 | 254,185 |
4.00%, due 9/20/48 | 126,966 | 134,437 |
4.00%, due 3/20/49 | 32,818 | 34,747 |
4.50%, due 8/20/46 | 70,312 | 77,365 |
4.50%, due 4/20/47 | 59,240 | 63,797 |
4.50%, due 11/20/47 | 54,405 | 58,231 |
4.50%, due 1/20/48 | 132,498 | 141,982 |
4.50%, due 3/20/48 | 53,434 | 57,164 |
4.50%, due 5/20/48 | 45,318 | 48,197 |
4.50%, due 6/20/48 | 74,845 | 79,598 |
4.50%, due 8/20/48 | 144,496 | 153,020 |
5.00%, due 8/20/45 | 84,917 | 94,559 |
5.00%, due 11/20/46 | 51,950 | 58,684 |
5.00%, due 11/20/47 | 53,588 | 58,081 |
5.00%, due 3/20/48 | 33,111 | 36,026 |
5.00%, due 6/20/48 | 70,110 | 74,976 |
12,948,452 | ||
United States Treasury Bonds 4.4% | ||
U.S. Treasury Bonds | ||
1.25%, due 5/15/50 | 175,000 | 148,607 |
1.375%, due 8/15/50 | 150,000 | 131,397 |
1.625%, due 11/15/50 | 5,185,000 | 4,830,759 |
2.25%, due 8/15/49 | 475,000 | 508,380 |
2.375%, due 11/15/49 | 185,000 | 203,225 |
2.75%, due 8/15/47 | 235,000 | 273,463 |
2.75%, due 11/15/47 | 300,000 | 349,266 |
2.875%, due 11/15/46 | 140,000 | 165,588 |
2.875%, due 5/15/49 | 800,000 | 963,688 |
3.00%, due 2/15/47 | 815,000 | 986,277 |
3.00%, due 5/15/47 | 575,000 | 697,906 |
3.00%, due 2/15/48 | 1,950,000 | 2,380,066 |
3.00%, due 8/15/48 | 1,290,000 | 1,578,486 |
3.00%, due 2/15/49 | 845,000 | 1,038,888 |
Principal Amount | Value | |
United States Treasury Bonds (continued) | ||
U.S. Treasury Bonds (continued) | ||
3.125%, due 5/15/48 | $ 2,900,000 | $ 3,624,320 |
3.375%, due 11/15/48 | 550,000 | 719,619 |
3.625%, due 2/15/44 | 150,000 | 195,205 |
4.625%, due 2/15/40 | 200,000 | 287,258 |
19,082,398 | ||
United States Treasury Notes 30.7% | ||
U.S. Treasury Notes | ||
0.125%, due 5/15/23 | 9,500,000 | 9,445,449 |
0.125%, due 5/31/23 | 1,500,000 | 1,490,684 |
0.125%, due 6/30/23 | 800,000 | 794,594 |
0.125%, due 7/15/23 | 6,300,000 | 6,254,473 |
0.125%, due 7/31/23 | 700,000 | 694,504 |
0.125%, due 8/15/23 | 4,000,000 | 3,967,344 |
0.125%, due 8/31/23 | 3,500,000 | 3,469,238 |
0.125%, due 9/15/23 | 2,250,000 | 2,229,434 |
0.125%, due 10/15/23 | 3,000,000 | 2,970,000 |
0.125%, due 12/15/23 | 1,500,000 | 1,482,773 |
0.125%, due 1/15/24 | 700,000 | 691,168 |
0.125%, due 2/15/24 | 400,000 | 394,781 |
0.25%, due 6/15/23 | 5,450,000 | 5,424,666 |
0.25%, due 9/30/23 | 2,000,000 | 1,985,938 |
0.25%, due 11/15/23 | 3,000,000 | 2,975,273 |
0.25%, due 3/15/24 | 1,400,000 | 1,383,266 |
0.25%, due 5/15/24 | 1,300,000 | 1,282,277 |
0.25%, due 6/15/24 | 300,000 | 295,582 |
0.25%, due 5/31/25 | 1,850,000 | 1,799,559 |
0.25%, due 6/30/25 | 700,000 | 680,066 |
0.25%, due 8/31/25 | 950,000 | 920,275 |
0.375%, due 10/31/23 | 1,500,000 | 1,491,152 |
0.375%, due 4/15/24 | 1,000,000 | 989,961 |
0.375%, due 7/15/24 | 400,000 | 395,063 |
0.375%, due 8/15/24 | 1,250,000 | 1,233,496 |
0.375%, due 9/15/24 | 1,700,000 | 1,675,961 |
0.375%, due 4/30/25 | 2,025,000 | 1,980,070 |
0.375%, due 7/31/27 | 975,000 | 926,060 |
0.50%, due 11/30/23 | 500,000 | 498,086 |
0.50%, due 4/30/27 | 500,000 | 479,609 |
0.50%, due 6/30/27 | 1,150,000 | 1,100,406 |
0.50%, due 8/31/27 | 2,500,000 | 2,385,449 |
0.625%, due 10/15/24 | 1,000,000 | 991,875 |
0.625%, due 7/31/26 | 1,500,000 | 1,458,574 |
0.625%, due 12/31/27 | 450,000 | 430,576 |
0.625%, due 5/15/30 | 175,000 | 163,625 |
0.625%, due 8/15/30 | 250,000 | 233,145 |
0.75%, due 12/31/23 | 1,000,000 | 1,000,195 |
0.75%, due 11/15/24 | 2,125,000 | 2,113,047 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
0.875%, due 11/15/30 | $ 200,000 | $ 190,148 |
1.00%, due 12/15/24 | 3,000,000 | 3,003,281 |
1.00%, due 7/31/28 | 525,000 | 511,116 |
1.125%, due 2/29/28 | 400,000 | 394,188 |
1.125%, due 8/31/28 | 1,330,000 | 1,304,231 |
1.125%, due 2/15/31 | 250,000 | 242,627 |
1.25%, due 12/31/26 | 1,275,000 | 1,273,606 |
1.25%, due 3/31/28 | 200,000 | 198,219 |
1.25%, due 4/30/28 | 475,000 | 470,677 |
1.25%, due 5/31/28 | 3,900,000 | 3,861,457 |
1.25%, due 6/30/28 | 1,200,000 | 1,187,719 |
1.25%, due 9/30/28 | 685,000 | 676,946 |
1.25%, due 8/15/31 | 855,000 | 835,896 |
1.375%, due 10/31/28 | 1,950,000 | 1,942,078 |
1.375%, due 12/31/28 | 3,300,000 | 3,285,047 |
1.375%, due 11/15/31 | 2,700,000 | 2,665,828 |
1.50%, due 10/31/24 | 1,100,000 | 1,117,231 |
1.625%, due 8/15/29 | 1,050,000 | 1,065,217 |
1.625%, due 5/15/31 | 1,275,000 | 1,291,137 |
1.75%, due 6/30/24 | 2,875,000 | 2,937,666 |
1.75%, due 7/31/24 | 2,100,000 | 2,147,004 |
1.875%, due 8/31/24 | 650,000 | 666,529 |
2.00%, due 4/30/24 | 4,035,000 | 4,144,386 |
2.00%, due 5/31/24 | 1,400,000 | 1,438,445 |
2.125%, due 7/31/24 | 150,000 | 154,764 |
2.375%, due 5/15/29 | 825,000 | 879,302 |
2.50%, due 3/31/23 | 100,000 | 102,465 |
2.625%, due 6/30/23 | 1,900,000 | 1,957,520 |
2.625%, due 12/31/23 | 150,000 | 155,584 |
2.75%, due 5/31/23 | 1,700,000 | 1,752,461 |
2.75%, due 7/31/23 | 4,675,000 | 4,831,868 |
2.75%, due 8/31/23 | 8,300,000 | 8,584,664 |
2.75%, due 6/30/25 | 275,000 | 290,694 |
2.875%, due 9/30/23 | 2,875,000 | 2,984,609 |
2.875%, due 10/31/23 | 2,300,000 | 2,390,652 |
2.875%, due 11/30/23 | 600,000 | 624,563 |
2.875%, due 5/31/25 | 300,000 | 318,082 |
132,055,601 | ||
Total U.S. Government & Federal Agencies (Cost $215,813,267) | 219,922,007 | |
Total Long-Term Bonds (Cost $416,429,945) | 423,803,381 | |
Shares | Value | ||
Exchange-Traded Fund 0.3% | |||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 10,591 | $ 1,403,519 | |
Total Exchange-Traded Fund (Cost $1,405,108) | 1,403,519 | ||
Short-Term Investment 9.4% | |||
Unaffiliated Investment Company 9.4% | |||
J.P. Morgan U.S. Government Money Market Fund, 0.026% (f) | 40,363,697 | 40,363,697 | |
Total Short-Term Investment (Cost $40,363,697) | 40,363,697 | ||
Total Investments (Cost $458,198,750) | 108.2% | 465,570,597 | |
Other Assets, Less Liabilities | (8.2) | (35,352,171) | |
Net Assets | 100.0% | $ 430,218,426 |
† | 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 December 31, 2021. |
(b) | Step coupon—Rate shown was the rate in effect as of December 31, 2021. |
(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 December 31, 2021, the total net market value was $52,700,209, which represented 12.3% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(d) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2021. |
(e) | Delayed delivery security. |
(f) | Current yield as of December 31, 2021. |
20 | MainStay VP Indexed Bond Portfolio |
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 | 50 | March 2022 | $ 6,064,537 | $ 6,048,828 | $ (15,709) |
U.S. Treasury 10 Year Notes | 43 | March 2022 | 5,601,162 | 5,610,156 | 8,994 |
U.S. Treasury 10 Year Ultra Bonds | 52 | March 2022 | 7,574,623 | 7,614,750 | 40,127 |
U.S. Treasury Long Bonds | 131 | March 2022 | 21,001,176 | 21,017,313 | 16,137 |
U.S. Treasury Ultra Bonds | 27 | March 2022 | 5,288,494 | 5,322,375 | 33,881 |
Total Long Contracts | 83,430 | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (142) | March 2022 | (31,078,166) | (30,980,406) | 97,760 |
Net Unrealized Appreciation | $ 181,190 |
1. | As of December 31, 2021, cash in the amount of $854,400 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 December 31, 2021. |
Abbreviation(s): |
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 |
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 Security | $ — | $ 47,577 | $ — | $ 47,577 | |||
Corporate Bonds | — | 126,013,434 | — | 126,013,434 | |||
Foreign Government Bonds | — | 13,629,192 | — | 13,629,192 | |||
Mortgage-Backed Securities | — | 64,191,171 | — | 64,191,171 | |||
U.S. Government & Federal Agencies | — | 219,922,007 | — | 219,922,007 | |||
Total Long-Term Bonds | — | 423,803,381 | — | 423,803,381 | |||
Exchange-Traded Fund | 1,403,519 | — | — | 1,403,519 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 40,363,697 | — | — | 40,363,697 | |||
Total Investments in Securities | 41,767,216 | 423,803,381 | — | 465,570,597 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 196,899 | — | — | 196,899 | |||
Total Investments in Securities and Other Financial Instruments | $ 41,964,115 | $ 423,803,381 | $ — | $ 465,767,496 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (15,709) | $ — | $ — | $ (15,709) |
(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 $458,198,750) | $465,570,597 |
Cash | 17,118,235 |
Cash collateral on deposit at broker for futures contracts | 854,400 |
Receivables: | |
Investment securities sold | 4,625,415 |
Interest | 1,825,327 |
Variation margin on futures contracts | 139,886 |
Other assets | 4,975 |
Total assets | 490,138,835 |
Liabilities | |
Payables: | |
Investment securities purchased | 59,698,049 |
Manager (See Note 3) | 93,331 |
Professional fees | 49,791 |
Shareholder communication | 41,484 |
Custodian | 16,258 |
Trustees | 3,256 |
Accrued expenses | 18,240 |
Total liabilities | 59,920,409 |
Net assets | $430,218,426 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 41,779 |
Additional paid-in-capital | 413,868,080 |
413,909,859 | |
Total distributable earnings (loss) | 16,308,567 |
Net assets | $430,218,426 |
Initial Class | |
Net assets applicable to outstanding shares | $430,218,426 |
Shares of beneficial interest outstanding | 41,778,586 |
Net asset value per share outstanding | $ 10.30 |
Investment Income (Loss) | |
Income | |
Interest | $ 8,275,680 |
Dividends | 54,589 |
Other | 7,909 |
Total income | 8,338,178 |
Expenses | |
Manager (See Note 3) | 1,334,689 |
Professional fees | 94,041 |
Custodian | 57,945 |
Shareholder communication | 44,515 |
Trustees | 14,561 |
Miscellaneous | 41,991 |
Total expenses | 1,587,742 |
Net investment income (loss) | 6,750,436 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 7,398,786 |
Futures transactions | (3,385,263) |
Net realized gain (loss) | 4,013,523 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (25,498,841) |
Futures contracts | 475,903 |
Net change in unrealized appreciation (depreciation) | (25,022,938) |
Net realized and unrealized gain (loss) | (21,009,415) |
Net increase (decrease) in net assets resulting from operations | $(14,258,979) |
24 | MainStay VP Indexed Bond Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 6,750,436 | $ 11,825,564 |
Net realized gain (loss) | 4,013,523 | 17,704,592 |
Net change in unrealized appreciation (depreciation) | (25,022,938) | 15,176,885 |
Net increase (decrease) in net assets resulting from operations | (14,258,979) | 44,707,041 |
Distributions to shareholders: | ||
Initial Class | (30,024,681) | (10,704,315) |
Service Class (a) | — | (2,561,185) |
— | (13,265,500) | |
Total distributions to shareholders | (30,024,681) | (13,265,500) |
Capital share transactions: | ||
Net proceeds from sales of shares | 12,804,844 | 583,487,098 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 30,024,681 | 13,265,500 |
Cost of shares redeemed | (325,959,338) | (409,275,329) |
Increase (decrease) in net assets derived from capital share transactions | (283,129,813) | 187,477,269 |
Net increase (decrease) in net assets | (327,413,473) | 218,918,810 |
Net Assets | ||
Beginning of year | 757,631,899 | 538,713,089 |
End of year | $ 430,218,426 | $ 757,631,899 |
(a) | Service Class liquidated on November 22, 2020. |
Year Ended December 31, | May 1, 2017^ through December 31, 2017 | ||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | |||||
Net asset value at beginning of year | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | $ 10.00 | ||||
Net investment income (loss) (a) | 0.14 | 0.18 | 0.27 | 0.26 | 0.13 | ||||
Net realized and unrealized gain (loss) | (0.36) | 0.60 | 0.55 | (0.33) | 0.01 | ||||
Total from investment operations | (0.22) | 0.78 | 0.82 | (0.07) | 0.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.13) | — | (0.17) | (0.10) | ||||
From net realized gain on investments | (0.42) | (0.02) | — | — | (0.00)‡ | ||||
Total distributions | (0.73) | (0.15) | — | (0.17) | (0.10) | ||||
Net asset value at end of year | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | ||||
Total investment return (b) | (1.95)% | 7.40% | 8.37%(c) | (0.67)% | 1.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.26% | 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) | 239% | 191% | 65% | 143% | 104%(f) | ||||
Net assets at end of year (in 000's) | $ 430,218 | $ 757,632 | $ 422,163 | $ 362,545 | $ 140,759 |
^ | Inception date. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the year. |
(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 55%, 138%, 57%, 104% and 59% for the years ended December 31, 2021, 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 |
• | 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) | $196,899 | $196,899 |
Total Fair Value | $196,899 | $196,899 |
(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) | $(15,709) | $(15,709) |
Total Fair Value | $(15,709) | $(15,709) |
(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 | $(3,385,263) | $(3,385,263) |
Total Net Realized Gain (Loss) | $(3,385,263) | $(3,385,263) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $475,903 | $475,903 |
Total Net Change in Unrealized Appreciation (Depreciation) | $475,903 | $475,903 |
Average Notional Amount | Total |
Futures Contracts Long | $ 52,669,246 |
Futures Contracts Short | $(38,666,682) |
32 | MainStay VP Indexed Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $458,727,148 | $7,013,162 | $(2,172,199) | $4,840,963 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$7,933,232 | $1,531,886 | $6,843,449 | $16,308,567 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $26,326,732 | $13,265,500 |
Long-Term Capital Gains | 3,697,949 | — |
Total | $30,024,681 | $13,265,500 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 1,164,451 | $ 12,804,844 |
Shares issued to shareholders in reinvestment of distributions | 2,919,695 | 30,024,681 |
Shares redeemed | (29,666,867) | (325,959,338) |
Net increase (decrease) | (25,582,721) | $(283,129,813) |
Year ended December 31, 2020:(a) | ||
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 |
MainStay VP Indexed Bond Portfolio
New York, New York
February 24, 2022
36 | MainStay VP Indexed Bond Portfolio |
38 | MainStay VP Indexed Bond Portfolio |
40 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
42 | MainStay VP Indexed Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
44 | MainStay VP Indexed Bond Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1801645 | MSVPIN11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 17.35% | 14.41% | 11.17% | 0.58% |
Service Class Shares | 2/17/2012 | 17.06 | 14.12 | 10.90 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
S&P 500® Index1 | 28.71% | 18.47% | 15.82% |
Bloomberg U.S. Aggregate Bond Index2 | -1.54 | 3.57 | 2.89 |
Janus Balanced Composite Index3 | 14.32 | 11.87 | 10.07 |
Morningstar Allocation - 50% to 70% Equity Category Average4 | 13.91 | 9.97 | 8.30 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg 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 (55% weighted) and the Bloomberg U.S. Aggregate Bond Index (45% weighted). 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,079.90 | $2.99 | $1,022.33 | $2.91 | 0.57% |
Service Class Shares | $1,000.00 | $1,078.60 | $4.30 | $1,021.07 | $4.18 | 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 184 (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%-1.375%, due 4/30/23–11/15/31 |
2. | Microsoft Corp. |
3. | Apple, Inc. |
4. | Alphabet, Inc., Class C |
5. | U.S. Treasury Bonds, 1.375%-2.75%, due 11/15/40–8/15/51 |
6. | Amazon.com, Inc. |
7. | UMBS, Single Family, 30 Year, 2.00%-3.50%, due 1/25/52–2/25/52 |
8. | UnitedHealth Group, Inc. |
9. | Mastercard, Inc., Class A |
10. | NVIDIA 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. |
6. | 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 Portfolio 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 Portfolio. |
10 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 34.4% | ||
Asset-Backed Securities 2.9% | ||
Automobile Asset-Backed Securities 0.5% | ||
Carvana Auto Receivables Trust | ||
Series 2021-P4, Class A2 | ||
0.82%, due 4/10/25 | $ 772,000 | $ 771,922 |
Drive Auto Receivables Trust | ||
Series 2017-3, Class D | ||
3.53%, due 12/15/23 (a) | 6,393 | 6,401 |
Exeter Automobile Receivables Trust | ||
Series 2021-1A, Class C | ||
0.74%, due 1/15/26 | 211,000 | 210,391 |
Series 2021-1A, Class D | ||
1.08%, due 11/16/26 | 674,000 | 665,612 |
Series 2019-1A, Class E | ||
5.20%, due 1/15/26 (a) | 485,000 | 506,931 |
JPMorgan Chase Bank NA (a) | ||
Series 2021-1, Class B | ||
0.875%, due 9/25/28 | 382,598 | 381,280 |
Series 2021-2, Class B | ||
0.889%, due 12/26/28 | 841,927 | 837,607 |
LAD Auto Receivables Trust | ||
Series 2021-1A, Class A | ||
1.30%, due 8/17/26 (a) | 813,244 | 811,632 |
OneMain Direct Auto Receivables Trust (a) | ||
Series 2018-1A, Class C | ||
3.85%, due 10/14/25 | 181,000 | 181,390 |
Series 2018-1A, Class D | ||
4.40%, due 1/14/28 | 180,000 | 180,383 |
Santander Bank NA-SBCLN | ||
Series 2021-1A, Class B | ||
1.833%, due 12/15/31 (a) | 396,000 | 395,528 |
Santander Drive Auto Receivables Trust | ||
Series 2020-3, Class D | ||
1.64%, due 11/16/26 | 1,630,000 | 1,641,070 |
Tesla Auto Lease Trust (a) | ||
Series 2021-B, Class A3 | ||
0.60%, due 9/22/25 | 503,000 | 496,905 |
Series 2021-B, Class B | ||
0.91%, due 9/22/25 | 258,000 | 254,409 |
Westlake Automobile Receivables Trust | ||
Series 2020-1A, Class D | ||
2.80%, due 6/16/25 (a) | 741,000 | 755,614 |
8,097,075 | ||
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 | 841,217 |
Principal Amount | Value | |
Credit Card Asset-Backed Securities (continued) | ||
Newday Funding Master Issuer plc (a)(b) | ||
Series 2021-2A, Class A2 | ||
0.999% (SOFR + 0.95%), due 7/15/29 | $ 449,000 | $ 450,666 |
Series 2021-1A, Class A2 | ||
1.15% (SOFR + 1.10%), due 3/15/29 | 792,000 | 800,042 |
2,091,925 | ||
Other Asset-Backed Securities 2.3% | ||
Affirm Asset Securitization Trust | ||
Series 2021-B, Class A | ||
1.03%, due 8/17/26 (a) | 721,000 | 716,073 |
Aqua Finance Trust | ||
Series 2021-A, Class A | ||
1.54%, due 7/17/46 (a) | 468,455 | 464,273 |
Arbys Funding LLC | ||
Series 2020-1A, Class A2 | ||
3.237%, due 7/30/50 (a) | 1,390,400 | 1,418,201 |
CBAM Ltd. (a)(b) | ||
Series 2019-11RA, Class A1 | ||
1.305% (3 Month LIBOR + 1.18%), due 1/20/35 | 1,569,000 | 1,570,877 |
Series 2019-11RA, Class B | ||
1.875% (3 Month LIBOR + 1.75%), due 1/20/35 | 801,000 | 801,133 |
CF Hippolyta LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 974,150 | 955,876 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 368,441 | 362,948 |
CIFC Funding 2016-I Ltd | ||
Series 2016-1A, Class BRR | ||
1.875% (3 Month LIBOR + 1.70%), due 10/21/31 (a)(b) | 647,000 | 639,180 |
CIFC Funding 2021-VII Ltd (a)(b) | ||
Series 2021-7A, Class A1 | ||
1.258% (3 Month LIBOR + 1.13%), due 1/23/35 | 1,140,000 | 1,139,314 |
Series 2021-7A, Class B | ||
1.728% (3 Month LIBOR + 1.60%), due 1/23/35 | 648,000 | 643,154 |
Conn's Receivables Funding LLC | ||
Series 2021-A, Class A | ||
1.05%, due 5/15/26 (a) | 929,619 | 928,967 |
DB Master Finance LLC (a) | ||
Series 2019-1A, Class A2II | ||
4.021%, due 5/20/49 | 252,195 | 261,041 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
DB Master Finance LLC (a) (continued) | ||
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | $ 365,585 | $ 391,277 |
Diamond Infrastructure Funding LLC | ||
Series 2021-1A, Class A | ||
1.76%, due 4/15/49 (a) | 1,031,000 | 1,011,624 |
Domino's Pizza Master Issuer LLC (a) | ||
Series 2019-1A, Class A2 | ||
3.668%, due 10/25/49 | 1,620,142 | 1,705,208 |
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 | 898,220 | 918,076 |
Series 2017-1A, Class A23 | ||
4.118%, due 7/25/47 | 206,938 | 216,553 |
Series 2018-1A, Class A2II | ||
4.328%, due 7/25/48 | 491,790 | 517,237 |
HPS Loan Management Ltd. (a)(b) | ||
Series 2021-16A, Class A1 | ||
1.395% (3 Month LIBOR + 1.14%), due 1/23/35 | 1,729,000 | 1,727,957 |
Series 2021-16A, Class B | ||
1.955% (3 Month LIBOR + 1.70%), due 1/23/35 | 614,000 | 613,539 |
Jack in the Box Funding LLC (a) | ||
Series 2019-1A, Class A2I | ||
3.982%, due 8/25/49 | 983,567 | 988,350 |
Series 2019-1A, Class A2II | ||
4.476%, due 8/25/49 | 983,568 | 1,020,925 |
Series 2019-1A, Class A23 | ||
4.97%, due 8/25/49 | 983,568 | 1,045,347 |
Lakeview CDO LLC | ||
1.851%, due 11/10/32 (c)(d) | 39,504 | 39,504 |
Logan CLO II Ltd. (a)(b) | ||
Series 2021-2A, Class A | ||
1.397% (3 Month LIBOR + 1.15%), due 1/20/35 | 1,556,000 | 1,555,046 |
Series 2021-2A, Class B | ||
1.947% (3 Month LIBOR + 1.70%), due 1/20/35 | 623,000 | 622,520 |
NRZ Excess Spread-Collateralized Notes (a) | ||
Series 2021-FHT1, Class A | ||
3.104%, due 7/25/26 | 756,030 | 753,387 |
Series 2020-PLS1, Class A | ||
3.844%, due 12/25/25 | 333,323 | 334,743 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2020-1A, Class A1 | ||
1.85%, due 11/20/50 (a) | 822,168 | 814,377 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Octagon Investment Partners 48 Ltd. | ||
Series 2020-3A, Class AR | ||
1.277% (3 Month LIBOR + 1.15%), due 10/20/34 (a)(b) | $ 1,134,000 | $ 1,132,668 |
Planet Fitness Master Issuer LLC (a) | ||
Series 2019-1A, Class A2 | ||
3.858%, due 12/5/49 | 855,540 | 879,327 |
Series 2018-1A, Class A2I | ||
4.262%, due 9/5/48 | 611,460 | 611,690 |
PRPM LLC | ||
Series 2020-4, Class A1 | ||
2.951%, due 10/25/25 (a)(e) | 700,760 | 699,002 |
Regatta XXIII Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A1 | ||
1.26% (3 Month LIBOR + 1.15%), due 1/20/35 | 1,710,411 | 1,709,376 |
Series 2021-4A, Class B | ||
1.81% (3 Month LIBOR + 1.70%), due 1/20/35 | 688,000 | 687,481 |
Taco Bell Funding LLC (a) | ||
Series 2021-1A, Class A2I | ||
1.946%, due 8/25/51 | 643,000 | 630,308 |
Series 2021-1A, Class A2II | ||
2.294%, due 8/25/51 | 774,000 | 765,115 |
Series 2018-1A, Class A2II | ||
4.94%, due 11/25/48 | 837,110 | 908,037 |
Series 2016-1A, Class A23 | ||
4.97%, due 5/25/46 | 487,050 | 508,165 |
Theorem Funding Trust | ||
Series 2021-1A, Class A | ||
1.21%, due 12/15/27 (a) | 578,140 | 576,999 |
Upstart Securitization Trust (a) | ||
Series 2021-4, Class A | ||
0.84%, due 9/20/31 | 776,735 | 769,073 |
Series 2021-5, Class A | ||
1.31%, due 11/20/31 | 490,000 | 488,208 |
Vantage Data Centers LLC (a) | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 | 1,615,000 | 1,578,491 |
Series 2020-2A, Class A2 | ||
1.992%, due 9/15/45 | 705,000 | 691,401 |
VCAT LLC | ||
Series 2021-NPL1, Class A1 | ||
2.289%, due 12/26/50 (a)(e) | 314,503 | 314,001 |
Wendy's Funding LLC (a) | ||
Series 2021-1A, Class A2II | ||
2.775%, due 6/15/51 | 513,420 | 512,171 |
12 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Wendy's Funding LLC (a) (continued) | ||
Series 2019-1A, Class A2I | ||
3.783%, due 6/15/49 | $ 477,480 | $ 494,685 |
Series 2018-1A, Class A2II | ||
3.884%, due 3/15/48 | 87,360 | 90,696 |
Wingstop Funding LLC | ||
Series 2020-1A, Class A2 | ||
2.841%, due 12/5/50 (a) | 811,920 | 810,665 |
Zaxby's Funding LLC | ||
Series 2021-1A, Class A2 | ||
3.238%, due 7/30/51 (a) | 617,453 | 626,766 |
39,661,032 | ||
Total Asset-Backed Securities (Cost $49,841,714) | 49,850,032 | |
Corporate Bonds 10.6% | ||
Aerospace & Defense 0.2% | ||
Boeing Co. (The) | ||
2.196%, due 2/4/26 | 442,000 | 441,895 |
3.25%, due 2/1/28 | 472,000 | 491,819 |
3.625%, due 2/1/31 | 116,000 | 123,701 |
3.95%, due 8/1/59 | 599,000 | 622,187 |
4.875%, due 5/1/25 | 460,000 | 503,272 |
General Dynamics Corp. | ||
3.50%, due 4/1/27 | 456,000 | 496,430 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 952,000 | 948,839 |
3,628,143 | ||
Auto Manufacturers 0.1% | ||
Ford Motor Co. | ||
3.25%, due 2/12/32 | 1,542,000 | 1,579,008 |
Banks 2.5% | ||
Bank of America Corp. (f) | ||
2.087%, due 6/14/29 | 1,528,000 | 1,517,260 |
2.592%, due 4/29/31 | 2,823,000 | 2,851,724 |
3.705%, due 4/24/28 | 509,000 | 552,383 |
3.97%, due 3/5/29 | 670,000 | 733,132 |
Series U | ||
5.20%, due 6/1/23 (g)(h) | 443,000 | 457,398 |
Series X | ||
6.25%, due 9/5/24 (g) | 1,172,000 | 1,261,365 |
Principal Amount | Value | |
Banks (continued) | ||
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 | $ 2,159,102 |
BNP Paribas SA | ||
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (a)(b) | 1,692,000 | 1,620,959 |
Citigroup, Inc. (f) | ||
3.887%, due 1/10/28 | 2,060,000 | 2,233,388 |
4.412%, due 3/31/31 | 1,375,000 | 1,570,332 |
Series D | ||
5.35%, due 5/15/23 (g) | 537,000 | 547,069 |
5.95%, due 1/30/23 (g) | 604,000 | 622,120 |
Series P | ||
5.95%, due 5/15/25 (g) | 584,000 | 624,880 |
Series M | ||
6.30%, due 5/15/24 (g) | 123,000 | 128,920 |
First Republic Bank | ||
4.625%, due 2/13/47 | 391,000 | 484,322 |
Goldman Sachs Group, Inc. (The) | ||
3.50%, due 4/1/25 | 2,399,000 | 2,536,784 |
Series R | ||
4.95% (5 Year Treasury Constant Maturity Rate + 3.224%), due 2/10/25 (b)(g) | 368,000 | 381,800 |
JPMorgan Chase & Co. (f) | ||
2.083%, due 4/22/26 | 570,000 | 578,532 |
2.956%, due 5/13/31 | 1,316,000 | 1,362,552 |
3.96%, due 1/29/27 | 1,446,000 | 1,562,383 |
Series HH | ||
4.60%, due 2/1/25 (g) | 466,000 | 478,233 |
Series FF | ||
5.00%, due 8/1/24 (g) | 441,000 | 453,128 |
Morgan Stanley | ||
1.593%, due 5/4/27 (f) | 685,000 | 678,247 |
1.794%, due 2/13/32 (f) | 1,226,000 | 1,160,464 |
2.188%, due 4/28/26 (f) | 1,231,000 | 1,255,148 |
2.239%, due 7/21/32 (f) | 1,900,000 | 1,858,341 |
2.484%, due 9/16/36 (f) | 2,223,000 | 2,140,638 |
3.95%, due 4/23/27 | 1,131,000 | 1,245,096 |
4.35%, due 9/8/26 | 898,000 | 992,593 |
National Australia Bank Ltd. | ||
2.99%, due 5/21/31 (a) | 1,708,000 | 1,712,959 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
SVB Financial Group (b)(g) | ||
4.10% (10 Year Treasury Constant Maturity Rate + 3.064%), due 2/15/31 | $ 1,382,000 | $ 1,366,798 |
Series D | ||
4.25% (5 Year Treasury Constant Maturity Rate + 3.074%), due 11/15/26 | 2,415,000 | 2,448,810 |
U.S. Bancorp | ||
2.491% (5 Year Treasury Constant Maturity Rate + 0.95%), due 11/3/36 (b) | 1,471,000 | 1,465,343 |
Westpac Banking Corp. | ||
2.668% (5 Year Treasury Constant Maturity Rate + 1.75%), due 11/15/35 (b) | 1,218,000 | 1,186,512 |
42,228,715 | ||
Beverages 0.2% | ||
Anheuser-Busch Cos. LLC | ||
4.90%, due 2/1/46 | 919,000 | 1,161,556 |
Diageo Capital plc | ||
1.375%, due 9/29/25 | 461,000 | 458,448 |
2.00%, due 4/29/30 | 713,000 | 705,468 |
2.125%, due 4/29/32 | 572,000 | 567,342 |
2,892,814 | ||
Biotechnology 0.1% | ||
Royalty Pharma plc | ||
2.15%, due 9/2/31 | 954,000 | 901,205 |
3.35%, due 9/2/51 | 474,000 | 453,398 |
3.55%, due 9/2/50 | 899,000 | 891,331 |
2,245,934 | ||
Building Materials 0.0% ‡ | ||
Standard Industries, Inc. | ||
4.375%, due 7/15/30 (a) | 336,000 | 342,890 |
Chemicals 0.3% | ||
Axalta Coating Systems LLC | ||
3.375%, due 2/15/29 (a) | 1,696,000 | 1,640,880 |
CF Industries, Inc. | ||
4.95%, due 6/1/43 | 749,000 | 904,149 |
5.15%, due 3/15/34 | 77,000 | 93,015 |
5.375%, due 3/15/44 | 168,000 | 211,865 |
Principal Amount | Value | |
Chemicals (continued) | ||
Element Solutions, Inc. | ||
3.875%, due 9/1/28 (a) | $ 1,338,000 | $ 1,344,690 |
4,194,599 | ||
Commercial Services 0.3% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 651,000 | 653,590 |
2.90%, due 11/15/31 | 977,000 | 990,957 |
4.80%, due 4/1/26 | 629,000 | 698,292 |
GXO Logistics, Inc. (a) | ||
1.65%, due 7/15/26 | 885,000 | 863,530 |
2.65%, due 7/15/31 | 585,000 | 577,781 |
IHS Markit Ltd. | ||
4.75%, due 2/15/25 (a) | 416,000 | 452,920 |
4,237,070 | ||
Computers 0.1% | ||
Seagate HDD Cayman | ||
3.125%, due 7/15/29 | 206,000 | 201,158 |
4.091%, due 6/1/29 | 488,000 | 505,268 |
4.125%, due 1/15/31 | 1,118,000 | 1,163,167 |
4.875%, due 6/1/27 | 44,000 | 47,960 |
1,917,553 | ||
Diversified Financial Services 0.8% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 757,000 | 767,701 |
3.30%, due 1/30/32 | 776,000 | 790,567 |
3.40%, due 10/29/33 | 569,000 | 579,307 |
3.85%, due 10/29/41 | 432,000 | 449,988 |
4.625%, due 10/15/27 | 1,147,000 | 1,268,818 |
Air Lease Corp. | ||
1.875%, due 8/17/26 | 1,020,000 | 1,003,116 |
3.00%, due 2/1/30 | 515,000 | 514,021 |
Charles Schwab Corp. (The) (b)(g) | ||
Series H | ||
4.00% (10 Year Treasury Constant Maturity Rate + 3.079%), due 12/1/30 | 809,000 | 817,090 |
Series G | ||
5.375% (5 Year Treasury Constant Maturity Rate + 4.971%), due 6/1/25 | 3,138,000 | 3,420,420 |
Rocket Mortgage LLC (a) | ||
2.875%, due 10/15/26 | 1,120,000 | 1,111,600 |
3.625%, due 3/1/29 | 1,013,000 | 1,016,799 |
3.875%, due 3/1/31 | 1,183,000 | 1,200,745 |
4.00%, due 10/15/33 | 1,145,000 | 1,159,747 |
14,099,919 |
14 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric 0.4% | ||
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(g) | $ 717,000 | $ 740,302 |
Duquesne Light Holdings, Inc. | ||
2.775%, due 1/7/32 (a) | 1,005,000 | 992,986 |
NextEra Energy Capital Holdings, Inc. | ||
1.875%, due 1/15/27 | 1,582,000 | 1,591,381 |
2.44%, due 1/15/32 | 470,000 | 471,050 |
NRG Energy, Inc. | ||
3.375%, due 2/15/29 (a) | 1,057,000 | 1,035,754 |
3.625%, due 2/15/31 (a) | 1,195,000 | 1,165,125 |
6.625%, due 1/15/27 | 332,000 | 345,126 |
6,341,724 | ||
Electronics 0.1% | ||
Trimble, Inc. | ||
4.75%, due 12/1/24 | 1,238,000 | 1,342,103 |
4.90%, due 6/15/28 | 672,000 | 764,278 |
2,106,381 | ||
Food 0.7% | ||
JBS Finance Luxembourg SARL | ||
3.625%, due 1/15/32 (a) | 784,000 | 786,948 |
JBS USA LUX SA (a) | ||
3.00%, due 5/15/32 | 795,000 | 795,000 |
3.75%, due 12/1/31 | 742,000 | 753,130 |
5.50%, due 1/15/30 | 1,130,000 | 1,228,875 |
6.50%, due 4/15/29 | 1,551,000 | 1,706,115 |
6.75%, due 2/15/28 | 612,000 | 660,201 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 991,000 | 1,070,421 |
4.375%, due 6/1/46 | 182,000 | 213,122 |
4.875%, due 10/1/49 | 424,000 | 532,520 |
5.00%, due 6/4/42 | 630,000 | 783,693 |
Mondelez International, Inc. | ||
2.75%, due 4/13/30 | 173,000 | 178,277 |
Performance Food Group, Inc. | ||
4.25%, due 8/1/29 (a) | 1,875,000 | 1,860,112 |
Pilgrim's Pride Corp. | ||
3.50%, due 3/1/32 (a) | 1,271,000 | 1,283,710 |
11,852,124 | ||
Food Service 0.1% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (a) | 1,470,000 | 1,536,150 |
Principal Amount | Value | |
Healthcare-Services 0.9% | ||
Centene Corp. | ||
2.45%, due 7/15/28 | $ 1,025,000 | $ 1,009,625 |
2.50%, due 3/1/31 | 337,000 | 328,075 |
2.625%, due 8/1/31 | 443,000 | 434,140 |
3.00%, due 10/15/30 | 1,079,000 | 1,096,814 |
4.25%, due 12/15/27 | 1,112,000 | 1,159,260 |
DaVita, Inc. (a) | ||
3.75%, due 2/15/31 | 1,295,000 | 1,261,757 |
4.625%, due 6/1/30 | 1,054,000 | 1,079,032 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 2,329,000 | 2,461,462 |
3.50%, due 7/15/51 | 1,106,000 | 1,127,536 |
5.25%, due 6/15/49 | 339,000 | 435,385 |
5.375%, due 2/1/25 | 545,000 | 598,955 |
5.375%, due 9/1/26 | 220,000 | 247,225 |
5.50%, due 6/15/47 | 226,000 | 295,730 |
5.625%, due 9/1/28 | 310,000 | 362,232 |
5.875%, due 2/15/26 | 286,000 | 322,574 |
5.875%, due 2/1/29 | 459,000 | 546,921 |
Molina Healthcare, Inc. | ||
4.375%, due 6/15/28 (a) | 2,834,000 | 2,919,020 |
15,685,743 | ||
Insurance 0.3% | ||
Athene Global Funding (a) | ||
1.73%, due 10/2/26 | 1,988,000 | 1,951,194 |
2.646%, due 10/4/31 | 1,875,000 | 1,849,947 |
Prudential Financial, Inc. | ||
3.70% (5 Year Treasury Constant Maturity Rate + 3.035%), due 10/1/50 (b) | 1,486,000 | 1,503,219 |
5,304,360 | ||
Iron & Steel 0.1% | ||
Allegheny Technologies, Inc. | ||
5.875%, due 12/1/27 | 764,000 | 796,470 |
Reliance Steel & Aluminum Co. | ||
4.50%, due 4/15/23 | 469,000 | 485,464 |
1,281,934 | ||
Lodging 0.0% ‡ | ||
MGM Resorts International | ||
7.75%, due 3/15/22 | 182,000 | 184,275 |
Machinery-Diversified 0.0% ‡ | ||
Westinghouse Air Brake Technologies Corp. | ||
4.95%, due 9/15/28 (e) | 659,000 | 749,093 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media 0.7% | ||
CCO Holdings LLC | ||
4.25%, due 2/1/31 (a) | $ 1,231,000 | $ 1,241,808 |
4.50%, due 5/1/32 | 2,216,000 | 2,279,710 |
Charter Communications Operating LLC | ||
2.80%, due 4/1/31 | 811,000 | 802,478 |
4.80%, due 3/1/50 | 562,000 | 629,234 |
6.484%, due 10/23/45 | 256,000 | 349,590 |
Comcast Corp. | ||
3.75%, due 4/1/40 | 365,000 | 408,627 |
CSC Holdings LLC (a) | ||
3.375%, due 2/15/31 | 926,000 | 866,968 |
4.125%, due 12/1/30 | 1,351,000 | 1,318,914 |
4.625%, due 12/1/30 | 318,000 | 300,908 |
5.00%, due 11/15/31 | 586,000 | 564,758 |
Fox Corp. | ||
4.03%, due 1/25/24 | 429,000 | 453,063 |
GCI LLC | ||
4.75%, due 10/15/28 (a) | 2,154,000 | 2,210,542 |
11,426,600 | ||
Miscellaneous—Manufacturing 0.1% | ||
General Electric Co. | ||
Series D | ||
3.533% (3 Month LIBOR + 3.33%), due 6/15/49 (b)(g) | 1,111,000 | 1,099,890 |
Oil & Gas 0.1% | ||
Continental Resources, Inc. | ||
5.75%, due 1/15/31 (a) | 1,214,000 | 1,429,631 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 892,000 | 939,369 |
2,369,000 | ||
Pharmaceuticals 0.2% | ||
CVS Health Corp. | ||
5.05%, due 3/25/48 | 617,000 | 806,689 |
Elanco Animal Health, Inc. | ||
5.272%, due 8/28/23 (e) | 1,242,000 | 1,321,507 |
Teva Pharmaceutical Finance Netherlands III BV | ||
4.75%, due 5/9/27 | 406,000 | 402,293 |
5.125%, due 5/9/29 | 517,000 | 506,820 |
3,037,309 |
Principal Amount | Value | |
Pipelines 0.2% | ||
Cheniere Energy Partners LP | ||
3.25%, due 1/31/32 (a) | $ 956,000 | $ 965,560 |
4.00%, due 3/1/31 | 783,000 | 821,328 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 116,000 | 130,488 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 347,000 | 344,398 |
5.125%, due 6/15/28 | 1,336,000 | 1,391,110 |
3,652,884 | ||
Real Estate Investment Trusts 0.7% | ||
Agree LP | ||
2.00%, due 6/15/28 | 684,000 | 670,048 |
2.60%, due 6/15/33 | 513,000 | 503,142 |
2.90%, due 10/1/30 | 473,000 | 480,529 |
Equinix, Inc. | ||
2.15%, due 7/15/30 | 623,000 | 605,613 |
GLP Capital LP | ||
3.25%, due 1/15/32 | 1,143,000 | 1,149,161 |
5.25%, due 6/1/25 | 361,000 | 395,386 |
5.30%, due 1/15/29 | 86,000 | 97,627 |
5.375%, due 4/15/26 | 381,000 | 424,270 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 1,129,000 | 1,063,173 |
Iron Mountain Information Management Services, Inc. | ||
5.00%, due 7/15/32 (a) | 2,011,000 | 2,058,198 |
MPT Operating Partnership LP | ||
3.50%, due 3/15/31 | 1,099,000 | 1,111,364 |
Rexford Industrial Realty LP | ||
2.15%, due 9/1/31 | 1,345,000 | 1,269,950 |
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | 1,283,000 | 1,272,560 |
11,101,021 | ||
Retail 0.3% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 2,348,000 | 2,306,910 |
Dollar General Corp. | ||
4.125%, due 4/3/50 | 762,000 | 879,525 |
Lithia Motors, Inc. | ||
3.875%, due 6/1/29 (a) | 1,847,000 | 1,885,602 |
5,072,037 | ||
Semiconductors 0.6% | ||
Analog Devices, Inc. | ||
2.95%, due 4/1/25 | 676,000 | 709,876 |
16 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Semiconductors (continued) | ||
Broadcom, Inc. | ||
3.419%, due 4/15/33 (a) | $ 1,071,000 | $ 1,122,731 |
3.469%, due 4/15/34 (a) | 1,686,000 | 1,764,685 |
4.30%, due 11/15/32 | 719,000 | 807,995 |
Marvell Technology, Inc. | ||
1.65%, due 4/15/26 | 793,000 | 783,627 |
4.875%, due 6/22/28 | 883,000 | 1,011,334 |
Microchip Technology, Inc. | ||
2.67%, due 9/1/23 | 1,514,000 | 1,546,240 |
Micron Technology, Inc. | ||
2.703%, due 4/15/32 | 856,000 | 856,967 |
SK Hynix, Inc. (a) | ||
1.50%, due 1/19/26 | 1,067,000 | 1,043,624 |
2.375%, due 1/19/31 | 464,000 | 446,537 |
10,093,616 | ||
Software 0.2% | ||
Broadridge Financial Solutions, Inc. | ||
2.60%, due 5/1/31 | 1,084,000 | 1,088,054 |
MSCI, Inc. (a) | ||
3.625%, due 9/1/30 | 1,643,000 | 1,679,967 |
3.875%, due 2/15/31 | 1,122,000 | 1,168,283 |
4.00%, due 11/15/29 | 104,000 | 108,680 |
4,044,984 | ||
Telecommunications 0.2% | ||
AT&T, Inc. | ||
3.65%, due 9/15/59 | 105,000 | 106,038 |
3.80%, due 12/1/57 | 642,000 | 668,362 |
Lumen Technologies, Inc. | ||
Series T | ||
5.80%, due 3/15/22 | 419,000 | 422,143 |
T-Mobile US, Inc. | ||
3.50%, due 4/15/25 | 718,000 | 760,702 |
3.75%, due 4/15/27 | 990,000 | 1,072,071 |
3,029,316 | ||
Toys, Games & Hobbies 0.1% | ||
Hasbro, Inc. | ||
3.90%, due 11/19/29 | 1,490,000 | 1,642,779 |
5.10%, due 5/15/44 | 213,000 | 265,111 |
6.35%, due 3/15/40 | 420,000 | 579,481 |
2,487,371 | ||
Total Corporate Bonds (Cost $176,246,093) | 179,822,457 |
Principal Amount | Value | |
Loan Assignments 0.9% | ||
Chemicals, Plastics & Rubber 0.2% | ||
Alpha 3 BV | ||
Initial Dollar Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 3/18/28 (b) | $ 936,295 | $ 934,122 |
Diamond (BC) BV | ||
Amendment No. 3 Refinancing Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 9/29/28 (b) | 1,610,000 | 1,598,327 |
2,532,449 | ||
Finance 0.1% | ||
ICON plc | ||
LUX Term Loan | ||
2.75% (3 Month LIBOR + 2.25%), due 7/3/28 (b) | 1,779,217 | 1,778,475 |
Healthcare 0.1% | ||
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 10/23/28 (b) | 1,168,559 | 1,167,342 |
Healthcare, Education & Childcare 0.1% | ||
Elanco Animal Health, Inc. | ||
Term Loan | ||
1.849% (1 Month LIBOR + 1.75%), due 8/1/27 (b) | 1,864,344 | 1,838,321 |
High Tech Industries 0.1% | ||
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ||
2.75% (1 Month LIBOR + 2.25%), due 12/1/28 (b) | 1,821,000 | 1,815,435 |
Leasing 0.1% | ||
Castlelake Aviation One Designated Activity Co. | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 10/22/26 (b) | 1,753,180 | 1,744,414 |
Manufacturing 0.2% | ||
Madison IAQ LLC | ||
Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,156,744 | 2,154,049 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Manufacturing (continued) | ||
MKS Instruments, Inc. | ||
Term Loan | ||
TBD, due 10/20/28 | $ 1,256,000 | $ 1,252,599 |
Standard Industries, Inc. | ||
Initial Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 9/22/28 (b) | 751,213 | 751,108 |
4,157,756 | ||
Services Business 0.0% ‡ | ||
ICON plc | ||
U.S. Term Loan | ||
2.75% (3 Month LIBOR + 2.25%), due 7/3/28 (b) | 443,292 | 443,108 |
Total Loan Assignments (Cost $15,493,723) | 15,477,300 | |
Mortgage-Backed Securities 6.7% | ||
Agency (Collateralized Mortgage Obligations) 3.2% | ||
FNMA | ||
REMIC, Series 2018-27, Class EA | ||
3.00%, due 5/25/48 | 702,112 | 727,499 |
REMIC, Series 2019-71, Class P | ||
3.00%, due 11/25/49 | 1,011,573 | 1,043,025 |
GNMA II, Single Family, 30 Year (i) | ||
2.00%, due 1/15/52 TBA | 3,297,599 | 3,327,371 |
2.50%, due 1/15/52 TBA | 4,077,270 | 4,175,375 |
UMBS, Single Family, 15 Year (i) | ||
1.50%, due 1/25/37 TBA | 404,515 | 405,597 |
2.00%, due 1/25/37 TBA | 2,603,869 | 2,666,169 |
UMBS, Single Family, 30 Year (i) | ||
2.00%, due 1/25/52 TBA | 16,851,527 | 16,799,606 |
2.50%, due 1/25/52 TBA | 9,178,451 | 9,364,215 |
3.00%, due 1/25/52 TBA | 11,335,560 | 11,743,224 |
3.50%, due 2/25/52 TBA | 4,190,000 | 4,404,695 |
54,656,776 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.9% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A | ||
0.99% (1 Month LIBOR + 0.88%), due 9/15/34 (a)(b) | 699,152 | 698,301 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BBCMS Mortgage Trust | ||
Series 2017-DELC, Class A | ||
0.96% (1 Month LIBOR + 0.85%), due 8/15/36 (a)(b) | $ 495,000 | $ 494,544 |
BBCMS Trust | ||
Series 2015-SRCH, Class A2 | ||
4.197%, due 8/10/35 (a) | 875,000 | 967,685 |
BX Commercial Mortgage Trust (a)(b) | ||
Series 2021-VOLT, Class A | ||
0.81% (1 Month LIBOR + 0.70%), due 9/15/36 | 457,000 | 455,441 |
Series 2019-XL, Class A | ||
1.03% (1 Month LIBOR + 0.92%), due 10/15/36 | 985,234 | 985,506 |
Series 2021-VOLT, Class B | ||
1.06% (1 Month LIBOR + 0.95%), due 9/15/36 | 937,000 | 931,190 |
Series 2020-FOX, Class A | ||
1.11% (1 Month LIBOR + 1.00%), due 11/15/32 | 1,302,974 | 1,302,580 |
Series 2019-XL, Class B | ||
1.19% (1 Month LIBOR + 1.08%), due 10/15/36 | 162,350 | 162,146 |
Series 2020-FOX, Class B | ||
1.46% (1 Month LIBOR + 1.35%), due 11/15/32 | 237,671 | 237,599 |
Series 2020-FOX, Class C | ||
1.66% (1 Month LIBOR + 1.55%), due 11/15/32 | 237,671 | 237,599 |
Series 2021-VOLT, Class D | ||
1.76% (1 Month LIBOR + 1.65%), due 9/15/36 | 984,000 | 975,309 |
BX Trust (a) | ||
Series 2021-LBA, Class AV | ||
0.91% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,122,000 | 1,117,711 |
Series 2021-LBA, Class AJV | ||
0.91% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 987,000 | 983,227 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 565,000 | 594,698 |
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 284,000 | 305,041 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 564,000 | 579,762 |
18 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | $ 396,000 | $ 418,245 |
CHT Mortgage Trust | ||
Series 2017-CSMO, Class A | ||
1.04% (1 Month LIBOR + 0.93%), due 11/15/36 (a)(b) | 617,327 | 616,948 |
Cold Storage Trust (a)(b) | ||
Series 2020-ICE5, Class A | ||
1.01% (1 Month LIBOR + 0.90%), due 11/15/37 | 1,480,384 | 1,479,043 |
Series 2020-ICE5, Class B | ||
1.41% (1 Month LIBOR + 1.30%), due 11/15/37 | 657,621 | 656,366 |
Series 2020-ICE5, Class C | ||
1.76% (1 Month LIBOR + 1.65%), due 11/15/37 | 660,569 | 658,513 |
Credit Suisse Mortgage Capital Certificates (a)(b) | ||
Series 2019-ICE4, Class A | ||
1.09% (1 Month LIBOR + 0.98%), due 5/15/36 | 1,783,000 | 1,782,463 |
Series 2019-ICE4, Class C | ||
1.54% (1 Month LIBOR + 1.43%), due 5/15/36 | 333,000 | 331,964 |
CSMC Trust (a)(b) | ||
Series 2021-WEHO, Class A | ||
4.079% (1 Month LIBOR + 3.969%), due 4/15/23 | 834,266 | 830,441 |
Series 2020-UNFI, Class A | ||
4.168% (1 Month LIBOR + 3.668%), due 12/15/22 | 509,000 | 509,543 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class A | ||
1.19% (1 Month LIBOR + 1.08%), due 7/15/38 | 1,270,391 | 1,272,063 |
Series 2021-ESH, Class B | ||
1.49% (1 Month LIBOR + 1.38%), due 7/15/38 | 346,199 | 346,199 |
Great Wolf Trust (a)(b) | ||
Series 2019-WOLF, Class A | ||
1.144% (1 Month LIBOR + 1.034%), due 12/15/36 | 270,000 | 269,671 |
Series 2019-WOLF, Class B | ||
1.444% (1 Month LIBOR + 1.334%), due 12/15/36 | 303,000 | 301,667 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Great Wolf Trust (a)(b) (continued) | ||
Series 2019-WOLF, Class C | ||
1.743% (1 Month LIBOR + 1.633%), due 12/15/36 | $ 337,000 | $ 334,883 |
Life Mortgage Trust (a)(b) | ||
Series 2021-BMR, Class A | ||
0.81% (1 Month LIBOR + 0.70%), due 3/15/38 | 1,864,000 | 1,859,949 |
Series 2021-BMR, Class C | ||
1.21% (1 Month LIBOR + 1.10%), due 3/15/38 | 924,000 | 914,724 |
LUXE Trust | ||
Series 2021-TRIP, Class A | ||
1.16% (1 Month LIBOR + 1.05%), due 10/15/38 (a)(b) | 1,971,000 | 1,970,090 |
Med Trust (a)(b) | ||
Series 2021-MDLN, Class C | ||
1.91% (1 Month LIBOR + 1.80%), due 11/15/38 | 280,000 | 279,298 |
Series 2021-MDLN, Class D | ||
2.11% (1 Month LIBOR + 2.00%), due 11/15/38 | 284,000 | 283,288 |
Series 2021-MDLN, Class E | ||
3.26% (1 Month LIBOR + 3.15%), due 11/15/38 | 1,262,000 | 1,252,515 |
Series 2021-MDLN, Class F | ||
4.11% (1 Month LIBOR + 4.00%), due 11/15/38 | 794,000 | 786,040 |
MHC Commercial Mortgage Trust (a)(b) | ||
Series 2021-MHC, Class A | ||
0.911% (1 Month LIBOR + 0.801%), due 4/15/38 | 1,947,744 | 1,943,473 |
Series 2021-MHC, Class C | ||
1.461% (1 Month LIBOR + 1.351%), due 4/15/38 | 938,912 | 936,854 |
VASA Trust | ||
Series 2021-VASA, Class A | ||
1.01% (1 Month LIBOR + 0.90%), due 7/15/39 (a)(b) | 525,000 | 522,813 |
VMC Finance LLC | ||
Series 2021-HT1, Class A | ||
1.753% (1 Month LIBOR + 1.65%), due 1/18/37 (a)(b) | 799,000 | 799,495 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class A | ||
1.26% (1 Month LIBOR + 1.15%), due 2/15/40 (a)(b) | $ 497,235 | $ 497,723 |
32,882,610 | ||
Whole Loan (Collateralized Mortgage Obligations) 1.6% | ||
Angel Oak Mortgage Trust (a) | ||
Series 2020-3, Class A2 | ||
2.41%, due 4/25/65 (c) | 347,105 | 348,639 |
Series 2019-5, Class A1 | ||
2.593%, due 10/25/49 (j) | 230,851 | 230,267 |
Series 2019-6, Class A1 | ||
2.62%, due 11/25/59 (c) | 179,316 | 179,098 |
Bayview Financing Trust | ||
Series 2021-2F, Class M1 | ||
1.60% (SOFR 30A + 1.55%), due 12/31/49 (a)(b)(d) | 95,126 | 95,288 |
Bayview MSR Opportunity Master Fund Trust | ||
Series 2021-5, Class AF | ||
0.898% (SOFR 30A + 0.85%), due 11/25/51 (a)(b) | 1,016,607 | 1,013,902 |
Chase Mortgage Finance Corp. | ||
Series 2021-CL1, Class M1 | ||
1.25% (SOFR 30A + 1.20%), due 2/25/50 (a)(b) | 1,182,621 | 1,185,697 |
CIM Trust | ||
Series 2021-NR1, Class A1 | ||
2.569%, due 7/25/55 (a)(e) | 782,549 | 780,156 |
COLT Mortgage Loan Trust (a)(c) | ||
Series 2020-3, Class A1 | ||
1.506%, due 4/27/65 | 141,795 | 141,781 |
Series 2020-2, Class A1 | ||
1.853%, due 3/25/65 | 122,554 | 122,732 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
1.70% (SOFR 30A + 1.65%), due 12/25/41 | 612,000 | 612,766 |
Series 2019-R05, Class 1M2 | ||
2.103% (1 Month LIBOR + 2.00%), due 7/25/39 | 102,043 | 102,140 |
Series 2020-R02, Class 2M2 | ||
2.103% (1 Month LIBOR + 2.00%), due 1/25/40 | 555,644 | 557,038 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(b) (continued) | ||
Series 2019-R04, Class 2M2 | ||
2.202% (1 Month LIBOR + 2.10%), due 6/25/39 | $ 106,985 | $ 107,053 |
Series 2019-R07, Class 1M2 | ||
2.203% (1 Month LIBOR + 2.10%), due 10/25/39 | 232,834 | 233,349 |
Series 2019-R03, Class 1M2 | ||
2.253% (1 Month LIBOR + 2.15%), due 9/25/31 | 225,340 | 226,203 |
Series 2019-R02, Class 1M2 | ||
2.403% (1 Month LIBOR + 2.30%), due 8/25/31 | 94,034 | 94,422 |
Series 2018-R07, Class 1M2 | ||
2.502% (1 Month LIBOR + 2.40%), due 4/25/31 | 263,331 | 264,418 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2020-DNA6, Class M2 | ||
2.05% (SOFR 30A + 2.00%), due 12/25/50 | 1,021,000 | 1,026,430 |
Series 2021-HQA1, Class M2 | ||
2.30% (SOFR 30A + 2.25%), due 8/25/33 | 1,395,000 | 1,404,227 |
Series 2020-HQA2, Class M2 | ||
3.203% (1 Month LIBOR + 3.10%), due 3/25/50 | 425,527 | 430,499 |
Series 2020-HQA4, Class M2 | ||
3.253% (1 Month LIBOR + 3.15%), due 9/25/50 | 176,385 | 176,937 |
FHLMC STACR Trust | ||
Series 2019-DNA4, Class M2 | ||
2.053% (1 Month LIBOR + 1.95%), due 10/25/49 (a)(b) | 74,761 | 74,982 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2021-DNA2, Class M2 | ||
2.35% (SOFR 30A + 2.30%), due 8/25/33 (a) | 372,000 | 378,798 |
Series 2020-HQA5, Class M2 | ||
2.65% (SOFR 30A + 2.60%), due 11/25/50 (a) | 1,510,172 | 1,525,372 |
Series 2016-DNA1, Class M3 | ||
5.653% (1 Month LIBOR + 5.55%), due 7/25/28 | 285,323 | 297,120 |
Flagstar Mortgage TrustV | ||
Series 2021-13IN, Class A2 | ||
3.00%, due 12/30/51 (a)(c) | 1,472,067 | 1,497,886 |
20 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FNMA (b) | ||
Series 2021-R02, Class 2M2 | ||
2.05% (SOFR 30A + 2.00%), due 11/25/41 (a) | $ 1,891,000 | $ 1,894,603 |
Series 2017-C01, Class 1M2 | ||
3.653% (1 Month LIBOR + 3.55%), due 7/25/29 | 508,648 | 520,854 |
Series 2016-C06, Class 1M2 | ||
4.353% (1 Month LIBOR + 4.25%), due 4/25/29 | 407,798 | 421,007 |
Series 2015-C01, Class 1M2 | ||
4.403% (1 Month LIBOR + 4.30%), due 2/25/25 | 415,228 | 423,350 |
Series 2014-C04, Class 1M2 | ||
5.003% (1 Month LIBOR + 4.90%), due 11/25/24 | 57,880 | 60,266 |
Series 2015-C03, Class 1M2 | ||
5.103% (1 Month LIBOR + 5.00%), due 7/25/25 | 310,742 | 319,312 |
Series 2015-C04, Class 1M2 | ||
5.803% (1 Month LIBOR + 5.70%), due 4/25/28 | 315,744 | 332,586 |
J.P. Morgan Mortgage Trust (a)(b) | ||
Series 2021-11, Class A11 | ||
0.90% (SOFR 30A + 0.85%), due 1/25/52 | 743,907 | 743,114 |
Series 2021-12, Class A11 | ||
0.90% (SOFR 30A + 0.85%), due 2/25/52 | 457,831 | 455,988 |
Lakeview LLC | ||
Series 2021-CRT1 | ||
2.10%, due 1/10/33 (c)(d) | 158,429 | 158,825 |
Mello Mortgage Capital Acceptance (a) | ||
Series 2021-INV2, Class A11 | ||
1.00% (SOFR 30A + 0.95%), due 8/25/51 (b) | 713,527 | 711,651 |
Series 2021-INV3, Class A11 | ||
1.00% (SOFR 30A + 0.95%), due 10/25/51 (b) | 888,729 | 891,502 |
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (c) | 445,243 | 444,112 |
MRA Issuance Trust | ||
Series 2021-NA1, Class A1X | ||
1.599% (1 Month LIBOR + 1.50%), due 3/8/22 (a)(b) | 1,505,000 | 1,505,312 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
New Residential Mortgage Loan Trust | ||
Series 2018-2A, Class A1 | ||
4.50%, due 2/25/58 (a)(c) | $ 194,884 | $ 204,056 |
OBX Trust | ||
Series 2021-INV3, Class A3 | ||
2.50%, due 10/25/51 (a)(c) | 440,979 | 440,984 |
PRPM LLC (a) | ||
Series 2021-9, Class A1 | ||
2.363%, due 10/25/26 (c) | 1,015,424 | 1,007,043 |
Series 2021-10, Class A1 | ||
2.487%, due 10/25/26 (e) | 1,140,779 | 1,139,674 |
RCKT Mortgage Trust | ||
Series 2021-3, Class A21 | ||
0.85% (SOFR 30A + 0.80%), due 7/25/51 (a)(b) | 665,391 | 662,119 |
Sequoia Mortgage Trust (a) | ||
Series 2013-5, Class A1 | ||
2.50%, due 5/25/43 (j) | 214,612 | 213,458 |
Series 2020-2, Class A19 | ||
3.50%, due 3/25/50 (c) | 83,281 | 84,051 |
Spruce Hill Mortgage Loan Trust (a)(c) | ||
Series 2020-SH1, Class A1 | ||
2.521%, due 1/28/50 | 35,596 | 35,744 |
Series 2020-SH1, Class A2 | ||
2.624%, due 1/28/50 | 187,142 | 189,635 |
Series 2020-SH2, Class A1 | ||
3.407%, due 6/25/55 | 161,090 | 161,359 |
UWM Mortgage Trust (a) | ||
Series 2021-INV1, Class A9 | ||
0.95% (SOFR 30A + 0.90%), due 8/25/51 (b) | 860,844 | 861,406 |
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (c) | 348,039 | 347,572 |
27,336,783 | ||
Total Mortgage-Backed Securities (Cost $114,675,280) | 114,876,169 | |
U.S. Government & Federal Agencies 13.3% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.6% | ||
FHLMC Gold Pools, Other | ||
3.00%, due 6/1/43 | 13,902 | 14,225 |
3.50%, due 7/1/42 | 26,382 | 28,352 |
3.50%, due 8/1/42 | 33,381 | 35,874 |
3.50%, due 8/1/42 | 29,871 | 32,102 |
3.50%, due 2/1/43 | 174,252 | 186,702 |
3.50%, due 2/1/44 | 220,580 | 237,054 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, Other (continued) | ||
3.50%, due 1/1/47 | $ 61,030 | $ 65,238 |
4.50%, due 5/1/44 | 448,064 | 494,102 |
UMBS, 15 Year | ||
2.50%, due 12/1/33 | 1,085,022 | 1,126,284 |
2.50%, due 11/1/34 | 213,871 | 223,254 |
2.50%, due 11/1/34 | 245,982 | 256,862 |
3.00%, due 5/1/31 | 925,919 | 970,758 |
3.00%, due 9/1/32 | 205,632 | 216,701 |
3.00%, due 10/1/32 | 72,331 | 76,024 |
3.00%, due 1/1/33 | 121,012 | 127,475 |
3.00%, due 10/1/34 | 106,315 | 112,304 |
3.00%, due 10/1/34 | 261,760 | 277,097 |
UMBS, 30 Year | ||
2.50%, due 1/1/50 | 46,777 | 48,086 |
2.50%, due 8/1/51 | 208,644 | 213,299 |
3.00%, due 1/1/45 | 124,091 | 130,364 |
3.00%, due 10/1/46 | 663,751 | 697,891 |
3.00%, due 4/1/47 | 15,939 | 16,641 |
3.00%, due 8/1/49 | 156,753 | 164,507 |
3.00%, due 8/1/49 | 62,686 | 66,386 |
3.00%, due 10/1/49 | 105,239 | 109,399 |
3.00%, due 11/1/49 | 101,295 | 105,292 |
3.00%, due 11/1/49 | 311,688 | 324,032 |
3.00%, due 12/1/49 | 83,709 | 86,944 |
3.00%, due 12/1/49 | 182,224 | 189,465 |
3.00%, due 12/1/49 | 149,878 | 155,697 |
3.00%, due 3/1/50 | 52,398 | 54,386 |
3.50%, due 12/1/44 | 439,641 | 473,935 |
3.50%, due 7/1/46 | 126,888 | 135,129 |
3.50%, due 9/1/47 | 261,214 | 276,854 |
3.50%, due 12/1/47 | 868,146 | 933,918 |
3.50%, due 2/1/48 | 194,958 | 208,194 |
3.50%, due 3/1/50 | 3,137 | 3,324 |
4.00%, due 3/1/47 | 35,042 | 38,138 |
4.00%, due 3/1/48 | 162,001 | 174,847 |
4.00%, due 4/1/48 | 3,030 | 3,226 |
4.00%, due 4/1/48 | 210,418 | 227,418 |
4.00%, due 5/1/48 | 442,978 | 472,537 |
4.50%, due 3/1/48 | 185,382 | 199,791 |
4.50%, due 12/1/48 | 223,888 | 245,835 |
5.00%, due 9/1/48 | 12,083 | 13,197 |
6.00%, due 4/1/40 | 450,750 | 522,082 |
10,771,222 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.2% | ||
FNMA, Other | ||
3.00%, due 2/1/43 | $ 16,863 | $ 17,821 |
3.00%, due 5/1/43 | 80,990 | 85,878 |
3.00%, due 2/1/57 | 970,081 | 1,026,806 |
3.00%, due 6/1/57 | 15,765 | 16,685 |
3.50%, due 8/1/56 | 1,183,364 | 1,280,762 |
4.50%, due 6/1/45 | 156,456 | 171,789 |
5.00%, due 7/1/44 | 274,893 | 305,603 |
UMBS, 15 Year | ||
2.50%, due 11/1/34 | 269,874 | 281,561 |
3.00%, due 10/1/34 | 124,854 | 131,834 |
3.00%, due 11/1/34 | 24,066 | 25,586 |
3.00%, due 12/1/34 | 27,344 | 29,046 |
UMBS, 30 Year | ||
2.50%, due 1/1/50 | 114,327 | 117,518 |
2.50%, due 10/1/50 | 120,595 | 123,831 |
2.50%, due 1/1/51 | 335,843 | 343,860 |
2.50%, due 8/1/51 | 22,451 | 22,951 |
3.00%, due 1/1/43 | 52,857 | 55,780 |
3.00%, due 1/1/46 | 2,164 | 2,269 |
3.00%, due 9/1/46 | 841,963 | 887,793 |
3.00%, due 2/1/47 | 6,875,457 | 7,249,348 |
3.00%, due 3/1/47 | 521,528 | 549,477 |
3.00%, due 8/1/49 | 186,914 | 197,961 |
3.00%, due 9/1/49 | 40,337 | 42,236 |
3.50%, due 12/1/45 | 104,909 | 112,326 |
3.50%, due 7/1/46 | 311,762 | 335,656 |
3.50%, due 3/1/47 | 89,325 | 95,160 |
3.50%, due 7/1/47 | 78,535 | 83,835 |
3.50%, due 8/1/47 | 99,465 | 105,696 |
3.50%, due 8/1/47 | 89,336 | 96,835 |
3.50%, due 12/1/47 | 25,385 | 27,640 |
3.50%, due 12/1/47 | 45,823 | 50,037 |
3.50%, due 1/1/48 | 261,073 | 279,002 |
3.50%, due 3/1/48 | 37,505 | 40,848 |
3.50%, due 7/1/48 | 2,090,514 | 2,224,313 |
4.00%, due 1/1/48 | 544,448 | 591,709 |
4.00%, due 1/1/48 | 983,581 | 1,065,575 |
4.00%, due 3/1/48 | 188,426 | 205,953 |
4.00%, due 2/1/49 | 145,784 | 155,159 |
4.50%, due 11/1/42 | 70,023 | 77,379 |
4.50%, due 10/1/44 | 220,661 | 244,981 |
4.50%, due 3/1/45 | 328,195 | 364,366 |
4.50%, due 2/1/46 | 359,880 | 397,287 |
4.50%, due 3/1/48 | 180,830 | 194,617 |
4.50%, due 8/1/48 | 116,670 | 125,256 |
22 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
5.00%, due 5/1/48 | $ 164,097 | $ 180,003 |
6.00%, due 2/1/37 | 28,099 | 32,577 |
20,052,605 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.2% | ||
GNMA I, 30 Year | ||
4.00%, due 1/15/45 | 511,018 | 561,471 |
4.00%, due 7/15/47 | 432,829 | 462,421 |
4.00%, due 8/15/47 | 61,133 | 66,469 |
4.00%, due 11/15/47 | 48,367 | 52,664 |
4.00%, due 12/15/47 | 88,440 | 95,191 |
4.50%, due 8/15/46 | 553,432 | 625,947 |
GNMA II, 30 Year | ||
4.00%, due 8/20/47 | 24,417 | 26,184 |
4.00%, due 8/20/47 | 60,942 | 64,992 |
4.00%, due 8/20/47 | 19,720 | 21,071 |
4.00%, due 6/20/48 | 273,546 | 289,160 |
4.50%, due 2/20/48 | 60,831 | 65,085 |
4.50%, due 5/20/48 | 44,093 | 47,252 |
4.50%, due 5/20/48 | 166,114 | 177,171 |
5.00%, due 8/20/48 | 364,661 | 391,186 |
2,946,264 | ||
United States Treasury Bonds 3.3% | ||
U.S. Treasury Bonds | ||
1.375%, due 11/15/40 | 2,707,000 | 2,466,965 |
1.375%, due 8/15/50 | 8,806,800 | 7,714,550 |
1.625%, due 11/15/50 | 14,468,900 | 13,480,380 |
1.75%, due 8/15/41 | 18,506,000 | 17,942,145 |
1.875%, due 2/15/51 | 4,236,100 | 4,191,092 |
2.00%, due 11/15/41 | 1,450,000 | 1,466,539 |
2.00%, due 8/15/51 | 1,178,000 | 1,200,824 |
2.375%, due 5/15/51 | 1,105,000 | 1,220,507 |
2.75%, due 8/15/42 | 6,590,900 | 7,509,507 |
57,192,509 | ||
United States Treasury Inflation - Indexed Note 0.2% | ||
U.S. Treasury Inflation Linked Notes | ||
0.125%, due 7/15/31 (k) | 2,567,541 | 2,885,842 |
United States Treasury Notes 7.8% | ||
U.S. Treasury Notes | ||
0.125%, due 4/30/23 | 5,587,000 | 5,557,101 |
0.125%, due 6/30/23 | 3,668,000 | 3,643,212 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
0.125%, due 8/31/23 | $ 5,858,000 | $ 5,806,514 |
0.25%, due 5/15/24 | 2,141,000 | 2,111,812 |
0.375%, due 10/31/23 | 3,094,700 | 3,076,446 |
0.375%, due 9/15/24 | 1,573,000 | 1,550,757 |
0.375%, due 1/31/26 | 4,346,900 | 4,205,286 |
0.50%, due 2/28/26 | 18,186,000 | 17,669,546 |
0.625%, due 7/31/26 | 5,191,000 | 5,047,639 |
0.75%, due 4/30/26 | 10,272,000 | 10,068,566 |
0.75%, due 8/31/26 | 1,362,400 | 1,331,906 |
0.875%, due 6/30/26 | 14,227,000 | 14,001,369 |
0.875%, due 9/30/26 | 9,580,200 | 9,409,179 |
1.125%, due 8/31/28 | 13,228,700 | 12,972,394 |
1.25%, due 11/30/26 (h) | 8,110,000 | 8,104,931 |
1.25%, due 4/30/28 | 580,000 | 574,721 |
1.25%, due 6/30/28 | 1,122,000 | 1,110,517 |
1.375%, due 11/15/31 | 27,809,400 | 27,457,437 |
133,699,333 | ||
Total U.S. Government & Federal Agencies (Cost $227,051,489) | 227,547,775 | |
Total Long-Term Bonds (Cost $583,308,299) | 587,573,733 | |
Shares | ||
Common Stocks 64.8% | ||
Aerospace & Defense 1.0% | ||
General Dynamics Corp. | 52,401 | 10,924,037 |
L3Harris Technologies, Inc. | 30,618 | 6,528,982 |
17,453,019 | ||
Air Freight & Logistics 1.2% | ||
United Parcel Service, Inc., Class B | 93,962 | 20,139,815 |
Airlines 0.2% | ||
Southwest Airlines Co. (l) | 85,860 | 3,678,242 |
Auto Components 0.4% | ||
Aptiv plc (l) | 38,652 | 6,375,647 |
Banks 1.4% | ||
Bank of America Corp. | 543,503 | 24,180,448 |
Beverages 1.1% | ||
Constellation Brands, Inc., Class A | 19,434 | 4,877,351 |
Shares | Value | |
Common Stocks (continued) | ||
Beverages (continued) | ||
Monster Beverage Corp. (l) | 142,546 | $ 13,690,118 |
18,567,469 | ||
Biotechnology 0.8% | ||
AbbVie, Inc. | 107,147 | 14,507,704 |
Building Products 0.2% | ||
Trane Technologies plc | 21,025 | 4,247,681 |
Capital Markets 2.9% | ||
Charles Schwab Corp. (The) | 89,971 | 7,566,561 |
CME Group, Inc. | 63,439 | 14,493,274 |
Morgan Stanley | 239,158 | 23,475,750 |
S&P Global, Inc. | 8,412 | 3,969,875 |
49,505,460 | ||
Chemicals 0.5% | ||
Sherwin-Williams Co. (The) | 23,603 | 8,312,032 |
Communications Equipment 0.5% | ||
Motorola Solutions, Inc. | 30,062 | 8,167,845 |
Consumer Finance 1.0% | ||
American Express Co. | 104,976 | 17,174,074 |
Electrical Equipment 0.5% | ||
Rockwell Automation, Inc. | 22,703 | 7,919,942 |
Electronic Equipment, Instruments & Components 0.3% | ||
Corning, Inc. | 133,768 | 4,980,183 |
Entertainment 1.4% | ||
Activision Blizzard, Inc. | 83,504 | 5,555,521 |
Netflix, Inc. (l) | 9,084 | 5,472,565 |
Walt Disney Co. (The) (l) | 86,855 | 13,452,971 |
24,481,057 | ||
Food & Staples Retailing 1.9% | ||
Costco Wholesale Corp. | 46,528 | 26,413,945 |
Sysco Corp. | 72,867 | 5,723,703 |
32,137,648 | ||
Food Products 0.5% | ||
Hershey Co. (The) | 42,941 | 8,307,795 |
Shares | Value | |
Health Care Equipment & Supplies 2.8% | ||
Abbott Laboratories | 118,330 | $ 16,653,764 |
Align Technology, Inc. (l) | 8,158 | 5,361,275 |
Edwards Lifesciences Corp. (l) | 68,217 | 8,837,512 |
Intuitive Surgical, Inc. (l) | 15,850 | 5,694,905 |
Medtronic plc | 54,524 | 5,640,508 |
Stryker Corp. | 22,762 | 6,087,014 |
48,274,978 | ||
Health Care Providers & Services 2.4% | ||
UnitedHealth Group, Inc. | 79,968 | 40,155,132 |
Hotels, Restaurants & Leisure 3.3% | ||
Booking Holdings, Inc. (l) | 4,120 | 9,884,827 |
Hilton Worldwide Holdings, Inc. (l) | 74,098 | 11,558,547 |
McDonald's Corp. | 85,368 | 22,884,600 |
Starbucks Corp. | 97,179 | 11,367,028 |
55,695,002 | ||
Household Products 1.0% | ||
Procter & Gamble Co. (The) | 100,431 | 16,428,503 |
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 75,727 | 15,789,837 |
Insurance 1.0% | ||
Progressive Corp. (The) | 172,259 | 17,682,386 |
Interactive Media & Services 3.8% | ||
Alphabet, Inc., Class C (l) | 22,406 | 64,833,778 |
Internet & Direct Marketing Retail 2.9% | ||
Amazon.com, Inc. (l) | 14,683 | 48,958,114 |
IT Services 3.2% | ||
Accenture plc, Class A | 35,298 | 14,632,786 |
Fidelity National Information Services, Inc. | 49,355 | 5,387,098 |
Mastercard, Inc., Class A | 97,850 | 35,159,462 |
55,179,346 | ||
Leisure Products 0.4% | ||
Hasbro, Inc. | 75,625 | 7,697,113 |
Life Sciences Tools & Services 1.2% | ||
Illumina, Inc. (l) | 12,232 | 4,653,542 |
24 | MainStay VP Janus Henderson Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Life Sciences Tools & Services (continued) | ||
Thermo Fisher Scientific, Inc. | 24,330 | $ 16,233,949 |
20,887,491 | ||
Machinery 1.3% | ||
Deere & Co. | 47,313 | 16,223,155 |
Parker-Hannifin Corp. | 16,260 | 5,172,631 |
21,395,786 | ||
Media 1.2% | ||
Comcast Corp., Class A | 399,337 | 20,098,631 |
Multiline Retail 1.0% | ||
Dollar General Corp. | 69,302 | 16,343,491 |
Personal Products 0.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 12,886 | 4,770,397 |
Pharmaceuticals 2.4% | ||
AstraZeneca plc, Sponsored ADR | 68,043 | 3,963,505 |
Eli Lilly and Co. | 87,344 | 24,126,159 |
Merck & Co., Inc. | 136,959 | 10,496,538 |
Zoetis, Inc. | 9,259 | 2,259,474 |
40,845,676 | ||
Real Estate Management & Development 0.3% | ||
CBRE Group, Inc., Class A (l) | 49,885 | 5,413,021 |
Semiconductors & Semiconductor Equipment 5.2% | ||
Advanced Micro Devices, Inc. (l) | 76,163 | 10,959,856 |
Lam Research Corp. | 39,381 | 28,320,846 |
Marvell Technology, Inc. | 45,916 | 4,017,191 |
NVIDIA Corp. | 109,669 | 32,254,750 |
Texas Instruments, Inc. | 70,441 | 13,276,015 |
88,828,658 | ||
Software 8.3% | ||
Adobe, Inc. (l) | 48,349 | 27,416,784 |
Cadence Design Systems, Inc. (l) | 42,807 | 7,977,085 |
Microsoft Corp. | 288,867 | 97,151,749 |
salesforce.com, Inc. (l) | 38,579 | 9,804,081 |
142,349,699 | ||
Specialty Retail 1.3% | ||
Home Depot, Inc. (The) | 54,163 | 22,478,187 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals 3.9% | |||
Apple, Inc. | 371,478 | $ 65,963,348 | |
Textiles, Apparel & Luxury Goods 0.9% | |||
NIKE, Inc., Class B | 89,760 | 14,960,299 | |
Total Common Stocks (Cost $588,699,923) | 1,105,164,934 | ||
Short-Term Investments 3.7% | |||
Affiliated Investment Company 3.7% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (m)(n) | 63,091,428 | 63,091,428 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Wells Fargo Government Money Market Fund, 0.10% (n)(o) | 467,415 | 467,415 | |
Total Short-Term Investments (Cost $63,558,843) | 63,558,843 | ||
Total Investments (Cost $1,235,567,065) | 102.9% | 1,756,297,510 | |
Other Assets, Less Liabilities | (2.9) | (50,231,646) | |
Net Assets | 100.0% | $ 1,706,065,864 |
† | 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 December 31, 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 December 31, 2021. |
(d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of December 31, 2021, the total market value was $293,617, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(e) | Step coupon—Rate shown was the rate in effect as of December 31, 2021. |
(f) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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 December 31, 2021, the aggregate market value of securities on loan was $8,560,297; the total market value of collateral held by the Portfolio was $8,749,137. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,281,722. The Portfolio received cash collateral with a value of $467,415. (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 December 31, 2021, the total net market value was $52,886,252, which represented 3.1% 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 December 31, 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) | As of December 31, 2021, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(n) | Current yield as of December 31, 2021. |
(o) | 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 | $ — | $ 49,850,032 | $ — | $ 49,850,032 | |||
Corporate Bonds | — | 179,822,457 | — | 179,822,457 | |||
Loan Assignments | — | 15,477,300 | — | 15,477,300 | |||
Mortgage-Backed Securities | — | 114,876,169 | — | 114,876,169 | |||
U.S. Government & Federal Agencies | — | 227,547,775 | — | 227,547,775 | |||
Total Long-Term Bonds | — | 587,573,733 | — | 587,573,733 | |||
Common Stocks | 1,105,164,934 | — | — | 1,105,164,934 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 63,091,428 | — | — | 63,091,428 | |||
Unaffiliated Investment Company | 467,415 | — | — | 467,415 | |||
Total Short-Term Investments | 63,558,843 | — | — | 63,558,843 | |||
Total Investments in Securities | $ 1,168,723,777 | $ 587,573,733 | $ — | $ 1,756,297,510 |
(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 $1,172,475,637) including securities on loan of $8,560,297 | $1,693,206,082 |
Investment in affiliated investment companies, at value (identified cost $63,091,428) | 63,091,428 |
Due from custodian | 3,266,227 |
Receivables: | |
Investment securities sold | 30,379,215 |
Dividends and interest | 2,867,001 |
Portfolio shares sold | 2,310,438 |
Securities lending | 1,298 |
Other assets | 6,946 |
Total assets | 1,795,128,635 |
Liabilities | |
Cash collateral received for securities on loan | 467,415 |
Due to custodian | 18,218 |
Payables: | |
Investment securities purchased | 86,926,917 |
Manager (See Note 3) | 771,375 |
Portfolio shares redeemed | 455,741 |
NYLIFE Distributors (See Note 3) | 262,057 |
Shareholder communication | 64,450 |
Professional fees | 56,363 |
Custodian | 23,487 |
Trustees | 1,699 |
Accrued expenses | 15,049 |
Total liabilities | 89,062,771 |
Net assets | $1,706,065,864 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 100,725 |
Additional paid-in-capital | 1,068,361,937 |
1,068,462,662 | |
Total distributable earnings (loss) | 637,603,202 |
Net assets | $1,706,065,864 |
Initial Class | |
Net assets applicable to outstanding shares | $ 453,021,965 |
Shares of beneficial interest outstanding | 26,587,395 |
Net asset value per share outstanding | $ 17.04 |
Service Class | |
Net assets applicable to outstanding shares | $1,253,043,899 |
Shares of beneficial interest outstanding | 74,137,564 |
Net asset value per share outstanding | $ 16.90 |
Investment Income (Loss) | |
Income | |
Interest | $ 12,958,919 |
Dividends-unaffiliated | 12,117,259 |
Securities lending | 24,605 |
Dividends-affiliated | 5,086 |
Total income | 25,105,869 |
Expenses | |
Manager (See Note 3) | 8,540,186 |
Distribution/Service—Service Class (See Note 3) | 2,864,852 |
Professional fees | 148,440 |
Shareholder communication | 94,178 |
Custodian | 82,675 |
Trustees | 32,506 |
Miscellaneous | 69,422 |
Total expenses | 11,832,259 |
Net investment income (loss) | 13,273,610 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 105,512,557 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 132,255,579 |
Net realized and unrealized gain (loss) | 237,768,136 |
Net increase (decrease) in net assets resulting from operations | $251,041,746 |
28 | MainStay VP Janus Henderson Balanced Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,273,610 | $ 18,335,563 |
Net realized gain (loss) | 105,512,557 | 53,224,727 |
Net change in unrealized appreciation (depreciation) | 132,255,579 | 106,458,260 |
Net increase (decrease) in net assets resulting from operations | 251,041,746 | 178,018,550 |
Distributions to shareholders: | ||
Initial Class | (19,693,563) | (20,833,044) |
Service Class | (51,382,048) | (49,436,862) |
Total distributions to shareholders | (71,075,611) | (70,269,906) |
Capital share transactions: | ||
Net proceeds from sales of shares | 200,068,355 | 174,035,243 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 71,075,611 | 70,269,906 |
Cost of shares redeemed | (203,969,824) | (217,020,749) |
Increase (decrease) in net assets derived from capital share transactions | 67,174,142 | 27,284,400 |
Net increase (decrease) in net assets | 247,140,277 | 135,033,044 |
Net Assets | ||
Beginning of year | 1,458,925,587 | 1,323,892,543 |
End of year | $1,706,065,864 | $1,458,925,587 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | $ 11.82 | ||||
Net investment income (loss) (a) | 0.17 | 0.22 | 0.27 | 0.26 | 0.25 | ||||
Net realized and unrealized gain (loss) | 2.42 | 1.74 | 2.48 | (0.14) | 1.89 | ||||
Total from investment operations | 2.59 | 1.96 | 2.75 | 0.12 | 2.14 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.27) | (0.25) | (0.25) | (0.23) | ||||
From net realized gain on investments | (0.54) | (0.52) | (0.77) | (0.74) | (0.55) | ||||
Total distributions | (0.76) | (0.79) | (1.02) | (0.99) | (0.78) | ||||
Net asset value at end of year | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | ||||
Total investment return (b) | 17.35% | 14.32% | 22.93% | 0.42% | 18.35% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.03% | 1.57% | 2.01% | 1.93% | 1.95% | ||||
Net expenses (c) | 0.57% | 0.58% | 0.58% | 0.58% | 0.58% | ||||
Expenses (before waiver/reimbursement) (c) | 0.57% | 0.58% | 0.58% | 0.58%(d) | 0.58%(d) | ||||
Portfolio turnover rate (e) | 103% | 106% | 98% | 132% | 73% | ||||
Net assets at end of year (in 000's) | $ 453,022 | $ 416,712 | $ 404,231 | $ 371,106 | $ 417,996 |
(a) | Per share data based on average shares outstanding during the year. |
(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%. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95%, 93%, 103% and 66% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | $ 11.77 | ||||
Net investment income (loss) (a) | 0.12 | 0.18 | 0.24 | 0.22 | 0.22 | ||||
Net realized and unrealized gain (loss) | 2.41 | 1.74 | 2.45 | (0.13) | 1.88 | ||||
Total from investment operations | 2.53 | 1.92 | 2.69 | 0.09 | 2.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.24) | (0.22) | (0.22) | (0.21) | ||||
From net realized gain on investments | (0.54) | (0.52) | (0.77) | (0.74) | (0.55) | ||||
Total distributions | (0.73) | (0.76) | (0.99) | (0.96) | (0.76) | ||||
Net asset value at end of year | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | ||||
Total investment return (b) | 17.06% | 14.03% | 22.62% | 0.17% | 18.05% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.77% | 1.31% | 1.76% | 1.69% | 1.70% | ||||
Net expenses (c) | 0.82% | 0.83% | 0.83% | 0.83% | 0.83% | ||||
Expenses (before waiver/reimbursement) (c) | 0.82% | 0.83% | 0.83% | 0.83%(d) | 0.83%(d) | ||||
Portfolio turnover rate (e) | 103% | 106% | 98% | 132% | 73% | ||||
Net assets at end of year (in 000's) | $ 1,253,044 | $ 1,042,214 | $ 919,661 | $ 748,653 | $ 730,439 |
(a) | Per share data based on average shares outstanding during the year. |
(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%. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95%, 93%, 103% and 66% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
30 | MainStay VP Janus Henderson Balanced 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) |
• 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 Janus Henderson Balanced Portfolio |
34 | MainStay VP Janus Henderson Balanced Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 33,485 | $ 334,441 | $ (304,835) | $ — | $ — | $ 63,091 | $ 5 | $ — | 63,091 |
36 | MainStay VP Janus Henderson Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,237,503,727 | $525,700,938 | $(6,907,155) | $518,793,783 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$19,918,775 | $98,890,644 | $518,793,783 | $637,603,202 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $34,359,548 | $33,150,432 |
Long-Term Capital Gains | 36,716,063 | 37,119,474 |
Total | $71,075,611 | $70,269,906 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 572,943 | $ 9,276,043 |
Shares issued to shareholders in reinvestment of distributions | 1,225,913 | 19,693,563 |
Shares redeemed | (2,609,368) | (42,369,071) |
Net increase (decrease) | (810,512) | $ (13,399,465) |
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) |
Service Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 11,911,903 | $ 190,792,312 |
Shares issued to shareholders in reinvestment of distributions | 3,222,617 | 51,382,048 |
Shares redeemed | (10,018,242) | (161,600,753) |
Net increase (decrease) | 5,116,278 | $ 80,573,607 |
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 |
38 | MainStay VP Janus Henderson Balanced Portfolio |
MainStay VP Janus Henderson Balanced Portfolio
New York, New York
February 24, 2022
40 | MainStay VP Janus Henderson Balanced Portfolio |
42 | MainStay VP Janus Henderson Balanced Portfolio |
44 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
46 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
48 | MainStay VP Janus Henderson Balanced Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802530 | MSVPJB11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/2/2005 | 3.76% | 3.68% | 3.94% | 0.65% |
Service Class Shares | 5/2/2005 | 3.50 | 3.41 | 3.68 | 0.90 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P/LSTA Leveraged Loan Index1 | 5.20% | 4.27% | 4.69% |
Morningstar Bank Loan Category Average2 | 4.23 | 3.16 | 3.89 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,013.40 | $3.20 | $1,022.03 | $3.21 | 0.63% |
Service Class Shares | $1,000.00 | $1,012.10 | $4.46 | $1,020.77 | $4.48 | 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 184 (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 | 9.7% |
Healthcare, Education & Childcare | 7.3 |
Finance | 7.2 |
Telecommunications | 4.4 |
Hotels, Motels, Inns & Gaming | 4.2 |
Services: Business | 4.0 |
Insurance | 3.9 |
Chemicals, Plastics & Rubber | 3.5 |
Containers, Packaging & Glass | 3.3 |
Aerospace & Defense | 3.0 |
Diversified/Conglomerate Manufacturing | 2.9 |
Broadcasting & Entertainment | 2.8 |
Utilities | 2.8 |
Manufacturing | 2.4 |
Beverage, Food & Tobacco | 2.3 |
Personal, Food & Miscellaneous Services | 2.2 |
Diversified/Conglomerate Service | 2.1 |
Buildings & Real Estate | 2.0 |
Healthcare | 2.0 |
Media | 1.8 |
Software | 1.8 |
Automobile | 1.7 |
Oil & Gas | 1.7 |
Retail Store | 1.6 |
Banking | 1.4 |
Leisure, Amusement, Motion Pictures & Entertainment | 1.3 |
Entertainment | 1.3 |
Commercial Services | 1.3 |
Machinery (Non–Agriculture, Non–Construct & Non–Electronic) | 1.0 |
Personal & Nondurable Consumer Products | 1.0 |
Mining, Steel, Iron & Non–Precious Metals | 0.9 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.8 |
Printing & Publishing | 0.8 |
Retail | 0.8 |
High Tech Industries | 0.6 |
Personal Transportation | 0.5 |
Chemicals | 0.4% |
Affiliated Investment Company | 0.3 |
Cargo Transport | 0.3 |
Packaging | 0.3 |
Environmental Control | 0.3 |
Home and Office Furnishings, Housewares & Durable Consumer Products | 0.2 |
Ecological | 0.2 |
Pharmaceuticals | 0.2 |
Consumer Durables | 0.2 |
Electric | 0.2 |
Real Estate | 0.2 |
Packaging & Containers | 0.2 |
Radio and TV Broadcasting | 0.1 |
Animal Food | 0.1 |
Energy (Electricity) | 0.1 |
Lodging | 0.1 |
Auto Manufacturers | 0.1 |
Food | 0.1 |
Distribution & Wholesale | 0.1 |
Real Estate Investment Trusts | 0.1 |
Building Materials | 0.1 |
Oil & Gas Services | 0.1 |
Airlines | 0.1 |
Healthcare–Services | 0.0‡ |
Iron & Steel | 0.0‡ |
Machinery–Diversified | 0.0‡ |
Healthcare–Products | 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 | 5.0 |
Other Assets, Less Liabilities | –1.4 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Asurion LLC, 3.104%-5.354%, due 11/3/23–1/20/29 |
2. | Sunshine Luxembourg VII SARL, 4.50%, due 10/1/26 |
3. | Univision Communications, Inc., TBD-6.625%, due 3/15/24–5/5/28 |
4. | UKG, Inc., 3.75%-5.75%, due 5/4/26–5/3/27 |
5. | Peraton Corp., 4.50%, due 2/1/28 |
6. | Scientific Games International, Inc., 2.854%-7.00%, due 8/14/24–5/15/28 |
7. | Prime Security Services Borrower LLC, 3.50%-6.25%, due 9/23/26–1/15/28 |
8. | IRB Holding Corp., 3.75%-7.00%, due 2/5/25–12/15/27 |
9. | MH Sub I LLC, 3.604%-4.75%, due 9/13/24 |
10. | Chariot Buyer LLC, 4.00%, due 11/3/28 |
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. 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 Portfolio 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 Portfolio. |
8 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Long-Term Bonds 96.1% | ||
Corporate Bonds 3.6% | ||
Aerospace & Defense 0.2% | ||
Howmet Aerospace, Inc. | ||
6.875%, due 5/1/25 | $ 200,000 | $ 229,942 |
Spirit AeroSystems, Inc. | ||
7.50%, due 4/15/25 (a) | 900,000 | 943,875 |
1,173,817 | ||
Airlines 0.1% | ||
United Airlines, Inc. (a) | ||
4.375%, due 4/15/26 | 200,000 | 208,547 |
4.625%, due 4/15/29 | 600,000 | 618,750 |
827,297 | ||
Auto Manufacturers 0.1% | ||
Ford Motor Co. | ||
9.00%, due 4/22/25 | 600,000 | 733,560 |
Building Materials 0.1% | ||
Koppers, Inc. | ||
6.00%, due 2/15/25 (a) | 500,000 | 508,745 |
Chemicals 0.2% | ||
Kraton Polymers LLC | ||
4.25%, due 12/15/25 (a) | 400,000 | 414,044 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 350,000 | 359,187 |
Unifrax Escrow Issuer Corp. | ||
5.25%, due 9/30/28 (a) | 330,000 | 333,548 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (a) | 300,000 | 307,125 |
1,413,904 | ||
Commercial Services 0.4% | ||
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | 850,000 | 884,000 |
PECF USS Intermediate Holding III Corp. | ||
8.00%, due 11/15/29 (a) | 80,000 | 82,840 |
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 1,042,500 |
Sotheby's | ||
5.875%, due 6/1/29 (a) | 900,000 | 918,000 |
Team Health Holdings, Inc. | ||
6.375%, due 2/1/25 (a) | 500,000 | 470,625 |
3,397,965 |
Principal Amount | Value | |
Distribution & Wholesale 0.1% | ||
IAA, Inc. | ||
5.50%, due 6/15/27 (a) | $ 500,000 | $ 518,125 |
KAR Auction Services, Inc. | ||
5.125%, due 6/1/25 (a) | 350,000 | 355,250 |
873,375 | ||
Electric 0.2% | ||
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,556,730 |
Entertainment 0.1% | ||
Scientific Games International, Inc. | ||
7.00%, due 5/15/28 (a) | 900,000 | 958,500 |
Environmental Control 0.3% | ||
GFL Environmental, Inc. (a) | ||
3.75%, due 8/1/25 | 1,000,000 | 1,010,000 |
4.25%, due 6/1/25 | 500,000 | 514,473 |
4.75%, due 6/15/29 | 1,000,000 | 1,008,750 |
2,533,223 | ||
Food 0.1% | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 252,151 |
U.S. Foods, Inc. | ||
6.25%, due 4/15/25 (a) | 500,000 | 520,625 |
772,776 | ||
Healthcare-Products 0.0% ‡ | ||
Mozart Debt Merger Sub, Inc. | ||
5.25%, due 10/1/29 (a) | 200,000 | 202,728 |
Healthcare-Services 0.0% ‡ | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | 120,000 | 123,300 |
Iron & Steel 0.0% ‡ | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 310,000 | 329,559 |
Lodging 0.1% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 400,000 | 408,000 |
8.625%, due 6/1/25 (a) | 500,000 | 535,760 |
943,760 |
10 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery-Diversified 0.0% ‡ | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | $ 220,000 | $ 223,300 |
Media 0.1% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | 370,000 | 373,700 |
Univision Communications, Inc. | ||
6.625%, due 6/1/27 (a) | 600,000 | 646,500 |
1,020,200 | ||
Oil & Gas Services 0.1% | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | 360,000 | 374,400 |
Packaging & Containers 0.2% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 400,000 | 396,300 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 1,032,500 |
1,428,800 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 300,000 | 304,875 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 600,000 | 626,808 |
931,683 | ||
Real Estate 0.2% | ||
Realogy Group LLC (a) | ||
5.75%, due 1/15/29 | 1,330,000 | 1,363,250 |
7.625%, due 6/15/25 | 240,000 | 254,400 |
1,617,650 | ||
Real Estate Investment Trusts 0.1% | ||
Iron Mountain, Inc. | ||
5.00%, due 7/15/28 (a) | 350,000 | 359,625 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 306,000 |
665,625 | ||
Retail 0.4% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 1,040,000 | 1,021,800 |
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | 580,000 | 613,623 |
Principal Amount | Value | |
Retail (continued) | ||
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | $ 1,000,000 | $ 988,750 |
Michaels Cos., Inc. (The) (a) | ||
5.25%, due 5/1/28 | 450,000 | 450,198 |
7.875%, due 5/1/29 | 600,000 | 591,000 |
3,665,371 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 300,000 | 301,500 |
4.875%, due 7/1/29 | 300,000 | 304,236 |
605,736 | ||
Telecommunications 0.3% | ||
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 280,000 | 296,100 |
LogMeIn, Inc. | ||
5.50%, due 9/1/27 (a) | 1,100,000 | 1,113,200 |
Lumen Technologies, Inc. | ||
4.50%, due 1/15/29 (a) | 670,000 | 648,225 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 600,000 | 529,800 |
2,587,325 | ||
Total Corporate Bonds (Cost $28,710,226) | 29,469,329 | |
Loan Assignments 92.5% | ||
Aerospace & Defense 2.8% | ||
AI Convoy (Luxembourg) SARL | ||
USD Facility Term Loan B | ||
4.50% (6 Month LIBOR + 3.50%), due 1/18/27 (b) | 857,308 | 857,308 |
Arcline FM Holdings LLC | ||
First Lien Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 6/23/28 (b) | 2,921,250 | 2,913,947 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 9/7/27 (b) | 2,637,863 | 2,624,201 |
Cobham Ultra U.S. Co-borrower LLC | ||
Term Loan | ||
TBD, due 11/17/28 | 1,000,000 | 998,750 |
Dynasty Acquisition Co., Inc. (b) | ||
2020 Term Loan B1 | ||
3.724% (3 Month LIBOR + 3.50%), due 4/6/26 | 1,521,047 | 1,479,045 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Aerospace & Defense (continued) | ||
Dynasty Acquisition Co., Inc. (b) (continued) | ||
2020 Term Loan B2 | ||
3.724% (3 Month LIBOR + 3.50%), due 4/6/26 | $ 817,767 | $ 795,185 |
Kestrel Bidco, Inc. | ||
Term Loan | ||
4.00% (3 Month LIBOR + 3.00%), due 12/11/26 (b) | 2,222,455 | 2,152,386 |
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 | 4,365,549 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 10/20/27 (b) | 1,185,714 | 1,252,263 |
TransDigm, Inc. (b) | ||
Tranche Refinancing Term Loan E | ||
2.354% (1 Month LIBOR + 2.25%), due 5/30/25 | 962,850 | 947,685 |
Tranche Refinancing Term Loan F | ||
2.354% (1 Month LIBOR + 2.25%), due 12/9/25 | 2,574,341 | 2,536,897 |
United AirLines, Inc. | ||
Term Loan B | ||
4.50% (3 Month LIBOR + 3.75%), due 4/21/28 (b) | 2,779,000 | 2,781,701 |
23,704,917 | ||
Animal Food 0.1% | ||
Alltech, Inc. | ||
Term Loan B | ||
4.50% (1 Month LIBOR + 4.00%), due 10/13/28 (b) | 533,333 | 534,000 |
Automobile 1.7% | ||
American Axle & Manufacturing, Inc. | ||
Tranche Term Loan B | ||
3.00% (1 Month LIBOR + 2.25%), due 4/6/24 (b) | 1,304,652 | 1,301,390 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term Loan B | ||
5.00% (3 Month LIBOR + 4.50%), due 4/6/28 (b) | 3,044,700 | 3,047,745 |
Principal Amount | Value | |
Automobile (continued) | ||
Belron Finance 2019 LLC | ||
Dollar Second Incremental Term Loan | ||
2.438% (3 Month LIBOR + 2.25%), due 10/30/26 (b) | $ 1,225,000 | $ 1,214,664 |
Belron Finance U.S. LLC | ||
First Incremental Term Loan | ||
2.438% (3 Month LIBOR + 2.25%), due 11/13/25 (b) | 970,000 | ��� 963,533 |
Belron Group SA | ||
Dollar Third Incremental Term Loan | ||
3.25% (3 Month LIBOR + 2.42%), due 4/13/28 (b) | 960,244 | 958,563 |
Chassix, Inc. | ||
Initial Term Loan 6.50%-7.75% | ||
(3 Month LIBOR + 4.50%, 3 Month LIBOR + 5.50%), due 11/15/23 (b) | 1,936,124 | 1,710,242 |
Clarios Global LP | ||
First Lien Amendment No. 1 Dollar Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/30/26 (b) | 1,275,217 | 1,265,653 |
KAR Auction Services, Inc. | ||
Tranche Term Loan B6 | ||
2.375% (1 Month LIBOR + 2.25%), due 9/19/26 (b) | 730,675 | 716,975 |
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
3.175% (3 Month LIBOR + 3.00%), due 2/5/26 (b) | 2,640,169 | 2,600,567 |
13,779,332 | ||
Banking 1.4% | ||
Apollo Commercial Real Estate Finance, Inc. (b) | ||
Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 5/15/26 | 1,462,500 | 1,440,563 |
Term Loan B1 | ||
4.00% (1 Month LIBOR + 3.50%), due 3/11/28 | 744,375 | 738,792 |
Broadstreet Partners, Inc. | ||
2020 Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 1/27/27 (b) | 2,515,548 | 2,482,008 |
Brookfield Property REIT, Inc. | ||
Initial Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 8/27/25 (b) | 1,349,596 | 1,329,689 |
12 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Banking (continued) | ||
Edelman Financial Engines Center LLC (The) | ||
2021 First Lien Initial Term Loan | ||
4.25% (1 Month LIBOR + 3.50%), due 4/7/28 (b) | $ 1,653,441 | $ 1,650,915 |
Greenhill & Co., Inc. | ||
New Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/12/24 (b)(c) | 556,909 | 555,284 |
Jane Street Group LLC | ||
Dollar Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 1/26/28 (b) | 3,797,046 | 3,766,594 |
11,963,845 | ||
Beverage, Food & Tobacco 2.3% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
3.852% (1 Month LIBOR + 3.75%), due 10/1/25 (b) | 2,541,796 | 2,500,492 |
American Seafoods Group LLC | ||
First Lien Tranche Term Loan B | ||
3.75% (1 Month LIBOR + 2.75%), due 8/21/23 (b) | 569,125 | 566,279 |
Arctic Glacier Group Holdings, Inc. | ||
Specified Refinancing Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 3/20/24 (b)(c) | 619,218 | 582,452 |
CHG PPC Parent LLC | ||
First Lien 2021-1 U.S. Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 12/8/28 (b) | 1,320,000 | 1,310,100 |
City Brewing Co. LLC | ||
First Lien Closing Date Term Loan | ||
4.25% (3 Month LIBOR + 3.50%), due 4/5/28 (b) | 1,695,750 | 1,595,065 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
2.354% (1 Month LIBOR + 2.25%), due 1/29/27 (b) | 1,462,725 | 1,440,784 |
H-Food Holdings LLC | ||
Initial Term Loan | ||
3.792% (1 Month LIBOR + 3.69%), due 5/23/25 (b) | 1,253,291 | 1,244,152 |
JBS USA Lux SA | ||
New Term Loan | ||
2.102% (1 Month LIBOR + 2.00%), due 5/1/26 (b) | 3,317,324 | 3,306,267 |
Principal Amount | Value | |
Beverage, Food & Tobacco (continued) | ||
Sotheby's | ||
2021 Second Refinancing Term Loan | ||
5.00% (3 Month LIBOR + 4.50%), due 1/15/27 (b) | $ 2,285,431 | $ 2,286,384 |
Sunshine Investments BV | ||
Facility Term Loan B3 | ||
2.908% (3 Month LIBOR + 2.75%), due 3/28/25 (b) | 2,960,000 | 2,937,800 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 10/22/25 (b) | 1,133,728 | 1,130,894 |
18,900,669 | ||
Broadcasting & Entertainment 2.8% | ||
Altice France SA | ||
USD Incremental Term Loan B13 | ||
4.118% (2 Month LIBOR + 4.00%), due 8/14/26 (b) | 1,212,500 | 1,205,428 |
Charter Communications Operating LLC | ||
Term Loan B1 | ||
1.86% (1 Month LIBOR + 1.75%), due 4/30/25 (b) | 2,805,195 | 2,797,545 |
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B | ||
3.629% (3 Month LIBOR + 3.50%), due 8/21/26 (b) | 1,211,900 | 1,193,533 |
Diamond Sports Group LLC | ||
Term Loan | ||
3.36% (1 Month LIBOR + 3.25%), due 8/24/26 (b) | 2,927,588 | 1,347,736 |
Gray Television, Inc. | ||
Term Loan C | ||
2.599% (1 Month LIBOR + 2.50%), due 1/2/26 (b) | 2,506,446 | 2,484,515 |
Nexstar Media, Inc. | ||
Term Loan B4 | ||
2.599% (1 Month LIBOR + 2.50%), due 9/18/26 (b) | 2,911,767 | 2,903,966 |
Numericable U.S. LLC (b) | ||
USD Term Loan B11 | ||
2.879% (3 Month LIBOR + 2.75%), due 7/31/25 | 1,880,726 | 1,844,052 |
USD Term Loan B12 | ||
3.811% (3 Month LIBOR + 3.69%), due 1/31/26 | 959,976 | 950,376 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Broadcasting & Entertainment (continued) | ||
Terrier Media Buyer, Inc. | ||
First Lien 2021 Term Loan B | ||
3.604% (1 Month LIBOR + 3.50%), due 12/17/26 (b) | $ 3,284,325 | $ 3,267,082 |
Univision Communications, Inc. | ||
Term Loan B | ||
TBD, due 5/5/28 | 2,080,000 | 2,074,151 |
First Lien 2017 Replacement Repriced Term Loan | ||
3.75% (1 Month LIBOR + 2.75%), due 3/15/24 (b) | 3,576,393 | 3,571,282 |
23,639,666 | ||
Buildings & Real Estate 2.0% | ||
Allspring Buyer LLC | ||
Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 11/1/28 (b) | 1,596,774 | 1,598,484 |
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
2.354% (1 Month LIBOR + 2.25%), due 5/19/28 (b) | 1,492,500 | 1,482,799 |
Core & Main LP | ||
Tranche Term Loan B | ||
2.602% (1 Month LIBOR + 2.50%), due 7/27/28 (b) | 2,531,542 | 2,513,345 |
Cornerstone Building Brands, Inc. | ||
Tranche Term Loan B | ||
3.75% (1 Month LIBOR + 3.25%), due 4/12/28 (b) | 2,501,013 | 2,495,386 |
Cushman & Wakefield U.S. Borrower LLC | ||
Replacement Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 8/21/25 (b) | 2,913,143 | 2,890,773 |
SRS Distribution, Inc. | ||
2021 Refinancing Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 6/2/28 (b) | 2,074,800 | 2,069,354 |
VC GB Holdings I Corp. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 7/21/28 (b) | 500,000 | 495,391 |
Wilsonart LLC | ||
Tranche Term Loan E | ||
4.50% (3 Month LIBOR + 3.50%), due 12/31/26 (b) | 2,924,077 | 2,920,421 |
16,465,953 |
Principal Amount | Value | |
Cargo Transport 0.3% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
2.224% (3 Month LIBOR + 2.00%), due 12/30/26 (b) | $ 2,466,174 | $ 2,449,338 |
Chemicals 0.2% | ||
Ineos U.S. Finance LLC | ||
2028 Dollar Term Loan | ||
3.00% (1 Month LIBOR + 2.50%), due 11/8/28 (b) | 466,667 | 463,458 |
LSF11 A5 Holdco LLC | ||
Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 10/15/28 (b) | 1,333,333 | 1,331,111 |
1,794,569 | ||
Chemicals, Plastics & Rubber 3.5% | ||
Alpha 3 BV | ||
Initial Dollar Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 3/18/28 (b) | 1,018,880 | 1,016,515 |
Aruba Investments Holdings LLC | ||
First Lien Initial Dollar Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 11/24/27 (b) | 529,334 | 529,334 |
Cabot Microelectronics Corp. | ||
Term Loan B1 | ||
2.125% (1 Month LIBOR + 2.00%), due 11/17/25 (b) | 780,043 | 778,093 |
Diamond (BC) BV | ||
Amendment No. 3 Refinancing Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 9/29/28 (b) | 1,250,000 | 1,240,938 |
Flex Acquisition Co., Inc. | ||
2021 Specified Refinancing Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 3/2/28 (b) | 825,586 | 823,227 |
Herens Holdco SARL | ||
USD Facility Term Loan B | ||
4.75% (6 Month LIBOR + 4.00%), due 7/3/28 (b) | 1,492,500 | 1,489,617 |
INEOS Styrolution Group GmbH | ||
2026 Tranche Dollar Term Loan B | ||
3.25% (1 Month LIBOR + 2.75%), due 1/29/26 (b) | 1,930,300 | 1,925,474 |
14 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Ineos U.S. Finance LLC | ||
2024 New Dollar Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 4/1/24 (b) | $ 1,433,924 | $ 1,424,738 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 2/5/27 (b) | 1,473,750 | 1,468,224 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 5/5/28 (b) | 2,985,000 | 2,995,928 |
Minerals Technologies, Inc. | ||
New Term Loan B1 | ||
3.00% (1 Month LIBOR + 2.25%), due 2/14/24 (b)(c) | 618,032 | 618,032 |
Nouryon Finance BV | ||
Initial Dollar Term Loan | ||
3.102% (1 Month LIBOR + 3.00%), due 10/1/25 (b) | 2,463,066 | 2,449,724 |
Olympus Water U.S. Holding Corp. | ||
Initial Dollar Term Loan | ||
4.25% (1 Month LIBOR + 3.75%), due 11/9/28 (b) | 1,250,000 | 1,244,445 |
Oxea Holding Vier GmbH | ||
Tranche Term Loan B2 | ||
3.438% (3 Month LIBOR + 3.25%), due 10/14/24 (b) | 2,225,000 | 2,206,225 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
4.75% (3 Month LIBOR + 4.00%), due 3/16/27 (b) | 2,731,355 | 2,700,627 |
Sparta U.S. Holdco LLC | ||
First Lien Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.50%), due 8/2/28 (b) | 900,000 | 899,250 |
Tricorbraun Holdings, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 3/3/28 (b) | 1,773,703 | 1,759,015 |
Tronox Finance LLC | ||
First Lien Refinancing Term Loan 2.354%-2.474% | ||
(1 Month LIBOR + 2.25%, 3 Month LIBOR + 2.25%), due 3/10/28 (b) | 969,316 | 959,138 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Venator Finance SARL | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 8/8/24 (b) | $ 1,422,712 | $ 1,409,670 |
W. R. Grace Holdings LLC | ||
Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 9/22/28 (b) | 1,500,000 | 1,501,125 |
29,439,339 | ||
Commercial Services 0.9% | ||
ADMI Corp. | ||
Amendment No.4 Refinancing Term Loan | ||
3.875% (1 Month LIBOR + 3.38%), due 12/23/27 (b) | 1,488,750 | 1,478,205 |
MHI Holdings LLC | ||
Initial Term Loan | ||
5.104% (1 Month LIBOR + 5.00%), due 9/21/26 (b) | 1,878,555 | 1,877,771 |
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) | 4,142,951 | 4,136,833 |
7,492,809 | ||
Consumer Durables 0.2% | ||
SWF Holdings I Corp. | ||
First Lien Initial Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 10/6/28 (b) | 2,100,000 | 2,077,251 |
Containers, Packaging & Glass 3.3% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B | ||
4.25% (3 Month LIBOR + 3.50%), due 10/8/27 (b) | 1,762,714 | 1,761,140 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 2/3/28 (b) | 3,083,085 | 3,047,919 |
Anchor Glass Container Corp. | ||
First Lien July 2017 Additional Term Loan | ||
3.75% (3 Month LIBOR + 2.75%), due 12/7/23 (b) | 2,083,314 | 1,794,255 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Containers, Packaging & Glass (continued) | ||
Berlin Packaging LLC (b) | ||
Tranche Initial Term Loan B4 | ||
3.75% (3 Month LIBOR + 3.25%), due 3/11/28 | $ 1,985,025 | $ 1,970,137 |
Tranche Term Loan B5 | ||
4.25% (1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 3/11/28 | 1,077,300 | 1,074,158 |
Berry Global, Inc. | ||
Term Loan Z | ||
1.864% (2 Month LIBOR + 1.75%), due 7/1/26 (b) | 1,964,896 | 1,950,363 |
Charter Next Generation, Inc. | ||
2021 First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 12/1/27 (b) | 845,351 | 846,671 |
Clearwater Paper Corp. | ||
Initial Term Loan | ||
3.125% (1 Month LIBOR + 3.00%), due 7/26/26 (b) | 416,667 | 414,583 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 8/4/27 (b) | 3,273,315 | 3,261,041 |
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/3/24 (b) | 2,843,018 | 2,801,897 |
Pactiv Evergreen, Inc. | ||
Tranche U.S. Term Loan B3 | ||
4.00% (1 Month LIBOR + 3.50%), due 9/24/28 (b) | 498,750 | 497,191 |
Pretium PKG Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 4.00%), due 10/2/28 | 1,720,000 | 1,714,778 |
Second Lien Initial Term Loan | ||
7.25% (3 Month LIBOR + 6.75%), due 10/1/29 | 750,000 | 749,063 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 2/4/27 (b) | 1,291,932 | 1,283,534 |
RLG Holdings LLC | ||
First Lien Closing Date Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.25%), due 7/7/28 (b) | 800,000 | 797,334 |
Principal Amount | Value | |
Containers, Packaging & Glass (continued) | ||
Tank Holding Corp. (b) | ||
First Lien 2020 Refinancing Term Loan 3.354%-5.50% | ||
(1 Month LIBOR + 3.25%, 3 Month LIBOR + 2.25%), due 3/26/26 | $ 1,204,376 | $ 1,195,042 |
First Lien 2020 Incremental Term Loan | ||
5.75% (1 Month LIBOR + 5.00%), due 3/26/26 (c) | 1,045,917 | 1,048,531 |
Trident TPI Holdings, Inc. (b) | ||
Tranche Delayed Draw Term Loan B3 4.00%-4.50% | ||
(3 Month LIBOR + 4.00%), due 9/15/28 (c) | 25,682 | 25,650 |
Tranche Term Loan B1 | ||
4.25% (3 Month LIBOR + 3.25%), due 10/17/24 | 716,800 | 716,203 |
Tranche Initial Term Loan B3 | ||
4.50% (3 Month LIBOR + 4.00%), due 9/15/28 | 449,273 | 448,712 |
27,398,202 | ||
Diversified/Conglomerate Manufacturing 2.9% | ||
Allied Universal Holdco LLC | ||
Initial U.S. Dollar Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 5/12/28 (b) | 4,305,006 | 4,283,481 |
Bright Bidco BV | ||
2018 Refinancing Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 6/30/24 (b) | 1,910,101 | 1,465,763 |
EWT Holdings III Corp. | ||
Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 4/1/28 (b) | 1,741,250 | 1,723,838 |
Filtration Group Corp. | ||
Initial Dollar Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 3/31/25 (b) | 1,758,065 | 1,742,682 |
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 1,978,506 | 1,955,940 |
GYP Holdings III Corp. | ||
First Lien 2021 Incremental Term Loan | ||
2.604% (1 Month LIBOR + 2.50%), due 6/1/25 (b) | 1,388,004 | 1,384,823 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 857,791 | 848,007 |
16 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Manufacturing (continued) | ||
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
1.851% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | $ 1,804,688 | $ 1,775,361 |
LTI Holdings, Inc. | ||
First Lien Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 9/6/25 (b) | 1,062,988 | 1,049,480 |
QUIKRETE Holdings, Inc. | ||
First Lien Fourth Amendment Term Loan B1 | ||
TBD, due 6/11/28 | 1,500,000 | 1,494,219 |
First Lien Initial Term Loan | ||
2.604% (1 Month LIBOR + 2.50%), due 2/1/27 (b) | 2,290,057 | 2,261,907 |
Red Ventures LLC (b) | ||
First Lien Term Loan B2 | ||
2.604% (1 Month LIBOR + 2.50%), due 11/8/24 | 982,538 | 975,345 |
First Lien Term Loan B3 | ||
4.25% (1 Month LIBOR + 3.50%), due 11/8/24 | 1,980,000 | 1,965,150 |
WP CPP Holdings LLC | ||
First Lien Initial Term Loan | ||
4.75% (3 Month LIBOR + 3.75%), due 4/30/25 (b) | 990,222 | 947,519 |
23,873,515 | ||
Diversified/Conglomerate Service 2.1% | ||
Applied Systems, Inc. (b) | ||
First Lien Closing Date Term Loan | ||
3.50% (3 Month LIBOR + 3.25%), due 9/19/24 | 2,536,196 | 2,533,817 |
Second Lien 2021 Term Loan | ||
6.25% (3 Month LIBOR + 5.50%), due 9/19/25 | 445,140 | 448,200 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 6/15/25 (b) | 1,957,288 | 1,943,832 |
Brightview Landscapes LLC | ||
First Lien 2018 Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 8/15/25 (b) | 1,086,263 | 1,079,927 |
Change Healthcare Holdings, Inc. | ||
Closing Date Term Loan | ||
3.50% (1 Month LIBOR + 2.50%), due 3/1/24 (b) | 1,392,122 | 1,390,556 |
Principal Amount | Value | |
Diversified/Conglomerate Service (continued) | ||
Greeneden U.S. Holdings I LLC | ||
2020 Initial Dollar Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 12/1/27 (b) | $ 1,426,109 | $ 1,430,269 |
IRI Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 12/1/25 (b) | 3,160,017 | 3,148,167 |
MKS Instruments, Inc. | ||
Tranche Term Loan B6 | ||
1.854% (1 Month LIBOR + 1.75%), due 2/2/26 (b) | 689,164 | 686,924 |
Monitronics International, Inc. | ||
Term Loan | ||
7.75% (3 Month LIBOR + 6.50%), due 3/29/24 (b)(c) | 941,682 | 872,625 |
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 (b) | 2,705,996 | 2,706,840 |
Verint Systems, Inc. | ||
Refinancing Term Loan | ||
2.099% (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) | 1,049,720 | 1,048,408 |
17,873,389 | ||
Ecological 0.2% | ||
GFL Environmental, Inc. | ||
2020 Refinancing Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 5/30/25 (b) | 2,031,640 | 2,034,687 |
Electronics 9.7% | ||
Avast Software BV | ||
Initial Dollar Term Loan | ||
2.224% (3 Month LIBOR + 2.00%), due 3/22/28 (b) | 192,500 | 191,813 |
Barracuda Networks, Inc. | ||
First Lien 2020 Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 2/12/25 (b) | 1,934,210 | 1,939,649 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Camelot U.S. Acquisition 1 Co. (b) | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 10/30/26 | $ 1,854,263 | $ 1,839,893 |
Amendment No. 2 Incremental Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 10/30/26 | 1,237,500 | 1,234,406 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
3.974% (3 Month LIBOR + 3.75%), due 1/29/27 | 1,422,984 | 1,408,755 |
Dollar Term Loan B2 | ||
4.75% (3 Month LIBOR + 4.00%), due 1/29/27 | 2,484,375 | 2,459,531 |
Commscope, Inc. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 4/6/26 (b) | 4,214,244 | 4,156,298 |
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 6/2/28 (b) | 4,488,750 | 4,478,650 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
4.104% (1 Month LIBOR + 4.00%), due 10/16/26 (b) | 2,459,962 | 2,455,569 |
Diebold Nixdorf, Inc. | ||
New Dollar Term Loan B | ||
2.875% (1 Month LIBOR + 2.75%), due 11/6/23 (b) | 635,075 | 626,608 |
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 11/9/27 (b) | 1,980,000 | 1,976,287 |
Epicor Software Corp. | ||
Term Loan C | ||
4.00% (1 Month LIBOR + 3.25%), due 7/30/27 (b) | 3,063,423 | 3,059,769 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
4.50% (3 Month LIBOR + 3.75%), due 3/3/28 (b) | 2,389,129 | 2,387,800 |
Gainwell Acquisition Corp. | ||
First Lien Term Loan B | ||
4.75% (3 Month LIBOR + 4.00%), due 10/1/27 (b) | 521,053 | 522,030 |
Principal Amount | Value | |
Electronics (continued) | ||
Generation Bridge LLC (b) | ||
Term Loan B | ||
5.75% (3 Month LIBOR + 4.00%), due 12/1/28 | $ 1,469,388 | $ 1,467,551 |
Term Loan C | ||
5.75% (3 Month LIBOR + 4.00%), due 12/1/28 (c)(d) | 30,612 | 30,574 |
Go Daddy Operating Co. LLC | ||
Tranche Term Loan B2 | ||
1.854% (1 Month LIBOR + 1.75%), due 2/15/24 (b) | 1,174,028 | 1,166,934 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
3.974% (3 Month LIBOR + 3.75%), due 3/11/28 (b) | 497,143 | 493,569 |
Hyland Software, Inc. (b) | ||
First Lien 2018 Refinancing Term Loan | ||
4.25% (1 Month LIBOR + 3.50%), due 7/1/24 | 3,554,549 | 3,557,510 |
Second Lien 2021 Refinancing Term Loan | ||
7.00% (1 Month LIBOR + 6.25%), due 7/7/25 | 535,333 | 539,181 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
4.974% (3 Month LIBOR + 4.75%), due 4/1/28 (b) | 995,000 | 996,066 |
MA FinanceCo. LLC (b) | ||
Tranche Term Loan B3 | ||
2.854% (1 Month LIBOR + 2.75%), due 6/21/24 | 247,333 | 245,272 |
Tranche Term Loan B4 | ||
5.25% (3 Month LIBOR + 4.25%), due 6/5/25 (c)(d) | 493,631 | 501,035 |
McAfee LLC | ||
USD Term Loan B | ||
3.852% (1 Month LIBOR + 3.75%), due 9/30/24 (b) | 3,502,089 | 3,502,089 |
MH Sub I LLC (b) | ||
First Lien Amendment No. 2 Initial Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 9/13/24 | 3,008,732 | 2,989,927 |
First Lien 2020 June New Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 9/13/24 | 2,081,173 | 2,084,207 |
Misys Ltd. (b) | ||
First Lien Dollar Term Loan | ||
4.50% (3 Month LIBOR + 3.50%), due 6/13/24 | 2,658,352 | 2,643,635 |
18 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Misys Ltd. (b) (continued) | ||
Second Lien Dollar Term Loan | ||
8.25% (3 Month LIBOR + 7.25%), due 6/13/25 | $ 900,000 | $ 897,625 |
Project Alpha Intermediate Holding, Inc. | ||
2021 Refinancing Term Loan | ||
5.00% (1 Month LIBOR + 4.00%), due 4/26/24 (b) | 2,005,867 | 2,007,371 |
Project Leopard Holdings, Inc. (b) | ||
2018 Repricing Term Loan | ||
5.75% (3 Month LIBOR + 4.75%), due 7/5/24 | 1,078,060 | 1,078,734 |
2019 Incremental Term Loan | ||
5.75% (3 Month LIBOR + 4.75%), due 7/5/24 (c) | 973,866 | 974,474 |
Proofpoint, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 8/31/28 (b) | 2,500,000 | 2,491,875 |
Rocket Software, Inc. (b) | ||
First Lien Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 11/28/25 | 875,250 | 870,217 |
First Lien 2021 Dollar Term Loan | ||
4.75% (1 Month LIBOR + 4.25%), due 11/28/25 | 1,492,500 | 1,488,396 |
Seattle SpinCo, Inc. | ||
Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 6/21/24 (b) | 1,670,303 | 1,656,385 |
Sharp Midco LLC | ||
Term Loan | ||
TBD, due 12/14/28 | 1,800,000 | 1,800,000 |
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B3 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 632,545 | 624,814 |
Term Loan B4 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 513,482 | 507,206 |
Term Loan B5 | ||
1.854% (1 Month LIBOR + 1.75%), due 4/16/25 | 1,910,460 | 1,887,111 |
Surf Holdings SARL | ||
First Lien Dollar Tranche Term Loan | ||
3.69% (3 Month LIBOR + 3.50%), due 3/5/27 (b) | 2,020,747 | 2,003,066 |
Principal Amount | Value | |
Electronics (continued) | ||
Tempo Acquisition LLC | ||
Extended Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 11/2/26 (b) | $ 1,945,066 | $ 1,946,891 |
ThoughtWorks, Inc. | ||
Incremental Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 3/24/28 (b) | 427,668 | 426,866 |
TIBCO Software, Inc. (b) | ||
Term Loan B3 | ||
3.86% (1 Month LIBOR + 3.75%), due 6/30/26 | 2,969,887 | 2,946,128 |
Second Lien Term Loan | ||
7.25% (1 Month LIBOR + 7.25%), due 3/3/28 | 400,000 | 400,700 |
Trader Corp. | ||
First Lien 2017 Refinancing Term Loan | ||
4.00% (1 Month LIBOR + 3.00%), due 9/28/23 (b) | 2,283,127 | 2,277,419 |
UKG, Inc. | ||
First Lien Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 5/4/26 (b) | 1,710,625 | 1,705,065 |
Vertiv Group Corp. | ||
Term Loan B | ||
2.844% (1 Month LIBOR + 2.75%), due 3/2/27 (b) | 1,965,150 | 1,950,105 |
VS Buyer LLC | ||
Initial Term Loan | ||
3.09% (1 Month LIBOR + 3.00%), due 2/28/27 (b) | 982,500 | 977,096 |
WEX, Inc. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/31/28 (b) | 992,500 | 986,297 |
80,858,449 | ||
Energy (Electricity) 0.1% | ||
Covanta Holding Corp. (b) | ||
Initial Term Loan B | ||
3.00% (1 Month LIBOR + 2.50%), due 11/30/28 | 558,188 | 558,362 |
Initial Term Loan C | ||
3.00% (1 Month LIBOR + 2.50%), due 11/30/28 (c) | 41,812 | 41,825 |
600,187 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Entertainment 1.2% | ||
Alterra Mountain Co. | ||
Term Loan B2 | ||
4.00% (1 Month LIBOR + 3.50%), due 8/17/28 (b) | $ 3,398,189 | $ 3,391,110 |
Formula One Management Ltd. | ||
USD Facility Term Loan B3 | ||
3.50% (1 Month LIBOR + 2.50%), due 2/1/24 (b) | 2,568,089 | 2,561,669 |
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 4/26/28 (b) | 3,990,000 | 3,990,000 |
9,942,779 | ||
Finance 7.2% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/20/28 (b) | 1,400,000 | 1,449,350 |
Acuity Specialty Products, Inc. | ||
First Lien Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 8/12/24 (b)(c) | 400,355 | 391,013 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
4.50% (3 Month LIBOR + 4.00%), due 2/16/28 (b) | 2,269,531 | 2,273,503 |
ADMI Corp. | ||
Amendment No. 5 Incremental Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 12/23/27 (b) | 748,125 | 746,151 |
AlixPartners LLP | ||
Initial Dollar Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 2/4/28 (b) | 1,488,750 | 1,481,306 |
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche Term Loan 1 3.59%-3.60% | ||
(1 Month LIBOR + 3.50%), due 1/29/27 | 1,111,847 | 1,094,126 |
First Lien Tranche Term Loan 2 | ||
5.50% (3 Month LIBOR + 4.75%), due 1/29/27 | 992,500 | 989,709 |
Blue Tree Holdings, Inc. | ||
Term Loan | ||
2.72% (3 Month LIBOR + 2.50%), due 3/4/28 (b) | 496,250 | 491,908 |
Principal Amount | Value | |
Finance (continued) | ||
Boxer Parent Co., Inc. | ||
2021 Replacement Dollar Term Loan | ||
3.974% (3 Month LIBOR + 3.75%), due 10/2/25 (b) | $ 2,266,542 | $ 2,255,681 |
Brand Energy & Infrastructure Services, Inc. | ||
Initial Term Loan | ||
5.25% (3 Month LIBOR + 4.25%), due 6/21/24 (b) | 1,648,554 | 1,610,873 |
Colouroz Investment 1 GmbH | ||
First Lien Initial Term Loan C | ||
5.25% (0.75% PIK) (3 Month LIBOR + 4.25%), due 9/21/23 (b)(c)(e) | 288,160 | 285,938 |
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)(e) | 1,743,130 | 1,729,690 |
Covia Holdings LLC | ||
Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 7/31/26 (b) | 709,736 | 702,284 |
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 12/29/27 (b) | 1,985,000 | 1,960,188 |
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
4.75% (1 Month LIBOR + 3.75%), due 4/9/27 (b) | 985,000 | 985,528 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.50%), due 2/10/28 (b) | 3,885,032 | 3,846,182 |
Greenrock Finance, Inc. | ||
First Lien Initial USD Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 6/28/24 (b)(c) | 962,453 | 954,935 |
ICON plc | ||
LUX Term Loan | ||
2.75% (3 Month LIBOR + 2.25%), due 7/3/28 (b) | 1,814,910 | 1,814,153 |
iStar, Inc. | ||
Term Loan 2.849%-2.86% | ||
(1 Month LIBOR + 2.75%), due 6/28/23 (b) | 630,585 | 629,009 |
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 12/17/27 (b) | 849,535 | 841,570 |
20 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
LSF11 Skyscraper Holdco SARL | ||
USD Facility Term Loan B3 | ||
4.25% (3 Month LIBOR + 3.50%), due 9/29/27 (b) | $ 794,015 | $ 793,023 |
Minimax Viking GmbH | ||
Facility Term Loan B1C | ||
3.25% (1 Month LIBOR + 2.50%), due 7/31/25 (b) | 2,172,686 | 2,163,180 |
ON Semiconductor Corp. | ||
2019 New Replacement Term Loan B4 | ||
2.104% (1 Month LIBOR + 2.00%), due 9/19/26 (b) | 483,850 | 483,185 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 2/28/28 (b) | 995,000 | 993,756 |
Pactiv Evergreen, Inc. | ||
Tranche U.S. Term Loan B2 | ||
3.354% (1 Month LIBOR + 3.25%), due 2/5/26 (b) | 1,114,991 | 1,107,226 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.25%), due 12/28/27 (b) | 1,326,665 | 1,313,029 |
Peraton Corp. | ||
First Lien Term Loan B | ||
4.50% (1 Month LIBOR + 3.75%), due 2/1/28 (b) | 5,558,000 | 5,558,000 |
Pluto Acquisition I, Inc. | ||
First Lien 2021 Term Loan 4.09%-4.18% | ||
(1 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 6/22/26 (b) | 2,089,500 | 2,078,181 |
PODS LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 3/31/28 (b) | 2,977,537 | 2,965,309 |
Potters Industries LLC | ||
Initial Term Loan | ||
4.75% (3 Month LIBOR + 4.00%), due 12/14/27 (b) | 794,000 | 794,496 |
RealPage, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 4/24/28 (b) | 2,377,887 | 2,368,375 |
Principal Amount | Value | |
Finance (continued) | ||
Spa Holdings 3 Oy | ||
USD Facility Term Loan B | ||
4.75% (3 Month LIBOR + 4.00%), due 2/4/28 (b) | $ 794,015 | $ 794,015 |
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 3/31/28 (b) | 3,218,813 | 3,180,088 |
Truck Hero, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.25%), due 1/31/28 (b) | 1,071,900 | 1,067,210 |
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
5.00% (2 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 1/8/27 (b) | 2,261,023 | 2,260,317 |
WildBrain Ltd. | ||
Initial Term Loan | ||
5.00% (1 Month LIBOR + 4.25%), due 3/24/28 (b) | 3,617,662 | 3,607,110 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 3/24/28 (b) | 2,228,800 | 2,223,228 |
60,282,825 | ||
Healthcare 2.0% | ||
AHP Health Partners, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 8/24/28 (b) | 855,000 | 856,069 |
Carestream Dental Technology Parent Ltd. | ||
First Lien Tranche Term Loan B | ||
5.00% (3 Month LIBOR + 4.50%), due 9/1/24 (b) | 333,333 | 332,500 |
Chariot Buyer LLC | ||
First Lien Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 11/3/28 (b) | 4,800,000 | 4,794,000 |
CHG Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 9/29/28 (b) | 1,296,750 | 1,295,291 |
ICU Medical, Inc. | ||
Term Loan B | ||
TBD, due 12/15/28 | 600,000 | 600,750 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare (continued) | ||
LSCS Holdings, Inc. | ||
Term Loan | ||
TBD, due 11/23/28 | $ 700,000 | $ 700,000 |
Medical Solutions Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 11/1/28 (b) | 432,000 | 430,812 |
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 10/23/28 (b) | 2,100,000 | 2,097,812 |
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
4.75% (3 Month LIBOR + 4.25%), due 10/1/28 (b) | 3,491,250 | 3,478,158 |
WP CityMD Bidco LLC | ||
Second Amendment Refinancing Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 12/22/28 (b) | 2,166,667 | 2,162,333 |
16,747,725 | ||
Healthcare, Education & Childcare 7.3% | ||
Agiliti Health, Inc. | ||
Initial Term Loan | ||
2.875% (1 Month LIBOR + 2.75%), due 1/4/26 (b) | 875,250 | 868,686 |
Akorn Operating Co. LLC | ||
Term Loan | ||
8.50% (3 Month LIBOR + 7.50%), due 10/1/25 (b) | 55,191 | 55,467 |
Alvogen Pharma U.S., Inc. | ||
January 2020 Term Loan | ||
6.25% (3 Month LIBOR + 5.25%), due 12/31/23 (b) | 1,251,622 | 1,190,083 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan | ||
3.625% (1 Month LIBOR + 3.50%), due 5/4/25 (b) | 3,143,485 | 3,104,192 |
athenahealth, Inc. | ||
First Lien Term Loan B1 | ||
4.40% (3 Month LIBOR + 4.25%), due 2/11/26 (b) | 2,807,449 | 2,803,064 |
Auris Luxembourg III SARL | ||
Facility Term Loan B2 | ||
3.854% (1 Month LIBOR + 3.75%), due 2/27/26 (b) | 1,149,937 | 1,138,917 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Avantor Funding, Inc. | ||
Initial Dollar Term Loan B4 | ||
2.50% (1 Month LIBOR + 2.00%), due 11/21/24 (b) | $ 252,358 | $ 251,790 |
Bausch Health Cos., Inc. | ||
Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 6/2/25 (b) | 3,990,130 | 3,970,179 |
Carestream Dental Technology Parent Ltd. | ||
First Lien Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.25%), due 9/1/24 (b) | 957,500 | 945,531 |
Carestream Health, Inc. (b) | ||
Second Lien 2023 Extended Term Loan | ||
5.50% (3 Month LIBOR + 4.50%), due 8/8/23 | 1,574,858 | 1,527,613 |
First Lien 2023 Extended Term Loan | ||
7.75% (3 Month LIBOR + 6.75%), due 5/8/23 | 1,825,388 | 1,828,239 |
DaVita, Inc. | ||
Tranche Term Loan B1 | ||
1.854% (1 Month LIBOR + 1.75%), due 8/12/26 (b) | 1,700,857 | 1,691,172 |
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
3.25% (3 Month LIBOR + 2.75%), due 6/9/28 (b) | 1,791,000 | 1,789,508 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
1.849% (1 Month LIBOR + 1.75%), due 8/1/27 (b) | 1,541,438 | 1,519,923 |
Endo Luxembourg Finance Co. I SARL | ||
2021 Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 3/27/28 (b) | 1,486,760 | 1,444,325 |
Envision Healthcare Corp. | ||
Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 10/10/25 (b) | 1,818,750 | 1,457,274 |
eResearchTechnology, Inc. | ||
First Lien Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.50%), due 2/4/27 (b) | 1,975,955 | 1,982,871 |
FC Compassus LLC | ||
Term Loan B1 | ||
5.00% (3 Month LIBOR + 4.25%), due 12/31/26 (b)(c) | 2,051,156 | 2,046,541 |
22 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Grifols Worldwide Operations Ltd. | ||
Dollar Tranche Term Loan B | ||
2.104% (1 Month LIBOR + 2.00%), due 11/15/27 (b) | $ 925,556 | $ 911,480 |
HCA, Inc. | ||
Tranche Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 6/30/28 (b) | 597,000 | 599,736 |
Horizon Therapeutics USA, Inc. | ||
Incremental Term Loan B2 | ||
2.25% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | 661,667 | 658,772 |
Insulet Corp. | ||
Term Loan B | ||
3.75% (1 Month LIBOR + 3.25%), due 5/4/28 (b) | 1,393,000 | 1,394,741 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 995,000 | 993,135 |
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
3.852% (1 Month LIBOR + 3.75%), due 11/16/25 (b) | 3,376,733 | 3,370,824 |
Mallinckrodt International Finance SA | ||
2017 Term Loan B | ||
6.00% (3 Month LIBOR + 5.25%), due 9/24/24 (b)(f) | 964,650 | 901,948 |
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 | 1,566,205 | 1,548,585 |
First Lien Initial Term Loan C | ||
4.50% (3 Month LIBOR + 3.75%), due 3/2/28 (c) | 49,563 | 49,005 |
Organon & Co. | ||
Dollar Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/2/28 (b) | 2,646,625 | 2,647,729 |
Ortho-Clinical Diagnostics, Inc. | ||
Second Amendment New Term Loan | ||
3.103% (1 Month LIBOR + 3.00%), due 6/30/25 (b) | 2,610,690 | 2,607,789 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.25%), due 3/3/28 (b) | $ 1,985,000 | $ 1,981,278 |
Raptor Acquisition Corp. | ||
First Lien Term Loan B | ||
4.75% (3 Month LIBOR + 4.00%), due 11/1/26 (b) | 1,250,000 | 1,249,610 |
Select Medical Corp. | ||
Tranche Term Loan B | ||
2.36% (1 Month LIBOR + 2.25%), due 3/6/25 (b) | 3,048,392 | 3,022,669 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 6/27/25 (b)(c) | 482,500 | 480,238 |
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
4.50% (3 Month LIBOR + 3.75%), due 10/1/26 (b) | 6,462,835 | 6,466,875 |
Team Health Holdings, Inc. | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 2.75%), due 2/6/24 (b) | 2,828,378 | 2,699,081 |
61,198,870 | ||
High Tech Industries 0.6% | ||
Altar Bidco, Inc. | ||
Term Loan | ||
TBD, due 11/17/28 | 1,875,000 | 1,866,797 |
NAB Holdings LLC | ||
Initial Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 11/23/28 (b) | 900,000 | 895,050 |
Tempo Acquisition LLC | ||
Third Incremental Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 8/31/28 (b) | 598,500 | 599,497 |
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ||
2.75% (1 Month LIBOR + 2.25%), due 12/1/28 (b) | 1,567,742 | 1,562,951 |
4,924,295 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
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) | $ 2,493,459 | $ 1,538,464 |
Hotels, Motels, Inns & Gaming 4.2% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ��� | |
3.854% (1 Month LIBOR + 3.75%), due 2/2/26 (b) | 2,694,312 | 2,630,322 |
AP Gaming I LLC | ||
First Lien Incremental Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 2/15/24 (b) | 1,815,988 | 1,804,072 |
Caesars Resort Collection LLC | ||
Term Loan B | ||
2.854% (1 Month LIBOR + 2.75%), due 12/23/24 (b) | 2,375,662 | 2,360,517 |
Churchill Downs, Inc. | ||
Facility Term Loan B | ||
2.11% (1 Month LIBOR + 2.00%), due 12/27/24 (b) | 1,927,254 | 1,917,618 |
Entain plc | ||
USD Facility Term Loan B | ||
3.00% (3 Month LIBOR + 2.50%), due 3/29/27 (b) | 1,279,286 | 1,274,887 |
Everi Holdings, Inc. | ||
Term Loan B | ||
3.00% (1 Month LIBOR + 2.50%), due 8/3/28 (b) | 1,470,362 | 1,466,227 |
Four Seasons Holdings, Inc. | ||
First Lien 2013 Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 11/30/23 (b) | 1,431,979 | 1,424,998 |
Golden Entertainment, Inc. | ||
First Lien Facility Term Loan B | ||
3.75% (1 Month LIBOR + 3.00%), due 10/21/24 (b) | 1,347,150 | 1,342,940 |
Hilton Worldwide Finance LLC | ||
Refinanced Term Loan B2 | ||
1.852% (1 Month LIBOR + 1.75%), due 6/22/26 (b) | 235,804 | 233,642 |
Principal Amount | Value | |
Hotels, Motels, Inns & Gaming (continued) | ||
Oceankey U.S. II Corp. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 12/15/28 (b) | $ 1,000,000 | $ 995,000 |
PCI Gaming Authority | ||
Facility Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 5/29/26 (b) | 2,449,126 | 2,437,263 |
Penn National Gaming, Inc. | ||
Facility Term Loan B1 | ||
3.00% (1 Month LIBOR + 2.25%), due 10/15/25 (b) | 1,030,831 | 1,029,074 |
Scientific Games International, Inc. | ||
Initial Term Loan B5 | ||
2.854% (1 Month LIBOR + 2.75%), due 8/14/24 (b) | 4,255,005 | 4,235,857 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
2.50% (1 Month LIBOR + 2.25%), due 2/8/27 (b) | 1,631,498 | 1,615,183 |
Travel + Leisure Co. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 5/30/25 (b) | 1,942,311 | 1,910,142 |
UFC Holdings LLC | ||
First Lien Term Loan B3 | ||
3.50% (3 Month LIBOR + 2.75%), due 4/29/26 (b) | 4,134,697 | 4,117,468 |
Whatabrands LLC | ||
Initial Term Loan B | ||
3.75% (1 Month LIBOR + 3.25%), due 8/3/28 (b) | 2,000,000 | 1,991,666 |
Wyndham Hotels & Resorts, Inc. | ||
Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 5/30/25 (b) | 2,426,061 | 2,399,525 |
35,186,401 | ||
Insurance 3.9% | ||
Acrisure LLC (b) | ||
First Lien 2020 Term Loan | ||
3.724% (3 Month LIBOR + 3.50%), due 2/15/27 | 3,006,864 | 2,969,278 |
First Lien 2021-2 Additional Term Loan | ||
4.75% (1 Month LIBOR + 4.25%, 3 Month LIBOR + 4.25%), due 2/15/27 | 1,050,000 | 1,048,031 |
24 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Insurance (continued) | ||
Alliant Holdings Intermediate LLC | ||
Term Loan B4 | ||
4.00% (1 Month LIBOR + 3.50%), due 11/5/27 (b) | $ 1,995,000 | $ 1,990,725 |
AmWINS Group, Inc. | ||
Term Loan | ||
3.00% (1 Month LIBOR + 2.25%), due 2/19/28 (b) | 1,980,006 | 1,963,506 |
AssuredPartners, Inc. | ||
2020 February Refinancing Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/12/27 (b) | 3,157,084 | 3,128,333 |
Asurion LLC (b) | ||
New Term Loan B7 | ||
3.104% (1 Month LIBOR + 3.00%), due 11/3/24 | 1,439,504 | 1,432,007 |
Replacement Term Loan B6 | ||
3.229% (1 Month LIBOR + 3.13%), due 11/3/23 | 888,306 | 885,451 |
New Term Loan B8 | ||
3.354% (1 Month LIBOR + 3.25%), due 12/23/26 | 990,000 | 982,369 |
New Term Loan B9 | ||
3.354% (1 Month LIBOR + 3.25%), due 7/31/27 | 496,250 | 492,631 |
Second Lien New Term Loan B3 | ||
5.354% (1 Month LIBOR + 5.25%), due 1/31/28 | 300,000 | 299,438 |
Second Lien New Term Loan B4 | ||
5.354% (1 Month LIBOR + 5.25%), due 1/20/29 | 2,500,000 | 2,488,542 |
Broadstreet Partners, Inc. | ||
Tranche Term Loan B2 | ||
3.75% (1 Month LIBOR + 3.25%), due 1/27/27 (b) | 698,250 | 693,304 |
Hub International Ltd. (b) | ||
Initial Term Loan | ||
2.875% (3 Month LIBOR + 2.75%), due 4/25/25 | 1,404,422 | 1,386,086 |
Incremental Term Loan B3 | ||
4.00% (2 Month LIBOR + 3.25%), due 4/25/25 | 2,987,443 | 2,984,330 |
NFP Corp. | ||
Closing Date Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 2/15/27 (b) | 1,929,289 | 1,895,872 |
Principal Amount | Value | |
Insurance (continued) | ||
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.00%), due 9/1/27 (b) | $ 987,500 | $ 986,266 |
Sedgwick Claims Management Services, Inc. (b) | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 12/31/25 | 2,924,997 | 2,900,866 |
2019 Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 9/3/26 | 975,000 | 973,375 |
USI, Inc. | ||
2017 New Term Loan | ||
3.224% (3 Month LIBOR + 3.00%), due 5/16/24 (b) | 2,872,500 | 2,849,759 |
32,350,169 | ||
Leisure, Amusement, Motion Pictures & Entertainment 1.3% | ||
Bombardier Recreational Products, Inc. | ||
2020 Replacement Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 5/24/27 (b) | 2,282,010 | 2,252,059 |
Boyd Gaming Corp. | ||
Refinancing Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 9/15/23 (b) | 1,378,707 | 1,377,127 |
Creative Artists Agency LLC | ||
Closing Date Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 11/27/26 (b) | 1,470,000 | 1,465,406 |
Fitness International LLC (b) | ||
Term Loan A | ||
4.25% (3 Month LIBOR + 3.25%), due 1/8/25 | 1,147,500 | 1,067,175 |
Term Loan B | ||
4.25% (3 Month LIBOR + 3.25%), due 4/18/25 | 270,764 | 252,487 |
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/24/25 (b) | 1,018,273 | 1,005,544 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
1.854% (1 Month LIBOR + 1.75%), due 8/29/25 (b) | 1,313,765 | 1,288,803 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Leisure, Amusement, Motion Pictures & Entertainment (continued) | ||
William Morris Endeavor Entertainment LLC (IMG Worldwide Holdings LLC) | ||
First Lien Term Loan B1 | ||
2.86% (1 Month LIBOR + 2.75%), due 5/18/25 (b) | $ 2,617,945 | $ 2,559,042 |
11,267,643 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.0% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
2.375% (1 Month LIBOR + 2.25%), due 7/31/26 (b) | 467,143 | 467,143 |
Brown Group Holdings LLC | ||
Initial Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 6/7/28 (b) | 1,164,852 | 1,161,940 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
3.25% (6 Month LIBOR + 2.75%), due 5/14/28 (b) | 1,461,576 | 1,461,576 |
CPM Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
3.599% (1 Month LIBOR + 3.50%), due 11/17/25 | 1,454,995 | 1,442,871 |
Second Lien Initial Term Loan | ||
8.349% (1 Month LIBOR + 8.25%), due 11/16/26 (c)(d) | 797,980 | 794,987 |
Husky Injection Molding Systems Ltd. | ||
Initial Term Loan | ||
3.354% (3 Month LIBOR + 3.00%), due 3/28/25 (b) | 1,804,683 | 1,771,127 |
Welbilt, Inc. | ||
2018 Term Loan B | ||
2.604% (1 Month LIBOR + 2.50%), due 10/23/25 (b) | 1,284,178 | 1,278,293 |
8,377,937 | ||
Manufacturing 2.4% | ||
ASP Blade Holdings, Inc. | ||
Initial Term Loan | ||
4.50% (1 Month LIBOR + 4.00%), due 10/13/28 (b) | 1,500,000 | 1,499,062 |
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
4.25% (3 Month LIBOR + 3.75%), due 11/23/27 (b) | 3,356,767 | 3,337,046 |
Principal Amount | Value | |
Manufacturing (continued) | ||
FCG Acquisitions, Inc. | ||
First Lien Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 3/31/28 (b) | $ 995,017 | $ 991,534 |
Filtration Group Corp. | ||
2021 Incremental Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 10/21/28 (b) | 798,000 | 796,205 |
Idemia Group SAS | ||
USD Facility Term Loan B3 | ||
5.25% (3 Month LIBOR + 4.50%), due 1/10/26 (b) | 1,073,052 | 1,071,040 |
II-VI, Inc. | ||
Term Loan B | ||
TBD, due 12/8/28 | 2,750,000 | 2,743,125 |
LTI Holdings, Inc. | ||
First Lien Third Amendment Additional Term Loan | ||
4.854% (1 Month LIBOR + 4.75%), due 7/24/26 (b)(c) | 500,000 | 496,250 |
Madison IAQ LLC | ||
Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,348,200 | 2,345,265 |
MKS Instruments, Inc. | ||
Term Loan | ||
TBD, due 10/20/28 | 2,450,000 | 2,443,365 |
Pro Mach Group, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.00%), due 8/31/28 (b) | 2,498,254 | 2,504,500 |
Standard Industries, Inc. | ||
Initial Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 9/22/28 (b) | 1,070,132 | 1,069,983 |
Weber-Stephen Products LLC | ||
Initial Term Loan B | ||
4.00% (1 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 10/30/27 (b) | 293,011 | 293,220 |
Zurn LLC | ||
First Lien Term Loan B | ||
2.75% (1 Month LIBOR + 2.25%), due 10/4/28 (b) | 850,000 | 849,788 |
20,440,383 |
26 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Media 1.7% | ||
Cogeco Communications Finance (USA) LP | ||
Amendment No. 5 Incremental Term Loan B | ||
3.00% (1 Month LIBOR + 2.50%), due 9/1/28 (b) | $ 1,250,000 | $ 1,243,750 |
Directv Financing LLC | ||
Closing Date Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 8/2/27 (b) | 4,105,500 | 4,107,832 |
Gray Television, Inc. | ||
Term Loan D | ||
3.099% (1 Month LIBOR + 3.00%), due 12/1/28 (b) | 1,600,000 | 1,591,000 |
KKR Apple Bidco LLC | ||
First Lien Initial Term Loan | ||
3.50% (1 Month LIBOR + 3.00%), due 9/22/28 (b) | 2,370,000 | 2,359,795 |
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
2.599% (1 Month LIBOR + 2.50%), due 6/2/28 (b) | 598,500 | 596,469 |
Radiate Holdco LLC | ||
Amendment No. 6 Term Loan B | ||
4.00% (1 Month LIBOR + 3.25%), due 9/25/26 (b) | 4,095,109 | 4,078,613 |
13,977,459 | ||
Mining, Steel, Iron & Non-Precious Metals 0.9% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 6/9/28 (b) | 1,250,857 | 1,246,166 |
Gates Global LLC | ||
Initial Dollar Term Loan B3 | ||
3.25% (1 Month LIBOR + 2.50%), due 3/31/27 (b) | 2,928,946 | 2,921,623 |
Graftech International Ltd. | ||
Initial Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 2/12/25 (b) | 758,550 | 757,981 |
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 |
Principal Amount | Value | |
Mining, Steel, Iron & Non-Precious Metals (continued) | ||
U.S. Silica Co. | ||
Term Loan | ||
5.00% (1 Month LIBOR + 4.00%), due 5/1/25 (b) | $ 1,443,451 | $ 1,407,590 |
7,379,903 | ||
Oil & Gas 1.7% | ||
Buckeye Partners LP | ||
2021 Tranche Term Loan B1 | ||
2.354% (1 Month LIBOR + 2.25%), due 11/1/26 (b) | 1,351,041 | 1,345,636 |
ChampionX Corp. | ||
Initial Term Loan | ||
2.625% (1 Month LIBOR + 2.50%), due 5/9/25 (b)(c) | 202,410 | 200,639 |
DT Midstream, Inc. | ||
Initial Term Loan | ||
2.50% (3 Month LIBOR + 2.00%), due 6/26/28 (b) | 796,000 | 796,995 |
Fleet Midco I Ltd. | ||
Facility Term Loan B | ||
3.104% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | 1,221,875 | 1,209,656 |
GIP III Stetson I LP | ||
Initial Term Loan | ||
4.354% (1 Month LIBOR + 4.25%), due 7/18/25 (b)(c) | 1,491,569 | 1,436,381 |
Keane Group Holdings LLC | ||
Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.50%), due 5/25/25 (b) | 965,000 | 955,350 |
Lucid Energy Group II Borrower LLC | ||
2021 Initial Term Loan | ||
5.00% (3 Month LIBOR + 4.25%), due 11/24/28 (b) | 1,351,000 | 1,332,424 |
Medallion Midland Acquisition LLC | ||
Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 10/18/28 (b) | 576,056 | 571,976 |
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
2.25% (1 Month LIBOR + 1.75%), due 1/31/28 (b) | 447,750 | 447,750 |
NorthRiver Midstream Finance LP | ||
Initial Term Loan B | ||
3.382% (3 Month LIBOR + 3.25%), due 10/1/25 (b) | 1,161,000 | 1,158,420 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
Oryx Midstream Services Permian Basin LLC | ||
Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 10/5/28 (b) | $ 1,000,000 | $ 992,500 |
PES Holdings LLC | ||
Tranche Term Loan C | ||
6.311% (3.00% PIK) (1 Month LIBOR + 4.50%), due 12/31/22 (b)(c)(d)(e)(f)(g) | 1,133,978 | 45,359 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
4.854% (1 Month LIBOR + 4.75%), due 3/11/26 (b) | 1,185,525 | 1,145,883 |
Traverse Midstream Partners LLC | ||
Advance Term Loan | ||
5.25% (3 Month LIBOR + 4.25%), due 9/27/24 (b) | 1,217,722 | 1,210,873 |
Veritas U.S., Inc. | ||
Dollar 2021 Term Loan B | ||
6.00% (3 Month LIBOR + 5.00%), due 9/1/25 (b) | 1,193,970 | 1,192,105 |
14,041,947 | ||
Packaging 0.3% | ||
LABL, Inc. | ||
Initial Dollar Term Loan | ||
5.50% (1 Month LIBOR + 5.00%), due 10/29/28 (b) | 1,500,000 | 1,496,562 |
Plastipakj Holdings, Inc. | ||
2021 Tranche Term Loan B | ||
3.00% (1 Month LIBOR + 2.50%), due 12/1/28 (b) | 1,000,000 | 996,750 |
2,493,312 | ||
Personal & Nondurable Consumer Products 1.0% | ||
ABG Intermediate Holdings 2 LLC, Term Loan B1 | ||
TBD, due 12/21/28 (c)(d) | 284,179 | 282,758 |
Caesars Resort Collection LLC | ||
Term Loan B1 | ||
3.604% (1 Month LIBOR + 3.50%), due 7/21/25 (b) | 1,036,875 | 1,036,227 |
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 1/31/28 (b) | 746,250 | 739,953 |
Principal Amount | Value | |
Personal & Nondurable Consumer Products (continued) | ||
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
3.00% (3 Month LIBOR + 2.50%), due 3/9/28 (b) | $ 1,985,000 | $ 1,976,316 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
5.00% (3 Month LIBOR + 4.25%), due 4/15/28 (b) | 3,184,000 | 3,148,976 |
Prestige Brands, Inc. | ||
Term Loan B5 | ||
2.50% (1 Month LIBOR + 2.00%), due 7/3/28 (b) | 825,000 | 824,656 |
Spectrum Brands, Inc. | ||
2021 Term Loan | ||
2.50% (1 Month LIBOR + 2.00%), due 3/3/28 (b) | 99,250 | 98,754 |
8,107,640 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.8% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
2.104% (1 Month LIBOR + 2.00%), due 1/15/27 (b) | 1,700,751 | 1,688,300 |
Hercules Achievement, Inc. | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.50%), due 12/16/24 (b) | 1,920,069 | 1,880,707 |
SRAM LLC | ||
Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%, 3 Month LIBOR + 2.75%, 6 Month LIBOR + 2.75%), due 5/18/28 (b) | 2,781,818 | 2,778,341 |
6,347,348 | ||
Personal Transportation 0.5% | ||
First Student Bidco, Inc. (b) | ||
Initial Term Loan B | ||
3.50% (3 Month LIBOR + 3.00%), due 7/21/28 | 788,824 | 783,674 |
Initial Term Loan C | ||
3.50% (3 Month LIBOR + 3.00%), due 7/21/28 | 291,176 | 289,276 |
Uber Technologies, Inc. (b) | ||
2021 Incremental Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 4/4/25 | 1,727,621 | 1,726,811 |
28 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Personal Transportation (continued) | ||
Uber Technologies, Inc. (b) (continued) | ||
2021 Refinancing Term Loan | ||
3.604% (1 Month LIBOR + 3.50%), due 2/25/27 | $ 992,147 | $ 991,526 |
3,791,287 | ||
Personal, Food & Miscellaneous Services 2.2% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B4 | ||
1.854% (1 Month LIBOR + 1.75%), due 11/19/26 (b) | 2,142,986 | 2,114,414 |
Aramark Intermediate HoldCo Corp. (b) | ||
U.S. Term Loan B3 | ||
1.851% (1 Month LIBOR + 1.75%), due 3/11/25 | 2,182,663 | 2,152,651 |
U.S. Term Loan B5 | ||
2.601% (1 Month LIBOR + 2.50%), due 4/6/28 | 1,402,972 | 1,395,372 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
3.00% (1 Month LIBOR + 2.50%), due 5/30/28 (b) | 2,786,000 | 2,771,571 |
Hillman Group, Inc. (The) (b) | ||
Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 7/14/28 | 538,874 | 536,854 |
Initial Delayed Draw Term Loan 2.75%-3.25% | ||
(1 Month LIBOR + 2.75%), due 7/14/28 (c) | 10,352 | 10,311 |
IRB Holding Corp. (b) | ||
2020 Replacement Term Loan B | ||
3.75% (3 Month LIBOR + 2.75%), due 2/5/25 | 2,410,987 | 2,404,959 |
Fourth Amendment Incremental Term Loan | ||
4.25% (3 Month LIBOR + 3.25%), due 12/15/27 | 2,147,481 | 2,145,244 |
KFC Holding Co. | ||
2021 Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | 1,463,993 | 1,459,113 |
WW International, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 4/13/28 (b) | 3,402,000 | 3,364,942 |
18,355,431 |
Principal Amount | Value | |
Pharmaceuticals 0.1% | ||
Padagis LLC | ||
Term Loan B | ||
5.25% (3 Month LIBOR + 4.75%), due 7/6/28 (b) | $ 1,129,412 | $ 1,122,353 |
Printing & Publishing 0.8% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan | ||
4.625% (1 Month LIBOR + 4.50%), due 2/19/26 (b) | 1,459,311 | 1,459,615 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 8/1/25 (b) | 1,950,049 | 1,939,080 |
Springer Nature Deutschland GmbH | ||
Initial Term Loan B18 | ||
3.75% (1 Month LIBOR + 3.00%), due 8/14/26 (b) | 3,062,584 | 3,061,818 |
6,460,513 | ||
Radio and TV Broadcasting 0.1% | ||
Nielsen Finance LLC | ||
Term Loan B4 | ||
2.102% (1 Month LIBOR + 2.00%), due 10/4/23 (b) | 722,413 | 721,611 |
Retail 0.4% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
4.50% (3 Month LIBOR + 3.75%), due 3/6/28 (b) | 3,383,445 | 3,384,501 |
Retail Store 1.6% | ||
BJ's Wholesale Club, Inc. | ||
First Lien Tranche Term Loan B | ||
2.105% (1 Month LIBOR + 2.00%), due 2/3/24 (b) | 1,549,996 | 1,549,467 |
EG Group Ltd. (b) | ||
USD Additional Facility Term Loan | ||
4.132% (3 Month LIBOR + 4.00%), due 2/7/25 | 1,447,526 | 1,440,289 |
USD Facility Term Loan B | ||
4.224% (3 Month LIBOR + 4.00%), due 2/7/25 | 665,178 | 661,852 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Retail Store (continued) | ||
Harbor Freight Tools USA, Inc. | ||
2021 Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 10/19/27 (b) | $ 3,843,444 | $ 3,832,032 |
PetSmart LLC | ||
Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 2/11/28 (b) | 1,396,500 | 1,398,246 |
Rising Tide Holdings, Inc. | ||
First Lien Initial Term Loan | ||
5.50% (1 Month LIBOR + 4.75%), due 6/1/28 (b) | 2,427,800 | 2,418,696 |
White Cap Buyer LLC | ||
Initial Closing Date Term Loan | ||
4.50%, due 10/19/27 | 1,982,487 | 1,983,314 |
13,283,896 | ||
Services: Business 4.0% | ||
ConnectWise LLC | ||
Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 9/29/28 (b) | 1,400,000 | 1,395,250 |
Dun & Bradstreet Corp. (The) | ||
Initial Borrowing Term Loan | ||
3.352% (1 Month LIBOR + 3.25%), due 2/6/26 (b) | 2,922,981 | 2,909,828 |
Electron Bidco, Inc. | ||
First Lien Initial Term Loan | ||
3.75% (3 Month LIBOR + 3.25%), due 11/1/28 (b) | 1,666,667 | 1,661,012 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.50%), due 9/29/28 (b) | 2,333,333 | 2,324,583 |
Hunter Holdco 3 Ltd. | ||
First Lien Initial Dollar Term Loan | ||
4.75% (6 Month LIBOR + 4.25%), due 8/19/28 (b) | 3,033,000 | 3,033,000 |
ICON plc | ||
U.S. Term Loan | ||
2.75% (3 Month LIBOR + 2.25%), due 7/3/28 (b) | 452,186 | 451,997 |
Indy U.S. Bidco LLC | ||
2021 Refinancing Dollar Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 3/6/28 (b) | 1,488,769 | 1,488,148 |
Principal Amount | Value | |
Services: Business (continued) | ||
Intrado Corp. | ||
Initial Term Loan B | ||
5.00% (3 Month LIBOR + 4.00%), due 10/10/24 (b) | $ 1,517,145 | $ 1,436,682 |
Mercury Borrower, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.50%), due 8/2/28 (b) | 4,800,000 | 4,778,002 |
Mitchell International, Inc. (b) | ||
First Lien Initial Term Loan | ||
4.25% (1 Month LIBOR + 3.75%), due 10/15/28 | 2,000,000 | 1,986,876 |
Second Lien Initial Term Loan | ||
7.00% (1 Month LIBOR + 6.50%), due 10/15/29 | 1,200,000 | 1,206,500 |
MPH Acquisition Holdings LLC | ||
Initial Term Loan | ||
4.75% (3 Month LIBOR + 4.25%), due 9/1/28 (b) | 2,493,750 | 2,432,965 |
Osmosis Buyer Ltd. | ||
Initial Term Loan B | ||
4.50% (1 Month LIBOR + 4.00%), due 7/31/28 (b) | 2,186,667 | 2,187,213 |
PECF USS Intermediate Holding III Corp. | ||
Initial Term Loan | ||
4.75%, due 12/15/28 | 1,000,000 | 1,000,500 |
Phoenix Newco, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 11/15/28 (b) | 1,500,000 | 1,499,063 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
4.50% (1 Month LIBOR + 4.00%), due 6/2/28 (b) | 2,992,500 | 2,989,507 |
Project Boost Purchaser LLC | ||
2021 Tranche Term Loan 2 | ||
4.00% (1 Month LIBOR + 3.50%), due 5/30/26 (b) | 746,250 | 746,250 |
33,527,376 | ||
Software 1.7% | ||
AppLovin Corp. | ||
Amendment No. 6 New Term Loan B | ||
3.50% (1 Month LIBOR + 3.00%), due 10/25/28 (b) | 1,197,000 | 1,195,504 |
30 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software (continued) | ||
Cornerstone OnDemand, Inc. | ||
First Lien Initial Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 10/16/28 (b) | $ 1,875,000 | $ 1,868,437 |
Informatica LLC | ||
Initial Term Loan | ||
2.875% (1 Month LIBOR + 2.75%), due 10/27/28 (b) | 2,960,000 | 2,946,680 |
Magenta Buyer LLC | ||
First Lien Initial Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 7/27/28 (b) | 698,250 | 696,795 |
Ping Identity Corp. | ||
Term Loan | ||
4.25% (3 Month LIBOR + 3.75%), due 11/23/28 (b) | 666,667 | 666,667 |
Sophia LP | ||
First Lien Term Loan B | ||
3.724% (3 Month LIBOR + 3.50%), due 10/7/27 (b) | 679,958 | 679,473 |
Sovos Compliance LLC | ||
First Lien Initial Term Loan | ||
5.00% (1 Month LIBOR + 4.50%), due 8/11/28 (b) | 426,370 | 427,283 |
UKG, Inc. (b) | ||
First Lien 2021-2 Incremental Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 5/4/26 | 3,901,563 | 3,877,179 |
Second Lien 2021 Incremental Term Loan | ||
5.75% (1 Month LIBOR + 5.25%), due 5/3/27 | 200,000 | 200,438 |
Vision Solutions, Inc. | ||
First Lien Third Incremental Term Loan | ||
4.75% (3 Month LIBOR + 4.00%), due 4/24/28 (b) | 1,662,500 | 1,658,344 |
14,216,800 | ||
Telecommunications 4.1% | ||
Avaya, Inc. | ||
Tranche Term Loan B2 | ||
4.11% (1 Month LIBOR + 4.00%), due 12/15/27 (b) | 1,168,269 | 1,166,627 |
Azalea TopCo, Inc. | ||
First Lien Initial Term Loan | ||
3.629% (3 Month LIBOR + 3.50%), due 7/24/26 (b) | 2,443,750 | 2,430,309 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 11/30/27 (b) | $ 1,492,462 | $ 1,488,731 |
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
4.50% (1 Month LIBOR + 3.50%), due 12/11/26 (b) | 3,949,849 | 3,947,380 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
2.61% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 3,635,864 | 3,587,387 |
Cyxtera DC Holdings, Inc. | ||
First Lien Initial Term Loan | ||
4.00% (3 Month LIBOR + 3.00%), due 5/1/24 (b)(c) | 955,000 | 943,360 |
Frontier Communications Holdings LLC | ||
Term Loan B | ||
4.50% (3 Month LIBOR + 3.75%), due 5/1/28 (b) | 2,133,875 | 2,130,141 |
Gogo Intermediate Holdings LLC | ||
Initial Term Loan | ||
4.50% (3 Month LIBOR + 3.75%), due 4/30/28 (b) | 2,987,494 | 2,980,025 |
Intelsat Jackson Holdings SA | ||
Tranche Term Loan B3 | ||
8.00% (1 Month LIBOR + 4.75%), due 11/27/23 (b) | 1,639,180 | 1,635,082 |
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
1.854% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 1,500,000 | 1,478,625 |
Lumen Technologies, Inc. | ||
Term Loan B | ||
2.354% (1 Month LIBOR + 2.25%), due 3/15/27 (b) | 2,687,594 | 2,654,000 |
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/27/28 (b) | 2,493,750 | 2,376,856 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
1.86% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 1,771,409 | 1,750,988 |
Telesat Canada | ||
Term Loan B5 | ||
2.90% (2 Month LIBOR + 2.75%), due 12/7/26 (b) | 1,220,447 | 1,100,690 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Telecommunications (continued) | ||
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
3.104% (1 Month LIBOR + 3.00%), due 3/9/27 (b) | $ 4,348,136 | $ 4,283,818 |
33,954,019 | ||
Utilities 2.8% | ||
Astoria Energy LLC | ||
2020 Advance Term Loan B | ||
4.50% (3 Month LIBOR + 3.50%), due 12/10/27 (b) | 665,814 | 662,947 |
Brookfield WEC Holdings, Inc. | ||
First Lien 2021 Initial Term Loan | ||
3.25% (1 Month LIBOR + 2.75%), due 8/1/25 (b) | 2,913,038 | 2,891,796 |
Calpine Corp. | ||
2019 Term Loan | ||
2.11% (1 Month LIBOR + 2.00%), due 4/5/26 (b) | 3,071,250 | 3,032,540 |
Compass Power Generation LLC | ||
Tranche Term Loan B1 | ||
4.50% (1 Month LIBOR + 3.50%), due 12/20/24 (b) | 1,541,351 | 1,534,415 |
Edgewater Generation LLC | ||
Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 12/13/25 (b) | 3,213,662 | 3,031,891 |
ExGen Renewables IV LLC | ||
Term Loan | ||
3.50% (3 Month LIBOR + 2.50%), due 12/15/27 (b) | 1,475,042 | 1,473,198 |
Granite Generation LLC | ||
Term Loan | ||
4.75% (1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 11/9/26 (b) | 3,179,249 | 3,125,103 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
5.25% (3 Month LIBOR + 4.50%), due 6/17/27 (b) | 2,462,500 | 2,458,395 |
PG&E Corp. | ||
Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/23/25 (b) | 1,723,750 | 1,704,358 |
Principal Amount | Value | |
Utilities (continued) | ||
Vistra Operations Co. LLC | ||
2018 Incremental Term Loan 1.854%-1.859% | ||
(1 Month LIBOR + 1.75%), due 12/31/25 (b) | $ 3,117,054 | $ 3,090,892 |
23,005,535 | ||
Total Loan Assignments (Cost $778,859,957) | 771,308,539 | |
Total Long-Term Bonds (Cost $807,570,183) | 800,777,868 | |
Shares | ||
Affiliated Investment Company 0.3% | ||
Fixed Income Fund 0.3% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 436,571 | 2,452,610 |
Total Affiliated Investment Company (Cost $2,453,413) | 2,452,610 | |
Common Stocks 0.0% ‡ | ||
Communications Equipment 0.0% ‡ | ||
Energy Future Holdings Corp. (c)(d)(h)(i) | 94,456 | — |
Millennium Corporate Trust (c)(d)(h)(i) | 1,243 | — |
Millennium Lender Trust (c)(d)(h)(i) | 1,324 | — |
— | ||
Metals & Mining 0.0% ‡ | ||
Ameriforge Group, Inc. (c)(d)(h)(i) | 45,694 | 78,594 |
Total Common Stocks (Cost $1,573,379) | 78,594 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Vistra Energy Corp. | ||
Expires 12/31/46 (c)(d)(h)(i) | 57,684 | 55,954 |
Total Rights (Cost $47,301) | 55,954 | |
32 | MainStay VP Floating Rate Portfolio |
Number of Warrants | Value | ||
Warrants 0.0% ‡ | |||
Health Care Equipment & Supplies 0.0% ‡ | |||
Carestream Health, Inc. | |||
Expires 8/5/23 (c)(d)(h)(i) | 29 | $ — | |
Health Care Providers & Services 0.0% ‡ | |||
THAIHOT Investment Co. Ltd. | |||
Expires 10/13/27 (c)(d)(h)(i)(j) | 22 | 0 | |
Total Warrants (Cost $0) | 0 | ||
Principal Amount | |||
Short-Term Investments 5.0% | |||
U.S. Treasury Debt 5.0% | |||
U.S. Treasury Bills (k) | |||
0.01%, due 2/22/22 | $ 10,000,000 | 9,999,757 | |
0.015%, due 1/25/22 | 4,321,000 | 4,320,950 | |
0.022%, due 1/18/22 | 2,524,000 | 2,523,984 | |
0.026%, due 2/8/22 | 17,500,000 | 17,499,497 | |
0.027%, due 1/13/22 | 2,862,000 | 2,861,988 | |
0.03%, due 2/15/22 | 1,828,000 | 1,827,940 | |
0.038%, due 3/10/22 | 1,400,000 | 1,399,891 | |
0.051%, due 1/4/22 | 1,226,000 | 1,226,001 | |
Total Short-Term Investments (Cost $41,660,114) | 41,660,008 | ||
Total Investments (Cost $853,304,390) | 101.4% | 845,025,034 | |
Other Assets, Less Liabilities | (1.4) | (11,335,552) | |
Net Assets | 100.0% | $ 833,689,482 |
† | 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 December 31, 2021. |
(c) | Illiquid security—As of December 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $15,532,435, which represented 1.9% of the Portfolio’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(f) | Issue in default. |
(g) | Issue in non-accrual status. |
(h) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of December 31, 2021, the total market value was $134,548, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(i) | Non-income producing security. |
(j) | Less than $1. |
(k) | 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 | $ — | $ 29,469,329 | $ — | $ 29,469,329 | |||
Loan Assignments | — | 769,653,826 | 1,654,713 | 771,308,539 | |||
Total Long-Term Bonds | — | 799,123,155 | 1,654,713 | 800,777,868 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 2,452,610 | — | — | 2,452,610 | |||
Common Stocks | — | — | 78,594 | 78,594 | |||
Rights | — | — | 55,954 | 55,954 | |||
Warrants (b) | — | — | 0 | 0 | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 41,660,008 | — | 41,660,008 | |||
Total Investments in Securities | $ 2,452,610 | $ 840,783,163 | $ 1,789,261 | $ 845,025,034 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | Less than $1. |
34 | MainStay VP Floating Rate Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $850,850,977) | $842,572,424 |
Investment in affiliated investment companies, at value (identified cost $2,453,413) | 2,452,610 |
Cash | 6,117,133 |
Unrealized appreciation on unfunded commitments (See Note 5) | 4,136 |
Receivables: | |
Investment securities sold | 5,508,230 |
Interest | 2,285,527 |
Portfolio shares sold | 583,625 |
Other assets | 3,072 |
Total assets | 859,526,757 |
Liabilities | |
Payables: | |
Investment securities purchased | 25,050,831 |
Manager (See Note 3) | 418,898 |
Portfolio shares redeemed | 154,709 |
NYLIFE Distributors (See Note 3) | 111,258 |
Professional fees | 55,173 |
Shareholder communication | 35,147 |
Custodian | 6,545 |
Trustees | 74 |
Accrued expenses | 4,640 |
Total liabilities | 25,837,275 |
Net assets | $833,689,482 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 94,073 |
Additional paid-in-capital | 884,379,814 |
884,473,887 | |
Total distributable earnings (loss) | (50,784,405) |
Net assets | $833,689,482 |
Initial Class | |
Net assets applicable to outstanding shares | $299,907,185 |
Shares of beneficial interest outstanding | 33,863,512 |
Net asset value per share outstanding | $ 8.86 |
Service Class | |
Net assets applicable to outstanding shares | $533,782,297 |
Shares of beneficial interest outstanding | 60,209,756 |
Net asset value per share outstanding | $ 8.87 |
Investment Income (Loss) | |
Income | |
Interest | $28,888,682 |
Dividends-affiliated | 116,025 |
Dividends-unaffiliated | 51 |
Other | 7,304 |
Total income | 29,012,062 |
Expenses | |
Manager (See Note 3) | 4,518,328 |
Distribution/Service—Service Class (See Note 3) | 1,288,741 |
Professional fees | 129,790 |
Shareholder communication | 50,066 |
Custodian | 31,101 |
Trustees | 14,707 |
Miscellaneous | 52,086 |
Total expenses | 6,084,819 |
Net investment income (loss) | 22,927,243 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (990,900) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 3,742,274 |
Affiliated investments | 11,934 |
Unfunded commitments | 4,136 |
Net change in unrealized appreciation (depreciation) | 3,758,344 |
Net realized and unrealized gain (loss) | 2,767,444 |
Net increase (decrease) in net assets resulting from operations | $25,694,687 |
36 | MainStay VP Floating Rate Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 22,927,243 | $ 24,045,879 |
Net realized gain (loss) | (990,900) | (17,282,060) |
Net change in unrealized appreciation (depreciation) | 3,758,344 | (1,860,669) |
Net increase (decrease) in net assets resulting from operations | 25,694,687 | 4,903,150 |
Distributions to shareholders: | ||
Initial Class | (7,569,114) | (6,228,271) |
Service Class | (15,125,910) | (17,934,955) |
Total distributions to shareholders | (22,695,024) | (24,163,226) |
Capital share transactions: | ||
Net proceeds from sales of shares | 272,707,260 | 67,930,271 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 22,695,024 | 24,163,559 |
Cost of shares redeemed | (103,761,021) | (218,800,676) |
Increase (decrease) in net assets derived from capital share transactions | 191,641,263 | (126,706,846) |
Net increase (decrease) in net assets | 194,640,926 | (145,966,922) |
Net Assets | ||
Beginning of year | 639,048,556 | 785,015,478 |
End of year | $ 833,689,482 | $ 639,048,556 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | $ 9.11 | ||||
Net investment income (loss) (a) | 0.28 | 0.32 | 0.44 | 0.43 | 0.39 | ||||
Net realized and unrealized gain (loss) | 0.05 | (0.12) | 0.27 | (0.42) | (0.03) | ||||
Total from investment operations | 0.33 | 0.20 | 0.71 | 0.01 | 0.36 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.32) | (0.44) | (0.43) | (0.39) | ||||
Net asset value at end of year | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | ||||
Total investment return (b) | 3.76% | 2.45% | 8.48% | (0.00)%‡(c) | 3.98% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.23% | 3.81% | 4.98% | 4.75% | 4.21% | ||||
Net expenses (d) | 0.64% | 0.65% | 0.65% | 0.65% | 0.64% | ||||
Portfolio turnover rate | 29% | 19% | 35% | 29% | 52% | ||||
Net assets at end of year (in 000's) | $ 299,907 | $ 142,403 | $ 205,596 | $ 187,285 | $ 259,054 |
‡ | Less than one-tenth of a percent. |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | $ 9.12 | ||||
Net investment income (loss) (a) | 0.26 | 0.30 | 0.42 | 0.41 | 0.36 | ||||
Net realized and unrealized gain (loss) | 0.05 | (0.12) | 0.27 | (0.42) | (0.03) | ||||
Total from investment operations | 0.31 | 0.18 | 0.69 | (0.01) | 0.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.30) | (0.42) | (0.41) | (0.36) | ||||
Net asset value at end of year | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | ||||
Total investment return (b) | 3.50% | 2.20% | 8.19% | (0.25)%(c) | 3.71% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.96% | 3.50% | 4.73% | 4.52% | 3.96% | ||||
Net expenses (d) | 0.89% | 0.90% | 0.90% | 0.90% | 0.89% | ||||
Portfolio turnover rate | 29% | 19% | 35% | 29% | 52% | ||||
Net assets at end of year (in 000's) | $ 533,782 | $ 496,645 | $ 579,419 | $ 611,492 | $ 581,596 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
38 | 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 |
40 | MainStay VP Floating Rate Portfolio |
42 | MainStay VP Floating Rate Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 2,454 | $ — | $ — | $ — | $ (1) | $ 2,453 | $ 116 | $ — | 437 |
44 | MainStay VP Floating Rate Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $853,345,278 | $2,340,717 | $(10,660,961) | $(8,320,244) |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,465,104 | $(43,547,048) | $(386,353) | $(8,316,108) | $(50,784,405) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,497 | $39,050 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $22,695,024 | $24,163,226 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
ABG Intermediate Holdings 2 LLC | ||
Term Loan B2 | ||
TBD, due 12/21/28 | $1,802,584 | $ 4,529 |
Term Loan B3 | ||
TBD, due 12/21/28 | 282,758 | 710 |
Hillman Group, Inc. (The), Initial Delayed Draw Term Loan 1.375%-3.25% (1 Month LIBOR + 2.75%), due 7/14/28 | 118,573 | (446) |
LTI Holdings, Inc., 1st Lien Term Loan, 2.375%, due 7/24/26 | 495,625 | (1,875) |
Medical Solutions Holdings, Inc., 1st Lien Term Loan, Delayed Draw Term Loan 1.75%, due 11/1/28 | 82,059 | 185 |
National Mentor Holdings, Inc., 1st Lien Term Loan, First Lien Delayed Draw Term Loan 3.75%, due 3/2/28 | 72,234 | (983) |
Osmosis Buyer Ltd., Term Loan B, Delayed Draw Term Loan B TBD, due 7/31/28 | 213,387 | 1,120 |
Pro Mach Group, Inc., 1st Lien Term Loan, First Lien Delayed Draw Term Loan 0.013%, due 8/31/28 | 315,031 | 786 |
Sovos Compliance LLC, 1st Lien Term Loan, First Lien Delayed Draw Term Loan TBD, due 8/11/28 | 73,788 | 158 |
Trident TPI Holdings, Inc., Tranche Delayed Draw Term Loan B3 4.00%-4.50% (3 Month LIBOR + 4.00%), due 9/15/28 | 38,093 | (48) |
Total | $3,494,132 | $ 4,136 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 19,774,894 | $ 175,476,548 |
Shares issued to shareholders in reinvestment of distributions | 853,852 | 7,569,114 |
Shares redeemed | (2,924,924) | (25,956,012) |
Net increase (decrease) | 17,703,822 | $ 157,089,650 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 10,956,996 | $ 97,230,712 |
Shares issued to shareholders in reinvestment of distributions | 1,704,919 | 15,125,910 |
Shares redeemed | (8,766,498) | (77,805,009) |
Net increase (decrease) | 3,895,417 | $ 34,551,613 |
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) |
46 | MainStay VP Floating Rate Portfolio |
MainStay VP Floating Rate Portfolio
New York, New York
February 24, 2022
48 | MainStay VP Floating Rate Portfolio |
50 | MainStay VP Floating Rate Portfolio |
52 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
54 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
56 | MainStay VP Floating Rate Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803526 | MSVPFR11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | 5.51% | 5.80% | 6.44% | 0.59% |
Service Class Shares | 6/4/2003 | 5.25 | 5.54 | 6.18 | 0.84 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | 5.35% | 6.08% | 6.71% |
Morningstar High Yield Bond Category Average2 | 4.73 | 4.99 | 5.56 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The ICE BofA U.S. High Yield Constrained Index is the Portfolio's primary broad-based securities market index for comparison purposes. 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 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,013.30 | $2.94 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,012.10 | $4.21 | $1,021.02 | $4.23 | 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 184 (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 High Yield Corporate Bond Portfolio |
1. | CCO Holdings LLC, 4.25%-5.375%, due 5/1/27–1/15/34 |
2. | HCA, Inc., 3.50%-8.36%, due 5/1/23–11/6/33 |
3. | Carnival Corp., 4.00%-10.50%, due 2/1/26–5/1/29 |
4. | TransDigm, Inc., 2.354%-8.00%, due 12/9/25–5/1/29 |
5. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
6. | MGM Growth Properties Operating Partnership LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
7. | Netflix, Inc., 4.875%-5.875%, due 2/15/22–6/15/30 |
8. | Sprint Capital Corp., 6.875%, due 11/15/28 |
9. | T-Mobile US, Inc., 2.625%-5.375%, due 4/15/27–4/15/31 |
10. | Yum! Brands, Inc., 3.625%-6.875%, due 1/15/30–11/15/37 |
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 Portfolio 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 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. |
8 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 91.6% | ||
Convertible Bonds 1.0% | ||
Investment Companies 0.2% | ||
ARES Capital Corp. | ||
4.625%, due 3/1/24 | $ 4,365,000 | $ 5,014,512 |
Media 0.4% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 7,695,000 | 7,396,819 |
3.375%, due 8/15/26 | 7,295,000 | 6,923,342 |
14,320,161 | ||
Oil & Gas 0.2% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (a)(b) | 1,095,000 | 5,611,875 |
Oil & Gas Services 0.2% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (b) | 9,247,866 | 8,381,015 |
Total Convertible Bonds (Cost $28,592,245) | 33,327,563 | |
Corporate Bonds 86.5% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 10,265,000 | 9,996,057 |
3.75%, due 2/15/28 | 6,320,000 | 6,335,800 |
4.00%, due 2/15/30 | 6,400,000 | 6,492,800 |
4.875%, due 1/15/29 | 2,195,000 | 2,291,031 |
Outfront Media Capital LLC (c) | ||
4.25%, due 1/15/29 | 2,400,000 | 2,404,368 |
5.00%, due 8/15/27 | 7,910,000 | 8,094,145 |
35,614,201 | ||
Aerospace & Defense 1.8% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (c) | 5,587,000 | 5,559,065 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (c) | 3,210,000 | 3,549,939 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 7,637,000 | 7,980,665 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 7,985,000 | 7,958,490 |
4.875%, due 5/1/29 | 5,630,000 | 5,654,209 |
6.25%, due 3/15/26 (c) | 22,850,000 | 23,749,719 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
TransDigm, Inc. (continued) | ||
7.50%, due 3/15/27 | $ 2,780,000 | $ 2,905,100 |
8.00%, due 12/15/25 (c) | 2,000,000 | 2,109,940 |
59,467,127 | ||
Airlines 0.9% | ||
American Airlines, Inc. (c) | ||
5.50%, due 4/20/26 | 4,560,000 | 4,741,830 |
5.75%, due 4/20/29 | 3,750,000 | 4,007,700 |
Delta Air Lines, Inc. | ||
4.50%, due 10/20/25 (c) | 4,095,000 | 4,303,892 |
4.75%, due 10/20/28 (c) | 5,450,000 | 5,951,298 |
7.00%, due 5/1/25 (c) | 713,000 | 815,251 |
7.375%, due 1/15/26 | 2,160,000 | 2,542,961 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (c) | 5,080,000 | 5,422,900 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (c) | 1,495,984 | 1,651,694 |
29,437,526 | ||
Auto Manufacturers 1.6% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 8,454,000 | 11,757,485 |
Ford Motor Credit Co. LLC | ||
2.90%, due 2/16/28 | 2,400,000 | 2,406,000 |
3.339%, due 3/28/22 | 2,561,000 | 2,565,482 |
3.375%, due 11/13/25 | 4,000,000 | 4,155,680 |
4.00%, due 11/13/30 | 5,000,000 | 5,379,000 |
4.125%, due 8/17/27 | 1,000,000 | 1,079,380 |
4.271%, due 1/9/27 | 1,647,000 | 1,770,525 |
4.389%, due 1/8/26 | 750,000 | 808,125 |
5.125%, due 6/16/25 | 3,500,000 | 3,806,250 |
General Motors Co. | ||
6.80%, due 10/1/27 | 3,000,000 | 3,682,290 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (c) | 11,880,000 | 12,430,281 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (c) | 3,775,000 | 3,824,698 |
53,665,196 | ||
Auto Parts & Equipment 2.0% | ||
Adient Global Holdings Ltd. | ||
4.875%, due 8/15/26 (c) | 6,300,000 | 6,426,000 |
Adient U.S. LLC | ||
9.00%, due 4/15/25 (c) | 1,320,000 | 1,402,500 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (c) | 4,415,000 | 4,595,662 |
Exide Global Holding Netherlands CV | ||
10.75%, due 10/26/24 (a)(d)(e) | 3,380,000 | 3,376,620 |
10 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment (continued) | ||
Goodyear Tire & Rubber Co. (The) (c) | ||
5.00%, due 7/15/29 | $ 4,070,000 | $ 4,371,994 |
5.25%, due 7/15/31 | 2,135,000 | 2,317,980 |
IHO Verwaltungs GmbH (b)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 7,973,000 | 8,132,460 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 10,396,000 | 10,694,885 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 10,105,000 | 10,862,875 |
Meritor, Inc. | ||
6.25%, due 6/1/25 (c) | 1,250,000 | 1,303,125 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (c) | 10,705,000 | 10,688,300 |
Tenneco, Inc. | ||
7.875%, due 1/15/29 (c) | 2,770,000 | 2,991,600 |
67,164,001 | ||
Beverages 0.1% | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (c) | 3,725,000 | 3,687,750 |
Biotechnology 0.2% | ||
Emergent BioSolutions, Inc. | ||
3.875%, due 8/15/28 (c) | 3,480,000 | 3,340,000 |
Grifols Escrow Issuer SA | ||
4.75%, due 10/15/28 (c) | 3,530,000 | 3,601,376 |
6,941,376 | ||
Building Materials 1.2% | ||
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (c) | 8,011,000 | 8,331,440 |
Koppers, Inc. | ||
6.00%, due 2/15/25 (c) | 6,270,000 | 6,379,662 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (c) | 2,975,000 | 3,016,650 |
Patrick Industries, Inc. (c) | ||
4.75%, due 5/1/29 | 2,295,000 | 2,283,525 |
7.50%, due 10/15/27 | 5,615,000 | 5,979,975 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (c) | 3,995,000 | 4,014,975 |
Summit Materials LLC (c) | ||
5.25%, due 1/15/29 | 3,930,000 | 4,116,282 |
6.50%, due 3/15/27 | 5,135,000 | 5,327,563 |
39,450,072 |
Principal Amount | Value | |
Chemicals 1.8% | ||
CVR Partners LP | ||
6.125%, due 6/15/28 (c) | $ 1,700,000 | $ 1,793,500 |
EverArc Escrow SARL | ||
5.00%, due 10/30/29 (c) | 6,805,000 | 6,810,036 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (c) | 8,875,000 | 9,454,626 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (c) | 6,175,000 | 6,699,875 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (b)(c) | 5,015,000 | 5,046,344 |
NOVA Chemicals Corp. (c) | ||
4.875%, due 6/1/24 | 2,635,000 | 2,720,637 |
5.25%, due 6/1/27 | 2,325,000 | 2,476,125 |
SCIH Salt Holdings, Inc. (c) | ||
4.875%, due 5/1/28 | 6,000,000 | 5,760,000 |
6.625%, due 5/1/29 | 7,950,000 | 7,433,250 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (c) | 2,300,000 | 2,360,375 |
SPCM SA (c) | ||
3.125%, due 3/15/27 | 2,000,000 | 1,976,360 |
3.375%, due 3/15/30 | 1,800,000 | 1,732,500 |
TPC Group, Inc. Escrow Claim Shares | ||
(zero coupon), due 12/31/49 (a)(d)(e)(f) | 53,500 | — |
Unifrax Escrow Issuer Corp. (c) | ||
5.25%, due 9/30/28 | 2,550,000 | 2,577,413 |
7.50%, due 9/30/29 | 2,185,000 | 2,206,850 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (c) | 3,200,000 | 3,276,000 |
62,323,891 | ||
Coal 0.3% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (c) | 2,736,000 | 2,949,189 |
Natural Resource Partners LP | ||
9.125%, due 6/30/25 (c) | 4,045,000 | 4,105,675 |
Warrior Met Coal, Inc. | ||
7.875%, due 12/1/28 (c) | 2,650,000 | 2,716,250 |
9,771,114 | ||
Commercial Services 3.4% | ||
AMN Healthcare, Inc. (c) | ||
4.00%, due 4/15/29 | 2,350,000 | 2,382,313 |
4.625%, due 10/1/27 | 2,430,000 | 2,518,694 |
Ashtead Capital, Inc. (c) | ||
4.00%, due 5/1/28 | 3,650,000 | 3,815,293 |
4.25%, due 11/1/29 | 3,545,000 | 3,781,776 |
4.375%, due 8/15/27 | 2,008,000 | 2,079,686 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Cimpress plc | ||
7.00%, due 6/15/26 (c) | $ 7,892,000 | $ 8,197,815 |
Gartner, Inc. | ||
3.75%, due 10/1/30 (c) | 4,635,000 | 4,738,824 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (c) | 11,107,000 | 11,537,396 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (c) | 2,650,000 | 2,623,500 |
IHS Markit Ltd. (c) | ||
4.75%, due 2/15/25 | 3,950,000 | 4,300,563 |
5.00%, due 11/1/22 | 15,689,000 | 16,136,137 |
Korn Ferry | ||
4.625%, due 12/15/27 (c) | 4,000,000 | 4,120,000 |
MPH Acquisition Holdings LLC (c) | ||
5.50%, due 9/1/28 | 3,110,000 | 3,152,762 |
5.75%, due 11/1/28 | 5,500,000 | 5,230,500 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (c) | 3,200,000 | 3,304,000 |
Nielsen Finance LLC | ||
4.75%, due 7/15/31 (c) | 1,000,000 | 987,500 |
Ritchie Bros Auctioneers, Inc. | ||
5.375%, due 1/15/25 (c) | 3,800,000 | 3,839,900 |
Service Corp. International | ||
3.375%, due 8/15/30 | 4,480,000 | 4,397,434 |
4.00%, due 5/15/31 | 7,000,000 | 7,087,500 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 2,900,000 | 2,920,307 |
3.875%, due 11/15/27 | 4,000,000 | 4,150,640 |
3.875%, due 2/15/31 | 3,500,000 | 3,552,500 |
4.875%, due 1/15/28 | 1,000,000 | 1,050,875 |
5.50%, due 5/15/27 | 1,000,000 | 1,040,000 |
WW International, Inc. | ||
4.50%, due 4/15/29 (c) | 6,785,000 | 6,494,941 |
113,440,856 | ||
Computers 0.2% | ||
Booz Allen Hamilton, Inc. | ||
4.00%, due 7/1/29 (c) | 1,750,000 | 1,807,549 |
Unisys Corp. | ||
6.875%, due 11/1/27 (c) | 5,865,000 | 6,348,862 |
8,156,411 | ||
Cosmetics & Personal Care 0.3% | ||
Edgewell Personal Care Co. (c) | ||
4.125%, due 4/1/29 | 6,780,000 | 6,830,850 |
5.50%, due 6/1/28 | 4,000,000 | 4,245,800 |
11,076,650 |
Principal Amount | Value | |
Distribution & Wholesale 0.6% | ||
Avient Corp. | ||
5.25%, due 3/15/23 | $ 8,636,000 | $ 9,046,210 |
5.75%, due 5/15/25 (c) | 2,000,000 | 2,085,000 |
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (c) | 5,000,000 | 5,319,975 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (c) | 4,450,000 | 4,416,625 |
20,867,810 | ||
Diversified Financial Services 1.8% | ||
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (c) | 3,055,000 | 3,131,375 |
6.625%, due 3/15/26 | 9,465,000 | 9,851,551 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (c) | 4,485,000 | 4,899,862 |
Jane Street Group | ||
4.50%, due 11/15/29 (c) | 2,425,000 | 2,449,250 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (c) | 7,250,000 | 7,431,250 |
LPL Holdings, Inc. (c) | ||
4.00%, due 3/15/29 | 7,570,000 | 7,749,787 |
4.375%, due 5/15/31 | 3,630,000 | 3,713,073 |
4.625%, due 11/15/27 | 3,865,000 | 4,000,275 |
Oxford Finance LLC | ||
6.375%, due 12/15/22 (c) | 5,480,000 | 5,486,850 |
PennyMac Financial Services, Inc. (c) | ||
4.25%, due 2/15/29 | 3,650,000 | 3,509,110 |
5.75%, due 9/15/31 | 3,050,000 | 3,080,500 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (c) | 3,700,000 | 3,931,250 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (c) | 1,298,000 | 1,375,880 |
60,610,013 | ||
Electric 1.7% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (c) | 4,050,000 | 4,257,563 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 5,815,000 | 6,078,943 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (13.00% PIK), due 6/1/24 (a)(b)(c) | 3,621,653 | 2,354,074 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (c) | 4,650,000 | 4,696,500 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (c) | 4,500,000 | 4,765,500 |
12 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | $ 2,555,000 | $ 2,656,012 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (c) | 4,205,000 | 4,362,687 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 6,260,000 | 6,584,393 |
5.25%, due 7/1/30 | 3,840,000 | 4,027,008 |
Vistra Corp. (c)(g)(h) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | 3,350,000 | 3,393,182 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 7,800,000 | 8,248,500 |
Vistra Operations Co. LLC (c) | ||
4.375%, due 5/1/29 | 2,500,000 | 2,504,075 |
5.00%, due 7/31/27 | 3,300,000 | 3,424,806 |
57,353,243 | ||
Electrical Components & Equipment 0.2% | ||
WESCO Distribution, Inc. (c) | ||
7.125%, due 6/15/25 | 4,535,000 | 4,807,100 |
7.25%, due 6/15/28 | 2,500,000 | 2,740,625 |
7,547,725 | ||
Electronics 0.0% ‡ | ||
II-VI, Inc. | ||
5.00%, due 12/15/29 (c) | 1,685,000 | 1,720,756 |
Energy-Alternate Sources 0.1% | ||
Renewable Energy Group, Inc. | ||
5.875%, due 6/1/28 (c) | 4,575,000 | 4,700,812 |
Engineering & Construction 0.7% | ||
Arcosa, Inc. | ||
4.375%, due 4/15/29 (c) | 1,340,000 | 1,358,425 |
Artera Services LLC | ||
9.033%, due 12/4/25 (c) | 3,465,000 | 3,665,745 |
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (c) | 4,000,000 | 4,120,000 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (c) | 2,800,000 | 2,884,000 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (c) | 4,480,000 | 4,597,600 |
Principal Amount | Value | |
Engineering & Construction (continued) | ||
Weekley Homes LLC | ||
4.875%, due 9/15/28 (c) | $ 5,800,000 | $ 5,974,000 |
22,599,770 | ||
Entertainment 2.4% | ||
Affinity Gaming | ||
6.875%, due 12/15/27 (c) | 3,640,000 | 3,785,600 |
Allen Media LLC | ||
10.50%, due 2/15/28 (c) | 4,040,000 | 4,214,952 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (c) | 2,900,000 | 2,987,000 |
Caesars Entertainment, Inc. | ||
4.625%, due 10/15/29 (c) | 1,650,000 | 1,650,000 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (c) | 2,170,000 | 2,259,513 |
Churchill Downs, Inc. (c) | ||
4.75%, due 1/15/28 | 12,702,000 | 13,146,570 |
5.50%, due 4/1/27 | 8,901,000 | 9,168,030 |
International Game Technology plc | ||
6.25%, due 1/15/27 (c) | 6,725,000 | 7,532,000 |
Jacobs Entertainment, Inc. | ||
7.875%, due 2/1/24 (c) | 2,193,000 | 2,236,860 |
Live Nation Entertainment, Inc. (c) | ||
3.75%, due 1/15/28 | 1,860,000 | 1,846,050 |
6.50%, due 5/15/27 | 6,435,000 | 7,038,281 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (c) | 10,940,000 | 11,377,600 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (c) | 1,650,000 | 1,658,250 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (c) | 4,500,000 | 4,545,000 |
Powdr Corp. | ||
6.00%, due 8/1/25 (c) | 3,001,000 | 3,121,040 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (c) | 2,800,000 | 2,912,000 |
79,478,746 | ||
Environmental Control 0.1% | ||
Madison IAQ LLC (c) | ||
4.125%, due 6/30/28 | 2,300,000 | 2,305,750 |
5.875%, due 6/30/29 | 1,100,000 | 1,100,000 |
3,405,750 | ||
Food 1.9% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 4,142,000 | 4,230,556 |
Kraft Heinz Foods Co. | ||
3.875%, due 5/15/27 | 4,625,000 | 4,995,656 |
6.50%, due 2/9/40 | 7,715,000 | 10,972,632 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Food (continued) | ||
Kraft Heinz Foods Co. (continued) | ||
6.875%, due 1/26/39 | $ 7,588,000 | $ 11,152,323 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (c) | 3,300,000 | 3,572,250 |
Land O' Lakes, Inc. | ||
6.00%, due 11/15/22 (c) | 7,880,000 | 8,120,821 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (c) | 5,130,000 | 5,937,410 |
Post Holdings, Inc. | ||
4.625%, due 4/15/30 (c) | 2,000,000 | 2,037,000 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (c) | 5,500,000 | 5,417,500 |
TreeHouse Foods, Inc. | ||
4.00%, due 9/1/28 | 3,000,000 | 2,880,000 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (c) | 5,000,000 | 5,354,000 |
64,670,148 | ||
Food Service 0.2% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (c) | 6,500,000 | 6,792,500 |
Forest Products & Paper 1.1% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (c) | 2,630,000 | 2,712,188 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 9,880,000 | 10,091,135 |
5.50%, due 1/15/26 | 1,000,000 | 1,012,500 |
Schweitzer-Mauduit International, Inc. | ||
6.875%, due 10/1/26 (c) | 3,000,000 | 3,138,750 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 15,843,000 | 19,447,282 |
36,401,855 | ||
Gas 0.6% | ||
AmeriGas Partners LP | ||
5.625%, due 5/20/24 | 4,425,000 | 4,784,177 |
5.75%, due 5/20/27 | 2,485,000 | 2,749,031 |
5.875%, due 8/20/26 | 6,885,000 | 7,700,942 |
Rockpoint Gas Storage Canada Ltd. | ||
7.00%, due 3/31/23 (c) | 5,100,000 | 5,087,250 |
20,321,400 | ||
Hand & Machine Tools 0.1% | ||
Werner FinCo. LP | ||
8.75%, due 7/15/25 (c) | 4,250,000 | 4,430,625 |
Principal Amount | Value | |
Healthcare-Products 1.1% | ||
Hologic, Inc. (c) | ||
3.25%, due 2/15/29 | $ 7,325,000 | $ 7,325,000 |
4.625%, due 2/1/28 | 3,350,000 | 3,517,500 |
Mozart Debt Merger Sub, Inc. (c) | ||
3.875%, due 4/1/29 | 4,440,000 | 4,424,327 |
5.25%, due 10/1/29 | 2,500,000 | 2,534,100 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (c) | 9,615,000 | 9,905,277 |
4.625%, due 11/15/27 | 3,500,000 | 3,640,000 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (c) | 4,546,000 | 5,051,060 |
36,397,264 | ||
Healthcare-Services 4.9% | ||
Acadia Healthcare Co., Inc. (c) | ||
5.00%, due 4/15/29 | 1,750,000 | 1,798,125 |
5.50%, due 7/1/28 | 1,500,000 | 1,576,605 |
Catalent Pharma Solutions, Inc. (c) | ||
3.125%, due 2/15/29 | 6,995,000 | 6,899,868 |
3.50%, due 4/1/30 | 3,065,000 | 3,056,311 |
5.00%, due 7/15/27 | 5,180,000 | 5,382,020 |
Centene Corp. | ||
3.00%, due 10/15/30 | 4,000,000 | 4,066,040 |
4.625%, due 12/15/29 | 4,870,000 | 5,252,100 |
DaVita, Inc. (c) | ||
3.75%, due 2/15/31 | 2,900,000 | 2,825,557 |
4.625%, due 6/1/30 | 2,700,000 | 2,764,125 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,500,000 | 5,658,125 |
4.625%, due 4/1/31 | 1,875,000 | 1,907,813 |
4.75%, due 2/1/30 | 7,650,000 | 7,879,500 |
HCA, Inc. | ||
3.50%, due 9/1/30 | 7,300,000 | 7,715,188 |
5.375%, due 2/1/25 | 7,255,000 | 7,973,245 |
5.625%, due 9/1/28 | 2,090,000 | 2,442,144 |
5.875%, due 5/1/23 | 4,800,000 | 5,082,000 |
5.875%, due 2/15/26 | 9,015,000 | 10,167,838 |
7.50%, due 11/6/33 | 12,100,000 | 17,363,500 |
7.58%, due 9/15/25 | 3,507,000 | 4,120,725 |
7.69%, due 6/15/25 | 9,195,000 | 10,864,697 |
8.36%, due 4/15/24 | 4,450,000 | 5,073,000 |
IQVIA, Inc. | ||
5.00%, due 10/15/26 (c) | 9,792,000 | 10,049,040 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (c) | 4,720,000 | 4,696,400 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (c) | 3,730,000 | 3,809,300 |
14 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Services (continued) | ||
ModivCare, Inc. | ||
5.875%, due 11/15/25 (c) | $ 3,500,000 | $ 3,675,000 |
Molina Healthcare, Inc. (c) | ||
3.875%, due 11/15/30 | 4,480,000 | 4,648,000 |
3.875%, due 5/15/32 | 3,200,000 | 3,220,000 |
4.375%, due 6/15/28 | 1,000,000 | 1,030,000 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (c) | 10,055,000 | 10,625,118 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (c) | 2,000,000 | 2,118,490 |
163,739,874 | ||
Holding Companies-Diversified 0.3% | ||
Stena International SA | ||
6.125%, due 2/1/25 (c) | 9,525,000 | 9,763,125 |
Home Builders 2.2% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (c) | 5,900,000 | 6,136,000 |
Ashton Woods USA LLC | ||
6.625%, due 1/15/28 (c) | 2,000,000 | 2,110,000 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (c) | 4,855,000 | 5,067,649 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (c) | 4,385,000 | 4,417,888 |
6.75%, due 6/1/27 | 6,775,000 | 7,147,625 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (c) | 4,655,000 | 4,841,200 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | 2,100,000 | 2,068,500 |
4.95%, due 2/1/28 | 3,000,000 | 3,120,000 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (c) | 6,372,000 | 6,690,600 |
Picasso Finance Sub, Inc. | ||
6.125%, due 6/15/25 (c) | 4,705,000 | 4,916,725 |
PulteGroup, Inc. | ||
7.875%, due 6/15/32 | 3,595,000 | 5,108,365 |
Shea Homes LP (c) | ||
4.75%, due 2/15/28 | 7,300,000 | 7,464,250 |
4.75%, due 4/1/29 | 2,748,000 | 2,800,212 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (c) | 2,700,000 | 2,848,500 |
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (c) | 1,665,000 | 1,648,350 |
Williams Scotsman International, Inc. | ||
4.625%, due 8/15/28 (c) | 4,270,000 | 4,408,775 |
Principal Amount | Value | |
Home Builders (continued) | ||
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (c) | $ 3,800,000 | $ 4,068,812 |
74,863,451 | ||
Home Furnishings 0.0% ‡ | ||
Tempur Sealy International, Inc. | ||
3.875%, due 10/15/31 (c) | 1,600,000 | 1,603,024 |
Household Products & Wares 0.2% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 2,020,000 | 2,037,675 |
4.125%, due 4/30/31 (c) | 2,300,000 | 2,311,500 |
Spectrum Brands, Inc. | ||
5.75%, due 7/15/25 | 3,840,000 | 3,921,600 |
8,270,775 | ||
Housewares 0.2% | ||
Scotts Miracle-Gro Co. (The) (c) | ||
4.00%, due 4/1/31 | 4,860,000 | 4,799,250 |
4.375%, due 2/1/32 | 2,805,000 | 2,797,987 |
7,597,237 | ||
Insurance 0.9% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (c) | 6,500,000 | 6,386,250 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 4,273,000 | 5,189,488 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (c) | 2,500,000 | 2,791,431 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 6,708,000 | 7,043,400 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (c) | 3,245,000 | 3,684,698 |
USI, Inc. | ||
6.875%, due 5/1/25 (c) | 5,890,000 | 5,934,175 |
31,029,442 | ||
Internet 2.3% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (c) | 4,150,000 | 4,419,750 |
Match Group Holdings II LLC | ||
3.625%, due 10/1/31 (c) | 3,945,000 | 3,831,581 |
Netflix, Inc. | ||
4.875%, due 4/15/28 | 1,692,000 | 1,928,880 |
4.875%, due 6/15/30 (c) | 3,000,000 | 3,498,750 |
5.375%, due 11/15/29 (c) | 2,500,000 | 2,968,750 |
5.50%, due 2/15/22 | 7,455,000 | 7,496,003 |
5.75%, due 3/1/24 | 10,899,000 | 11,852,662 |
5.875%, due 2/15/25 | 3,320,000 | 3,731,016 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Internet (continued) | ||
Netflix, Inc. (continued) | ||
5.875%, due 11/15/28 | $ 8,800,000 | $ 10,582,000 |
Northwest Fiber LLC | ||
4.75%, due 4/30/27 (c) | 2,250,000 | 2,227,500 |
Uber Technologies, Inc. (c) | ||
7.50%, due 5/15/25 | 2,400,000 | 2,522,112 |
7.50%, due 9/15/27 | 6,065,000 | 6,600,509 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 6,000,000 | 6,232,500 |
5.25%, due 4/1/25 | 9,025,000 | 9,950,063 |
77,842,076 | ||
Investment Companies 1.4% | ||
Compass Group Diversified Holdings LLC (c) | ||
5.00%, due 1/15/32 | 3,250,000 | 3,331,250 |
5.25%, due 4/15/29 | 9,375,000 | 9,820,312 |
FS Energy and Power Fund | ||
7.50%, due 8/15/23 (c) | 23,640,000 | 24,651,556 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 4,425,000 | 4,550,803 |
6.25%, due 5/15/26 | 4,000,000 | 4,165,000 |
46,518,921 | ||
Iron & Steel 0.9% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 7,400,000 | 8,084,500 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (c) | 6,800,000 | 7,352,500 |
Mineral Resources Ltd. | ||
8.125%, due 5/1/27 (c) | 12,545,000 | 13,525,768 |
28,962,768 | ||
Leisure Time 1.9% | ||
Carnival Corp. (c) | ||
4.00%, due 8/1/28 | 10,600,000 | 10,520,500 |
5.75%, due 3/1/27 | 16,540,000 | 16,540,000 |
6.00%, due 5/1/29 | 8,600,000 | 8,557,000 |
7.625%, due 3/1/26 | 3,985,000 | 4,177,276 |
9.875%, due 8/1/27 | 7,000,000 | 7,999,005 |
10.50%, due 2/1/26 | 7,040,000 | 8,036,125 |
CWT Travel Group, Inc. | ||
8.50%, due 11/19/26 (c) | 2,297,916 | 2,340,152 |
Royal Caribbean Cruises Ltd. | ||
5.50%, due 4/1/28 (c) | 6,550,000 | 6,625,718 |
64,795,776 |
Principal Amount | Value | |
Lodging 1.8% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | $ 9,980,000 | $ 10,179,600 |
4.75%, due 6/15/31 (c) | 12,315,000 | 12,561,300 |
8.625%, due 6/1/25 (c) | 500,000 | 535,760 |
Hilton Domestic Operating Co., Inc. | ||
3.625%, due 2/15/32 (c) | 1,070,000 | 1,064,372 |
4.00%, due 5/1/31 (c) | 9,300,000 | 9,509,622 |
4.875%, due 1/15/30 | 7,500,000 | 8,015,625 |
5.75%, due 5/1/28 (c) | 1,725,000 | 1,843,025 |
Hyatt Hotels Corp. | ||
5.75%, due 4/23/30 (i) | 1,915,000 | 2,284,319 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 4,000,000 | 4,189,017 |
Series FF | ||
4.625%, due 6/15/30 | 2,000,000 | 2,249,891 |
Series EE | ||
5.75%, due 5/1/25 | 743,000 | 836,352 |
Station Casinos LLC (c) | ||
4.50%, due 2/15/28 | 3,500,000 | 3,519,950 |
4.625%, due 12/1/31 | 5,250,000 | 5,293,050 |
62,081,883 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (c) | 2,150,000 | 2,209,125 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (c) | 6,915,000 | 6,984,150 |
9,193,275 | ||
Machinery-Diversified 0.5% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (f)(j)(k) | 5,030,000 | 50,300 |
Colfax Corp. | ||
6.375%, due 2/15/26 (c) | 3,053,000 | 3,156,039 |
Stevens Holding Co., Inc. | ||
6.125%, due 10/1/26 (c) | 5,394,000 | 5,751,352 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (c) | 1,373,000 | 1,470,826 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (c) | 6,715,000 | 7,059,144 |
17,487,661 | ||
Media 6.5% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (c) | 4,175,000 | 4,175,000 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (c) | 10,325,000 | 10,118,500 |
16 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Media (continued) | ||
CCO Holdings LLC | ||
4.25%, due 2/1/31 (c) | $ 9,255,000 | $ 9,336,259 |
4.25%, due 1/15/34 (c) | 7,265,000 | 7,147,507 |
4.50%, due 8/15/30 (c) | 13,555,000 | 13,869,340 |
4.50%, due 5/1/32 | 11,250,000 | 11,573,438 |
4.50%, due 6/1/33 (c) | 4,300,000 | 4,386,989 |
4.75%, due 3/1/30 (c) | 7,715,000 | 8,023,600 |
5.00%, due 2/1/28 (c) | 8,550,000 | 8,892,000 |
5.125%, due 5/1/27 (c) | 12,000,000 | 12,360,000 |
5.375%, due 6/1/29 (c) | 4,780,000 | 5,158,265 |
CSC Holdings LLC (c) | ||
5.75%, due 1/15/30 | 6,705,000 | 6,679,856 |
6.50%, due 2/1/29 | 2,660,000 | 2,846,200 |
Diamond Sports Group LLC | ||
6.625%, due 8/15/27 (c) | 2,305,000 | 645,400 |
Directv Financing LLC | ||
5.875%, due 8/15/27 (c) | 8,400,000 | 8,599,164 |
DISH DBS Corp. | ||
5.125%, due 6/1/29 | 3,000,000 | 2,730,000 |
5.875%, due 7/15/22 | 6,655,000 | 6,763,144 |
7.75%, due 7/1/26 | 8,000,000 | 8,440,000 |
LCPR Senior Secured Financing DAC (c) | ||
5.125%, due 7/15/29 | 3,310,000 | 3,326,550 |
6.75%, due 10/15/27 | 13,596,000 | 14,275,800 |
News Corp. | ||
3.875%, due 5/15/29 (c) | 10,470,000 | 10,574,700 |
Quebecor Media, Inc. | ||
5.75%, due 1/15/23 | 12,147,000 | 12,632,880 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (c) | 4,805,000 | 4,798,994 |
Sirius XM Radio, Inc. (c) | ||
3.125%, due 9/1/26 | 3,315,000 | 3,315,961 |
3.875%, due 9/1/31 | 5,480,000 | 5,372,866 |
4.00%, due 7/15/28 | 2,750,000 | 2,765,373 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (a)(d)(e)(k) | 7,000,000 | 7,000,000 |
Videotron Ltd. (c) | ||
5.125%, due 4/15/27 | 5,890,000 | 6,066,700 |
5.375%, due 6/15/24 | 11,450,000 | 12,251,500 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (c) | 3,490,000 | 3,472,550 |
217,598,536 |
Principal Amount | Value | |
Metal Fabricate & Hardware 0.3% | ||
Advanced Drainage Systems, Inc. | ||
5.00%, due 9/30/27 (c) | $ 3,895,000 | $ 4,026,456 |
Park-Ohio Industries, Inc. | ||
6.625%, due 4/15/27 | 3,475,000 | 3,372,488 |
Roller Bearing Co. of America, Inc. | ||
4.375%, due 10/15/29 (c) | 3,195,000 | 3,258,900 |
10,657,844 | ||
Mining 1.9% | ||
Arconic Corp. | ||
6.00%, due 5/15/25 (c) | 2,200,000 | 2,299,000 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (c) | 6,230,000 | 6,572,651 |
Compass Minerals International, Inc. (c) | ||
4.875%, due 7/15/24 | 2,250,000 | 2,300,625 |
6.75%, due 12/1/27 | 7,990,000 | 8,460,052 |
Constellium SE | ||
3.75%, due 4/15/29 (c) | 3,000,000 | 2,951,685 |
First Quantum Minerals Ltd. (c) | ||
6.875%, due 10/15/27 | 1,800,000 | 1,937,250 |
7.25%, due 4/1/23 | 4,675,000 | 4,728,763 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (c) | 7,000,000 | 6,877,500 |
Joseph T Ryerson & Son, Inc. | ||
8.50%, due 8/1/28 (c) | 1,920,000 | 2,088,000 |
Novelis Corp. (c) | ||
3.25%, due 11/15/26 | 6,550,000 | 6,607,312 |
3.875%, due 8/15/31 | 8,890,000 | 8,834,437 |
4.75%, due 1/30/30 | 8,935,000 | 9,392,919 |
63,050,194 | ||
Miscellaneous—Manufacturing 0.9% | ||
Amsted Industries, Inc. (c) | ||
4.625%, due 5/15/30 | 2,615,000 | 2,680,375 |
5.625%, due 7/1/27 | 7,240,000 | 7,529,600 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 4,240,000 | 4,430,800 |
FXI Holdings, Inc. (c) | ||
7.875%, due 11/1/24 | 1,720,000 | 1,752,508 |
12.25%, due 11/15/26 | 4,206,000 | 4,726,703 |
Hillenbrand, Inc. | ||
3.75%, due 3/1/31 | 2,240,000 | 2,245,600 |
5.75%, due 6/15/25 | 2,000,000 | 2,090,000 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (c) | 5,170,000 | 5,376,800 |
30,832,386 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (c) | $ 4,445,000 | $ 4,656,138 |
Oil & Gas 6.6% | ||
Apache Corp. | ||
4.625%, due 11/15/25 | 1,170,000 | 1,256,288 |
Ascent Resources Utica Holdings LLC (c) | ||
7.00%, due 11/1/26 | 3,400,000 | 3,446,750 |
9.00%, due 11/1/27 | 2,684,000 | 3,583,140 |
California Resources Corp. | ||
7.125%, due 2/1/26 (c) | 3,500,000 | 3,636,080 |
Callon Petroleum Co. | ||
6.125%, due 10/1/24 | 4,560,000 | 4,491,600 |
9.00%, due 4/1/25 (c) | 7,580,000 | 8,186,400 |
Centennial Resource Production LLC (c) | ||
5.375%, due 1/15/26 | 5,200,000 | 5,096,000 |
6.875%, due 4/1/27 | 5,958,000 | 6,077,160 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (c) | 2,250,000 | 2,272,050 |
Colgate Energy Partners III LLC | ||
7.75%, due 2/15/26 (c) | 5,040,000 | 5,443,200 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (c) | 3,700,000 | 4,013,020 |
Continental Resources, Inc. | ||
4.50%, due 4/15/23 | 651,000 | 670,836 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (c) | 10,805,000 | 11,223,694 |
Endeavor Energy Resources LP | ||
6.625%, due 7/15/25 (c) | 1,805,000 | 1,909,744 |
EQT Corp. | ||
3.125%, due 5/15/26 (c) | 4,000,000 | 4,106,120 |
6.625%, due 2/1/25 (i) | 4,850,000 | 5,468,399 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (c) | 8,284,024 | 9,039,941 |
Gulfport Energy Operating Corp. Escrow Claim Shares (f) | ||
6.00%, due 10/15/24 | 15,745,000 | 629,800 |
6.375%, due 5/15/25 | 8,000,000 | 320,000 |
6.375%, due 1/15/26 | 4,441,000 | 177,640 |
Hilcorp Energy I LP (c) | ||
5.75%, due 2/1/29 | 1,610,000 | 1,659,459 |
6.00%, due 2/1/31 | 1,075,000 | 1,109,938 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Laredo Petroleum, Inc. | ||
7.75%, due 7/31/29 (c) | $ 3,930,000 | $ 3,831,750 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 3,000,000 | 3,286,138 |
6.80%, due 3/15/32 | 2,665,000 | 3,432,687 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 7,250,000 | 7,467,500 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (c) | 4,065,000 | 3,800,775 |
Murphy Oil Corp. | ||
6.875%, due 8/15/24 | 1,478,000 | 1,508,447 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 10,200,000 | 11,355,660 |
5.875%, due 9/1/25 | 1,500,000 | 1,653,750 |
6.125%, due 1/1/31 | 2,500,000 | 3,037,500 |
6.375%, due 9/1/28 | 1,500,000 | 1,781,010 |
6.45%, due 9/15/36 | 3,100,000 | 3,952,515 |
6.625%, due 9/1/30 | 3,345,000 | 4,139,437 |
7.50%, due 5/1/31 | 1,200,000 | 1,578,750 |
8.00%, due 7/15/25 | 1,750,000 | 2,043,125 |
Parkland Corp. (c) | ||
4.50%, due 10/1/29 | 3,470,000 | 3,472,741 |
4.625%, due 5/1/30 | 3,880,000 | 3,855,750 |
5.875%, due 7/15/27 | 3,130,000 | 3,302,150 |
PBF Holding Co. LLC | ||
6.00%, due 2/15/28 | 1,565,000 | 1,005,513 |
7.25%, due 6/15/25 | 2,180,000 | 1,553,250 |
9.25%, due 5/15/25 (c) | 6,300,000 | 5,992,875 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 2,891,000 | 2,927,137 |
Range Resources Corp. | ||
8.25%, due 1/15/29 | 1,615,000 | 1,800,725 |
9.25%, due 2/1/26 | 9,038,000 | 9,741,089 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (c) | 5,940,000 | 6,118,200 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 1,775,000 | 1,869,261 |
5.375%, due 3/15/30 | 4,250,000 | 4,553,790 |
6.45%, due 1/23/25 (i) | 1,008,000 | 1,107,792 |
8.375%, due 9/15/28 | 1,600,000 | 1,786,000 |
Sunoco LP | ||
4.50%, due 5/15/29 | 1,690,000 | 1,716,237 |
6.00%, due 4/15/27 | 2,000,000 | 2,085,800 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 19,985,000 | 20,934,287 |
Transocean Pontus Ltd. | ||
6.125%, due 8/1/25 (c) | 1,778,850 | 1,738,826 |
18 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas (continued) | ||
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (c) | $ 2,550,000 | $ 2,463,938 |
Transocean Sentry Ltd. | ||
5.375%, due 5/15/23 (c) | 2,999,372 | 2,879,172 |
Viper Energy Partners LP | ||
5.375%, due 11/1/27 (c) | 3,470,000 | 3,582,775 |
221,173,611 | ||
Oil & Gas Services 0.7% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (c) | 6,100,000 | 6,345,342 |
Nine Energy Service, Inc. | ||
8.75%, due 11/1/23 (c) | 7,172,000 | 3,334,980 |
TechnipFMC plc | ||
6.50%, due 2/1/26 (c) | 5,273,000 | 5,645,281 |
Weatherford International Ltd. (c) | ||
6.50%, due 9/15/28 | 3,870,000 | 4,094,828 |
8.625%, due 4/30/30 | 3,375,000 | 3,503,756 |
22,924,187 | ||
Packaging & Containers 0.5% | ||
ARD Finance SA | ||
6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (b)(c) | 3,000,000 | 3,090,000 |
Ball Corp. | ||
3.125%, due 9/15/31 | 5,000,000 | 4,937,500 |
Cascades, Inc. (c) | ||
5.125%, due 1/15/26 | 2,810,000 | 2,922,400 |
5.375%, due 1/15/28 | 5,200,000 | 5,335,824 |
Graphic Packaging International LLC | ||
3.50%, due 3/1/29 (c) | 1,000,000 | 992,500 |
17,278,224 | ||
Pharmaceuticals 2.2% | ||
180 Medical, Inc. | ||
3.875%, due 10/15/29 (c) | 2,820,000 | 2,855,250 |
Bausch Health Americas, Inc. (c) | ||
8.50%, due 1/31/27 | 1,600,000 | 1,680,000 |
9.25%, due 4/1/26 | 1,435,000 | 1,515,719 |
Bausch Health Cos., Inc. (c) | ||
5.00%, due 1/30/28 | 3,430,000 | 3,155,600 |
5.25%, due 2/15/31 | 2,500,000 | 2,196,875 |
6.125%, due 4/15/25 | 2,854,000 | 2,906,970 |
6.25%, due 2/15/29 | 5,900,000 | 5,606,416 |
7.00%, due 1/15/28 | 1,750,000 | 1,741,250 |
Cheplapharm Arzneimittel GmbH | ||
5.50%, due 1/15/28 (c) | 2,550,000 | 2,581,875 |
Principal Amount | Value | |
Pharmaceuticals (continued) | ||
Endo DAC | ||
9.50%, due 7/31/27 (c) | $ 2,000,000 | $ 2,035,840 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (c) | 6,190,000 | 6,409,374 |
Organon & Co. (c) | ||
4.125%, due 4/30/28 | 8,200,000 | 8,333,250 |
5.125%, due 4/30/31 | 6,500,000 | 6,790,420 |
Owens & Minor, Inc. | ||
4.50%, due 3/31/29 (c) | 3,725,000 | 3,818,125 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (c) | 6,411,000 | 6,551,593 |
Prestige Brands, Inc. (c) | ||
3.75%, due 4/1/31 | 6,935,000 | 6,726,950 |
5.125%, due 1/15/28 | 4,245,000 | 4,420,106 |
Vizient, Inc. | ||
6.25%, due 5/15/27 (c) | 3,615,000 | 3,773,156 |
73,098,769 | ||
Pipelines 4.8% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 395,000 | 442,353 |
Antero Midstream Partners LP (c) | ||
5.375%, due 6/15/29 | 2,000,000 | 2,110,030 |
5.75%, due 1/15/28 | 1,565,000 | 1,641,106 |
Cheniere Energy Partners LP | ||
3.25%, due 1/31/32 (c) | 2,210,000 | 2,232,100 |
4.00%, due 3/1/31 | 6,400,000 | 6,713,280 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (c) | 1,460,000 | 1,454,525 |
DT Midstream, Inc. (c) | ||
4.125%, due 6/15/29 | 1,355,000 | 1,387,181 |
4.375%, due 6/15/31 | 2,975,000 | 3,094,000 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 5,702,000 | 6,152,712 |
4.95%, due 5/15/28 | 2,925,000 | 3,244,132 |
EQM Midstream Partners LP | ||
4.50%, due 1/15/29 (c) | 1,880,000 | 1,955,200 |
4.75%, due 1/15/31 (c) | 2,700,000 | 2,855,250 |
5.50%, due 7/15/28 | 720,000 | 786,604 |
6.00%, due 7/1/25 (c) | 2,975,000 | 3,235,312 |
6.50%, due 7/1/27 (c) | 1,405,000 | 1,573,600 |
Genesis Energy LP | ||
5.625%, due 6/15/24 | 1,000,000 | 990,000 |
6.25%, due 5/15/26 | 2,716,000 | 2,648,100 |
6.50%, due 10/1/25 | 1,600,000 | 1,580,000 |
7.75%, due 2/1/28 | 470,000 | 473,525 |
8.00%, due 1/15/27 | 6,075,000 | 6,260,652 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (c) | $ 5,775,000 | $ 6,179,250 |
Hess Midstream Operations LP (c) | ||
4.25%, due 2/15/30 | 2,000,000 | 1,985,000 |
5.625%, due 2/15/26 | 3,300,000 | 3,399,000 |
Holly Energy Partners LP | ||
5.00%, due 2/1/28 (c) | 2,845,000 | 2,834,331 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (c) | 2,250,000 | 2,227,500 |
MPLX LP | ||
4.875%, due 12/1/24 | 3,240,000 | 3,516,682 |
4.875%, due 6/1/25 | 6,708,000 | 7,340,294 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (c) | 5,060,000 | 5,022,050 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (c) | 3,015,000 | 3,109,370 |
NGPL PipeCo LLC | ||
4.875%, due 8/15/27 (c) | 5,280,000 | 5,874,824 |
Northwest Pipeline LLC | ||
7.125%, due 12/1/25 | 2,195,000 | 2,587,801 |
Oasis Midstream Partners LP | ||
8.00%, due 4/1/29 (c) | 2,150,000 | 2,343,500 |
PBF Logistics LP | ||
6.875%, due 5/15/23 | 1,200,000 | 1,167,000 |
Plains All American Pipeline LP | ||
Series B | ||
6.125%, due 11/15/22 (h)(l) | 14,265,000 | 12,107,419 |
Rockies Express Pipeline LLC (c) | ||
3.60%, due 5/15/25 | 2,000,000 | 2,057,900 |
4.80%, due 5/15/30 | 5,000,000 | 5,212,500 |
Ruby Pipeline LLC | ||
8.00%, due 4/1/22 (c)(i) | 14,494,697 | 13,544,623 |
Summit Midstream Holdings LLC | ||
8.50%, due 10/15/26 (c) | 7,290,000 | 7,595,670 |
Tallgrass Energy Partners LP | ||
6.00%, due 3/1/27 (c) | 1,500,000 | 1,560,000 |
Targa Resources Partners LP | ||
5.875%, due 4/15/26 | 4,915,000 | 5,128,630 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 8,055,000 | 7,964,381 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 2,000,000 | 2,176,790 |
5.50%, due 8/15/48 | 6,360,000 | 7,597,147 |
163,361,324 |
Principal Amount | Value | |
Real Estate 0.7% | ||
Howard Hughes Corp. (The) (c) | ||
4.125%, due 2/1/29 | $ 3,300,000 | $ 3,344,055 |
4.375%, due 2/1/31 | 2,500,000 | 2,525,000 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 9,839,000 | 10,527,730 |
Realogy Group LLC (c) | ||
5.75%, due 1/15/29 | 5,750,000 | 5,893,750 |
7.625%, due 6/15/25 | 1,000,000 | 1,060,000 |
9.375%, due 4/1/27 | 1,500,000 | 1,620,000 |
24,970,535 | ||
Real Estate Investment Trusts 2.7% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (c) | 3,345,000 | 3,411,900 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 5,700,000 | 6,470,640 |
5.375%, due 11/1/23 | 1,500,000 | 1,591,800 |
5.375%, due 4/15/26 | 1,506,000 | 1,677,036 |
Host Hotels & Resorts LP | ||
Series I | ||
3.50%, due 9/15/30 | 2,100,000 | 2,155,733 |
MGM Growth Properties Operating Partnership LP | ||
3.875%, due 2/15/29 (c) | 10,360,000 | 10,878,000 |
4.625%, due 6/15/25 (c) | 3,100,000 | 3,304,879 |
5.625%, due 5/1/24 | 19,120,000 | 20,433,926 |
5.75%, due 2/1/27 | 7,095,000 | 8,017,350 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 2,000,000 | 2,110,000 |
5.00%, due 10/15/27 | 6,726,000 | 7,037,078 |
Park Intermediate Holdings LLC | ||
4.875%, due 5/15/29 (c) | 4,550,000 | 4,652,375 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (c) | 4,225,000 | 4,225,000 |
4.75%, due 10/15/27 | 6,175,000 | 6,298,500 |
SBA Communications Corp. | ||
3.125%, due 2/1/29 (c) | 5,000,000 | 4,800,000 |
3.875%, due 2/15/27 | 3,000,000 | 3,090,000 |
VICI Properties LP | ||
4.125%, due 8/15/30 (c) | 1,000,000 | 1,057,500 |
91,211,717 | ||
Retail 4.7% | ||
1011778 BC ULC (c) | ||
3.50%, due 2/15/29 | 4,355,000 | 4,310,144 |
3.875%, due 1/15/28 | 6,165,000 | 6,243,665 |
4.00%, due 10/15/30 | 13,005,000 | 12,777,413 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 4,631,000 | 4,723,620 |
20 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Asbury Automotive Group, Inc. (continued) | ||
4.625%, due 11/15/29 (c) | $ 3,320,000 | $ 3,382,250 |
4.75%, due 3/1/30 | 5,212,000 | 5,296,695 |
5.00%, due 2/15/32 (c) | 2,800,000 | 2,905,560 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (c) | 3,435,000 | 3,366,300 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (c) | 3,005,000 | 3,204,081 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (c) | 4,165,000 | 4,149,381 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (c) | 6,385,000 | 6,392,981 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (c) | 5,775,000 | 5,969,906 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (c) | 10,565,000 | 10,857,439 |
Lithia Motors, Inc. (c) | ||
3.875%, due 6/1/29 | 2,000,000 | 2,041,800 |
4.375%, due 1/15/31 | 2,000,000 | 2,135,000 |
4.625%, due 12/15/27 | 700,000 | 736,260 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 3,000,000 | 3,157,500 |
5.625%, due 5/1/27 | 2,994,000 | 3,113,760 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (c) | 18,355,000 | 19,481,446 |
Penske Automotive Group, Inc. | ||
3.50%, due 9/1/25 | 3,945,000 | 4,033,763 |
PetSmart, Inc. | ||
7.75%, due 2/15/29 (c) | 4,005,000 | 4,350,431 |
Sonic Automotive, Inc. (c) | ||
4.625%, due 11/15/29 | 3,980,000 | 4,017,810 |
4.875%, due 11/15/31 | 3,410,000 | 3,443,077 |
TPro Acquisition Corp. | ||
11.00%, due 10/15/24 (c) | 1,500,000 | 1,629,375 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (d)(e)(f) | 9,675,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 11,170,000 | 11,128,113 |
4.625%, due 1/31/32 | 9,750,000 | 10,360,545 |
4.75%, due 1/15/30 (c) | 10,432,000 | 11,292,640 |
6.875%, due 11/15/37 | 2,000,000 | 2,534,600 |
157,035,555 |
Principal Amount | Value | |
Software 3.6% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (c) | $ 4,405,000 | $ 4,592,212 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (c) | 4,480,000 | 4,636,800 |
CDK Global, Inc. | ||
5.25%, due 5/15/29 (c) | 2,000,000 | 2,120,000 |
Change Healthcare Holdings LLC | ||
5.75%, due 3/1/25 (c) | 2,300,000 | 2,319,734 |
Clarivate Science Holdings Corp. (c) | ||
3.875%, due 7/1/28 | 6,385,000 | 6,416,925 |
4.875%, due 7/1/29 | 8,505,000 | 8,625,091 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (c) | 3,590,000 | 3,945,895 |
MSCI, Inc. (c) | ||
3.25%, due 8/15/33 | 6,350,000 | 6,421,438 |
3.625%, due 9/1/30 | 7,315,000 | 7,479,587 |
3.625%, due 11/1/31 | 8,300,000 | 8,611,250 |
3.875%, due 2/15/31 | 10,620,000 | 11,058,075 |
4.00%, due 11/15/29 | 9,500,000 | 9,927,500 |
Open Text Corp. (c) | ||
3.875%, due 2/15/28 | 4,560,000 | 4,647,780 |
3.875%, due 12/1/29 | 4,430,000 | 4,485,375 |
Open Text Holdings, Inc. (c) | ||
4.125%, due 2/15/30 | 8,499,000 | 8,753,970 |
4.125%, due 12/1/31 | 4,425,000 | 4,469,250 |
PTC, Inc. (c) | ||
3.625%, due 2/15/25 | 3,400,000 | 3,446,750 |
4.00%, due 2/15/28 | 9,236,000 | 9,397,630 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (c) | 5,885,000 | 6,149,825 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (c) | 2,600,000 | 2,691,000 |
120,196,087 | ||
Telecommunications 4.3% | ||
CommScope, Inc. | ||
8.25%, due 3/1/27 (c) | 3,274,000 | 3,364,657 |
Connect Finco SARL | ||
6.75%, due 10/1/26 (c) | 12,790,000 | 13,445,488 |
Hughes Satellite Systems Corp. | ||
5.25%, due 8/1/26 | 6,735,000 | 7,366,406 |
6.625%, due 8/1/26 | 6,460,000 | 7,230,355 |
Level 3 Financing, Inc. | ||
3.75%, due 7/15/29 (c) | 1,500,000 | 1,425,000 |
5.375%, due 5/1/25 | 6,300,000 | 6,437,120 |
Lumen Technologies, Inc. | ||
Series T | ||
5.80%, due 3/15/22 | 9,390,000 | 9,460,425 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | $ 31,815,000 | $ 40,245,975 |
Sprint Corp. | ||
7.875%, due 9/15/23 | 14,030,000 | 15,450,537 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 4,000,000 | 3,940,000 |
2.875%, due 2/15/31 | 8,160,000 | 8,058,816 |
3.375%, due 4/15/29 (c) | 3,630,000 | 3,698,752 |
3.50%, due 4/15/31 (c) | 2,500,000 | 2,600,950 |
4.75%, due 2/1/28 | 11,450,000 | 12,051,125 |
5.375%, due 4/15/27 | 8,875,000 | 9,235,769 |
Vmed O2 UK Financing I plc | ||
4.75%, due 7/15/31 (c) | 2,200,000 | 2,227,500 |
146,238,875 | ||
Toys, Games & Hobbies 0.2% | ||
Mattel, Inc. (c) | ||
3.375%, due 4/1/26 | 3,200,000 | 3,281,664 |
3.75%, due 4/1/29 | 3,000,000 | 3,108,750 |
6,390,414 | ||
Transportation 0.5% | ||
Seaspan Corp. | ||
5.50%, due 8/1/29 (c) | 2,750,000 | 2,777,500 |
Teekay Corp. | ||
9.25%, due 11/15/22 (c) | 1,500,000 | 1,537,500 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (c) | 11,540,000 | 12,001,600 |
16,316,600 | ||
Total Corporate Bonds (Cost $2,807,618,071) | 2,918,234,872 | |
Loan Assignments 4.1% | ||
Aerospace & Defense 0.1% | ||
TransDigm, Inc. | ||
Tranche Refinancing Term Loan F | ||
2.354% (1 Month LIBOR + 2.25%), due 12/9/25 (g) | 1,615,515 | 1,592,017 |
Automobile 0.4% | ||
Dealer Tire LLC | ||
Term Loan B1 | ||
4.354 (1 Month LIBOR + 4.25%), due 1/1/38 (g) | 5,880,000 | 5,874,120 |
Principal Amount | Value | |
Automobile (continued) | ||
Neenah Foundry Co. | ||
Term Loan | ||
TBD, due 10/1/26 (a)(d)(e) | $ 5,420,000 | $ 5,365,800 |
Wheel Pros, Inc. | ||
First Lien Initial Term Loan | ||
5.25% (1 Month LIBOR + 4.50%), due 5/11/28 (g) | 1,995,000 | 1,988,766 |
13,228,686 | ||
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 10/22/25 (g) | 4,493,763 | 4,482,529 |
Chemicals, Plastics & Rubber 0.2% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
3.854% (1 Month LIBOR + 3.75%), due 2/5/27 (g) | 1,866,750 | 1,859,750 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
4.00% (1 Month LIBOR + 3.50%), due 5/5/28 (g) | 6,268,500 | 6,291,449 |
8,151,199 | ||
Diversified/Conglomerate Service 0.1% | ||
Change Healthcare Holdings, Inc. | ||
Closing Date Term Loan | ||
3.50% (1 Month LIBOR + 2.50%), due 3/1/24 (g) | 3,826,752 | 3,822,447 |
Finance 0.5% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.75%), due 4/20/28 (g) | 2,000,000 | 2,070,500 |
American Trailer World Corp. | ||
First Lien Initial Term Loan | ||
4.50% (1 Month LIBOR + 3.75%), due 3/3/28 (g) | 3,582,000 | 3,562,972 |
Schweitzer-Mauduit International, Inc. | ||
Term Loan B | ||
4.50% (1 Month LIBOR + 3.75%), due 4/20/28 (g) | 5,223,750 | 5,191,102 |
22 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Superannuation and Investments Finco Pty. Ltd. | ||
Initial U.S. Term Loan | ||
4.25% (1 Month LIBOR + 3.75%), due 12/1/28 (g) | $ 2,700,000 | $ 2,694,938 |
Truck Hero, Inc. | ||
Initial Term Loan | ||
4.00% (1 Month LIBOR + 3.25%), due 1/31/28 (g) | 3,382,958 | 3,368,157 |
16,887,669 | ||
Healthcare 0.1% | ||
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
3.75% (1 Month LIBOR + 3.25%), due 10/23/28 (g) | 3,300,000 | 3,296,561 |
Healthcare, Education & Childcare 0.3% | ||
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
3.852% (1 Month LIBOR + 3.75%), due 11/16/25 (g) | 8,540,607 | 8,525,661 |
Leisure, Amusement, Motion Pictures & Entertainment 0.1% | ||
Carnival Corp. | ||
2021 Incremental Term Advance B | ||
4.00% (3 Month LIBOR + 3.25%), due 10/18/28 (g) | 3,400,000 | 3,357,500 |
Manufacturing 0.1% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
3.604% (1 Month LIBOR + 3.50%), due 4/10/28 (g) | 3,781,000 | 3,776,950 |
Media 0.2% | ||
Directv Financing LLC | ||
Closing Date Term Loan | ||
5.75% (3 Month LIBOR + 5.00%), due 8/2/27 (g) | 6,353,750 | 6,357,359 |
Mining, Steel, Iron & Non-Precious Metals 0.0% ‡ | ||
Keystone Power Pass-Through Holders LLC | ||
Term Loan | ||
18.00% (3 Month LIBOR + 18.00%), due 4/30/22 (a)(d)(g) | 1,425,000 | 1,425,000 |
Principal Amount | Value | |
Oil & Gas 0.4% | ||
Ascent Resources Utica Holdings LLC | ||
Second Lien Term Loan | ||
10.00% (3 Month LIBOR + 9.00%), due 11/1/25 (g) | $ 2,842,000 | $ 3,065,807 |
PetroQuest Energy LLC (a)(b)(d) | ||
Term Loan | ||
8.50% (8.50% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (e)(g) | 5,705,870 | 4,564,696 |
2020 Term Loan | ||
8.50% (8.50% PIK), due 9/19/26 | 556,624 | 556,624 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B | ||
4.00% (1 Month LIBOR + 3.50%), due 11/17/28 (g) | 3,400,000 | 3,397,450 |
11,584,577 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
First Incremental Term Loan | ||
2.854% (1 Month LIBOR + 2.75%), due 11/27/25 (g) | 3,361,667 | 3,338,031 |
Retail 0.6% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
4.50% (3 Month LIBOR + 3.75%), due 3/6/28 (g) | 21,092,374 | 21,098,955 |
Services Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
5.50% (3 Month LIBOR + 4.50%), due 9/29/28 (g) | 3,550,000 | 3,536,687 |
Utilities 0.7% | ||
GenOn Energy, Inc. | ||
Term Loan | ||
TBD, due 4/2/22 (a)(d) | 9,165,596 | 9,165,596 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Utilities (continued) | ||
PG&E Corp. | ||
Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 6/23/25 (g) | $ 13,297,500 | $ 13,147,903 |
22,313,499 | ||
Total Loan Assignments (Cost $136,921,656) | 136,775,327 | |
Total Long-Term Bonds (Cost $2,973,131,972) | 3,088,337,762 | |
Shares | ||
Common Stocks 2.3% | ||
Distributors 0.1% | ||
ATD New Holdings, Inc. (m) | 44,740 | 3,579,200 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (a)(d)(e)(m) | 11,280 | 113 |
Electrical Equipment 0.2% | ||
Energy Technologies, Inc. (a)(d)(e)(m) | 4,822 | 8,076,850 |
Hotels, Restaurants & Leisure 0.5% | ||
Carlson Travel, Inc. (a)(k)(m) | 529,813 | 17,483,829 |
Carlson Travel, Inc. (d)(e)(k)(m) | 6,281 | — |
17,483,829 | ||
Independent Power and Renewable Electricity Producers 0.4% | ||
GenOn Energy, Inc. (d)(e)(k) | 115,826 | 12,740,860 |
Metals & Mining 0.1% | ||
Neenah Enterprises, Inc. (a)(d)(e)(k)(m) | 230,859 | 4,125,450 |
Oil, Gas & Consumable Fuels 1.0% | ||
California Resources Corp. | 18,307 | 781,892 |
Gulfport Energy Operating Corp. (m) | 311,067 | 22,406,156 |
PetroQuest Energy, Inc. (a)(d)(e)(m) | 8,224,665 | — |
Talos Energy, Inc. (m) | 637,880 | 6,251,224 |
Whiting Petroleum Corp. (m) | 61,409 | 3,971,934 |
33,411,206 |
Shares | Value | ||
Software 0.0% ‡ | |||
ASG warrant corp. (a)(d)(e)(m) | 3,368 | $ — | |
Total Common Stocks (Cost $95,996,329) | 79,417,508 | ||
Preferred Stocks 0.3% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd. (a)(d)(e)(m) | 10,741 | 9,076,145 | |
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (a)(b)(d)(e)(k) | 39 | 179,888 | |
Total Preferred Stocks (Cost $10,336,701) | 9,256,033 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (a)(d)(e) | |||
Expires 11/19/26 | 44,246 | 261,051 | |
Expires 11/19/28 | 46,575 | 320,901 | |
581,952 | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (m) | 9,742 | 120,801 | |
Total Warrants (Cost $8,174,310) | 702,753 | ||
Total Investments (Cost $3,087,639,312) | 94.2% | 3,177,714,056 | |
Other Assets, Less Liabilities | 5.8 | 193,958,516 | |
Net Assets | 100.0% | $ 3,371,672,572 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Illiquid security—As of December 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $78,944,512, which represented 2.3% of the Portfolio’s net assets. (Unaudited) |
(b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(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. |
24 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
(d) | Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of December 31, 2021, the total market value was $66,235,594, which represented 2.0% 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) | Floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(h) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(i) | Step coupon—Rate shown was the rate in effect as of December 31, 2021. |
(j) | Issue in default. |
(k) | Restricted security. (See Note 6) |
(l) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(m) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
TBD—To Be Determined |
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 | $ — | $ 33,327,563 | $ — | $ 33,327,563 | |||
Corporate Bonds | — | 2,907,858,252 | 10,376,620 | 2,918,234,872 | |||
Loan Assignments | — | 126,844,831 | 9,930,496 | 136,775,327 | |||
Total Long-Term Bonds | — | 3,068,030,646 | 20,307,116 | 3,088,337,762 | |||
Common Stocks | 33,411,206 | 21,063,029 | 24,943,273 | 79,417,508 | |||
Preferred Stocks | — | — | 9,256,033 | 9,256,033 | |||
Warrants | 120,801 | — | 581,952 | 702,753 | |||
Total Investments in Securities | $ 33,532,007 | $ 3,089,093,675 | $ 55,088,374 | $ 3,177,714,056 |
(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 December 31, 2021 | Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of December 31, 2021 | |||||||||
Long-Term Bonds | |||||||||||||||||||
Corporate Bonds | $10,874,686 | $3,121,688 | $ — | $ 9,941,908 | $ — | $(13,561,662) | $ — | $— | $10,376,620 | $ (645,068) | |||||||||
Loan Assignments | 4,290,785 | 2,652 | — | (201,946) | 5,839,005 | — | — | — | 9,930,496 | (201,946) | |||||||||
Common Stocks | 10,866,455 | — | 667,348 | (15,153,854) | 13,594,162 | (667,348) | 15,636,510 | — | 24,943,273 | (14,579,654) | |||||||||
Preferred Stocks | 8,109,455 | — | — | 1,107,578 | 39,000 | — | — | — | 9,256,033 | 1,107,578 | |||||||||
Warrants | — | — | — | (7,588,461) | 8,170,413 | — | — | — | 581,952 | (7,588,461) | |||||||||
Total | $34,141,381 | $3,124,340 | $667,348 | $(11,894,775) | $27,642,580 | $(14,229,010) | $15,636,510 | $— | $55,088,374 | $(21,907,551) |
Assets | |
Investment in securities, at value (identified cost $3,087,639,312) | $3,177,714,056 |
Cash | 159,838,776 |
Receivables: | |
Interest | 43,365,961 |
Portfolio shares sold | 1,544,523 |
Other assets | 28,058 |
Total assets | 3,382,491,374 |
Liabilities | |
Payables: | |
Investment securities purchased | 7,521,977 |
Manager (See Note 3) | 1,580,259 |
Portfolio shares redeemed | 811,051 |
NYLIFE Distributors (See Note 3) | 585,493 |
Shareholder communication | 158,156 |
Professional fees | 104,805 |
Custodian | 16,970 |
Trustees | 3,413 |
Accrued expenses | 36,678 |
Total liabilities | 10,818,802 |
Net assets | $3,371,672,572 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 343,957 |
Additional paid-in-capital | 3,251,043,992 |
3,251,387,949 | |
Total distributable earnings (loss) | 120,284,623 |
Net assets | $3,371,672,572 |
Initial Class | |
Net assets applicable to outstanding shares | $ 592,889,936 |
Shares of beneficial interest outstanding | 59,631,418 |
Net asset value per share outstanding | $ 9.94 |
Service Class | |
Net assets applicable to outstanding shares | $2,778,782,636 |
Shares of beneficial interest outstanding | 284,325,269 |
Net asset value per share outstanding | $ 9.77 |
26 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $168,491,896 |
Dividends | 1,359,261 |
Securities lending | 353 |
Other | 312,594 |
Total income | 170,164,104 |
Expenses | |
Manager (See Note 3) | 17,993,052 |
Distribution/Service—Service Class (See Note 3) | 6,788,771 |
Professional fees | 272,356 |
Shareholder communication | 200,228 |
Trustees | 67,841 |
Custodian | 62,094 |
Miscellaneous | 151,449 |
Total expenses | 25,535,791 |
Net investment income (loss) | 144,628,313 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | 47,667,595 |
Net change in unrealized appreciation (depreciation) on investments | (27,683,811) |
Net realized and unrealized gain (loss) | 19,983,784 |
Net increase (decrease) in net assets resulting from operations | $164,612,097 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 144,628,313 | $ 155,731,043 |
Net realized gain (loss) | 47,667,595 | (85,686,820) |
Net change in unrealized appreciation (depreciation) | (27,683,811) | 71,065,568 |
Net increase (decrease) in net assets resulting from operations | 164,612,097 | 141,109,791 |
Distributions to shareholders: | ||
Initial Class | (28,606,278) | (25,417,401) |
Service Class | (127,887,903) | (140,197,619) |
Total distributions to shareholders | (156,494,181) | (165,615,020) |
Capital share transactions: | ||
Net proceeds from sales of shares | 458,787,335 | 362,905,712 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 156,494,181 | 165,615,020 |
Cost of shares redeemed | (327,535,675) | (457,051,427) |
Increase (decrease) in net assets derived from capital share transactions | 287,745,841 | 71,469,305 |
Net increase (decrease) in net assets | 295,863,757 | 46,964,076 |
Net Assets | ||
Beginning of year | 3,075,808,815 | 3,028,844,739 |
End of year | $3,371,672,572 | $3,075,808,815 |
28 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | $ 9.99 | ||||
Net investment income (loss) (a) | 0.47 | 0.54 | 0.58 | 0.55 | 0.58 | ||||
Net realized and unrealized gain (loss) | 0.08 | (0.04) | 0.64 | (0.68) | 0.10 | ||||
Total from investment operations | 0.55 | 0.50 | 1.22 | (0.13) | 0.68 | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.57) | (0.58) | (0.60) | (0.62) | ||||
Net asset value at end of year | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | ||||
Total investment return (b) | 5.51% | 5.40% | 13.22% | (1.46)% | 6.86% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.66% | 5.56% | 5.84% | 5.58% | 5.69% | ||||
Net expenses | 0.58% | 0.59%(c) | 0.59%(c) | 0.58%(c) | 0.58%(c) | ||||
Portfolio turnover rate | 35% | 39% | 28% | 28% | 40% | ||||
Net assets at end of year (in 000's) | $ 592,890 | $ 461,075 | $ 471,775 | $ 458,129 | $ 574,162 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | $ 9.86 | ||||
Net investment income (loss) (a) | 0.44 | 0.50 | 0.55 | 0.52 | 0.55 | ||||
Net realized and unrealized gain (loss) | 0.06 | (0.02) | 0.62 | (0.66) | 0.10 | ||||
Total from investment operations | 0.50 | 0.48 | 1.17 | (0.14) | 0.65 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.55) | (0.55) | (0.58) | (0.60) | ||||
Net asset value at end of year | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | ||||
Total investment return (b) | 5.25% | 5.14% | 12.94% | (1.71)% | 6.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.43% | 5.31% | 5.60% | 5.33% | 5.43% | ||||
Net expenses | 0.83% | 0.84%(c) | 0.84%(c) | 0.83%(c) | 0.83%(c) | ||||
Portfolio turnover rate | 35% | 39% | 28% | 28% | 40% | ||||
Net assets at end of year (in 000's) | $ 2,778,783 | $ 2,614,734 | $ 2,557,069 | $ 2,298,144 | $ 2,528,783 |
(a) | Per share data based on average shares outstanding during the year. |
(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 | May 1, 1995 |
Service Class | June 4, 2003 |
30 | MainStay VP MacKay High Yield Corporate 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 |
Asset Class | Fair Value at 12/31/21* | Valuation Technique | Unobservable Inputs | Inputs/Range |
Corporate Bonds | $ 3,376,620 | Income Approach | Spread Adjustment | 0.72% |
Loan Assignments | 4,564,696 | Market Approach | Implied natural gas price | $2.70 |
Discount Rate | 10.00% | |||
5,365,800 | Market Approach | Lender Fee | 1.00% | |
Common Stocks | 113 | Market Approach | Ownership % of equity interest | 16.56%-39.70% |
8,076,850 | Market Approach | EBITDA Multiple | 6.00x-8.00x | |
4,125,450 | Market Approach | EBITDA Multiple | 6.00x | |
0 | Market Approach | Implied natural gas price | $2.70 | |
Discount Rate | 10.00% | |||
Preferred Stock | 9,076,145 | Income Approach | Spread Adjustment | 4.21% |
179,888 | Market Approach | Liquidity discount | 10.00% | |
Warrants | 581,952 | Market Approach | Implied Volatility | 40.00% |
$ 35,347,514 | ||||
* The table above does not include a level 3 investment that was valued by a broker. As of December 31, 2021, the value of this investment was $19,740,860. 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 | $3,087,247,225 | $161,777,739 | $(71,310,908) | $90,466,831 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$146,647,447 | $(113,123,503) | $(3,706,152) | $90,466,831 | $120,284,623 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $86 | $113,038 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $156,494,181 | $165,615,020 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
Neenah Foundry, 2020 PIK Loan TBD, due 4/1/23 | $320,000 | $0 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 12/31/21 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 | $ 50,300 | 0.0% |
Carlson Travel, Inc. | |||||
Common Stock | 12/8/21 | 6,281 | — | — | 0.0‡ |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20-12/8/21 | 529,813 | 13,040,538 | 17,483,829 | 0.5% |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 115,826 | 12,970,154 | 12,740,860 | 0.4 |
Gulfport Energy Operating Corp. | |||||
Preferred Stock | 8/4/21-12/16/21 | 39 | 39,000 | 179,888 | 0.0 |
Neenah Enterprises, Inc. | |||||
Common Stock | 4/12/20 | 230,859 | 1,955,376 | 4,125,450 | 0.1 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 7,000,000 | 6,945,355 | 7,000,000 | 0.2 |
Total | $ 40,120,848 | $ 41,580,327 | 1.2% |
‡ | Less than one-tenth of a percent. |
36 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 17,398,461 | $ 178,553,730 |
Shares issued to shareholders in reinvestment of distributions | 2,894,786 | 28,606,278 |
Shares redeemed | (7,260,874) | (73,109,585) |
Net increase (decrease) | 13,032,373 | $ 134,050,423 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 28,237,647 | $ 280,233,605 |
Shares issued to shareholders in reinvestment of distributions | 13,158,275 | 127,887,903 |
Shares redeemed | (25,632,161) | (254,426,090) |
Net increase (decrease) | 15,763,761 | $ 153,695,418 |
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 |
MainStay VP MacKay High Yield Corporate Bond Portfolio
New York, New York
February 24, 2022
38 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
40 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
42 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
44 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
46 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802529 | MSVPHYCB11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 10.52% | 8.49% | 8.84% | 0.63% |
Service Class Shares | 6/4/2003 | 10.24 | 8.22 | 8.57 | 0.88 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 21.82% | 15.03% | 12.70% |
Bloomberg U.S. Aggregate Bond Index2 | -1.54 | 3.57 | 2.90 |
Blended Benchmark Index3 | 12.04 | 10.62 | 8.92 |
Morningstar World Allocation Category Average4 | 11.24 | 7.35 | 5.77 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg 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 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 portfolios that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios 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 portfolios to invest more than 10% of their assets in emerging markets. These portfolios 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,031.00 | $3.07 | $1,022.18 | $3.06 | 0.60% |
Service Class Shares | $1,000.00 | $1,029.70 | $4.35 | $1,020.92 | $4.33 | 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 184 (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, 0.375%-1.375%, due 10/31/23–11/15/31 |
2. | Bank of America Corp. |
3. | Apple, Inc. |
4. | Broadcom, Inc. |
5. | UMBS, 30 Year, 2.00%-4.00%, due 8/1/48–11/1/51 |
6. | Microsoft Corp. |
7. | JPMorgan Chase & Co. |
8. | Cisco Systems, Inc. |
9. | Analog Devices, Inc. |
10. | U.S. Treasury Bonds, 1.875%-4.375%, due 11/15/39–11/15/51 |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Income Builder Portfolio |
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. | 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 Portfolio 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 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. |
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. |
10 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Long-Term Bonds 48.6% | ||
Asset-Backed Securities 4.8% | ||
Automobile Asset-Backed Securities 1.4% | ||
American Credit Acceptance Receivables Trust | ||
Series 2021-3, Class D | ||
1.34%, due 11/15/27 (a) | $ 745,000 | $ 734,644 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 1,000,000 | 981,977 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 360,000 | 363,826 |
Series 2020-1A, Class A | ||
2.33%, due 8/20/26 | 415,000 | 424,904 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 800,000 | 784,315 |
Ford Credit Auto Owner Trust (a) | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 | 645,000 | 632,052 |
Series 2020-1, Class A | ||
2.04%, due 8/15/31 | 580,000 | 590,447 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2019-4, Class A | ||
2.44%, due 9/15/26 | 850,000 | 877,139 |
Series 2017-3, Class A | ||
2.48%, due 9/15/24 | 895,000 | 907,355 |
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 530,000 | 593,505 |
GM Financial Revolving Receivables Trust | ||
Series 2021-1, Class A | ||
1.17%, due 6/12/34 (a) | 975,000 | 958,378 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 1,135,000 | 1,132,091 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 520,000 | 514,787 |
JPMorgan Chase Bank NA | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 346,463 | 346,526 |
9,841,946 |
Principal Amount | Value | |
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 | $ 719,662 |
Home Equity Asset-Backed Securities 0.2% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.292% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 1,006,237 | 996,351 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.202% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 134,399 | 91,733 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.202% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 198,711 | 83,451 |
1,171,535 | ||
Other Asset-Backed Securities 3.1% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 577,197 | 557,562 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 479,864 | 458,351 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 760,003 | 776,638 |
American Tower Trust #1 | ||
3.07%, due 3/15/23 (a) | 175,000 | 175,143 |
AMSR Trust | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 (a) | 965,000 | 940,714 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 840,000 | 836,673 |
CF Hippolyta LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 1,012,731 | 993,732 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 451,047 | 447,420 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 499,118 | 490,206 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 990,000 | 1,079,960 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 20,618 | 22,220 |
12 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | $ 955,000 | $ 952,586 |
FirstKey Homes Trust (a) | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 | 1,048,248 | 1,028,212 |
Series 2021-SFR1, Class A | ||
1.538%, due 8/17/38 | 1,163,960 | 1,135,468 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 302,750 | 299,629 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 569,665 | 562,682 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 1,500,000 | 1,466,133 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2020-DA, Class A | ||
1.69%, due 5/15/69 | 221,400 | 221,544 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 389,725 | 389,573 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 1,380,000 | 1,342,727 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 665,000 | 652,040 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 645,000 | 646,486 |
Progress Residential (a) | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 | 765,000 | 735,523 |
Series 2021-SFR3, Class A | ||
1.637%, due 5/17/26 | 389,085 | 384,037 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 670,000 | 656,678 |
Progress Residential Trust (a) | ||
Series 2021-SFR2, Class A | ||
1.546%, due 4/19/38 | 350,000 | 343,342 |
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 | 1,050,000 | 1,026,310 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2020-2A, Class A | ||
1.33%, due 7/20/37 (a) | 302,979 | 302,018 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ��� | |
2.542%, due 8/25/51 (a) | $ 980,000 | $ 957,599 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 491,909 | 515,490 |
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 241,596 | 247,438 |
United Airlines Pass-Through Trust | ||
Series 2014-2, Class B | ||
4.625%, due 9/3/22 | 222,339 | 226,243 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 767,805 | 841,033 |
Series 2007-1 | ||
6.636%, due 7/2/22 | 278,274 | 283,840 |
21,995,250 | ||
Total Asset-Backed Securities (Cost $33,632,292) | 33,728,393 | |
Corporate Bonds 28.4% | ||
Aerospace & Defense 0.4% | ||
BAE Systems plc | ||
3.00%, due 9/15/50 (United Kingdom) (a) | 550,000 | 535,337 |
Boeing Co. (The) | ||
3.75%, due 2/1/50 (c) | 370,000 | 384,555 |
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 830,000 | 831,116 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 810,000 | 909,156 |
2,660,164 | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 905,000 | 869,287 |
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 600,000 | 623,925 |
5.75%, due 4/20/29 | 360,000 | 384,739 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 465,000 | 488,720 |
4.75%, due 10/20/28 | 900,000 | 982,783 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 795,000 | 848,663 |
3,328,830 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers 1.0% | ||
Ford Motor Credit Co. LLC | ||
2.70%, due 8/10/26 | $ 595,000 | $ 600,206 |
4.063%, due 11/1/24 | 780,000 | 820,693 |
4.25%, due 9/20/22 | 305,000 | 310,490 |
General Motors Co. | ||
6.125%, due 10/1/25 | 285,000 | 327,388 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 344,000 | 334,854 |
2.70%, due 6/10/31 | 850,000 | 846,969 |
3.15%, due 6/30/22 | 320,000 | 323,601 |
3.45%, due 4/10/22 | 1,500,000 | 1,504,588 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 810,000 | 795,864 |
1.85%, due 9/16/26 | 1,350,000 | 1,317,152 |
7,181,805 | ||
Banks 7.3% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (d) | 715,000 | 709,974 |
2.496%, due 2/13/31 (d) | 650,000 | 651,657 |
2.572%, due 10/20/32 (d) | 510,000 | 512,450 |
3.004%, due 12/20/23 (d) | 734,000 | 749,171 |
3.458%, due 3/15/25 (d) | 1,425,000 | 1,490,281 |
3.705%, due 4/24/28 (d) | 555,000 | 602,304 |
4.078%, due 4/23/40 (d) | 785,000 | 901,839 |
4.20%, due 8/26/24 | 325,000 | 348,354 |
Series MM | ||
4.30%, due 1/28/25 (d)(e) | 1,136,000 | 1,148,780 |
Series DD | ||
6.30%, due 3/10/26 (d)(e) | 735,000 | 826,875 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (d) | 1,415,000 | 1,455,599 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(e) | 885,000 | 887,655 |
BPCE SA | ||
2.045%, due 10/19/27 (France) (a)(d) | 530,000 | 525,446 |
Citigroup, Inc. | ||
2.976%, due 11/5/30 (d) | 845,000 | 877,495 |
3.352%, due 4/24/25 (d) | 780,000 | 814,436 |
3.668%, due 7/24/28 (d) | 430,000 | 463,773 |
3.70%, due 1/12/26 | 545,000 | 589,295 |
3.98%, due 3/20/30 (d) | 565,000 | 623,698 |
4.05%, due 7/30/22 | 105,000 | 107,140 |
Principal Amount | Value | |
Banks (continued) | ||
Citigroup, Inc. (continued) | ||
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(e) | $ 840,000 | $ 853,650 |
5.30%, due 5/6/44 | 436,000 | 568,907 |
6.625%, due 6/15/32 | 190,000 | 252,053 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 1,190,000 | 1,175,474 |
Credit Suisse Group AG (Switzerland) (a)(d) | ||
2.593%, due 9/11/25 | 1,265,000 | 1,291,759 |
3.091%, due 5/14/32 | 785,000 | 798,778 |
Deutsche Bank AG (Germany) | ||
Series E | ||
0.962%, due 11/8/23 | 1,225,000 | 1,222,819 |
1.269% (SOFR + 1.219%), due 11/16/27 (b) | 820,000 | 818,542 |
3.035%, due 5/28/32 (d) | 255,000 | 256,948 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 815,000 | 974,817 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 775,000 | 828,530 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 685,000 | 699,563 |
Goldman Sachs Group, Inc. (The) | ||
1.326% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 815,000 | 831,210 |
1.431%, due 3/9/27 (d) | 535,000 | 524,099 |
1.948%, due 10/21/27 (d) | 610,000 | 607,316 |
1.992%, due 1/27/32 (d) | 590,000 | 565,678 |
2.615%, due 4/22/32 (d) | 425,000 | 428,052 |
2.905%, due 7/24/23 (d) | 310,000 | 313,489 |
2.908%, due 6/5/23 (d) | 285,000 | 287,373 |
3.625%, due 1/22/23 | 1,330,000 | 1,369,700 |
6.75%, due 10/1/37 | 159,000 | 225,446 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (d) | 970,000 | 1,052,205 |
JPMorgan Chase & Co. (d) | ||
2.182%, due 6/1/28 | 835,000 | 841,810 |
2.956%, due 5/13/31 | 475,000 | 491,803 |
3.54%, due 5/1/28 | 850,000 | 923,129 |
Series HH | ||
4.60%, due 2/1/25 (e) | 1,124,000 | 1,153,505 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 508,000 | 554,144 |
14 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Lloyds Banking Group plc (United Kingdom) (continued) | ||
4.65%, due 3/24/26 | $ 1,075,000 | $ 1,183,424 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(d) | 820,000 | 817,519 |
Morgan Stanley | ||
2.484%, due 9/16/36 (d) | 715,000 | 688,509 |
2.511%, due 10/20/32 (d) | 360,000 | 359,617 |
3.125%, due 1/23/23 | 1,560,000 | 1,599,503 |
5.00%, due 11/24/25 | 1,150,000 | 1,287,353 |
6.25%, due 8/9/26 | 881,000 | 1,050,876 |
7.25%, due 4/1/32 | 100,000 | 142,493 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 1,580,000 | 1,643,341 |
PNC Financial Services Group, Inc. (The) | ||
2.55%, due 1/22/30 | 405,000 | 416,354 |
Societe Generale SA (France) (a)(b)(e) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 395,000 | 401,087 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,195,000 | 1,255,228 |
Standard Chartered plc (United Kingdom) (a)(b) | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 | 1,060,000 | 1,058,695 |
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 | 310,000 | 304,213 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (c)(e) | 525,000 | 521,063 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(e) | 770,000 | 773,850 |
Truist Bank | ||
2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b) | 760,000 | 781,441 |
Principal Amount | Value | |
Banks (continued) | ||
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (Switzerland) (a)(b)(e) | $ 1,005,000 | $ 992,739 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 700,000 | 887,545 |
Wells Fargo & Co. | ||
2.406%, due 10/30/25 (d) | 525,000 | 538,109 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 433,000 | 427,849 |
51,327,829 | ||
Beverages 0.3% | ||
Anheuser-Busch Cos. LLC | ||
4.70%, due 2/1/36 (Belgium) | 475,000 | 573,235 |
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 (Belgium) | 1,270,000 | 1,478,198 |
2,051,433 | ||
Biotechnology 0.2% | ||
Biogen, Inc. | ||
3.625%, due 9/15/22 | 1,240,000 | 1,266,550 |
Building Materials 0.4% | ||
Carrier Global Corp. | ||
2.722%, due 2/15/30 | 940,000 | 959,966 |
Cemex SAB de CV | ||
3.125%, due 3/19/26 (Mexico) (a) | EUR 1,515,000 | 1,752,449 |
2,712,415 | ||
Chemicals 0.5% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | $ 745,000 | 789,700 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 731,000 | 808,036 |
International Flavors & Fragrances, Inc. | ||
1.832%, due 10/15/27 (a) | 990,000 | 971,930 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (Mexico) (a) | 625,000 | 668,131 |
3,237,797 | ||
Commercial Services 0.6% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 650,000 | 681,980 |
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 380,000 | 397,209 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
California Institute of Technology | ||
3.65%, due 9/1/19 | $ 605,000 | $ 703,889 |
Cintas Corp. No. 2 | ||
3.70%, due 4/1/27 | 1,065,000 | 1,165,104 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (France) (a) | 1,010,000 | 1,030,779 |
3,978,961 | ||
Computers 0.7% | ||
Apple, Inc. | ||
2.75%, due 1/13/25 | 715,000 | 746,962 |
Dell International LLC | ||
3.375%, due 12/15/41 (a) | 885,000 | 874,947 |
4.90%, due 10/1/26 | 680,000 | 765,900 |
5.30%, due 10/1/29 | 318,000 | 372,758 |
8.10%, due 7/15/36 | 527,000 | 801,883 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 991,000 | 1,020,730 |
4,583,180 | ||
Diversified Financial Services 1.8% | ||
AerCap Ireland Capital DAC (Ireland) | ||
2.45%, due 10/29/26 | 665,000 | 670,453 |
3.30%, due 1/23/23 | 730,000 | 745,356 |
4.625%, due 7/1/22 | 415,000 | 423,093 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,215,000 | 1,231,693 |
2.75%, due 1/15/23 | 500,000 | 507,620 |
3.50%, due 1/15/22 | 340,000 | 340,299 |
4.25%, due 9/15/24 | 420,000 | 446,675 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(e) | 745,000 | 759,900 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 310,000 | 326,688 |
8.00%, due 11/1/31 | 1,560,000 | 2,208,288 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 520,000 | 507,196 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 645,000 | 633,053 |
2.875%, due 2/15/25 | 1,040,000 | 1,062,370 |
Banco BTG Pactual SA (Brazil) (a) | ||
2.75%, due 1/11/26 | 1,130,000 | 1,072,099 |
4.50%, due 1/10/25 | 350,000 | 353,062 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Capital One Financial Corp. | ||
4.20%, due 10/29/25 | $ 165,000 | $ 179,728 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 375,000 | 370,781 |
3.875%, due 9/15/28 | 455,000 | 445,900 |
PennyMac Financial Services, Inc. | ||
4.25%, due 2/15/29 (a) | 545,000 | 523,963 |
12,808,217 | ||
Electric 1.7% | ||
Alabama Power Co. | ||
3.00%, due 3/15/52 | 865,000 | 862,807 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 750,000 | 727,834 |
Connecticut Light and Power Co. (The) | ||
4.00%, due 4/1/48 | 450,000 | 538,308 |
Duke Energy Ohio, Inc. | ||
4.30%, due 2/1/49 | 565,000 | 677,974 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 865,000 | 914,267 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(e) | 905,000 | 924,729 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 790,000 | 897,651 |
Evergy, Inc. | ||
5.292%, due 6/15/22 (f) | 500,000 | 504,482 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 700,000 | 709,381 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 420,000 | 405,014 |
Public Service Electric and Gas Co. | ||
3.00%, due 5/15/27 | 800,000 | 845,997 |
Puget Energy, Inc. | ||
5.625%, due 7/15/22 | 350,000 | 354,764 |
Southern California Edison Co. | ||
Series E | ||
3.70%, due 8/1/25 | 330,000 | 352,343 |
4.00%, due 4/1/47 | 520,000 | 573,359 |
Southwestern Electric Power Co. | ||
3.25%, due 11/1/51 | 1,475,000 | 1,462,704 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 920,000 | 923,344 |
16 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
WEC Energy Group, Inc. | ||
2.269% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | $ 480,000 | $ 445,800 |
12,120,758 | ||
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
4.75%, due 5/15/23 | 316,000 | 329,406 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 120,000 | 118,200 |
Waste Connections, Inc. | ||
2.20%, due 1/15/32 | 460,000 | 450,502 |
Waste Management, Inc. | ||
2.40%, due 5/15/23 | 810,000 | 825,147 |
1,723,255 | ||
Food 0.9% | ||
Kraft Heinz Foods Co. | ||
5.00%, due 7/15/35 | 361,000 | 441,626 |
Nestle Holdings, Inc. | ||
1.00%, due 9/15/27 (a) | 1,750,000 | 1,679,150 |
Performance Food Group, Inc. (a) | ||
4.25%, due 8/1/29 | 350,000 | 347,221 |
5.50%, due 10/15/27 | 1,113,000 | 1,161,694 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 500,000 | 537,004 |
Sysco Corp. | ||
3.30%, due 2/15/50 | 465,000 | 470,875 |
5.95%, due 4/1/30 | 352,000 | 439,366 |
Tyson Foods, Inc. | ||
3.95%, due 8/15/24 | 965,000 | 1,025,805 |
6,102,741 | ||
Gas 0.2% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 450,000 | 452,212 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 325,000 | 403,204 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 830,000 | 819,537 |
1,674,953 | ||
Healthcare-Products 0.1% | ||
Abbott Laboratories | ||
3.40%, due 11/30/23 | 535,000 | 559,893 |
Principal Amount | Value | |
Healthcare-Services 0.1% | ||
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | $ 605,000 | $ 620,798 |
Home Builders 0.0% ‡ | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 385,000 | 381,150 |
Insurance 1.2% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,030,000 | 1,035,826 |
Equitable Holdings, Inc. | ||
5.00%, due 4/20/48 | 830,000 | 1,036,642 |
Liberty Mutual Group, Inc. | ||
4.25%, due 6/15/23 (a) | 295,000 | 308,119 |
MassMutual Global Funding II (a) | ||
2.50%, due 10/17/22 | 1,270,000 | 1,288,691 |
2.95%, due 1/11/25 | 365,000 | 382,390 |
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 425,000 | 452,668 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 725,000 | 1,154,206 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 950,000 | 977,017 |
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | 310,000 | 333,699 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 1,395,000 | 1,428,052 |
3.875%, due 9/15/49 | 185,000 | 200,743 |
8,598,053 | ||
Internet 0.4% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | 875,000 | 848,750 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 1,305,000 | 1,331,753 |
3.60%, due 12/15/23 | 480,000 | 498,709 |
3.80%, due 2/15/28 | 157,000 | 167,857 |
5.00%, due 2/15/26 | 22,000 | 24,468 |
6.25%, due 5/1/25 (a) | 88,000 | 99,278 |
2,970,815 | ||
Iron & Steel 0.2% | ||
Vale Overseas Ltd. (Brazil) | ||
6.25%, due 8/10/26 | 1,070,000 | 1,238,535 |
6.875%, due 11/21/36 | 305,000 | 405,272 |
1,643,807 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Lodging 0.7% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | $ 695,000 | $ 742,781 |
5.75%, due 5/1/28 (a) | 315,000 | 336,552 |
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 555,000 | 565,041 |
Marriott International, Inc. | ||
2.30%, due 1/15/22 | 890,000 | 890,495 |
3.60%, due 4/15/24 | 920,000 | 962,048 |
Series X | ||
4.00%, due 4/15/28 | 685,000 | 739,190 |
Sands China Ltd. | ||
5.125%, due 8/8/25 (Macao) | 460,000 | 482,568 |
4,718,675 | ||
Machinery-Diversified 0.1% | ||
CNH Industrial Capital LLC | ||
4.20%, due 1/15/24 | 545,000 | 575,223 |
Media 0.6% | ||
Comcast Corp. | ||
2.937%, due 11/1/56 (a) | 753,000 | 717,258 |
3.25%, due 11/1/39 | 675,000 | 712,153 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 700,000 | 707,000 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 480,000 | 601,617 |
Sirius XM Radio, Inc. | ||
4.125%, due 7/1/30 (a) | 955,000 | 955,000 |
Sky Ltd. | ||
3.75%, due 9/16/24 (United Kingdom) (a) | 340,000 | 362,032 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 355,000 | 384,942 |
4,440,002 | ||
Metal Fabricate & Hardware 0.2% | ||
Precision Castparts Corp. | ||
3.25%, due 6/15/25 | 1,455,000 | 1,542,462 |
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 1,205,000 | 1,192,619 |
Miscellaneous—Manufacturing 0.3% | ||
Siemens Financieringsmaatschappij NV | ||
2.70%, due 3/16/22 (Germany) (a) | 760,000 | 763,661 |
Principal Amount | Value | |
Miscellaneous—Manufacturing (continued) | ||
Textron Financial Corp. | ||
1.891% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | $ 1,295,000 | $ 1,110,463 |
1,874,124 | ||
Oil & Gas 0.8% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a) | 640,000 | 849,606 |
Marathon Petroleum Corp. | ||
4.70%, due 5/1/25 | 675,000 | 736,372 |
5.125%, due 12/15/26 | 450,000 | 512,124 |
Occidental Petroleum Corp. | ||
3.50%, due 8/15/29 | 935,000 | 960,526 |
4.30%, due 8/15/39 | 230,000 | 229,372 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 (Brazil) | 555,000 | 514,763 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 590,000 | 621,332 |
Valero Energy Corp. | ||
3.65%, due 12/1/51 | 690,000 | 685,573 |
6.625%, due 6/15/37 (c) | 415,000 | 559,072 |
5,668,740 | ||
Packaging & Containers 0.2% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 84,000 | 86,891 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 1,135,000 | 1,197,425 |
1,284,316 | ||
Pharmaceuticals 0.9% | ||
AbbVie, Inc. | ||
3.45%, due 3/15/22 | 1,005,000 | 1,005,919 |
4.05%, due 11/21/39 | 1,125,000 | 1,290,746 |
Becton Dickinson and Co. | ||
4.669%, due 6/6/47 | 635,000 | 800,628 |
CVS Health Corp. | ||
2.70%, due 8/21/40 | 1,255,000 | 1,208,768 |
4.78%, due 3/25/38 | 400,000 | 486,900 |
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 1,285,000 | 1,207,900 |
4.75%, due 5/9/27 | 545,000 | 540,024 |
6,540,885 | ||
Pipelines 1.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 (a) | 655,000 | 639,015 |
18 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Energy Transfer LP | ||
4.95%, due 6/15/28 | $ 415,000 | $ 466,833 |
5.35%, due 5/15/45 | 415,000 | 476,602 |
Enterprise Products Operating LLC | ||
3.125%, due 7/31/29 | 630,000 | 668,998 |
3.95%, due 1/31/60 | 595,000 | 642,363 |
4.20%, due 1/31/50 | 160,000 | 179,359 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 865,000 | 868,285 |
Hess Midstream Operations LP | ||
4.25%, due 2/15/30 (a) | 135,000 | 133,988 |
MPLX LP | ||
2.65%, due 8/15/30 | 730,000 | 726,665 |
Spectra Energy Partners LP | ||
4.75%, due 3/15/24 | 795,000 | 846,899 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 840,000 | 1,015,324 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (f) | 350,000 | 413,877 |
7,078,208 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 560,000 | 574,000 |
Real Estate Investment Trusts 1.3% | ||
Alexandria Real Estate Equities, Inc. | ||
3.375%, due 8/15/31 | 825,000 | 888,147 |
American Tower Corp. | ||
3.375%, due 10/15/26 | 705,000 | 749,078 |
3.60%, due 1/15/28 | 375,000 | 403,986 |
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | 1,295,000 | 1,403,347 |
Equinix, Inc. | ||
1.25%, due 7/15/25 | 710,000 | 697,317 |
2.625%, due 11/18/24 | 740,000 | 762,473 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 505,000 | 522,913 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 680,000 | 640,352 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 720,000 | 758,752 |
Kilroy Realty LP | ||
3.45%, due 12/15/24 | 720,000 | 753,978 |
Office Properties Income Trust | ||
2.40%, due 2/1/27 | 565,000 | 546,913 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Starwood Property Trust, Inc. | ||
3.75%, due 12/31/24 (a) | $ 710,000 | $ 717,640 |
8,844,896 | ||
Retail 1.1% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,040,000 | 1,187,984 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(c) | 645,000 | 687,731 |
McDonald's Corp. | ||
3.35%, due 4/1/23 | 1,085,000 | 1,116,931 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 640,000 | 643,200 |
4.25%, due 8/1/31 (c) | 530,000 | 520,728 |
O'Reilly Automotive, Inc. | ||
3.55%, due 3/15/26 | 1,000,000 | 1,072,483 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 1,120,000 | 1,111,600 |
Starbucks Corp. | ||
4.45%, due 8/15/49 | 475,000 | 584,669 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 775,000 | 792,437 |
7,717,763 | ||
Semiconductors 0.1% | ||
Broadcom, Inc. | ||
3.50%, due 2/15/41 (a) | 325,000 | 333,456 |
NXP BV | ||
3.40%, due 5/1/30 (China) (a) | 555,000 | 591,469 |
924,925 | ||
Software 0.4% | ||
Fiserv, Inc. | ||
3.20%, due 7/1/26 | 205,000 | 216,751 |
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 790,000 | 798,887 |
Oracle Corp. | ||
3.65%, due 3/25/41 | 245,000 | 247,728 |
salesforce.com, Inc. | ||
3.25%, due 4/11/23 | 510,000 | 526,048 |
3.70%, due 4/11/28 | 690,000 | 765,646 |
2,555,060 | ||
Telecommunications 1.6% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 865,000 | 843,764 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 795,000 | 802,072 |
4.35%, due 3/1/29 | 320,000 | 359,448 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
CommScope, Inc. | ||
7.125%, due 7/1/28 (a) | $ 745,000 | $ 731,962 |
Level 3 Financing, Inc. | ||
3.40%, due 3/1/27 (a) | 1,050,000 | 1,084,073 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 1,255,312 | 1,313,308 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 990,000 | 975,150 |
3.50%, due 4/15/31 (a) | 490,000 | 509,786 |
VEON Holdings BV | ||
4.95%, due 6/16/24 (Netherlands) (a) | 1,045,000 | 1,095,129 |
Verizon Communications, Inc. | ||
1.256% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 985,000 | 1,003,935 |
3.40%, due 3/22/41 | 330,000 | 345,491 |
4.016%, due 12/3/29 | 830,000 | 930,514 |
Vodafone Group plc | ||
4.25%, due 9/17/50 (United Kingdom) | 800,000 | 923,331 |
10,917,963 | ||
Total Corporate Bonds (Cost $192,436,476) | 198,852,552 | |
Foreign Government Bonds 1.4% | ||
Brazil 0.4% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 (c) | 965,000 | 907,100 |
4.625%, due 1/13/28 | 1,526,000 | 1,592,778 |
2,499,878 | ||
Chile 0.4% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 1,080,000 | 1,050,300 |
Corp. Nacional del Cobre de Chile | ||
3.00%, due 9/30/29 (a) | 1,170,000 | 1,182,839 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 980,000 | 933,460 |
3,166,599 | ||
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 725,000 | 651,594 |
Principal Amount | Value | |
Mexico 0.5% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | $ 1,170,000 | $ 1,147,197 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 1,612,000 | 1,571,716 |
3.75%, due 4/19/71 | 800,000 | 719,200 |
3,438,113 | ||
Total Foreign Government Bonds (Cost $10,127,013) | 9,756,184 | |
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) | 1,250,537 | 1,232,449 |
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 | 574,200 | 574,379 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 | 250,000 | 251,250 |
825,629 | ||
Finance 0.2% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 1,245,950 | 1,232,711 |
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 | 708,270 |
Total Loan Assignments (Cost $4,008,517) | 3,999,059 |
20 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities 7.9% | ||
Agency (Collateralized Mortgage Obligations) 2.3% | ||
FHLMC | ||
REMIC, Series 5073, Class DG | ||
1.50%, due 8/25/38 | $ 859,507 | $ 864,023 |
REMIC, Series 4993, Class D | ||
2.00%, due 9/25/47 | 925,000 | 931,480 |
REMIC, Series 5049, Class UI | ||
3.00%, due 12/25/50 (g) | 2,181,685 | 351,679 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 198,151 | 202,598 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 333,163 | 348,597 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 463,560 | 480,281 |
FHLMC, STRIPS | ||
REMIC, Series 358, Class PO | ||
(zero coupon), due 10/15/47 | 1,812,796 | 1,705,268 |
FNMA | ||
REMIC, Series 2021-33, Class AI | ||
2.50%, due 5/25/47 (g) | 2,687,091 | 321,411 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (g) | 1,764,365 | 239,656 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 648,656 | 670,895 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (g) | 2,365,606 | 366,637 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 412,799 | 430,742 |
REMIC, Series 2019-13, Class CA | ||
3.50%, due 4/25/49 | 739,510 | 791,659 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 869,940 | 923,082 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 843,400 | 899,799 |
FREMF Mortgage Trust | ||
REMIC, Series 2017-K63, Class C | ||
3.873%, due 2/25/50 (a)(h) | 842,000 | 885,687 |
GNMA | ||
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | — | — |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | $ 903,974 | 859,311 |
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 (g) | 2,126,128 | 186,923 |
REMIC, Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (g) | 2,903,024 | 384,392 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (g) | 2,648,190 | 303,117 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-30, Class WI | ||
2.50%, due 2/20/51 (g) | $ 3,093,834 | $ 419,330 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (g) | 2,693,745 | 347,758 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (g) | 2,763,707 | 368,775 |
REMIC, Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (g) | 1,882,760 | 293,044 |
REMIC, Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (g) | 2,517,289 | 288,570 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (g) | 2,374,790 | 317,639 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (g) | 2,890,234 | 392,357 |
REMIC, Series 2013-149, Class BA | ||
3.25%, due 8/16/41 | 1,565,391 | 1,625,589 |
16,200,299 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1% | ||
Arbor Multifamily Mortgage Securities Trust (a) | ||
Series 2021-MF2, Class AS | ||
2.70%, due 6/15/54 (i) | 750,000 | 765,212 |
Series 2021-MF3, Class AS | ||
2.748%, due 10/15/54 | 930,000 | 950,904 |
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
0.447% (1 Month LIBOR + 0.345%), due 12/25/36 (a)(b) | 30,835 | 29,921 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 935,000 | 931,842 |
BX Commercial Mortgage Trust (a) | ||
Series 2021-VOLT, Class C | ||
1.21% (1 Month LIBOR + 1.10%), due 9/15/36 (b) | 970,000 | 963,985 |
Series 2021-ACNT, Class D | ||
1.96% (1 Month LIBOR + 1.85%), due 11/15/26 (b) | 1,075,000 | 1,068,985 |
Series 2021-VOLT, Class E | ||
2.11% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 770,000 | 763,201 |
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (h) | 1,065,000 | 1,078,881 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (h) | 675,059 | 698,478 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) | ||
Series 2021-LBA, Class AV | ||
0.91% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | $ 820,000 | $ 816,865 |
Series 2021-ARIA, Class E | ||
2.355% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 1,400,000 | 1,392,138 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 580,000 | 610,487 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 205,000 | 210,729 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class A | ||
0.76% (1 Month LIBOR + 0.65%), due 8/15/36 | 255,000 | 253,660 |
Series 2021-FILM, Class B | ||
1.01% (1 Month LIBOR + 0.90%), due 8/15/36 | 535,000 | 528,986 |
Citigroup Commercial Mortgage Trust | ||
Series 2015-P1, Class A5 | ||
3.717%, due 9/15/48 | 808,000 | 862,257 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 845,000 | 898,359 |
Extended Stay America Trust | ||
Series 2021-ESH, Class C | ||
1.81% (1 Month LIBOR + 1.70%), due 7/15/38 (a)(b) | 969,954 | 969,953 |
FREMF Mortgage Trust (a)(h) | ||
REMIC, Series 2019-K98, Class C | ||
3.737%, due 10/25/52 | 335,000 | 351,886 |
REMIC, Series 2018-K86, Class C | ||
4.294%, due 11/25/51 | 315,000 | 342,566 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 665,000 | 708,752 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,120,000 | 1,116,147 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 471,777 | 490,450 |
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 200,000 | 212,461 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | $ 780,000 | $ 834,817 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,655,000 | 1,674,819 |
Wells Fargo Commercial Mortgage Trust (a)(h) | ||
Series 2018-1745, Class A | ||
3.749%, due 6/15/36 | 940,000 | 1,018,522 |
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 | 1,200,000 | 1,313,666 |
21,858,929 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.5% | ||
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2020-DNA6, Class M2 | ||
2.05% (SOFR 30A + 2.00%), due 12/25/50 | 1,310,000 | 1,316,967 |
Series 2021-DNA5, Class B1 | ||
3.10% (SOFR 30A + 3.05%), due 1/25/34 | 1,505,000 | 1,511,633 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class M2 | ||
2.253% (1 Month LIBOR + 2.15%), due 12/25/30 | 1,535,000 | 1,553,660 |
Series 2018-DNA2, Class B1 | ||
3.803% (1 Month LIBOR + 3.70%), due 12/25/30 | 725,000 | 750,403 |
Series 2019-DNA2, Class B1 | ||
4.453% (1 Month LIBOR + 4.35%), due 3/25/49 | 700,000 | 721,035 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2015-DNA3, Class M3 | ||
4.803% (1 Month LIBOR + 4.70%), due 4/25/28 | 799,016 | 823,558 |
Series 2016-DNA1, Class M3 | ||
5.653% (1 Month LIBOR + 5.55%), due 7/25/28 | 440,268 | 458,471 |
FNMA | ||
Series 2017-C01, Class 1M2 | ||
3.653% (1 Month LIBOR + 3.55%), due 7/25/29 (b) | 1,243,139 | 1,272,969 |
22 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
GS Mortgage-Backed Securities Corp. Trust (a)(i) | ||
Series 2021-PJ5, Class A8 | ||
2.50%, due 10/25/51 | $ 513,781 | $ 519,088 |
Series 2021-PJ7, Class A2 | ||
2.50%, due 1/25/52 | 1,827,396 | 1,826,137 |
J.P. Morgan Mortgage Trust (a)(i) | ||
Series 2021-7, Class A3 | ||
2.50%, due 11/25/51 | 343,168 | 341,978 |
Series 2021-7, Class A4 | ||
2.50%, due 11/25/51 | 654,898 | 661,269 |
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 | 900,000 | 900,526 |
Mello Mortgage Capital Acceptance | ||
Series 2021-MTG2, Class A1 | ||
2.50%, due 6/25/51 (a)(i) | 922,383 | 920,617 |
Mello Warehouse Securitization Trust | ||
Series 2021-2, Class A | ||
0.852% (1 Month LIBOR + 0.75%), due 4/25/55 (a)(b) | 525,000 | 523,235 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.434%, due 8/25/59 (h) | 1,288,039 | 964,003 |
Series 2019-2A, Class B6 | ||
4.942%, due 12/25/57 (i) | 460,657 | 367,822 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
0.852% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | 635,000 | 633,523 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 424,954 | 441,731 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
4.303% (1 Month LIBOR + 4.20%), due 2/25/47 (a)(b) | 800,000 | 848,296 |
17,356,921 | ||
Total Mortgage-Backed Securities (Cost $55,681,102) | 55,416,149 |
Principal Amount | Value | |
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 | $ 1,149,390 |
Total Municipal Bond (Cost $1,115,000) | 1,149,390 | |
U.S. Government & Federal Agencies 5.3% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.4% | ||
FHLMC Gold Pools, 30 Year | ||
3.50%, due 1/1/48 | 691,565 | 737,969 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 773,146 | 771,451 |
2.00%, due 11/1/50 | 231,783 | 231,274 |
2.50%, due 10/1/51 | 249,330 | 254,857 |
3.50%, due 7/1/50 | 509,561 | 537,432 |
2,532,983 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 1.1% | ||
FNMA, Other | ||
3.50%, due 2/1/42 | 878,138 | 942,639 |
6.00%, due 4/1/37 | 6,430 | 7,104 |
UMBS, 20 Year | ||
2.50%, due 5/1/41 | 469,615 | 484,858 |
UMBS, 30 Year | ||
2.00%, due 10/1/50 | 159,121 | 159,468 |
2.00%, due 12/1/50 | 249,505 | 248,958 |
2.00%, due 11/1/51 | 1,147,888 | 1,146,590 |
2.50%, due 8/1/50 | 74,653 | 76,468 |
2.50%, due 10/1/50 | 498,714 | 509,332 |
2.50%, due 11/1/50 | 472,740 | 488,408 |
2.50%, due 1/1/51 | 449,541 | 460,308 |
2.50%, due 8/1/51 | 727,593 | 744,924 |
3.00%, due 6/1/51 | 396,240 | 412,807 |
3.00%, due 11/1/51 | 797,802 | 831,955 |
4.00%, due 8/1/48 | 931,258 | 992,376 |
4.00%, due 2/1/49 | 157,531 | 168,948 |
7,675,143 | ||
United States Treasury Bonds 0.9% | ||
U.S. Treasury Bonds | ||
1.875%, due 11/15/51 | 70,000 | 69,442 |
2.00%, due 11/15/41 | 785,000 | 793,954 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Bonds (continued) | ||
U.S. Treasury Bonds (continued) | ||
4.375%, due 11/15/39 | $ 2,382,000 | $ 3,319,820 |
4.375%, due 5/15/40 | 1,605,000 | 2,246,561 |
6,429,777 | ||
United States Treasury Inflation - Indexed Notes 0.7% | ||
U.S. Treasury Inflation Linked Notes (j) | ||
0.125%, due 1/15/30 | 1,639,436 | 1,819,494 |
0.125%, due 7/15/30 | 1,014,053 | 1,134,467 |
0.875%, due 1/15/29 | 1,571,885 | 1,817,604 |
4,771,565 | ||
United States Treasury Notes 2.2% | ||
U.S. Treasury Notes | ||
0.375%, due 10/31/23 | 7,430,000 | 7,386,175 |
0.625%, due 10/15/24 | 1,645,000 | 1,631,634 |
1.125%, due 10/31/26 | 4,320,000 | 4,291,312 |
1.375%, due 11/15/31 | 2,335,000 | 2,305,448 |
15,614,569 | ||
Total U.S. Government & Federal Agencies (Cost $36,400,415) | 37,024,037 | |
Total Long-Term Bonds (Cost $333,400,815) | 339,925,764 | |
Shares | ||
Common Stocks 45.2% | ||
Aerospace & Defense 1.1% | ||
BAE Systems plc (United Kingdom) | 311,291 | 2,316,571 |
Lockheed Martin Corp. | 6,339 | 2,252,944 |
Raytheon Technologies Corp. | 34,111 | 2,935,593 |
7,505,108 | ||
Air Freight & Logistics 1.0% | ||
Deutsche Post AG (Registered) (Germany) | 57,058 | 3,672,641 |
United Parcel Service, Inc., Class B | 14,566 | 3,122,076 |
6,794,717 | ||
Auto Components 0.2% | ||
Cie Generale des Etablissements Michelin SCA (France) | 10,474 | 1,718,938 |
Automobiles 0.4% | ||
Toyota Motor Corp. (Japan) | 133,300 | 2,460,701 |
Shares | Value | |
Banks 2.4% | ||
Bank of America Corp. | 68,846 | $ 3,062,958 |
JPMorgan Chase & Co. | 25,749 | 4,077,354 |
PNC Financial Services Group, Inc. (The) | 11,409 | 2,287,733 |
Royal Bank of Canada (Canada) | 45,024 | 4,778,428 |
Truist Financial Corp. | 38,050 | 2,227,827 |
16,434,300 | ||
Beverages 1.2% | ||
Coca-Cola Co. (The) | 47,125 | 2,790,271 |
Coca-Cola Europacific Partners plc (United Kingdom) | 65,570 | 3,667,330 |
PepsiCo, Inc. | 9,836 | 1,708,612 |
8,166,213 | ||
Biotechnology 0.9% | ||
AbbVie, Inc. | 29,828 | 4,038,711 |
Amgen, Inc. | 9,006 | 2,026,080 |
6,064,791 | ||
Capital Markets 0.3% | ||
Lazard Ltd., Class A | 56,134 | 2,449,126 |
Chemicals 2.3% | ||
BASF SE (Germany) | 33,766 | 2,374,948 |
Dow, Inc. | 39,000 | 2,212,080 |
Linde plc (United Kingdom) | 11,231 | 3,890,755 |
LyondellBasell Industries NV, Class A | 22,232 | 2,050,457 |
Nutrien Ltd. (Canada) | 77,944 | 5,861,389 |
16,389,629 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (c)(k) | 6 | 24 |
Communications Equipment 1.0% | ||
Cisco Systems, Inc. | 109,771 | 6,956,188 |
Consumer Finance 0.5% | ||
Ally Financial, Inc. | 79,983 | 3,807,991 |
Diversified Telecommunication Services 1.6% | ||
Deutsche Telekom AG (Registered) (Germany) | 211,901 | 3,938,211 |
Orange SA (France) | 165,794 | 1,776,765 |
Telenor ASA (Norway) | 130,906 | 2,059,820 |
TELUS Corp. (Canada) | 73,047 | 1,720,281 |
Verizon Communications, Inc. | 33,220 | 1,726,111 |
11,221,188 |
24 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities 1.8% | ||
American Electric Power Co., Inc. | 33,661 | $ 2,994,819 |
Duke Energy Corp. | 15,195 | 1,593,956 |
Entergy Corp. | 17,190 | 1,936,453 |
Evergy, Inc. | 24,716 | 1,695,765 |
Fortis, Inc. (Canada) | 33,877 | 1,634,462 |
NextEra Energy, Inc. | 32,338 | 3,019,076 |
12,874,531 | ||
Electrical Equipment 1.5% | ||
Eaton Corp. plc | 13,306 | 2,299,543 |
Emerson Electric Co. | 60,596 | 5,633,610 |
Hubbell, Inc. | 11,231 | 2,339,080 |
10,272,233 | ||
Equity Real Estate Investment Trusts 1.3% | ||
American Tower Corp. | 6,435 | 1,882,237 |
Iron Mountain, Inc. | 33,702 | 1,763,626 |
Realty Income Corp. | 24,418 | 1,748,085 |
Welltower, Inc. | 21,092 | 1,809,061 |
WP Carey, Inc. | 23,078 | 1,893,550 |
9,096,559 | ||
Food & Staples Retailing 0.4% | ||
Walmart, Inc. | 20,898 | 3,023,732 |
Food Products 0.8% | ||
Danone SA (France) | 27,795 | 1,727,479 |
Nestle SA (Registered) (Switzerland) | 16,159 | 2,258,896 |
Orkla ASA (Norway) | 186,551 | 1,870,440 |
5,856,815 | ||
Gas Utilities 0.5% | ||
China Resources Gas Group Ltd. (China) | 302,000 | 1,706,062 |
Snam SpA (Italy) | 273,356 | 1,642,996 |
3,349,058 | ||
Health Care Equipment & Supplies 0.7% | ||
Medtronic plc | 44,908 | 4,645,733 |
Health Care Providers & Services 0.4% | ||
UnitedHealth Group, Inc. | 5,046 | 2,533,798 |
Hotels, Restaurants & Leisure 1.2% | ||
McDonald's Corp. | 8,369 | 2,243,478 |
Restaurant Brands International, Inc. (Canada) | 71,896 | 4,362,649 |
Shares | Value | |
Hotels, Restaurants & Leisure (continued) | ||
Vail Resorts, Inc. | 6,431 | $ 2,108,725 |
8,714,852 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 43,351 | 1,784,327 |
Household Products 0.3% | ||
Procter & Gamble Co. (The) | 11,370 | 1,859,905 |
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 14,340 | 2,990,033 |
Siemens AG (Registered) (Germany) | 14,698 | 2,554,846 |
5,544,879 | ||
Insurance 3.4% | ||
Allianz SE (Registered) (Germany) | 12,485 | 2,951,697 |
Arthur J. Gallagher & Co. | 17,773 | 3,015,545 |
Assicurazioni Generali SpA (Italy) | 80,367 | 1,696,189 |
AXA SA (France) | 68,372 | 2,038,280 |
Great-West Lifeco, Inc. (Canada) | 55,670 | 1,670,606 |
Manulife Financial Corp. (Canada) | 88,787 | 1,692,284 |
MetLife, Inc. | 45,464 | 2,841,045 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 7,756 | 2,300,938 |
Tokio Marine Holdings, Inc. (Japan) | 44,200 | 2,456,334 |
Travelers Cos., Inc. (The) | 19,587 | 3,063,995 |
23,726,913 | ||
IT Services 0.8% | ||
International Business Machines Corp. | 44,077 | 5,891,332 |
Leisure Products 0.6% | ||
Hasbro, Inc. | 37,855 | 3,852,882 |
Machinery 0.4% | ||
Cummins, Inc. | 13,173 | 2,873,558 |
Media 0.7% | ||
Comcast Corp., Class A | 62,886 | 3,165,052 |
Omnicom Group, Inc. | 25,619 | 1,877,104 |
5,042,156 | ||
Multiline Retail 0.4% | ||
Target Corp. | 12,813 | 2,965,441 |
Shares | Value | |
Common Stocks (continued) | ||
Multi-Utilities 1.1% | ||
Ameren Corp. | 18,666 | $ 1,661,461 |
National Grid plc (United Kingdom) | 123,447 | 1,770,838 |
NiSource, Inc. | 85,952 | 2,373,135 |
WEC Energy Group, Inc. | 16,907 | 1,641,162 |
7,446,596 | ||
Oil, Gas & Consumable Fuels 1.8% | ||
Chevron Corp. | 18,151 | 2,130,020 |
Enbridge, Inc. (Canada) | 44,726 | 1,747,034 |
Enterprise Products Partners LP | 121,672 | 2,671,917 |
Magellan Midstream Partners LP | 36,986 | 1,717,630 |
TotalEnergies SE (France) | 86,170 | 4,378,406 |
12,645,007 | ||
Personal Products 0.2% | ||
Unilever plc (United Kingdom) | 31,262 | 1,669,526 |
Pharmaceuticals 3.7% | ||
AstraZeneca plc, Sponsored ADR (United Kingdom) | 97,226 | 5,663,414 |
Bayer AG (Registered) (Germany) | 30,665 | 1,641,635 |
Eli Lilly and Co. | 12,072 | 3,334,528 |
GlaxoSmithKline plc (United Kingdom) | 80,079 | 1,741,409 |
Johnson & Johnson | 11,528 | 1,972,095 |
Merck & Co., Inc. | 37,073 | 2,841,275 |
Novartis AG (Registered) (Switzerland) | 27,926 | 2,452,358 |
Pfizer, Inc. | 30,259 | 1,786,794 |
Roche Holding AG (Switzerland) | 4,126 | 1,710,373 |
Sanofi (France) | 28,001 | 2,823,854 |
25,967,735 | ||
Semiconductors & Semiconductor Equipment 4.3% | ||
Analog Devices, Inc. | 36,708 | 6,452,165 |
Broadcom, Inc. | 11,894 | 7,914,387 |
Intel Corp. | 50,727 | 2,612,440 |
KLA Corp. | 12,690 | 5,458,096 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 36,399 | 4,379,164 |
Texas Instruments, Inc. | 17,385 | 3,276,551 |
30,092,803 | ||
Software 1.1% | ||
Microsoft Corp. | 22,419 | 7,539,958 |
Specialty Retail 0.6% | ||
Home Depot, Inc. (The) | 6,033 | 2,503,755 |
Shares | Value | ||
Specialty Retail (continued) | |||
Industria de Diseno Textil SA (Spain) | 61,077 | $ 1,979,409 | |
4,483,164 | |||
Technology Hardware, Storage & Peripherals 1.6% | |||
Apple, Inc. | 43,297 | 7,688,248 | |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 1,918 | 3,162,782 | |
10,851,030 | |||
Textiles, Apparel & Luxury Goods 0.2% | |||
Hanesbrands, Inc. | 101,798 | 1,702,063 | |
Tobacco 1.0% | |||
Altria Group, Inc. | 42,960 | 2,035,874 | |
British American Tobacco plc (United Kingdom) | 62,252 | 2,303,280 | |
Philip Morris International, Inc. | 26,319 | 2,500,305 | |
6,839,459 | |||
Trading Companies & Distributors 0.4% | |||
MSC Industrial Direct Co., Inc., Class A | 32,661 | 2,745,484 | |
Total Common Stocks (Cost $267,200,363) | 315,860,443 | ||
Short-Term Investments 4.4% | |||
Affiliated Investment Company 4.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (l) | 28,679,003 | 28,679,003 | |
Unaffiliated Investment Companies 0.3% | |||
BlackRock Liquidity FedFund, 0.025% (l)(m) | 1,000,000 | 1,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (l)(m) | 1,333,357 | 1,333,357 | |
Total Unaffiliated Investment Companies (Cost $2,333,357) | 2,333,357 | ||
Total Short-Term Investments (Cost $31,012,360) | 31,012,360 | ||
Total Investments (Cost $631,613,538) | 98.2% | 686,798,567 | |
Other Assets, Less Liabilities | 1.8 | 12,257,222 | |
Net Assets | 100.0% | $ 699,055,789 |
26 | 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 December 31, 2021. |
(c) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $2,779,327; the total market value of collateral held by the Portfolio was $2,866,534. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $533,177. The Portfolio received cash collateral with a value of $2,333,357. (See Note 2(L)) |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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 December 31, 2021. |
(g) | 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. |
(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 December 31, 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 December 31, 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) | Non-income producing security. |
(l) | Current yield as of December 31, 2021. |
(m) | 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 | 7,422,712 | JPMorgan Chase Bank N.A. | 2/1/22 | $ (237,504) |
EUR | 19,212,000 | USD | 22,444,496 | JPMorgan Chase Bank N.A. | 2/1/22 | (558,973) |
GBP | 13,801,000 | USD | 19,076,860 | JPMorgan Chase Bank N.A. | 2/1/22 | (397,788) |
JPY | 2,168,758,000 | USD | 19,011,535 | JPMorgan Chase Bank N.A. | 2/1/22 | (153,421) |
USD | 19,957,426 | EUR | 17,604,000 | JPMorgan Chase Bank N.A. | 2/1/22 | (96,329) |
Total Unrealized Depreciation | $ (1,444,015) |
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 Industrial Equity Index | 261 | March 2022 | $ 27,306,642 | $ 27,770,400 | $ 463,758 |
Euro STOXX 50 Index | 472 | March 2022 | 22,571,161 | 23,039,825 | 468,664 |
FTSE 100 Index | 73 | March 2022 | 7,107,623 | 7,236,782 | 129,159 |
Russell 2000 E-Mini Index | 182 | March 2022 | 20,105,491 | 20,409,480 | 303,989 |
S&P 500 E-Mini Index | 149 | March 2022 | 35,040,290 | 35,450,825 | 410,535 |
U.S. Treasury 2 Year Notes | 204 | March 2022 | 44,549,132 | 44,507,063 | (42,069) |
U.S. Treasury 5 Year Notes | 189 | March 2022 | 22,940,299 | 22,864,570 | (75,729) |
U.S. Treasury Long Bonds | 52 | March 2022 | 8,309,331 | 8,342,750 | 33,419 |
U.S. Treasury Ultra Bonds | 162 | March 2022 | 31,615,696 | 31,934,250 | 318,554 |
XAF Financial Index | 177 | March 2022 | 21,189,670 | 21,262,125 | 72,455 |
Yen Denominated Nikkei 225 Index | 192 | March 2022 | 23,137,950 | 24,056,333 | 918,383 |
Total Long Contracts | 3,001,118 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (72) | March 2022 | (9,319,805) | (9,393,750) | (73,945) |
U.S. Treasury 10 Year Ultra Bonds | (128) | March 2022 | (18,521,165) | (18,744,000) | (222,835) |
Total Short Contracts | (296,780) | ||||
Net Unrealized Appreciation | $ 2,704,338 |
1. | As of December 31, 2021, cash in the amount of $11,156,520 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 December 31, 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 |
28 | MainStay VP Income Builder Portfolio |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
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 | $ — | $ 33,728,393 | $ — | $ 33,728,393 | |||
Corporate Bonds | — | 198,852,552 | — | 198,852,552 | |||
Foreign Government Bonds | — | 9,756,184 | — | 9,756,184 | |||
Loan Assignments | — | 3,999,059 | — | 3,999,059 | |||
Mortgage-Backed Securities | — | 55,416,149 | — | 55,416,149 | |||
Municipal Bond | — | 1,149,390 | — | 1,149,390 | |||
U.S. Government & Federal Agencies | — | 37,024,037 | — | 37,024,037 | |||
Total Long-Term Bonds | — | 339,925,764 | — | 339,925,764 | |||
Common Stocks | |||||||
Air Freight & Logistics | 3,122,076 | 3,672,641 | — | 6,794,717 | |||
Automobiles | — | 2,460,701 | — | 2,460,701 | |||
Chemicals | 14,014,681 | 2,374,948 | — | 16,389,629 | |||
Diversified Telecommunication Services | 5,223,157 | 5,998,031 | — | 11,221,188 | |||
Food Products | 1,727,479 | 4,129,336 | — | 5,856,815 | |||
Gas Utilities | 1,706,062 | 1,642,996 | — | 3,349,058 | |||
Industrial Conglomerates | 2,990,033 | 2,554,846 | — | 5,544,879 | |||
Insurance | 14,321,755 | 9,405,158 | — | 23,726,913 | |||
Pharmaceuticals | 20,163,369 | 5,804,366 | — | 25,967,735 | |||
Specialty Retail | 2,503,755 | 1,979,409 | — | 4,483,164 | |||
All Other Industries | 210,065,644 | — | — | 210,065,644 | |||
Total Common Stocks | 275,838,011 | 40,022,432 | — | 315,860,443 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 28,679,003 | — | — | 28,679,003 | |||
Unaffiliated Investment Companies | 2,333,357 | — | — | 2,333,357 | |||
Total Short-Term Investments | 31,012,360 | — | — | 31,012,360 | |||
Total Investments in Securities | 306,850,371 | 379,948,196 | — | 686,798,567 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 3,118,916 | — | — | 3,118,916 | |||
Total Investments in Securities and Other Financial Instruments | $ 309,969,287 | $ 379,948,196 | $ — | $ 689,917,483 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (1,444,015) | $ — | $ (1,444,015) | |||
Futures Contracts (b) | (414,578) | — | — | (414,578) | |||
Total Other Financial Instruments | $ (414,578) | $ (1,444,015) | $ — | $ (1,858,593) |
(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. |
30 | MainStay VP Income Builder Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $602,934,535) including securities on loan of $2,779,327 | $658,119,564 |
Investment in affiliated investment companies, at value (identified cost $28,679,003) | 28,679,003 |
Cash denominated in foreign currencies (identified cost $1,315,694) | 1,324,600 |
Cash collateral on deposit at broker for futures contracts | 11,156,520 |
Receivables: | |
Dividends and interest | 3,330,082 |
Investment securities sold | 2,916,799 |
Portfolio shares sold | 218,184 |
Variation margin on futures contracts | 186,456 |
Securities lending | 2,177 |
Other assets | 31,242 |
Total assets | 705,964,627 |
Liabilities | |
Cash collateral received for securities on loan | 2,333,357 |
Due to custodian | 4,129 |
Payables: | |
Investment securities purchased | 2,085,062 |
Portfolio shares redeemed | 504,294 |
Manager (See Note 3) | 333,210 |
NYLIFE Distributors (See Note 3) | 104,700 |
Professional fees | 48,091 |
Shareholder communication | 34,923 |
Custodian | 16,120 |
Trustees | 937 |
Unrealized depreciation on foreign currency forward contracts | 1,444,015 |
Total liabilities | 6,908,838 |
Net assets | $699,055,789 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 38,612 |
Additional paid-in-capital | 593,294,759 |
593,333,371 | |
Total distributable earnings (loss) | 105,722,418 |
Net assets | $699,055,789 |
Initial Class | |
Net assets applicable to outstanding shares | $198,243,398 |
Shares of beneficial interest outstanding | 10,877,228 |
Net asset value per share outstanding | $ 18.23 |
Service Class | |
Net assets applicable to outstanding shares | $500,812,391 |
Shares of beneficial interest outstanding | 27,734,521 |
Net asset value per share outstanding | $ 18.06 |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $2,070) | $10,379,343 |
Dividends-unaffiliated (net of foreign tax withholding of $577,998) | 9,552,623 |
Securities lending | 50,367 |
Dividends-affiliated | 2,229 |
Total income | 19,984,562 |
Expenses | |
Manager (See Note 3) | 3,899,264 |
Distribution/Service—Service Class (See Note 3) | 1,218,900 |
Professional fees | 113,498 |
Custodian | 63,530 |
Shareholder communication | 45,940 |
Trustees | 14,510 |
Miscellaneous | 36,539 |
Total expenses | 5,392,181 |
Net investment income (loss) | 14,592,381 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 36,198,648 |
Futures transactions | 23,134,809 |
Foreign currency transactions | 11,209 |
Foreign currency forward transactions | (2,690,923) |
Net realized gain (loss) | 56,653,743 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (1,484,020) |
Futures contracts | 214,818 |
Foreign currency forward contracts | (2,325,666) |
Translation of other assets and liabilities in foreign currencies | (748,513) |
Net change in unrealized appreciation (depreciation) | (4,343,381) |
Net realized and unrealized gain (loss) | 52,310,362 |
Net increase (decrease) in net assets resulting from operations | $66,902,743 |
32 | MainStay VP Income Builder Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 14,592,381 | $ 14,317,119 |
Net realized gain (loss) | 56,653,743 | 13,600,217 |
Net change in unrealized appreciation (depreciation) | (4,343,381) | 19,536,923 |
Net increase (decrease) in net assets resulting from operations | 66,902,743 | 47,454,259 |
Distributions to shareholders: | ||
Initial Class | (10,040,167) | (11,330,042) |
Service Class | (24,035,185) | (26,508,706) |
Total distributions to shareholders | (34,075,352) | (37,838,748) |
Capital share transactions: | ||
Net proceeds from sales of shares | 67,772,446 | 88,346,012 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 34,075,352 | 37,838,748 |
Cost of shares redeemed | (100,759,606) | (97,426,876) |
Increase (decrease) in net assets derived from capital share transactions | 1,088,192 | 28,757,884 |
Net increase (decrease) in net assets | 33,915,583 | 38,373,395 |
Net Assets | ||
Beginning of year | 665,140,206 | 626,766,811 |
End of year | $ 699,055,789 | $665,140,206 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | $ 15.94 | ||||
Net investment income (loss) (a) | 0.42 | 0.41 | 0.49 | 0.53 | 0.49 | ||||
Net realized and unrealized gain (loss) | 1.37 | 0.87 | 2.22 | (1.38) | 1.48 | ||||
Total from investment operations | 1.79 | 1.28 | 2.71 | (0.85) | 1.97 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.42) | (0.68) | (0.46) | (0.54) | ||||
From net realized gain on investments | (0.54) | (0.63) | (0.12) | (0.75) | (0.08) | ||||
Total distributions | (0.93) | (1.05) | (0.80) | (1.21) | (0.62) | ||||
Net asset value at end of year | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | ||||
Total investment return (b) | 10.52% | 7.98% | 18.07% | (5.21)% | 12.53% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.31% | 2.50% | 3.00% | 3.18% | 2.91% | ||||
Net expenses (c) | 0.61% | 0.62% | 0.63% | 0.62% | 0.62% | ||||
Interest expense and fees | —% | —% | —% | 0.00%(d) | 0.01% | ||||
Portfolio turnover rate | 67%(e) | 68%(e) | 59%(e) | 50%(e) | 26% | ||||
Net assets at end of year (in 000's) | $ 198,243 | $ 192,022 | $ 193,252 | $ 178,608 | $ 207,056 |
(a) | Per share data based on average shares outstanding during the year. |
(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 67%, 67%, 52% and 39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | $ 15.83 | ||||
Net investment income (loss) (a) | 0.37 | 0.37 | 0.45 | 0.48 | 0.44 | ||||
Net realized and unrealized gain (loss) | 1.36 | 0.86 | 2.19 | (1.37) | 1.48 | ||||
Total from investment operations | 1.73 | 1.23 | 2.64 | (0.89) | 1.92 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.37) | (0.64) | (0.42) | (0.50) | ||||
From net realized gain on investments | (0.54) | (0.63) | (0.12) | (0.75) | (0.08) | ||||
Total distributions | (0.89) | (1.00) | (0.76) | (1.17) | (0.58) | ||||
Net asset value at end of year | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | ||||
Total investment return (b) | 10.24% | 7.71% | 17.78% | (5.45)% | 12.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.06% | 2.25% | 2.74% | 2.93% | 2.65% | ||||
Net expenses (c) | 0.86% | 0.87% | 0.88% | 0.87% | 0.87% | ||||
Interest expense and fees | —% | —% | —% | 0.00%(d) | 0.01% | ||||
Portfolio turnover rate | 67%(e) | 68%(e) | 59%(e) | 50%(e) | 26% | ||||
Net assets at end of year (in 000's) | $ 500,812 | $ 473,118 | $ 433,515 | $ 360,874 | $ 425,340 |
(a) | Per share data based on average shares outstanding during the year. |
(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 67%, 67%, 52% and 39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
34 | 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 |
36 | MainStay VP Income Builder Portfolio |
38 | MainStay VP Income Builder Portfolio |
40 | 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) | $2,766,943 | $351,973 | $3,118,916 |
Total Fair Value | $2,766,943 | $351,973 | $3,118,916 |
(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) | $ — | $(414,578) | $ (414,578) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (1,444,015) | — | (1,444,015) |
Total Fair Value | $(1,444,015) | $(414,578) | $(1,858,593) |
(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 | $ — | $25,086,939 | $(1,952,130) | $23,134,809 |
Forward Contracts | (2,690,923) | — | — | (2,690,923) |
Total Net Realized Gain (Loss) | $(2,690,923) | $25,086,939 | $(1,952,130) | $20,443,886 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $8,628 | $206,190 | $ 214,818 |
Forward Contracts | (2,325,666) | — | — | (2,325,666) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(2,325,666) | $8,628 | $206,190 | $(2,110,848) |
Average Notional Amount | Total |
Futures Contracts Long | $242,071,885 |
Futures Contracts Short | $ (25,128,311) |
Forward Contracts Long | $ 78,263,764 |
Forward Contracts Short (a) | $ (35,562,015) |
(a) | Positions were open four months during the reporting period. |
42 | MainStay VP Income Builder Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 25,926 | $ 214,647 | $ (211,894) | $ — | $ — | $ 28,679 | $ 2 | $ — | 28,679 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $633,359,225 | $60,089,156 | $(7,443,753) | $52,645,403 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$7,496,224 | $45,325,103 | $73,077 | $52,828,014 | $105,722,418 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $24,793,365 | $19,117,766 |
Long-Term Capital Gains | 9,281,987 | 18,720,982 |
Total | $34,075,352 | $37,838,748 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 295,188 | $ 5,323,316 |
Shares issued to shareholders in reinvestment of distributions | 563,265 | 10,040,167 |
Shares redeemed | (1,036,303) | (18,698,533) |
Net increase (decrease) | (177,850) | $ (3,335,050) |
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) |
Service Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 3,492,661 | $ 62,449,130 |
Shares issued to shareholders in reinvestment of distributions | 1,361,246 | 24,035,185 |
Shares redeemed | (4,598,203) | (82,061,073) |
Net increase (decrease) | 255,704 | $ 4,423,242 |
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 |
MainStay VP Income Builder Portfolio
New York, New York
February 24, 2022
46 | MainStay VP Income Builder Portfolio |
48 | MainStay VP Income Builder Portfolio |
50 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
52 | MainStay VP Income Builder Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
54 | MainStay VP Income Builder Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802542 | MSVPIB11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 4/29/2011 | 1.96% | 3.70% | 4.28% | 0.68% |
Service Class Shares | 4/29/2011 | 1.71 | 3.45 | 4.02 | 0.93 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -1.54% | 3.57% | 2.90% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 0.17 | 1.41 | 0.89 |
Morningstar Nontraditional Bond Category Average3 | 1.53 | 2.90 | 2.57 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,003.20 | $3.08 | $1,022.13 | $3.11 | 0.61% |
Service Class Shares | $1,000.00 | $1,001.90 | $4.34 | $1,020.87 | $4.38 | 0.86% |
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 184 (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)-5.948%, due 4/25/29–3/25/60 |
3. | Morgan Stanley, 2.484%-5.00%, due 4/29/24–9/16/36 |
4. | Goldman Sachs Group, Inc. (The), 1.326%-6.75%, due 5/15/26–10/1/37 |
5. | Brazil Government Bond, 3.75%-4.625%, due 1/13/28–9/12/31 |
6. | Bank of America Corp., 2.087%-8.57%, due 11/15/24–6/14/29 |
7. | Citigroup, Inc., 4.15%-6.30%, due 5/15/24–11/15/26 |
8. | JPMorgan Chase & Co., 2.956%-4.60%, due 2/1/25–5/13/31 |
9. | Ally Financial, Inc., 5.75%-8.00%, due 11/20/25–11/1/31 |
10. | FHLMC, STRIPS, (zero coupon), due 10/15/47 |
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. | 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. | 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 Portfolio 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 Portfolio. |
5. | 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 MacKay Strategic Bond Portfolio |
6. | 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. |
Principal Amount | Value | |
Long-Term Bonds 96.1% | ||
Asset-Backed Securities 11.9% | ||
Automobile Asset-Backed Securities 4.7% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | $ 1,955,000 | $ 1,942,903 |
Series 2020-2, Class C | ||
3.88%, due 4/13/26 | 3,615,000 | 3,718,705 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,550,000 | 2,504,042 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 1,880,000 | 1,899,981 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 1,160,000 | 1,137,256 |
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,390,000 | 3,372,789 |
Flagship Credit Auto Trust (a) | ||
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 2,590,000 | 2,582,736 |
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 2,460,000 | 2,490,479 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,258,000 | 1,301,659 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 1,795,000 | 2,010,076 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 3,430,000 | 3,370,456 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 2,510,000 | 2,510,389 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,430,000 | 1,455,161 |
GLS Auto Receivables Trust | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 (a) | 1,350,000 | 1,327,499 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 5,027,000 | 4,987,907 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 3,289,000 | 3,280,571 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class D | ||
3.98%, due 12/26/25 (a) | 1,000,000 | 994,125 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Santander Drive Auto Receivables Trust | ||
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | $ 3,600,000 | $ 3,574,957 |
44,461,691 | ||
Home Equity Asset-Backed Securities 0.4% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
0.292% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 2,732,989 | 2,706,138 |
First NLC Trust | ||
Series 2007-1, Class A1 | ||
0.172% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 59,144 | 37,703 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
0.202% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 21,157 | 14,441 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
0.202% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 16,218 | 6,811 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
0.212% (1 Month LIBOR + 0.11%), due 2/25/37 | 17,364 | 7,345 |
Series 2007-HE7, Class M1 | ||
2.102% (1 Month LIBOR + 2.00%), due 7/25/37 | 930,000 | 985,684 |
3,758,122 | ||
Other Asset-Backed Securities 6.8% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,531,293 | 1,479,200 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 1,412,122 | 1,348,815 |
Series 2015-2, Class A | ||
4.00%, due 9/22/27 | 369,741 | 362,242 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,955,596 | 1,998,400 |
AMSR Trust | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 (a) | 2,575,000 | 2,510,196 |
CF Hippolyta LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,136,822 | 1,127,681 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 5,483,212 | 5,401,470 |
10 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
CF Hippolyta LLC (a) (continued) | ||
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | $ 1,256,869 | $ 1,234,429 |
Continental Airlines Pass-Through Trust | ||
Series 2007-1, Class A | ||
5.983%, due 4/19/22 | 125,421 | 126,854 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 3,755,000 | 4,096,213 |
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | 2,440,000 | 2,433,832 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 1,906,125 | 2,040,080 |
Domino's Pizza Master Issuer LLC | ||
Series 2015-1A, Class A2II | ||
4.474%, due 10/25/45 (a) | 2,555,500 | 2,624,069 |
FirstKey Homes Trust (a) | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 | 4,936,750 | 4,842,389 |
Series 2021-SFR2, Class B | ||
1.607%, due 9/17/38 | 1,860,000 | 1,797,739 |
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 | 3,320,000 | 3,263,438 |
Series 2021-SFR1, Class C | ||
1.888%, due 8/17/38 | 3,800,000 | 3,723,915 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | 2,418,580 | 2,388,932 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 3,490,000 | 3,395,737 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,590,000 | 1,591,087 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 840,000 | 849,419 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,730,000 | 1,696,285 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,665,000 | 1,668,836 |
Progress Residential | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 2,085,000 | 2,043,542 |
Progress Residential Trust | ||
Series 2021-SFR2, Class B | ||
1.796%, due 4/19/38 (a) | 3,000,000 | 2,932,315 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Sierra Timeshare Receivables Funding LLC | ||
Series 2021-1A, Class C | ||
1.79%, due 11/20/37 (a) | $ 611,367 | $ 603,544 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 2,255,000 | 2,203,455 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 855,830 | 896,857 |
Series 2010-1, Class A | ||
6.25%, due 4/22/23 | 531,512 | 544,363 |
United Airlines Pass-Through Trust | ||
Series 2014-2, Class B | ||
4.625%, due 9/3/22 | 778,186 | 791,850 |
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 2,014,359 | 2,206,474 |
Series 2007-1 | ||
6.636%, due 7/2/22 | 1,113,098 | 1,135,360 |
65,359,018 | ||
Total Asset-Backed Securities (Cost $113,588,825) | 113,578,831 | |
Corporate Bonds 50.6% | ||
Aerospace & Defense 0.6% | ||
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 2,150,000 | 2,152,892 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 3,270,000 | 3,670,295 |
5,823,187 | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,900,000 | 1,825,022 |
Airlines 1.2% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,640,000 | 1,705,396 |
5.75%, due 4/20/29 | 3,255,000 | 3,478,683 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,185,000 | 1,245,449 |
4.75%, due 10/20/28 | 2,245,000 | 2,451,498 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 2,050,000 | 2,188,375 |
11,069,401 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers 1.4% | ||
Ford Motor Credit Co. LLC | ||
1.391% (3 Month LIBOR + 1.235%), due 2/15/23 (b) | $ 1,230,000 | $ 1,227,577 |
4.063%, due 11/1/24 | 3,410,000 | 3,587,899 |
4.25%, due 9/20/22 | 900,000 | 916,200 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 908,000 | 883,858 |
2.70%, due 6/10/31 | 2,255,000 | 2,246,958 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 5,030,000 | 4,907,613 |
13,770,105 | ||
Auto Parts & Equipment 0.4% | ||
Dana, Inc. | ||
4.50%, due 2/15/32 | 3,885,000 | 3,875,287 |
Banks 13.4% | ||
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 1,895,000 | 1,881,680 |
3.705%, due 4/24/28 (c) | 1,695,000 | 1,839,468 |
Series MM | ||
4.30%, due 1/28/25 (c)(d) | 3,121,000 | 3,156,111 |
Series DD | ||
6.30%, due 3/10/26 (c)(d) | 1,810,000 | 2,036,250 |
8.57%, due 11/15/24 | 455,000 | 542,132 |
Barclays plc | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(d) | 3,510,000 | 3,438,045 |
5.20%, due 5/12/26 | 1,725,000 | 1,924,876 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (c) | 2,900,000 | 2,983,207 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 2,250,000 | 2,256,750 |
BPCE SA | ||
2.045%, due 10/19/27 (a)(c) | 1,370,000 | 1,358,228 |
Citigroup, Inc. | ||
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 2,180,000 | 2,215,425 |
5.50%, due 9/13/25 | 2,710,000 | 3,064,804 |
Series M | ||
6.30%, due 5/15/24 (c)(d) | 3,975,000 | 4,166,317 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 2,550,000 | 2,518,872 |
Principal Amount | Value | |
Banks (continued) | ||
Citizens Financial Group, Inc. (continued) | ||
Series G | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.215%), due 10/6/26 (b)(d) | $ 1,620,000 | $ 1,620,000 |
Credit Suisse Group AG | ||
3.091%, due 5/14/32 (a)(c) | 2,195,000 | 2,233,526 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (c) | 640,000 | 644,888 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 4,285,000 | 4,629,806 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 2,920,000 | 2,982,079 |
Goldman Sachs Group, Inc. (The) | ||
1.326% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 3,075,000 | 3,136,162 |
1.948%, due 10/21/27 (c) | 1,555,000 | 1,548,159 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(d) | 3,875,000 | 3,938,695 |
6.75%, due 10/1/37 | 1,828,000 | 2,591,919 |
Huntington National Bank (The) | ||
3.55%, due 10/6/23 | 1,445,000 | 1,508,176 |
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b) | 3,460,000 | 3,490,013 |
JPMorgan Chase & Co. (c) | ||
2.956%, due 5/13/31 | 1,245,000 | 1,289,040 |
3.54%, due 5/1/28 | 4,175,000 | 4,534,191 |
Series HH | ||
4.60%, due 2/1/25 (d) | 3,232,000 | 3,316,840 |
Lloyds Banking Group plc | ||
2.907%, due 11/7/23 (c) | 1,160,000 | 1,178,693 |
4.582%, due 12/10/25 | 2,500,000 | 2,727,086 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(c) | 2,065,000 | 2,058,753 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 1,830,000 | 1,762,198 |
Series F | ||
3.875%, due 4/29/24 | 6,015,000 | 6,376,445 |
5.00%, due 11/24/25 | 3,840,000 | 4,298,641 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,685,000 | 2,792,640 |
12 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
NatWest Group plc (b) (continued) | ||
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (d) | $ 2,740,000 | $ 2,685,200 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,953,000 | 2,078,578 |
Santander Holdings USA, Inc. | ||
3.40%, due 1/18/23 | 5,055,000 | 5,166,364 |
Societe Generale SA (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 3,455,000 | 3,508,242 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 3,255,000 | 3,419,052 |
Standard Chartered plc (a)(b) | ||
2.678% (1 Year Treasury Constant Maturity Rate + 1.20%), due 6/29/32 | 1,150,000 | 1,128,532 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (d)(e) | 3,345,000 | 3,319,912 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(d) | 2,070,000 | 2,080,350 |
Texas Capital Bancshares, Inc. | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.15%), due 5/6/31 (b) | 3,010,000 | 3,110,474 |
UBS Group AG | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (a)(b)(d) | 2,715,000 | 2,681,877 |
Wells Fargo & Co. | ||
3.00%, due 10/23/26 | 1,640,000 | 1,722,971 |
Series U | ||
5.875%, due 6/15/25 (c)(d) | 595,000 | 650,038 |
Series S | ||
5.90%, due 6/15/24 (c)(d) | 2,725,000 | 2,875,256 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,825,000 | 1,803,291 |
128,270,252 |
Principal Amount | Value | |
Beverages 0.5% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
4.75%, due 1/23/29 | $ 1,833,000 | $ 2,133,494 |
Constellation Brands, Inc. | ||
4.25%, due 5/1/23 | 2,985,000 | 3,110,634 |
5,244,128 | ||
Biotechnology 0.1% | ||
Biogen, Inc. | ||
3.15%, due 5/1/50 | 1,125,000 | 1,081,309 |
Chemicals 0.7% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 3,185,000 | 3,177,037 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,015,000 | 1,075,900 |
Orbia Advance Corp. SAB de CV | ||
4.00%, due 10/4/27 (a) | 2,200,000 | 2,351,822 |
6,604,759 | ||
Commercial Services 1.3% | ||
Allied Universal Holdco LLC | ||
6.625%, due 7/15/26 (a) | 1,320,000 | 1,384,944 |
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 2,250,000 | 2,400,281 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,614,000 | 1,877,813 |
Hertz Corp. (The) | ||
5.00%, due 12/1/29 (a) | 1,350,000 | 1,351,154 |
IHS Markit Ltd. | ||
4.125%, due 8/1/23 | 2,175,000 | 2,272,875 |
4.75%, due 2/15/25 (a) | 3,105,000 | 3,380,570 |
12,667,637 | ||
Computers 0.7% | ||
Dell International LLC | ||
6.02%, due 6/15/26 | 625,000 | 722,407 |
8.10%, due 7/15/36 | 670,000 | 1,019,472 |
NCR Corp. (a) | ||
5.00%, due 10/1/28 | 3,660,000 | 3,769,800 |
6.125%, due 9/1/29 | 893,000 | 954,298 |
6,465,977 | ||
Diversified Financial Services 3.4% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 2,200,000 | 2,231,099 |
3.30%, due 1/23/23 | 1,400,000 | 1,429,449 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 3,640,000 | 3,690,011 |
2.75%, due 1/15/23 | 1,040,000 | 1,055,849 |
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)(d) | $ 3,325,000 | $ 3,391,500 |
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | 3,570,000 | 4,026,352 |
8.00%, due 11/1/31 | 3,450,000 | 4,883,714 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,340,000 | 2,356,341 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 5,405,000 | 5,128,048 |
Discover Financial Services | ||
3.85%, due 11/21/22 | 300,000 | 307,903 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 2,715,000 | 2,684,456 |
6.125%, due 3/15/24 | 880,000 | 933,002 |
X-Caliber Funding LLC | ||
Series A | ||
5.00%, due 9/24/24 (a) | 810,000 | 813,912 |
32,931,636 | ||
Electric 1.8% | ||
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(d) | 1,045,000 | 1,078,963 |
Duke Energy Corp. | ||
4.875% (5 Year Treasury Constant Maturity Rate + 3.388%), due 9/16/24 (b)(d) | 2,625,000 | 2,723,438 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 2,685,000 | 2,743,533 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 1,675,000 | 1,780,795 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 1,345,000 | 1,297,007 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 2,460,000 | 2,278,852 |
Puget Energy, Inc. | ||
5.625%, due 7/15/22 | 585,000 | 592,963 |
Principal Amount | Value | |
Electric (continued) | ||
Sempra Energy | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | $ 2,935,000 | $ 2,972,235 |
WEC Energy Group, Inc. | ||
2.269% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 1,860,340 | 1,727,791 |
17,195,577 | ||
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
4.75%, due 5/15/23 | 1,999,000 | 2,083,808 |
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 310,000 | 305,350 |
2,389,158 | ||
Food 1.3% | ||
Kraft Heinz Foods Co. | ||
5.00%, due 7/15/35 | 718,000 | 878,359 |
Performance Food Group, Inc. (a) | ||
4.25%, due 8/1/29 | 775,000 | 768,847 |
5.50%, due 10/15/27 | 4,355,000 | 4,545,531 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 2,005,000 | 1,996,783 |
Sysco Corp. | ||
3.30%, due 7/15/26 | 1,735,000 | 1,847,779 |
U.S. Foods, Inc. | ||
4.625%, due 6/1/30 (a) | 2,330,000 | 2,355,980 |
12,393,279 | ||
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,195,000 | 1,200,875 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 2,010,000 | 1,984,661 |
3,185,536 | ||
Healthcare-Products 0.7% | ||
Baxter International, Inc. | ||
2.60%, due 8/15/26 | 6,085,000 | 6,305,805 |
Healthcare-Services 0.4% | ||
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
3.20%, due 6/1/50 (a) | 1,485,000 | 1,510,913 |
14 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Services (continued) | ||
NYU Langone Hospitals | ||
Series 2020 | ||
3.38%, due 7/1/55 | $ 1,805,000 | $ 1,852,134 |
3,363,047 | ||
Home Builders 0.8% | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 3,650,000 | 3,613,500 |
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 | 1,251,000 | 1,344,825 |
4.35%, due 2/15/28 | 2,089,000 | 2,287,455 |
7,245,780 | ||
Household Products & Wares 0.3% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,465,000 | 2,435,001 |
Housewares 0.2% | ||
Scotts Miracle-Gro Co. (The) | ||
5.25%, due 12/15/26 | 1,960,000 | 2,013,900 |
Insurance 1.7% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 2,985,000 | 3,001,886 |
Lincoln National Corp. | ||
2.515% (3 Month LIBOR + 2.358%), due 5/17/66 (b) | 6,418,000 | 5,695,975 |
MassMutual Global Funding II | ||
2.95%, due 1/11/25 (a) | 2,995,000 | 3,137,697 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 870,000 | 987,885 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,564,000 | 2,489,900 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 840,000 | 911,481 |
16,224,824 | ||
Internet 1.5% | ||
Cablevision Lightpath LLC | ||
3.875%, due 9/15/27 (a) | 3,630,000 | 3,521,100 |
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 2,315,000 | 2,362,459 |
3.80%, due 2/15/28 | 2,245,000 | 2,400,239 |
5.00%, due 2/15/26 | 315,000 | 350,335 |
Match Group Holdings II LLC (a) | ||
3.625%, due 10/1/31 | 1,975,000 | 1,918,219 |
Principal Amount | Value | |
Internet (continued) | ||
Match Group Holdings II LLC (a) (continued) | ||
4.125%, due 8/1/30 | $ 148,000 | $ 149,480 |
5.00%, due 12/15/27 | 3,170,000 | 3,296,800 |
13,998,632 | ||
Iron & Steel 0.5% | ||
Vale Overseas Ltd. | ||
3.75%, due 7/8/30 | 1,440,000 | 1,490,414 |
6.25%, due 8/10/26 | 2,780,000 | 3,217,878 |
4,708,292 | ||
Lodging 1.7% | ||
Hilton Domestic Operating Co., Inc. | ||
4.875%, due 1/15/30 | 2,120,000 | 2,265,750 |
5.375%, due 5/1/25 (a) | 3,470,000 | 3,610,882 |
Hyatt Hotels Corp. | ||
1.80%, due 10/1/24 | 5,450,000 | 5,454,855 |
Marriott International, Inc. | ||
3.75%, due 10/1/25 | 1,860,000 | 1,969,749 |
Series X | ||
4.00%, due 4/15/28 | 880,000 | 949,616 |
MGM Resorts International | ||
6.00%, due 3/15/23 | 2,300,000 | 2,403,500 |
16,654,352 | ||
Machinery-Diversified 0.2% | ||
Clark Equipment Co. | ||
5.875%, due 6/1/25 (a) | 1,535,000 | 1,594,481 |
Media 1.0% | ||
Charter Communications Operating LLC | ||
4.464%, due 7/23/22 | 2,770,000 | 2,810,886 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 2,150,000 | 2,171,500 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,735,000 | 2,174,596 |
Sky Ltd. | ||
3.75%, due 9/16/24 (a) | 1,105,000 | 1,176,606 |
Time Warner Entertainment Co. LP | ||
8.375%, due 3/15/23 | 740,000 | 802,414 |
9,136,002 | ||
Mining 0.5% | ||
Industrias Penoles SAB de CV | ||
4.75%, due 8/6/50 (a) | 4,007,000 | 4,382,656 |
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 | $ 3,189,900 |
Oil & Gas 2.0% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a) | 2,500,000 | 3,318,775 |
Marathon Petroleum Corp. | ||
5.125%, due 12/15/26 | 5,755,000 | 6,549,498 |
Occidental Petroleum Corp. | ||
3.50%, due 8/15/29 | 4,810,000 | 4,941,313 |
4.30%, due 8/15/39 | 585,000 | 583,403 |
Petrobras Global Finance BV | ||
5.50%, due 6/10/51 | 1,215,000 | 1,126,913 |
Valero Energy Corp. | ||
4.00%, due 4/1/29 | 2,250,000 | 2,448,388 |
18,968,290 | ||
Packaging & Containers 0.6% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 166,000 | 171,714 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 2,950,000 | 3,112,250 |
WestRock RKT LLC | ||
4.00%, due 3/1/23 | 2,230,000 | 2,289,679 |
5,573,643 | ||
Pharmaceuticals 1.0% | ||
AbbVie, Inc. | ||
4.25%, due 11/21/49 | 3,065,000 | 3,684,658 |
Becton Dickinson and Co. | ||
3.363%, due 6/6/24 | 1,018,000 | 1,065,793 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 2,575,000 | 2,420,500 |
4.75%, due 5/9/27 | 2,855,000 | 2,828,934 |
9,999,885 | ||
Pipelines 4.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 (a) | 1,640,000 | 1,599,977 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 3,535,000 | 3,521,744 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 | 4,165,000 | 4,196,237 |
Principal Amount | Value | |
Pipelines (continued) | ||
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(d) | $ 3,435,000 | $ 3,495,113 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,760,000 | 1,900,100 |
4.20%, due 1/31/50 | 545,000 | 610,941 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,310,000 | 2,318,772 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 3,710,000 | 3,682,175 |
5.625%, due 2/15/26 | 389,000 | 400,670 |
MPLX LP | ||
4.00%, due 3/15/28 | 2,500,000 | 2,709,150 |
4.125%, due 3/1/27 | 1,780,000 | 1,947,456 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,330,000 | 1,388,843 |
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | 2,710,000 | 2,947,252 |
Venture Global Calcasieu Pass LLC | ||
3.875%, due 11/1/33 (a) | 3,490,000 | 3,666,524 |
Western Midstream Operating LP | ||
6.50%, due 2/1/50 (f) | 1,975,000 | 2,335,447 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,975,000 | 1,995,229 |
38,715,630 | ||
Real Estate Investment Trusts 1.1% | ||
CyrusOne LP | ||
3.45%, due 11/15/29 | 2,030,000 | 2,201,759 |
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 3,539,000 | 3,662,794 |
Office Properties Income Trust | ||
2.65%, due 6/15/26 | 2,310,000 | 2,291,945 |
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | 2,340,000 | 2,328,300 |
10,484,798 | ||
Retail 1.8% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 2,880,000 | 3,289,801 |
Darden Restaurants, Inc. | ||
3.85%, due 5/1/27 | 2,025,000 | 2,192,106 |
Macy's Retail Holdings LLC | ||
5.875%, due 4/1/29 (a)(e) | 2,645,000 | 2,820,231 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 840,000 | 844,200 |
4.25%, due 8/1/31 (e) | 3,200,000 | 3,144,016 |
16 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
QVC, Inc. | ||
4.375%, due 9/1/28 | $ 2,870,000 | $ 2,848,475 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 2,445,000 | 2,500,013 |
17,638,842 | ||
Semiconductors 0.5% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,470,000 | 2,585,274 |
3.75%, due 2/15/51 | 910,000 | 951,408 |
NXP BV | ||
3.40%, due 5/1/30 (a) | 1,380,000 | 1,470,681 |
5,007,363 | ||
Software 0.5% | ||
MSCI, Inc. | ||
3.25%, due 8/15/33 (a) | 3,960,000 | 4,004,550 |
Oracle Corp. | ||
3.65%, due 3/25/41 | 685,000 | 692,626 |
4,697,176 | ||
Telecommunications 1.8% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 3,915,000 | 3,818,887 |
AT&T, Inc. | ||
3.65%, due 6/1/51 | 1,860,000 | 1,926,299 |
CommScope Technologies LLC | ||
5.00%, due 3/15/27 (a) | 1,629,000 | 1,523,115 |
CommScope, Inc. | ||
7.125%, due 7/1/28 (a) | 645,000 | 633,712 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 2,630,000 | 2,590,550 |
3.50%, due 4/15/31 (a) | 1,295,000 | 1,347,292 |
Verizon Communications, Inc. | ||
3.40%, due 3/22/41 | 900,000 | 942,249 |
4.016%, due 12/3/29 | 2,125,000 | 2,382,341 |
Vodafone Group plc | ||
4.25%, due 9/17/50 | 1,775,000 | 2,048,640 |
17,213,085 | ||
Total Corporate Bonds (Cost $468,888,221) | 484,343,634 |
Principal Amount | Value | |
Foreign Government Bonds 4.6% | ||
Brazil 1.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | $ 2,565,000 | $ 2,411,100 |
4.625%, due 1/13/28 | 7,789,000 | 8,129,847 |
10,540,947 | ||
Chile 1.3% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 4,770,000 | 4,638,825 |
Corp. Nacional del Cobre de Chile (a) | ||
3.00%, due 9/30/29 | 2,055,000 | 2,077,551 |
3.75%, due 1/15/31 | 1,635,000 | 1,741,484 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 4,005,000 | 3,814,802 |
12,272,662 | ||
Colombia 0.2% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 2,065,000 | 1,855,919 |
Mexico 2.0% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 3,255,000 | 3,191,560 |
4.677%, due 2/9/51 | 2,765,000 | 2,595,643 |
Mexico Government Bond | ||
2.659%, due 5/24/31 | 3,402,000 | 3,316,984 |
3.75%, due 4/19/71 | 2,230,000 | 2,004,770 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 3,570,000 | 3,808,619 |
6.75%, due 9/21/47 | 4,990,000 | 4,428,625 |
19,346,201 | ||
Total Foreign Government Bonds (Cost $45,602,608) | 44,015,729 | |
Loan Assignments 3.5% | ||
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) | 4,992,378 | 4,920,169 |
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) | 3,976,219 | 3,971,746 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Service (continued) | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
4.75% (1 Month LIBOR + 4.00%), due 11/2/27 | $ 1,480,050 | $ 1,480,512 |
Second Lien Initial Term Loan | ||
9.25% (3 Month LIBOR + 8.50%), due 11/2/28 | 645,000 | 648,225 |
6,100,483 | ||
Ecological 0.2% | ||
GFL Environmental, Inc. | ||
2020 Refinancing Term Loan | ||
3.50% (3 Month LIBOR + 3.00%), due 5/30/25 (b) | 1,960,533 | 1,963,473 |
Finance 1.2% | ||
Alliant Holdings Intermediate LLC | ||
2018 Initial Term Loan | ||
3.354% (1 Month LIBOR + 3.25%), due 5/9/25 (b) | 3,947,950 | 3,906,003 |
Iqvia, Inc. | ||
Dollar Term Loan B3 | ||
1.974% (3 Month LIBOR + 1.75%), due 6/11/25 (b) | 3,487,247 | 3,470,780 |
Match Group, Inc. | ||
2020 Refinancing Term Loan | ||
1.908% (3 Month LIBOR + 1.75%), due 2/13/27 (b) | 1,859,000 | 1,833,439 |
ON Semiconductor Corp. | ||
2019 New Replacement Term Loan B4 | ||
2.104% (1 Month LIBOR + 2.00%), due 9/19/26 (b) | 1,843,709 | 1,841,174 |
11,051,396 | ||
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 | 3,907,121 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
1.86% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 4,127,343 | 4,079,762 |
7,986,883 |
Principal Amount | Value | |
Utilities 0.2% | ||
Southwestern Energy Co. | ||
Initial Loan | ||
3.00%, due 6/22/27 | $ 1,350,000 | $ 1,350,844 |
Total Loan Assignments (Cost $33,529,035) | 33,373,248 | |
Mortgage-Backed Securities 21.9% | ||
Agency (Collateralized Mortgage Obligations) 2.8% | ||
FHLMC (g) | ||
REMIC, Series 5070, Class IG | ||
1.50%, due 1/25/44 | 9,349,238 | 515,969 |
REMIC, Series 5048, Class IC | ||
2.00%, due 12/25/50 | 10,053,746 | 981,368 |
REMIC, Series 5051, Class KI | ||
2.50%, due 12/25/50 | 6,223,326 | 1,050,848 |
REMIC, Series 5036, Class IO | ||
3.50%, due 11/25/50 | 5,299,812 | 867,868 |
REMIC, Series 4924, Class NS | ||
5.948% (1 Month LIBOR + 6.05%), due 10/25/49 (b) | 3,071,300 | 415,729 |
REMIC, Series 4957, Class SB | ||
5.948% (1 Month LIBOR + 6.05%), due 11/25/49 (b) | 1,860,536 | 344,288 |
FHLMC, STRIPS | ||
REMIC, Series 358, Class PO | ||
(zero coupon), due 10/15/47 | 4,865,059 | 4,576,483 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 1,994,404 | 1,866,316 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 707,783 | 656,544 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 652,086 | 616,811 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 842,729 | 784,361 |
REMIC, Series 2020-78, Class TI | ||
2.00%, due 11/25/50 (g) | 5,894,034 | 666,953 |
REMIC, Series 2020-91, Class MI | ||
2.00%, due 12/25/50 (g) | 7,030,100 | 761,087 |
REMIC, Series 2021-2, Class AI | ||
2.00%, due 2/25/51 (g) | 14,517,690 | 1,393,030 |
REMIC, Series 2020-91, Class AI | ||
2.50%, due 12/25/50 (g) | 5,954,465 | 908,808 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 (g) | 4,123,505 | 539,271 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (g) | 3,285,792 | 333,088 |
18 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | $ 1,976,168 | $ 2,108,315 |
REMIC, Series 2019-32, Class SB | ||
5.948% (1 Month LIBOR + 6.05%), due 6/25/49 (b)(g) | 3,819,286 | 644,948 |
FREMF Mortgage Trust | ||
REMIC, Series 2017-K63, Class C | ||
3.873%, due 2/25/50 (a)(h) | 1,925,000 | 2,024,878 |
GNMA (g) | ||
REMIC, Series 2021-15, Class AI | ||
2.00%, due 1/20/51 | 5,717,318 | 502,649 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 | 7,373,313 | 852,558 |
REMIC, Series 2021-57, Class IB | ||
2.50%, due 2/20/51 | 4,851,884 | 633,554 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 | 4,216,137 | 482,588 |
REMIC, Series 2021-77, Class KS | ||
2.55% (SOFR 30A + 2.60%), due 5/20/51 (b) | 14,363,474 | 747,356 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 | 6,833,133 | 882,145 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 | 5,149,416 | 699,047 |
26,856,860 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 10.8% | ||
Bayview Commercial Asset Trust | ||
Series 2005-3A, Class A1 | ||
0.582% (1 Month LIBOR + 0.48%), due 11/25/35 (a)(b) | 1,084,672 | 1,034,320 |
BX Commercial Mortgage Trust (a) | ||
Series 2021-VOLT, Class D | ||
1.76% (1 Month LIBOR + 1.65%), due 9/15/36 (b) | 2,150,000 | 2,131,011 |
Series 2021-VOLT, Class E | ||
2.11% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 2,600,000 | 2,577,042 |
Series 2021-ACNT, Class E | ||
2.307% (1 Month LIBOR + 2.197%), due 11/15/26 (b) | 3,400,000 | 3,385,022 |
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (h) | 2,790,000 | 2,826,364 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (h) | 1,680,000 | 1,738,281 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a) (continued) | ||
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (h) | $ 950,000 | $ 946,133 |
BX Trust (a) | ||
Series 2021-MFM1, Class C | ||
1.31% (1 Month LIBOR + 1.20%), due 1/15/34 (b) | 4,155,000 | 4,122,454 |
Series 2021-MFM1, Class D | ||
1.61% (1 Month LIBOR + 1.50%), due 1/15/34 (b) | 2,056,500 | 2,024,288 |
Series 2021-LBA, Class DV | ||
1.71% (1 Month LIBOR + 1.60%), due 2/15/36 (b) | 2,000,000 | 1,984,331 |
Series 2021-RISE, Class D | ||
1.85% (1 Month LIBOR + 1.75%), due 11/15/36 (b) | 2,400,000 | 2,394,467 |
Series 2021-ARIA, Class E | ||
2.355% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 4,000,000 | 3,977,538 |
Series 2019-OC11, Class A | ||
3.202%, due 12/9/41 | 1,395,000 | 1,468,326 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 895,000 | 920,012 |
Series 2019-OC11, Class E | ||
4.075%, due 12/9/41 (h) | 4,935,000 | 4,887,839 |
BXHPP Trust | ||
Series 2021-FILM, Class C | ||
1.21% (1 Month LIBOR + 1.10%), due 8/15/36 (a)(b) | 1,500,000 | 1,482,087 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 2,255,000 | 2,271,505 |
Series 2013-CR9, Class B | ||
4.279%, due 7/10/45 (a)(h) | 1,500,000 | 1,497,472 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C3, Class A4 | ||
3.718%, due 8/15/48 | 2,715,503 | 2,886,978 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 3,107,500 | 3,202,245 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
1.26% (1 Month LIBOR + 1.15%), due 4/15/26 (a)(b) | 1,535,000 | 1,535,465 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
2.36% (1 Month LIBOR + 2.25%), due 7/15/38 (a)(b) | $ 2,387,579 | $ 2,387,576 |
FREMF Mortgage Trust (a)(h) | ||
REMIC, Series 2018-K154, Class B | ||
4.021%, due 11/25/32 | 2,450,000 | 2,591,045 |
REMIC, Series 2018-K155, Class B | ||
4.163%, due 4/25/33 | 2,975,000 | 3,206,590 |
REMIC, Series 2018-K81, Class C | ||
4.168%, due 9/25/51 | 2,020,000 | 2,181,198 |
REMIC, Series 2019-K87, Class C | ||
4.322%, due 1/25/51 | 1,385,000 | 1,507,885 |
REMIC, Series 2019-K88, Class C | ||
4.38%, due 2/25/52 | 2,140,000 | 2,346,795 |
GS Mortgage Securities Corp. Trust | ||
Series 2019-BOCA, Class A | ||
1.31% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b) | 4,480,000 | 4,477,220 |
GS Mortgage Securities Trust | ||
Series 2017-GS7, Class A4 | ||
3.43%, due 8/10/50 | 2,990,000 | 3,205,723 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 1,580,000 | 1,683,952 |
J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
Series 2018-AON, Class B | ||
4.379%, due 7/5/31 (a)(h) | 2,795,000 | 2,890,550 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2014-C26, Class A3 | ||
3.231%, due 1/15/48 | 2,033,577 | 2,092,891 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,725,000 | 1,719,065 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2015-C23, Class A3 | ||
3.451%, due 7/15/50 | 1,391,013 | 1,446,070 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 4,735,000 | 4,791,703 |
SLG Office Trust | ||
Series 2021-OVA, Class D | ||
2.851%, due 7/15/41 (a) | 1,600,000 | 1,554,679 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2013-C6, Class B | ||
3.875%, due 4/10/46 (a)(i) | 1,485,000 | 1,493,162 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Wells Fargo Commercial Mortgage Trust | ||
Series 2019-C53, Class A3 | ||
2.787%, due 10/15/52 | $ 1,005,000 | $ 1,040,277 |
Series 2019-C53, Class A4 | ||
3.04%, due 10/15/52 | 3,566,000 | 3,783,858 |
Series 2018-1745, Class A | ||
3.749%, due 6/15/36 (a)(h) | 3,010,000 | 3,261,436 |
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(h) | 4,325,000 | 4,734,672 |
WFRBS Commercial Mortgage Trust | ||
Series 2012-C7, Class AS | ||
4.09%, due 6/15/45 (i) | 2,040,000 | 2,041,510 |
103,731,037 | ||
Whole Loan (Collateralized Mortgage Obligations) 8.3% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
0.662% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | 2,781,558 | 2,659,729 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2020-R02, Class 2M2 | ||
2.103% (1 Month LIBOR + 2.00%), due 1/25/40 | 2,485,249 | 2,491,483 |
Series 2021-R01, Class 1B1 | ||
3.15% (SOFR 30A + 3.10%), due 10/25/41 | 3,150,000 | 3,182,525 |
Series 2020-SBT1, Class 1M2 | ||
3.753% (1 Month LIBOR + 3.65%), due 2/25/40 | 1,700,000 | 1,765,060 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2020-DNA6, Class M2 | ||
2.05% (SOFR 30A + 2.00%), due 12/25/50 | 4,395,000 | 4,418,376 |
Series 2021-HQA1, Class B1 | ||
3.05% (SOFR 30A + 3.00%), due 8/25/33 | 1,510,000 | 1,513,681 |
Series 2021-DNA5, Class B1 | ||
3.10% (SOFR 30A + 3.05%), due 1/25/34 | 2,780,000 | 2,792,251 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class M2 | ||
2.253% (1 Month LIBOR + 2.15%), due 12/25/30 | 4,205,973 | 4,257,104 |
Series 2018-HQA2, Class M2 | ||
2.403% (1 Month LIBOR + 2.30%), due 10/25/48 | 1,355,000 | 1,370,722 |
20 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR Trust (a)(b) (continued) | ||
Series 2019-DNA3, Class B1 | ||
3.353% (1 Month LIBOR + 3.25%), due 7/25/49 | $ 2,400,000 | $ 2,428,592 |
Series 2018-DNA2, Class B1 | ||
3.803% (1 Month LIBOR + 3.70%), due 12/25/30 | 4,225,000 | 4,373,037 |
Series 2019-DNA2, Class B1 | ||
4.453% (1 Month LIBOR + 4.35%), due 3/25/49 | 1,900,000 | 1,957,094 |
FHLMC Structured Agency Credit Risk Debt Notes (b) | ||
Series 2017-DNA3, Class M2 | ||
2.603% (1 Month LIBOR + 2.50%), due 3/25/30 | 1,232,078 | 1,255,790 |
Series 2016-DNA4, Class M3 | ||
3.903% (1 Month LIBOR + 3.80%), due 3/25/29 | 1,883,566 | 1,940,807 |
FNMA (b) | ||
Series 2017-C05, Class 1M2 | ||
2.303% (1 Month LIBOR + 2.20%), due 1/25/30 | 1,295,677 | 1,317,810 |
Series 2017-C07, Class 2M2 | ||
2.602% (1 Month LIBOR + 2.50%), due 5/25/30 | 1,856,219 | 1,878,365 |
Series 2017-C04, Class 2M2 | ||
2.953% (1 Month LIBOR + 2.85%), due 11/25/29 | 1,981,514 | 2,031,185 |
Series 2017-C03, Class 1M2 | ||
3.103% (1 Month LIBOR + 3.00%), due 10/25/29 | 1,592,307 | 1,629,242 |
Series 2021-R02, Class 2B1 | ||
3.35% (SOFR 30A + 3.30%), due 11/25/41 (a) | 680,000 | 685,087 |
Series 2016-C06, Class 1M2 | ||
4.353% (1 Month LIBOR + 4.25%), due 4/25/29 | 2,743,495 | 2,832,365 |
Series 2016-C07, Class 2M2 | ||
4.453% (1 Month LIBOR + 4.35%), due 5/25/29 | 3,910,663 | 4,059,843 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(i) | 1,169,708 | 1,182,942 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
0.542% (1 Month LIBOR + 0.44%), due 6/25/37 (b) | 574,021 | 575,063 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Mello Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
1.002% (1 Month LIBOR + 0.90%), due 2/25/55 (a)(b) | $ 1,600,000 | $ 1,593,826 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.434%, due 8/25/59 (h) | 3,514,329 | 2,630,218 |
Series 2019-4A, Class B6 | ||
4.746%, due 12/25/58 (i) | 2,986,172 | 2,310,574 |
Series 2019-2A, Class B6 | ||
4.942%, due 12/25/57 (i) | 1,253,519 | 1,000,901 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
1.002% (1 Month LIBOR + 0.90%), due 5/25/55 (a)(b) | 4,615,000 | 4,599,566 |
Sequoia Mortgage Trust | ||
Series 2018-7, Class B3 | ||
4.252%, due 9/25/48 (a)(i) | 1,584,168 | 1,588,334 |
STACR Trust (a)(b) | ||
Series 2018-DNA3, Class M2 | ||
2.203% (1 Month LIBOR + 2.10%), due 9/25/48 | 2,025,000 | 2,047,360 |
Series 2018-HRP2, Class M3 | ||
2.503% (1 Month LIBOR + 2.40%), due 2/25/47 | 6,045,000 | 6,140,517 |
Series 2018-HRP1, Class B1 | ||
3.853% (1 Month LIBOR + 3.75%), due 4/25/43 | 2,275,000 | 2,329,974 |
Series 2018-HRP2, Class B1 | ||
4.303% (1 Month LIBOR + 4.20%), due 2/25/47 | 1,700,000 | 1,802,628 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
1.725% (11th District Cost of Funds Index + 1.50%), due 8/25/46 (b) | 876,530 | 859,717 |
79,501,768 | ||
Total Mortgage-Backed Securities (Cost $208,688,395) | 210,089,665 | |
Municipal Bonds 0.5% | ||
California 0.5% | ||
Golden State Tobacco Securitization Corp. Revenue Bonds | ||
Series B, Insured: State Appropriations | ||
3.293%, due 6/1/42 | 1,440,000 | 1,468,536 |
Principal Amount | Value | ||
Municipal Bonds (continued) | |||
California (continued) | |||
Regents of the University of California Medical Center, Pooled Revenue Bonds | |||
Series N | |||
3.006%, due 5/15/50 | $ 3,170,000 | $ 3,267,772 | |
4,736,308 | |||
Total Municipal Bonds (Cost $4,610,000) | 4,736,308 | ||
U.S. Government & Federal Agencies 3.1% | |||
United States Treasury Inflation - Indexed Notes 3.1% | |||
U.S. Treasury Inflation Linked Notes (j) | |||
0.125%, due 1/15/30 | 2,504,843 | 2,779,948 | |
0.75%, due 7/15/28 | 10,561,520 | 12,094,233 | |
0.875%, due 1/15/29 | 12,564,123 | 14,528,170 | |
29,402,351 | |||
Total U.S. Government & Federal Agencies (Cost $26,676,415) | 29,402,351 | ||
Total Long-Term Bonds (Cost $901,583,499) | 919,539,766 | ||
Shares | |||
Short-Term Investments 3.5% | |||
Affiliated Investment Company 3.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (k) | 29,106,126 | 29,106,126 | |
Unaffiliated Investment Companies 0.5% | |||
BlackRock Liquidity FedFund, 0.025% (k)(l) | 4,000,000 | 4,000,000 | |
Wells Fargo Government Money Market Fund, 0.10% (k)(l) | 524,173 | 524,173 | |
Total Unaffiliated Investment Companies (Cost $4,524,173) | 4,524,173 | ||
Total Short-Term Investments (Cost $33,630,299) | 33,630,299 | ||
Total Investments (Cost $935,213,798) | 99.6% | 953,170,065 | |
Other Assets, Less Liabilities | 0.4 | 4,211,847 | |
Net Assets | 100.0% | $ 957,381,912 |
† | 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) | Floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $5,051,575; the total market value of collateral held by the Portfolio was $5,239,486. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $715,313. The Portfolio received cash collateral with a value of $4,524,173. (See Note 2(N)) |
(f) | Step coupon—Rate shown was the rate in effect as of December 31, 2021. |
(g) | 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. |
(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 December 31, 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 December 31, 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 December 31, 2021. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
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 Long Bonds | 119 | March 2022 | $ 18,950,964 | $ 19,092,063 | $ 141,099 |
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (371) | March 2022 | (81,011,976) | (80,941,766) | 70,210 |
U.S. Treasury 5 Year Notes | (1,020) | March 2022 | (123,101,371) | (123,396,094) | (294,723) |
U.S. Treasury 10 Year Notes | (1,590) | March 2022 | (205,779,032) | (207,445,313) | (1,666,281) |
U.S. Treasury 10 Year Ultra Bonds | (280) | March 2022 | (40,471,615) | (41,002,500) | (530,885) |
U.S. Treasury Ultra Bonds | (32) | March 2022 | (6,247,349) | (6,308,000) | (60,651) |
Total Short Contracts | (2,482,330) | ||||
Net Unrealized Depreciation | $ (2,341,231) |
1. | As of December 31, 2021, cash in the amount of $4,551,003 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 December 31, 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 | Semi-Annually/Quarterly | $ — | $ (1,308,188) | $ (1,308,188) | ||
50,000,000 | USD | 3/29/23 | Fixed 2.762% | 3 month USD LIBOR | Semi-Annually/Quarterly | — | (1,318,304) | (1,318,304) | ||
$ — | $ (2,626,492) | $ (2,626,492) |
1. | As of December 31, 2021, cash in the amount of $633,353 was on deposit with a broker for centrally cleared swap agreements. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
USD—United States Dollar |
USISDA—U.S. dollar International Swaps and Derivatives Association |
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 | $ — | $ 113,578,831 | $ — | $ 113,578,831 | |||
Corporate Bonds | — | 484,343,634 | — | 484,343,634 | |||
Foreign Government Bonds | — | 44,015,729 | — | 44,015,729 | |||
Loan Assignments | — | 33,373,248 | — | 33,373,248 | |||
Mortgage-Backed Securities | ��� — | 210,089,665 | — | 210,089,665 | |||
Municipal Bonds | — | 4,736,308 | — | 4,736,308 | |||
U.S. Government & Federal Agencies | — | 29,402,351 | — | 29,402,351 | |||
Total Long-Term Bonds | — | 919,539,766 | — | 919,539,766 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 29,106,126 | — | — | 29,106,126 | |||
Unaffiliated Investment Companies | 4,524,173 | — | — | 4,524,173 | |||
Total Short-Term Investments | 33,630,299 | — | — | 33,630,299 | |||
Total Investments in Securities | 33,630,299 | 919,539,766 | — | 953,170,065 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 211,309 | — | — | 211,309 | |||
Total Other Financial Instruments | 211,309 | — | — | 211,309 | |||
Total Investments in Securities and Other Financial Instruments | $ 33,841,608 | $ 919,539,766 | $ — | $ 953,381,374 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (2,552,540) | $ — | $ — | $ (2,552,540) | |||
Interest Rate Swaps (b) | — | (2,626,492) | — | (2,626,492) | |||
Total Other Financial Instruments | $ (2,552,540) | $ (2,626,492) | $ — | $ (5,179,032) |
(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 $906,107,672) including securities on loan of $5,051,575 | $924,063,939 |
Investment in affiliated investment companies, at value (identified cost $29,106,126) | 29,106,126 |
Cash | 66,907 |
Cash collateral on deposit at broker for futures contracts | 4,551,003 |
Cash collateral on deposit at broker for swap contracts | 633,353 |
Receivables: | |
Interest | 6,336,758 |
Portfolio shares sold | 54,909 |
Securities lending | 9,581 |
Other assets | 4,771 |
Total assets | 964,827,347 |
Liabilities | |
Cash collateral received for securities on loan | 4,524,173 |
Payables: | |
Investment securities purchased | 1,346,625 |
Manager (See Note 3) | 468,929 |
Portfolio shares redeemed | 406,055 |
Variation margin on futures contracts | 280,981 |
NYLIFE Distributors (See Note 3) | 198,256 |
Shareholder communication | 58,726 |
Professional fees | 52,164 |
Broker fees and charges on short sales | 51,986 |
Variation margin on centrally cleared swap contracts | 25,374 |
Custodian | 13,059 |
Trustees | 1,605 |
Accrued expenses | 17,502 |
Total liabilities | 7,445,435 |
Net assets | $957,381,912 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 94,229 |
Additional paid-in-capital | 965,949,755 |
966,043,984 | |
Total distributable earnings (loss) | (8,662,072) |
Net assets | $957,381,912 |
Initial Class | |
Net assets applicable to outstanding shares | $ 24,819,920 |
Shares of beneficial interest outstanding | 2,435,083 |
Net asset value per share outstanding | $ 10.19 |
Service Class | |
Net assets applicable to outstanding shares | $932,561,992 |
Shares of beneficial interest outstanding | 91,794,374 |
Net asset value per share outstanding | $ 10.16 |
Investment Income (Loss) | |
Income | |
Interest | $ 33,330,956 |
Securities lending | 33,651 |
Dividends-affiliated | 6,488 |
Other | 111,740 |
Total income | 33,482,835 |
Expenses | |
Manager (See Note 3) | 5,674,845 |
Distribution/Service—Service Class (See Note 3) | 2,406,330 |
Professional fees | 120,417 |
Shareholder communication | 70,027 |
Custodian | 52,031 |
Broker fees and charges on short sales | 51,570 |
Interest on investments sold short | 30,201 |
Trustees | 21,496 |
Miscellaneous | 56,887 |
Total expenses | 8,483,804 |
Net investment income (loss) | 24,999,031 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 29,819,567 |
Futures transactions | 11,595,717 |
Investments sold short | (323,726) |
Swap transactions | (2,636,453) |
Foreign currency transactions | 129,165 |
Foreign currency forward transactions | (75,058) |
Net realized gain (loss) | 38,509,212 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (47,570,394) |
Futures contracts | (2,619,506) |
Investments sold short | 206,075 |
Swap contracts | 3,119,679 |
Foreign currency forward contracts | 225,778 |
Translation of other assets and liabilities in foreign currencies | (10,857) |
Net change in unrealized appreciation (depreciation) | (46,649,225) |
Net realized and unrealized gain (loss) | (8,140,013) |
Net increase (decrease) in net assets resulting from operations | $ 16,859,018 |
26 | MainStay VP MacKay Strategic Bond Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,999,031 | $ 25,072,270 |
Net realized gain (loss) | 38,509,212 | (12,109,969) |
Net change in unrealized appreciation (depreciation) | (46,649,225) | 36,714,085 |
Net increase (decrease) in net assets resulting from operations | 16,859,018 | 49,676,386 |
Distributions to shareholders: | ||
Initial Class | (595,939) | (692,907) |
Service Class | (21,362,833) | (22,210,493) |
(21,958,772) | (22,903,400) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (16,255) |
Service Class | — | (521,050) |
— | (537,305) | |
Total distributions to shareholders | (21,958,772) | (23,440,705) |
Capital share transactions: | ||
Net proceeds from sales of shares | 54,269,932 | 75,789,465 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 21,958,772 | 23,440,705 |
Cost of shares redeemed | (105,606,377) | (173,638,542) |
Increase (decrease) in net assets derived from capital share transactions | (29,377,673) | (74,408,372) |
Net increase (decrease) in net assets | (34,477,427) | (48,172,691) |
Net Assets | ||
Beginning of year | 991,859,339 | 1,040,032,030 |
End of year | $ 957,381,912 | $ 991,859,339 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | $ 9.90 | ||||
Net investment income (loss) (a) | 0.29 | 0.28 | 0.29 | 0.30 | 0.29 | ||||
Net realized and unrealized gain (loss) | (0.10) | 0.32 | 0.38 | (0.43) | 0.18 | ||||
Total from investment operations | 0.19 | 0.60 | 0.67 | (0.13) | 0.47 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.26) | (0.35) | (0.33) | (0.31) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.25) | (0.27) | (0.35) | (0.33) | (0.31) | ||||
Net asset value at end of year | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | ||||
Total investment return (b) | 1.96% | 6.12% | 7.06% | (1.21)% | 4.81% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.80% | 2.84% | 2.96% | 3.04% | 2.89% | ||||
Net expenses (c)(d) | 0.62% | 0.70% | 0.76% | 0.75% | 0.67% | ||||
Portfolio turnover rate | 62% | 52%(e) | 51%(e) | 33% | 32% | ||||
Net assets at end of year (in 000's) | $ 24,820 | $ 22,538 | $ 49,296 | $ 116,901 | $ 137,454 |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 0.61% | 0.01% | ||
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% |
(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 |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | $ 9.87 | ||||
Net investment income (loss) (a) | 0.26 | 0.26 | 0.26 | 0.28 | 0.26 | ||||
Net realized and unrealized gain (loss) | (0.08) | 0.30 | 0.39 | (0.43) | 0.19 | ||||
Total from investment operations | 0.18 | 0.56 | 0.65 | (0.15) | 0.45 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.23) | (0.33) | (0.31) | (0.29) | ||||
Return of capital | — | (0.01) | — | — | — | ||||
Total distributions | (0.23) | (0.24) | (0.33) | (0.31) | (0.29) | ||||
Net asset value at end of year | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | ||||
Total investment return (b) | 1.71% | 5.86% | 6.80% | (1.46)% | 4.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.53% | 2.59% | 2.66% | 2.79% | 2.64% | ||||
Net expenses (c)(d) | 0.87% | 0.93% | 1.01% | 1.00% | 0.92% | ||||
Portfolio turnover rate | 62% | 52%(e) | 51%(e) | 33% | 32% | ||||
Net assets at end of year (in 000's) | $ 932,562 | $ 969,321 | $ 990,736 | $ 999,100 | $ 1,064,435 |
(a) | Per share data based on average shares outstanding during the year. |
(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: |
Year ended Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 0.86% | 0.01% | ||
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% |
(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 | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $211,309 | $211,309 |
Total Fair Value | $211,309 | $211,309 |
(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) | $(2,552,540) | $(2,552,540) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | (2,626,492) | (2,626,492) |
Total Fair Value | $(5,179,032) | $(5,179,032) |
(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. |
(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 | $ — | $11,595,717 | $11,595,717 |
Swap Contracts | — | (2,636,453) | (2,636,453) |
Forward Contracts | (75,058) | — | (75,058) |
Total Net Realized Gain (Loss) | $(75,058) | $ 8,959,264 | $ 8,884,206 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(2,619,506) | $(2,619,506) |
Swap Contracts | — | 3,119,679 | 3,119,679 |
Forward Contracts | 225,778 | — | 225,778 |
Total Net Change in Unrealized Appreciation (Depreciation) | $225,778 | $ 500,173 | $ 725,951 |
Average Notional Amount | Total |
Futures Contracts Long | $ 54,483,238 |
Futures Contracts Short | $(263,703,633) |
Swap Contracts Long | $ 100,000,000 |
Forward Contracts Long (a) | $ 4,041,070 |
Forward Contracts Short (b) | $ (6,913,309) |
(a) | Positions were open five months during the reporting period. |
(b) | Positions were open seven months during the reporting period. |
38 | MainStay VP MacKay Strategic Bond Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 63,644 | $ 418,953 | $ (453,491) | $ — | $ — | $ 29,106 | $ 6 | $ — | 29,106 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $935,346,730 | $22,410,401 | $(10,072,712) | $12,337,689 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$767,860 | $(24,626,776) | $15,196,844 | $(8,662,072) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,412 | $20,356 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $21,958,772 | $22,903,400 |
Return of Capital | — | 537,305 |
Total | $21,958,772 | $23,440,705 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 257,807 | $ 2,650,372 |
Shares issued to shareholders in reinvestment of distributions | 58,257 | 595,939 |
Shares redeemed | (80,307) | (824,780) |
Net increase (decrease) | 235,757 | $ 2,421,531 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 5,040,050 | $ 51,619,560 |
Shares issued to shareholders in reinvestment of distributions | 2,095,125 | 21,362,833 |
Shares redeemed | (10,233,577) | (104,781,597) |
Net increase (decrease) | (3,098,402) | $ (31,799,204) |
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 |
MainStay VP MacKay Strategic Bond Portfolio (formerly known as MainStay VP MacKay Unconstrained Bond Portfolio)
New York, New York
February 24, 2022
42 | MainStay VP MacKay Strategic Bond Portfolio |
44 | MainStay VP MacKay Strategic Bond Portfolio |
46 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
48 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
50 | MainStay VP MacKay Strategic Bond Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803527 | MSVPUB11-02/22 |
MainStay VP Conservative Allocation Portfolio |
MainStay VP Moderate Allocation Portfolio |
MainStay VP Growth Allocation Portfolio (formerly known as MainStay VP Moderate Growth Allocation Portfolio) |
MainStay VP Equity Allocation Portfolio (formerly known as MainStay VP Growth Allocation Portfolio) |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 7.13% | 7.05% | 6.76% | 0.54% |
Service Class Shares | 2/13/2006 | 6.86 | 6.79 | 6.50 | 0.79 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
MSCI EAFE® Index (Net)2 | 11.26 | 9.55 | 8.03 |
Bloomberg U.S. Aggregate Bond Index3 | -1.54 | 3.57 | 2.90 |
Conservative Allocation Composite Index4 | 8.22 | 8.77 | 7.63 |
Morningstar Allocation - 30% to 50% Equity Category Average5 | 8.40 | 7.01 | 5.91 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the 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. |
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 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 funds are dominated by domestic holdings and have equity exposures between 30% to 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP Conservative Allocation Portfolio |
Share Class | Beginning Account Value 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,023.80 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,022.50 | $1.38 | $1,023.84 | $1.38 | 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 184 (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. |
Equity Funds | 36.4% |
Fixed Income Funds | 55.0 |
Short-Term Investment | 8.2 |
Other Assets, Less Liabilities | 0.4 |
8 | MainStay VP Conservative Allocation Portfolio |
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 6 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. |
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. | 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 91.4% | ||
Equity Funds 36.4% | ||
IQ 50 Percent Hedged FTSE International ETF | 550,465 | $ 13,789,148 |
IQ 500 International ETF | 353,035 | 11,475,756 |
IQ Candriam ESG International Equity ETF (a) | 387,133 | 11,604,234 |
IQ Candriam ESG U.S. Equity ETF | 494,094 | 20,569,825 |
IQ Chaikin U.S. Large Cap ETF | 403,378 | 14,606,196 |
IQ Chaikin U.S. Small Cap ETF | 125,804 | 4,613,031 |
MainStay Epoch Capital Growth Fund Class I | 187,951 | 2,554,579 |
MainStay Epoch International Choice Fund Class I | 172,303 | 7,039,787 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 917,101 | 10,230,349 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 848,889 | 15,406,315 |
MainStay VP MacKay International Equity Portfolio Initial Class | 382,007 | 6,869,602 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 118,306 | 10,619,637 |
MainStay VP Small Cap Growth Portfolio Initial Class | 509,106 | 8,924,840 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 1,037,041 | 14,444,636 |
MainStay VP Wellington Growth Portfolio Initial Class | 488,768 | 19,594,068 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 605,994 | 9,899,756 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 517,336 | 7,130,283 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 302,277 | 10,396,733 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 540,023 | 20,477,148 |
MainStay WMC Enduring Capital Fund Class R6 | 246,213 | 8,737,628 |
MainStay WMC International Research Equity Fund Class I | 865,676 | 6,859,619 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 | 464,792 | $ 14,819,927 | |
Total Equity Funds (Cost $207,022,807) | 250,663,097 | ||
Fixed Income Funds 55.0% | |||
MainStay MacKay Short Duration High Yield Fund Class I | 4,236,652 | 41,539,102 | |
MainStay VP Bond Portfolio Initial Class (a) | 2,609,404 | 37,645,087 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 5,854,540 | 51,854,247 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 20,646,484 | 212,609,238 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 2,790,474 | 27,741,498 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 700,957 | 6,957,560 | |
Total Fixed Income Funds (Cost $380,299,688) | 378,346,732 | ||
Total Affiliated Investment Companies (Cost $587,322,495) | 629,009,829 | ||
Short-Term Investment 8.2% | |||
Affiliated Investment Company 8.2% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 56,347,598 | 56,347,598 | |
Total Short-Term Investment (Cost $56,347,598) | 8.2% | 56,347,598 | |
Total Investments (Cost $643,670,093) | 99.6% | 685,357,427 | |
Other Assets, Less Liabilities | 0.4 | 2,690,185 | |
Net Assets | 100.0% | $ 688,047,612 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 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 December 31, 2021. |
12 | MainStay VP Conservative 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 | iShares MSCI EAFE ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 10,238 | $ — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 6,842 | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.35% | 12/2/22 | Daily | (10,088) | — |
Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 2,242 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF plus 0.08% | 12/2/22 | Daily | (18,457) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 16,317 | — |
Citibank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 32,057 | — |
Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 11,787 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.30% | 12/2/22 | Daily | (14,011) | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF minus 0.30% | 12/2/22 | Daily | 4,436 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 7,050 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 13,928 | — |
$ — |
1. | As of December 31, 2021, cash in the amount $2,402,734 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 December 31, 2021. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s 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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 250,663,097 | $ — | $ — | $ 250,663,097 | |||
Fixed Income Funds | 378,346,732 | — | — | 378,346,732 | |||
Total Affiliated Investment Companies | 629,009,829 | — | — | 629,009,829 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 56,347,598 | — | — | 56,347,598 | |||
Total Investments in Securities | $ 685,357,427 | $ — | $ — | $ 685,357,427 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
14 | MainStay VP Conservative Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $643,670,093) | $685,357,427 |
Cash collateral on deposit at broker for swap contracts | 2,402,734 |
Receivables: | |
Dividends | 407,148 |
Portfolio shares sold | 311,380 |
Dividends and interest on OTC swaps contracts | 64,923 |
Other assets | 3,321 |
Total assets | 688,546,933 |
Liabilities | |
Payables: | |
Investment securities purchased | 144,736 |
NYLIFE Distributors (See Note 3) | 141,766 |
Portfolio shares redeemed | 132,023 |
Shareholder communication | 37,850 |
Professional fees | 29,460 |
Custodian | 5,850 |
Trustees | 1,109 |
Accrued expenses | 6,527 |
Total liabilities | 499,321 |
Net assets | $688,047,612 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 53,876 |
Additional paid-in-capital | 596,642,363 |
596,696,239 | |
Total distributable earnings (loss) | 91,351,373 |
Net assets | $688,047,612 |
Initial Class | |
Net assets applicable to outstanding shares | $ 17,168,206 |
Shares of beneficial interest outstanding | 1,329,418 |
Net asset value per share outstanding | $ 12.91 |
Service Class | |
Net assets applicable to outstanding shares | $670,879,406 |
Shares of beneficial interest outstanding | 52,546,094 |
Net asset value per share outstanding | $ 12.77 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 14,736,674 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,701,261 |
Professional fees | 69,397 |
Shareholder communication | 44,307 |
Custodian | 39,898 |
Trustees | 15,108 |
Miscellaneous | 26,283 |
Total expenses | 1,896,254 |
Net investment income (loss) | 12,840,420 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 31,553,505 |
Realized capital gain distributions from affiliated investment companies | 29,833,416 |
Swap transactions | 683,852 |
Net realized gain (loss) | 62,070,773 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (28,483,081) |
Net realized and unrealized gain (loss) | 33,587,692 |
Net increase (decrease) in net assets resulting from operations | $ 46,428,112 |
16 | MainStay VP Conservative Allocation Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 12,840,420 | $ 10,323,185 |
Net realized gain (loss) | 62,070,773 | 11,277,304 |
Net change in unrealized appreciation (depreciation) | (28,483,081) | 40,337,689 |
Net increase (decrease) in net assets resulting from operations | 46,428,112 | 61,938,178 |
Distributions to shareholders: | ||
Initial Class | (531,222) | (565,783) |
Service Class | (19,279,410) | (22,500,681) |
Total distributions to shareholders | (19,810,632) | (23,066,464) |
Capital share transactions: | ||
Net proceeds from sales of shares | 58,685,105 | 71,082,058 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 19,810,632 | 23,066,464 |
Cost of shares redeemed | (120,116,541) | (162,373,215) |
Increase (decrease) in net assets derived from capital share transactions | (41,620,804) | (68,224,693) |
Net increase (decrease) in net assets | (15,003,324) | (29,352,979) |
Net Assets | ||
Beginning of year | 703,050,936 | 732,403,915 |
End of year | $ 688,047,612 | $ 703,050,936 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | $ 10.87 | ||||
Net investment income (loss) (a) | 0.27 | 0.21 | 0.20 | 0.23 | 0.22 | ||||
Net realized and unrealized gain (loss) | 0.61 | 0.97 | 1.38 | (0.98) | 0.95 | ||||
Total from investment operations | 0.88 | 1.18 | 1.58 | (0.75) | 1.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.25) | (0.34) | (0.28) | (0.24) | ||||
From net realized gain on investments | (0.16) | (0.19) | (0.31) | — | — | ||||
Total distributions | (0.41) | (0.44) | (0.65) | (0.28) | (0.24) | ||||
Net asset value at end of year | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | ||||
Total investment return (b) | 7.13% | 10.28% | 14.83% | (6.47)% | 10.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.12% | 1.76% | 1.75% | 2.02% | 1.89% | ||||
Net expenses (c) | 0.03% | 0.04% | 0.03% | 0.03% | 0.02% | ||||
Portfolio turnover rate | 25% | 29% | 42% | 58% | 44% | ||||
Net assets at end of year (in 000's) | $ 17,168 | $ 16,707 | $ 16,327 | $ 14,616 | $ 16,481 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | $ 10.75 | ||||
Net investment income (loss) (a) | 0.23 | 0.17 | 0.17 | 0.20 | 0.19 | ||||
Net realized and unrealized gain (loss) | 0.61 | 0.97 | 1.35 | (0.96) | 0.94 | ||||
Total from investment operations | 0.84 | 1.14 | 1.52 | (0.76) | 1.13 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.22) | (0.30) | (0.25) | (0.21) | ||||
From net realized gain on investments | (0.16) | (0.19) | (0.31) | — | — | ||||
Total distributions | (0.37) | (0.41) | (0.61) | (0.25) | (0.21) | ||||
Net asset value at end of year | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | ||||
Total investment return (b) | 6.86% | 10.01% | 14.55% | (6.68)% | 10.52% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.83% | 1.50% | 1.47% | 1.70% | 1.66% | ||||
Net expenses (c) | 0.28% | 0.29% | 0.28% | 0.28% | 0.27% | ||||
Portfolio turnover rate | 25% | 29% | 42% | 58% | 44% | ||||
Net assets at end of year (in 000's) | $ 670,879 | $ 686,344 | $ 716,077 | $ 714,720 | $ 865,873 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
18 | MainStay VP Conservative Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 11.37% | 9.13% | 8.56% | 0.61% |
Service Class Shares | 2/13/2006 | 11.10 | 8.86 | 8.29 | 0.86 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
MSCI EAFE® Index (Net)2 | 11.26 | 9.55 | 8.03 |
Bloomberg U.S. Aggregate Bond Index3 | -1.54 | 3.57 | 2.90 |
Moderate Allocation Composite Index4 | 13.36 | 11.31 | 9.94 |
Morningstar Allocation - 50% to 70% Equity Category Average5 | 13.91 | 9.97 | 8.81 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the 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. |
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 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. |
20 | MainStay VP Moderate Allocation Portfolio |
Share Class | Beginning Account Value 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,035.40 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,034.10 | $1.38 | $1,023.84 | $1.38 | 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 184 (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. |
Equity Funds | 56.6% |
Fixed Income Funds | 34.9 |
Short-Term Investment | 8.1 |
Other Assets, Less Liabilities | 0.4 |
22 | MainStay VP Moderate Allocation Portfolio |
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 19 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. |
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. | 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. |
24 | MainStay VP Moderate Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 91.5% | ||
Equity Funds 56.6% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 862,836 | $ 21,614,042 |
IQ 500 International ETF (a) | 863,307 | 28,062,657 |
IQ Candriam ESG International Equity ETF (a) | 905,520 | 27,142,781 |
IQ Candriam ESG U.S. Equity ETF (a) | 1,343,401 | 55,927,664 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,012,897 | 36,676,697 |
IQ Chaikin U.S. Small Cap ETF (a) | 345,842 | 12,681,473 |
MainStay Epoch Capital Growth Fund Class I (a) | 335,125 | 4,554,916 |
MainStay Epoch International Choice Fund Class I (a) | 491,653 | 20,087,425 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 2,262,952 | 25,243,452 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 1,934,580 | 35,110,310 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,014,955 | 18,251,834 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 269,196 | 24,164,278 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 1,476,015 | 25,875,135 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 2,130,127 | 29,669,897 |
MainStay VP Wellington Growth Portfolio Initial Class | 815,145 | 32,678,100 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 1,678,543 | 27,421,347 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 1,435,064 | 19,779,053 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 461,354 | 15,868,137 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 1,547,408 | 58,676,183 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 837,166 | 29,709,428 |
MainStay WMC International Research Equity Fund Class I (a) | 2,411,245 | 19,106,704 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 (a) | 1,246,832 | $ 39,755,368 | |
Total Equity Funds (Cost $506,700,077) | 608,056,881 | ||
Fixed Income Funds 34.9% | |||
MainStay MacKay Short Duration High Yield Fund Class I | 3,852,423 | 37,771,856 | |
MainStay VP Bond Portfolio Initial Class (a) | 2,395,673 | 34,561,659 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 6,083,434 | 53,881,579 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 18,955,064 | 195,191,668 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class (a) | 4,349,362 | 43,239,184 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 1,092,546 | 10,844,389 | |
Total Fixed Income Funds (Cost $387,731,046) | 375,490,335 | ||
Total Affiliated Investment Companies (Cost $894,431,123) | 983,547,216 | ||
Short-Term Investment 8.1% | |||
Affiliated Investment Company 8.1% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (a)(b) | 86,595,191 | 86,595,191 | |
Total Short-Term Investment (Cost $86,595,191) | 8.1% | 86,595,191 | |
Total Investments (Cost $981,026,314) | 99.6% | 1,070,142,407 | |
Other Assets, Less Liabilities | 0.4 | 4,303,938 | |
Net Assets | 100.0% | $ 1,074,446,345 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 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 December 31, 2021. |
26 | MainStay VP Moderate 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 | iShares MSCI EAFE ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 15,958 | $ — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 10,665 | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.35% | 12/2/22 | Daily | (20,964) | — |
Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 3,475 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF plus 0.08% | 12/2/22 | Daily | (25,926) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 28,257 | — |
Citibank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 47,295 | — |
Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 20,807 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.30% | 12/2/22 | Daily | (21,770) | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF minus 0.30% | 12/2/22 | Daily | 6,876 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 10,990 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 21,709 | — |
$ — |
1. | As of December 31, 2021, cash in the amount $3,927,887 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 December 31, 2021. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s 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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 608,056,881 | $ — | $ — | $ 608,056,881 | |||
Fixed Income Funds | 375,490,335 | — | — | 375,490,335 | |||
Total Affiliated Investment Companies | 983,547,216 | — | — | 983,547,216 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 86,595,191 | — | — | 86,595,191 | |||
Total Investments in Securities | $ 1,070,142,407 | $ — | $ — | $ 1,070,142,407 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
28 | MainStay VP Moderate Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $981,026,314) | $1,070,142,407 |
Cash collateral on deposit at broker for swap contracts | 3,927,887 |
Receivables: | |
Dividends | 800,849 |
Dividends and interest on OTC swaps contracts | 101,295 |
Portfolio shares sold | 59,515 |
Other assets | 5,099 |
Total assets | 1,075,037,052 |
Liabilities | |
Payables: | |
NYLIFE Distributors (See Note 3) | 214,588 |
Investment securities purchased | 150,375 |
Portfolio shares redeemed | 115,087 |
Shareholder communication | 57,932 |
Professional fees | 36,496 |
Custodian | 6,231 |
Trustees | 1,649 |
Accrued expenses | 8,349 |
Total liabilities | 590,707 |
Net assets | $1,074,446,345 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 84,434 |
Additional paid-in-capital | 898,282,781 |
898,367,215 | |
Total distributable earnings (loss) | 176,079,130 |
Net assets | $1,074,446,345 |
Initial Class | |
Net assets applicable to outstanding shares | $ 53,604,074 |
Shares of beneficial interest outstanding | 4,173,732 |
Net asset value per share outstanding | $ 12.84 |
Service Class | |
Net assets applicable to outstanding shares | $1,020,842,271 |
Shares of beneficial interest outstanding | 80,260,642 |
Net asset value per share outstanding | $ 12.72 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 19,380,607 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,584,786 |
Professional fees | 87,958 |
Shareholder communication | 68,681 |
Custodian | 41,295 |
Trustees | 23,321 |
Miscellaneous | 39,595 |
Total expenses | 2,845,636 |
Net investment income (loss) | 16,534,971 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 58,338,823 |
Realized capital gain distributions from affiliated investment companies | 57,826,768 |
Swap transactions | 2,039,182 |
Net realized gain (loss) | 118,204,773 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (20,277,086) |
Net realized and unrealized gain (loss) | 97,927,687 |
Net increase (decrease) in net assets resulting from operations | $114,462,658 |
30 | MainStay VP Moderate Allocation Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 16,534,971 | $ 16,200,095 |
Net realized gain (loss) | 118,204,773 | 23,048,257 |
Net change in unrealized appreciation (depreciation) | (20,277,086) | 68,669,592 |
Net increase (decrease) in net assets resulting from operations | 114,462,658 | 107,917,944 |
Distributions to shareholders: | ||
Initial Class | (1,998,108) | (2,317,718) |
Service Class | (36,451,506) | (49,413,476) |
Total distributions to shareholders | (38,449,614) | (51,731,194) |
Capital share transactions: | ||
Net proceeds from sales of shares | 49,533,268 | 44,548,280 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 38,449,614 | 51,731,194 |
Cost of shares redeemed | (175,474,825) | (213,972,555) |
Increase (decrease) in net assets derived from capital share transactions | (87,491,943) | (117,693,081) |
Net increase (decrease) in net assets | (11,478,899) | (61,506,331) |
Net Assets | ||
Beginning of year | 1,085,925,244 | 1,147,431,575 |
End of year | $1,074,446,345 | $1,085,925,244 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | $ 10.57 | ||||
Net investment income (loss) (a) | 0.23 | 0.20 | 0.23 | 0.23 | 0.20 | ||||
Net realized and unrealized gain (loss) | 1.11 | 1.07 | 1.60 | (1.16) | 1.36 | ||||
Total from investment operations | 1.34 | 1.27 | 1.83 | (0.93) | 1.56 | ||||
Less distributions: | |||||||||
From net investment income | (0.15) | (0.29) | (0.36) | (0.27) | (0.19) | ||||
From net realized gain on investments | (0.34) | (0.31) | (0.48) | (0.36) | (0.05) | ||||
Total distributions | (0.49) | (0.60) | (0.84) | (0.63) | (0.24) | ||||
Net asset value at end of year | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | ||||
Total investment return (b) | 11.37% | 11.57% | 18.29% | (8.40)% | 14.97% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.81% | 1.83% | 2.04% | 1.99% | 1.79% | ||||
Net expenses (c) | 0.02% | 0.03% | 0.03% | 0.02% | 0.02% | ||||
Portfolio turnover rate | 27% | 31% | 40% | 52% | 33% | ||||
Net assets at end of year (in 000's) | $ 53,604 | $ 48,025 | $ 45,283 | $ 43,161 | $ 49,419 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | $ 10.48 | ||||
Net investment income (loss) (a) | 0.19 | 0.17 | 0.20 | 0.20 | 0.17 | ||||
Net realized and unrealized gain (loss) | 1.11 | 1.06 | 1.60 | (1.16) | 1.36 | ||||
Total from investment operations | 1.30 | 1.23 | 1.80 | (0.96) | 1.53 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.26) | (0.33) | (0.24) | (0.17) | ||||
From net realized gain on investments | (0.34) | (0.31) | (0.48) | (0.36) | (0.05) | ||||
Total distributions | (0.46) | (0.57) | (0.81) | (0.60) | (0.22) | ||||
Net asset value at end of year | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | ||||
Total investment return (b) | 11.10% | 11.29% | 18.00% | (8.63)% | 14.68% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.51% | 1.52% | 1.76% | 1.73% | 1.53% | ||||
Net expenses (c) | 0.27% | 0.28% | 0.27% | 0.27% | 0.27% | ||||
Portfolio turnover rate | 27% | 31% | 40% | 52% | 33% | ||||
Net assets at end of year (in 000's) | $ 1,020,842 | $ 1,037,900 | $ 1,102,149 | $ 1,103,235 | $ 1,288,895 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
32 | MainStay VP Moderate Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 16.01% | 10.99% | 10.33% | 0.71% |
Service Class Shares | 2/13/2006 | 15.72 | 10.72 | 10.05 | 0.96 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
MSCI EAFE® Index (Net)2 | 11.26 | 9.55 | 8.03 |
Bloomberg U.S. Aggregate Bond Index3 | -1.54 | 3.57 | 2.90 |
Growth Allocation Composite Index4 | 18.68 | 13.80 | 12.22 |
Morningstar Allocation - 70% to 85% Equity Category Average5 | 16.33 | 10.86 | 9.78 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the 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. |
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 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. |
34 | MainStay VP Growth Allocation Portfolio |
Share Class | Beginning Account Value 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,045.70 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,044.40 | $1.39 | $1,023.84 | $1.38 | 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 184 (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. |
Equity Funds | 76.9% |
Fixed Income Funds | 15.1 |
Short-Term Investment | 7.6 |
Other Assets, Less Liabilities | 0.4 |
36 | MainStay VP Growth Allocation Portfolio |
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 33 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. |
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. | 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. |
38 | MainStay VP Growth Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 92.0% | ||
Equity Funds 76.9% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 1,662,493 | $ 41,645,450 |
IQ 500 International ETF (a) | 2,035,476 | 66,165,183 |
IQ Candriam ESG International Equity ETF (a) | 1,406,982 | 42,174,004 |
IQ Candriam ESG U.S. Equity ETF (a) | 2,676,861 | 111,441,471 |
IQ Chaikin U.S. Large Cap ETF (a) | 2,400,954 | 86,937,824 |
IQ Chaikin U.S. Small Cap ETF (a) | 720,962 | 26,436,523 |
MainStay Epoch Capital Growth Fund Class I (a) | 556,003 | 7,557,032 |
MainStay Epoch International Choice Fund Class I (a) | 1,298,111 | 53,036,798 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 5,619,255 | 62,683,355 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 4,767,027 | 86,515,811 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,843,756 | 33,156,073 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 785,747 | 70,532,163 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 4,353,982 | 76,327,048 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 5,179,229 | 72,139,923 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 1,362,684 | 54,628,216 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 3,896,575 | 63,656,007 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 4,109,194 | 56,635,791 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 456,780 | 15,710,819 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 3,142,121 | 119,146,074 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 1,773,396 | 62,934,451 |
MainStay WMC International Research Equity Fund Class I (a) | 6,495,198 | 51,467,949 |
MainStay WMC Value Fund Class R6 (a) | 2,976,155 | 94,895,013 |
Total Equity Funds (Cost $1,133,870,646) | 1,355,822,978 |
Shares | Value | ||
Fixed Income Funds 15.1% | |||
MainStay MacKay Short Duration High Yield Fund Class I (a) | 6,323,933 | $ 62,004,262 | |
MainStay VP Bond Portfolio Initial Class | 274,226 | 3,956,174 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 9,986,259 | 88,449,295 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 2,177,037 | 22,418,261 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class (a) | 7,139,672 | 70,979,048 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 1,793,454 | 17,801,462 | |
Total Fixed Income Funds (Cost $267,729,077) | 265,608,502 | ||
Total Affiliated Investment Companies (Cost $1,401,599,723) | 1,621,431,480 | ||
Short-Term Investment 7.6% | |||
Affiliated Investment Company 7.6% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (a)(b) | 134,290,380 | 134,290,380 | |
Total Short-Term Investment (Cost $134,290,380) | 7.6% | 134,290,380 | |
Total Investments (Cost $1,535,890,103) | 99.6% | 1,755,721,860 | |
Other Assets, Less Liabilities | 0.4 | 7,387,355 | |
Net Assets | 100.0% | $ 1,763,109,215 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 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 December 31, 2021. |
40 | MainStay VP Growth 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 | iShares MSCI EAFE ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 26,194 | $ — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 17,506 | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.35% | 12/2/22 | Daily | (34,413) | — |
Citibank NA | iShares MSCI USA Momentum Factor ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 10,533 | — |
Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 5,674 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF plus 0.08% | 12/2/22 | Daily | (46,453) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 42,458 | — |
Citibank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 72,947 | — |
Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 36,220 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.30% | 12/2/22 | Daily | (35,691) | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF minus 0.30% | 12/2/22 | Daily | 11,227 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 18,040 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 35,636 | — |
$ — |
1. | As of December 31, 2021, cash in the amount $6,089,216 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 December 31, 2021. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s 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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 1,355,822,978 | $ — | $ — | $ 1,355,822,978 | |||
Fixed Income Funds | 265,608,502 | — | — | 265,608,502 | |||
Total Affiliated Investment Companies | 1,621,431,480 | — | — | 1,621,431,480 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 134,290,380 | — | — | 134,290,380 | |||
Total Investments in Securities | $ 1,755,721,860 | $ — | $ — | $ 1,755,721,860 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
42 | MainStay VP Growth Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,535,890,103) | $1,755,721,860 |
Cash collateral on deposit at broker for swap contracts | 6,089,216 |
Receivables: | |
Dividends | 1,766,750 |
Dividends and interest on OTC swaps contracts | 405,808 |
Portfolio shares sold | 205,631 |
Other assets | 8,468 |
Total assets | 1,764,197,733 |
Liabilities | |
Payables: | |
NYLIFE Distributors (See Note 3) | 347,226 |
Portfolio shares redeemed | 329,204 |
Investment securities purchased | 246,987 |
Shareholder communication | 94,419 |
Professional fees | 47,693 |
Custodian | 6,925 |
Trustees | 2,984 |
Accrued expenses | 13,080 |
Total liabilities | 1,088,518 |
Net assets | $1,763,109,215 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 130,864 |
Additional paid-in-capital | 1,386,385,208 |
1,386,516,072 | |
Total distributable earnings (loss) | 376,593,143 |
Net assets | $1,763,109,215 |
Initial Class | |
Net assets applicable to outstanding shares | $ 108,059,410 |
Shares of beneficial interest outstanding | 7,933,289 |
Net asset value per share outstanding | $ 13.62 |
Service Class | |
Net assets applicable to outstanding shares | $1,655,049,805 |
Shares of beneficial interest outstanding | 122,931,079 |
Net asset value per share outstanding | $ 13.46 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 27,253,989 |
Other | 12 |
Total income | 27,254,001 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 4,247,106 |
Professional fees | 127,064 |
Shareholder communication | 112,690 |
Custodian | 43,912 |
Trustees | 38,983 |
Miscellaneous | 63,709 |
Total expenses | 4,633,464 |
Net investment income (loss) | 22,620,537 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 90,266,662 |
Realized capital gain distributions from affiliated investment companies | 114,218,070 |
Swap transactions | 1,678,905 |
Net realized gain (loss) | 206,163,637 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 36,054,571 |
Net realized and unrealized gain (loss) | 242,218,208 |
Net increase (decrease) in net assets resulting from operations | $264,838,745 |
44 | MainStay VP Growth Allocation Portfolio |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 22,620,537 | $ 27,223,667 |
Net realized gain (loss) | 206,163,637 | 32,814,256 |
Net change in unrealized appreciation (depreciation) | 36,054,571 | 137,830,502 |
Net increase (decrease) in net assets resulting from operations | 264,838,745 | 197,868,425 |
Distributions to shareholders: | ||
Initial Class | (3,856,100) | (5,689,162) |
Service Class | (57,164,920) | (99,239,141) |
Total distributions to shareholders | (61,021,020) | (104,928,303) |
Capital share transactions: | ||
Net proceeds from sales of shares | 28,269,029 | 31,035,516 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 61,021,020 | 104,928,303 |
Cost of shares redeemed | (339,935,149) | (379,216,886) |
Increase (decrease) in net assets derived from capital share transactions | (250,645,100) | (243,253,067) |
Net increase (decrease) in net assets | (46,827,375) | (150,312,945) |
Net Assets | ||
Beginning of year | 1,809,936,590 | 1,960,249,535 |
End of year | $1,763,109,215 | $1,809,936,590 |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | $ 11.00 | ||||
Net investment income (loss) (a) | 0.20 | 0.21 | 0.26 | 0.21 | 0.17 | ||||
Net realized and unrealized gain (loss) | 1.72 | 1.21 | 1.91 | (1.47) | 1.86 | ||||
Total from investment operations | 1.92 | 1.42 | 2.17 | (1.26) | 2.03 | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.34) | (0.39) | (0.24) | (0.18) | ||||
From net realized gain on investments | (0.16) | (0.40) | (0.84) | (0.54) | (0.24) | ||||
Total distributions | (0.49) | (0.74) | (1.23) | (0.78) | (0.42) | ||||
Net asset value at end of year | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | ||||
Total investment return (b) | 16.01% | 12.94% | 21.42% | (10.73)% | 18.62% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.53% | 1.87% | 2.22% | 1.71% | 1.43% | ||||
Net expenses (c) | 0.02% | 0.03% | 0.02% | 0.02% | 0.02% | ||||
Portfolio turnover rate | 24% | 32% | 41% | 44% | 31% | ||||
Net assets at end of year (in 000's) | $ 108,059 | $ 98,314 | $ 91,615 | $ 80,133 | $ 90,089 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | $ 10.90 | ||||
Net investment income (loss) (a) | 0.16 | 0.17 | 0.22 | 0.17 | 0.14 | ||||
Net realized and unrealized gain (loss) | 1.71 | 1.21 | 1.88 | (1.44) | 1.84 | ||||
Total from investment operations | 1.87 | 1.38 | 2.10 | (1.27) | 1.98 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.31) | (0.35) | (0.21) | (0.15) | ||||
From net realized gain on investments | (0.16) | (0.40) | (0.84) | (0.54) | (0.24) | ||||
Total distributions | (0.46) | (0.71) | (1.19) | (0.75) | (0.39) | ||||
Net asset value at end of year | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | ||||
Total investment return (b) | 15.72% | 12.65% | 21.12% | (10.95)% | 18.32% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.24% | 1.55% | 1.90% | 1.42% | 1.17% | ||||
Net expenses (c) | 0.27% | 0.28% | 0.27% | 0.27% | 0.27% | ||||
Portfolio turnover rate | 24% | 32% | 41% | 44% | 31% | ||||
Net assets at end of year (in 000's) | $ 1,655,050 | $ 1,711,623 | $ 1,868,634 | $ 1,849,974 | $ 2,263,952 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
46 | MainStay VP Growth Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 20.16% | 13.00% | 11.77% | 0.74% |
Service Class Shares | 2/13/2006 | 19.86 | 12.72 | 11.49 | 0.99 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 28.71% | 18.47% | 16.55% |
MSCI EAFE® Index (Net)2 | 11.26 | 9.55 | 8.03 |
Equity Allocation Composite Index3 | 24.19 | 16.24 | 14.46 |
Morningstar Allocation - 85%+ Equity Category Average4 | 18.06 | 12.58 | 11.45 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,055.80 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,054.50 | $1.40 | $1,023.84 | $1.38 | 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 184 (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. |
48 | MainStay VP Equity Allocation Portfolio |
Equity Funds | 96.7% |
Short-Term Investment | 3.0 |
Other Assets, Less Liabilities | 0.3 |
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 47 for more information on benchmark and peer group returns. |
50 | MainStay VP Equity Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 96.7% | ||
Equity Funds 96.7% | ||
IQ 50 Percent Hedged FTSE International ETF (a) | 999,889 | $ 25,047,219 |
IQ 500 International ETF (a) | 1,515,415 | 49,260,080 |
IQ Candriam ESG International Equity ETF (a) | 1,390,331 | 41,674,894 |
IQ Candriam ESG U.S. Equity ETF (a) | 2,037,147 | 84,809,282 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,645,397 | 59,579,332 |
IQ Chaikin U.S. Small Cap ETF (a) | 830,580 | 30,456,040 |
MainStay Epoch Capital Growth Fund Class I (a) | 344,045 | 4,676,150 |
MainStay Epoch International Choice Fund Class I (a) | 1,007,163 | 41,149,565 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 4,946,558 | 55,179,345 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 4,008,438 | 72,748,339 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 2,032,198 | 36,544,818 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class (a) | 1,166,944 | 104,750,134 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 2,545,245 | 44,619,164 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a) | 4,808,014 | 66,969,386 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 1,735,769 | 69,584,734 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 2,927,158 | 47,819,217 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 2,654,461 | 36,585,636 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 981,956 | $ 33,774,070 | |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,207,647 | 83,711,765 | |
MainStay WMC Enduring Capital Fund Class R6 (a) | 751,138 | 26,656,460 | |
MainStay WMC International Research Equity Fund Class I (a) | 5,117,071 | 40,547,671 | |
MainStay WMC Value Fund Class R6 (a) | 2,248,143 | 71,682,249 | |
Total Affiliated Investment Companies (Cost $953,589,615) | 1,127,825,550 | ||
Short-Term Investment 3.0% | |||
Affiliated Investment Company 3.0% | |||
MainStay U.S. Government Liquidity Fund, 0.01% (b) | 34,922,127 | 34,922,127 | |
Total Short-Term Investment (Cost $34,922,127) | 3.0% | 34,922,127 | |
Total Investments (Cost $988,511,742) | 99.7% | 1,162,747,677 | |
Other Assets, Less Liabilities | 0.3 | 3,066,176 | |
Net Assets | 100.0% | $ 1,165,813,853 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 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 December 31, 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 | iShares MSCI EAFE ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 17,258 | $ — |
Citibank NA | iShares MSCI EAFE Small-Cap ETF | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 11,534 | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.35% | 12/2/22 | Daily | (22,672) | — |
Citibank NA | iShares MSCI USA Momentum Factor ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 44,643 | — |
Citibank NA | iShares Semiconductor ETF | 1 day FEDF plus 0.35% | 12/2/22 | Daily | 3,721 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF plus 0.08% | 12/2/22 | Daily | (35,019) | — |
Citibank NA | Russell 1000 Value Total Return Index | 1 day FEDF plus 0.60% | 12/2/22 | Daily | 23,398 | — |
Citibank NA | Russell 2000 Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 20,864 | — |
Citibank NA | Russell Midcap Total Return Index | 1 day FEDF plus 0.40% | 12/2/22 | Daily | 21,318 | — |
Citibank NA | S&P 500 Financials Index | 1 day FEDF plus 0.25% | 12/2/22 | Daily | (20,695) | — |
52 | 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 | S&P 500 Total Return Index | 1 day FEDF plus 0.30% | 12/2/22 | Daily | (54,355) | $ — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF minus 0.30% | 12/2/22 | Daily | 7,362 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/2/22 | Daily | 5,945 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF plus 0.45% | 12/2/22 | Daily | 23,476 | — |
$ — |
1. | As of December 31, 2021, cash in the amount $2,230,721 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 December 31, 2021. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s 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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 1,127,825,550 | $ — | $ — | $ 1,127,825,550 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 34,922,127 | — | — | 34,922,127 | |||
Total Investments in Securities | $ 1,162,747,677 | $ — | $ — | $ 1,162,747,677 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $988,511,742) | $1,162,747,677 |
Cash collateral on deposit at broker for swap contracts | 2,230,721 |
Receivables: | |
Dividends | 1,160,019 |
Dividends and interest on OTC swaps contracts | 278,897 |
Portfolio shares sold | 59,294 |
Other assets | 5,292 |
Total assets | 1,166,481,900 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 341,022 |
NYLIFE Distributors (See Note 3) | 221,293 |
Shareholder communication | 52,752 |
Professional fees | 37,336 |
Custodian | 6,211 |
Trustees | 1,705 |
Accrued expenses | 7,728 |
Total liabilities | 668,047 |
Net assets | $1,165,813,853 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 81,934 |
Additional paid-in-capital | 867,440,883 |
867,522,817 | |
Total distributable earnings (loss) | 298,291,036 |
Net assets | $1,165,813,853 |
Initial Class | |
Net assets applicable to outstanding shares | $ 107,062,341 |
Shares of beneficial interest outstanding | 7,439,230 |
Net asset value per share outstanding | $ 14.39 |
Service Class | |
Net assets applicable to outstanding shares | $1,058,751,512 |
Shares of beneficial interest outstanding | 74,494,562 |
Net asset value per share outstanding | $ 14.21 |
54 | MainStay VP Equity Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 14,490,328 |
Interest | 1,644 |
Total income | 14,491,972 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,651,749 |
Professional fees | 89,454 |
Shareholder communication | 71,372 |
Custodian | 43,764 |
Trustees | 24,653 |
Miscellaneous | 39,565 |
Total expenses | 2,920,557 |
Net investment income (loss) | 11,571,415 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 68,302,886 |
Realized capital gain distributions from affiliated investment companies | 88,141,355 |
Swap transactions | (943,762) |
Net realized gain (loss) | 155,500,479 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 42,945,671 |
Net realized and unrealized gain (loss) | 198,446,150 |
Net increase (decrease) in net assets resulting from operations | $210,017,565 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,571,415 | $ 13,999,807 |
Net realized gain (loss) | 155,500,479 | 41,630,464 |
Net change in unrealized appreciation (depreciation) | 42,945,671 | 97,042,610 |
Net increase (decrease) in net assets resulting from operations | 210,017,565 | 152,672,881 |
Distributions to shareholders: | ||
Initial Class | (5,190,094) | (5,868,206) |
Service Class | (51,434,070) | (66,857,357) |
Total distributions to shareholders | (56,624,164) | (72,725,563) |
Capital share transactions: | ||
Net proceeds from sales of shares | 14,094,934 | 46,065,158 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 56,624,164 | 72,725,563 |
Cost of shares redeemed | (192,763,382) | (181,229,820) |
Increase (decrease) in net assets derived from capital share transactions | (122,044,284) | (62,439,099) |
Net increase (decrease) in net assets | 31,349,117 | 17,508,219 |
Net Assets | ||
Beginning of year | 1,134,464,736 | 1,116,956,517 |
End of year | $1,165,813,853 | $1,134,464,736 |
56 | MainStay VP Equity Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | $ 10.60 | ||||
Net investment income (loss) (a) | 0.18 | 0.18 | 0.21 | 0.18 | 0.12 | ||||
Net realized and unrealized gain (loss) | 2.33 | 1.49 | 2.25 | (1.67) | 2.26 | ||||
Total from investment operations | 2.51 | 1.67 | 2.46 | (1.49) | 2.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.27) | (0.36) | (0.19) | (0.12) | ||||
From net realized gain on investments | (0.47) | (0.58) | (0.80) | (0.47) | (0.21) | ||||
Total distributions | (0.74) | (0.85) | (1.16) | (0.66) | (0.33) | ||||
Net asset value at end of year | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | ||||
Total investment return (b) | 20.16% | 15.02% | 24.58% | (12.78)% | 22.67% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.26% | 1.64% | 1.80% | 1.42% | 1.05% | ||||
Net expenses (c) | 0.02% | 0.03% | 0.03% | 0.02% | 0.02% | ||||
Portfolio turnover rate | 22% | 26% | 38% | 28% | 26% | ||||
Net assets at end of year (in 000's) | $ 107,062 | $ 92,647 | $ 83,143 | $ 66,326 | $ 76,504 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | $ 10.51 | ||||
Net investment income (loss) (a) | 0.13 | 0.15 | 0.17 | 0.14 | 0.09 | ||||
Net realized and unrealized gain (loss) | 2.32 | 1.47 | 2.24 | (1.65) | 2.24 | ||||
Total from investment operations | 2.45 | 1.62 | 2.41 | (1.51) | 2.33 | ||||
Less distributions: | |||||||||
From net investment income | (0.24) | (0.24) | (0.33) | (0.16) | (0.10) | ||||
From net realized gain on investments | (0.47) | (0.58) | (0.80) | (0.47) | (0.21) | ||||
Total distributions | (0.71) | (0.82) | (1.13) | (0.63) | (0.31) | ||||
Net asset value at end of year | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | ||||
Total investment return (b) | 19.86% | 14.74% | 24.27% | (12.99)% | 22.36% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.97% | 1.34% | 1.49% | 1.16% | 0.81% | ||||
Net expenses (c) | 0.27% | 0.28% | 0.28% | 0.27% | 0.27% | ||||
Portfolio turnover rate | 22% | 26% | 38% | 28% | 26% | ||||
Net assets at end of year (in 000's) | $ 1,058,752 | $ 1,041,818 | $ 1,033,813 | $ 929,230 | $ 1,074,280 |
(a) | Per share data based on average shares outstanding during the year. |
(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. |
Fund | Share Classes Commenced Operations1 |
MainStay VP Conservative Allocation Portfolio | Initial Class, Service Class |
MainStay VP Moderate Allocation Portfolio | Initial Class, Service Class |
MainStay VP Growth Allocation Portfolio | Initial Class, Service Class |
MainStay VP Equity Allocation Portfolio | 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. |
58 | 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) |
60 | MainStay VP Asset Allocation Funds |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $683,852 | $683,852 |
Total Net Realized Gain (Loss) | $683,852 | $683,852 |
Average Notional Amount | Total |
Swap Contracts Long | $ 81,904,296 |
Swap Contracts Short | $(36,789,079) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $2,039,182 | $2,039,182 |
Total Net Realized Gain (Loss) | $2,039,182 | $2,039,182 |
Average Notional Amount | Total |
Swap Contracts Long | $136,182,902 |
Swap Contracts Short | $ (65,077,718) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $1,678,905 | $1,678,905 |
Total Net Realized Gain (Loss) | $1,678,905 | $1,678,905 |
Average Notional Amount | Total |
Swap Contracts Long | $ 219,173,589 |
Swap Contracts Short | $(106,243,874) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(943,762) | $(943,762) |
Total Net Realized Gain (Loss) | $(943,762) | $(943,762) |
Average Notional Amount | Total |
Swap Contracts Long | $123,736,820 |
Swap Contracts Short | $ (84,040,578) |
62 | MainStay VP Asset Allocation Funds |
MainStay VP Conservative Allocation Portfolio | |||||||||
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 50 Percent Hedged FTSE International ETF | $ 14,322 | $ 100 | $ (2,061) | $ 232 | $ 1,196 | $ 13,789 | $ 432 | $ — | 550 |
IQ 500 International ETF | 11,409 | 474 | (1,683) | 204 | 1,072 | 11,476 | 425 | — | 353 |
IQ Candriam ESG International Equity ETF | 12,059 | — | (1,582) | 465 | 662 | 11,604 | 332 | — | 387 |
IQ Candriam ESG U.S. Equity ETF | 19,112 | 1,754 | (5,503) | 1,565 | 3,642 | 20,570 | 242 | — | 494 |
IQ Chaikin U.S. Large Cap ETF | 13,446 | 7 | (1,826) | 442 | 2,537 | 14,606 | 158 | — | 403 |
IQ Chaikin U.S. Small Cap ETF | 6,251 | 71 | (3,102) | 1,023 | 370 | 4,613 | 66 | — | 126 |
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 | 630 | (623) | 60 | (61) | 2,554 | 3 | 583 | 188 |
MainStay Epoch International Choice Fund Class I | 7,627 | 255 | (1,126) | 120 | 164 | 7,040 | 180 | — | 172 |
MainStay MacKay Short Duration High Yield Fund Class I | 53,201 | 12,160 | (24,374) | 128 | 424 | 41,539 | 1,911 | — | 4,237 |
MainStay Short Term Bond Fund Class I | — | 3,601 | (3,533) | (68) | — | — | 36 | 9 | — |
MainStay U.S. Government Liquidity Fund | 22,830 | 196,455 | (162,937) | — | — | 56,348 | 5 | — | 56,348 |
MainStay VP Bond Portfolio Initial Class | 49,624 | 2,670 | (12,150) | 1,153 | (3,652) | 37,645 | 686 | 1,174 | 2,609 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 11,057 | 1,337 | (1,991) | 530 | (703) | 10,230 | 110 | — | 917 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 11,941 | 2,450 | (1,307) | 165 | 2,157 | 15,406 | 297 | — | 849 |
MainStay VP Floating Rate Portfolio Initial Class | 21,199 | 32,716 | (2,115) | (61) | 115 | 51,854 | 1,272 | — | 5,855 |
MainStay VP Conservative Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay VP Indexed Bond Portfolio Initial Class | $ 280,683 | $ 19,262 | $ (67,509) | $ 6,862 | $ (26,689) | $ 212,609 | $ 6,084 | $ 8,398 | 20,646 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 29,343 | (609) | (11) | (982) | 27,741 | 1,337 | — | 2,790 |
MainStay VP MacKay International Equity Portfolio Initial Class | 8,073 | 2,413 | (3,676) | 765 | (705) | 6,870 | 6 | 649 | 382 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 37,381 | 379 | (33,766) | 12,488 | (5,862) | 10,620 | 204 | 174 | 118 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 7,078 | 129 | (583) | 62 | 271 | 6,957 | 36 | — | 701 |
MainStay VP Small Cap Growth Portfolio Initial Class | 16,155 | 2,231 | (9,419) | 3,116 | (3,158) | 8,925 | — | 1,308 | 509 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 10,147 | 3,932 | (1,651) | 127 | 1,890 | 14,445 | 284 | 173 | 1,037 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 5,992 | 14,473 | (758) | 221 | (334) | 19,594 | 43 | 1,901 | 489 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 9,783 | 463 | (1,908) | 56 | 1,506 | 9,900 | 56 | 175 | 606 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 6,717 | 821 | (1,569) | 401 | 760 | 7,130 | 25 | — | 517 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 9,862 | — | — | 535 | 10,397 | 39 | 215 | 302 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 22,519 | 2,527 | (8,036) | 2,464 | 1,003 | 20,477 | — | 1,734 | 540 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 12,942 | 6,443 | (8,196) | (1,059) | (1,392) | 8,738 | 36 | 6,407 | 246 |
MainStay WMC International Research Equity Fund Class I (h) | 6,116 | 1,466 | (1,208) | (163) | 649 | 6,860 | 180 | — | 866 |
MainStay WMC Value Fund Class R6 (i)(j) | 14,991 | 7,087 | (3,727) | 191 | (3,722) | 14,820 | 147 | 6,933 | 465 |
$ 702,252 | $ 355,662 | $ (375,628) | $ 31,554 | $ (28,483) | $ 685,357 | $ 14,737 | $ 29,833 |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 50 Percent Hedged FTSE International ETF | $ 24,322 | $ — | $ (5,129) | $ 669 | $ 1,752 | $ 21,614 | $ 693 | $ — | 863 |
IQ 500 International ETF | 30,000 | 253 | (5,510) | 710 | 2,610 | 28,063 | 1,016 | — | 863 |
64 | MainStay VP Asset Allocation Funds |
MainStay VP Moderate Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ Candriam ESG International Equity ETF | $ 19,430 | $ 6,383 | $ (620) | $ 199 | $ 1,751 | $ 27,143 | $ 717 | $ — | 906 |
IQ Candriam ESG U.S. Equity ETF | 36,733 | 8,846 | (1,830) | 730 | 11,449 | 55,928 | 592 | — | 1,343 |
IQ Chaikin U.S. Large Cap ETF | 35,922 | 22 | (6,862) | 1,607 | 5,988 | 36,677 | 396 | — | 1,013 |
IQ Chaikin U.S. Small Cap ETF | 10,445 | 7,926 | (8,662) | 2,222 | 750 | 12,681 | 201 | — | 346 |
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 | 994 | (317) | 55 | (94) | 4,555 | 6 | 988 | 335 |
MainStay Epoch International Choice Fund Class I | 25,145 | 508 | (6,545) | 980 | (1) | 20,087 | 508 | — | 492 |
MainStay MacKay Short Duration High Yield Fund Class I | 54,503 | 17,858 | (35,266) | 165 | 512 | 37,772 | 1,859 | — | 3,852 |
MainStay Short Term Bond Fund Class I | — | 5,694 | (5,587) | (107) | — | — | 55 | 14 | — |
MainStay U.S. Government Liquidity Fund | 35,517 | 308,717 | (257,639) | — | — | 86,595 | 8 | — | 86,595 |
MainStay VP Bond Portfolio Initial Class | 51,927 | 2,853 | (17,820) | 978 | (3,376) | 34,562 | 640 | 1,095 | 2,396 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 32,779 | 543 | (7,928) | 1,653 | (1,804) | 25,243 | 290 | — | 2,263 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 36,333 | 825 | (8,247) | 123 | 6,076 | 35,110 | 786 | — | 1,935 |
MainStay VP Floating Rate Portfolio Initial Class | 5,429 | 50,560 | (2,049) | (8) | (50) | 53,882 | 1,112 | — | 6,083 |
MainStay VP Indexed Bond Portfolio Initial Class | 293,707 | 19,631 | (99,037) | 9,642 | (28,751) | 195,192 | 5,673 | 7,831 | 18,955 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 45,869 | (1,068) | (27) | (1,535) | 43,239 | 2,099 | — | 4,349 |
MainStay VP MacKay International Equity Portfolio Initial Class | 10,397 | 8,900 | (707) | 273 | (611) | 18,252 | 18 | 1,937 | 1,015 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 71,458 | 853 | (61,747) | 24,693 | (11,093) | 24,164 | 461 | 393 | 269 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 10,893 | 260 | (826) | 87 | 430 | 10,844 | 57 | — | 1,093 |
MainStay VP Small Cap Growth Portfolio Initial Class | 33,784 | 9,650 | (16,803) | 5,633 | (6,389) | 25,875 | — | 3,887 | 1,476 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 31,943 | 1,366 | (9,313) | (466) | 6,140 | 29,670 | 695 | 424 | 2,130 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 18,846 | 19,504 | (6,084) | 1,451 | (1,039) | 32,678 | 72 | 3,189 | 815 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 31,932 | 670 | (10,015) | 2,127 | 2,707 | 27,421 | 159 | 501 | 1,679 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 15,554 | 1,920 | (416) | (52) | 2,773 | 19,779 | 78 | — | 1,435 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 15,102 | — | — | 766 | 15,868 | 36 | 199 | 461 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 55,366 | 3,989 | (8,758) | 3,017 | 5,062 | 58,676 | — | 3,982 | 1,547 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 35,599 | 16,444 | (16,953) | 1,037 | (6,417) | 29,710 | 123 | 16,321 | 837 |
MainStay WMC International Research Equity Fund Class I (h) | 21,815 | 552 | (4,943) | (977) | 2,660 | 19,107 | 507 | — | 2,411 |
MainStay VP Moderate Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay WMC Value Fund Class R6 (i)(j) | $ 40,635 | $ 17,450 | $ (9,868) | $ 1,811 | $ (10,273) | $ 39,755 | $ 362 | $ 17,066 | 1,247 |
$ 1,085,165 | $ 574,516 | $ (627,601) | $ 58,339 | $ (20,277) | $ 1,070,142 | $ 19,381 | $ 57,827 |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 50 Percent Hedged FTSE International ETF | $ 41,263 | $ — | $ (3,898) | $ 474 | $ 3,807 | $ 41,646 | $ 1,318 | $ — | 1,662 |
IQ 500 International ETF | 70,393 | 104 | (12,295) | 2,469 | 5,494 | 66,165 | 2,420 | — | 2,035 |
IQ Candriam ESG International Equity ETF | 24,894 | 14,864 | (256) | 84 | 2,588 | 42,174 | 1,051 | — | 1,407 |
IQ Candriam ESG U.S. Equity ETF | 71,473 | 22,534 | (7,947) | 2,274 | 23,108 | 111,442 | 1,233 | — | 2,677 |
IQ Chaikin U.S. Large Cap ETF | 74,711 | 20 | (5,222) | 1,328 | 16,101 | 86,938 | 932 | — | 2,401 |
IQ Chaikin U.S. Small Cap ETF | 17,245 | 4,666 | (126) | 27 | 4,625 | 26,437 | 301 | — | 721 |
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 | 1,659 | (556) | 106 | (170) | 7,557 | 10 | 1,649 | 556 |
MainStay Epoch International Choice Fund Class I | 63,234 | 1,343 | (14,079) | 4,172 | (1,633) | 53,037 | 1,343 | — | 1,298 |
MainStay MacKay Short Duration High Yield Fund Class I | 90,674 | 30,847 | (60,647) | 285 | 845 | 62,004 | 3,095 | — | 6,324 |
MainStay Short Term Bond Fund Class I | — | 9,569 | (9,392) | (177) | — | — | 92 | 22 | — |
MainStay U.S. Government Liquidity Fund | 49,196 | 555,867 | (470,773) | — | — | 134,290 | 12 | — | 134,290 |
MainStay VP Bond Portfolio Initial Class | 32,398 | 706 | (28,534) | 1,687 | (2,301) | 3,956 | 97 | 165 | 274 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 79,737 | 726 | (17,246) | 3,633 | (4,167) | 62,683 | 726 | — | 5,619 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 82,128 | 2,002 | (12,537) | 268 | 14,655 | 86,516 | 1,932 | — | 4,767 |
MainStay VP Floating Rate Portfolio Initial Class | 9,032 | 83,871 | (4,356) | (15) | (83) | 88,449 | 1,846 | — | 9,986 |
66 | MainStay VP Asset Allocation Funds |
MainStay VP Growth Allocation Portfolio (continued) | |||||||||
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay VP Indexed Bond Portfolio Initial Class | $ 183,242 | $ 3,937 | $ (159,413) | $ (3,534) | $ (1,814) | $ 22,418 | $ 856 | $ 1,182 | 2,177 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | — | 76,556 | (2,981) | (60) | (2,536) | 70,979 | 3,482 | — | 7,140 |
MainStay VP MacKay International Equity Portfolio Initial Class | 29,531 | 4,487 | (257) | 69 | (674) | 33,156 | 39 | 4,176 | 1,844 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 148,274 | 2,187 | (110,201) | 42,874 | (12,602) | 70,532 | 1,181 | 1,007 | 786 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 18,122 | 673 | (1,857) | 202 | 662 | 17,802 | 94 | — | 1,793 |
MainStay VP Small Cap Growth Portfolio Initial Class | 121,943 | 11,396 | (56,827) | 19,789 | (19,974) | 76,327 | — | 11,396 | 4,354 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 71,125 | 3,001 | (15,273) | 459 | 12,828 | 72,140 | 1,696 | 1,034 | 5,179 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 38,429 | 23,618 | (8,267) | 1,871 | (1,023) | 54,628 | 138 | 6,130 | 1,363 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 67,461 | 1,808 | (16,113) | 1,810 | 8,690 | 63,656 | 368 | 1,157 | 3,897 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 60,390 | 500 | (14,735) | 873 | 9,608 | 56,636 | 222 | — | 4,109 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 15,049 | — | — | 662 | 15,711 | 15 | 85 | 457 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 122,219 | 8,415 | (30,230) | 10,920 | 7,822 | 119,146 | — | 8,415 | 3,142 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 71,349 | 37,226 | (32,168) | (4,949) | (8,524) | 62,934 | 246 | 36,980 | 1,773 |
MainStay WMC International Research Equity Fund Class I (h) | 55,766 | 1,370 | (10,011) | (1,565) | 5,908 | 51,468 | 1,371 | — | 6,495 |
MainStay WMC Value Fund Class R6 (i)(j) | 90,137 | 41,704 | (16,255) | 4,712 | (25,403) | 94,895 | 865 | 40,820 | 2,976 |
$ 1,808,908 | $ 961,471 | $ (1,140,979) | $ 90,267 | $ 36,055 | $ 1,755,722 | $ 27,254 | $ 114,218 |
(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 Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 50 Percent Hedged FTSE International ETF | $ 23,239 | $ 49 | $ (658) | $ 95 | $ 2,322 | $ 25,047 | $ 778 | $ — | 1,000 |
IQ 500 International ETF | 50,814 | 256 | (7,509) | 1,284 | 4,415 | 49,260 | 1,795 | — | 1,515 |
IQ Candriam ESG International Equity ETF | 17,844 | 21,814 | (142) | 47 | 2,112 | 41,675 | 963 | — | 1,390 |
IQ Candriam ESG U.S. Equity ETF | 69,281 | 11,740 | (18,027) | 7,112 | 14,703 | 84,809 | 1,031 | — | 2,037 |
IQ Chaikin U.S. Large Cap ETF | 46,551 | 1,833 | (222) | 45 | 11,372 | 59,579 | 620 | — | 1,645 |
IQ Chaikin U.S. Small Cap ETF | 8,540 | 35,428 | (16,711) | 2,660 | 539 | 30,456 | 273 | — | 831 |
MainStay Epoch Capital Growth Fund Class I | 4,052 | 1,039 | (375) | 58 | (98) | 4,676 | 6 | 1,033 | 344 |
MainStay Epoch International Choice Fund Class I | 46,636 | 1,044 | (8,363) | 2,531 | (698) | 41,150 | 1,043 | — | 1,007 |
MainStay U.S. Government Liquidity Fund | 28,141 | 231,883 | (225,102) | — | — | 34,922 | 3 | — | 34,922 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 66,393 | 1,137 | (11,666) | 3,691 | (4,376) | 55,179 | 634 | — | 4,947 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 67,585 | 1,732 | (9,092) | 298 | 12,225 | 72,748 | 1,625 | — | 4,008 |
MainStay VP MacKay International Equity Portfolio Initial Class | 38,142 | 4,812 | (6,076) | 1,865 | (2,198) | 36,545 | 43 | 4,664 | 2,032 |
MainStay VP MacKay S&P 500 Index Portfolio Initial Class | 146,224 | 2,925 | (76,644) | 25,618 | 6,627 | 104,750 | 1,417 | 1,208 | 1,167 |
MainStay VP Small Cap Growth Portfolio Initial Class | 69,758 | 5,657 | (31,425) | 8,926 | (8,297) | 44,619 | — | 5,590 | 2,545 |
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class | 60,492 | 6,751 | (11,886) | (620) | 12,233 | 66,970 | 1,570 | 957 | 4,808 |
MainStay VP Wellington Growth Portfolio Initial Class (b) | 35,564 | 40,914 | (6,211) | 1,436 | (2,118) | 69,585 | 183 | 8,152 | 1,736 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (c) | 50,281 | 1,530 | (11,892) | 1,889 | 6,011 | 47,819 | 275 | 865 | 2,927 |
MainStay VP Wellington Small Cap Portfolio Initial Class (d) | 32,259 | 9,365 | (10,689) | 758 | 4,893 | 36,586 | 108 | — | 2,654 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (e) | — | 31,745 | — | — | 2,029 | 33,774 | 239 | 1,311 | 982 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 102,494 | 6,646 | (40,050) | 13,851 | 771 | 83,712 | — | 6,646 | 2,208 |
MainStay WMC Enduring Capital Fund Class R6 (f)(g) | 44,574 | 27,072 | (34,071) | (8,415) | (2,503) | 26,657 | 102 | 24,638 | 751 |
MainStay WMC International Research Equity Fund Class I (h) | 41,274 | 1,203 | (5,079) | (695) | 3,845 | 40,548 | 1,081 | — | 5,117 |
MainStay WMC Value Fund Class R6 (i)(j) | 81,922 | 33,778 | (29,024) | 5,869 | (20,863) | 71,682 | 701 | 33,077 | 2,248 |
$ 1,132,060 | $ 480,353 | $ (560,914) | $ 68,303 | $ 42,946 | $ 1,162,748 | $ 14,490 | $ 88,141 |
(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. |
68 | 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 | $646,265,023 | $41,640,781 | $(3,875,047) | $37,765,734 |
MainStay VP Moderate Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $985,934,748 | $101,358,193 | $(18,816,169) | $82,542,024 |
MainStay VP Growth Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,551,820,717 | $216,728,309 | $(17,775,550) | $198,952,759 |
MainStay VP Equity Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $996,450,257 | $173,337,393 | $(10,768,322) | $162,569,071 |
Fund | Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
MainStay VP Conservative Allocation Portfolio | $38,778,478 | $ 36,062,624 | $(22,582,133) | $ 39,092,404 | $ 91,351,373 |
MainStay VP Moderate Allocation Portfolio | 60,632,242 | 72,167,674 | (40,928,445) | 84,207,659 | 176,079,130 |
MainStay VP Growth Allocation Portfolio | 90,433,495 | 136,707,575 | (54,449,070) | 203,901,143 | 376,593,143 |
MainStay VP Equity Allocation Portfolio | 54,259,582 | 110,895,035 | (33,161,001) | 166,297,420 | 298,291,036 |
2021 | 2020 | ||||||
Ordinary Income | Long-Term Capital Gains | Total | Ordinary Income | Long-Term Capital Gains | Total | ||
MainStay VP Conservative Allocation Portfolio | $11,965,362 | $ 7,845,270 | $19,810,632 | $12,422,569 | $10,643,895 | $ 23,066,464 | |
MainStay VP Moderate Allocation Portfolio | 13,534,930 | 24,914,684 | 38,449,614 | 24,336,060 | 27,395,134 | 51,731,194 | |
MainStay VP Growth Allocation Portfolio | 39,542,625 | 21,478,395 | 61,021,020 | 46,464,860 | 58,463,443 | 104,928,303 | |
MainStay VP Equity Allocation Portfolio | 24,489,536 | 32,134,628 | 56,624,164 | 21,490,445 | 51,235,118 | 72,725,563 |
Fund | Purchases | Sales |
MainStay VP Conservative Allocation Portfolio | $159,225 | $212,690 |
MainStay VP Moderate Allocation Portfolio | 265,815 | 369,962 |
MainStay VP Growth Allocation Portfolio | 405,635 | 670,207 |
MainStay VP Equity Allocation Portfolio | 248,475 | 335,812 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 69,728 | $ 893,700 |
Shares issued to shareholders in reinvestment of distributions | 41,966 | 531,222 |
Shares redeemed | (125,379) | (1,600,275) |
Net increase (decrease) | (13,685) | $ (175,353) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 4,557,876 | $ 57,791,405 |
Shares issued to shareholders in reinvestment of distributions | 1,539,656 | 19,279,410 |
Shares redeemed | (9,342,412) | (118,516,266) |
Net increase (decrease) | (3,244,880) | $ (41,445,451) |
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) |
70 | MainStay VP Asset Allocation Funds |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 260,832 | $ 3,313,474 |
Shares issued to shareholders in reinvestment of distributions | 160,287 | 1,998,108 |
Shares redeemed | (253,872) | (3,226,170) |
Net increase (decrease) | 167,247 | $ 2,085,412 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 3,678,709 | $ 46,219,794 |
Shares issued to shareholders in reinvestment of distributions | 2,950,942 | 36,451,506 |
Shares redeemed | (13,770,387) | (172,248,655) |
Net increase (decrease) | (7,140,736) | $ (89,577,355) |
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) |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 234,827 | $ 3,096,018 |
Shares issued to shareholders in reinvestment of distributions | 294,278 | 3,856,100 |
Shares redeemed | (662,806) | (8,743,863) |
Net increase (decrease) | (133,701) | $ (1,791,745) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 1,920,433 | $ 25,173,011 |
Shares issued to shareholders in reinvestment of distributions | 4,411,078 | 57,164,920 |
Shares redeemed | (25,432,281) | (331,191,286) |
Net increase (decrease) | (19,100,770) | $(248,853,355) |
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 |
Year ended December 31, 2021: | ||
Shares sold | 176,557 | $ 2,498,448 |
Shares issued to shareholders in reinvestment of distributions | 377,511 | 5,190,094 |
Shares redeemed | (456,837) | (6,287,813) |
Net increase (decrease) | 97,231 | $ 1,400,729 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 835,871 | $ 11,596,486 |
Shares issued to shareholders in reinvestment of distributions | 3,786,093 | 51,434,070 |
Shares redeemed | (13,659,563) | (186,475,569) |
Net increase (decrease) | (9,037,599) | $(123,445,013) |
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) |
72 | MainStay VP Asset Allocation Funds |
MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Growth Allocation Portfolio (formerly known as MainStay VP Moderate Growth Allocation Portfolio) and MainStay VP Equity Allocation Portfolio (formerly known as MainStay VP Growth Allocation Portfolio)
New York, New York
February 24, 2022
74 | MainStay VP Asset Allocation Funds |
76 | MainStay VP Asset Allocation Funds |
78 | MainStay VP Asset Allocation Funds |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
80 | MainStay VP Asset Allocation Funds |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
82 | MainStay VP Asset Allocation Funds |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1803056 | MSVPAA11-02/22 |
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 Year-Ended December 31, 2021 | |||||
Class | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 5.38% | 5.28% | 2.77% | 0.83% |
Service Class Shares | 2/17/2012 | 5.12 | 5.01 | 2.53 | 1.08 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Bloomberg U.S. TIPS Index1 | 5.96% | 5.34% | 2.98% |
Morningstar Inflation-Protected Bond Category Average2 | 5.46 | 4.81 | 2.45 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Bloomberg U.S. TIPS Index is the primary benchmark. The Bloomberg 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 7/1/21 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/21 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/21 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,036.70 | $2.82 | $1,022.43 | $2.80 | 0.55% |
Service Class Shares | $1,000.00 | $1,035.40 | $4.10 | $1,021.17 | $4.08 | 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 184 (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 4/15/22–7/15/31 |
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 2/25/52–3/25/52 |
5. | Nykredit Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
6. | Japan Government CPI Linked Bond, 0.005%-0.10%, due 3/10/28–3/10/31 |
7. | United Kingdom Gilt Inflation Linked, 0.125%-1.875%, due 11/22/22–3/22/24 |
8. | Realkredit Danmark A/S, 1.00%-2.50%, due 4/1/47–10/1/53 |
9. | France Government Bond, 0.10%-0.25%, due 7/25/24–3/1/26 |
10. | Jyske Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | 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. |
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 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 PIMCO Real Return Portfolio |
Principal Amount | Value | |
Long-Term Bonds 131.9% | ||
Asset-Backed Securities 7.6% | ||
Home Equity Asset-Backed Securities 1.6% | ||
Argent Securities Trust | ||
Series 2006-W4, Class A2C | ||
0.422% (1 Month LIBOR + 0.32%), due 5/25/36 (a) | $ 299,154 | $ 103,595 |
Countrywide Asset-Backed Certificates | ||
Series 2007-8, Class 1A1 | ||
0.292% (1 Month LIBOR + 0.19%), due 11/25/37 (a) | 1,597,495 | 1,545,241 |
Credit Suisse First Boston Mortgage Securities Corp. | ||
Series 2001-HE17, Class A1 | ||
0.722% (1 Month LIBOR + 0.62%), due 1/25/32 (a) | 657,291 | 646,681 |
Credit-Based Asset Servicing and Securitization LLC | ||
Series 2007-CB6, Class A3 | ||
0.322% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b) | 906,705 | 727,604 |
First Franklin Mortgage Loan Trust | ||
Series 2006-FF17, Class A2 | ||
0.222% (1 Month LIBOR + 0.12%), due 12/25/36 (a) | 473,464 | 429,079 |
GSAA Home Equity Trust | ||
Series 2006-17, Class A3A | ||
0.582% (1 Month LIBOR + 0.48%), due 11/25/36 (a) | 1,101,509 | 511,302 |
Home Equity Asset Trust | ||
Series 2005-8, Class M2 | ||
0.542% (1 Month LIBOR + 0.675%), due 2/25/36 (a) | 295,110 | 294,888 |
Lehman XS Trust | ||
Series 2007-20N, Class A1 | ||
1.252% (1 Month LIBOR + 1.15%), due 12/25/37 (a) | 34,237 | 36,260 |
Long Beach Mortgage Loan Trust | ||
Series 2006-7, Class 2A2 | ||
0.222% (1 Month LIBOR + 0.12%), due 8/25/36 (a) | 239,174 | 124,385 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-WMC4, Class A5 | ||
0.252% (1 Month LIBOR + 0.15%), due 10/25/36 (a) | 117,099 | 50,273 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2005-WMC1, Class M3 | ||
0.882% (1 Month LIBOR + 0.78%), due 1/25/35 (a) | 159,576 | 159,285 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
New Century Home Equity Loan Trust | ||
Series 2004-4, Class M1 | ||
0.867% (1 Month LIBOR + 0.765%), due 2/25/35 (a) | $ 60,219 | $ 59,672 |
Option One Mortgage Loan Trust | ||
Series 2006-1, Class M1 | ||
0.642% (1 Month LIBOR + 0.54%), due 1/25/36 (a) | 1,200,000 | 1,183,564 |
Popular ABS Mortgage Pass-Through Trust | ||
Series 2006-A, Class M2 | ||
0.972% (1 Month LIBOR + 0.87%), due 2/25/36 (a) | 1,238,000 | 1,222,971 |
RASC Trust (a) | ||
Series 2006-KS6, Class A4 | ||
0.352% (1 Month LIBOR + 0.25%), due 8/25/36 | 91,893 | 91,715 |
Series 2006-EMX4, Class A4 | ||
0.562% (1 Month LIBOR + 0.23%), due 6/25/36 | 580,993 | 570,856 |
Series 2005-KS8, Class M4 | ||
0.987% (1 Month LIBOR + 0.59%), due 8/25/35 | 289,732 | 289,740 |
Series 2005-EMX1, Class M2 | ||
1.197% (1 Month LIBOR + 1.095%), due 3/25/35 | 631,322 | 628,122 |
Saxon Asset Securities Trust | ||
Series 2007-3, Class 1A | ||
0.412% (1 Month LIBOR + 0.31%), due 9/25/37 (a) | 125,274 | 123,430 |
Securitized Asset-Backed Receivables LLC Trust (a) | ||
Series 2006-HE2, Class A2C | ||
0.402% (1 Month LIBOR + 0.30%), due 7/25/36 | 357,059 | 198,754 |
Series 2006-HE1, Class A2C | ||
0.422% (1 Month LIBOR + 0.32%), due 7/25/36 | 580,114 | 273,925 |
Soundview Home Loan Trust (a) | ||
Series 2007-OPT2, Class 2A3 | ||
0.283% (1 Month LIBOR + 0.18%), due 7/25/37 | 185,386 | 177,780 |
Series 2007-OPT1, Class 1A1 | ||
0.302% (1 Month LIBOR + 0.20%), due 6/25/37 | 295,135 | 256,179 |
9,705,301 |
10 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities 6.0% | ||
Anchorage Capital CLO 11 Ltd. | ||
Series 2019-11A, Class AR | ||
1.268% (3 Month LIBOR + 1.14%), due 7/22/32 (a)(b) | $ 300,000 | $ 300,067 |
Anchorage Capital CLO 6 Ltd. | ||
Series 2015-6A, Class ARR | ||
1.174% (3 Month LIBOR + 1.05%), due 7/15/30 (a)(b) | 500,000 | 500,024 |
Apidos CLO XXVI | ||
Series 2017-26A, Class A1AR | ||
1.022% (3 Month LIBOR + 0.90%), due 7/18/29 (a)(b) | 800,000 | 799,998 |
Apidos CLO XXVII | ||
Series 2017-27A, Class A1R | ||
1.052% (3 Month LIBOR + 0.93%), due 7/17/30 (a)(b) | 600,000 | 600,098 |
Arch Street CLO Ltd. | ||
Series 2016-2A, Class AR2 | ||
1.132% (3 Month LIBOR + 1.00%), due 10/20/28 (a)(b) | 414,892 | 414,914 |
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 | 1,251,376 |
ARES XL CLO Ltd. | ||
Series 2016-40A, Class A1RR | ||
0.99% (3 Month LIBOR + 0.87%), due 1/15/29 (a)(b) | $ 1,300,000 | 1,300,012 |
Atlas Senior Loan Fund Ltd. | ||
Series 2017-8A, Class A | ||
1.272% (3 Month LIBOR + 1.15%), due 1/16/30 (a)(b) | 1,200,000 | 1,197,106 |
Atrium XII | ||
Series 12A, Class AR | ||
0.958% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b) | 268,876 | 269,119 |
Benefit Street Partners CLO XVI Ltd. | ||
Series 2018-16A, Class A1R | ||
1.152% (3 Month LIBOR + 1.03%), due 1/17/32 (a)(b) | 300,000 | 300,049 |
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 78,932 | 89,865 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Black Diamond CLO Ltd. | ||
Series 2017-2A, Class A1 | ||
0.86% (3 Month EURIBOR + 0.86%), due 1/20/32 (a)(b) | EUR 1,000,000 | $ 1,138,501 |
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 | 1,251,160 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-1A, Class A1RR | ||
1.105% (3 Month LIBOR + 0.95%), due 8/14/30 (a)(b) | $ 600,000 | 599,999 |
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 | 1,132,761 |
Carlyle US CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
1.132% (3 Month LIBOR + 1.00%), due 4/20/31 (a)(b) | $ 700,000 | 698,572 |
CIFC Funding 2017-IV Ltd. | ||
Series 2017-4A, Class A1R | ||
1.074% (3 Month LIBOR + 0.95%), due 10/24/30 (a)(b) | 400,000 | 400,012 |
Crestline Denali CLO XV Ltd. | ||
Series 2017-1A, Class AR | ||
1.162% (3 Month LIBOR + 1.03%), due 4/20/30 (a)(b) | 300,000 | 299,999 |
Dryden 52 Euro CLO DAC | ||
Series 2017-52A, Class AR | ||
0.86% (3 Month EURIBOR + 0.86%), due 5/15/34 (a)(b) | EUR 500,000 | 566,457 |
Gallatin CLO VIII Ltd. | ||
Series 2017-1A, Class A1R | ||
1.177% (3 Month LIBOR + 1.09%), due 7/15/31 (a)(b) | $ 400,000 | 399,680 |
Jubilee CLO DAC | ||
Series 2015-16A, Class A1R | ||
0.197% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b) | EUR 1,612,879 | 1,831,268 |
KVK CLO Ltd. | ||
Series 2013-1A, Class AR | ||
1.027% (3 Month LIBOR + 0.90%), due 1/14/28 (a)(b) | $ 312,927 | 312,930 |
LCM 30 Ltd. | ||
Series 30A, Class AR | ||
1.212% (3 Month LIBOR + 1.08%), due 4/20/31 (a)(b) | 1,350,000 | 1,350,038 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
LCM XIII LP | ||
Series 13A, Class AR3 | ||
1.086% (3 Month LIBOR + 0.87%), due 7/19/27 (a)(b) | $ 1,700,000 | $ 1,698,565 |
LCM XV LP | ||
Series 15A, Class AR2 | ||
1.132% (3 Month LIBOR + 1.00%), due 7/20/30 (a)(b) | 400,000 | 400,004 |
Legacy Mortgage Asset Trust | ||
Series 2019-GS3, Class A1 | ||
3.75%, due 4/25/59 (b)(c) | 131,828 | 132,272 |
MacKay Shields Euro DAC | ||
Series 2A, Class A | ||
1.55% (3 Month EURIBOR + 1.55%), due 8/15/33 (a)(b) | EUR 242,948 | 276,840 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR2 | ||
1.023% (3 Month LIBOR + 0.88%), due 11/15/28 (a)(b) | $ 400,000 | 399,969 |
Man GLG Euro CLO II DAC | ||
Series 2A, Class A1R | ||
0.87% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b) | EUR 201,485 | 229,128 |
Marathon CLO V Ltd. | ||
Series 2013-5A, Class A1R | ||
1.03% (3 Month LIBOR + 0.87%), due 11/21/27 (a)(b) | $ 295,859 | 295,889 |
MidOcean Credit CLO II | ||
Series 2013-2A, Class ARR | ||
1.159% (3 Month LIBOR + 1.03%), due 1/29/30 (a)(b) | 300,000 | 299,999 |
MP CLO VII Ltd. | ||
Series 2015-1A, Class AR3 | ||
1.012% (3 Month LIBOR + 0.89%), due 10/18/28 (a)(b) | 494,262 | 494,261 |
OCP CLO Ltd. | ||
Series 2015-9A, Class A1R | ||
0.924% (3 Month LIBOR + 0.80%), due 7/15/27 (a)(b) | 2,652 | 2,652 |
OSD CLO Ltd. | ||
Series 2021-23A, Class A | ||
0.877% (3 Month LIBOR + 0.87%), due 4/17/31 (a)(b) | 1,300,000 | 1,298,407 |
OZLM VIII Ltd. | ||
Series 2014-8A, Class A1R3 | ||
1.20% (3 Month LIBOR + 0.98%), due 10/17/29 (a)(b) | 400,000 | 400,000 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
OZLM XXIV Ltd. | ||
Series 2019-24A, Class A1AR | ||
1.292% (3 Month LIBOR + 1.16%), due 7/20/32 (a)(b) | $ 200,000 | $ 199,922 |
Palmer Square Loan Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A1 | ||
0.928% (3 Month LIBOR + 0.80%), due 10/15/29 | 500,000 | 500,118 |
Series 2021-3A, Class A1 | ||
0.971% (3 Month LIBOR + 0.80%), due 7/20/29 | 1,400,000 | 1,400,000 |
Rad CLO 5 Ltd. | ||
Series 2019-5A, Class AR | ||
1.331% (3 Month LIBOR + 1.12%), due 7/24/32 (a)(b) | 1,700,000 | 1,700,000 |
Romark CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
1.154% (3 Month LIBOR + 1.03%), due 10/23/30 (a)(b) | 400,000 | 399,802 |
Saranac CLO VI Ltd. | ||
Series 2018-6A, Class A1R | ||
1.341% (3 Month LIBOR + 1.14%), due 8/13/31 (a)(b) | 300,000 | 299,595 |
SLM Student Loan Trust | ||
Series 2004-3A, Class A6B | ||
0.674% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b) | 405,856 | 402,798 |
Sound Point CLO IX Ltd. | ||
Series 2015-2A, Class ARRR | ||
1.342% (3 Month LIBOR + 1.21%), due 7/20/32 (a)(b) | 500,000 | 499,803 |
Sound Point CLO XIV Ltd. | ||
Series 2016-3A, Class AR2 | ||
1.114% (3 Month LIBOR + 0.99%), due 1/23/29 (a)(b) | 1,014,529 | 1,014,028 |
Sound Point CLO XV Ltd. | ||
Series 2017-1A, Class ARR | ||
1.024% (3 Month LIBOR + 0.90%), due 1/23/29 (a)(b) | 1,100,000 | 1,100,013 |
Stratus CLO Ltd. | ||
Series 2021-3A, Class A | ||
1.17% (3 Month LIBOR + 0.95%), due 12/29/29 (a)(b) | 400,000 | 400,000 |
Symphony CLO XIV Ltd. | ||
Series 2014-14A, Class AR | ||
1.077% (3 Month LIBOR + 0.95%), due 7/14/26 (a)(b) | 101,767 | 101,769 |
12 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
THL Credit Wind River CLO Ltd. | ||
Series 2019-3A, Class AR | ||
1.204% (3 Month LIBOR + 1.08%), due 4/15/31 (a)(b) | $ 300,000 | $ 299,890 |
Venture 36 CLO Ltd. | ||
Series 2019-36A, Class A1AR | ||
1.262% (3 Month LIBOR + 1.13%), due 4/20/32 (a)(b) | 600,000 | 599,999 |
Venture XX CLO Ltd. | ||
Series 2015-20A, Class AR | ||
0.944% (3 Month LIBOR + 0.82%), due 4/15/27 (a)(b) | 139,599 | 139,599 |
Venture XXI CLO Ltd. | ||
Series 2015-21A, Class AR | ||
1.004% (3 Month LIBOR + 0.88%), due 7/15/27 (a)(b) | 450,558 | 450,563 |
Venture XXIV CLO Ltd. | ||
Series 2016-24A, Class ARR | ||
1.032% (3 Month LIBOR + 0.90%), due 10/20/28 (a)(b) | 371,929 | 371,772 |
Vibrant CLO VI Ltd. | ||
Series 2017-6A, Class AR | ||
1.164% (3 Month LIBOR + 0.95%), due 6/20/29 (a)(b) | 1,021,264 | 1,021,286 |
Vibrant CLO XI Ltd. | ||
Series 2019-11A, Class A1R1 | ||
1.252% (3 Month LIBOR + 1.12%), due 7/20/32 (a)(b) | 400,000 | 399,538 |
Voya CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
1.072% (3 Month LIBOR + 0.95%), due 4/17/30 (a)(b) | 1,000,000 | 1,000,008 |
Z Capital Credit Partners CLO Ltd. | ||
Series 2015-1A, Class A1R | ||
1.072% (3 Month LIBOR + 0.95%), due 7/16/27 (a)(b) | 28,536 | 28,535 |
35,261,029 | ||
Total Asset-Backed Securities (Cost $45,143,109) | 44,966,330 | |
Corporate Bonds 5.8% | ||
Auto Manufacturers 0.0% ‡ | ||
Nissan Motor Acceptance Co. LLC | ||
2.65%, due 7/13/22 (b) | 200,000 | 201,740 |
Principal Amount | Value | |
Banks 2.7% | ||
Banco Bilbao Vizcaya Argentaria SA | ||
Series Reg S | ||
5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (a)(d) | EUR 400,000 | $ 483,293 |
Bank of America Corp. | ||
Series FF | ||
5.875%, due 3/15/28 (d)(e) | $ 190,000 | 211,375 |
Credit Suisse Group Funding Guernsey Ltd. | ||
3.80%, due 9/15/22 | 300,000 | 306,473 |
ING Bank NV | ||
2.625%, due 12/5/22 (b) | 400,000 | 407,267 |
Lloyds Banking Group plc | ||
Series Reg S | ||
4.947% (5 Month EURIBOR ICE Swap Rate + 5.29%), due 6/27/25 (a)(d) | EUR 200,000 | 247,692 |
NatWest Group plc | ||
1.77% (3 Month LIBOR + 1.55%), due 6/25/24 (a) | $ 300,000 | 304,726 |
4.519%, due 6/25/24 (e) | 200,000 | 209,225 |
Nykredit Realkredit A/S | ||
Series Reg S | ||
0.50%, due 10/1/43 | DKK 12,857,738 | 1,841,446 |
Series Reg S | ||
1.00%, due 10/1/50 | 45,793,317 | 6,677,557 |
Series Reg S | ||
1.00%, due 10/1/53 | 500,000 | 70,920 |
Series Reg S | ||
1.00%, due 10/1/53 | 2,100,000 | 302,363 |
Series Reg S | ||
1.50%, due 10/1/53 | 8,078,640 | 1,192,864 |
Series Reg S | ||
1.50%, due 10/1/53 | 10,900,000 | 1,628,980 |
Series 01E | ||
1.50%, due 10/1/53 | 100,000 | 14,368 |
Series Reg S | ||
2.00%, due 10/1/53 | 300,000 | 45,158 |
Series Reg S | ||
2.00%, due 10/1/53 | 500,000 | 76,622 |
Series 01E | ||
2.50%, due 10/1/47 | 1,924 | 315 |
UniCredit SpA | ||
7.83%, due 12/4/23 (b) | $ 1,800,000 | 2,003,778 |
16,024,422 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Beverages 0.0% ‡ | ||
Keurig Dr Pepper, Inc. | ||
4.057%, due 5/25/23 | $ 52,000 | $ 54,215 |
Commercial Services 0.0% ‡ | ||
RELX Capital, Inc. | ||
3.50%, due 3/16/23 | 100,000 | 102,936 |
Distribution & Wholesale 0.1% | ||
Toyota Tsusho Corp. | ||
3.625%, due 9/13/23 | ��� 200,000 | 208,250 |
Diversified Financial Services 2.5% | ||
Ally Financial, Inc. | ||
4.125%, due 2/13/22 | 200,000 | 200,789 |
Avolon Holdings Funding Ltd. | ||
2.528%, due 11/18/27 (b) | 66,000 | 64,113 |
Jyske Realkredit A/S | ||
Series CCE | ||
0.50%, due 10/1/43 | DKK 2,517,194 | 360,890 |
Series Reg S | ||
1.00%, due 10/1/50 | 16,365,096 | 2,385,723 |
Series CCE | ||
1.00%, due 10/1/53 | 6,664,211 | 944,623 |
Series CCE | ||
1.50%, due 10/1/53 | 1,700,000 | 254,400 |
Series CCE | ||
1.50%, due 10/1/53 | 2,000,000 | 295,160 |
Series 111E | ||
2.50%, due 10/1/47 | 5,148 | 842 |
Mitsubishi HC Capital, Inc. | ||
2.652%, due 9/19/22 (b) | $ 200,000 | 202,202 |
Nordea Kredit Realkreditaktieselskab | ||
0.50%, due 10/1/43 | DKK 966,392 | 138,705 |
Series Reg S | ||
1.00%, due 10/1/50 | 11,375,613 | 1,661,833 |
1.00%, due 10/1/53 | 200,000 | 28,812 |
1.50%, due 10/1/53 | 10,599,989 | 1,567,186 |
1.50%, due 10/1/53 | 2,700,000 | 404,460 |
1.50%, due 10/1/53 | 500,000 | 71,953 |
2.00%, due 10/1/53 | 400,000 | 61,359 |
2.50%, due 10/1/47 | 2,197 | 359 |
Realkredit Danmark A/S | ||
Series Reg S | ||
1.00%, due 10/1/50 | 16,400,000 | 2,387,673 |
Series Reg S | ||
1.00%, due 10/1/53 | 19,099,810 | 2,709,158 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Realkredit Danmark A/S (continued) | ||
Series Reg S | ||
1.00%, due 10/1/53 | DKK 1,500,000 | $ 216,146 |
Series Reg S | ||
1.50%, due 10/1/53 | 3,100,000 | 463,668 |
Series Reg S | ||
1.50%, due 10/1/53 | 1,500,000 | 221,313 |
Series 28S | ||
2.00%, due 10/1/53 | 1,700,000 | 255,896 |
Series 23S | ||
2.50%, due 4/1/47 | 10,175 | 1,662 |
14,898,925 | ||
Food 0.1% | ||
Conagra Brands, Inc. | ||
3.25%, due 9/15/22 | $ 200,000 | 203,276 |
Danone SA | ||
3.00%, due 6/15/22 (b)(f) | 200,000 | 202,186 |
405,462 | ||
Home Builders 0.0% ‡ | ||
DR Horton, Inc. | ||
5.75%, due 8/15/23 | 100,000 | 106,220 |
Home Furnishings 0.2% | ||
Panasonic Corp. | ||
2.536%, due 7/19/22 (b) | 800,000 | 806,346 |
Media 0.1% | ||
Charter Communications Operating LLC | ||
4.464%, due 7/23/22 | 600,000 | 608,856 |
Oil & Gas 0.1% | ||
Petrobras Global Finance BV | ||
5.093%, due 1/15/30 | 543,000 | 564,758 |
Pharmaceuticals 0.0% ‡ | ||
Cigna Corp. | ||
3.75%, due 7/15/23 | 73,000 | 75,913 |
Total Corporate Bonds (Cost $35,081,326) | 34,058,043 |
14 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Foreign Government Bonds 9.9% | ||
Argentina 0.0% ‡ | ||
Argentine Republic Government Bond (h) | ||
34.162%, due 10/4/22 (g) | ARS 1,756 | $ 9 |
36.165% (BADLARPP + 2.00%), due 4/3/22 (a) | 2,854,000 | 27,625 |
27,634 | ||
Australia 0.4% | ||
Australia Government Bond (i) | ||
Series Reg S | ||
1.25%, due 2/21/22 | AUD 1,174,432 | 858,930 |
Series Reg S | ||
3.00%, due 9/20/25 | 1,871,515 | 1,585,614 |
2,444,544 | ||
Canada 0.1% | ||
Canadian Government Real Return Bond | ||
4.25%, due 12/1/26 (i) | CAD 983,082 | 980,789 |
France 1.0% | ||
France Government Bond (i) | ||
Series Reg S | ||
0.10%, due 3/1/26 (b) | EUR 3,213,832 | 4,018,696 |
Series Reg S | ||
0.25%, due 7/25/24 | 1,436,539 | 1,759,101 |
5,777,797 | ||
Italy 4.3% | ||
Italy Buoni Poliennali Del Tesoro (b)(i) | ||
Series Reg S | ||
0.40%, due 5/15/30 | 8,948,715 | 11,068,365 |
Series Reg S | ||
1.40%, due 5/26/25 | 11,512,075 | 14,210,982 |
25,279,347 | ||
Japan 1.9% | ||
Japan Government CPI Linked Bond (i) | ||
0.005%, due 3/10/31 | JPY 227,074,400 | 2,050,046 |
0.10%, due 3/10/28 | 424,965,480 | 3,819,997 |
0.10%, due 3/10/29 | 610,191,630 | 5,508,859 |
11,378,902 | ||
New Zealand 0.5% | ||
New Zealand Government Inflation Linked Bond (i) | ||
Series Reg S | ||
2.00%, due 9/20/25 | NZD 2,078,820 | 1,553,864 |
Principal Amount | Value | |
New Zealand (continued) | ||
New Zealand Government Inflation Linked Bond (i) (continued) | ||
Series Reg S | ||
2.50%, due 9/20/35 | NZD 901,840 | $ 778,703 |
Series Reg S | ||
3.00%, due 9/20/30 | 572,450 | 485,465 |
2,818,032 | ||
Peru 0.2% | ||
Peru Government Bond | ||
5.94%, due 2/12/29 | PEN 1,300,000 | 333,237 |
6.15%, due 8/12/32 | 2,600,000 | 653,346 |
986,583 | ||
Qatar 0.0% ‡ | ||
Qatar Government Bond | ||
Series Reg S | ||
3.875%, due 4/23/23 | $ 300,000 | 311,895 |
United Kingdom 1.5% | ||
United Kingdom Gilt Inflation Linked (i) | ||
Series Reg S | ||
0.125%, due 3/22/24 | GBP 3,346,278 | 4,956,793 |
Series Reg S | ||
1.875%, due 11/22/22 | 2,579,036 | 3,721,877 |
8,678,670 | ||
Total Foreign Government Bonds (Cost $58,552,497) | 58,684,193 | |
Mortgage-Backed Securities 4.3% | ||
Agency (Collateralized Mortgage Obligations) 3.3% | ||
FHLMC | ||
REMIC, Series 4779, Class WF | ||
0.436% (1 Month LIBOR + 0.35%), due 7/15/44 (a) | $ 212,122 | 212,660 |
FHLMC, STRIPS | ||
Series 278, Class F1 | ||
0.56% (1 Month LIBOR + 0.45%), due 9/15/42 (a) | 219,912 | 219,811 |
GNMA (a) | ||
REMIC, Series 2018-H15, Class FG | ||
0.382% (12 Month LIBOR + 0.15%), due 8/20/68 | 413,245 | 406,409 |
REMIC, Series 2017-H10, Class FB | ||
1.029% (12 Month LIBOR + 0.75%), due 4/20/67 | 257,530 | 259,379 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
UMBS, Single Family, 30 Year (j) | ||
3.50%, due 3/25/52 TBA | $ 11,800,000 | $ 12,387,115 |
4.00%, due 2/25/52 TBA | 5,480,000 | 5,825,696 |
19,311,070 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.0% ‡ | ||
AREIT Trust | ||
Series 2020-CRE4, Class A | ||
2.782% (SOFR 30A + 2.734%), due 4/15/37 (a)(b) | 108,045 | 108,027 |
Whole Loan (Collateralized Mortgage Obligations) 1.0% | ||
Alternative Loan Trust | ||
Series 2005-29CB, Class A4 | ||
5.00%, due 7/25/35 | 30,970 | 23,152 |
Series 2007-1T1, Class 1A1 | ||
6.00%, due 3/25/37 | 568,016 | 313,528 |
CHL Mortgage Pass-Through Trust | ||
Series 2007-1, Class A1 | ||
6.00%, due 3/25/37 | 28,911 | 20,544 |
Citigroup Mortgage Loan Trust | ||
Series 2007-AR4, Class 1A1A | ||
3.173%, due 3/25/37 (k) | 222,454 | 223,120 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2004-NCM2, Class 1CB1 | ||
5.50%, due 8/25/34 | 152,412 | 155,172 |
Eurosail-UK plc (a) | ||
Series Reg S, Class A3A | ||
1.045% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 | GBP 123,495 | 166,872 |
Series Reg S, Class A3C | ||
1.045% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 | 32,928 | 44,429 |
Series 2007-3A, Class A3C | ||
1.045% (3 Month Sterling LIBOR + 0.95%), due 6/13/45 (b) | 32,928 | 44,429 |
GreenPoint Mortgage Funding Trust | ||
Series 2006-AR4, Class A6A | ||
0.462% (1 Month LIBOR + 0.36%), due 9/25/46 (a) | $ 74,039 | 72,722 |
IndyMac INDX Mortgage Loan Trust (a) | ||
Series 2005-AR12, Class 2A1A | ||
0.582% (1 Month LIBOR + 0.48%), due 7/25/35 | 108,648 | 106,013 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
IndyMac INDX Mortgage Loan Trust (a) (continued) | ||
Series 2005-AR14, Class 1A1A | ||
0.662% (1 Month LIBOR + 0.56%), due 7/25/35 | $ 807,818 | $ 653,436 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-A4, Class 1A | ||
2.469%, due 7/25/35 (k) | 163,012 | 106,195 |
New Residential Mortgage Loan Trust (b)(g) | ||
Series 2019-RPL3, Class A1 | ||
2.75%, due 7/25/59 | 263,506 | 268,327 |
Series 2018-3A, Class A1 | ||
4.50%, due 5/25/58 | 148,065 | 157,629 |
OBX Trust | ||
Series 2018-1, Class A2 | ||
0.752% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b) | 36,043 | 36,069 |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | ||
Series 2005-2, Class M7 | ||
1.902% (1 Month LIBOR + 1.80%), due 4/25/35 (a) | 100,000 | 101,489 |
RALI Trust | ||
Series 2006-QH1, Class A1 | ||
0.482% (1 Month LIBOR + 0.38%), due 12/25/36 (a) | 882,569 | 850,499 |
Residential Asset Securitization Trust | ||
Series 2006-A10, Class A5 | ||
6.50%, due 9/25/36 | 224,234 | 120,745 |
Residential Mortgage Securities 32 plc | ||
Series 32A, Class A | ||
1.412% (SONIA3M IR + 1.25%), due 6/20/70 (a)(b) | GBP 161,558 | 220,424 |
Thornburg Mortgage Securities Trust | ||
Series 2004-2, Class A1 | ||
0.723% (1 Month LIBOR + 0.62%), due 6/25/44 (a) | $ 619,622 | 605,500 |
Towd Point Mortgage Funding Granite 4 plc | ||
Series 2019-GR4A, Class A1 | ||
1.236% (3 Month Sterling LIBOR + 1.025%), due 10/20/51 (a)(b) | GBP 790,517 | 1,076,910 |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | ||
Series 2007-HY1, Class A2A | ||
0.262% (1 Month LIBOR + 0.16%), due 2/25/37 (a) | $ 467,224 | 421,956 |
16 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust (continued) | ||
Series 2006-5, Class 2CB1 | ||
6.00%, due 7/25/36 | $ 36,946 | $ 32,903 |
5,822,063 | ||
Total Mortgage-Backed Securities (Cost $25,384,420) | 25,241,160 | |
U.S. Government & Federal Agencies 104.3% | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.1% | ||
FNMA (a) | ||
1.282% (12 Month Monthly Treasury Average Index + 1.199%), due 6/1/43 | 164,338 | 167,332 |
2.423% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 | 190,486 | 201,648 |
4.026% (11th District Cost of Funds Index + 1.926%), due 12/1/36 | 114,020 | 121,744 |
490,724 | ||
United States Treasury Bonds 0.3% | ||
U.S. Treasury Bonds | ||
1.625%, due 11/15/50 | 2,080,000 | 1,937,894 |
United States Treasury Inflation - Indexed Notes 103.9% | ||
U.S. Treasury Inflation Linked Bonds (i) | ||
0.125%, due 2/15/51 | 5,216,237 | 6,173,457 |
0.25%, due 2/15/50 | 2,775,616 | 3,356,705 |
0.625%, due 2/15/43 | 2,141,393 | 2,660,658 |
0.75%, due 2/15/42 | 6,401,834 | 8,086,249 |
0.75%, due 2/15/45 | 6,976,946 | 8,975,832 |
0.875%, due 2/15/47 | 13,340,666 | 18,007,894 |
1.00%, due 2/15/46 | 7,692,639 | 10,506,670 |
1.00%, due 2/15/48 | 2,813,048 | 3,942,428 |
1.00%, due 2/15/49 | 3,352,468 | 4,755,998 |
1.375%, due 2/15/44 | 17,671,154 | 25,206,057 |
1.75%, due 1/15/28 | 15,346,702 | 18,409,238 |
2.00%, due 1/15/26 | 6,463,285 | 7,478,177 |
2.125%, due 2/15/40 | 4,427,693 | 6,774,193 |
2.125%, due 2/15/41 | 6,984,501 | 10,807,160 |
2.375%, due 1/15/25 | 13,338,121 | 15,188,583 |
2.375%, due 1/15/27 | 27,431 | 33,127 |
Principal Amount | Value | |
United States Treasury Inflation - Indexed Notes (continued) | ||
U.S. Treasury Inflation Linked Bonds (i) (continued) | ||
2.50%, due 1/15/29 | $ 6,737,600 | $ 8,612,450 |
3.375%, due 4/15/32 | 509,548 | 757,797 |
U.S. Treasury Inflation Linked Notes (i) | ||
0.125%, due 4/15/22 | 46,065,490 | 46,738,479 |
0.125%, due 7/15/22 (l) | 4,596,910 | 4,710,307 |
0.125%, due 1/15/23 | 14,059,419 | 14,519,646 |
0.125%, due 10/15/24 | 13,152,210 | 14,047,029 |
0.125%, due 4/15/25 | 8,352,240 | 8,933,923 |
0.125%, due 10/15/25 (l) | 852,784 | 919,276 |
0.125%, due 4/15/26 | 4,482,390 | 4,837,064 |
0.125%, due 7/15/26 | 9,934,993 | 10,785,729 |
0.125%, due 10/15/26 | 17,814,544 | 19,371,944 |
0.125%, due 1/15/30 | 18,555,190 | 20,593,089 |
0.125%, due 7/15/30 | 13,506,326 | 15,110,132 |
0.125%, due 1/15/31 | 15,130,142 | 16,939,127 |
0.125%, due 7/15/31 (m) | 45,922,665 | 51,615,737 |
0.25%, due 1/15/25 | 12,378,256 | 13,260,804 |
0.25%, due 7/15/29 | 18,425,352 | 20,643,774 |
0.375%, due 7/15/23 | 6,812,597 | 7,162,700 |
0.375%, due 1/15/27 | 16,007,380 | 17,605,668 |
0.375%, due 7/15/27 | 18,792,234 | 20,847,757 |
0.50%, due 4/15/24 | 23,271,337 | 24,805,205 |
0.50%, due 1/15/28 | 17,505,892 | 19,586,481 |
0.625%, due 4/15/23 | 23,762,517 | 24,840,184 |
0.625%, due 1/15/24 | 23,146,120 | 24,630,899 |
0.625%, due 1/15/26 | 10,744,089 | 11,799,150 |
0.75%, due 7/15/28 | 17,641,099 | 20,201,217 |
0.875%, due 1/15/29 | 17,843,884 | 20,633,273 |
614,871,267 | ||
United States Treasury Notes 0.0% ‡ | ||
U.S. Treasury Notes | ||
1.75%, due 12/31/24 | 330,000 | 337,528 |
Total U.S. Government & Federal Agencies (Cost $571,484,226) | 617,637,413 | |
Total Long-Term Bonds (Cost $735,645,578) | 780,587,139 | |
Shares | ||
Short-Term Investments 0.2% | ||
Affiliated Investment Company 0.2% | ||
MainStay U.S. Government Liquidity Fund, 0.01% (n) | 714,686 | 714,686 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 0.0% ‡ | |||
Wells Fargo Government Money Market Fund, 0.10% (n)(o) | 92,925 | $ 92,925 | |
Total Short-Term Investments (Cost $807,611) | 807,611 | ||
Total Investments, Before Investments Sold Short (Cost $736,453,189) | 132.1% | 781,394,750 | |
Principal Amount | |||
Short-Term Investment Sold Short (8.7)% | |||
Reverse Repurchase Agreement (8.7)% | |||
U.S. Treasury 0.11%, dated 12/31/21 due 1/4/22 Proceeds at Maturity $(51,286,407) (Collateralized by United States Treasury Inflation Protected Bond with a rate of 0.125% and maturity date of 7/15/31, with a Principal Amount of $(44,500,000) and a Market Value of $(51,408,253)) | $ (51,286,250) | (51,286,250) | |
Total Short-Term Investment Sold Short (Proceeds $(51,286,250)) | (51,286,250) | ||
Total Investments Excluding Purchased Options (Cost $685,166,939) | 123.4% | 730,108,500 | |
Total Purchased Options (Cost $102,109) | 0.0%‡ | 201,672 | |
Total Investments, Net of Investments Sold Short (Cost $685,269,048) | 123.4% | 730,310,172 | |
Other Assets, Less Liabilities | (23.4) | (138,427,540) | |
Net Assets | 100.0% | $ 591,882,632 |
† | 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 December 31, 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 December 31, 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) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2021. |
(f) | All or a portion of this security was held on loan. As of December 31, 2021, the aggregate market value of securities on loan was $90,984. The Portfolio received cash collateral with a value of $92,925. (See Note 2(M)) |
(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 December 31, 2021. |
(h) | Illiquid security—As of December 31, 2021, the total market value deemed illiquid under procedures approved by the Board of Trustees was $27,634, which represented less than one-tenth of a percent of the Portfolio’s net assets. (Unaudited) |
(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 December 31, 2021, the total net market value was $18,212,811, which represented 3.1% 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 December 31, 2021. |
(l) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for Future and swap contracts. |
(m) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for open reverse repurchase agreements. (See Note 2(P)) |
(n) | Current yield as of December 31, 2021. |
(o) | Represents a security purchased with cash collateral received for securities on loan. |
18 | MainStay VP PIMCO Real Return Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 4,069,000 | USD | 2,900,447 | JPMorgan Chase Bank N.A. | 1/7/22 | $ 59,978 |
EUR | 35,179,000 | USD | 39,819,655 | Bank of America N.A. | 1/4/22 | 231,636 |
EUR | 372,000 | USD | 421,101 | Morgan Stanley & Co. International | 1/4/22 | 2,421 |
EUR | 327,000 | USD | 370,834 | Morgan Stanley & Co. International | 1/4/22 | 1,456 |
GBP | 462,000 | USD | 613,961 | JPMorgan Chase Bank N.A. | 1/7/22 | 11,375 |
NOK | 26,320,000 | USD | 2,903,671 | Morgan Stanley & Co. International | 2/17/22 | 82,620 |
USD | 4,316,440 | DKK | 27,327,382 | Bank of America N.A. | 4/1/22 | 124,972 |
USD | 378,176 | DKK | 2,425,000 | Bank of America N.A. | 4/1/22 | 6,230 |
USD | 152,071 | DKK | 970,000 | Bank of America N.A. | 4/1/22 | 3,293 |
USD | 238,521 | DKK | 1,520,000 | Bank of America N.A. | 4/1/22 | 5,384 |
USD | 148,595 | DKK | 955,000 | Bank of America N.A. | 4/1/22 | 2,117 |
USD | 446,978 | DKK | 2,865,000 | Bank of America N.A. | 4/1/22 | 7,545 |
USD | 300,288 | DKK | 1,920,000 | Bank of America N.A. | 4/1/22 | 5,798 |
USD | 514,981 | DKK | 3,335,000 | Bank of America N.A. | 4/1/22 | 3,460 |
USD | 209,228 | DKK | 1,340,000 | JPMorgan Chase Bank N.A. | 4/1/22 | 3,699 |
USD | 6,200,613 | DKK | 39,238,223 | Morgan Stanley & Co. International | 4/1/22 | 182,262 |
USD | 6,681,248 | DKK | 42,378,956 | Morgan Stanley & Co. International | 4/1/22 | 181,172 |
USD | 1,296,509 | DKK | 8,330,000 | Morgan Stanley & Co. International | 4/1/22 | 18,855 |
USD | 288,686 | DKK | 1,850,000 | Morgan Stanley & Co. International | 4/1/22 | 4,934 |
USD | 381,267 | DKK | 2,445,000 | Morgan Stanley & Co. International | 4/1/22 | 6,253 |
USD | 153,281 | DKK | 980,000 | Morgan Stanley & Co. International | 4/1/22 | 2,969 |
USD | 504,221 | DKK | 3,260,000 | Morgan Stanley & Co. International | 4/1/22 | 4,203 |
USD | 713,437 | GBP | 527,000 | Credit Suisse First Boston Intl | 1/5/22 | 117 |
USD | 4,780,187 | JPY | 543,452,672 | JPMorgan Chase Bank N.A. | 1/7/22 | 55,649 |
USD | 7,008,141 | JPY | 790,500,111 | JPMorgan Chase Bank N.A. | 1/7/22 | 135,882 |
USD | 156,798 | JPY | 17,800,000 | Morgan Stanley & Co. International | 1/7/22 | 2,052 |
USD | 1,049,827 | PEN | 4,228,387 | Bank of America N.A.* | 7/25/22 | 5,064 |
Total Unrealized Appreciation | 1,151,396 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
DKK | 3,415,000 | USD | 533,543 | Morgan Stanley & Co. International | 4/1/22 | $ (9,751) |
DKK | 2,360,000 | USD | 369,975 | Morgan Stanley & Co. International | 4/1/22 | (7,999) |
USD | 2,415,290 | AUD | 3,375,000 | Bank of America N.A. | 1/7/22 | (40,211) |
USD | 2,896,338 | CAD | 3,710,000 | Bank of America N.A. | 1/7/22 | (36,580) |
USD | 958,611 | CAD | 1,221,000 | JPMorgan Chase Bank N.A. | 1/7/22 | (6,643) |
USD | 170,993 | DKK | 1,130,000 | Bank of America N.A. | 4/1/22 | (2,326) |
USD | 507,733 | DKK | 3,335,000 | Bank of America N.A. | 4/1/22 | (3,789) |
USD | 596,855 | DKK | 3,920,000 | Bank of America N.A. | 4/1/22 | (4,394) |
USD | 972,846 | DKK | 6,345,000 | Bank of America N.A. | 4/1/22 | (349) |
USD | 985,611 | DKK | 6,445,000 | Bank of America N.A. | 4/1/22 | (2,922) |
USD | 336,842 | DKK | 2,210,000 | Bank of America N.A. | 4/1/22 | (2,127) |
USD | 206,609 | DKK | 1,360,000 | Bank of America N.A. | 4/1/22 | (1,987) |
USD | 359,231 | DKK | 2,360,000 | JPMorgan Chase Bank N.A. | 4/1/22 | (2,745) |
USD | 133,552 | DKK | 875,000 | Morgan Stanley & Co. International | 4/1/22 | (655) |
USD | 338,441 | DKK | 2,235,000 | Morgan Stanley & Co. International | 4/1/22 | (4,362) |
USD | 338,457 | DKK | 2,215,000 | Morgan Stanley & Co. International | 4/1/22 | (1,279) |
USD | 350,126 | DKK | 2,295,000 | Morgan Stanley & Co. International | 4/1/22 | (1,881) |
USD | 120,005 | DKK | 790,000 | Morgan Stanley & Co. International | 4/1/22 | (1,165) |
USD | 39,843,331 | EUR | 35,179,000 | Bank of America N.A. | 2/2/22 | (231,988) |
USD | 40,686,205 | EUR | 35,878,000 | JPMorgan Chase Bank N.A. | 1/4/22 | (160,898) |
USD | 156,161 | GBP | 117,000 | JPMorgan Chase Bank N.A. | 1/7/22 | (2,203) |
USD | 10,718,978 | GBP | 8,050,000 | Morgan Stanley & Co. International | 1/7/22 | (177,031) |
USD | 2,891,642 | NZD | 4,288,000 | JPMorgan Chase Bank N.A. | 1/7/22 | (45,117) |
USD | 2,756,731 | NZD | 4,039,000 | Morgan Stanley & Co. International | 1/7/22 | (9,494) |
Total Unrealized Depreciation | (757,896) | |||||
Net Unrealized Appreciation | $ 393,500 |
* | 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. |
2. | As of December 31, 2021, cash collateral of $340,000 was due to a broker for foreign currency forward contracts. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
3 Month Euro Euribor | 205 | March 2023 | $ 58,507,003 | $ 58,450,234 | $ (56,769) |
Euro-Bund | 74 | March 2022 | 14,657,025 | 14,437,752 | (219,273) |
U.S. Treasury 5 Year Notes | 801 | March 2022 | 96,943,939 | 96,902,227 | (41,712) |
Total Long Contracts | (317,754) | ||||
Short Contracts | |||||
Australia 3 Year Bonds | (13) | March 2022 | (1,078,245) | (1,079,649) | (1,404) |
Australia 10 Year Bonds | (7) | March 2022 | (708,940) | (708,759) | 181 |
Euro-Bobl | (117) | March 2022 | (17,886,676) | (17,748,168) | 138,508 |
Euro-BTP | (8) | March 2022 | (1,032,499) | (1,028,384) | 4,115 |
Euro-BTP | (47) | March 2022 | (8,051,255) | (7,866,431) | 184,824 |
Euro-Buxl 30 Year Bonds | (74) | March 2022 | (18,264,666) | (17,417,638) | 847,028 |
Euro-Schatz | (1,071) | March 2022 | (136,804,618) | (136,601,933) | 202,685 |
Japan 10 Year Bonds | (9) | March 2022 | (11,896,057) | (11,860,472) | 35,585 |
Long Gilt | (49) | March 2022 | (8,270,567) | (8,283,861) | (13,294) |
U.S. Treasury 2 Year Notes | (23) | March 2022 | (5,027,630) | (5,017,953) | 9,677 |
U.S. Treasury 10 Year Notes | (146) | March 2022 | (18,950,154) | (19,048,437) | (98,283) |
U.S. Treasury 10 Year Ultra Bonds | (100) | March 2022 | (14,433,455) | (14,643,750) | (210,295) |
20 | MainStay VP PIMCO Real Return Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury Long Bonds | (66) | March 2022 | $ (10,518,655) | $ (10,588,875) | $ (70,220) |
U.S. Treasury Ultra Bonds | (91) | March 2022 | (17,908,183) | (17,938,375) | (30,192) |
Total Short Contracts | 998,915 | ||||
Net Unrealized Appreciation | $ 681,161 |
1. | As of December 31, 2021, cash in the amount of $1,285,000 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 December 31, 2021. |
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 | $ 201,672 |
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) | $ (494) | $ (13,867) |
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. | $ 104.06 | 1/6/22 | (300,000) | $ (300,000) | $ (516) | $ (1,231) | |
Put-Federal National Mortgage Association | Bank of America N.A. | 98.58 | 1/6/22 | (300,000) | (300,000) | (1,500) | (86) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 98.97 | 2/7/22 | (200,000) | (200,000) | (875) | (508) | |
Put-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 102.33 | 1/6/22 | (200,000) | (200,000) | (688) | (566) | |
$(3,579) | $ (2,391) |
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. | $ 100.73 | 1/6/22 | (200,000) | $ (200,000) | $ (531) | $ (15) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.08 | 1/6/22 | (200,000) | (200,000) | (891) | (221) | |
Call-Federal National Mortgage Association | Bank of America N.A. | 100.58 | 1/6/22 | (300,000) | (300,000) | (844) | (48) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.97 | 2/7/22 | (200,000) | (200,000) | (531) | (219) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.33 | 1/6/22 | (200,000) | (200,000) | (398) | — | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.14 | 2/7/22 | (200,000) | (200,000) | (766) | (542) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.11 | 2/7/22 | (200,000) | (200,000) | (734) | (560) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.35 | 3/7/22 | (200,000) | (200,000) | (539) | (448) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 100.48 | 3/7/22 | (200,000) | (200,000) | (453) | (383) | |
Call-Federal National Mortgage Association | JPMorgan Chase Bank N.A. | 103.75 | 3/7/22 | (300,000) | (300,000) | (328) | (161) | |
$(6,015) | $(2,597) |
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) | $ (234,550) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 0.80 | 2/16/22 | (2,300,000) | $ (2,300,000) | (2,657) | (456) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 90.00 | 3/16/22 | (1,400,000) | EUR (1,400,000) | (2,167) | (490) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley & Co., LLC | 1.00 | 3/16/22 | (3,000,000) | $ (3,000,000) | (3,750) | (654) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley & Co., LLC | 0.90 | 4/20/22 | (1,700,000) | (1,700,000) | (3,230) | (959) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 0.90 | 4/20/22 | (3,100,000) | (3,100,000) | (4,030) | (1,749) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley & Co., LLC | 0.95 | 4/20/22 | (2,200,000) | (2,200,000) | (2,805) | (1,069) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley & Co., LLC | 85.00 | 4/20/22 | (2,300,000) | EUR (2,300,000) | (3,548) | (1,977) | |
Put-Sold Protection on 5-Year Credit Default Swap | Bank of America N.A. | 85.00 | 4/20/22 | (900,000) | (900,000) | (1,215) | (773) | |
Put-Sold Protection on 5-Year Credit Default Swap | Morgan Stanley Capital Services LLC | 90.00 | 4/20/22 | (1,100,000) | (1,100,000) | (1,290) | (845) | |
$ (126,574) | $ (243,522) |
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) |
$ 170,980,000 | JPY | 3/20/22 | Fixed 0.0% | 6 month LIBOR | At Maturity/At Maturity | $ (144) | $ (209) | $ (65) |
170,980,000 | JPY | 3/20/22 | 1 day TONAR + 5.89% | Fixed 0.0% | Semi-Annually/Semi-Annually | (61) | (77) | (16) |
51,800,000 | GBP | 3/21/23 | 1 day SONIA | Fixed 0.90% | At Maturity/At Maturity | (66,416) | (80,896) | (14,480) |
22 | MainStay VP PIMCO Real Return Portfolio |
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) | ||
$ 51,800,000 | GBP | 3/20/24 | Fixed 1.01% | 1 day SONIA | At Maturity/At Maturity | $ 43,431 | $ 101,776 | $ 58,345 | ||
14,000,000 | JPY | 9/20/27 | Fixed 0.30% | 1 day TONAR + 5.89% | Semi-Annually/Semi-Annually | (2,475) | (1,710) | 765 | ||
50,000,000 | JPY | 3/20/28 | Fixed 0.30% | 1 day TONAR + 5.89% | Semi-Annually/Semi-Annually | (9,388) | (6,451) | 2,937 | ||
1,600,000 | NZD | 3/21/28 | Fixed 3.25% | 3 month BBR | Semi-Annually/Quarterly | (108,500) | (42,612) | 65,888 | ||
106,980,000 | JPY | 3/20/29 | Fixed 0.45% | 1 day TONAR + 5.89% | Semi-Annually/Semi-Annually | (33,141) | (25,051) | 8,090 | ||
4,400,000 | GBP | 9/21/32 | Fixed 0.75% | 1 day SONIA | Annually/Annually | 139,188 | 124,011 | (15,177) | ||
$ (37,506) | $ 68,781 | $ 106,287 |
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) |
$ 1,100,000 | USD | 1/19/22 | 1 Month USD-CPI | Fixed 2.155% | At Maturity | $ (3,288) | $ (48,483) | $ (45,195) |
4,100,000 | USD | 1/19/22 | 1 Month USD-CPI | Fixed 2.18% | At Maturity | (12,157) | (179,685) | (167,528) |
1,800,000 | USD | 1/21/22 | 1 Month USD-CPI | Fixed 2.2% | At Maturity | (5,827) | (79,208) | (73,381) |
900,000 | USD | 2/1/22 | 1 Month USD-CPI | Fixed 2.17% | At Maturity | (4,302) | (41,749) | (37,447) |
5,500,000 | USD | 2/4/22 | 1 Month USD-CPI | Fixed 2.155% | At Maturity | (28,392) | (257,316) | (228,924) |
1,200,000 | USD | 2/5/22 | 1 Month USD-CPI | Fixed 2.2% | At Maturity | (6,239) | (55,700) | (49,461) |
1,100,000 | GBP | 3/15/22 | 1 Month UK RPI | Fixed 3.22% | At Maturity | (6,944) | (54,712) | (47,768) |
2,500,000 | EUR | 5/15/22 | Fixed 0.09% | 1-Month EUR-CPI | At Maturity | 36,346 | 156,333 | 119,987 |
1,100,000 | EUR | 7/15/22 | Fixed 0.33% | 1-Month EUR-CPI | At Maturity | 19,988 | 67,705 | 47,717 |
1,100,000 | USD | 4/27/23 | Fixed 2.263% | 1 Month USD-CPI | At Maturity | 11,961 | 49,955 | 37,994 |
510,000 | USD | 5/9/23 | Fixed 2.263% | 1 Month USD-CPI | At Maturity | 5,827 | 23,372 | 17,545 |
780,000 | USD | 5/10/23 | Fixed 2.281% | 1 Month USD-CPI | At Maturity | 8,376 | 34,996 | 26,620 |
2,800,000 | EUR | 3/15/24 | Fixed 1.03% | 1 month FRCPI | At Maturity | (14,489) | 68,957 | 83,446 |
2,200,000 | GBP | 9/15/24 | 1 Month UK RPI | Fixed 3.85% | At Maturity | 98,046 | (46,904) | (144,950) |
6,800,000 | GBP | 1/15/25 | 1 Month UK RPI | Fixed 3.33% | At Maturity | 7,388 | (489,890) | (497,278) |
3,100,000 | GBP | 8/15/25 | 1 Month UK RPI | Fixed 3.473% | At Maturity | (49,166) | (292,584) | (243,418) |
5,400,000 | USD | 2/26/26 | Fixed 2.314% | 1 Month USD-CPI | At Maturity | 162,669 | 401,484 | 238,815 |
2,700,000 | USD | 3/5/26 | Fixed 2.419% | 1 Month USD-CPI | At Maturity | 67,081 | 185,162 | 118,081 |
2,200,000 | USD | 5/13/26 | Fixed 2.768% | 1 Month USD-CPI | At Maturity | 10,559 | 102,557 | 91,998 |
1,000,000 | USD | 5/14/26 | Fixed 2.813% | 1 Month USD-CPI | At Maturity | 2,488 | 44,116 | 41,628 |
1,250,000 | USD | 5/25/26 | Fixed 2.703% | 1 Month USD-CPI | At Maturity | 8,696 | 61,369 | 52,673 |
500,000 | USD | 6/1/26 | Fixed 2.69% | 1 Month USD-CPI | At Maturity | 3,508 | 24,619 | 21,111 |
900,000 | GBP | 12/15/26 | Fixed 4.735% | 1 Month UK RPI | At Maturity | (12,070) | (19,038) | (6,968) |
800,000 | EUR | 6/15/27 | 1-Month EUR-CPI | Fixed 1.36% | At Maturity | 3,204 | (44,582) | (47,786) |
1,000,000 | EUR | 3/15/28 | 1-Month EUR-CPI | Fixed 1.535% | At Maturity | 23,931 | (39,055) | (62,986) |
770,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.36% | At Maturity | (8,537) | (47,807) | (39,270) |
510,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.353% | At Maturity | (6,069) | (32,102) | (26,033) |
300,000 | USD | 8/26/28 | Fixed 2.573% | 1 Month USD-CPI | At Maturity | — | 11,310 | 11,310 |
500,000 | USD | 9/10/28 | Fixed 2.645% | 1 Month USD-CPI | At Maturity | — | 14,709 | 14,709 |
2,600,000 | USD | 11/4/29 | 1 Month USD-CPI | Fixed 1.76% | At Maturity | (210,336) | (356,820) | (146,484) |
2,800,000 | GBP | 1/15/30 | 1 Month UK RPI | Fixed 3.39% | At Maturity | (71,014) | (384,044) | (313,030) |
2,200,000 | USD | 5/19/30 | 1 Month USD-CPI | Fixed 1.28% | At Maturity | (288,728) | (420,402) | (131,674) |
3,460,000 | GBP | 6/15/30 | 1 Month UK RPI | Fixed 3.4% | At Maturity | 106,513 | (334,868) | (441,381) |
4,500,000 | EUR | 3/15/31 | 1-Month EUR-CPI | Fixed 1.38% | At Maturity | (141,251) | (501,389) | (360,138) |
2,090,000 | GBP | 4/15/31 | 1 Month UK RPI | Fixed 3.75% | At Maturity | (24,152) | (265,798) | (241,646) |
700,000 | GBP | 9/15/31 | 1 Month UK RPI | Fixed 4.066% | At Maturity | — | (29,117) | (29,117) |
200,000 | EUR | 3/15/33 | Fixed 1.71% | 1-Month EUR-CPI | At Maturity | (11,292) | 7,911 | 19,203 |
800,000 | GBP | 3/15/36 | 1 Month UK RPI | Fixed 3.58% | At Maturity | (23,267) | (131,335) | (108,068) |
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) | ||
$ 600,000 | GBP | 3/15/36 | 1 Month UK RPI | Fixed 3.566% | At Maturity | $ (19,921) | $ (100,947) | $ (81,026) | ||
$ (370,860) | $ (2,998,980) | $ (2,628,120) |
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 | $ 1,232 | $ 1,374 | $ 142 | ||
Barclays Bank plc 1.50% | 12/20/2022 | Sell | 200 | 1.00% | Quarterly | 1,264 | 1,678 | 414 | ||
$ 2,496 | $ 3,052 | $ 556 |
1. | As of December 31, 2021, cash in the amount of $371,000 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 December 31, 2021. |
Abbreviation(s): |
ARS—Argentina Peso |
AUD—Australia Dollar |
BADLARPP—Average rate on 30-day deposits of at least 1 million Argentinian Pesos |
BBR—Bank of England Base Rate |
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index) |
CAD—Canada Dollar |
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 |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
NOK—Norway Krone |
NZD—New Zealand Dollar |
24 | MainStay VP PIMCO Real Return Portfolio |
PEN—Peru Nuevo Sol |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
SONIA—Sterling Overnight Interbank Average Rate |
TBA—To Be Announced |
TONAR—Tokyo Overnight Average 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 | $ — | $ 44,966,330 | $ — | $ 44,966,330 | |||
Corporate Bonds | — | 34,058,043 | — | 34,058,043 | |||
Foreign Government Bonds | — | 58,684,193 | — | 58,684,193 | |||
Mortgage-Backed Securities | — | 25,241,160 | — | 25,241,160 | |||
U.S. Government & Federal Agencies | — | 617,637,413 | — | 617,637,413 | |||
Total Long-Term Bonds | — | 780,587,139 | — | 780,587,139 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 714,686 | — | — | 714,686 | |||
Unaffiliated Investment Company | 92,925 | — | — | 92,925 | |||
Total Short-Term Investments | 807,611 | — | — | 807,611 | |||
Total Investments in Securities | 807,611 | 780,587,139 | — | 781,394,750 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 1,151,396 | — | 1,151,396 | |||
Futures Contracts (b) | 1,422,603 | — | — | 1,422,603 | |||
Purchased Options | — | 201,672 | — | 201,672 | |||
Interest Rate Swaps (b) | — | 136,025 | — | 136,025 | |||
Credit Default Swaps (b) | — | 556 | — | 556 | |||
Inflation Swap Contracts (b) | — | 942,837 | — | 942,837 | |||
Total Other Financial Instruments | 1,422,603 | 2,432,486 | — | 3,855,089 | |||
Total Investments in Securities and Other Financial Instruments | $ 2,230,214 | $ 783,019,625 | $ — | $ 785,249,839 | |||
Liability Valuation Inputs | |||||||
Short-Term Investment Sold Short | $ — | $ (51,286,250) | $ — | $ (51,286,250) | |||
Written Options | — | (262,377) | — | (262,377) | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | (757,896) | — | (757,896) | |||
Futures Contracts | (741,442) | — | — | (741,442) | |||
Interest Rate Swaps | — | (29,738) | — | (29,738) | |||
Inflation Swap Contracts | — | (3,570,957) | — | (3,570,957) | |||
Total Other Financial Instruments | (741,442) | (4,358,591) | — | (5,100,033) | |||
Total Investments in Securities Sold Short and Other Financial Instruments | $ (741,442) | $ (55,907,218) | $ — | $ (56,648,660) |
(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. |
26 | MainStay VP PIMCO Real Return Portfolio |
Counterparty | Borrowing Rate (a) | Borrowing Date | Maturity Date | Amount Borrowed (a) | Payable for Sale-Buyback Transcations (b) | |
Barclays Capital, Inc. | 0.12% | 12/8/2021 | 1/12/2022 | $ 850,006 | $ 851,748 | |
Barclays Capital, Inc. | 0.08 | 12/13/2021 | 1/10/2022 | 2,236,348 | 2,240,569 | |
Morgan Stanley & Co. LLC. | 0.13 | 12/14/2021 | 1/5/2022 | 1,028,207 | 1,028,386 | |
Barclays Capital, Inc. | 0.03 | 12/16/2021 | 1/6/2022 | 1,416,010 | 1,417,610 | |
Barclays Capital, Inc. | 0.06 | 12/16/2021 | 1/6/2022 | 14,552,089 | 14,567,947 | |
Morgan Stanley & Co. LLC. | 0.15 | 12/16/2021 | 1/3/2022 | 943,501 | 943,583 | |
Barclays Capital, Inc. | 0.03 | 12/22/2021 | 1/6/2022 | 1,533,310 | 1,534,938 | |
BNP Paribas S.A. | 0.11 | 12/27/2021 | 1/4/2022 | 23,352,325 | 23,356,241 | |
BNP Paribas S.A. | 0.11 | 12/27/2021 | 1/4/2022 | 23,390,708 | 23,394,341 | |
Credit Suisse AG | 0.12 | 12/27/2021 | 1/3/2022 | 24,866,231 | 24,878,053 | |
Credit Suisse AG | 0.12 | 12/27/2021 | 1/3/2022 | 19,264,148 | 19,273,058 | |
Credit Suisse AG | 0.12 | 12/27/2021 | 1/3/2022 | 46,792,238 | 46,813,888 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 15,316,787 | 15,319,716 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 18,470,626 | 18,473,761 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 24,390,767 | 24,394,080 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 18,026,990 | 18,029,355 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 20,793,109 | 20,796,234 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 19,593,681 | 19,596,520 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 20,662,228 | 20,665,370 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 20,601,125 | 20,604,088 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 24,718,788 | 24,722,827 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 14,551,190 | 14,553,424 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 17,561,710 | 17,564,341 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 46,840,635 | 46,847,942 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 20,217,580 | 20,220,770 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 20,555,679 | 20,558,615 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 15,063,795 | 15,065,924 | |
Morgan Stanley & Co. LLC. | 0.11 | 12/28/2021 | 1/4/2022 | 17,770,693 | 17,773,289 | |
Morgan Stanley & Co. LLC. | 0.09 | 12/31/2021 | 1/3/2022 | 11,574,360 | 11,578,506 | |
$506,934,864 | $507,065,124 |
Assets | |
Investment in unaffiliated securities, at value (identified cost $735,840,612) including securities on loan of $90,984 | $ 780,881,736 |
Investment in affiliated investment companies, at value (identified cost $714,686) | 714,686 |
Cash | 659,192 |
Cash denominated in foreign currencies (identified cost $2,448,904) | 2,518,916 |
Cash collateral on deposit at broker for futures contracts | 1,285,000 |
Cash collateral on deposit at broker for swap contracts | 371,000 |
Receivables: | |
Investment securities sold | 412,287,492 |
Interest | 1,484,129 |
Variation margin on futures contracts | 214,186 |
Portfolio shares sold | 51,731 |
Securities lending | 24 |
Unrealized appreciation on foreign currency forward contracts | 1,151,396 |
Other assets | 2,379 |
Total assets | 1,201,621,867 |
Liabilities | |
Reverse repurchase agreements, at value (amortized cost $51,286,250) | 51,286,250 |
Written options, at value (premiums received $136,662) | 262,377 |
Cash collateral due to broker for foreign currency forward contracts | 340,000 |
Cash Collateral for Reverse Repurchase Agreement | 317,000 |
Cash collateral received for securities on loan | 92,925 |
Payables: | |
Sale buyback transactions | 507,065,124 |
Investment securities purchased | 48,644,172 |
Variation margin on centrally cleared swap contracts | 334,974 |
Manager (See Note 3) | 221,045 |
Portfolio shares redeemed | 180,448 |
NYLIFE Distributors (See Note 3) | 94,988 |
Professional fees | 54,223 |
Custodian | 48,001 |
Shareholder communication | 30,081 |
Trustees | 199 |
Accrued expenses | 9,532 |
Unrealized depreciation on foreign currency forward contracts | 757,896 |
Total liabilities | 609,739,235 |
Net assets | $ 591,882,632 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 59,783 |
Additional paid-in-capital | 592,173,829 |
592,233,612 | |
Total distributable earnings (loss) | (350,980) |
Net assets | $591,882,632 |
Initial Class | |
Net assets applicable to outstanding shares | $139,038,341 |
Shares of beneficial interest outstanding | 14,010,414 |
Net asset value per share outstanding | $ 9.92 |
Service Class | |
Net assets applicable to outstanding shares | $452,844,291 |
Shares of beneficial interest outstanding | 45,772,863 |
Net asset value per share outstanding | $ 9.89 |
28 | MainStay VP PIMCO Real Return Portfolio |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $4,195) | $28,981,100 |
Dividends-affiliated | 180 |
Securities lending | 165 |
Other | 2,392 |
Total income | 28,983,837 |
Expenses | |
Manager (See Note 3) | 2,660,106 |
Distribution/Service—Service Class (See Note 3) | 1,089,643 |
Custodian | 176,186 |
Interest expense | 127,793 |
Professional fees | 123,779 |
Shareholder communication | 39,179 |
Trustees | 10,525 |
Miscellaneous | 30,364 |
Total expenses before waiver/reimbursement | 4,257,575 |
Expense waiver/reimbursement from Manager (See Note 3) | (220,423) |
Net expenses | 4,037,152 |
Net investment income (loss) | 24,946,685 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 2,934,931 |
Futures transactions | (158,329) |
Swap transactions | (620,576) |
Foreign currency transactions | (1,944,372) |
Foreign currency forward transactions | 5,567,282 |
Written option transactions | 323,534 |
Net realized gain (loss) | 6,102,470 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (2,741,772) |
Futures contracts | 634,872 |
Swap contracts | (2,712,050) |
Foreign currency forward contracts | 1,444,218 |
Translation of other assets and liabilities in foreign currencies | 72,985 |
Written option contracts | (155,031) |
Net change in unrealized appreciation (depreciation) | (3,456,778) |
Net realized and unrealized gain (loss) | 2,645,692 |
Net increase (decrease) in net assets resulting from operations | $27,592,377 |
for the years ended December 31, 2021 and December 31, 2020
2021 | 2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,946,685 | $ 4,586,196 |
Net realized gain (loss) | 6,102,470 | 1,156,058 |
Net change in unrealized appreciation (depreciation) | (3,456,778) | 40,834,058 |
Net increase (decrease) in net assets resulting from operations | 27,592,377 | 46,576,312 |
Distributions to shareholders: | ||
Initial Class | (649,528) | (998,898) |
Service Class | (1,422,855) | (7,260,665) |
Total distributions to shareholders | (2,072,383) | (8,259,563) |
Capital share transactions: | ||
Net proceeds from sales of shares | 161,478,620 | 116,839,503 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 2,072,383 | 8,259,563 |
Cost of shares redeemed | (79,334,973) | (73,308,369) |
Increase (decrease) in net assets derived from capital share transactions | 84,216,030 | 51,790,697 |
Net increase (decrease) in net assets | 109,736,024 | 90,107,446 |
Net Assets | ||
Beginning of year | 482,146,608 | 392,039,162 |
End of year | $591,882,632 | $482,146,608 |
30 | MainStay VP PIMCO Real Return Portfolio |
for the year ended December 31, 2021
Cash Flows From (Used in) Operating Activities: | |
Net increase in net assets resulting from operations | $ 27,592,377 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (1,047,947,343) |
Long term investments sold | 847,910,013 |
Purchases to cover securities sold short | (128,314,550) |
Proceeds from securities sold short | 149,569,361 |
Sale of short term investments, net | 164,372,696 |
Sale of affiliated investments, net | 725,685 |
Amortization (accretion) of discount and premium, net | 4,976,372 |
Increase in investment securities sold receivable | (40,512,445) |
Increase in interest receivable | (88,460) |
Decrease in securities lending | 36 |
Increase in other assets | (2,379) |
Increase in unrealized appreciation for open forward foreign currency contracts | (1,125,790) |
Increase in premiums from written options | 13,287 |
Decrease in investment securities purchased payable | (117,195,527) |
Decrease in cash collateral due to broker for sale-buyback transactions | (1,580,000) |
Increase in cash collateral due to broker for foreign currency forward contracts | 340,000 |
Increase in cash collateral due to broker for reverse repurchase agreements | 317,000 |
Increase in cash collateral received for securities on loan | 92,925 |
Decrease in cash collateral due to broker for TBA | (270,000) |
Increase in due to NYLIFE Distributors | 4,265 |
Decrease in due to custodian | (267,566) |
Decrease in professional fees payable | (13,614) |
Increase in custodian payable | 16,615 |
Increase in shareholder communication payable | 6,600 |
Decrease in due to Trustees | (376) |
Increase in due to manager | 8,104 |
Increase in variation margin on centrally cleared swap contracts | 459,225 |
Increase in variation margin on futures contracts | (146,642) |
Decrease in unrealized depreciation for open forward foreign currency contracts | (318,428) |
Increase in accrued expenses | 7,116 |
Net realized gain from investments | (2,934,931) |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | 2,741,772 |
Net change in unrealized (appreciation) depreciation on written options | 155,031 |
Net cash used in operating activities | (141,409,571) |
Cash Flows From Financing Activities: | |
Proceeds from shares sold | 161,640,122 |
Payment on shares redeemed | (79,339,547) |
Payments on reverse repurchase agreements | (52,540,000) |
Proceeds from reverse repurchase agreements | 1,253,750 |
Payments from sale-buyback transactions | (8,734,078,090) |
Proceeds on sale-buyback transactions | 8,844,980,124 |
Net cash from financing activities | 141,916,359 |
Effect of exchange rate changes on cash | 97,322 |
Net increase in cash | 604,110 |
Cash, restricted cash and foreign currency at beginning of year | 4,229,998 |
Cash, restricted cash and foreign currency at end of year | $ 4,834,108 |
Non-cash financing activities not included herein consist of all reinvestment of dividends and distributions of $2,072,383. |
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 year | |
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 year | |
Cash | $ 659,192 |
Cash denominated in foreign currencies | 2,518,916 |
Cash collateral on deposit at broker for futures contracts | 1,285,000 |
Cash collateral on deposit at broker for swap contracts | 371,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,834,108 |
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. |
Year Ended December 31, | |||||||||
Initial Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | $ 8.40 | ||||
Net investment income (loss) (a) | 0.50 | 0.12 | 0.20 | 0.23 | 0.23 | ||||
Net realized and unrealized gain (loss) | — | 0.91 | 0.51 | (0.43) | 0.06 | ||||
Total from investment operations | 0.50 | 1.03 | 0.71 | (0.20) | 0.29 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.19) | (0.28) | (0.14) | (0.15) | ||||
Net asset value at end of year | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | ||||
Total investment return (b) | 5.36%(c) | 11.93%(c) | 8.56%(c) | (2.38)%(c) | 3.45% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.20% | 1.27% | 2.35% | 2.78% | 2.71% | ||||
Net expenses (d) | 0.55% | 0.78% | 1.65% | 1.43% | 1.03% | ||||
Expenses (before waiver/reimbursement) (d) | 0.59% | 0.83% | 1.71% | 1.43% | 1.03% | ||||
Interest expense and fees | 0.02% | 0.25% | 1.09% | 0.81% | 0.42% | ||||
Portfolio turnover rate (e) | 125% | 199% | 187% | 157% | 121% | ||||
Net assets at end of year (in 000's) | $ 139,038 | $ 48,479 | $ 48,707 | $ 44,523 | $ 45,563 |
(a) | Per share data based on average shares outstanding during the year. |
(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 rates not including mortgage dollar rolls were 42%, 128%, 139%, 48% and 96% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2021 | 2020 | 2019 | 2018 | 2017 | ||||
Net asset value at beginning of year | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | $ 8.39 | ||||
Net investment income (loss) (a) | 0.44 | 0.09 | 0.18 | 0.21 | 0.21 | ||||
Net realized and unrealized gain (loss) | 0.04 | 0.91 | 0.50 | (0.44) | 0.06 | ||||
Total from investment operations | 0.48 | 1.00 | 0.68 | (0.23) | 0.27 | ||||
Less distributions: | |||||||||
From net investment income | (0.03) | (0.17) | (0.26) | (0.11) | (0.13) | ||||
Net asset value at end of year | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | ||||
Total investment return (b) | 5.12% | 11.61%(c) | 8.30%(c) | (2.63)%(c) | 3.20% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.58% | 1.04% | 2.14% | 2.53% | 2.46% | ||||
Net expenses (d) | 0.80% | 1.03% | 1.89% | 1.68% | 1.28% | ||||
Expenses (before waiver/reimbursement) (d) | 0.84% | 1.08% | 1.96% | 1.68% | 1.28% | ||||
Interest expense and fees | 0.02% | 0.25% | 1.09% | 0.81% | 0.42% | ||||
Portfolio turnover rate (e) | 125% | 199% | 187% | 157% | 121% | ||||
Net assets at end of year (in 000's) | $ 452,844 | $ 433,668 | $ 343,332 | $ 282,052 | $ 287,520 |
(a) | Per share data based on average shares outstanding during the year. |
(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 rates not including mortgage dollar rolls were 42%, 128%, 139%, 48% and 96% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
32 | MainStay VP PIMCO Real Return 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) |
• 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 |
40 | 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 | $ — | $ — | $ 201,672 | $ 201,672 |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | — | — | 1,422,603 | 1,422,603 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | — | 556 | 1,078,862 | 1,079,418 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,151,396 | — | — | 1,151,396 |
Total Fair Value | $1,151,396 | $556 | $2,703,137 | $3,855,089 |
(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 | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Written Options - Investments in written options, at value | $ — | $(8,972) | $ (253,405) | $ (262,377) |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | — | — | (741,442) | (741,442) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | — | (3,600,695) | (3,600,695) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (757,896) | — | — | (757,896) |
Total Fair Value | $(757,896) | $(8,972) | $(4,595,542) | $(5,362,410) |
(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. |
42 | 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 | $ (103,428) | $ — | $ (47,662) | $ (151,090) |
Written Options | — | 38,261 | 285,273 | 323,534 |
Futures Contracts | — | — | (158,329) | (158,329) |
Swap Contracts | — | (127,621) | (492,955) | (620,576) |
Forward Contracts | 5,567,282 | — | — | 5,567,282 |
Total Net Realized Gain (Loss) | $5,463,854 | $ (89,360) | $(413,673) | $4,960,821 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $ — | $ 191,674 | $ 191,674 |
Written Options | — | 15,720 | (170,751) | (155,031) |
Futures Contracts | — | — | 634,872 | 634,872 |
Swap Contracts | — | 123,201 | (2,835,251) | (2,712,050) |
Forward Contracts | 1,444,218 | — | — | 1,444,218 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,444,218 | $138,921 | $(2,179,456) | $ (596,317) |
Average Notional Amount | Total |
Purchased Options (a) | $ 675,000 |
Written Options | $ (5,236,727) |
Purchased Swaptions | $ 10,988,915 |
Written Swaptions | $ (38,343,180) |
Written Inflation—Capped Options | $ (300,000) |
Futures Contracts Long | $ 129,667,641 |
Futures Contracts Short | $(247,846,157) |
Swap Contracts Long | $ 81,636,106 |
Forward Contracts Long (b) | $ 20,405,275 |
Forward Contracts Short | $(110,812,533) |
(a) | Positions were open four months during the reporting period. |
(b) | Positions were open eleven months during the reporting period. |
Counterparty | Payable for Sale-Buyback Transactions and Reverse Repurchase Agreement | Total Borrowings and Other Financing Transactions | Collateral (Received)/ Pledged | Net Exposure (a) |
Master Securities Forward Transaction Agreement | ||||
Barclays Capital, Inc. | $ (20,612,812) | $ (20,612,812) | $ 20,587,763 | $ (25,049) |
BNP Paribas S.A. | (46,750,582) | (46,750,582) | 46,743,033 | (7,549) |
Credit Suisse AG | (90,964,999) | (90,964,999) | 90,922,617 | (42,382) |
JPMorgan Chase Bank N.A. | (51,286,250) | (51,286,250) | 51,286,250 | — |
Morgan Stanley & Co. LLC. | (348,736,731) | (348,736,731) | 348,681,451 | (55,280) |
Counterparty | Payable for Sale-Buyback Transactions and Reverse Repurchase Agreement | Total Borrowings and Other Financing Transactions | Collateral (Received)/ Pledged | Net Exposure (a) |
Total Borrowings and Other Financing Transactions | $(558,351,374) | (507,065,124) | 506,934,864 | (130,260) |
(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 | |||||
U.S. Treasury Obligations | $— | $507,065,124 | $— | $— | $507,065,124 |
Reverse Repurchase Agreements | — | 51,286,250 | — | — | 51,286,250 |
Total Borrowings | $— | $558,351,374 | $— | $— | $558,351,374 |
Payable for reverse repurchase agreements and sale-buyback financing transactions | $558,351,374 |
44 | MainStay VP PIMCO Real Return Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,440 | $ 214,523 | $ (215,248) | $ — | $ — | $ 715 | $ —(a) | $ — | 715 |
(a) | Less than $500. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $695,106,120 | $30,053,699 | $(1,547,268) | $28,506,431 |
Ordinary income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$29,258,738 | $(62,730,764) | $(17,516) | $33,138,562 | $(350,980) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $13,105 | $44,955 |
2021 | 2020 | |
Distributions paid from: | ||
Ordinary Income | $2,072,383 | $8,259,563 |
Initial Class | Shares | Amount |
Year ended December 31, 2021: | ||
Shares sold | 9,407,567 | $ 90,548,340 |
Shares issued to shareholders in reinvestment of distributions | 66,579 | 649,528 |
Shares redeemed | (585,627) | (5,698,986) |
Net increase (decrease) | 8,888,519 | $ 85,498,882 |
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 |
Year ended December 31, 2021: | ||
Shares sold | 7,393,521 | $ 70,930,280 |
Shares issued to shareholders in reinvestment of distributions | 146,207 | 1,422,855 |
Shares redeemed | (7,696,114) | (73,635,987) |
Net increase (decrease) | (156,386) | $ (1,282,852) |
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 |
46 | MainStay VP PIMCO Real Return Portfolio |
MainStay VP PIMCO Real Return Portfolio
New York, New York
February 24, 2022
48 | MainStay VP PIMCO Real Return Portfolio |
50 | MainStay VP PIMCO Real Return Portfolio |
52 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Yie-Hsin Hung* 1962 | MainStay VP Funds Trust: Trustee since 2017 | Senior Vice President of New York Life since joining in 2010, Member of the Executive Management Committee since 2017, Chief Executive Officer, New York Life Investment Management Holdings LLC & New York Life Investment Management LLC since 2015. Senior Managing Director and Co-President of New York Life Investment Management LLC from January 2014 to May 2015. Previously held positions of increasing responsibility, including head of NYLIM International, Alternative Growth Businesses, and Institutional investments since joining New York Life in 2010 | 78 | MainStay Funds: Trustee since 2017 (12 Funds); MainStay Funds Trust: Trustee since 2017 (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2017; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since March 2021; and Turtle Beach Corporation: Director since April 2021 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of her affiliation with New York Life Insurance Company, New York Life Investment Management LLC, Candriam Belgium S.A., Candriam Luxembourg S.C.A., IndexIQ Advisors LLC, MacKay Shields LLC, NYL Investors LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (56 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007*** | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007*** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 | |
Richard H. Nolan, Jr.**** 1946 | MainStay VP Funds Trust: Trustee since 2006*** | Managing Director, ICC Capital Management since 2004; President—Shields/Alliance, Alliance Capital Management (1994 to 2004) | 78 | MainStay Funds: Trustee since 2007 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
54 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Trustee since 2018, Chair of the Special Committee since 2019; and Rhode Island School of Design: Trustee and Chair of the Finance Committee since 2015 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC since 2018; President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health:Trustee since 2019 and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007*** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund; Trustee since June 2021 |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
*** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
**** | Pursuant to the Board's retirement policy, Mr. Nolan retired from the Board effective December 31, 2021. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust since 2017 | Chief Operating Officer and Senior Managing Director since 2016, New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC since 2017; Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust since January 2018; President, MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust since 2017** and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; Senior Managing Director, Global Product Development (2015 to 2016); Managing Director, Product Development (2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust since 2007** | Managing Director, New York Life Investment Management LLC since 2007; Treasurer and Principal Financial and Accounting Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009, MainStay Funds since 2007 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021; and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
Kevin M. Bopp 1969 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust since 2021, and 2014 to 2020 | Vice President and Chief Compliance Officer, New York Life Investments Alternatives LLC and New York Life Investment Management Holdings LLC (since 2020); Vice President (since 2018) and Chief Compliance Officer (since 2016), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, IndexIQ Advisors LLC, IndexIQ Holdings Inc., IndexIQ LLC and IndexIQ Trust (since 2017); Director and Associate General Counsel (2011 to 2014) and Vice President and Assistant General Counsel (2010 to 2011), New York Life Investment Management LLC; Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay Funds, MainStay Funds Trust and MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2021 and 2014 to 2020); Assistant Secretary, MainStay Funds, MainStay Funds Trust and MainStay VP Funds Trust (2010 to 2014)**, MainStay MacKay DefinedTerm Municipal Opportunities Fund (2011 to 2014) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust since 2010** | Managing Director and Associate General Counsel, New York Life Investment Management LLC since 2010; Secretary and Chief Legal Officer, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds and MainStay Funds Trust since 2010 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust since 2005** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) since 2000; Member of the Board of Directors, New York Life Trust Company since 2009; Vice President—Administration, MainStay MacKay DefinedTerm Municipal Opportunities Fund since 2011, MainStay Funds Trust since 2009 and MainStay Funds since 2005 and MainStay CBRE Global Infrastructure Megatrends Fund since 2021 |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
56 | MainStay VP PIMCO Real Return Portfolio |
1.
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
1802531 | MSVPPRR11-02/22 |
Item 2. Code | of Ethics. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions. A copy of the Code is filed herewith. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has three audit committee financial experts serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, David H. Chow and Susan B. Kerley. Mr. Latshaw, Mr. Chow and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended December 31, 2021 for professional services rendered by PricewaterhouseCoopers LLP (“PwC”) for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,793,970.
The aggregate fees billed for the fiscal year ended December 31, 2020 for professional services rendered by PwC for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,773,200.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by PwC that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended December 31, 2021, and (ii) $0 for the fiscal year ended December 31, 2020.
(c) Tax Fees
The aggregate fees billed for professional services rendered by PwC for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended December 31, 2021; and (ii) $0 during the fiscal year ended December 31, 2020. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by PwC, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended December 31, 2021; and (ii) $0 during the fiscal year ended December 31, 2020.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than PwC’s full-time, permanent employees.
(g) All non-audit fees billed by PwC for services rendered to the Registrant for the fiscal years ended December 31, 2021 and December 31, 2020 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by PwC for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the Registrant were approximately: (i) $3,300,000 for the fiscal year ended December 31, 2021; and (ii) $2,435,000 for the fiscal year ended December 31, 2020.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by PwC for the fiscal year ended December 31, 2021 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of PwC during the relevant time period.
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)(1) |
(a)(2) |
(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: | March 7, 2022 |
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: | March 7, 2022 | |||
By: | /s/ Jack R. Benintende | |||
Jack R. Benintende | ||||
Treasurer and Principal Financial and Accounting Officer | ||||
Date: | March 7, 2022 |