UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-03833
MAINSTAY VP FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. | Reports to Stockholders. |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2 | Six Months3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 1/23/1984 | 14.96% | 16.20% | 9.46% | 11.37% | 0.57% |
Service Class Shares | 6/5/2003 | 14.82 | 15.90 | 9.19 | 11.09 | 0.82 |
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, the former subadvisor. |
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 subadvisors and principal investment strategies. |
3. | Not annualized. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
Morningstar Large Blend Category Average3 | 13.39 | 16.88 | 10.72 | 11.38 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,149.60 | $2.98 | $1,022.02 | $2.81 | 0.56% |
Service Class Shares | $1,000.00 | $1,148.20 | $4.31 | $1,020.78 | $4.06 | 0.81% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington U.S. Equity Portfolio |
Software | 10.3% |
Semiconductors & Semiconductor Equipment | 8.6 |
Interactive Media & Services | 7.8 |
Technology Hardware, Storage & Peripherals | 6.3 |
Pharmaceuticals | 4.5 |
Broadline Retail | 4.5 |
Machinery | 3.7 |
Banks | 3.6 |
Health Care Equipment & Supplies | 3.5 |
Household Products | 3.4 |
Insurance | 3.2 |
Hotels, Restaurants & Leisure | 3.0 |
Oil, Gas & Consumable Fuels | 2.8 |
Chemicals | 2.7 |
Beverages | 2.6 |
Health Care Providers & Services | 2.5 |
Electric Utilities | 2.4 |
Life Sciences Tools & Services | 2.3 |
Biotechnology | 2.3 |
Financial Services | 2.0 |
Capital Markets | 1.5% |
Aerospace & Defense | 1.5 |
Specialty Retail | 1.5 |
Electrical Equipment | 1.4 |
Textiles, Apparel & Luxury Goods | 1.3 |
Industrial REITs | 1.2 |
Entertainment | 1.2 |
Consumer Finance | 1.1 |
Personal Care Products | 1.0 |
Building Products | 1.0 |
Electronic Equipment, Instruments & Components | 0.9 |
IT Services | 0.8 |
Residential REITs | 0.8 |
Automobiles | 0.6 |
Energy Equipment & Services | 0.6 |
Short–Term Investment | 1.0 |
Other Assets, Less Liabilities | 0.6 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc. |
4. | Amazon.com, Inc. |
5. | NVIDIA Corp. |
6. | UnitedHealth Group, Inc. |
7. | JPMorgan Chase & Co. |
8. | Meta Platforms, Inc., Class A |
9. | Procter & Gamble Co. (The) |
10. | Mastercard, Inc., Class A |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks 98.4% | ||
Aerospace & Defense 1.5% | ||
Raytheon Technologies Corp. | 136,138 | $ 13,336,079 |
Automobiles 0.6% | ||
Tesla, Inc. (a) | 22,376 | 5,857,366 |
Banks 3.6% | ||
Bank of America Corp. | 408,015 | 11,705,951 |
JPMorgan Chase & Co. | 140,571 | 20,444,646 |
32,150,597 | ||
Beverages 2.6% | ||
Constellation Brands, Inc., Class A | 48,415 | 11,916,384 |
Monster Beverage Corp. (a) | 200,668 | 11,526,370 |
23,442,754 | ||
Biotechnology 2.3% | ||
Regeneron Pharmaceuticals, Inc. (a) | 10,108 | 7,263,002 |
Vertex Pharmaceuticals, Inc. (a) | 37,879 | 13,329,999 |
20,593,001 | ||
Broadline Retail 4.5% | ||
Amazon.com, Inc. (a) | 308,549 | 40,222,448 |
Building Products 1.0% | ||
Johnson Controls International plc | 132,231 | 9,010,220 |
Capital Markets 1.5% | ||
Morgan Stanley | 160,565 | 13,712,251 |
Chemicals 2.7% | ||
PPG Industries, Inc. | 76,157 | 11,294,083 |
Sherwin-Williams Co. (The) | 49,018 | 13,015,259 |
24,309,342 | ||
Consumer Finance 1.1% | ||
American Express Co. | 57,704 | 10,052,037 |
Electric Utilities 2.4% | ||
American Electric Power Co., Inc. | 78,760 | 6,631,592 |
Duke Energy Corp. | 105,210 | 9,441,545 |
Eversource Energy | 82,551 | 5,854,517 |
21,927,654 | ||
Electrical Equipment 1.4% | ||
AMETEK, Inc. | 76,741 | 12,422,833 |
Shares | Value | |
Electronic Equipment, Instruments & Components 0.9% | ||
CDW Corp. | 43,517 | $ 7,985,370 |
Energy Equipment & Services 0.6% | ||
Schlumberger NV | 111,132 | 5,458,804 |
Entertainment 1.2% | ||
Walt Disney Co. (The) (a) | 116,772 | 10,425,404 |
Financial Services 2.0% | ||
Mastercard, Inc., Class A | 44,898 | 17,658,383 |
Health Care Equipment & Supplies 3.5% | ||
Abbott Laboratories | 114,193 | 12,449,321 |
Becton Dickinson & Co. | 39,260 | 10,365,033 |
Hologic, Inc. (a) | 108,162 | 8,757,877 |
31,572,231 | ||
Health Care Providers & Services 2.5% | ||
UnitedHealth Group, Inc. | 46,433 | 22,317,557 |
Hotels, Restaurants & Leisure 3.0% | ||
Airbnb, Inc., Class A (a) | 35,960 | 4,608,634 |
Marriott International, Inc., Class A | 49,831 | 9,153,456 |
McDonald's Corp. | 44,188 | 13,186,141 |
26,948,231 | ||
Household Products 3.4% | ||
Colgate-Palmolive Co. | 145,767 | 11,229,890 |
Procter & Gamble Co. (The) | 128,217 | 19,455,647 |
30,685,537 | ||
Industrial REITs 1.2% | ||
Prologis, Inc. | 86,794 | 10,643,548 |
Insurance 3.2% | ||
Arch Capital Group Ltd. (a) | 105,701 | 7,911,720 |
Chubb Ltd. | 52,504 | 10,110,170 |
Progressive Corp. (The) | 83,794 | 11,091,812 |
29,113,702 | ||
Interactive Media & Services 7.8% | ||
Alphabet, Inc. (a) | ||
Class A | 286,160 | 34,253,352 |
Class C | 97,222 | 11,760,945 |
Meta Platforms, Inc., Class A (a) | 68,005 | 19,516,075 |
ZoomInfo Technologies, Inc. (a) | 187,251 | 4,754,303 |
70,284,675 |
10 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
IT Services 0.8% | ||
GoDaddy, Inc., Class A (a) | 101,872 | $ 7,653,643 |
Life Sciences Tools & Services 2.3% | ||
Danaher Corp. | 40,896 | 9,815,040 |
Thermo Fisher Scientific, Inc. | 20,691 | 10,795,529 |
20,610,569 | ||
Machinery 3.7% | ||
Deere & Co. | 33,208 | 13,455,550 |
Illinois Tool Works, Inc. | 41,146 | 10,293,083 |
Nordson Corp. | 39,496 | 9,802,117 |
33,550,750 | ||
Oil, Gas & Consumable Fuels 2.8% | ||
ConocoPhillips | 60,835 | 6,303,115 |
EOG Resources, Inc. | 83,489 | 9,554,481 |
Pioneer Natural Resources Co. | 44,328 | 9,183,875 |
25,041,471 | ||
Personal Care Products 1.0% | ||
Estee Lauder Cos., Inc. (The), Class A | 45,934 | 9,020,519 |
Pharmaceuticals 4.5% | ||
Eli Lilly & Co. | 35,167 | 16,492,620 |
Merck & Co., Inc. | 108,639 | 12,535,854 |
Pfizer, Inc. | 318,261 | 11,673,813 |
40,702,287 | ||
Residential REITs 0.8% | ||
AvalonBay Communities, Inc. | 36,313 | 6,872,962 |
Semiconductors & Semiconductor Equipment 8.6% | ||
Advanced Micro Devices, Inc. (a) | 100,138 | 11,406,720 |
Broadcom, Inc. | 14,298 | 12,402,514 |
KLA Corp. | 23,461 | 11,379,054 |
NVIDIA Corp. | 53,153 | 22,484,782 |
QUALCOMM, Inc. | 75,111 | 8,941,213 |
Texas Instruments, Inc. | 63,238 | 11,384,105 |
77,998,388 |
Shares | Value | ||
Software 10.3% | |||
Microsoft Corp. | 198,208 | $ 67,497,753 | |
Palo Alto Networks, Inc. (a) | 31,419 | 8,027,869 | |
Salesforce, Inc. (a) | 46,224 | 9,765,282 | |
Workday, Inc., Class A (a) | 35,634 | 8,049,364 | |
93,340,268 | |||
Specialty Retail 1.5% | |||
TJX Cos., Inc. (The) | 155,295 | 13,167,463 | |
Technology Hardware, Storage & Peripherals 6.3% | |||
Apple, Inc. | 294,756 | 57,173,821 | |
Textiles, Apparel & Luxury Goods 1.3% | |||
NIKE, Inc., Class B | 110,151 | 12,157,366 | |
Total Common Stocks (Cost $752,754,722) | 887,419,531 | ||
Short-Term Investment 1.0% | |||
Affiliated Investment Company 1.0% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (b) | 8,703,550 | 8,703,550 | |
Total Short-Term Investment (Cost $8,703,550) | 8,703,550 | ||
Total Investments (Cost $761,458,272) | 99.4% | 896,123,081 | |
Other Assets, Less Liabilities | 0.6 | 5,508,141 | |
Net Assets | 100.0% | $ 901,631,222 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of June 30, 2023. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 21,509 | $ 64,977 | $ (77,782) | $ — | $ — | $ 8,704 | $ 289 | $ — | 8,704 |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
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 | $ 887,419,531 | $ — | $ — | $ 887,419,531 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 8,703,550 | — | — | 8,703,550 | |||
Total Investments in Securities | $ 896,123,081 | $ — | $ — | $ 896,123,081 |
(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 $752,754,722) | $887,419,531 |
Investment in affiliated investment companies, at value (identified cost $8,703,550) | 8,703,550 |
Cash | 2,330 |
Receivables: | |
Investment securities sold | 4,583,044 |
Portfolio shares sold | 1,321,496 |
Dividends | 484,624 |
Securities lending | 56 |
Other assets | 7,810 |
Total assets | 902,522,441 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 392,116 |
Portfolio shares redeemed | 367,266 |
NYLIFE Distributors (See Note 3) | 49,661 |
Shareholder communication | 49,355 |
Professional fees | 25,250 |
Custodian | 5,011 |
Accrued expenses | 2,560 |
Total liabilities | 891,219 |
Net assets | $901,631,222 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 36,998 |
Additional paid-in-capital | 777,363,545 |
777,400,543 | |
Total distributable earnings (loss) | 124,230,679 |
Net assets | $901,631,222 |
Initial Class | |
Net assets applicable to outstanding shares | $656,931,483 |
Shares of beneficial interest outstanding | 26,805,093 |
Net asset value per share outstanding | $ 24.51 |
Service Class | |
Net assets applicable to outstanding shares | $244,699,739 |
Shares of beneficial interest outstanding | 10,192,588 |
Net asset value per share outstanding | $ 24.01 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 6,786,175 |
Dividends-affiliated | 289,447 |
Securities lending, net | 59 |
Total income | 7,075,681 |
Expenses | |
Manager (See Note 3) | 2,317,760 |
Distribution/Service—Service Class (See Note 3) | 291,313 |
Professional fees | 50,385 |
Custodian | 10,614 |
Trustees | 10,213 |
Miscellaneous | 13,519 |
Total expenses | 2,693,804 |
Net investment income (loss) | 4,381,877 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 2,364,655 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 113,983,874 |
Net realized and unrealized gain (loss) | 116,348,529 |
Net increase (decrease) in net assets resulting from operations | $120,730,406 |
14 | MainStay VP Wellington U.S. Equity Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,381,877 | $ 7,480,194 |
Net realized gain (loss) | 2,364,655 | (24,077,250) |
Net change in unrealized appreciation (depreciation) | 113,983,874 | (202,149,971) |
Net increase (decrease) in net assets resulting from operations | 120,730,406 | (218,747,027) |
Distributions to shareholders: | ||
Initial Class | — | (127,232,665) |
Service Class | — | (48,423,993) |
Total distributions to shareholders | — | (175,656,658) |
Capital share transactions: | ||
Net proceeds from sales of shares | 22,987,743 | 139,698,289 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 175,656,658 |
Cost of shares redeemed | (75,814,702) | (125,658,917) |
Increase (decrease) in net assets derived from capital share transactions | (52,826,959) | 189,696,030 |
Net increase (decrease) in net assets | 67,903,447 | (204,707,655) |
Net Assets | ||
Beginning of period | 833,727,775 | 1,038,435,430 |
End of period | $901,631,222 | $ 833,727,775 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 21.32 | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | |||||
Net investment income (loss) (a) | 0.12 | 0.25 | 0.21 | 0.28 | 0.38 | 0.42 | |||||
Net realized and unrealized gain (loss) | 3.07 | (7.58) | 7.77 | 3.68 | 5.74 | (1.69) | |||||
Total from investment operations | 3.19 | (7.33) | 7.98 | 3.96 | 6.12 | (1.27) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.19) | (0.29) | (0.43) | (0.43) | (0.49) | |||||
From net realized gain on investments | — | (5.55) | (1.58) | (2.08) | (4.09) | (2.76) | |||||
Total distributions | — | (5.74) | (1.87) | (2.51) | (4.52) | (3.25) | |||||
Net asset value at end of period | $ 24.51 | $ 21.32 | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | |||||
Total investment return (b) | 14.96% | (20.68)% | 28.78% | 15.55% | 26.21% | (5.84)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.09%†† | 0.90% | 0.65% | 1.09% | 1.37% | 1.40% | |||||
Net expenses (c) | 0.56%†† | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% | |||||
Portfolio turnover rate | 14% | 21% | 26% | 143% | 119% | 125% | |||||
Net assets at end of period (in 000's) | $ 656,931 | $ 607,323 | $ 732,245 | $ 497,644 | $ 543,355 | $ 454,804 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 20.91 | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | |||||
Net investment income (loss) (a) | 0.09 | 0.18 | 0.13 | 0.21 | 0.31 | 0.35 | |||||
Net realized and unrealized gain (loss) | 3.01 | (7.46) | 7.65 | 3.62 | 5.67 | (1.68) | |||||
Total from investment operations | 3.10 | (7.28) | 7.78 | 3.83 | 5.98 | (1.33) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.11) | (0.22) | (0.35) | (0.36) | (0.42) | |||||
From net realized gain on investments | — | (5.55) | (1.58) | (2.08) | (4.09) | (2.76) | |||||
Total distributions | — | (5.66) | (1.80) | (2.43) | (4.45) | (3.18) | |||||
Net asset value at end of period | $ 24.01 | $ 20.91 | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | |||||
Total investment return (b) | 14.83%(c) | (20.87)% | 28.46% | 15.26% | 25.89% | (6.08)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.84%†† | 0.65% | 0.40% | 0.83% | 1.12% | 1.17% | |||||
Net expenses (d) | 0.81%†† | 0.82% | 0.83% | 0.83% | 0.83% | 0.82% | |||||
Portfolio turnover rate | 14% | 21% | 26% | 143% | 119% | 125% | |||||
Net assets at end of period (in 000's) | $ 244,700 | $ 226,405 | $ 306,191 | $ 270,170 | $ 268,992 | $ 237,094 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington U.S. Equity Portfolio |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $763,215,130 | $168,073,709 | $(35,165,758) | $132,907,951 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $15,284 | $7,841 |
20 | MainStay VP Wellington U.S. Equity Portfolio |
2022 | |
Distributions paid from: | |
Ordinary Income | $100,243,996 |
Long-Term Capital Gains | 75,412,662 |
Total | $175,656,658 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 666,217 | $ 14,910,918 |
Shares redeemed | (2,348,798) | (53,465,008) |
Net increase (decrease) | (1,682,581) | $ (38,554,090) |
Year ended December 31, 2022: | ||
Shares sold | 4,126,421 | $120,131,397 |
Shares issued to shareholders in reinvestment of distributions | 6,200,906 | 127,232,665 |
Shares redeemed | (3,129,082) | (89,333,654) |
Net increase (decrease) | 7,198,245 | $158,030,408 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 363,805 | $ 8,076,825 |
Shares redeemed | (998,987) | (22,349,694) |
Net increase (decrease) | (635,182) | $ (14,272,869) |
Year ended December 31, 2022: | ||
Shares sold | 709,385 | $ 19,566,892 |
Shares issued to shareholders in reinvestment of distributions | 2,404,906 | 48,423,993 |
Shares redeemed | (1,332,405) | (36,325,263) |
Net increase (decrease) | 1,781,886 | $ 31,665,622 |
22 | MainStay VP Wellington U.S. Equity Portfolio |
24 | MainStay VP Wellington U.S. Equity Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034735 | MSVPCS10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | 11.59% | 13.62% | 6.14% | 8.72% | 0.85% |
Service Class Shares | 2/17/2012 | 11.45 | 13.34 | 5.87 | 8.45 | 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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Russell 2000® Growth Index2 | 13.55% | 18.53% | 4.22% | 8.83% |
Morningstar Small Growth Category Average3 | 11.75 | 15.20 | 6.69 | 9.75 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Small Growth Category Average is representative of funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,115.90 | $4.41 | $1,020.63 | $4.21 | 0.84% |
Service Class Shares | $1,000.00 | $1,114.50 | $5.71 | $1,019.39 | $5.46 | 1.09% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Small Cap Growth Portfolio |
Software | 8.2% |
Health Care Providers & Services | 6.8 |
Health Care Equipment & Supplies | 6.6 |
Commercial Services & Supplies | 5.9 |
Semiconductors & Semiconductor Equipment | 5.9 |
Biotechnology | 5.7 |
Professional Services | 4.1 |
Chemicals | 3.6 |
Hotels, Restaurants & Leisure | 3.0 |
Diversified Consumer Services | 3.0 |
Oil, Gas & Consumable Fuels | 2.9 |
Aerospace & Defense | 2.8 |
Building Products | 2.8 |
Energy Equipment & Services | 2.6 |
Capital Markets | 2.5 |
Industrial REITs | 2.3 |
Life Sciences Tools & Services | 2.2 |
Electronic Equipment, Instruments & Components | 2.0 |
Construction & Engineering | 1.9 |
Machinery | 1.9 |
Insurance | 1.7 |
Ground Transportation | 1.3 |
Specialty Retail | 1.3 |
Food Products | 1.3% |
IT Services | 1.2 |
Consumer Staples Distribution & Retail | 1.2 |
Exchange–Traded Fund | 1.2 |
Interactive Media & Services | 1.1 |
Banks | 1.0 |
Automobile Components | 1.0 |
Health Care Technology | 1.0 |
Trading Companies & Distributors | 0.9 |
Financial Services | 0.7 |
Media | 0.7 |
Household Durables | 0.7 |
Diversified Telecommunication Services | 0.6 |
Entertainment | 0.5 |
Electrical Equipment | 0.5 |
Communications Equipment | 0.4 |
Pharmaceuticals | 0.4 |
Leisure Products | 0.3 |
Real Estate Management & Development | 0.3 |
Short–Term Investments | 6.5 |
Other Assets, Less Liabilities | –2.5 |
100.0% |
1. | Bright Horizons Family Solutions, Inc. |
2. | Workiva, Inc. |
3. | Power Integrations, Inc. |
4. | Churchill Downs, Inc. |
5. | Waste Connections, Inc. |
6. | Denbury, Inc. |
7. | Envestnet, Inc. |
8. | Novanta, Inc. |
9. | Onto Innovation, Inc. |
10. | Tetra Tech, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Small Cap Growth Portfolio |
10 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks 94.8% | ||
Aerospace & Defense 2.8% | ||
Curtiss-Wright Corp. | 10,911 | $ 2,003,914 |
Hexcel Corp. | 59,235 | 4,503,045 |
Kratos Defense & Security Solutions, Inc. (a) | 176,328 | 2,528,544 |
Woodward, Inc. | 28,442 | 3,382,038 |
12,417,541 | ||
Automobile Components 1.0% | ||
Fox Factory Holding Corp. (a) | 27,551 | 2,989,559 |
XPEL, Inc. (a) | 17,816 | 1,500,464 |
4,490,023 | ||
Banks 1.0% | ||
Prosperity Bancshares, Inc. | 81,224 | 4,587,531 |
Biotechnology 5.7% | ||
Abcam plc, Sponsored ADR (a) | 215,272 | 5,267,706 |
Alkermes plc (a) | 129,119 | 4,041,425 |
Ascendis Pharma A/S, ADR (a) | 14,341 | 1,279,934 |
Avid Bioservices, Inc. (a) | 159,443 | 2,227,419 |
Blueprint Medicines Corp. (a) | 52,015 | 3,287,348 |
Karuna Therapeutics, Inc. (a) | 10,609 | 2,300,561 |
Natera, Inc. (a) | 47,686 | 2,320,401 |
Neurocrine Biosciences, Inc. (a) | 35,493 | 3,346,990 |
Xencor, Inc. (a) | 52,174 | 1,302,785 |
25,374,569 | ||
Building Products 2.8% | ||
AZEK Co., Inc. (The) (a) | 162,509 | 4,922,398 |
Simpson Manufacturing Co., Inc. | 22,449 | 3,109,186 |
Trex Co., Inc. (a) | 27,451 | 1,799,688 |
Zurn Elkay Water Solutions Corp. | 92,490 | 2,487,056 |
12,318,328 | ||
Capital Markets 2.5% | ||
Hamilton Lane, Inc., Class A | 46,666 | 3,732,347 |
Houlihan Lokey, Inc. | 52,349 | 5,146,430 |
StepStone Group, Inc., Class A | 93,919 | 2,330,130 |
11,208,907 | ||
Chemicals 3.6% | ||
Avient Corp. | 59,863 | 2,448,397 |
HB Fuller Co. | 52,851 | 3,779,375 |
Innospec, Inc. | 28,897 | 2,902,415 |
Livent Corp. (a)(b) | 119,285 | 3,271,987 |
Quaker Chemical Corp. | 18,906 | 3,684,779 |
16,086,953 |
Shares | Value | |
Commercial Services & Supplies 5.9% | ||
Casella Waste Systems, Inc., Class A (a) | 14,253 | $ 1,289,184 |
Montrose Environmental Group, Inc. (a) | 44,312 | 1,866,421 |
MSA Safety, Inc. | 23,531 | 4,093,453 |
RB Global, Inc. | 51,855 | 3,111,300 |
Rentokil Initial plc, Sponsored ADR | 75,147 | 2,931,485 |
Tetra Tech, Inc. | 35,256 | 5,772,817 |
Waste Connections, Inc. | 48,759 | 6,969,124 |
26,033,784 | ||
Communications Equipment 0.4% | ||
Infinera Corp. (a)(b) | 398,000 | 1,922,340 |
Construction & Engineering 1.9% | ||
Ameresco, Inc., Class A (a)(b) | 30,927 | 1,503,980 |
Comfort Systems USA, Inc. | 25,614 | 4,205,819 |
Valmont Industries, Inc. | 9,623 | 2,800,774 |
8,510,573 | ||
Consumer Staples Distribution & Retail 1.2% | ||
Casey's General Stores, Inc. | 21,311 | 5,197,327 |
Diversified Consumer Services 3.0% | ||
Bright Horizons Family Solutions, Inc. (a) | 102,872 | 9,510,516 |
Mister Car Wash, Inc. (a) | 370,835 | 3,578,558 |
13,089,074 | ||
Diversified Telecommunication Services 0.6% | ||
Cogent Communications Holdings, Inc. | 42,328 | 2,848,251 |
Electrical Equipment 0.5% | ||
Atkore, Inc. (a) | 12,738 | 1,986,364 |
Electronic Equipment, Instruments & Components 2.0% | ||
Littelfuse, Inc. | 10,262 | 2,989,423 |
Novanta, Inc. (a) | 32,849 | 6,047,501 |
9,036,924 | ||
Energy Equipment & Services 2.6% | ||
Cactus, Inc., Class A | 124,135 | 5,253,393 |
ChampionX Corp. | 158,227 | 4,911,366 |
TechnipFMC plc (a) | 75,887 | 1,261,242 |
11,426,001 | ||
Entertainment 0.5% | ||
Take-Two Interactive Software, Inc. (a) | 14,357 | 2,112,776 |
Financial Services 0.7% | ||
WEX, Inc. (a) | 17,650 | 3,213,535 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products 1.3% | ||
Simply Good Foods Co. (The) (a) | 153,654 | $ 5,622,200 |
Ground Transportation 1.3% | ||
Knight-Swift Transportation Holdings, Inc. | 23,918 | 1,328,884 |
Saia, Inc. (a) | 12,637 | 4,327,035 |
5,655,919 | ||
Health Care Equipment & Supplies 6.6% | ||
CONMED Corp. | 25,880 | 3,516,833 |
Establishment Labs Holdings, Inc. (a)(b) | 46,988 | 3,223,847 |
Globus Medical, Inc., Class A (a) | 36,777 | 2,189,703 |
Inari Medical, Inc. (a) | 80,900 | 4,703,526 |
Inspire Medical Systems, Inc. (a) | 12,864 | 4,176,169 |
Integra LifeSciences Holdings Corp. (a) | 41,979 | 1,726,596 |
Lantheus Holdings, Inc. (a) | 29,181 | 2,448,869 |
OrthoPediatrics Corp. (a) | 52,493 | 2,301,818 |
SI-BONE, Inc. (a) | 131,917 | 3,559,121 |
Silk Road Medical, Inc. (a) | 39,777 | 1,292,355 |
29,138,837 | ||
Health Care Providers & Services 6.8% | ||
Accolade, Inc. (a) | 188,512 | 2,539,257 |
Addus HomeCare Corp. (a) | 34,913 | 3,236,435 |
agilon health, Inc. (a)(b) | 134,770 | 2,336,912 |
Alignment Healthcare, Inc. (a) | 116,860 | 671,945 |
Encompass Health Corp. | 53,918 | 3,650,788 |
Ensign Group, Inc. (The) | 43,737 | 4,175,134 |
HealthEquity, Inc. (a) | 60,784 | 3,837,902 |
NeoGenomics, Inc. (a) | 210,330 | 3,380,003 |
Option Care Health, Inc. (a) | 99,144 | 3,221,188 |
Surgery Partners, Inc. (a) | 65,252 | 2,935,687 |
29,985,251 | ||
Health Care Technology 1.0% | ||
Definitive Healthcare Corp. (a) | 122,760 | 1,350,360 |
Phreesia, Inc. (a) | 97,361 | 3,019,165 |
4,369,525 | ||
Hotels, Restaurants & Leisure 3.0% | ||
Choice Hotels International, Inc. (b) | 16,668 | 1,958,823 |
Churchill Downs, Inc. | 55,338 | 7,701,390 |
First Watch Restaurant Group, Inc. (a) | 38,169 | 645,056 |
MakeMyTrip Ltd. (a) | 39,301 | 1,060,341 |
Shake Shack, Inc., Class A (a) | 24,565 | 1,909,192 |
13,274,802 | ||
Household Durables 0.7% | ||
TopBuild Corp. (a) | 8,090 | 2,152,102 |
Shares | Value | |
Household Durables (continued) | ||
Vizio Holding Corp., Class A (a)(b) | 130,650 | $ 881,887 |
3,033,989 | ||
Industrial REITs 2.3% | ||
Americold Realty Trust, Inc. | 91,099 | 2,942,498 |
EastGroup Properties, Inc. | 20,248 | 3,515,053 |
Terreno Realty Corp. | 64,193 | 3,857,999 |
10,315,550 | ||
Insurance 1.7% | ||
Goosehead Insurance, Inc., Class A (a) | 27,924 | 1,756,140 |
Kinsale Capital Group, Inc. | 10,653 | 3,986,353 |
Palomar Holdings, Inc. (a) | 33,002 | 1,915,436 |
7,657,929 | ||
Interactive Media & Services 1.1% | ||
Angi, Inc. (a) | 330,225 | 1,089,743 |
Pinterest, Inc., Class A (a) | 140,074 | 3,829,623 |
4,919,366 | ||
IT Services 1.2% | ||
Endava plc, Sponsored ADR (a) | 49,352 | 2,555,940 |
Globant SA (a) | 15,280 | 2,746,122 |
5,302,062 | ||
Leisure Products 0.3% | ||
Clarus Corp. (b) | 151,928 | 1,388,622 |
Life Sciences Tools & Services 2.2% | ||
Azenta, Inc. (a) | 60,704 | 2,833,663 |
Bruker Corp. | 52,583 | 3,886,935 |
Medpace Holdings, Inc. (a) | 12,972 | 3,115,485 |
9,836,083 | ||
Machinery 1.9% | ||
IDEX Corp. | 5,828 | 1,254,535 |
John Bean Technologies Corp. | 46,350 | 5,622,255 |
Mueller Water Products, Inc., Class A | 82,434 | 1,337,904 |
8,214,694 | ||
Media 0.7% | ||
New York Times Co. (The), Class A | 77,381 | 3,047,264 |
Oil, Gas & Consumable Fuels 2.9% | ||
Denbury, Inc. (a) | 80,232 | 6,920,812 |
Matador Resources Co. | 65,625 | 3,433,500 |
Range Resources Corp. | 80,709 | 2,372,845 |
12,727,157 |
12 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals 0.4% | ||
Arvinas, Inc. (a) | 14,274 | $ 354,280 |
Pacira BioSciences, Inc. (a) | 31,696 | 1,270,059 |
1,624,339 | ||
Professional Services 4.1% | ||
CBIZ, Inc. (a) | 42,423 | 2,260,298 |
FTI Consulting, Inc. (a) | 16,182 | 3,077,816 |
Genpact Ltd. | 134,943 | 5,069,809 |
Maximus, Inc. | 59,506 | 5,028,852 |
WNS Holdings Ltd., ADR (a) | 37,113 | 2,735,970 |
18,172,745 | ||
Real Estate Management & Development 0.3% | ||
DigitalBridge Group, Inc. | 76,031 | 1,118,416 |
Semiconductors & Semiconductor Equipment 5.9% | ||
Allegro MicroSystems, Inc. (a) | 27,369 | 1,235,437 |
Credo Technology Group Holding Ltd. (a) | 61,135 | 1,060,081 |
Entegris, Inc. | 35,971 | 3,986,306 |
Lattice Semiconductor Corp. (a) | 14,271 | 1,371,015 |
Onto Innovation, Inc. (a) | 50,310 | 5,859,606 |
Power Integrations, Inc. | 85,419 | 8,086,617 |
Silicon Laboratories, Inc. (a) | 16,976 | 2,677,794 |
SiTime Corp. (a) | 13,412 | 1,582,213 |
25,859,069 | ||
Software 8.2% | ||
Bentley Systems, Inc., Class B | 47,716 | 2,587,639 |
BlackLine, Inc. (a) | 103,328 | 5,561,113 |
Box, Inc., Class A (a) | 92,403 | 2,714,800 |
CCC Intelligent Solutions Holdings, Inc. (a) | 34,313 | 384,649 |
Clear Secure, Inc., Class A (b) | 89,834 | 2,081,454 |
Dynatrace, Inc. (a) | 87,505 | 4,503,882 |
Envestnet, Inc. (a) | 109,728 | 6,512,357 |
PROS Holdings, Inc. (a) | 75,018 | 2,310,554 |
Sprout Social, Inc., Class A (a) | 24,073 | 1,111,210 |
Workiva, Inc. (a) | 84,293 | 8,569,226 |
36,336,884 | ||
Specialty Retail 1.3% | ||
Boot Barn Holdings, Inc. (a) | 37,619 | 3,185,953 |
Leslie's, Inc. (a) | 133,058 | 1,249,414 |
Warby Parker, Inc., Class A (a)(b) | 104,198 | 1,218,075 |
5,653,442 |
Shares | Value | ||
Trading Companies & Distributors 0.9% | |||
SiteOne Landscape Supply, Inc. (a) | 23,567 | $ 3,944,173 | |
Total Common Stocks (Cost $376,075,282) | 419,059,119 | ||
Exchange-Traded Fund 1.2% | |||
SPDR S&P Biotech ETF (b) | 61,221 | 5,093,587 | |
Total Exchange-Traded Fund (Cost $4,941,114) | 5,093,587 | ||
Short-Term Investments 6.5% | |||
Affiliated Investment Company 4.0% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 17,891,563 | 17,891,563 | |
Unaffiliated Investment Companies 2.5% | |||
Fidelity Government Portfolio, 5.085% (c)(d) | 3,000,000 | 3,000,000 | |
Goldman Sachs Financial Square Government Fund, 5.122% (c)(d) | 3,000,000 | 3,000,000 | |
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 4,892,824 | 4,892,824 | |
Total Unaffiliated Investment Companies (Cost $10,892,824) | 10,892,824 | ||
Total Short-Term Investments (Cost $28,784,387) | 28,784,387 | ||
Total Investments (Cost $409,800,783) | 102.5% | 452,937,093 | |
Other Assets, Less Liabilities | (2.5) | (10,940,803) | |
Net Assets | 100.0% | $ 441,996,290 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $17,209,246; the total market value of collateral held by the Portfolio was $17,699,520. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,806,696. The Portfolio received cash collateral with a value of $10,892,824. (See Note 2(G)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 23,456 | $ 65,698 | $ (71,262) | $ — | $ — | $ 17,892 | $ 559 | $ — | 17,892 |
Abbreviation(s): |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
REIT—Real Estate Investment Trust |
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) | |||||||
Common Stocks | $ 419,059,119 | $ — | $ — | $ 419,059,119 | |||
Exchange-Traded Fund | 5,093,587 | — | — | 5,093,587 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 17,891,563 | — | — | 17,891,563 | |||
Unaffiliated Investment Companies | 10,892,824 | — | — | 10,892,824 | |||
Total Short-Term Investments | 28,784,387 | — | — | 28,784,387 | |||
Total Investments in Securities | $ 452,937,093 | $ — | $ — | $ 452,937,093 |
(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 $391,909,220) including securities on loan of $17,209,246 | $435,045,530 |
Investment in affiliated investment companies, at value (identified cost $17,891,563) | 17,891,563 |
Receivables: | |
Dividends | 259,692 |
Portfolio shares sold | 202,937 |
Securities lending | 18,283 |
Other assets | 4,492 |
Total assets | 453,422,497 |
Liabilities | |
Cash collateral received for securities on loan | 10,892,824 |
Payables: | |
Manager (See Note 3) | 286,613 |
Investment securities purchased | 123,830 |
Portfolio shares redeemed | 49,159 |
NYLIFE Distributors (See Note 3) | 25,604 |
Professional fees | 25,427 |
Shareholder communication | 9,603 |
Custodian | 6,519 |
Accrued expenses | 6,628 |
Total liabilities | 11,426,207 |
Net assets | $441,996,290 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 42,973 |
Additional paid-in-capital | 402,945,634 |
402,988,607 | |
Total distributable earnings (loss) | 39,007,683 |
Net assets | $441,996,290 |
Initial Class | |
Net assets applicable to outstanding shares | $312,693,682 |
Shares of beneficial interest outstanding | 29,913,628 |
Net asset value per share outstanding | $ 10.45 |
Service Class | |
Net assets applicable to outstanding shares | $129,302,608 |
Shares of beneficial interest outstanding | 13,059,385 |
Net asset value per share outstanding | $ 9.90 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $20,491) | $ 1,155,171 |
Dividends-affiliated | 559,054 |
Securities lending, net | 68,023 |
Total income | 1,782,248 |
Expenses | |
Manager (See Note 3) | 1,802,345 |
Distribution/Service—Service Class (See Note 3) | 151,394 |
Professional fees | 40,680 |
Custodian | 12,626 |
Trustees | 5,427 |
Shareholder communication | 4,543 |
Miscellaneous | 4,123 |
Total expenses | 2,021,138 |
Net investment income (loss) | (238,890) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (4,163,933) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 52,411,945 |
Net realized and unrealized gain (loss) | 48,248,012 |
Net increase (decrease) in net assets resulting from operations | $48,009,122 |
16 | MainStay VP Small Cap Growth Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (238,890) | $ (2,042,122) |
Net realized gain (loss) | (4,163,933) | 964,390 |
Net change in unrealized appreciation (depreciation) | 52,411,945 | (151,607,563) |
Net increase (decrease) in net assets resulting from operations | 48,009,122 | (152,685,295) |
Distributions to shareholders: | ||
Initial Class | — | (82,864,939) |
Service Class | — | (32,444,804) |
Total distributions to shareholders | — | (115,309,743) |
Capital share transactions: | ||
Net proceeds from sales of shares | 19,211,024 | 85,439,744 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 115,309,743 |
Cost of shares redeemed | (62,389,882) | (64,467,524) |
Increase (decrease) in net assets derived from capital share transactions | (43,178,858) | 136,281,963 |
Net increase (decrease) in net assets | 4,830,264 | (131,713,075) |
Net Assets | ||
Beginning of period | 437,166,026 | 568,879,101 |
End of period | $441,996,290 | $ 437,166,026 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.37 | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | |||||
Net investment income (loss) (a) | (0.00)‡ | (0.05) | (0.11) | (0.06) | (0.06) | (0.06) | |||||
Net realized and unrealized gain (loss) | 1.08 | (4.74) | 1.98 | 5.36 | 2.96 | (1.04) | |||||
Total from investment operations | 1.08 | (4.79) | 1.87 | 5.30 | 2.90 | (1.10) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (3.37) | (2.50) | (0.45) | (1.79) | (0.79) | |||||
Net asset value at end of period | $ 10.45 | $ 9.37 | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | |||||
Total investment return (b) | 11.53%(c) | (26.49)% | 10.31% | 40.48% | 25.59% | (8.88)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.04)%†† | (0.37)% | (0.56)% | (0.41)% | (0.41)% | (0.40)% | |||||
Net expenses (d) | 0.84%†† | 0.85% | 0.84%(e) | 0.85%(e) | 0.85% | 0.85% | |||||
Portfolio turnover rate | 8% | 39% | 32% | 101% | 46% | 41% | |||||
Net assets at end of period (in 000's) | $ 312,694 | $ 320,091 | $ 395,321 | $ 422,200 | $ 332,474 | $ 251,547 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.88 | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | |||||
Net investment income (loss) (a) | (0.01) | (0.08) | (0.15) | (0.09) | (0.09) | (0.09) | |||||
Net realized and unrealized gain (loss) | 1.03 | (4.58) | 1.92 | 5.21 | 2.89 | (1.03) | |||||
Total from investment operations | 1.02 | (4.66) | 1.77 | 5.12 | 2.80 | (1.12) | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (3.37) | (2.50) | (0.45) | (1.79) | (0.79) | |||||
Net asset value at end of period | $ 9.90 | $ 8.88 | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | |||||
Total investment return (b) | 11.49%(c) | (26.67)% | 10.03% | 40.13% | 25.28% | (9.11)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.28)%†† | (0.63)% | (0.81)% | (0.66)% | (0.65)% | (0.64)% | |||||
Net expenses (d) | 1.09%†† | 1.10% | 1.09%(e) | 1.10%(e) | 1.10% | 1.10% | |||||
Portfolio turnover rate | 8% | 39% | 32% | 101% | 46% | 41% | |||||
Net assets at end of period (in 000's) | $ 129,303 | $ 117,075 | $ 173,558 | $ 154,543 | $ 125,306 | $ 96,497 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay VP Small Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $410,965,312 | $75,296,044 | $(33,324,263) | $41,971,781 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 42,583,224 |
Long-Term Capital Gains | 72,726,519 |
Total | $115,309,743 |
22 | MainStay VP Small Cap Growth Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,210,362 | $ 11,895,123 |
Shares redeemed | (5,466,836) | (53,960,755) |
Net increase (decrease) | (4,256,474) | $ (42,065,632) |
Year ended December 31, 2022: | ||
Shares sold | 5,141,939 | $ 68,272,969 |
Shares issued to shareholders in reinvestment of distributions | 9,244,708 | 82,864,939 |
Shares redeemed | (2,767,030) | (36,485,974) |
Net increase (decrease) | 11,619,617 | $114,651,934 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 777,522 | $ 7,315,901 |
Shares redeemed | (896,674) | (8,429,127) |
Net increase (decrease) | (119,152) | $ (1,113,226) |
Year ended December 31, 2022: | ||
Shares sold | 1,328,818 | $ 17,166,775 |
Shares issued to shareholders in reinvestment of distributions | 3,814,702 | 32,444,804 |
Shares redeemed | (2,227,095) | (27,981,550) |
Net increase (decrease) | 2,916,425 | $ 21,630,029 |
24 | MainStay VP Small Cap Growth Portfolio |
26 | MainStay VP Small Cap Growth Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034712 | MSVPESCG10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1995 | 5.65% | 7.05% | 2.60% | 5.51% | 0.95% |
Service Class Shares | 6/5/2003 | 5.52 | 6.79 | 2.34 | 5.24 | 1.20 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
MSCI ACWI® ex USA Index (Net)2 | 9.47% | 12.72% | 3.52% | 4.75% |
MSCI EAFE® Index (Net)3 | 11.67 | 18.77 | 4.39 | 5.41 |
Morningstar Foreign Large Growth Category Average4 | 12.42 | 15.91 | 4.54 | 6.20 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Portfolio has selected the MSCI ACWI® (All Country World Index) ex USA Index (Net) as its primary benchmark. The MSCI ACWI® ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
3. | 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. |
4. | The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,056.50 | $4.79 | $1,020.13 | $4.71 | 0.94% |
Service Class Shares | $1,000.00 | $1,055.20 | $6.06 | $1,018.89 | $5.96 | 1.19% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay International Equity Portfolio |
United States | 15.7% |
France | 11.7 |
Germany | 9.3 |
Switzerland | 8.4 |
United Kingdom | 8.3 |
Japan | 8.0 |
Netherlands | 6.8 |
India | 5.9 |
Israel | 5.2 |
China | 4.3% |
Hong Kong | 4.0 |
Spain | 3.6 |
Sweden | 2.9 |
Denmark | 2.1 |
Italy | 1.2 |
Other Assets, Less Liabilities | 2.6 |
100.0% |
1. | ICON plc |
2. | Nice Ltd., Sponsored ADR |
3. | Tencent Holdings Ltd. |
4. | AIA Group Ltd. |
5. | Globant SA |
6. | Dassault Systemes SE |
7. | Amadeus IT Group SA |
8. | HDFC Bank Ltd. |
9. | Adyen NV |
10. | Diageo plc |
1. | At a meeting held on May 2, 2023, the Board of Trustees of MainStay VP Funds Trust considered and approved, among other related proposals: (i) appointing PineStone Asset Management Inc. in replacement of MacKay Shields LLC as the Portfolio’s Subadvisor and the related Subadvisory Agreement; (ii) changing the Portfolio’s name and reducing its management fee; (iii) changing the Portfolio’s investment objective; (iv) changing the Portfolio’s primary benchmark; and (v) modifying the Fund’s principal investment strategies and investment process. These changes will take effect on or around August 28, 2023. See the Supplement dated May 9, 2023, for additional information. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | |
Common Stocks 96.6% | ||
China 4.3% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 515,755 | $ 21,825,467 |
Denmark 2.1% | ||
Chr Hansen Holding A/S (Chemicals) | 150,509 | 10,446,408 |
France 11.7% | ||
BioMerieux (Health Care Equipment & Supplies) | 94,541 | 9,916,041 |
Dassault Systemes SE (Software) | 426,105 | 18,889,235 |
Edenred (Financial Services) | 204,525 | 13,689,719 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 46,648 | 11,641,355 |
Teleperformance (Professional Services) | 29,518 | 4,942,631 |
59,078,981 | ||
Germany 9.3% | ||
Deutsche Boerse AG (Capital Markets) | 85,492 | 15,775,148 |
Nemetschek SE (Software) | 98,839 | 7,403,038 |
Scout24 SE (Interactive Media & Services) (a) | 166,532 | 10,554,281 |
Symrise AG (Chemicals) | 129,418 | 13,560,033 |
47,292,500 | ||
Hong Kong 4.0% | ||
AIA Group Ltd. (Insurance) | 2,031,400 | 20,505,837 |
India 5.9% | ||
HDFC Bank Ltd. (Banks) | 869,868 | 18,040,725 |
Housing Development Finance Corp. Ltd. (Financial Services) | 345,970 | 11,900,959 |
29,941,684 | ||
Israel 5.2% | ||
Nice Ltd., Sponsored ADR (Software) (b) | 128,527 | 26,540,825 |
Italy 1.2% | ||
Reply SpA (IT Services) | 54,553 | 6,196,889 |
Japan 8.0% | ||
Benefit One, Inc. (Professional Services) | 544,600 | 5,529,221 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 328,200 | 5,705,601 |
MonotaRO Co. Ltd. (Trading Companies & Distributors) | 816,100 | 10,310,477 |
Shares | Value | |
Japan (continued) | ||
Relo Group, Inc. (Real Estate Management & Development) | 377,900 | $ 5,120,029 |
SMS Co. Ltd. (Professional Services) | 299,000 | 5,953,269 |
TechnoPro Holdings, Inc. (Professional Services) | 366,100 | 7,872,818 |
40,491,415 | ||
Netherlands 6.8% | ||
Adyen NV (Financial Services) (a)(b) | 10,278 | 17,785,308 |
IMCD NV (Trading Companies & Distributors) | 116,739 | 16,776,683 |
34,561,991 | ||
Spain 3.6% | ||
Amadeus IT Group SA (Hotels, Restaurants & Leisure) (b) | 238,842 | 18,165,520 |
Sweden 2.9% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 1,193,551 | 14,690,659 |
Switzerland 8.4% | ||
Alcon, Inc. (Health Care Equipment & Supplies) (c) | 127,783 | 10,492,262 |
Belimo Holding AG (Registered) (Building Products) | 18,517 | 9,231,088 |
DSM-Firmenich AG (Chemicals) (b) | 42,054 | 4,525,605 |
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 23,134 | 13,786,577 |
Straumann Holding AG (Registered) (Health Care Equipment & Supplies) | 27,730 | 4,496,966 |
42,532,498 | ||
United Kingdom 8.3% | ||
Croda International plc (Chemicals) | 164,774 | 11,773,135 |
Diageo plc (Beverages) | 411,252 | 17,648,180 |
St James's Place plc (Capital Markets) | 918,847 | 12,690,426 |
42,111,741 | ||
United States 14.9% | ||
Accenture plc, Class A (IT Services) | 20,546 | 6,340,085 |
Aon plc, Class A (Insurance) | 21,345 | 7,368,294 |
Experian plc (Professional Services) | 127,013 | 4,868,230 |
Globant SA (IT Services) (b) | 105,954 | 19,042,053 |
ICON plc (Life Sciences Tools & Services) (b) | 115,510 | 28,900,602 |
Linde plc (Chemicals) | 12,141 | 4,626,692 |
10 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
United States (continued) | |||
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 31,779 | $ 4,454,145 | |
75,600,101 | |||
Total Common Stocks (Cost $484,226,870) | 489,982,516 | ||
Short-Term Investments 0.8% | |||
Affiliated Investment Company 0.8% | |||
United States 0.8% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (d) | 3,813,618 | 3,813,618 | |
Unaffiliated Investment Company 0.0% ‡ | |||
United States 0.0% ‡ | |||
Invesco Government & Agency Portfolio, 5.158% (d)(e) | 132,400 | 132,400 | |
Total Short-Term Investments (Cost $3,946,018) | 3,946,018 | ||
Total Investments (Cost $488,172,888) | 97.4% | 493,928,534 | |
Other Assets, Less Liabilities | 2.6 | 13,357,252 | |
Net Assets | 100.0% | $ 507,285,786 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Non-income producing security. |
(c) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $129,472. The Portfolio received cash collateral with a value of $132,400. (See Note 2(I)) |
(d) | Current yield as of June 30, 2023. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 872 | $ 97,044 | $ (94,102) | $ — | $ — | $ 3,814 | $ 65 | $ — | 3,814 |
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 | $ 489,982,516 | $ — | $ — | $ 489,982,516 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,813,618 | — | — | 3,813,618 | |||
Unaffiliated Investment Company | 132,400 | — | — | 132,400 | |||
Total Short-Term Investments | 3,946,018 | — | — | 3,946,018 | |||
Total Investments in Securities | $ 493,928,534 | $ — | $ — | $ 493,928,534 |
(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 | $ 18,040,725 | 3.6% | |
Beverages | 17,648,180 | 3.5 | |
Building Products | 9,231,088 | 1.8 | |
Capital Markets | 28,465,574 | 5.6 | |
Chemicals | 44,931,873 | 8.9 | |
Electronic Equipment, Instruments & Components | 19,144,804 | 3.8 | |
Financial Services | 43,375,986 | 8.6 | |
Health Care Equipment & Supplies | 30,610,870 | 6.0 | |
Hotels, Restaurants & Leisure | 18,165,520 | 3.6 | |
Insurance | 27,874,131 | 5.5 | |
Interactive Media & Services | 32,379,748 | 6.4 | |
IT Services | 31,579,027 | 6.2 | |
Life Sciences Tools & Services | 54,328,534 | 10.7 | |
Professional Services | 29,166,169 | 5.7 | |
Real Estate Management & Development | 5,120,029 | 1.0 | |
Software | 52,833,098 | 10.4 | |
Trading Companies & Distributors | 27,087,160 | 5.3 | |
489,982,516 | 96.6 | ||
Short-Term Investments | 3,946,018 | 0.8 | |
Other Assets, Less Liabilities | 13,357,252 | 2.6 | |
Net Assets | $507,285,786 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $484,359,270) including securities on loan of $129,472 | $490,114,916 |
Investment in affiliated investment companies, at value (identified cost $3,813,618) | 3,813,618 |
Cash denominated in foreign currencies (identified cost $12,456,373) | 12,658,013 |
Receivables: | |
Dividends | 1,084,368 |
Portfolio shares sold | 963,394 |
Securities lending | 1,783 |
Other assets | 48,370 |
Total assets | 508,684,462 |
Liabilities | |
Cash collateral received for securities on loan | 132,400 |
Payables: | |
Foreign capital gains tax (See Note 2) | 468,406 |
Manager (See Note 3) | 369,366 |
Portfolio shares redeemed | 303,222 |
NYLIFE Distributors (See Note 3) | 47,581 |
Professional fees | 36,527 |
Custodian | 14,696 |
Shareholder communication | 7,273 |
Accrued expenses | 19,205 |
Total liabilities | 1,398,676 |
Net assets | $507,285,786 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 47,039 |
Additional paid-in-capital | 583,660,012 |
583,707,051 | |
Total distributable earnings (loss) | (76,421,265) |
Net assets | $507,285,786 |
Initial Class | |
Net assets applicable to outstanding shares | $275,858,068 |
Shares of beneficial interest outstanding | 25,376,492 |
Net asset value per share outstanding | $ 10.87 |
Service Class | |
Net assets applicable to outstanding shares | $231,427,718 |
Shares of beneficial interest outstanding | 21,662,016 |
Net asset value per share outstanding | $ 10.68 |
14 | MainStay VP MacKay International Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $429,066) | $ 4,921,511 |
Dividends-affiliated | 65,486 |
Securities lending, net | 11,659 |
Total income | 4,998,656 |
Expenses | |
Manager (See Note 3) | 2,064,409 |
Distribution/Service—Service Class (See Note 3) | 295,024 |
Professional fees | 61,766 |
Custodian | 31,861 |
Trustees | 5,484 |
Shareholder communication | 4,155 |
Miscellaneous | 10,808 |
Total expenses | 2,473,507 |
Net investment income (loss) | 2,525,149 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | (10,635,171) |
Foreign currency transactions | 249,146 |
Net realized gain (loss) | (10,386,025) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | 33,006,618 |
Translation of other assets and liabilities in foreign currencies | 247,295 |
Net change in unrealized appreciation (depreciation) | 33,253,913 |
Net realized and unrealized gain (loss) | 22,867,888 |
Net increase (decrease) in net assets resulting from operations | $ 25,393,037 |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(146,460). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(166,807). |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,525,149 | $ (31,905) |
Net realized gain (loss) | (10,386,025) | (71,744,140) |
Net change in unrealized appreciation (depreciation) | 33,253,913 | (85,428,146) |
Net increase (decrease) in net assets resulting from operations | 25,393,037 | (157,204,191) |
Distributions to shareholders: | ||
Initial Class | — | (42,204,462) |
Service Class | — | (47,989,156) |
Total distributions to shareholders | — | (90,193,618) |
Capital share transactions: | ||
Net proceeds from sales of shares | 75,616,274 | 56,783,387 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 90,193,618 |
Cost of shares redeemed | (35,134,661) | (46,049,495) |
Increase (decrease) in net assets derived from capital share transactions | 40,481,613 | 100,927,510 |
Net increase (decrease) in net assets | 65,874,650 | (146,470,299) |
Net Assets | ||
Beginning of period | 441,411,136 | 587,881,435 |
End of period | $507,285,786 | $ 441,411,136 |
16 | MainStay VP MacKay International Equity Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 10.29 | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | |||||
Net investment income (loss) (a) | 0.07 | 0.02 | 0.07 | 0.03 | 0.12 | 0.10 | |||||
Net realized and unrealized gain (loss) | 0.51 | (5.06) | 2.12 | 3.24 | 3.31 | (2.04) | |||||
Total from investment operations | 0.58 | (5.04) | 2.19 | 3.27 | 3.43 | (1.94) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.04) | (0.02) | (0.12) | (0.08) | (0.21) | |||||
From net realized gain on investments | — | (2.61) | (2.62) | (0.93) | (2.13) | (0.32) | |||||
Total distributions | — | (2.65) | (2.64) | (1.05) | (2.21) | (0.53) | |||||
Net asset value at end of period | $ 10.87 | $ 10.29 | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | |||||
Total investment return (b) | 5.64%(c) | (26.45)% | 12.24% | 20.85% | 24.80% | (11.56)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.23%†† | 0.12% | 0.37% | 0.16% | 0.74% | 0.55% | |||||
Net expenses (d) | 0.94%†† | 0.95% | 0.93% | 0.96% | 0.96% | 0.96% | |||||
Portfolio turnover rate | 48% | 102% | 86% | 135% | 66% | 46% | |||||
Net assets at end of period (in 000's) | $ 275,858 | $ 205,666 | $ 266,747 | $ 245,101 | $ 209,278 | $ 158,215 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 10.12 | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | |||||
Net investment income (loss) (a) | 0.05 | (0.02) | 0.02 | (0.01) | 0.08 | 0.05 | |||||
Net realized and unrealized gain (loss) | 0.51 | (5.00) | 2.11 | 3.20 | 3.28 | (2.03) | |||||
Total from investment operations | 0.56 | (5.02) | 2.13 | 3.19 | 3.36 | (1.98) | |||||
Less distributions: | |||||||||||
From net investment income | — | — | — | (0.08) | (0.03) | (0.16) | |||||
From net realized gain on investments | — | (2.61) | (2.62) | (0.93) | (2.13) | (0.32) | |||||
Total distributions | — | (2.61) | (2.62) | (1.01) | (2.16) | (0.48) | |||||
Net asset value at end of period | $ 10.68 | $ 10.12 | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | |||||
Total investment return (b) | 5.53%(c) | (26.63)% | 11.96% | 20.54% | 24.49% | (11.78)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.95%†† | (0.12)% | 0.12% | (0.08)% | 0.52% | 0.32% | |||||
Net expenses (d) | 1.19%†† | 1.20% | 1.18% | 1.21% | 1.21% | 1.21% | |||||
Portfolio turnover rate | 48% | 102% | 86% | 135% | 66% | 46% | |||||
Net assets at end of period (in 000's) | $ 231,428 | $ 235,745 | $ 321,135 | $ 315,244 | $ 303,135 | $ 258,307 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 5, 2003 |
18 | MainStay VP MacKay International Equity Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $500,604,454 | $23,572,751 | $(30,248,671) | $(6,675,920) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $53,031 | $8,548 |
2022 | |
Distributions paid from: | |
Ordinary Income | $46,066,083 |
Long-Term Capital Gains | 44,127,535 |
Total | $90,193,618 |
22 | MainStay VP MacKay International Equity Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 6,529,609 | $ 70,324,312 |
Shares redeemed | (1,142,304) | (12,409,851) |
Net increase (decrease) | 5,387,305 | $ 57,914,461 |
Year ended December 31, 2022: | ||
Shares sold | 1,923,130 | $ 26,627,915 |
Shares issued to shareholders in reinvestment of distributions | 4,555,503 | 42,204,462 |
Shares redeemed | (1,322,741) | (16,804,815) |
Net increase (decrease) | 5,155,892 | $ 52,027,562 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 496,392 | $ 5,291,962 |
Shares redeemed | (2,119,358) | (22,724,810) |
Net increase (decrease) | (1,622,966) | $(17,432,848) |
Year ended December 31, 2022: | ||
Shares sold | 2,224,777 | $ 30,155,472 |
Shares issued to shareholders in reinvestment of distributions | 5,261,219 | 47,989,156 |
Shares redeemed | (2,297,584) | (29,244,680) |
Net increase (decrease) | 5,188,412 | $ 48,899,948 |
24 | MainStay VP MacKay International Equity Portfolio |
• | experience in providing investment advisory services; |
• | experience in serving as advisor or subadvisor to other investment advisory clients with similar strategies as those of the Portfolio, as repositioned, and the performance track record of such investment advisory clients; |
• | experience of investment advisory, senior management and administrative personnel; |
• | overall legal and compliance environment, resources and history and policies and procedures in place with respect to matters that may involve conflicts of interest between the Portfolio’s investments and those of other accounts managed by PineStone; |
• | PineStone’s belief that its compliance policies, procedures and systems are reasonably designed to prevent violation of the federal securities laws; |
• | ability to recruit and retain qualified investment professionals and willingness to invest in personnel to service and support the Portfolio; |
• | portfolio construction and risk management processes; |
• | experience of the Portfolio’s proposed portfolio managers, including with respect to investment strategies similar to those of the Portfolio, as repositioned, the number of accounts managed by the portfolio managers and the method for compensating the portfolio managers; and |
• | overall reputation, financial condition and assets under management. |
26 | MainStay VP MacKay International Equity Portfolio |
28 | MainStay VP MacKay International Equity Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029454 | MSVPIE10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1998 | 25.61% | 27.46% | 12.40% | 14.34% | 0.75% |
Service Class Shares | 6/6/2003 | 25.46 | 27.14 | 12.12 | 14.06 | 1.00 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Russell 1000® Growth Index2 | 29.02% | 27.11% | 15.14% | 15.75% |
S&P 500® Index3 | 16.89 | 19.59 | 12.31 | 12.86 |
Morningstar Large Growth Category Average4 | 23.91 | 22.89 | 11.37 | 13.02 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index 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. |
3. | 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. |
4. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,256.10 | $4.14 | $1,021.13 | $3.71 | 0.74% |
Service Class Shares | $1,000.00 | $1,254.60 | $5.53 | $1,019.89 | $4.96 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Winslow Large Cap Growth Portfolio |
Software | 21.7% |
Semiconductors & Semiconductor Equipment | 17.1 |
Interactive Media & Services | 9.8 |
Technology Hardware, Storage & Peripherals | 8.0 |
Health Care Equipment & Supplies | 6.0 |
Broadline Retail | 5.3 |
Hotels, Restaurants & Leisure | 4.9 |
Financial Services | 4.4 |
Textiles, Apparel & Luxury Goods | 2.7 |
Consumer Staples Distribution & Retail | 2.7 |
Capital Markets | 2.2 |
Chemicals | 2.1 |
Machinery | 2.1 |
Biotechnology | 1.9% |
Health Care Providers & Services | 1.7 |
Ground Transportation | 1.3 |
IT Services | 1.3 |
Specialty Retail | 1.1 |
Aerospace & Defense | 1.1 |
Pharmaceuticals | 1.0 |
Entertainment | 0.9 |
Automobiles | 0.5 |
Short–Term Investment | 0.3 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | NVIDIA Corp. |
4. | Amazon.com, Inc. |
5. | Alphabet, Inc. |
6. | Meta Platforms, Inc., Class A |
7. | Intuitive Surgical, Inc. |
8. | ServiceNow, Inc. |
9. | ASML Holding NV (Registered) |
10. | Lam Research Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks 99.8% | ||
Aerospace & Defense 1.1% | ||
Boeing Co. (The) (a) | 73,800 | $ 15,583,608 |
Automobiles 0.5% | ||
Tesla, Inc. (a) | 29,060 | 7,607,036 |
Biotechnology 1.9% | ||
Vertex Pharmaceuticals, Inc. (a) | 77,210 | 27,170,971 |
Broadline Retail 5.3% | ||
Amazon.com, Inc. (a) | 594,200 | 77,459,912 |
Capital Markets 2.2% | ||
Moody's Corp. | 50,100 | 17,420,772 |
MSCI, Inc. | 32,170 | 15,097,059 |
32,517,831 | ||
Chemicals 2.1% | ||
Linde plc | 81,650 | 31,115,182 |
Consumer Staples Distribution & Retail 2.7% | ||
Costco Wholesale Corp. | 44,070 | 23,726,407 |
Dollar Tree, Inc. (a) | 105,520 | 15,142,120 |
38,868,527 | ||
Entertainment 0.9% | ||
Netflix, Inc. (a) | 29,900 | 13,170,651 |
Financial Services 4.4% | ||
Mastercard, Inc., Class A | 95,040 | 37,379,232 |
Visa, Inc., Class A | 109,260 | 25,947,065 |
63,326,297 | ||
Ground Transportation 1.3% | ||
Uber Technologies, Inc. (a) | 450,160 | 19,433,407 |
Health Care Equipment & Supplies 6.0% | ||
Boston Scientific Corp. (a) | 285,900 | 15,464,331 |
IDEXX Laboratories, Inc. (a) | 36,230 | 18,195,793 |
Intuitive Surgical, Inc. (a) | 157,940 | 54,006,004 |
87,666,128 | ||
Health Care Providers & Services 1.7% | ||
UnitedHealth Group, Inc. | 50,750 | 24,392,480 |
Shares | Value | |
Hotels, Restaurants & Leisure 4.9% | ||
Chipotle Mexican Grill, Inc. (a) | 17,390 | $ 37,197,210 |
Hilton Worldwide Holdings, Inc. | 105,030 | 15,287,116 |
McDonald's Corp. | 61,170 | 18,253,740 |
70,738,066 | ||
Interactive Media & Services 9.8% | ||
Alphabet, Inc. (a) | ||
Class A | 332,880 | 39,845,737 |
Class C | 293,420 | 35,495,018 |
Meta Platforms, Inc., Class A (a) | 235,940 | 67,710,061 |
143,050,816 | ||
IT Services 1.3% | ||
Gartner, Inc. (a) | 54,240 | 19,000,814 |
Machinery 2.1% | ||
Parker-Hannifin Corp. | 76,500 | 29,838,060 |
Pharmaceuticals 1.0% | ||
Eli Lilly & Co. | 32,200 | 15,101,156 |
Semiconductors & Semiconductor Equipment 17.1% | ||
Advanced Micro Devices, Inc. (a) | 196,200 | 22,349,142 |
Analog Devices, Inc. | 120,990 | 23,570,062 |
ASML Holding NV (Registered) | 55,700 | 40,368,575 |
Broadcom, Inc. | 16,500 | 14,312,595 |
Lam Research Corp. | 60,830 | 39,105,174 |
Monolithic Power Systems, Inc. | 27,500 | 14,856,325 |
NVIDIA Corp. | 225,670 | 95,462,923 |
250,024,796 | ||
Software 21.7% | ||
Atlassian Corp., Class A (a) | 104,590 | 17,551,248 |
Microsoft Corp. | 503,510 | 171,465,295 |
Salesforce, Inc. (a) | 154,900 | 32,724,174 |
ServiceNow, Inc. (a) | 93,500 | 52,544,195 |
Synopsys, Inc. (a) | 53,670 | 23,368,455 |
Workday, Inc., Class A (a) | 84,850 | 19,166,766 |
316,820,133 | ||
Specialty Retail 1.1% | ||
O'Reilly Automotive, Inc. (a) | 17,240 | 16,469,372 |
Technology Hardware, Storage & Peripherals 8.0% | ||
Apple, Inc. | 603,870 | 117,132,664 |
10 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Textiles, Apparel & Luxury Goods 2.7% | |||
Lululemon Athletica, Inc. (a) | 49,160 | $ 18,607,060 | |
NIKE, Inc., Class B | 189,200 | 20,882,004 | |
39,489,064 | |||
Total Common Stocks (Cost $1,168,023,638) | 1,455,976,971 | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (b) | 5,128,772 | 5,128,772 | |
Total Short-Term Investment (Cost $5,128,772) | 5,128,772 | ||
Total Investments (Cost $1,173,152,410) | 100.1% | 1,461,105,743 | |
Other Assets, Less Liabilities | (0.1) | (1,577,400) | |
Net Assets | 100.0% | $ 1,459,528,343 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | Current yield as of June 30, 2023. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 8,117 | $ 133,497 | $ (136,485) | $ — | $ — | $ 5,129 | $ 142 | $ — | 5,129 |
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 | $ 1,455,976,971 | $ — | $ — | $ 1,455,976,971 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 5,128,772 | — | — | 5,128,772 | |||
Total Investments in Securities | $ 1,461,105,743 | $ — | $ — | $ 1,461,105,743 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Winslow Large Cap Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,168,023,638) | $1,455,976,971 |
Investment in affiliated investment companies, at value (identified cost $5,128,772) | 5,128,772 |
Cash | 760 |
Receivables: | |
Investment securities sold | 13,076,877 |
Portfolio shares sold | 197,177 |
Dividends | 156,297 |
Other assets | 15,074 |
Total assets | 1,474,551,928 |
Liabilities | |
Payables: | |
Investment securities purchased | 13,029,943 |
Manager (See Note 3) | 859,294 |
Portfolio shares redeemed | 842,722 |
NYLIFE Distributors (See Note 3) | 218,586 |
Professional fees | 29,681 |
Shareholder communication | 26,825 |
Custodian | 5,184 |
Accrued expenses | 11,350 |
Total liabilities | 15,023,585 |
Net assets | $1,459,528,343 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 66,455 |
Additional paid-in-capital | 1,057,560,728 |
1,057,627,183 | |
Total distributable earnings (loss) | 401,901,160 |
Net assets | $1,459,528,343 |
Initial Class | |
Net assets applicable to outstanding shares | $ 378,207,133 |
Shares of beneficial interest outstanding | 15,886,090 |
Net asset value per share outstanding | $ 23.81 |
Service Class | |
Net assets applicable to outstanding shares | $1,081,321,210 |
Shares of beneficial interest outstanding | 50,568,739 |
Net asset value per share outstanding | $ 21.38 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $29,434) | $ 4,290,706 |
Dividends-affiliated | 142,347 |
Total income | 4,433,053 |
Expenses | |
Manager (See Note 3) | 4,875,116 |
Distribution/Service—Service Class (See Note 3) | 1,238,715 |
Professional fees | 59,411 |
Shareholder communication | 19,263 |
Trustees | 16,273 |
Custodian | 12,533 |
Miscellaneous | 21,225 |
Total expenses before waiver/reimbursement | 6,242,536 |
Expense waiver/reimbursement from Manager (See Note 3) | (9,413) |
Net expenses | 6,233,123 |
Net investment income (loss) | (1,800,070) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 64,321,187 |
Foreign currency transactions | (306) |
Net realized gain (loss) | 64,320,881 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 247,721,976 |
Net realized and unrealized gain (loss) | 312,042,857 |
Net increase (decrease) in net assets resulting from operations | $310,242,787 |
14 | MainStay VP Winslow Large Cap Growth Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (1,800,070) | $ (3,749,572) |
Net realized gain (loss) | 64,320,881 | 55,370,337 |
Net change in unrealized appreciation (depreciation) | 247,721,976 | (658,798,432) |
Net increase (decrease) in net assets resulting from operations | 310,242,787 | (607,177,667) |
Distributions to shareholders: | ||
Initial Class | — | (88,754,424) |
Service Class | — | (263,426,186) |
Total distributions to shareholders | — | (352,180,610) |
Capital share transactions: | ||
Net proceeds from sales of shares | 30,264,086 | 214,496,273 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 352,180,610 |
Cost of shares redeemed | (148,419,255) | (282,463,949) |
Increase (decrease) in net assets derived from capital share transactions | (118,155,169) | 284,212,934 |
Net increase (decrease) in net assets | 192,087,618 | (675,145,343) |
Net Assets | ||
Beginning of period | 1,267,440,725 | 1,942,586,068 |
End of period | $1,459,528,343 | $1,267,440,725 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 18.95 | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | |||||
Net investment income (loss) (a) | (0.01) | (0.02) | (0.12) | (0.04) | 0.00‡ | 0.00‡ | |||||
Net realized and unrealized gain (loss) | 4.87 | (12.18) | 8.01 | 9.36 | 6.95 | 1.36 | |||||
Total from investment operations | 4.86 | (12.20) | 7.89 | 9.32 | 6.95 | 1.36 | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (6.77) | (2.73) | (2.07) | (3.08) | (3.64) | |||||
Net asset value at end of period | $ 23.81 | $ 18.95 | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | |||||
Total investment return (b) | 25.65%(c) | (31.16)% | 24.52% | 37.16% | 33.64% | 3.57% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.08)%†† | (0.09)% | (0.34)% | (0.16)% | 0.01% | 0.01% | |||||
Net expenses (d)(e) | 0.74%†† | 0.75% | 0.74% | 0.75% | 0.76% | 0.76% | |||||
Portfolio turnover rate | 57% | 75% | 62% | 54% | 56% | 58% | |||||
Net assets at end of period (in 000's) | $ 378,207 | $ 335,309 | $ 632,666 | $ 534,965 | $ 438,089 | $ 238,174 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 17.04 | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | |||||
Net investment income (loss) (a) | (0.03) | (0.08) | (0.20) | (0.11) | (0.06) | (0.06) | |||||
Net realized and unrealized gain (loss) | 4.37 | (11.34) | 7.48 | 8.81 | 6.59 | 1.34 | |||||
Total from investment operations | 4.34 | (11.42) | 7.28 | 8.70 | 6.53 | 1.28 | |||||
Less distributions: | |||||||||||
From net realized gain on investments | — | (6.77) | (2.73) | (2.07) | (3.08) | (3.64) | |||||
Net asset value at end of period | $ 21.38 | $ 17.04 | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | |||||
Total investment return (b) | 25.47%(c) | (31.34)% | 24.20% | 36.81% | 33.30% | 3.31% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.33)%†† | (0.33)% | (0.59)% | (0.41)% | (0.25)% | (0.23)% | |||||
Net expenses (d)(e) | 0.99%†† | 1.00% | 0.99% | 1.00% | 1.01% | 1.01% | |||||
Portfolio turnover rate | 57% | 75% | 62% | 54% | 56% | 58% | |||||
Net assets at end of period (in 000's) | $ 1,081,321 | $ 932,131 | $ 1,309,920 | $ 1,093,847 | $ 825,075 | $ 623,836 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
16 | MainStay VP Winslow Large Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 6, 2003 |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,176,773,258 | $287,212,669 | $(2,880,184) | $284,332,485 |
20 | MainStay VP Winslow Large Cap Growth Portfolio |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 51,907,115 |
Long-Term Capital Gains | 300,273,495 |
Total | $352,180,610 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 311,848 | $ 6,353,636 |
Shares redeemed | (2,116,713) | (45,347,918) |
Net increase (decrease) | (1,804,865) | $ (38,994,282) |
Year ended December 31, 2022: | ||
Shares sold | 2,106,607 | $ 63,629,404 |
Shares issued to shareholders in reinvestment of distributions | 4,944,646 | 88,754,424 |
Shares redeemed | (6,044,937) | (171,066,781) |
Net increase (decrease) | 1,006,316 | $ (18,682,953) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,260,956 | $ 23,910,450 |
Shares redeemed | (5,379,476) | (103,071,337) |
Net increase (decrease) | (4,118,520) | $ (79,160,887) |
Year ended December 31, 2022: | ||
Shares sold | 5,856,023 | $ 150,866,869 |
Shares issued to shareholders in reinvestment of distributions | 16,310,714 | 263,426,186 |
Shares redeemed | (4,663,155) | (111,397,168) |
Net increase (decrease) | 17,503,582 | $ 302,895,887 |
22 | MainStay VP Winslow Large Cap Growth Portfolio |
24 | MainStay VP Winslow Large Cap Growth Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
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5034717 | MSVPLG10-08/23 |
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President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2 | Six Months3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 7/2/2001 | 7.22% | 12.25% | 3.83% | 7.98% | 0.89% |
Service Class Shares | 6/5/2003 | 7.08 | 11.97 | 3.57 | 7.71 | 1.14 |
1. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC, the former subadvisor. |
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 subadvisors and principal investment strategies. |
3. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Russell Midcap® Index2 | 9.01% | 14.92% | 8.46% | 10.32% |
S&P MidCap 400® Index3 | 8.84 | 17.61 | 7.79 | 10.21 |
Morningstar Mid-Cap Blend Category Average4 | 8.16 | 13.96 | 7.44 | 9.32 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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 includes approximately 800 of the smallest companies 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. |
3. | 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. |
4. | The Morningstar Mid-Cap Blend Category Average is representative of funds that invest primarily in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,072.20 | $4.42 | $1,020.53 | $4.31 | 0.86% |
Service Class Shares | $1,000.00 | $1,070.80 | $5.70 | $1,019.29 | $5.56 | 1.11% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Mid Cap Portfolio |
Machinery | 7.5% |
Banks | 6.7 |
Oil, Gas & Consumable Fuels | 5.7 |
Insurance | 5.5 |
Building Products | 4.8 |
Biotechnology | 4.2 |
Professional Services | 4.1 |
Chemicals | 4.1 |
Financial Services | 4.0 |
Health Care Equipment & Supplies | 3.7 |
Semiconductors & Semiconductor Equipment | 3.3 |
Health Care Providers & Services | 3.2 |
Hotels, Restaurants & Leisure | 3.0 |
Ground Transportation | 2.6 |
Software | 2.5 |
Specialty Retail | 2.4 |
Automobile Components | 2.3 |
Textiles, Apparel & Luxury Goods | 2.2 |
Containers & Packaging | 2.2 |
Electronic Equipment, Instruments & Components | 2.1 |
Communications Equipment | 1.8 |
Trading Companies & Distributors | 1.8 |
Household Durables | 1.6 |
Consumer Staples Distribution & Retail | 1.5 |
Life Sciences Tools & Services | 1.3 |
IT Services | 1.3 |
Consumer Finance | 1.3% |
Aerospace & Defense | 1.2 |
Pharmaceuticals | 1.2 |
Retail REITs | 1.2 |
Specialized REITs | 1.0 |
Air Freight & Logistics | 0.9 |
Gas Utilities | 0.8 |
Commercial Services & Supplies | 0.8 |
Interactive Media & Services | 0.8 |
Electrical Equipment | 0.7 |
Multi–Utilities | 0.6 |
Media | 0.6 |
Metals & Mining | 0.6 |
Food Products | 0.5 |
Broadline Retail | 0.5 |
Capital Markets | 0.4 |
Leisure Products | 0.3 |
Technology Hardware, Storage & Peripherals | 0.3 |
Industrial REITs | 0.3 |
Hotel & Resort REITs | 0.3 |
Entertainment | 0.3 |
Short–Term Investments | 2.1 |
Other Assets, Less Liabilities | –2.1 |
100.0% |
1. | MKS Instruments, Inc. |
2. | M&T Bank Corp. |
3. | Marathon Oil Corp. |
4. | Celanese Corp. |
5. | Molina Healthcare, Inc. |
6. | Flex Ltd. |
7. | Visteon Corp. |
8. | NVR, Inc. |
9. | Builders FirstSource, Inc. |
10. | WEX, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Orphan drug exclusivity provides pharmaceutical developers protection from competition after approval of an orphan-designated drug as a way of incentivizing development of drugs for rare diseases. Developers get seven years of exclusivity from the same drug being approved for the same indication. |
8 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks 100.0% | ||
Aerospace & Defense 1.2% | ||
Axon Enterprise, Inc. (a) | 45,074 | $ 8,794,839 |
Air Freight & Logistics 0.9% | ||
Expeditors International of Washington, Inc. | 50,951 | 6,171,695 |
Automobile Components 2.3% | ||
BorgWarner, Inc. | 103,860 | 5,079,793 |
Visteon Corp. (a) | 78,009 | 11,202,872 |
16,282,665 | ||
Banks 6.7% | ||
Cullen | 60,888 | 6,547,287 |
First Citizens BancShares, Inc., Class A | 7,714 | 9,900,533 |
M&T Bank Corp. | 104,018 | 12,873,268 |
New York Community Bancorp, Inc. | 742,379 | 8,344,340 |
Prosperity Bancshares, Inc. | 76,353 | 4,312,417 |
SouthState Corp. | 89,509 | 5,889,692 |
47,867,537 | ||
Biotechnology 4.2% | ||
Apellis Pharmaceuticals, Inc. (a) | 26,982 | 2,458,060 |
Exact Sciences Corp. (a) | 41,235 | 3,871,967 |
Neurocrine Biosciences, Inc. (a) | 38,094 | 3,592,264 |
PTC Therapeutics, Inc. (a) | 93,122 | 3,787,272 |
Sage Therapeutics, Inc. (a) | 63,459 | 2,983,842 |
Sarepta Therapeutics, Inc. (a) | 23,033 | 2,637,739 |
Ultragenyx Pharmaceutical, Inc. (a) | 46,964 | 2,166,449 |
United Therapeutics Corp. (a) | 40,114 | 8,855,166 |
30,352,759 | ||
Broadline Retail 0.5% | ||
Etsy, Inc. (a) | 41,090 | 3,476,625 |
Building Products 4.8% | ||
Builders FirstSource, Inc. (a) | 81,564 | 11,092,704 |
Fortune Brands Innovations, Inc. | 103,428 | 7,441,645 |
Lennox International, Inc. | 27,174 | 8,860,626 |
Zurn Elkay Water Solutions Corp. | 251,034 | 6,750,304 |
34,145,279 | ||
Capital Markets 0.4% | ||
Hamilton Lane, Inc., Class A | 34,953 | 2,795,541 |
Chemicals 4.1% | ||
Celanese Corp. | 107,239 | 12,418,276 |
Element Solutions, Inc. | 403,312 | 7,743,591 |
Shares | Value | |
Chemicals (continued) | ||
FMC Corp. | 47,094 | $ 4,913,788 |
Ingevity Corp. (a) | 73,575 | 4,279,122 |
29,354,777 | ||
Commercial Services & Supplies 0.8% | ||
Clean Harbors, Inc. (a) | 18,277 | 3,005,287 |
GFL Environmental, Inc. | 63,735 | 2,472,918 |
5,478,205 | ||
Communications Equipment 1.8% | ||
F5, Inc. (a) | 44,315 | 6,481,512 |
Lumentum Holdings, Inc. (a)(b) | 119,538 | 6,781,391 |
13,262,903 | ||
Consumer Finance 1.3% | ||
Credit Acceptance Corp. (a)(b) | 17,706 | 8,993,409 |
Consumer Staples Distribution & Retail 1.5% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 56,511 | 3,560,758 |
U.S. Foods Holding Corp. (a) | 169,578 | 7,461,432 |
11,022,190 | ||
Containers & Packaging 2.2% | ||
Ball Corp. | 62,803 | 3,655,763 |
Graphic Packaging Holding Co. | 228,583 | 5,492,850 |
Silgan Holdings, Inc. | 140,187 | 6,573,368 |
15,721,981 | ||
Electrical Equipment 0.7% | ||
Acuity Brands, Inc. | 18,283 | 2,981,592 |
Vicor Corp. (a) | 38,757 | 2,092,878 |
5,074,470 | ||
Electronic Equipment, Instruments & Components 2.1% | ||
CDW Corp. | 21,954 | 4,028,559 |
Flex Ltd. (a) | 405,325 | 11,203,183 |
15,231,742 | ||
Entertainment 0.3% | ||
Roku, Inc. (a) | 31,537 | 2,017,106 |
Financial Services 4.0% | ||
Nuvei Corp. (a) | 107,918 | 3,190,056 |
Shift4 Payments, Inc., Class A (a) | 125,542 | 8,525,557 |
Voya Financial, Inc. | 89,911 | 6,447,518 |
WEX, Inc. (a) | 56,425 | 10,273,300 |
28,436,431 |
10 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Food Products 0.5% | ||
Post Holdings, Inc. (a) | 44,210 | $ 3,830,796 |
Gas Utilities 0.8% | ||
Atmos Energy Corp. | 51,508 | 5,992,441 |
Ground Transportation 2.6% | ||
JB Hunt Transport Services, Inc. | 32,253 | 5,838,761 |
Knight-Swift Transportation Holdings, Inc. | 133,581 | 7,421,760 |
U-Haul Holding Co. | 108,937 | 5,519,838 |
18,780,359 | ||
Health Care Equipment & Supplies 3.7% | ||
Hologic, Inc. (a) | 48,626 | 3,937,247 |
Inari Medical, Inc. (a) | 104,418 | 6,070,863 |
Insulet Corp. (a) | 28,359 | 8,177,034 |
Integra LifeSciences Holdings Corp. (a) | 124,885 | 5,136,520 |
Shockwave Medical, Inc. (a) | 11,624 | 3,317,606 |
26,639,270 | ||
Health Care Providers & Services 3.2% | ||
Acadia Healthcare Co., Inc. (a) | 62,810 | 5,002,189 |
agilon health, Inc. (a)(b) | 118,739 | 2,058,934 |
Encompass Health Corp. | 66,323 | 4,490,730 |
Molina Healthcare, Inc. (a) | 37,494 | 11,294,693 |
22,846,546 | ||
Hotel & Resort REITs 0.3% | ||
Host Hotels & Resorts, Inc. | 123,246 | 2,074,230 |
Hotels, Restaurants & Leisure 3.0% | ||
Choice Hotels International, Inc. (b) | 56,755 | 6,669,848 |
Denny's Corp. (a) | 384,566 | 4,737,853 |
Hyatt Hotels Corp., Class A | 36,845 | 4,221,700 |
Wyndham Hotels & Resorts, Inc. | 85,574 | 5,867,809 |
21,497,210 | ||
Household Durables 1.6% | ||
NVR, Inc. (a) | 1,760 | 11,177,091 |
Industrial REITs 0.3% | ||
Rexford Industrial Realty, Inc. | 40,298 | 2,104,362 |
Insurance 5.5% | ||
Aegon NV (Registered) (b) | 1,432,186 | 7,261,183 |
Everest Re Group Ltd. | 15,077 | 5,154,223 |
Globe Life, Inc. | 39,600 | 4,340,952 |
Shares | Value | |
Insurance (continued) | ||
Kemper Corp. | 158,967 | $ 7,671,747 |
Markel Group, Inc. (a) | 6,807 | 9,415,306 |
W R Berkley Corp. | 39,233 | 2,336,718 |
White Mountains Insurance Group Ltd. | 2,425 | 3,368,107 |
39,548,236 | ||
Interactive Media & Services 0.8% | ||
Cargurus, Inc. (a) | 239,505 | 5,419,998 |
IT Services 1.3% | ||
MongoDB, Inc. (a) | 8,247 | 3,389,434 |
VeriSign, Inc. (a) | 25,035 | 5,657,159 |
9,046,593 | ||
Leisure Products 0.3% | ||
YETI Holdings, Inc. (a) | 60,654 | 2,355,801 |
Life Sciences Tools & Services 1.3% | ||
Bio-Techne Corp. | 46,359 | 3,784,285 |
ICON plc (a) | 21,451 | 5,367,040 |
9,151,325 | ||
Machinery 7.5% | ||
Fortive Corp. | 58,576 | 4,379,727 |
Graco, Inc. | 71,982 | 6,215,646 |
IDEX Corp. | 32,345 | 6,962,585 |
Ingersoll Rand, Inc. | 117,085 | 7,652,676 |
John Bean Technologies Corp. | 49,173 | 5,964,685 |
Lincoln Electric Holdings, Inc. | 26,585 | 5,280,578 |
Middleby Corp. (The) (a) | 61,700 | 9,121,111 |
Westinghouse Air Brake Technologies Corp. | 77,272 | 8,474,420 |
54,051,428 | ||
Media 0.6% | ||
Cable One, Inc. | 6,043 | 3,970,734 |
Metals & Mining 0.6% | ||
Steel Dynamics, Inc. | 36,345 | 3,959,061 |
Multi-Utilities 0.6% | ||
NiSource, Inc. | 165,693 | 4,531,704 |
Oil, Gas & Consumable Fuels 5.7% | ||
Coterra Energy, Inc. | 202,409 | 5,120,948 |
Diamondback Energy, Inc. | 43,881 | 5,764,208 |
Marathon Oil Corp. | 559,108 | 12,870,666 |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels (continued) | ||
Ovintiv, Inc. (b) | 204,614 | $ 7,789,655 |
Targa Resources Corp. | 120,472 | 9,167,919 |
40,713,396 | ||
Pharmaceuticals 1.2% | ||
Jazz Pharmaceuticals plc (a) | 70,182 | 8,700,462 |
Professional Services 4.1% | ||
Ceridian HCM Holding, Inc. (a) | 36,625 | 2,452,776 |
Genpact Ltd. | 230,514 | 8,660,411 |
Leidos Holdings, Inc. | 83,902 | 7,423,649 |
Robert Half International, Inc. | 53,746 | 4,042,774 |
Science Applications International Corp. | 38,021 | 4,276,602 |
TransUnion | 36,239 | 2,838,601 |
29,694,813 | ||
Retail REITs 1.2% | ||
Brixmor Property Group, Inc. | 272,049 | 5,985,078 |
Kimco Realty Corp. | 122,952 | 2,424,613 |
8,409,691 | ||
Semiconductors & Semiconductor Equipment 3.3% | ||
First Solar, Inc. (a) | 28,984 | 5,509,568 |
MKS Instruments, Inc. | 121,099 | 13,090,802 |
Onto Innovation, Inc. (a) | 10,568 | 1,230,855 |
Synaptics, Inc. (a) | 47,816 | 4,082,530 |
23,913,755 | ||
Software 2.5% | ||
Dynatrace, Inc. (a) | 175,244 | 9,019,809 |
Fair Isaac Corp. (a) | 7,733 | 6,257,621 |
HubSpot, Inc. (a) | 4,371 | 2,325,765 |
17,603,195 | ||
Specialized REITs 1.0% | ||
Gaming and Leisure Properties, Inc. | 99,728 | 4,832,819 |
Life Storage, Inc. | 20,278 | 2,696,163 |
7,528,982 | ||
Specialty Retail 2.4% | ||
CarMax, Inc. (a) | 84,692 | 7,088,720 |
Chewy, Inc., Class A (a)(b) | 159,931 | 6,312,477 |
Monro, Inc. | 85,274 | 3,464,683 |
16,865,880 | ||
Technology Hardware, Storage & Peripherals 0.3% | ||
Super Micro Computer, Inc. (a) | 8,853 | 2,206,610 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods 2.2% | |||
Carter's, Inc. | 62,927 | $ 4,568,500 | |
Deckers Outdoor Corp. (a) | 7,465 | 3,938,982 | |
Steven Madden Ltd. | 222,081 | 7,259,828 | |
15,767,310 | |||
Trading Companies & Distributors 1.8% | |||
AerCap Holdings NV (a) | 107,404 | 6,822,302 | |
Watsco, Inc. (b) | 15,263 | 5,822,377 | |
12,644,679 | |||
Total Common Stocks (Cost $673,718,559) | 715,506,112 | ||
Short-Term Investments 2.1% | |||
Affiliated Investment Company 0.1% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 1,099,889 | 1,099,889 | |
Unaffiliated Investment Companies 2.0% | |||
Fidelity Government Portfolio, 5.085% (c)(d) | 4,000,000 | 4,000,000 | |
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 8,232,843 | 8,232,843 | |
RBC U.S. Government Money Market Fund, 5.081% (c)(d) | 2,000,000 | 2,000,000 | |
Total Unaffiliated Investment Companies (Cost $14,232,843) | 14,232,843 | ||
Total Short-Term Investments (Cost $15,332,732) | 15,332,732 | ||
Total Investments (Cost $689,051,291) | 102.1% | 730,838,844 | |
Other Assets, Less Liabilities | (2.1) | (15,002,114) | |
Net Assets | 100.0% | $ 715,836,730 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $28,559,065; the total market value of collateral held by the Portfolio was $29,098,493. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $14,865,650. The Portfolio received cash collateral with a value of $14,232,843. (See Note 2(H)) |
(c) | Current yield as of June 30, 2023. |
12 | MainStay VP Wellington Mid Cap Portfolio |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 995 | $ 54,606 | $ (54,501) | $ — | $ — | $ 1,100 | $ 44 | $ — | 1,100 |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
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 | $ 715,506,112 | $ — | $ — | $ 715,506,112 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,099,889 | — | — | 1,099,889 | |||
Unaffiliated Investment Companies | 14,232,843 | — | — | 14,232,843 | |||
Total Short-Term Investments | 15,332,732 | — | — | 15,332,732 | |||
Total Investments in Securities | $ 730,838,844 | $ — | $ — | $ 730,838,844 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $687,951,402) including securities on loan of $28,559,065 | $729,738,955 |
Investment in affiliated investment companies, at value (identified cost $1,099,889) | 1,099,889 |
Cash | 52 |
Receivables: | |
Investment securities sold | 1,587,089 |
Dividends | 251,491 |
Portfolio shares sold | 50,871 |
Securities lending | 4,804 |
Other assets | 7,293 |
Total assets | 732,740,444 |
Liabilities | |
Cash collateral received for securities on loan | 14,232,843 |
Payables: | |
Investment securities purchased | 1,392,840 |
Portfolio shares redeemed | 594,907 |
Manager (See Note 3) | 483,155 |
NYLIFE Distributors (See Note 3) | 87,770 |
Shareholder communication | 69,737 |
Professional fees | 27,192 |
Custodian | 6,045 |
Accrued expenses | 9,225 |
Total liabilities | 16,903,714 |
Net assets | $715,836,730 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 92,303 |
Additional paid-in-capital | 813,722,526 |
813,814,829 | |
Total distributable earnings (loss) | (97,978,099) |
Net assets | $715,836,730 |
Initial Class | |
Net assets applicable to outstanding shares | $279,602,747 |
Shares of beneficial interest outstanding | 35,141,582 |
Net asset value per share outstanding | $ 7.96 |
Service Class | |
Net assets applicable to outstanding shares | $436,233,983 |
Shares of beneficial interest outstanding | 57,160,992 |
Net asset value per share outstanding | $ 7.63 |
14 | MainStay VP Wellington Mid Cap Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $26,742) | $ 3,864,607 |
Dividends-affiliated | 44,344 |
Securities lending, net | 27,687 |
Total income | 3,936,638 |
Expenses | |
Manager (See Note 3) | 3,017,446 |
Distribution/Service—Service Class (See Note 3) | 534,265 |
Professional fees | 45,462 |
Custodian | 18,998 |
Trustees | 8,760 |
Miscellaneous | 7,577 |
Total expenses before waiver/reimbursement | 3,632,508 |
Expense waiver/reimbursement from Manager (See Note 3) | (45,294) |
Net expenses | 3,587,214 |
Net investment income (loss) | 349,424 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (53,199,752) |
Foreign currency transactions | (7) |
Net realized gain (loss) | (53,199,759) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 102,871,567 |
Translation of other assets and liabilities in foreign currencies | (15) |
Net change in unrealized appreciation (depreciation) | 102,871,552 |
Net realized and unrealized gain (loss) | 49,671,793 |
Net increase (decrease) in net assets resulting from operations | $ 50,021,217 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 349,424 | $ (213,024) |
Net realized gain (loss) | (53,199,759) | (85,034,575) |
Net change in unrealized appreciation (depreciation) | 102,871,552 | (105,118,238) |
Net increase (decrease) in net assets resulting from operations | 50,021,217 | (190,365,837) |
Distributions to shareholders: | ||
Initial Class | — | (116,195,297) |
Service Class | — | (181,440,133) |
Total distributions to shareholders | — | (297,635,430) |
Capital share transactions: | ||
Net proceeds from sales of shares | 17,513,918 | 49,449,693 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 297,635,430 |
Cost of shares redeemed | (64,195,046) | (78,282,585) |
Increase (decrease) in net assets derived from capital share transactions | (46,681,128) | 268,802,538 |
Net increase (decrease) in net assets | 3,340,089 | (219,198,729) |
Net Assets | ||
Beginning of period | 712,496,641 | 931,695,370 |
End of period | $715,836,730 | $ 712,496,641 |
16 | MainStay VP Wellington Mid Cap Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 7.42 | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | |||||
Net investment income (loss) (a) | 0.01 | 0.02 | (0.02) | 0.08 | 0.11 | 0.16 | |||||
Net realized and unrealized gain (loss) | 0.53 | (3.69) | 2.80 | 1.32 | 2.54 | (1.68) | |||||
Total from investment operations | 0.54 | (3.67) | 2.78 | 1.40 | 2.65 | (1.52) | |||||
Less distributions: | |||||||||||
From net investment income | — | — | (0.10) | (0.12) | (0.16) | (0.15) | |||||
From net realized gain on investments | — | (5.25) | (0.30) | (0.88) | (0.87) | (1.96) | |||||
Total distributions | — | (5.25) | (0.40) | (1.00) | (1.03) | (2.11) | |||||
Net asset value at end of period | $ 7.96 | $ 7.42 | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | |||||
Total investment return (b) | 7.28%(c) | (20.52)% | 20.00% | 11.28% | 22.88% | (11.98)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.25%†† | 0.13% | (0.12)% | 0.65% | 0.84% | 1.08% | |||||
Net expenses (d) | 0.86%†† | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | |||||
Expenses (before waiver/reimbursement) (d) | 0.87%†† | 0.89% | 0.89% | 0.89% | 0.88% | 0.88% | |||||
Portfolio turnover rate | 33% | 49% | 54% | 178% | 174% | 181% | |||||
Net assets at end of period (in 000's) | $ 279,603 | $ 286,378 | $ 360,437 | $ 346,379 | $ 398,240 | $ 453,343 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 7.13 | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | |||||
Net investment income (loss) (a) | 0.00‡ | (0.01) | (0.04) | 0.05 | 0.08 | 0.12 | |||||
Net realized and unrealized gain (loss) | 0.50 | (3.61) | 2.72 | 1.28 | 2.49 | (1.66) | |||||
Total from investment operations | 0.50 | (3.62) | 2.68 | 1.33 | 2.57 | (1.54) | |||||
Less distributions: | |||||||||||
From net investment income | — | — | (0.06) | (0.09) | (0.12) | (0.11) | |||||
From net realized gain on investments | — | (5.25) | (0.30) | (0.88) | (0.87) | (1.96) | |||||
Total distributions | — | (5.25) | (0.36) | (0.97) | (0.99) | (2.07) | |||||
Net asset value at end of period | $ 7.63 | $ 7.13 | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | |||||
Total investment return (b) | 7.01%(c) | (20.71)% | 19.70% | 11.00% | 22.57% | (12.20)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.00%††(d) | (0.13)% | (0.25)% | 0.42% | 0.58% | 0.83% | |||||
Net expenses (e) | 1.11%†† | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | |||||
Expenses (before waiver/reimbursement) (e) | 1.12%†† | 1.14% | 1.14% | 1.14% | 1.13% | 1.13% | |||||
Portfolio turnover rate | 33% | 49% | 54% | 178% | 174% | 181% | |||||
Net assets at end of period (in 000's) | $ 436,234 | $ 426,119 | $ 571,259 | $ 551,856 | $ 516,445 | $ 395,800 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Less than 0.01%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Mid Cap Portfolio |
Class | Commenced Operations |
Initial Class | July 2, 2001 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $709,724,593 | $63,003,406 | $(41,889,155) | $21,114,251 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $21,985 | $44,572 |
2022 | |
Distributions paid from: | |
Ordinary Income | $163,719,831 |
Long-Term Capital Gains | 133,915,599 |
Total | $297,635,430 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 763,853 | $ 5,866,467 |
Shares redeemed | (4,213,045) | (32,698,154) |
Net increase (decrease) | (3,449,192) | $ (26,831,687) |
Year ended December 31, 2022: | ||
Shares sold | 1,878,622 | $ 23,300,580 |
Shares issued to shareholders in reinvestment of distributions | 16,591,980 | 116,195,297 |
Shares redeemed | (1,943,510) | (23,906,575) |
Net increase (decrease) | 16,527,092 | $115,589,302 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,581,028 | $ 11,647,451 |
Shares redeemed | (4,211,653) | (31,496,892) |
Net increase (decrease) | (2,630,625) | $ (19,849,441) |
Year ended December 31, 2022: | ||
Shares sold | 2,130,972 | $ 26,149,113 |
Shares issued to shareholders in reinvestment of distributions | 26,963,106 | 181,440,133 |
Shares redeemed | (5,000,775) | (54,376,010) |
Net increase (decrease) | 24,093,303 | $153,213,236 |
24 | MainStay VP Wellington Mid Cap Portfolio |
26 | MainStay VP Wellington Mid Cap Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029488 | MSVPMCC10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/29/1993 | 2.18% | 3.40% | 1.26% | 0.73% | 0.40% |
7-Day Current Yield = 4.87%; 7-Day Effective Yield = 4.99%.4 |
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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Average Lipper Variable Products U.S. Government Money Market Portfolio2 | 2.05% | 3.31% | 1.22% | 0.70% |
Morningstar Prime Money Market Category Average3 | 2.14 | 3.48 | 1.34 | 0.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Prime Money Market Category Average is representative of funds that invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,021.80 | $1.40 | $1,023.41 | $1.40 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. |
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. |
3. | The Bloomberg 1-3 Month U.S. Treasury Bill Index (the "Index") is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. |
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. | As defined by the Federal Reserve Bank of New York, “A repurchase agreement or repo is a sale of a security coupled with an agreement to repurchase the securities at a specified price at a later date. A tri-party repo is a repo transaction where a third party, the tri-party agent, provides operational and other related services to the cash borrower and the cash lender. In the US, the role of the tri-party agent is performed by one of two government securities clearing banks.” |
8 | MainStay VP U.S. Government Money Market Portfolio |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Government Agency Debt 24.9% | ||
Federal Agricultural Mortgage Corp. | ||
4.963%, due 7/17/23 | $ 15,000,000 | $ 14,967,000 |
Federal Home Loan Banks | ||
4.979%, due 7/6/23 | 16,000,000 | 15,988,989 |
4.979%, due 7/25/23 | 20,000,000 | 19,933,867 |
5.085%, due 7/19/23 | 1,206,000 | 1,202,943 |
Federal Home Loan Mortgage Corp. | ||
5.037%, due 7/10/23 | 65,000,000 | 64,918,669 |
Tennessee Valley Authority | ||
5.021%, due 7/12/23 | 90,000,000 | 89,862,347 |
Total Government Agency Debt (Cost $206,873,815) | 206,873,815 | |
Treasury Debt 53.8% | ||
U.S. Treasury Bills (a) | ||
5.055%, due 8/3/23 | 18,000,000 | 17,917,038 |
5.098%, due 8/15/23 | 236,000,000 | 234,507,568 |
5.155%, due 8/22/23 | 197,000,000 | 195,544,619 |
Total Treasury Debt (Cost $447,969,225) | 447,969,225 | |
Treasury Repurchase Agreements 21.3% | ||
Bofa Securities, Inc. 5.05%, dated 6/30/23 due 7/3/23 Proceeds at Maturity $95,000,090 (Collateralized by United States Treasury security with a rate of 0.125% and with maturity date of 07/15/24, with a Principal Amount of $78,229,500 and a Market Value of $96,900,092) | 95,000,000 | 95,000,000 |
RBC Capital Markets LLC 5.05%, dated 6/30/23 due 7/3/23 Proceeds at Maturity $32,552,702 (Collateralized by United States Treasury security with a rate of 2.625% and with maturity date of 05/31/27, with a Principal Amount of $35,254,300 and a Market Value of $33,203,756) | 32,539,000 | 32,539,000 |
Principal Amount | Value | ||
Treasury Repurchase Agreements (continued) | |||
TD Securities, Inc. 5.05%, dated 6/30/23 due 7/3/23 Proceeds at Maturity $50,000,068 (Collateralized by United States Treasury securities with rates between 0.25% and 2.50% and maturity dates between 06/15/24 and 02/15/30, with a Principal Amount of $56,892,900 and a Market Value of $51,000,069) | $ 50,000,000 | $ 50,000,000 | |
Total Treasury Repurchase Agreements (Cost $177,539,000) | 177,539,000 | ||
Total Short-Term Investments (Cost $832,382,040) | 100.0% | 832,382,040 | |
Other Assets, Less Liabilities | (0.0)‡ | (163,041) | |
Net Assets | 100.0% | $ 832,218,999 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | 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 | $ — | $ 206,873,815 | $ — | $ 206,873,815 | |||
Treasury Debt | — | 447,969,225 | — | 447,969,225 | |||
Treasury Repurchase Agreements | — | 177,539,000 | — | 177,539,000 | |||
Total Investments in Securities | $ — | $ 832,382,040 | $ — | $ 832,382,040 |
(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 $654,843,040) | $654,843,040 |
Repurchase agreements, at value (amortized cost $177,539,000) | 177,539,000 |
Cash | 1,012 |
Receivables: | |
Interest | 24,905 |
Other assets | 13,347 |
Total assets | 832,421,304 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 174,364 |
Professional fees | 20,990 |
Custodian | 5,646 |
Accrued expenses | 1,217 |
Dividends payable | 88 |
Total liabilities | 202,305 |
Net assets | $832,218,999 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 832,135 |
Additional paid-in-capital | 831,373,075 |
832,205,210 | |
Total distributable earnings (loss) | 13,789 |
Net assets | $832,218,999 |
Initial Class | |
Net assets applicable to outstanding shares | $832,218,999 |
Shares of beneficial interest outstanding | 832,135,314 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $19,592,942 |
Expenses | |
Manager (See Note 3) | 1,605,076 |
Professional fees | 47,520 |
Shareholder communication | 12,412 |
Custodian | 12,003 |
Trustees | 10,227 |
Miscellaneous | 8,273 |
Total expenses before waiver/reimbursement | 1,695,511 |
Expense waiver/reimbursement from Manager (See Note 3) | (510,628) |
Net expenses | 1,184,883 |
Net investment income (loss) | 18,408,059 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 13,495 |
Net increase (decrease) in net assets resulting from operations | $18,421,554 |
12 | MainStay VP U.S. Government Money Market Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,408,059 | $ 11,150,568 |
Net realized gain (loss) | 13,495 | (14,591) |
Net increase (decrease) in net assets resulting from operations | 18,421,554 | 11,135,977 |
Distributions to shareholders: | ||
Initial Class | (18,408,059) | (11,150,567) |
Capital share transactions: | ||
Net proceeds from sales of shares | 274,298,228 | 767,061,320 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 18,408,059 | 11,150,567 |
Cost of shares redeemed | (317,823,990) | (550,908,451) |
Increase (decrease) in net assets derived from capital share transactions | (25,117,703) | 227,303,436 |
Net increase (decrease) in net assets | (25,104,208) | 227,288,846 |
Net Assets | ||
Beginning of period | 857,323,207 | 630,034,361 |
End of period | $ 832,218,999 | $ 857,323,207 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Net investment income (loss) | 0.02 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | |||||
Net realized and unrealized gain (loss) on investments | 0.00‡ | 0.00‡ | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Total from investment operations | 0.02 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | |||||
Less distributions: | |||||||||||
From net investment income | (0.02) | (0.01) | (0.00)‡ | 0.00‡ | (0.02) | (0.01) | |||||
Net asset value at end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | |||||
Total investment return (a) | 2.18% | 1.29% | 0.01% | 0.24% | 1.78% | 1.38% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.35%†† | 1.40% | 0.01% | 0.15% | 1.78% | 1.37% | |||||
Net expenses | 0.28%†† | 0.24% | 0.04% | 0.16% | 0.44% | 0.44% | |||||
Expenses (before waiver/reimbursement) | 0.40%†† | 0.40% | 0.41% | 0.42% | 0.44% | 0.44% | |||||
Net assets at end of period (in 000's) | $ 832,219 | $ 857,323 | $ 630,034 | $ 827,050 | $ 396,254 | $ 512,490 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
14 | MainStay VP U.S. Government Money Market Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
• | Level 1—quoted prices (unadjusted) 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 |
18 | MainStay VP U.S. Government Money Market Portfolio |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $15 | $— |
2022 | |
Distributions paid from: | |
Ordinary Income | $11,150,567 |
Initial Class (at $1 per share) | Shares |
Six-month period ended June 30, 2023: | |
Shares sold | 274,270,800 |
Shares issued to shareholders in reinvestment of distributions | 18,407,436 |
Shares redeemed | (317,792,295) |
Net increase (decrease) | (25,114,059) |
Year ended December 31, 2022: | |
Shares sold | 766,984,622 |
Shares issued to shareholders in reinvestment of distributions | 11,149,452 |
Shares redeemed | (550,853,367) |
Net increase (decrease) | 227,280,707 |
20 | MainStay VP U.S. Government Money Market Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034715 | MSVPUSGMM10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 10/1/1996 | 5.90% | 9.93% | 9.35% | 9.64% | 0.57% |
Service Class Shares | 6/5/2003 | 5.77 | 9.66 | 9.08 | 9.36 | 0.82 |
Service 2 Class Shares | 4/26/2016 | 5.72 | 9.55 | 8.98 | 9.99 | 0.92 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index2 | 8.55% | 10.60% | 9.76% | 9.87% |
Morningstar Convertibles Category Average3 | 5.66 | 7.26 | 7.79 | 8.10 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP MacKay Convertible Portfolio |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,059.00 | $2.91 | $1,021.97 | $2.86 | 0.57% |
Service Class Shares | $1,000.00 | $1,057.70 | $4.18 | $1,020.73 | $4.11 | 0.82% |
Service 2 Class Shares | $1,000.00 | $1,057.20 | $4.69 | $1,020.23 | $4.61 | 0.92% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | Palo Alto Networks, Inc., 0.375%-0.75%, due 7/1/23–6/1/25 |
2. | Nice Ltd., (zero coupon), due 9/15/25 |
3. | EQT Corp., 1.75%, due 5/1/26 |
4. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
5. | BioMarin Pharmaceutical, Inc., 1.25%, due 5/15/27 |
6. | Ford Motor Co., (zero coupon), due 3/15/26 |
7. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
8. | Southwest Airlines Co., 1.25%, due 5/1/25 |
9. | Lantheus Holdings, Inc., 2.625%, due 12/15/27 |
10. | Liberty Media Corp., 2.25%-3.75%, due 8/15/27–3/15/28 |
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 0.6% | ||
Corporate Bonds 0.6% | ||
Biotechnology 0.3% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,895,000 | $ 5,431,314 |
Leisure Time 0.3% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 2,860,000 | 3,918,200 |
Total Corporate Bonds (Cost $10,411,950) | 9,349,514 | |
Total Long-Term Bonds (Cost $10,411,950) | 9,349,514 | |
Convertible Securities 89.7% | ||
Convertible Bonds 83.4% | ||
Airlines 2.6% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 6,895,000 | 8,866,970 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 | 4,623,000 | 3,819,774 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 (a) | 29,005,000 | 33,363,001 |
46,049,745 | ||
Auto Manufacturers 2.6% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 | 32,843,000 | 36,143,722 |
Rivian Automotive, Inc. | ||
4.625%, due 3/15/29 (b) | 8,583,000 | 9,430,043 |
45,573,765 | ||
Beverages 1.5% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 | 20,955,000 | 25,921,335 |
Biotechnology 5.4% | ||
Alnylam Pharmaceuticals, Inc. | ||
1.00%, due 9/15/27 (b) | 5,744,000 | 5,507,759 |
BioMarin Pharmaceutical, Inc. | ||
1.25%, due 5/15/27 (a) | 37,741,000 | 38,129,916 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 | 7,494,000 | 5,395,405 |
Halozyme Therapeutics, Inc. | ||
1.00%, due 8/15/28 (b) | 18,801,000 | 17,202,915 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 | 19,199,000 | 19,160,397 |
Principal Amount | Value | |
Biotechnology (continued) | ||
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 | $ 9,307,000 | $ 8,824,199 |
94,220,591 | ||
Commercial Services 3.0% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 | 3,250,000 | 2,784,967 |
Block, Inc. | ||
0.125%, due 3/1/25 | 20,457,000 | 19,383,008 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 (a) | 11,685,000 | 11,458,603 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (b) | 2,180,000 | 1,788,908 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,185,000 | 937,181 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 | 15,202,000 | 16,585,382 |
52,938,049 | ||
Computers 2.4% | ||
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 26,640,000 | 23,639,700 |
Parsons Corp. | ||
0.25%, due 8/15/25 | 2,878,000 | 3,308,261 |
Western Digital Corp. | ||
1.50%, due 2/1/24 (c) | 4,634,000 | 4,515,833 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 | 9,088,000 | 10,637,504 |
42,101,298 | ||
Electric 1.8% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 29,752,000 | 31,551,996 |
Energy-Alternate Sources 2.6% | ||
Array Technologies, Inc. | ||
1.00%, due 12/1/28 | 8,045,000 | 9,223,592 |
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 | 16,664,000 | 15,739,148 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (b) | 10,860,000 | 10,072,650 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | 8,449,000 | 10,062,759 |
45,098,149 | ||
Entertainment 2.8% | ||
Live Nation Entertainment, Inc. | ||
3.125%, due 1/15/29 (b) | 16,943,000 | 18,713,543 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Entertainment (continued) | ||
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 | $ 3,060,000 | $ 2,850,390 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 | 30,094,000 | 27,028,174 |
48,592,107 | ||
Food 1.6% | ||
Chefs' Warehouse, Inc. (The) | ||
2.375%, due 12/15/28 (b) | 11,991,000 | 12,639,308 |
Post Holdings, Inc. | ||
2.50%, due 8/15/27 (b) | 15,651,000 | 15,857,593 |
28,496,901 | ||
Healthcare-Products 8.9% | ||
CONMED Corp. | ||
2.25%, due 6/15/27 | 24,108,000 | 27,025,068 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 21,770,000 | 22,383,388 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 | 9,354,000 | 8,006,065 |
Integer Holdings Corp. | ||
2.125%, due 2/15/28 (b) | 14,763,000 | 17,464,629 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,831,000 | 8,106,858 |
Lantheus Holdings, Inc. | ||
2.625%, due 12/15/27 (b) | 25,213,000 | 32,791,823 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 12,958,000 | 11,726,990 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 10,024,000 | 10,189,396 |
TransMedics Group, Inc. | ||
1.50%, due 6/1/28 (b) | 15,928,000 | 18,206,201 |
155,900,418 | ||
Healthcare-Services 1.3% | ||
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 28,389,000 | 22,711,200 |
Internet 10.2% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 | 11,000,000 | 16,541,800 |
Etsy, Inc. | ||
0.25%, due 6/15/28 | 26,578,000 | 20,664,395 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 (a) | 2,758,000 | 2,423,730 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (b) | 13,160,000 | 11,859,927 |
Principal Amount | Value | |
Internet (continued) | ||
Okta, Inc. | ||
0.125%, due 9/1/25 | $ 7,194,000 | $ 6,539,346 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 11,770,000 | 30,348,945 |
0.75%, due 7/1/23 | 13,152,000 | 35,865,504 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 2,800,000 | 2,433,027 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 | 10,555,000 | 7,863,475 |
0.125%, due 3/1/28 | 12,850,000 | 9,168,475 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 | 14,485,000 | 13,283,129 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 (b) | 3,285,000 | 3,079,688 |
Zillow Group, Inc. | ||
2.75%, due 5/15/25 | 17,202,000 | 18,130,908 |
178,202,349 | ||
Leisure Time 1.7% | ||
Carnival Corp. | ||
5.75%, due 12/1/27 (b) | 10,962,000 | 18,284,616 |
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 1,756,000 | 2,907,058 |
Royal Caribbean Cruises Ltd. | ||
6.00%, due 8/15/25 (b) | 3,850,000 | 8,481,550 |
29,673,224 | ||
Machinery-Diversified 1.2% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 | 7,813,000 | 21,458,404 |
Media 2.4% | ||
Liberty Broadband Corp. | ||
3.125%, due 3/31/53 (b) | 9,771,000 | 9,580,465 |
Liberty Media Corp. (b) | ||
2.25%, due 8/15/27 | 14,461,000 | 15,603,419 |
3.75%, due 3/15/28 | 14,595,000 | 15,981,525 |
41,165,409 | ||
Oil & Gas 6.2% | ||
EQT Corp. | ||
1.75%, due 5/1/26 | 16,102,000 | 45,383,526 |
Permian Resources Operating LLC | ||
3.25%, due 4/1/28 | 14,611,000 | 28,184,312 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 15,534,000 | 34,231,941 |
107,799,779 |
12 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Oil & Gas Services 3.3% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | $ 22,085,000 | $ 29,284,710 |
Oil States International, Inc. | ||
4.75%, due 4/1/26 | 26,829,000 | 28,438,815 |
57,723,525 | ||
Pharmaceuticals 2.4% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 (a) | 16,942,000 | 18,169,932 |
Mirum Pharmaceuticals, Inc. | ||
4.00%, due 5/1/29 (b) | 7,152,000 | 8,056,728 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 17,427,000 | 16,207,110 |
42,433,770 | ||
Real Estate Investment Trusts 0.9% | ||
Pebblebrook Hotel Trust | ||
1.75%, due 12/15/26 | 5,863,000 | 4,978,415 |
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | 13,238,000 | 11,311,029 |
16,289,444 | ||
Retail 2.0% | ||
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 | 9,554,000 | 9,977,959 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,488,000 | 8,005,500 |
Patrick Industries, Inc. | ||
1.75%, due 12/1/28 | 17,313,000 | 16,897,488 |
34,880,947 | ||
Semiconductors 4.8% | ||
Impinj, Inc. | ||
1.125%, due 5/15/27 | 4,870,000 | 5,290,059 |
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 | 35,083,000 | 39,863,059 |
ON Semiconductor Corp. | ||
0.50%, due 3/1/29 (b) | 24,345,000 | 27,615,490 |
Wolfspeed, Inc. | ||
0.25%, due 2/15/28 | 9,771,000 | 7,533,441 |
1.875%, due 12/1/29 (b) | 4,785,000 | 3,713,160 |
84,015,209 | ||
Software 7.3% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 18,297,000 | 17,761,632 |
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 | 3,445,000 | 3,560,560 |
Principal Amount | Value | |
Software (continued) | ||
BILL Holdings, Inc. | ||
(zero coupon), due 12/1/25 | $ 5,190,000 | $ 5,452,095 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 10,168,000 | 12,669,328 |
DigitalOcean Holdings, Inc. | ||
(zero coupon), due 12/1/26 | 6,410,000 | 5,038,819 |
Dropbox, Inc. | ||
(zero coupon), due 3/1/28 | 12,063,000 | 11,598,574 |
Envestnet, Inc. | ||
2.625%, due 12/1/27 (b) | 14,965,000 | 15,773,110 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 | 13,318,000 | 12,136,027 |
Model N, Inc. | ||
1.875%, due 3/15/28 (b) | 11,215,000 | 11,825,096 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,540,000 | 15,025,335 |
Splunk, Inc. | ||
1.125%, due 9/15/25 | 17,442,000 | 17,485,605 |
128,326,181 | ||
Telecommunications 3.9% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 4,490,000 | 4,173,523 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 2,860,000 | 3,469,429 |
Nice Ltd. | ||
(zero coupon), due 9/15/25 (a) | 48,248,000 | 46,984,164 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,133,000 | 14,071,522 |
68,698,638 | ||
Trucking & Leasing 0.6% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 | 9,472,000 | 9,372,544 |
Total Convertible Bonds (Cost $1,432,186,940) | 1,459,194,977 | |
Shares | ||
Convertible Preferred Stocks 6.3% | ||
Banks 1.6% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (d) | 11,636 | 13,635,297 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (d) | 12,264 | 14,128,128 |
27,763,425 |
Shares | Value | |
Convertible Preferred Stocks (continued) | ||
Capital Markets 1.1% | ||
KKR Group Co., Inc. | ||
Series C | ||
6.00% | 283,400 | $ 18,732,740 |
Construction & Engineering 0.4% | ||
Fluor Corp. | ||
6.50% (d) | 4,720 | 6,595,398 |
Electric Utilities 1.9% | ||
NextEra Energy, Inc. | ||
6.926% | 250,000 | 11,322,500 |
PG&E Corp. | ||
5.50% | 154,100 | 23,039,491 |
34,361,991 | ||
Independent Power and Renewable Electricity Producers 0.7% | ||
AES Corp. (The) | ||
6.875% | 150,600 | 12,291,972 |
Machinery 0.6% | ||
Chart Industries, Inc. | ||
Series B | ||
6.75% | 172,700 | 11,249,678 |
Total Convertible Preferred Stocks (Cost $108,858,316) | 110,995,204 | |
Total Convertible Securities (Cost $1,541,045,256) | 1,570,190,181 | |
Common Stocks 1.9% | ||
Energy Equipment & Services 0.6% | ||
Weatherford International plc (e) | 157,538 | 10,463,674 |
Life Sciences Tools & Services 1.0% | ||
Danaher Corp. | 76,813 | 18,435,120 |
Oil, Gas & Consumable Fuels 0.3% | ||
Kosmos Energy Ltd. (e) | 772,131 | 4,625,065 |
Total Common Stocks (Cost $30,321,361) | 33,523,859 | |
Short-Term Investments 9.8% | ||
Affiliated Investment Company 7.5% | ||
MainStay U.S. Government Liquidity Fund, 5.06% (f)(g) | 130,717,939 | 130,717,939 |
Shares | Value | ||
Unaffiliated Investment Companies 2.3% | |||
Goldman Sachs Financial Square Government Fund, 5.122% (g)(h) | 10,000,000 | $ 10,000,000 | |
Invesco Government & Agency Portfolio, 5.158% (g)(h) | 26,328,209 | 26,328,209 | |
RBC U.S. Government Money Market Fund, 5.081% (g)(h) | 3,000,000 | 3,000,000 | |
State Street Institutional U.S. Government Money Market Fund, 5.097% (g)(h) | 2,000,000 | 2,000,000 | |
Total Unaffiliated Investment Companies (Cost $41,328,209) | 41,328,209 | ||
Total Short-Term Investments (Cost $172,046,148) | 172,046,148 | ||
Total Investments (Cost $1,753,824,715) | 102.0% | 1,785,109,702 | |
Other Assets, Less Liabilities | (2.0) | (35,253,099) | |
Net Assets | 100.0% | $ 1,749,856,603 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $40,204,755. The Portfolio received cash collateral with a value of $41,328,209. (See Note 2(G)) |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Non-income producing security. |
(f) | As of June 30, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(g) | Current yield as of June 30, 2023. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
14 | MainStay VP MacKay Convertible Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 87,784 | $ 257,531 | $ (214,597) | $ — | $ — | $ 130,718 | $ 2,793 | $ — | 130,718 |
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 | $ — | $ 9,349,514 | $ — | $ 9,349,514 | |||
Total Corporate Bonds | — | 9,349,514 | — | 9,349,514 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,459,194,977 | — | 1,459,194,977 | |||
Convertible Preferred Stocks | 104,399,806 | 6,595,398 | — | 110,995,204 | |||
Total Convertible Securities | 104,399,806 | 1,465,790,375 | — | 1,570,190,181 | |||
Common Stocks | 33,523,859 | — | — | 33,523,859 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 130,717,939 | — | — | 130,717,939 | |||
Unaffiliated Investment Companies | 41,328,209 | — | — | 41,328,209 | |||
Total Short-Term Investments | 172,046,148 | — | — | 172,046,148 | |||
Total Investments in Securities | $ 309,969,813 | $ 1,475,139,889 | $ — | $ 1,785,109,702 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,623,106,776) including securities on loan of $40,204,755 | $1,654,391,763 |
Investment in affiliated investment companies, at value (identified cost $130,717,939) | 130,717,939 |
Cash | 452 |
Receivables: | |
Dividends and interest | 4,694,644 |
Portfolio shares sold | 2,608,767 |
Securities lending | 153,330 |
Other assets | 16,309 |
Total assets | 1,792,583,204 |
Liabilities | |
Cash collateral received for securities on loan | 41,328,209 |
Payables: | |
Manager (See Note 3) | 765,884 |
Portfolio shares redeemed | 367,004 |
NYLIFE Distributors (See Note 3) | 187,038 |
Professional fees | 41,877 |
Custodian | 15,299 |
Shareholder communication | 9,807 |
Accrued expenses | 11,483 |
Total liabilities | 42,726,601 |
Net assets | $1,749,856,603 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 121,138 |
Additional paid-in-capital | 1,717,400,536 |
1,717,521,674 | |
Total distributable earnings (loss) | 32,334,929 |
Net assets | $1,749,856,603 |
Initial Class | |
Net assets applicable to outstanding shares | $823,471,771 |
Shares of beneficial interest outstanding | 56,631,119 |
Net asset value per share outstanding | $ 14.54 |
Service Class | |
Net assets applicable to outstanding shares | $918,535,996 |
Shares of beneficial interest outstanding | 63,960,615 |
Net asset value per share outstanding | $ 14.36 |
Service 2 Class | |
Net assets applicable to outstanding shares | $ 7,848,836 |
Shares of beneficial interest outstanding | 546,453 |
Net asset value and offering price per share outstanding | $ 14.36 |
16 | MainStay VP MacKay Convertible Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 8,386,431 |
Dividends-unaffiliated | 3,729,514 |
Dividends-affiliated | 2,793,434 |
Securities lending, net | 1,133,800 |
Total income | 16,043,179 |
Expenses | |
Manager (See Note 3) | 4,564,676 |
Distribution/Service—Service Class (See Note 3) | 1,100,095 |
Distribution/Service—Service 2 Class (See Note 3) | 8,823 |
Professional fees | 87,951 |
Shareholder communication | 44,886 |
Trustees | 20,557 |
Custodian | 18,507 |
Shareholder service (See Note 3) | 3,529 |
Miscellaneous | 31,441 |
Total expenses | 5,880,465 |
Net investment income (loss) | 10,162,714 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 20,313,638 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 65,989,551 |
Net realized and unrealized gain (loss) | 86,303,189 |
Net increase (decrease) in net assets resulting from operations | $96,465,903 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,162,714 | $ 12,372,739 |
Net realized gain (loss) | 20,313,638 | (1,458,820) |
Net change in unrealized appreciation (depreciation) | 65,989,551 | (272,476,633) |
Net increase (decrease) in net assets resulting from operations | 96,465,903 | (261,562,714) |
Distributions to shareholders: | ||
Initial Class | (11,547,074) | (119,474,150) |
Service Class | (11,935,831) | (135,597,007) |
Service 2 Class | (89,382) | (1,046,632) |
Total distributions to shareholders | (23,572,287) | (256,117,789) |
Capital share transactions: | ||
Net proceeds from sales of shares | 60,479,578 | 113,733,843 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 23,572,287 | 256,117,789 |
Cost of shares redeemed | (68,941,495) | (275,440,951) |
Increase (decrease) in net assets derived from capital share transactions | 15,110,370 | 94,410,681 |
Net increase (decrease) in net assets | 88,003,986 | (423,269,822) |
Net Assets | ||
Beginning of period | 1,661,852,617 | 2,085,122,439 |
End of period | $1,749,856,603 | $1,661,852,617 |
18 | MainStay VP MacKay Convertible Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.93 | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | |||||
Net investment income (loss) (a) | 0.09 | 0.13 | 0.10 | 0.10 | 0.13 | 0.17 | |||||
Net realized and unrealized gain (loss) | 0.73 | (2.49) | 1.56 | 4.74 | 2.56 | (0.41) | |||||
Total from investment operations | 0.82 | (2.36) | 1.66 | 4.84 | 2.69 | (0.24) | |||||
Less distributions: | |||||||||||
From net investment income | (0.21) | (0.55) | (0.22) | (0.11) | (0.20) | (0.23) | |||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | |||||
Total distributions | (0.21) | (2.39) | (1.15) | (0.27) | (1.40) | (0.74) | |||||
Net asset value at end of period | $ 14.54 | $ 13.93 | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | |||||
Total investment return (b) | 5.90% | (12.67)% | 9.25% | 36.04% | 22.46% | (2.27)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.34%†† | 0.82% | 0.51% | 0.70% | 0.94% | 1.24% | |||||
Net expenses (c) | 0.57%†† | 0.57% | 0.56% | 0.61% | 0.61% | 0.61% | |||||
Portfolio turnover rate | 20% | 14% | 41% | 49% | 26% | 43% | |||||
Net assets at end of period (in 000's) | $ 823,472 | $ 782,970 | $ 946,696 | $ 370,733 | $ 202,104 | $ 177,136 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.76 | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | |||||
Net investment income (loss) (a) | 0.08 | 0.09 | 0.05 | 0.06 | 0.09 | 0.13 | |||||
Net realized and unrealized gain (loss) | 0.71 | (2.46) | 1.54 | 4.69 | 2.53 | (0.40) | |||||
Total from investment operations | 0.79 | (2.37) | 1.59 | 4.75 | 2.62 | (0.27) | |||||
Less distributions: | |||||||||||
From net investment income | (0.19) | (0.51) | (0.17) | (0.07) | (0.16) | (0.19) | |||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | |||||
Total distributions | (0.19) | (2.35) | (1.10) | (0.23) | (1.36) | (0.70) | |||||
Net asset value at end of period | $ 14.36 | $ 13.76 | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | |||||
Total investment return (b) | 5.77% | (12.89)% | 8.98% | 35.70% | 22.15% | (2.52)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.09%†† | 0.57% | 0.25% | 0.44% | 0.69% | 0.99% | |||||
Net expenses (c) | 0.82%†† | 0.82% | 0.81% | 0.86% | 0.86% | 0.86% | |||||
Portfolio turnover rate | 20% | 14% | 41% | 49% | 26% | 43% | |||||
Net assets at end of period (in 000's) | $ 918,536 | $ 872,109 | $ 1,129,151 | $ 982,863 | $ 752,670 | $ 592,673 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class 2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.76 | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | |||||
Net investment income (loss) (a) | 0.07 | 0.08 | 0.03 | 0.05 | 0.08 | 0.12 | |||||
Net realized and unrealized gain (loss) | 0.71 | (2.47) | 1.53 | 4.70 | 2.53 | (0.40) | |||||
Total from investment operations | 0.78 | (2.39) | 1.56 | 4.75 | 2.61 | (0.28) | |||||
Less distributions: | |||||||||||
From net investment income | (0.18) | (0.49) | (0.15) | (0.06) | (0.15) | (0.18) | |||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | |||||
Total distributions | (0.18) | (2.33) | (1.08) | (0.22) | (1.35) | (0.69) | |||||
Net asset value at end of period | $ 14.36 | $ 13.76 | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | |||||
Total investment return (b) | 5.72% | (12.97)% | 8.87% | 35.57% | 22.03% | (2.59)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.00%†† | 0.47% | 0.16% | 0.32% | 0.56% | 0.88% | |||||
Net expenses (c) | 0.92%†† | 0.92% | 0.91% | 0.96% | 0.96% | 0.96% | |||||
Portfolio turnover rate | 20% | 14% | 41% | 49% | 26% | 43% | |||||
Net assets at end of period (in 000's) | $ 7,849 | $ 6,774 | $ 9,275 | $ 8,196 | $ 6,555 | $ 3,016 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay VP MacKay Convertible Portfolio |
Class | Commenced Operations |
Initial Class | October 1, 1996 |
Service Class | June 5, 2003 |
Service 2 Class | April 26, 2016 |
• | Level 1—quoted prices (unadjusted) 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 Convertible Portfolio |
24 | MainStay VP MacKay Convertible Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,767,631,920 | $149,894,282 | $(132,416,500) | $17,477,782 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $5,201 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 81,124,031 |
Long-Term Capital Gains | 174,993,758 |
Total | $256,117,789 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 506,413 | $ 7,178,573 |
Shares issued to shareholders in reinvestment of distributions | 814,849 | 11,547,074 |
Shares redeemed | (895,535) | (12,644,954) |
Net increase (decrease) | 425,727 | $ 6,080,693 |
Year ended December 31, 2022: | ||
Shares sold | 960,462 | $ 15,906,247 |
Shares issued to shareholders in reinvestment of distributions | 8,323,723 | 119,474,150 |
Shares redeemed | (3,767,669) | (61,588,499) |
Net increase (decrease) | 5,516,516 | $ 73,791,898 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 3,710,130 | $ 51,960,702 |
Shares issued to shareholders in reinvestment of distributions | 853,537 | 11,935,831 |
Shares redeemed | (3,979,665) | (55,586,107) |
Net increase (decrease) | 584,002 | $ 8,310,426 |
Year ended December 31, 2022: | ||
Shares sold | 5,529,322 | $ 89,567,994 |
Shares issued to shareholders in reinvestment of distributions | 9,560,026 | 135,597,007 |
Shares redeemed | (12,812,180) | (204,200,397) |
Net increase (decrease) | 2,277,168 | $ 20,964,604 |
Service 2 Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 98,839 | $ 1,340,303 |
Shares issued to shareholders in reinvestment of distributions | 6,389 | 89,382 |
Shares redeemed | (50,938) | (710,434) |
Net increase (decrease) | 54,290 | $ 719,251 |
Year ended December 31, 2022: | ||
Shares sold | 499,962 | $ 8,259,602 |
Shares issued to shareholders in reinvestment of distributions | 73,917 | 1,046,632 |
Shares redeemed | (583,606) | (9,652,055) |
Net increase (decrease) | (9,727) | $ (345,821) |
26 | MainStay VP MacKay Convertible Portfolio |
28 | MainStay VP MacKay Convertible Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035089 | MSVPC10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2, 3 | Six Months4 | One Year | Five Years | Ten Years | Gross Expense Ratio5 |
Initial Class Shares | 1/29/1993 | 26.91% | 25.95% | 9.26% | 11.22% | 0.73% |
Service Class Shares | 6/5/2003 | 26.75 | 25.64 | 8.99 | 10.94 | 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, the former subadvisor. |
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 subadvisors and principal investment strategies. |
4. | Not annualized. |
5. | 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* | Six Months1 | One Year | Five Years | Ten Years |
Russell 1000® Growth Index2 | 29.02% | 27.11% | 15.14% | 15.75% |
Morningstar Large Growth Category Average3 | 23.91 | 22.89 | 11.37 | 13.02 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index 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. |
3. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,269.10 | $4.05 | $1,021.22 | $3.61 | 0.72% |
Service Class Shares | $1,000.00 | $1,267.50 | $5.45 | $1,019.98 | $4.86 | 0.97% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Growth Portfolio |
Software | 17.0% |
Financial Services | 10.6 |
Technology Hardware, Storage & Peripherals | 10.2 |
Semiconductors & Semiconductor Equipment | 10.0 |
Interactive Media & Services | 8.5 |
Broadline Retail | 4.8 |
Capital Markets | 3.9 |
Health Care Equipment & Supplies | 3.8 |
Professional Services | 3.4 |
Hotels, Restaurants & Leisure | 3.0 |
IT Services | 2.7 |
Health Care Providers & Services | 2.5 |
Life Sciences Tools & Services | 2.1 |
Pharmaceuticals | 2.1 |
Specialized REITs | 2.0 |
Insurance | 1.7 |
Ground Transportation | 1.7 |
Aerospace & Defense | 1.4% |
Specialty Retail | 1.4 |
Consumer Finance | 1.4 |
Textiles, Apparel & Luxury Goods | 1.1 |
Beverages | 1.0 |
Commercial Services & Supplies | 0.8 |
Health Care REITs | 0.8 |
Personal Care Products | 0.6 |
Energy Equipment & Services | 0.4 |
Automobiles | 0.3 |
Machinery | 0.3 |
Media | 0.0‡ |
Short–Term Investment | 1.1 |
Other Assets, Less Liabilities | –0.6 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Amazon.com, Inc. |
4. | NVIDIA Corp. |
5. | Alphabet, Inc., Class C |
6. | Mastercard, Inc., Class A |
7. | Meta Platforms, Inc., Class A |
8. | UnitedHealth Group, Inc. |
9. | Advanced Micro Devices, Inc. |
10. | FleetCor Technologies, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Aerospace & Defense 1.4% | ||
Airbus SE, ADR | 118,464 | $ 4,281,289 |
General Dynamics Corp. | 21,722 | 4,673,488 |
8,954,777 | ||
Automobiles 0.3% | ||
Tesla, Inc. (a) | 7,273 | 1,903,853 |
Beverages 1.0% | ||
Constellation Brands, Inc., Class A | 24,782 | 6,099,594 |
Broadline Retail 4.8% | ||
Amazon.com, Inc. (a) | 228,503 | 29,787,651 |
Capital Markets 3.9% | ||
Ares Management Corp. | 35,269 | 3,398,168 |
Blackstone, Inc. | 67,101 | 6,238,380 |
MSCI, Inc. | 8,972 | 4,210,470 |
S&P Global, Inc. | 26,391 | 10,579,888 |
24,426,906 | ||
Commercial Services & Supplies 0.8% | ||
Copart, Inc. (a) | 58,499 | 5,335,694 |
Consumer Finance 1.4% | ||
American Express Co. | 48,790 | 8,499,218 |
Energy Equipment & Services 0.4% | ||
Schlumberger NV | 55,342 | 2,718,399 |
Financial Services 10.6% | ||
Adyen NV, ADR (a) | 377,503 | 6,527,027 |
Block, Inc. (a) | 93,982 | 6,256,382 |
FleetCor Technologies, Inc. (a) | 45,022 | 11,304,124 |
Global Payments, Inc. | 52,853 | 5,207,077 |
Mastercard, Inc., Class A | 70,256 | 27,631,685 |
Visa, Inc., Class A | 38,923 | 9,243,434 |
66,169,729 | ||
Ground Transportation 1.7% | ||
Uber Technologies, Inc. (a) | 244,750 | 10,565,857 |
Health Care Equipment & Supplies 3.8% | ||
Align Technology, Inc. (a) | 12,689 | 4,487,338 |
Boston Scientific Corp. (a) | 123,532 | 6,681,846 |
Insulet Corp. (a) | 20,979 | 6,049,085 |
Shares | Value | |
Health Care Equipment & Supplies (continued) | ||
Stryker Corp. | 21,569 | $ 6,580,486 |
23,798,755 | ||
Health Care Providers & Services 2.5% | ||
UnitedHealth Group, Inc. | 32,369 | 15,557,836 |
Health Care REITs 0.8% | ||
Welltower, Inc. | 60,347 | 4,881,469 |
Hotels, Restaurants & Leisure 3.0% | ||
Airbnb, Inc., Class A (a) | 64,027 | 8,205,700 |
Chipotle Mexican Grill, Inc. (a) | 1,900 | 4,064,100 |
Hilton Worldwide Holdings, Inc. | 46,787 | 6,809,848 |
19,079,648 | ||
Insurance 1.7% | ||
Marsh & McLennan Cos., Inc. | 32,289 | 6,072,915 |
Progressive Corp. (The) | 37,047 | 4,903,911 |
10,976,826 | ||
Interactive Media & Services 8.5% | ||
Alphabet, Inc., Class C (a) | 232,132 | 28,081,008 |
Meta Platforms, Inc., Class A (a) | 61,030 | 17,514,389 |
ZoomInfo Technologies, Inc. (a) | 313,545 | 7,960,908 |
53,556,305 | ||
IT Services 2.7% | ||
MongoDB, Inc. (a) | 19,933 | 8,192,263 |
Okta, Inc. (a) | 63,546 | 4,406,915 |
Snowflake, Inc., Class A (a) | 8,462 | 1,489,143 |
VeriSign, Inc. (a) | 13,244 | 2,992,747 |
17,081,068 | ||
Life Sciences Tools & Services 2.1% | ||
Danaher Corp. | 21,477 | 5,154,480 |
Illumina, Inc. (a) | 25,318 | 4,746,872 |
Mettler-Toledo International, Inc. (a) | 2,431 | 3,188,597 |
13,089,949 | ||
Machinery 0.3% | ||
IDEX Corp. | 7,753 | 1,668,911 |
Media 0.0% ‡ | ||
Interpublic Group of Cos., Inc. (The) | 7,626 | 294,211 |
Personal Care Products 0.6% | ||
Estee Lauder Cos., Inc. (The), Class A | 18,422 | 3,617,712 |
10 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals 2.1% | ||
Eli Lilly & Co. | 8,325 | $ 3,904,259 |
Zoetis, Inc. | 53,115 | 9,146,934 |
13,051,193 | ||
Professional Services 3.4% | ||
Ceridian HCM Holding, Inc. (a) | 50,876 | 3,407,166 |
Equifax, Inc. | 36,025 | 8,476,682 |
TransUnion | 120,594 | 9,446,128 |
21,329,976 | ||
Semiconductors & Semiconductor Equipment 10.0% | ||
Advanced Micro Devices, Inc. (a) | 101,198 | 11,527,464 |
ASML Holding NV (Registered) | 8,967 | 6,498,833 |
Microchip Technology, Inc. | 85,812 | 7,687,897 |
Monolithic Power Systems, Inc. | 14,221 | 7,682,611 |
NVIDIA Corp. | 69,868 | 29,555,562 |
62,952,367 | ||
Software 17.0% | ||
ANSYS, Inc. (a) | 5,056 | 1,669,845 |
Atlassian Corp., Class A (a) | 37,479 | 6,289,351 |
Cadence Design Systems, Inc. (a) | 2,200 | 515,944 |
HubSpot, Inc. (a) | 6,660 | 3,543,719 |
Intuit, Inc. | 11,416 | 5,230,697 |
Microsoft Corp. | 229,501 | 78,154,271 |
Salesforce, Inc. (a) | 15,192 | 3,209,462 |
ServiceNow, Inc. (a) | 14,043 | 7,891,745 |
106,505,034 | ||
Specialized REITs 2.0% | ||
American Tower Corp. | 33,613 | 6,518,905 |
Equinix, Inc. | 7,361 | 5,770,583 |
12,289,488 |
Shares | Value | ||
Specialty Retail 1.4% | |||
TJX Cos., Inc. (The) | 104,036 | $ 8,821,212 | |
Technology Hardware, Storage & Peripherals 10.2% | |||
Apple, Inc. | 328,724 | 63,762,595 | |
Textiles, Apparel & Luxury Goods 1.1% | |||
Lululemon Athletica, Inc. (a) | 10,478 | 3,965,923 | |
NIKE, Inc., Class B | 29,365 | 3,241,015 | |
7,206,938 | |||
Total Common Stocks (Cost $530,469,575) | 623,983,171 | ||
Short-Term Investment 1.1% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (b) | 6,928,283 | 6,928,283 | |
Total Short-Term Investment (Cost $6,928,283) | 6,928,283 | ||
Total Investments (Cost $537,397,858) | 100.6% | 630,911,454 | |
Other Assets, Less Liabilities | (0.6) | (4,006,088) | |
Net Assets | 100.0% | $ 626,905,366 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Current yield as of June 30, 2023. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 16,085 | $ 56,385 | $ (65,542) | $ — | $ — | $ 6,928 | $ 173 | $ — | 6,928 |
Abbreviation(s): |
ADR—American Depositary Receipt |
REIT—Real Estate Investment Trust |
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 | $ 623,983,171 | $ — | $ — | $ 623,983,171 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 6,928,283 | — | — | 6,928,283 | |||
Total Investments in Securities | $ 630,911,454 | $ — | $ — | $ 630,911,454 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Wellington Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $530,469,575) | $623,983,171 |
Investment in affiliated investment companies, at value (identified cost $6,928,283) | 6,928,283 |
Receivables: | |
Dividends | 158,832 |
Investment securities sold | 93,342 |
Portfolio shares sold | 2,563 |
Other assets | 5,545 |
Total assets | 631,171,736 |
Liabilities | |
Payables: | |
Investment securities purchased | 3,715,558 |
Manager (See Note 3) | 352,227 |
Portfolio shares redeemed | 104,146 |
Shareholder communication | 49,907 |
Professional fees | 25,345 |
NYLIFE Distributors (See Note 3) | 8,217 |
Custodian | 4,911 |
Securities lending | 102 |
Accrued expenses | 5,957 |
Total liabilities | 4,266,370 |
Net assets | $626,905,366 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 28,070 |
Additional paid-in-capital | 603,093,001 |
603,121,071 | |
Total distributable earnings (loss) | 23,784,295 |
Net assets | $626,905,366 |
Initial Class | |
Net assets applicable to outstanding shares | $586,278,926 |
Shares of beneficial interest outstanding | 26,195,953 |
Net asset value per share outstanding | $ 22.38 |
Service Class | |
Net assets applicable to outstanding shares | $ 40,626,440 |
Shares of beneficial interest outstanding | 1,873,878 |
Net asset value per share outstanding | $ 21.68 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $12,524) | $ 1,865,081 |
Dividends-affiliated | 172,602 |
Securities lending, net | 709 |
Total income | 2,038,392 |
Expenses | |
Manager (See Note 3) | 2,010,105 |
Distribution/Service—Service Class (See Note 3) | 46,826 |
Professional fees | 44,034 |
Custodian | 10,381 |
Trustees | 6,907 |
Miscellaneous | 10,236 |
Total expenses | 2,128,489 |
Net investment income (loss) | (90,097) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (9,926,606) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 149,893,832 |
Net realized and unrealized gain (loss) | 139,967,226 |
Net increase (decrease) in net assets resulting from operations | $139,877,129 |
14 | MainStay VP Wellington Growth Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (90,097) | $ (827,127) |
Net realized gain (loss) | (9,926,606) | (58,896,810) |
Net change in unrealized appreciation (depreciation) | 149,893,832 | (205,606,983) |
Net increase (decrease) in net assets resulting from operations | 139,877,129 | (265,330,920) |
Distributions to shareholders: | ||
Initial Class | — | (171,459,297) |
Service Class | — | (12,259,342) |
Total distributions to shareholders | — | (183,718,639) |
Capital share transactions: | ||
Net proceeds from sales of shares | 2,429,841 | 94,150,878 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 183,718,639 |
Cost of shares redeemed | (59,559,586) | (58,166,556) |
Increase (decrease) in net assets derived from capital share transactions | (57,129,745) | 219,702,961 |
Net increase (decrease) in net assets | 82,747,384 | (229,346,598) |
Net Assets | ||
Beginning of period | 544,157,982 | 773,504,580 |
End of period | $626,905,366 | $ 544,157,982 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 17.64 | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | |||||
Net investment income (loss) (a) | (0.00)‡ | (0.03) | (0.12) | 0.12 | 0.18 | 0.19 | |||||
Net realized and unrealized gain (loss) | 4.74 | (13.45) | 7.70 | 10.08 | 7.77 | (1.10) | |||||
Total from investment operations | 4.74 | (13.48) | 7.58 | 10.20 | 7.95 | (0.91) | |||||
Less distributions: | |||||||||||
From net investment income | — | — | (0.15) | (0.21) | (0.19) | (0.21) | |||||
From net realized gain on investments | — | (8.97) | (6.49) | (3.48) | (2.86) | (2.01) | |||||
Total distributions | — | (8.97) | (6.64) | (3.69) | (3.05) | (2.22) | |||||
Net asset value at end of period | $ 22.38 | $ 17.64 | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | |||||
Total investment return (b) | 26.87%(c) | (33.17)% | 19.75% | 32.30% | 30.01% | (4.24)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.01)%†† | (0.12)% | (0.28)% | 0.35% | 0.56% | 0.60% | |||||
Net expenses (d) | 0.72%†† | 0.73% | 0.72% | 0.73% | 0.72% | 0.73% | |||||
Expenses (before waiver/reimbursement) (d) | 0.72%†† | 0.73% | 0.73% | 0.73% | 0.72% | 0.73% | |||||
Portfolio turnover rate | 17% | 42% | 48% | 144% | 156% | 127% | |||||
Net assets at end of period (in 000's) | $ 586,279 | $ 509,030 | $ 716,521 | $ 590,841 | $ 652,081 | $ 461,537 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington Growth Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 17.11 | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | |||||
Net investment income (loss) (a) | (0.03) | (0.10) | (0.22) | 0.04 | 0.10 | 0.11 | |||||
Net realized and unrealized gain (loss) | 4.60 | (13.21) | 7.57 | 9.93 | 7.66 | (1.10) | |||||
Total from investment operations | 4.57 | (13.31) | 7.35 | 9.97 | 7.76 | (0.99) | |||||
Less distributions: | |||||||||||
From net investment income | — | — | (0.04) | (0.11) | (0.09) | (0.12) | |||||
From net realized gain on investments | — | (8.97) | (6.49) | (3.48) | (2.86) | (2.01) | |||||
Total distributions | — | (8.97) | (6.53) | (3.59) | (2.95) | (2.13) | |||||
Net asset value at end of period | $ 21.68 | $ 17.11 | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | |||||
Total investment return (b) | 26.71%(c) | (33.33)% | 19.45% | 31.97% | 29.69% | (4.48)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | (0.27)%†† | (0.37)% | (0.53)% | 0.11% | 0.32% | 0.35% | |||||
Net expenses (d) | 0.97%†† | 0.98% | 0.97% | 0.98% | 0.97% | 0.98% | |||||
Expenses (before waiver/reimbursement) (d) | 0.97%†† | 0.98% | 0.98% | 0.98% | 0.97% | 0.98% | |||||
Portfolio turnover rate | 17% | 42% | 48% | 144% | 156% | 127% | |||||
Net assets at end of period (in 000's) | $ 40,626 | $ 35,128 | $ 56,983 | $ 57,351 | $ 56,122 | $ 51,674 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
18 | MainStay VP Wellington Growth Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $541,464,850 | $120,563,929 | $(31,117,325) | $89,446,604 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $39,989 | $15,657 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 50,614,417 |
Long-Term Capital Gains | 133,104,222 |
Total | $183,718,639 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 104,724 | $ 1,998,036 |
Shares redeemed | (2,772,320) | (55,647,712) |
Net increase (decrease) | (2,667,596) | $ (53,649,676) |
Year ended December 31, 2022: | ||
Shares sold | 2,942,593 | $ 91,387,732 |
Shares issued to shareholders in reinvestment of distributions | 9,922,872 | 171,459,297 |
Shares redeemed | (1,875,302) | (52,233,565) |
Net increase (decrease) | 10,990,163 | $210,613,464 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 22,213 | $ 431,805 |
Shares redeemed | (201,981) | (3,911,874) |
Net increase (decrease) | (179,768) | $ (3,480,069) |
Year ended December 31, 2022: | ||
Shares sold | 98,484 | $ 2,763,146 |
Shares issued to shareholders in reinvestment of distributions | 731,094 | 12,259,342 |
Shares redeemed | (222,717) | (5,932,991) |
Net increase (decrease) | 606,861 | $ 9,089,497 |
22 | MainStay VP Wellington Growth Portfolio |
24 | MainStay VP Wellington Growth Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035084 | MSVPCG10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/1/1998 | 2.34% | 8.92% | 8.09% | 8.04% | 0.71% |
Service Class Shares | 6/5/2003 | 2.21 | 8.64 | 7.82 | 7.77 | 0.96 |
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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Russell 1000® Value Index2 | 5.12% | 11.54% | 8.11% | 9.22% |
U.S. Equity Yield Composite Index3 | 1.63 | 6.19 | 7.46 | 9.48 |
Morningstar Large Value Category Average4 | 4.55 | 10.83 | 8.12 | 9.11 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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). |
4. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,023.40 | $3.41 | $1,021.42 | $3.41 | 0.68% |
Service Class Shares | $1,000.00 | $1,022.10 | $4.66 | $1,020.18 | $4.66 | 0.93% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Banks | 7.6% |
Pharmaceuticals | 7.5 |
Electric Utilities | 6.3 |
Semiconductors & Semiconductor Equipment | 6.2 |
Chemicals | 5.5 |
Insurance | 5.4 |
Oil, Gas & Consumable Fuels | 5.4 |
Electrical Equipment | 3.6 |
Health Care Providers & Services | 3.1 |
Aerospace & Defense | 3.0 |
Beverages | 2.6 |
Technology Hardware, Storage & Peripherals | 2.5 |
Biotechnology | 2.4 |
Media | 2.4 |
Household Products | 2.4 |
Specialized REITs | 2.3 |
Capital Markets | 2.3 |
Multi–Utilities | 2.3 |
Hotels, Restaurants & Leisure | 2.2 |
Machinery | 1.9 |
Software | 1.8 |
Diversified Telecommunication Services | 1.8 |
Tobacco | 1.8% |
Consumer Staples Distribution & Retail | 1.7 |
Health Care Equipment & Supplies | 1.5 |
Communications Equipment | 1.4 |
Commercial Services & Supplies | 1.2 |
Leisure Products | 1.2 |
Industrial Conglomerates | 1.1 |
Professional Services | 1.1 |
IT Services | 1.1 |
Air Freight & Logistics | 1.0 |
Specialty Retail | 1.0 |
Trading Companies & Distributors | 1.0 |
Health Care REITs | 0.7 |
Industrial REITs | 0.6 |
Diversified REITs | 0.6 |
Retail REITs | 0.5 |
Containers & Packaging | 0.5 |
Household Durables | 0.5 |
Short–Term Investment | 0.6 |
Other Assets, Less Liabilities | 0.4 |
100.0% |
1. | JPMorgan Chase & Co. |
2. | Broadcom, Inc. |
3. | Eli Lilly & Co. |
4. | Merck & Co., Inc. |
5. | UnitedHealth Group, Inc. |
6. | Chevron Corp. |
7. | Cummins, Inc. |
8. | Johnson & Johnson |
9. | Microsoft Corp. |
10. | Analog Devices, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Epoch U.S. Equity Yield Portfolio |
10 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks 99.0% | ||
Aerospace & Defense 3.0% | ||
General Dynamics Corp. | 40,768 | $ 8,771,235 |
Lockheed Martin Corp. | 19,511 | 8,982,474 |
Raytheon Technologies Corp. | 98,961 | 9,694,220 |
27,447,929 | ||
Air Freight & Logistics 1.0% | ||
United Parcel Service, Inc., Class B | 52,850 | 9,473,362 |
Banks 7.6% | ||
Bank of America Corp. | 566,989 | 16,266,914 |
Columbia Banking System, Inc. | 309,809 | 6,282,927 |
JPMorgan Chase & Co. | 149,217 | 21,702,121 |
PNC Financial Services Group, Inc. (The) | 44,999 | 5,667,624 |
Regions Financial Corp. | 296,002 | 5,274,756 |
Truist Financial Corp. | 158,272 | 4,803,555 |
U.S. Bancorp | 305,729 | 10,101,286 |
70,099,183 | ||
Beverages 2.6% | ||
Coca-Cola Co. (The) | 127,624 | 7,685,517 |
Coca-Cola Europacific Partners plc | 146,248 | 9,422,759 |
PepsiCo, Inc. | 39,230 | 7,266,180 |
24,374,456 | ||
Biotechnology 2.4% | ||
AbbVie, Inc. | 121,881 | 16,421,027 |
Amgen, Inc. | 26,447 | 5,871,763 |
22,292,790 | ||
Capital Markets 2.3% | ||
BlackRock, Inc. | 13,495 | 9,326,935 |
CME Group, Inc. | 33,425 | 6,193,318 |
Lazard Ltd., Class A | 185,590 | 5,938,880 |
21,459,133 | ||
Chemicals 5.5% | ||
Air Products and Chemicals, Inc. | 26,536 | 7,948,328 |
Dow, Inc. | 133,848 | 7,128,745 |
International Flavors & Fragrances, Inc. | 63,193 | 5,029,531 |
Linde plc | 30,943 | 11,791,758 |
LyondellBasell Industries NV, Class A | 72,509 | 6,658,502 |
Nutrien Ltd. | 85,801 | 5,066,549 |
PPG Industries, Inc. | 46,584 | 6,908,407 |
50,531,820 | ||
Commercial Services & Supplies 1.2% | ||
Republic Services, Inc. | 33,817 | 5,179,750 |
Shares | Value | |
Commercial Services & Supplies (continued) | ||
Waste Management, Inc. | 32,510 | $ 5,637,884 |
10,817,634 | ||
Communications Equipment 1.4% | ||
Cisco Systems, Inc. | 251,790 | 13,027,615 |
Consumer Staples Distribution & Retail 1.7% | ||
Walmart, Inc. | 98,425 | 15,470,441 |
Containers & Packaging 0.5% | ||
Amcor plc | 491,332 | 4,903,493 |
Diversified REITs 0.6% | ||
WP Carey, Inc. | 83,139 | 5,616,871 |
Diversified Telecommunication Services 1.8% | ||
AT&T, Inc. | 434,358 | 6,928,010 |
Verizon Communications, Inc. | 255,698 | 9,509,409 |
16,437,419 | ||
Electric Utilities 6.3% | ||
Alliant Energy Corp. | 87,883 | 4,612,100 |
American Electric Power Co., Inc. | 162,286 | 13,664,481 |
Duke Energy Corp. | 50,496 | 4,531,511 |
Entergy Corp. | 79,227 | 7,714,333 |
Evergy, Inc. | 115,579 | 6,752,125 |
Eversource Energy | 70,420 | 4,994,187 |
NextEra Energy, Inc. | 146,638 | 10,880,540 |
Pinnacle West Capital Corp. | 67,703 | 5,515,086 |
58,664,363 | ||
Electrical Equipment 3.6% | ||
Eaton Corp. plc | 63,224 | 12,714,346 |
Emerson Electric Co. | 135,958 | 12,289,244 |
Hubbell, Inc. | 25,120 | 8,328,787 |
33,332,377 | ||
Health Care Equipment & Supplies 1.5% | ||
Medtronic plc | 162,092 | 14,280,304 |
Health Care Providers & Services 3.1% | ||
CVS Health Corp. | 158,144 | 10,932,495 |
UnitedHealth Group, Inc. | 36,606 | 17,594,308 |
28,526,803 | ||
Health Care REITs 0.7% | ||
Welltower, Inc. | 76,855 | 6,216,801 |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure 2.2% | ||
McDonald's Corp. | 37,842 | $ 11,292,431 |
Vail Resorts, Inc. | 36,971 | 9,307,819 |
20,600,250 | ||
Household Durables 0.5% | ||
Leggett & Platt, Inc. | 148,983 | 4,412,876 |
Household Products 2.4% | ||
Colgate-Palmolive Co. | 79,831 | 6,150,180 |
Kimberly-Clark Corp. | 38,423 | 5,304,680 |
Procter & Gamble Co. (The) | 70,576 | 10,709,202 |
22,164,062 | ||
Industrial Conglomerates 1.1% | ||
Honeywell International, Inc. | 50,174 | 10,411,105 |
Industrial REITs 0.6% | ||
Prologis, Inc. | 47,285 | 5,798,560 |
Insurance 5.4% | ||
Arthur J. Gallagher & Co. | 53,134 | 11,666,632 |
Marsh & McLennan Cos., Inc. | 52,255 | 9,828,120 |
MetLife, Inc. | 275,741 | 15,587,639 |
Travelers Cos., Inc. (The) | 75,936 | 13,187,046 |
50,269,437 | ||
IT Services 1.1% | ||
International Business Machines Corp. | 76,156 | 10,190,434 |
Leisure Products 1.2% | ||
Hasbro, Inc. | 166,411 | 10,778,440 |
Machinery 1.9% | ||
Cummins, Inc. | 70,942 | 17,392,141 |
Media 2.4% | ||
Comcast Corp., Class A | 343,603 | 14,276,705 |
Omnicom Group, Inc. | 82,953 | 7,892,978 |
22,169,683 | ||
Multi-Utilities 2.3% | ||
Ameren Corp. | 64,100 | 5,235,047 |
CMS Energy Corp. | 75,062 | 4,409,893 |
NiSource, Inc. | 226,944 | 6,206,918 |
Shares | Value | |
Multi-Utilities (continued) | ||
WEC Energy Group, Inc. | 56,037 | $ 4,944,705 |
20,796,563 | ||
Oil, Gas & Consumable Fuels 5.4% | ||
Chevron Corp. | 111,047 | 17,473,245 |
Enterprise Products Partners LP | 417,608 | 11,003,971 |
MPLX LP | 286,255 | 9,715,495 |
TotalEnergies SE, Sponsored ADR | 105,701 | 6,092,606 |
Williams Cos., Inc. (The) | 164,175 | 5,357,030 |
49,642,347 | ||
Pharmaceuticals 7.5% | ||
Bristol-Myers Squibb Co. | 103,577 | 6,623,749 |
Eli Lilly & Co. | 39,326 | 18,443,107 |
Johnson & Johnson | 104,504 | 17,297,502 |
Merck & Co., Inc. | 156,684 | 18,079,767 |
Pfizer, Inc. | 244,948 | 8,984,693 |
69,428,818 | ||
Professional Services 1.1% | ||
Automatic Data Processing, Inc. | 23,562 | 5,178,692 |
Paychex, Inc. | 45,194 | 5,055,853 |
10,234,545 | ||
Retail REITs 0.5% | ||
Realty Income Corp. | 84,007 | 5,022,778 |
Semiconductors & Semiconductor Equipment 6.2% | ||
Analog Devices, Inc. | 84,679 | 16,496,316 |
Broadcom, Inc. | 24,916 | 21,612,886 |
KLA Corp. | 24,721 | 11,990,179 |
Texas Instruments, Inc. | 41,831 | 7,530,417 |
57,629,798 | ||
Software 1.8% | ||
Microsoft Corp. | 49,000 | 16,686,460 |
Specialized REITs 2.3% | ||
American Tower Corp. | 24,119 | 4,677,639 |
Iron Mountain, Inc. | 206,746 | 11,747,308 |
VICI Properties, Inc. | 162,835 | 5,117,904 |
21,542,851 | ||
Specialty Retail 1.0% | ||
Home Depot, Inc. (The) | 29,342 | 9,114,799 |
Technology Hardware, Storage & Peripherals 2.5% | ||
Apple, Inc. | 42,424 | 8,228,983 |
Dell Technologies, Inc., Class C | 130,511 | 7,061,950 |
12 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Technology Hardware, Storage & Peripherals (continued) | |||
NetApp, Inc. | 98,036 | $ 7,489,951 | |
22,780,884 | |||
Tobacco 1.8% | |||
British American Tobacco plc, Sponsored ADR | 146,953 | 4,878,840 | |
Philip Morris International, Inc. | 118,075 | 11,526,481 | |
16,405,321 | |||
Trading Companies & Distributors 1.0% | |||
MSC Industrial Direct Co., Inc., Class A | 92,043 | 8,769,857 | |
Total Common Stocks (Cost $762,197,600) | 915,214,803 | ||
Short-Term Investment 0.6% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (a) | 5,252,499 | 5,252,499 | |
Total Short-Term Investment (Cost $5,252,499) | 5,252,499 | ||
Total Investments (Cost $767,450,099) | 99.6% | 920,467,302 | |
Other Assets, Less Liabilities | 0.4 | 3,599,965 | |
Net Assets | 100.0% | $ 924,067,267 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Current yield as of June 30, 2023. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 7,380 | $ 92,766 | $ (94,894) | $ — | $ — | $ 5,252 | $ 284 | $ — | 5,252 |
Abbreviation(s): |
ADR—American Depositary Receipt |
REIT—Real Estate Investment Trust |
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 | $ 915,214,803 | $ — | $ — | $ 915,214,803 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 5,252,499 | — | — | 5,252,499 | |||
Total Investments in Securities | $ 920,467,302 | $ — | $ — | $ 920,467,302 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $762,197,600) | $915,214,803 |
Investment in affiliated investment companies, at value (identified cost $5,252,499) | 5,252,499 |
Receivables: | |
Portfolio shares sold | 3,121,937 |
Dividends | 1,432,663 |
Other assets | 8,729 |
Total assets | 925,030,631 |
Liabilities | |
Due to custodian | 15,514 |
Payables: | |
Manager (See Note 3) | 485,696 |
Portfolio shares redeemed | 327,781 |
NYLIFE Distributors (See Note 3) | 79,556 |
Professional fees | 32,975 |
Shareholder communication | 9,883 |
Custodian | 6,379 |
Accrued expenses | 5,580 |
Total liabilities | 963,364 |
Net assets | $924,067,267 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 54,002 |
Additional paid-in-capital | 658,249,368 |
658,303,370 | |
Total distributable earnings (loss) | 265,763,897 |
Net assets | $924,067,267 |
Initial Class | |
Net assets applicable to outstanding shares | $531,534,527 |
Shares of beneficial interest outstanding | 30,832,089 |
Net asset value per share outstanding | $ 17.24 |
Service Class | |
Net assets applicable to outstanding shares | $392,532,740 |
Shares of beneficial interest outstanding | 23,170,295 |
Net asset value per share outstanding | $ 16.94 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $164,248) | $ 14,609,251 |
Dividends-affiliated | 283,938 |
Securities lending, net | 5,808 |
Total income | 14,898,997 |
Expenses | |
Manager (See Note 3) | 3,174,816 |
Distribution/Service—Service Class (See Note 3) | 491,486 |
Professional fees | 59,614 |
Shareholder communication | 12,261 |
Trustees | 11,334 |
Custodian | 10,674 |
Miscellaneous | 13,073 |
Total expenses before waiver/reimbursement | 3,773,258 |
Expense waiver/reimbursement from Manager (See Note 3) | (156,542) |
Net expenses | 3,616,716 |
Net investment income (loss) | 11,282,281 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 26,736,919 |
Foreign currency transactions | (128) |
Net realized gain (loss) | 26,736,791 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (17,559,772) |
Net realized and unrealized gain (loss) | 9,177,019 |
Net increase (decrease) in net assets resulting from operations | $ 20,459,300 |
16 | MainStay VP Epoch U.S. Equity Yield Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,282,281 | $ 20,017,367 |
Net realized gain (loss) | 26,736,791 | 59,959,200 |
Net change in unrealized appreciation (depreciation) | (17,559,772) | (109,365,957) |
Net increase (decrease) in net assets resulting from operations | 20,459,300 | (29,389,390) |
Distributions to shareholders: | ||
Initial Class | — | (24,054,585) |
Service Class | — | (17,626,723) |
Total distributions to shareholders | — | (41,681,308) |
Capital share transactions: | ||
Net proceeds from sales of shares | 42,518,029 | 75,116,545 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 41,681,308 |
Cost of shares redeemed | (88,756,849) | (198,345,383) |
Increase (decrease) in net assets derived from capital share transactions | (46,238,820) | (81,547,530) |
Net increase (decrease) in net assets | (25,779,520) | (152,618,228) |
Net Assets | ||
Beginning of period | 949,846,787 | 1,102,465,015 |
End of period | $924,067,267 | $ 949,846,787 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 16.85 | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | |||||
Net investment income (loss) (a) | 0.21 | 0.37 | 0.34 | 0.35 | 0.38 | 0.39 | |||||
Net realized and unrealized gain (loss) | 0.18 | (0.90) | 3.09 | (0.41) | 2.92 | (1.12) | |||||
Total from investment operations | 0.39 | (0.53) | 3.43 | (0.06) | 3.30 | (0.73) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.37) | (0.41) | (0.41) | (0.52) | (0.35) | |||||
From net realized gain on investments | — | (0.40) | — | (0.52) | (0.67) | (1.06) | |||||
Total distributions | — | (0.77) | (0.41) | (0.93) | (1.19) | (1.41) | |||||
Net asset value at end of period | $ 17.24 | $ 16.85 | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | |||||
Total investment return (b) | 2.31%(c) | (2.50)% | 22.89% | 0.03% | 24.18% | (5.23)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.56%†† | 2.13% | 2.02% | 2.47% | 2.43% | 2.49% | |||||
Net expenses (d) | 0.68%†† | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | |||||
Expenses (before waiver/reimbursement) (d) | 0.71%†† | 0.71% | 0.72% | 0.73% | 0.72% | 0.71% | |||||
Portfolio turnover rate | 12% | 19% | 20% | 26% | 22% | 25% | |||||
Net assets at end of period (in 000's) | $ 531,535 | $ 539,762 | $ 640,585 | $ 495,193 | $ 591,185 | $ 548,881 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 16.57 | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | |||||
Net investment income (loss) (a) | 0.19 | 0.32 | 0.29 | 0.31 | 0.34 | 0.35 | |||||
Net realized and unrealized gain (loss) | 0.18 | (0.88) | 3.05 | (0.42) | 2.88 | (1.12) | |||||
Total from investment operations | 0.37 | (0.56) | 3.34 | (0.11) | 3.22 | (0.77) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.33) | (0.38) | (0.36) | (0.47) | (0.30) | |||||
From net realized gain on investments | — | (0.40) | — | (0.52) | (0.67) | (1.06) | |||||
Total distributions | — | (0.73) | (0.38) | (0.88) | (1.14) | (1.36) | |||||
Net asset value at end of period | $ 16.94 | $ 16.57 | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | |||||
Total investment return (b) | 2.23%(c) | (2.74)% | 22.58% | (0.22)% | 23.87% | (5.46)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.31%†† | 1.89% | 1.77% | 2.21% | 2.18% | 2.23% | |||||
Net expenses (d) | 0.93%†† | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% | |||||
Expenses (before waiver/reimbursement) (d) | 0.96%†† | 0.96% | 0.97% | 0.98% | 0.97% | 0.96% | |||||
Portfolio turnover rate | 12% | 19% | 20% | 26% | 22% | 25% | |||||
Net assets at end of period (in 000's) | $ 392,533 | $ 410,085 | $ 461,880 | $ 422,053 | $ 460,793 | $ 431,635 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 5, 2003 |
20 | MainStay VP Epoch U.S. Equity Yield Portfolio |
• | Level 1—quoted prices (unadjusted) 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 Epoch U.S. Equity Yield Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $773,266,018 | $181,646,170 | $(34,444,886) | $147,201,284 |
2022 | |
Distributions paid from: | |
Ordinary Income | $19,553,373 |
Long-Term Capital Gains | 22,127,935 |
Total | $41,681,308 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,454,287 | $ 24,463,815 |
Shares redeemed | (2,664,549) | (44,663,107) |
Net increase (decrease) | (1,210,262) | $ (20,199,292) |
Year ended December 31, 2022: | ||
Shares sold | 1,806,350 | $ 31,122,708 |
Shares issued to shareholders in reinvestment of distributions | 1,580,024 | 24,054,585 |
Shares redeemed | (6,640,134) | (115,275,069) |
Net increase (decrease) | (3,253,760) | $ (60,097,776) |
24 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,096,835 | $ 18,054,214 |
Shares redeemed | (2,668,947) | (44,093,742) |
Net increase (decrease) | (1,572,112) | $ (26,039,528) |
Year ended December 31, 2022: | ||
Shares sold | 2,619,444 | $ 43,993,837 |
Shares issued to shareholders in reinvestment of distributions | 1,176,110 | 17,626,723 |
Shares redeemed | (4,908,892) | (83,070,314) |
Net increase (decrease) | (1,113,338) | $ (21,449,754) |
26 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034698 | MSVPEUE10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | 14.99% | 19.77% | 9.12% | 9.32% | 0.67% |
Service Class Shares | 2/17/2012 | 14.85 | 19.47 | 8.85 | 9.04 | 0.92 |
1. | Effective May 1, 2022, the Portfolio replaced its subadvisor, changed its investment objective 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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
Morningstar Large Value Category Average3 | 4.55 | 10.83 | 8.12 | 9.11 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The S&P 500® Index is the Portfolio's primary broad-based securities market index for comparison purposes. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,149.90 | $3.57 | $1,021.47 | $3.36 | 0.67% |
Service Class Shares | $1,000.00 | $1,148.50 | $4.90 | $1,020.23 | $4.61 | 0.92% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP American Century Sustainable Equity Portfolio |
Software | 10.8% |
Semiconductors & Semiconductor Equipment | 7.4 |
Interactive Media & Services | 5.9 |
Technology Hardware, Storage & Peripherals | 5.3 |
Capital Markets | 4.5 |
Health Care Providers & Services | 4.4 |
Pharmaceuticals | 4.0 |
Specialty Retail | 3.0 |
Financial Services | 3.0 |
Consumer Staples Distribution & Retail | 3.0 |
Banks | 2.9 |
Oil, Gas & Consumable Fuels | 2.6 |
Life Sciences Tools & Services | 2.6 |
Broadline Retail | 2.5 |
Chemicals | 2.4 |
Machinery | 2.3 |
Insurance | 2.2 |
Biotechnology | 2.1 |
IT Services | 1.9 |
Electric Utilities | 1.8 |
Electronic Equipment, Instruments & Components | 1.7 |
Industrial REITs | 1.7 |
Building Products | 1.6 |
Beverages | 1.6 |
Household Products | 1.4% |
Energy Equipment & Services | 1.2 |
Entertainment | 1.2 |
Communications Equipment | 1.2 |
Automobiles | 1.2 |
Diversified Telecommunication Services | 1.2 |
Hotels, Restaurants & Leisure | 1.1 |
Ground Transportation | 1.1 |
Aerospace & Defense | 1.1 |
Electrical Equipment | 1.1 |
Air Freight & Logistics | 0.9 |
Industrial Conglomerates | 0.9 |
Food Products | 0.8 |
Automobile Components | 0.8 |
Textiles, Apparel & Luxury Goods | 0.7 |
Distributors | 0.6 |
Specialized REITs | 0.6 |
Consumer Finance | 0.6 |
Health Care Equipment & Supplies | 0.5 |
Containers & Packaging | 0.5 |
Short–Term Investments | 0.2 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class A |
4. | NVIDIA Corp. |
5. | Amazon.com, Inc. |
6. | UnitedHealth Group, Inc. |
7. | NextEra Energy, Inc. |
8. | Visa, Inc., Class A |
9. | Prologis, Inc. |
10. | Meta Platforms, Inc., Class A |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP American Century Sustainable Equity Portfolio |
Shares | Value | |
Common Stocks 99.7% | ||
Aerospace & Defense 1.1% | ||
Lockheed Martin Corp. | 11,272 | $ 5,189,403 |
Air Freight & Logistics 0.9% | ||
United Parcel Service, Inc., Class B | 23,384 | 4,191,582 |
Automobile Components 0.8% | ||
Aptiv plc (a) | 36,725 | 3,749,255 |
Automobiles 1.2% | ||
Tesla, Inc. (a) | 21,350 | 5,588,790 |
Banks 2.9% | ||
Bank of America Corp. | 139,519 | 4,002,800 |
JPMorgan Chase & Co. | 48,100 | 6,995,664 |
Regions Financial Corp. | 140,190 | 2,498,186 |
13,496,650 | ||
Beverages 1.6% | ||
PepsiCo, Inc. | 40,255 | 7,456,031 |
Biotechnology 2.1% | ||
AbbVie, Inc. | 38,580 | 5,197,883 |
Amgen, Inc. | 13,345 | 2,962,857 |
Vertex Pharmaceuticals, Inc. (a) | 5,644 | 1,986,180 |
10,146,920 | ||
Broadline Retail 2.5% | ||
Amazon.com, Inc. (a) | 89,876 | 11,716,235 |
Building Products 1.6% | ||
Johnson Controls International plc | 78,550 | 5,352,397 |
Masco Corp. | 40,192 | 2,306,217 |
7,658,614 | ||
Capital Markets 4.3% | ||
Ameriprise Financial, Inc. | 9,196 | 3,054,543 |
BlackRock, Inc. | 5,123 | 3,540,710 |
Charles Schwab Corp. (The) | 20,785 | 1,178,094 |
Intercontinental Exchange, Inc. | 20,916 | 2,365,181 |
Morgan Stanley | 83,966 | 7,170,697 |
S&P Global, Inc. | 7,333 | 2,939,726 |
20,248,951 | ||
Chemicals 2.4% | ||
Air Products and Chemicals, Inc. | 8,882 | 2,660,425 |
Ecolab, Inc. | 12,149 | 2,268,097 |
Shares | Value | |
Chemicals (continued) | ||
Linde plc | 16,564 | $ 6,312,209 |
11,240,731 | ||
Communications Equipment 1.2% | ||
Cisco Systems, Inc. | 110,250 | 5,704,335 |
Consumer Finance 0.6% | ||
American Express Co. | 16,026 | 2,791,729 |
Consumer Staples Distribution & Retail 3.0% | ||
Costco Wholesale Corp. | 5,617 | 3,024,081 |
Kroger Co. (The) | 64,426 | 3,028,022 |
Sysco Corp. | 62,201 | 4,615,314 |
Target Corp. | 25,277 | 3,334,036 |
14,001,453 | ||
Containers & Packaging 0.5% | ||
Ball Corp. | 41,368 | 2,408,031 |
Distributors 0.6% | ||
LKQ Corp. | 52,893 | 3,082,075 |
Diversified Telecommunication Services 1.2% | ||
Verizon Communications, Inc. | 148,604 | 5,526,583 |
Electric Utilities 1.8% | ||
NextEra Energy, Inc. | 113,669 | 8,434,240 |
Electrical Equipment 1.1% | ||
Eaton Corp. plc | 21,792 | 4,382,371 |
Generac Holdings, Inc. (a) | 5,398 | 805,004 |
5,187,375 | ||
Electronic Equipment, Instruments & Components 1.7% | ||
CDW Corp. | 22,595 | 4,146,182 |
Keysight Technologies, Inc. (a) | 23,926 | 4,006,409 |
8,152,591 | ||
Energy Equipment & Services 1.2% | ||
Schlumberger NV | 120,379 | 5,913,017 |
Entertainment 1.2% | ||
Electronic Arts, Inc. | 14,732 | 1,910,740 |
Liberty Media Corp.-Liberty Formula One, Class C (a) | 12,478 | 939,344 |
10 | MainStay VP American Century Sustainable Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Entertainment (continued) | ||
Walt Disney Co. (The) (a) | 32,557 | $ 2,906,689 |
5,756,773 | ||
Financial Services 3.0% | ||
Mastercard, Inc., Class A | 14,298 | 5,623,403 |
Visa, Inc., Class A | 35,348 | 8,394,443 |
14,017,846 | ||
Food Products 0.8% | ||
Mondelez International, Inc., Class A | 54,390 | 3,967,207 |
Ground Transportation 1.1% | ||
Norfolk Southern Corp. | 10,998 | 2,493,906 |
Uber Technologies, Inc. (a) | 28,768 | 1,241,915 |
Union Pacific Corp. | 7,159 | 1,464,875 |
5,200,696 | ||
Health Care Equipment & Supplies 0.5% | ||
Intuitive Surgical, Inc. (a) | 4,705 | 1,608,828 |
ResMed, Inc. | 4,130 | 902,405 |
2,511,233 | ||
Health Care Providers & Services 4.4% | ||
Cigna Group (The) | 22,644 | 6,353,906 |
CVS Health Corp. | 53,873 | 3,724,241 |
Humana, Inc. | 4,593 | 2,053,668 |
UnitedHealth Group, Inc. | 18,500 | 8,891,840 |
21,023,655 | ||
Hotels, Restaurants & Leisure 1.1% | ||
Airbnb, Inc., Class A (a) | 10,269 | 1,316,075 |
Booking Holdings, Inc. (a) | 953 | 2,573,415 |
Chipotle Mexican Grill, Inc. (a) | 677 | 1,448,103 |
5,337,593 | ||
Household Products 1.4% | ||
Colgate-Palmolive Co. | 26,182 | 2,017,061 |
Procter & Gamble Co. (The) | 29,611 | 4,493,173 |
6,510,234 | ||
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 19,682 | 4,084,015 |
Industrial REITs 1.7% | ||
Prologis, Inc. | 66,199 | 8,117,983 |
Shares | Value | |
Insurance 2.2% | ||
Marsh & McLennan Cos., Inc. | 20,162 | $ 3,792,069 |
Prudential Financial, Inc. | 31,391 | 2,769,314 |
Travelers Cos., Inc. (The) | 22,299 | 3,872,444 |
10,433,827 | ||
Interactive Media & Services 5.9% | ||
Alphabet, Inc., Class A (a) | 166,834 | 19,970,030 |
Meta Platforms, Inc., Class A (a) | 27,780 | 7,972,304 |
27,942,334 | ||
IT Services 1.9% | ||
Accenture plc, Class A | 16,863 | 5,203,585 |
International Business Machines Corp. | 29,095 | 3,893,202 |
9,096,787 | ||
Life Sciences Tools & Services 2.6% | ||
Agilent Technologies, Inc. | 32,853 | 3,950,573 |
Danaher Corp. | 16,471 | 3,953,040 |
Thermo Fisher Scientific, Inc. | 8,221 | 4,289,307 |
12,192,920 | ||
Machinery 2.3% | ||
Cummins, Inc. | 15,373 | 3,768,845 |
Deere & Co. | 5,898 | 2,389,811 |
Parker-Hannifin Corp. | 5,931 | 2,313,327 |
Xylem, Inc. | 19,937 | 2,245,305 |
10,717,288 | ||
Oil, Gas & Consumable Fuels 2.6% | ||
ConocoPhillips | 62,980 | 6,525,358 |
EOG Resources, Inc. | 51,267 | 5,866,995 |
12,392,353 | ||
Pharmaceuticals 4.0% | ||
Bristol-Myers Squibb Co. | 80,365 | 5,139,342 |
Eli Lilly & Co. | 4,816 | 2,258,608 |
Merck & Co., Inc. | 40,163 | 4,634,408 |
Novo Nordisk A/S, Class B | 18,213 | 2,934,472 |
Zoetis, Inc. | 22,194 | 3,822,029 |
18,788,859 | ||
Semiconductors & Semiconductor Equipment 7.4% | ||
Advanced Micro Devices, Inc. (a) | 35,195 | 4,009,063 |
Analog Devices, Inc. | 25,318 | 4,932,200 |
Applied Materials, Inc. | 41,598 | 6,012,575 |
ASML Holding NV | 4,663 | 3,373,520 |
GlobalFoundries, Inc. (a)(b) | 18,414 | 1,189,176 |
NVIDIA Corp. | 36,120 | 15,279,482 |
34,796,016 |
Shares | Value | |
Common Stocks (continued) | ||
Software 10.8% | ||
Adobe, Inc. (a) | 3,161 | $ 1,545,697 |
Cadence Design Systems, Inc. (a) | 10,378 | 2,433,849 |
Microsoft Corp. | 118,148 | 40,234,121 |
Salesforce, Inc. (a) | 18,632 | 3,936,196 |
ServiceNow, Inc. (a) | 2,077 | 1,167,212 |
Workday, Inc., Class A (a) | 7,485 | 1,690,787 |
51,007,862 | ||
Specialized REITs 0.6% | ||
Equinix, Inc. | 3,596 | 2,819,048 |
Specialty Retail 3.0% | ||
Home Depot, Inc. (The) | 25,149 | 7,812,286 |
TJX Cos., Inc. (The) | 55,657 | 4,719,157 |
Tractor Supply Co. | 8,142 | 1,800,196 |
14,331,639 | ||
Technology Hardware, Storage & Peripherals 5.3% | ||
Apple, Inc. | 128,491 | 24,923,399 |
Textiles, Apparel & Luxury Goods 0.7% | ||
Deckers Outdoor Corp. (a) | 4,532 | 2,391,355 |
NIKE, Inc., Class B | 10,050 | 1,109,219 |
3,500,574 | ||
Total Common Stocks (Cost $442,661,339) | 471,354,732 | |
Exchange-Traded Fund 0.2% | ||
SPDR S&P 500 ETF Trust | 2,166 | 960,144 |
Total Exchange-Traded Fund (Cost $945,630) | 960,144 |
Shares | Value | ||
Short-Term Investments 0.2% | |||
Affiliated Investment Company 0.0% ‡ | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 102,472 | $ 102,472 | |
Unaffiliated Investment Company 0.2% | |||
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 864,873 | 864,873 | |
Total Short-Term Investments (Cost $967,345) | 967,345 | ||
Total Investments (Cost $444,574,314) | 100.1% | 473,282,221 | |
Other Assets, Less Liabilities | (0.1) | (578,307) | |
Net Assets | 100.0% | $ 472,703,914 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $847,046. The Portfolio received cash collateral with a value of $864,873. (See Note 2(J)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 467 | $ 27,791 | $ (28,156) | $ — | $ — | $ 102 | $ 17 | $ — | 102 |
12 | MainStay VP American Century Sustainable Equity Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 719,291 | EUR | 655,584 | Bank of America N.A. | 9/29/23 | $ 783 |
USD | 1,395,051 | EUR | 1,272,671 | JPMorgan Chase Bank N.A. | 9/29/23 | 225 |
USD | 719,344 | EUR | 655,584 | Morgan Stanley & Co. | 9/29/23 | 836 |
USD | 71,680 | EUR | 65,399 | Morgan Stanley & Co. | 9/29/23 | 4 |
Total Unrealized Appreciation | $ 1,848 |
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. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
EUR—Euro |
REIT—Real Estate Investment Trust |
SPDR—Standard & Poor’s Depositary Receipt |
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) | |||||||
Common Stocks | $ 471,354,732 | $ — | $ — | $ 471,354,732 | |||
Exchange-Traded Fund | 960,144 | — | — | 960,144 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 102,472 | — | — | 102,472 | |||
Unaffiliated Investment Company | 864,873 | — | — | 864,873 | |||
Total Short-Term Investments | 967,345 | — | — | 967,345 | |||
Total Investments in Securities | 473,282,221 | — | — | 473,282,221 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 1,848 | — | 1,848 | |||
Total Investments in Securities and Other Financial Instruments | $ 473,282,221 | $ 1,848 | $ — | $ 473,284,069 |
(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 $444,471,842) including securities on loan of $847,046 | $473,179,749 |
Investment in affiliated investment companies, at value (identified cost $102,472) | 102,472 |
Receivables: | |
Investment securities sold | 605,768 |
Dividends | 289,334 |
Portfolio shares sold | 25,848 |
Securities lending | 423 |
Unrealized appreciation on foreign currency forward contracts | 1,848 |
Other assets | 5,947 |
Total assets | 474,211,389 |
Liabilities | |
Cash collateral received for securities on loan | 864,873 |
Due to custodian | 4,917 |
Payables: | |
Portfolio shares redeemed | 282,133 |
Manager (See Note 3) | 242,831 |
Professional fees | 42,269 |
NYLIFE Distributors (See Note 3) | 36,249 |
Shareholder communication | 17,078 |
Custodian | 4,480 |
Accrued expenses | 12,645 |
Total liabilities | 1,507,475 |
Net assets | $472,703,914 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,211 |
Additional paid-in-capital | 295,571,942 |
295,609,153 | |
Total distributable earnings (loss) | 177,094,761 |
Net assets | $472,703,914 |
Initial Class | |
Net assets applicable to outstanding shares | $294,714,874 |
Shares of beneficial interest outstanding | 23,157,521 |
Net asset value per share outstanding | $ 12.73 |
Service Class | |
Net assets applicable to outstanding shares | $177,989,040 |
Shares of beneficial interest outstanding | 14,053,967 |
Net asset value per share outstanding | $ 12.66 |
14 | MainStay VP American Century Sustainable Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $6,125) | $ 3,804,857 |
Dividends-affiliated | 17,486 |
Securities lending, net | 11,252 |
Total income | 3,833,595 |
Expenses | |
Manager (See Note 3) | 1,445,563 |
Distribution/Service—Service Class (See Note 3) | 217,425 |
Professional fees | 54,825 |
Shareholder communication | 17,303 |
Custodian | 11,175 |
Trustees | 5,643 |
Miscellaneous | 7,700 |
Total expenses | 1,759,634 |
Net investment income (loss) | 2,073,961 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 645,001 |
Futures transactions | (164,201) |
Foreign currency transactions | (3,609) |
Foreign currency forward transactions | (36,818) |
Net realized gain (loss) | 440,373 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 62,101,681 |
Foreign currency forward contracts | 16,179 |
Translation of other assets and liabilities in foreign currencies | 1,806 |
Net change in unrealized appreciation (depreciation) | 62,119,666 |
Net realized and unrealized gain (loss) | 62,560,039 |
Net increase (decrease) in net assets resulting from operations | $64,634,000 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,073,961 | $ 4,673,156 |
Net realized gain (loss) | 440,373 | 145,834,961 |
Net change in unrealized appreciation (depreciation) | 62,119,666 | (190,246,775) |
Net increase (decrease) in net assets resulting from operations | 64,634,000 | (39,738,658) |
Distributions to shareholders: | ||
Initial Class | — | (38,151,110) |
Service Class | — | (23,305,146) |
Total distributions to shareholders | — | (61,456,256) |
Capital share transactions: | ||
Net proceeds from sales of shares | 5,308,795 | 21,588,692 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 61,456,256 |
Cost of shares redeemed | (51,806,860) | (80,669,845) |
Increase (decrease) in net assets derived from capital share transactions | (46,498,065) | 2,375,103 |
Net increase (decrease) in net assets | 18,135,935 | (98,819,811) |
Net Assets | ||
Beginning of period | 454,567,979 | 553,387,790 |
End of period | $472,703,914 | $ 454,567,979 |
16 | MainStay VP American Century Sustainable Equity Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 11.07 | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | |||||
Net investment income (loss) (a) | 0.06 | 0.13 | 0.21 | 0.25 | 0.29 | 0.29 | |||||
Net realized and unrealized gain (loss) | 1.60 | (1.30) | 2.71 | (0.33) | 2.58 | (1.40) | |||||
Total from investment operations | 1.66 | (1.17) | 2.92 | (0.08) | 2.87 | (1.11) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.23) | (0.34) | (0.40) | (0.31) | (0.29) | |||||
From net realized gain on investments | — | (1.46) | (0.21) | (0.85) | (1.06) | (1.31) | |||||
Total distributions | — | (1.69) | (0.55) | (1.25) | (1.37) | (1.60) | |||||
Net asset value at end of period | $ 12.73 | $ 11.07 | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | |||||
Total investment return (b) | 15.00%(c) | (7.70)% | 25.49% | 0.96% | 26.36%(d) | (9.38)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.00%†† | 1.03% | 1.57% | 2.32% | 2.30% | 2.11% | |||||
Net expenses (e) | 0.67%†† | 0.70% | 0.76% | 0.76% | 0.75% | 0.77% | |||||
Portfolio turnover rate | 14% | 20% | 18% | 28% | 16% | 22% | |||||
Net assets at end of period (in 000's) | $ 294,715 | $ 281,471 | $ 324,378 | $ 302,584 | $ 464,120 | $ 431,672 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.36%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 11.03 | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | |||||
Net investment income (loss) (a) | 0.04 | 0.10 | 0.17 | 0.22 | 0.26 | 0.25 | |||||
Net realized and unrealized gain (loss) | 1.59 | (1.29) | 2.71 | (0.33) | 2.56 | (1.39) | |||||
Total from investment operations | 1.63 | (1.19) | 2.88 | (0.11) | 2.82 | (1.14) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.19) | (0.31) | (0.36) | (0.27) | (0.25) | |||||
From net realized gain on investments | — | (1.46) | (0.21) | (0.85) | (1.06) | (1.31) | |||||
Total distributions | — | (1.65) | (0.52) | (1.21) | (1.33) | (1.56) | |||||
Net asset value at end of period | $ 12.66 | $ 11.03 | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | |||||
Total investment return (b) | 14.78%(c) | (7.93)% | 25.18% | 0.71% | 26.04%(d) | (9.61)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.75%†† | 0.79% | 1.32% | 2.05% | 2.05% | 1.84% | |||||
Net expenses (e) | 0.92%†† | 0.95% | 1.01% | 1.01% | 1.00% | 1.02% | |||||
Portfolio turnover rate | 14% | 20% | 18% | 28% | 16% | 22% | |||||
Net assets at end of period (in 000's) | $ 177,989 | $ 173,097 | $ 229,010 | $ 226,836 | $ 262,717 | $ 257,159 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.04%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP American Century Sustainable Equity Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) 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 American Century Sustainable Equity Portfolio |
22 | MainStay VP American Century Sustainable Equity Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | $1,848 | $1,848 |
Total Fair Value | $1,848 | $1,848 |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Total |
Futures Transactions | $ — | $(164,201) | $(164,201) |
Forward Transactions | (36,818) | — | (36,818) |
Total Net Realized Gain (Loss) | $(36,818) | $(164,201) | $(201,019) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Total |
Forward Contracts | $16,179 | $16,179 |
Total Net Change in Unrealized Appreciation (Depreciation) | $16,179 | $16,179 |
Average Notional Amount | Total |
Forward Contracts Long (a) | $ 437,602 |
Forward Contracts Short | $(3,158,167) |
(a) | Positions were open five months during the reporting period. |
24 | MainStay VP American Century Sustainable Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $445,177,450 | $50,830,557 | $(22,725,786) | $28,104,771 |
2022 | |
Distributions paid from: | |
Ordinary Income | $13,654,316 |
Long-Term Capital Gains | 47,801,940 |
Total | $61,456,256 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 147,975 | $ 1,701,362 |
Shares redeemed | (2,423,027) | (28,797,797) |
Net increase (decrease) | (2,275,052) | $(27,096,435) |
Year ended December 31, 2022: | ||
Shares sold | 1,253,742 | $ 16,610,052 |
Shares issued to shareholders in reinvestment of distributions | 3,651,418 | 38,151,110 |
Shares redeemed | (2,760,864) | (35,999,613) |
Net increase (decrease) | 2,144,296 | $ 18,761,549 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 305,170 | $ 3,607,433 |
Shares redeemed | (1,948,430) | (23,009,063) |
Net increase (decrease) | (1,643,260) | $(19,401,630) |
Year ended December 31, 2022: | ||
Shares sold | 397,512 | $ 4,978,640 |
Shares issued to shareholders in reinvestment of distributions | 2,237,437 | 23,305,146 |
Shares redeemed | (3,446,787) | (44,670,232) |
Net increase (decrease) | (811,838) | $(16,386,446) |
26 | MainStay VP American Century Sustainable Equity Portfolio |
28 | MainStay VP American Century Sustainable Equity Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029495 | MSVPTRPE10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 20231 | ||||||
Class | Inception Date2 | Six Months3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 2/17/2012 | -2.86% | 12.31% | 10.33% | 3.88% | 0.83% |
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. | 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 as of September 1, 2021. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor. |
3. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P Global Natural Resources Index2 | -3.11% | 8.37% | 5.89% | 5.77% |
Morningstar Natural Resources Category Average3 | 2.96 | 11.13 | 7.29 | 5.76 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Natural Resources Category Average is representative of funds that invest primarily on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Some funds invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Funds that concentrate primarily in energy-related industries are part of the equity energy category. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $971.40 | $4.11 | $1,020.63 | $4.21 | 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 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Natural Resources Portfolio |
United States | 60.8% |
Canada | 16.0 |
Australia | 4.9 |
Netherlands | 4.8 |
United Kingdom | 4.3 |
Norway | 3.5 |
Zambia | 2.8 |
Chile | 1.7% |
Brazil | 1.4 |
Monaco | 0.7 |
Other Assets, Less Liabilities | –0.9 |
100.0% |
1. | Shell plc |
2. | Hess Corp. |
3. | Teck Resources Ltd., Class B |
4. | Occidental Petroleum Corp. |
5. | Schlumberger NV |
6. | Freeport-McMoRan, Inc. |
7. | BP plc |
8. | Weatherford International plc |
9. | Transocean Ltd. |
10. | Cameco Corp. |
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 4.9% | ||
Lynas Rare Earths Ltd. (Metals & Mining) (a) | 354,371 | $ 1,617,040 |
Pilbara Minerals Ltd. (Metals & Mining) | 1,472,525 | 4,796,711 |
South32 Ltd. (Metals & Mining) | 2,372,999 | 5,943,708 |
Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 232,541 | 5,335,003 |
17,692,462 | ||
Brazil 1.4% | ||
Adecoagro SA (Food Products) (b) | 542,177 | 5,074,777 |
Canada 16.0% | ||
Cameco Corp. (Oil, Gas & Consumable Fuels) | 429,843 | 13,466,981 |
Capstone Copper Corp. (Metals & Mining) (a) | 852,075 | 3,865,613 |
Ivanhoe Mines Ltd., Class A (Metals & Mining) (a) | 842,828 | 7,698,221 |
Li-Cycle Holdings Corp. (Commercial Services & Supplies) (a)(b) | 82,629 | 458,591 |
NexGen Energy Ltd. (Oil, Gas & Consumable Fuels) (a) | 1,285,770 | 6,066,097 |
Nutrien Ltd. (Chemicals) | 148,383 | 8,762,016 |
Teck Resources Ltd., Class B (Metals & Mining) | 407,174 | 17,142,026 |
57,459,545 | ||
Chile 1.7% | ||
Antofagasta plc (Metals & Mining) | 327,412 | 6,075,031 |
Monaco 0.7% | ||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 52,485 | 2,478,867 |
Netherlands 4.8% | ||
Shell plc (Oil, Gas & Consumable Fuels) | 582,444 | 17,327,563 |
Norway 3.5% | ||
Equinor ASA, Sponsored ADR (Oil, Gas & Consumable Fuels) | 252,914 | 7,387,618 |
Frontline plc (Oil, Gas & Consumable Fuels) | 177,922 | 2,585,207 |
Norsk Hydro ASA (Metals & Mining) | 422,489 | 2,511,254 |
12,484,079 | ||
United Kingdom 4.3% | ||
BP plc (Oil, Gas & Consumable Fuels) | 2,668,036 | 15,530,758 |
Shares | Value | |
United States 59.0% | ||
Alcoa Corp. (Metals & Mining) | 203,846 | $ 6,916,495 |
Archer-Daniels-Midland Co. (Food Products) | 48,360 | 3,654,082 |
Bunge Ltd. (Food Products) | 99,968 | 9,431,981 |
CF Industries Holdings, Inc. (Chemicals) | 162,297 | 11,266,658 |
Chemours Co. (The) (Chemicals) | 195,718 | 7,220,037 |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 60,019 | 5,022,390 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | 70,571 | 7,311,861 |
Corteva, Inc. (Chemicals) | 103,796 | 5,947,511 |
Darling Ingredients, Inc. (Food Products) (a) | 38,693 | 2,468,226 |
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels) (a)(b) | 495,259 | 3,090,416 |
Energy Recovery, Inc. (Machinery) (a) | 73,470 | 2,053,486 |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 85,711 | 9,808,767 |
EQT Corp. (Oil, Gas & Consumable Fuels) | 289,653 | 11,913,428 |
Fluor Corp. (Construction & Engineering) (a) | 247,414 | 7,323,454 |
Freeport-McMoRan, Inc. (Metals & Mining) | 410,519 | 16,420,760 |
Halliburton Co. (Energy Equipment & Services) | 144,265 | 4,759,302 |
Hess Corp. (Oil, Gas & Consumable Fuels) | 126,322 | 17,173,476 |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 94,489 | 11,017,417 |
Mosaic Co. (The) (Chemicals) | 112,265 | 3,929,275 |
NOV, Inc. (Energy Equipment & Services) | 172,833 | 2,772,241 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 282,636 | 16,618,997 |
Schlumberger NV (Energy Equipment & Services) | 334,588 | 16,434,963 |
Transocean Ltd. (Energy Equipment & Services) (a)(b) | 2,084,484 | 14,612,233 |
Weatherford International plc (Energy Equipment & Services) (a) | 222,904 | 14,805,284 |
211,972,740 | ||
Zambia 2.8% | ||
First Quantum Minerals Ltd. (Metals & Mining) | 431,091 | 10,198,447 |
Total Common Stocks (Cost $323,034,436) | 356,294,269 |
10 | MainStay VP Natural Resources Portfolio |
Shares | Value | ||
Short-Term Investments 1.8% | |||
Affiliated Investment Company 0.9% | |||
United States 0.9% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 3,036,970 | $ 3,036,970 | |
Unaffiliated Investment Company 0.9% | |||
United States 0.9% | |||
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 3,381,600 | 3,381,600 | |
Total Short-Term Investments (Cost $6,418,570) | 6,418,570 | ||
Total Investments (Cost $329,453,006) | 100.9% | 362,712,839 | |
Other Assets, Less Liabilities | (0.9) | (3,189,970) | |
Net Assets | 100.0% | $ 359,522,869 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $8,002,100; the total market value of collateral held by the Portfolio was $8,174,854. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,793,254. The Portfolio received cash collateral with a value of $3,381,600. (See Note 2(I)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,917 | $ 59,052 | $ (57,932) | $ — | $ — | $ 3,037 | $ 56 | $ — | 3,037 |
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 | $ 356,294,269 | $ — | $ — | $ 356,294,269 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,036,970 | — | — | 3,036,970 | |||
Unaffiliated Investment Company | 3,381,600 | — | — | 3,381,600 | |||
Total Short-Term Investments | 6,418,570 | — | — | 6,418,570 | |||
Total Investments in Securities | $ 362,712,839 | $ — | $ — | $ 362,712,839 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Natural Resources Portfolio |
Value | Percent †^ | ||
Chemicals | $ 37,125,497 | 10.3% | |
Commercial Services & Supplies | 458,591 | 0.1 | |
Construction & Engineering | 7,323,454 | 2.0 | |
Energy Equipment & Services | 53,384,023 | 14.9 | |
Food Products | 20,629,066 | 5.8 | |
Machinery | 2,053,486 | 0.6 | |
Metals & Mining | 83,185,306 | 23.1 | |
Oil, Gas & Consumable Fuels | 152,134,846 | 42.3 | |
356,294,269 | 99.1 | ||
Short-Term Investments | 6,418,570 | 1.8 | |
Other Assets, Less Liabilities | (3,189,970) | (0.9) | |
Net Assets | $359,522,869 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $326,416,036) including securities on loan of $8,002,100 | $359,675,869 |
Investment in affiliated investment companies, at value (identified cost $3,036,970) | 3,036,970 |
Cash denominated in foreign currencies (identified cost $55,082) | 54,917 |
Receivables: | |
Investment securities sold | 3,477,413 |
Dividends | 312,133 |
Portfolio shares sold | 108,363 |
Securities lending | 4,154 |
Other assets | 3,178 |
Total assets | 366,672,997 |
Liabilities | |
Cash collateral received for securities on loan | 3,381,600 |
Due to custodian | 49,522 |
Payables: | |
Investment securities purchased | 2,273,754 |
Portfolio shares redeemed | 1,167,064 |
Manager (See Note 3) | 230,704 |
Professional fees | 35,214 |
Custodian | 4,835 |
Accrued expenses | 7,435 |
Total liabilities | 7,150,128 |
Net assets | $359,522,869 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,836 |
Additional paid-in-capital | 376,792,937 |
376,823,773 | |
Total distributable earnings (loss) | (17,300,904) |
Net assets | $359,522,869 |
Initial Class | |
Net assets applicable to outstanding shares | $359,522,869 |
Shares of beneficial interest outstanding | 30,835,943 |
Net asset value per share outstanding | $ 11.66 |
14 | MainStay VP Natural Resources Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $184,463) | $ 5,072,571 |
Securities lending, net | 90,099 |
Dividends-affiliated | 55,857 |
Total income | 5,218,527 |
Expenses | |
Manager (See Note 3) | 1,479,254 |
Professional fees | 50,588 |
Custodian | 15,688 |
Shareholder communication | 5,889 |
Trustees | 4,498 |
Miscellaneous | 9,882 |
Total expenses | 1,565,799 |
Net investment income (loss) | 3,652,728 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 18,516,012 |
Foreign currency transactions | 61,274 |
Net realized gain (loss) | 18,577,286 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (32,839,303) |
Translation of other assets and liabilities in foreign currencies | (2,724) |
Net change in unrealized appreciation (depreciation) | (32,842,027) |
Net realized and unrealized gain (loss) | (14,264,741) |
Net increase (decrease) in net assets resulting from operations | $(10,612,013) |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,652,728 | $ 7,413,546 |
Net realized gain (loss) | 18,577,286 | 107,424,418 |
Net change in unrealized appreciation (depreciation) | (32,842,027) | (8,349,052) |
Net increase (decrease) in net assets resulting from operations | (10,612,013) | 106,488,912 |
Distributions to shareholders: | ||
Initial Class | — | (4,193,860) |
Capital share transactions: | ||
Net proceeds from sales of shares | 26,520,936 | 117,317,650 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 4,193,860 |
Cost of shares redeemed | (52,523,190) | (120,252,694) |
Increase (decrease) in net assets derived from capital share transactions | (26,002,254) | 1,258,816 |
Net increase (decrease) in net assets | (36,614,267) | 103,553,868 |
Net Assets | ||
Beginning of period | 396,137,136 | 292,583,268 |
End of period | $359,522,869 | $ 396,137,136 |
16 | MainStay VP Natural Resources Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.00 | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | |||||
Net investment income (loss) | 0.11(a) | 0.22 | 0.12(a) | 0.09(a) | 0.13(a) | 0.04 | |||||
Net realized and unrealized gain (loss) | (0.45) | 2.97 | 2.36 | 0.32 | 0.78 | (2.22) | |||||
Total from investment operations | (0.34) | 3.19 | 2.48 | 0.41 | 0.91 | (2.18) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.12) | (0.10) | (0.15) | (0.05) | — | |||||
Net asset value at end of period | $ 11.66 | $ 12.00 | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | |||||
Total investment return (b) | (2.83)%(c) | 35.84% | 38.02% | 6.89% | 16.62% | (28.65)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.95%†† | 1.94% | 1.56% | 1.68% | 2.17% | 0.59% | |||||
Net expenses (d) | 0.84%†† | 0.83% | 0.85% | 0.86% | 0.96% | 0.94% | |||||
Portfolio turnover rate | 45% | 92% | 72% | 68% | 87% | 78% | |||||
Net assets at end of period (in 000's) | $ 359,523 | $ 396,137 | $ 292,583 | $ 238,908 | $ 249,276 | $ 240,067 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
18 | MainStay VP Natural Resources Portfolio |
• | Level 1—quoted prices (unadjusted) 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 Natural Resources Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $330,492,333 | $50,977,423 | $(18,756,917) | $32,220,506 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $23,149 | $56,116 |
2022 | |
Distributions paid from: | |
Ordinary Income | $4,193,860 |
22 | MainStay VP Natural Resources Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 2,244,068 | $ 26,520,936 |
Shares redeemed | (4,412,068) | (52,523,190) |
Net increase (decrease) | (2,168,000) | $ (26,002,254) |
Year ended December 31, 2022: | ||
Shares sold | 10,407,226 | $ 117,317,650 |
Shares issued to shareholders in reinvestment of distributions | 365,214 | 4,193,860 |
Shares redeemed | (10,531,284) | (120,252,694) |
Net increase (decrease) | 241,156 | $ 1,258,816 |
24 | MainStay VP Natural Resources Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034719 | MSVPVEG10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/29/1993 | 16.82% | 19.44% | 12.16% | 12.63% | 0.19% |
Service Class Shares | 6/5/2003 | 16.68 | 19.15 | 11.88 | 12.35 | 0.44 |
1. | Effective June 13, 2022, the Portfolio replaced its subadvisor. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor. |
2. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
Morningstar Large Blend Category Average3 | 13.39 | 16.88 | 10.72 | 11.38 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The S&P 500® Index is the Portfolio's primary broad-based securities market index for comparison purposes. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. MainStay S&P 500 Index Portfolio is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
3. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,168.20 | $0.65 | $1,024.20 | $0.60 | 0.12% |
Service Class Shares | $1,000.00 | $1,166.80 | $1.99 | $1,022.96 | $1.86 | 0.37% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP S&P 500 Index Portfolio |
Software | 10.2% |
Technology Hardware, Storage & Peripherals | 7.9 |
Semiconductors & Semiconductor Equipment | 7.3 |
Interactive Media & Services | 5.3 |
Financial Services | 4.2 |
Pharmaceuticals | 4.1 |
Oil, Gas & Consumable Fuels | 3.7 |
Broadline Retail | 3.2 |
Banks | 3.0 |
Health Care Providers & Services | 2.9 |
Health Care Equipment & Supplies | 2.9 |
Capital Markets | 2.6 |
Automobiles | 2.2 |
Specialty Retail | 2.1 |
Hotels, Restaurants & Leisure | 2.0 |
Insurance | 2.0 |
Biotechnology | 1.9 |
Consumer Staples Distribution & Retail | 1.8 |
Machinery | 1.8 |
Chemicals | 1.7 |
Electric Utilities | 1.7 |
Beverages | 1.7 |
Aerospace & Defense | 1.6 |
Life Sciences Tools & Services | 1.6 |
Entertainment | 1.4 |
Household Products | 1.4 |
IT Services | 1.1 |
Specialized REITs | 1.1 |
Food Products | 1.0 |
Communications Equipment | 0.8 |
Industrial Conglomerates | 0.8 |
Ground Transportation | 0.8 |
Media | 0.7 |
Multi–Utilities | 0.7 |
Diversified Telecommunication Services | 0.7 |
Professional Services | 0.7 |
Tobacco | 0.6% |
Electronic Equipment, Instruments & Components | 0.6 |
Air Freight & Logistics | 0.6 |
Electrical Equipment | 0.6 |
Consumer Finance | 0.5 |
Commercial Services & Supplies | 0.5 |
Building Products | 0.4 |
Textiles, Apparel & Luxury Goods | 0.4 |
Metals & Mining | 0.4 |
Household Durables | 0.4 |
Energy Equipment & Services | 0.3 |
Residential REITs | 0.3 |
Industrial REITs | 0.3 |
Retail REITs | 0.3 |
Trading Companies & Distributors | 0.3 |
Passenger Airlines | 0.2 |
Containers & Packaging | 0.2 |
Wireless Telecommunication Services | 0.2 |
Health Care REITs | 0.2 |
Real Estate Management & Development | 0.2 |
Construction Materials | 0.2 |
Distributors | 0.1 |
Personal Care Products | 0.1 |
Automobile Components | 0.1 |
Construction & Engineering | 0.1 |
Water Utilities | 0.1 |
Office REITs | 0.1 |
Gas Utilities | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Hotel & Resort REITs | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 1.1 |
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. | NVIDIA Corp. |
6. | Tesla, Inc. |
7. | Meta Platforms, Inc., Class A |
8. | Berkshire Hathaway, Inc., Class B |
9. | UnitedHealth Group, Inc. |
10. | Exxon Mobil Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks 98.9% | ||
Aerospace & Defense 1.6% | ||
Axon Enterprise, Inc. (a) | 6,496 | $ 1,267,500 |
Boeing Co. (The) (a) | 52,333 | 11,050,636 |
General Dynamics Corp. | 20,818 | 4,478,993 |
Howmet Aerospace, Inc. | 34,040 | 1,687,022 |
Huntington Ingalls Industries, Inc. | 3,685 | 838,706 |
L3Harris Technologies, Inc. | 17,532 | 3,432,240 |
Lockheed Martin Corp. | 20,859 | 9,603,067 |
Northrop Grumman Corp. | 13,210 | 6,021,118 |
Raytheon Technologies Corp. | 135,217 | 13,245,857 |
Textron, Inc. | 18,664 | 1,262,246 |
TransDigm Group, Inc. | 4,829 | 4,317,947 |
57,205,332 | ||
Air Freight & Logistics 0.6% | ||
CH Robinson Worldwide, Inc. | 10,776 | 1,016,716 |
Expeditors International of Washington, Inc. | 14,140 | 1,712,778 |
FedEx Corp. | 21,400 | 5,305,060 |
United Parcel Service, Inc., Class B | 67,073 | 12,022,835 |
20,057,389 | ||
Automobile Components 0.1% | ||
Aptiv plc (a) | 25,033 | 2,555,619 |
BorgWarner, Inc. | 21,676 | 1,060,173 |
3,615,792 | ||
Automobiles 2.2% | ||
Ford Motor Co. | 363,684 | 5,502,539 |
General Motors Co. | 128,645 | 4,960,551 |
Tesla, Inc. (a) | 249,316 | 65,263,449 |
75,726,539 | ||
Banks 3.0% | ||
Bank of America Corp. | 641,611 | 18,407,820 |
Citigroup, Inc. | 180,157 | 8,294,428 |
Citizens Financial Group, Inc. | 44,789 | 1,168,097 |
Comerica, Inc. | 12,185 | 516,157 |
Fifth Third Bancorp | 62,995 | 1,651,099 |
Huntington Bancshares, Inc. | 133,600 | 1,440,208 |
JPMorgan Chase & Co. | 270,435 | 39,332,066 |
KeyCorp | 86,408 | 798,410 |
M&T Bank Corp. | 15,350 | 1,899,716 |
PNC Financial Services Group, Inc. (The) | 36,934 | 4,651,837 |
Regions Financial Corp. | 86,833 | 1,547,364 |
Truist Financial Corp. | 123,259 | 3,740,911 |
U.S. Bancorp | 129,093 | 4,265,233 |
Wells Fargo & Co. | 347,239 | 14,820,160 |
Shares | Value | |
Banks (continued) | ||
Zions Bancorp NA | 13,706 | $ 368,143 |
102,901,649 | ||
Beverages 1.7% | ||
Brown-Forman Corp., Class B | 16,930 | 1,130,586 |
Coca-Cola Co. (The) | 360,186 | 21,690,401 |
Constellation Brands, Inc., Class A | 14,922 | 3,672,752 |
Keurig Dr Pepper, Inc. | 77,945 | 2,437,340 |
Molson Coors Beverage Co., Class B | 17,375 | 1,143,970 |
Monster Beverage Corp. (a) | 70,712 | 4,061,697 |
PepsiCo, Inc. | 127,495 | 23,614,624 |
57,751,370 | ||
Biotechnology 1.9% | ||
AbbVie, Inc. | 163,271 | 21,997,502 |
Amgen, Inc. | 49,448 | 10,978,445 |
Biogen, Inc. (a) | 13,395 | 3,815,566 |
Gilead Sciences, Inc. | 115,448 | 8,897,577 |
Incyte Corp. (a) | 17,133 | 1,066,529 |
Moderna, Inc. (a) | 30,339 | 3,686,189 |
Regeneron Pharmaceuticals, Inc. (a) | 9,985 | 7,174,622 |
Vertex Pharmaceuticals, Inc. (a) | 23,834 | 8,387,423 |
66,003,853 | ||
Broadline Retail 3.2% | ||
Amazon.com, Inc. (a) | 826,080 | 107,687,789 |
eBay, Inc. | 49,486 | 2,211,529 |
Etsy, Inc. (a) | 11,415 | 965,823 |
110,865,141 | ||
Building Products 0.4% | ||
A O Smith Corp. | 11,525 | 838,789 |
Allegion plc | 8,133 | 976,123 |
Carrier Global Corp. | 77,235 | 3,839,352 |
Johnson Controls International plc | 63,493 | 4,326,413 |
Masco Corp. | 20,829 | 1,195,168 |
Trane Technologies plc | 21,104 | 4,036,351 |
15,212,196 | ||
Capital Markets 2.6% | ||
Ameriprise Financial, Inc. | 9,641 | 3,202,354 |
Bank of New York Mellon Corp. (The) | 66,456 | 2,958,621 |
BlackRock, Inc. | 13,859 | 9,578,509 |
Cboe Global Markets, Inc. | 9,770 | 1,348,358 |
Charles Schwab Corp. (The) | 137,525 | 7,794,917 |
CME Group, Inc. | 33,289 | 6,168,119 |
FactSet Research Systems, Inc. | 3,546 | 1,420,705 |
Franklin Resources, Inc. | 26,404 | 705,251 |
Goldman Sachs Group, Inc. (The) | 30,766 | 9,923,266 |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Intercontinental Exchange, Inc. | 51,811 | $ 5,858,788 |
Invesco Ltd. | 42,400 | 712,744 |
MarketAxess Holdings, Inc. | 3,484 | 910,787 |
Moody's Corp. | 14,604 | 5,078,103 |
Morgan Stanley | 120,554 | 10,295,312 |
MSCI, Inc. | 7,409 | 3,476,970 |
Nasdaq, Inc. | 31,338 | 1,562,199 |
Northern Trust Corp. | 19,296 | 1,430,605 |
Raymond James Financial, Inc. | 17,650 | 1,831,540 |
S&P Global, Inc. | 30,354 | 12,168,615 |
State Street Corp. | 30,933 | 2,263,677 |
T. Rowe Price Group, Inc. | 20,782 | 2,328,000 |
91,017,440 | ||
Chemicals 1.7% | ||
Air Products and Chemicals, Inc. | 20,561 | 6,158,636 |
Albemarle Corp. | 10,859 | 2,422,534 |
Celanese Corp. | 9,262 | 1,072,540 |
CF Industries Holdings, Inc. | 18,038 | 1,252,198 |
Corteva, Inc. | 65,786 | 3,769,538 |
Dow, Inc. | 65,457 | 3,486,240 |
DuPont de Nemours, Inc. | 42,478 | 3,034,628 |
Eastman Chemical Co. | 11,027 | 923,180 |
Ecolab, Inc. | 22,923 | 4,279,495 |
FMC Corp. | 11,571 | 1,207,318 |
International Flavors & Fragrances, Inc. | 23,604 | 1,878,642 |
Linde plc | 45,308 | 17,265,973 |
LyondellBasell Industries NV, Class A | 23,479 | 2,156,077 |
Mosaic Co. (The) | 30,734 | 1,075,690 |
PPG Industries, Inc. | 21,786 | 3,230,864 |
Sherwin-Williams Co. (The) | 21,718 | 5,766,563 |
58,980,116 | ||
Commercial Services & Supplies 0.5% | ||
Cintas Corp. | 7,997 | 3,975,149 |
Copart, Inc. (a) | 39,686 | 3,619,760 |
Republic Services, Inc. | 19,016 | 2,912,680 |
Rollins, Inc. | 21,429 | 917,804 |
Waste Management, Inc. | 34,259 | 5,941,196 |
17,366,589 | ||
Communications Equipment 0.8% | ||
Arista Networks, Inc. (a) | 23,109 | 3,745,045 |
Cisco Systems, Inc. | 379,037 | 19,611,374 |
F5, Inc. (a) | 5,596 | 818,471 |
Juniper Networks, Inc. | 29,761 | 932,412 |
Shares | Value | |
Communications Equipment (continued) | ||
Motorola Solutions, Inc. | 15,521 | $ 4,551,999 |
29,659,301 | ||
Construction & Engineering 0.1% | ||
Quanta Services, Inc. | 13,435 | 2,639,306 |
Construction Materials 0.2% | ||
Martin Marietta Materials, Inc. | 5,735 | 2,647,792 |
Vulcan Materials Co. | 12,314 | 2,776,068 |
5,423,860 | ||
Consumer Finance 0.5% | ||
American Express Co. | 55,025 | 9,585,355 |
Capital One Financial Corp. | 35,333 | 3,864,370 |
Discover Financial Services | 23,501 | 2,746,092 |
Synchrony Financial | 39,661 | 1,345,301 |
17,541,118 | ||
Consumer Staples Distribution & Retail 1.8% | ||
Costco Wholesale Corp. | 41,041 | 22,095,654 |
Dollar General Corp. | 20,277 | 3,442,629 |
Dollar Tree, Inc. (a) | 19,249 | 2,762,231 |
Kroger Co. (The) | 60,436 | 2,840,492 |
Sysco Corp. | 46,890 | 3,479,238 |
Target Corp. | 42,713 | 5,633,845 |
Walgreens Boots Alliance, Inc. | 66,294 | 1,888,716 |
Walmart, Inc. | 129,802 | 20,402,278 |
62,545,083 | ||
Containers & Packaging 0.2% | ||
Amcor plc | 136,171 | 1,358,986 |
Avery Dennison Corp. | 7,471 | 1,283,518 |
Ball Corp. | 29,109 | 1,694,435 |
International Paper Co. | 32,117 | 1,021,642 |
Packaging Corp. of America | 8,323 | 1,099,968 |
Sealed Air Corp. | 13,361 | 534,440 |
Westrock Co. | 23,703 | 689,046 |
7,682,035 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 13,004 | 2,200,667 |
LKQ Corp. | 23,498 | 1,369,228 |
Pool Corp. | 3,615 | 1,354,324 |
4,924,219 | ||
Diversified Telecommunication Services 0.7% | ||
AT&T, Inc. | 661,585 | 10,552,281 |
Verizon Communications, Inc. | 389,047 | 14,468,658 |
25,020,939 |
10 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities 1.7% | ||
Alliant Energy Corp. | 23,240 | $ 1,219,635 |
American Electric Power Co., Inc. | 47,640 | 4,011,288 |
Constellation Energy Corp. | 30,022 | 2,748,514 |
Duke Energy Corp. | 71,318 | 6,400,077 |
Edison International | 35,442 | 2,461,447 |
Entergy Corp. | 19,568 | 1,905,336 |
Evergy, Inc. | 21,251 | 1,241,484 |
Eversource Energy | 32,283 | 2,289,510 |
Exelon Corp. | 92,001 | 3,748,121 |
FirstEnergy Corp. | 50,361 | 1,958,036 |
NextEra Energy, Inc. | 187,252 | 13,894,098 |
NRG Energy, Inc. | 21,329 | 797,491 |
PG&E Corp. (a) | 149,602 | 2,585,123 |
Pinnacle West Capital Corp. | 10,475 | 853,294 |
PPL Corp. | 68,169 | 1,803,752 |
Southern Co. (The) | 100,908 | 7,088,787 |
Xcel Energy, Inc. | 50,931 | 3,166,380 |
58,172,373 | ||
Electrical Equipment 0.6% | ||
AMETEK, Inc. | 21,329 | 3,452,739 |
Eaton Corp. plc | 36,887 | 7,417,976 |
Emerson Electric Co. | 52,900 | 4,781,631 |
Generac Holdings, Inc. (a) | 5,755 | 858,243 |
Rockwell Automation, Inc. | 10,627 | 3,501,065 |
20,011,654 | ||
Electronic Equipment, Instruments & Components 0.6% | ||
Amphenol Corp., Class A | 55,092 | 4,680,065 |
CDW Corp. | 12,473 | 2,288,796 |
Corning, Inc. | 70,806 | 2,481,042 |
Keysight Technologies, Inc. (a) | 16,485 | 2,760,413 |
TE Connectivity Ltd. | 29,161 | 4,087,206 |
Teledyne Technologies, Inc. (a) | 4,354 | 1,789,973 |
Trimble, Inc. (a) | 22,927 | 1,213,755 |
Zebra Technologies Corp., Class A (a) | 4,759 | 1,407,855 |
20,709,105 | ||
Energy Equipment & Services 0.3% | ||
Baker Hughes Co. | 93,686 | 2,961,415 |
Halliburton Co. | 83,491 | 2,754,368 |
Schlumberger NV | 131,903 | 6,479,075 |
12,194,858 | ||
Entertainment 1.4% | ||
Activision Blizzard, Inc. (a) | 66,205 | 5,581,081 |
Electronic Arts, Inc. | 24,119 | 3,128,234 |
Live Nation Entertainment, Inc. (a) | 13,319 | 1,213,494 |
Shares | Value | |
Entertainment (continued) | ||
Netflix, Inc. (a) | 41,139 | $ 18,121,318 |
Take-Two Interactive Software, Inc. (a) | 14,679 | 2,160,162 |
Walt Disney Co. (The) (a) | 169,103 | 15,097,516 |
Warner Bros Discovery, Inc. (a) | 205,153 | 2,572,619 |
47,874,424 | ||
Financial Services 4.2% | ||
Berkshire Hathaway, Inc., Class B (a) | 165,030 | 56,275,230 |
Fidelity National Information Services, Inc. | 54,825 | 2,998,927 |
Fiserv, Inc. (a) | 57,127 | 7,206,571 |
FleetCor Technologies, Inc. (a) | 6,828 | 1,714,374 |
Global Payments, Inc. | 24,242 | 2,388,322 |
Jack Henry & Associates, Inc. | 6,744 | 1,128,474 |
Mastercard, Inc., Class A | 77,436 | 30,455,579 |
PayPal Holdings, Inc. (a) | 103,251 | 6,889,939 |
Visa, Inc., Class A | 149,754 | 35,563,580 |
144,620,996 | ||
Food Products 1.0% | ||
Archer-Daniels-Midland Co. | 50,402 | 3,808,375 |
Bunge Ltd. | 13,937 | 1,314,956 |
Campbell Soup Co. | 18,576 | 849,109 |
Conagra Brands, Inc. | 44,126 | 1,487,929 |
General Mills, Inc. | 54,355 | 4,169,028 |
Hershey Co. (The) | 13,630 | 3,403,411 |
Hormel Foods Corp. | 26,812 | 1,078,379 |
J M Smucker Co. (The) | 9,873 | 1,457,946 |
Kellogg Co. | 23,790 | 1,603,446 |
Kraft Heinz Co. (The) | 73,821 | 2,620,645 |
Lamb Weston Holdings, Inc. | 13,484 | 1,549,986 |
McCormick & Co., Inc. (Non-Voting) | 23,212 | 2,024,783 |
Mondelez International, Inc., Class A | 126,029 | 9,192,555 |
Tyson Foods, Inc., Class A | 26,442 | 1,349,600 |
35,910,148 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. | 13,371 | 1,555,582 |
Ground Transportation 0.8% | ||
CSX Corp. | 188,144 | 6,415,711 |
JB Hunt Transport Services, Inc. | 7,673 | 1,389,043 |
Norfolk Southern Corp. | 21,066 | 4,776,926 |
Old Dominion Freight Line, Inc. | 8,321 | 3,076,690 |
Union Pacific Corp. | 56,423 | 11,545,274 |
27,203,644 | ||
Health Care Equipment & Supplies 2.9% | ||
Abbott Laboratories | 160,926 | 17,544,153 |
Shares | Value | |
Common Stocks (continued) | ||
Health Care Equipment & Supplies (continued) | ||
ABIOMED, Inc. (a)(b)(c) | 4,165 | $ 4,248 |
Align Technology, Inc. (a) | 6,585 | 2,328,720 |
Baxter International, Inc. | 46,813 | 2,132,800 |
Becton Dickinson & Co. | 26,284 | 6,939,239 |
Boston Scientific Corp. (a) | 133,048 | 7,196,566 |
Cooper Cos., Inc. (The) | 4,577 | 1,754,959 |
Dentsply Sirona, Inc. | 19,663 | 786,913 |
Dexcom, Inc. (a) | 35,873 | 4,610,039 |
Edwards Lifesciences Corp. (a) | 56,101 | 5,292,007 |
GE HealthCare Technologies, Inc. | 34,720 | 2,820,653 |
Hologic, Inc. (a) | 22,776 | 1,844,173 |
IDEXX Laboratories, Inc. (a) | 7,681 | 3,857,629 |
Insulet Corp. (a) | 6,450 | 1,859,793 |
Intuitive Surgical, Inc. (a) | 32,427 | 11,088,088 |
Medtronic plc | 123,120 | 10,846,872 |
ResMed, Inc. | 13,601 | 2,971,819 |
STERIS plc | 9,192 | 2,068,016 |
Stryker Corp. | 31,265 | 9,538,639 |
Teleflex, Inc. | 4,343 | 1,051,136 |
Zimmer Biomet Holdings, Inc. | 19,301 | 2,810,226 |
99,346,688 | ||
Health Care Providers & Services 2.9% | ||
AmerisourceBergen Corp. | 14,980 | 2,882,601 |
Cardinal Health, Inc. | 23,561 | 2,228,164 |
Centene Corp. (a) | 50,784 | 3,425,381 |
Cigna Group (The) | 27,381 | 7,683,109 |
CVS Health Corp. | 118,642 | 8,201,721 |
DaVita, Inc. (a) | 5,120 | 514,406 |
Elevance Health, Inc. | 21,938 | 9,746,834 |
HCA Healthcare, Inc. | 19,093 | 5,794,344 |
Henry Schein, Inc. (a) | 12,123 | 983,175 |
Humana, Inc. | 11,563 | 5,170,164 |
Laboratory Corp. of America Holdings | 8,203 | 1,979,630 |
McKesson Corp. | 12,549 | 5,362,313 |
Molina Healthcare, Inc. (a) | 5,395 | 1,625,190 |
Quest Diagnostics, Inc. | 10,366 | 1,457,045 |
UnitedHealth Group, Inc. | 86,160 | 41,411,942 |
Universal Health Services, Inc., Class B | 5,824 | 918,853 |
99,384,872 | ||
Health Care REITs 0.2% | ||
Healthpeak Properties, Inc. | 50,621 | 1,017,482 |
Ventas, Inc. | 37,032 | 1,750,503 |
Welltower, Inc. | 45,996 | 3,720,616 |
6,488,601 |
Shares | Value | |
Hotel & Resort REITs 0.0% ‡ | ||
Host Hotels & Resorts, Inc. | 65,820 | $ 1,107,751 |
Hotels, Restaurants & Leisure 2.0% | ||
Booking Holdings, Inc. (a) | 3,418 | 9,229,728 |
Caesars Entertainment, Inc. (a) | 19,915 | 1,015,067 |
Carnival Corp. (a)(d) | 92,951 | 1,750,267 |
Chipotle Mexican Grill, Inc. (a) | 2,553 | 5,460,867 |
Darden Restaurants, Inc. | 11,191 | 1,869,792 |
Domino's Pizza, Inc. | 3,270 | 1,101,957 |
Expedia Group, Inc. (a) | 13,197 | 1,443,620 |
Hilton Worldwide Holdings, Inc. | 24,489 | 3,564,374 |
Las Vegas Sands Corp. (a) | 30,425 | 1,764,650 |
Marriott International, Inc., Class A | 23,862 | 4,383,211 |
McDonald's Corp. | 67,565 | 20,162,072 |
MGM Resorts International | 27,943 | 1,227,257 |
Norwegian Cruise Line Holdings Ltd. (a)(d) | 39,253 | 854,538 |
Royal Caribbean Cruises Ltd. (a) | 20,353 | 2,111,420 |
Starbucks Corp. | 106,090 | 10,509,275 |
Wynn Resorts Ltd. | 9,583 | 1,012,061 |
Yum! Brands, Inc. | 25,922 | 3,591,493 |
71,051,649 | ||
Household Durables 0.4% | ||
DR Horton, Inc. | 28,723 | 3,495,302 |
Garmin Ltd. | 14,162 | 1,476,955 |
Lennar Corp., Class A | 23,473 | 2,941,402 |
Mohawk Industries, Inc. (a) | 4,891 | 504,555 |
Newell Brands, Inc. | 34,761 | 302,421 |
NVR, Inc. (a) | 282 | 1,790,875 |
PulteGroup, Inc. | 20,658 | 1,604,713 |
Whirlpool Corp. | 5,067 | 753,919 |
12,870,142 | ||
Household Products 1.4% | ||
Church & Dwight Co., Inc. | 22,605 | 2,265,699 |
Clorox Co. (The) | 11,436 | 1,818,782 |
Colgate-Palmolive Co. | 76,770 | 5,914,361 |
Kimberly-Clark Corp. | 31,222 | 4,310,509 |
Procter & Gamble Co. (The) | 218,119 | 33,097,377 |
47,406,728 | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
AES Corp. (The) | 61,942 | 1,284,058 |
Industrial Conglomerates 0.8% | ||
3M Co. | 51,053 | 5,109,895 |
General Electric Co. | 100,775 | 11,070,134 |
12 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Industrial Conglomerates (continued) | ||
Honeywell International, Inc. | 61,581 | $ 12,778,057 |
28,958,086 | ||
Industrial REITs 0.3% | ||
Prologis, Inc. | 85,459 | 10,479,837 |
Insurance 2.0% | ||
Aflac, Inc. | 50,884 | 3,551,703 |
Allstate Corp. (The) | 24,325 | 2,652,398 |
American International Group, Inc. | 66,978 | 3,853,914 |
Aon plc, Class A | 18,901 | 6,524,625 |
Arch Capital Group Ltd. (a) | 34,465 | 2,579,705 |
Arthur J. Gallagher & Co. | 19,823 | 4,352,536 |
Assurant, Inc. | 4,919 | 618,417 |
Brown & Brown, Inc. | 21,762 | 1,498,096 |
Chubb Ltd. | 38,329 | 7,380,632 |
Cincinnati Financial Corp. | 14,552 | 1,416,201 |
Everest Re Group Ltd. | 3,968 | 1,356,500 |
Globe Life, Inc. | 8,224 | 901,515 |
Hartford Financial Services Group, Inc. (The) | 28,710 | 2,067,694 |
Lincoln National Corp. | 14,251 | 367,106 |
Loews Corp. | 17,505 | 1,039,447 |
Marsh & McLennan Cos., Inc. | 45,783 | 8,610,867 |
MetLife, Inc. | 59,532 | 3,365,344 |
Principal Financial Group, Inc. | 20,894 | 1,584,601 |
Progressive Corp. (The) | 54,171 | 7,170,615 |
Prudential Financial, Inc. | 33,778 | 2,979,895 |
Travelers Cos., Inc. (The) | 21,375 | 3,711,983 |
W R Berkley Corp. | 18,582 | 1,106,744 |
Willis Towers Watson plc | 9,848 | 2,319,204 |
71,009,742 | ||
Interactive Media & Services 5.3% | ||
Alphabet, Inc. (a) | ||
Class A | 549,794 | 65,810,342 |
Class C | 472,926 | 57,209,858 |
Match Group, Inc. (a) | 25,769 | 1,078,433 |
Meta Platforms, Inc., Class A (a) | 204,718 | 58,749,971 |
182,848,604 | ||
IT Services 1.1% | ||
Accenture plc, Class A | 58,443 | 18,034,341 |
Akamai Technologies, Inc. (a) | 14,085 | 1,265,819 |
Cognizant Technology Solutions Corp., Class A | 46,963 | 3,065,745 |
DXC Technology Co. (a) | 21,079 | 563,231 |
Shares | Value | |
IT Services (continued) | ||
EPAM Systems, Inc. (a) | 5,359 | $ 1,204,435 |
Gartner, Inc. (a) | 7,316 | 2,562,868 |
International Business Machines Corp. | 84,033 | 11,244,456 |
VeriSign, Inc. (a) | 8,381 | 1,893,854 |
39,834,749 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 12,058 | 780,997 |
Life Sciences Tools & Services 1.6% | ||
Agilent Technologies, Inc. | 27,365 | 3,290,641 |
Bio-Rad Laboratories, Inc., Class A (a) | 1,975 | 748,762 |
Bio-Techne Corp. | 14,561 | 1,188,615 |
Charles River Laboratories International, Inc. (a) | 4,737 | 995,954 |
Danaher Corp. | 61,458 | 14,749,920 |
Illumina, Inc. (a) | 14,631 | 2,743,166 |
IQVIA Holdings, Inc. (a) | 17,171 | 3,859,526 |
Mettler-Toledo International, Inc. (a) | 2,038 | 2,673,122 |
Revvity, Inc. | 11,609 | 1,379,033 |
Thermo Fisher Scientific, Inc. | 35,696 | 18,624,388 |
Waters Corp. (a) | 5,463 | 1,456,108 |
West Pharmaceutical Services, Inc. | 6,871 | 2,627,952 |
54,337,187 | ||
Machinery 1.8% | ||
Caterpillar, Inc. | 47,692 | 11,734,616 |
Cummins, Inc. | 13,100 | 3,211,596 |
Deere & Co. | 24,954 | 10,111,111 |
Dover Corp. | 12,935 | 1,909,853 |
Fortive Corp. | 32,718 | 2,446,325 |
IDEX Corp. | 6,994 | 1,505,528 |
Illinois Tool Works, Inc. | 25,593 | 6,402,345 |
Ingersoll Rand, Inc. | 37,435 | 2,446,752 |
Nordson Corp. | 4,976 | 1,234,944 |
Otis Worldwide Corp. | 38,247 | 3,404,365 |
PACCAR, Inc. | 48,361 | 4,045,398 |
Parker-Hannifin Corp. | 11,875 | 4,631,725 |
Pentair plc | 15,265 | 986,119 |
Snap-on, Inc. | 4,898 | 1,411,555 |
Stanley Black & Decker, Inc. | 14,172 | 1,328,058 |
Westinghouse Air Brake Technologies Corp. | 16,646 | 1,825,567 |
Xylem, Inc. | 22,142 | 2,493,632 |
61,129,489 | ||
Media 0.7% | ||
Charter Communications, Inc., Class A (a) | 9,615 | 3,532,263 |
Shares | Value | |
Common Stocks (continued) | ||
Media (continued) | ||
Comcast Corp., Class A | 384,919 | $ 15,993,384 |
Fox Corp. | ||
Class A | 24,899 | 846,566 |
Class B | 12,645 | 403,249 |
Interpublic Group of Cos., Inc. (The) | 35,724 | 1,378,232 |
News Corp. | ||
Class A | 35,313 | 688,603 |
Class B | 10,889 | 214,731 |
Omnicom Group, Inc. | 18,464 | 1,756,850 |
Paramount Global, Class B (d) | 46,920 | 746,497 |
25,560,375 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 132,640 | 5,305,600 |
Newmont Corp. | 73,544 | 3,137,387 |
Nucor Corp. | 23,249 | 3,812,371 |
Steel Dynamics, Inc. | 14,861 | 1,618,809 |
13,874,167 | ||
Multi-Utilities 0.7% | ||
Ameren Corp. | 24,302 | 1,984,744 |
CenterPoint Energy, Inc. | 58,397 | 1,702,273 |
CMS Energy Corp. | 26,965 | 1,584,194 |
Consolidated Edison, Inc. | 32,070 | 2,899,128 |
Dominion Energy, Inc. | 77,360 | 4,006,474 |
DTE Energy Co. | 19,074 | 2,098,521 |
NiSource, Inc. | 38,226 | 1,045,481 |
Public Service Enterprise Group, Inc. | 46,193 | 2,892,144 |
Sempra Energy | 29,119 | 4,239,435 |
WEC Energy Group, Inc. | 29,203 | 2,576,873 |
25,029,267 | ||
Office REITs 0.1% | ||
Alexandria Real Estate Equities, Inc. | 14,582 | 1,654,911 |
Boston Properties, Inc. | 13,207 | 760,591 |
2,415,502 | ||
Oil, Gas & Consumable Fuels 3.7% | ||
APA Corp. | 28,558 | 975,827 |
Chevron Corp. | 161,271 | 25,375,992 |
ConocoPhillips | 111,982 | 11,602,455 |
Coterra Energy, Inc. | 70,096 | 1,773,429 |
Devon Energy Corp. | 59,384 | 2,870,623 |
Diamondback Energy, Inc. | 16,759 | 2,201,462 |
EOG Resources, Inc. | 54,124 | 6,193,950 |
EQT Corp. | 33,467 | 1,376,498 |
Exxon Mobil Corp. | 374,149 | 40,127,480 |
Hess Corp. | 25,574 | 3,476,785 |
Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | ||
Kinder Morgan, Inc. | 182,518 | $ 3,142,960 |
Marathon Oil Corp. | 57,154 | 1,315,685 |
Marathon Petroleum Corp. | 39,264 | 4,578,182 |
Occidental Petroleum Corp. | 66,491 | 3,909,671 |
ONEOK, Inc. | 41,407 | 2,555,640 |
Phillips 66 | 42,464 | 4,050,216 |
Pioneer Natural Resources Co. | 21,630 | 4,481,303 |
Targa Resources Corp. | 20,916 | 1,591,708 |
Valero Energy Corp. | 33,456 | 3,924,389 |
Williams Cos., Inc. (The) | 112,763 | 3,679,457 |
129,203,712 | ||
Passenger Airlines 0.2% | ||
Alaska Air Group, Inc. (a) | 11,807 | 627,896 |
American Airlines Group, Inc. (a) | 60,417 | 1,083,881 |
Delta Air Lines, Inc. (a) | 59,478 | 2,827,584 |
Southwest Airlines Co. | 55,069 | 1,994,049 |
United Airlines Holdings, Inc. (a) | 30,351 | 1,665,359 |
8,198,769 | ||
Personal Care Products 0.1% | ||
Estee Lauder Cos., Inc. (The), Class A | 21,458 | 4,213,922 |
Pharmaceuticals 4.1% | ||
Bristol-Myers Squibb Co. | 194,417 | 12,432,967 |
Catalent, Inc. (a) | 16,673 | 722,941 |
Eli Lilly & Co. | 72,914 | 34,195,208 |
Johnson & Johnson | 240,493 | 39,806,401 |
Merck & Co., Inc. | 234,820 | 27,095,880 |
Organon & Co. | 23,604 | 491,199 |
Pfizer, Inc. | 522,430 | 19,162,732 |
Viatris, Inc. | 110,961 | 1,107,391 |
Zoetis, Inc. | 42,765 | 7,364,561 |
142,379,280 | ||
Professional Services 0.7% | ||
Automatic Data Processing, Inc. | 38,231 | 8,402,791 |
Broadridge Financial Solutions, Inc. | 10,918 | 1,808,348 |
Ceridian HCM Holding, Inc. (a) | 14,347 | 960,819 |
Equifax, Inc. | 11,350 | 2,670,655 |
Jacobs Solutions, Inc. | 11,731 | 1,394,698 |
Leidos Holdings, Inc. | 12,694 | 1,123,165 |
Paychex, Inc. | 29,701 | 3,322,651 |
Paycom Software, Inc. | 4,499 | 1,445,259 |
Robert Half International, Inc. | 9,971 | 750,019 |
Verisk Analytics, Inc. | 13,399 | 3,028,576 |
24,906,981 |
14 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Real Estate Management & Development 0.2% | ||
CBRE Group, Inc., Class A (a) | 28,765 | $ 2,321,623 |
CoStar Group, Inc. (a) | 37,807 | 3,364,823 |
5,686,446 | ||
Residential REITs 0.3% | ||
AvalonBay Communities, Inc. | 13,141 | 2,487,197 |
Camden Property Trust | 9,880 | 1,075,636 |
Equity Residential | 31,558 | 2,081,881 |
Essex Property Trust, Inc. | 5,940 | 1,391,742 |
Invitation Homes, Inc. | 53,774 | 1,849,826 |
Mid-America Apartment Communities, Inc. | 10,796 | �� 1,639,480 |
UDR, Inc. | 28,631 | 1,229,988 |
11,755,750 | ||
Retail REITs 0.3% | ||
Federal Realty OP LP | 6,779 | 656,004 |
Kimco Realty Corp. | 57,366 | 1,131,257 |
Realty Income Corp. | 62,302 | 3,725,037 |
Regency Centers Corp. | 14,258 | 880,717 |
Simon Property Group, Inc. | 30,269 | 3,495,464 |
9,888,479 | ||
Semiconductors & Semiconductor Equipment 7.3% | ||
Advanced Micro Devices, Inc. (a) | 149,027 | 16,975,666 |
Analog Devices, Inc. | 46,813 | 9,119,641 |
Applied Materials, Inc. | 78,209 | 11,304,329 |
Broadcom, Inc. | 38,583 | 33,468,052 |
Enphase Energy, Inc. (a) | 12,682 | 2,123,981 |
First Solar, Inc. (a) | 9,194 | 1,747,687 |
Intel Corp. | 385,994 | 12,907,639 |
KLA Corp. | 12,697 | 6,158,299 |
Lam Research Corp. | 12,432 | 7,992,036 |
Microchip Technology, Inc. | 50,694 | 4,541,675 |
Micron Technology, Inc. | 101,278 | 6,391,655 |
Monolithic Power Systems, Inc. | 4,169 | 2,252,219 |
NVIDIA Corp. | 228,869 | 96,816,164 |
NXP Semiconductors NV | 24,037 | 4,919,893 |
ON Semiconductor Corp. (a) | 39,967 | 3,780,079 |
Qorvo, Inc. (a) | 9,248 | 943,573 |
QUALCOMM, Inc. | 103,092 | 12,272,072 |
Skyworks Solutions, Inc. | 14,718 | 1,629,135 |
SolarEdge Technologies, Inc. (a) | 5,214 | 1,402,827 |
Teradyne, Inc. | 14,348 | 1,597,363 |
Texas Instruments, Inc. | 83,996 | 15,120,960 |
253,464,945 |
Shares | Value | |
Software 10.2% | ||
Adobe, Inc. (a) | 42,449 | $ 20,757,137 |
ANSYS, Inc. (a) | 8,020 | 2,648,765 |
Autodesk, Inc. (a) | 19,818 | 4,054,961 |
Cadence Design Systems, Inc. (a) | 25,235 | 5,918,112 |
Fair Isaac Corp. (a) | 2,313 | 1,871,703 |
Fortinet, Inc. (a) | 60,311 | 4,558,908 |
Gen Digital, Inc. | 52,662 | 976,880 |
Intuit, Inc. | 25,962 | 11,895,529 |
Microsoft Corp. | 688,097 | 234,324,552 |
Oracle Corp. | 142,412 | 16,959,845 |
Palo Alto Networks, Inc. (a) | 27,964 | 7,145,082 |
PTC, Inc. (a) | 9,854 | 1,402,224 |
Roper Technologies, Inc. | 9,864 | 4,742,611 |
Salesforce, Inc. (a) | 90,601 | 19,140,367 |
ServiceNow, Inc. (a) | 18,855 | 10,595,944 |
Synopsys, Inc. (a) | 14,094 | 6,136,669 |
Tyler Technologies, Inc. (a) | 3,880 | 1,615,904 |
354,745,193 | ||
Specialized REITs 1.1% | ||
American Tower Corp. | 43,129 | 8,364,438 |
Crown Castle, Inc. | 40,133 | 4,572,754 |
Digital Realty Trust, Inc. (d) | 26,962 | 3,070,163 |
Equinix, Inc. | 8,655 | 6,785,001 |
Extra Space Storage, Inc. | 12,498 | 1,860,327 |
Iron Mountain, Inc. | 26,987 | 1,533,401 |
Public Storage | 14,643 | 4,273,999 |
SBA Communications Corp. | 10,026 | 2,323,626 |
VICI Properties, Inc. | 92,922 | 2,920,538 |
Weyerhaeuser Co. | 67,768 | 2,270,906 |
37,975,153 | ||
Specialty Retail 2.1% | ||
Advance Auto Parts, Inc. | 5,486 | 385,666 |
AutoZone, Inc. (a) | 1,703 | 4,246,192 |
Bath & Body Works, Inc. | 21,147 | 793,012 |
Best Buy Co., Inc. | 18,010 | 1,475,919 |
CarMax, Inc. (a) | 14,630 | 1,224,531 |
Home Depot, Inc. (The) | 93,715 | 29,111,628 |
Lowe's Cos., Inc. | 55,188 | 12,455,932 |
O'Reilly Automotive, Inc. (a) | 5,634 | 5,382,160 |
Ross Stores, Inc. | 31,654 | 3,549,363 |
TJX Cos., Inc. (The) | 106,562 | 9,035,392 |
Tractor Supply Co. | 10,140 | 2,241,954 |
Ulta Beauty, Inc. (a) | 4,635 | 2,181,208 |
72,082,957 | ||
Technology Hardware, Storage & Peripherals 7.9% | ||
Apple, Inc. (e) | 1,368,236 | 265,396,737 |
Shares | Value | |
Common Stocks (continued) | ||
Technology Hardware, Storage & Peripherals (continued) | ||
Hewlett Packard Enterprise Co. | 119,923 | $ 2,014,706 |
HP, Inc. | 80,225 | 2,463,710 |
NetApp, Inc. | 19,795 | 1,512,338 |
Seagate Technology Holdings plc | 17,822 | 1,102,647 |
Western Digital Corp. (a) | 29,608 | 1,123,032 |
273,613,170 | ||
Textiles, Apparel & Luxury Goods 0.4% | ||
NIKE, Inc., Class B | 114,021 | 12,584,498 |
Ralph Lauren Corp. | 3,795 | 467,923 |
Tapestry, Inc. | 21,451 | 918,103 |
VF Corp. | 30,585 | 583,868 |
14,554,392 | ||
Tobacco 0.6% | ||
Altria Group, Inc. | 165,192 | 7,483,198 |
Philip Morris International, Inc. | 143,644 | 14,022,527 |
21,505,725 | ||
Trading Companies & Distributors 0.3% | ||
Fastenal Co. | 52,871 | 3,118,860 |
United Rentals, Inc. | 6,361 | 2,832,999 |
WW Grainger, Inc. | 4,132 | 3,258,454 |
9,210,313 | ||
Water Utilities 0.1% | ||
American Water Works Co., Inc. | 18,013 | 2,571,356 |
Wireless Telecommunication Services 0.2% | ||
T-Mobile US, Inc. (a) | 53,300 | 7,403,370 |
Total Common Stocks (f) (Cost $1,000,265,107) | 3,438,950,455 | |
Short-Term Investments 1.1% | ||
Affiliated Investment Company 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 5.06% (g) | 93,302 | 93,302 |
Unaffiliated Investment Company 0.1% | ||
Invesco Government & Agency Portfolio, 5.158% (g)(h) | 2,927,894 | 2,927,894 |
Principal Amount | Value | ||
Short-Term Investments 1.1% | |||
U.S. Treasury Debt 1.0% | |||
U.S. Treasury Bills | |||
5.132%, due 10/5/23 (e)(i) | $ 37,000,000 | $ 36,500,158 | |
Total Short-Term Investments (Cost $39,523,566) | 39,521,354 | ||
Total Investments (Cost $1,039,788,673) | 100.0% | 3,478,471,809 | |
Other Assets, Less Liabilities | (0.0)‡ | (130,851) | |
Net Assets | 100.0% | $ 3,478,340,958 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $4,248, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(d) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $3,888,932; the total market value of collateral held by the Portfolio was $3,972,781. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,044,887. The Portfolio received cash collateral with a value of $2,927,894. (See Note 2(I)) |
(e) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
(f) | 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. |
(g) | Current yield as of June 30, 2023. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
(i) | Interest rate shown represents yield to maturity. |
16 | MainStay VP S&P 500 Index Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ —(a) | $ 16,198 | $ (16,105) | $ — | $ — | $ 93 | $ 4 | $ — | 93 |
(a) | Less than $500. |
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 | 164 | September 2023 | $ 36,074,418 | $ 36,803,650 | $ 729,232 |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
REIT—Real Estate Investment Trust |
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 | $ 3,438,946,207 | $ — | $ 4,248 | $ 3,438,950,455 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 93,302 | — | — | 93,302 | |||
Unaffiliated Investment Company | 2,927,894 | — | — | 2,927,894 | |||
U.S. Treasury Debt | — | 36,500,158 | — | 36,500,158 | |||
Total Short-Term Investments | 3,021,196 | 36,500,158 | — | 39,521,354 | |||
Total Investments in Securities | 3,441,967,403 | 36,500,158 | 4,248 | 3,478,471,809 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 729,232 | — | — | 729,232 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,442,696,635 | $ 36,500,158 | $ 4,248 | $ 3,479,201,041 |
(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 $1,039,695,371) including securities on loan of $3,888,932 | $3,478,378,507 |
Investment in affiliated investment companies, at value (identified cost $93,302) | 93,302 |
Receivables: | |
Dividends | 2,231,570 |
Portfolio shares sold | 1,888,800 |
Variation margin on futures contracts | 401,578 |
Securities lending | 567 |
Other assets | 29,535 |
Total assets | 3,483,023,859 |
Liabilities | |
Cash collateral received for securities on loan | 2,927,894 |
Due to custodian | 6,371 |
Payables: | |
Portfolio shares redeemed | 995,525 |
NYLIFE Distributors (See Note 3) | 403,809 |
Manager (See Note 3) | 252,931 |
Professional fees | 27,822 |
Shareholder communication | 16,129 |
Custodian | 9,358 |
Accrued expenses | 43,062 |
Total liabilities | 4,682,901 |
Net assets | $3,478,340,958 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 43,000 |
Additional paid-in-capital | 930,440,494 |
930,483,494 | |
Total distributable earnings (loss) | 2,547,857,464 |
Net assets | $3,478,340,958 |
Initial Class | |
Net assets applicable to outstanding shares | $1,458,719,727 |
Shares of beneficial interest outstanding | 17,916,278 |
Net asset value per share outstanding | $ 81.42 |
Service Class | |
Net assets applicable to outstanding shares | $2,019,621,231 |
Shares of beneficial interest outstanding | 25,083,951 |
Net asset value per share outstanding | $ 80.51 |
18 | MainStay VP S&P 500 Index Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $7,289) | $ 26,815,408 |
Interest | 773,719 |
Securities lending, net | 7,888 |
Dividends-affiliated | 3,986 |
Total income | 27,601,001 |
Expenses | |
Manager (See Note 3) | 2,506,381 |
Distribution/Service—Service Class (See Note 3) | 2,297,169 |
Professional fees | 111,571 |
Shareholder communication | 51,835 |
Trustees | 37,301 |
Custodian | 24,473 |
Registration | 79 |
Miscellaneous | 236,887 |
Total expenses before waiver/reimbursement | 5,265,696 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,062,598) |
Net expenses | 4,203,098 |
Net investment income (loss) | 23,397,903 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 2,231,754 |
Futures transactions | 2,182,415 |
Foreign currency transactions | (167) |
Net realized gain (loss) | 4,414,002 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 470,954,963 |
Futures contracts | 1,543,957 |
Net change in unrealized appreciation (depreciation) | 472,498,920 |
Net realized and unrealized gain (loss) | 476,912,922 |
Net increase (decrease) in net assets resulting from operations | $500,310,825 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 23,397,903 | $ 42,206,959 |
Net realized gain (loss) | 4,414,002 | 54,948,557 |
Net change in unrealized appreciation (depreciation) | 472,498,920 | (780,676,025) |
Net increase (decrease) in net assets resulting from operations | 500,310,825 | (683,520,509) |
Distributions to shareholders: | ||
Initial Class | — | (62,047,386) |
Service Class | — | (79,677,136) |
Total distributions to shareholders | — | (141,724,522) |
Capital share transactions: | ||
Net proceeds from sales of shares | 136,800,799 | 291,292,111 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 141,724,522 |
Cost of shares redeemed | (161,491,841) | (417,633,674) |
Increase (decrease) in net assets derived from capital share transactions | (24,691,042) | 15,382,959 |
Net increase (decrease) in net assets | 475,619,783 | (809,862,072) |
Net Assets | ||
Beginning of period | 3,002,721,175 | 3,812,583,247 |
End of period | $3,478,340,958 | $3,002,721,175 |
20 | MainStay VP S&P 500 Index Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 69.69 | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | |||||
Net investment income (loss) (a) | 0.60 | 1.12 | 1.03 | 1.00 | 1.01 | 1.04 | |||||
Net realized and unrealized gain (loss) | 11.13 | (17.63) | 19.19 | 10.13 | 13.88 | (3.15) | |||||
Total from investment operations | 11.73 | (16.51) | 20.22 | 11.13 | 14.89 | (2.11) | |||||
Less distributions: | |||||||||||
From net investment income | — | (1.12) | (1.01) | (0.91) | (1.00) | (0.78) | |||||
From net realized gain on investments | — | (2.44) | (0.86) | (0.51) | (0.30) | (1.02) | |||||
Total distributions | — | (3.56) | (1.87) | (1.42) | (1.30) | (1.80) | |||||
Net asset value at end of period | $ 81.42 | $ 69.69 | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | |||||
Total investment return (b) | 16.83%(c) | (18.19)% | 28.55% | 18.24% | 31.25% | (4.52)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.62%†† | 1.45% | 1.28% | 1.61% | 1.80% | 1.95% | |||||
Net expenses (d) | 0.12%†† | 0.12% | 0.12% | 0.13% | 0.16% | 0.16% | |||||
Expenses (before waiver/reimbursement) (d) | 0.19%†† | 0.19% | 0.18% | 0.20% | 0.19% | 0.19% | |||||
Portfolio turnover rate | 1% | 2% | 3% | 2% | 7% | 9% | |||||
Net assets at end of period (in 000's) | $ 1,458,720 | $ 1,271,411 | $ 1,745,640 | $ 1,749,834 | $ 1,123,943 | $ 1,001,911 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 69.01 | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | |||||
Net investment income (loss) (a) | 0.50 | 0.92 | 0.83 | 0.83 | 0.86 | 0.90 | |||||
Net realized and unrealized gain (loss) | 11.00 | (17.43) | 18.99 | 10.03 | 13.77 | (3.13) | |||||
Total from investment operations | 11.50 | (16.51) | 19.82 | 10.86 | 14.63 | (2.23) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.91) | (0.85) | (0.78) | (0.88) | (0.67) | |||||
From net realized gain on investments | — | (2.44) | (0.86) | (0.51) | (0.30) | (1.02) | |||||
Total distributions | — | (3.35) | (1.71) | (1.29) | (1.18) | (1.69) | |||||
Net asset value at end of period | $ 80.51 | $ 69.01 | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | |||||
Total investment return (b) | 16.66%(c) | (18.40)% | 28.23% | 17.95% | 30.92% | (4.76)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.37%†† | 1.21% | 1.03% | 1.37% | 1.54% | 1.70% | |||||
Net expenses (d) | 0.37%†† | 0.37% | 0.37% | 0.38% | 0.41% | 0.41% | |||||
Expenses (before waiver/reimbursement) (d) | 0.44%†† | 0.44% | 0.43% | 0.45% | 0.44% | 0.44% | |||||
Portfolio turnover rate | 1% | 2% | 3% | 2% | 7% | 9% | |||||
Net assets at end of period (in 000's) | $ 2,019,621 | $ 1,731,310 | $ 2,066,943 | $ 1,620,242 | $ 1,341,639 | $ 920,531 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
22 | MainStay VP S&P 500 Index Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) 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 S&P 500 Index Portfolio |
26 | MainStay VP S&P 500 Index Portfolio |
Asset Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $729,232 | $729,232 |
Total Fair Value | $729,232 | $729,232 |
(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 Transactions | $2,182,415 | $2,182,415 |
Total Net Realized Gain (Loss) | $2,182,415 | $2,182,415 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $1,543,957 | $1,543,957 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,543,957 | $1,543,957 |
Average Notional Amount | Total |
Futures Contracts Long | $32,646,094 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,056,265,803 | $2,452,492,509 | $(30,286,503) | $2,422,206,006 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 88,524,568 |
Long-Term Capital Gains | 53,199,954 |
Total | $141,724,522 |
28 | MainStay VP S&P 500 Index Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 258,245 | $ 19,327,653 |
Shares redeemed | (584,549) | (43,688,817) |
Net increase (decrease) | (326,304) | $ (24,361,164) |
Year ended December 31, 2022: | ||
Shares sold | 460,168 | $ 34,910,174 |
Shares issued to shareholders in reinvestment of distributions | 934,676 | 62,047,386 |
Shares redeemed | (2,599,133) | (206,953,691) |
Net increase (decrease) | (1,204,289) | $(109,996,131) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,581,671 | $ 117,473,146 |
Shares redeemed | (1,586,985) | (117,803,024) |
Net increase (decrease) | (5,314) | $ (329,878) |
Year ended December 31, 2022: | ||
Shares sold | 3,369,175 | $ 256,381,937 |
Shares issued to shareholders in reinvestment of distributions | 1,211,573 | 79,677,136 |
Shares redeemed | (2,748,435) | (210,679,983) |
Net increase (decrease) | 1,832,313 | $ 125,379,090 |
30 | MainStay VP S&P 500 Index Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034701 | MSVPSP10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 5/1/2015 | 1.81% | 1.43% | -5.02% | -3.02% | 1.13% |
Service Class Shares | 5/1/2015 | 1.68 | 1.18 | -5.26 | -3.26 | 1.38 |
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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)2 | 0.20% | -0.62% | 5.18% | 5.07% |
Morningstar Infrastructure Category Average3 | 3.31 | 2.13 | 5.69 | 4.21 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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) is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors. |
3. | The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,018.10 | $4.75 | $1,020.08 | $4.76 | 0.95% |
Service Class Shares | $1,000.00 | $1,016.80 | $6.00 | $1,018.84 | $6.01 | 1.20% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP CBRE Global Infrastructure Portfolio |
United States | 52.1% |
Australia | 7.5 |
Spain | 7.3 |
Canada | 6.5 |
France | 6.3 |
Japan | 5.0 |
United Kingdom | 4.8 |
Italy | 3.3 |
China | 2.5% |
Portugal | 1.9 |
Mexico | 1.5 |
Hong Kong | 1.1 |
New Zealand | 0.7 |
Other Assets, Less Liabilities | –0.5 |
100.0% |
1. | NextEra Energy, Inc. |
2. | American Tower Corp. |
3. | Cellnex Telecom SA |
4. | Vinci SA |
5. | Transurban Group |
6. | WEC Energy Group, Inc. |
7. | Enbridge, Inc. |
8. | Aena SME SA |
9. | Central Japan Railway Co. |
10. | Ameren Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | |
Common Stocks 98.6% | ||
Australia 7.5% | ||
Atlas Arteria Ltd. (Transportation) | 212,638 | $ 879,639 |
NEXTDC Ltd. (Communications) (a) | 45,367 | 380,183 |
Transurban Group (Transportation) | 136,342 | 1,294,245 |
2,554,067 | ||
Canada 6.5% | ||
Canadian National Railway Co. (Transportation) | 2,832 | 342,940 |
Enbridge, Inc. (Midstream / Pipelines) | 30,807 | 1,145,074 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 23,199 | 729,374 |
2,217,388 | ||
China 2.5% | ||
China Resources Gas Group Ltd. (Utilities) | 94,977 | 324,832 |
ENN Energy Holdings Ltd. (Utilities) | 20,298 | 252,819 |
Guangdong Investment Ltd. (Utilities) | 342,395 | 295,379 |
873,030 | ||
France 6.3% | ||
Eiffage SA (Transportation) | 7,587 | 791,301 |
Vinci SA (Transportation) | 11,584 | 1,344,692 |
2,135,993 | ||
Hong Kong 1.1% | ||
CK Infrastructure Holdings Ltd. (Utilities) | 71,481 | 378,112 |
Italy 3.3% | ||
Enel SpA (Utilities) | 137,570 | 925,918 |
Infrastrutture Wireless Italiane SpA (Communications) | 15,893 | 209,497 |
1,135,415 | ||
Japan 5.0% | ||
Central Japan Railway Co. (Transportation) | 8,241 | 1,031,446 |
West Japan Railway Co. (Transportation) | 15,924 | 661,040 |
1,692,486 | ||
Mexico 1.5% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 27,765 | 498,349 |
New Zealand 0.7% | ||
Infratil Ltd. (Diversified) | 38,382 | 239,084 |
Portugal 1.9% | ||
EDP - Energias de Portugal SA (Utilities) | 135,459 | 661,610 |
Shares | Value | |
Spain 7.3% | ||
Aena SME SA (Transportation) | 6,523 | $ 1,053,449 |
Cellnex Telecom SA (Communications) | 35,986 | 1,452,520 |
2,505,969 | ||
United Kingdom 4.8% | ||
National Grid plc (Utilities) | 75,097 | 992,358 |
Pennon Group plc (Utilities) | 19,041 | 171,934 |
SSE plc (Utilities) | 19,889 | 465,019 |
1,629,311 | ||
United States 50.2% | ||
AES Corp. (The) (Utilities) | 23,362 | 484,294 |
ALLETE, Inc. (Utilities) | 4,621 | 267,879 |
Ameren Corp. (Utilities) | 12,295 | 1,004,133 |
American Electric Power Co., Inc. (Utilities) | 4,007 | 337,389 |
American Tower Corp. (Communications) | 8,636 | 1,674,866 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 4,519 | 688,515 |
CMS Energy Corp. (Utilities) | 12,466 | 732,377 |
Constellation Energy Corp. (Utilities) | 3,121 | 285,728 |
Crown Castle, Inc. (Communications) | 7,304 | 832,218 |
CSX Corp. (Transportation) | 19,276 | 657,312 |
Equinix, Inc. (Communications) | 524 | 410,785 |
FirstEnergy Corp. (Utilities) | 6,023 | 234,174 |
NextEra Energy Partners LP (Utilities) (b) | 4,072 | 238,782 |
NextEra Energy, Inc. (Utilities) | 22,705 | 1,684,711 |
NiSource, Inc. (Utilities) | 15,585 | 426,250 |
OGE Energy Corp. (Utilities) | 14,685 | 527,338 |
PG&E Corp. (Utilities) (a) | 20,093 | 347,207 |
PPL Corp. (Utilities) | 32,764 | 866,935 |
Public Service Enterprise Group, Inc. (Utilities) | 10,279 | 643,568 |
Sempra Energy (Utilities) | 5,790 | 842,966 |
Southern Co. (The) (Utilities) | 12,885 | 905,171 |
Targa Resources Corp. (Midstream / Pipelines) | 6,269 | 477,071 |
Union Pacific Corp. (Transportation) | 3,803 | 778,170 |
WEC Energy Group, Inc. (Utilities) | 13,709 | 1,209,682 |
Xcel Energy, Inc. (Utilities) | 8,880 | 552,070 |
17,109,591 | ||
Total Common Stocks (Cost $32,524,172) | 33,630,405 | |
Short-Term Investments 1.9% | ||
Affiliated Investment Company 1.3% | ||
United States 1.3% | ||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 436,634 | 436,634 |
10 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 0.6% | |||
United States 0.6% | |||
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 214,286 | $ 214,286 | |
Total Short-Term Investments (Cost $650,920) | 650,920 | ||
Total Investments (Cost $33,175,092) | 100.5% | 34,281,325 | |
Other Assets, Less Liabilities | (0.5) | (171,701) | |
Net Assets | 100.0% | $ 34,109,624 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $209,890. The Portfolio received cash collateral with a value of $214,286. (See Note 2(I)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 631 | $ 3,987 | $ (4,181) | $ — | $ — | $ 437 | $ 7 | $ — | 437 |
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 | $ 33,630,405 | $ — | $ — | $ 33,630,405 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 436,634 | — | — | 436,634 | |||
Unaffiliated Investment Company | 214,286 | — | — | 214,286 | |||
Total Short-Term Investments | 650,920 | — | — | 650,920 | |||
Total Investments in Securities | $ 34,281,325 | $ — | $ — | $ 34,281,325 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Utilities | $16,058,635 | 47.1% | |
Transportation | 9,332,583 | 27.5 | |
Communications | 4,960,069 | 14.4 | |
Midstream / Pipelines | 3,040,034 | 8.9 | |
Diversified | 239,084 | 0.7 | |
33,630,405 | 98.6 | ||
Short-Term Investments | 650,920 | 1.9 | |
Other Assets, Less Liabilities | (171,701) | (0.5) | |
Net Assets | $34,109,624 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
12 | MainStay VP CBRE Global Infrastructure Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $32,738,458) including securities on loan of $209,890 | $ 33,844,691 |
Investment in affiliated investment companies, at value (identified cost $436,634) | 436,634 |
Cash denominated in foreign currencies (identified cost $4,427) | 4,406 |
Receivables: | |
Dividends | 141,137 |
Portfolio shares sold | 21,409 |
Securities lending | 375 |
Other assets | 269 |
Total assets | 34,448,921 |
Liabilities | |
Cash collateral received for securities on loan | 214,286 |
Payables: | |
Portfolio shares redeemed | 35,204 |
Shareholder communication | 28,434 |
Professional fees | 20,455 |
Manager (See Note 3) | 19,216 |
Custodian | 9,250 |
NYLIFE Distributors (See Note 3) | 6,529 |
Accrued expenses | 5,923 |
Total liabilities | 339,297 |
Net assets | $ 34,109,624 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 4,910 |
Additional paid-in-capital | 68,728,603 |
68,733,513 | |
Total distributable earnings (loss) | (34,623,889) |
Net assets | $ 34,109,624 |
Initial Class | |
Net assets applicable to outstanding shares | $ 2,162,662 |
Shares of beneficial interest outstanding | 307,181 |
Net asset value per share outstanding | $ 7.04 |
Service Class | |
Net assets applicable to outstanding shares | $31,946,962 |
Shares of beneficial interest outstanding | 4,603,084 |
Net asset value per share outstanding | $ 6.94 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $36,219) | $ 618,198 |
Dividends-affiliated | 7,085 |
Securities lending, net | 2,150 |
Total income | 627,433 |
Expenses | |
Manager (See Note 3) | 145,897 |
Distribution/Service—Service Class (See Note 3) | 40,218 |
Professional fees | 27,871 |
Custodian | 15,018 |
Trustees | 393 |
Miscellaneous | 135 |
Total expenses before waiver/reimbursement | 229,532 |
Expense waiver/reimbursement from Manager (See Note 3) | (26,251) |
Net expenses | 203,281 |
Net investment income (loss) | 424,152 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 279,174 |
Foreign currency transactions | (3,106) |
Net realized gain (loss) | 276,068 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (106,875) |
Translation of other assets and liabilities in foreign currencies | 646 |
Net change in unrealized appreciation (depreciation) | (106,229) |
Net realized and unrealized gain (loss) | 169,839 |
Net increase (decrease) in net assets resulting from operations | $ 593,991 |
14 | MainStay VP CBRE Global Infrastructure Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 424,152 | $ 518,708 |
Net realized gain (loss) | 276,068 | (937,133) |
Net change in unrealized appreciation (depreciation) | (106,229) | (2,045,417) |
Net increase (decrease) in net assets resulting from operations | 593,991 | (2,463,842) |
Distributions to shareholders: | ||
Initial Class | — | (27,062) |
Service Class | — | (387,536) |
Total distributions to shareholders | — | (414,598) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,263,782 | 20,290,734 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 414,598 |
Cost of shares redeemed | (4,639,198) | (10,775,375) |
Increase (decrease) in net assets derived from capital share transactions | (375,416) | 9,929,957 |
Net increase (decrease) in net assets | 218,575 | 7,051,517 |
Net Assets | ||
Beginning of period | 33,891,049 | 26,839,532 |
End of period | $34,109,624 | $ 33,891,049 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 6.92 | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | |||||
Net investment income (loss) | 0.11 | 0.13(a) | 0.15(a) | 0.03(a) | 0.03(a) | (0.07)(a) | |||||
Net realized and unrealized gain (loss) | 0.01 | (0.58) | 0.84 | (1.08) | 0.37 | (2.84) | |||||
Total from investment operations | 0.12 | (0.45) | 0.99 | (1.05) | 0.40 | (2.91) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.10) | — | (0.48) | — | — | |||||
Net asset value at end of period | $ 7.04 | $ 6.92 | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | |||||
Total investment return (b) | 1.73%(c) | (5.99)% | 15.28%(c) | (12.81)% | 5.26%(c) | (27.66)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.69%†† | 1.87% | 2.08% | 0.41% | 0.33% | (0.66)% | |||||
Net expenses (d) | 0.95%†† | 0.95% | 0.95% | 1.05% | 1.21% | 1.21% | |||||
Expenses (before waiver/reimbursement) (d) | 1.10%†† | 1.13% | 1.32% | 1.44% | 1.21% | 1.21% | |||||
Portfolio turnover rate | 17% | 54% | 43% | 163% | 119% | 162% | |||||
Net assets at end of period (in 000's) | $ 2,163 | $ 2,111 | $ 1,899 | $ 1,022 | $ 1,009 | $ 90,681 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 6.83 | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | |||||
Net investment income (loss) | 0.09 | 0.11(a) | 0.12(a) | 0.04(a) | 0.01(a) | (0.09)(a) | |||||
Net realized and unrealized gain (loss) | 0.02 | (0.58) | 0.84 | (1.09) | 0.37 | (2.83) | |||||
Total from investment operations | 0.11 | (0.47) | 0.96 | (1.05) | 0.38 | (2.92) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.08) | — | (0.46) | — | — | |||||
Net asset value at end of period | $ 6.94 | $ 6.83 | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | |||||
Total investment return (b) | 1.61%(c) | (6.22)% | 14.95%(c) | (13.03)% | 5.03%(c) | (27.89)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.46%†† | 1.60% | 1.79% | 0.62% | 0.11% | (0.91)% | |||||
Net expenses (d) | 1.20%†† | 1.20% | 1.20% | 1.52% | 1.62% | 1.46% | |||||
Expenses (before waiver/reimbursement) (d) | 1.35%†† | 1.38% | 1.60% | 1.95% | 1.62% | 1.46% | |||||
Portfolio turnover rate | 17% | 54% | 43% | 163% | 119% | 162% | |||||
Net assets at end of period (in 000's) | $ 31,947 | $ 31,780 | $ 24,941 | $ 20,041 | $ 22,798 | $ 22,133 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP CBRE Global Infrastructure Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2015 |
Service Class | May 1, 2015 |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $33,988,691 | $1,634,548 | $(1,341,914) | $292,634 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,190 | $1,983 |
2022 | |
Distributions paid from: | |
Ordinary Income | $414,598 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 25,378 | $ 179,349 |
Shares redeemed | (23,460) | (168,819) |
Net increase (decrease) | 1,918 | $ 10,530 |
Year ended December 31, 2022: | ||
Shares sold | 100,768 | $ 720,250 |
Shares issued to shareholders in reinvestment of distributions | 4,406 | 27,062 |
Shares redeemed | (54,059) | (380,690) |
Net increase (decrease) | 51,115 | $ 366,622 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 585,729 | $ 4,084,433 |
Shares redeemed | (638,622) | (4,470,379) |
Net increase (decrease) | (52,893) | $ (385,946) |
Year ended December 31, 2022: | ||
Shares sold | 2,756,775 | $ 19,570,484 |
Shares issued to shareholders in reinvestment of distributions | 63,886 | 387,536 |
Shares redeemed | (1,544,297) | (10,394,685) |
Net increase (decrease) | 1,276,364 | $ 9,563,335 |
22 | MainStay VP CBRE Global Infrastructure Portfolio |
24 | MainStay VP CBRE Global Infrastructure Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034686 | MSVPCRA10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | -3.37% | 3.06% | 7.64% | 7.19% | 0.66% |
Service Class Shares | 2/17/2012 | -3.48 | 2.80 | 7.37 | 6.93 | 0.91 |
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. | Not annualized. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
MSCI USA IMI Utilities 25/50 Index (Gross)2 | -5.74% | -3.47% | 7.54% | 9.21% |
Morningstar Utilities Category Average3 | -3.79 | -1.92 | 6.58 | 8.02 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Utilities Category Average is representative of funds that seek capital appreciation by investing primarily in equity securities of U.S. or non-U.S. public utilities including electric, gas, and telephone-service providers. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $966.30 | $3.27 | $1,021.47 | $3.36 | 0.67% |
Service Class Shares | $1,000.00 | $965.20 | $4.48 | $1,020.23 | $4.61 | 0.92% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Electric Utilities | 62.8% |
Multi–Utilities | 21.6 |
Independent Power and Renewable Electricity Producers | 8.5 |
Water Utilities | 4.3 |
Oil, Gas & Consumable Fuels | 1.1 |
Electrical Equipment | 0.2% |
Short–Term Investments | 1.8 |
Other Assets, Less Liabilities | –0.3 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Southern Co. (The) |
3. | PG&E Corp. |
4. | Constellation Energy Corp. |
5. | Sempra Energy |
6. | Edison International |
7. | American Water Works Co., Inc. |
8. | Public Service Enterprise Group, Inc. |
9. | NiSource, Inc. |
10. | Vistra Corp. |
1. | Fidelity Institutional AM is a registered trademark of FMR LLC. Used with permission. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Shares | Value | |
Common Stocks 98.5% | ||
Electric Utilities 62.8% | ||
Constellation Energy Corp. | 738,519 | $ 67,611,414 |
Duke Energy Corp. | 215,113 | 19,304,241 |
Edison International | 679,037 | 47,159,120 |
Eversource Energy | 496,700 | 35,225,964 |
Exelon Corp. | 610,198 | 24,859,466 |
FirstEnergy Corp. | 687,381 | 26,725,373 |
NextEra Energy, Inc. | 1,840,037 | 136,530,745 |
NRG Energy, Inc. | 303,710 | 11,355,717 |
PG&E Corp. (a) | 4,163,399 | 71,943,535 |
Pinnacle West Capital Corp. | 243,389 | 19,826,468 |
PPL Corp. | 674,917 | 17,858,304 |
Southern Co. (The) | 1,746,064 | 122,660,996 |
Xcel Energy, Inc. | 208,700 | 12,974,879 |
614,036,222 | ||
Electrical Equipment 0.2% | ||
Fluence Energy, Inc. (a)(b) | 61,293 | 1,632,846 |
Independent Power and Renewable Electricity Producers 8.5% | ||
AES Corp. (The) | 607,300 | 12,589,329 |
Clearway Energy, Inc. | 101,800 | 2,775,588 |
Energy Harbor Corp. (a) | 164,600 | 12,715,350 |
NextEra Energy Partners LP (b) | 235,568 | 13,813,707 |
Sunnova Energy International, Inc. (a)(b) | 261,000 | 4,778,910 |
Vistra Corp. | 1,378,111 | 36,175,414 |
82,848,298 | ||
Multi-Utilities 21.6% | ||
Dominion Energy, Inc. | 698,143 | 36,156,826 |
DTE Energy Co. | 281,500 | 30,970,630 |
NiSource, Inc. | 1,402,984 | 38,371,612 |
Public Service Enterprise Group, Inc. | 618,224 | 38,707,005 |
Sempra Energy | 462,143 | 67,283,399 |
211,489,472 | ||
Oil, Gas & Consumable Fuels 1.1% | ||
Cheniere Energy, Inc. | 68,700 | 10,467,132 |
Shares | Value | ||
Water Utilities 4.3% | |||
American Water Works Co., Inc. | 291,600 | $ 41,625,901 | |
Total Common Stocks (Cost $917,446,607) | 962,099,871 | ||
Short-Term Investments 1.8% | |||
Affiliated Investment Company 1.4% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 14,149,753 | 14,149,753 | |
Unaffiliated Investment Company 0.4% | |||
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 3,556,590 | 3,556,590 | |
Total Short-Term Investments (Cost $17,706,343) | 17,706,343 | ||
Total Investments (Cost $935,152,950) | 100.3% | 979,806,214 | |
Other Assets, Less Liabilities | (0.3) | (2,711,857) | |
Net Assets | 100.0% | $ 977,094,357 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $7,709,545; the total market value of collateral held by the Portfolio was $7,894,164. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,337,574. The Portfolio received cash collateral with a value of $3,556,590. (See Note 2(H)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 19,414 | $ 156,850 | $ (162,114) | $ — | $ — | $ 14,150 | $ 281 | $ — | 14,150 |
10 | MainStay VP Fidelity Institutional AM® Utilities 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 | $ 949,384,521 | $ 12,715,350 | $ — | $ 962,099,871 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 14,149,753 | — | — | 14,149,753 | |||
Unaffiliated Investment Company | 3,556,590 | — | — | 3,556,590 | |||
Total Short-Term Investments | 17,706,343 | — | — | 17,706,343 | |||
Total Investments in Securities | $ 967,090,864 | $ 12,715,350 | $ — | $ 979,806,214 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $921,003,197) including securities on loan of $7,709,545 | $965,656,461 |
Investment in affiliated investment companies, at value (identified cost $14,149,753) | 14,149,753 |
Receivables: | |
Portfolio shares sold | 1,868,866 |
Investment securities sold | 1,170,146 |
Dividends | 855,457 |
Securities lending | 2,842 |
Other assets | 9,746 |
Total assets | 983,713,271 |
Liabilities | |
Cash collateral received for securities on loan | 3,556,590 |
Payables: | |
Portfolio shares redeemed | 1,369,212 |
Investment securities purchased | 954,236 |
Manager (See Note 3) | 514,651 |
NYLIFE Distributors (See Note 3) | 158,951 |
Professional fees | 41,225 |
Shareholder communication | 11,404 |
Custodian | 733 |
Accrued expenses | 11,912 |
Total liabilities | 6,618,914 |
Net assets | $977,094,357 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 76,933 |
Additional paid-in-capital | 748,620,752 |
748,697,685 | |
Total distributable earnings (loss) | 228,396,672 |
Net assets | $977,094,357 |
Initial Class | |
Net assets applicable to outstanding shares | $208,978,374 |
Shares of beneficial interest outstanding | 16,379,046 |
Net asset value per share outstanding | $ 12.76 |
Service Class | |
Net assets applicable to outstanding shares | $768,115,983 |
Shares of beneficial interest outstanding | 60,553,508 |
Net asset value per share outstanding | $ 12.68 |
12 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 14,150,671 |
Dividends-affiliated | 280,629 |
Securities lending, net | 13,420 |
Total income | 14,444,720 |
Expenses | |
Manager (See Note 3) | 3,182,459 |
Distribution/Service—Service Class (See Note 3) | 992,731 |
Professional fees | 71,308 |
Custodian | 15,627 |
Shareholder communication | 12,756 |
Trustees | 10,702 |
Miscellaneous | 16,474 |
Total expenses | 4,302,057 |
Net investment income (loss) | 10,142,663 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 23,031,578 |
Foreign currency transactions | 139 |
Net realized gain (loss) | 23,031,717 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (69,307,610) |
Translation of other assets and liabilities in foreign currencies | 5,365 |
Net change in unrealized appreciation (depreciation) | (69,302,245) |
Net realized and unrealized gain (loss) | (46,270,528) |
Net increase (decrease) in net assets resulting from operations | $(36,127,865) |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,142,663 | $ 13,893,104 |
Net realized gain (loss) | 23,031,717 | 143,420,705 |
Net change in unrealized appreciation (depreciation) | (69,302,245) | (99,750,150) |
Net increase (decrease) in net assets resulting from operations | (36,127,865) | 57,563,659 |
Distributions to shareholders: | ||
Initial Class | — | (13,874,720) |
Service Class | — | (59,581,954) |
Total distributions to shareholders | — | (73,456,674) |
Capital share transactions: | ||
Net proceeds from sales of shares | 46,190,776 | 83,467,996 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 73,456,674 |
Cost of shares redeemed | (90,094,506) | (278,193,216) |
Increase (decrease) in net assets derived from capital share transactions | (43,903,730) | (121,268,546) |
Net increase (decrease) in net assets | (80,031,595) | (137,161,561) |
Net Assets | ||
Beginning of period | 1,057,125,952 | 1,194,287,513 |
End of period | $ 977,094,357 | $1,057,125,952 |
14 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.20 | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | |||||
Net investment income (loss) (a) | 0.14 | 0.20 | 0.31 | 0.25 | 0.31 | 0.28 | |||||
Net realized and unrealized gain (loss) | (0.58) | 0.43 | 1.73 | (0.34) | 2.39 | (0.18) | |||||
Total from investment operations | (0.44) | 0.63 | 2.04 | (0.09) | 2.70 | 0.10 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.30) | (0.28) | (0.33) | (0.34) | (0.15) | |||||
From net realized gain on investments | — | (0.71) | (0.53) | (0.72) | (0.55) | (0.02) | |||||
Total distributions | — | (1.01) | (0.81) | (1.05) | (0.89) | (0.17) | |||||
Net asset value at end of period | $ 12.76 | $ 13.20 | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | |||||
Total investment return (b) | (3.33)%(c) | 5.57% | 17.24% | (0.38)% | 23.26% | 0.80% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.25%†† | 1.46% | 2.41% | 2.06% | 2.41% | 2.31% | |||||
Net expenses (d) | 0.67%†† | 0.66% | 0.66% | 0.67% | 0.68% | 0.76% | |||||
Portfolio turnover rate | 33% | 53% | 34% | 62% | 47% | 84% | |||||
Net assets at end of period (in 000's) | $ 208,978 | $ 202,092 | $ 215,594 | $ 135,814 | $ 97,503 | $ 81,716 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.14 | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | |||||
Net investment income (loss) (a) | 0.12 | 0.17 | 0.27 | 0.22 | 0.28 | 0.25 | |||||
Net realized and unrealized gain (loss) | (0.58) | 0.43 | 1.72 | (0.35) | 2.37 | (0.18) | |||||
Total from investment operations | (0.46) | 0.60 | 1.99 | (0.13) | 2.65 | 0.07 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.26) | (0.24) | (0.29) | (0.30) | (0.11) | |||||
From net realized gain on investments | — | (0.71) | (0.53) | (0.72) | (0.55) | (0.02) | |||||
Total distributions | — | (0.97) | (0.77) | (1.01) | (0.85) | (0.13) | |||||
Net asset value at end of period | $ 12.68 | $ 13.14 | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | |||||
Total investment return (b) | (3.50)%(c) | 5.31% | 16.95% | (0.63)% | 22.95% | 0.55% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.99%†† | 1.22% | 2.14% | 1.80% | 2.15% | 2.08% | |||||
Net expenses (d) | 0.92%†† | 0.91% | 0.91% | 0.92% | 0.93% | 1.01% | |||||
Portfolio turnover rate | 33% | 53% | 34% | 62% | 47% | 84% | |||||
Net assets at end of period (in 000's) | $ 768,116 | $ 855,034 | $ 978,694 | $ 953,655 | $ 1,121,657 | $ 1,066,963 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
16 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $938,447,704 | $68,160,657 | $(26,802,147) | $41,358,510 |
2022 | |
Distributions paid from: | |
Ordinary Income | $23,960,588 |
Long-Term Capital Gains | 49,496,086 |
Total | $73,456,674 |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$3,461 | $10,614 | $(2,265) |
20 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,542,800 | $ 19,656,994 |
Shares redeemed | (470,037) | (6,074,260) |
Net increase (decrease) | 1,072,763 | $ 13,582,734 |
Year ended December 31, 2022: | ||
Shares sold | 1,583,682 | $ 20,686,389 |
Shares issued to shareholders in reinvestment of distributions | 1,176,971 | 13,874,720 |
Shares redeemed | (3,335,783) | (45,895,265) |
Net increase (decrease) | (575,130) | $ (11,334,156) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 2,107,705 | $ 26,533,782 |
Shares redeemed | (6,610,419) | (84,020,246) |
Net increase (decrease) | (4,502,714) | $ (57,486,464) |
Year ended December 31, 2022: | ||
Shares sold | 4,652,743 | $ 62,781,607 |
Shares issued to shareholders in reinvestment of distributions | 5,074,648 | 59,581,954 |
Shares redeemed | (17,109,749) | (232,297,951) |
Net increase (decrease) | (7,382,358) | $(109,934,390) |
22 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029504 | MSVPMFS10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2 | Six Months3 | One Year | Five Years | Since Inception | Gross Expense Ratio4 |
Initial Class Shares | 5/2/2016 | 5.35% | 8.90% | 0.03% | 5.55% | 0.86% |
Service Class Shares | 5/2/2016 | 5.22 | 8.62 | -0.22 | 5.29 | 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, the former subadvisor. |
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 subadvisors and principal investment strategies. |
3. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Since Inception |
Russell 2000® Index2 | 8.09% | 12.31% | 4.21% | 8.75% |
Morningstar Small Blend Category Average3 | 7.41 | 12.53 | 5.24 | 8.10 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Russell 2000® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. 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. |
3. | 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 funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,053.50 | $3.77 | $1,021.13 | $3.71 | 0.74% |
Service Class Shares | $1,000.00 | $1,052.20 | $5.04 | $1,019.89 | $4.96 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Small Cap Portfolio |
Banks | 7.6% |
Software | 6.6 |
Health Care Equipment & Supplies | 5.7 |
Biotechnology | 5.5 |
Trading Companies & Distributors | 4.0 |
Energy Equipment & Services | 3.5 |
Financial Services | 3.3 |
Exchange–Traded Funds | 3.3 |
Professional Services | 3.0 |
Commercial Services & Supplies | 3.0 |
Consumer Finance | 3.0 |
Machinery | 2.7 |
Insurance | 2.7 |
Chemicals | 2.6 |
Semiconductors & Semiconductor Equipment | 2.5 |
Automobile Components | 2.5 |
Hotels, Restaurants & Leisure | 2.4 |
Health Care Providers & Services | 2.0 |
Pharmaceuticals | 1.9 |
Household Durables | 1.9 |
Textiles, Apparel & Luxury Goods | 1.9 |
Diversified Consumer Services | 1.7 |
Personal Care Products | 1.6 |
Metals & Mining | 1.5 |
Media | 1.3 |
Gas Utilities | 1.3 |
Electronic Equipment, Instruments & Components | 1.3 |
Oil, Gas & Consumable Fuels | 1.2% |
Food Products | 1.2 |
Aerospace & Defense | 1.1 |
Real Estate Management & Development | 1.1 |
Specialty Retail | 1.0 |
Electric Utilities | 1.0 |
Hotel & Resort REITs | 1.0 |
Building Products | 1.0 |
Capital Markets | 0.9 |
Interactive Media & Services | 0.9 |
Construction & Engineering | 0.9 |
Electrical Equipment | 0.9 |
Mortgage Real Estate Investment Trusts | 0.8 |
Specialized REITs | 0.8 |
Leisure Products | 0.8 |
Ground Transportation | 0.6 |
Health Care REITs | 0.6 |
Communications Equipment | 0.6 |
Beverages | 0.6 |
Household Products | 0.6 |
Health Care Technology | 0.5 |
Office REITs | 0.4 |
IT Services | 0.2 |
Short–Term Investments | 4.6 |
Other Assets, Less Liabilities | –3.6 |
100.0% |
1. | iShares Russell 2000 ETF |
2. | Skyline Champion Corp. |
3. | iShares Russell 2000 Value ETF |
4. | SiriusPoint Ltd. |
5. | Inspire Medical Systems, Inc. |
6. | Monro, Inc. |
7. | Omnicell, Inc. |
8. | Portland General Electric Co. |
9. | Boise Cascade Co. |
10. | Magnite, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks 95.7% | ||
Aerospace & Defense 1.1% | ||
BWX Technologies, Inc. | 35,989 | $ 2,575,733 |
Spirit AeroSystems Holdings, Inc., Class A | 61,844 | 1,805,226 |
4,380,959 | ||
Automobile Components 2.5% | ||
Dana, Inc. | 168,567 | 2,865,639 |
Gentherm, Inc. (a) | 38,249 | 2,161,451 |
Visteon Corp. (a) | 10,175 | 1,461,232 |
XPEL, Inc. (a) | 36,000 | 3,031,920 |
9,520,242 | ||
Banks 7.6% | ||
Bank OZK (b) | 54,995 | 2,208,599 |
Banner Corp. | 25,151 | 1,098,344 |
Berkshire Hills Bancorp, Inc. | 65,487 | 1,357,546 |
Cadence Bank | 162,125 | 3,184,135 |
First Hawaiian, Inc. | 107,324 | 1,932,905 |
First Interstate BancSystem, Inc., Class A | 81,698 | 1,947,680 |
FNB Corp. | 158,455 | 1,812,725 |
Home BancShares, Inc. | 106,220 | 2,421,816 |
OFG Bancorp | 71,270 | 1,858,722 |
Old National Bancorp | 138,472 | 1,930,300 |
Pacific Premier Bancorp, Inc. | 88,716 | 1,834,647 |
Sandy Spring Bancorp, Inc. | 76,227 | 1,728,829 |
Stellar Bancorp, Inc. (b) | 72,644 | 1,662,821 |
United Community Banks, Inc. | 64,594 | 1,614,204 |
Veritex Holdings, Inc. | 78,984 | 1,416,183 |
WSFS Financial Corp. | 35,792 | 1,350,074 |
29,359,530 | ||
Beverages 0.6% | ||
Celsius Holdings, Inc. (a) | 15,350 | 2,290,067 |
Biotechnology 5.5% | ||
ACELYRIN, Inc. (a) | 66,819 | 1,396,517 |
Akero Therapeutics, Inc. (a) | 7,131 | 332,946 |
Ascendis Pharma A/S, ADR (a) | 3,914 | 349,325 |
Bioxcel Therapeutics, Inc. (a)(b) | 58,416 | 389,051 |
Blueprint Medicines Corp. (a) | 12,329 | 779,193 |
Celldex Therapeutics, Inc. (a) | 73,642 | 2,498,673 |
Cytokinetics, Inc. (a) | 56,923 | 1,856,828 |
Halozyme Therapeutics, Inc. (a) | 54,492 | 1,965,526 |
Immunocore Holdings plc, ADR (a)(b) | 11,047 | 662,378 |
ImmunoGen, Inc. (a) | 22,810 | 430,425 |
Intellia Therapeutics, Inc. (a) | 14,062 | 573,448 |
Karuna Therapeutics, Inc. (a) | 5,786 | 1,254,694 |
Kymera Therapeutics, Inc. (a) | 42,618 | 979,788 |
Shares | Value | |
Biotechnology (continued) | ||
Merus NV (a) | 115,146 | $ 3,031,794 |
Morphic Holding, Inc. (a) | 6,636 | 380,442 |
Prothena Corp. plc (a) | 9,370 | 639,784 |
PTC Therapeutics, Inc. (a) | 14,129 | 574,626 |
REVOLUTION Medicines, Inc. (a) | 14,699 | 393,198 |
Rocket Pharmaceuticals, Inc. (a) | 21,784 | 432,848 |
Sage Therapeutics, Inc. (a) | 26,873 | 1,263,569 |
Syndax Pharmaceuticals, Inc. (a) | 17,995 | 376,635 |
Vaxcyte, Inc. (a) | 17,240 | 860,966 |
21,422,654 | ||
Building Products 1.0% | ||
AZEK Co., Inc. (The) (a) | 65,086 | 1,971,455 |
Zurn Elkay Water Solutions Corp. | 64,647 | 1,738,358 |
3,709,813 | ||
Capital Markets 0.9% | ||
Hamilton Lane, Inc., Class A | 27,614 | 2,208,568 |
PJT Partners, Inc., Class A (b) | 20,674 | 1,439,737 |
3,648,305 | ||
Chemicals 2.6% | ||
Cabot Corp. | 31,035 | 2,075,931 |
Livent Corp. (a)(b) | 81,217 | 2,227,783 |
Mativ Holdings, Inc. | 110,193 | 1,666,118 |
Minerals Technologies, Inc. | 25,441 | 1,467,691 |
Quaker Chemical Corp. | 13,839 | 2,697,221 |
10,134,744 | ||
Commercial Services & Supplies 3.0% | ||
Brady Corp., Class A | 46,770 | 2,224,849 |
BrightView Holdings, Inc. (a) | 127,747 | 917,223 |
Casella Waste Systems, Inc., Class A (a) | 20,959 | 1,895,741 |
Deluxe Corp. | 60,093 | 1,050,426 |
Interface, Inc. | 223,761 | 1,966,859 |
Loomis AB | 56,535 | 1,649,081 |
MillerKnoll, Inc. | 135,452 | 2,001,981 |
11,706,160 | ||
Communications Equipment 0.6% | ||
Calix, Inc. (a) | 46,380 | 2,314,826 |
Construction & Engineering 0.9% | ||
Ameresco, Inc., Class A (a)(b) | 23,938 | 1,164,105 |
Badger Infrastructure Solutions Ltd. | 5,431 | 110,280 |
Fluor Corp. (a) | 68,786 | 2,036,066 |
3,310,451 |
Shares | Value | |
Common Stocks (continued) | ||
Consumer Finance 3.0% | ||
Bread Financial Holdings, Inc. | 74,391 | $ 2,335,133 |
Enova International, Inc. (a) | 53,432 | 2,838,308 |
Navient Corp. | 101,709 | 1,889,753 |
PRA Group, Inc. (a) | 84,621 | 1,933,590 |
PROG Holdings, Inc. (a) | 79,098 | 2,540,628 |
11,537,412 | ||
Diversified Consumer Services 1.7% | ||
Adtalem Global Education, Inc. (a) | 54,676 | 1,877,574 |
European Wax Center, Inc., Class A (a)(b) | 51,485 | 959,166 |
H&R Block, Inc. | 103,120 | 3,286,434 |
Laureate Education, Inc. | 37,500 | 453,375 |
6,576,549 | ||
Electric Utilities 1.0% | ||
Portland General Electric Co. | 85,500 | 4,003,965 |
Electrical Equipment 0.9% | ||
Acuity Brands, Inc. | 4,760 | 776,261 |
Shoals Technologies Group, Inc., Class A (a) | 98,826 | 2,525,992 |
3,302,253 | ||
Electronic Equipment, Instruments & Components 1.3% | ||
CTS Corp. | 52,100 | 2,221,023 |
Novanta, Inc. (a) | 15,331 | 2,822,437 |
5,043,460 | ||
Energy Equipment & Services 3.5% | ||
Cactus, Inc., Class A | 44,258 | 1,872,998 |
ChampionX Corp. | 69,994 | 2,172,614 |
DMC Global, Inc. (a) | 114,028 | 2,025,137 |
Liberty Energy, Inc. | 157,116 | 2,100,641 |
Nabors Industries Ltd. (a) | 16,233 | 1,510,156 |
Patterson-UTI Energy, Inc. | 128,342 | 1,536,254 |
Subsea 7 SA, Sponsored ADR | 180,674 | 2,258,425 |
13,476,225 | ||
Financial Services 3.3% | ||
Federal Agricultural Mortgage Corp., Class C | 18,330 | 2,634,754 |
NMI Holdings, Inc., Class A (a) | 105,555 | 2,725,430 |
Radian Group, Inc. | 94,458 | 2,387,898 |
Remitly Global, Inc. (a) | 136,131 | 2,561,986 |
Shift4 Payments, Inc., Class A (a) | 37,524 | 2,548,255 |
12,858,323 |
Shares | Value | |
Food Products 1.2% | ||
Freshpet, Inc. (a)(b) | 42,468 | $ 2,794,819 |
TreeHouse Foods, Inc. (a) | 34,635 | 1,744,911 |
4,539,730 | ||
Gas Utilities 1.3% | ||
New Jersey Resources Corp. | 59,274 | 2,797,733 |
Spire, Inc. | 35,865 | 2,275,275 |
5,073,008 | ||
Ground Transportation 0.6% | ||
Heartland Express, Inc. | 152,862 | 2,508,465 |
Health Care Equipment & Supplies 5.7% | ||
Artivion, Inc. (a) | 148,556 | 2,553,678 |
Glaukos Corp. (a) | 22,590 | 1,608,634 |
Inari Medical, Inc. (a) | 22,178 | 1,289,429 |
Inspire Medical Systems, Inc. (a) | 12,735 | 4,134,291 |
Lantheus Holdings, Inc. (a) | 21,813 | 1,830,547 |
NuVasive, Inc. (a) | 48,585 | 2,020,650 |
Omnicell, Inc. (a) | 54,692 | 4,029,160 |
Shockwave Medical, Inc. (a) | 6,523 | 1,861,729 |
SI-BONE, Inc. (a) | 96,346 | 2,599,415 |
21,927,533 | ||
Health Care Providers & Services 2.0% | ||
Acadia Healthcare Co., Inc. (a) | 21,496 | 1,711,941 |
AMN Healthcare Services, Inc. (a) | 24,723 | 2,697,774 |
Cross Country Healthcare, Inc. (a) | 61,418 | 1,724,617 |
Premier, Inc., Class A | 59,713 | 1,651,662 |
7,785,994 | ||
Health Care REITs 0.6% | ||
CareTrust REIT, Inc. | 117,592 | 2,335,377 |
Health Care Technology 0.5% | ||
NextGen Healthcare, Inc. (a) | 120,626 | 1,956,554 |
Hotel & Resort REITs 1.0% | ||
Pebblebrook Hotel Trust (b) | 126,667 | 1,765,738 |
Ryman Hospitality Properties, Inc. | 23,013 | 2,138,368 |
3,904,106 | ||
Hotels, Restaurants & Leisure 2.4% | ||
Cracker Barrel Old Country Store, Inc. (b) | 20,840 | 1,941,871 |
Hilton Grand Vacations, Inc. (a) | 67,190 | 3,053,114 |
Texas Roadhouse, Inc. | 10,942 | 1,228,568 |
Wingstop, Inc. | 14,927 | 2,987,788 |
9,211,341 |
10 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Household Durables 1.9% | ||
Helen of Troy Ltd. (a) | 19,384 | $ 2,093,860 |
Skyline Champion Corp. (a) | 80,598 | 5,275,139 |
7,368,999 | ||
Household Products 0.6% | ||
Energizer Holdings, Inc. | 63,711 | 2,139,415 |
Insurance 2.7% | ||
Kemper Corp. | 37,059 | 1,788,467 |
Lancashire Holdings Ltd. | 284,532 | 2,088,636 |
ProAssurance Corp. | 150,496 | 2,270,985 |
SiriusPoint Ltd. (a) | 484,875 | 4,378,421 |
10,526,509 | ||
Interactive Media & Services 0.9% | ||
Taboola.com Ltd. (a) | 770,852 | 2,397,349 |
Ziff Davis, Inc. (a) | 17,579 | 1,231,585 |
3,628,934 | ||
IT Services 0.2% | ||
Perficient, Inc. (a) | 10,054 | 837,800 |
Leisure Products 0.8% | ||
Sturm Ruger & Co., Inc. | 35,891 | 1,900,787 |
YETI Holdings, Inc. (a) | 26,584 | 1,032,523 |
2,933,310 | ||
Machinery 2.7% | ||
Blue Bird Corp. (a) | 102,518 | 2,304,605 |
Hillman Solutions Corp. (a) | 277,362 | 2,499,031 |
Kennametal, Inc. | 85,911 | 2,439,013 |
Middleby Corp. (The) (a) | 8,995 | 1,329,731 |
REV Group, Inc. | 147,541 | 1,956,394 |
10,528,774 | ||
Media 1.3% | ||
Criteo SA, Sponsored ADR (a) | 50,921 | 1,718,075 |
Magnite, Inc. (a) | 246,890 | 3,370,048 |
5,088,123 | ||
Metals & Mining 1.5% | ||
Carpenter Technology Corp. | 49,700 | 2,789,661 |
Compass Minerals International, Inc. | 42,178 | 1,434,052 |
MP Materials Corp. (a) | 63,887 | 1,461,735 |
5,685,448 |
Shares | Value | |
Mortgage Real Estate Investment Trusts 0.8% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 50,333 | $ 1,258,325 |
Rithm Capital Corp. | 193,333 | 1,807,664 |
3,065,989 | ||
Office REITs 0.4% | ||
Piedmont Office Realty Trust, Inc., Class A | 209,960 | 1,526,409 |
Oil, Gas & Consumable Fuels 1.2% | ||
PBF Energy, Inc., Class A | 54,406 | 2,227,382 |
Viper Energy Partners LP | 96,204 | 2,581,153 |
4,808,535 | ||
Personal Care Products 1.6% | ||
Edgewell Personal Care Co. | 50,585 | 2,089,667 |
elf Beauty, Inc. (a) | 25,721 | 2,938,110 |
Medifast, Inc. | 13,533 | 1,247,201 |
6,274,978 | ||
Pharmaceuticals 1.9% | ||
Aclaris Therapeutics, Inc. (a) | 233,298 | 2,419,300 |
Intra-Cellular Therapies, Inc. (a) | 14,080 | 891,546 |
Pacira BioSciences, Inc. (a) | 77,653 | 3,111,556 |
Revance Therapeutics, Inc. (a) | 14,889 | 376,840 |
Verona Pharma plc, ADR (a)(b) | 28,123 | 594,520 |
7,393,762 | ||
Professional Services 3.0% | ||
ExlService Holdings, Inc. (a) | 17,291 | 2,611,979 |
Insperity, Inc. | 28,217 | 3,356,694 |
TriNet Group, Inc. (a) | 26,342 | 2,501,700 |
Verra Mobility Corp. (a) | 164,953 | 3,252,873 |
11,723,246 | ||
Real Estate Management & Development 1.1% | ||
Marcus & Millichap, Inc. | 63,667 | 2,006,147 |
Tricon Residential, Inc. | 264,574 | 2,330,897 |
4,337,044 | ||
Semiconductors & Semiconductor Equipment 2.5% | ||
Ichor Holdings Ltd. (a) | 60,444 | 2,266,650 |
MKS Instruments, Inc. | 6,780 | 732,918 |
Semtech Corp. (a) | 94,637 | 2,409,458 |
Silicon Motion Technology Corp., ADR | 26,048 | 1,871,809 |
SiTime Corp. (a) | 8,504 | 1,003,217 |
Synaptics, Inc. (a) | 15,161 | 1,294,446 |
9,578,498 | ||
Software 6.6% | ||
Adeia, Inc. | 233,777 | 2,573,885 |
Shares | Value | |
Common Stocks (continued) | ||
Software (continued) | ||
Agilysys, Inc. (a) | 29,081 | $ 1,996,120 |
Box, Inc., Class A (a) | 78,190 | 2,297,222 |
CyberArk Software Ltd. (a) | 10,878 | 1,700,558 |
DoubleVerify Holdings, Inc. (a) | 54,790 | 2,132,427 |
Five9, Inc. (a) | 23,143 | 1,908,140 |
Intapp, Inc. (a) | 11,300 | 473,583 |
InterDigital, Inc. | 23,691 | 2,287,366 |
Jamf Holding Corp. (a)(b) | 77,527 | 1,513,327 |
Manhattan Associates, Inc. (a) | 10,612 | 2,121,126 |
PowerSchool Holdings, Inc., Class A (a) | 84,511 | 1,617,540 |
SolarWinds Corp. (a) | 257,438 | 2,641,314 |
Xperi, Inc. (a) | 192,911 | 2,536,780 |
25,799,388 | ||
Specialized REITs 0.8% | ||
Uniti Group, Inc. (b) | 659,711 | 3,047,865 |
Specialty Retail 1.0% | ||
Monro, Inc. | 100,202 | 4,071,207 |
Textiles, Apparel & Luxury Goods 1.9% | ||
Carter's, Inc. | 21,908 | 1,590,521 |
Crocs, Inc. (a) | 17,744 | 1,995,135 |
Kontoor Brands, Inc. | 39,466 | 1,661,519 |
Steven Madden Ltd. | 62,874 | 2,055,351 |
7,302,526 | ||
Trading Companies & Distributors 4.0% | ||
Air Lease Corp. | 49,623 | 2,076,722 |
Applied Industrial Technologies, Inc. | 16,887 | 2,445,744 |
Boise Cascade Co. | 41,662 | 3,764,162 |
McGrath RentCorp | 20,402 | 1,886,777 |
MRC Global, Inc. (a) | 229,852 | 2,314,610 |
Rush Enterprises, Inc., Class A | 24,935 | 1,514,552 |
WESCO International, Inc. | 9,381 | 1,679,762 |
15,682,329 | ||
Total Common Stocks (Cost $385,104,227) | 371,187,134 | |
Exchange-Traded Funds 3.3% | ||
iShares Russell 2000 ETF (b) | 32,204 | 6,030,843 |
iShares Russell 2000 Growth ETF | 7,761 | 1,883,284 |
Shares | Value | ||
iShares Russell 2000 Value ETF (b) | 35,114 | $ 4,944,051 | |
Total Exchange-Traded Funds (Cost $12,451,155) | 12,858,178 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Energy Equipment & Services 0.0% ‡ | |||
Nabors Industries Ltd. | |||
Expires 6/11/26 (a) | 10,100 | 116,150 | |
Total Warrants (Cost $0) | 116,150 | ||
Shares | |||
Short-Term Investments 4.6% | |||
Affiliated Investment Company 1.4% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 5,267,308 | 5,267,308 | |
Unaffiliated Investment Companies 3.2% | |||
Goldman Sachs Financial Square Government Fund, 5.122% (c)(d) | 5,000,000 | 5,000,000 | |
Invesco Government & Agency Portfolio, 5.158% (c)(d) | 2,304,144 | 2,304,144 | |
RBC U.S. Government Money Market Fund, 5.081% (c)(d) | 5,000,000 | 5,000,000 | |
Total Unaffiliated Investment Companies (Cost $12,304,144) | 12,304,144 | ||
Total Short-Term Investments (Cost $17,571,452) | 17,571,452 | ||
Total Investments (Cost $415,126,834) | 103.6% | 401,732,914 | |
Other Assets, Less Liabilities | (3.6) | (13,838,115) | |
Net Assets | 100.0% | $ 387,894,799 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
12 | MainStay VP Wellington Small Cap Portfolio |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $27,025,239; the total market value of collateral held by the Portfolio was $27,773,237. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $15,469,093. The Portfolio received cash collateral with a value of $12,304,144. (See Note 2(I)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 3,651 | $ 53,449 | $ (51,833) | $ — | $ — | $ 5,267 | $ 139 | $ — | 5,267 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Russell 2000 E-Mini Index | 24 | September 2023 | $ 2,264,135 | $ 2,284,440 | $ 20,305 |
1. | As of June 30, 2023, cash in the amount of $163,680 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
REIT—Real Estate Investment Trust |
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 | $ 371,187,134 | $ — | $ — | $ 371,187,134 | |||
Exchange-Traded Funds | 12,858,178 | — | — | 12,858,178 | |||
Warrants | 116,150 | — | — | 116,150 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,267,308 | — | — | 5,267,308 | |||
Unaffiliated Investment Companies | 12,304,144 | — | — | 12,304,144 | |||
Total Short-Term Investments | 17,571,452 | — | — | 17,571,452 | |||
Total Investments in Securities | 401,732,914 | — | — | 401,732,914 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 20,305 | — | — | 20,305 | |||
Total Investments in Securities and Other Financial Instruments | $ 401,753,219 | $ — | $ — | $ 401,753,219 |
(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 unaffiliated securities, at value (identified cost $409,859,526) including securities on loan of $27,025,239 | $396,465,606 |
Investment in affiliated investment companies, at value (identified cost $5,267,308) | 5,267,308 |
Cash collateral on deposit at broker for futures contracts | 163,680 |
Receivables: | |
Investment securities sold | 3,844,652 |
Portfolio shares sold | 803,355 |
Dividends | 374,381 |
Variation margin on futures contracts | 121,414 |
Securities lending | 6,107 |
Other assets | 4,115 |
Total assets | 407,050,618 |
Liabilities | |
Cash collateral received for securities on loan | 12,304,144 |
Payables: | |
Investment securities purchased | 6,265,376 |
Manager (See Note 3) | 224,936 |
Portfolio shares redeemed | 206,439 |
Shareholder communication | 72,276 |
NYLIFE Distributors (See Note 3) | 45,864 |
Professional fees | 25,453 |
Custodian | 5,001 |
Accrued expenses | 6,330 |
Total liabilities | 19,155,819 |
Net assets | $387,894,799 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 48,284 |
Additional paid-in-capital | 457,958,089 |
458,006,373 | |
Total distributable earnings (loss) | (70,111,574) |
Net assets | $387,894,799 |
Initial Class | |
Net assets applicable to outstanding shares | $160,658,221 |
Shares of beneficial interest outstanding | 19,835,836 |
Net asset value per share outstanding | $ 8.10 |
Service Class | |
Net assets applicable to outstanding shares | $227,236,578 |
Shares of beneficial interest outstanding | 28,448,532 |
Net asset value per share outstanding | $ 7.99 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $20,068) | $ 3,080,861 |
Dividends-affiliated | 139,194 |
Securities lending, net | 30,405 |
Total income | 3,250,460 |
Expenses | |
Manager (See Note 3) | 1,571,855 |
Distribution/Service—Service Class (See Note 3) | 278,282 |
Professional fees | 39,360 |
Custodian | 11,491 |
Trustees | 4,874 |
Miscellaneous | 4,362 |
Total expenses before waiver/reimbursement | 1,910,224 |
Expense waiver/reimbursement from Manager (See Note 3) | (177,974) |
Net expenses | 1,732,250 |
Net investment income (loss) | 1,518,210 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (12,262,705) |
Futures transactions | 496,630 |
Foreign currency transactions | (1,813) |
Net realized gain (loss) | (11,767,888) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 30,835,094 |
Futures contracts | 99,205 |
Translation of other assets and liabilities in foreign currencies | (2) |
Net change in unrealized appreciation (depreciation) | 30,934,297 |
Net realized and unrealized gain (loss) | 19,166,409 |
Net increase (decrease) in net assets resulting from operations | $ 20,684,619 |
16 | MainStay VP Wellington Small Cap Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,518,210 | $ 2,367,068 |
Net realized gain (loss) | (11,767,888) | (47,768,878) |
Net change in unrealized appreciation (depreciation) | 30,934,297 | (62,073,610) |
Net increase (decrease) in net assets resulting from operations | 20,684,619 | (107,475,420) |
Distributions to shareholders: | ||
Initial Class | — | (49,470,351) |
Service Class | — | (66,408,806) |
Total distributions to shareholders | — | (115,879,157) |
Capital share transactions: | ||
Net proceeds from sales of shares | 18,556,729 | 42,762,495 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 115,879,157 |
Cost of shares redeemed | (47,841,155) | (57,789,013) |
Increase (decrease) in net assets derived from capital share transactions | (29,284,426) | 100,852,639 |
Net increase (decrease) in net assets | (8,599,807) | (122,501,938) |
Net Assets | ||
Beginning of period | 396,494,606 | 518,996,544 |
End of period | $387,894,799 | $ 396,494,606 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 7.69 | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | |||||
Net investment income (loss) (a) | 0.04 | 0.07 | 0.16 | 0.04 | 0.05 | 0.04 | |||||
Net realized and unrealized gain (loss) | 0.37 | (3.05) | 1.95 | 1.05 | 1.61 | (1.71) | |||||
Total from investment operations | 0.41 | (2.98) | 2.11 | 1.09 | 1.66 | (1.67) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.13) | (0.05) | (0.01) | (0.02) | — | |||||
From net realized gain on investments | — | (2.99) | — | — | (0.81) | (1.67) | |||||
Total distributions | — | (3.12) | (0.05) | (0.01) | (0.83) | (1.67) | |||||
Net asset value at end of period | $ 8.10 | $ 7.69 | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | |||||
Total investment return (b) | 5.33%(c) | (20.83)% | 18.03% | 10.22% | 17.82% | (15.11)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.91%†† | 0.70% | 0.93% | 0.42% | 0.48% | 0.33% | |||||
Net expenses (d) | 0.74%†† | 0.74% | 0.74% | 0.75% | 0.82% | 0.90% | |||||
Expenses (before waiver/reimbursement) (d) | 0.83%†† | 0.85% | 0.86% | 0.86% | 0.86% | 0.90% | |||||
Portfolio turnover rate | 33% | 71% | 83% | 225% | 257% | 161% | |||||
Net assets at end of period (in 000's) | $ 160,658 | $ 172,629 | $ 206,410 | $ 197,586 | $ 198,292 | $ 123,857 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Small Cap Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 7.59 | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | |||||
Net investment income (loss) (a) | 0.03 | 0.05 | 0.12 | 0.02 | 0.02 | 0.01 | |||||
Net realized and unrealized gain (loss) | 0.37 | (3.02) | 1.95 | 1.03 | 1.59 | (1.69) | |||||
Total from investment operations | 0.40 | (2.97) | 2.07 | 1.05 | 1.61 | (1.68) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.10) | (0.03) | — | (0.00)‡ | — | |||||
From net realized gain on investments | — | (2.99) | — | — | (0.81) | (1.67) | |||||
Total distributions | — | (3.09) | (0.03) | — | (0.81) | (1.67) | |||||
Net asset value at end of period | $ 7.99 | $ 7.59 | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | |||||
Total investment return (b) | 5.27%(c) | (21.03)% | 17.73% | 9.94%(c) | 17.53% | (15.32)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.67%†† | 0.44% | 0.66% | 0.17% | 0.22% | 0.09% | |||||
Net expenses (d) | 0.99%†† | 0.99% | 0.99% | 1.00% | 1.07% | 1.15% | |||||
Expenses (before waiver/reimbursement) (d) | 1.08%†† | 1.10% | 1.11% | 1.11% | 1.12% | 1.15% | |||||
Portfolio turnover rate | 33% | 71% | 83% | 225% | 257% | 161% | |||||
Net assets at end of period (in 000's) | $ 227,237 | $ 223,866 | $ 312,587 | $ 304,479 | $ 317,216 | $ 136,965 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2016 |
Service Class | May 2, 2016 |
20 | MainStay VP Wellington Small Cap Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
22 | MainStay VP Wellington Small Cap Portfolio |
Asset Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $20,305 | $20,305 |
Total Fair Value | $20,305 | $20,305 |
(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 Transactions | $496,630 | $496,630 |
Total Net Realized Gain (Loss) | $496,630 | $496,630 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $99,205 | $99,205 |
Total Net Change in Unrealized Appreciation (Depreciation) | $99,205 | $99,205 |
Average Notional Amount | Total |
Futures Contracts Long | $4,541,998 |
24 | MainStay VP Wellington Small Cap Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $419,130,199 | $32,240,531 | $(49,637,816) | $(17,397,285) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $33,618 | $11,666 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 88,089,468 |
Long-Term Capital Gains | 27,789,689 |
Total | $115,879,157 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,127,782 | $ 8,731,646 |
Shares redeemed | (3,747,776) | (29,625,506) |
Net increase (decrease) | (2,619,994) | $(20,893,860) |
Year ended December 31, 2022: | ||
Shares sold | 2,446,048 | $ 27,488,637 |
Shares issued to shareholders in reinvestment of distributions | 6,649,151 | 49,470,351 |
Shares redeemed | (1,607,897) | (17,992,442) |
Net increase (decrease) | 7,487,302 | $ 58,966,546 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,280,356 | $ 9,825,083 |
Shares redeemed | (2,323,517) | (18,215,649) |
Net increase (decrease) | (1,043,161) | $ (8,390,566) |
Year ended December 31, 2022: | ||
Shares sold | 1,368,591 | $ 15,273,858 |
Shares issued to shareholders in reinvestment of distributions | 9,034,597 | 66,408,806 |
Shares redeemed | (3,804,605) | (39,796,571) |
Net increase (decrease) | 6,598,583 | $ 41,886,093 |
26 | MainStay VP Wellington Small Cap Portfolio |
28 | MainStay VP Wellington Small Cap Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
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5035106 | MSVPSCC10-08/23 |
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President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2, 3 | Six Months4 | One Year | Five Years | Ten Years | Gross Expense Ratio5 |
Initial Class Shares | 2/17/2012 | 4.36% | -5.24% | -0.90% | 0.69% | 1.16% |
Service Class Shares | 2/17/2012 | 4.23 | -5.47 | -1.15 | 0.44 | 1.41 |
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 whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
3. | Effective May 1, 2021, the Portfolio replaced one of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
4. | Not annualized. |
5. | 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* | Six Months1 | One Year | Five Years | Ten Years |
MSCI Emerging Markets Index (Net)2 | 4.89% | 1.75% | 0.93% | 2.95% |
Morningstar Diversified Emerging Markets Category Average3 | 7.20 | 5.39 | 1.48 | 2.89 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The MSCI Emerging Markets Index (Net) is the Portfolio's primary benchmark. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
3. | The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,043.60 | $5.73 | $1,019.19 | $5.66 | 1.13% |
Service Class Shares | $1,000.00 | $1,042.30 | $6.99 | $1,017.95 | $6.90 | 1.38% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Candriam Emerging Markets Equity Portfolio |
China | 29.9% |
Taiwan | 16.1 |
India | 15.7 |
Republic of Korea | 12.0 |
Brazil | 7.2 |
Mexico | 4.2 |
South Africa | 3.2 |
Indonesia | 3.0 |
Thailand | 2.9 |
Poland | 1.2 |
Turkey | 0.8% |
Peru | 0.8 |
Malaysia | 0.6 |
Russia | 0.0‡ |
Greece | 0.0‡ |
Hong Kong | 0.0‡ |
Other Assets, Less Liabilities | 2.4 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. |
2. | Tencent Holdings Ltd. |
3. | Alibaba Group Holding Ltd. |
4. | Samsung Electronics Co. Ltd. |
5. | Reliance Industries Ltd. |
6. | Ping An Insurance Group Co. of China Ltd., Class H |
7. | SK Hynix, Inc. |
8. | Axis Bank Ltd. |
9. | LG Chem Ltd. |
10. | Bharti Airtel Ltd. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks 96.4% | ||
Brazil 6.0% | ||
Banco do Brasil SA (Banks) | 265,000 | $ 2,734,013 |
Localiza Rent a Car SA (Ground Transportation) | 148,000 | 2,117,288 |
MercadoLibre, Inc. (Broadline Retail) (a) | 1,400 | 1,658,440 |
NU Holdings Ltd., Class A (Banks) (a) | 192,000 | 1,514,880 |
PRIO SA (Oil, Gas & Consumable Fuels) (a) | 216,000 | 1,672,712 |
Raia Drogasil SA (Consumer Staples Distribution & Retail) | 290,060 | 1,793,111 |
WEG SA (Electrical Equipment) | 236,000 | 1,860,616 |
13,351,060 | ||
China 29.9% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 364,116 | 929,833 |
Airtac International Group (Machinery) | 38,000 | 1,250,622 |
Alibaba Group Holding Ltd. (Broadline Retail) (a) | 635,000 | 6,580,143 |
Anhui Huaheng Biotechnology Co. Ltd., Class A (Chemicals) | 44,592 | 555,432 |
ANTA Sports Products Ltd. (Textiles, Apparel & Luxury Goods) | 110,000 | 1,123,724 |
Asia Cement China Holdings Corp. (Construction Materials) (a) | 15,500 | 7,655 |
Baidu, Inc., Class A (Interactive Media & Services) (a) | 128,000 | 2,169,270 |
Bank of Jiangsu Co. Ltd., Class A (Banks) (a) | 3,239,994 | 3,278,330 |
Beijing Compass Technology Development Co. Ltd., Class A (Capital Markets) (a) | 109,992 | 735,748 |
BYD Co. Ltd., Class H (Automobiles) | 61,000 | 1,946,146 |
BYD Electronic International Co. Ltd. (Communications Equipment) | 450,000 | 1,361,026 |
China Merchants Bank Co. Ltd., Class H (Banks) | 540,000 | 2,453,293 |
China Resources Land Ltd. (Real Estate Management & Development) | 460,000 | 1,948,954 |
CMOC Group Ltd., Class H (Metals & Mining) | 1,900,539 | 994,412 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 45,573 | 1,435,377 |
Flat Glass Group Co. Ltd., Class H (Semiconductors & Semiconductor Equipment) | 230,000 | 785,158 |
Haidilao International Holding Ltd. (Hotels, Restaurants & Leisure) (b) | 50,000 | 110,005 |
JD Health International, Inc. (Consumer Staples Distribution & Retail) (a)(b) | 150,000 | 946,593 |
Shares | Value | |
China (continued) | ||
JD.com, Inc., Class A (Broadline Retail) | 92,000 | $ 1,554,467 |
Kanzhun Ltd., ADR (Interactive Media & Services) (a) | 46,000 | 692,300 |
Kingsoft Corp. Ltd. (Entertainment) | 250,000 | 984,239 |
Li Auto, Inc., Class A (Automobiles) (a) | 50,000 | 864,599 |
Longshine Technology Group Co. Ltd., Class A (Software) | 256,991 | 823,611 |
Luzhou Laojiao Co. Ltd., Class A (Beverages) | 34,000 | 980,910 |
Meituan (Hotels, Restaurants & Leisure) (a)(b) | 202,000 | 3,152,705 |
NARI Technology Co. Ltd., Class A (Electrical Equipment) | 313,196 | 995,977 |
NetEase, Inc. (Entertainment) | 118,000 | 2,297,958 |
Ningbo Deye Technology Co. Ltd., Class A (Machinery) | 40,185 | 827,316 |
Nongfu Spring Co. Ltd., Class H (Beverages) (b) | 330,000 | 1,821,401 |
PDD Holdings, Inc., ADR (Broadline Retail) (a) | 23,000 | 1,590,220 |
PetroChina Co. Ltd., Class H (Oil, Gas & Consumable Fuels) | 2,800,000 | 1,936,702 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 750,000 | 4,771,248 |
Proya Cosmetics Co. Ltd., Class A (Personal Care Products) | 76,945 | 1,190,606 |
Shanghai Baosight Software Co. Ltd., Class A (Software) | 180,576 | 1,263,079 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 152,000 | 1,343,592 |
Tencent Holdings Ltd. (Interactive Media & Services) | 195,000 | 8,251,914 |
Yadea Group Holdings Ltd. (Automobiles) (b) | 720,000 | 1,637,366 |
Zijin Mining Group Co. Ltd., Class H (Metals & Mining) | 839,821 | 1,232,509 |
66,824,440 | ||
Greece 0.0% ‡ | ||
FF Group (Textiles, Apparel & Luxury Goods) (a)(c)(d) | 19,000 | — |
Hong Kong 0.0% ‡ | ||
China Lumena New Materials Corp. (Chemicals) (a)(c)(d) | 6,500 | — |
India 15.7% | ||
ABB India Ltd. (Electrical Equipment) | 50,000 | 2,695,760 |
10 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
India (continued) | ||
APL Apollo Tubes Ltd. (Metals & Mining) | 94,000 | $ 1,495,658 |
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 25,000 | 1,553,642 |
Axis Bank Ltd. (Banks) | 326,000 | 3,923,981 |
Bajaj Finance Ltd. (Consumer Finance) | 24,000 | 2,094,859 |
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 312,000 | 3,342,059 |
HDFC Bank Ltd. (Banks) | 114,000 | 2,364,316 |
ICICI Bank Ltd. (Banks) | 184,000 | 2,096,225 |
Indraprastha Gas Ltd. (Gas Utilities) | 146,000 | 842,421 |
Infosys Ltd. (IT Services) | 48,000 | 781,411 |
KPIT Technologies Ltd. (Software) | 60,000 | 797,062 |
Mahindra & Mahindra Ltd. (Automobiles) | 124,000 | 2,197,156 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 156,000 | 4,849,551 |
SBI Cards & Payment Services Ltd. (Consumer Finance) | 154,000 | 1,590,380 |
Tata Elxsi Ltd. (Software) | 9,000 | 832,516 |
Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | 66,000 | 1,532,575 |
Varun Beverages Ltd. (Beverages) | 230,000 | 2,250,060 |
35,239,632 | ||
Indonesia 3.0% | ||
Aneka Tambang Tbk. (Metals & Mining) | 7,800,000 | 1,013,073 |
Bank Central Asia Tbk. PT (Banks) | 4,960,000 | 3,057,711 |
Merdeka Copper Gold Tbk. PT (Metals & Mining) (a) | 7,000,000 | 1,426,050 |
Sumber Alfaria Trijaya Tbk. PT (Consumer Staples Distribution & Retail) | 7,600,000 | 1,308,801 |
6,805,635 | ||
Malaysia 0.6% | ||
Press Metal Aluminium Holdings Bhd. (Metals & Mining) | 1,360,000 | 1,369,470 |
Mexico 4.2% | ||
America Movil SAB de CV (Wireless Telecommunication Services) | 2,980,000 | 3,238,184 |
Gruma SAB de CV, Class B (Food Products) | 114,000 | 1,830,047 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 78,000 | 1,400,008 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 346,000 | 2,854,394 |
9,322,633 |
Shares | Value | |
Peru 0.8% | ||
Credicorp Ltd. (Banks) | 11,600 | $ 1,712,624 |
Poland 1.2% | ||
Dino Polska SA (Consumer Staples Distribution & Retail) (a)(b) | 22,600 | 2,639,108 |
Republic of Korea 12.0% | ||
Coupang, Inc. (Broadline Retail) (a) | 64,000 | 1,113,600 |
Daejoo Electronic Materials Co. Ltd. (Electronic Equipment, Instruments & Components) | 7,000 | 512,655 |
DB Insurance Co. Ltd. (Insurance) | 10,000 | 566,159 |
JYP Entertainment Corp. (Entertainment) | 18,200 | 1,806,671 |
KB Financial Group, Inc. (Banks) | 59,000 | 2,138,087 |
L&F Co. Ltd. (Electronic Equipment, Instruments & Components) | 4,400 | 811,445 |
LG Chem Ltd. (Chemicals) | 7,400 | 3,745,911 |
Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | 3,900 | 2,202,102 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 96,000 | 5,260,274 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 110,000 | 2,362,539 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 3,800 | 1,929,344 |
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 50,000 | 4,371,419 |
26,820,206 | ||
Russia 0.0% ‡ | ||
Magnit PJSC (Consumer Staples Distribution & Retail) (a)(c)(d) | 22,529 | — |
South Africa 3.2% | ||
Capitec Bank Holdings Ltd. (Banks) | 13,200 | 1,099,574 |
FirstRand Ltd. (Financial Services) | 600,000 | 2,183,702 |
Gold Fields Ltd. (Metals & Mining) | 150,000 | 2,085,196 |
Naspers Ltd., Class N (Broadline Retail) | 10,600 | 1,914,294 |
7,282,766 | ||
Taiwan 16.1% | ||
Accton Technology Corp. (Communications Equipment) | 224,000 | 2,510,106 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 43,000 | 2,478,287 |
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 11,000 | 1,006,598 |
Shares | Value | |
Common Stocks (continued) | ||
Taiwan (continued) | ||
Chailease Holding Co. Ltd. (Financial Services) (a) | 374,200 | $ 2,451,052 |
CTBC Financial Holding Co. Ltd. (Banks) | 3,100,000 | 2,473,471 |
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 292,000 | 3,229,912 |
E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 160,000 | 1,155,902 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1,021,000 | 18,882,821 |
Voltronic Power Technology Corp. (Electrical Equipment) | 30,000 | 1,892,790 |
36,080,939 | ||
Thailand 2.9% | ||
Airports of Thailand PCL, NVDR (Transportation Infrastructure) (a) | 1,200,000 | 2,436,892 |
Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 1,700,000 | 1,330,560 |
CP ALL PCL, NVDR (Consumer Staples Distribution & Retail) | 620,000 | 1,092,935 |
Kasikornbank PCL, NVDR (Banks) | 420,000 | 1,534,057 |
6,394,444 | ||
Turkey 0.8% | ||
BIM Birlesik Magazalar A/S (Consumer Staples Distribution & Retail) | 282,000 | 1,851,339 |
Total Common Stocks (Cost $217,400,460) | 215,694,296 |
Shares | Value | ||
Preferred Stock 1.2% | |||
Brazil 1.2% | |||
Itau Unibanco Holding SA (Banks) | 456,000 | $ 2,706,554 | |
Total Preferred Stock (Cost $2,226,026) | 2,706,554 | ||
Total Investments (Cost $219,626,486) | 97.6% | 218,400,850 | |
Other Assets, Less Liabilities | 2.4 | 5,418,422 | |
Net Assets | 100.0% | $ 223,819,272 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry and country classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(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) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
Abbreviation(s): |
ADR—American Depositary Receipt |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
12 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
Indonesia | $ — | $ 6,805,635 | $ — | $ 6,805,635 | |||
Turkey | — | 1,851,339 | — | 1,851,339 | |||
All Other Countries | 207,037,322 | — | — | 207,037,322 | |||
Total Common Stocks | 207,037,322 | 8,656,974 | — | 215,694,296 | |||
Preferred Stock | 2,706,554 | — | — | 2,706,554 | |||
Total Investments in Securities | $ 209,743,876 | $ 8,656,974 | $ — | $ 218,400,850 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent †^ | ||
Automobiles | $ 6,645,267 | 3.0% | |
Banks | 35,941,510 | 16.1 | |
Beverages | 5,052,371 | 2.3 | |
Broadline Retail | 14,411,164 | 6.4 | |
Capital Markets | 735,748 | 0.3 | |
Chemicals | 4,301,343 | 1.9 | |
Communications Equipment | 3,871,132 | 1.7 | |
Construction & Engineering | 2,362,539 | 1.1 | |
Construction Materials | 7,655 | 0.0‡ | |
Consumer Finance | 3,685,239 | 1.6 | |
Consumer Staples Distribution & Retail | 9,631,887 | 4.3 | |
Electrical Equipment | 8,880,520 | 4.0 | |
Electronic Equipment, Instruments & Components | 7,639,258 | 3.4 | |
Entertainment | 5,088,868 | 2.3 | |
Financial Services | 4,634,754 | 2.1 | |
Food Products | 1,830,047 | 0.8 | |
Gas Utilities | 842,421 | 0.4 | |
Ground Transportation | 2,117,288 | 0.9 | |
Health Care Providers & Services | 3,814,035 | 1.7 | |
Hotels, Restaurants & Leisure | 3,262,710 | 1.5 | |
Insurance | 5,337,407 | 2.4 | |
Interactive Media & Services | 11,113,484 | 5.0 | |
IT Services | 781,411 | 0.3 | |
Life Sciences Tools & Services | 2,202,102 | 1.0 | |
Machinery | 3,421,530 | 1.5 | |
Metals & Mining | 9,616,368 | 4.3 | |
Oil, Gas & Consumable Fuels | 8,458,965 | 3.8 | |
Personal Care Products | 1,190,606 | 0.5 | |
Pharmaceuticals | 1,532,575 | 0.7 | |
Real Estate Management & Development | 1,948,954 | 0.9 | |
Semiconductors & Semiconductor Equipment | 27,524,283 | 12.3 | |
Software | 3,716,268 | 1.7 | |
Technology Hardware, Storage & Peripherals | 5,260,274 | 2.3 | |
Textiles, Apparel & Luxury Goods | 1,123,724 | 0.5 | |
Transportation Infrastructure | 3,836,900 | 1.7 | |
Wireless Telecommunication Services | 6,580,243 | 2.9 |
Value | Percent †^ | ||
218,400,850 | 97.6 | ||
Other Assets, Less Liabilities | 5,418,422 | 2.4 | |
Net Assets | $223,819,272 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
14 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Assets | |
Investment in securities, at value (identified cost $219,626,486) | $218,400,850 |
Cash | 5,008,756 |
Cash denominated in foreign currencies (identified cost $1,041,428) | 1,038,718 |
Receivables: | |
Investment securities sold | 1,392,154 |
Dividends | 790,518 |
Portfolio shares sold | 8,088 |
Other assets | 2,604 |
Total assets | 226,641,688 |
Liabilities | |
Payables: | |
Investment securities purchased | 1,690,229 |
Foreign capital gains tax (See Note 2) | 699,103 |
Manager (See Note 3) | 185,885 |
Portfolio shares redeemed | 102,823 |
Custodian | 52,873 |
Shareholder communication | 32,686 |
Professional fees | 27,563 |
NYLIFE Distributors (See Note 3) | 14,282 |
Accrued expenses | 16,972 |
Total liabilities | 2,822,416 |
Net assets | $223,819,272 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,457 |
Additional paid-in-capital | 277,911,964 |
277,944,421 | |
Total distributable earnings (loss) | (54,125,149) |
Net assets | $223,819,272 |
Initial Class | |
Net assets applicable to outstanding shares | $155,133,382 |
Shares of beneficial interest outstanding | 22,506,224 |
Net asset value per share outstanding | $ 6.89 |
Service Class | |
Net assets applicable to outstanding shares | $ 68,685,890 |
Shares of beneficial interest outstanding | 9,951,175 |
Net asset value per share outstanding | $ 6.90 |
Investment Income (Loss) | |
Income | |
Dividends (net of foreign tax withholding of $237,163) | $ 2,506,418 |
Securities lending, net | 1,818 |
Other | 24,492 |
Total income | 2,532,728 |
Expenses | |
Manager (See Note 3) | 1,137,110 |
Custodian | 94,388 |
Distribution/Service—Service Class (See Note 3) | 88,183 |
Professional fees | 57,821 |
Trustees | 2,910 |
Miscellaneous | 7,804 |
Total expenses before waiver/reimbursement | 1,388,216 |
Reimbursement from prior custodian(a) | (10,272) |
Net expenses | 1,377,944 |
Net investment income (loss) | 1,154,784 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(b) | (9,709,595) |
Foreign currency transactions | (147,161) |
Net realized gain (loss) | (9,856,756) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(c) | 18,939,357 |
Translation of other assets and liabilities in foreign currencies | (82,978) |
Net change in unrealized appreciation (depreciation) | 18,856,379 |
Net realized and unrealized gain (loss) | 8,999,623 |
Net increase (decrease) in net assets resulting from operations | $10,154,407 |
(a) | Represents a refund for overbilling of custody fees. |
(b) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(43,924). |
(c) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(249,856). |
16 | MainStay VP Candriam Emerging Markets Equity Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,154,784 | $ 3,076,160 |
Net realized gain (loss) | (9,856,756) | (44,773,229) |
Net change in unrealized appreciation (depreciation) | 18,856,379 | (48,297,244) |
Net increase (decrease) in net assets resulting from operations | 10,154,407 | (89,994,313) |
Distributions to shareholders: | ||
Initial Class | — | (25,368,728) |
Service Class | — | (11,240,825) |
Total distributions to shareholders | — | (36,609,553) |
Capital share transactions: | ||
Net proceeds from sales of shares | 3,389,386 | 25,988,468 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 36,609,553 |
Cost of shares redeemed | (18,825,486) | (20,777,407) |
Increase (decrease) in net assets derived from capital share transactions | (15,436,100) | 41,820,614 |
Net increase (decrease) in net assets | (5,281,693) | (84,783,252) |
Net Assets | ||
Beginning of period | 229,100,965 | 313,884,217 |
End of period | $223,819,272 | $229,100,965 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 6.60 | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | |||||
Net investment income (loss) | 0.04(a) | 0.11 | 0.12(a) | 0.07(a) | 0.19(a) | 0.12(a) | |||||
Net realized and unrealized gain (loss) | 0.25 | (3.39) | (0.34) | 2.30 | 1.41 | (2.21) | |||||
Total from investment operations | 0.29 | (3.28) | (0.22) | 2.37 | 1.60 | (2.09) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.09) | (0.13) | (0.32) | (0.13) | (0.14) | |||||
From net realized gain on investments | — | (1.19) | — | — | — | — | |||||
Total distributions | — | (1.28) | (0.13) | (0.32) | (0.13) | (0.14) | |||||
Net asset value at end of period | $ 6.89 | $ 6.60 | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | |||||
Total investment return (b) | 4.39%(c) | (28.72)% | (2.00)% | 25.71% | 20.08% | (20.55)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.10%††(d) | 1.28% | 1.02% | 0.79% | 2.18% | 1.27% | |||||
Net expenses (e) | 1.13%††(f) | 1.16% | 1.13% | 1.18% | 1.17% | 1.16% | |||||
Expenses (before waiver/reimbursement) (e) | 1.14%†† | 1.16% | 1.14% | 1.18% | 1.17% | 1.16% | |||||
Portfolio turnover rate | 34% | 115% | 63% | 123% | 121% | 135% | |||||
Net assets at end of period (in 000's) | $ 155,133 | $ 158,187 | $ 211,647 | $ 257,933 | $ 273,042 | $ 371,834 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 1.09%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.14%. |
18 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 6.62 | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | |||||
Net investment income (loss) | 0.03(a) | 0.09 | 0.09(a) | 0.05(a) | 0.17(a) | 0.10(a) | |||||
Net realized and unrealized gain (loss) | 0.25 | (3.39) | (0.35) | 2.31 | 1.40 | (2.21) | |||||
Total from investment operations | 0.28 | (3.30) | (0.26) | 2.36 | 1.57 | (2.11) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.05) | (0.10) | (0.29) | (0.10) | (0.11) | |||||
From net realized gain on investments | — | (1.19) | — | — | — | — | |||||
Total distributions | — | (1.24) | (0.10) | (0.29) | (0.10) | (0.11) | |||||
Net asset value at end of period | $ 6.90 | $ 6.62 | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | |||||
Total investment return (b) | 4.23% | (28.89)% | (2.25)% | 25.40% | 19.78% | (20.74)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.83%††(c) | 1.03% | 0.78% | 0.57% | 2.00% | 1.07% | |||||
Net expenses (d) | 1.38%††(e) | 1.41% | 1.38% | 1.43% | 1.42% | 1.41% | |||||
Expenses (before waiver/reimbursement) (d) | 1.39%†† | 1.41% | 1.39% | 1.43% | 1.42% | 1.41% | |||||
Portfolio turnover rate | 34% | 115% | 63% | 123% | 121% | 135% | |||||
Net assets at end of period (in 000's) | $ 68,686 | $ 70,914 | $ 102,237 | $ 120,450 | $ 127,042 | $ 131,498 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Without the custody fee reimbursement, net investment income (loss) would have been 0.82%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Without the custody fee reimbursement, net expenses would have been 1.39%. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
20 | MainStay VP Candriam Emerging Markets Equity Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $223,889,477 | $15,784,972 | $(21,273,599) | $(5,488,627) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $42,749 | $— |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 2,194,677 |
Long-Term Capital Gains | 34,414,876 |
Total | $36,609,553 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 337,226 | $ 2,281,323 |
Shares redeemed | (1,781,355) | (12,470,921) |
Net increase (decrease) | (1,444,129) | $(10,189,598) |
Year ended December 31, 2022: | ||
Shares sold | 1,945,628 | $ 16,657,111 |
Shares issued to shareholders in reinvestment of distributions | 4,039,028 | 25,368,728 |
Shares redeemed | (1,007,338) | (9,209,477) |
Net increase (decrease) | 4,977,318 | $ 32,816,362 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 163,030 | $ 1,108,063 |
Shares redeemed | (920,703) | (6,354,565) |
Net increase (decrease) | (757,673) | $ (5,246,502) |
Year ended December 31, 2022: | ||
Shares sold | 1,068,938 | $ 9,331,357 |
Shares issued to shareholders in reinvestment of distributions | 1,784,088 | 11,240,825 |
Shares redeemed | (1,305,553) | (11,567,930) |
Net increase (decrease) | 1,547,473 | $ 9,004,252 |
26 | MainStay VP Candriam Emerging Markets Equity Portfolio |
28 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034691 | MSVPEME10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1 | Six Months2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/1/2013 | 4.98% | 6.17% | 1.24% | -1.12% | 1.18% |
Service Class Shares | 5/1/2013 | 4.85 | 5.90 | 0.99 | -1.34 | 1.43 |
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. | Not annualized. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
S&P Balanced Equity and Bond Conservative Index2 | 5.59% | 2.21% | 3.58% | 4.22% |
Barclay Hedge Fund Index3 | 4.41 | 6.09 | 4.14 | 4.71 |
Barclay Fund of Funds Index4 | 3.01 | 3.66 | 2.34 | 2.56 |
IQ Hedge Multi-Strategy Index5 | 5.40 | 6.95 | 1.85 | 2.76 |
Morningstar Multistrategy Category Average6 | 3.04 | 4.64 | 2.62 | 2.34 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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 S& P 500 Total Return Index (25%) and a position in the S&P U.S. Treasury Bond 7-10 Year Index (75%). |
3. | The Portfolio has selected the Barclay Hedge Fund Index as its secondary benchmark. The Barclay Hedge Fund Index is a measure of the average return of all hedge funds (excepting Funds of Funds) in the Barclay database. The index is simply the arithmetic average of the net returns of all the funds that have reported that month. |
4. | The Portfolio has selected the Barclay Fund of Funds Index as an additional benchmark. The Barclay Fund of Funds Index is a measure of the average return of all reporting funds in the Barclay database. |
5. | 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. |
6. | 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. |
6 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,049.80 | $3.25 | $1,021.62 | $3.21 | 0.64% |
Service Class Shares | $1,000.00 | $1,048.50 | $4.52 | $1,020.38 | $4.46 | 0.89% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Bank Loan Funds | 24.3% |
Floating Rate—Investment Grade Funds | 23.9 |
Unaffiliated Investment Companies (a) | 22.5 |
Convertible Bond Funds | 12.6 |
Emerging Small Cap Equity Fund | 11.1 |
Derivative Income | 9.8 |
U.S. Large Cap Core Funds | 7.4 |
Merger Arbitrage | 3.8 |
Broad Fund | 3.0 |
BRIC Equity Fund | 1.3 |
International Small Cap Equity Fund | 0.8% |
U.S. REITs Funds | 0.7 |
Volatility | 0.7 |
Private Equity Replication | 0.5 |
Affiliated Investment Company | 0.3 |
U.S. Small Cap Core Funds | 0.0‡ |
Other Assets, Less Liabilities | –22.7 |
100.0% |
‡ | Less than one–tenth of a percent. |
(a) | Represents a security purchased with cash collateral received for securities on loan. |
1. | iShares Floating Rate Bond ETF |
2. | SPDR Blackstone Senior Loan ETF |
3. | Invesco Senior Loan ETF |
4. | SPDR S&P Emerging Markets Small-Cap ETF |
5. | SPDR Bloomberg Convertible Securities ETF |
6. | SPDR Bloomberg Investment Grade Floating Rate ETF |
7. | JPMorgan Equity Premium Income ETF |
8. | JPMorgan Nasdaq Equity Premium Income ETF |
9. | Financial Select Sector SPDR Fund |
10. | IQ Merger Arbitrage ETF |
8 | MainStay VP IQ Hedge Multi-Strategy 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. |
3. | “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. |
4. | The Bloomberg 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. |
10 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Exchange-Traded Funds 96.2% | ||
Alternative 14.1% | ||
Derivative Income 9.8% | ||
JPMorgan Equity Premium Income ETF | 243,794 | $ 13,489,122 |
JPMorgan Nasdaq Equity Premium Income ETF | 278,077 | 13,450,585 |
26,939,707 | ||
Merger Arbitrage 3.8% | ||
AltShares Merger Arbitrage ETF | 48,870 | 1,244,719 |
IQ Merger Arbitrage ETF (a) | 300,433 | 9,373,510 |
10,618,229 | ||
Private Equity Replication 0.5% | ||
Invesco Global Listed Private Equity ETF | 131,860 | 1,387,167 |
Total Alternative (Cost $38,362,196) | 38,945,103 | |
Bonds 60.8% | ||
Bank Loan Funds 24.3% | ||
Invesco Senior Loan ETF (b) | 1,477,380 | 31,084,075 |
SPDR Blackstone Senior Loan ETF (b) | 861,582 | 36,074,438 |
67,158,513 | ||
Convertible Bond Funds 12.6% | ||
iShares Convertible Bond ETF | 114,469 | 8,740,853 |
SPDR Bloomberg Convertible Securities ETF (b) | 375,121 | 26,239,714 |
34,980,567 | ||
Floating Rate—Investment Grade Funds 23.9% | ||
iShares Floating Rate Bond ETF (b) | 972,371 | 49,415,893 |
SPDR Bloomberg Investment Grade Floating Rate ETF | 538,531 | 16,527,517 |
65,943,410 | ||
Total Bonds (Cost $167,080,803) | 168,082,490 | |
Equities 20.6% | ||
BRIC Equity Fund 1.3% | ||
iShares MSCI India ETF | 81,476 | 3,560,501 |
Emerging Small Cap Equity Fund 11.1% | ||
SPDR S&P Emerging Markets Small-Cap ETF (b) | 585,149 | 30,726,174 |
Shares | Value | |
International Small Cap Equity Fund 0.8% | ||
Schwab International Small-Cap Equity ETF | 63,294 | $ 2,137,438 |
U.S. Large Cap Core Funds 7.4% | ||
Financial Select Sector SPDR Fund | 343,098 | 11,565,834 |
First Trust Dow Jones Internet Index Fund (a) | 2,824 | 460,284 |
Materials Select Sector SPDR Fund | 42,183 | 3,495,705 |
Vanguard Financials ETF | 38,477 | 3,125,871 |
Vanguard Materials ETF (b) | 9,539 | 1,735,812 |
20,383,506 | ||
U.S. Small Cap Core Funds 0.0% ‡ | ||
iShares Core S&P Small-Cap ETF | 1,094 | 109,017 |
Schwab U.S. Small-Cap ETF | 517 | 22,645 |
Vanguard Small-Cap ETF | 356 | 70,805 |
202,467 | ||
Total Equities (Cost $56,024,125) | 57,010,086 | |
Real Estate 0.7% | ||
U.S. REITs Funds 0.7% | ||
Fidelity MSCI Real Estate Index ETF | 2,320 | 58,209 |
iShares Core U.S. REIT ETF | 2,031 | 104,414 |
Vanguard Real Estate ETF (b) | 21,263 | 1,776,736 |
Total Real Estate (Cost $1,979,536) | 1,939,359 | |
Total Exchange-Traded Funds (Cost $263,446,660) | 265,977,038 | |
Exchange-Traded Note 0.7% | ||
Volatility 0.7% | ||
Volatility 0.7% | ||
iPath S&P 500 VIX Short-Term Futures ETN (a)(b) | 77,081 | 1,927,025 |
Total Exchange-Traded Note (Cost $2,361,104) | 1,927,025 | |
Exchange-Traded Vehicle 3.0% | ||
Commodity 3.0% | ||
Broad Fund 3.0% | ||
iShares GSCI Commodity Dynamic Roll Strategy ETF | 317,911 | 8,259,328 |
Total Exchange-Traded Vehicle (Cost $8,257,738) | 8,259,328 | |
12 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | ||
Short-Term Investments 22.8% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (c) | 688,014 | $ 688,014 | |
Unaffiliated Investment Companies 22.5% | |||
Goldman Sachs Financial Square Government Fund, 5.12% (c)(d) | 20,000,000 | 20,000,000 | |
Invesco Government & Agency Portfolio, 5.16% (c)(d) | 30,294,018 | 30,294,018 | |
RBC U.S. Government Money Market Fund, 5.08% (c)(d) | 12,000,000 | 12,000,000 | |
Total Unaffiliated Investment Companies (Cost $62,294,018) | 62,294,018 | ||
Total Short-Term Investments (Cost $62,982,032) | 62,982,032 | ||
Total Investments (Cost $337,047,534) | 122.7% | 339,145,423 | |
Other Assets, Less Liabilities | (22.7) | (62,794,706) | |
Net Assets | 100.0% | $ 276,350,717 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $76,738,995; the total market value of collateral held by the Portfolio was $78,924,273. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $16,630,255. The Portfolio received cash collateral with a value of $62,294,018. (See Note 2(I)) |
(c) | Current yield as of June 30, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ Merger Arbitrage ETF | $ — | $ 9,339 | $ — | $ — | $ 35 | $ 9,374 | $ — | $ — | 300 |
IQ Ultra Short Duration ETF | 9,690 | 732 | (10,428) | (116) | 122 | — | 151 | — | — |
MainStay U.S. Government Liquidity Fund | 67 | 17,763 | (17,142) | — | — | 688 | 14 | — | 688 |
$9,757 | $ 27,834 | $(27,570) | $(116) | $ 157 | $ 10,062 | $ 165 | $ — |
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 | AltShares Merger Arbitrage ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 16 | $ — |
Morgan Stanley & Co. | AltShares Merger Arbitrage ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 16 | — |
Bank of America Merrill Lynch | Energy Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 9/4/24 | Overnight | (729) | — |
Morgan Stanley & Co. | Energy Select Sector SPDR Fund | Federal Fund Rate minus 0.10% | 9/16/24 | Monthly | (729) | — |
Bank of America Merrill Lynch | Fidelity MSCI Real Estate Index ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 1 | — |
Morgan Stanley & Co. | Fidelity MSCI Real Estate Index ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1 | — |
Bank of America Merrill Lynch | Financial Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 147 | — |
Morgan Stanley & Co. | Financial Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 147 | — |
Bank of America Merrill Lynch | First Trust Dow Jones Internet Index Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 6 | — |
Morgan Stanley & Co. | First Trust Dow Jones Internet Index Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 6 | — |
Bank of America Merrill Lynch | Invesco Global Listed Private Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 18 | — |
Morgan Stanley & Co. | Invesco Global Listed Private Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 18 | — |
Bank of America Merrill Lynch | Invesco Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 397 | — |
Morgan Stanley & Co. | Invesco Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 397 | — |
Bank of America Merrill Lynch | iPath S&P 500 VIX Short-Term Futures ETN | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 24 | — |
Morgan Stanley & Co. | iPath S&P 500 VIX Short-Term Futures ETN | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 24 | — |
Bank of America Merrill Lynch | IQ Merger Arbitrage ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 119 | — |
Morgan Stanley & Co. | IQ Merger Arbitrage ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 119 | — |
Bank of America Merrill Lynch | iShares Convertible Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 111 | — |
Morgan Stanley & Co. | iShares Convertible Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 111 | — |
Bank of America Merrill Lynch | iShares Core S&P Mid-Cap ETF | Federal Funds Composite Interest Rate | 9/4/24 | Overnight | (1,578) | — |
14 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | iShares Core S&P Mid-Cap ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (1,578) | $ — |
Bank of America Merrill Lynch | iShares Core S&P Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 1 | — |
Morgan Stanley & Co. | iShares Core S&P Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1 | — |
Bank of America Merrill Lynch | iShares Core U.S. REIT ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 1 | — |
Morgan Stanley & Co. | iShares Core U.S. REIT ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1 | — |
Bank of America Merrill Lynch | iShares Floating Rate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 631 | — |
Morgan Stanley & Co. | iShares Floating Rate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 631 | — |
Bank of America Merrill Lynch | iShares GSCI Commodity Dynamic Roll Strategy ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 105 | — |
Morgan Stanley & Co. | iShares GSCI Commodity Dynamic Roll Strategy ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 105 | — |
Bank of America Merrill Lynch | iShares MSCI India ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 45 | — |
Morgan Stanley & Co. | iShares MSCI India ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 45 | — |
Bank of America Merrill Lynch | JPMorgan Equity Premium Income ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 172 | — |
Morgan Stanley & Co. | JPMorgan Equity Premium Income ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 172 | — |
Bank of America Merrill Lynch | JPMorgan Nasdaq Equity Premium Income ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 172 | — |
Morgan Stanley & Co. | JPMorgan Nasdaq Equity Premium Income ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 172 | — |
Bank of America Merrill Lynch | Materials Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 44 | — |
Morgan Stanley & Co. | Materials Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 44 | — |
Bank of America Merrill Lynch | Schwab International Small-Cap Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 27 | — |
Morgan Stanley & Co. | Schwab International Small-Cap Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 27 | — |
Bank of America Merrill Lynch | Schwab U.S. Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | —‡ | — |
Morgan Stanley & Co. | Schwab U.S. Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | —‡ | — |
Bank of America Merrill Lynch | SPDR Blackstone Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 460 | — |
Morgan Stanley & Co. | SPDR Blackstone Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 460 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Convertible Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 335 | — |
Morgan Stanley & Co. | SPDR Bloomberg Convertible Securities ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 335 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 211 | — |
Morgan Stanley & Co. | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 211 | — |
Bank of America Merrill Lynch | SPDR S&P Emerging Markets Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 392 | — |
Morgan Stanley & Co. | SPDR S&P Emerging Markets Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 392 | — |
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 Energy ETF | Federal Funds Composite Interest Rate | 9/4/24 | Overnight | (154) | $ — |
Morgan Stanley & Co. | Vanguard Energy ETF | Federal Fund Rate minus 0.57% | 9/16/24 | Monthly | (154) | — |
Bank of America Merrill Lynch | Vanguard Financials ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 40 | — |
Morgan Stanley & Co. | Vanguard Financials ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 40 | — |
Bank of America Merrill Lynch | Vanguard Materials ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 22 | — |
Morgan Stanley & Co. | Vanguard Materials ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 22 | — |
Bank of America Merrill Lynch | Vanguard Mid-Cap ETF | Federal Funds Composite Interest Rate | 9/4/24 | Overnight | (1,222) | — |
Morgan Stanley & Co. | Vanguard Mid-Cap ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (1,222) | — |
Bank of America Merrill Lynch | Vanguard Real Estate ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 22 | — |
Morgan Stanley & Co. | Vanguard Real Estate ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 22 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Overnight | 1 | — |
Morgan Stanley & Co. | Vanguard Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1 | — |
$ — | ||||||
‡ Less than $500. |
1. | As of June 30, 2023, cash in the amount $80,000 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 June 30, 2023. |
Abbreviation(s): |
BRIC—Brazil, Russia, India and China |
ETF—Exchange-Traded Fund |
ETN—Exchange-Traded Note |
GSCI—Goldman Sachs Commodity Index |
MSCI—Morgan Stanley Capital International |
REIT—Real Estate Investment Trust |
SPDR—Standard & Poor’s Depositary Receipt |
VIX—CBOE Volatility Index |
16 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Exchange-Traded Funds | $ 265,977,038 | $ — | $ — | $ 265,977,038 | |||
Exchange-Traded Note | 1,927,025 | — | — | 1,927,025 | |||
Exchange-Traded Vehicle | 8,259,328 | — | — | 8,259,328 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 688,014 | — | — | 688,014 | |||
Unaffiliated Investment Companies | 62,294,018 | — | — | 62,294,018 | |||
Total Short-Term Investments | 62,982,032 | — | — | 62,982,032 | |||
Total Investments in Securities | $ 339,145,423 | $ — | $ — | $ 339,145,423 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $327,020,560) including securities on loan of $76,738,995 | $329,083,899 |
Investment in affiliated investment companies, at value (identified cost $10,026,974) | 10,061,524 |
Cash denominated in foreign currencies (identified cost $4,585) | 4,599 |
Cash collateral on deposit at broker for swap contracts | 80,000 |
Receivables: | |
Dividends | 87,219 |
Securities lending | 43,546 |
Portfolio shares sold | 23,417 |
Other assets | 3,003 |
Total assets | 339,387,207 |
Liabilities | |
Cash collateral received for securities on loan | 62,294,018 |
Payables: | |
Portfolio shares redeemed | 252,558 |
Dividends and interest on OTC swaps contracts | 216,011 |
Manager (See Note 3) | 146,732 |
NYLIFE Distributors (See Note 3) | 54,389 |
Shareholder communication | 20,905 |
Custodian | 19,687 |
Professional fees | 17,783 |
Transfer agent (See Note 3) | 1,151 |
Accrued expenses | 13,256 |
Total liabilities | 63,036,490 |
Net assets | $276,350,717 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,880 |
Additional paid-in-capital | 347,257,711 |
347,290,591 | |
Total distributable earnings (loss) | (70,939,874) |
Net assets | $276,350,717 |
Initial Class | |
Net assets applicable to outstanding shares | $ 11,239,311 |
Shares of beneficial interest outstanding | 1,331,330 |
Net asset value per share outstanding | $ 8.44 |
Service Class | |
Net assets applicable to outstanding shares | $265,111,406 |
Shares of beneficial interest outstanding | 31,549,131 |
Net asset value per share outstanding | $ 8.40 |
18 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 4,017,509 |
Securities lending, net | 366,012 |
Dividends-affiliated | 165,214 |
Total income | 4,548,735 |
Expenses | |
Manager (See Note 3) | 1,052,199 |
Distribution/Service—Service Class (See Note 3) | 335,730 |
Professional fees | 34,433 |
Custodian | 33,075 |
Trustees | 3,589 |
Miscellaneous | 4,619 |
Total expenses before waiver/reimbursement | 1,463,645 |
Expense waiver/reimbursement from Manager (See Note 3) | (145,599) |
Reimbursement from prior custodian(a) | (85,488) |
Net expenses | 1,232,558 |
Net investment income (loss) | 3,316,177 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (1,732,433) |
Affiliated investment company transactions | (115,796) |
Swap transactions | (744,896) |
Foreign currency transactions | (3,158) |
Net realized gain (loss) | (2,596,283) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 12,497,364 |
Affiliated investments | 156,921 |
Translation of other assets and liabilities in foreign currencies | 4,101 |
Net change in unrealized appreciation (depreciation) | 12,658,386 |
Net realized and unrealized gain (loss) | 10,062,103 |
Net increase (decrease) in net assets resulting from operations | $13,378,280 |
(a) | Represents a refund for overbilling of custody fees. |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,316,177 | $ 5,845,226 |
Net realized gain (loss) | (2,596,283) | (28,946,491) |
Net change in unrealized appreciation (depreciation) | 12,658,386 | (8,397,896) |
Net increase (decrease) in net assets resulting from operations | 13,378,280 | (31,499,161) |
Distributions to shareholders: | ||
Initial Class | — | (245,307) |
Service Class | — | (4,860,946) |
Total distributions to shareholders | — | (5,106,253) |
Capital share transactions: | ||
Net proceeds from sales of shares | 4,019,943 | 7,315,445 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 5,106,253 |
Cost of shares redeemed | (27,122,697) | (63,501,869) |
Increase (decrease) in net assets derived from capital share transactions | (23,102,754) | (51,080,171) |
Net increase (decrease) in net assets | (9,724,474) | (87,685,585) |
Net Assets | ||
Beginning of period | 286,075,191 | 373,760,776 |
End of period | $276,350,717 | $286,075,191 |
20 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 † | ||||||
Net asset value at beginning of period | $ 8.04 | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | |||||
Net investment income (loss) (a) | 0.11 | 0.18 | 0.09 | 0.14 | 0.20 | (0.05) | |||||
Net realized and unrealized gain (loss) | 0.29 | (0.94) | (0.14) | 0.33 | 0.49 | (0.55) | |||||
Total from investment operations | 0.40 | (0.76) | (0.05) | 0.47 | 0.69 | (0.60) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.17) | — | (0.16) | (0.16) | (0.10) | |||||
Return of capital | — | — | — | (0.03) | (0.01) | — | |||||
Total distributions | — | (0.17) | — | (0.19) | (0.17) | (0.10) | |||||
Net asset value at end of period | $ 8.44 | $ 8.04 | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | |||||
Total investment return (b) | 4.98% | (8.48)% | (0.55)%(c) | 5.38% | 8.47% | (6.88)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.58%††(d) | 2.12% | 0.97% | 1.56% | 2.36% | (0.53)% | |||||
Net expenses (e) | 0.64%††(f) | 0.70% | 0.70% | 0.70% | 0.70% | 1.43% | |||||
Expenses (before waiver/reimbursement) (e) | 0.80%†† | 0.81% | 0.83% | 1.00% | 1.20% | 2.96%(g) | |||||
Portfolio turnover rate | 95% | 139% | 126% | 179% | 151% | 450% | |||||
Net assets at end of period (in 000's) | $ 11,239 | $ 12,070 | $ 13,499 | $ 12,044 | $ 10,749 | $ 9,059 |
* | Unaudited. |
† | Consolidated Financial Highlights for the period January 1, 2018 to November 30, 2018, which consolidates financial information of MainStay VP Multi-Strategy Cayman Fund Ltd., a wholly-owned subsidiary of the Portfolio prior to the reorganization. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 2.52%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.70%. |
(g) | The expense ratios presented below show the impact of short sales expense: |
Six-month Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2018 | 1.43% | 1.28% |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 † | ||||||
Net asset value at beginning of period | $ 8.01 | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | |||||
Net investment income (loss) (a) | 0.10 | 0.15 | 0.06 | 0.11 | 0.18 | (0.00)‡ | |||||
Net realized and unrealized gain (loss) | 0.29 | (0.94) | (0.13) | 0.34 | 0.49 | (0.63) | |||||
Total from investment operations | 0.39 | (0.79) | (0.07) | 0.45 | 0.67 | (0.63) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.14) | — | (0.14) | (0.12) | (0.06) | |||||
Return of capital | — | — | — | (0.03) | (0.00)‡ | — | |||||
Total distributions | — | (0.14) | — | (0.17) | (0.12) | (0.06) | |||||
Net asset value at end of period | $ 8.40 | $ 8.01 | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | |||||
Total investment return (b) | 4.87%(c) | (8.70)% | (0.78)%(c) | 5.14% | 8.23% | (7.14)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.35%††(d) | 1.82% | 0.65% | 1.29% | 2.09% | 0.03% | |||||
Net expenses (e) | 0.89%††(f) | 0.95% | 0.95% | 0.95% | 0.95% | 1.60% | |||||
Expenses (before waiver/reimbursement) (e) | 1.05%†† | 1.06% | 1.09% | 1.25% | 1.45% | 2.84%(g) | |||||
Portfolio turnover rate | 95% | 139% | 126% | 179% | 151% | 450% | |||||
Net assets at end of period (in 000's) | $ 265,111 | $ 274,005 | $ 360,262 | $ 371,833 | $ 389,101 | $ 391,094 |
* | Unaudited. |
† | Consolidated Financial Highlights for the period January 1, 2018 to November 30, 2018, 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. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 2.29%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.95%. |
(g) | The expense ratios presented below show the impact of short sales expense: |
Six-month Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2018 | 1.60% | 0.99% |
22 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2013 |
Service Class | May 1, 2013 |
• | Level 1—quoted prices (unadjusted) 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 IQ Hedge Multi-Strategy Portfolio |
26 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
28 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(744,896) | $(744,896) |
Total Net Realized Gain (Loss) | $(744,896) | $(744,896) |
Average Notional Amount | Total |
Swap Contracts Long | $ 24,802,371 |
Swap Contracts Short | $(24,816,377) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $347,016,237 | $3,351,671 | $(11,222,485) | $(7,870,814) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $59,425 | $5,651 |
2022 | |
Distributions paid from: | |
Ordinary Income | $5,106,253 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 45,032 | $ 372,985 |
Shares redeemed | (214,655) | (1,767,459) |
Net increase (decrease) | (169,623) | $ (1,394,474) |
Year ended December 31, 2022: | ||
Shares sold | 56,268 | $ 474,155 |
Shares issued to shareholders in reinvestment of distributions | 30,435 | 245,307 |
Shares redeemed | (90,997) | (758,670) |
Net increase (decrease) | (4,294) | $ (39,208) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 442,082 | $ 3,646,958 |
Shares redeemed | (3,080,464) | (25,355,238) |
Net increase (decrease) | (2,638,382) | $(21,708,280) |
Year ended December 31, 2022: | ||
Shares sold | 820,504 | $ 6,841,290 |
Shares issued to shareholders in reinvestment of distributions | 605,130 | 4,860,946 |
Shares redeemed | (7,550,160) | (62,743,199) |
Net increase (decrease) | (6,124,526) | $(51,040,963) |
30 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
32 |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035095 | MSVPARM10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date1, 2 | Six Months3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 5/2/2005 | 1.78% | 5.18% | 5.70% | 6.66% | 0.71% |
Service Class Shares | 5/2/2005 | 1.65 | 4.91 | 5.44 | 6.40 | 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. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor 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. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Russell 1000® Value Index2 | 5.12% | 11.54% | 8.11% | 9.22% |
Bloomberg U.S. Intermediate Government/Credit Bond Index3 | 1.50 | -0.10 | 1.23 | 1.41 |
Balanced Composite Index4 | 3.76 | 7.09 | 5.75 | 6.32 |
Morningstar Moderate Allocation Category Average5 | 7.33 | 8.56 | 5.68 | 6.45 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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%/40%, respectively. |
5. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP Balanced Portfolio |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,017.80 | $3.45 | $1,021.37 | $3.46 | 0.69% |
Service Class Shares | $1,000.00 | $1,016.50 | $4.70 | $1,020.13 | $4.71 | 0.94% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | U.S. Treasury Notes, 2.50%-4.25%, due 5/15/24–5/15/33 |
2. | iShares Intermediate Government/Credit Bond ETF |
3. | JPMorgan Chase & Co. |
4. | iShares Russell 1000 Value ETF |
5. | Cisco Systems, Inc. |
6. | Morgan Stanley |
7. | Pfizer, Inc. |
8. | Merck & Co., Inc. |
9. | ConocoPhillips |
10. | Johnson Controls International plc |
8 | MainStay VP Balanced Portfolio |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | 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. |
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. |
10 | MainStay VP Balanced Portfolio |
5. | An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
7. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
Principal Amount | Value | |
Long-Term Bonds 34.6% | ||
Asset-Backed Securities 1.3% | ||
Other Asset-Backed Securities 1.3% | ||
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
6.862% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | $ 650,000 | $ 635,392 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class AR | ||
6.31% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) | 700,000 | 691,088 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
6.65% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 400,000 | 386,074 |
Ballyrock CLO 23 Ltd. | ||
Series 2023-23A, Class A1 | ||
6.971% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | 600,000 | 601,112 |
Benefit Street Partners CLO XXX Ltd. | ||
Series 2023-30A, Class A | ||
6.805% (3 Month SOFR + 2.10%), due 4/25/36 (a)(b) | 600,000 | 602,146 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
6.66% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) | 800,000 | 777,550 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
6.80% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(b) | 750,000 | 737,547 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 241,312 | 203,065 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
6.529% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) | 200,970 | 198,852 |
Total Asset-Backed Securities (Cost $4,937,939) | 4,832,826 | |
Corporate Bonds 12.5% | ||
Aerospace & Defense 0.3% | ||
L3Harris Technologies, Inc. | ||
1.80%, due 1/15/31 | 477,000 | 377,526 |
Northrop Grumman Corp. | ||
4.70%, due 3/15/33 | 340,000 | 333,680 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
Raytheon Technologies Corp. | ||
5.15%, due 2/27/33 | $ 350,000 | $ 354,784 |
1,065,990 | ||
Auto Manufacturers 0.3% | ||
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | 505,000 | 505,883 |
Hyundai Capital America | ||
5.68%, due 6/26/28 (a) | 460,000 | 456,318 |
962,201 | ||
Auto Parts & Equipment 0.1% | ||
Aptiv plc | ||
3.25%, due 3/1/32 | 260,000 | 222,601 |
Banks 5.7% | ||
Bank of America Corp. | ||
1.734%, due 7/22/27 (c) | 845,000 | 754,386 |
1.922%, due 10/24/31 (c) | 205,000 | 162,272 |
2.087%, due 6/14/29 (c) | 675,000 | 575,882 |
2.482% (5 Year Treasury Constant Maturity Rate + 1.20%), due 9/21/36 (b) | 240,000 | 183,608 |
5.202%, due 4/25/29 (c) | 530,000 | 524,208 |
Bank of New York Mellon Corp. (The) (c) | ||
4.706%, due 2/1/34 | 335,000 | 321,747 |
4.947%, due 4/26/27 | 340,000 | 335,805 |
Bank of New Zealand | ||
4.846%, due 2/7/28 (a) | 615,000 | 601,621 |
Barclays plc | ||
5.20%, due 5/12/26 | 200,000 | 192,950 |
5.829%, due 5/9/27 (c) | 780,000 | 769,395 |
7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | 325,000 | 338,522 |
Citigroup, Inc. (c) | ||
2.014%, due 1/25/26 | 733,000 | 688,576 |
5.61%, due 9/29/26 | 885,000 | 883,797 |
6.174%, due 5/25/34 | 325,000 | 327,831 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 320,000 | 303,272 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 805,000 | 821,295 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(b) | 690,000 | 688,355 |
12 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Deutsche Bank AG | ||
7.079%, due 2/10/34 (c) | $ 210,000 | $ 194,257 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (c) | 315,000 | 313,609 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 710,000 | 708,809 |
HSBC Holdings plc (c) | ||
6.547%, due 6/20/34 | 260,000 | 258,991 |
7.39%, due 11/3/28 | 395,000 | 416,876 |
Huntington National Bank (The) | ||
5.65%, due 1/10/30 | 455,000 | 434,451 |
JPMorgan Chase & Co. (c) | ||
1.578%, due 4/22/27 | 790,000 | 709,588 |
4.565%, due 6/14/30 | 440,000 | 422,749 |
5.35%, due 6/1/34 | 245,000 | 246,952 |
5.546%, due 12/15/25 | 595,000 | 592,486 |
KeyBank NA | ||
5.85%, due 11/15/27 | 505,000 | 475,545 |
Mitsubishi UFJ Financial Group, Inc. (b) | ||
5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 | 200,000 | 198,455 |
5.541% (1 Year Treasury Constant Maturity Rate + 1.50%), due 4/17/26 | 490,000 | 487,003 |
Morgan Stanley (c) | ||
2.484%, due 9/16/36 | 945,000 | 717,010 |
4.679%, due 7/17/26 | 1,150,000 | 1,128,481 |
5.123%, due 2/1/29 | 120,000 | 118,348 |
6.296%, due 10/18/28 | 140,000 | 143,857 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 340,000 | 334,993 |
National Securities Clearing Corp. | ||
5.00%, due 5/30/28 (a) | 300,000 | 298,134 |
NatWest Group plc | ||
5.847% (1 Year Treasury Constant Maturity Rate + 1.35%), due 3/2/27 (b) | 685,000 | 677,497 |
PNC Financial Services Group, Inc. (The) (c) | ||
5.582%, due 6/12/29 | 155,000 | 154,271 |
5.812%, due 6/12/26 | 330,000 | 327,992 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 625,000 | 624,748 |
Swedbank AB | ||
5.337%, due 9/20/27 (a) | 515,000 | 507,540 |
Principal Amount | Value | |
Banks (continued) | ||
Truist Financial Corp. | ||
5.122%, due 1/26/34 (c) | $ 130,000 | $ 123,191 |
U.S. Bancorp (c) | ||
2.677%, due 1/27/33 | 200,000 | 160,009 |
5.775%, due 6/12/29 | 395,000 | 394,882 |
5.836%, due 6/12/34 | 165,000 | 166,194 |
UBS Group AG (a)(c) | ||
6.373%, due 7/15/26 | 555,000 | 551,494 |
6.442%, due 8/11/28 | 440,000 | 441,627 |
Wells Fargo & Co. | ||
5.389%, due 4/24/34 (c) | 340,000 | 337,829 |
21,141,390 | ||
Beverages 0.1% | ||
Constellation Brands, Inc. | ||
4.90%, due 5/1/33 | 270,000 | 265,285 |
Keurig Dr Pepper, Inc. | ||
4.05%, due 4/15/32 | 90,000 | 83,630 |
348,915 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.05%, due 8/18/29 | 500,000 | 474,068 |
5.15%, due 3/2/28 | 250,000 | 249,775 |
5.25%, due 3/2/30 | 165,000 | 165,329 |
889,172 | ||
Chemicals 0.1% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 520,000 | 516,422 |
Commercial Services 0.1% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 325,000 | 288,877 |
Computers 0.1% | ||
Apple, Inc. | ||
1.65%, due 5/11/30 | 361,000 | 303,923 |
1.70%, due 8/5/31 | 10,000 | 8,256 |
312,179 | ||
Diversified Financial Services 0.5% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 450,000 | 389,093 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 550,000 | 532,724 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 500,000 | 505,930 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | $ 590,000 | $ 577,042 |
2,004,789 | ||
Electric 1.3% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 45,000 | 43,061 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 175,000 | 177,915 |
Appalachian Power Co. | ||
Series BB | ||
4.50%, due 8/1/32 | 35,000 | 32,800 |
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 | 250,000 | 242,284 |
Duke Energy Carolinas LLC | ||
4.95%, due 1/15/33 | 170,000 | 168,741 |
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 195,000 | 163,750 |
4.50%, due 8/15/32 | 130,000 | 122,562 |
Duke Energy Ohio, Inc. | ||
5.25%, due 4/1/33 | 60,000 | 60,426 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 200,000 | 210,140 |
Entergy Arkansas LLC | ||
5.15%, due 1/15/33 | 180,000 | 180,385 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 520,000 | 523,995 |
Georgia Power Co. | ||
4.65%, due 5/16/28 | 605,000 | 592,769 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 260,000 | 259,116 |
NextEra Energy Capital Holdings, Inc. | ||
6.051%, due 3/1/25 | 230,000 | 230,865 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 320,000 | 311,202 |
6.10%, due 1/15/29 | 190,000 | 186,943 |
6.15%, due 1/15/33 | 365,000 | 356,989 |
6.40%, due 6/15/33 | 90,000 | 89,507 |
PECO Energy Co. | ||
4.90%, due 6/15/33 | 245,000 | 244,547 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 310,000 | 309,966 |
5.95%, due 11/1/32 | 145,000 | 151,771 |
Principal Amount | Value | |
Electric (continued) | ||
Southern Co. (The) | ||
5.15%, due 10/6/25 | $ 190,000 | $ 188,857 |
5.70%, due 10/15/32 | 90,000 | 93,128 |
4,941,719 | ||
Entertainment 0.0% ‡ | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 | 192,000 | 175,511 |
Environmental Control 0.1% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | 380,000 | 328,769 |
Food 0.1% | ||
Kraft Heinz Foods Co. | ||
3.75%, due 4/1/30 | 105,000 | 97,440 |
McCormick & Co., Inc. | ||
4.95%, due 4/15/33 | 175,000 | 171,776 |
269,216 | ||
Gas 0.1% | ||
CenterPoint Energy Resources Corp. | ||
1.75%, due 10/1/30 | 420,000 | 336,742 |
Southwest Gas Corp. | ||
5.45%, due 3/23/28 | 180,000 | 179,452 |
516,194 | ||
Healthcare-Products 0.1% | ||
Baxter International, Inc. | ||
3.95%, due 4/1/30 | 480,000 | 442,803 |
Healthcare-Services 0.1% | ||
HCA, Inc. | ||
3.625%, due 3/15/32 (a) | 25,000 | 21,700 |
5.50%, due 6/1/33 | 345,000 | 344,414 |
366,114 | ||
Insurance 0.2% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 | 275,000 | 247,312 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (a) | 350,000 | 305,077 |
552,389 | ||
Internet 0.2% | ||
Amazon.com, Inc. | ||
2.10%, due 5/12/31 | 355,000 | 298,558 |
14 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Internet (continued) | ||
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | $ 365,000 | $ 339,028 |
637,586 | ||
Investment Companies 0.1% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 350,000 | 349,092 |
Media 0.1% | ||
Charter Communications Operating LLC | ||
4.40%, due 4/1/33 | 140,000 | 122,886 |
Paramount Global | ||
4.20%, due 5/19/32 | 385,000 | 322,652 |
445,538 | ||
Miscellaneous—Manufacturing 0.0% ‡ | ||
3M Co. | ||
3.05%, due 4/15/30 | 169,000 | 152,271 |
Oil & Gas 0.1% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 | 455,000 | 396,979 |
Pharmaceuticals 0.2% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 190,000 | 177,506 |
CVS Health Corp. | ||
3.75%, due 4/1/30 | 140,000 | 128,419 |
5.30%, due 6/1/33 | 55,000 | 54,915 |
Merck & Co., Inc. | ||
2.15%, due 12/10/31 | 175,000 | 144,994 |
4.50%, due 5/17/33 | 165,000 | 163,667 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.75%, due 5/19/33 | 175,000 | 174,341 |
843,842 | ||
Pipelines 0.3% | ||
Energy Transfer LP | ||
3.75%, due 5/15/30 | 150,000 | 135,346 |
5.75%, due 2/15/33 | 165,000 | 166,080 |
Enterprise Products Operating LLC | ||
5.35%, due 1/31/33 | 350,000 | 355,921 |
MPLX LP | ||
4.95%, due 9/1/32 | 82,000 | 78,327 |
Principal Amount | Value | |
Pipelines (continued) | ||
Targa Resources Corp. | ||
6.125%, due 3/15/33 | $ 350,000 | $ 357,627 |
1,093,301 | ||
Real Estate Investment Trusts 0.3% | ||
Alexandria Real Estate Equities, Inc. | ||
4.75%, due 4/15/35 | 170,000 | 157,732 |
American Tower Corp. | ||
5.65%, due 3/15/33 | 215,000 | 218,014 |
CubeSmart LP | ||
2.25%, due 12/15/28 | 290,000 | 244,371 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 375,000 | 320,547 |
940,664 | ||
Retail 0.2% | ||
Home Depot, Inc. (The) | ||
1.875%, due 9/15/31 | 310,000 | 252,158 |
Lowe's Cos., Inc. | ||
4.80%, due 4/1/26 | 245,000 | 242,586 |
5.00%, due 4/15/33 (d) | 170,000 | 168,158 |
5.15%, due 7/1/33 | 85,000 | 84,969 |
747,871 | ||
Semiconductors 0.5% | ||
Broadcom, Inc. | ||
2.45%, due 2/15/31 (a) | 550,000 | 447,316 |
Intel Corp. | ||
5.125%, due 2/10/30 | 235,000 | 236,441 |
5.20%, due 2/10/33 | 170,000 | 171,611 |
Micron Technology, Inc. | ||
5.375%, due 4/15/28 | 310,000 | 307,009 |
6.75%, due 11/1/29 | 200,000 | 207,898 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 (d) | 122,000 | 106,473 |
QUALCOMM, Inc. | ||
2.15%, due 5/20/30 | 410,000 | 352,493 |
1,829,241 | ||
Software 0.2% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 180,000 | 124,514 |
Oracle Corp. | ||
4.50%, due 5/6/28 (d) | 180,000 | 175,132 |
4.65%, due 5/6/30 | 350,000 | 338,169 |
6.15%, due 11/9/29 | 160,000 | 166,651 |
804,466 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications 0.6% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 | $ 775,000 | $ 744,505 |
5.40%, due 2/15/34 | 110,000 | 110,189 |
Bell Canada (The) | ||
5.10%, due 5/11/33 | 170,000 | 167,914 |
T-Mobile USA, Inc. | ||
2.625%, due 4/15/26 | 545,000 | 505,077 |
2.625%, due 2/15/29 | 130,000 | 112,909 |
3.50%, due 4/15/31 | 230,000 | 202,951 |
5.05%, due 7/15/33 | 110,000 | 108,009 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 300,000 | 263,542 |
3.376%, due 2/15/25 | 6,000 | 5,795 |
4.016%, due 12/3/29 | 2,000 | 1,872 |
2,222,763 | ||
Transportation 0.1% | ||
Norfolk Southern Corp. | ||
3.00%, due 3/15/32 | 200,000 | 172,122 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 200,000 | 172,569 |
United Parcel Service, Inc. | ||
4.45%, due 4/1/30 | 180,000 | 179,299 |
523,990 | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP | ||
5.75%, due 5/24/26 (a) | 190,000 | 188,182 |
Total Corporate Bonds (Cost $47,441,861) | 46,521,037 | |
Mortgage-Backed Security 0.1% | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.1% | ||
Citigroup Commercial Mortgage Trust | ||
Series 2020-GC46, Class A5 | ||
2.717%, due 2/15/53 | 500,000 | 420,575 |
Total Mortgage-Backed Security (Cost $513,968) | 420,575 | |
U.S. Government & Federal Agencies 20.7% | ||
United States Treasury Bonds 0.1% | ||
U.S. Treasury Bonds | ||
3.625%, due 5/15/53 | 140,000 | 134,553 |
3.875%, due 2/15/43 | 400,000 | 390,000 |
524,553 |
Principal Amount | Value | |
United States Treasury Notes 20.6% | ||
U.S. Treasury Notes | ||
2.50%, due 5/15/24 | $ 7,000,000 | $ 6,824,453 |
3.375%, due 5/15/33 | 4,250,000 | 4,098,594 |
3.625%, due 5/31/28 | 12,880,000 | 12,598,250 |
3.75%, due 5/31/30 | 15,350,000 | 15,136,539 |
4.125%, due 6/15/26 | 18,175,000 | 17,991,830 |
4.25%, due 5/31/25 | 20,140,000 | 19,886,677 |
76,536,343 | ||
Total U.S. Government & Federal Agencies (Cost $77,813,022) | 77,060,896 | |
Total Long-Term Bonds (Cost $130,706,790) | 128,835,334 | |
Shares | ||
Common Stocks 55.1% | ||
Aerospace & Defense 2.5% | ||
General Dynamics Corp. | 13,148 | 2,828,792 |
L3Harris Technologies, Inc. | 14,409 | 2,820,850 |
Raytheon Technologies Corp. | 37,788 | 3,701,713 |
9,351,355 | ||
Automobile Components 0.8% | ||
Gentex Corp. | 101,537 | 2,970,973 |
Banks 4.8% | ||
JPMorgan Chase & Co. | 52,270 | 7,602,149 |
M&T Bank Corp. | 30,558 | 3,781,858 |
New York Community Bancorp, Inc. (d) | 270,916 | 3,045,096 |
PNC Financial Services Group, Inc. (The) | 28,269 | 3,560,480 |
17,989,583 | ||
Beverages 0.6% | ||
Keurig Dr Pepper, Inc. | 73,399 | 2,295,187 |
Building Products 1.9% | ||
Fortune Brands Innovations, Inc. | 39,067 | 2,810,871 |
Johnson Controls International plc | 60,257 | 4,105,912 |
6,916,783 | ||
Capital Markets 4.6% | ||
Ares Management Corp. | 37,885 | 3,650,220 |
Blackstone, Inc. | 22,405 | 2,082,993 |
Intercontinental Exchange, Inc. | 23,963 | 2,709,736 |
LPL Financial Holdings, Inc. | 8,762 | 1,905,122 |
Morgan Stanley | 40,351 | 3,445,975 |
16 | MainStay VP Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Raymond James Financial, Inc. | 31,432 | $ 3,261,698 |
17,055,744 | ||
Chemicals 0.6% | ||
Axalta Coating Systems Ltd. (e) | 66,731 | 2,189,444 |
Communications Equipment 2.3% | ||
Cisco Systems, Inc. | 111,054 | 5,745,934 |
F5, Inc. (e) | 19,094 | 2,792,688 |
8,538,622 | ||
Containers & Packaging 0.6% | ||
Sealed Air Corp. | 52,428 | 2,097,120 |
Distributors 0.8% | ||
LKQ Corp. | 51,099 | 2,977,539 |
Diversified Consumer Services 0.7% | ||
H&R Block, Inc. | 79,381 | 2,529,872 |
Electric Utilities 0.7% | ||
Exelon Corp. | 68,323 | 2,783,479 |
Electrical Equipment 0.7% | ||
Emerson Electric Co. | 29,827 | 2,696,062 |
Electronic Equipment, Instruments & Components 1.0% | ||
Corning, Inc. | 101,780 | 3,566,371 |
Entertainment 0.9% | ||
Electronic Arts, Inc. | 24,774 | 3,213,188 |
Financial Services 0.6% | ||
Global Payments, Inc. | 21,276 | 2,096,111 |
Food Products 0.8% | ||
Archer-Daniels-Midland Co. | 40,951 | 3,094,257 |
Gas Utilities 0.7% | ||
Atmos Energy Corp. | 23,421 | 2,724,799 |
Shares | Value | |
Ground Transportation 0.6% | ||
Knight-Swift Transportation Holdings, Inc. | 37,957 | $ 2,108,891 |
Health Care Equipment & Supplies 1.8% | ||
Becton Dickinson & Co. | 13,159 | 3,474,108 |
Boston Scientific Corp. (e) | 57,292 | 3,098,924 |
6,573,032 | ||
Health Care Providers & Services 2.9% | ||
Centene Corp. (e) | 52,397 | 3,534,178 |
Elevance Health, Inc. | 8,817 | 3,917,305 |
UnitedHealth Group, Inc. | 6,950 | 3,340,448 |
10,791,931 | ||
Health Care REITs 1.0% | ||
Welltower, Inc. | 46,068 | 3,726,440 |
Hotel & Resort REITs 0.6% | ||
Host Hotels & Resorts, Inc. | 142,290 | 2,394,741 |
Household Durables 0.7% | ||
Lennar Corp., Class A | 20,354 | 2,550,560 |
Independent Power and Renewable Electricity Producers 0.7% | ||
AES Corp. (The) | 121,665 | 2,522,115 |
Insurance 2.9% | ||
American International Group, Inc. | 64,050 | 3,685,437 |
Chubb Ltd. | 17,326 | 3,336,295 |
MetLife, Inc. | 68,329 | 3,862,638 |
10,884,370 | ||
Interactive Media & Services 0.9% | ||
Alphabet, Inc., Class C (e) | 26,911 | 3,255,424 |
IT Services 0.6% | ||
Amdocs Ltd. | 23,846 | 2,357,177 |
Machinery 0.7% | ||
Middleby Corp. (The) (e) | 18,035 | 2,666,114 |
Media 0.6% | ||
Omnicom Group, Inc. | 24,085 | 2,291,688 |
Multi-Utilities 0.8% | ||
Sempra Energy | 19,781 | 2,879,916 |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels 4.2% | ||
ConocoPhillips | 41,119 | $ 4,260,340 |
Coterra Energy, Inc. | 113,953 | 2,883,011 |
Diamondback Energy, Inc. | 18,715 | 2,458,402 |
EOG Resources, Inc. | 25,355 | 2,901,626 |
Phillips 66 | 33,289 | 3,175,105 |
15,678,484 | ||
Personal Care Products 0.8% | ||
Unilever plc, Sponsored ADR | 56,205 | 2,929,967 |
Pharmaceuticals 4.6% | ||
AstraZeneca plc, Sponsored ADR | 39,914 | 2,856,645 |
Eli Lilly & Co. | 4,450 | 2,086,961 |
Merck & Co., Inc. | 40,840 | 4,712,528 |
Pfizer, Inc. | 147,660 | 5,416,169 |
Roche Holding AG | 7,193 | 2,197,961 |
17,270,264 | ||
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A (e) | 32,939 | 2,658,507 |
Semiconductors & Semiconductor Equipment 2.8% | ||
Analog Devices, Inc. | 19,678 | 3,833,471 |
NXP Semiconductors NV | 17,532 | 3,588,450 |
QUALCOMM, Inc. | 25,646 | 3,052,900 |
10,474,821 | ||
Specialized REITs 0.8% | ||
Gaming and Leisure Properties, Inc. | 62,088 | 3,008,784 |
Specialty Retail 0.8% | ||
Home Depot, Inc. (The) | 6,570 | 2,040,905 |
Victoria's Secret & Co. (e) | 63,689 | 1,110,099 |
3,151,004 | ||
Total Common Stocks (Cost $190,576,337) | 205,260,719 | |
Exchange-Traded Funds 7.6% | ||
iShares Intermediate Government/Credit Bond ETF | 162,879 | 16,760,249 |
iShares Russell 1000 Value ETF (d) | 59,816 | 9,440,759 |
Vanguard Intermediate-Term Treasury ETF (d) | 32,487 | 1,905,688 |
Total Exchange-Traded Funds (Cost $27,487,426) | 28,106,696 |
Shares | Value | ||
Short-Term Investments 1.2% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (f) | 2,179,676 | $ 2,179,676 | |
Unaffiliated Investment Companies 0.6% | |||
Goldman Sachs Financial Square Government Fund, 5.122% (f)(g) | 400,000 | 400,000 | |
Invesco Government & Agency Portfolio, 5.158% (f)(g) | 2,007,456 | 2,007,456 | |
Total Unaffiliated Investment Companies (Cost $2,407,456) | 2,407,456 | ||
Total Short-Term Investments (Cost $4,587,132) | 4,587,132 | ||
Total Investments (Cost $353,357,685) | 98.5% | 366,789,881 | |
Other Assets, Less Liabilities | 1.5 | 5,712,553 | |
Net Assets | 100.0% | $ 372,502,434 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(d) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $3,106,139; the total market value of collateral held by the Portfolio was $3,166,538. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $759,082. The Portfolio received cash collateral with a value of $2,407,456. (See Note 2(I)) |
(e) | Non-income producing security. |
(f) | Current yield as of June 30, 2023. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
18 | MainStay VP Balanced Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 1,793 | $ 20,458 | $ (20,071) | $ — | $ — | $ 2,180 | $ 41 | $ — | 2,180 |
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 | 152 | September 2023 | $ 16,566,577 | $ 16,278,250 | $ (288,327) |
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (18) | September 2023 | (3,707,441) | (3,660,187) | 47,254 |
U.S. Treasury 10 Year Notes | (8) | September 2023 | (912,735) | (898,125) | 14,610 |
U.S. Treasury 10 Year Ultra Bonds | (17) | September 2023 | (2,033,970) | (2,013,438) | 20,532 |
U.S. Treasury Long Bonds | (3) | September 2023 | (380,604) | (380,719) | (115) |
U.S. Treasury Ultra Bonds | (3) | September 2023 | (403,685) | (408,656) | (4,971) |
Total Short Contracts | 77,310 | ||||
Net Unrealized Depreciation | $ (211,017) |
1. | As of June 30, 2023, cash in the amount of $147,660 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
LIBOR—London Interbank Offered Rate |
REIT—Real Estate Investment Trust |
SOFR—Secured Overnight Financing Rate |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 4,832,826 | $ — | $ 4,832,826 | |||
Corporate Bonds | — | 46,521,037 | — | 46,521,037 | |||
Mortgage-Backed Security | — | 420,575 | — | 420,575 | |||
U.S. Government & Federal Agencies | — | 77,060,896 | — | 77,060,896 | |||
Total Long-Term Bonds | — | 128,835,334 | — | 128,835,334 | |||
Common Stocks | 205,260,719 | — | — | 205,260,719 | |||
Exchange-Traded Funds | 28,106,696 | — | — | 28,106,696 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 2,179,676 | — | — | 2,179,676 | |||
Unaffiliated Investment Companies | 2,407,456 | — | — | 2,407,456 | |||
Total Short-Term Investments | 4,587,132 | — | — | 4,587,132 | |||
Total Investments in Securities | 237,954,547 | 128,835,334 | — | 366,789,881 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 82,396 | — | — | 82,396 | |||
Total Investments in Securities and Other Financial Instruments | $ 238,036,943 | $ 128,835,334 | $ — | $ 366,872,277 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (293,413) | $ — | $ — | $ (293,413) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
20 | MainStay VP Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $351,178,009) including securities on loan of $3,106,139 | $364,610,205 |
Investment in affiliated investment companies, at value (identified cost $2,179,676) | 2,179,676 |
Cash | 7,542,638 |
Cash collateral on deposit at broker for futures contracts | 147,660 |
Receivables: | |
Dividends and interest | 1,134,545 |
Investment securities sold | 565,673 |
Portfolio shares sold | 28,536 |
Securities lending | 3,823 |
Other assets | 3,476 |
Total assets | 376,216,232 |
Liabilities | |
Cash collateral received for securities on loan | 2,407,456 |
Payables: | |
Investment securities purchased | 605,282 |
Portfolio shares redeemed | 336,718 |
Manager (See Note 3) | 198,036 |
NYLIFE Distributors (See Note 3) | 71,913 |
Variation margin on futures contracts | 31,995 |
Professional fees | 26,634 |
Shareholder communication | 23,256 |
Custodian | 9,215 |
Accrued expenses | 3,293 |
Total liabilities | 3,713,798 |
Net assets | $372,502,434 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 29,280 |
Additional paid-in-capital | 359,612,772 |
359,642,052 | |
Total distributable earnings (loss) | 12,860,382 |
Net assets | $372,502,434 |
Initial Class | |
Net assets applicable to outstanding shares | $ 20,706,430 |
Shares of beneficial interest outstanding | 1,604,184 |
Net asset value per share outstanding | $ 12.91 |
Service Class | |
Net assets applicable to outstanding shares | $351,796,004 |
Shares of beneficial interest outstanding | 27,675,712 |
Net asset value per share outstanding | $ 12.71 |
Investment Income (Loss) | |
Income | |
Interest | $2,916,546 |
Dividends-unaffiliated (net of foreign tax withholding of $16,492) | 2,845,220 |
Dividends-affiliated | 41,264 |
Securities lending, net | 26,767 |
Total income | 5,829,797 |
Expenses | |
Manager (See Note 3) | 1,234,116 |
Distribution/Service—Service Class (See Note 3) | 448,786 |
Professional fees | 41,512 |
Custodian | 15,725 |
Trustees | 4,655 |
Miscellaneous | 5,953 |
Total expenses | 1,750,747 |
Net investment income (loss) | 4,079,050 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 1,655,628 |
Futures transactions | (68,510) |
Foreign currency transactions | 230 |
Net realized gain (loss) | 1,587,348 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 716,413 |
Futures contracts | (246,181) |
Translation of other assets and liabilities in foreign currencies | 1,098 |
Net change in unrealized appreciation (depreciation) | 471,330 |
Net realized and unrealized gain (loss) | 2,058,678 |
Net increase (decrease) in net assets resulting from operations | $6,137,728 |
22 | MainStay VP Balanced Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,079,050 | $ 5,975,234 |
Net realized gain (loss) | 1,587,348 | (11,775,579) |
Net change in unrealized appreciation (depreciation) | 471,330 | (19,400,126) |
Net increase (decrease) in net assets resulting from operations | 6,137,728 | (25,200,471) |
Distributions to shareholders: | ||
Initial Class | — | (3,971,697) |
Service Class | — | (72,269,473) |
Total distributions to shareholders | — | (76,241,170) |
Capital share transactions: | ||
Net proceeds from sales of shares | 20,664,378 | 76,410,539 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 76,241,170 |
Cost of shares redeemed | (43,152,436) | (76,942,898) |
Increase (decrease) in net assets derived from capital share transactions | (22,488,058) | 75,708,811 |
Net increase (decrease) in net assets | (16,350,330) | (25,732,830) |
Net Assets | ||
Beginning of period | 388,852,764 | 414,585,594 |
End of period | $372,502,434 | $388,852,764 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.68 | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | |||||
Net investment income (loss) (a) | 0.15 | 0.26 | 0.18 | 0.21 | 0.25 | 0.28 | |||||
Net realized and unrealized gain (loss) | 0.08 | (1.38) | 2.36 | 0.88 | 1.93 | (1.31) | |||||
Total from investment operations | 0.23 | (1.12) | 2.54 | 1.09 | 2.18 | (1.03) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.17) | (0.22) | (0.30) | (0.29) | (0.25) | |||||
From net realized gain on investments | — | (2.88) | (0.30) | (0.55) | (0.53) | (0.67) | |||||
Total distributions | — | (3.05) | (0.52) | (0.85) | (0.82) | (0.92) | |||||
Net asset value at end of period | $ 12.91 | $ 12.68 | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | |||||
Total investment return (b) | 1.81%(c) | (5.74)% | 17.29% | 7.90% | 16.75% | (7.36)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.39%†† | 1.73% | 1.11% | 1.52% | 1.75% | 1.88% | |||||
Net expenses (d) | 0.69%†† | 0.70% | 0.72% | 0.76% | 0.76% | 0.74% | |||||
Portfolio turnover rate | 156% | 306% | 195% | 218% | 186% | 209% | |||||
Net assets at end of period (in 000's) | $ 20,706 | $ 20,643 | $ 22,345 | $ 18,533 | $ 18,653 | $ 16,084 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.50 | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | |||||
Net investment income (loss) (a) | 0.13 | 0.22 | 0.14 | 0.17 | 0.21 | 0.24 | |||||
Net realized and unrealized gain (loss) | 0.08 | (1.37) | 2.34 | 0.88 | 1.91 | (1.30) | |||||
Total from investment operations | 0.21 | (1.15) | 2.48 | 1.05 | 2.12 | (1.06) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.13) | (0.19) | (0.26) | (0.25) | (0.21) | |||||
From net realized gain on investments | — | (2.88) | (0.30) | (0.55) | (0.53) | (0.67) | |||||
Total distributions | — | (3.01) | (0.49) | (0.81) | (0.78) | (0.88) | |||||
Net asset value at end of period | $ 12.71 | $ 12.50 | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | |||||
Total investment return (b) | 1.68%(c) | (5.97)% | 17.00% | 7.63% | 16.46% | (7.59)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.13%†† | 1.49% | 0.86% | 1.27% | 1.50% | 1.62% | |||||
Net expenses (d) | 0.94%†† | 0.95% | 0.97% | 1.01% | 1.01% | 0.99% | |||||
Portfolio turnover rate | 156% | 306% | 195% | 218% | 186% | 209% | |||||
Net assets at end of period (in 000's) | $ 351,796 | $ 368,209 | $ 392,240 | $ 335,032 | $ 375,050 | $ 352,496 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
24 | MainStay VP Balanced Portfolio |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay VP Balanced Portfolio |
28 | MainStay VP Balanced Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $82,396 | $82,396 |
Total Fair Value | $82,396 | $82,396 |
(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) | $(293,413) | $(293,413) |
Total Fair Value | $(293,413) | $(293,413) |
(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 Transactions | $(68,510) | $(68,510) |
Total Net Realized Gain (Loss) | $(68,510) | $(68,510) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(246,181) | $(246,181) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(246,181) | $(246,181) |
Average Notional Amount | Total |
Futures Contracts Long | $16,320,629 |
Futures Contracts Short | $ (7,635,776) |
30 | MainStay VP Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $355,199,935 | $22,804,426 | $(11,214,480) | $11,589,946 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,880 | $5,483 |
2022 | |
Distributions paid from: | |
Ordinary Income | $41,144,789 |
Long-Term Capital Gains | 35,096,381 |
Total | $76,241,170 |
Sales (000's) | Realized Gain / (Loss) (000's) |
$303 | $58 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 62,494 | $ 802,408 |
Shares redeemed | (86,059) | (1,099,073) |
Net increase (decrease) | (23,565) | $ (296,665) |
Year ended December 31, 2022: | ||
Shares sold | 94,334 | $ 1,437,172 |
Shares issued to shareholders in reinvestment of distributions | 328,574 | 3,971,697 |
Shares redeemed | (121,498) | (1,842,599) |
Net increase (decrease) | 301,410 | $ 3,566,270 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,575,323 | $ 19,861,970 |
Shares redeemed | (3,345,499) | (42,053,363) |
Net increase (decrease) | (1,770,176) | $(22,191,393) |
Year ended December 31, 2022: | ||
Shares sold | 4,898,185 | $ 74,973,367 |
Shares issued to shareholders in reinvestment of distributions | 6,060,333 | 72,269,473 |
Shares redeemed | (5,061,179) | (75,100,299) |
Net increase (decrease) | 5,897,339 | $ 72,142,541 |
32 | MainStay VP Balanced Portfolio |
34 | MainStay VP Balanced Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035112 | MSVPBL10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/23/1984 | 2.11% | -1.21% | 0.51% | 1.48% | 0.53% |
Service Class Shares | 6/4/2003 | 1.99 | -1.45 | 0.26 | 1.22 | 0.78 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index2 | 2.09% | -0.94% | 0.77% | 1.52% |
Morningstar Intermediate Core Bond Category Average3 | 2.13 | -0.89 | 0.63 | 1.36 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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 Treasuries, 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. |
3. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,021.10 | $2.61 | $1,022.22 | $2.61 | 0.52% |
Service Class Shares | $1,000.00 | $1,019.90 | $3.86 | $1,020.98 | $3.86 | 0.77% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Bond Portfolio |
1. | U.S. Treasury Notes, 2.50%-4.25%, due 12/31/23–5/15/33 |
2. | UMBS, 30 Year, 2.00%-7.50%, due 7/1/28–3/1/53 |
3. | UMBS Pool, 30 Year, 2.00%-6.00%, due 7/1/50–12/1/52 |
4. | U.S. Treasury Bonds, 1.875%-3.875%, due 2/15/41–5/15/53 |
5. | GNMA II, Single Family, 30 Year, 2.00%-5.00%, due 2/20/50–7/15/53 |
6. | Bank of America Corp., 1.734%-5.288%, due 7/22/27–9/21/36 |
7. | GNMA II, 30 Year, 2.50%, due 1/20/51–4/20/51 |
8. | JPMorgan Chase & Co., 1.578%-5.546%, due 12/15/25–6/1/34 |
9. | Morgan Stanley, 2.484%-6.296%, due 7/17/26–9/16/36 |
10. | Credit Suisse AG, 7.95%, due 1/9/25 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
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. | An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option. |
8 | MainStay VP Bond Portfolio |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
7. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
Principal Amount | Value | |
Long-Term Bonds 98.2% | ||
Asset-Backed Securities 4.9% | ||
Home Equity Asset-Backed Securities 0.1% | ||
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (a) | $ 13,515 | $ 13,390 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-CH2, Class AF3 | ||
5.552%, due 10/25/30 (a) | 414,576 | 223,523 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-17XS, Class A3A | ||
6.151%, due 10/25/46 (a) | 782,766 | 238,004 |
474,917 | ||
Other Asset-Backed Securities 4.8% | ||
522 Funding CLO Ltd. | ||
Series 2019-4A, Class BR | ||
6.85% (3 Month LIBOR + 1.60%), due 4/20/30 (b)(c) | 3,000,000 | 2,932,416 |
ALLO Issuer LLC | ||
Series 2023-1A, Class A2 | ||
6.20%, due 6/20/53 (b) | 2,200,000 | 2,138,413 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
6.65% (3 Month LIBOR + 1.40%), due 4/20/30 (b)(c) | 2,000,000 | 1,930,370 |
Cook Park CLO Ltd. | ||
Series 2018-1A, Class B | ||
6.66% (3 Month LIBOR + 1.40%), due 4/17/30 (b)(c) | 3,000,000 | 2,911,992 |
CyrusOne Data Centers Issuer I LLC | ||
Series 2023-1A, Class A2 | ||
4.30%, due 4/20/48 (b) | 2,750,000 | 2,452,426 |
Galaxy XXI CLO Ltd. | ||
Series 2015-21A, Class BR | ||
6.60% (3 Month LIBOR + 1.35%), due 4/20/31 (b)(c) | 1,500,000 | 1,447,651 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2021-2A, Class A1 | ||
2.38%, due 11/20/51 (b) | 2,334,909 | 2,027,787 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
6.80% (3 Month LIBOR + 1.55%), due 7/20/30 (b)(c) | 2,000,000 | 1,966,792 |
SMB Private Education Loan Trust | ||
Series 2021-A, Class B | ||
2.31%, due 1/15/53 (b) | 3,100,000 | 2,786,323 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Store Master Funding I-VII XIV XIX XX XXIV | ||
Series 2023-1A, Class A1 | ||
6.19%, due 6/20/53 (b) | $ 2,998,750 | $ 2,940,651 |
Texas Debt Capital CLO Ltd. | ||
Series 2023-2A, Class A | ||
7.116% (3 Month SOFR + 1.95%), due 7/21/35 (b)(c) | 2,750,000 | 2,748,595 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
6.529% (3 Month LIBOR + 1.15%), due 11/20/30 (b)(c) | 1,803,100 | 1,784,103 |
Voya CLO Ltd. (b)(c) | ||
Series 2022-4A, Class A | ||
7.198% (3 Month SOFR + 2.15%), due 10/20/33 | 2,000,000 | 2,001,294 |
Series 2022-4A, Class B | ||
8.348% (3 Month SOFR + 3.30%), due 10/20/33 | 2,000,000 | 2,003,026 |
32,071,839 | ||
Total Asset-Backed Securities (Cost $34,142,767) | 32,546,756 | |
Corporate Bonds 37.1% | ||
Aerospace & Defense 1.0% | ||
L3Harris Technologies, Inc. | ||
1.80%, due 1/15/31 | 2,352,000 | 1,861,509 |
Lockheed Martin Corp. | ||
5.25%, due 1/15/33 | 1,200,000 | 1,243,161 |
Northrop Grumman Corp. | ||
4.70%, due 3/15/33 | 1,690,000 | 1,658,586 |
Raytheon Technologies Corp. | ||
5.15%, due 2/27/33 | 1,710,000 | 1,733,373 |
6,496,629 | ||
Auto Manufacturers 1.0% | ||
General Motors Financial Co., Inc. | ||
6.00%, due 1/9/28 | 1,225,000 | 1,234,817 |
6.05%, due 10/10/25 | 3,295,000 | 3,300,764 |
Hyundai Capital America | ||
5.68%, due 6/26/28 (b) | 2,350,000 | 2,331,190 |
6,866,771 | ||
Auto Parts & Equipment 0.1% | ||
Aptiv plc | ||
4.15%, due 5/1/52 | 730,000 | 555,645 |
10 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks 16.0% | ||
Bank of America Corp. | ||
1.734%, due 7/22/27 (d) | $ 4,150,000 | $ 3,704,974 |
1.922%, due 10/24/31 (d) | 2,357,000 | 1,865,735 |
2.087%, due 6/14/29 (d) | 1,970,000 | 1,680,723 |
2.482% (5 Year Treasury Constant Maturity Rate + 1.20%), due 9/21/36 (c) | 1,180,000 | 902,738 |
5.288%, due 4/25/34 (d) | 1,675,000 | 1,659,433 |
Bank of New York Mellon Corp. (The) (d) | ||
4.706%, due 2/1/34 | 2,050,000 | 1,968,902 |
4.947%, due 4/26/27 | 1,705,000 | 1,683,966 |
Bank of New Zealand | ||
4.846%, due 2/7/28 (b) | 3,080,000 | 3,012,996 |
Barclays plc | ||
5.20%, due 5/12/26 | 1,085,000 | 1,046,752 |
6.224%, due 5/9/34 (d) | 390,000 | 388,454 |
7.119%, due 6/27/34 (d) | 930,000 | 929,629 |
7.437% (1 Year Treasury Constant Maturity Rate + 3.50%), due 11/2/33 (c) | 1,850,000 | 2,001,496 |
Citigroup, Inc. (d) | ||
5.61%, due 9/29/26 | 3,705,000 | 3,699,962 |
6.174%, due 5/25/34 | 1,640,000 | 1,654,288 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (d) | 1,750,000 | 1,658,519 |
Cooperatieve Rabobank UA | ||
4.655% (1 Year Treasury Constant Maturity Rate + 1.75%), due 8/22/28 (b)(c) | 1,495,000 | 1,430,525 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 5,770,000 | 5,886,800 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (b)(c) | 3,420,000 | 3,411,845 |
Deutsche Bank AG | ||
7.079%, due 2/10/34 (d) | 1,200,000 | 1,110,042 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (d) | 1,590,000 | 1,582,980 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 3,815,000 | 3,808,601 |
HSBC Holdings plc (d) | ||
6.547%, due 6/20/34 | 1,320,000 | 1,314,876 |
7.39%, due 11/3/28 | 2,415,000 | 2,548,750 |
HSBC USA, Inc. | ||
5.625%, due 3/17/25 | 3,405,000 | 3,389,801 |
Principal Amount | Value | |
Banks (continued) | ||
Huntington National Bank (The) | ||
5.65%, due 1/10/30 | $ 2,285,000 | $ 2,181,802 |
JPMorgan Chase & Co. (d) | ||
1.578%, due 4/22/27 | 3,505,000 | 3,148,237 |
4.565%, due 6/14/30 | 1,290,000 | 1,239,423 |
5.35%, due 6/1/34 | 1,235,000 | 1,244,842 |
5.546%, due 12/15/25 | 2,915,000 | 2,902,683 |
KeyBank NA | ||
5.85%, due 11/15/27 | 3,015,000 | 2,839,143 |
Mitsubishi UFJ Financial Group, Inc. (c) | ||
5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 | 880,000 | 873,202 |
5.541% (1 Year Treasury Constant Maturity Rate + 1.50%), due 4/17/26 | 2,495,000 | 2,479,738 |
Morgan Stanley (d) | ||
2.484%, due 9/16/36 | 4,405,000 | 3,342,251 |
4.679%, due 7/17/26 | 2,590,000 | 2,541,535 |
4.889%, due 7/20/33 | 495,000 | 476,412 |
5.123%, due 2/1/29 | 605,000 | 596,673 |
6.296%, due 10/18/28 | 795,000 | 816,902 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 1,730,000 | 1,704,521 |
National Securities Clearing Corp. | ||
5.00%, due 5/30/28 (b) | 1,490,000 | 1,480,734 |
NatWest Group plc | ||
5.847% (1 Year Treasury Constant Maturity Rate + 1.35%), due 3/2/27 (c) | 3,415,000 | 3,377,593 |
PNC Financial Services Group, Inc. (The) (d) | ||
5.582%, due 6/12/29 | 785,000 | 781,306 |
5.812%, due 6/12/26 | 1,670,000 | 1,659,839 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 3,345,000 | 3,343,649 |
Swedbank AB | ||
5.337%, due 9/20/27 (b) | 2,770,000 | 2,729,875 |
Truist Financial Corp. | ||
5.122%, due 1/26/34 (d) | 1,715,000 | 1,625,172 |
U.S. Bancorp (d) | ||
2.677%, due 1/27/33 | 2,210,000 | 1,768,099 |
5.775%, due 6/12/29 | 1,985,000 | 1,984,407 |
5.836%, due 6/12/34 | 425,000 | 428,075 |
UBS Group AG (b)(d) | ||
6.373%, due 7/15/26 | 2,820,000 | 2,802,188 |
6.442%, due 8/11/28 | 2,485,000 | 2,494,192 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Wells Fargo & Co. (d) | ||
4.54%, due 8/15/26 | $ 2,735,000 | $ 2,672,342 |
5.389%, due 4/24/34 | 1,705,000 | 1,694,112 |
107,571,734 | ||
Beverages 0.9% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 1,770,000 | 1,865,568 |
Constellation Brands, Inc. | ||
4.90%, due 5/1/33 | 1,595,000 | 1,567,146 |
Keurig Dr Pepper, Inc. | ||
3.20%, due 5/1/30 | 825,000 | 739,755 |
4.05%, due 4/15/32 | 765,000 | 710,858 |
PepsiCo, Inc. | ||
2.625%, due 10/21/41 | 1,230,000 | 927,021 |
5,810,348 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.875%, due 3/1/53 | 605,000 | 556,660 |
5.25%, due 3/2/30 | 805,000 | 806,606 |
1,363,266 | ||
Chemicals 0.4% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 1,955,000 | 1,941,547 |
6.379%, due 7/15/32 | 480,000 | 484,163 |
2,425,710 | ||
Commercial Services 0.3% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 1,970,000 | 1,751,038 |
Computers 0.1% | ||
Apple, Inc. | ||
2.65%, due 2/8/51 | 1,210,000 | 835,802 |
Diversified Financial Services 1.7% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 1,670,000 | 1,443,970 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,550,000 | 1,501,313 |
1.875%, due 8/15/26 | 2,095,000 | 1,860,505 |
American Express Co. | ||
4.42%, due 8/3/33 (d) | 1,420,000 | 1,339,911 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (b) | 3,000,000 | 3,035,580 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | $ 1,625,000 | $ 1,589,310 |
5.20%, due 6/15/62 | 565,000 | 558,256 |
11,328,845 | ||
Electric 3.8% | ||
AEP Texas, Inc. | ||
5.40%, due 6/1/33 | 90,000 | 89,537 |
AEP Transmission Co. LLC | ||
Series O | ||
4.50%, due 6/15/52 | 235,000 | 210,162 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 865,000 | 879,410 |
Baltimore Gas and Electric Co. | ||
5.40%, due 6/1/53 | 505,000 | 513,031 |
Dayton Power & Light Co. (The) | ||
3.95%, due 6/15/49 | 500,000 | 389,180 |
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 960,000 | 806,151 |
5.00%, due 8/15/52 | 365,000 | 333,660 |
Duke Energy Indiana LLC | ||
6.45%, due 4/1/39 | 600,000 | 654,118 |
Duke Energy Ohio, Inc. | ||
5.25%, due 4/1/33 | 205,000 | 206,457 |
5.65%, due 4/1/53 | 110,000 | 112,739 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (b) | 2,280,000 | 2,395,592 |
Entergy Arkansas LLC | ||
5.15%, due 1/15/33 | 1,695,000 | 1,698,627 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 2,550,000 | 2,569,589 |
Georgia Power Co. | ||
4.30%, due 3/15/42 | 141,000 | 121,527 |
4.95%, due 5/17/33 | 1,735,000 | 1,712,614 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 1,345,000 | 1,340,428 |
NextEra Energy Capital Holdings, Inc. | ||
6.051%, due 3/1/25 | 1,120,000 | 1,124,211 |
NSTAR Electric Co. | ||
4.55%, due 6/1/52 | 1,060,000 | 952,393 |
Oklahoma Gas and Electric Co. | ||
5.60%, due 4/1/53 | 700,000 | 709,720 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 2,090,000 | 2,032,539 |
6.10%, due 1/15/29 | 965,000 | 949,476 |
6.40%, due 6/15/33 | 445,000 | 442,564 |
6.75%, due 1/15/53 | 1,025,000 | 1,011,567 |
12 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
PECO Energy Co. | ||
4.90%, due 6/15/33 | $ 1,255,000 | $ 1,252,682 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 760,000 | 759,916 |
5.70%, due 3/1/53 | 195,000 | 194,956 |
5.95%, due 11/1/32 | 885,000 | 926,328 |
Southern Co. (The) | ||
5.15%, due 10/6/25 | 770,000 | 765,366 |
5.70%, due 10/15/32 | 370,000 | 382,861 |
25,537,401 | ||
Entertainment 0.3% | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 | 535,000 | 489,054 |
5.05%, due 3/15/42 | 1,050,000 | 885,011 |
5.141%, due 3/15/52 | 560,000 | 455,979 |
1,830,044 | ||
Environmental Control 0.2% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | 1,785,000 | 1,544,349 |
Food 0.3% | ||
Kraft Heinz Foods Co. | ||
4.875%, due 10/1/49 | 275,000 | 250,928 |
McCormick & Co., Inc. | ||
4.95%, due 4/15/33 | 1,730,000 | 1,698,129 |
1,949,057 | ||
Gas 0.4% | ||
CenterPoint Energy Resources Corp. | ||
1.75%, due 10/1/30 | 1,945,000 | 1,559,437 |
NiSource, Inc. | ||
5.65%, due 2/1/45 | 590,000 | 589,466 |
Southwest Gas Corp. | ||
5.45%, due 3/23/28 | 445,000 | 443,645 |
2,592,548 | ||
Healthcare-Products 0.4% | ||
Baxter International, Inc. | ||
2.539%, due 2/1/32 | 1,090,000 | 882,925 |
3.132%, due 12/1/51 | 620,000 | 408,949 |
Thermo Fisher Scientific, Inc. | ||
4.95%, due 11/21/32 | 1,305,000 | 1,328,526 |
2,620,400 |
Principal Amount | Value | |
Healthcare-Services 0.4% | ||
HCA, Inc. | ||
4.625%, due 3/15/52 (b) | $ 85,000 | $ 69,848 |
5.50%, due 6/1/33 | 1,725,000 | 1,722,070 |
UnitedHealth Group, Inc. | ||
6.05%, due 2/15/63 | 825,000 | 932,890 |
2,724,808 | ||
Insurance 0.7% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 | 370,000 | 332,747 |
4.35%, due 4/5/42 | 190,000 | 153,313 |
MetLife, Inc. | ||
5.875%, due 2/6/41 | 660,000 | 674,950 |
Metropolitan Life Global Funding I | ||
5.15%, due 3/28/33 (b) | 1,300,000 | 1,285,698 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (b) | 2,220,000 | 1,935,058 |
Prudential Financial, Inc. | ||
3.935%, due 12/7/49 | 225,000 | 179,027 |
4,560,793 | ||
Internet 0.4% | ||
Amazon.com, Inc. | ||
3.10%, due 5/12/51 | 1,035,000 | 771,965 |
3.95%, due 4/13/52 | 710,000 | 618,824 |
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | 1,115,000 | 1,035,662 |
4.45%, due 8/15/52 | 425,000 | 369,553 |
2,796,004 | ||
Investment Companies 0.3% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 1,870,000 | 1,865,151 |
Iron & Steel 0.2% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 1,550,000 | 1,449,406 |
Media 0.4% | ||
Charter Communications Operating LLC | ||
5.50%, due 4/1/63 | 745,000 | 599,825 |
Comcast Corp. | ||
4.60%, due 10/15/38 | 740,000 | 689,064 |
Paramount Global | ||
4.375%, due 3/15/43 | 1,640,000 | 1,156,995 |
2,445,884 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Miscellaneous—Manufacturing 0.0% ‡ | ||
3M Co. | ||
3.625%, due 10/15/47 | $ 410,000 | $ 315,306 |
Oil & Gas 0.3% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 | 2,395,000 | 2,089,591 |
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
5.50%, due 4/15/28 (b) | 865,000 | 851,246 |
Pharmaceuticals 0.7% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 850,000 | 794,108 |
4.05%, due 11/21/39 | 135,000 | 117,539 |
Cigna Group (The) | ||
4.90%, due 12/15/48 | 1,025,000 | 953,935 |
CVS Health Corp. | ||
5.30%, due 6/1/33 | 850,000 | 848,680 |
Eli Lilly & Co. | ||
3.375%, due 3/15/29 | 1,215,000 | 1,141,567 |
Merck & Co., Inc. | ||
5.00%, due 5/17/53 | 290,000 | 293,781 |
5.15%, due 5/17/63 | 260,000 | 265,555 |
Pfizer Investment Enterprises Pte. Ltd. | ||
5.30%, due 5/19/53 | 370,000 | 384,682 |
4,799,847 | ||
Pipelines 1.6% | ||
Cheniere Energy Partners LP | ||
3.25%, due 1/31/32 | 590,000 | 485,363 |
5.95%, due 6/30/33 (b) | 595,000 | 596,731 |
Energy Transfer LP | ||
5.00%, due 5/15/50 | 1,045,000 | 882,568 |
Enterprise Products Operating LLC | ||
4.80%, due 2/1/49 | 550,000 | 503,429 |
5.35%, due 1/31/33 | 1,700,000 | 1,728,756 |
Kinder Morgan, Inc. | ||
5.45%, due 8/1/52 | 390,000 | 356,083 |
MPLX LP | ||
4.95%, due 9/1/32 | 875,000 | 835,810 |
ONEOK, Inc. | ||
5.20%, due 7/15/48 | 190,000 | 161,969 |
5.85%, due 1/15/26 | 2,940,000 | 2,950,879 |
6.10%, due 11/15/32 | 345,000 | 350,987 |
Principal Amount | Value | |
Pipelines (continued) | ||
Targa Resources Corp. | ||
6.125%, due 3/15/33 | $ 1,700,000 | $ 1,737,043 |
Williams Cos., Inc. (The) | ||
4.85%, due 3/1/48 | 570,000 | 493,144 |
11,082,762 | ||
Real Estate Investment Trusts 0.6% | ||
Alexandria Real Estate Equities, Inc. | ||
3.55%, due 3/15/52 | 1,035,000 | 706,080 |
4.75%, due 4/15/35 | 835,000 | 774,741 |
American Tower Corp. | ||
5.65%, due 3/15/33 | 1,075,000 | 1,090,067 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 1,950,000 | 1,666,845 |
4,237,733 | ||
Retail 0.4% | ||
Home Depot, Inc. (The) | ||
4.95%, due 9/15/52 | 1,070,000 | 1,062,742 |
Lowe's Cos., Inc. | ||
5.15%, due 7/1/33 | 450,000 | 449,837 |
5.625%, due 4/15/53 | 625,000 | 624,626 |
5.75%, due 7/1/53 | 230,000 | 234,360 |
2,371,565 | ||
Semiconductors 1.2% | ||
Broadcom, Inc. (b) | ||
2.45%, due 2/15/31 | 2,475,000 | 2,012,921 |
3.469%, due 4/15/34 | 835,000 | 684,958 |
Intel Corp. | ||
5.20%, due 2/10/33 | 605,000 | 610,734 |
5.70%, due 2/10/53 | 960,000 | 976,603 |
5.90%, due 2/10/63 | 205,000 | 211,707 |
Micron Technology, Inc. | ||
5.875%, due 9/15/33 | 875,000 | 867,066 |
6.75%, due 11/1/29 | 1,210,000 | 1,257,785 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 | 989,000 | 863,126 |
QUALCOMM, Inc. | ||
4.50%, due 5/20/52 | 260,000 | 236,518 |
Texas Instruments, Inc. | ||
5.05%, due 5/18/63 | 470,000 | 470,932 |
8,192,350 | ||
Software 0.5% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 965,000 | 667,534 |
Oracle Corp. | ||
3.95%, due 3/25/51 | 360,000 | 272,204 |
14 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software (continued) | ||
Oracle Corp. (continued) | ||
4.65%, due 5/6/30 | $ 1,745,000 | $ 1,686,015 |
5.55%, due 2/6/53 | 850,000 | 823,092 |
3,448,845 | ||
Telecommunications 1.4% | ||
AT&T, Inc. | ||
3.50%, due 9/15/53 | 730,000 | 516,778 |
3.55%, due 9/15/55 | 997,000 | 697,966 |
4.35%, due 3/1/29 | 1,464,000 | 1,406,394 |
5.40%, due 2/15/34 | 1,600,000 | 1,602,749 |
Bell Canada (The) | ||
5.10%, due 5/11/33 | 870,000 | 859,323 |
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | 2,095,000 | 1,819,566 |
3.40%, due 10/15/52 | 400,000 | 285,462 |
4.50%, due 4/15/50 | 1,060,000 | 909,529 |
Verizon Communications, Inc. | ||
3.40%, due 3/22/41 | 685,000 | 528,687 |
4.50%, due 8/10/33 | 705,000 | 665,276 |
9,291,730 | ||
Transportation 0.7% | ||
FedEx Corp. | ||
5.25%, due 5/15/50 | 970,000 | 932,171 |
Norfolk Southern Corp. | ||
3.00%, due 3/15/32 | 1,005,000 | 864,914 |
3.05%, due 5/15/50 | 605,000 | 418,283 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 2,060,000 | 1,777,454 |
United Parcel Service, Inc. | ||
5.30%, due 4/1/50 | 520,000 | 546,248 |
4,539,070 | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP | ||
5.75%, due 5/24/26 (b) | 940,000 | 931,007 |
Total Corporate Bonds (Cost $253,631,007) | 249,072,685 | |
Mortgage-Backed Securities 3.2% | ||
Agency (Collateralized Mortgage Obligations) 0.9% | ||
FHLMC, Strips | ||
REMIC, Series 390, Class C5 | ||
2.00%, due 4/15/42 (e) | 2,557,488 | 237,162 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, Strips (e) | ||
REMIC, Series 432, Class C6 | ||
2.00%, due 4/25/42 (f) | $ 13,721,090 | $ 1,345,938 |
REMIC, Series 365, Class 13 | ||
5.50%, due 5/25/36 | 8,147,021 | 1,535,330 |
GNMA II, Single Family, 30 Year | ||
4.50%, due 7/15/53 TBA (g) | 3,150,000 | 3,040,242 |
6,158,672 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.3% | ||
CSMC OA LLC | ||
Series 2014-USA, Class A1 | ||
3.304%, due 9/15/37 (b) | 2,590,022 | 2,175,435 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (b) | 3,150,000 | 2,331,199 |
FNMA, ACES | ||
REMIC, Series 2019-M12, Class X3 | ||
0.717%, due 6/25/29 (e)(h) | 77,000,000 | 2,356,993 |
Queens Center Mortgage Trust | ||
Series 2013-QCA, Class A | ||
3.275%, due 1/11/37 (b) | 1,800,000 | 1,664,613 |
8,528,240 | ||
Whole Loan (Collateralized Mortgage Obligations) 1.0% | ||
GCAT Trust (b) | ||
Series 2023-NQM1, Class A1 | ||
4.25%, due 10/25/57 (i) | 2,136,451 | 1,950,309 |
Series 2023-NQM2, Class A1 | ||
5.837%, due 11/25/67 (a) | 2,413,885 | 2,379,037 |
OBX Trust | ||
Series 2023-NQM5, Class A1A | ||
6.567%, due 6/25/63 (a)(b) | 2,500,000 | 2,495,488 |
6,824,834 | ||
Total Mortgage-Backed Securities (Cost $22,365,334) | 21,511,746 | |
U.S. Government & Federal Agencies 53.0% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.5% | ||
FHLMC Gold Pools, 15 Year | ||
5.00%, due 3/1/25 | 4,555 | 4,532 |
FHLMC Gold Pools, 30 Year | ||
6.50%, due 11/1/35 | 2,031 | 2,075 |
6.50%, due 8/1/37 | 13,396 | 13,804 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year | ||
2.00%, due 8/1/50 | $ 3,369,921 | $ 2,771,902 |
2.00%, due 11/1/50 | 2,703,707 | 2,234,453 |
2.50%, due 7/1/50 | 4,426,261 | 3,808,804 |
2.50%, due 7/1/50 (j) | 2,717,471 | 2,337,639 |
2.50%, due 10/1/50 | 2,467,422 | 2,120,628 |
2.50%, due 11/1/50 | 2,022,934 | 1,740,448 |
2.50%, due 11/1/50 | 2,721,312 | 2,365,323 |
2.50%, due 2/1/51 | 3,035,999 | 2,624,017 |
2.50%, due 10/1/51 | 2,238,882 | 1,928,986 |
2.50%, due 4/1/52 | 2,454,591 | 2,106,705 |
3.00%, due 2/1/52 | 2,801,767 | 2,470,964 |
3.00%, due 3/1/52 | 4,827,582 | 4,319,490 |
3.50%, due 10/1/51 | 2,035,856 | 1,887,911 |
3.50%, due 11/1/51 | 3,371,931 | 3,078,757 |
4.00%, due 5/1/52 | 2,432,020 | 2,311,967 |
4.50%, due 5/1/52 | 2,069,670 | 2,007,499 |
5.00%, due 12/1/52 | 2,661,618 | 2,614,055 |
5.50%, due 10/1/52 | 4,357,109 | 4,393,060 |
6.00%, due 11/1/52 | 3,134,228 | 3,201,809 |
50,344,828 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.3% | ||
FNMA, Other | ||
3.50%, due 8/1/56 | 1,328,262 | 1,218,503 |
UMBS, 15 Year | ||
4.50%, due 5/1/24 | 20,539 | 20,284 |
5.00%, due 12/1/23 | 143 | 143 |
5.00%, due 12/1/23 | 1,098 | 1,091 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 3,688,947 | 3,045,591 |
2.00%, due 12/1/50 | 7,889,217 | 6,488,126 |
2.00%, due 12/1/50 | 3,493,542 | 2,872,730 |
2.00%, due 3/1/51 | 3,824,972 | 3,160,788 |
2.00%, due 3/1/51 | 3,658,438 | 3,003,069 |
2.50%, due 5/1/43 | 243,505 | 208,286 |
2.50%, due 1/1/51 | 2,303,978 | 1,981,527 |
2.50%, due 8/1/51 | 4,827,873 | 4,153,668 |
2.50%, due 10/1/51 | 5,117,980 | 4,357,932 |
2.50%, due 10/1/51 | 3,758,333 | 3,222,010 |
2.50%, due 10/1/51 | 3,140,975 | 2,721,750 |
2.50%, due 11/1/51 | 3,370,025 | 2,918,104 |
3.00%, due 6/1/51 | 3,012,750 | 2,716,670 |
3.00%, due 1/1/52 | 3,807,559 | 3,383,086 |
3.00%, due 2/1/52 | 2,275,773 | 2,012,005 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 3/1/52 | $ 4,866,226 | $ 4,356,717 |
3.50%, due 2/1/52 | 2,840,621 | 2,593,628 |
3.50%, due 3/1/52 | 2,730,158 | 2,490,868 |
4.00%, due 5/1/52 | 5,298,338 | 5,004,836 |
4.50%, due 7/1/52 | 2,890,156 | 2,784,340 |
4.50%, due 10/1/52 | 2,451,860 | 2,367,398 |
5.00%, due 11/1/52 | 2,623,727 | 2,574,005 |
5.00%, due 3/1/53 | 4,817,139 | 4,762,306 |
5.50%, due 9/1/52 | 2,717,350 | 2,739,763 |
5.50%, due 12/1/52 | 2,608,694 | 2,630,210 |
6.50%, due 10/1/36 | 10,448 | 10,875 |
6.50%, due 10/1/36 | 10,986 | 11,220 |
6.50%, due 8/1/37 | 1,870 | 1,910 |
6.50%, due 11/1/52 | 2,843,182 | 2,928,019 |
7.00%, due 9/1/37 | 25,975 | 26,851 |
7.00%, due 10/1/37 | 283 | 299 |
7.00%, due 11/1/37 | 3,698 | 3,837 |
7.50%, due 7/1/28 | 4,000 | 3,989 |
82,776,434 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 4.7% | ||
GNMA I, Single Family, 30 Year | ||
4.00%, due 3/15/44 | 19,616 | 18,992 |
4.00%, due 7/15/44 | 130,187 | 125,390 |
4.00%, due 7/15/45 | 63,212 | 61,511 |
4.50%, due 6/15/39 | 322,742 | 318,960 |
4.50%, due 6/15/40 | 131,916 | 130,305 |
GNMA II, 30 Year | ||
2.50%, due 1/20/51 | 1,964,701 | 1,680,553 |
2.50%, due 3/20/51 | 3,923,390 | 3,390,096 |
2.50%, due 4/20/51 | 4,932,316 | 4,259,757 |
GNMA II, Single Family, 30 Year | ||
2.00%, due 6/20/51 | 5,421,990 | 4,566,909 |
3.00%, due 8/20/51 | 6,329,333 | 5,676,941 |
3.00%, due 10/20/51 | 3,413,255 | 3,060,487 |
3.50%, due 2/20/50 | 3,327,218 | 3,100,417 |
3.50%, due 8/20/51 | 1,155,662 | 1,073,627 |
4.00%, due 4/20/52 | 2,296,851 | 2,173,210 |
5.00%, due 7/20/52 | 1,668,205 | 1,639,710 |
31,276,865 | ||
United States Treasury Bonds 3.7% | ||
U.S. Treasury Bonds | ||
1.875%, due 2/15/41 | 3,770,000 | 2,737,815 |
1.875%, due 11/15/51 | 3,540,000 | 2,336,677 |
2.375%, due 2/15/42 | 2,140,000 | 1,666,107 |
16 | MainStay VP Bond Portfolio |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Bonds (continued) | |||
U.S. Treasury Bonds (continued) | |||
2.875%, due 5/15/52 | $ 2,660,000 | $ 2,204,371 | |
3.25%, due 5/15/42 | 500,000 | 446,172 | |
3.625%, due 5/15/53 | 11,195,000 | 10,759,444 | |
3.875%, due 2/15/43 | 5,050,000 | 4,923,750 | |
25,074,336 | |||
United States Treasury Notes 24.8% | |||
U.S. Treasury Notes | |||
2.50%, due 5/15/24 | 19,150,000 | 18,669,754 | |
2.625%, due 12/31/23 | 1,600,000 | 1,579,250 | |
3.375%, due 5/15/33 | 4,400,000 | 4,243,250 | |
3.625%, due 5/31/28 | 31,630,000 | 30,938,094 | |
3.75%, due 5/31/30 | 52,075,000 | 51,350,832 | |
4.125%, due 6/15/26 | 19,000,000 | 18,808,516 | |
4.25%, due 5/31/25 | 41,055,000 | 40,538,605 | |
166,128,301 | |||
Total U.S. Government & Federal Agencies (Cost $364,452,927) | 355,600,764 | ||
Total Long-Term Bonds (Cost $674,592,035) | 658,731,951 | ||
Total Investments (Cost $674,592,035) | 98.2% | 658,731,951 | |
Other Assets, Less Liabilities | 1.8 | 11,844,581 | |
Net Assets | 100.0% | $ 670,576,532 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(e) | 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. |
(f) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,345,938, which represented 0.2% of the Portfolio’s net assets. |
(g) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2023, the total net market value was $3,040,242, which represented 0.5% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(h) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2023. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(j) | Delayed delivery security. |
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 | 393 | September 2023 | $ 42,873,601 | $ 42,087,844 | $ (785,757) |
U.S. Treasury Ultra Bonds | 335 | September 2023 | 45,106,840 | 45,633,281 | 526,441 |
Total Long Contracts | (259,316) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (82) | September 2023 | (16,890,528) | (16,674,187) | 216,341 |
U.S. Treasury 10 Year Notes | (129) | September 2023 | (14,724,687) | (14,482,266) | 242,421 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury 10 Year Ultra Bonds | (108) | September 2023 | $ (12,921,787) | $ (12,791,250) | $ 130,537 |
Total Short Contracts | 589,299 | ||||
Net Unrealized Appreciation | $ 329,983 |
1. | As of June 30, 2023, cash in the amount of $2,344,648 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
ACES—Alternative Credit Enhancement Securities |
CLO—Collateralized Loan Obligation |
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 |
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 | $ — | $ 32,546,756 | $ — | $ 32,546,756 | |||
Corporate Bonds | — | 249,072,685 | — | 249,072,685 | |||
Mortgage-Backed Securities | — | 21,511,746 | — | 21,511,746 | |||
U.S. Government & Federal Agencies | — | 355,600,764 | — | 355,600,764 | |||
Total Investments in Securities | — | 658,731,951 | — | 658,731,951 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,115,740 | — | — | 1,115,740 | |||
Total Investments in Securities and Other Financial Instruments | $ 1,115,740 | $ 658,731,951 | $ — | $ 659,847,691 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (785,757) | $ — | $ — | $ (785,757) |
(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. |
18 | MainStay VP Bond Portfolio |
Assets | |
Investment in securities, at value (identified cost $674,592,035) | $658,731,951 |
Cash | 9,380,535 |
Cash collateral on deposit at broker for futures contracts | 2,344,648 |
Receivables: | |
Investment securities sold | 11,789,167 |
Interest | 5,005,822 |
Portfolio shares sold | 1,305,700 |
Variation margin on futures contracts | 375,232 |
Other assets | 43,180 |
Total assets | 688,976,235 |
Liabilities | |
Payables: | |
Investment securities purchased | 17,625,374 |
Portfolio shares redeemed | 340,014 |
Manager (See Note 3) | 271,369 |
NYLIFE Distributors (See Note 3) | 77,550 |
Professional fees | 38,254 |
Shareholder communication | 22,494 |
Custodian | 15,266 |
Accrued expenses | 9,382 |
Total liabilities | 18,399,703 |
Net assets | $670,576,532 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 54,782 |
Additional paid-in-capital | 769,892,253 |
769,947,035 | |
Total distributable earnings (loss) | (99,370,503) |
Net assets | $670,576,532 |
Initial Class | |
Net assets applicable to outstanding shares | $293,493,315 |
Shares of beneficial interest outstanding | 23,800,457 |
Net asset value per share outstanding | $ 12.33 |
Service Class | |
Net assets applicable to outstanding shares | $377,083,217 |
Shares of beneficial interest outstanding | 30,981,425 |
Net asset value per share outstanding | $ 12.17 |
Investment Income (Loss) | |
Income | |
Interest | $ 15,151,138 |
Other | 253,853 |
Total income | 15,404,991 |
Expenses | |
Manager (See Note 3) | 1,679,853 |
Distribution/Service—Service Class (See Note 3) | 479,295 |
Professional fees | 58,119 |
Custodian | 24,738 |
Trustees | 8,633 |
Shareholder communication | 1,687 |
Miscellaneous | 6,622 |
Total expenses | 2,258,947 |
Net investment income (loss) | 13,146,044 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (12,220,140) |
Futures transactions | (1,953,863) |
Net realized gain (loss) | (14,174,003) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 14,096,602 |
Futures contracts | 1,026,675 |
Net change in unrealized appreciation (depreciation) | 15,123,277 |
Net realized and unrealized gain (loss) | 949,274 |
Net increase (decrease) in net assets resulting from operations | $ 14,095,318 |
20 | MainStay VP Bond Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,146,044 | $ 17,635,047 |
Net realized gain (loss) | (14,174,003) | (99,034,005) |
Net change in unrealized appreciation (depreciation) | 15,123,277 | (42,710,979) |
Net increase (decrease) in net assets resulting from operations | 14,095,318 | (124,109,937) |
Distributions to shareholders: | ||
Initial Class | — | (5,913,796) |
Service Class | — | (6,975,813) |
Total distributions to shareholders | — | (12,889,609) |
Capital share transactions: | ||
Net proceeds from sales of shares | 34,545,332 | 90,735,240 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 12,889,609 |
Cost of shares redeemed | (58,149,645) | (172,961,774) |
Increase (decrease) in net assets derived from capital share transactions | (23,604,313) | (69,336,925) |
Net increase (decrease) in net assets | (9,508,995) | (206,336,471) |
Net Assets | ||
Beginning of period | 680,085,527 | 886,421,998 |
End of period | $670,576,532 | $ 680,085,527 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.08 | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | |||||
Net investment income (loss) (a) | 0.25 | 0.33 | 0.21 | 0.28 | 0.37 | 0.38 | |||||
Net realized and unrealized gain (loss) | 0.00‡ | (2.42) | (0.42) | 0.87 | 0.88 | (0.53) | |||||
Total from investment operations | 0.25 | (2.09) | (0.21) | 1.15 | 1.25 | (0.15) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.26) | (0.27) | (0.31) | (0.40) | (0.40) | |||||
From net realized gain on investments | — | — | (0.46) | (0.04) | — | (0.04) | |||||
Total distributions | — | (0.26) | (0.73) | (0.35) | (0.40) | (0.44) | |||||
Net asset value at end of period | $ 12.33 | $ 12.08 | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | |||||
Total investment return (b) | 2.07%(c) | (14.47)% | (1.37)% | 7.94% | 9.12% | (1.00)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.00%†† | 2.53% | 1.39% | 1.83% | 2.60% | 2.76% | |||||
Net expenses (d) | 0.52%†† | 0.53% | 0.52% | 0.53% | 0.54% | 0.53% | |||||
Portfolio turnover rate (e) | 241% | 474% | 326% | 255% | 204% | 148% | |||||
Net assets at end of period (in 000's) | $ 293,493 | $ 292,815 | $ 366,020 | $ 412,053 | $ 341,408 | $ 307,682 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 199%, 438%, 194%, 241%, 197%, and 133% for the six months ended June 30, 2023 and for years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
22 | MainStay VP Bond Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 11.93 | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | |||||
Net investment income (loss) (a) | 0.23 | 0.29 | 0.17 | 0.24 | 0.33 | 0.35 | |||||
Net realized and unrealized gain (loss) | 0.01 | (2.39) | (0.41) | 0.86 | 0.87 | (0.53) | |||||
Total from investment operations | 0.24 | (2.10) | (0.24) | 1.10 | 1.20 | (0.18) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.22) | (0.24) | (0.28) | (0.37) | (0.36) | |||||
From net realized gain on investments | — | — | (0.46) | (0.04) | — | (0.04) | |||||
Total distributions | — | (0.22) | (0.70) | (0.32) | (0.37) | (0.40) | |||||
Net asset value at end of period | $ 12.17 | $ 11.93 | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | |||||
Total investment return (b) | 2.01%(c) | (14.68)% | (1.62)% | 7.67% | 8.85% | (1.25)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.75%†† | 2.26% | 1.14% | 1.57% | 2.34% | 2.53% | |||||
Net expenses (d) | 0.77%†† | 0.78% | 0.77% | 0.78% | 0.79% | 0.78% | |||||
Portfolio turnover rate (e) | 241% | 474% | 326% | 255% | 204% | 148% | |||||
Net assets at end of period (in 000's) | $ 377,083 | $ 387,271 | $ 520,402 | $ 530,338 | $ 427,338 | $ 323,100 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 199%, 438%, 194%, 241%, 197%, and 133% for the six months ended June 30, 2023 and for years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 4, 2003 |
24 | MainStay VP Bond Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay VP Bond Portfolio |
28 | MainStay VP Bond Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $1,115,740 | $1,115,740 |
Total Fair Value | $1,115,740 | $1,115,740 |
(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) | $(785,757) | $(785,757) |
Total Fair Value | $(785,757) | $(785,757) |
(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 Transactions | $(1,953,863) | $(1,953,863) |
Total Net Realized Gain (Loss) | $(1,953,863) | $(1,953,863) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,026,675 | $1,026,675 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,026,675 | $1,026,675 |
Average Notional Amount | Total |
Futures Contracts Long | $ 80,690,819 |
Futures Contracts Short | $(47,926,689) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $675,264,355 | $1,362,617 | $(17,895,021) | $(16,532,404) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $54,126 | $46,956 |
2022 | |
Distributions paid from: | |
Ordinary Income | $12,889,609 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,880,784 | $ 23,243,434 |
Shares redeemed | (2,327,747) | (28,868,303) |
Net increase (decrease) | (446,963) | $ (5,624,869) |
Year ended December 31, 2022: | ||
Shares sold | 5,245,388 | $ 67,757,317 |
Shares issued to shareholders in reinvestment of distributions | 502,562 | 5,913,796 |
Shares redeemed | (6,872,142) | (89,940,899) |
Net increase (decrease) | (1,124,192) | $(16,269,786) |
30 | MainStay VP Bond Portfolio |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 926,688 | $ 11,301,898 |
Shares redeemed | (2,396,321) | (29,281,342) |
Net increase (decrease) | (1,469,633) | $(17,979,444) |
Year ended December 31, 2022: | ||
Shares sold | 1,796,487 | $ 22,977,923 |
Shares issued to shareholders in reinvestment of distributions | 599,549 | 6,975,813 |
Shares redeemed | (6,472,414) | (83,020,875) |
Net increase (decrease) | (4,076,378) | $(53,067,139) |
32 | MainStay VP Bond Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034655 | MSVPB10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 1.87% | -2.10% | -0.04% | 0.68% | 0.56% |
Service Class Shares | 6/4/2003 | 1.74 | -2.35 | -0.29 | 0.43 | 0.81 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg U.S. Government Bond Index2 | 1.59% | -2.08% | 0.46% | 0.97% |
Morningstar Intermediate Government Category Average3 | 1.66 | -1.96 | 0.13 | 0.74 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Intermediate Government Category Average is representative of funds that have at least 90% of their bond holdings in bonds backed by U.S. government or by U.S. government-linked agencies. These funds have durations between 3.5 and 6 years and/or average effective maturities between 4 and 10 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,018.70 | $2.80 | $1,022.02 | $2.81 | 0.56% |
Service Class Shares | $1,000.00 | $1,017.40 | $4.05 | $1,020.78 | $4.06 | 0.81% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
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 Pool, 30 Year, 2.00%-4.50%, due 6/1/46–5/1/53 |
4. | FREMF Mortgage Trust, 3.551%-4.472%, due 8/25/46–2/25/52 |
5. | GNMA, (zero coupon)-6.922%, due 6/16/37–2/20/52 |
6. | FNMA, (zero coupon)-3.50%, due 7/25/42–3/25/60 |
7. | FHLMC Gold Pools, 30 Year, 2.50%-6.50%, due 4/1/37–3/1/49 |
8. | U.S. Treasury Inflation Linked Notes, 0.125%, due 1/15/30–7/15/30 |
9. | UMBS, 20 Year, 2.00%-3.00%, due 10/1/32–7/1/41 |
10. | FNMA, Other, 2.50%-6.50%, due 4/1/25–6/1/57 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
8 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Long-Term Bonds 98.6% | ||
Asset-Backed Securities 2.1% | ||
Other Asset-Backed Securities 2.1% | ||
FirstEnergy Ohio PIRB Special Purpose Trust | ||
Series 2013-1, Class A3 | ||
3.45%, due 1/15/36 | $ 423,634 | $ 389,410 |
PSNH Funding LLC 3 | ||
Series 2018-1, Class A1 | ||
3.094%, due 2/1/26 | 68,534 | 68,060 |
United States Small Business Administration | ||
Series 2012-20L, Class 1 | ||
1.93%, due 12/1/32 | 198,376 | 176,986 |
Series 2014-20H, Class 1 | ||
2.88%, due 8/1/34 | 241,423 | 222,115 |
Series 2015-20G, Class 1 | ||
2.88%, due 7/1/35 | 666,599 | 615,544 |
Series 2014-20I, Class 1 | ||
2.92%, due 9/1/34 | 257,881 | 237,531 |
Series 2014-20C, Class 1 | ||
3.21%, due 3/1/34 | 438,351 | 409,198 |
Series 2018-20B, Class 1 | ||
3.22%, due 2/1/38 | 1,121,872 | 1,034,665 |
Series 2018-20D, Class 1 | ||
3.31%, due 4/1/38 | 1,444,777 | 1,334,444 |
Total Asset-Backed Securities (Cost $4,995,812) | 4,487,953 | |
Corporate Bonds 1.5% | ||
Electric 1.5% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,749,303 | 1,586,605 |
PG&E Energy Recovery Funding LLC | ||
Series A-1 | ||
1.46%, due 7/15/31 | 1,760,294 | 1,520,309 |
3,106,914 | ||
Total Corporate Bonds (Cost $3,504,914) | 3,106,914 | |
Mortgage-Backed Securities 24.6% | ||
Agency (Collateralized Mortgage Obligations) 11.3% | ||
FHLMC | ||
REMIC, Series 5038, Class SA | ||
(zero coupon) (SOFR 30A + 4.10%), due 11/25/50 (a)(b) | 2,195,825 | 100,491 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5057, Class SH | ||
0.683% (SOFR 30A + 5.75%), due 12/25/50 (a)(b) | $ 785,598 | $ 90,106 |
REMIC, Series 5019, Class PL | ||
1.00%, due 10/25/50 | 611,931 | 451,250 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (a) | 1,768,036 | 223,084 |
REMIC, Series 4913, Class UA | ||
3.00%, due 3/15/49 | 293,521 | 262,556 |
REMIC, Series 4908, Class BD | ||
3.00%, due 4/25/49 | 981,213 | 871,338 |
REMIC, Series 5013, Class DI | ||
3.00%, due 9/25/50 (a) | 1,554,447 | 277,760 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (a) | 549,609 | 88,949 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (a) | 597,343 | 91,095 |
REMIC, Series 5155, Class KI | ||
3.00%, due 10/25/51 (a) | 1,513,830 | 208,797 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (a) | 710,194 | 83,637 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 127,218 | 118,326 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 139,553 | 129,103 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 195,600 | 180,868 |
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (a)(b) | 3,595,496 | 40,242 |
REMIC, Series 2022-10, Class SA | ||
0.683% (SOFR 30A + 5.75%), due 2/25/52 (a)(b) | 1,096,703 | 133,174 |
REMIC, Series 2016-19, Class SD | ||
0.95% (1 Month LIBOR + 6.10%), due 4/25/46 (a)(b) | 2,907,612 | 202,707 |
REMIC, Series 2020-74, Class DA | ||
1.00%, due 10/25/50 | 545,808 | 396,673 |
REMIC, Series 2020-63, Class B | ||
1.25%, due 9/25/50 | 228,564 | 175,535 |
REMIC, Series 2012-124, Class PG | ||
2.00%, due 7/25/42 | 672,204 | 589,494 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (a) | 1,840,664 | 275,822 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 196,170 | 175,759 |
10 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2019-58, Class LP | ||
3.00%, due 10/25/49 | $ 426,011 | $ 377,006 |
REMIC, Series 2019-77, Class LZ | ||
3.00%, due 1/25/50 | 1,756,304 | 1,555,943 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (a) | 1,010,178 | 163,382 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (a) | 1,438,780 | 232,309 |
REMIC, Series 2020-10, Class LP | ||
3.50%, due 3/25/50 | 1,388,686 | 1,273,368 |
REMIC, Series 2021-6, Class MC | ||
3.50%, due 6/25/50 | 1,306,681 | 1,205,305 |
REMIC, Series 2021-6, Class ML | ||
3.50%, due 6/25/50 | 683,339 | 619,609 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,018,512 | 909,092 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,367,333 | 1,256,819 |
FNMA, Strips (a) | ||
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 1,410,096 | 206,812 |
REMIC, Series 360, Class 2 | ||
5.00%, due 8/25/35 | 36,429 | 6,007 |
REMIC, Series 361, Class 2 | ||
6.00%, due 10/25/35 | 8,590 | 1,710 |
GNMA | ||
REMIC, Series 2010-151, Class KO | ||
(zero coupon), due 6/16/37 | 503,329 | 454,722 |
REMIC, Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (a)(b) | 5,493,749 | 46,246 |
REMIC, Series 2020-34, Class SC | ||
0.893% (1 Month LIBOR + 6.05%), due 3/20/50 (a)(b) | 953,819 | 101,662 |
REMIC, Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 1,382,647 | 1,048,846 |
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 606,994 | 459,417 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 309,032 | 233,605 |
REMIC, Series 2020-146, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 10/20/50 (a)(b) | 909,412 | 111,700 |
REMIC, Series 2021-57, Class SD | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (a)(b) | 1,277,155 | 150,512 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (a) | $ 2,426,386 | $ 242,228 |
REMIC, Series 2021-57, Class IN | ||
2.00%, due 2/20/51 (a) | 411,263 | 42,361 |
REMIC, Series 2014-63, Class PG | ||
2.50%, due 7/20/43 | 470,897 | 437,919 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 636,426 | 551,655 |
REMIC, Series 2023-19 | ||
2.50%, due 2/20/51 (a) | 1,707,431 | 225,705 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (a) | 1,468,722 | 219,236 |
REMIC, Series 2019-3, Class A | ||
3.00%, due 4/20/48 | 78,447 | 73,339 |
REMIC, Series 2019-59, Class KA | ||
3.00%, due 12/20/48 | 370,671 | 332,640 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (a) | 547,818 | 93,935 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (a) | 2,812,004 | 433,401 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (a) | 1,506,186 | 222,640 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 1,202,412 | 1,049,905 |
REMIC, Series 2019-92, Class GF | ||
3.50% (1 Month LIBOR + 0.69%), due 7/20/49 (b) | 319,721 | 284,175 |
REMIC, Series 2019-97, Class FG | ||
3.50% (1 Month LIBOR + 0.69%), due 8/20/49 (b) | 663,785 | 590,089 |
REMIC, Series 2019-110, Class FG | ||
3.50% (1 Month LIBOR + 0.65%), due 9/20/49 (b) | 231,007 | 202,756 |
REMIC, Series 2019-128, Class KF | ||
3.50% (1 Month LIBOR + 0.65%), due 10/20/49 (b) | 345,260 | 306,930 |
REMIC, Series 2019-128, Class YF | ||
3.50% (1 Month LIBOR + 0.65%), due 10/20/49 (b) | 451,218 | 400,988 |
REMIC, Series 2021-175, Class DF | ||
3.50% (SOFR 30A + 0.25%), due 10/20/51 (b) | 1,888,773 | 1,659,884 |
REMIC, Series 2023-59, Class YC | ||
6.922%, due 9/20/51 (c) | 628,871 | 691,957 |
23,642,581 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 12.7% | ||
Arbor Multifamily Mortgage Securities Trust (d) | ||
Series 2021-MF3, Class A5 | ||
2.575%, due 10/15/54 | $ 3,000,000 | $ 2,455,251 |
Series 2022-MF4, Class A5 | ||
3.403%, due 2/15/55 (e) | 2,000,000 | 1,733,718 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (d) | 1,750,000 | 1,567,724 |
FREMF Mortgage Trust (d)(e) | ||
REMIC, Series 2013-K33, Class B | ||
3.551%, due 8/25/46 | 933,000 | 929,248 |
REMIC, Series 2019-K103, Class B | ||
3.574%, due 12/25/51 | 2,144,000 | 1,892,914 |
REMIC, Series 2020-K104, Class C | ||
3.663%, due 2/25/52 | 1,200,000 | 1,044,906 |
REMIC, Series 2016-K59, Class B | ||
3.70%, due 11/25/49 | 500,000 | 465,522 |
REMIC, Series 2015-K49, Class C | ||
3.849%, due 10/25/48 | 500,000 | 473,759 |
REMIC, Series 2016-K58, Class B | ||
3.866%, due 9/25/49 | 1,000,000 | 939,643 |
REMIC, Series 2017-K71, Class B | ||
3.88%, due 11/25/50 | 1,935,000 | 1,780,035 |
REMIC, Series 2014-K41, Class B | ||
3.964%, due 11/25/47 | 2,700,000 | 2,614,569 |
REMIC, Series 2016-K54, Class B | ||
4.191%, due 4/25/48 | 695,000 | 661,624 |
REMIC, Series 2013-K35, Class B | ||
4.192%, due 12/25/46 | 1,925,000 | 1,914,613 |
REMIC, Series 2014-K40, Class B | ||
4.199%, due 11/25/47 | 1,645,000 | 1,598,985 |
REMIC, Series 2018-K78, Class C | ||
4.267%, due 6/25/51 | 712,000 | 656,097 |
REMIC, Series 2016-K55, Class B | ||
4.301%, due 4/25/49 | 1,570,000 | 1,494,681 |
REMIC, Series 2014-K38, Class B | ||
4.375%, due 6/25/47 | 2,000,000 | 1,961,383 |
REMIC, Series 2019-K87, Class C | ||
4.472%, due 1/25/51 | 1,500,000 | 1,385,355 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (d) | 1,265,000 | 1,027,021 |
26,597,048 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) 0.6% | ||
Citigroup Mortgage Loan Trust | ||
Series 2006-AR6, Class 1A1 | ||
3.938%, due 8/25/36 (e) | $ 49,245 | $ 43,309 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (c)(d) | 1,282,596 | 1,031,225 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 231,222 | 217,212 |
1,291,746 | ||
Total Mortgage-Backed Securities (Cost $58,086,033) | 51,531,375 | |
Municipal Bonds 2.8% | ||
New Jersey 1.2% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
Series A | ||
7.102%, due 1/1/41 | 2,000,000 | 2,441,287 |
New York 1.6% | ||
New York State Thruway Authority Revenue Bonds | ||
Series M | ||
2.90%, due 1/1/35 | 4,000,000 | 3,388,837 |
Total Municipal Bonds (Cost $7,326,365) | 5,830,124 | |
U.S. Government & Federal Agencies 67.6% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 15.6% | ||
FHLMC Gold Pools, 30 Year | ||
2.50%, due 8/1/46 | 558,748 | 481,453 |
3.00%, due 2/1/46 | 946,979 | 855,859 |
3.00%, due 4/1/47 | 1,028,082 | 921,099 |
3.50%, due 1/1/44 | 242,293 | 227,110 |
3.50%, due 1/1/48 | 938,892 | 867,489 |
4.00%, due 7/1/44 | 533,975 | 514,003 |
4.00%, due 12/1/46 | 363,302 | 347,670 |
4.00%, due 10/1/48 | 448,600 | 428,190 |
4.00%, due 3/1/49 | 183,788 | 174,467 |
4.50%, due 12/1/44 | 742,006 | 733,599 |
5.00%, due 11/1/41 | 561,622 | 566,286 |
6.50%, due 4/1/37 | 19,220 | 20,277 |
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) | ||
FHLMC Gold Pools, Other | ||
4.50%, due 3/1/41 | $ 107,694 | $ 106,215 |
Tennessee Valley Authority | ||
4.65%, due 6/15/35 | 4,395,000 | 4,437,923 |
UMBS Pool, 15 Year | ||
2.00%, due 6/1/35 | 646,791 | 574,773 |
2.50%, due 9/1/34 | 208,215 | 191,118 |
UMBS Pool, 30 Year | ||
2.00%, due 7/1/50 | 2,649,354 | 2,178,777 |
2.00%, due 7/1/50 | 855,740 | 703,787 |
2.00%, due 8/1/50 | 1,237,234 | 1,017,871 |
2.00%, due 8/1/50 | 18,518 | 15,353 |
2.00%, due 8/1/50 | 1,759,023 | 1,446,496 |
2.00%, due 9/1/50 | 861,180 | 708,451 |
2.00%, due 11/1/50 | 1,562,931 | 1,285,167 |
2.50%, due 3/1/50 | 879,313 | 750,463 |
2.50%, due 7/1/50 | 1,489,945 | 1,272,537 |
2.50%, due 10/1/50 | 136,668 | 116,856 |
2.50%, due 1/1/51 | 332,737 | 283,699 |
2.50%, due 2/1/51 | 2,079,205 | 1,776,581 |
2.50%, due 5/1/51 | 1,147,455 | 979,733 |
3.00%, due 6/1/46 | 494,609 | 443,402 |
3.00%, due 8/1/49 | 902,224 | 801,499 |
3.00%, due 9/1/49 | 156,721 | 138,959 |
3.00%, due 11/1/49 | 505,494 | 451,398 |
3.00%, due 1/1/52 | 3,430,575 | 3,024,390 |
3.00%, due 4/1/52 | 991,522 | 873,504 |
3.50%, due 1/1/50 | 903,338 | 832,437 |
4.00%, due 5/1/52 | 936,295 | 878,790 |
4.50%, due 11/1/52 | 616,529 | 592,813 |
4.50%, due 5/1/53 | 748,839 | 720,020 |
32,740,514 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 29.1% | ||
FNMA, Other | ||
2.50%, due 1/1/57 | 584,081 | 495,419 |
2.68%, due 5/1/25 | 1,959,243 | 1,865,115 |
2.73%, due 4/1/25 | 1,025,000 | 977,337 |
3.00%, due 9/1/46 | 409,455 | 352,908 |
3.00%, due 10/1/46 | 423,405 | 374,366 |
3.00%, due 10/1/48 | 8,074 | 7,057 |
3.00%, due 2/1/57 | 451,502 | 393,596 |
3.00%, due 6/1/57 | 512,928 | 452,799 |
6.00%, due 4/1/37 | 4,842 | 4,903 |
6.50%, due 8/1/47 | 8,065 | 8,263 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 15 Year | ||
2.00%, due 6/1/35 | $ 1,172,721 | $ 1,045,725 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 2,049,748 | 1,744,797 |
2.50%, due 6/1/41 | 1,683,533 | 1,464,126 |
2.50%, due 7/1/41 | 1,776,126 | 1,556,727 |
3.00%, due 10/1/32 | 276,816 | 258,876 |
UMBS, 30 Year | ||
2.00%, due 6/1/50 | 1,397,511 | 1,149,756 |
2.00%, due 10/1/50 | 1,649,949 | 1,356,574 |
2.00%, due 3/1/51 | 2,064,621 | 1,697,370 |
2.50%, due 1/1/47 | 1,487,970 | 1,279,882 |
2.50%, due 9/1/49 | 1,304,320 | 1,114,035 |
2.50%, due 3/1/50 | 404,371 | 347,190 |
2.50%, due 3/1/50 | 1,003,865 | 856,572 |
2.50%, due 3/1/50 | 974,937 | 831,886 |
2.50%, due 4/1/50 | 1,801,503 | 1,547,302 |
2.50%, due 5/1/50 | 3,092,613 | 2,638,864 |
2.50%, due 7/1/50 | 1,476,401 | 1,261,140 |
2.50%, due 8/1/50 | 1,815,615 | 1,550,364 |
2.50%, due 8/1/50 | 2,100,540 | 1,805,055 |
2.50%, due 9/1/50 | 2,226,804 | 1,916,204 |
2.50%, due 10/1/50 | 1,611,824 | 1,376,316 |
2.50%, due 11/1/50 | 2,260,046 | 1,946,372 |
2.50%, due 1/1/51 | 1,714,764 | 1,463,160 |
2.50%, due 4/1/51 | 1,415,754 | 1,216,290 |
3.00%, due 10/1/44 | 864,642 | 781,080 |
3.00%, due 3/1/47 | 489,509 | 438,073 |
3.00%, due 12/1/47 | 610,749 | 546,778 |
3.00%, due 10/1/49 | 562,530 | 498,850 |
3.00%, due 3/1/50 | 865,591 | 767,381 |
3.00%, due 3/1/50 | 936,108 | 830,229 |
3.00%, due 5/1/50 | 799,712 | 707,771 |
3.00%, due 7/1/50 | 1,481,729 | 1,314,136 |
3.00%, due 11/1/51 | 2,513,358 | 2,215,787 |
3.50%, due 11/1/44 | 384,081 | 359,596 |
3.50%, due 3/1/45 | 429,685 | 399,971 |
3.50%, due 8/1/46 | 290,300 | 269,993 |
3.50%, due 10/1/47 | 186,742 | 172,347 |
3.50%, due 2/1/48 | 100,273 | 92,543 |
3.50%, due 8/1/49 | 517,081 | 479,339 |
3.50%, due 9/1/50 | 1,650,932 | 1,548,496 |
4.00%, due 1/1/46 | 382,008 | 367,302 |
4.00%, due 9/1/47 | 148,012 | 141,484 |
4.00%, due 7/1/48 | 377,802 | 360,201 |
4.00%, due 8/1/48 | 1,903,569 | 1,813,185 |
4.00%, due 9/1/48 | 330,351 | 315,511 |
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 4/1/49 | $ 94,752 | $ 90,297 |
4.00%, due 3/1/50 | 706,318 | 671,655 |
4.50%, due 2/1/41 | 1,289,081 | 1,273,007 |
4.50%, due 4/1/41 | 3,116,957 | 3,078,086 |
4.50%, due 8/1/42 | 505,554 | 499,249 |
4.50%, due 8/1/44 | 583,443 | 576,166 |
5.00%, due 9/1/41 | 1,116,133 | 1,124,116 |
5.00%, due 10/1/41 | 872,659 | 878,871 |
5.50%, due 7/1/41 | 1,629,401 | 1,667,672 |
6.00%, due 7/1/39 | 365,602 | 379,613 |
6.50%, due 10/1/39 | 66,720 | 69,200 |
61,084,331 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.6% | ||
GNMA II, Other | ||
2.50%, due 1/20/50 | 252,410 | 214,793 |
2.50%, due 2/20/50 | 67,382 | 57,340 |
2.50%, due 4/20/50 | 85,958 | 73,147 |
2.50%, due 6/20/50 | 387,728 | 326,106 |
GNMA II, Single Family, 30 Year | ||
4.00%, due 11/20/49 | 349,180 | 331,327 |
4.50%, due 7/20/49 | 282,244 | 275,055 |
1,277,768 | ||
United States Treasury Bonds 1.7% | ||
U.S. Treasury Bonds | ||
3.00%, due 5/15/45 | 2,790,000 | 2,356,351 |
4.375%, due 11/15/39 | 1,200,000 | 1,270,500 |
3,626,851 | ||
United States Treasury Inflation - Indexed Notes 2.4% | ||
U.S. Treasury Inflation Linked Notes (f) | ||
0.125%, due 1/15/30 | 3,266,107 | 2,929,162 |
0.125%, due 7/15/30 | 2,390,064 | 2,142,888 |
5,072,050 | ||
United States Treasury Notes 18.2% | ||
U.S. Treasury Notes | ||
0.375%, due 4/30/25 | 5,000,000 | 4,600,391 |
1.375%, due 10/31/28 | 5,400,000 | 4,698,000 |
1.50%, due 2/15/30 | 13,865,000 | 11,875,156 |
2.25%, due 4/30/24 | 2,250,000 | 2,191,904 |
2.375%, due 8/15/24 | 1,695,000 | 1,640,243 |
Principal Amount | Value | ||
United States Treasury Notes (continued) | |||
U.S. Treasury Notes (continued) | |||
2.625%, due 1/31/26 | $ 5,900,000 | $ 5,614,910 | |
3.00%, due 10/31/25 | 7,805,000 | 7,506,825 | |
38,127,429 | |||
Total U.S. Government & Federal Agencies (Cost $162,504,062) | 141,928,943 | ||
Total Long-Term Bonds (Cost $236,417,186) | 206,885,309 | ||
Shares | |||
Short-Term Investments 1.4% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (g) | 1,658,152 | 1,658,152 | |
Principal Amount | |||
U.S. Treasury Debt 0.6% | |||
U.S. Treasury Bills (h) | |||
5.227%, due 11/2/23 | $ 500,000 | 491,184 | |
5.24%, due 9/28/23 | 845,000 | 834,463 | |
Total U.S. Treasury Debt (Cost $1,325,365) | 1,325,647 | ||
Total Short-Term Investments (Cost $2,983,517) | 2,983,799 | ||
Total Investments (Cost $239,400,703) | 100.0% | 209,869,108 | |
Other Assets, Less Liabilities | 0.0‡ | 72,798 | |
Net Assets | 100.0% | $ 209,941,906 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | 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. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
14 | MainStay VP MacKay Government Portfolio |
(c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(d) | 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. |
(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 June 30, 2023. |
(f) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(g) | Current yield as of June 30, 2023. |
(h) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 844 | $ 16,572 | $ (15,758) | $ — | $ — | $ 1,658 | $ 19 | $ — | 1,658 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Notes | 19 | September 2023 | $ 2,168,270 | $ 2,133,047 | $ (35,223) |
U.S. Treasury 10 Year Ultra Bonds | 37 | September 2023 | 4,422,452 | 4,382,187 | (40,265) |
Net Unrealized Depreciation | $ (75,488) |
1. | As of June 30, 2023, cash in the amount of $154,600 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 June 30, 2023. |
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 |
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 | $ — | $ 4,487,953 | $ — | $ 4,487,953 | |||
Corporate Bonds | — | 3,106,914 | — | 3,106,914 | |||
Mortgage-Backed Securities | — | 51,531,375 | — | 51,531,375 | |||
Municipal Bonds | — | 5,830,124 | — | 5,830,124 | |||
U.S. Government & Federal Agencies | — | 141,928,943 | — | 141,928,943 | |||
Total Long-Term Bonds | — | 206,885,309 | — | 206,885,309 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,658,152 | — | — | 1,658,152 | |||
U.S. Treasury Debt | — | 1,325,647 | — | 1,325,647 | |||
Total Short-Term Investments | 1,658,152 | 1,325,647 | — | 2,983,799 | |||
Total Investments in Securities | $ 1,658,152 | $ 208,210,956 | $ — | $ 209,869,108 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (75,488) | $ — | $ — | $ (75,488) |
(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. |
16 | MainStay VP MacKay Government Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $237,742,551) | $208,210,956 |
Investment in affiliated investment companies, at value (identified cost $1,658,152) | 1,658,152 |
Cash collateral on deposit at broker for futures contracts | 154,600 |
Receivables: | |
Interest | 908,064 |
Portfolio shares sold | 136,528 |
Variation margin on futures contracts | 13,740 |
Other assets | 2,588 |
Total assets | 211,084,628 |
Liabilities | |
Payables: | |
Investment securities purchased | 719,236 |
Portfolio shares redeemed | 244,237 |
Manager (See Note 3) | 86,505 |
NYLIFE Distributors (See Note 3) | 36,210 |
Professional fees | 27,227 |
Shareholder communication | 14,268 |
Custodian | 8,909 |
Accrued expenses | 6,130 |
Total liabilities | 1,142,722 |
Net assets | $209,941,906 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 21,998 |
Additional paid-in-capital | 240,078,535 |
240,100,533 | |
Total distributable earnings (loss) | (30,158,627) |
Net assets | $209,941,906 |
Initial Class | |
Net assets applicable to outstanding shares | $ 34,175,722 |
Shares of beneficial interest outstanding | 3,550,824 |
Net asset value per share outstanding | $ 9.62 |
Service Class | |
Net assets applicable to outstanding shares | $175,766,184 |
Shares of beneficial interest outstanding | 18,446,718 |
Net asset value per share outstanding | $ 9.53 |
Investment Income (Loss) | |
Income | |
Interest | $3,073,872 |
Dividends-affiliated | 19,173 |
Securities lending, net | 97 |
Total income | 3,093,142 |
Expenses | |
Manager (See Note 3) | 532,466 |
Distribution/Service—Service Class (See Note 3) | 223,230 |
Professional fees | 35,677 |
Custodian | 19,329 |
Trustees | 2,844 |
Miscellaneous | 1,434 |
Total expenses | 814,980 |
Net investment income (loss) | 2,278,162 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (710,363) |
Futures transactions | 10,157 |
Net realized gain (loss) | (700,206) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 2,307,507 |
Futures contracts | (61,314) |
Net change in unrealized appreciation (depreciation) | 2,246,193 |
Net realized and unrealized gain (loss) | 1,545,987 |
Net increase (decrease) in net assets resulting from operations | $3,824,149 |
18 | MainStay VP MacKay Government Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,278,162 | $ 4,475,430 |
Net realized gain (loss) | (700,206) | (4,157,083) |
Net change in unrealized appreciation (depreciation) | 2,246,193 | (34,055,749) |
Net increase (decrease) in net assets resulting from operations | 3,824,149 | (33,737,402) |
Distributions to shareholders: | ||
Initial Class | — | (711,147) |
Service Class | — | (3,018,585) |
Total distributions to shareholders | — | (3,729,732) |
Capital share transactions: | ||
Net proceeds from sales of shares | 10,168,475 | 21,581,852 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 3,729,732 |
Cost of shares redeemed | (18,744,101) | (96,041,715) |
Increase (decrease) in net assets derived from capital share transactions | (8,575,626) | (70,730,131) |
Net increase (decrease) in net assets | (4,751,477) | (108,197,265) |
Net Assets | ||
Beginning of period | 214,693,383 | 322,890,648 |
End of period | $209,941,906 | $ 214,693,383 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.45 | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | |||||
Net investment income (loss) (a) | 0.11 | 0.20 | 0.13 | 0.17 | 0.25 | 0.26 | |||||
Net realized and unrealized gain (loss) | 0.06 | (1.43) | (0.30) | 0.36 | 0.32 | (0.27) | |||||
Total from investment operations | 0.17 | (1.23) | (0.17) | 0.53 | 0.57 | (0.01) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.19) | (0.17) | (0.16) | (0.22) | (0.28) | |||||
Net asset value at end of period | $ 9.62 | $ 9.45 | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | |||||
Total investment return (b) | 1.80%(c) | (11.29)% | (1.50)% | 4.97% | 5.42% | (0.06)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.35%†† | 1.92% | 1.15% | 1.50% | 2.35% | 2.44% | |||||
Net expenses (d) | 0.56%†† | 0.56% | 0.55% | 0.56% | 0.57% | 0.57% | |||||
Portfolio turnover rate | 3% | 17%(e) | 69%(e) | 77%(e) | 30% | 92%(e) | |||||
Net assets at end of period (in 000's) | $ 34,176 | $ 34,601 | $ 83,838 | $ 107,954 | $ 51,698 | $ 52,552 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37%, 53% and 80% for the years ended December 31, 2022, 2021, 2020 and 2018, respectively. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.37 | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | |||||
Net investment income (loss) (a) | 0.10 | 0.17 | 0.10 | 0.14 | 0.22 | 0.23 | |||||
Net realized and unrealized gain (loss) | 0.06 | (1.41) | (0.29) | 0.37 | 0.31 | (0.26) | |||||
Total from investment operations | 0.16 | (1.24) | (0.19) | 0.51 | 0.53 | (0.03) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.16) | (0.14) | (0.15) | (0.20) | (0.25) | |||||
Net asset value at end of period | $ 9.53 | $ 9.37 | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | |||||
Total investment return (b) | 1.71%(c) | (11.51)% | (1.74)% | 4.70% | 5.15% | (0.31)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.10%†† | 1.72% | 0.94% | 1.29% | 2.09% | 2.19% | |||||
Net expenses (d) | 0.81%†† | 0.81% | 0.80% | 0.80% | 0.82% | 0.82% | |||||
Portfolio turnover rate | 3% | 17%(e) | 69%(e) | 77%(e) | 30% | 92%(e) | |||||
Net assets at end of period (in 000's) | $ 175,766 | $ 180,093 | $ 239,053 | $ 281,054 | $ 200,869 | $ 159,575 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37%, 53% and 80% for the years ended December 31, 2022, 2021, 2020 and 2018, respectively. |
20 | MainStay VP MacKay Government Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
22 | MainStay VP MacKay Government Portfolio |
24 | MainStay VP MacKay Government Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(75,488) | $(75,488) |
Total Fair Value | $(75,488) | $(75,488) |
(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 Transactions | $10,157 | $10,157 |
Total Net Realized Gain (Loss) | $10,157 | $10,157 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(61,314) | $(61,314) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(61,314) | $(61,314) |
Average Notional Amount | Total |
Futures Contracts Long | $7,323,638 |
26 | MainStay VP MacKay Government Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $239,500,131 | $224,177 | $(29,855,200) | $(29,631,023) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,811 | $4,737 |
2022 | |
Distributions paid from: | |
Ordinary Income | $3,729,732 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 116,718 | $ 1,129,648 |
Shares redeemed | (228,017) | (2,207,844) |
Net increase (decrease) | (111,299) | $ (1,078,196) |
Year ended December 31, 2022: | ||
Shares sold | 633,685 | $ 6,612,982 |
Shares issued to shareholders in reinvestment of distributions | 77,120 | 711,147 |
Shares redeemed | (4,760,615) | (47,828,335) |
Net increase (decrease) | (4,049,810) | $(40,504,206) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 946,185 | $ 9,038,827 |
Shares redeemed | (1,729,324) | (16,536,257) |
Net increase (decrease) | (783,139) | $ (7,497,430) |
Year ended December 31, 2022: | ||
Shares sold | 1,512,996 | $ 14,968,870 |
Shares issued to shareholders in reinvestment of distributions | 330,073 | 3,018,585 |
Shares redeemed | (4,818,836) | (48,213,380) |
Net increase (decrease) | (2,975,767) | $(30,225,925) |
28 | MainStay VP MacKay Government Portfolio |
30 | MainStay VP MacKay Government Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035076 | MSVPG10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2017 | 2.20% | -1.31% | 0.46% | 0.28% | 0.32% |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Since Inception |
Bloomberg U.S. Aggregate Bond Index2 | 2.09% | -0.94% | 0.77% | 0.66% |
Morningstar Intermediate Core Bond Category Average3 | 2.13 | -0.89 | 0.63 | 0.46 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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 Treasuries, 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. |
3. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,022.00 | $1.55 | $1,023.26 | $1.56 | 0.31% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Indexed Bond Portfolio |
1. | U.S. Treasury Notes, 0.125%-4.625%, due 7/31/23–5/15/33 |
2. | UMBS, 30 Year, 2.00%-5.50%, due 6/1/36–2/1/53 |
3. | GNMA II, Single Family, 30 Year, 2.00%-5.00%, due 11/20/42–9/20/51 |
4. | U.S. Treasury Bonds, 2.75%-4.00%, due 11/15/46–5/15/53 |
5. | UMBS Pool, 30 Year, 2.00%-4.50%, due 1/1/49–7/1/52 |
6. | UMBS, 15 Year, 1.50%-4.00%, due 5/1/24–9/1/36 |
7. | FHLMC Gold Pools, 30 Year, 3.00%-5.50%, due 7/1/38–1/1/49 |
8. | iShares iBoxx $ Investment Grade Corporate Bond ETF |
9. | Bank of America Corp., 2.972%-5.08%, due 1/20/27–7/21/52 |
10. | Mexico Government Bond, 4.125%-4.875%, due 1/21/26–5/19/33 |
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 ‘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 Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
4. | An 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. |
8 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 96.7% | ||
Corporate Bonds 22.3% | ||
Aerospace & Defense 0.6% | ||
Boeing Co. (The) | ||
3.25%, due 3/1/28 | $ 585,000 | $ 532,146 |
5.15%, due 5/1/30 | 250,000 | 247,588 |
Lockheed Martin Corp. | ||
4.30%, due 6/15/62 | 135,000 | 119,526 |
Northrop Grumman Systems Corp. | ||
7.75%, due 2/15/31 | 275,000 | 316,592 |
Raytheon Technologies Corp. | ||
3.125%, due 7/1/50 | 105,000 | 76,037 |
3.50%, due 3/15/27 | 275,000 | 261,353 |
1,553,242 | ||
Apparel 0.0% ‡ | ||
NIKE, Inc. | ||
3.625%, due 5/1/43 | 95,000 | 79,719 |
Auto Manufacturers 0.2% | ||
General Motors Co. | ||
5.40%, due 4/1/48 | 81,000 | 69,591 |
General Motors Financial Co., Inc. | ||
2.40%, due 10/15/28 | 250,000 | 211,674 |
3.10%, due 1/12/32 | 167,000 | 135,070 |
4.35%, due 1/17/27 | 130,000 | 124,629 |
540,964 | ||
Banks 5.6% | ||
Bank of America Corp. | ||
2.972%, due 7/21/52 (a) | 525,000 | 356,868 |
3.846% (5 Year Treasury Constant Maturity Rate + 2.00%), due 3/8/37 (b) | 230,000 | 196,679 |
5.08%, due 1/20/27 (a) | 3,040,000 | 2,993,361 |
Barclays plc | ||
5.25%, due 8/17/45 | 270,000 | 250,814 |
Citigroup, Inc. | ||
2.561%, due 5/1/32 (a) | 260,000 | 212,297 |
4.45%, due 9/29/27 | 1,085,000 | 1,035,989 |
4.65%, due 7/30/45 | 180,000 | 159,624 |
Cooperatieve Rabobank UA | ||
5.25%, due 5/24/41 | 215,000 | 224,688 |
Fifth Third Bancorp | ||
4.337%, due 4/25/33 (a) | 200,000 | 176,220 |
Goldman Sachs Group, Inc. (The) | ||
2.64%, due 2/24/28 (a) | 715,000 | 648,751 |
4.80%, due 7/8/44 | 420,000 | 384,537 |
Principal Amount | Value | |
Banks (continued) | ||
HSBC Holdings plc (a) | ||
7.336%, due 11/3/26 | $ 575,000 | $ 591,877 |
7.39%, due 11/3/28 | 305,000 | 321,892 |
JPMorgan Chase & Co. (a) | ||
1.578%, due 4/22/27 | 870,000 | 781,445 |
4.26%, due 2/22/48 | 605,000 | 522,021 |
4.912%, due 7/25/33 | 305,000 | 298,038 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 1,265,000 | 1,184,883 |
Morgan Stanley | ||
5.05%, due 1/28/27 (a) | 75,000 | 74,375 |
5.948% (5 Year Treasury Constant Maturity Rate + 2.43%), due 1/19/38 (b) | 55,000 | 54,287 |
6.296%, due 10/18/28 (a) | 1,270,000 | 1,304,989 |
6.342%, due 10/18/33 (a) | 375,000 | 398,926 |
State Street Corp. | ||
5.82%, due 11/4/28 (a) | 810,000 | 829,651 |
UBS Group AG | ||
2.593%, due 9/11/25 (a)(c) | 500,000 | 476,586 |
Wells Fargo & Co. | ||
3.00%, due 4/22/26 | 525,000 | 493,657 |
4.75%, due 12/7/46 | 605,000 | 514,964 |
14,487,419 | ||
Beverages 0.4% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 525,000 | 553,347 |
Coca-Cola Co. (The) | ||
2.60%, due 6/1/50 | 260,000 | 181,579 |
Constellation Brands, Inc. | ||
3.60%, due 2/15/28 | 130,000 | 121,755 |
Keurig Dr Pepper, Inc. | ||
4.985%, due 5/25/38 | 95,000 | 88,432 |
Molson Coors Beverage Co. | ||
4.20%, due 7/15/46 | 95,000 | 78,665 |
PepsiCo, Inc. | ||
3.625%, due 3/19/50 | 30,000 | 25,498 |
1,049,276 | ||
Biotechnology 0.1% | ||
Amgen, Inc. | ||
3.375%, due 2/21/50 | 205,000 | 150,193 |
Gilead Sciences, Inc. | ||
4.60%, due 9/1/35 | 215,000 | 207,011 |
357,204 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Building Materials 0.0% ‡ | ||
Johnson Controls International plc | ||
6.00%, due 1/15/36 | $ 80,000 | $ 82,930 |
Chemicals 0.9% | ||
Dow Chemical Co. (The) | ||
2.10%, due 11/15/30 | 145,000 | 119,736 |
3.60%, due 11/15/50 | 65,000 | 48,363 |
DuPont de Nemours, Inc. | ||
4.493%, due 11/15/25 | 470,000 | 460,293 |
Ecolab, Inc. | ||
2.70%, due 11/1/26 | 275,000 | 258,518 |
LYB International Finance II BV | ||
3.50%, due 3/2/27 | 275,000 | 260,077 |
LYB International Finance III LLC | ||
3.625%, due 4/1/51 | 50,000 | 34,603 |
Mosaic Co. (The) | ||
4.05%, due 11/15/27 | 505,000 | 480,849 |
Nutrien Ltd. | ||
5.875%, due 12/1/36 | 275,000 | 276,123 |
Sherwin-Williams Co. (The) | ||
3.95%, due 1/15/26 | 320,000 | 309,844 |
2,248,406 | ||
Commercial Services 0.0% ‡ | ||
PayPal Holdings, Inc. | ||
5.05%, due 6/1/52 | 95,000 | 93,016 |
Computers 0.7% | ||
Apple, Inc. | ||
4.50%, due 2/23/36 | 660,000 | 671,073 |
Dell International LLC | ||
3.45%, due 12/15/51 (c) | 95,000 | 63,713 |
5.25%, due 2/1/28 | 310,000 | 309,357 |
5.75%, due 2/1/33 | 180,000 | 181,726 |
HP, Inc. | ||
6.00%, due 9/15/41 | 40,000 | 40,446 |
International Business Machines Corp. | ||
3.50%, due 5/15/29 | 465,000 | 429,124 |
1,695,439 | ||
Cosmetics & Personal Care 0.1% | ||
Procter & Gamble Co. (The) | ||
2.70%, due 2/2/26 | 275,000 | 263,246 |
Unilever Capital Corp. | ||
3.10%, due 7/30/25 | 100,000 | 95,860 |
359,106 |
Principal Amount | Value | |
Diversified Financial Services 0.2% | ||
AerCap Ireland Capital DAC | ||
3.85%, due 10/29/41 | $ 150,000 | $ 113,942 |
Capital One Financial Corp. | ||
5.268%, due 5/10/33 (a) | 155,000 | 145,131 |
Nomura Holdings, Inc. | ||
2.999%, due 1/22/32 | 200,000 | 162,053 |
Visa, Inc. | ||
4.30%, due 12/14/45 | 210,000 | 194,833 |
615,959 | ||
Electric 1.8% | ||
AEP Texas, Inc. | ||
5.25%, due 5/15/52 | 95,000 | 89,619 |
CenterPoint Energy Houston Electric LLC | ||
Series AC | ||
4.25%, due 2/1/49 | 315,000 | 274,142 |
Commonwealth Edison Co. | ||
3.65%, due 6/15/46 | 195,000 | 152,431 |
Consolidated Edison Co. of New York, Inc. | ||
Series 06-A | ||
5.85%, due 3/15/36 | 410,000 | 419,636 |
DTE Electric Co. | ||
3.375%, due 3/1/25 | 215,000 | 208,214 |
Duke Energy Carolinas LLC | ||
3.875%, due 3/15/46 | 365,000 | 290,704 |
Duke Energy Corp. | ||
4.50%, due 8/15/32 | 95,000 | 89,565 |
5.00%, due 8/15/52 | 95,000 | 86,843 |
Entergy Louisiana LLC | ||
4.20%, due 4/1/50 | 365,000 | 305,233 |
Florida Power & Light Co. | ||
3.80%, due 12/15/42 | 175,000 | 146,748 |
MidAmerican Energy Co. | ||
3.95%, due 8/1/47 | 400,000 | 325,185 |
Ohio Power Co. | ||
Series G | ||
6.60%, due 2/15/33 | 200,000 | 216,150 |
PPL Electric Utilities Corp. | ||
3.95%, due 6/1/47 | 130,000 | 108,854 |
Public Service Electric and Gas Co. | ||
2.70%, due 5/1/50 | 235,000 | 157,033 |
Sempra Energy | ||
3.80%, due 2/1/38 | 275,000 | 227,804 |
Southern California Edison Co. | ||
Series C | ||
4.125%, due 3/1/48 | 275,000 | 223,062 |
Southern Co. (The) | ||
4.40%, due 7/1/46 | 350,000 | 299,317 |
10 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Virginia Electric and Power Co. | ||
4.00%, due 1/15/43 | $ 410,000 | $ 338,875 |
Xcel Energy, Inc. | ||
3.30%, due 6/1/25 | 885,000 | 846,300 |
4,805,715 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
5.141%, due 3/15/52 | 218,000 | 177,506 |
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
3.20%, due 3/15/25 | 320,000 | 307,867 |
Waste Management, Inc. | ||
3.15%, due 11/15/27 | 320,000 | 299,644 |
607,511 | ||
Food 0.4% | ||
General Mills, Inc. | ||
4.20%, due 4/17/28 | 95,000 | 92,201 |
Kraft Heinz Foods Co. | ||
4.375%, due 6/1/46 | 230,000 | 195,466 |
Kroger Co. (The) | ||
2.20%, due 5/1/30 | 230,000 | 190,190 |
Sysco Corp. | ||
3.25%, due 7/15/27 | 320,000 | 298,791 |
Tyson Foods, Inc. | ||
5.10%, due 9/28/48 | 155,000 | 140,770 |
917,418 | ||
Forest Products & Paper 0.2% | ||
Fibria Overseas Finance Ltd. | ||
5.50%, due 1/17/27 | 505,000 | 505,631 |
Gas 0.1% | ||
NiSource, Inc. | ||
3.49%, due 5/15/27 | 275,000 | 258,735 |
Healthcare-Products 0.4% | ||
Abbott Laboratories | ||
3.75%, due 11/30/26 | 185,000 | 180,366 |
4.90%, due 11/30/46 | 290,000 | 292,793 |
Boston Scientific Corp. | ||
4.70%, due 3/1/49 | 80,000 | 74,932 |
Medtronic, Inc. | ||
4.625%, due 3/15/45 | 209,000 | 203,348 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
Stryker Corp. | ||
3.65%, due 3/7/28 | $ 275,000 | $ 261,487 |
1,012,926 | ||
Healthcare-Services 0.5% | ||
Aetna, Inc. | ||
6.625%, due 6/15/36 | 275,000 | 302,149 |
Elevance Health, Inc. | ||
4.375%, due 12/1/47 | 320,000 | 278,912 |
HCA, Inc. (c) | ||
3.625%, due 3/15/32 | 85,000 | 73,781 |
4.625%, due 3/15/52 | 170,000 | 139,697 |
Laboratory Corp. of America Holdings | ||
3.60%, due 2/1/25 | 320,000 | 309,170 |
UnitedHealth Group, Inc. | ||
4.25%, due 4/15/47 | 315,000 | 277,651 |
1,381,360 | ||
Home Builders 0.1% | ||
PulteGroup, Inc. | ||
5.50%, due 3/1/26 | 220,000 | 218,743 |
Household Products & Wares 0.2% | ||
Clorox Co. (The) | ||
3.90%, due 5/15/28 | 275,000 | 262,335 |
Kimberly-Clark Corp. | ||
2.75%, due 2/15/26 | 275,000 | 260,333 |
522,668 | ||
Insurance 0.8% | ||
Allstate Corp. (The) | ||
5.35%, due 6/1/33 | 275,000 | 275,730 |
American International Group, Inc. | ||
6.25%, due 5/1/36 | 350,000 | 362,305 |
Berkshire Hathaway Finance Corp. | ||
4.30%, due 5/15/43 | 425,000 | 387,594 |
MetLife, Inc. | ||
3.60%, due 11/13/25 | 815,000 | 782,912 |
Prudential Financial, Inc. | ||
3.70%, due 3/13/51 | 135,000 | 103,416 |
3.935%, due 12/7/49 | 155,000 | 123,330 |
2,035,287 | ||
Internet 0.2% | ||
Alibaba Group Holding Ltd. | ||
2.70%, due 2/9/41 | 200,000 | 133,565 |
Amazon.com, Inc. | ||
3.875%, due 8/22/37 | 535,000 | 488,536 |
622,101 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery—Construction & Mining 0.1% | ||
Caterpillar, Inc. | ||
5.30%, due 9/15/35 | $ 325,000 | $ 339,325 |
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.90%, due 6/9/42 | 180,000 | 163,248 |
Media 0.8% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 445,000 | 436,388 |
5.75%, due 4/1/48 | 420,000 | 359,504 |
Comcast Corp. | ||
3.40%, due 7/15/46 | 795,000 | 603,332 |
Discovery Communications LLC | ||
3.95%, due 3/20/28 | 121,000 | 112,497 |
Fox Corp. | ||
5.576%, due 1/25/49 | 86,000 | 80,519 |
Paramount Global | ||
4.95%, due 1/15/31 | 352,000 | 317,257 |
Walt Disney Co. (The) | ||
3.60%, due 1/13/51 | 204,000 | 162,328 |
2,071,825 | ||
Mining 0.1% | ||
Barrick North America Finance LLC | ||
5.70%, due 5/30/41 | 130,000 | 131,716 |
BHP Billiton Finance USA Ltd. | ||
3.85%, due 9/30/23 | 5,000 | 4,978 |
Newmont Corp. | ||
2.25%, due 10/1/30 | 125,000 | 102,412 |
2.60%, due 7/15/32 | 105,000 | 85,791 |
324,897 | ||
Miscellaneous—Manufacturing 0.2% | ||
3M Co. | ||
4.00%, due 9/14/48 | 135,000 | 118,302 |
Eaton Corp. | ||
4.00%, due 11/2/32 | 275,000 | 258,990 |
General Electric Co. | ||
4.125%, due 10/9/42 | 99,000 | 81,443 |
Parker-Hannifin Corp. | ||
4.20%, due 11/21/34 | 95,000 | 86,985 |
545,720 | ||
Oil & Gas 0.7% | ||
BP Capital Markets America, Inc. | ||
3.001%, due 3/17/52 | 115,000 | 79,306 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
BP Capital Markets America, Inc. (continued) | ||
3.588%, due 4/14/27 | $ 315,000 | $ 301,235 |
Canadian Natural Resources Ltd. | ||
6.25%, due 3/15/38 | 130,000 | 132,330 |
ConocoPhillips Co. | ||
5.95%, due 3/15/46 | 200,000 | 215,735 |
EOG Resources, Inc. | ||
3.90%, due 4/1/35 | 215,000 | 192,825 |
Exxon Mobil Corp. | ||
4.114%, due 3/1/46 | 215,000 | 189,099 |
Hess Corp. | ||
7.125%, due 3/15/33 | 130,000 | 141,804 |
Phillips 66 Co. | ||
4.68%, due 2/15/45 | 260,000 | 221,722 |
Shell International Finance BV | ||
3.75%, due 9/12/46 | 325,000 | 264,928 |
1,738,984 | ||
Oil & Gas Services 0.0% ‡ | ||
Halliburton Co. | ||
3.80%, due 11/15/25 | 12,000 | 11,590 |
Pharmaceuticals 1.1% | ||
AbbVie, Inc. | ||
3.80%, due 3/15/25 | 185,000 | 179,861 |
4.70%, due 5/14/45 | 345,000 | 315,204 |
Allergan Funding SCS | ||
3.80%, due 3/15/25 | 50,000 | 47,592 |
4.75%, due 3/15/45 | 25,000 | 19,521 |
AstraZeneca plc | ||
6.45%, due 9/15/37 | 250,000 | 286,626 |
Bristol-Myers Squibb Co. | ||
3.70%, due 3/15/52 | 75,000 | 60,816 |
Cigna Group (The) | ||
4.90%, due 12/15/48 | 185,000 | 172,174 |
CVS Health Corp. | ||
3.75%, due 4/1/30 | 50,000 | 45,864 |
5.05%, due 3/25/48 | 340,000 | 313,393 |
Eli Lilly & Co. | ||
3.95%, due 3/15/49 | 155,000 | 138,303 |
GlaxoSmithKline Capital, Inc. | ||
3.875%, due 5/15/28 | 320,000 | 307,713 |
Johnson & Johnson | ||
4.95%, due 5/15/33 | 315,000 | 331,472 |
Merck & Co., Inc. | ||
5.00%, due 5/17/53 | 220,000 | 222,869 |
12 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
Mylan, Inc. | ||
4.20%, due 11/29/23 | $ 80,000 | $ 79,435 |
5.20%, due 4/15/48 | 95,000 | 74,017 |
Pfizer, Inc. | ||
4.00%, due 12/15/36 | 395,000 | 368,030 |
2,962,890 | ||
Pipelines 0.9% | ||
Enbridge, Inc. | ||
4.50%, due 6/10/44 | 275,000 | 228,911 |
Energy Transfer LP | ||
5.00%, due 5/15/50 | 200,000 | 168,913 |
Enterprise Products Operating LLC | ||
3.70%, due 2/15/26 | 500,000 | 482,069 |
4.80%, due 2/1/49 | 260,000 | 237,984 |
Kinder Morgan, Inc. | ||
4.30%, due 6/1/25 | 590,000 | 575,476 |
4.80%, due 2/1/33 | 240,000 | 226,352 |
5.45%, due 8/1/52 | 115,000 | 104,999 |
MPLX LP | ||
4.95%, due 3/14/52 | 145,000 | 123,148 |
ONEOK, Inc. | ||
5.20%, due 7/15/48 | 85,000 | 72,460 |
TransCanada PipeLines Ltd. | ||
4.875%, due 1/15/26 | 10,000 | 9,880 |
4.875%, due 5/15/48 | 150,000 | 134,324 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 65,000 | 44,829 |
2,409,345 | ||
Real Estate Investment Trusts 0.4% | ||
American Tower Corp. | ||
2.30%, due 9/15/31 | 145,000 | 115,350 |
AvalonBay Communities, Inc. | ||
2.90%, due 10/15/26 | 215,000 | 199,027 |
Crown Castle, Inc. | ||
3.25%, due 1/15/51 | 95,000 | 64,750 |
ERP Operating LP | ||
3.25%, due 8/1/27 | 275,000 | 252,989 |
Realty Income Corp. | ||
4.65%, due 3/15/47 | 155,000 | 138,991 |
Simon Property Group LP | ||
4.25%, due 11/30/46 | 260,000 | 208,501 |
979,608 | ||
Retail 0.5% | ||
Home Depot, Inc. (The) | ||
2.375%, due 3/15/51 | 365,000 | 226,139 |
Principal Amount | Value | |
Retail (continued) | ||
Lowe's Cos., Inc. | ||
4.05%, due 5/3/47 | $ 185,000 | $ 148,787 |
McDonald's Corp. | ||
4.20%, due 4/1/50 | 85,000 | 73,521 |
Starbucks Corp. | ||
3.00%, due 2/14/32 | 260,000 | 225,694 |
Target Corp. | ||
2.35%, due 2/15/30 | 185,000 | 160,210 |
Walmart, Inc. | ||
4.30%, due 4/22/44 | 340,000 | 325,655 |
1,160,006 | ||
Semiconductors 0.7% | ||
Applied Materials, Inc. | ||
5.10%, due 10/1/35 | 275,000 | 278,696 |
Broadcom, Inc. | ||
4.926%, due 5/15/37 (c) | 410,000 | 371,052 |
Intel Corp. | ||
2.00%, due 8/12/31 | 338,000 | 276,113 |
4.75%, due 3/25/50 | 112,000 | 101,232 |
KLA Corp. | ||
4.95%, due 7/15/52 | 105,000 | 103,384 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 | 460,000 | 401,454 |
2.00%, due 6/15/31 | 220,000 | 184,253 |
NXP BV | ||
5.00%, due 1/15/33 | 75,000 | 72,016 |
QUALCOMM, Inc. | ||
4.65%, due 5/20/35 | 115,000 | 114,795 |
1,902,995 | ||
Software 1.1% | ||
Fidelity National Information Services, Inc. | ||
5.625%, due 7/15/52 | 75,000 | 70,696 |
Fiserv, Inc. | ||
4.40%, due 7/1/49 | 105,000 | 88,722 |
Microsoft Corp. | ||
2.921%, due 3/17/52 | 290,000 | 215,751 |
3.30%, due 2/6/27 | 240,000 | 230,796 |
Oracle Corp. | ||
2.95%, due 5/15/25 | 2,100,000 | 2,002,971 |
4.00%, due 7/15/46 | 70,000 | 53,803 |
5.375%, due 7/15/40 | 210,000 | 200,415 |
Salesforce, Inc. | ||
3.05%, due 7/15/61 | 65,000 | 44,086 |
2,907,240 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications 1.0% | ||
AT&T, Inc. | ||
2.55%, due 12/1/33 | $ 507,000 | $ 398,236 |
3.50%, due 9/15/53 | 217,000 | 153,618 |
3.55%, due 9/15/55 | 261,000 | 182,717 |
Corning, Inc. | ||
5.45%, due 11/15/79 | 30,000 | 27,098 |
Deutsche Telekom International Finance BV | ||
8.75%, due 6/15/30 (d) | 275,000 | 329,336 |
Telefonica Emisiones SA | ||
4.895%, due 3/6/48 | 150,000 | 125,191 |
T-Mobile USA, Inc. | ||
3.40%, due 10/15/52 | 113,000 | 80,643 |
3.875%, due 4/15/30 | 430,000 | 396,146 |
Verizon Communications, Inc. | ||
2.355%, due 3/15/32 | 128,000 | 102,948 |
3.00%, due 11/20/60 | 104,000 | 64,962 |
5.50%, due 3/16/47 | 470,000 | 470,229 |
Vodafone Group plc | ||
4.25%, due 9/17/50 | 190,000 | 152,539 |
2,483,663 | ||
Transportation 0.8% | ||
Burlington Northern Santa Fe LLC | ||
3.25%, due 6/15/27 | 751,000 | 714,879 |
Canadian National Railway Co. | ||
6.25%, due 8/1/34 | 275,000 | 302,641 |
CSX Corp. | ||
3.35%, due 9/15/49 | 155,000 | 114,346 |
FedEx Corp. | ||
2.40%, due 5/15/31 | 75,000 | 62,235 |
5.25%, due 5/15/50 | 75,000 | 72,075 |
Norfolk Southern Corp. | ||
3.942%, due 11/1/47 | 156,000 | 126,032 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 180,000 | 155,312 |
3.50%, due 2/14/53 | 75,000 | 57,948 |
3.85%, due 2/14/72 | 40,000 | 30,748 |
United Parcel Service, Inc. | ||
3.40%, due 11/15/46 | 505,000 | 390,734 |
2,026,950 | ||
Total Corporate Bonds (Cost $66,792,254) | 58,256,567 |
Principal Amount | Value | |
Foreign Government Bonds 2.9% | ||
Canada 0.7% | ||
Province of Ontario Canada | ||
2.50%, due 4/27/26 | $ 1,205,000 | $ 1,133,096 |
Province of Quebec Canada | ||
2.50%, due 4/20/26 | 820,000 | 772,169 |
1,905,265 | ||
Japan 0.2% | ||
Japan Bank for International Cooperation | ||
2.875%, due 6/1/27 | 576,000 | 535,371 |
Mexico 1.1% | ||
Mexico Government Bond | ||
4.125%, due 1/21/26 | 2,585,000 | 2,535,502 |
4.875%, due 5/19/33 | 360,000 | 343,462 |
2,878,964 | ||
Norway 0.2% | ||
Equinor ASA | ||
5.10%, due 8/17/40 | 405,000 | 406,633 |
Panama 0.3% | ||
Panama Government Bond | ||
3.75%, due 3/16/25 | 750,000 | 725,547 |
Philippines 0.2% | ||
Philippines Government Bond | ||
5.00%, due 1/13/37 | 600,000 | 597,853 |
Supranational 0.2% | ||
European Investment Bank | ||
2.375%, due 5/24/27 | 545,000 | 505,073 |
Total Foreign Government Bonds (Cost $8,213,101) | 7,554,706 | |
Mortgage-Backed Securities 1.7% | ||
Agency (Collateralized Mortgage Obligations) 0.9% | ||
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K094, Class A2 | ||
2.903%, due 6/25/29 | 2,000,000 | 1,830,725 |
UMBS, Single Family, 30 Year | ||
2.50%, due 7/25/53 TBA (e) | 700,000 | 593,523 |
2,424,248 |
14 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.8% | ||
CFCRE Commercial Mortgage Trust | ||
Series 2016-C6, Class A3 | ||
3.217%, due 11/10/49 (f) | $ 300,000 | $ 273,570 |
Series 2017-C8, Class A3 | ||
3.305%, due 6/15/50 | 163,342 | 150,523 |
Citigroup Commercial Mortgage Trust | ||
Series 2017-P8, Class A4 | ||
3.465%, due 9/15/50 | 300,000 | 273,827 |
Series 2015-GC35, Class A4 | ||
3.818%, due 11/10/48 | 300,000 | 283,120 |
CSAIL Commercial Mortgage Trust | ||
Series 2017-CX9, Class A5 | ||
3.446%, due 9/15/50 | 300,000 | 273,223 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A4 | ||
2.85%, due 10/10/49 | 300,000 | 271,849 |
Series 2014-GC22, Class A5 | ||
3.862%, due 6/10/47 | 300,000 | 291,289 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-SG1, Class A4 | ||
3.789%, due 9/15/48 | 291,173 | 276,144 |
2,093,545 | ||
Total Mortgage-Backed Securities (Cost $5,093,702) | 4,517,793 | |
U.S. Government & Federal Agencies 69.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.3% | ||
FFCB | ||
0.68%, due 1/13/27 | 1,125,000 | 985,038 |
5.30%, due 10/19/26 | 1,500,000 | 1,485,194 |
FHLMC | ||
5.40%, due 2/24/26 | 700,000 | 694,076 |
FHLMC Gold Pools, 15 Year | ||
2.50%, due 10/1/31 | 31,880 | 29,575 |
2.50%, due 2/1/32 | 134,774 | 124,834 |
2.50%, due 2/1/33 | 126,727 | 117,263 |
2.50%, due 4/1/33 | 187,879 | 173,833 |
2.50%, due 6/1/33 | 26,492 | 24,511 |
2.50%, due 7/1/33 | 54,238 | 50,180 |
3.00%, due 9/1/27 | 55,989 | 53,816 |
3.00%, due 4/1/32 | 80,738 | 76,090 |
3.00%, due 6/1/32 | 21,111 | 19,876 |
3.00%, due 9/1/32 | 10,204 | 9,616 |
3.00%, due 10/1/32 | 45,399 | 42,783 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 15 Year (continued) | ||
3.00%, due 5/1/33 | $ 55,601 | $ 52,211 |
3.00%, due 9/1/33 | 42,051 | 39,485 |
3.50%, due 12/1/25 | 9,666 | 9,438 |
3.50%, due 5/1/33 | 46,777 | 44,871 |
3.50%, due 9/1/33 | 13,393 | 12,848 |
FHLMC Gold Pools, 20 Year | ||
3.00%, due 9/1/36 | 75,566 | 69,948 |
3.00%, due 11/1/37 | 38,863 | 35,850 |
3.00%, due 12/1/37 | 67,550 | 62,285 |
3.50%, due 2/1/37 | 70,874 | 67,142 |
3.50%, due 1/1/38 | 69,095 | 65,455 |
4.50%, due 5/1/38 | 37,039 | 36,310 |
5.50%, due 1/1/29 | 5,451 | 5,432 |
FHLMC Gold Pools, 30 Year | ||
3.00%, due 9/1/46 | 332,361 | 297,837 |
3.00%, due 12/1/46 | 22,222 | 19,879 |
3.00%, due 2/1/47 | 29,027 | 25,999 |
3.00%, due 3/1/47 | 130,161 | 116,576 |
3.00%, due 4/1/47 | 36,850 | 32,992 |
3.00%, due 1/1/48 | 238,355 | 213,184 |
3.00%, due 2/1/48 | 139,164 | 124,403 |
3.00%, due 3/1/48 | 127,058 | 113,604 |
3.00%, due 4/1/48 | 472,764 | 421,294 |
3.00%, due 6/1/48 | 227,760 | 203,642 |
3.50%, due 6/1/43 | 101,602 | 95,058 |
3.50%, due 9/1/44 | 77,206 | 72,033 |
3.50%, due 8/1/45 | 120,286 | 111,996 |
3.50%, due 8/1/46 | 161,381 | 151,105 |
3.50%, due 8/1/47 | 14,893 | 13,760 |
3.50%, due 9/1/47 | 36,937 | 33,858 |
3.50%, due 11/1/47 | 82,788 | 76,492 |
3.50%, due 12/1/47 | 171,569 | 158,522 |
3.50%, due 1/1/48 | 16,773 | 15,501 |
3.50%, due 3/1/48 | 243,647 | 225,118 |
3.50%, due 5/1/48 | 75,780 | 70,017 |
3.50%, due 8/1/48 | 119,984 | 110,854 |
3.50%, due 9/1/48 | 96,117 | 88,803 |
3.50%, due 11/1/48 | 33,791 | 31,220 |
3.50%, due 12/1/48 | 94,516 | 87,520 |
4.00%, due 4/1/46 | 140,631 | 134,376 |
4.00%, due 5/1/46 | 43,989 | 42,037 |
4.00%, due 4/1/47 | 32,926 | 31,431 |
4.00%, due 6/1/47 | 81,866 | 78,141 |
4.00%, due 8/1/47 | 162,396 | 153,775 |
4.00%, due 10/1/47 | 39,214 | 37,151 |
4.00%, due 12/1/47 | 102,996 | 98,308 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 30 Year (continued) | ||
4.00%, due 1/1/48 | $ 31,619 | $ 30,314 |
4.00%, due 5/1/48 | 43,483 | 41,612 |
4.00%, due 9/1/48 | 159,439 | 152,184 |
4.00%, due 12/1/48 | 87,740 | 83,748 |
4.50%, due 9/1/46 | 8,777 | 8,623 |
4.50%, due 9/1/46 | 25,889 | 25,384 |
4.50%, due 10/1/46 | 67,252 | 66,072 |
4.50%, due 2/1/47 | 13,826 | 13,583 |
4.50%, due 11/1/47 | 17,123 | 16,823 |
4.50%, due 2/1/48 | 33,900 | 33,306 |
4.50%, due 4/1/48 | 39,805 | 39,095 |
4.50%, due 6/1/48 | 21,984 | 21,592 |
4.50%, due 7/1/48 | 82,167 | 80,520 |
4.50%, due 8/1/48 | 80,132 | 78,487 |
5.00%, due 9/1/38 | 32,345 | 32,613 |
5.00%, due 11/1/41 | 45,502 | 45,880 |
5.00%, due 3/1/47 | 101,183 | 100,795 |
5.00%, due 9/1/48 | 144,355 | 143,037 |
5.00%, due 1/1/49 | 53,604 | 53,494 |
5.50%, due 7/1/38 | 49,466 | 50,449 |
UMBS Pool, 20 Year | ||
2.00%, due 1/1/41 | 2,118,332 | 1,805,136 |
UMBS Pool, 30 Year | ||
2.00%, due 11/1/50 | 2,267,950 | 1,865,135 |
2.50%, due 5/1/50 | 2,031,758 | 1,740,542 |
2.50%, due 7/1/50 (g) | 1,574,066 | 1,354,052 |
2.50%, due 10/1/50 | 1,409,956 | 1,211,787 |
3.00%, due 3/1/52 | 1,057,470 | 946,174 |
4.00%, due 7/1/52 | 1,142,921 | 1,073,181 |
4.50%, due 1/1/49 | 106,188 | 103,817 |
19,091,881 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.1% | ||
UMBS, 10 Year | ||
3.00%, due 4/1/25 | 8,935 | 8,736 |
UMBS, 15 Year | ||
1.50%, due 3/1/36 | 1,211,254 | 1,051,823 |
1.50%, due 7/1/36 | 1,761,572 | 1,527,953 |
2.00%, due 9/1/36 | 2,452,160 | 2,186,810 |
2.50%, due 10/1/27 | 68,539 | 65,159 |
2.50%, due 4/1/30 | 58,790 | 55,725 |
2.50%, due 10/1/31 | 93,764 | 86,883 |
2.50%, due 2/1/32 | 109,654 | 101,616 |
2.50%, due 2/1/32 | 121,626 | 112,394 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 15 Year (continued) | ||
2.50%, due 8/1/32 | $ 340,158 | $ 314,312 |
2.50%, due 3/1/33 | 145,425 | 134,368 |
2.50%, due 6/1/33 | 84,163 | 77,779 |
3.00%, due 11/1/31 | 76,446 | 71,950 |
3.00%, due 1/1/32 | 78,985 | 74,351 |
3.00%, due 6/1/32 | 55,780 | 52,505 |
3.00%, due 1/1/33 | 97,593 | 91,847 |
3.00%, due 2/1/33 | 114,142 | 107,346 |
3.00%, due 4/1/33 | 105,325 | 99,131 |
3.00%, due 5/1/33 | 137,733 | 129,648 |
3.00%, due 9/1/33 | 20,991 | 19,683 |
3.50%, due 5/1/26 | 11,997 | 11,675 |
3.50%, due 11/1/31 | 16,380 | 15,797 |
3.50%, due 5/1/33 | 39,177 | 37,534 |
3.50%, due 6/1/33 | 59,746 | 57,245 |
3.50%, due 7/1/33 | 28,586 | 27,392 |
3.50%, due 9/1/33 | 37,821 | 36,235 |
4.00%, due 5/1/24 | 6,860 | 6,742 |
4.00%, due 11/1/29 | 35,090 | 34,245 |
UMBS, 20 Year | ||
3.00%, due 2/1/37 | 111,535 | 103,185 |
3.00%, due 1/1/38 | 216,522 | 199,472 |
4.00%, due 2/1/37 | 18,823 | 18,134 |
4.00%, due 8/1/38 | 113,538 | 109,381 |
5.00%, due 8/1/31 | 20,155 | 19,861 |
5.50%, due 8/1/27 | 24,689 | 24,574 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,603,960 | 1,319,095 |
2.00%, due 8/1/50 | 1,773,532 | 1,464,226 |
2.00%, due 9/1/50 | 2,090,471 | 1,719,764 |
2.00%, due 2/1/51 | 1,666,609 | 1,366,525 |
2.00%, due 3/1/51 | 1,821,415 | 1,505,137 |
2.00%, due 3/1/51 | 1,869,868 | 1,534,902 |
2.00%, due 5/1/51 | 2,039,580 | 1,670,086 |
2.00%, due 1/1/52 | 2,661,356 | 2,186,142 |
2.50%, due 4/1/46 | 24,926 | 21,499 |
2.50%, due 10/1/46 | 111,890 | 96,242 |
2.50%, due 11/1/50 | 1,726,886 | 1,470,428 |
2.50%, due 11/1/50 | 1,627,292 | 1,398,372 |
2.50%, due 6/1/51 | 2,117,776 | 1,802,431 |
2.50%, due 4/1/52 | 911,378 | 790,129 |
3.00%, due 9/1/42 | 460,174 | 415,415 |
3.00%, due 3/1/43 | 1,324,178 | 1,195,362 |
3.00%, due 12/1/43 | 531,920 | 479,268 |
3.00%, due 10/1/44 | 349,884 | 315,872 |
3.00%, due 10/1/46 | 48,777 | 43,639 |
16 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 12/1/46 | $ 586,477 | $ 527,323 |
3.00%, due 2/1/47 | 92,813 | 82,769 |
3.00%, due 8/1/47 | 484,490 | 433,771 |
3.00%, due 11/1/47 | 81,792 | 73,108 |
3.00%, due 6/1/48 | 48,697 | 43,447 |
3.50%, due 5/1/45 | 421,492 | 392,213 |
3.50%, due 9/1/45 | 27,952 | 25,996 |
3.50%, due 12/1/45 | 73,630 | 68,480 |
3.50%, due 12/1/45 | 196,723 | 184,183 |
3.50%, due 1/1/46 | 137,105 | 127,538 |
3.50%, due 1/1/46 | 111,477 | 103,792 |
3.50%, due 4/1/46 | 44,827 | 41,692 |
3.50%, due 9/1/46 | 247,339 | 229,881 |
3.50%, due 10/1/46 | 110,880 | 102,596 |
3.50%, due 10/1/46 | 41,934 | 38,702 |
3.50%, due 1/1/47 | 84,709 | 78,658 |
3.50%, due 7/1/47 | 17,914 | 16,544 |
3.50%, due 7/1/47 | 105,156 | 98,183 |
3.50%, due 10/1/47 | 63,645 | 58,739 |
3.50%, due 11/1/47 | 210,854 | 194,601 |
3.50%, due 11/1/47 | 90,084 | 83,093 |
3.50%, due 11/1/47 | 242,318 | 223,640 |
3.50%, due 12/1/47 | 17,335 | 16,025 |
3.50%, due 8/1/48 | 111,123 | 102,555 |
3.50%, due 9/1/48 | 140,498 | 129,666 |
3.50%, due 2/1/49 | 267,077 | 246,485 |
3.50%, due 6/1/49 | 3,040 | 2,805 |
3.50%, due 10/1/52 | 631,513 | 575,591 |
4.00%, due 8/1/44 | 116,225 | 111,611 |
4.00%, due 2/1/45 | 93,296 | 89,289 |
4.00%, due 9/1/45 | 17,956 | 17,156 |
4.00%, due 5/1/46 | 79,198 | 75,590 |
4.00%, due 9/1/46 | 32,384 | 30,949 |
4.00%, due 9/1/46 | 39,095 | 37,286 |
4.00%, due 2/1/47 | 17,330 | 16,548 |
4.00%, due 4/1/47 | 6,650 | 6,341 |
4.00%, due 5/1/47 | 49,645 | 47,148 |
4.00%, due 5/1/47 | 40,089 | 38,230 |
4.00%, due 6/1/47 | 155,950 | 149,259 |
4.00%, due 10/1/47 | 16,639 | 15,867 |
4.00%, due 11/1/47 | 16,254 | 15,526 |
4.00%, due 12/1/47 | 37,238 | 35,393 |
4.00%, due 1/1/48 | 90,436 | 86,223 |
4.00%, due 1/1/48 | 17,024 | 16,231 |
4.00%, due 1/1/48 | 99,313 | 94,445 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 2/1/48 | $ 48,584 | $ 46,321 |
4.00%, due 6/1/48 | 213,654 | 203,699 |
4.00%, due 7/1/48 | 115,499 | 110,118 |
4.00%, due 7/1/48 | 38,056 | 36,246 |
4.00%, due 7/1/48 | 188,075 | 179,199 |
4.00%, due 8/1/48 | 29,824 | 28,417 |
4.00%, due 9/1/48 | 118,390 | 112,874 |
4.00%, due 9/1/48 | 28,914 | 27,547 |
4.00%, due 10/1/48 | 20,278 | 19,333 |
4.00%, due 11/1/48 | 52,266 | 49,831 |
4.00%, due 1/1/49 | 41,063 | 39,089 |
4.50%, due 7/1/46 | 17,409 | 17,084 |
4.50%, due 12/1/46 | 26,405 | 25,912 |
4.50%, due 4/1/47 | 253,753 | 247,509 |
4.50%, due 5/1/47 | 6,879 | 6,750 |
4.50%, due 7/1/47 | 112,501 | 109,498 |
4.50%, due 7/1/47 | 25,590 | 25,112 |
4.50%, due 8/1/47 | 1,387 | 1,351 |
4.50%, due 2/1/48 | 109,127 | 106,672 |
4.50%, due 4/1/48 | 15,916 | 15,595 |
4.50%, due 4/1/48 | 9,590 | 9,399 |
4.50%, due 4/1/48 | 32,923 | 32,280 |
4.50%, due 5/1/48 | 64,055 | 62,701 |
4.50%, due 6/1/48 | 36,887 | 36,164 |
4.50%, due 8/1/48 | 65,785 | 64,216 |
4.50%, due 10/1/48 | 22,822 | 22,333 |
4.50%, due 9/1/49 | 308,823 | 301,337 |
4.50%, due 11/1/52 | 1,129,426 | 1,086,505 |
5.00%, due 6/1/39 | 76,618 | 77,164 |
5.00%, due 6/1/40 | 18,463 | 18,596 |
5.00%, due 7/1/47 | 35,603 | 35,348 |
5.00%, due 1/1/48 | 39,562 | 39,135 |
5.00%, due 4/1/48 | 27,146 | 27,025 |
5.00%, due 5/1/48 | 36,729 | 36,405 |
5.00%, due 9/1/48 | 22,788 | 22,750 |
5.00%, due 2/1/53 | 486,505 | 476,754 |
5.50%, due 6/1/36 | 22,092 | 22,657 |
5.50%, due 5/1/44 | 50,096 | 51,299 |
5.50%, due 9/1/48 | 77,928 | 78,599 |
36,960,017 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 5.7% | ||
GNMA I, Single Family, 30 Year | ||
3.00%, due 6/15/45 | 13,645 | 12,402 |
3.00%, due 10/15/45 | 8,273 | 7,533 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA I, Single Family, 30 Year (continued) | ||
3.00%, due 5/15/48 | $ 59,872 | $ 53,865 |
3.50%, due 3/15/45 | 6,612 | 6,236 |
3.50%, due 4/15/45 | 14,282 | 13,470 |
3.50%, due 5/15/48 | 23,435 | 21,630 |
4.00%, due 8/15/46 | 24,595 | 23,933 |
4.00%, due 11/15/47 | 54,917 | 52,641 |
4.00%, due 7/15/49 | 51,633 | 49,475 |
4.50%, due 8/15/46 | 49,191 | 48,361 |
4.50%, due 2/15/47 | 2,841 | 2,789 |
4.50%, due 4/15/47 | 22,202 | 21,976 |
4.50%, due 8/15/47 | 89,627 | 89,147 |
4.50%, due 8/15/47 | 123,535 | 122,224 |
5.00%, due 4/15/47 | 20,994 | 21,035 |
5.00%, due 12/15/47 | 18,508 | 18,312 |
GNMA II, Single Family, 30 Year | ||
2.00%, due 6/20/51 | 4,739,221 | 3,991,817 |
2.50%, due 4/20/47 | 26,602 | 23,432 |
2.50%, due 5/20/51 | 4,838,019 | 4,203,490 |
3.00%, due 11/20/45 | 257,017 | 234,598 |
3.00%, due 8/20/46 | 85,805 | 77,948 |
3.00%, due 9/20/46 | 45,834 | 41,670 |
3.00%, due 10/20/46 | 288,054 | 261,327 |
3.00%, due 1/20/47 | 334,283 | 303,267 |
3.00%, due 5/20/47 | 58,398 | 52,962 |
3.00%, due 12/20/47 | 173,535 | 156,931 |
3.00%, due 2/20/48 | 190,741 | 172,223 |
3.00%, due 3/20/48 | 223,472 | 202,070 |
3.00%, due 9/20/51 | 1,404,025 | 1,259,342 |
3.50%, due 11/20/42 | 104,500 | 97,110 |
3.50%, due 9/20/44 | 142,983 | 134,216 |
3.50%, due 11/20/45 | 160,178 | 150,016 |
3.50%, due 7/20/46 | 16,501 | 15,454 |
3.50%, due 10/20/46 | 17,590 | 16,474 |
3.50%, due 11/20/46 | 214,275 | 200,971 |
3.50%, due 1/20/47 | 242,161 | 227,073 |
3.50%, due 5/20/47 | 176,000 | 165,335 |
3.50%, due 9/20/47 | 174,546 | 163,040 |
3.50%, due 10/20/47 | 314,053 | 293,902 |
3.50%, due 12/20/47 | 155,929 | 146,050 |
3.50%, due 7/20/48 | 84,585 | 78,960 |
3.50%, due 10/20/48 | 89,275 | 83,549 |
4.00%, due 12/20/46 | 14,758 | 14,152 |
4.00%, due 1/20/47 | 111,181 | 106,612 |
4.00%, due 2/20/47 | 26,882 | 25,776 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, Single Family, 30 Year (continued) | ||
4.00%, due 3/20/47 | $ 19,723 | $ 18,936 |
4.00%, due 4/20/47 | 42,298 | 40,574 |
4.00%, due 5/20/47 | 35,730 | 34,295 |
4.00%, due 7/20/47 | 13,981 | 13,420 |
4.00%, due 11/20/47 | 175,202 | 168,162 |
4.00%, due 12/20/47 | 38,282 | 36,743 |
4.00%, due 4/20/48 | 129,883 | 124,472 |
4.00%, due 5/20/48 | 57,846 | 55,487 |
4.00%, due 6/20/48 | 24,145 | 23,054 |
4.00%, due 8/20/48 | 163,603 | 156,729 |
4.00%, due 9/20/48 | 87,758 | 83,728 |
4.00%, due 3/20/49 | 22,092 | 21,124 |
4.50%, due 8/20/46 | 50,977 | 50,527 |
4.50%, due 4/20/47 | 40,452 | 39,870 |
4.50%, due 11/20/47 | 37,076 | 36,325 |
4.50%, due 1/20/48 | 84,995 | 83,254 |
4.50%, due 3/20/48 | 35,945 | 35,215 |
4.50%, due 5/20/48 | 29,505 | 28,881 |
4.50%, due 6/20/48 | 48,521 | 47,464 |
5.00%, due 8/20/45 | 64,347 | 64,853 |
5.00%, due 11/20/46 | 40,216 | 40,863 |
5.00%, due 11/20/47 | 36,823 | 36,769 |
5.00%, due 3/20/48 | 21,712 | 21,746 |
5.00%, due 6/20/48 | 44,959 | 44,803 |
14,772,090 | ||
United States Treasury Bonds 4.1% | ||
U.S. Treasury Bonds | ||
2.75%, due 8/15/47 | 235,000 | 189,028 |
2.75%, due 11/15/47 | 300,000 | 241,301 |
2.875%, due 11/15/46 | 140,000 | 115,385 |
2.875%, due 5/15/49 | 250,000 | 206,631 |
3.00%, due 2/15/47 | 815,000 | 686,192 |
3.00%, due 5/15/47 | 575,000 | 484,191 |
3.00%, due 2/15/48 | 1,950,000 | 1,644,170 |
3.00%, due 8/15/48 | 715,000 | 603,225 |
3.00%, due 2/15/49 | 845,000 | 714,586 |
3.00%, due 8/15/52 | 1,020,000 | 867,239 |
3.125%, due 5/15/48 | 1,525,000 | 1,315,491 |
3.375%, due 11/15/48 | 550,000 | 497,041 |
3.625%, due 5/15/53 | 1,375,000 | 1,321,504 |
4.00%, due 11/15/52 | 1,900,000 | 1,951,656 |
10,837,640 |
18 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes 38.6% | ||
U.S. Treasury Notes | ||
0.125%, due 8/31/23 | $ 3,000,000 | $ 2,975,412 |
0.125%, due 10/15/23 | 6,825,000 | 6,726,357 |
0.125%, due 1/15/24 | 700,000 | 680,859 |
0.125%, due 2/15/24 | 400,000 | 387,203 |
0.25%, due 11/15/23 | 3,000,000 | 2,944,805 |
0.25%, due 3/15/24 | 1,400,000 | 1,350,562 |
0.25%, due 5/15/24 | 1,300,000 | 1,243,074 |
0.25%, due 6/15/24 | 300,000 | 285,645 |
0.25%, due 5/31/25 | 1,850,000 | 1,692,967 |
0.25%, due 6/30/25 | 200,000 | 182,656 |
0.25%, due 8/31/25 | 150,000 | 136,090 |
0.375%, due 10/31/23 | 1,500,000 | 1,476,445 |
0.375%, due 4/15/24 | 1,000,000 | 961,367 |
0.375%, due 7/15/24 | 400,000 | 379,891 |
0.375%, due 8/15/24 | 1,250,000 | 1,182,617 |
0.50%, due 11/30/23 | 500,000 | 490,156 |
0.50%, due 8/31/27 | 800,000 | 686,313 |
0.875%, due 1/31/24 | 1,825,000 | 1,777,878 |
1.00%, due 7/31/28 | 525,000 | 450,270 |
1.125%, due 2/29/28 | 400,000 | 348,594 |
1.125%, due 8/31/28 | 1,330,000 | 1,145,930 |
1.25%, due 3/31/28 | 200,000 | 175,047 |
1.25%, due 5/31/28 | 875,000 | 763,232 |
1.25%, due 6/30/28 | 1,200,000 | 1,044,563 |
1.25%, due 9/30/28 | 485,000 | 419,847 |
1.50%, due 2/29/24 | 1,650,000 | 1,607,590 |
1.50%, due 1/31/27 | 325,000 | 294,392 |
1.75%, due 6/30/24 | 2,875,000 | 2,772,915 |
1.75%, due 7/31/24 | 2,100,000 | 2,019,773 |
1.875%, due 8/31/24 | 650,000 | 624,508 |
1.875%, due 2/28/27 | 475,000 | 435,404 |
1.875%, due 2/28/29 | 1,710,000 | 1,520,631 |
2.00%, due 4/30/24 | 2,535,000 | 2,464,594 |
2.125%, due 7/31/24 | 150,000 | 144,855 |
2.25%, due 3/31/24 | 1,000,000 | 976,602 |
2.375%, due 3/31/29 | 1,550,000 | 1,415,102 |
2.375%, due 5/15/29 | 825,000 | 752,168 |
2.50%, due 4/30/24 | 300,000 | 292,840 |
2.50%, due 5/31/24 | 200,000 | 194,789 |
2.50%, due 3/31/27 | 300,000 | 281,145 |
2.625%, due 12/31/23 | 150,000 | 148,055 |
2.625%, due 7/31/29 | 700,000 | 646,652 |
2.75%, due 7/31/23 | 275,000 | 274,467 |
2.75%, due 6/30/25 | 275,000 | 263,828 |
2.75%, due 7/31/27 | 775,000 | 730,649 |
2.75%, due 5/31/29 | 675,000 | 628,436 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
2.875%, due 9/30/23 | $ 2,875,000 | $ 2,857,927 |
2.875%, due 10/31/23 | 2,300,000 | 2,281,762 |
2.875%, due 11/30/23 | 600,000 | 593,883 |
2.875%, due 5/31/25 | 300,000 | 288,750 |
2.875%, due 6/15/25 | 750,000 | 721,436 |
2.875%, due 4/30/29 | 400,000 | 375,094 |
3.00%, due 7/31/24 | 1,500,000 | 1,461,973 |
3.125%, due 8/15/25 | 3,175,000 | 3,066,479 |
3.125%, due 8/31/29 | 1,490,000 | 1,415,209 |
3.25%, due 8/31/24 | 1,600,000 | 1,561,562 |
3.25%, due 6/30/29 | 1,275,000 | 1,219,816 |
3.375%, due 5/15/33 | 200,000 | 192,875 |
3.50%, due 9/15/25 | 1,575,000 | 1,532,426 |
3.50%, due 1/31/28 | 1,075,000 | 1,043,884 |
3.50%, due 1/31/30 | 1,810,000 | 1,756,336 |
3.50%, due 2/15/33 | 175,000 | 170,461 |
3.625%, due 5/15/26 | 1,805,000 | 1,761,003 |
3.625%, due 3/31/28 | 250,000 | 244,180 |
3.625%, due 5/31/28 | 250,000 | 244,531 |
3.75%, due 4/15/26 | 1,000,000 | 978,750 |
3.75%, due 5/31/30 | 425,000 | 419,090 |
3.875%, due 1/15/26 | 500,000 | 490,664 |
3.875%, due 9/30/29 | 2,325,000 | 2,302,113 |
3.875%, due 11/30/29 | 1,425,000 | 1,412,086 |
4.00%, due 12/15/25 | 2,500,000 | 2,460,840 |
4.00%, due 2/15/26 | 1,000,000 | 984,648 |
4.00%, due 2/29/28 | 500,000 | 496,309 |
4.00%, due 10/31/29 | 1,520,000 | 1,516,022 |
4.00%, due 2/28/30 | 2,325,000 | 2,323,365 |
4.125%, due 6/15/26 | 2,950,000 | 2,920,270 |
4.125%, due 10/31/27 | 960,000 | 954,975 |
4.25%, due 9/30/24 | 2,375,000 | 2,343,828 |
4.25%, due 5/31/25 | 500,000 | 493,711 |
4.25%, due 10/15/25 | 5,300,000 | 5,240,789 |
4.375%, due 10/31/24 | 1,200,000 | 1,185,516 |
4.50%, due 11/15/25 | 3,000,000 | 2,984,414 |
4.625%, due 3/15/26 | 175,000 | 175,191 |
100,869,343 | ||
Total U.S. Government & Federal Agencies (Cost $192,783,752) | 182,530,971 | |
Total Long-Term Bonds (Cost $272,882,809) | 252,860,037 | |
Shares | Value | ||
Exchange-Traded Fund 1.7% | |||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 39,881 | $ 4,312,731 | |
Total Exchange-Traded Fund (Cost $4,014,176) | 4,312,731 | ||
Total Investments (Cost $276,896,985) | 98.4% | 257,172,768 | |
Other Assets, Less Liabilities | 1.6 | 4,195,360 | |
Net Assets | 100.0% | $ 261,368,128 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(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 June 30, 2023. |
(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 June 30, 2023, the total net market value was $593,523, which represented 0.2% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(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 June 30, 2023. |
(g) | Delayed delivery security. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Notes | 74 | September 2023 | $ 8,447,619 | $ 8,307,656 | $ (139,963) |
U.S. Treasury 5 Year Notes | 85 | September 2023 | 9,278,423 | 9,102,969 | (175,454) |
U.S. Treasury 10 Year Ultra Bonds | 46 | September 2023 | 5,503,514 | 5,448,125 | (55,389) |
U.S. Treasury Long Bonds | 101 | September 2023 | 12,811,909 | 12,817,531 | 5,622 |
U.S. Treasury Ultra Bonds | 11 | September 2023 | 1,480,209 | 1,498,406 | 18,197 |
Total Long Contracts | (346,987) |
20 | MainStay VP Indexed Bond Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (43) | September 2023 | $ (8,860,758) | $ (8,743,781) | $ 116,977 |
Net Unrealized Depreciation | $ (230,010) |
1. | As of June 30, 2023, cash in the amount of $917,239 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
FFCB—Federal Farm Credit Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
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 | |||||||
Corporate Bonds | $ — | $ 58,256,567 | $ — | $ 58,256,567 | |||
Foreign Government Bonds | — | 7,554,706 | — | 7,554,706 | |||
Mortgage-Backed Securities | — | 4,517,793 | — | 4,517,793 | |||
U.S. Government & Federal Agencies | — | 182,530,971 | — | 182,530,971 | |||
Total Long-Term Bonds | — | 252,860,037 | — | 252,860,037 | |||
Exchange-Traded Fund | 4,312,731 | — | — | 4,312,731 | |||
Total Investments in Securities | 4,312,731 | 252,860,037 | — | 257,172,768 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 140,796 | — | — | 140,796 | |||
Total Investments in Securities and Other Financial Instruments | $ 4,453,527 | $ 252,860,037 | $ — | $ 257,313,564 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (370,806) | $ — | $ — | $ (370,806) |
(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 $276,896,985) | $257,172,768 |
Cash | 1,939,757 |
Cash collateral on deposit at broker for futures contracts | 917,239 |
Receivables: | |
Investment securities sold | 3,280,558 |
Interest | 1,663,274 |
Variation margin on futures contracts | 77,265 |
Other assets | 10,503 |
Total assets | 265,061,364 |
Liabilities | |
Payables: | |
Investment securities purchased | 3,517,472 |
Manager (See Note 3) | 53,648 |
Shareholder communication | 51,344 |
Professional fees | 31,420 |
Custodian | 14,605 |
Accrued expenses | 24,747 |
Total liabilities | 3,693,236 |
Net assets | $261,368,128 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,047 |
Additional paid-in-capital | 293,351,297 |
293,381,344 | |
Total distributable earnings (loss) | (32,013,216) |
Net assets | $261,368,128 |
Initial Class | |
Net assets applicable to outstanding shares | $261,368,128 |
Shares of beneficial interest outstanding | 30,047,471 |
Net asset value per share outstanding | $ 8.70 |
22 | MainStay VP Indexed Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 4,217,543 |
Dividends | 91,860 |
Other | 46,060 |
Total income | 4,355,463 |
Expenses | |
Manager (See Note 3) | 335,353 |
Professional fees | 39,148 |
Custodian | 31,651 |
Trustees | 3,503 |
Miscellaneous | 1,177 |
Total expenses | 410,832 |
Net investment income (loss) | 3,944,631 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (1,077,053) |
Futures transactions | (154,589) |
Net realized gain (loss) | (1,231,642) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 3,607,380 |
Futures contracts | (37,407) |
Net change in unrealized appreciation (depreciation) | 3,569,973 |
Net realized and unrealized gain (loss) | 2,338,331 |
Net increase (decrease) in net assets resulting from operations | $ 6,282,962 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,944,631 | $ 5,997,650 |
Net realized gain (loss) | (1,231,642) | (18,031,556) |
Net change in unrealized appreciation (depreciation) | 3,569,973 | (31,077,237) |
Net increase (decrease) in net assets resulting from operations | 6,282,962 | (43,111,143) |
Distributions to shareholders: | ||
Initial Class | — | (11,493,602) |
Capital share transactions: | ||
Net proceeds from sales of shares | 5,529,027 | 66,908,730 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 11,493,602 |
Cost of shares redeemed | (23,858,763) | (180,601,111) |
Increase (decrease) in net assets derived from capital share transactions | (18,329,736) | (102,198,779) |
Net increase (decrease) in net assets | (12,046,774) | (156,803,524) |
Net Assets | ||
Beginning of period | 273,414,902 | 430,218,426 |
End of period | $261,368,128 | $ 273,414,902 |
24 | MainStay VP Indexed Bond Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.51 | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | |||||
Net investment income (loss) (a) | 0.13 | 0.19 | 0.14 | 0.18 | 0.27 | 0.26 | |||||
Net realized and unrealized gain (loss) | 0.06 | (1.58) | (0.36) | 0.60 | 0.55 | (0.33) | |||||
Total from investment operations | 0.19 | (1.39) | (0.22) | 0.78 | 0.82 | (0.07) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.28) | (0.31) | (0.13) | — | (0.17) | |||||
From net realized gain on investments | — | (0.12) | (0.42) | (0.02) | — | — | |||||
Total distributions | — | (0.40) | (0.73) | (0.15) | — | (0.17) | |||||
Net asset value at end of period | $ 8.70 | $ 8.51 | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | |||||
Total investment return (b) | 2.23%(c) | (13.34)% | (1.95)% | 7.40% | 8.37%(c) | (0.67)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.94%†† | 2.06% | 1.26% | 1.59% | 2.66% | 2.67% | |||||
Net expenses (d) | 0.31%†† | 0.32% | 0.30% | 0.29% | 0.30% | 0.31% | |||||
Portfolio turnover rate | 24% | 182%(e) | 239%(e) | 191%(e) | 65%(e) | 143%(e) | |||||
Net assets at end of period (in 000's) | $ 261,368 | $ 273,415 | $ 430,218 | $ 757,632 | $ 422,163 | $ 362,545 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 146%, 55%, 138%, 57% and 104% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | May 1, 2017 |
26 | MainStay VP Indexed Bond Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $140,796 | $140,796 |
Total Fair Value | $140,796 | $140,796 |
(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 Indexed Bond Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(370,806) | $(370,806) |
Total Fair Value | $(370,806) | $(370,806) |
(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 Transactions | $(154,589) | $(154,589) |
Total Net Realized Gain (Loss) | $(154,589) | $(154,589) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(37,407) | $(37,407) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(37,407) | $(37,407) |
Average Notional Amount | Total |
Futures Contracts Long | $31,904,971 |
Futures Contracts Short | $ (8,274,968) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $277,531,891 | $624,526 | $(20,983,649) | $(20,359,123) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $8,597 | $11,878 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 7,933,251 |
Long-Term Capital Gains | 3,560,351 |
Total | $11,493,602 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 645,085 | $ 5,529,027 |
Shares redeemed | (2,722,343) | (23,858,763) |
Net increase (decrease) | (2,077,258) | $ (18,329,736) |
Year ended December 31, 2022: | ||
Shares sold | 7,946,321 | $ 66,908,730 |
Shares issued to shareholders in reinvestment of distributions | 1,386,074 | 11,493,602 |
Shares redeemed | (18,986,252) | (180,601,111) |
Net increase (decrease) | (9,653,857) | $(102,198,779) |
32 | MainStay VP Indexed Bond Portfolio |
34 |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5034973 | MSVPIN10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 9.24% | 10.20% | 7.96% | 8.60% | 0.57% |
Service Class Shares | 2/17/2012 | 9.10 | 9.92 | 7.69 | 8.33 | 0.82 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
Bloomberg U.S. Aggregate Bond Index3 | 2.09 | -0.94 | 0.77 | 1.52 |
Janus Balanced Composite Index4 | 10.07 | 10.21 | 7.37 | 7.89 |
Morningstar Moderate Allocation Category Average5 | 7.33 | 8.56 | 5.68 | 6.45 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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). |
5. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,092.40 | $2.96 | $1,021.97 | $2.86 | 0.57% |
Service Class Shares | $1,000.00 | $1,091.00 | $4.25 | $1,020.73 | $4.11 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Janus Henderson Balanced Portfolio |
1. | U.S. Treasury Bonds, 3.625%-3.875%, due 2/15/43–2/15/53 |
2. | Microsoft Corp. |
3. | UMBS, 30 Year, 2.50%-6.00%, due 2/1/37–6/1/53 |
4. | Apple, Inc. |
5. | U.S. Treasury Notes, 1.125%-4.25%, due 5/31/25–5/15/33 |
6. | Alphabet, Inc., Class C |
7. | UMBS Pool, 30 Year, 2.50%-6.00%, due 4/1/40–7/1/53 |
8. | Mastercard, Inc., Class A |
9. | GNMA II, Single Family, 30 Year, 2.50%-5.00%, due 11/20/46–7/15/53 |
10. | NVIDIA Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | A biosimilar is a biologic medical product that is almost an identical copy of an original product that is manufactured by a different company. Biosimilars are officially approved versions of original "innovator" products and can be manufactured when the original product's patent expires. |
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. |
10 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 37.5% | ||
Asset-Backed Securities 2.3% | ||
Automobile Asset-Backed Securities 0.6% | ||
ACC Auto Trust | ||
Series 2022-A, Class A | ||
4.58%, due 7/15/26 (a) | $ 249,464 | $ 245,739 |
Arivo Acceptance Auto Loan Receivables Trust | ||
Series 2022-1A, Class A | ||
3.93%, due 5/15/28 (a) | 294,563 | 285,938 |
Carvana Auto Receivables Trust | ||
Series 2021-P4, Class A2 | ||
0.82%, due 4/10/25 | 48,836 | 48,756 |
Exeter Automobile Receivables Trust | ||
Series 2021-1A, Class D | ||
1.08%, due 11/16/26 | 674,000 | 640,673 |
Series 2019-1A, Class E | ||
5.20%, due 1/15/26 (a) | 485,000 | 484,212 |
Foursight Capital Automobile Receivables Trust | ||
Series 2021-1, Class B | ||
0.87%, due 1/15/26 (a) | 175,036 | 173,900 |
JPMorgan Chase Bank NA (a) | ||
Series 2021-1, Class B | ||
0.875%, due 9/25/28 | 118,207 | 114,649 |
Series 2021-2, Class B | ||
0.889%, due 12/26/28 | 271,536 | 262,539 |
LAD Auto Receivables Trust (a) | ||
Series 2021-1A, Class A | ||
1.30%, due 8/17/26 | 227,169 | 221,428 |
Series 2022-1A, Class A | ||
5.21%, due 6/15/27 | 925,463 | 914,644 |
Lendbuzz Securitization Trust (a) | ||
Series 2022-1A, Class A | ||
4.22%, due 5/17/27 | 770,573 | 747,025 |
Series 2023-1A, Class A2 | ||
6.92%, due 8/15/28 | 529,000 | 524,611 |
Santander Bank Auto Credit-Linked Notes (a) | ||
Series 2022-A, Class B | ||
5.281%, due 5/15/32 | 588,972 | 579,200 |
Series 2022-B, Class A2 | ||
5.587%, due 8/16/32 | 258,487 | 255,784 |
Santander Bank NA | ||
Series 2021-1A, Class B | ||
1.833%, due 12/15/31 (a) | 141,649 | 136,977 |
Santander Drive Auto Receivables Trust | ||
Series 2020-3, Class D | ||
1.64%, due 11/16/26 | 1,620,530 | 1,579,383 |
Tesla Auto Lease Trust (a) | ||
Series 2021-B, Class A3 | ||
0.60%, due 9/22/25 | 503,000 | 485,037 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Tesla Auto Lease Trust (a) (continued) | ||
Series 2021-B, Class B | ||
0.91%, due 9/22/25 | $ 258,000 | $ 244,498 |
Tricolor Auto Securitization Trust | ||
Series 2022-1A, Class A | ||
3.30%, due 2/18/25 (a) | 47,425 | 47,143 |
Westlake Automobile Receivables Trust | ||
Series 2020-1A, Class D | ||
2.80%, due 6/16/25 (a) | 542,168 | 537,298 |
8,529,434 | ||
Collateralized Debt Obligations (Commercial Real Estate Collateralized Debt Obligations) 0.0% ‡ | ||
VMC Finance LLC | ||
Series 2021-HT1, Class A | ||
6.807% (1 Month LIBOR + 1.65%), due 1/18/37 (a)(b) | 595,954 | 576,829 |
Credit Card Asset-Backed Security 0.1% | ||
Mercury Financial Credit Card Master Trust | ||
Series 2023-1A, Class A | ||
8.04%, due 9/20/27 (a) | 1,065,000 | 1,063,701 |
Other Asset-Backed Securities 1.6% | ||
Affirm Asset Securitization Trust | ||
Series 2021-B, Class A | ||
1.03%, due 8/17/26 (a) | 721,000 | 701,387 |
American Tower Trust #1 | ||
5.49%, due 3/15/28 (a) | 2,081,000 | 2,082,684 |
Aqua Finance Trust | ||
Series 2021-A, Class A | ||
1.54%, due 7/17/46 (a) | 285,662 | 252,309 |
ARES LX CLO Ltd. | ||
Series 2021-60A, Class A | ||
6.382% (3 Month LIBOR + 1.12%), due 7/18/34 (a)(b) | 322,000 | 314,693 |
CBAM Ltd. (a)(b) | ||
Series 2019-11RA, Class A1 | ||
6.43% (3 Month LIBOR + 1.18%), due 1/20/35 | 1,569,000 | 1,542,578 |
Series 2019-11RA, Class B | ||
7.00% (3 Month LIBOR + 1.75%), due 1/20/35 | 400,456 | 383,245 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 951,872 | 824,666 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 360,015 | 304,643 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
CF Hippolyta Issuer LLC (a) (continued) | ||
Series 2022-1A, Class A1 | ||
5.97%, due 8/15/62 | $ 1,257,567 | $ 1,224,865 |
Series 2022-1A, Class A2 | ||
6.11%, due 8/15/62 | 2,900,123 | 2,811,439 |
CIFC Funding Ltd. (a)(b) | ||
Series 2021-7A, Class A1 | ||
6.403% (3 Month LIBOR + 1.13%), due 1/23/35 | 483,000 | 475,011 |
Series 2021-7A, Class B | ||
6.873% (3 Month LIBOR + 1.60%), due 1/23/35 | 323,837 | 313,473 |
Consumer Loan Underlying Bond CLUB Credit Trust | ||
Series 2019-P2, Class C | ||
4.41%, due 10/15/26 (a) | 68,272 | 68,124 |
CP EF Asset Securitization I LLC | ||
Series 2022-1A, Class A | ||
5.96%, due 4/15/30 (a) | 393,662 | 386,983 |
Diamond Infrastructure Funding LLC | ||
Series 2021-1A, Class A | ||
1.76%, due 4/15/49 (a) | 1,031,000 | 885,060 |
Domino's Pizza Master Issuer LLC | ||
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 (a) | 884,330 | 837,493 |
Elmwood CLO II Ltd. | ||
Series 2019-2A, Class AR | ||
6.40% (3 Month LIBOR + 1.15%), due 4/20/34 (a)(b) | 485,000 | 477,608 |
HPS Loan Management Ltd. | ||
Series 2021-16A, Class B | ||
6.973% (3 Month LIBOR + 1.70%), due 1/23/35 (a)(b) | 310,367 | 299,960 |
Libra Solutions LLC (a) | ||
Series 2022-1A, Class A | ||
4.75%, due 5/15/34 | 227,452 | 223,881 |
Series 2022-2A, Class A | ||
6.85%, due 10/15/34 | 267,415 | 263,948 |
LL ABS Trust | ||
Series 2022-2A, Class A | ||
6.63%, due 5/15/30 (a) | 213,520 | 213,438 |
Logan CLO II Ltd. | ||
Series 2021-2A, Class A | ||
6.40% (3 Month LIBOR + 1.15%), due 1/20/35 (a)(b) | 761,109 | 747,038 |
Marlette Funding Trust | ||
Series 2023-2A, Class B | ||
6.54%, due 6/15/33 (a) | 338,000 | 335,846 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
New Economy Assets Phase 1 Sponsor LLC | ||
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 (a) | $ 514,000 | $ 428,026 |
NRZ Excess Spread-Collateralized Notes (a) | ||
Series 2021-FHT1, Class A | ||
3.104%, due 7/25/26 | 483,859 | 430,733 |
Series 2020-PLS1, Class A | ||
3.844%, due 12/25/25 | 202,327 | 187,834 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2020-1A, Class A1 | ||
1.85%, due 11/20/50 (a) | 800,247 | 710,295 |
Octagon Investment Partners 48 Ltd. | ||
Series 2020-3A, Class AR | ||
6.40% (3 Month LIBOR + 1.15%), due 10/20/34 (a)(b) | 454,000 | 445,244 |
Pagaya AI Debt Trust | ||
Series 2022-1, Class A | ||
2.03%, due 10/15/29 (a) | 328,262 | 319,538 |
Regatta XXIII Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A1 | ||
6.40% (3 Month LIBOR + 1.15%), due 1/20/35 | 1,413,000 | 1,388,240 |
Series 2021-4A, Class B | ||
6.95% (3 Month LIBOR + 1.70%), due 1/20/35 | 343,955 | 334,136 |
Theorem Funding Trust | ||
Series 2021-1A, Class A | ||
1.21%, due 12/15/27 (a) | 133,246 | 132,445 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-1A, Class AR | ||
6.41% (3 Month LIBOR + 1.16%), due 7/20/34 (a)(b) | 448,000 | 436,562 |
Upstart Securitization Trust (a) | ||
Series 2021-4, Class A | ||
0.84%, due 9/20/31 | 157,612 | 154,862 |
Series 2021-5, Class A | ||
1.31%, due 11/20/31 | 121,998 | 119,277 |
Series 2022-1, Class A | ||
3.12%, due 3/20/32 | 641,873 | 628,342 |
Series 2022-2, Class A | ||
4.37%, due 5/20/32 | 852,575 | 843,427 |
Vantage Data Centers Issuer LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 1,091,000 | 977,758 |
Vantage Data Centers LLC | ||
Series 2020-2A, Class A2 | ||
1.992%, due 9/15/45 (a) | 705,000 | 593,315 |
12 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
VCAT LLC | ||
Series 2021-NPL1, Class A1 | ||
2.289%, due 12/26/50 (a)(c) | $ 132,262 | $ 126,717 |
Westgate Resorts LLC | ||
Series 2022-1A, Class A | ||
1.788%, due 8/20/36 (a) | 246,452 | 232,120 |
24,459,243 | ||
Total Asset-Backed Securities (Cost $36,012,345) | 34,629,207 | |
Corporate Bonds 9.4% | ||
Aerospace & Defense 0.1% | ||
General Dynamics Corp. | ||
3.50%, due 4/1/27 | 456,000 | 435,157 |
Lockheed Martin Corp. | ||
4.45%, due 5/15/28 | 540,000 | 532,287 |
4.75%, due 2/15/34 | 812,000 | 810,040 |
1,777,484 | ||
Banks 3.0% | ||
Bank of America Corp. (d) | ||
6.204%, due 11/10/28 | 1,776,000 | 1,825,460 |
Series X | ||
6.25%, due 9/5/24 (e) | 1,172,000 | 1,157,350 |
Bank of Montreal | ||
3.088% (5 Year Treasury Constant Maturity Rate + 1.40%), due 1/10/37 (b) | 3,042,000 | 2,389,147 |
Bank of New York Mellon Corp. (The) (d) | ||
4.947%, due 4/26/27 | 806,000 | 796,057 |
Series J | ||
4.967%, due 4/26/34 | 496,000 | 484,383 |
BNP Paribas SA (a) | ||
2.591%, due 1/20/28 (d) | 728,000 | 650,621 |
5.125% (1 Year Treasury Constant Maturity Rate + 1.45%), due 1/13/29 (b) | 1,374,000 | 1,344,472 |
Citigroup, Inc. (d) | ||
3.887%, due 1/10/28 | 2,060,000 | 1,952,067 |
Series P | ||
5.95%, due 5/15/25 (e) | 584,000 | 560,072 |
Series M | ||
6.30%, due 5/15/24 (e) | 123,000 | 119,617 |
Principal Amount | Value | |
Banks (continued) | ||
Cooperatieve Rabobank UA | ||
5.564% (1 Year Treasury Constant Maturity Rate + 1.40%), due 2/28/29 (a)(b) | $ 1,986,000 | $ 1,959,481 |
Deutsche Bank AG (d) | ||
3.547%, due 9/18/31 | 266,000 | 220,916 |
7.079%, due 2/10/34 | 702,000 | 649,375 |
Goldman Sachs Group, Inc. (The) | ||
3.50%, due 4/1/25 | 2,399,000 | 2,304,456 |
JPMorgan Chase & Co. (d) | ||
2.956%, due 5/13/31 | 1,316,000 | 1,128,405 |
Series FF | ||
5.00%, due 8/1/24 (e) | 441,000 | 430,802 |
5.717%, due 9/14/33 | 2,323,000 | 2,356,668 |
Mitsubishi UFJ Financial Group, Inc. | ||
4.788% (1 Year Treasury Constant Maturity Rate + 1.70%), due 7/18/25 (b) | 931,000 | 917,634 |
Morgan Stanley | ||
1.593%, due 5/4/27 (d) | 685,000 | 613,224 |
2.188%, due 4/28/26 (d) | 1,231,000 | 1,155,549 |
2.943%, due 1/21/33 (d) | 1,008,000 | 837,877 |
3.772%, due 1/24/29 (d) | 134,000 | 125,099 |
4.35%, due 9/8/26 | 898,000 | 867,236 |
5.05%, due 1/28/27 (d) | 404,000 | 400,634 |
5.123%, due 2/1/29 (d) | 907,000 | 894,517 |
5.164%, due 4/20/29 (d) | 1,265,000 | 1,249,549 |
5.25%, due 4/21/34 (d) | 402,000 | 396,954 |
5.948% (5 Year Treasury Constant Maturity Rate + 2.43%), due 1/19/38 (b) | 346,000 | 341,516 |
National Australia Bank Ltd. | ||
2.99%, due 5/21/31 (a) | 1,708,000 | 1,361,559 |
Nordea Bank Abp | ||
5.375%, due 9/22/27 (a) | 1,834,000 | 1,810,243 |
PNC Financial Services Group, Inc. (The) (d) | ||
5.068%, due 1/24/34 | 860,000 | 824,706 |
5.582%, due 6/12/29 | 2,018,000 | 2,008,503 |
6.037%, due 10/28/33 | 556,000 | 568,995 |
Royal Bank of Canada | ||
5.00%, due 5/2/33 (f) | 2,011,000 | 1,962,374 |
State Street Corp. | ||
4.821%, due 1/26/34 (d) | 407,000 | 395,184 |
Sumitomo Mitsui Financial Group, Inc. | ||
5.71%, due 1/13/30 | 1,696,000 | 1,716,313 |
Truist Financial Corp. (d) | ||
5.867%, due 6/8/34 | 905,000 | 905,372 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Truist Financial Corp. (d) (continued) | ||
6.047%, due 6/8/27 | $ 779,000 | $ 779,323 |
U.S. Bancorp | ||
2.491% (5 Year Treasury Constant Maturity Rate + 0.95%), due 11/3/36 (b) | 1,471,000 | 1,076,017 |
5.775%, due 6/12/29 (d) | 1,513,000 | 1,512,548 |
Westpac Banking Corp. | ||
2.668% (5 Year Treasury Constant Maturity Rate + 1.75%), due 11/15/35 (b) | 1,218,000 | 934,677 |
43,984,952 | ||
Beverages 0.0% ‡ | ||
Diageo Capital plc | ||
1.375%, due 9/29/25 | 461,000 | 424,040 |
Biotechnology 0.3% | ||
Amgen, Inc. | ||
5.15%, due 3/2/28 | 1,068,000 | 1,067,038 |
5.25%, due 3/2/30 | 851,000 | 852,698 |
5.25%, due 3/2/33 | 550,000 | 550,702 |
CSL Finance plc (a) | ||
3.85%, due 4/27/27 | 364,000 | 347,393 |
4.05%, due 4/27/29 | 753,000 | 714,465 |
Illumina, Inc. | ||
5.80%, due 12/12/25 | 707,000 | 708,769 |
Royalty Pharma plc | ||
3.55%, due 9/2/50 | 899,000 | 607,032 |
4,848,097 | ||
Commercial Services 0.2% | ||
CoStar Group, Inc. | ||
2.80%, due 7/15/30 (a) | 711,000 | 586,434 |
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 651,000 | 578,643 |
4.80%, due 4/1/26 | 629,000 | 614,023 |
GXO Logistics, Inc. (f) | ||
1.65%, due 7/15/26 | 885,000 | 769,540 |
2.65%, due 7/15/31 | 135,000 | 104,982 |
2,653,622 | ||
Computers 0.1% | ||
Leidos, Inc. | ||
2.30%, due 2/15/31 | 250,000 | 196,987 |
5.75%, due 3/15/33 | 832,000 | 826,545 |
1,023,532 |
Principal Amount | Value | |
Cosmetics & Personal Care 0.1% | ||
Haleon US Capital LLC | ||
3.375%, due 3/24/27 | $ 753,000 | $ 704,644 |
3.375%, due 3/24/29 | 480,000 | 436,138 |
1,140,782 | ||
Distribution & Wholesale 0.2% | ||
LKQ Corp. (a) | ||
5.75%, due 6/15/28 | 1,278,000 | 1,273,843 |
6.25%, due 6/15/33 (f) | 1,199,000 | 1,208,039 |
2,481,882 | ||
Diversified Financial Services 0.6% | ||
AerCap Ireland Capital DAC | ||
4.625%, due 10/15/27 | 610,000 | 577,980 |
Air Lease Corp. | ||
1.875%, due 8/15/26 | 1,020,000 | 905,830 |
American Express Co. | ||
5.043%, due 5/1/34 (d) | 1,297,000 | 1,268,624 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (d) | 1,452,000 | 1,442,219 |
Nasdaq, Inc. | ||
5.35%, due 6/28/28 | 291,000 | 291,420 |
5.55%, due 2/15/34 | 1,947,000 | 1,954,658 |
5.95%, due 8/15/53 | 919,000 | 940,955 |
6.10%, due 6/28/63 | 390,000 | 398,795 |
Rocket Mortgage LLC (a) | ||
2.875%, due 10/15/26 (f) | 741,000 | 655,785 |
3.875%, due 3/1/31 | 729,000 | 591,115 |
9,027,381 | ||
Electric 0.5% | ||
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 1,325,000 | 1,347,073 |
Duke Energy Corp. | ||
4.30%, due 3/15/28 | 920,000 | 883,752 |
Duquesne Light Holdings, Inc. | ||
2.775%, due 1/7/32 (a) | 1,005,000 | 783,676 |
Exelon Corp. | ||
5.15%, due 3/15/28 | 639,000 | 636,093 |
5.30%, due 3/15/33 | 1,023,000 | 1,019,732 |
Georgia Power Co. | ||
4.65%, due 5/16/28 | 681,000 | 667,233 |
4.95%, due 5/17/33 | 1,077,000 | 1,063,104 |
National Grid plc | ||
5.602%, due 6/12/28 | 480,000 | 482,011 |
5.809%, due 6/12/33 | 1,006,000 | 1,023,694 |
7,906,368 |
14 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electronics 0.3% | ||
Trimble, Inc. | ||
4.75%, due 12/1/24 | $ 1,238,000 | $ 1,215,066 |
4.90%, due 6/15/28 | 468,000 | 456,761 |
6.10%, due 3/15/33 | 2,155,000 | 2,183,511 |
3,855,338 | ||
Food 0.3% | ||
Albertsons Cos., Inc. | ||
6.50%, due 2/15/28 (a) | 871,000 | 872,446 |
JBS USA LUX SA (a) | ||
3.00%, due 5/15/32 (f) | 795,000 | 610,123 |
3.625%, due 1/15/32 | 551,000 | 447,103 |
5.50%, due 1/15/30 | 1,130,000 | 1,084,009 |
Mondelez International, Inc. | ||
2.75%, due 4/13/30 | 80,000 | 70,228 |
Pilgrim's Pride Corp. | ||
6.25%, due 7/1/33 | 1,429,000 | 1,384,118 |
4,468,027 | ||
Hand & Machine Tools 0.1% | ||
Regal Rexnord Corp. | ||
6.05%, due 4/15/28 (a) | 1,026,000 | 1,018,518 |
Healthcare-Products 0.3% | ||
GE HealthCare Technologies, Inc. | ||
5.65%, due 11/15/27 | 1,359,000 | 1,375,651 |
5.857%, due 3/15/30 | 1,624,000 | 1,666,762 |
5.905%, due 11/22/32 | 1,364,000 | 1,426,986 |
4,469,399 | ||
Healthcare-Services 0.7% | ||
Centene Corp. | ||
2.45%, due 7/15/28 | 1,025,000 | 876,125 |
3.00%, due 10/15/30 | 1,079,000 | 899,128 |
4.25%, due 12/15/27 | 3,132,000 | 2,928,279 |
Elevance Health, Inc. | ||
4.75%, due 2/15/33 | 1,194,000 | 1,159,679 |
HCA, Inc. | ||
3.625%, due 3/15/32 (a) | 663,000 | 575,490 |
5.20%, due 6/1/28 | 346,000 | 343,186 |
5.375%, due 9/1/26 | 220,000 | 218,271 |
5.50%, due 6/1/33 | 1,130,000 | 1,128,081 |
5.625%, due 9/1/28 | 310,000 | 310,237 |
5.875%, due 2/15/26 | 286,000 | 286,181 |
5.875%, due 2/1/29 | 459,000 | 461,979 |
5.90%, due 6/1/53 | 673,000 | 666,706 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
UnitedHealth Group, Inc. | ||
5.25%, due 2/15/28 | $ 598,000 | $ 609,676 |
10,463,018 | ||
Insurance 0.2% | ||
Athene Global Funding (a) | ||
2.646%, due 10/4/31 | 1,063,000 | 804,680 |
2.717%, due 1/7/29 | 1,235,000 | 1,005,734 |
Brown & Brown, Inc. | ||
4.20%, due 3/17/32 | 369,000 | 331,372 |
4.95%, due 3/17/52 | 1,071,000 | 916,655 |
Prudential Financial, Inc. | ||
3.70% (5 Year Treasury Constant Maturity Rate + 3.035%), due 10/1/50 (b) | 906,000 | 764,147 |
3,822,588 | ||
Investment Companies 0.2% | ||
Ares Capital Corp. | ||
2.875%, due 6/15/27 | 646,000 | 559,719 |
OWL Rock Core Income Corp. | ||
4.70%, due 2/8/27 | 163,000 | 147,910 |
7.75%, due 9/16/27 (a) | 973,000 | 968,075 |
7.95%, due 6/13/28 (a) | 693,000 | 694,359 |
2,370,063 | ||
Media 0.1% | ||
Comcast Corp. | ||
4.55%, due 1/15/29 | 867,000 | 851,390 |
4.80%, due 5/15/33 | 648,000 | 641,154 |
Fox Corp. | ||
4.03%, due 1/25/24 | 429,000 | 424,702 |
1,917,246 | ||
Oil & Gas 0.1% | ||
EQT Corp. | ||
5.70%, due 4/1/28 (f) | 459,000 | 453,018 |
EQT Corp. Placeholder Shares | ||
5.70%, due 7/5/23 (f)(g)(h)(i) | 459,000 | — |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 716,000 | 631,037 |
1,084,055 | ||
Pharmaceuticals 0.2% | ||
Pfizer Investment Enterprises Pte. Ltd. | ||
4.45%, due 5/19/28 | 1,416,000 | 1,391,774 |
4.65%, due 5/19/30 | 794,000 | 784,523 |
4.75%, due 5/19/33 | 1,029,000 | 1,025,123 |
3,201,420 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines 0.2% | ||
Enbridge, Inc. | ||
5.70%, due 3/8/33 | $ 709,000 | $ 718,735 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 116,000 | 112,517 |
5.55%, due 2/15/28 | 880,000 | 877,528 |
Hess Midstream Operations LP | ||
5.125%, due 6/15/28 (a) | 670,000 | 627,047 |
Kinder Morgan, Inc. | ||
5.20%, due 6/1/33 | 1,303,000 | 1,262,708 |
3,598,535 | ||
Real Estate 0.2% | ||
CBRE Services, Inc. | ||
5.95%, due 8/15/34 | 2,507,000 | 2,475,474 |
Real Estate Investment Trusts 0.2% | ||
Agree LP | ||
2.00%, due 6/15/28 | 684,000 | 569,163 |
2.60%, due 6/15/33 | 513,000 | 394,309 |
2.90%, due 10/1/30 | 473,000 | 394,072 |
Equinix, Inc. | ||
2.15%, due 7/15/30 | 623,000 | 503,478 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 86,000 | 81,885 |
5.375%, due 4/15/26 | 381,000 | 372,966 |
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | 1,283,000 | 1,013,778 |
3,329,651 | ||
Retail 0.1% | ||
Lowe's Cos., Inc. | ||
5.15%, due 7/1/33 | 1,334,000 | 1,333,517 |
Semiconductors 0.6% | ||
Analog Devices, Inc. | ||
2.95%, due 4/1/25 | 676,000 | 649,640 |
Broadcom, Inc. (a) | ||
2.60%, due 2/15/33 | 726,000 | 567,364 |
3.137%, due 11/15/35 | 1,460,000 | 1,119,886 |
3.469%, due 4/15/34 | 1,173,000 | 962,222 |
Foundry JV Holdco LLC | ||
5.875%, due 1/25/34 (a) | 1,972,000 | 1,964,204 |
Marvell Technology, Inc. | ||
1.65%, due 4/15/26 | 793,000 | 714,244 |
4.875%, due 6/22/28 (f) | 883,000 | 856,807 |
Microchip Technology, Inc. | ||
2.67%, due 9/1/23 | 1,514,000 | 1,507,759 |
Principal Amount | Value | |
Semiconductors (continued) | ||
Micron Technology, Inc. | ||
5.875%, due 9/15/33 | $ 679,000 | $ 672,844 |
6.75%, due 11/1/29 | 617,000 | 641,366 |
9,656,336 | ||
Software 0.3% | ||
Fiserv, Inc. | ||
5.45%, due 3/2/28 (f) | 1,105,000 | 1,110,395 |
MSCI, Inc. (a) | ||
3.625%, due 9/1/30 | 1,643,000 | 1,416,905 |
3.875%, due 2/15/31 | 1,122,000 | 972,242 |
4.00%, due 11/15/29 | 104,000 | 94,122 |
Workday, Inc. | ||
3.50%, due 4/1/27 (f) | 483,000 | 457,811 |
4,051,475 | ||
Telecommunications 0.1% | ||
AT&T, Inc. | ||
3.65%, due 9/15/59 | 105,000 | 73,103 |
5.40%, due 2/15/34 | 1,432,000 | 1,434,460 |
1,507,563 | ||
Toys, Games & Hobbies 0.1% | ||
Hasbro, Inc. | ||
3.90%, due 11/19/29 | 2,072,000 | 1,872,342 |
5.10%, due 5/15/44 | 320,000 | 281,512 |
2,153,854 | ||
Total Corporate Bonds (Cost $147,777,100) | 140,044,217 | |
Foreign Government Bonds 0.2% | ||
France 0.2% | ||
Electricite de France SA (a) | ||
5.70%, due 5/23/28 | 557,000 | 556,159 |
6.25%, due 5/23/33 | 873,000 | 887,473 |
6.90%, due 5/23/53 | 838,000 | 868,356 |
2,311,988 | ||
Total Foreign Government Bonds (Cost $2,270,865) | 2,311,988 | |
Mortgage-Backed Securities 7.8% | ||
Agency (Collateralized Mortgage Obligations) 2.6% | ||
FNMA | ||
REMIC, Series 2018-27, Class EA | ||
3.00%, due 5/25/48 | 525,603 | 469,601 |
16 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2019-71, Class P | ||
3.00%, due 11/25/49 | $ 740,755 | $ 662,444 |
GNMA II, Single Family, 30 Year (j) | ||
2.50%, due 7/15/53 TBA | 6,748,240 | 5,843,027 |
3.50%, due 7/15/53 TBA | 5,935,510 | 5,478,058 |
4.00%, due 7/15/53 TBA | 3,120,650 | 2,952,793 |
4.50%, due 7/15/53 TBA | 1,844,638 | 1,780,364 |
5.00%, due 7/15/53 TBA | 1,144,836 | 1,124,980 |
UMBS, Single Family, 15 Year (j) | ||
3.00%, due 7/25/38 TBA | 1,070,515 | 998,590 |
3.50%, due 7/25/38 TBA | 4,102,000 | 3,899,944 |
4.00%, due 7/25/38 TBA | 4,025,000 | 3,885,226 |
UMBS, Single Family, 30 Year (j) | ||
4.50%, due 8/25/53 TBA | 4,002,540 | 3,849,943 |
5.00%, due 8/25/53 TBA | 2,570,112 | 2,518,710 |
5.50%, due 8/25/53 TBA | 2,115,186 | 2,104,610 |
6.00%, due 8/25/53 TBA | 2,843,000 | 2,867,432 |
38,435,722 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.4% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A | ||
6.073% (1 Month LIBOR + 0.88%), due 9/15/34 (a)(b) | 699,152 | 677,930 |
BBCMS Trust | ||
Series 2015-SRCH, Class A2 | ||
4.197%, due 8/10/35 (a) | 875,000 | 774,893 |
BPR Trust | ||
Series 2022-OANA, Class A | ||
7.045% (1 Month SOFR + 1.898%), due 4/15/37 (a)(b) | 1,896,000 | 1,839,125 |
BX Commercial Mortgage Trust (a)(b) | ||
Series 2021-VINO, Class A | ||
5.845% (1 Month LIBOR + 0.652%), due 5/15/38 | 1,119,000 | 1,090,115 |
Series 2021-VOLT, Class B | ||
6.143% (1 Month LIBOR + 0.95%), due 9/15/36 | 937,000 | 897,028 |
Series 2019-XL, Class A | ||
6.181% (1 Month SOFR + 1.034%), due 10/15/36 | 1,293,478 | 1,285,433 |
Series 2020-VKNG, Class A | ||
6.191% (1 Month SOFR + 1.044%), due 10/15/37 | 183,076 | 180,774 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a)(b) (continued) | ||
Series 2019-XL, Class B | ||
6.341% (1 Month SOFR + 1.194%), due 10/15/36 | $ 411,400 | $ 407,633 |
Series 2021-VOLT, Class D | ||
6.843% (1 Month LIBOR + 1.65%), due 9/15/36 | 984,000 | 930,298 |
Series 2023-VLT2, Class A | ||
7.428% (1 Month SOFR + 2.281%), due 6/15/40 | 328,000 | 326,767 |
Series 2023-VLT2, Class B | ||
8.276% (1 Month SOFR + 3.129%), due 6/15/40 | 729,000 | 726,000 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 284,000 | 243,618 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 564,000 | 478,013 |
Series 2022-FOX2, Class A2 | ||
5.896% (1 Month SOFR + 0.749%), due 4/15/39 (b) | 1,185,991 | 1,137,954 |
Series 2021-LBA, Class AJV | ||
6.061% (1 Month SOFR + 0.914%), due 2/15/36 (b) | 1,118,000 | 1,083,663 |
Series 2021-LBA, Class AV | ||
6.061% (1 Month SOFR + 0.914%), due 2/15/36 (b) | 1,122,000 | 1,086,266 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 396,000 | 354,754 |
Cold Storage Trust (a)(b) | ||
Series 2020-ICE5, Class A | ||
6.093% (1 Month LIBOR + 0.90%), due 11/15/37 | 1,480,384 | 1,455,269 |
Series 2020-ICE5, Class B | ||
6.493% (1 Month LIBOR + 1.30%), due 11/15/37 | 657,621 | 646,051 |
Series 2020-ICE5, Class C | ||
6.843% (1 Month LIBOR + 1.65%), due 11/15/37 | 660,570 | 647,703 |
Credit Suisse Mortgage Capital Certificates (a)(b) | ||
Series 2019-ICE4, Class A | ||
6.173% (1 Month LIBOR + 0.98%), due 5/15/36 | 1,555,131 | 1,547,368 |
Series 2019-ICE4, Class C | ||
6.623% (1 Month LIBOR + 1.43%), due 5/15/36 | 332,174 | 328,590 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
CSMC Trust | ||
Series 2021-WEHO, Class A | ||
9.231% (1 Month SOFR + 4.084%), due 4/15/26 (a)(b) | $ 668,777 | $ 648,995 |
Extended Stay America Trust | ||
Series 2021-ESH, Class A | ||
6.274% (1 Month LIBOR + 1.08%), due 7/15/38 (a)(b) | 520,418 | 510,131 |
Great Wolf Trust (a)(b) | ||
Series 2019-WOLF, Class A | ||
6.295% (1 Month SOFR + 1.148%), due 12/15/36 | 695,000 | 686,659 |
Series 2019-WOLF, Class B | ||
6.595% (1 Month SOFR + 1.448%), due 12/15/36 | 303,000 | 297,796 |
Series 2019-WOLF, Class C | ||
6.894% (1 Month SOFR + 1.747%), due 12/15/36 | 337,000 | 330,618 |
J.P. Morgan Chase Commercial Mortgage Securities Trust (a) | ||
Series 2020-ACE, Class A | ||
3.287%, due 1/10/37 | 1,235,000 | 1,162,222 |
Series 2020-ACE, Class B | ||
3.64%, due 1/10/37 | 840,000 | 777,180 |
Life Mortgage Trust (a)(b) | ||
Series 2021-BMR, Class A | ||
5.961% (1 Month SOFR + 0.814%), due 3/15/38 | 2,072,101 | 2,018,759 |
Series 2021-BMR, Class C | ||
6.361% (1 Month SOFR + 1.214%), due 3/15/38 | 908,264 | 874,335 |
Series 2022-BMR2, Class A1 | ||
6.442% (1 Month SOFR + 1.295%), due 5/15/39 | 1,231,000 | 1,204,461 |
Series 2022-BMR2, Class B | ||
6.941% (1 Month SOFR + 1.794%), due 5/15/39 | 357,000 | 348,719 |
Med Trust (a)(b) | ||
Series 2021-MDLN, Class A | ||
6.144% (1 Month LIBOR + 0.95%), due 11/15/38 | 289,610 | 280,742 |
Series 2021-MDLN, Class E | ||
8.344% (1 Month LIBOR + 3.15%), due 11/15/38 | 1,255,972 | 1,186,660 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
MHC Commercial Mortgage Trust (a)(b) | ||
Series 2021-MHC, Class A | ||
6.062% (1 Month SOFR + 0.915%), due 4/15/38 | $ 1,662,744 | $ 1,631,990 |
Series 2021-MHC, Class C | ||
6.612% (1 Month SOFR + 1.465%), due 4/15/38 | 938,912 | 915,366 |
SMRT | ||
Series 2022-MINI, Class A | ||
6.147% (1 Month SOFR + 1.00%), due 1/15/39 (a)(b) | 1,975,000 | 1,913,073 |
SREIT Trust | ||
Series 2021-MFP, Class A | ||
5.924% (1 Month LIBOR + 0.731%), due 11/15/38 (a)(b) | 136,000 | 132,100 |
TPI Re-REMIC Trust (a) | ||
Series 2022-FRR1, Class AK33 | ||
(zero coupon), due 7/25/46 | 480,000 | 477,565 |
Series 2022-FRR1, Class AK34 | ||
(zero coupon), due 7/25/46 | 395,000 | 392,996 |
Series 2022-FRR1, Class AK35 | ||
(zero coupon), due 8/25/46 | 536,000 | 530,082 |
VASA Trust | ||
Series 2021-VASA, Class A | ||
6.093% (1 Month LIBOR + 0.90%), due 7/15/39 (a)(b) | 525,000 | 461,302 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class A | ||
6.343% (1 Month LIBOR + 1.15%), due 2/15/40 (a)(b) | 349,064 | 328,129 |
35,255,125 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.8% | ||
A&D Mortgage Trust | ||
Series 2023-NQM2, Class A1 | ||
6.132%, due 5/25/68 (a)(c) | 1,066,935 | 1,053,423 |
Angel Oak Mortgage Trust (a)(k) | ||
Series 2020-3, Class A2 | ||
2.41%, due 4/25/65 | 181,141 | 165,223 |
Series 2019-5, Class A1 | ||
2.593%, due 10/25/49 | 81,344 | 77,492 |
Series 2019-6, Class A1 | ||
2.62%, due 11/25/59 | 73,622 | 69,653 |
Bayview MSR Opportunity Master Fund Trust (a) | ||
Series 2022-2, Class A1 | ||
3.00%, due 12/25/51 (k) | 1,782,010 | 1,496,261 |
18 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Bayview MSR Opportunity Master Fund Trust (a) (continued) | ||
Series 2021-5, Class AF | ||
5.00% (SOFR 30A + 0.85%), due 11/25/51 (b) | $ 895,333 | $ 820,082 |
Chase Mortgage Finance Corp. | ||
Series 2021-CL1, Class M1 | ||
6.267% (SOFR 30A + 1.20%), due 2/25/50 (a)(b) | 899,201 | 822,369 |
CIM Trust (a)(c) | ||
Series 2021-NR1, Class A1 | ||
2.569%, due 7/25/55 | 399,402 | 385,031 |
Series 2021-NR4, Class A1 | ||
2.816%, due 10/25/61 | 280,313 | 261,276 |
COLT Mortgage Loan Trust (a)(k) | ||
Series 2020-3, Class A1 | ||
1.506%, due 4/27/65 | 62,189 | 57,553 |
Series 2020-2, Class A1 | ||
1.853%, due 3/25/65 | 7,140 | 7,081 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
6.717% (SOFR 30A + 1.65%), due 12/25/41 | 612,000 | 592,162 |
Series 2022-R05, Class 2M1 | ||
6.967% (SOFR 30A + 1.90%), due 4/25/42 | 548,257 | 549,554 |
Series 2022-R04, Class 1M1 | ||
7.067% (SOFR 30A + 2.00%), due 3/25/42 | 508,998 | 510,151 |
Series 2022-R03, Class 1M1 | ||
7.167% (SOFR 30A + 2.10%), due 3/25/42 | 1,182,404 | 1,186,931 |
Series 2019-R07, Class 1M2 | ||
7.25% (1 Month LIBOR + 2.10%), due 10/25/39 | 34,558 | 34,612 |
Series 2019-R03, Class 1M2 | ||
7.30% (1 Month LIBOR + 2.15%), due 9/25/31 | 20,360 | 20,386 |
Series 2023-R04, Class 1M1 | ||
7.367% (SOFR 30A + 2.30%), due 5/25/43 | 955,469 | 959,976 |
Series 2019-R02, Class 1M2 | ||
7.45% (1 Month LIBOR + 2.30%), due 8/25/31 | 4,834 | 4,834 |
Series 2023-R01, Class 1M1 | ||
7.467% (SOFR 30A + 2.40%), due 12/25/42 | 1,562,231 | 1,571,484 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(b) (continued) | ||
Series 2018-R07, Class 1M2 | ||
7.55% (1 Month LIBOR + 2.40%), due 4/25/31 | $ 51,956 | $ 52,117 |
Series 2022-R09, Class 2M1 | ||
7.567% (SOFR 30A + 2.50%), due 9/25/42 | 1,170,114 | 1,175,602 |
Series 2023-R03, Class 2M1 | ||
7.567% (SOFR 30A + 2.50%), due 4/25/43 | 791,536 | 798,642 |
Series 2022-R08, Class 1M1 | ||
7.617% (SOFR 30A + 2.55%), due 7/25/42 | 319,947 | 324,472 |
Series 2022-R06, Class 1M1 | ||
7.817% (SOFR 30A + 2.75%), due 5/25/42 | 385,398 | 392,899 |
Series 2022-R02, Class 2M2 | ||
8.067% (SOFR 30A + 3.00%), due 1/25/42 | 706,000 | 699,618 |
Series 2022-R05, Class 2M2 | ||
8.067% (SOFR 30A + 3.00%), due 4/25/42 | 521,000 | 519,049 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA7, Class M1 | ||
5.917% (SOFR 30A + 0.85%), due 11/25/41 | 650,510 | 642,580 |
Series 2021-HQA4, Class M1 | ||
6.017% (SOFR 30A + 0.95%), due 12/25/41 | 1,229,979 | 1,193,188 |
Series 2022-DNA2, Class M1A | ||
6.367% (SOFR 30A + 1.30%), due 2/25/42 | 256,353 | 254,884 |
Series 2022-DNA3, Class M1A | ||
7.067% (SOFR 30A + 2.00%), due 4/25/42 | 244,605 | 245,292 |
Series 2020-DNA6, Class M2 | ||
7.067% (SOFR 30A + 2.00%), due 12/25/50 | 801,784 | 804,032 |
Series 2022-HQA1, Class M1A | ||
7.167% (SOFR 30A + 2.10%), due 3/25/42 | 505,788 | 506,739 |
Series 2022-DNA6, Class M1A | ||
7.217% (SOFR 30A + 2.15%), due 9/25/42 | 195,915 | 197,098 |
Series 2021-HQA1, Class M2 | ||
7.317% (SOFR 30A + 2.25%), due 8/25/33 | 1,341,667 | 1,321,608 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-HQA3, Class M1A | ||
7.367% (SOFR 30A + 2.30%), due 8/25/42 | $ 365,618 | $ 367,899 |
Series 2022-DNA5, Class M1A | ||
8.017% (SOFR 30A + 2.95%), due 6/25/42 | 766,347 | 780,166 |
Series 2020-HQA2, Class M2 | ||
8.25% (1 Month LIBOR + 3.10%), due 3/25/50 | 249,499 | 255,884 |
FHLMC STACR Trust | ||
Series 2019-DNA4, Class M2 | ||
7.10% (1 Month LIBOR + 1.95%), due 10/25/49 (a)(b) | 11,312 | 11,326 |
FHLMC Structured Agency Credit Risk Debt Notes (a)(b) | ||
Series 2023-DNA2, Class M1A | ||
7.167% (SOFR 30A + 2.10%), due 4/25/43 | 407,630 | 408,761 |
Series 2021-DNA2, Class M2 | ||
7.367% (SOFR 30A + 2.30%), due 8/25/33 | 1,818,137 | 1,819,275 |
Series 2020-HQA5, Class M2 | ||
7.667% (SOFR 30A + 2.60%), due 11/25/50 | 880,298 | 893,502 |
Series 2022-HQA2, Class M1A | ||
7.717% (SOFR 30A + 2.65%), due 7/25/42 | 404,311 | 411,059 |
Flagstar Mortgage Trust | ||
Series 2021-13IN, Class A2 | ||
3.00%, due 12/30/51 (a)(k) | 1,324,887 | 1,112,439 |
FNMA | ||
Series 2021-R02, Class 2M2 | ||
7.067% (SOFR 30A + 2.00%), due 11/25/41 (a)(b) | 1,891,000 | 1,840,293 |
GCAT Trust | ||
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 (a)(k) | 2,376,530 | 1,995,449 |
Mello Mortgage Capital Acceptance (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (k) | 408,612 | 327,991 |
Series 2022-INV1, Class A2 | ||
3.00%, due 3/25/52 (k) | 1,608,911 | 1,350,919 |
Series 2021-INV2, Class A11 | ||
5.00% (SOFR 30A + 0.95%), due 8/25/51 (b) | 642,084 | 590,666 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Mello Mortgage Capital Acceptance (a) (continued) | ||
Series 2021-INV3, Class A11 | ||
5.00% (SOFR 30A + 0.95%), due 10/25/51 (b) | $ 797,020 | $ 733,228 |
New Residential Mortgage Loan Trust | ||
Series 2018-2A, Class A1 | ||
4.50%, due 2/25/58 (a)(k) | 134,629 | 127,259 |
OBX Trust (a)(k) | ||
Series 2021-INV3, Class A3 | ||
2.50%, due 10/25/51 | 392,351 | 314,938 |
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 | 1,804,423 | 1,515,080 |
Series 2022-INV1, Class A18 | ||
3.00%, due 12/25/51 | 765,321 | 615,814 |
Oceanview Mortgage Trust | ||
Series 2022-1, Class A1 | ||
3.00%, due 12/25/51 (a)(k) | 964,280 | 809,656 |
PRPM LLC (a)(c) | ||
Series 2021-9, Class A1 | ||
2.363%, due 10/25/26 | 740,568 | 688,155 |
Series 2021-10, Class A1 | ||
2.487%, due 10/25/26 | 864,905 | 805,458 |
Series 2020-4, Class A1 | ||
2.951%, due 10/25/25 | 536,929 | 529,374 |
Series 2022-2, Class A1 | ||
5.00%, due 3/25/27 | 1,354,560 | 1,310,837 |
RCKT Mortgage Trust (a) | ||
Series 2021-3, Class A21 | ||
5.00% (SOFR 30A + 0.80%), due 7/25/51 (b) | 571,879 | 522,115 |
Series 2023-CES1, Class A1A | ||
6.515%, due 6/25/43 (k) | 884,000 | 880,325 |
Saluda Grade Alternative Mortgage Trust | ||
Series 2023-SEQ3, Class A1 | ||
7.162%, due 6/1/53 (a)(k) | 445,313 | 444,210 |
Sequoia Mortgage Trust (a) | ||
Series 2013-5, Class A1 | ||
2.50%, due 5/25/43 (l) | 168,121 | 141,689 |
Series 2020-2, Class A19 | ||
3.50%, due 3/25/50 (k) | 59,343 | 51,564 |
Spruce Hill Mortgage Loan Trust (a)(k) | ||
Series 2020-SH1, Class A1 | ||
2.521%, due 1/28/50 | 4,395 | 4,345 |
Series 2020-SH1, Class A2 | ||
2.624%, due 1/28/50 | 24,640 | 24,358 |
UWM Mortgage Trust (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (k) | 314,180 | 252,191 |
20 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
UWM Mortgage Trust (a) (continued) | ||
Series 2021-INV1, Class A9 | ||
5.00% (SOFR 30A + 0.90%), due 8/25/51 (b) | $ 768,861 | $ 705,502 |
42,415,081 | ||
Total Mortgage-Backed Securities (Cost $119,948,036) | 116,105,928 | |
U.S. Government & Federal Agencies 17.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.5% | ||
FHLMC Gold Pools, 30 Year | ||
4.00%, due 8/1/48 | 148,326 | 142,080 |
4.00%, due 9/1/48 | 101,068 | 96,500 |
FHLMC Gold Pools, Other | ||
3.00%, due 6/1/43 | 9,839 | 8,796 |
3.50%, due 7/1/42 | 22,199 | 20,636 |
3.50%, due 8/1/42 | 24,793 | 23,043 |
3.50%, due 8/1/42 | 22,809 | 21,198 |
3.50%, due 2/1/43 | 113,969 | 105,950 |
3.50%, due 2/1/44 | 166,664 | 154,927 |
3.50%, due 1/1/47 | 46,637 | 43,400 |
4.50%, due 5/1/44 | 317,050 | 310,814 |
4.50%, due 3/1/50 | 460,384 | 436,409 |
UMBS Pool, 15 Year | ||
2.50%, due 12/1/33 | 766,281 | 710,099 |
2.50%, due 11/1/34 | 141,211 | 129,620 |
2.50%, due 11/1/34 | 199,552 | 182,997 |
3.00%, due 5/1/31 | 639,967 | 611,264 |
3.00%, due 9/1/32 | 149,590 | 140,785 |
3.00%, due 10/1/32 | 52,998 | 49,836 |
3.00%, due 1/1/33 | 86,248 | 81,183 |
3.00%, due 10/1/34 | 85,941 | 80,490 |
3.00%, due 10/1/34 | 195,625 | 183,116 |
UMBS Pool, 30 Year | ||
2.50%, due 8/1/50 | 66,209 | 57,227 |
2.50%, due 8/1/50 | 23,607 | 20,404 |
2.50%, due 9/1/50 | 120,011 | 103,729 |
2.50%, due 6/1/51 | 1,200,382 | 1,031,902 |
2.50%, due 11/1/51 | 888,473 | 761,731 |
2.50%, due 1/1/52 | 151,104 | 130,050 |
2.50%, due 1/1/52 | 245,615 | 211,700 |
2.50%, due 2/1/52 | 364,412 | 312,516 |
2.50%, due 3/1/52 | 54,786 | 46,977 |
3.00%, due 1/1/45 | 98,866 | 89,244 |
3.00%, due 4/1/47 | 13,554 | 12,086 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
3.00%, due 8/1/49 | $ 55,338 | $ 49,172 |
3.00%, due 12/1/49 | 56,836 | 50,556 |
3.00%, due 12/1/49 | 126,767 | 112,655 |
3.00%, due 2/1/52 | 200,389 | 178,156 |
3.00%, due 2/1/52 | 148,591 | 132,377 |
3.00%, due 3/1/52 | 218,501 | 194,637 |
3.00%, due 6/1/52 | 79,327 | 70,686 |
3.50%, due 12/1/44 | 336,127 | 314,220 |
3.50%, due 7/1/46 | 82,629 | 76,845 |
3.50%, due 9/1/47 | 201,323 | 185,797 |
3.50%, due 12/1/47 | 680,800 | 629,917 |
3.50%, due 2/1/48 | 154,101 | 142,455 |
3.50%, due 3/1/50 | 3,038 | 2,794 |
3.50%, due 4/1/52 | 72,796 | 67,628 |
3.50%, due 4/1/52 | 66,209 | 61,508 |
3.50%, due 4/1/52 | 232,025 | 214,560 |
3.50%, due 4/1/52 | 222,480 | 205,507 |
3.50%, due 4/1/52 | 201,558 | 186,960 |
3.50%, due 6/1/52 | 1,014,395 | 933,143 |
3.50%, due 6/1/52 | 421,987 | 392,301 |
3.50%, due 7/1/52 | 3,677,373 | 3,380,442 |
3.50%, due 8/1/52 | 673,044 | 618,260 |
4.00%, due 3/1/47 | 26,271 | 25,093 |
4.00%, due 3/1/48 | 112,272 | 107,863 |
4.00%, due 4/1/48 | 1,885 | 1,797 |
4.00%, due 4/1/48 | 172,015 | 164,640 |
4.00%, due 4/1/48 | 17,727 | 16,901 |
4.00%, due 5/1/48 | 344,943 | 328,872 |
4.00%, due 11/1/48 | 31,662 | 30,186 |
4.00%, due 12/1/48 | 380,692 | 361,250 |
4.00%, due 7/1/49 | 283,723 | 270,120 |
4.00%, due 3/1/50 | 387,037 | 368,441 |
4.00%, due 6/1/50 | 623,950 | 595,825 |
4.00%, due 10/1/50 | 107,644 | 102,263 |
4.00%, due 7/1/52 | 352,111 | 331,352 |
4.00%, due 8/1/52 | 399,755 | 375,322 |
4.00%, due 9/1/52 | 929,465 | 874,666 |
4.50%, due 3/1/48 | 115,115 | 112,294 |
4.50%, due 12/1/48 | 166,732 | 165,403 |
4.50%, due 6/1/49 | 25,442 | 24,967 |
4.50%, due 7/1/49 | 226,970 | 221,608 |
4.50%, due 7/1/49 | 32,224 | 31,403 |
4.50%, due 8/1/49 | 195,027 | 190,480 |
4.50%, due 1/1/50 | 36,035 | 35,106 |
4.50%, due 1/1/50 | 129,110 | 126,013 |
4.50%, due 9/1/50 | 1,119,259 | 1,092,830 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
4.50%, due 3/1/52 | $ 17,840 | $ 17,164 |
4.50%, due 8/1/52 | 858,293 | 825,807 |
4.50%, due 8/1/52 | 3,885,555 | 3,738,487 |
4.50%, due 8/1/52 | 1,647,483 | 1,587,164 |
4.50%, due 10/1/52 | 546,722 | 531,779 |
5.00%, due 9/1/48 | 8,423 | 8,337 |
5.00%, due 8/1/52 | 873,958 | 869,552 |
5.00%, due 10/1/52 | 22,390 | 22,068 |
5.00%, due 10/1/52 | 737,696 | 729,302 |
5.00%, due 10/1/52 | 1,120,193 | 1,107,447 |
5.00%, due 3/1/53 | 316,544 | 310,768 |
5.00%, due 3/1/53 | 57,247 | 56,202 |
5.00%, due 5/1/53 | 926,356 | 911,603 |
5.00%, due 5/1/53 | 375,882 | 369,459 |
5.00%, due 5/1/53 | 211,656 | 208,157 |
5.00%, due 6/1/53 | 67,154 | 65,805 |
5.00%, due 6/1/53 | 61,753 | 60,520 |
5.00%, due 6/1/53 | 152,884 | 149,830 |
5.00%, due 6/1/53 | 139,648 | 137,075 |
5.00%, due 6/1/53 | 113,951 | 111,675 |
5.00%, due 6/1/53 | 143,687 | 140,817 |
5.00%, due 6/1/53 | 86,337 | 84,746 |
5.00%, due 6/1/53 | 80,498 | 79,015 |
5.00%, due 7/1/53 | 179,003 | 175,755 |
5.50%, due 9/1/52 | 548,530 | 559,652 |
5.50%, due 11/1/52 | 2,513,885 | 2,534,619 |
5.50%, due 5/1/53 | 404,711 | 407,102 |
5.50%, due 5/1/53 | 33,525 | 33,590 |
5.50%, due 6/1/53 | 74,208 | 74,056 |
5.50%, due 6/1/53 | 120,409 | 119,988 |
5.50%, due 6/1/53 | 104,038 | 103,578 |
5.50%, due 6/1/53 | 155,400 | 154,856 |
5.50%, due 6/1/53 | 108,854 | 108,473 |
5.50%, due 7/1/53 | 273,696 | 272,738 |
6.00%, due 4/1/40 | 341,133 | 355,203 |
37,488,369 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 5.5% | ||
FNMA, Other | ||
3.00%, due 2/1/43 | 12,935 | 11,713 |
3.00%, due 5/1/43 | 67,724 | 61,325 |
3.00%, due 2/1/57 | 794,619 | 701,400 |
3.00%, due 6/1/57 | 12,391 | 10,939 |
3.50%, due 8/1/56 | 965,301 | 884,523 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
FNMA, Other (continued) | ||
4.50%, due 6/1/45 | $ 112,334 | $ 110,133 |
4.50%, due 7/1/50 | 949,475 | 901,786 |
5.00%, due 7/1/44 | 188,501 | 188,448 |
UMBS, 15 Year | ||
2.50%, due 11/1/34 | 194,628 | 178,479 |
2.50%, due 12/1/36 | 1,540,260 | 1,408,874 |
3.00%, due 10/1/34 | 77,885 | 72,920 |
3.00%, due 11/1/34 | 19,063 | 17,851 |
3.00%, due 12/1/34 | 19,633 | 18,385 |
UMBS, 30 Year | ||
2.50%, due 8/1/50 | 128,316 | 110,908 |
2.50%, due 8/1/50 | 3,916,952 | 3,370,555 |
2.50%, due 1/1/52 | 788,284 | 676,561 |
2.50%, due 2/1/52 | 3,883,168 | 3,330,160 |
2.50%, due 3/1/52 | 584,690 | 501,812 |
2.50%, due 3/1/52 | 1,575,322 | 1,350,969 |
2.50%, due 3/1/52 | 45,611 | 39,288 |
2.50%, due 3/1/52 | 126,913 | 108,822 |
2.50%, due 3/1/52 | 109,094 | 93,633 |
2.50%, due 3/1/52 | 1,598,306 | 1,370,469 |
2.50%, due 3/1/52 | 139,098 | 119,270 |
3.00%, due 1/1/43 | 42,782 | 38,621 |
3.00%, due 1/1/46 | 2,065 | 1,854 |
3.00%, due 2/1/47 | 5,597,555 | 5,053,462 |
3.00%, due 3/1/47 | 417,065 | 373,662 |
3.00%, due 8/1/49 | 151,654 | 134,784 |
3.00%, due 9/1/49 | 748,589 | 665,082 |
3.00%, due 9/1/49 | 35,519 | 32,025 |
3.00%, due 12/1/51 | 6,974,339 | 6,183,396 |
3.00%, due 3/1/52 | 747,543 | 661,105 |
3.00%, due 4/1/52 | 645,767 | 574,996 |
3.00%, due 4/1/52 | 543,729 | 483,230 |
3.00%, due 4/1/52 | 1,350,055 | 1,198,894 |
3.50%, due 12/1/45 | 78,917 | 73,490 |
3.50%, due 7/1/46 | 248,707 | 231,300 |
3.50%, due 3/1/47 | 69,099 | 64,266 |
3.50%, due 7/1/47 | 61,124 | 56,849 |
3.50%, due 8/1/47 | 80,666 | 74,545 |
3.50%, due 8/1/47 | 70,081 | 65,696 |
3.50%, due 12/1/47 | 20,921 | 19,612 |
3.50%, due 12/1/47 | 34,236 | 32,094 |
3.50%, due 1/1/48 | 185,870 | 172,399 |
3.50%, due 3/1/48 | 33,567 | 31,466 |
3.50%, due 7/1/48 | 1,557,927 | 1,447,092 |
3.50%, due 5/1/49 | 630,604 | 581,898 |
3.50%, due 6/1/49 | 1,529,624 | 1,411,832 |
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) | ||
3.50%, due 12/1/49 | $ 1,933,857 | $ 1,784,854 |
3.50%, due 2/1/51 | 817,068 | 751,723 |
3.50%, due 1/1/52 | 187,057 | 173,906 |
3.50%, due 2/1/52 | 485,967 | 451,781 |
3.50%, due 3/1/52 | 1,089,884 | 1,002,762 |
3.50%, due 3/1/52 | 2,904,279 | 2,687,165 |
3.50%, due 3/1/52 | 332,674 | 309,163 |
3.50%, due 4/1/52 | 108,859 | 101,201 |
3.50%, due 4/1/52 | 308,914 | 286,981 |
3.50%, due 4/1/52 | 549,633 | 508,401 |
3.50%, due 4/1/52 | 89,272 | 82,574 |
3.50%, due 4/1/52 | 183,523 | 169,708 |
3.50%, due 4/1/52 | 413,864 | 383,031 |
3.50%, due 5/1/52 | 309,200 | 285,610 |
3.50%, due 5/1/52 | 512,382 | 471,009 |
3.50%, due 6/1/52 | 1,752,313 | 1,620,414 |
3.50%, due 6/1/52 | 1,026,605 | 953,050 |
3.50%, due 7/1/52 | 254,812 | 235,047 |
3.50%, due 7/1/52 | 2,256,571 | 2,074,355 |
3.50%, due 7/1/52 | 92,980 | 86,379 |
3.50%, due 8/1/52 | 167,273 | 154,340 |
3.50%, due 8/1/52 | 456,066 | 418,868 |
3.50%, due 9/1/52 | 814,357 | 748,598 |
4.00%, due 5/1/45 | 42,995 | 40,880 |
4.00%, due 10/1/47 | 245,755 | 234,915 |
4.00%, due 11/1/47 | 339,869 | 325,192 |
4.00%, due 1/1/48 | 406,162 | 389,975 |
4.00%, due 1/1/48 | 727,856 | 697,613 |
4.00%, due 1/1/48 | 137,918 | 131,493 |
4.00%, due 3/1/48 | 124,656 | 119,724 |
4.00%, due 7/1/48 | 301,139 | 287,109 |
4.00%, due 8/1/48 | 92,568 | 88,173 |
4.00%, due 9/1/48 | 220,923 | 210,339 |
4.00%, due 10/1/48 | 116,493 | 111,065 |
4.00%, due 11/1/48 | 351,443 | 334,728 |
4.00%, due 12/1/48 | 55,759 | 53,162 |
4.00%, due 2/1/49 | 107,990 | 102,958 |
4.00%, due 6/1/49 | 46,363 | 44,183 |
4.00%, due 9/1/49 | 223,527 | 212,950 |
4.00%, due 11/1/49 | 757,182 | 718,708 |
4.00%, due 11/1/49 | 66,993 | 63,811 |
4.00%, due 3/1/50 | 227,135 | 215,601 |
4.00%, due 3/1/50 | 596,198 | 565,591 |
4.00%, due 3/1/50 | 1,104,914 | 1,053,501 |
4.00%, due 4/1/50 | 96,981 | 91,951 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 8/1/50 | $ 131,459 | $ 124,625 |
4.00%, due 9/1/50 | 1,259,650 | 1,191,989 |
4.00%, due 10/1/50 | 1,209,978 | 1,152,135 |
4.00%, due 3/1/51 | 3,104,960 | 2,951,000 |
4.00%, due 3/1/51 | 29,809 | 28,312 |
4.00%, due 3/1/51 | 59,990 | 56,999 |
4.00%, due 10/1/51 | 434,311 | 413,638 |
4.00%, due 10/1/51 | 3,167,005 | 3,005,862 |
4.00%, due 4/1/52 | 463,048 | 439,159 |
4.00%, due 6/1/52 | 349,046 | 328,467 |
4.00%, due 6/1/52 | 98,291 | 92,496 |
4.00%, due 7/1/52 | 156,738 | 147,497 |
4.50%, due 11/1/42 | 54,118 | 53,442 |
4.50%, due 10/1/44 | 168,697 | 165,649 |
4.50%, due 3/1/45 | 255,755 | 251,137 |
4.50%, due 2/1/46 | 273,761 | 270,346 |
4.50%, due 3/1/48 | 130,914 | 128,308 |
4.50%, due 6/1/48 | 266,107 | 260,001 |
4.50%, due 8/1/48 | 81,514 | 79,529 |
4.50%, due 6/1/49 | 22,842 | 22,304 |
4.50%, due 8/1/49 | 34,309 | 33,493 |
4.50%, due 1/1/50 | 598,039 | 586,322 |
4.50%, due 1/1/50 | 44,990 | 43,781 |
4.50%, due 10/1/50 | 737,549 | 720,461 |
4.50%, due 4/1/52 | 21,215 | 20,400 |
4.50%, due 4/1/52 | 41,499 | 40,122 |
4.50%, due 4/1/52 | 72,376 | 69,954 |
4.50%, due 4/1/52 | 85,577 | 82,762 |
4.50%, due 4/1/52 | 32,946 | 31,697 |
4.50%, due 4/1/52 | 37,677 | 36,248 |
4.50%, due 5/1/52 | 114,826 | 110,986 |
4.50%, due 7/1/52 | 466,604 | 448,899 |
4.50%, due 8/1/52 | 1,769,293 | 1,702,326 |
4.50%, due 11/1/52 | 1,031,163 | 1,002,980 |
4.50%, due 12/1/52 | 566,826 | 547,301 |
5.00%, due 5/1/48 | 107,160 | 106,534 |
5.00%, due 9/1/52 | 841,022 | 824,942 |
5.00%, due 10/1/52 | 162,844 | 160,991 |
5.00%, due 10/1/52 | 370,378 | 366,164 |
5.00%, due 11/1/52 | 912,116 | 901,738 |
5.00%, due 1/1/53 | 699,140 | 686,647 |
5.00%, due 3/1/53 | 194,724 | 191,170 |
5.00%, due 4/1/53 | 50,737 | 49,813 |
5.00%, due 4/1/53 | 60,464 | 59,414 |
5.00%, due 4/1/53 | 254,591 | 249,932 |
5.00%, due 6/1/53 | 73,932 | 72,866 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
5.50%, due 9/1/52 | $ 2,183,739 | $ 2,180,869 |
5.50%, due 10/1/52 | 372,543 | 375,616 |
5.50%, due 11/1/52 | 826,755 | 833,574 |
5.50%, due 3/1/53 | 16,233 | 16,293 |
5.50%, due 4/1/53 | 7,736 | 7,765 |
5.50%, due 5/1/53 | 7,503 | 7,531 |
5.50%, due 5/1/53 | 14,533 | 14,587 |
6.00%, due 2/1/37 | 20,335 | 21,113 |
80,905,601 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 1.0% | ||
GNMA I, 30 Year | ||
4.00%, due 1/15/45 | 385,049 | 374,768 |
4.50%, due 8/15/46 | 419,940 | 414,855 |
GNMA I, Single Family, 30 Year | ||
4.00%, due 7/15/47 | 268,785 | 257,877 |
4.00%, due 8/15/47 | 33,232 | 32,039 |
4.00%, due 11/15/47 | 20,758 | 20,155 |
4.00%, due 12/15/47 | 67,379 | 64,492 |
GNMA II, Single Family, 30 Year | ||
2.50%, due 3/20/51 | 2,610,017 | 2,268,965 |
3.00%, due 11/20/46 | 2,085,356 | 1,892,493 |
3.00%, due 4/20/51 | 2,023,303 | 1,818,317 |
3.00%, due 7/20/51 | 1,351,794 | 1,213,299 |
3.00%, due 8/20/51 | 3,077,890 | 2,760,638 |
3.50%, due 5/20/49 | 2,813,033 | 2,622,477 |
4.00%, due 8/20/47 | 16,671 | 15,910 |
4.00%, due 8/20/47 | 51,142 | 48,534 |
4.00%, due 8/20/47 | 13,525 | 12,901 |
4.00%, due 6/20/48 | 186,488 | 178,065 |
4.50%, due 2/20/48 | 39,290 | 38,491 |
4.50%, due 5/20/48 | 34,450 | 33,324 |
4.50%, due 5/20/48 | 91,615 | 88,847 |
5.00%, due 8/20/48 | 221,899 | 220,958 |
14,377,405 | ||
United States Treasury Bonds 5.4% | ||
U.S. Treasury Bonds | ||
3.625%, due 2/15/53 | 35,614,500 | 34,178,791 |
3.875%, due 2/15/43 | 20,623,000 | 20,107,425 |
3.875%, due 5/15/43 | 26,750,000 | 26,102,148 |
80,388,364 |
Principal Amount | Value | |
United States Treasury Notes 3.4% | ||
U.S. Treasury Notes | ||
1.125%, due 8/31/28 | $ 8,178,100 | $ 7,046,264 |
3.375%, due 5/15/33 | 10,345,400 | 9,976,845 |
3.50%, due 4/30/28 (f) | 7,621,400 | 7,405,857 |
3.625%, due 5/31/28 | 9,060,800 | 8,862,595 |
3.75%, due 6/30/30 | 6,731,000 | 6,641,604 |
4.00%, due 6/30/28 | 10,900,000 | 10,840,391 |
4.25%, due 5/31/25 | 356,000 | 351,522 |
51,125,078 | ||
Total U.S. Government & Federal Agencies (Cost $272,443,914) | 264,284,817 | |
Total Long-Term Bonds (Cost $578,452,260) | 557,376,157 | |
Shares | ||
Common Stocks 61.1% | ||
Aerospace & Defense 1.1% | ||
General Dynamics Corp. | 48,267 | 10,384,645 |
L3Harris Technologies, Inc. | 28,199 | 5,520,518 |
15,905,163 | ||
Air Freight & Logistics 1.4% | ||
United Parcel Service, Inc., Class B | 115,267 | 20,661,610 |
Banks 2.0% | ||
Bank of America Corp. | 439,634 | 12,613,099 |
JPMorgan Chase & Co. | 123,395 | 17,946,569 |
30,559,668 | ||
Beverages 1.6% | ||
Coca-Cola Co. (The) | 87,672 | 5,279,608 |
Constellation Brands, Inc., Class A | 26,081 | 6,419,317 |
Monster Beverage Corp. (m) | 215,978 | 12,405,776 |
24,104,701 | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 108,180 | 14,575,091 |
Building Products 0.5% | ||
Trane Technologies plc | 36,354 | 6,953,066 |
Capital Markets 2.5% | ||
Charles Schwab Corp. (The) | 60,917 | 3,452,776 |
CME Group, Inc. | 68,390 | 12,671,983 |
24 | MainStay VP Janus Henderson Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Goldman Sachs Group, Inc. (The) | 22,738 | $ 7,333,914 |
Morgan Stanley | 162,749 | 13,898,765 |
37,357,438 | ||
Chemicals 0.9% | ||
Corteva, Inc. | 150,005 | 8,595,286 |
Sherwin-Williams Co. (The) | 19,084 | 5,067,184 |
13,662,470 | ||
Communications Equipment 0.4% | ||
Cisco Systems, Inc. | 120,812 | 6,250,813 |
Consumer Finance 1.3% | ||
American Express Co. | 111,051 | 19,345,084 |
Consumer Staples Distribution & Retail 2.1% | ||
Costco Wholesale Corp. | 19,296 | 10,388,580 |
Dollar General Corp. | 67,284 | 11,423,478 |
Sysco Corp. | 128,680 | 9,548,056 |
31,360,114 | ||
Electrical Equipment 0.4% | ||
Rockwell Automation, Inc. | 17,836 | 5,876,070 |
Electronic Equipment, Instruments & Components 0.6% | ||
TE Connectivity Ltd. | 61,572 | 8,629,932 |
Entertainment 1.0% | ||
Netflix, Inc. (m) | 11,123 | 4,899,570 |
Walt Disney Co. (The) (m) | 106,161 | 9,478,054 |
14,377,624 | ||
Financial Services 2.3% | ||
Mastercard, Inc., Class A | 85,962 | 33,808,855 |
Food Products 0.6% | ||
Hershey Co. (The) | 34,293 | 8,562,962 |
Health Care Equipment & Supplies 2.0% | ||
Abbott Laboratories | 140,153 | 15,279,480 |
Edwards Lifesciences Corp. (m) | 53,404 | 5,037,599 |
Stryker Corp. | 30,700 | 9,366,263 |
29,683,342 | ||
Health Care Providers & Services 2.3% | ||
HCA Healthcare, Inc. | 20,072 | 6,091,451 |
Shares | Value | |
Health Care Providers & Services (continued) | ||
UnitedHealth Group, Inc. | 58,271 | $ 28,007,373 |
34,098,824 | ||
Hotels, Restaurants & Leisure 3.8% | ||
Booking Holdings, Inc. (m) | 3,738 | 10,093,834 |
Hilton Worldwide Holdings, Inc. | 101,628 | 14,791,955 |
McDonald's Corp. | 66,867 | 19,953,781 |
Starbucks Corp. | 121,966 | 12,081,952 |
56,921,522 | ||
Household Products 0.9% | ||
Procter & Gamble Co. (The) | 89,706 | 13,611,989 |
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 63,386 | 13,152,595 |
Insurance 1.4% | ||
Progressive Corp. (The) | 158,671 | 21,003,280 |
Interactive Media & Services 2.5% | ||
Alphabet, Inc., Class C (m) | 302,913 | 36,643,386 |
IT Services 1.3% | ||
Accenture plc, Class A | 64,304 | 19,842,928 |
Life Sciences Tools & Services 1.2% | ||
Danaher Corp. | 18,649 | 4,475,760 |
Thermo Fisher Scientific, Inc. | 26,199 | 13,669,328 |
18,145,088 | ||
Machinery 1.4% | ||
Cummins, Inc. | 11,661 | 2,858,811 |
Deere & Co. | 45,062 | 18,258,672 |
21,117,483 | ||
Media 1.2% | ||
Comcast Corp., Class A | 440,343 | 18,296,252 |
Oil, Gas & Consumable Fuels 1.4% | ||
Chevron Corp. | 47,754 | 7,514,092 |
ConocoPhillips | 127,913 | 13,253,066 |
20,767,158 | ||
Pharmaceuticals 2.6% | ||
Eli Lilly & Co. | 30,272 | 14,196,963 |
Merck & Co., Inc. | 154,044 | 17,775,137 |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals (continued) | ||
Zoetis, Inc. | 43,388 | $ 7,471,847 |
39,443,947 | ||
Professional Services 0.6% | ||
Automatic Data Processing, Inc. | 40,846 | 8,977,542 |
Semiconductors & Semiconductor Equipment 5.0% | ||
Advanced Micro Devices, Inc. (m) | 51,160 | 5,827,636 |
KLA Corp. | 15,511 | 7,523,145 |
Lam Research Corp. | 30,465 | 19,584,730 |
NVIDIA Corp. | 70,518 | 29,830,524 |
Texas Instruments, Inc. | 64,881 | 11,679,878 |
74,445,913 | ||
Software 6.4% | ||
Cadence Design Systems, Inc. (m) | 18,213 | 4,271,313 |
Intuit, Inc. | 12,049 | 5,520,731 |
Microsoft Corp. | 235,720 | 80,272,090 |
Oracle Corp. | 41,179 | 4,904,007 |
94,968,141 | ||
Specialty Retail 1.9% | ||
Home Depot, Inc. (The) | 46,058 | 14,307,457 |
TJX Cos., Inc. (The) | 157,907 | 13,388,935 |
27,696,392 | ||
Technology Hardware, Storage & Peripherals 3.5% | ||
Apple, Inc. | 265,998 | 51,595,631 |
Textiles, Apparel & Luxury Goods 1.1% | ||
NIKE, Inc., Class B | 145,460 | 16,054,420 |
Total Common Stocks (Cost $611,753,501) | 908,456,494 | |
Short-Term Investments 4.0% | ||
Affiliated Investment Company 3.7% | ||
MainStay U.S. Government Liquidity Fund, 5.06% (n) | 54,129,760 | 54,129,760 |
Shares | Value | ||
Unaffiliated Investment Company 0.3% | |||
Invesco Government & Agency Portfolio, 5.158% (n)(o) | 4,802,945 | $ 4,802,945 | |
Total Short-Term Investments (Cost $58,932,705) | 58,932,705 | ||
Total Investments (Cost $1,249,138,466) | 102.6% | 1,524,765,356 | |
Other Assets, Less Liabilities | (2.6) | (38,910,562) | |
Net Assets | 100.0% | $ 1,485,854,794 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $4,683,120. The Portfolio received cash collateral with a value of $4,802,945. (See Note 2(G)) |
(g) | Placeholder shares represents future consent fee payment. |
(h) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(i) | Issue in non-accrual status. |
(j) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2023, the total net market value was $37,303,677, which represented 2.5% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(k) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(l) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2023. |
(m) | Non-income producing security. |
26 | MainStay VP Janus Henderson Balanced Portfolio |
(n) | Current yield as of June 30, 2023. |
(o) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 71,693 | $ 166,735 | $ (184,298) | $ — | $ — | $ 54,130 | $ 1,260 | $ — | 54,130 |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
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 |
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 | $ — | $ 34,629,207 | $ — | $ 34,629,207 | |||
Corporate Bonds | — | 140,044,217 | — | 140,044,217 | |||
Foreign Government Bonds | — | 2,311,988 | — | 2,311,988 | |||
Mortgage-Backed Securities | — | 116,105,928 | — | 116,105,928 | |||
U.S. Government & Federal Agencies | — | 264,284,817 | — | 264,284,817 | |||
Total Long-Term Bonds | — | 557,376,157 | — | 557,376,157 | |||
Common Stocks | 908,456,494 | — | — | 908,456,494 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 54,129,760 | — | — | 54,129,760 | |||
Unaffiliated Investment Company | 4,802,945 | — | — | 4,802,945 | |||
Total Short-Term Investments | 58,932,705 | — | — | 58,932,705 | |||
Total Investments in Securities | $ 967,389,199 | $ 557,376,157 | $ — | $ 1,524,765,356 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
28 | MainStay VP Janus Henderson Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,195,008,706) including securities on loan of $4,683,120 | $1,470,635,596 |
Investment in affiliated investment companies, at value (identified cost $54,129,760) | 54,129,760 |
Receivables: | |
Investment securities sold | 31,129,667 |
Dividends and interest | 4,186,915 |
Portfolio shares sold | 425,793 |
Securities lending | 24,965 |
Other assets | 13,212 |
Total assets | 1,560,545,908 |
Liabilities | |
Cash collateral received for securities on loan | 4,802,945 |
Due to custodian | 14,260 |
Payables: | |
Investment securities purchased | 68,017,101 |
Portfolio shares redeemed | 891,804 |
Manager (See Note 3) | 651,655 |
NYLIFE Distributors (See Note 3) | 226,975 |
Professional fees | 38,744 |
Custodian | 30,124 |
Shareholder communication | 13,809 |
Accrued expenses | 3,697 |
Total liabilities | 74,691,114 |
Net assets | $1,485,854,794 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 105,789 |
Additional paid-in-capital | 1,124,041,338 |
1,124,147,127 | |
Total distributable earnings (loss) | 361,707,667 |
Net assets | $1,485,854,794 |
Initial Class | |
Net assets applicable to outstanding shares | $ 361,649,400 |
Shares of beneficial interest outstanding | 25,560,650 |
Net asset value per share outstanding | $ 14.15 |
Service Class | |
Net assets applicable to outstanding shares | $1,124,205,394 |
Shares of beneficial interest outstanding | 80,227,945 |
Net asset value per share outstanding | $ 14.01 |
Investment Income (Loss) | |
Income | |
Interest | $ 11,135,061 |
Dividends-unaffiliated | 6,453,283 |
Dividends-affiliated | 1,260,148 |
Securities lending, net | 49,518 |
Total income | 18,898,010 |
Expenses | |
Manager (See Note 3) | 3,831,695 |
Distribution/Service—Service Class (See Note 3) | 1,323,834 |
Professional fees | 79,015 |
Custodian | 67,986 |
Shareholder communication | 19,029 |
Trustees | 16,963 |
Miscellaneous | 23,174 |
Total expenses | 5,361,696 |
Net investment income (loss) | 13,536,314 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (549,816) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 111,308,404 |
Net realized and unrealized gain (loss) | 110,758,588 |
Net increase (decrease) in net assets resulting from operations | $124,294,902 |
30 | MainStay VP Janus Henderson Balanced Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,536,314 | $ 18,327,740 |
Net realized gain (loss) | (549,816) | 56,703,333 |
Net change in unrealized appreciation (depreciation) | 111,308,404 | (356,411,959) |
Net increase (decrease) in net assets resulting from operations | 124,294,902 | (281,380,886) |
Distributions to shareholders: | ||
Initial Class | — | (30,995,228) |
Service Class | — | (87,814,323) |
Total distributions to shareholders | — | (118,809,551) |
Capital share transactions: | ||
Net proceeds from sales of shares | 80,874,584 | 160,730,282 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 118,809,551 |
Cost of shares redeemed | (89,115,482) | (215,614,470) |
Increase (decrease) in net assets derived from capital share transactions | (8,240,898) | 63,925,363 |
Net increase (decrease) in net assets | 116,054,004 | (336,265,074) |
Net Assets | ||
Beginning of period | 1,369,800,790 | 1,706,065,864 |
End of period | $1,485,854,794 | $1,369,800,790 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.95 | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | |||||
Net investment income (loss) (a) | 0.14 | 0.21 | 0.17 | 0.22 | 0.27 | 0.26 | |||||
Net realized and unrealized gain (loss) | 1.06 | (3.06) | 2.42 | 1.74 | 2.48 | (0.14) | |||||
Total from investment operations | 1.20 | (2.85) | 2.59 | 1.96 | 2.75 | 0.12 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.17) | (0.22) | (0.27) | (0.25) | (0.25) | |||||
From net realized gain on investments | — | (1.07) | (0.54) | (0.52) | (0.77) | (0.74) | |||||
Total distributions | — | (1.24) | (0.76) | (0.79) | (1.02) | (0.99) | |||||
Net asset value at end of period | $ 14.15 | $ 12.95 | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | |||||
Total investment return (b) | 9.27%(c) | (16.39)% | 17.35% | 14.32% | 22.93% | 0.42% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 2.10%†† | 1.43% | 1.03% | 1.57% | 2.01% | 1.93% | |||||
Net expenses (d) | 0.57%†† | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% | |||||
Expenses (before waiver/reimbursement) (d) | 0.57%†† | 0.57% | 0.57% | 0.58% | 0.58% | 0.58%(e) | |||||
Portfolio turnover rate | 77%(f) | 197% | 103%(f) | 106%(f) | 98%(f) | 132%(f) | |||||
Net assets at end of period (in 000's) | $ 361,649 | $ 348,495 | $ 453,022 | $ 416,712 | $ 404,231 | $ 371,106 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
(f) | The portfolio turnover rate not including mortgage dollar rolls were 63%, 60%, 95%, 93% and 103% for the six months ended June 30, 2023 and for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
32 | MainStay VP Janus Henderson Balanced Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 12.84 | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | |||||
Net investment income (loss) (a) | 0.12 | 0.17 | 0.12 | 0.18 | 0.24 | 0.22 | |||||
Net realized and unrealized gain (loss) | 1.05 | (3.03) | 2.41 | 1.74 | 2.45 | (0.13) | |||||
Total from investment operations | 1.17 | (2.86) | 2.53 | 1.92 | 2.69 | 0.09 | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.13) | (0.19) | (0.24) | (0.22) | (0.22) | |||||
From net realized gain on investments | — | (1.07) | (0.54) | (0.52) | (0.77) | (0.74) | |||||
Total distributions | — | (1.20) | (0.73) | (0.76) | (0.99) | (0.96) | |||||
Net asset value at end of period | $ 14.01 | $ 12.84 | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | |||||
Total investment return (b) | 9.11%(c) | (16.60)% | 17.06% | 14.03% | 22.62% | 0.17% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.85%†† | 1.18% | 0.77% | 1.31% | 1.76% | 1.69% | |||||
Net expenses (d) | 0.82%†† | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% | |||||
Expenses (before waiver/reimbursement) (d) | 0.82%†† | 0.82% | 0.82% | 0.83% | 0.83% | 0.83%(e) | |||||
Portfolio turnover rate | 77%(f) | 197% | 103%(f) | 106%(f) | 98%(f) | 132%(f) | |||||
Net assets at end of period (in 000's) | $ 1,124,205 | $ 1,021,306 | $ 1,253,044 | $ 1,042,214 | $ 919,661 | $ 748,653 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | Expense waiver/reimbursement less than 0.01%. |
(f) | The portfolio turnover rate not including mortgage dollar rolls were 63%, 60%, 95%, 93% and 103% for the six months ended June 30, 2023 and for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
34 | MainStay VP Janus Henderson Balanced Portfolio |
• | Level 1—quoted prices (unadjusted) 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 Janus Henderson Balanced Portfolio |
38 | MainStay VP Janus Henderson Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,251,107,313 | $306,489,136 | $(32,831,093) | $273,658,043 |
2022 | |
Distributions paid from: | |
Ordinary Income | $ 19,906,699 |
Long-Term Capital Gains | 98,902,852 |
Total | $118,809,551 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 204,771 | $ 2,792,079 |
Shares redeemed | (1,550,825) | (21,063,599) |
Net increase (decrease) | (1,346,054) | $ (18,271,520) |
Year ended December 31, 2022: | ||
Shares sold | 486,758 | $ 7,148,243 |
Shares issued to shareholders in reinvestment of distributions | 2,496,394 | 30,995,228 |
Shares redeemed | (2,663,843) | (38,681,553) |
Net increase (decrease) | 319,309 | $ (538,082) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 5,764,710 | $ 78,082,505 |
Shares redeemed | (5,057,021) | (68,051,883) |
Net increase (decrease) | 707,689 | $ 10,030,622 |
Year ended December 31, 2022: | ||
Shares sold | 10,549,192 | $ 153,582,039 |
Shares issued to shareholders in reinvestment of distributions | 7,128,654 | 87,814,323 |
Shares redeemed | (12,295,154) | (176,932,917) |
Net increase (decrease) | 5,382,692 | $ 64,463,445 |
40 | MainStay VP Janus Henderson Balanced Portfolio |
42 | MainStay VP Janus Henderson Balanced Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5035103 | MSVPJB10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/2/2005 | 5.81% | 10.22% | 3.41% | 3.52% | 0.64% |
Service Class Shares | 5/2/2005 | 5.68 | 9.94 | 3.14 | 3.26 | 0.89 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Morningstar LSTA US Leveraged Loan Index2 | 6.48% | 10.71% | 4.13% | 4.07% |
Morningstar Bank Loan Category Average3 | 5.64 | 9.30 | 2.78 | 3.02 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Morningstar LSTA US Leveraged Loan Index is the Portfolio's benchmark. The Morningstar LSTA US Leveraged Loan Index is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
3. | The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,058.10 | $3.21 | $1,021.67 | $3.16 | 0.63% |
Service Class Shares | $1,000.00 | $1,056.80 | $4.49 | $1,020.43 | $4.41 | 0.88% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Floating Rate Portfolio |
Electronics | 6.5% |
Chemicals, Plastics & Rubber | 6.2 |
Finance | 6.1 |
Healthcare, Education & Childcare | 5.0 |
Services: Business | 4.6 |
Insurance | 4.2 |
Hotels, Motels, Inns & Gaming | 3.7 |
Software | 3.7 |
Aerospace & Defense | 3.5 |
Telecommunications | 3.4 |
Manufacturing | 3.0 |
Containers, Packaging & Glass | 2.7 |
Diversified/Conglomerate Manufacturing | 2.5 |
Utilities | 2.4 |
High Tech Industries | 2.3 |
Buildings & Real Estate | 2.1 |
Media | 1.9 |
Broadcasting & Entertainment | 1.9 |
Oil & Gas | 1.9 |
Diversified/Conglomerate Service | 1.9 |
Healthcare | 1.8 |
Entertainment | 1.7 |
Personal, Food & Miscellaneous Services | 1.6 |
Automobile | 1.6 |
Personal & Nondurable Consumer Products | 1.6 |
Beverage, Food & Tobacco | 1.4 |
Leisure, Amusement, Motion Pictures & Entertainment | 1.3 |
Diversified Financial Services | 1.2 |
Retail Store | 1.2 |
Mining, Steel, Iron & Non–Precious Metals | 1.2 |
Healthcare & Pharmaceuticals | 1.1 |
Banking | 0.9 |
Commercial Services | 0.8 |
Retail | 0.8 |
Machinery (Non–Agriculture, Non–Construct & Non–Electronic) | 0.7 |
Printing & Publishing | 0.7 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.7 |
Chemicals | 0.5 |
Energy (Electricity) | 0.5% |
Packaging & Containers | 0.5 |
Auto Manufacturers | 0.5 |
Real Estate | 0.3 |
Affiliated Investment Company | 0.3 |
Cargo Transport | 0.3 |
Water | 0.3 |
Packaging | 0.3 |
Hotel, Gaming & Leisure | 0.3 |
Pharmaceuticals | 0.2 |
Consumer Durables | 0.2 |
Electric | 0.2 |
Real Estate Investment Trusts | 0.2 |
Animal Food | 0.1 |
Capital Equipment | 0.1 |
Ecological | 0.1 |
Food | 0.1 |
Healthcare–Services | 0.1 |
Machinery–Diversified | 0.1 |
Airlines | 0.1 |
Environmental Control | 0.1 |
Internet | 0.1 |
Machinery | 0.1 |
Home and Office Furnishings, Housewares & Durable Consumer Products | 0.0‡ |
Services: Consumer | 0.0‡ |
Lodging | 0.0‡ |
Iron & Steel | 0.0‡ |
Distribution & Wholesale | 0.0‡ |
Oil & Gas Services | 0.0‡ |
Healthcare–Products | 0.0‡ |
Communications Equipment | 0.0‡ |
Health Care Equipment & Supplies | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Automobile Components | 0.0‡ |
Capital Markets | 0.0‡ |
Short–Term Investments | 4.2 |
Other Assets, Less Liabilities | 0.4 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | EMRLD Borrower LP, 8.264%, due 5/31/30 |
2. | Gen Digital, Inc., 6.75%-7.202%, due 9/30/27–9/12/29 |
3. | UKG, Inc., 8.271%-10.271%, due 5/4/26–5/3/27 |
4. | AmWINS Group, Inc., 7.443%-7.952%, due 2/19/28 |
5. | IRB Holding Corp., 7.00%-8.202%, due 6/15/25–12/15/27 |
6. | Asurion LLC, 8.788%-10.467%, due 12/23/26–1/20/29 |
7. | Prime Security Services Borrower LLC, 6.25%-7.943%, due 9/23/26–1/15/28 |
8. | Gates Global LLC, 7.702%-8.602%, due 3/31/27–11/16/29 |
9. | Nouryon Finance BV, 9.318%-9.347%, due 4/3/28 |
10. | Chariot Buyer LLC, 8.452%, due 11/3/28 |
8 | MainStay VP Floating Rate Portfolio |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | 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 ‘CCC’ by 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. |
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. |
5. | 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. |
6. | SOFR is a secured, interbank overnight interest rate established as an alternative to LIBOR. |
7. | 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. | 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. |
10 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Long-Term Bonds 95.0% | ||
Asset-Backed Securities 1.1% | ||
Other Asset-Backed Securities 1.1% | ||
Ballyrock CLO 21 Ltd. (a)(b) | ||
Series 2022-21A, Class A2A | ||
7.848% (3 Month SOFR + 2.80%), due 10/20/35 | $ 900,000 | $ 901,517 |
Series 2022-21A, Class C | ||
10.368% (3 Month SOFR + 5.32%), due 10/20/35 | 1,000,000 | 1,009,949 |
Danby Park CLO Ltd. (a)(b) | ||
Series 2022-1A, Class B | ||
8.006% (3 Month SOFR + 2.95%), due 10/21/35 | 1,000,000 | 1,008,595 |
Series 2022-1A, Class D | ||
10.385% (3 Month SOFR + 5.33%), due 10/21/35 | 1,000,000 | 1,007,153 |
Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
Series 2022-51A, Class B | ||
8.121% (3 Month SOFR + 3.05%), due 10/23/35 | 750,000 | 755,186 |
Series 2022-51A, Class D | ||
10.771% (3 Month SOFR + 5.70%), due 10/23/35 | 750,000 | 754,445 |
Palmer Square CLO Ltd. | ||
Series 2021-4A, Class D | ||
8.21% (3 Month LIBOR + 2.95%), due 10/15/34 (a)(b) | 1,575,000 | 1,462,291 |
Sixth Street CLO XXI Ltd. (a)(b) | ||
Series 2022-21A, Class B | ||
7.986% (3 Month SOFR + 3.00%), due 10/15/35 | 1,500,000 | 1,509,945 |
Series 2022-21A, Class D | ||
10.086% (3 Month SOFR + 5.10%), due 10/15/35 | 1,071,000 | 1,075,461 |
Total Asset-Backed Securities (Cost $9,432,103) | 9,484,542 | |
Corporate Bonds 4.0% | ||
Aerospace & Defense 0.2% | ||
Howmet Aerospace, Inc. | ||
6.875%, due 5/1/25 | 200,000 | 203,180 |
Spirit AeroSystems, Inc. (a) | ||
7.50%, due 4/15/25 | 900,000 | 889,299 |
9.375%, due 11/30/29 | 250,000 | 267,644 |
1,360,123 |
Principal Amount | Value | |
Airlines 0.1% | ||
United Airlines, Inc. (a) | ||
4.375%, due 4/15/26 | $ 200,000 | $ 190,021 |
4.625%, due 4/15/29 | 600,000 | 546,701 |
736,722 | ||
Auto Manufacturers 0.5% | ||
Ford Motor Co. | ||
6.10%, due 8/19/32 | 2,100,000 | 2,035,228 |
Ford Motor Credit Co. LLC | ||
7.35%, due 11/4/27 | 2,000,000 | 2,042,240 |
4,077,468 | ||
Chemicals 0.3% | ||
ASP Unifrax Holdings, Inc. | ||
5.25%, due 9/30/28 (a) | 330,000 | 238,237 |
Olympus Water US Holding Corp. | ||
9.75%, due 11/15/28 (a) | 1,500,000 | 1,462,950 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 350,000 | 319,074 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (a) | 300,000 | 245,790 |
2,266,051 | ||
Commercial Services 0.3% | ||
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | 850,000 | 814,425 |
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 936,802 |
Sotheby's/Bidfair Holdings, Inc. | ||
5.875%, due 6/1/29 (a) | 900,000 | 699,750 |
2,450,977 | ||
Distribution & Wholesale 0.0% ‡ | ||
OPENLANE, Inc. | ||
5.125%, due 6/1/25 (a) | 350,000 | 342,994 |
Diversified Financial Services 0.1% | ||
GGAM Finance Ltd. | ||
7.75%, due 5/15/26 (a) | 1,125,000 | 1,129,219 |
Electric 0.2% | ||
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,404,025 |
Entertainment 0.3% | ||
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (a) | 1,410,000 | 1,415,978 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Entertainment (continued) | ||
Scientific Games International, Inc. | ||
7.00%, due 5/15/28 (a) | $ 900,000 | $ 895,195 |
2,311,173 | ||
Environmental Control 0.1% | ||
GFL Environmental, Inc. | ||
4.75%, due 6/15/29 (a) | 1,000,000 | 913,611 |
Food 0.1% | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 221,465 |
U.S. Foods, Inc. | ||
6.25%, due 4/15/25 (a) | 500,000 | 499,792 |
721,257 | ||
Healthcare-Products 0.0% ‡ | ||
Medline Borrower LP | ||
5.25%, due 10/1/29 (a) | 200,000 | 173,540 |
Healthcare-Services 0.1% | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | 120,000 | 110,652 |
Fortrea Holdings, Inc. | ||
7.50%, due 7/1/30 (a) | 360,000 | 368,629 |
479,281 | ||
Internet 0.1% | ||
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (a) | 560,000 | 558,423 |
Iron & Steel 0.0% ‡ | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 310,000 | 303,800 |
Lodging 0.0% ‡ | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 400,000 | 378,991 |
Machinery-Diversified 0.1% | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | 220,000 | 178,755 |
GrafTech Global Enterprises, Inc. | ||
9.875%, due 12/15/28 (a) | 900,000 | 893,250 |
1,072,005 |
Principal Amount | Value | |
Media 0.1% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | $ 370,000 | $ 294,988 |
Univision Communications, Inc. | ||
6.625%, due 6/1/27 (a) | 600,000 | 579,930 |
874,918 | ||
Oil & Gas Services 0.0% ‡ | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | 360,000 | 352,654 |
Packaging & Containers 0.5% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 400,000 | 316,797 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 978,095 |
Clydesdale Acquisition Holdings, Inc. | ||
8.75%, due 4/15/30 (a) | 100,000 | 88,272 |
Mauser Packaging Solutions Holding Co. | ||
7.875%, due 8/15/26 (a) | 1,500,000 | 1,490,263 |
Trident TPI Holdings, Inc. | ||
12.75%, due 12/31/28 (a) | 790,000 | 819,230 |
3,692,657 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 300,000 | 265,074 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 600,000 | 495,015 |
760,089 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 1,330,000 | 995,123 |
Real Estate Investment Trusts 0.2% | ||
Iron Mountain, Inc. | ||
5.00%, due 7/15/28 (a) | 350,000 | 324,303 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 279,300 |
7.25%, due 7/15/28 (a) | 900,000 | 909,207 |
1,512,810 | ||
Retail 0.3% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 1,040,000 | 890,066 |
12 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | $ 580,000 | $ 582,900 |
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | 1,000,000 | 827,250 |
2,300,216 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 300,000 | 265,934 |
4.875%, due 7/1/29 | 300,000 | 266,131 |
532,065 | ||
Telecommunications 0.1% | ||
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 280,000 | 256,973 |
Level 3 Financing, Inc. | ||
10.50%, due 5/15/30 (a) | 368,000 | 373,385 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 600,000 | 360,198 |
990,556 | ||
Total Corporate Bonds (Cost $34,946,317) | 32,690,748 | |
Loan Assignments 89.9% | ||
Aerospace & Defense 3.3% | ||
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche Term Loan 3 | ||
9.147% (1 Month SOFR + 4.00%), due 2/15/29 | 2,805,000 | 2,734,875 |
First Lien Tranche Term Loan 1 | ||
9.217% (1 Month SOFR + 4.00%), due 1/29/27 | 1,094,915 | 1,075,754 |
Arcline FM Holdings LLC | ||
First Lien Initial Term Loan | ||
10.253% (3 Month SOFR + 4.75%), due 6/23/28 (b) | 2,877,321 | 2,798,195 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
6.952% (1 Month SOFR + 1.75%), due 9/7/27 (b) | 2,597,794 | 2,589,907 |
Cobham Ultra SeniorCo. SARL | ||
USD Facility Term Loan B | ||
8.56% (6 Month LIBOR + 3.50%), due 8/3/29 (b) | 992,519 | 975,150 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
Dynasty Acquisition Co., Inc. (b) | ||
2020 Term Loan B1 | ||
8.702% (1 Month SOFR + 3.50%), due 4/6/26 | $ 1,497,706 | $ 1,483,196 |
2020 Term Loan B2 | ||
8.702% (1 Month SOFR + 3.50%), due 4/6/26 | 805,218 | 797,417 |
Russell Investments U.S. Institutional Holdco, Inc. | ||
2025 Term Loan | ||
8.702% (1 Month SOFR + 3.50%), due 5/30/25 (b) | 4,235,454 | 3,940,294 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
8.798% (3 Month SOFR + 3.75%), due 10/20/27 (b) | 2,417,143 | 2,508,088 |
TransDigm, Inc. | ||
Tranche Term Loan I | ||
8.492% (3 Month SOFR + 3.25%), due 8/24/28 (b) | 4,209,474 | 4,203,732 |
United AirLines, Inc. | ||
Term Loan B | ||
9.292% (3 Month LIBOR + 3.75%), due 4/21/28 (b) | 2,184,000 | 2,179,632 |
WestJet Airlines Ltd. | ||
Term Loan | ||
8.251% (3 Month SOFR + 3.00%), due 12/11/26 (b) | 2,188,372 | 2,120,440 |
27,406,680 | ||
Animal Food 0.1% | ||
Alltech, Inc. | ||
Term Loan B | ||
9.217% (1 Month SOFR + 4.00%), due 10/13/28 (b) | 525,333 | 508,260 |
Automobile 1.6% | ||
American Auto Auction Group LLC | ||
First Lien Tranche Term Loan B | ||
10.242% (3 Month SOFR + 5.00%), due 12/30/27 (b) | 1,477,500 | 1,374,075 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term Loan B | ||
9.717% (1 Month SOFR + 4.50%), due 4/6/28 (b) | 2,001,345 | 1,988,336 |
Belron Finance 2019 LLC | ||
Dollar Second Incremental Term Loan | ||
7.563% (3 Month LIBOR + 2.25%), due 10/30/26 (b) | 1,206,250 | 1,203,988 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Automobile (continued) | ||
Belron Finance U.S. LLC | ||
First Incremental Term Loan | ||
7.625% (3 Month LIBOR + 2.25%), due 11/13/25 (b) | $ 955,000 | $ 954,602 |
Belron Finance US LLC | ||
Dollar Fourth Incremental Term Loan | ||
7.832% (3 Month SOFR + 2.75%), due 4/18/29 (b) | 500,000 | 499,688 |
Belron Group SA | ||
Dollar Third Incremental Term Loan | ||
7.80% (3 Month LIBOR + 2.425%), due 4/13/28 (b) | 945,731 | 943,130 |
Clarios Global LP | ||
First Lien 2023 Term Loan | ||
8.852% (1 Month SOFR + 3.75%), due 5/6/30 (b) | 3,428,571 | 3,413,571 |
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
7.943% (1 Month SOFR + 2.75%), due 2/5/26 (b) | 2,599,759 | 2,577,011 |
12,954,401 | ||
Banking 0.9% | ||
Apollo Commercial Real Estate Finance, Inc. (b) | ||
Initial Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 5/15/26 | 816,174 | 765,163 |
Term Loan B1 | ||
8.717% (1 Month SOFR + 3.50%), due 3/11/28 | 733,125 | 659,813 |
Edelman Financial Engines Center LLC (The) | ||
First Lien 2021 Initial Term Loan | ||
8.943% (1 Month LIBOR + 3.75%), due 4/7/28 (b) | 1,628,515 | 1,584,472 |
Greenhill & Co., Inc. | ||
New Term Loan | ||
8.726% (3 Month SOFR + 3.25%), due 4/12/24 (b)(c) | 553,230 | 552,365 |
Jane Street Group LLC | ||
Dollar Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 1/26/28 (b) | 3,739,515 | 3,727,829 |
7,289,642 |
Principal Amount | Value | |
Beverage, Food & Tobacco 1.4% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 10/1/25 (b) | $ 2,007,671 | $ 1,849,567 |
CHG PPC Parent LLC | ||
First Lien 2021-1 U.S. Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 12/8/28 (b) | 1,303,457 | 1,290,422 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
7.452% (1 Month SOFR + 2.25%), due 1/29/27 (b) | 1,440,450 | 1,431,223 |
H-Food Holdings LLC | ||
Initial Term Loan | ||
9.269% (3 Month SOFR + 3.688%), due 5/23/25 (b) | 2,215,601 | 1,943,498 |
Naked Juice LLC | ||
First Lien Initial Term Loan 8.452% - 8.592% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 1/24/29 (b) | 733,149 | 681,174 |
Pegasus BidCo BV | ||
Initial Dollar Term Loan | ||
9.336% (3 Month SOFR + 4.25%), due 7/12/29 (b) | 1,592,000 | 1,580,060 |
Sotheby's | ||
2021 Second Refinancing Term Loan | ||
9.76% (3 Month LIBOR + 4.50%), due 1/15/27 (b) | 2,251,063 | 2,189,159 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 10/22/25 (b) | 899,997 | 897,032 |
11,862,135 | ||
Broadcasting & Entertainment 1.9% | ||
Altice France SA | ||
USD Term Loan B14 | ||
10.486% (3 Month SOFR + 5.50%), due 8/15/28 (b) | 3,000,460 | 2,665,723 |
Charter Communications Operating LLC | ||
Term Loan B1 | ||
6.795% (3 Month SOFR + 1.75%), due 4/30/25 (b) | 2,761,364 | 2,758,486 |
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B | ||
8.807% (3 Month SOFR + 3.50%), due 8/21/26 (b) | 1,193,304 | 1,138,965 |
14 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Broadcasting & Entertainment (continued) | ||
CMG Media Corp. | ||
First Lien 2021 Term Loan B | ||
8.842% (3 Month SOFR + 3.50%), due 12/17/26 (b) | $ 2,735,841 | $ 2,440,370 |
Gray Television, Inc. (b) | ||
Term Loan E | ||
7.775% (1 Month SOFR + 2.50%), due 1/2/26 | 506,446 | 496,476 |
Term Loan D | ||
8.275% (1 Month SOFR + 3.00%), due 12/1/28 | 1,576,000 | 1,538,964 |
Nexstar Media, Inc. | ||
Term Loan B4 | ||
7.717% (1 Month SOFR + 2.50%), due 9/18/26 (b) | 1,719,214 | 1,715,776 |
Univision Communications, Inc. (b) | ||
First Lien 2017 Replacement Repriced Term Loan | ||
7.943% (1 Month LIBOR + 2.75%), due 3/15/24 | 681,114 | 680,830 |
First Lien Initial Term Loan | ||
8.443% (1 Month LIBOR + 3.25%), due 1/31/29 | 2,054,000 | 2,018,055 |
First Lien 2022 Incremental Term Loan | ||
9.492% (3 Month SOFR + 4.25%), due 6/24/29 | 669,937 | 667,146 |
16,120,791 | ||
Buildings & Real Estate 2.1% | ||
Allspring Buyer LLC | ||
Initial Term Loan | ||
8.753% (3 Month SOFR + 3.00%), due 11/1/28 (b) | 1,580,807 | 1,552,747 |
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
7.443% (1 Month LIBOR + 2.25%), due 5/19/28 (b) | 1,470,000 | 1,464,488 |
Core & Main LP | ||
Tranche Term Loan B 7.684% - 7.691% | ||
(1 Month SOFR + 2.50%, 6 Month SOFR + 2.50%), due 7/27/28 (b) | 2,493,473 | 2,477,889 |
Cornerstone Building Brands, Inc. (b) | ||
Tranche Term Loan B | ||
8.497% (1 Month SOFR + 3.25%), due 4/12/28 | 2,463,214 | 2,354,680 |
Initial Term Loan | ||
10.772% (1 Month SOFR + 5.625%), due 8/1/28 | 1,194,000 | 1,144,250 |
Principal Amount | Value | |
Buildings & Real Estate (continued) | ||
Cushman & Wakefield U.S. Borrower LLC (b) | ||
Replacement Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 8/21/25 | $ 1,212,212 | $ 1,197,059 |
2023-1 Refinancing Term Loan | ||
8.452% (1 Month SOFR + 3.25%), due 1/31/30 | 1,529,030 | 1,479,336 |
SRS Distribution, Inc. (b) | ||
2021 Refinancing Term Loan | ||
8.693% (1 Month LIBOR + 3.50%), due 6/2/28 | 2,043,600 | 1,996,342 |
2022 Refinancing Term Loan | ||
8.702% (1 Month SOFR + 3.50%), due 6/2/28 | 592,500 | 578,675 |
VC GB Holdings I Corp. | ||
First Lien Initial Term Loan | ||
8.476% (3 Month LIBOR + 3.00%), due 7/21/28 (b) | 492,500 | 477,813 |
Wilsonart LLC | ||
Tranche Term Loan E | ||
8.71% (6 Month LIBOR + 3.50%), due 12/31/26 (b) | 2,887,249 | 2,844,841 |
17,568,120 | ||
Capital Equipment 0.1% | ||
AZZ, Inc. | ||
Initial Term Loan | ||
9.452% (1 Month SOFR + 4.25%), due 5/13/29 (b) | 792,500 | 791,934 |
Cargo Transport 0.3% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
7.342% (3 Month SOFR + 2.00%), due 12/30/26 (b) | 2,428,523 | 2,423,753 |
Chemicals 0.2% | ||
LSF11 A5 Holdco LLC (b) | ||
Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 10/15/28 | 1,316,667 | 1,295,271 |
Fourth Amendment Incremental Term Loan | ||
9.452% (1 Month SOFR + 4.25%), due 10/15/28 | 450,000 | 445,078 |
1,740,349 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber 6.2% | ||
Aruba Investments Holdings LLC (b) | ||
First Lien Initial Dollar Term Loan | ||
9.193% (1 Month LIBOR + 4.00%), due 11/24/27 | $ 521,374 | $ 503,126 |
First Lien 2022 Incremental Term Loan | ||
9.852% (1 Month SOFR + 4.75%), due 11/24/27 (c)(d) | 1,492,500 | 1,440,263 |
Avient Corp. | ||
Term Loan B6 | ||
8.295% (3 Month SOFR + 3.25%), due 8/29/29 (b) | 1,055,686 | 1,058,514 |
Axalta Coating Systems Dutch Holding B BV | ||
Facility Dollar Term Loan B4 | ||
8.242% (3 Month SOFR + 3.00%), due 12/20/29 (b) | 2,306,250 | 2,308,773 |
Bakelite U.S. Holdco, Inc. | ||
Term Loan | ||
9.392% (3 Month SOFR + 4.00%), due 5/29/29 (b) | 1,782,000 | 1,747,844 |
Clydesdale Acquisition Holdings, Inc. | ||
First Lien Term Loan B | ||
9.377% (1 Month SOFR + 4.175%), due 4/13/29 (b) | 2,970,000 | 2,920,594 |
Diamond (BC) BV | ||
Amendment No. 3 Refinancing Term Loan | ||
8.057% (3 Month SOFR + 2.75%), due 9/29/28 (b) | 1,231,250 | 1,229,133 |
Entegris, Inc. | ||
Tranche Term Loan B 7.852% - 7.992% | ||
(1 Month SOFR + 2.75%, 3 Month SOFR + 2.75%), due 7/6/29 (b) | 3,010,862 | 3,010,323 |
Herens Holdco SARL | ||
USD Facility Term Loan B | ||
9.267% (3 Month SOFR + 3.925%), due 7/3/28 (b) | 1,913,544 | 1,602,593 |
Ineos Quattro Holdings U.K. Ltd. (b) | ||
2026 Tranche Dollar Term Loan B | ||
7.967% (1 Month SOFR + 2.75%), due 1/29/26 | 1,901,200 | 1,895,021 |
2030 Tranche Dollar Term Loan B | ||
8.952% (1 Month SOFR + 3.75%), due 3/14/30 | 1,500,000 | 1,489,375 |
Ineos U.S. Finance LLC (b) | ||
2028 Dollar Term Loan | ||
7.702% (1 Month SOFR + 2.50%), due 11/8/28 | 460,833 | 453,509 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Ineos U.S. Finance LLC (b) (continued) | ||
2030 Dollar Term Loan | ||
8.702% (1 Month SOFR + 3.50%), due 2/18/30 | $ 1,000,000 | $ 992,857 |
2027-II Dollar Term Loan | ||
8.952% (1 Month SOFR + 3.75%), due 11/8/27 | 1,422,721 | 1,416,497 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 2/5/27 (b) | 1,451,250 | 1,439,459 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.693% (1 Month SOFR + 3.50%), due 5/5/28 (b) | 2,649,677 | 2,645,952 |
Koppers, Inc. | ||
Initial Term Loan 9.16% - 9.25% | ||
(1 Month SOFR + 4.00%), due 4/10/30 (b) | 3,491,250 | 3,465,066 |
Nouryon Finance BV (b) | ||
Extended Dollar Term Loan | ||
9.318% (3 Month SOFR + 4.00%), due 4/3/28 | 3,421,865 | 3,383,369 |
2023 Term Loan | ||
9.347% (3 Month SOFR + 4.00%), due 4/3/28 | 1,250,000 | 1,236,719 |
Olympus Water U.S. Holding Corp. | ||
Initial Dollar Term Loan | ||
9.253% (3 Month SOFR + 3.75%), due 11/9/28 (b) | 1,231,250 | 1,183,026 |
Oxea Holding Vier GmbH | ||
Tranche Term Loan B2 | ||
8.741% (1 Month SOFR + 3.50%), due 10/14/24 (b) | 2,187,500 | 2,145,572 |
PMHC II, Inc. | ||
Initial Term Loan | ||
9.304% (3 Month SOFR + 4.25%), due 4/23/29 (b) | 2,977,500 | 2,615,945 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
9.193% (1 Month SOFR + 4.00%), due 3/16/27 (b) | 2,681,355 | 2,637,225 |
Sparta U.S. Holdco LLC | ||
First Lien Initial Term Loan | ||
8.537% (1 Month SOFR + 3.25%), due 8/2/28 (b) | 886,500 | 878,522 |
16 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Tricorbraun Holdings, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 3/3/28 (b) | $ 2,608,773 | $ 2,537,963 |
Tronox Finance LLC | ||
First Lien Refinancing Term Loan | ||
7.443% (1 Month LIBOR + 2.25%), due 3/10/28 (b) | 1,219,316 | 1,210,680 |
W. R. Grace Holdings LLC | ||
Initial Term Loan | ||
9.313% (3 Month SOFR + 3.75%), due 9/22/28 (b) | 1,477,500 | 1,465,265 |
Windsor Holdings III LLC | ||
Seven Year Term Loan | ||
TBD, due 6/21/30 | 2,500,000 | 2,458,332 |
51,371,517 | ||
Commercial Services 0.5% | ||
Prime Security Services Borrower LLC | ||
First Lien 2021 Refinancing Term Loan B1 | ||
7.943% (1 Month SOFR + 2.75%), due 9/23/26 (b) | 4,080,337 | 4,075,237 |
Consumer Durables 0.2% | ||
SWF Holdings I Corp. | ||
First Lien Initial Term Loan | ||
9.217% (1 Month SOFR + 4.00%), due 10/6/28 (b) | 2,073,750 | 1,674,553 |
Containers, Packaging & Glass 2.7% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B | ||
8.559% (3 Month SOFR + 3.50%), due 10/8/27 (b) | 1,735,714 | 1,729,205 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
7.904% (1 Month LIBOR + 2.75%), due 2/3/28 (b) | 2,044,255 | 2,021,683 |
Anchor Glass Container Corp. | ||
First Lien July 2017 Additional Term Loan 7.96% - 8.042% | ||
(3 Month LIBOR + 2.75%), due 12/7/23 (b) | 2,050,592 | 1,561,869 |
Principal Amount | Value | |
Containers, Packaging & Glass (continued) | ||
Berlin Packaging LLC (b) | ||
Tranche Initial Term Loan B4 8.412% - 8.622% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 3/11/28 | $ 1,955,006 | $ 1,900,428 |
Tranche Term Loan B5 8.93% - 9.29% | ||
(1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 3/11/28 | 1,061,100 | 1,042,531 |
Charter Next Generation, Inc. | ||
First Lien 2021 Initial Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 12/1/27 (b) | 1,832,127 | 1,813,805 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 8/4/27 (b) | 3,185,044 | 3,160,163 |
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
9.16% (1 Month SOFR + 4.00%), due 8/14/26 (b) | 183,333 | 182,674 |
Pactiv Evergreen, Inc. (b) | ||
Tranche U.S. Term Loan B2 | ||
8.467% (1 Month SOFR + 3.25%), due 2/5/26 | 843,126 | 842,189 |
Tranche U.S. Term Loan B3 | ||
8.467% (1 Month SOFR + 3.25%), due 9/24/28 | 491,250 | 488,917 |
Pretium PKG Holdings, Inc. (b) | ||
First Lien Initial Term Loan 9.219% - 9.513% | ||
(3 Month SOFR + 4.00%), due 10/2/28 | 1,694,200 | 1,256,249 |
Second Lien Initial Term Loan 11.969% - 12.263% | ||
(3 Month LIBOR + 6.75%), due 10/1/29 (c) | 750,000 | 384,107 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
6.952% (1 Month SOFR + 1.75%), due 2/4/27 (b) | 1,269,432 | 1,267,647 |
RLG Holdings LLC | ||
First Lien Closing Date Initial Term Loan | ||
9.467% (1 Month SOFR + 4.25%), due 7/7/28 (b) | 788,000 | 748,600 |
Trident TPI Holdings, Inc. (b) | ||
Tranche Initial Term Loan B3 | ||
9.538% (3 Month LIBOR + 4.00%), due 9/15/28 | 505,592 | 496,744 |
Tranche Initial Term Loan B5 | ||
9.742% (3 Month SOFR + 4.50%), due 9/15/28 | 2,671,955 | 2,634,659 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Containers, Packaging & Glass (continued) | ||
Trident TPI Holdings, Inc. (b) (continued) | ||
Tranche Initial Term Loan B4 | ||
10.492% (3 Month SOFR + 5.25%), due 9/15/28 | $ 398,000 | $ 392,859 |
21,924,329 | ||
Diversified/Conglomerate Manufacturing 2.5% | ||
Allied Universal Holdco LLC | ||
Initial U.S. Dollar Term Loan | ||
8.952% (1 Month SOFR + 3.75%), due 5/12/28 (b) | 4,240,269 | 4,104,580 |
Filtration Group Corp. (b) | ||
2021 Incremental Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 10/21/28 | 786,000 | 782,267 |
2023 Extended Dollar Term Loan | ||
9.454% (1 Month SOFR + 4.25%), due 10/21/28 | 2,734,315 | 2,725,771 |
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
6.952% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 1,948,300 | 1,945,459 |
GYP Holdings III Corp. | ||
First Lien 2023 Refinancing Term Loan | ||
8.102% (1 Month SOFR + 3.00%), due 5/12/30 (b) | 1,367,027 | 1,366,457 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
6.952% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 844,695 | 843,463 |
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
6.943% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 1,776,562 | 1,760,277 |
LTI Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 9/6/25 | 1,046,508 | 1,004,124 |
First Lien First Amendment Additional Term Loan | ||
9.967% (1 Month LIBOR + 4.75%), due 7/24/26 | 991,115 | 955,600 |
QUIKRETE Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
7.842% (1 Month SOFR + 2.625%), due 2/1/27 | 2,255,005 | 2,248,804 |
Principal Amount | Value | |
Diversified/Conglomerate Manufacturing (continued) | ||
QUIKRETE Holdings, Inc. (b) (continued) | ||
First Lien Fourth Amendment Term Loan B1 | ||
8.217% (1 Month SOFR + 3.00%), due 3/19/29 | $ 1,481,250 | $ 1,481,019 |
Red Ventures LLC | ||
First Lien Term Loan B4 | ||
8.102% (1 Month SOFR + 3.00%), due 3/3/30 (b) | 535,186 | 530,336 |
WP CPP Holdings LLC | ||
First Lien Initial Term Loan | ||
9.03% (3 Month LIBOR + 3.75%), due 4/30/25 (b) | 975,555 | 883,853 |
20,632,010 | ||
Diversified/Conglomerate Service 1.9% | ||
Applied Systems, Inc. (b) | ||
First Lien 2026 Term Loan | ||
9.742% (3 Month SOFR + 4.50%), due 9/18/26 | 2,536,196 | 2,538,098 |
Second Lien 2021 Term Loan | ||
11.992% (3 Month SOFR + 6.75%), due 9/17/27 | 445,140 | 444,769 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
8.264% (3 Month SOFR + 3.00%), due 6/15/25 (b) | 1,931,935 | 1,913,421 |
Brightview Landscapes LLC | ||
2022 Initial Term Loan 8.295% - 8.352% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 4/20/29 (b) | 1,072,615 | 1,057,866 |
Element Materials Technology Group U.S. Holdings, Inc. (b) | ||
Initial USD Term Loan B | ||
9.592% (3 Month SOFR + 4.25%), due 6/22/29 | 476,553 | 466,426 |
First Lien Delayed Draw Term Loan B | ||
9.592% (3 Month SOFR + 4.25%), due 6/22/29 | 219,947 | 215,274 |
Genesys Cloud Services Holdings I LLC | ||
2020 Initial Dollar Term Loan 9.193% | ||
(1 Month SOFR + 4.00%), due 12/1/27 (b) | 2,402,004 | 2,393,597 |
MKS Instruments, Inc. | ||
Initial Dollar Term Loan B | ||
7.939% (1 Month SOFR + 2.75%), due 8/17/29 (b) | 3,322,375 | 3,313,239 |
18 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Service (continued) | ||
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
9.202% (1 Month SOFR + 4.00%), due 11/2/27 (b) | $ 2,664,996 | $ 2,445,134 |
Verscend Holding Corp. | ||
Term Loan B1 | ||
9.217% (1 Month SOFR + 4.00%), due 8/27/25 (b) | 1,035,959 | 1,034,016 |
15,821,840 | ||
Ecological 0.1% | ||
GFL Environmental, Inc. | ||
2023 Refinancing Term Loan | ||
8.145% (3 Month SOFR + 3.00%), due 5/31/27 (b) | 1,139,394 | 1,139,216 |
Electronics 6.5% | ||
Camelot U.S. Acquisition LLC (b) | ||
Initial Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 10/30/26 | 1,544,093 | 1,540,233 |
Amendment No. 2 Incremental Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 10/30/26 | 1,030,547 | 1,027,970 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
8.943% (1 Month LIBOR + 3.75%), due 1/29/27 | 409,198 | 296,669 |
Dollar Term Loan B2 | ||
9.193% (1 Month LIBOR + 4.00%), due 1/29/27 | 2,453,125 | 1,778,516 |
Commscope, Inc. | ||
Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 4/6/26 (b) | 4,149,575 | 3,966,994 |
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
8.75% (1 Month LIBOR + 3.50%), due 6/2/28 (b) | 4,421,250 | 3,990,178 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
9.264% (3 Month SOFR + 4.00%), due 10/16/26 (b) | 2,422,405 | 2,402,723 |
Diebold Nixdorf, Inc. | ||
New Dollar Term Loan B | ||
7.943% (1 Month LIBOR + 2.75%), due 11/6/23 (b)(c)(e) | 622,358 | 62,236 |
Principal Amount | Value | |
Electronics (continued) | ||
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
9.253% (3 Month SOFR + 3.75%), due 11/9/27 (b) | $ 1,950,000 | $ 1,930,500 |
Epicor Software Corp. | ||
Term Loan C | ||
8.467% (1 Month SOFR + 3.25%), due 7/30/27 (b) | 3,016,891 | 2,976,247 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
8.967% (1 Month SOFR + 3.75%), due 3/3/28 (b) | 2,334,824 | 2,292,213 |
Gainwell Acquisition Corp. | ||
First Lien Term Loan B | ||
9.342% (3 Month SOFR + 4.00%), due 10/1/27 (b) | 1,508,056 | 1,481,665 |
Go Daddy Operating Co. LLC | ||
Amendment No. 6 Term Loan | ||
8.102% (1 Month SOFR + 3.00%), due 11/9/29 (b) | 1,155,881 | 1,157,458 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
9.003% (1 Month SOFR + 3.75%), due 3/11/28 (b) | 497,143 | 489,934 |
Hyland Software, Inc. (b) | ||
First Lien 2018 Refinancing Term Loan | ||
8.693% (1 Month LIBOR + 3.50%), due 7/1/24 | 3,499,439 | 3,462,986 |
Second Lien 2021 Refinancing Term Loan | ||
11.467% (1 Month LIBOR + 6.25%), due 7/7/25 | 535,333 | 511,626 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
10.092% (3 Month SOFR + 4.75%), due 4/1/28 (b) | 980,000 | 960,400 |
MH Sub I LLC | ||
First Lien 2023 May Incremental Term Loan | ||
9.352% (1 Month SOFR + 4.25%), due 5/3/28 (b) | 3,524,215 | 3,371,500 |
Misys Ltd. | ||
First Lien Dollar Term Loan | ||
9.231% (3 Month LIBOR + 3.50%), due 6/13/24 (b) | 2,614,463 | 2,507,842 |
Project Alpha Intermediate Holding, Inc. | ||
2021 Refinancing Term Loan | ||
9.20% (1 Month LIBOR + 4.00%), due 4/26/24 (b) | 1,975,475 | 1,970,536 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Proofpoint, Inc. | ||
First Lien Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 8/31/28 (b) | $ 2,462,500 | $ 2,405,725 |
Rocket Software, Inc. (b) | ||
First Lien Initial Term Loan | ||
9.467% (1 Month SOFR + 4.25%), due 11/28/25 | 861,750 | 852,210 |
First Lien 2021 Dollar Term Loan | ||
9.467% (1 Month SOFR + 4.25%), due 11/28/25 | 1,470,000 | 1,454,565 |
Sharp Midco LLC | ||
First Lien Initial Term Loan | ||
9.342% (3 Month SOFR + 4.00%), due 12/31/28 (b) | 1,777,500 | 1,741,950 |
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B3 | ||
6.967% (1 Month SOFR + 1.75%), due 4/16/25 | 542,511 | 542,036 |
Term Loan B4 | ||
6.967% (1 Month SOFR + 1.75%), due 4/16/25 | 484,530 | 484,106 |
Term Loan B5 | ||
6.967% (1 Month SOFR + 1.75%), due 4/16/25 | 1,822,611 | 1,820,508 |
Surf Holdings SARL | ||
First Lien Dollar Tranche Term Loan | ||
8.701% (1 Month LIBOR + 3.50%), due 3/5/27 (b) | 1,995,119 | 1,977,384 |
Vertiv Group Corp. | ||
Term Loan B | ||
7.943% (1 Month SOFR + 2.75%), due 3/2/27 (b) | 1,940,338 | 1,932,658 |
VS Buyer LLC | ||
Initial Term Loan | ||
8.524% (1 Month SOFR + 3.25%), due 2/28/27 (b) | 967,500 | 953,793 |
WEX, Inc. | ||
Term Loan B | ||
7.467% (1 Month SOFR + 2.25%), due 3/31/28 (b) | 977,500 | 975,820 |
53,319,181 |
Principal Amount | Value | |
Energy (Electricity) 0.5% | ||
Covanta Holding Corp. (b) | ||
Initial Term Loan B | ||
7.602% (1 Month SOFR + 2.50%), due 11/30/28 | $ 551,211 | $ 545,813 |
Initial Term Loan C | ||
7.602% (1 Month SOFR + 2.50%), due 11/30/28 | 41,812 | 41,403 |
2023 Incremental Term Loan B | ||
8.148% (1 Month SOFR + 3.00%), due 11/30/28 | 3,720,930 | 3,679,070 |
2023 Incremental Term Loan C | ||
8.148% (1 Month SOFR + 3.00%), due 11/30/28 | 279,070 | 275,930 |
4,542,216 | ||
Entertainment 1.4% | ||
Alterra Mountain Co. | ||
Term Loan B2 | ||
8.693% (1 Month LIBOR + 3.50%), due 8/17/28 (b) | 2,349,626 | 2,340,815 |
Fertitta Entertainment LLC | ||
Initial Term Loan B | ||
9.102% (1 Month SOFR + 4.00%), due 1/27/29 (b) | 4,201,825 | 4,146,020 |
Formula One Management Ltd. | ||
First Lien Facility Term Loan B | ||
8.102% (1 Month SOFR + 3.00%), due 1/15/30 (b) | 861,539 | 860,462 |
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
9.538% (3 Month SOFR + 4.00%), due 4/26/28 (b) | 3,930,000 | 3,880,875 |
11,228,172 | ||
Finance 6.1% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
10.00% (3 Month SOFR + 4.75%), due 4/20/28 (b) | 3,400,000 | 3,473,464 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
9.392% (3 Month SOFR + 4.00%), due 2/16/28 (b) | 2,269,531 | 2,237,919 |
ADMI Corp. (b) | ||
Amendment No.4 Refinancing Term Loan | ||
8.592% (1 Month SOFR + 3.375%), due 12/23/27 | 1,466,250 | 1,369,722 |
20 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
ADMI Corp. (b) (continued) | ||
Amendment No. 5 Incremental Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 12/23/27 | $ 736,875 | $ 687,873 |
Ahlstrom-Munksjo Holding 3 Oy | ||
USD Facility Term Loan B | ||
9.288% (3 Month LIBOR + 3.75%), due 2/4/28 (b) | 782,179 | 730,034 |
AlixPartners LLP | ||
Initial Dollar Term Loan | ||
7.717% (1 Month SOFR + 2.50%), due 2/4/28 (b) | 1,466,250 | 1,460,489 |
Blackstone Mortgage Trust, Inc. | ||
Term Loan B4 | ||
8.602% (1 Month SOFR + 3.50%), due 5/9/29 (b) | 941,724 | 862,854 |
Blue Tree Holdings, Inc. | ||
Term Loan | ||
8.003% (3 Month SOFR + 2.50%), due 3/4/28 (b) | 488,750 | 479,382 |
Boxer Parent Co., Inc. | ||
2021 Replacement Dollar Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 10/2/25 (b) | 2,227,189 | 2,206,708 |
Brand Industrial Services, Inc. | ||
Initial Term Loan 9.40% - 9.788% | ||
(1 Month SOFR + 4.25%, 3 Month SOFR + 4.25%), due 6/21/24 (b) | 1,622,661 | 1,600,349 |
Colouroz Investment 1 GmbH | ||
First Lien Initial Term Loan C 9.419% - 11.523% | ||
(0.75% PIK) (3 Month LIBOR + 4.25%, 6 Month LIBOR + 4.25%), due 9/21/23 (b)(c)(f) | 198,120 | 133,180 |
Colouroz Investment 2 LLC | ||
First Lien Initial Term Loan B2 9.419% - 11.523% | ||
(0.75% PIK) (1 Month LIBOR + 4.25%, 3 Month LIBOR + 4.25%), due 9/21/23 (b)(c)(f) | 1,198,463 | 805,631 |
Covia Holdings LLC | ||
Initial Term Loan | ||
9.223% (3 Month LIBOR + 4.00%), due 7/31/26 (b) | 709,736 | 699,090 |
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
9.253% (3 Month SOFR + 3.75%), due 12/29/27 (b) | 1,738,715 | 1,317,077 |
Principal Amount | Value | |
Finance (continued) | ||
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
8.992% (3 Month SOFR + 3.75%), due 4/9/27 (b) | $ 1,467,436 | $ 1,419,744 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
8.792% (3 Month LIBOR + 3.50%), due 2/10/28 (b) | 3,836,226 | 3,543,713 |
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
8.904% (1 Month LIBOR + 3.75%), due 12/17/27 (b) | 838,853 | 805,749 |
LSF11 Trinity Bidco, Inc. | ||
Initial Term Loan | ||
9.647% (1 Month SOFR + 4.50%), due 6/14/30 (b) | 3,750,000 | 3,707,813 |
Minimax Viking GmbH | ||
Facility Term Loan B1C | ||
7.717% (1 Month SOFR + 2.50%), due 7/31/25 (b) | 2,138,856 | 2,135,648 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
10.057% (3 Month SOFR + 4.75%), due 2/28/28 (b) | 980,000 | 875,466 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.522% (3 Month SOFR + 3.25%), due 12/28/27 (b) | 1,306,652 | 1,250,938 |
Peraton Corp. | ||
First Lien Term Loan B | ||
8.952% (1 Month SOFR + 3.75%), due 2/1/28 (b) | 3,379,027 | 3,313,257 |
Pluto Acquisition I, Inc. | ||
First Lien 2021 Term Loan | ||
9.476% (3 Month SOFR + 4.00%), due 6/22/26 (b) | 2,058,000 | 1,673,839 |
Potters Industries LLC | ||
Initial Term Loan | ||
9.342% (3 Month SOFR + 4.00%), due 12/14/27 (b) | 782,000 | 779,394 |
RealPage, Inc. | ||
First Lien Initial Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 4/24/28 (b) | 2,342,129 | 2,286,503 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 1/31/28 (b) | 1,055,700 | 987,739 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.753% (3 Month SOFR + 3.50%), due 3/31/28 (b) | $ 2,178,380 | $ 2,104,315 |
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
9.217% (1 Month SOFR + 4.00%), due 1/8/27 (b) | 2,226,591 | 2,182,754 |
WildBrain Ltd. | ||
Initial Term Loan | ||
9.467% (1 Month SOFR + 4.25%), due 3/24/28 (b) | 3,562,988 | 3,473,913 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 3/24/28 (b) | 2,195,200 | 1,872,506 |
50,477,063 | ||
Healthcare 1.8% | ||
AHP Health Partners, Inc. | ||
Initial Term Loan | ||
8.693% (1 Month SOFR + 3.50%), due 8/24/28 (b) | 1,339,611 | 1,334,029 |
Chariot Buyer LLC | ||
First Lien Initial Term Loan | ||
8.452% (1 Month SOFR + 3.25%), due 11/3/28 (b) | 4,728,000 | 4,614,727 |
CHG Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
8.404% (1 Month SOFR + 3.25%), due 9/29/28 (b) | 1,280,500 | 1,272,675 |
ICU Medical, Inc. | ||
Tranche Term Loan B | ||
7.892% (3 Month SOFR + 2.50%), due 1/8/29 (b) | 841,241 | 830,725 |
LSCS Holdings, Inc. | ||
First Lien Initial Term Loan | ||
9.693% (1 Month LIBOR + 4.50%), due 12/16/28 (b) | 689,500 | 670,539 |
Medical Solutions Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.614% (3 Month SOFR + 3.25%), due 11/1/28 (b) | 508,259 | 477,446 |
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
8.352% (1 Month SOFR + 3.25%), due 10/23/28 (b) | 3,068,712 | 3,031,449 |
Principal Amount | Value | |
Healthcare (continued) | ||
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
9.42% (1 Month SOFR + 4.25%), due 10/1/28 (b) | $ 2,441,288 | $ 2,288,707 |
14,520,297 | ||
Healthcare & Pharmaceuticals 1.1% | ||
Bausch & Lomb Corp. | ||
Initial Term Loan | ||
8.592% (3 Month SOFR + 3.25%), due 5/10/27 (b) | 1,980,000 | 1,919,671 |
Bausch Health Cos., Inc. | ||
Second Amendment Term Loan | ||
10.441% (1 Month SOFR + 5.25%), due 2/1/27 (b) | 1,425,000 | 1,069,462 |
Embecta Corp. | ||
First Lien Initial Term Loan | ||
8.337% (6 Month SOFR + 3.00%), due 3/30/29 (b) | 1,109,302 | 1,100,289 |
Envision Healthcare Corp. (b)(c)(e) | ||
2018 Third Out Term Loan | ||
8.992% (3 Month SOFR + 3.75%), due 3/31/27 | 499,477 | 437 |
Second Out Term Loan | ||
9.492% (3 Month SOFR + 4.25%), due 3/31/27 | 1,058,293 | 230,179 |
First Out Term Loan | ||
13.267% (3 Month SOFR + 7.875%), due 3/31/27 | 180,192 | 195,208 |
Owens & Minor, Inc. | ||
Term Loan B1 8.952% - 9.187% | ||
(1 Month SOFR + 3.75%, 6 Month SOFR + 3.75%), due 3/29/29 (b) | 937,500 | 935,156 |
Pediatric Associates Holding Co. LLC (b) | ||
Amendment No. 1 Incremental Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 12/29/28 | 1,372,105 | 1,339,946 |
Amendment No. 1 Incremental Delayed Draw Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 12/29/28 (c) | 177,269 | 173,114 |
Physician Partners LLC | ||
Initial Term Loan | ||
9.392% (3 Month SOFR + 4.00%), due 12/23/28 (b) | 1,110,938 | 1,039,838 |
22 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare & Pharmaceuticals (continued) | ||
Team Health Holdings, Inc. | ||
Extended Term Loan | ||
10.352% (1 Month SOFR + 5.25%), due 3/2/27 (b) | $ 1,488,945 | $ 1,017,446 |
9,020,746 | ||
Healthcare, Education & Childcare 5.0% | ||
Agiliti Health, Inc. | ||
Term Loan | ||
8.16% (1 Month SOFR + 3.00%), due 5/1/30 (b) | 3,758,207 | 3,737,067 |
Alvogen Pharma U.S., Inc. | ||
January 2020 Term Loan | ||
10.642% (3 Month SOFR + 5.25%), due 12/31/23 (b) | 1,155,343 | 1,101,427 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 5/4/25 (b) | 3,094,347 | 2,966,705 |
athenahealth Group, Inc. | ||
Initial Term Loan | ||
8.589% (1 Month SOFR + 3.50%), due 2/15/29 (b) | 4,412,858 | 4,212,704 |
Auris Luxembourg III SARL | ||
Facility Term Loan B2 9.089% - 9.122% | ||
(6 Month LIBOR + 3.75%), due 2/27/26 (b) | 1,132,203 | 1,069,932 |
Carestream Dental Technology Parent Ltd. (b) | ||
First Lien Initial Term Loan | ||
8.981% (3 Month LIBOR + 3.25%), due 9/1/24 | 689,648 | 589,649 |
First Lien Tranche Term Loan B | ||
10.231% (3 Month SOFR + 4.50%), due 9/1/24 | 229,335 | 198,375 |
Carestream Health, Inc. | ||
Term Loan | ||
12.842% (3 Month SOFR + 7.50%), due 9/30/27 (b) | 1,748,828 | 1,259,156 |
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
7.645% (3 Month SOFR + 2.50%), due 6/9/28 (b) | 1,764,000 | 1,754,235 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
7.01% (1 Month SOFR + 1.75%), due 8/1/27 (b) | 1,444,456 | 1,416,388 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
eResearchTechnology, Inc. | ||
First Lien Initial Term Loan | ||
9.717% (1 Month SOFR + 4.50%), due 2/4/27 (b) | $ 948,435 | $ 909,905 |
FC Compassus LLC | ||
Term Loan B1 | ||
9.557% (3 Month SOFR + 4.25%), due 12/31/26 (b)(c) | 2,020,078 | 1,836,588 |
Grifols Worldwide Operations Ltd. | ||
Dollar Tranche Term Loan B | ||
7.414% (3 Month SOFR + 2.00%), due 11/15/27 (b) | 925,556 | 910,185 |
Horizon Therapeutics USA, Inc. | ||
Incremental Term Loan B2 | ||
6.954% (1 Month SOFR + 1.75%), due 3/15/28 (b) | 651,667 | 649,585 |
Insulet Corp. | ||
Term Loan B | ||
8.467% (1 Month SOFR + 3.25%), due 5/4/28 (b) | 1,869,462 | 1,867,125 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
9.981% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 980,000 | 833,000 |
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
9.023% (3 Month LIBOR + 3.75%), due 11/16/25 (b) | 3,376,733 | 3,126,291 |
Mallinckrodt International Finance SA | ||
2017 Replacement Term Loan | ||
10.396% (1 Month LIBOR + 5.25%), due 9/30/27 (b) | 937,140 | 702,855 |
National Mentor Holdings, Inc. (b) | ||
First Lien Initial Term Loan 8.952% - 9.092% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | 1,542,534 | 1,158,186 |
First Lien Initial Term Loan C | ||
9.092% (3 Month SOFR + 3.75%), due 3/2/28 | 49,563 | 37,213 |
Organon & Co. | ||
Dollar Term Loan | ||
8.25% (1 Month LIBOR + 3.00%), due 6/2/28 (b) | 2,326,377 | 2,322,015 |
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
8.753% (3 Month SOFR + 3.25%), due 3/3/28 (b) | 1,894,412 | 1,881,782 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Raptor Acquisition Corp. | ||
First Lien Term Loan B | ||
9.52% (3 Month LIBOR + 4.00%), due 11/1/26 (b) | $ 1,237,500 | $ 1,233,890 |
Select Medical Corp. | ||
Tranche Term Loan B | ||
7.702% (1 Month SOFR + 2.50%), due 3/6/25 (b) | 2,048,391 | 2,041,734 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
8.273% (3 Month SOFR + 3.00%), due 6/27/25 (b)(c) | 475,000 | 275,500 |
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
9.092% (3 Month LIBOR + 3.75%), due 10/1/26 (b) | 3,372,813 | 3,350,326 |
41,441,818 | ||
High Tech Industries 2.3% | ||
Altar BidCo, Inc. | ||
First Lien Initial Term Loan 7.993% - 8.262% | ||
(1 Year SOFR + 3.10%), due 2/1/29 (b) | 1,856,250 | 1,827,632 |
AP Gaming I LLC | ||
Term Loan B | ||
9.392% (3 Month SOFR + 4.00%), due 2/15/29 (b) | 2,880,208 | 2,843,307 |
Central Parent, Inc. | ||
First Lien Initial Term Loan | ||
9.492% (3 Month SOFR + 4.25%), due 7/6/29 (b) | 995,000 | 991,495 |
Hanesbands, Inc. | ||
Tranche Initial Term Loan B | ||
8.852% (1 Month SOFR + 3.75%), due 3/8/30 (b) | 1,496,250 | 1,499,991 |
NAB Holdings LLC | ||
Initial Term Loan | ||
8.392% (3 Month SOFR + 3.00%), due 11/23/28 (b) | 1,773,000 | 1,755,270 |
Nielsen Consumer, Inc. | ||
Fifth Amendment Dollar Incremental Term Loan | ||
11.352% (1 Month SOFR + 6.25%), due 3/6/28 (b) | 1,666,667 | 1,570,833 |
Open Text Corp. | ||
Term Loan B | ||
8.702% (1 Month SOFR + 3.50%), due 1/31/30 (b) | 3,980,000 | 3,986,396 |
Principal Amount | Value | |
High Tech Industries (continued) | ||
Scientific Games Holdings LP | ||
First Lien Initial Dollar Term Loan | ||
8.421% (3 Month SOFR + 3.50%), due 4/4/29 (b) | $ 1,717,789 | $ 1,694,974 |
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ||
7.467% (1 Month SOFR + 2.25%), due 12/1/28 (b) | 3,053,664 | 3,043,948 |
19,213,846 | ||
Home and Office Furnishings, Housewares & Durable Consumer Products 0.0% ‡ | ||
Serta Simmons Bedding LLC | ||
First Lien Initial Term Loan (zero coupon) | ||
(1 Month LIBOR + 3.50%), due 11/8/23 (b)(c)(e)(g) | 2,460,608 | 98,424 |
Hotel, Gaming & Leisure 0.3% | ||
Flutter Entertainment plc | ||
2028 Third Amendment Term Loan B | ||
8.753% (3 Month SOFR + 3.25%), due 7/22/28 (b) | 2,143,215 | 2,145,894 |
Hotels, Motels, Inns & Gaming 3.7% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ||
8.943% (1 Month SOFR + 3.75%), due 2/2/26 (b) | 1,406,205 | 1,362,261 |
Caesars Entertainment, Inc. | ||
2023 Incremental Term Loan B | ||
8.452% (1 Month SOFR + 3.25%), due 2/6/30 (b) | 2,094,750 | 2,092,393 |
Entain plc (b) | ||
USD Facility Term Loan B | ||
7.437% (6 Month SOFR + 2.50%), due 3/29/27 | 1,260,000 | 1,253,962 |
USD Facility Term Loan B2 | ||
8.437% (6 Month SOFR + 3.50%), due 10/31/29 | 1,592,000 | 1,584,836 |
Everi Holdings, Inc. | ||
Term Loan B | ||
7.693% (1 Month LIBOR + 2.50%), due 8/3/28 (b) | 1,440,881 | 1,437,279 |
Four Seasons Holdings, Inc. | ||
2022 Refinancing Term Loan | ||
8.452% (1 Month SOFR + 3.25%), due 11/30/29 (b) | 1,420,722 | 1,422,336 |
24 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Hotels, Motels, Inns & Gaming (continued) | ||
Golden Entertainment, Inc. (b) | ||
First Lien 2023 Refinancing Term Loan B1 | ||
7.939% (1 Month SOFR + 2.75%), due 5/28/30 | $ 875,000 | $ 872,813 |
First Lien Facility Term Loan B | ||
8.18% (1 Month LIBOR + 3.00%), due 10/21/24 | 390,405 | 389,429 |
Hilton Worldwide Finance LLC | ||
Refinanced Term Loan B2 | ||
6.939% (1 Month SOFR + 1.75%), due 6/22/26 (b) | 235,804 | 235,402 |
Light and Wonder International, Inc. | ||
Initial Term Loan B | ||
8.248% (1 Month SOFR + 3.00%), due 4/14/29 (b) | 3,712,500 | 3,701,893 |
Oceankey U.S. II Corp. | ||
Initial Term Loan | ||
8.702% (1 Month SOFR + 3.50%), due 12/15/28 (b) | 1,982,462 | 1,874,254 |
PCI Gaming Authority | ||
Facility Term Loan B | ||
7.717% (1 Month SOFR + 2.50%), due 5/29/26 (b) | 2,449,126 | 2,447,378 |
Penn Entertainment, Inc. | ||
Facility Term Loan B | ||
7.952% (1 Month SOFR + 2.75%), due 5/3/29 (b) | 495,000 | 492,757 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
7.45% (1 Month LIBOR + 2.25%), due 2/8/27 (b) | 1,606,293 | 1,600,269 |
Travel + Leisure Co. | ||
Term Loan B | ||
7.467% (1 Month SOFR + 2.25%), due 5/30/25 (b) | 1,912,198 | 1,897,856 |
UFC Holdings LLC | ||
First Lien Term Loan B3 | ||
8.05% (3 Month SOFR + 2.75%), due 4/29/26 (b) | 3,994,242 | 3,988,139 |
Whatabrands LLC | ||
Initial Term Loan B | ||
8.467% (1 Month SOFR + 3.25%), due 8/3/28 (b) | 1,970,000 | 1,957,073 |
Principal Amount | Value | |
Hotels, Motels, Inns & Gaming (continued) | ||
Wyndham Hotels & Resorts, Inc. | ||
2023 Term Loan B | ||
7.452% (1 Month SOFR + 2.25%), due 5/24/30 (b) | $ 1,792,903 | $ 1,791,558 |
30,401,888 | ||
Insurance 4.2% | ||
Acrisure LLC (b) | ||
First Lien 2020 Term Loan | ||
8.693% (1 Month LIBOR + 3.50%), due 2/15/27 | 1,963,535 | 1,905,448 |
First Lien 2021-2 Additional Term Loan | ||
9.443% (1 Month LIBOR + 4.25%), due 2/15/27 | 1,034,250 | 1,011,411 |
Alliant Holdings Intermediate LLC | ||
New Term Loan B4 | ||
8.65% (1 Month LIBOR + 3.50%), due 11/5/27 (b) | 1,965,000 | 1,949,956 |
AmWINS Group, Inc. (b) | ||
Term Loan | ||
7.443% (1 Month SOFR + 2.25%), due 2/19/28 | 1,950,023 | 1,928,528 |
February 2023 Incremental Term Loan | ||
7.952% (1 Month SOFR + 2.75%), due 2/19/28 | 3,482,500 | 3,469,441 |
AssuredPartners, Inc. (b) | ||
2020 February Refinancing Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 2/12/27 | 3,108,762 | 3,080,783 |
2022-2 Term Loan | ||
9.352% (1 Month SOFR + 4.25%), due 2/12/27 | 397,000 | 396,131 |
Asurion LLC (b) | ||
New Term Loan B8 | ||
8.788% (1 Month LIBOR + 3.25%), due 12/23/26 | 975,000 | 936,407 |
New Term Loan B9 | ||
8.788% (3 Month LIBOR + 3.25%), due 7/31/27 | 488,750 | 463,549 |
New Term Loan B11 | ||
9.452% (1 Month SOFR + 4.25%), due 8/19/28 | 1,421,025 | 1,348,197 |
Second Lien New Term Loan B3 | ||
10.452% (1 Month SOFR + 5.25%), due 1/31/28 | 300,000 | 253,071 |
Second Lien New Term Loan B4 | ||
10.467% (1 Month SOFR + 5.20%), due 1/20/29 | 2,500,000 | 2,096,250 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Insurance (continued) | ||
Broadstreet Partners, Inc. (b) | ||
2020 Initial Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 1/27/27 | $ 2,477,142 | $ 2,448,655 |
Tranche Term Loan B2 | ||
8.467% (1 Month SOFR + 2.75%), due 1/27/27 | 687,750 | 681,159 |
Initial Term Loan B | ||
9.16% (1 Month SOFR + 4.00%), due 1/27/29 | 500,000 | 496,875 |
Hub International Ltd. (b) | ||
2022 Incremental Term Loan | ||
9.072% (3 Month SOFR + 4.00%), due 11/10/29 | 358,200 | 357,566 |
2023 Refinancing Term Loan | ||
9.341% (1 Month SOFR + 4.25%), due 6/20/30 | 2,400,000 | 2,402,726 |
NFP Corp. | ||
Closing Date Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 2/15/27 (b) | 1,899,834 | 1,856,495 |
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
8.202% (1 Month SOFR + 3.00%), due 9/1/27 (b) | 972,500 | 970,069 |
Sedgwick Claims Management Services, Inc. | ||
2023 Term Loan | ||
8.852% (1 Month SOFR + 3.75%), due 2/24/28 (b) | 3,850,193 | 3,820,716 |
USI, Inc. | ||
2022 New Term Loan | ||
8.992% (3 Month SOFR + 3.75%), due 11/22/29 (b) | 2,828,625 | 2,821,553 |
34,694,986 | ||
Leisure, Amusement, Motion Pictures & Entertainment 1.3% | ||
Bombardier Recreational Products, Inc. | ||
2022-2 Incremental Term Loan | ||
8.602% (1 Month SOFR + 3.50%), due 12/13/29 (b) | 2,985,000 | 2,982,200 |
Creative Artists Agency LLC | ||
Term Loan B | ||
8.602% (1 Month SOFR + 3.50%), due 11/27/28 (b) | 3,391,500 | 3,376,662 |
Principal Amount | Value | |
Leisure, Amusement, Motion Pictures & Entertainment (continued) | ||
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
7.452% (1 Month SOFR + 2.25%), due 3/24/25 (b) | $ 995,739 | $ 986,093 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
6.943% (1 Month LIBOR + 1.75%), due 8/29/25 (b) | 1,313,765 | 1,308,290 |
William Morris Endeavor Entertainment LLC (IMG Worldwide Holdings LLC) | ||
First Lien Term Loan B1 | ||
7.95% (1 Month SOFR + 2.75%), due 5/18/25 (b) | 2,152,626 | 2,145,092 |
10,798,337 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
7.51% (1 Month SOFR + 2.25%), due 7/31/26 (b) | 455,893 | 457,412 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
8.23% (3 Month SOFR + 2.75%), due 5/14/28 (b) | 1,290,484 | 1,284,839 |
CPM Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.67% (1 Month SOFR + 3.50%), due 11/17/25 | 1,432,489 | 1,428,908 |
Second Lien Initial Term Loan | ||
13.42% (1 Month SOFR + 8.25%), due 11/16/26 (c) | 797,980 | 791,496 |
Husky Injection Molding Systems Ltd. | ||
Initial Term Loan | ||
8.731% (3 Month SOFR + 3.00%), due 3/28/25 (b) | 1,776,558 | 1,728,443 |
5,691,098 | ||
Manufacturing 3.0% | ||
ASP Blade Holdings, Inc. | ||
Initial Term Loan | ||
9.217% (1 Month SOFR + 4.00%), due 10/13/28 (b) | 1,478,823 | 1,282,140 |
Chart Industries, Inc. | ||
Amendment No. 3 Term Loan | ||
8.941% (1 Month SOFR + 3.75%), due 3/15/30 (b) | 2,137,500 | 2,130,820 |
26 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Manufacturing (continued) | ||
Coherent Corp. | ||
Initial Term Loan B | ||
7.967% (1 Month SOFR + 2.75%), due 7/2/29 (b) | $ 2,520,792 | $ 2,514,491 |
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
8.952% (1 Month LIBOR + 3.75%), due 11/23/27 (b) | 2,309,850 | 2,168,371 |
CPG International LLC | ||
Closing Date Term Loan | ||
7.702% (1 Month SOFR + 2.50%), due 4/28/29 (b) | 1,240,625 | 1,234,422 |
EMRLD Borrower LP | ||
Initial Term Loan B | ||
8.264% (3 Month SOFR + 3.00%), due 5/31/30 (b) | 6,209,289 | 6,204,632 |
FCG Acquisitions, Inc. | ||
First Lien Initial Term Loan | ||
8.909% (3 Month LIBOR + 3.75%), due 3/31/28 (b) | 1,477,479 | 1,455,316 |
Idemia Group SAS | ||
USD Facility Term Loan B3 | ||
10.038% (3 Month LIBOR + 4.50%), due 1/10/26 (b) | 1,056,834 | 1,052,871 |
Madison IAQ LLC | ||
Term Loan | ||
8.302% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,312,800 | 2,254,566 |
Pro Mach Group, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
9.154% (3 Month SOFR + 4.00%), due 8/31/28 (b) | 2,771,098 | 2,761,477 |
Standard Building Solutions, Inc. | ||
Initial Term Loan | ||
7.692% (1 Month SOFR + 2.50%), due 9/22/28 (b) | 1,045,061 | 1,043,900 |
Zurn LLC | ||
First Lien Term Loan B | ||
7.193% (1 Month SOFR + 2.00%), due 10/4/28 (b) | 837,250 | 835,854 |
24,938,860 | ||
Media 1.8% | ||
Apple Bidco LLC (b) | ||
First Lien Initial Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 9/22/28 | 2,334,450 | 2,312,357 |
Principal Amount | Value | |
Media (continued) | ||
Apple Bidco LLC (b) (continued) | ||
First Lien Amendment No. 1 Term Loan | ||
9.102% (1 Month SOFR + 4.00%), due 9/22/28 | $ 746,250 | $ 743,140 |
Cogeco Communications Finance (USA) LP | ||
Amendment No. 5 Incremental Term Loan B | ||
7.717% (1 Month SOFR + 2.50%), due 9/1/28 (b) | 2,754,590 | 2,731,521 |
Diamond Sports Group LLC | ||
Second Lien Term Loan | ||
TBD (1 Month SOFR + 5.25%, 3 Month SOFR + 3.25%), due 8/24/26 (b)(c)(e)(g) | 2,898,312 | 89,364 |
Directv Financing LLC | ||
Closing Date Term Loan | ||
10.217% (1 Month SOFR + 5.00%), due 8/2/27 (b) | 2,564,512 | 2,504,979 |
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
7.67% (1 Month SOFR + 2.50%), due 6/2/28 (b) | 589,500 | 587,584 |
Radiate Holdco LLC | ||
Amendment No. 6 Term Loan B | ||
8.477% (1 Month SOFR + 3.25%), due 9/25/26 (b) | 3,036,214 | 2,526,130 |
Sinclair Television Group, Inc. | ||
Term Loan B4 | ||
8.952% (1 Month SOFR + 3.75%), due 4/21/29 (b) | 1,980,000 | 1,489,950 |
Virgin Media Bristol LLC | ||
Facility Term Loan Y | ||
8.311% (6 Month SOFR + 3.25%), due 3/31/31 (b) | 2,000,000 | 1,981,250 |
14,966,275 | ||
Mining, Steel, Iron & Non-Precious Metals 1.2% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
9.217% (1 Month SOFR + 4.00%), due 6/9/28 (b) | 1,232,000 | 1,145,760 |
Gates Global LLC (b) | ||
Initial Dollar Term Loan B3 | ||
7.702% (1 Month SOFR + 2.50%), due 3/31/27 | 2,884,568 | 2,866,178 |
Initial Dollar Term Loan B4 | ||
8.602% (1 Month SOFR + 3.50%), due 11/16/29 | 1,985,000 | 1,984,645 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Mining, Steel, Iron & Non-Precious Metals (continued) | ||
MRC Global (U.S.), Inc. | ||
2018 Refinancing Term Loan | ||
8.193% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | $ 1,040,577 | $ 988,548 |
U.S. Silica Co. | ||
Term Loan | ||
9.952% (1 Month SOFR + 4.75%), due 3/25/30 (b) | 3,078,681 | 3,051,743 |
10,036,874 | ||
Oil & Gas 1.9% | ||
Buckeye Partners LP | ||
2021 Tranche Term Loan B1 | ||
7.452% (1 Month SOFR + 2.25%), due 11/1/26 (b) | 1,330,570 | 1,320,776 |
ChampionX Corp. | ||
Term Loan B1 | ||
8.50% (1 Month SOFR + 3.25%), due 6/7/29 (b) | 1,488,750 | 1,488,750 |
DT Midstream, Inc. | ||
Initial Term Loan | ||
7.356% (3 Month SOFR + 2.00%), due 6/26/28 (b) | 319,462 | 319,303 |
Fleet Midco I Ltd. | ||
Facility Term Loan B | ||
8.193% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | 1,203,125 | 1,200,117 |
GIP III Stetson I LP | ||
Initial Term Loan | ||
9.452% (1 Month SOFR + 4.25%), due 7/18/25 (b)(c) | 1,299,854 | 1,297,216 |
Keane Group Holdings LLC | ||
Initial Term Loan | ||
8.688% (1 Month LIBOR + 3.50%), due 5/25/25 (b) | 952,500 | 951,907 |
Medallion Midland Acquisition LLC | ||
Initial Term Loan | ||
9.253% (3 Month SOFR + 3.75%), due 10/18/28 (b) | 1,563,787 | 1,550,429 |
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
6.92% (1 Month SOFR + 1.75%), due 1/31/28 (b) | 441,000 | 441,551 |
NorthRiver Midstream Finance LP | ||
Initial Term Loan B | ||
8.427% (3 Month LIBOR + 3.25%), due 10/1/25 (b) | 1,143,000 | 1,140,714 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Oryx Midstream Services Permian Basin LLC | ||
2023 Incremental Term Loan | ||
8.539% (1 Month SOFR + 3.25%), due 10/5/28 (b) | $ 1,970,339 | $ 1,965,823 |
PES Holdings LLC | ||
Tranche Term Loan C (zero coupon) - 12.75% | ||
(3.00% PIK) (1 Month LIBOR + 4.50%), due 12/31/23 (b)(c)(e)(f)(g) | 1,163,706 | 27,153 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
9.943% (1 Month LIBOR + 4.75%), due 3/11/26 (b) | 1,185,525 | 1,170,070 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 8.704% - 8.717% | ||
(1 Month SOFR + 3.50%), due 11/17/28 (b) | 497,249 | 489,635 |
Traverse Midstream Partners LLC | ||
Advance Term Loan | ||
8.937% (1 Month SOFR + 3.75%), due 2/16/28 (b) | 1,059,501 | 1,050,230 |
Veritas U.S., Inc. | ||
Dollar 2021 Term Loan B | ||
10.217% (1 Month SOFR + 5.00%), due 9/1/25 (b) | 1,175,880 | 957,460 |
15,371,134 | ||
Packaging 0.3% | ||
LABL, Inc. | ||
Initial Dollar Term Loan | ||
10.202% (1 Month SOFR + 5.00%), due 10/29/28 (b) | 1,477,500 | 1,461,903 |
Plastipak Holdings, Inc. | ||
2021 Tranche Term Loan B | ||
7.75% (1 Month LIBOR + 2.50%), due 12/1/28 (b) | 955,588 | 955,190 |
2,417,093 | ||
Personal & Nondurable Consumer Products 1.6% | ||
ABG Intermediate Holdings 2 LLC | ||
First Lien Tranche Term Loan B1 | ||
8.702% (1 Month SOFR + 3.50%), due 12/21/28 (b) | 2,853,687 | 2,837,279 |
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan 8.404% - 8.523% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 1/31/28 (b) | 1,734,337 | 1,683,992 |
28 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Personal & Nondurable Consumer Products (continued) | ||
Hunter Douglas Holding BV | ||
Tranche Term Loan B1 | ||
8.666% (3 Month SOFR + 3.50%), due 2/26/29 (b) | $ 2,970,000 | $ 2,809,436 |
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
7.852% (3 Month LIBOR + 2.75%), due 3/9/28 (b) | 1,955,000 | 1,948,484 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
9.753% (3 Month SOFR + 4.25%), due 4/15/28 (b) | 3,136,000 | 2,769,480 |
Perrigo Co. plc | ||
Initial Term Loan B | ||
7.452% (1 Month SOFR + 2.25%), due 4/20/29 (b) | 994,975 | 986,269 |
Prestige Brands, Inc. | ||
Term Loan B5 | ||
7.193% (1 Month SOFR + 2.00%), due 7/3/28 (b) | 495,000 | 494,381 |
13,529,321 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.7% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
7.202% (1 Month SOFR + 2.00%), due 1/15/27 (b) | 1,674,653 | 1,668,073 |
Hercules Achievement, Inc. | ||
First Lien Third Amendment Extended Term Loan | ||
10.217% (1 Month SOFR + 5.00%), due 12/15/26 (b) | 1,890,588 | 1,807,875 |
SRAM LLC | ||
Initial Term Loan | ||
7.943% (1 Month LIBOR + 2.75%), due 5/18/28 (b) | 1,990,909 | 1,970,379 |
5,446,327 | ||
Personal, Food & Miscellaneous Services 1.6% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B4 | ||
6.943% (1 Month LIBOR + 1.75%), due 11/19/26 (b) | 2,110,186 | 2,091,392 |
Aramark Intermediate HoldCo Corp. (b) | ||
U.S. Term Loan B5 | ||
7.717% (1 Month SOFR + 2.50%), due 4/6/28 | 1,402,972 | 1,399,465 |
Principal Amount | Value | |
Personal, Food & Miscellaneous Services (continued) | ||
Aramark Intermediate HoldCo Corp. (b) (continued) | ||
U.S. Term Loan B6 | ||
7.717% (1 Month SOFR + 2.50%), due 6/22/30 | $ 1,437,978 | $ 1,432,586 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 5/30/28 (b) | 1,746,545 | 1,723,074 |
Hillman Group, Inc. (The) | ||
Initial Term Loan | ||
7.904%, due 7/14/28 | 530,771 | 527,985 |
Initial Delayed Draw Term Loan | ||
7.904% (1 Month LIBOR + 2.75%), due 7/14/28 (b) | 10,196 | 10,143 |
IRB Holding Corp. | ||
2022 Replacement Term Loan B | ||
8.202% (1 Month SOFR + 3.00%), due 12/15/27 (b) | 4,678,948 | 4,643,856 |
KFC Holding Co. | ||
2021 Term Loan B | ||
6.896% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | 1,441,867 | 1,427,448 |
13,255,949 | ||
Pharmaceuticals 0.1% | ||
Padagis LLC | ||
Term Loan B | ||
9.969% (3 Month LIBOR + 4.75%), due 7/6/28 (b) | 1,129,412 | 1,064,471 |
Printing & Publishing 0.7% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan 9.702% - 9.842% | ||
(1 Month SOFR + 4.50%, 3 Month SOFR + 4.50%), due 2/19/26 (b) | 968,487 | 967,276 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
8.045% (3 Month SOFR + 3.00%), due 8/1/25 (b) | 1,924,919 | 1,922,169 |
Springer Nature Deutschland GmbH | ||
Initial Term Loan B18 | ||
8.503% (3 Month LIBOR + 3.00%), due 8/14/26 (b) | 3,062,584 | 3,056,842 |
5,946,287 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Real Estate 0.2% | ||
RHP Hotel Properties LP | ||
Tranche Term Loan B | ||
7.852% (1 Month SOFR + 2.75%), due 5/18/30 (b) | $ 1,330,000 | $ 1,328,005 |
Retail 0.5% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
8.943% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 4,314,953 | 4,277,198 |
Retail Store 1.2% | ||
BJ's Wholesale Club, Inc. | ||
First Lien Tranche Term Loan B | ||
7.891% (1 Month SOFR + 2.75%), due 2/3/27 (b) | 1,231,047 | 1,231,561 |
EG Group Ltd. | ||
USD Facility Term Loan B | ||
9.151%, due 2/7/25 | 654,812 | 643,025 |
USD Additional Facility Term Loan | ||
9.164% (1 Month LIBOR + 4.00%), due 2/7/25 (b) | 1,425,040 | 1,399,389 |
Harbor Freight Tools USA, Inc. | ||
2021 Initial Term Loan | ||
7.967% (1 Month SOFR + 2.75%), due 10/19/27 (b) | 2,785,210 | 2,744,011 |
PetSmart LLC | ||
Initial Term Loan | ||
8.952% (1 Month SOFR + 3.75%), due 2/11/28 (b) | 1,624,865 | 1,622,157 |
White Cap Supply Holdings LLC | ||
Initial Closing Date Term Loan | ||
8.852% (1 Month SOFR + 3.75%), due 10/19/27 (b) | 1,952,763 | 1,934,455 |
9,574,598 | ||
Services: Business 4.6% | ||
Brown Group Holdings LLC (b) | ||
Incremental Facility Term Loan B2 8.795% - 9.014% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 7/2/29 | 1,038,218 | 1,035,437 |
Initial Term Loan | ||
7.702% (1 Month SOFR + 2.50%), due 6/7/28 | 1,146,102 | 1,128,194 |
Principal Amount | Value | |
Services: Business (continued) | ||
Charlotte Buyer, Inc. | ||
First Lien Initial Term Loan B | ||
10.396% (1 Month SOFR + 5.25%), due 2/11/28 (b) | $ 796,000 | $ 779,417 |
ConnectWise LLC | ||
Initial Term Loan | ||
8.693% (1 Month LIBOR + 3.50%), due 9/29/28 (b) | 1,379,000 | 1,340,216 |
Dun & Bradstreet Corp. (The) (b) | ||
2022 Incremental Term Loan B2 | ||
8.334% (1 Month SOFR + 3.25%), due 1/18/29 | 296,250 | 295,435 |
Initial Borrowing Term Loan | ||
8.434% (1 Month SOFR + 3.25%), due 2/6/26 | 2,799,919 | 2,801,420 |
Electron Bidco, Inc. | ||
First Lien Initial Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 11/1/28 (b) | 3,625,783 | 3,605,841 |
Fortrea Holdings, Inc. | ||
Term Loan B | ||
TBD, due 6/12/30 | 1,250,000 | 1,248,437 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.717% (3 Month SOFR + 4.50%), due 9/29/28 (b) | 2,223,773 | 2,227,016 |
Hunter Holdco 3 Ltd. | ||
First Lien Initial Dollar Term Loan | ||
9.592% (3 Month SOFR + 4.25%), due 8/19/28 (b) | 3,033,000 | 3,010,252 |
ICON plc (b) | ||
Lux Term Loan | ||
7.753% (3 Month SOFR + 2.25%), due 7/3/28 | 1,379,437 | 1,378,575 |
U.S. Term Loan | ||
7.753% (3 Month SOFR + 2.25%), due 7/3/28 | 343,688 | 343,473 |
Mercury Borrower, Inc. | ||
First Lien Initial Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 8/2/28 (b) | 4,235,338 | 4,158,572 |
Mitchell International, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.943% (1 Month LIBOR + 3.75%), due 10/15/28 | 1,975,000 | 1,926,859 |
Second Lien Initial Term Loan | ||
11.693% (1 Month SOFR + 6.50%), due 10/15/29 | 1,200,000 | 1,044,000 |
30 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Services: Business (continued) | ||
MPH Acquisition Holdings LLC | ||
Initial Term Loan | ||
9.726% (3 Month SOFR + 4.25%), due 9/1/28 (b) | $ 2,456,250 | $ 2,181,150 |
Nielsen Consumer, Inc. | ||
2021 Refinancing Dollar Term Loan | ||
8.852% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 1,466,381 | 1,316,994 |
Orbit Private Holdings I Ltd. | ||
First Lien Initial Dollar Term Loan | ||
10.087% (6 Month SOFR + 4.50%), due 12/11/28 (b) | 497,475 | 498,097 |
Parexel International, Inc. | ||
First Lien Initial Term Loan | ||
8.404% (1 Month SOFR + 3.25%), due 11/15/28 (b) | 2,482,481 | 2,459,873 |
PECF USS Intermediate Holding III Corp. | ||
Initial Term Loan | ||
9.523% (3 Month LIBOR + 4.25%), due 12/15/28 (b) | 2,462,406 | 1,981,895 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
9.538% (3 Month LIBOR + 4.00%), due 6/2/28 (b) | 2,442,532 | 2,237,970 |
Project Boost Purchaser LLC | ||
2021 Tranche Term Loan 2 | ||
8.717% (1 Month SOFR + 3.50%), due 5/30/26 (b) | 236,272 | 233,220 |
Vizient, Inc. | ||
Term Loan B7 | ||
7.439% (1 Month SOFR + 2.25%), due 5/16/29 (b) | 742,500 | 741,340 |
37,973,683 | ||
Services: Consumer 0.0% ‡ | ||
West Technology Group LLC | ||
Term Loan B3 | ||
9.295% (3 Month SOFR + 4.00%), due 4/10/27 (b) | 488,300 | 440,004 |
Software 3.6% | ||
AppLovin Corp. | ||
Amendment No. 6 New Term Loan | ||
8.202% (1 Month SOFR + 3.10%), due 10/25/28 (b) | 1,185,000 | 1,181,149 |
Principal Amount | Value | |
Software (continued) | ||
Cloud Software Group, Inc. | ||
First Lien Dollar Term Loan B | ||
9.842% (3 Month SOFR + 4.50%), due 3/30/29 (b) | $ 1,596,000 | $ 1,491,762 |
Cornerstone OnDemand, Inc. | ||
First Lien Initial Term Loan | ||
8.904% (1 Month SOFR + 3.75%), due 10/16/28 (b) | 1,851,563 | 1,712,695 |
Gen Digital, Inc. | ||
Tranche Initial Term Loan B | ||
7.202% (1 Month SOFR + 2.00%), due 9/12/29 (b) | 5,209,004 | 5,166,030 |
Informatica LLC | ||
Initial Term Loan | ||
8.00% (1 Month SOFR + 2.75%), due 10/27/28 (b) | 1,925,525 | 1,919,908 |
Magenta Buyer LLC | ||
First Lien Initial Term Loan | ||
10.03% (3 Month LIBOR + 4.75%), due 7/27/28 (b) | 689,500 | 516,551 |
McAfee Corp. | ||
Tranche Term Loan B1 | ||
9.01% (1 Month SOFR + 3.75%), due 3/1/29 (b) | 3,952,519 | 3,766,893 |
Mitnick Corp. Purchaser, Inc. | ||
Initial Term Loan | ||
9.895% (3 Month SOFR + 4.75%), due 5/2/29 (b) | 1,985,000 | 1,920,487 |
Quartz AcquireCo LLC | ||
Term Loan | ||
8.587%, due 6/28/30 | 1,250,000 | 1,248,438 |
Quest Software U.S. Holdins, Inc. | ||
First Lien Initial Term Loan | ||
9.445% (3 Month SOFR + 4.25%), due 2/1/29 (b) | 2,791,406 | 2,154,966 |
Sophia LP | ||
First Lien Term Loan B | ||
9.038% (3 Month LIBOR + 3.50%), due 10/7/27 (b) | 669,734 | 662,032 |
Sovos Compliance LLC | ||
First Lien Initial Term Loan | ||
9.717% (1 Month SOFR + 4.50%), due 8/11/28 (b) | 492,868 | 473,858 |
UKG, Inc. (b) | ||
First Lien 2021-2 Incremental Term Loan | ||
8.271% (3 Month SOFR + 3.25%), due 5/4/26 | 3,843,040 | 3,767,378 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software (continued) | ||
UKG, Inc. (b) (continued) | ||
First Lien Initial Term Loan | ||
8.895% (3 Month SOFR + 3.75%), due 5/4/26 | $ 1,684,375 | $ 1,659,301 |
Second Lien 2021 Incremental Term Loan | ||
10.271% (3 Month SOFR + 5.25%), due 5/3/27 | 200,000 | 192,875 |
Vision Solutions, Inc. | ||
First Lien Third Incremental Term Loan | ||
9.505% (3 Month LIBOR + 4.25%), due 4/24/28 (b) | 1,637,500 | 1,549,484 |
29,383,807 | ||
Telecommunications 3.3% | ||
Avaya, Inc. | ||
Initial Term Loan | ||
13.602% (1 Month SOFR + 8.50%), due 8/1/28 (b) | 117,344 | 101,503 |
Azalea TopCo, Inc. | ||
First Lien Initial Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 7/24/26 (b) | 2,406,250 | 2,335,867 |
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
8.443% (1 Month SOFR + 3.25%), due 11/30/27 (b) | 1,469,849 | 1,413,505 |
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
8.70% (1 Month LIBOR + 3.50%), due 12/11/26 (b) | 3,889,545 | 3,886,305 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
7.693% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 3,580,355 | 3,120,877 |
Cyxtera DC Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.068% (3 Month SOFR + 3.00%), due 5/1/24 (c)(e) | 942,500 | 461,825 |
Initial Term Loan | ||
13.765% (1 Month SOFR + 8.50%), due 12/7/23 | 1,053,815 | 1,040,642 |
Frontier Communications Holdings LLC | ||
Term Loan B | ||
9.00% (1 Month SOFR + 3.75%), due 5/1/28 (b) | 2,101,625 | 2,036,826 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Gogo Intermediate Holdings LLC | ||
Initial Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 4/30/28 (b) | $ 2,528,317 | $ 2,521,997 |
Intelsat Jackson Holdings SA | ||
Term Loan B | ||
9.443% (3 Month SOFR + 4.25%), due 2/1/29 (b) | 1,323,761 | 1,316,040 |
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
6.967% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 1,162,434 | 1,068,471 |
Lumen Technologies, Inc. | ||
Term Loan B | ||
7.467% (1 Month SOFR + 2.25%), due 3/15/27 (b) | 2,143,317 | 1,641,781 |
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
10.005% (3 Month SOFR + 4.75%), due 4/27/28 (b) | 1,471,288 | 1,216,265 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
6.95% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 1,743,874 | 1,742,939 |
Telesat Canada | ||
Term Loan B5 | ||
8.03% (3 Month SOFR + 2.75%), due 12/7/26 (b) | 1,220,447 | 752,100 |
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 3/9/27 (b) | 3,348,136 | 2,618,721 |
27,275,664 | ||
Utilities 2.4% | ||
Astoria Energy LLC | ||
2020 Advance Term Loan B | ||
8.693% (1 Month SOFR + 3.50%), due 12/10/27 (b) | 644,525 | 638,483 |
Brookfield WEC Holdings, Inc. (b) | ||
First Lien 2021 Initial Term Loan | ||
7.943% (1 Month SOFR + 2.75%), due 8/1/25 | 1,871,458 | 1,864,674 |
Initial Term Loan | ||
8.852% (1 Month SOFR + 3.75%), due 8/1/25 | 1,157,917 | 1,155,926 |
32 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Utilities (continued) | ||
Calpine Corp. | ||
2019 Term Loan | ||
7.20% (1 Month LIBOR + 2.00%), due 4/5/26 (b) | $ 3,024,000 | $ 3,018,844 |
Constellation Renewables LLC | ||
Term Loan | ||
8.025% (3 Month SOFR + 2.50%), due 12/15/27 (b) | 1,312,749 | 1,302,699 |
Edgewater Generation LLC | ||
Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 12/13/25 (b) | 3,062,969 | 2,849,838 |
Granite Generation LLC | ||
Term Loan | ||
8.943% (1 Month LIBOR + 3.75%), due 11/9/26 (b) | 2,950,001 | 2,901,143 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
9.717% (1 Month SOFR + 4.50%), due 6/17/27 (b) | 2,108,113 | 2,079,127 |
PG&E Corp. | ||
Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 6/23/25 (b) | 1,697,500 | 1,692,195 |
Vistra Operations Co. LLC | ||
2018 Incremental Term Loan 6.896% - 6.943% | ||
(1 Month LIBOR + 1.75%), due 12/31/25 (b) | 2,067,519 | 2,061,488 |
19,564,417 | ||
Water 0.3% | ||
Osmosis Buyer Ltd. | ||
2022 Refinanciang Term Loan B | ||
8.896% (1 Month SOFR + 3.75%), due 7/31/28 (b) | 2,376,000 | 2,324,025 |
Total Loan Assignments (Cost $771,115,343) | 742,012,725 | |
Total Long-Term Bonds (Cost $815,493,763) | 784,188,015 | |
Shares | Value | |
Affiliated Investment Company 0.3% | ||
Fixed Income Fund 0.3% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 436,571 | $ 2,188,572 |
Total Affiliated Investment Company (Cost $2,445,688) | 2,188,572 | |
Common Stocks 0.1% | ||
Automobile Components 0.0% ‡ | ||
Millennium Corporate Trust (c)(d)(h) | 1,243 | — |
Millennium Industries Corp. (c)(d)(h) | 1,324 | — |
— | ||
Communications Equipment 0.0% ‡ | ||
Avaya, Inc. (c)(d)(h) | 12,043 | 156,559 |
Health Care Equipment & Supplies 0.0% ‡ | ||
Carestream Equity (c)(d)(h) | 3,656 | 20,839 |
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Sempra Texas Holdings Corp. (c)(d)(h) | 94,456 | — |
Machinery 0.1% | ||
Ameriforge Group, Inc. (c)(d)(h) | 291,214 | 369,842 |
Total Common Stocks (Cost $2,077,417) | 547,240 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Vistra Corp. | ||
Expires 12/31/46 (c)(d)(h) | 57,684 | 77,874 |
Total Rights (Cost $47,301) | 77,874 | |
Number of Warrants | ||
Warrants 0.0% ‡ | ||
Capital Markets 0.0% ‡ | ||
THAIHOT Investment Co. Ltd. | ||
Expires 10/13/27 (c)(d)(h)(i) | 22 | 0 |
Total Warrants (Cost $0) | 0 | |
Principal Amount | Value | ||
Short-Term Investments 4.2% | |||
U.S. Treasury Debt 4.2% | |||
U.S. Treasury Bills (j) | |||
4.363%, due 7/5/23 | $ 4,571,000 | $ 4,569,754 | |
4.994%, due 7/13/23 | 1,252,000 | 1,250,259 | |
4.999%, due 7/18/23 | 17,080,000 | 17,044,256 | |
5.11%, due 8/15/23 | 1,111,000 | 1,104,171 | |
5.153%, due 8/10/23 | 1,375,000 | 1,367,551 | |
5.158%, due 8/22/23 | 9,492,000 | 9,423,908 | |
Total Short-Term Investments (Cost $34,751,180) | 34,759,899 | ||
Total Investments (Cost $854,815,349) | 99.6% | 821,761,600 | |
Other Assets, Less Liabilities | 0.4 | 3,522,680 | |
Net Assets | 100.0% | $ 825,284,280 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $9,479,400, which represented 1.1% of the Portfolio’s net assets. |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | Issue in default. |
(f) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(g) | Issue in non-accrual status. |
(h) | Non-income producing security. |
(i) | Less than $1. |
(j) | Interest rate shown represents yield to maturity. |
34 | MainStay VP Floating Rate Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 2,142 | $ — | $ — | $ — | $ 47 | $ 2,189 | $ 62 | $ — | 437 |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing Rate |
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 | |||||||
Asset-Backed Securities | $ — | $ 9,484,542 | $ — | $ 9,484,542 | |||
Corporate Bonds | — | 32,690,748 | — | 32,690,748 | |||
Loan Assignments | — | 740,572,462 | 1,440,263 | 742,012,725 | |||
Total Long-Term Bonds | — | 782,747,752 | 1,440,263 | 784,188,015 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 2,188,572 | — | — | 2,188,572 | |||
Common Stocks | — | — | 547,240 | 547,240 | |||
Rights | — | — | 77,874 | 77,874 | |||
Warrants (b) | — | — | 0 | 0 | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 34,759,899 | — | 34,759,899 | |||
Total Investments in Securities | $ 2,188,572 | $ 817,507,651 | $ 2,065,377 | $ 821,761,600 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | Less than $1. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $852,369,661) | $819,573,028 |
Investment in affiliated investment companies, at value (identified cost $2,445,688) | 2,188,572 |
Cash | 6,811,757 |
Due from custodian | 1,366,978 |
Receivables: | |
Interest | 3,978,433 |
Investment securities sold | 3,374,946 |
Portfolio shares sold | 475,003 |
Other assets | 7,195 |
Total assets | 837,775,912 |
Liabilities | |
Unrealized depreciation on unfunded commitments (See Note 5) | 26,016 |
Payables: | |
Investment securities purchased | 9,719,484 |
Portfolio shares redeemed | 2,162,571 |
Manager (See Note 3) | 402,139 |
NYLIFE Distributors (See Note 3) | 122,489 |
Professional fees | 47,521 |
Custodian | 5,664 |
Shareholder communication | 2,466 |
Accrued expenses | 3,282 |
Total liabilities | 12,491,632 |
Net assets | $825,284,280 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 97,333 |
Additional paid-in-capital | 912,762,713 |
912,860,046 | |
Total distributable earnings (loss) | (87,575,766) |
Net assets | $825,284,280 |
Initial Class | |
Net assets applicable to outstanding shares | $222,571,258 |
Shares of beneficial interest outstanding | 26,264,679 |
Net asset value per share outstanding | $ 8.47 |
Service Class | |
Net assets applicable to outstanding shares | $602,713,022 |
Shares of beneficial interest outstanding | 71,068,526 |
Net asset value per share outstanding | $ 8.48 |
36 | MainStay VP Floating Rate Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $36,381,055 |
Dividends-affiliated | 61,906 |
Total income | 36,442,961 |
Expenses | |
Manager (See Note 3) | 2,490,651 |
Distribution/Service—Service Class (See Note 3) | 720,170 |
Professional fees | 74,735 |
Custodian | 16,711 |
Shareholder communication | 11,710 |
Trustees | 9,885 |
Miscellaneous | 27,732 |
Total expenses | 3,351,594 |
Net investment income (loss) | 33,091,367 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (7,121,982) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 20,424,636 |
Affiliated investments | 46,451 |
Unfunded commitments | 37,394 |
Net change in unrealized appreciation (depreciation) | 20,508,481 |
Net realized and unrealized gain (loss) | 13,386,499 |
Net increase (decrease) in net assets resulting from operations | $46,477,866 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 33,091,367 | $ 38,693,702 |
Net realized gain (loss) | (7,121,982) | (5,194,020) |
Net change in unrealized appreciation (depreciation) | 20,508,481 | (45,313,026) |
Net increase (decrease) in net assets resulting from operations | 46,477,866 | (11,813,344) |
Distributions to shareholders: | ||
Initial Class | (10,312,238) | (13,236,901) |
Service Class | (22,716,153) | (25,226,121) |
Total distributions to shareholders | (33,028,391) | (38,463,022) |
Capital share transactions: | ||
Net proceeds from sales of shares | 69,722,823 | 199,338,625 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 33,028,391 | 38,463,022 |
Cost of shares redeemed | (128,314,726) | (183,816,446) |
Increase (decrease) in net assets derived from capital share transactions | (25,563,512) | 53,985,201 |
Net increase (decrease) in net assets | (12,114,037) | 3,708,835 |
Net Assets | ||
Beginning of period | 837,398,317 | 833,689,482 |
End of period | $ 825,284,280 | $ 837,398,317 |
38 | MainStay VP Floating Rate Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.34 | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | |||||
Net investment income (loss) (a) | 0.34 | 0.41 | 0.28 | 0.32 | 0.44 | 0.43 | |||||
Net realized and unrealized gain (loss) | 0.13 | (0.52) | 0.05 | (0.12) | 0.27 | (0.42) | |||||
Total from investment operations | 0.47 | (0.11) | 0.33 | 0.20 | 0.71 | 0.01 | |||||
Less distributions: | |||||||||||
From net investment income | (0.34) | (0.41) | (0.28) | (0.32) | (0.44) | (0.43) | |||||
Net asset value at end of period | $ 8.47 | $ 8.34 | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | |||||
Total investment return (b) | 5.81% | (1.25)% | 3.76% | 2.45% | 8.48% | (0.00)%‡(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 8.13%†† | 4.80% | 3.23% | 3.81% | 4.98% | 4.75% | |||||
Net expenses (d) | 0.63%†† | 0.64% | 0.64% | 0.65% | 0.65% | 0.65% | |||||
Portfolio turnover rate | 12% | 14% | 29% | 19% | 35% | 29% | |||||
Net assets at end of period (in 000's) | $ 222,571 | $ 275,041 | $ 299,907 | $ 142,403 | $ 205,596 | $ 187,285 |
* | Unaudited. |
‡ | Less than one-tenth of a percent. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.34 | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | |||||
Net investment income (loss) (a) | 0.33 | 0.39 | 0.26 | 0.30 | 0.42 | 0.41 | |||||
Net realized and unrealized gain (loss) | 0.14 | (0.53) | 0.05 | (0.12) | 0.27 | (0.42) | |||||
Total from investment operations | 0.47 | (0.14) | 0.31 | 0.18 | 0.69 | (0.01) | |||||
Less distributions: | |||||||||||
From net investment income | (0.33) | (0.39) | (0.26) | (0.30) | (0.42) | (0.41) | |||||
Net asset value at end of period | $ 8.48 | $ 8.34 | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | |||||
Total investment return (b) | 5.68% | (1.49)% | 3.50% | 2.20% | 8.19% | (0.25)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 7.90%†† | 4.59% | 2.96% | 3.50% | 4.73% | 4.52% | |||||
Net expenses (d) | 0.88%†† | 0.89% | 0.89% | 0.90% | 0.90% | 0.90% | |||||
Portfolio turnover rate | 12% | 14% | 29% | 19% | 35% | 29% | |||||
Net assets at end of period (in 000's) | $ 602,713 | $ 562,357 | $ 533,782 | $ 496,645 | $ 579,419 | $ 611,492 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
40 | MainStay VP Floating Rate Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
42 | MainStay VP Floating Rate Portfolio |
44 | MainStay VP Floating Rate Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $854,866,847 | $2,145,253 | $(35,250,500) | $(33,105,247) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,593 | $43,902 |
2022 | |
Distributions paid from: | |
Ordinary Income | $38,463,022 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
athenahealth Group, Inc., Initial Delayed Draw Term Loan 3.50%, due 2/15/29 | $518,828 | $(24,651) |
Hillman Group, Inc. (The), Initial Delayed Draw Term Loan 2.75%, due 7/14/28 | 118,418 | (625) |
Pediatric Associates Holding Co. LLC, Amendment No. 1 Incremental Delayed Draw Term Loan 3.25%, due 12/29/28 | 30,839 | (740) |
Total | $668,085 | $(26,016) |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 605,220 | $ 5,115,489 |
Shares issued to shareholders in reinvestment of distributions | 1,220,851 | 10,312,238 |
Shares redeemed | (8,550,661) | (72,003,114) |
Net increase (decrease) | (6,724,590) | $ (56,575,387) |
Year ended December 31, 2022: | ||
Shares sold | 4,045,382 | $ 33,987,205 |
Shares issued to shareholders in reinvestment of distributions | 1,567,085 | 13,236,901 |
Shares redeemed | (6,486,710) | (55,381,284) |
Net increase (decrease) | (874,243) | $ (8,157,178) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 7,649,629 | $ 64,607,334 |
Shares issued to shareholders in reinvestment of distributions | 2,687,762 | 22,716,153 |
Shares redeemed | (6,667,356) | (56,311,612) |
Net increase (decrease) | 3,670,035 | $ 31,011,875 |
Year ended December 31, 2022: | ||
Shares sold | 19,272,966 | $ 165,351,420 |
Shares issued to shareholders in reinvestment of distributions | 2,987,184 | 25,226,121 |
Shares redeemed | (15,071,415) | (128,435,162) |
Net increase (decrease) | 7,188,735 | $ 62,142,379 |
46 | MainStay VP Floating Rate Portfolio |
48 | MainStay VP Floating Rate Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029462 | MSVPFR10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1995 | 5.09% | 8.75% | 3.71% | 4.58% | 0.58% |
Service Class Shares | 6/4/2003 | 4.96 | 8.48 | 3.45 | 4.32 | 0.83 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index2 | 5.41% | 8.87% | 3.17% | 4.33% |
Morningstar High Yield Bond Category Average3 | 4.68 | 8.00 | 2.76 | 3.51 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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 funds primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,050.90 | $2.95 | $1,021.92 | $2.91 | 0.58% |
Service Class Shares | $1,000.00 | $1,049.60 | $4.22 | $1,020.68 | $4.16 | 0.83% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
1. | CCO Holdings LLC, 4.25%-5.375%, due 5/1/27–1/15/34 |
2. | Carnival Corp., 4.00%-10.50%, due 2/1/26–5/1/29 |
3. | HCA, Inc., 5.375%-8.36%, due 4/15/24–11/6/33 |
4. | TransDigm, Inc., 4.625%-7.50%, due 3/15/26–5/1/29 |
5. | Yum! Brands, Inc., 3.625%-6.875%, due 1/15/30–11/15/37 |
6. | Sprint Capital Corp., 6.875%, due 11/15/28 |
7. | IHO Verwaltungs GmbH, 4.75%-6.375%, due 9/15/26–5/15/29 |
8. | VICI Properties LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
9. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
10. | Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27–5/1/31 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by S&P is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
8 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 92.2% | ||
Convertible Bonds 0.6% | ||
Media 0.4% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | $ 7,490,000 | $ 6,666,100 |
3.375%, due 8/15/26 | 7,295,000 | 3,738,688 |
10,404,788 | ||
Oil & Gas Services 0.2% | ||
Forum Energy Technologies, Inc. | ||
6.25% (6.25% Cash and 2.75% PIK), due 8/4/25 (a) | 4,829,915 | 4,836,530 |
Total Convertible Bonds (Cost $19,292,938) | 15,241,318 | |
Corporate Bonds 87.2% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 10,265,000 | 8,648,262 |
3.75%, due 2/15/28 | 6,320,000 | 5,752,717 |
4.00%, due 2/15/30 | 6,400,000 | 5,599,669 |
4.875%, due 1/15/29 | 2,570,000 | 2,390,100 |
Outfront Media Capital LLC (b) | ||
4.25%, due 1/15/29 | 2,000,000 | 1,680,720 |
5.00%, due 8/15/27 | 6,070,000 | 5,509,739 |
29,581,207 | ||
Aerospace & Defense 2.1% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (b) | 5,587,000 | 5,056,235 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (b) | 3,210,000 | 3,138,591 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 7,637,000 | 7,565,890 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 5,180,000 | 4,607,908 |
4.875%, due 5/1/29 | 4,155,000 | 3,711,508 |
6.25%, due 3/15/26 (b) | 23,850,000 | 23,733,438 |
6.75%, due 8/15/28 (b) | 4,835,000 | 4,853,325 |
7.50%, due 3/15/27 | 2,780,000 | 2,783,948 |
55,450,843 | ||
Airlines 0.6% | ||
American Airlines, Inc. (b) | ||
5.50%, due 4/20/26 | 3,135,000 | 3,105,812 |
5.75%, due 4/20/29 | 3,750,000 | 3,641,171 |
Delta Air Lines, Inc. (b) | ||
4.50%, due 10/20/25 | 3,413,019 | 3,338,579 |
Principal Amount | Value | |
Airlines (continued) | ||
Delta Air Lines, Inc. (b) (continued) | ||
7.00%, due 5/1/25 | $ 713,000 | $ 728,182 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (b) | 4,544,001 | 4,555,346 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (b) | 1,495,984 | 1,507,286 |
16,876,376 | ||
Auto Manufacturers 1.9% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 8,454,000 | 9,489,615 |
Ford Motor Co. | ||
6.10%, due 8/19/32 | 2,345,000 | 2,272,671 |
Ford Motor Credit Co. LLC | ||
3.375%, due 11/13/25 | 3,000,000 | 2,789,623 |
4.00%, due 11/13/30 | 2,000,000 | 1,709,167 |
4.125%, due 8/17/27 | 1,000,000 | 913,145 |
4.271%, due 1/9/27 | 1,647,000 | 1,524,577 |
4.389%, due 1/8/26 | 750,000 | 709,802 |
5.125%, due 6/16/25 | 3,500,000 | 3,403,855 |
6.80%, due 5/12/28 | 3,835,000 | 3,838,517 |
6.95%, due 6/10/26 | 2,310,000 | 2,321,388 |
7.20%, due 6/10/30 | 1,500,000 | 1,513,815 |
7.35%, due 3/6/30 | 2,000,000 | 2,042,484 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (b) | 12,982,000 | 12,692,891 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (b) | 3,775,000 | 3,692,794 |
48,914,344 | ||
Auto Parts & Equipment 2.0% | ||
Adient Global Holdings Ltd. (b) | ||
4.875%, due 8/15/26 | 3,000,000 | 2,849,867 |
7.00%, due 4/15/28 | 1,000,000 | 1,011,010 |
8.25%, due 4/15/31 | 1,300,000 | 1,320,032 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (b) | 5,540,000 | 5,046,739 |
IHO Verwaltungs GmbH (a)(b) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 7,973,000 | 7,355,810 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 11,976,000 | 11,263,718 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 11,645,000 | 10,792,277 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (b) | 9,550,000 | 7,831,000 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment (continued) | ||
ZF North America Capital, Inc. (b) | ||
6.875%, due 4/14/28 | $ 2,475,000 | $ 2,506,393 |
7.125%, due 4/14/30 | 3,000,000 | 3,051,162 |
53,028,008 | ||
Beverages 0.1% | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (b) | 1,500,000 | 1,285,275 |
Biotechnology 0.1% | ||
Grifols Escrow Issuer SA | ||
4.75%, due 10/15/28 (b) | 2,000,000 | 1,735,760 |
Building Materials 1.5% | ||
Builders FirstSource, Inc. | ||
6.375%, due 6/15/32 (b) | 3,000,000 | 2,980,504 |
Emerald Debt Merger Sub LLC | ||
6.625%, due 12/15/30 (b) | 7,740,000 | 7,672,275 |
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (b) | 8,011,000 | 7,505,593 |
Knife River Corp. | ||
7.75%, due 5/1/31 (b) | 3,490,000 | 3,533,696 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (b) | 2,975,000 | 2,707,340 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (b) | 4,360,000 | 4,067,024 |
Summit Materials LLC (b) | ||
5.25%, due 1/15/29 | 4,380,000 | 4,138,093 |
6.50%, due 3/15/27 | 5,635,000 | 5,599,176 |
38,203,701 | ||
Chemicals 2.9% | ||
ASP Unifrax Holdings, Inc. (b) | ||
5.25%, due 9/30/28 | 3,140,000 | 2,266,860 |
7.50%, due 9/30/29 | 5,990,000 | 3,708,638 |
Avient Corp. (b) | ||
5.75%, due 5/15/25 | 2,000,000 | 1,975,725 |
7.125%, due 8/1/30 | 3,405,000 | 3,443,899 |
CVR Partners LP | ||
6.125%, due 6/15/28 (b) | 1,700,000 | 1,478,667 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (b) | 9,575,000 | 8,808,907 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (b) | 7,096,000 | 7,025,522 |
Principal Amount | Value | |
Chemicals (continued) | ||
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (a)(b) | $ 5,105,000 | $ 4,838,242 |
Mativ Holdings, Inc. | ||
6.875%, due 10/1/26 (b) | 3,000,000 | 2,625,600 |
NOVA Chemicals Corp. (b) | ||
4.875%, due 6/1/24 | 2,635,000 | 2,574,342 |
5.25%, due 6/1/27 | 4,020,000 | 3,575,073 |
Olympus Water US Holding Corp. (b) | ||
7.125%, due 10/1/27 | 1,955,000 | 1,762,624 |
9.75%, due 11/15/28 | 7,500,000 | 7,314,750 |
SCIH Salt Holdings, Inc. (b) | ||
4.875%, due 5/1/28 | 6,000,000 | 5,358,033 |
6.625%, due 5/1/29 | 7,300,000 | 6,116,270 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (b) | 3,300,000 | 3,008,416 |
SK Invictus Intermediate II SARL | ||
5.00%, due 10/30/29 (b) | 10,450,000 | 8,303,884 |
WR Grace Holdings LLC | ||
7.375%, due 3/1/31 (b) | 1,360,000 | 1,332,774 |
75,518,226 | ||
Coal 0.2% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (b) | 2,430,000 | 2,501,686 |
Warrior Met Coal, Inc. | ||
7.875%, due 12/1/28 (b) | 2,650,000 | 2,659,493 |
5,161,179 | ||
Commercial Services 2.2% | ||
AMN Healthcare, Inc. | ||
4.625%, due 10/1/27 (b) | 2,430,000 | 2,249,188 |
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (b) | 2,000,000 | 1,815,138 |
Gartner, Inc. | ||
3.75%, due 10/1/30 (b) | 4,635,000 | 4,036,705 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (b) | 11,107,000 | 10,884,860 |
Korn Ferry | ||
4.625%, due 12/15/27 (b) | 4,000,000 | 3,758,549 |
MPH Acquisition Holdings LLC | ||
5.75%, due 11/1/28 (b) | 3,000,000 | 2,257,500 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (b) | 7,595,000 | 6,797,525 |
Service Corp. International | ||
3.375%, due 8/15/30 | 902,000 | 754,343 |
4.00%, due 5/15/31 | 6,650,000 | 5,692,600 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 2,000,000 | 1,693,918 |
10 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
United Rentals North America, Inc. (continued) | ||
3.875%, due 2/15/31 | $ 3,500,000 | $ 3,030,295 |
4.875%, due 1/15/28 | 1,000,000 | 951,590 |
5.50%, due 5/15/27 | 500,000 | 492,092 |
Williams Scotsman International, Inc. (b) | ||
4.625%, due 8/15/28 | 4,270,000 | 3,903,074 |
6.125%, due 6/15/25 | 4,705,000 | 4,670,091 |
WW International, Inc. | ||
4.50%, due 4/15/29 (b) | 9,615,000 | 5,682,733 |
58,670,201 | ||
Computers 0.1% | ||
McAfee Corp. | ||
7.375%, due 2/15/30 (b) | 4,310,000 | 3,747,642 |
Cosmetics & Personal Care 0.4% | ||
Edgewell Personal Care Co. (b) | ||
4.125%, due 4/1/29 | 6,780,000 | 5,915,550 |
5.50%, due 6/1/28 | 4,000,000 | 3,780,880 |
9,696,430 | ||
Distribution & Wholesale 0.7% | ||
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (b) | 5,845,000 | 5,669,650 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (b) | 3,120,000 | 2,701,234 |
Ritchie Bros Holdings, Inc. (b) | ||
6.75%, due 3/15/28 | 2,065,000 | 2,081,353 |
7.75%, due 3/15/31 | 6,565,000 | 6,810,699 |
17,262,936 | ||
Diversified Financial Services 2.1% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (b) | 6,787,000 | 6,956,424 |
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (b) | 3,055,000 | 2,965,763 |
6.625%, due 3/15/26 | 9,465,000 | 9,095,180 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (b) | 4,485,000 | 4,405,736 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (b) | 10,185,000 | 8,349,806 |
LPL Holdings, Inc. (b) | ||
4.00%, due 3/15/29 | 7,570,000 | 6,641,300 |
4.375%, due 5/15/31 | 3,630,000 | 3,136,200 |
4.625%, due 11/15/27 | 3,865,000 | 3,624,181 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
PennyMac Financial Services, Inc. (b) | ||
4.25%, due 2/15/29 | $ 2,700,000 | $ 2,168,720 |
5.75%, due 9/15/31 | 3,050,000 | 2,487,545 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (b) | 3,700,000 | 3,517,257 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (b) | 1,298,000 | 1,310,922 |
54,659,034 | ||
Electric 2.3% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (b) | 4,050,000 | 3,736,612 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 5,815,000 | 5,538,788 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (1.00% Cash and 12.00% PIK), due 6/1/24 (a)(b)(c) | 2,583,568 | 1,679,319 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (b) | 3,650,000 | 3,244,653 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (b) | 4,500,000 | 4,181,967 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 2,555,000 | 2,536,298 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (b) | 4,205,000 | 3,840,561 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 4,770,000 | 4,376,975 |
5.25%, due 7/1/30 | 3,840,000 | 3,441,766 |
Talen Energy Supply LLC | ||
8.625%, due 6/1/30 (b) | 10,395,000 | 10,758,825 |
TransAlta Corp. | ||
7.75%, due 11/15/29 | 3,300,000 | 3,397,350 |
Vistra Corp. (b)(d)(e) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | 3,350,000 | 2,922,875 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 7,800,000 | 7,292,916 |
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (b) | 3,300,000 | 3,088,856 |
60,037,761 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electrical Components & Equipment 0.3% | ||
WESCO Distribution, Inc. (b) | ||
7.125%, due 6/15/25 | $ 4,535,000 | $ 4,582,776 |
7.25%, due 6/15/28 | 2,500,000 | 2,550,140 |
7,132,916 | ||
Engineering & Construction 0.5% | ||
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (b) | 4,000,000 | 3,340,921 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (b) | 2,800,000 | 2,602,721 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (b) | 3,000,000 | 2,555,741 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (b) | 5,800,000 | 5,220,116 |
13,719,499 | ||
Entertainment 3.3% | ||
Affinity Interactive | ||
6.875%, due 12/15/27 (b) | 3,939,000 | 3,466,309 |
Allen Media LLC | ||
10.50%, due 2/15/28 (b) | 3,350,000 | 1,725,250 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (b) | 3,845,000 | 3,464,955 |
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (b) | 3,500,000 | 3,514,840 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (b) | 2,170,000 | 2,104,900 |
CDI Escrow Issuer, Inc. | ||
5.75%, due 4/1/30 (b) | 6,190,000 | 5,761,763 |
Churchill Downs, Inc. (b) | ||
4.75%, due 1/15/28 | 13,847,000 | 12,841,722 |
5.50%, due 4/1/27 | 9,256,000 | 8,899,008 |
6.75%, due 5/1/31 | 3,340,000 | 3,302,425 |
International Game Technology plc | ||
6.25%, due 1/15/27 (b) | 7,225,000 | 7,197,906 |
Jacobs Entertainment, Inc. (b) | ||
6.75%, due 2/15/29 | 6,470,000 | 5,790,973 |
6.75%, due 2/15/29 | 2,325,000 | 2,080,991 |
Live Nation Entertainment, Inc. (b) | ||
3.75%, due 1/15/28 | 1,000,000 | 892,500 |
6.50%, due 5/15/27 | 6,435,000 | 6,469,254 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (b) | 10,940,000 | 10,543,346 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (b) | 2,280,000 | 2,013,349 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (b) | 4,500,000 | 4,119,372 |
Principal Amount | Value | |
Entertainment (continued) | ||
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (b) | $ 2,800,000 | $ 2,803,346 |
86,992,209 | ||
Food 0.9% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 4,707,000 | 4,493,724 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (b) | 3,300,000 | 3,160,528 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (b) | 5,130,000 | 4,847,850 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (b) | 6,850,000 | 5,488,321 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (b) | 6,940,000 | 5,752,427 |
23,742,850 | ||
Food Service 0.3% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (b) | 6,500,000 | 6,494,005 |
Forest Products & Paper 1.1% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (b) | 2,630,000 | 1,720,747 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 13,010,000 | 10,124,560 |
5.50%, due 1/15/26 | 2,115,000 | 1,979,419 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 15,843,000 | 16,187,707 |
30,012,433 | ||
Gas 0.3% | ||
AmeriGas Partners LP | ||
5.75%, due 5/20/27 | 2,485,000 | 2,284,282 |
5.875%, due 8/20/26 | 6,885,000 | 6,476,034 |
8,760,316 | ||
Hand & Machine Tools 0.4% | ||
Regal Rexnord Corp. (b) | ||
6.05%, due 2/15/26 | 1,750,000 | 1,752,221 |
6.05%, due 4/15/28 | 1,750,000 | 1,737,239 |
6.30%, due 2/15/30 | 1,550,000 | 1,545,412 |
6.40%, due 4/15/33 | 1,000,000 | 999,157 |
Werner FinCo. LP (b) | ||
11.50%, due 6/15/28 | 1,000,000 | 969,847 |
14.50% (8.75% Cash and 5.75% PIK), due 10/15/28 (a)(c) | 4,250,000 | 3,740,000 |
10,743,876 |
12 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Products 1.2% | ||
Garden Spinco Corp. | ||
8.625%, due 7/20/30 (b) | $ 4,000,000 | $ 4,299,003 |
Hologic, Inc. (b) | ||
3.25%, due 2/15/29 | 8,500,000 | 7,436,686 |
4.625%, due 2/1/28 | 2,000,000 | 1,881,089 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (b) | 9,615,000 | 8,785,650 |
4.625%, due 11/15/27 | 3,500,000 | 3,298,750 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (b) | 4,637,000 | 4,599,950 |
30,301,128 | ||
Healthcare-Services 4.7% | ||
Acadia Healthcare Co., Inc. (b) | ||
5.00%, due 4/15/29 | 1,750,000 | 1,613,677 |
5.50%, due 7/1/28 | 1,850,000 | 1,769,247 |
Catalent Pharma Solutions, Inc. (b) | ||
3.125%, due 2/15/29 | 5,995,000 | 4,874,355 |
3.50%, due 4/1/30 | 1,500,000 | 1,215,000 |
5.00%, due 7/15/27 | 4,500,000 | 4,128,246 |
CHS/Community Health Systems, Inc. | ||
5.25%, due 5/15/30 (b) | 3,000,000 | 2,363,182 |
DaVita, Inc. (b) | ||
3.75%, due 2/15/31 | 3,200,000 | 2,558,503 |
4.625%, due 6/1/30 | 4,600,000 | 3,948,998 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,500,000 | 5,116,945 |
4.625%, due 4/1/31 | 3,875,000 | 3,435,034 |
4.75%, due 2/1/30 | 7,650,000 | 6,965,336 |
HCA, Inc. | ||
5.375%, due 2/1/25 | 6,530,000 | 6,472,749 |
5.875%, due 2/15/26 | 8,000,000 | 8,005,061 |
7.50%, due 11/6/33 | 12,100,000 | 13,220,593 |
7.58%, due 9/15/25 | 3,507,000 | 3,623,628 |
7.69%, due 6/15/25 | 9,035,000 | 9,282,648 |
8.36%, due 4/15/24 | 4,450,000 | 4,521,436 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (b) | 2,650,000 | 2,335,529 |
IQVIA, Inc. (b) | ||
5.00%, due 10/15/26 | 9,792,000 | 9,454,886 |
5.70%, due 5/15/28 | 1,750,000 | 1,732,500 |
6.50%, due 5/15/30 | 2,000,000 | 2,019,746 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (b) | 4,900,000 | 2,894,197 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (b) | 3,850,000 | 3,565,643 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
Molina Healthcare, Inc. | ||
3.875%, due 11/15/30 (b) | $ 2,000,000 | $ 1,718,318 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (b) | 12,500,000 | 10,482,825 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (b) | 2,000,000 | 1,965,648 |
Tenet Healthcare Corp. | ||
6.75%, due 5/15/31 (b) | 3,765,000 | 3,774,171 |
123,058,101 | ||
Holding Companies-Diversified 0.7% | ||
Benteler International AG | ||
10.50%, due 5/15/28 (b) | 9,735,000 | 9,832,350 |
Stena International SA | ||
6.125%, due 2/1/25 (b) | 9,525,000 | 9,278,330 |
19,110,680 | ||
Home Builders 2.0% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (b) | 4,630,000 | 4,545,607 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (b) | 4,855,000 | 4,459,335 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (b) | 4,775,000 | 4,137,835 |
6.75%, due 6/1/27 | 6,775,000 | 6,785,183 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (b) | 6,945,000 | 6,541,042 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | 1,695,000 | 1,444,987 |
4.95%, due 2/1/28 | 3,000,000 | 2,796,600 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (b) | 6,022,000 | 5,313,491 |
Shea Homes LP | ||
4.75%, due 2/15/28 | 7,300,000 | 6,476,491 |
4.75%, due 4/1/29 | 1,923,000 | 1,669,594 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (b) | 2,700,000 | 2,477,253 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (b) | 6,785,000 | 6,650,352 |
53,297,770 | ||
Household Products & Wares 0.3% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 2,020,000 | 1,692,145 |
4.125%, due 4/30/31 (b) | 4,323,000 | 3,564,127 |
Spectrum Brands, Inc. | ||
5.75%, due 7/15/25 | 2,840,000 | 2,838,239 |
8,094,511 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Housewares 0.3% | ||
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 | $ 6,500,000 | $ 5,082,967 |
4.375%, due 2/1/32 | 3,235,000 | 2,547,186 |
4.50%, due 10/15/29 | 900,000 | 773,339 |
8,403,492 | ||
Insurance 1.0% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (b) | 5,500,000 | 4,771,466 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 4,273,000 | 4,489,089 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (b) | 1,000,000 | 972,343 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 6,708,000 | 6,327,388 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (b) | 3,245,000 | 3,279,173 |
Ryan Specialty LLC | ||
4.375%, due 2/1/30 (b) | 1,000,000 | 885,200 |
USI, Inc. | ||
6.875%, due 5/1/25 (b) | 6,750,000 | 6,699,375 |
27,424,034 | ||
Internet 1.8% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (b) | 5,860,000 | 5,395,887 |
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (b) | 4,100,000 | 4,088,456 |
Netflix, Inc. | ||
5.75%, due 3/1/24 | 7,899,000 | 7,883,439 |
5.875%, due 11/15/28 | 8,800,000 | 9,088,658 |
Uber Technologies, Inc. (b) | ||
7.50%, due 5/15/25 | 2,400,000 | 2,428,703 |
7.50%, due 9/15/27 | 6,065,000 | 6,203,604 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 6,000,000 | 5,908,515 |
5.25%, due 4/1/25 | 6,809,000 | 6,736,923 |
47,734,185 | ||
Investment Companies 0.7% | ||
Compass Group Diversified Holdings LLC (b) | ||
5.00%, due 1/15/32 | 2,490,000 | 2,009,785 |
5.25%, due 4/15/29 | 9,375,000 | 8,217,357 |
Principal Amount | Value | |
Investment Companies (continued) | ||
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | $ 4,000,000 | $ 3,449,599 |
6.25%, due 5/15/26 | 4,000,000 | 3,640,459 |
17,317,200 | ||
Iron & Steel 1.2% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 7,400,000 | 7,469,007 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (b) | 7,595,000 | 7,502,446 |
Mineral Resources Ltd. (b) | ||
8.125%, due 5/1/27 | 12,500,000 | 12,501,688 |
8.50%, due 5/1/30 | 3,375,000 | 3,388,268 |
30,861,409 | ||
Leisure Time 2.2% | ||
Carnival Corp. (b) | ||
4.00%, due 8/1/28 | 8,500,000 | 7,535,418 |
5.75%, due 3/1/27 | 15,120,000 | 13,919,321 |
6.00%, due 5/1/29 | 7,620,000 | 6,803,397 |
9.875%, due 8/1/27 | 7,000,000 | 7,291,438 |
10.50%, due 2/1/26 | 7,040,000 | 7,400,540 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (b) | 4,155,000 | 4,544,442 |
Royal Caribbean Cruises Ltd. (b) | ||
5.375%, due 7/15/27 | 2,700,000 | 2,524,645 |
5.50%, due 4/1/28 | 5,000,000 | 4,662,699 |
7.25%, due 1/15/30 | 3,100,000 | 3,139,816 |
57,821,716 | ||
Lodging 1.9% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 11,630,000 | 11,019,168 |
4.75%, due 6/15/31 (b) | 13,995,000 | 12,502,491 |
Hilton Domestic Operating Co., Inc. | ||
4.00%, due 5/1/31 (b) | 10,490,000 | 9,110,366 |
4.875%, due 1/15/30 | 8,545,000 | 7,967,528 |
5.75%, due 5/1/28 (b) | 2,200,000 | 2,166,369 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 3,500,000 | 3,022,943 |
Series FF | ||
4.625%, due 6/15/30 | 2,000,000 | 1,914,962 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (b) | 1,500,000 | 1,346,355 |
49,050,182 |
14 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (b) | $ 2,150,000 | $ 1,998,810 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (b) | 6,755,000 | 6,086,077 |
8,084,887 | ||
Machinery-Diversified 0.5% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (f)(g)(h) | 5,030,000 | — |
Chart Industries, Inc. | ||
7.50%, due 1/1/30 (b) | 3,000,000 | 3,060,765 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (b) | 2,148,000 | 1,948,418 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (b) | 9,040,000 | 8,351,809 |
13,360,992 | ||
Media 6.5% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (b) | 4,175,000 | 3,454,813 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (b) | 10,325,000 | 8,066,406 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (b) | 12,120,000 | 9,804,713 |
4.25%, due 1/15/34 (b) | 7,265,000 | 5,490,653 |
4.50%, due 8/15/30 (b) | 13,555,000 | 11,287,128 |
4.50%, due 5/1/32 | 11,250,000 | 8,982,638 |
4.50%, due 6/1/33 (b) | 4,700,000 | 3,690,840 |
4.75%, due 3/1/30 (b) | 7,715,000 | 6,596,971 |
5.00%, due 2/1/28 (b) | 8,550,000 | 7,789,819 |
5.125%, due 5/1/27 (b) | 12,000,000 | 11,174,939 |
5.375%, due 6/1/29 (b) | 4,780,000 | 4,321,574 |
CSC Holdings LLC (b) | ||
5.75%, due 1/15/30 | 6,705,000 | 3,165,900 |
6.50%, due 2/1/29 | 3,090,000 | 2,496,830 |
7.50%, due 4/1/28 | 1,750,000 | 997,452 |
11.25%, due 5/15/28 | 3,405,000 | 3,301,931 |
Directv Financing LLC | ||
5.875%, due 8/15/27 (b) | 12,255,000 | 11,098,559 |
DISH DBS Corp. | ||
5.125%, due 6/1/29 | 1,500,000 | 696,519 |
7.75%, due 7/1/26 | 8,000,000 | 4,903,720 |
LCPR Senior Secured Financing DAC (b) | ||
5.125%, due 7/15/29 | 3,780,000 | 3,176,283 |
6.75%, due 10/15/27 | 13,896,000 | 13,024,055 |
Principal Amount | Value | |
Media (continued) | ||
News Corp. (b) | ||
3.875%, due 5/15/29 | $ 10,470,000 | $ 9,190,629 |
5.125%, due 2/15/32 | 3,085,000 | 2,814,650 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (b) | 4,805,000 | 3,879,749 |
Sirius XM Radio, Inc. | ||
4.00%, due 7/15/28 (b) | 2,750,000 | 2,389,399 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (c)(f)(h) | 7,000,000 | 6,531,700 |
Videotron Ltd. (b) | ||
5.125%, due 4/15/27 | 5,890,000 | 5,647,037 |
5.375%, due 6/15/24 | 9,580,000 | 9,480,655 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (b) | 3,490,000 | 2,778,372 |
VZ Secured Financing BV | ||
5.00%, due 1/15/32 (b) | 5,285,000 | 4,256,362 |
170,490,296 | ||
Metal Fabricate & Hardware 0.2% | ||
Advanced Drainage Systems, Inc. (b) | ||
5.00%, due 9/30/27 | 2,275,000 | 2,153,093 |
6.375%, due 6/15/30 | 3,030,000 | 2,997,488 |
5,150,581 | ||
Mining 1.2% | ||
Arconic Corp. | ||
6.00%, due 5/15/25 (b) | 2,200,000 | 2,217,497 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (b) | 8,835,000 | 8,349,075 |
Compass Minerals International, Inc. | ||
6.75%, due 12/1/27 (b) | 7,990,000 | 7,703,159 |
First Quantum Minerals Ltd. | ||
6.875%, due 10/15/27 (b) | 3,500,000 | 3,414,250 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (b) | 9,760,000 | 7,301,994 |
Novelis Corp. | ||
4.75%, due 1/30/30 (b) | 3,000,000 | 2,666,121 |
31,652,096 | ||
Miscellaneous—Manufacturing 1.0% | ||
Amsted Industries, Inc. (b) | ||
4.625%, due 5/15/30 | 2,615,000 | 2,332,503 |
5.625%, due 7/1/27 | 7,240,000 | 7,002,450 |
Calderys Financing LLC | ||
11.25%, due 6/1/28 (b) | 2,260,000 | 2,316,025 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 4,240,000 | 4,112,800 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Miscellaneous—Manufacturing (continued) | ||
Hillenbrand, Inc. | ||
5.75%, due 6/15/25 | $ 2,000,000 | $ 1,981,000 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (b) | 4,735,000 | 4,228,127 |
Trinity Industries, Inc. | ||
7.75%, due 7/15/28 (b) | 3,230,000 | 3,250,188 |
25,223,093 | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (b) | 4,445,000 | 3,603,220 |
Oil & Gas 6.4% | ||
Ascent Resources Utica Holdings LLC (b) | ||
7.00%, due 11/1/26 | 3,400,000 | 3,290,077 |
9.00%, due 11/1/27 | 2,684,000 | 3,336,802 |
California Resources Corp. | ||
7.125%, due 2/1/26 (b) | 3,500,000 | 3,517,500 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (b) | 2,250,000 | 2,121,458 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (b) | 4,320,000 | 3,952,570 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (b) | 10,805,000 | 9,806,478 |
EQT Corp. | ||
6.125%, due 2/1/25 (i) | 2,490,000 | 2,476,006 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 368,464 | 370,196 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (b) | 8,284,024 | 8,322,959 |
Gulfport Energy Operating Corp. Escrow Claim Shares (f)(g) | ||
6.00%, due 10/15/24 | 15,745,000 | — |
6.375%, due 5/15/25 | 8,000,000 | — |
6.375%, due 1/15/26 | 4,441,000 | — |
Hilcorp Energy I LP (b) | ||
5.75%, due 2/1/29 | 1,610,000 | 1,457,836 |
6.00%, due 4/15/30 | 2,400,000 | 2,185,378 |
6.25%, due 4/15/32 | 2,455,000 | 2,188,325 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 3,000,000 | 2,861,241 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 7,250,000 | 7,025,576 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (b) | 1,765,000 | 1,620,589 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Noble Finance II LLC | ||
8.00%, due 4/15/30 (b) | $ 1,685,000 | $ 1,713,106 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 10,200,000 | 10,069,950 |
5.875%, due 9/1/25 | 1,500,000 | 1,489,738 |
6.45%, due 9/15/36 | 3,100,000 | 3,181,529 |
6.625%, due 9/1/30 | 1,940,000 | 2,015,854 |
7.50%, due 5/1/31 | 1,200,000 | 1,310,208 |
Parkland Corp. (b) | ||
4.50%, due 10/1/29 | 5,000,000 | 4,337,500 |
4.625%, due 5/1/30 | 3,880,000 | 3,364,173 |
5.875%, due 7/15/27 | 3,130,000 | 3,019,850 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 2,891,000 | 2,889,538 |
Permian Resources Operating LLC (b) | ||
5.375%, due 1/15/26 | 5,700,000 | 5,419,139 |
6.875%, due 4/1/27 | 5,958,000 | 5,868,630 |
7.75%, due 2/15/26 | 5,640,000 | 5,663,993 |
Range Resources Corp. | ||
4.75%, due 2/15/30 (b) | 1,000,000 | 896,250 |
8.25%, due 1/15/29 | 1,615,000 | 1,681,538 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (b) | 11,110,000 | 10,248,475 |
Southwestern Energy Co. | ||
5.375%, due 3/15/30 | 2,580,000 | 2,407,663 |
5.70%, due 1/23/25 (i) | 1,008,000 | 1,002,674 |
8.375%, due 9/15/28 | 1,600,000 | 1,665,648 |
Sunoco LP | ||
4.50%, due 5/15/29 | 1,690,000 | 1,499,352 |
6.00%, due 4/15/27 | 2,000,000 | 1,970,488 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 19,985,000 | 20,914,302 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (b) | 7,114,250 | 7,016,429 |
Transocean Titan Financing Ltd. | ||
8.375%, due 2/1/28 (b) | 1,500,000 | 1,531,875 |
Transocean, Inc. | ||
8.75%, due 2/15/30 (b) | 7,945,000 | 8,064,175 |
Vital Energy, Inc. | ||
7.75%, due 7/31/29 (b) | 3,930,000 | 3,242,250 |
167,017,318 | ||
Oil & Gas Services 0.9% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (b) | 8,135,000 | 7,728,259 |
Nine Energy Service, Inc. | ||
13.00%, due 2/1/28 | 7,825,000 | 6,872,111 |
16 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas Services (continued) | ||
Weatherford International Ltd. (b) | ||
6.50%, due 9/15/28 | $ 4,495,000 | $ 4,514,328 |
8.625%, due 4/30/30 | 3,970,000 | 4,030,511 |
23,145,209 | ||
Packaging & Containers 0.4% | ||
Cascades USA, Inc. (b) | ||
5.125%, due 1/15/26 | 2,810,000 | 2,685,158 |
5.375%, due 1/15/28 | 5,200,000 | 4,860,048 |
Owens-Brockway Glass Container, Inc. | ||
7.25%, due 5/15/31 (b) | 2,300,000 | 2,328,750 |
Sealed Air Corp. | ||
6.125%, due 2/1/28 (b) | 1,500,000 | 1,488,942 |
11,362,898 | ||
Pharmaceuticals 2.7% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (b) | 991,000 | 993,477 |
180 Medical, Inc. | ||
3.875%, due 10/15/29 (b) | 3,270,000 | 2,851,812 |
Bausch Health Cos., Inc. (b) | ||
6.25%, due 2/15/29 | 600,000 | 255,000 |
7.00%, due 1/15/28 | 1,750,000 | 756,667 |
11.00%, due 9/30/28 | 4,000,000 | 2,841,200 |
14.00%, due 10/15/30 | 347,000 | 206,465 |
BellRing Brands, Inc. | ||
7.00%, due 3/15/30 (b) | 5,300,000 | 5,333,125 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (b) | 8,790,000 | 7,842,348 |
Organon & Co. (b) | ||
4.125%, due 4/30/28 | 7,000,000 | 6,212,716 |
5.125%, due 4/30/31 | 4,500,000 | 3,712,609 |
Owens & Minor, Inc. (b) | ||
4.50%, due 3/31/29 | 6,310,000 | 5,239,756 |
6.625%, due 4/1/30 | 10,445,000 | 9,476,331 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (b)(g)(j) | 14,976,000 | 11,067,758 |
Prestige Brands, Inc. (b) | ||
3.75%, due 4/1/31 | 10,940,000 | 9,057,165 |
5.125%, due 1/15/28 | 4,895,000 | 4,647,011 |
70,493,440 | ||
Pipelines 4.7% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 395,000 | 395,726 |
Antero Midstream Partners LP (b) | ||
5.375%, due 6/15/29 | 1,500,000 | 1,393,771 |
Principal Amount | Value | |
Pipelines (continued) | ||
Antero Midstream Partners LP (b) (continued) | ||
5.75%, due 1/15/28 | $ 1,565,000 | $ 1,491,898 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (b) | 2,285,000 | 1,938,105 |
Crestwood Midstream Partners LP | ||
8.00%, due 4/1/29 (b) | 2,150,000 | 2,176,685 |
DT Midstream, Inc. | ||
4.375%, due 6/15/31 (b) | 1,975,000 | 1,700,974 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 4,788,000 | 4,577,947 |
EnLink Midstream LLC | ||
6.50%, due 9/1/30 (b) | 1,675,000 | 1,672,959 |
EQM Midstream Partners LP | ||
4.50%, due 1/15/29 (b) | 1,215,000 | 1,083,650 |
4.75%, due 1/15/31 (b) | 2,700,000 | 2,365,157 |
5.50%, due 7/15/28 | 720,000 | 681,276 |
6.00%, due 7/1/25 (b) | 1,092,000 | 1,079,943 |
6.50%, due 7/1/27 (b) | 1,850,000 | 1,824,602 |
7.50%, due 6/1/30 (b) | 1,480,000 | 1,497,680 |
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (b) | 8,115,000 | 7,969,773 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 3,596,000 | 3,405,156 |
6.50%, due 10/1/25 | 1,600,000 | 1,575,671 |
7.75%, due 2/1/28 | 3,500,000 | 3,328,952 |
8.00%, due 1/15/27 | 9,370,000 | 9,136,701 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (b) | 6,965,000 | 6,905,383 |
Hess Midstream Operations LP (b) | ||
4.25%, due 2/15/30 | 2,000,000 | 1,745,000 |
5.625%, due 2/15/26 | 3,300,000 | 3,246,375 |
Holly Energy Partners LP (b) | ||
5.00%, due 2/1/28 | 2,845,000 | 2,624,396 |
6.375%, due 4/15/27 | 1,565,000 | 1,545,944 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (b) | 5,310,000 | 4,473,569 |
MPLX LP | ||
4.875%, due 12/1/24 | 3,240,000 | 3,193,208 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (b) | 5,060,000 | 4,527,163 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (b) | 2,630,000 | 2,590,213 |
NGPL PipeCo LLC | ||
4.875%, due 8/15/27 (b) | 1,500,000 | 1,421,412 |
Northwest Pipeline LLC | ||
7.125%, due 12/1/25 | 2,195,000 | 2,238,575 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Plains All American Pipeline LP | ||
Series B | ||
9.431% (3 Month LIBOR + 4.11%), due 7/31/23 (d)(e) | $ 14,265,000 | $ 12,697,683 |
Rockies Express Pipeline LLC | ||
4.80%, due 5/15/30 (b) | 1,500,000 | 1,310,970 |
Summit Midstream Holdings LLC | ||
9.00%, due 10/15/26 (b)(i) | 8,215,000 | 7,978,819 |
Tallgrass Energy Partners LP | ||
6.00%, due 3/1/27 (b) | 1,500,000 | 1,407,613 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 8,330,000 | 7,202,677 |
Venture Global LNG, Inc. | ||
8.125%, due 6/1/28 (b) | 6,620,000 | 6,723,502 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 2,000,000 | 1,924,002 |
123,053,130 | ||
Real Estate 0.5% | ||
Howard Hughes Corp. (The) | ||
4.125%, due 2/1/29 (b) | 1,000,000 | 827,240 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 9,839,000 | 9,740,610 |
Realogy Group LLC | ||
5.75%, due 1/15/29 (b) | 2,750,000 | 2,057,584 |
12,625,434 | ||
Real Estate Investment Trusts 2.3% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (b) | 3,680,000 | 3,164,800 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 5,700,000 | 5,427,275 |
5.375%, due 4/15/26 | 1,506,000 | 1,474,245 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 4,650,000 | 3,515,214 |
5.00%, due 10/15/27 | 7,836,000 | 6,592,576 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (b) | 2,081,000 | 1,841,685 |
4.75%, due 10/15/27 | 7,325,000 | 6,819,575 |
7.25%, due 7/15/28 (b) | 2,215,000 | 2,237,659 |
VICI Properties LP (b) | ||
3.875%, due 2/15/29 | 2,500,000 | 2,193,907 |
4.625%, due 6/15/25 | 2,800,000 | 2,705,487 |
5.625%, due 5/1/24 | 17,465,000 | 17,357,339 |
5.75%, due 2/1/27 | 6,525,000 | 6,386,148 |
59,715,910 |
Principal Amount | Value | |
Retail 6.1% | ||
1011778 BC ULC (b) | ||
3.50%, due 2/15/29 | $ 3,420,000 | $ 2,999,258 |
3.875%, due 1/15/28 | 6,165,000 | 5,635,881 |
4.00%, due 10/15/30 | 14,205,000 | 12,157,102 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 4,631,000 | 4,245,729 |
4.625%, due 11/15/29 (b) | 5,320,000 | 4,722,157 |
4.75%, due 3/1/30 | 5,212,000 | 4,631,356 |
5.00%, due 2/15/32 (b) | 2,800,000 | 2,437,946 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (b) | 4,700,000 | 4,484,028 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (b) | 3,005,000 | 3,046,319 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (b) | 4,165,000 | 3,667,734 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (b) | 7,000,000 | 6,156,658 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (b) | 5,135,000 | 4,956,405 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (b) | 13,030,000 | 11,150,308 |
Lithia Motors, Inc. | ||
4.625%, due 12/15/27 (b) | 700,000 | 653,870 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 3,000,000 | 2,754,210 |
5.625%, due 5/1/27 | 2,994,000 | 2,912,965 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (b) | 21,900,000 | 20,384,321 |
Papa John's International, Inc. | ||
3.875%, due 9/15/29 (b) | 4,930,000 | 4,173,245 |
Patrick Industries, Inc. (b) | ||
4.75%, due 5/1/29 | 1,795,000 | 1,541,690 |
7.50%, due 10/15/27 | 5,615,000 | 5,432,513 |
PetSmart, Inc. | ||
7.75%, due 2/15/29 (b) | 4,285,000 | 4,257,482 |
Sonic Automotive, Inc. (b) | ||
4.625%, due 11/15/29 | 3,500,000 | 2,931,052 |
4.875%, due 11/15/31 | 3,210,000 | 2,634,079 |
TPro Acquisition Corp. | ||
11.00%, due 10/15/24 (b) | 1,500,000 | 1,500,021 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (c)(f)(g) | 9,675,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 11,385,000 | 9,835,786 |
4.625%, due 1/31/32 | 10,950,000 | 9,891,557 |
4.75%, due 1/15/30 (b) | 10,432,000 | 9,768,629 |
18 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Yum! Brands, Inc. (continued) | ||
5.375%, due 4/1/32 | $ 8,235,000 | $ 7,827,045 |
6.875%, due 11/15/37 | 2,000,000 | 2,149,816 |
158,939,162 | ||
Software 3.9% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (b) | 4,405,000 | 4,294,875 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (b) | 4,480,000 | 4,220,339 |
Clarivate Science Holdings Corp. (b) | ||
3.875%, due 7/1/28 | 8,835,000 | 7,831,749 |
4.875%, due 7/1/29 | 16,000,000 | 14,193,690 |
CWT Travel Group, Inc. (b) | ||
8.50%, due 11/19/26 | 2,190,000 | 1,196,022 |
8.50%, due 11/19/26 | 2,297,916 | 1,254,958 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (b) | 3,219,000 | 3,140,778 |
MSCI, Inc. (b) | ||
3.25%, due 8/15/33 | 3,250,000 | 2,617,415 |
3.625%, due 9/1/30 | 4,730,000 | 4,079,098 |
3.625%, due 11/1/31 | 3,500,000 | 2,987,856 |
3.875%, due 2/15/31 | 10,120,000 | 8,769,241 |
4.00%, due 11/15/29 | 8,845,000 | 8,004,906 |
Open Text Corp. (b) | ||
3.875%, due 2/15/28 | 4,560,000 | 4,015,718 |
3.875%, due 12/1/29 | 2,500,000 | 2,089,657 |
6.90%, due 12/1/27 | 3,150,000 | 3,206,795 |
Open Text Holdings, Inc. (b) | ||
4.125%, due 2/15/30 | 8,499,000 | 7,196,988 |
4.125%, due 12/1/31 | 3,000,000 | 2,459,151 |
PTC, Inc. (b) | ||
3.625%, due 2/15/25 | 3,400,000 | 3,283,176 |
4.00%, due 2/15/28 | 9,236,000 | 8,502,731 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (b) | 5,885,000 | 5,633,875 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (b) | 4,390,000 | 3,562,115 |
102,541,133 | ||
Telecommunications 3.4% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (b) | 14,105,000 | 13,700,418 |
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (b) | 2,500,000 | 2,294,402 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Level 3 Financing, Inc. | ||
3.75%, due 7/15/29 (b) | $ 1,500,000 | $ 903,565 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 31,815,000 | 33,723,688 |
Sprint LLC | ||
7.875%, due 9/15/23 | 14,030,000 | 14,063,882 |
T-Mobile USA, Inc. | ||
2.875%, due 2/15/31 | 1,500,000 | 1,267,891 |
3.375%, due 4/15/29 | 3,000,000 | 2,709,144 |
4.75%, due 2/1/28 | 11,450,000 | 11,123,348 |
5.375%, due 4/15/27 | 8,875,000 | 8,808,437 |
88,594,775 | ||
Transportation 0.7% | ||
Seaspan Corp. | ||
5.50%, due 8/1/29 (b) | 6,450,000 | 5,053,059 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (b) | 12,665,000 | 12,035,533 |
17,088,592 | ||
Total Corporate Bonds (Cost $2,467,620,473) | 2,282,043,601 | |
Loan Assignments 4.4% | ||
Automobile 0.2% | ||
Dealer Tire Financial LLC | ||
Term Loan B2 | ||
9.602% (1 Month SOFR + 4.50%), due 12/14/27 (d) | 3,980,000 | 3,960,100 |
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 10/22/25 (d) | 3,567,324 | 3,555,569 |
Chemicals, Plastics & Rubber 0.4% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.467% (1 Month SOFR + 3.25%), due 2/5/27 (d) | 1,838,250 | 1,823,314 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.693% (1 Month SOFR + 3.50%), due 5/5/28 (d) | 8,183,180 | 8,171,675 |
9,994,989 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance 0.5% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
10.00% (3 Month SOFR + 4.75%), due 4/20/28 (d) | $ 2,000,000 | $ 2,043,214 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 1/31/28 (d) | 3,331,830 | 3,117,343 |
Schweitzer-Mauduit International, Inc. | ||
Term Loan B | ||
9.00% (1 Month LIBOR + 3.75%), due 4/20/28 (d) | 5,145,000 | 4,939,200 |
Superannuation and Investments Finco Pty. Ltd. | ||
Initial U.S. Term Loan | ||
8.967% (1 Month SOFR + 3.75%), due 12/1/28 (d) | 2,659,500 | 2,643,708 |
12,743,465 | ||
Healthcare, Education & Childcare 0.3% | ||
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
9.023% (3 Month LIBOR + 3.75%), due 11/16/25 (d) | 9,540,607 | 8,833,009 |
High Tech Industries 0.2% | ||
Open Text Corp. | ||
Term Loan B | ||
8.702% (1 Month SOFR + 3.50%), due 1/31/30 (d) | 4,975,000 | 4,982,995 |
Leisure, Amusement, Motion Pictures & Entertainment 0.1% | ||
Carnival Corp. | ||
2021 Incremental Advance Term Loan B | ||
8.467% (1 Month SOFR + 3.25%), due 10/18/28 (d) | 3,349,000 | 3,315,510 |
Manufacturing 0.1% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
8.467% (1 Month SOFR + 3.25%), due 4/10/28 (d) | 2,406,967 | 2,404,459 |
Principal Amount | Value | |
Media 0.3% | ||
Directv Financing LLC | ||
Closing Date Term Loan | ||
10.217% (1 Month SOFR + 5.00%), due 8/2/27 (d) | $ 7,615,340 | $ 7,438,558 |
Oil & Gas 0.5% | ||
Brazos Delaware II LLC | ||
Initial Term Loan | ||
8.896% (1 Month SOFR + 3.75%), due 2/11/30 (d) | 3,341,625 | 3,308,209 |
PetroQuest Energy LLC (c)(f) | ||
2020 Term Loan | ||
TBD (12.53% PIK), due 9/19/26 (a) | 649,235 | 649,235 |
Term Loan | ||
12.654% (12.07% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (a)(d) | 6,654,884 | 5,124,261 |
Term Loan | ||
12.654% (1 Month LIBOR + 7.50%), due 1/1/28 (d) | 845,958 | 845,958 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 8.704% - 8.717% | ||
(1 Month SOFR + 3.50%), due 11/17/28 (d) | 3,347,482 | 3,296,225 |
13,223,888 | ||
Personal, Food & Miscellaneous Services 0.0% ‡ | ||
WW International, Inc. | ||
Initial Term Loan | ||
8.717% (1 Month SOFR + 3.50%), due 4/13/28 (d) | 1,550,000 | 997,166 |
Retail 0.9% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
8.943% (1 Month SOFR + 3.75%), due 3/6/28 (d) | 23,209,282 | 23,006,201 |
Services Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.717% (3 Month SOFR + 4.50%), due 9/29/28 (d) | 2,936,029 | 2,940,310 |
20 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software 0.2% | ||
Cloud Software Group, Inc. (d) | ||
First Lien Term Loan A | ||
9.842% (3 Month SOFR + 4.50%), due 9/29/28 | $ 2,991,588 | $ 2,784,668 |
First Lien Dollar Term Loan B | ||
9.842% (3 Month SOFR + 4.50%), due 3/30/29 | 2,992,500 | 2,797,054 |
5,581,722 | ||
Utilities 0.5% | ||
PG&E Corp. | ||
Term Loan | ||
8.217% (1 Month SOFR + 3.00%), due 6/23/25 (d) | 13,095,000 | 13,054,078 |
Total Loan Assignments (Cost $118,340,747) | 116,032,019 | |
Total Long-Term Bonds (Cost $2,605,254,158) | 2,413,316,938 | |
Shares | ||
Common Stocks 2.1% | ||
Consumer Staples Distribution & Retail 0.0% ‡ | ||
ASG warrant Corp. (c)(f)(k) | 3,368 | — |
Distributors 0.1% | ||
ATD New Holdings, Inc. (k) | 44,740 | 1,789,600 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (c)(f)(k) | 11,280 | 113 |
Electrical Equipment 0.1% | ||
Energy Technologies, Inc. (c)(f)(k) | 4,822 | 2,411,000 |
Energy Equipment & Services 0.1% | ||
Forum Energy Technologies, Inc. (k) | 161,661 | 4,136,905 |
Nine Energy Service, Inc. (k) | 39,125 | 149,849 |
4,286,754 | ||
Hotels, Restaurants & Leisure 0.1% | ||
Carlson Travel, Inc. (c)(h)(k) | 478,813 | 1,915,252 |
Independent Power and Renewable Electricity Producers 0.4% | ||
GenOn Energy, Inc. (h) | 115,826 | 10,134,775 |
Shares | Value | ||
Oil, Gas & Consumable Fuels 1.3% | |||
Chord Energy Corp. | 15,354 | $ 2,361,445 | |
Gulfport Energy Corp. (k) | 226,002 | 23,746,030 | |
PetroQuest Energy, Inc. (c)(f)(k) | 82,247 | — | |
Talos Energy, Inc. (k) | 550,880 | 7,640,706 | |
33,748,181 | |||
Total Common Stocks (Cost $82,024,740) | 54,285,675 | ||
Convertible Preferred Stock 0.1% | |||
Hotels, Restaurants & Leisure 0.1% | |||
CWT Travel Holdings, Inc., 15.00% (b)(c)(e)(f)(k) | 25,775 | 1,623,825 | |
Total Convertible Preferred Stock (Cost $2,131,236) | 1,623,825 | ||
Preferred Stocks 0.6% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd. (c)(f)(k) | 10,741 | 8,861,325 | |
Oil, Gas & Consumable Fuels 0.3% | |||
Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (a)(c)(k) | 1,134,000 | 7,583,625 | |
Total Preferred Stocks (Cost $11,283,323) | 16,444,950 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (f)(k) | |||
Expires 11/19/26 | 44,246 | 35 | |
Expires 11/19/28 | 46,574 | 410 | |
445 | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (k) | 9,742 | 115,540 | |
Total Warrants (Cost $8,174,223) | 115,985 | ||
Total Investments (Cost $2,708,867,680) | 95.0% | 2,485,787,373 | |
Other Assets, Less Liabilities | 5.0 | 130,710,075 | |
Net Assets | 100.0% | $ 2,616,497,448 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(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) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $40,965,613, which represented 1.6% of the Portfolio’s net assets. |
(d) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Issue in non-accrual status. |
(h) | Restricted security. (See Note 5) |
(i) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(j) | Issue in default. |
(k) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing 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 | $ — | $ 15,241,318 | $ — | $ 15,241,318 | |||
Corporate Bonds | — | 2,275,511,901 | 6,531,700 | 2,282,043,601 | |||
Loan Assignments | — | 109,412,565 | 6,619,454 | 116,032,019 | |||
Total Long-Term Bonds | — | 2,400,165,784 | 13,151,154 | 2,413,316,938 | |||
Common Stocks | 38,034,935 | 13,839,627 | 2,411,113 | 54,285,675 | |||
Convertible Preferred Stock | — | — | 1,623,825 | 1,623,825 | |||
Preferred Stocks | — | 7,583,625 | 8,861,325 | 16,444,950 | |||
Warrants | 115,540 | — | 445 | 115,985 | |||
Total Investments in Securities | $ 38,150,475 | $ 2,421,589,036 | $ 26,047,862 | $ 2,485,787,373 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
22 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Assets | |
Investment in securities, at value (identified cost $2,708,867,680) | $2,485,787,373 |
Cash | 99,703,576 |
Due from custodian | 579,805 |
Receivables: | |
Interest | 38,300,714 |
Investment securities sold | 522,750 |
Portfolio shares sold | 326,668 |
Other assets | 427,256 |
Total assets | 2,625,648,142 |
Liabilities | |
Payables: | |
Investment securities purchased | 5,370,985 |
Portfolio shares redeemed | 1,990,721 |
Manager (See Note 3) | 1,196,366 |
NYLIFE Distributors (See Note 3) | 451,729 |
Professional fees | 67,912 |
Shareholder communication | 39,963 |
Custodian | 17,275 |
Accrued expenses | 15,743 |
Total liabilities | 9,150,694 |
Net assets | $2,616,497,448 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 293,533 |
Additional paid-in-capital | 2,788,478,997 |
2,788,772,530 | |
Total distributable earnings (loss) | (172,275,082) |
Net assets | $2,616,497,448 |
Initial Class | |
Net assets applicable to outstanding shares | $ 413,248,954 |
Shares of beneficial interest outstanding | 45,630,118 |
Net asset value per share outstanding | $ 9.06 |
Service Class | |
Net assets applicable to outstanding shares | $2,203,248,494 |
Shares of beneficial interest outstanding | 247,903,326 |
Net asset value per share outstanding | $ 8.89 |
Investment Income (Loss) | |
Income | |
Interest | $ 80,542,303 |
Dividends | 943,785 |
Other | 2,314,833 |
Total income | 83,800,921 |
Expenses | |
Manager (See Note 3) | 7,356,447 |
Distribution/Service—Service Class (See Note 3) | 2,752,893 |
Professional fees | 135,285 |
Shareholder communication | 38,627 |
Custodian | 33,655 |
Trustees | 33,198 |
Miscellaneous | 40,784 |
Total expenses | 10,390,889 |
Net investment income (loss) | 73,410,032 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (24,448,129) |
Net change in unrealized appreciation (depreciation) on investments | 80,421,154 |
Net realized and unrealized gain (loss) | 55,973,025 |
Net increase (decrease) in net assets resulting from operations | $129,383,057 |
24 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 73,410,032 | $ 146,111,580 |
Net realized gain (loss) | (24,448,129) | (27,833,550) |
Net change in unrealized appreciation (depreciation) | 80,421,154 | (393,576,205) |
Net increase (decrease) in net assets resulting from operations | 129,383,057 | (275,298,175) |
Distributions to shareholders: | ||
Initial Class | — | (24,718,944) |
Service Class | — | (121,925,643) |
Total distributions to shareholders | — | (146,644,587) |
Capital share transactions: | ||
Net proceeds from sales of shares | 73,168,465 | 170,826,531 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 146,644,587 |
Cost of shares redeemed | (240,609,015) | (612,645,987) |
Increase (decrease) in net assets derived from capital share transactions | (167,440,550) | (295,174,869) |
Net increase (decrease) in net assets | (38,057,493) | (717,117,631) |
Net Assets | ||
Beginning of period | 2,654,554,941 | 3,371,672,572 |
End of period | $2,616,497,448 | $2,654,554,941 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.62 | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | |||||
Net investment income (loss) (a) | 0.25 | 0.47 | 0.47 | 0.54 | 0.58 | 0.55 | |||||
Net realized and unrealized gain (loss) | 0.19 | (1.29) | 0.08 | (0.04) | 0.64 | (0.68) | |||||
Total from investment operations | 0.44 | (0.82) | 0.55 | 0.50 | 1.22 | (0.13) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.50) | (0.50) | (0.57) | (0.58) | (0.60) | |||||
Net asset value at end of period | $ 9.06 | $ 8.62 | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | |||||
Total investment return (b) | 5.10%(c) | (8.06)% | 5.51% | 5.40% | 13.22% | (1.46)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 5.77%†† | 5.15% | 4.66% | 5.56% | 5.84% | 5.58% | |||||
Net expenses | 0.58%†† | 0.58% | 0.58% | 0.59%(d) | 0.59%(d) | 0.58%(d) | |||||
Portfolio turnover rate | 9% | 12% | 35% | 39% | 28% | 28% | |||||
Net assets at end of period (in 000's) | $ 413,249 | $ 444,733 | $ 592,890 | $ 461,075 | $ 471,775 | $ 458,129 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.47 | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | |||||
Net investment income (loss) (a) | 0.24 | 0.44 | 0.44 | 0.50 | 0.55 | 0.52 | |||||
Net realized and unrealized gain (loss) | 0.18 | (1.26) | 0.06 | (0.02) | 0.62 | (0.66) | |||||
Total from investment operations | 0.42 | (0.82) | 0.50 | 0.48 | 1.17 | (0.14) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.48) | (0.47) | (0.55) | (0.55) | (0.58) | |||||
Net asset value at end of period | $ 8.89 | $ 8.47 | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | |||||
Total investment return (b) | 4.96% | (8.29)% | 5.25% | 5.14% | 12.94% | (1.71)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 5.52%†† | 4.91% | 4.43% | 5.31% | 5.60% | 5.33% | |||||
Net expenses | 0.83%†† | 0.83% | 0.83% | 0.84%(c) | 0.84%(c) | 0.83%(c) | |||||
Portfolio turnover rate | 9% | 12% | 35% | 39% | 28% | 28% | |||||
Net assets at end of period (in 000's) | $ 2,203,248 | $ 2,209,821 | $ 2,778,783 | $ 2,614,734 | $ 2,557,069 | $ 2,298,144 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
26 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices (unadjusted) 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 MacKay High Yield Corporate Bond Portfolio |
30 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $2,709,022,470 | $36,085,532 | $(259,320,629) | $(223,235,097) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $10,623 | $132,916 |
2022 | |
Distributions paid from: | |
Ordinary Income | $146,644,587 |
32 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 6/30/23 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 | $ — | 0.0% |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20-12/8/21 | 478,813 | 8,408,534 | 1,915,252 | 0.1 |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 115,826 | 12,970,154 | 10,134,775 | 0.4 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 7,000,000 | 6,970,195 | 6,531,700 | 0.2 |
Total | $ 33,519,308 | $ 18,581,727 | 0.7% |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,682,381 | $ 14,885,266 |
Shares redeemed | (7,657,717) | (68,307,310) |
Net increase (decrease) | (5,975,336) | $ (53,422,044) |
Year ended December 31, 2022: | ||
Shares sold | 7,121,288 | $ 65,542,215 |
Shares issued to shareholders in reinvestment of distributions | 2,967,745 | 24,718,944 |
Shares redeemed | (18,114,997) | (165,203,247) |
Net increase (decrease) | (8,025,964) | $ (74,942,088) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 6,649,291 | $ 58,283,199 |
Shares redeemed | (19,717,689) | (172,301,705) |
Net increase (decrease) | (13,068,398) | $(114,018,506) |
Year ended December 31, 2022: | ||
Shares sold | 11,574,208 | $ 105,284,316 |
Shares issued to shareholders in reinvestment of distributions | 14,890,045 | 121,925,643 |
Shares redeemed | (49,817,798) | (447,442,740) |
Net increase (decrease) | (23,353,545) | $(220,232,781) |
34 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
36 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029471 | MSVPHYCB10-08/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 4.62% | 6.83% | 4.46% | 5.56% | 0.62% |
Service Class Shares | 6/4/2003 | 4.49 | 6.56 | 4.19 | 5.30 | 0.87 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
MSCI World Index (Net)2 | 15.09% | 18.51% | 9.07% | 9.50% |
Bloomberg U.S. Aggregate Bond Index3 | 2.09 | -0.94 | 0.77 | 1.52 |
Blended Benchmark Index4 | 9.77 | 10.58 | 6.03 | 6.49 |
Morningstar World Allocation Category Average5 | 5.03 | 6.54 | 3.62 | 4.43 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The MSCI World Index (Net) is the Portfolio's primary broad-based securities market index for comparison purposes. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
3. | 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 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. |
4. | 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. |
5. | The Morningstar World Allocation Category Average is representative of funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these funds do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,046.20 | $3.15 | $1,021.72 | $3.11 | 0.62% |
Service Class Shares | $1,000.00 | $1,044.90 | $4.41 | $1,020.48 | $4.36 | 0.87% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Income Builder Portfolio |
1. | GNMA, (zero coupon)-7.972%, due 7/20/49–5/20/53 |
2. | UMBS, 30 Year, 3.00%-6.00%, due 8/1/48–6/1/53 |
3. | U.S. Treasury Bonds, 3.625%-3.875%, due 5/15/43–5/15/53 |
4. | FHLMC STACR REMIC Trust, 6.917%-8.817%, due 8/25/33–12/25/50 |
5. | Broadcom, Inc. |
6. | Analog Devices, Inc. |
7. | Microsoft Corp. |
8. | Bank of America Corp. |
9. | FHLMC, (zero coupon)-4.50%, due 10/15/42–1/25/55 |
10. | Apple, Inc. |
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. The term “spread product” refers to asset classes that typically trade at a spread to comparable U.S. Treasury securities. |
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. |
10 | MainStay VP Income Builder Portfolio |
5. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. |
Principal Amount | Value | |
Long-Term Bonds 42.3% | ||
Asset-Backed Securities 4.1% | ||
Automobile Asset-Backed Securities 1.4% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 400,000 | $ 378,522 |
Series 2021-3, Class D | ||
1.34%, due 11/15/27 | 940,000 | 879,274 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 570,000 | 500,681 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 260,000 | 235,514 |
CPS Auto Receivables Trust | ||
Series 2021-C, Class E | ||
3.21%, due 9/15/28 (a) | 260,000 | 238,628 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 800,000 | 746,790 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class D | ||
1.55%, due 6/15/27 | 570,000 | 522,560 |
Flagship Credit Auto Trust (a) | ||
Series 2021-1, Class D | ||
1.27%, due 3/15/27 | 575,000 | 522,802 |
Series 2020-3, Class D | ||
2.50%, due 9/15/26 | 280,000 | 260,145 |
Ford Credit Auto Owner Trust | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 (a) | 645,000 | 582,437 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 340,000 | 321,316 |
GLS Auto Receivables Issuer Trust | ||
Series 2019-4A, Class D | ||
4.09%, due 8/17/26 (a) | 535,000 | 519,870 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 1,295,000 | 1,109,882 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 520,000 | 486,223 |
JPMorgan Chase Bank NA | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 27,880 | 27,705 |
7,332,349 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.0% ‡ | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.982% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | $ 117,650 | $ 72,132 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.25% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 188,388 | 60,041 |
132,173 | ||
Other Asset-Backed Securities 2.7% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 526,235 | 451,858 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 399,449 | 339,805 |
AMSR Trust | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 (a) | 1,110,000 | 1,002,038 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 801,998 | 660,786 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 1,088,527 | 943,058 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 499,196 | 447,974 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 482,643 | 403,116 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 13,497 | 13,286 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 743,675 | 588,976 |
FirstKey Homes Trust | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 (a) | 1,038,540 | 942,534 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 278,561 | 242,952 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 549,704 | 484,528 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 750,000 | 690,012 |
12 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Mosaic Solar Loan Trust | ||
Series 2020-1A, Class A | ||
2.10%, due 4/20/46 (a) | $ 760,626 | $ 651,274 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 422,779 | 365,083 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 315,876 | 281,788 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 1,380,000 | 920,340 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 665,000 | 566,385 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 755,000 | 628,715 |
Progress Residential Trust (a) | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 | 760,865 | 666,358 |
Series 2020-SFR3, Class A | ||
1.294%, due 10/17/27 | 662,257 | 596,707 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 670,000 | 592,436 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 650,100 | 505,615 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 396,854 | 393,482 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 610,881 | 605,635 |
13,984,741 | ||
Total Asset-Backed Securities (Cost $24,119,625) | 21,449,263 | |
Corporate Bonds 17.2% | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 605,000 | 430,445 |
Principal Amount | Value | |
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | $ 600,000 | $ 594,414 |
5.75%, due 4/20/29 | 360,000 | 349,552 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 387,001 | 378,560 |
4.75%, due 10/20/28 | 900,000 | 873,620 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 636,001 | 637,589 |
2,833,735 | ||
Auto Manufacturers 1.0% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 230,000 | 215,002 |
2.70%, due 8/10/26 | 595,000 | 531,201 |
4.125%, due 8/17/27 | 485,000 | 442,875 |
6.80%, due 5/12/28 | 365,000 | 365,335 |
General Motors Co. | ||
5.60%, due 10/15/32 | 225,000 | 217,682 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 344,000 | 269,470 |
2.70%, due 6/10/31 | 850,000 | 677,961 |
4.30%, due 4/6/29 | 470,000 | 431,321 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 810,000 | 754,506 |
1.85%, due 9/16/26 | 1,350,000 | 1,145,286 |
Volkswagen Group of America Finance LLC | ||
4.60%, due 6/8/29 (Germany) (a) | 355,000 | 340,109 |
5,390,748 | ||
Banks 5.8% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 (Spain) | 600,000 | 588,230 |
Bank of America Corp. (c) | ||
2.087%, due 6/14/29 | 715,000 | 610,009 |
2.496%, due 2/13/31 | 650,000 | 544,200 |
2.572%, due 10/20/32 | 510,000 | 415,395 |
2.687%, due 4/22/32 | 465,000 | 385,367 |
3.384%, due 4/2/26 | 465,000 | 445,705 |
3.705%, due 4/24/28 | 555,000 | 520,178 |
Series MM | ||
4.30%, due 1/28/25 (d) | 631,000 | 569,105 |
Barclays plc (United Kingdom) (b)(d) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 835,000 | 567,299 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 680,000 | 607,512 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (c) | $ 565,000 | $ 482,580 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 625,000 | 493,375 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 885,000 | 631,669 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 230,000 | 222,617 |
BPCE SA (France) (a) | ||
2.045%, due 10/19/27 (c) | 530,000 | 462,130 |
5.125%, due 1/18/28 | 435,000 | 426,860 |
Citigroup, Inc. | ||
3.668%, due 7/24/28 (c) | 430,000 | 402,004 |
3.98%, due 3/20/30 (c) | 565,000 | 522,420 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 740,000 | 595,330 |
6.625%, due 6/15/32 | 190,000 | 201,037 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 475,000 | 450,170 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 540,000 | 381,678 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (France) (a)(b)(d) | 1,000,000 | 795,000 |
Deutsche Bank AG (Germany) | ||
Series E | ||
0.962%, due 11/8/23 | 665,000 | 651,631 |
3.035%, due 5/28/32 (c) | 255,000 | 200,809 |
5.371%, due 9/9/27 | 295,000 | 290,072 |
6.301% (SOFR + 1.219%), due 11/16/27 (b) | 820,000 | 755,050 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 815,000 | 707,768 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 775,000 | 723,863 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 355,000 | 326,781 |
Goldman Sachs Group, Inc. (The) | ||
1.431%, due 3/9/27 (c) | 535,000 | 478,025 |
1.948%, due 10/21/27 (c) | 610,000 | 542,612 |
1.992%, due 1/27/32 (c) | 480,000 | 377,868 |
Principal Amount | Value | |
Banks (continued) | ||
Goldman Sachs Group, Inc. (The) (continued) | ||
6.75%, due 10/1/37 | $ 159,000 | $ 171,011 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (c) | 600,000 | 538,790 |
Intesa Sanpaolo SpA | ||
7.00%, due 11/21/25 (Italy) (a) | 200,000 | 201,832 |
JPMorgan Chase & Co. (c) | ||
2.182%, due 6/1/28 | 835,000 | 742,086 |
Series HH | ||
4.60%, due 2/1/25 (d) | 304,000 | 283,480 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 508,000 | 486,491 |
4.65%, due 3/24/26 | 1,075,000 | 1,026,648 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 365,000 | 341,421 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(c) | 820,000 | 654,896 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (Japan) (b) | 345,000 | 304,328 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 885,000 | 671,485 |
2.511%, due 10/20/32 (c) | 645,000 | 520,977 |
5.00%, due 11/24/25 | 450,000 | 442,381 |
6.25%, due 8/9/26 | 881,000 | 899,767 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 1,580,000 | 1,421,001 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 340,000 | 336,305 |
Societe Generale SA (France) (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 395,000 | 311,552 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,040,000 | 771,658 |
Standard Chartered plc | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 (United Kingdom) (a)(b) | 1,060,000 | 991,070 |
14 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
UBS Group AG (Switzerland) (a) | ||
3.091%, due 5/14/32 (c) | $ 500,000 | $ 404,463 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) | 1,005,000 | 707,962 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 160,000 | 151,640 |
6.442%, due 8/11/28 (c) | 245,000 | 245,906 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 700,000 | 686,414 |
Wells Fargo & Co. | ||
3.35%, due 3/2/33 (c) | 390,000 | 333,783 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 533,000 | 408,830 |
30,430,526 | ||
Beverages 0.1% | ||
Anheuser-Busch Cos. LLC | ||
4.70%, due 2/1/36 (Belgium) | 475,000 | 461,992 |
Biotechnology 0.0% ‡ | ||
Amgen, Inc. | ||
5.75%, due 3/2/63 | 250,000 | 253,609 |
Chemicals 0.3% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | 745,000 | 684,377 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 731,000 | 668,539 |
1,352,916 | ||
Commercial Services 0.1% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 380,000 | 352,013 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 385,000 | 262,545 |
614,558 | ||
Computers 0.6% | ||
Dell International LLC | ||
3.375%, due 12/15/41 (a) | 885,000 | 624,085 |
4.90%, due 10/1/26 | 680,000 | 675,167 |
5.30%, due 10/1/29 | 318,000 | 315,682 |
Principal Amount | Value | |
Computers (continued) | ||
Dell International LLC (continued) | ||
8.10%, due 7/15/36 | $ 527,000 | $ 616,568 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 991,000 | 884,398 |
3,115,900 | ||
Diversified Financial Services 1.6% | ||
AerCap Ireland Capital DAC | ||
2.45%, due 10/29/26 (Ireland) | 665,000 | 593,945 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 820,000 | 771,067 |
4.25%, due 9/15/24 | 420,000 | 409,926 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 745,000 | 519,935 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 310,000 | 302,777 |
6.992%, due 6/13/29 (c) | 265,000 | 261,689 |
8.00%, due 11/1/31 | 640,000 | 664,397 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 520,000 | 463,148 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 645,000 | 573,256 |
2.875%, due 2/15/25 | 1,040,000 | 967,164 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (Brazil) (a) | 970,000 | 882,801 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 515,000 | 511,531 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 (Japan) | 770,000 | 755,666 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 375,000 | 321,728 |
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | 310,000 | 292,393 |
8,291,423 | ||
Electric 1.8% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 475,000 | 454,528 |
Alabama Power Co. | ||
3.00%, due 3/15/52 | 335,000 | 226,083 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 750,000 | 586,181 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 290,000 | 258,797 |
Duke Energy Carolinas LLC | ||
5.35%, due 1/15/53 | 320,000 | 324,145 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Duke Energy Ohio, Inc. | ||
4.30%, due 2/1/49 | $ 565,000 | $ 472,359 |
Duke Energy Progress LLC | ||
5.35%, due 3/15/53 | 395,000 | 397,512 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 865,000 | 776,353 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 905,000 | 781,829 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 790,000 | 716,965 |
Georgia Power Co. | ||
4.95%, due 5/17/33 | 625,000 | 616,936 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 700,000 | 577,372 |
National Rural Utilities Cooperative Finance Corp. | ||
5.80%, due 1/15/33 | 460,000 | 480,980 |
Nevada Power Co. | ||
Series GG | ||
5.90%, due 5/1/53 | 230,000 | 239,582 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 420,000 | 278,744 |
Public Service Co. of Oklahoma | ||
5.25%, due 1/15/33 | 200,000 | 198,892 |
Sempra Energy | ||
5.50%, due 8/1/33 | 535,000 | 531,431 |
Southern California Edison Co. | ||
4.00%, due 4/1/47 | 520,000 | 412,864 |
5.70%, due 3/1/53 | 370,000 | 369,917 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 435,000 | 290,917 |
5.45%, due 4/1/53 | 225,000 | 225,071 |
WEC Energy Group, Inc. | ||
7.433% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 480,000 | 403,708 |
9,621,166 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 | 565,000 | 501,085 |
Principal Amount | Value | |
Environmental Control 0.0% ‡ | ||
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | $ 120,000 | $ 106,548 |
Food 0.2% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 810,000 | 761,362 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 500,000 | 460,772 |
1,222,134 | ||
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 450,000 | 359,989 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 425,000 | 382,444 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 325,000 | 270,583 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 830,000 | 560,067 |
1,573,083 | ||
Healthcare-Products 0.1% | ||
Abbott Laboratories | ||
3.40%, due 11/30/23 | 535,000 | 530,253 |
Insurance 0.6% | ||
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 425,000 | 409,122 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 725,000 | 861,249 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 950,000 | 899,748 |
Willis North America, Inc. | ||
2.95%, due 9/15/29 | 795,000 | 683,866 |
3.875%, due 9/15/49 | 185,000 | 134,413 |
2,988,398 | ||
Internet 0.0% ‡ | ||
Meta Platforms, Inc. | ||
4.95%, due 5/15/33 | 200,000 | 199,845 |
Lodging 0.2% | ||
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 555,000 | 537,555 |
16 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Lodging (continued) | ||
Sands China Ltd. | ||
5.625%, due 8/8/25 (Macao) (e) | $ 460,000 | $ 448,784 |
986,339 | ||
Media 0.2% | ||
CCO Holdings LLC | ||
4.75%, due 3/1/30 (a) | 280,000 | 239,424 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 495,000 | 368,173 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 355,000 | 318,811 |
926,408 | ||
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 1,205,000 | 1,106,113 |
Miscellaneous—Manufacturing 0.1% | ||
Textron Financial Corp. | ||
7.056% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 1,045,000 | 768,483 |
Oil & Gas 0.0% ‡ | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a)(f) | 325,000 | 260,000 |
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 84,000 | 80,745 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 320,000 | 316,857 |
397,602 | ||
Pharmaceuticals 0.2% | ||
Becton Dickinson & Co. | ||
4.669%, due 6/6/47 | 200,000 | 183,778 |
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 360,000 | 322,577 |
4.75%, due 5/9/27 | 545,000 | 504,164 |
1,010,519 | ||
Pipelines 1.2% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 670,000 | 528,079 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 570,000 | 493,322 |
Principal Amount | Value | |
Pipelines (continued) | ||
Enbridge, Inc. | ||
5.70%, due 3/8/33 (Canada) | $ 500,000 | $ 506,866 |
Energy Transfer LP | ||
5.35%, due 5/15/45 | 415,000 | 362,689 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 260,000 | 251,598 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 595,000 | 458,596 |
4.20%, due 1/31/50 | 160,000 | 133,724 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 865,000 | 687,722 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 135,000 | 117,787 |
5.50%, due 10/15/30 | 485,000 | 448,623 |
Holly Energy Partners LP | ||
6.375%, due 4/15/27 (a) | 145,000 | 143,234 |
MPLX LP | ||
2.65%, due 8/15/30 | 730,000 | 610,756 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 335,000 | 296,521 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 840,000 | 713,989 |
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (e) | 350,000 | 286,674 |
6,040,180 | ||
Real Estate Investment Trusts 0.8% | ||
American Tower Corp. | ||
3.375%, due 10/15/26 | 705,000 | 657,865 |
3.60%, due 1/15/28 | 375,000 | 345,259 |
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | 660,000 | 606,339 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 505,000 | 487,461 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 680,000 | 520,955 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 390,000 | 351,411 |
Starwood Property Trust, Inc. (a) | ||
3.75%, due 12/31/24 | 710,000 | 665,625 |
4.375%, due 1/15/27 | 415,000 | 357,419 |
3,992,334 | ||
Retail 0.2% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 545,000 | 509,578 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Nordstrom, Inc. | ||
4.25%, due 8/1/31 | $ 530,000 | $ 413,135 |
922,713 | ||
Software 0.1% | ||
Fidelity National Information Services, Inc. | ||
5.10%, due 7/15/32 | 280,000 | 271,675 |
Telecommunications 0.6% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 865,000 | 614,041 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 795,000 | 562,793 |
3.65%, due 9/15/59 | 370,000 | 257,601 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 675,937 | 667,116 |
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | 300,000 | 260,558 |
Verizon Communications, Inc. | ||
6.421% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | 660,000 | 665,401 |
3,027,510 | ||
Transportation 0.1% | ||
Burlington Northern Santa Fe LLC | ||
5.20%, due 4/15/54 | 390,000 | 397,765 |
Total Corporate Bonds (Cost $102,330,923) | 90,026,005 | |
Foreign Government Bonds 0.6% | ||
Brazil 0.0% ‡ | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 175,000 | 150,927 |
Chile 0.2% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 980,000 | 817,418 |
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 725,000 | 535,818 |
4.50%, due 1/28/26 (g) | 235,000 | 223,527 |
759,345 |
Principal Amount | Value | |
Mexico 0.3% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | $ 1,170,000 | $ 901,613 |
Mexico Government Bond | ||
3.75%, due 4/19/71 | 800,000 | 532,645 |
1,434,258 | ||
Total Foreign Government Bonds (Cost $4,068,223) | 3,161,948 | |
Loan Assignments 0.1% | ||
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.202% (1 Month SOFR + 4.00%), due 11/2/27 | 313,728 | 287,845 |
Second Lien Initial Term Loan | ||
13.773% (3 Month LIBOR + 8.50%), due 11/2/28 | 250,000 | 142,500 |
430,345 | ||
Total Loan Assignments (Cost $558,134) | 430,345 | |
Mortgage-Backed Securities 13.9% | ||
Agency (Collateralized Mortgage Obligations) 7.2% | ||
FHLMC | ||
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 1,278,046 | 33,439 |
REMIC, Series 5187, Class SA | ||
(zero coupon) (SOFR 30A + 1.80%), due 1/25/52 (b)(h) | 982,652 | 12,136 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 189,213 | 4,644 |
REMIC, Series 5315, Class OQ | ||
(zero coupon), due 1/25/55 | 420,264 | 331,827 |
REMIC, Series 4993, Class KS | ||
0.90% (1 Month LIBOR + 6.05%), due 7/25/50 (b)(h) | 1,571,400 | 205,039 |
REMIC, Series 4994, Class TS | ||
0.95% (1 Month LIBOR + 6.10%), due 7/25/50 (b)(h) | 873,549 | 101,465 |
REMIC, Series 4831, Class SA | ||
1.007% (1 Month LIBOR + 6.20%), due 10/15/48 (b)(h) | 713,322 | 82,344 |
18 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 4988, Class BA | ||
1.50%, due 6/25/50 | $ 204,148 | $ 154,897 |
REMIC, Series 5038, Class KA | ||
1.50%, due 11/25/50 | 787,927 | 605,975 |
REMIC, Series 4120, Class ZA | ||
3.00%, due 10/15/42 | 399,208 | 353,317 |
REMIC, Series 5204, Class KA | ||
3.00%, due 5/25/49 | 974,443 | 875,794 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 875,132 | 133,344 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 857,474 | 133,960 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 611,485 | 98,963 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 659,566 | 100,584 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 702,031 | 82,676 |
REMIC, Series 4710, Class WZ | ||
3.50%, due 8/15/47 | 496,586 | 447,179 |
REMIC, Series 4725, Class WZ | ||
3.50%, due 11/15/47 | 883,787 | 794,912 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 509,645 | 80,502 |
REMIC, Series 5304, Class UB | ||
4.00%, due 2/25/52 | 681,464 | 638,120 |
REMIC, Series 5268, Class B | ||
4.50%, due 10/25/52 | 835,577 | 795,969 |
FHLMC, Strips | ||
REMIC, Series 272 | ||
(zero coupon), due 8/15/42 | 558,972 | 423,645 |
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 295,916 | 222,295 |
REMIC, Series 311, Class S1 | ||
0.757% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | 824,157 | 81,946 |
REMIC, Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 1,369,763 | 167,631 |
FNMA | ||
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 559,228 | 6,059 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 4,021,700 | 45,012 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2023-24, Class OQ | ||
(zero coupon), due 7/25/54 | $ 536,940 | $ 426,800 |
REMIC, Series 2022-10, Class SA | ||
0.683% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 883,975 | 107,342 |
REMIC, Series 2021-40, Class SI | ||
0.80% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | 1,022,849 | 93,724 |
REMIC, Series 2016-57, Class SN | ||
0.90% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 847,045 | 85,960 |
REMIC, Series 2020-70, Class SD | ||
1.10% (1 Month LIBOR + 6.25%), due 10/25/50 (b)(h) | 1,122,297 | 140,934 |
REMIC, Series 2020-47, Class BD | ||
1.50%, due 7/25/50 | 181,629 | 137,859 |
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 (h) | 933,695 | 147,527 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 567,162 | 82,898 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 387,830 | 55,423 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 1,653,860 | 195,463 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 265,260 | 31,791 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 512,827 | 445,257 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 2,135,523 | 320,007 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 291,785 | 261,425 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 1,517,669 | 245,047 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 659,751 | 588,873 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 1,012,726 | 196,685 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 594,168 | 546,145 |
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | 2,348,309 | 220,213 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 1,595,886 | 234,061 |
REMIC, Series 429, Class C5 | ||
3.00%, due 10/25/52 | 2,202,686 | 376,958 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA | ||
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | $ 447,221 | $ 6,011 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 1/20/50 (b)(h) | 1,464,278 | 20,511 |
REMIC, Series 2021-77, Class SN | ||
(zero coupon) (1 Month LIBOR + 2.60%), due 5/20/51 (b)(h) | 3,066,136 | 42,131 |
REMIC, Series 2021-97, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 2,769,937 | 36,406 |
REMIC, Series 2021-136, Class SB | ||
(zero coupon) (SOFR 30A + 3.20%), due 8/20/51 (b)(h) | 7,753,816 | 123,521 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 1,541,274 | 47,981 |
REMIC, Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 3,242,445 | 46,124 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 2,552,988 | 24,089 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 12,899,565 | 102,719 |
REMIC, Series 2023-56 | ||
(zero coupon), due 7/20/52 | 775,580 | 688,874 |
REMIC, Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 731,366 | 552,760 |
REMIC, Series 2023-53 | ||
(zero coupon), due 4/20/53 | 333,887 | 267,485 |
REMIC, Series 2019-115, Class SA | ||
0.893% (1 Month LIBOR + 6.05%), due 9/20/49 (b)(h) | 1,182,661 | 123,764 |
REMIC, Series 2020-34, Class SC | ||
0.893% (1 Month LIBOR + 6.05%), due 3/20/50 (b)(h) | 1,123,864 | 119,787 |
REMIC, Series 2020-97, Class HB | ||
1.00%, due 7/20/50 | 331,028 | 249,007 |
REMIC, Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 635,954 | 482,421 |
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 706,999 | 524,440 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-60, Class ES | ||
1.067% (SOFR 30A + 11.20%), due 4/20/53 (b) | $ 784,671 | $ 716,799 |
REMIC, Series 2020-146, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 10/20/50 (b)(h) | 1,054,642 | 129,538 |
REMIC, Series 2021-179, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 1,512,528 | 180,277 |
REMIC, Series 2020-167, Class SN | ||
1.143% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 504,436 | 59,351 |
REMIC, Series 2020-189, Class SU | ||
1.143% (1 Month LIBOR + 6.30%), due 12/20/50 (b)(h) | 669,792 | 85,562 |
REMIC, Series 2021-46, Class QS | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 615,677 | 73,724 |
REMIC, Series 2021-57, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 1,174,236 | 139,264 |
REMIC, Series 2021-57, Class SD | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 1,496,154 | 176,321 |
REMIC, Series 2021-46, Class TS | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 750,615 | 90,718 |
REMIC, Series 2021-96, Class SN | ||
1.143% (1 Month LIBOR + 6.30%), due 6/20/51 (b)(h) | 1,305,668 | 148,120 |
REMIC, Series 2021-122, Class HS | ||
1.143% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 1,221,774 | 155,688 |
REMIC, Series 2022-137, Class S | ||
1.143% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 1,382,216 | 161,330 |
REMIC, Series 2021-135, Class GS | ||
1.143% (1 Month LIBOR + 6.30%), due 8/20/51 (b)(h) | 2,059,103 | 247,914 |
REMIC, Series 2020-175, Class CS | ||
1.154% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 1,135,160 | 140,104 |
REMIC, Series 2021-96, Class JS | ||
1.193% (1 Month LIBOR + 6.35%), due 6/20/51 (b)(h) | 1,081,418 | 108,017 |
REMIC, Series 2020-165, Class UD | ||
1.50%, due 11/20/50 | 273,031 | 218,922 |
20 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-86, Class SE | ||
1.583% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | $ 930,000 | $ 127,437 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 1,680,588 | 158,983 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 344,341 | 34,949 |
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 1,609,580 | 164,434 |
REMIC, Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 751,363 | 83,621 |
REMIC, Series 2021-30, Class HI | ||
2.00%, due 2/20/51 (h) | 2,261,109 | 234,995 |
REMIC, Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 1,084,134 | 128,477 |
REMIC, Series 2023-66, Class MP | ||
2.167% (SOFR 30A + 12.30%), due 5/20/53 (b) | 750,803 | 699,526 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 2,272,014 | 231,736 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 577,679 | 500,733 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 260,797 | 34,364 |
REMIC, Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 961,516 | 123,648 |
REMIC, Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 896,167 | 116,514 |
REMIC, Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 997,002 | 134,562 |
REMIC, Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | 2,202,323 | 299,373 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 631,542 | 80,138 |
REMIC, Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) | 1,493,235 | 1,211,656 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 1,705,763 | 254,619 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 1,421,943 | 185,431 |
REMIC, Series 2021-1, Class IT | ||
3.00%, due 1/20/51 (h) | 1,441,817 | 212,694 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 1,457,576 | 215,059 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | $ 184,522 | $ 26,367 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 406,467 | 342,553 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 649,429 | 111,358 |
REMIC, Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 1,684,389 | 264,480 |
REMIC, Series 2022-189, Class AT | ||
3.00%, due 7/20/51 | 556,212 | 483,315 |
REMIC, Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 903,582 | 135,257 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 2,148,547 | 331,145 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 1,733,021 | 256,170 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 1,442,813 | 192,627 |
REMIC, Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 1,374,828 | 194,246 |
REMIC, Series 2022-207, Class NA | ||
3.00%, due 1/20/52 | 2,264,162 | 1,973,032 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 1,622,767 | 1,416,944 |
REMIC, Series 2019-92, Class GF | ||
3.50% (1 Month LIBOR + 0.69%), due 7/20/49 (b) | 356,260 | 316,652 |
REMIC, Series 2019-97, Class FG | ||
3.50% (1 Month LIBOR + 0.69%), due 8/20/49 (b) | 735,648 | 653,973 |
REMIC, Series 2019-110, Class FG | ||
3.50% (1 Month LIBOR + 0.65%), due 9/20/49 (b) | 257,408 | 225,928 |
REMIC, Series 2019-128, Class KF | ||
3.50% (1 Month LIBOR + 0.65%), due 10/20/49 (b) | 384,718 | 342,008 |
REMIC, Series 2019-128, Class YF | ||
3.50% (1 Month LIBOR + 0.65%), due 10/20/49 (b) | 502,786 | 446,815 |
REMIC, Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 1,012,882 | 922,266 |
REMIC, Series 2021-125, Class AF | ||
3.50% (SOFR 30A + 0.25%), due 7/20/51 (b) | 772,863 | 686,310 |
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 1,167,801 | 180,523 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-1, Class HD | ||
3.50%, due 1/20/52 | $ 1,210,104 | $ 1,089,053 |
REMIC, Series 2022-206, Class WN | ||
4.00%, due 10/20/49 | 539,302 | 506,592 |
REMIC, Series 2023-38, Class WT | ||
6.782%, due 12/20/51 (i) | 317,108 | 341,628 |
REMIC, Series 2023-59, Class YC | ||
6.922%, due 9/20/51 (i) | 707,480 | 778,452 |
REMIC, Series 2023-55, Class CG | ||
7.463%, due 7/20/51 (i) | 789,633 | 875,996 |
REMIC, Series 2023-55, Class LB | ||
7.972%, due 11/20/51 (i) | 893,698 | 1,043,751 |
37,614,136 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1% | ||
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
5.495% (1 Month LIBOR + 0.345%), due 12/25/36 (a)(b) | 23,582 | 21,812 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 935,000 | 833,099 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.66%, due 3/9/44 (j) | 965,000 | 787,262 |
Series 2020-VIV3, Class B | ||
3.662%, due 3/9/44 (j) | 450,059 | 377,766 |
Series 2020-VIVA, Class D | ||
3.667%, due 3/11/44 (j) | 550,000 | 438,096 |
Series 2021-VOLT, Class C | ||
6.293% (1 Month LIBOR + 1.10%), due 9/15/36 (b) | 1,075,000 | 1,021,049 |
BX Trust (a) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 205,000 | 173,746 |
Series 2019-OC11, Class D | ||
4.075%, due 12/9/41 (j) | 450,000 | 373,821 |
Series 2021-MFM1, Class C | ||
6.461% (1 Month SOFR + 1.314%), due 1/15/34 (b) | 361,698 | 352,157 |
Series 2021-ARIA, Class E | ||
7.437% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 1,300,000 | 1,224,985 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class A | ||
5.843% (1 Month LIBOR + 0.65%), due 8/15/36 | $ 255,000 | $ 239,894 |
Series 2021-FILM, Class B | ||
6.093% (1 Month LIBOR + 0.90%), due 8/15/36 | 535,000 | 489,821 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class C | ||
6.894% (1 Month LIBOR + 1.70%), due 7/15/38 | 939,644 | 914,290 |
Series 2021-ESH, Class D | ||
7.444% (1 Month LIBOR + 2.25%), due 7/15/38 | 607,155 | 590,011 |
FREMF Mortgage Trust (a)(j) | ||
REMIC, Series 2019-K99, Class B | ||
3.765%, due 10/25/52 | 120,000 | 107,349 |
REMIC, Series 2019-K98, Class C | ||
3.863%, due 10/25/52 | 335,000 | 297,572 |
REMIC, Series 2017-K63, Class C | ||
4.011%, due 2/25/50 | 842,000 | 781,388 |
REMIC, Series 2019-K94, Class B | ||
4.101%, due 7/25/52 | 830,000 | 757,832 |
REMIC, Series 2018-K78, Class B | ||
4.267%, due 6/25/51 | 115,000 | 107,135 |
REMIC, Series 2018-K81, Class B | ||
4.315%, due 9/25/51 | 110,000 | 102,747 |
REMIC, Series 2018-K76, Class B | ||
4.351%, due 6/25/51 | 145,000 | 135,641 |
REMIC, Series 2018-K79, Class B | ||
4.351%, due 7/25/51 | 130,000 | 121,556 |
REMIC, Series 2018-K86, Class C | ||
4.437%, due 11/25/51 | 425,000 | 392,253 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 715,000 | 613,790 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,225,000 | 1,045,032 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 200,000 | 186,483 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 380,000 | 356,787 |
22 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.40% (1 Month LIBOR + 3.25%), due 10/25/49 | $ 1,138,406 | $ 1,098,561 |
Series 2020-01, Class M10 | ||
8.90% (1 Month LIBOR + 3.75%), due 3/25/50 | 580,000 | 555,524 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,140,000 | 925,537 |
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | 225,000 | 180,325 |
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 | 355,000 | 241,867 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.194%, due 8/17/36 (a)(j) | 705,000 | 635,356 |
16,480,544 | ||
Whole Loan (Collateralized Mortgage Obligations) 3.6% | ||
CIM Trust | ||
Series 2021-J2, Class AIOS | ||
0.21%, due 4/25/51 (a)(h)(i) | 18,536,815 | 179,944 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2022-R01, Class 1M2 | ||
6.967% (SOFR 30A + 1.90%), due 12/25/41 | 235,000 | 228,979 |
Series 2021-R01, Class 1B1 | ||
8.167% (SOFR 30A + 3.10%), due 10/25/41 | 970,000 | 956,997 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2022-DNA1, Class M1B | ||
6.917% (SOFR 30A + 1.85%), due 1/25/42 | 1,240,000 | 1,200,068 |
Series 2020-DNA6, Class M2 | ||
7.067% (SOFR 30A + 2.00%), due 12/25/50 | 1,028,734 | 1,031,618 |
Series 2021-HQA3, Class M2 | ||
7.167% (SOFR 30A + 2.10%), due 9/25/41 | 715,000 | 679,250 |
Series 2021-HQA1, Class M2 | ||
7.317% (SOFR 30A + 2.25%), due 8/25/33 | 1,106,034 | 1,089,498 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-DNA1, Class M2 | ||
7.567% (SOFR 30A + 2.50%), due 1/25/42 | $ 620,000 | $ 599,891 |
Series 2022-DNA3, Class M1B | ||
7.967% (SOFR 30A + 2.90%), due 4/25/42 | 996,000 | 994,446 |
Series 2021-HQA1, Class B1 | ||
8.067% (SOFR 30A + 3.00%), due 8/25/33 | 1,295,000 | 1,217,300 |
Series 2021-DNA5, Class B1 | ||
8.117% (SOFR 30A + 3.05%), due 1/25/34 | 1,730,000 | 1,699,826 |
Series 2021-HQA2, Class B1 | ||
8.217% (SOFR 30A + 3.15%), due 12/25/33 | 600,000 | 567,000 |
Series 2021-HQA3, Class B1 | ||
8.417% (SOFR 30A + 3.35%), due 9/25/41 | 1,220,000 | 1,171,233 |
Series 2021-DNA6, Class B1 | ||
8.467% (SOFR 30A + 3.40%), due 10/25/41 | 405,000 | 403,482 |
Series 2022-DNA2, Class M2 | ||
8.817% (SOFR 30A + 3.75%), due 2/25/42 | 1,050,000 | 1,056,557 |
FHLMC STACR Trust (a)(b) | ||
Series 2019-DNA3, Class B1 | ||
8.40% (1 Month LIBOR + 3.25%), due 7/25/49 | 330,000 | 339,177 |
Series 2019-DNA2, Class B1 | ||
9.50% (1 Month LIBOR + 4.35%), due 3/25/49 | 765,000 | 814,042 |
Series 2019-DNA1, Class B1 | ||
9.80% (1 Month LIBOR + 4.65%), due 1/25/49 | 520,000 | 561,600 |
Flagstar Mortgage Trust | ||
Series 2021-6INV, Class A18 | ||
2.50%, due 8/25/51 (a)(i) | 418,041 | 323,018 |
FNMA (b) | ||
Series 2018-C03, Class 1B1 | ||
8.90% (1 Month LIBOR + 3.75%), due 10/25/30 | 680,000 | 721,369 |
Series 2018-C04, Class 2B1 | ||
9.65% (1 Month LIBOR + 4.50%), due 12/25/30 | 605,000 | 656,613 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | $ 324,924 | $ 261,244 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.339%, due 8/25/59 (j) | 1,200,473 | 710,822 |
Series 2019-2A, Class B6 | ||
4.849%, due 12/25/57 (i) | 461,981 | 294,722 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
5.90% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | 290,333 | 288,025 |
Sequoia Mortgage Trust | ||
Series 2021-4, Class A1 | ||
0.166%, due 6/25/51 (a)(h)(j) | 15,303,468 | 126,705 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.35% (1 Month LIBOR + 4.20%), due 2/25/47 (a)(b) | 800,000 | 855,211 |
19,028,637 | ||
Total Mortgage-Backed Securities (Cost $76,253,650) | 73,123,317 | |
Municipal Bond 0.1% | ||
California 0.1% | ||
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 1,065,000 | 751,026 |
Total Municipal Bond (Cost $1,065,000) | 751,026 | |
U.S. Government & Federal Agencies 6.3% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.7% | ||
FHLMC Gold Pools, 30 Year | ||
3.50%, due 1/1/48 | 535,168 | 494,469 |
UMBS Pool, 30 Year | ||
3.50%, due 7/1/50 | 448,583 | 413,120 |
4.50%, due 10/1/52 | 797,729 | 767,062 |
4.50%, due 5/1/53 | 1,387,848 | 1,334,438 |
6.50%, due 7/1/53 | 665,000 | 679,032 |
3,688,121 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.2% | ||
FNMA, Other | ||
6.00%, due 4/1/37 | $ 4,343 | $ 4,397 |
UMBS, 30 Year | ||
3.00%, due 6/1/51 | 336,749 | 297,217 |
3.00%, due 11/1/51 | 714,276 | 629,709 |
3.00%, due 2/1/52 | 448,249 | 394,630 |
3.00%, due 3/1/52 | 606,588 | 534,027 |
3.50%, due 7/1/52 | 110,526 | 100,797 |
4.00%, due 8/1/48 | 655,299 | 624,185 |
4.00%, due 2/1/49 | 102,764 | 97,976 |
4.00%, due 6/1/52 | 782,937 | 735,164 |
4.00%, due 6/1/52 | 1,207,396 | 1,133,784 |
4.00%, due 6/1/52 | 568,971 | 534,282 |
4.00%, due 7/1/52 | 1,351,381 | 1,268,922 |
5.00%, due 9/1/52 | 493,091 | 483,462 |
5.00%, due 11/1/52 | 3,494,551 | 3,424,544 |
5.00%, due 3/1/53 | 3,657,416 | 3,584,143 |
5.00%, due 3/1/53 | 238,743 | 234,175 |
5.50%, due 11/1/52 | 342,162 | 341,616 |
5.50%, due 2/1/53 | 1,464,199 | 1,457,204 |
5.50%, due 6/1/53 | 290,000 | 288,721 |
6.00%, due 3/1/53 | 581,293 | 586,384 |
16,755,339 | ||
United States Treasury Bonds 2.3% | ||
U.S. Treasury Bonds | ||
3.625%, due 5/15/53 | 785,000 | 754,459 |
3.875%, due 5/15/43 (g) | 11,300,000 | 11,026,328 |
11,780,787 | ||
United States Treasury Notes 0.1% | ||
U.S. Treasury Notes | ||
3.375%, due 5/15/33 | 140,000 | 135,013 |
3.50%, due 4/30/28 | 35,000 | 34,010 |
3.75%, due 4/15/26 | 380,000 | 371,925 |
3.875%, due 4/30/25 | 160,000 | 156,887 |
697,835 | ||
Total U.S. Government & Federal Agencies (Cost $33,577,324) | 32,922,082 | |
Total Long-Term Bonds (Cost $241,972,879) | 221,863,986 | |
24 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks 54.6% | ||
Aerospace & Defense 1.6% | ||
BAE Systems plc (United Kingdom) | 173,976 | $ 2,048,202 |
General Dynamics Corp. | 7,468 | 1,606,740 |
Lockheed Martin Corp. | 3,843 | 1,769,240 |
Raytheon Technologies Corp. | 27,633 | 2,706,929 |
8,131,111 | ||
Air Freight & Logistics 1.3% | ||
Deutsche Post AG (Registered) (Germany) | 68,127 | 3,325,236 |
Hyundai Glovis Co. Ltd. (Republic of Korea) | 11,034 | 1,655,540 |
United Parcel Service, Inc., Class B | 10,639 | 1,907,041 |
6,887,817 | ||
Automobile Components 0.6% | ||
Bridgestone Corp. (Japan) (g) | 37,700 | 1,539,405 |
Cie Generale des Etablissements Michelin SCA (France) | 48,622 | 1,435,704 |
2,975,109 | ||
Automobiles 0.4% | ||
Toyota Motor Corp. (Japan) | 116,000 | 1,855,823 |
Banks 3.5% | ||
Bank of America Corp. | 97,762 | 2,804,792 |
BAWAG Group AG (Austria) (a) | 33,588 | 1,547,415 |
Columbia Banking System, Inc. | 90,278 | 1,830,838 |
JPMorgan Chase & Co. | 27,793 | 4,042,214 |
PNC Financial Services Group, Inc. (The) | 12,632 | 1,591,000 |
Regions Financial Corp. | 93,932 | 1,673,868 |
Royal Bank of Canada (Canada) | 17,211 | 1,643,733 |
Truist Financial Corp. | 50,508 | 1,532,918 |
U.S. Bancorp | 54,071 | 1,786,506 |
18,453,284 | ||
Beverages 1.8% | ||
Coca-Cola Co. (The) | 37,530 | 2,260,057 |
Coca-Cola Europacific Partners plc (United Kingdom) | 84,357 | 5,435,122 |
PepsiCo, Inc. | 10,267 | 1,901,654 |
9,596,833 | ||
Biotechnology 0.6% | ||
AbbVie, Inc. | 21,535 | 2,901,411 |
Capital Markets 0.6% | ||
Lazard Ltd., Class A | 49,082 | 1,570,624 |
Shares | Value | |
Capital Markets (continued) | ||
Schroders plc (United Kingdom) | 257,964 | $ 1,432,657 |
3,003,281 | ||
Chemicals 2.4% | ||
Air Products and Chemicals, Inc. | 6,939 | 2,078,439 |
Dow, Inc. | 28,782 | 1,532,929 |
International Flavors & Fragrances, Inc. | 19,667 | 1,565,297 |
Linde plc | 9,068 | 3,455,633 |
LyondellBasell Industries NV, Class A | 21,017 | 1,929,991 |
Nutrien Ltd. (Canada) | 34,219 | 2,020,632 |
12,582,921 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 6 | 23 |
Communications Equipment 1.0% | ||
Cisco Systems, Inc. | 102,864 | 5,322,183 |
Construction & Engineering 0.3% | ||
Vinci SA (France) | 15,838 | 1,838,504 |
Consumer Staples Distribution & Retail 0.8% | ||
Walmart, Inc. | 27,294 | 4,290,071 |
Diversified REITs 0.3% | ||
WP Carey, Inc. | 22,791 | 1,539,760 |
Diversified Telecommunication Services 2.2% | ||
AT&T, Inc. | 93,146 | 1,485,679 |
Deutsche Telekom AG (Registered) (Germany) | 223,858 | 4,879,614 |
Orange SA (France) | 162,595 | 1,898,788 |
TELUS Corp. (Canada) | 77,586 | 1,509,845 |
Verizon Communications, Inc. | 43,436 | 1,615,385 |
11,389,311 | ||
Electric Utilities 2.8% | ||
American Electric Power Co., Inc. | 37,150 | 3,128,030 |
Duke Energy Corp. | 17,448 | 1,565,784 |
Entergy Corp. | 17,441 | 1,698,230 |
Evergy, Inc. | 36,725 | 2,145,474 |
Fortis, Inc. (Canada) | 33,682 | 1,451,523 |
NextEra Energy, Inc. | 38,188 | 2,833,550 |
Pinnacle West Capital Corp. | 19,595 | 1,596,209 |
14,418,800 |
Shares | Value | |
Common Stocks (continued) | ||
Electrical Equipment 1.1% | ||
Eaton Corp. plc | 13,867 | $ 2,788,654 |
Emerson Electric Co. | 30,410 | 2,748,760 |
5,537,414 | ||
Food Products 0.7% | ||
Nestle SA (Registered) | 18,208 | 2,188,907 |
Orkla ASA (Norway) | 243,403 | 1,748,376 |
3,937,283 | ||
Gas Utilities 0.4% | ||
Snam SpA (Italy) | 386,777 | 2,020,358 |
Health Care Equipment & Supplies 0.6% | ||
Medtronic plc | 38,068 | 3,353,791 |
Health Care Providers & Services 1.0% | ||
CVS Health Corp. | 23,151 | 1,600,429 |
UnitedHealth Group, Inc. | 8,079 | 3,883,090 |
5,483,519 | ||
Health Care REITs 0.3% | ||
Welltower, Inc. | 20,441 | 1,653,473 |
Hotels, Restaurants & Leisure 1.9% | ||
McDonald's Corp. | 5,428 | 1,619,770 |
Restaurant Brands International, Inc. (Canada) | 68,945 | 5,344,616 |
Vail Resorts, Inc. | 12,117 | 3,050,576 |
10,014,962 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 46,455 | 1,375,997 |
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 7,534 | 1,563,305 |
Siemens AG (Registered) (Germany) | 17,378 | 2,892,597 |
4,455,902 | ||
Insurance 2.5% | ||
Allianz SE (Registered) (Germany) | 7,236 | 1,683,411 |
AXA SA (France) | 78,723 | 2,321,516 |
Manulife Financial Corp. (Canada) | 150,662 | 2,847,765 |
MetLife, Inc. | 46,997 | 2,656,740 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 5,779 | 2,166,757 |
Shares | Value | |
Insurance (continued) | ||
Travelers Cos., Inc. (The) | 8,511 | $ 1,478,020 |
13,154,209 | ||
IT Services 1.0% | ||
International Business Machines Corp. | 39,346 | 5,264,888 |
Leisure Products 0.5% | ||
Hasbro, Inc. | 39,169 | 2,536,976 |
Machinery 0.5% | ||
Cummins, Inc. | 11,396 | 2,793,843 |
Media 0.9% | ||
Comcast Corp., Class A | 61,464 | 2,553,829 |
Omnicom Group, Inc. | 20,876 | 1,986,352 |
4,540,181 | ||
Multi-Utilities 0.5% | ||
NiSource, Inc. | 54,503 | 1,490,657 |
WEC Energy Group, Inc. | 15,747 | 1,389,515 |
2,880,172 | ||
Oil, Gas & Consumable Fuels 2.3% | ||
Chevron Corp. | 9,880 | 1,554,618 |
Enbridge, Inc. (Canada) | 42,708 | 1,587,426 |
Enterprise Products Partners LP | 98,614 | 2,598,479 |
MPLX LP | 53,817 | 1,826,549 |
TotalEnergies SE (France) | 76,454 | 4,384,068 |
11,951,140 | ||
Personal Care Products 0.3% | ||
Unilever plc (United Kingdom) | 31,299 | 1,628,745 |
Pharmaceuticals 6.0% | ||
Astellas Pharma, Inc. (Japan) | 121,700 | 1,812,490 |
AstraZeneca plc, Sponsored ADR (United Kingdom) | 63,246 | 4,526,516 |
Bayer AG (Registered) (Germany) | 28,324 | 1,566,065 |
Bristol-Myers Squibb Co. | 24,696 | 1,579,309 |
Eli Lilly & Co. | 7,305 | 3,425,899 |
GSK plc | 86,455 | 1,524,873 |
Johnson & Johnson | 13,189 | 2,183,043 |
Merck & Co., Inc. | 22,378 | 2,582,198 |
Novartis AG (Registered) (Switzerland) | 44,584 | 4,483,057 |
Pfizer, Inc. | 39,381 | 1,444,495 |
Roche Holding AG | 5,627 | 1,719,440 |
26 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals (continued) | ||
Sanofi | 41,293 | $ 4,424,786 |
31,272,171 | ||
Professional Services 0.3% | ||
Paychex, Inc. | 15,117 | 1,691,139 |
Retail REITs 0.3% | ||
Realty Income Corp. | 30,437 | 1,819,828 |
Semiconductors & Semiconductor Equipment 4.8% | ||
Analog Devices, Inc. | 35,047 | 6,827,506 |
Broadcom, Inc. | 7,960 | 6,904,743 |
KLA Corp. | 9,459 | 4,587,804 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 34,656 | 3,497,484 |
Texas Instruments, Inc. | 18,110 | 3,260,162 |
25,077,699 | ||
Software 1.3% | ||
Microsoft Corp. | 19,572 | 6,665,049 |
Specialized REITs 1.0% | ||
Iron Mountain, Inc. | 61,590 | 3,499,544 |
VICI Properties, Inc. | 51,673 | 1,624,082 |
5,123,626 | ||
Specialty Retail 0.4% | ||
Home Depot, Inc. (The) | 6,974 | 2,166,403 |
Technology Hardware, Storage & Peripherals 2.3% | ||
Apple, Inc. | 29,952 | 5,809,790 |
Dell Technologies, Inc., Class C | 40,393 | 2,185,665 |
NetApp, Inc. | 25,216 | 1,926,502 |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 1,485 | 2,058,210 |
11,980,167 | ||
Tobacco 1.5% | ||
British American Tobacco plc (United Kingdom) | 74,922 | 2,481,536 |
Imperial Brands plc (United Kingdom) | 71,991 | 1,589,486 |
Philip Morris International, Inc. | 39,563 | 3,862,140 |
7,933,162 | ||
Trading Companies & Distributors 0.6% | ||
MSC Industrial Direct Co., Inc., Class A | 31,508 | 3,002,082 |
Shares | Value | ||
Wireless Telecommunication Services 0.3% | |||
SK Telecom Co. Ltd. (Republic of Korea) | 39,965 | $ 1,413,402 | |
Total Common Stocks (Cost $261,939,547) | 285,913,823 | ||
Short-Term Investments 1.8% | |||
Affiliated Investment Company 1.5% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (l) | 8,029,460 | 8,029,460 | |
Unaffiliated Investment Company 0.3% | |||
Invesco Government & Agency Portfolio, 5.158% (l)(m) | 1,378,870 | 1,378,870 | |
Total Short-Term Investments (Cost $9,408,330) | 9,408,330 | ||
Total Investments (Cost $513,320,756) | 98.7% | 517,186,139 | |
Other Assets, Less Liabilities | 1.3 | 6,729,236 | |
Net Assets | 100.0% | $ 523,915,375 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(f) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $260,000, which represented less than one-tenth of a percent of the Portfolio’s net assets. |
(g) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $2,823,688; the total market value of collateral held by the Portfolio was $2,968,121. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,589,251. The Portfolio received cash collateral with a value of $1,378,870. (See Note 2(L)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2023. |
(k) | Non-income producing security. |
(l) | Current yield as of June 30, 2023. |
(m) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 6,070 | $ 80,665 | $ (78,706) | $ — | $ — | $ 8,029 | $ 134 | $ — | 8,029 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
GBP | 133,000 | USD | 166,349 | JPMorgan Chase Bank N.A. | 8/2/23 | $ 2,599 |
USD | 2,964,979 | EUR | 2,684,147 | JPMorgan Chase Bank N.A. | 8/2/23 | 31,627 |
Total Unrealized Appreciation | 34,226 | |||||
AUD | 9,875,000 | USD | 6,615,914 | JPMorgan Chase Bank N.A. | 8/2/23 | (31,749) |
JPY | 1,106,651,000 | USD | 8,220,249 | JPMorgan Chase Bank N.A. | 8/2/23 | (515,254) |
JPY | 1,545,033,000 | USD | 11,577,600 | JPMorgan Chase Bank N.A. | 8/2/23 | (820,396) |
JPY | 716,867,000 | USD | 5,231,879 | JPMorgan Chase Bank N.A. | 8/2/23 | (240,733) |
Total Unrealized Depreciation | (1,608,132) | |||||
Net Unrealized Depreciation | $ (1,573,906) |
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. |
28 | MainStay VP Income Builder Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
E-Mini Energy Select Sector Index | 161 | September 2023 | $ 13,760,861 | $ 13,799,310 | $ 38,449 |
E-Mini Health Care Select Sector Index | 47 | September 2023 | 6,244,514 | 6,364,270 | 119,756 |
E-Mini Materials Select Sector Index | 90 | September 2023 | 7,590,780 | 7,979,400 | 388,620 |
S&P 500 E-Mini Index | 89 | September 2023 | 19,432,910 | 19,972,712 | 539,802 |
U.S. Treasury 2 Year Notes | 25 | September 2023 | 5,124,696 | 5,083,594 | (41,102) |
U.S. Treasury 10 Year Notes | 204 | September 2023 | 23,199,579 | 22,902,187 | (297,392) |
U.S. Treasury 10 Year Ultra Bonds | 122 | September 2023 | 14,573,523 | 14,449,375 | (124,148) |
U.S. Treasury Long Bonds | 29 | September 2023 | 3,683,125 | 3,680,281 | (2,844) |
U.S. Treasury Ultra Bonds | 72 | September 2023 | 9,779,185 | 9,807,750 | 28,565 |
Yen Denominated Nikkei 225 Index | 364 | September 2023 | 40,193,789 | 42,171,732 | 1,977,943 |
Total Long Contracts | 2,627,649 | ||||
Short Contracts | |||||
E-Mini Utilities Select Sector Index | (122) | September 2023 | (8,196,477) | (8,127,640) | 68,837 |
Euro STOXX 50 Index | (333) | September 2023 | (15,794,532) | (16,086,372) | (291,840) |
FTSE 100 Index | (19) | September 2023 | (1,832,071) | (1,819,764) | 12,307 |
S&P E-Mini Commercial Service Equity Index | (76) | September 2023 | (6,362,948) | (6,538,850) | (175,902) |
U.S. Treasury 5 Year Notes | (20) | September 2023 | (2,149,550) | (2,141,875) | 7,675 |
Total Short Contracts | (378,923) | ||||
Net Unrealized Appreciation | $ 2,248,726 |
1. | As of June 30, 2023, cash in the amount of $7,401,005 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
REIT—Real Estate Investment Trust |
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 | $ — | $ 21,449,263 | $ — | $ 21,449,263 | |||
Corporate Bonds | — | 90,026,005 | — | 90,026,005 | |||
Foreign Government Bonds | — | 3,161,948 | — | 3,161,948 | |||
Loan Assignments | — | 430,345 | — | 430,345 | |||
Mortgage-Backed Securities | — | 73,123,317 | — | 73,123,317 | |||
Municipal Bond | — | 751,026 | — | 751,026 | |||
U.S. Government & Federal Agencies | — | 32,922,082 | — | 32,922,082 | |||
Total Long-Term Bonds | — | 221,863,986 | — | 221,863,986 | |||
Common Stocks | 285,913,823 | — | — | 285,913,823 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 8,029,460 | — | — | 8,029,460 | |||
Unaffiliated Investment Company | 1,378,870 | — | — | 1,378,870 | |||
Total Short-Term Investments | 9,408,330 | — | — | 9,408,330 | |||
Total Investments in Securities | 295,322,153 | 221,863,986 | — | 517,186,139 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 34,226 | — | 34,226 | |||
Futures Contracts | 3,181,954 | — | — | 3,181,954 | |||
Total Other Financial Instruments | 3,181,954 | 34,226 | — | 3,216,180 | |||
Total Investments in Securities and Other Financial Instruments | $ 298,504,107 | $ 221,898,212 | $ — | $ 520,402,319 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (1,608,132) | $ — | $ (1,608,132) | |||
Futures Contracts | (933,228) | — | — | (933,228) | |||
Total Other Financial Instruments | $ (933,228) | $ (1,608,132) | $ — | $ (2,541,360) |
(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 $505,291,296) including securities on loan of $2,823,688 | $509,156,679 |
Investment in affiliated investment companies, at value (identified cost $8,029,460) | 8,029,460 |
Cash | 293 |
Cash denominated in foreign currencies (identified cost $425,283) | 425,441 |
Cash collateral on deposit at broker for futures contracts | 7,401,005 |
Receivables: | |
Investment securities sold | 2,826,145 |
Dividends and interest | 2,520,081 |
Variation margin on futures contracts | 591,423 |
Portfolio shares sold | 66,062 |
Securities lending | 6,039 |
Unrealized appreciation on foreign currency forward contracts | 34,226 |
Other assets | 31,347 |
Total assets | 531,088,201 |
Liabilities | |
Cash collateral received for securities on loan | 1,378,870 |
Payables: | |
Investment securities purchased | 3,409,289 |
Portfolio shares redeemed | 368,414 |
Manager (See Note 3) | 244,098 |
NYLIFE Distributors (See Note 3) | 77,293 |
Professional fees | 38,114 |
Custodian | 16,175 |
Shareholder communication | 14,414 |
Accrued expenses | 18,027 |
Unrealized depreciation on foreign currency forward contracts | 1,608,132 |
Total liabilities | 7,172,826 |
Net assets | $523,915,375 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 37,580 |
Additional paid-in-capital | 561,288,414 |
561,325,994 | |
Total distributable earnings (loss) | (37,410,619) |
Net assets | $523,915,375 |
Initial Class | |
Net assets applicable to outstanding shares | $145,600,500 |
Shares of beneficial interest outstanding | 10,362,855 |
Net asset value per share outstanding | $ 14.05 |
Service Class | |
Net assets applicable to outstanding shares | $378,314,875 |
Shares of beneficial interest outstanding | 27,217,253 |
Net asset value per share outstanding | $ 13.90 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $333,276) | $ 5,660,624 |
Interest | 5,401,089 |
Dividends-affiliated | 134,256 |
Securities lending, net | 30,716 |
Total income | 11,226,685 |
Expenses | |
Manager (See Note 3) | 1,496,712 |
Distribution/Service—Service Class (See Note 3) | 472,284 |
Professional fees | 59,219 |
Custodian | 34,499 |
Trustees | 6,708 |
Shareholder communication | 3,379 |
Miscellaneous | 15,821 |
Total expenses | 2,088,622 |
Net investment income (loss) | 9,138,063 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (2,946,895) |
Futures transactions | (1,422,168) |
Foreign currency transactions | (43,537) |
Foreign currency forward transactions | (68,395) |
Net realized gain (loss) | (4,480,995) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 19,565,413 |
Futures contracts | 2,574,112 |
Foreign currency forward contracts | (2,249,976) |
Translation of other assets and liabilities in foreign currencies | (673,476) |
Net change in unrealized appreciation (depreciation) | 19,216,073 |
Net realized and unrealized gain (loss) | 14,735,078 |
Net increase (decrease) in net assets resulting from operations | $23,873,141 |
32 | MainStay VP Income Builder Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 9,138,063 | $ 14,927,789 |
Net realized gain (loss) | (4,480,995) | (36,987,033) |
Net change in unrealized appreciation (depreciation) | 19,216,073 | (72,100,871) |
Net increase (decrease) in net assets resulting from operations | 23,873,141 | (94,160,115) |
Distributions to shareholders: | ||
Initial Class | (2,717,683) | (18,520,336) |
Service Class | (6,681,618) | (44,926,426) |
(9,399,301) | (63,446,762) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (1,897,990) |
Service Class | — | (4,604,122) |
— | (6,502,112) | |
Total distributions to shareholders | (9,399,301) | (69,948,874) |
Capital share transactions: | ||
Net proceeds from sales of shares | 14,319,124 | 44,815,527 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 9,399,301 | 69,948,874 |
Cost of shares redeemed | (58,326,378) | (105,661,713) |
Increase (decrease) in net assets derived from capital share transactions | (34,607,953) | 9,102,688 |
Net increase (decrease) in net assets | (20,134,113) | (155,006,301) |
Net Assets | ||
Beginning of period | 544,049,488 | 699,055,789 |
End of period | $523,915,375 | $ 544,049,488 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.69 | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | |||||
Net investment income (loss) (a) | 0.25 | 0.42 | 0.42 | 0.41 | 0.49 | 0.53 | |||||
Net realized and unrealized gain (loss) | 0.37 | (3.02) | 1.37 | 0.87 | 2.22 | (1.38) | |||||
Total from investment operations | 0.62 | (2.60) | 1.79 | 1.28 | 2.71 | (0.85) | |||||
Less distributions: | |||||||||||
From net investment income | (0.26) | (0.26) | (0.39) | (0.42) | (0.68) | (0.46) | |||||
From net realized gain on investments | — | (1.51) | (0.54) | (0.63) | (0.12) | (0.75) | |||||
Return of capital | — | (0.17) | — | — | — | — | |||||
Total distributions | (0.26) | (1.94) | (0.93) | (1.05) | (0.80) | (1.21) | |||||
Net asset value at end of period | $ 14.05 | $ 13.69 | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | |||||
Total investment return (b) | 4.62% | (13.52)% | 10.52% | 7.98% | 18.07% | (5.21)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.65%†† | 2.70% | 2.31% | 2.50% | 3.00% | 3.18% | |||||
Net expenses (c) | 0.62%†† | 0.62% | 0.61% | 0.62% | 0.63% | 0.62% | |||||
Interest expense and fees | —% | —% | —% | —% | —% | 0.00%(d) | |||||
Portfolio turnover rate | 31% | 58% | 67%(e) | 68%(e) | 59%(e) | 50%(e) | |||||
Net assets at end of period (in 000's) | $ 145,601 | $ 158,020 | $ 198,243 | $ 192,022 | $ 193,252 | $ 178,608 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | 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 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 13.54 | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | |||||
Net investment income (loss) (a) | 0.23 | 0.38 | 0.37 | 0.37 | 0.45 | 0.48 | |||||
Net realized and unrealized gain (loss) | 0.38 | (3.00) | 1.36 | 0.86 | 2.19 | (1.37) | |||||
Total from investment operations | 0.61 | (2.62) | 1.73 | 1.23 | 2.64 | (0.89) | |||||
Less distributions: | |||||||||||
From net investment income | (0.25) | (0.22) | (0.35) | (0.37) | (0.64) | (0.42) | |||||
From net realized gain on investments | — | (1.51) | (0.54) | (0.63) | (0.12) | (0.75) | |||||
Return of capital | — | (0.17) | — | — | — | — | |||||
Total distributions | (0.25) | (1.90) | (0.89) | (1.00) | (0.76) | (1.17) | |||||
Net asset value at end of period | $ 13.90 | $ 13.54 | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | |||||
Total investment return (b) | 4.49% | (13.73)% | 10.24% | 7.71% | 17.78% | (5.45)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 3.42%†† | 2.45% | 2.06% | 2.25% | 2.74% | 2.93% | |||||
Net expenses (c) | 0.87%†† | 0.87% | 0.86% | 0.87% | 0.88% | 0.87% | |||||
Interest expense and fees | —% | —% | —% | —% | —% | 0.00%(d) | |||||
Portfolio turnover rate | 31% | 58% | 67%(e) | 68%(e) | 59%(e) | 50%(e) | |||||
Net assets at end of period (in 000's) | $ 378,315 | $ 386,030 | $ 500,812 | $ 473,118 | $ 433,515 | $ 360,874 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | 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. |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
36 | MainStay VP Income Builder Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
38 | MainStay VP Income Builder Portfolio |
40 | MainStay VP Income Builder Portfolio |
42 | MainStay VP Income Builder Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $3,145,714 | $36,240 | $3,181,954 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 34,226 | — | — | 34,226 |
Total Fair Value | $34,226 | $3,145,714 | $36,240 | $3,216,180 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(467,742) | $(465,486) | $ (933,228) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (1,608,132) | — | — | (1,608,132) |
Total Fair Value | $(1,608,132) | $(467,742) | $(465,486) | $(2,541,360) |
(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 Transactions | $ — | $(1,370,586) | $(51,582) | $(1,422,168) |
Forward Transactions | (68,395) | — | — | (68,395) |
Total Net Realized Gain (Loss) | $(68,395) | $(1,370,586) | $(51,582) | $(1,490,563) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $2,790,210 | $(216,098) | $ 2,574,112 |
Forward Contracts | (2,249,976) | — | — | (2,249,976) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(2,249,976) | $2,790,210 | $(216,098) | $ 324,136 |
Average Notional Amount | Total |
Futures Contracts Long | $150,093,210 |
Futures Contracts Short | $ (35,038,311) |
Forward Contracts Long | $ 25,788,300 |
Forward Contracts Short | $ (10,438,601) |
44 | MainStay VP Income Builder Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $515,811,645 | $34,823,131 | $(33,448,637) | $1,374,494 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $19,142 | $12,916 |
2022 | |
Distributions paid from: | |
Ordinary Income | $16,814,864 |
Long-Term Capital Gains | 46,631,898 |
Return of Capital | 6,502,112 |
Total | $69,948,874 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 68,636 | $ 956,715 |
Shares issued to shareholders in reinvestment of distributions | 194,724 | 2,717,683 |
Shares redeemed | (1,446,675) | (20,329,732) |
Net increase (decrease) | (1,183,315) | $(16,655,334) |
Year ended December 31, 2022: | ||
Shares sold | 219,018 | $ 3,428,090 |
Shares issued to shareholders in reinvestment of distributions | 1,559,961 | 20,418,326 |
Shares redeemed | (1,110,037) | (17,170,397) |
Net increase (decrease) | 668,942 | $ 6,676,019 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 967,460 | $ 13,362,409 |
Shares issued to shareholders in reinvestment of distributions | 483,877 | 6,681,618 |
Shares redeemed | (2,746,613) | (37,996,646) |
Net increase (decrease) | (1,295,276) | $(17,952,619) |
Year ended December 31, 2022: | ||
Shares sold | 2,643,387 | $ 41,387,437 |
Shares issued to shareholders in reinvestment of distributions | 3,830,832 | 49,530,548 |
Shares redeemed | (5,696,211) | (88,491,316) |
Net increase (decrease) | 778,008 | $ 2,426,669 |
46 | MainStay VP Income Builder Portfolio |
48 |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029533 | MSVPIB10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 4/29/2011 | 3.90% | 4.75% | 2.12% | 2.60% | 0.62% |
Service Class Shares | 4/29/2011 | 3.78 | 4.49 | 1.86 | 2.34 | 0.87 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index2 | 2.09% | -0.94% | 0.77% | 1.52% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index3 | 2.32 | 3.57 | 1.71 | 1.18 |
Morningstar Nontraditional Bond Category Average4 | 2.45 | 3.10 | 1.46 | 1.78 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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 Treasuries, 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. |
3. | 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 a deposit 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. |
4. | 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. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,039.00 | $3.08 | $1,021.77 | $3.06 | 0.61% |
Service Class Shares | $1,000.00 | $1,037.80 | $4.35 | $1,020.53 | $4.31 | 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 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP MacKay Strategic Bond Portfolio |
1. | FHLMC STACR REMIC Trust, 6.567%-8.817%, due 8/25/33–1/25/51 |
2. | GNMA, (zero coupon)-3.50%, due 8/20/49–5/20/53 |
3. | UMBS, 30 Year, 4.00%-6.00%, due 6/1/52–6/1/53 |
4. | FNMA, (zero coupon)-9.65%, due 7/25/30–3/25/60 |
5. | Bank of America Corp., 2.087%-8.57%, due 11/15/24–4/22/32 |
6. | Citigroup, Inc., 2.52%-6.30%, due 5/15/24–11/3/32 |
7. | CF Hippolyta Issuer LLC, 1.69%-2.28%, due 7/15/60–3/15/61 |
8. | FHLMC, (zero coupon)-3.50%, due 1/15/33–8/15/56 |
9. | Hertz Vehicle Financing III LP, 2.52%-4.34%, due 12/27/27 |
10. | Ford Motor Credit Co. LLC, 2.30%-7.20%, due 2/10/25–6/10/30 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “spread product” refers to asset classes that typically trade at a spread to comparable U.S. Treasury securities. |
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 Strategic Bond Portfolio |
4. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to Fund holdings, ratings are based solely on the creditworthiness of the bonds in the portfolio and are not meant to represent the security or safety of the Fund. Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (–) sign to show relative standing within the major rating categories. |
Principal Amount | Value | |
Long-Term Bonds 98.2% | ||
Asset-Backed Securities 15.2% | ||
Automobile Asset-Backed Securities 9.0% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 1,915,000 | $ 1,812,174 |
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | 1,955,000 | 1,908,074 |
Series 2022-1, Class D | ||
2.46%, due 3/13/28 | 2,855,000 | 2,673,458 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 1,345,000 | 1,181,431 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 790,000 | 715,601 |
Series 2023-3A, Class A | ||
5.44%, due 2/22/28 | 1,460,000 | 1,436,817 |
CPS Auto Receivables Trust (a) | ||
Series 2021-A, Class E | ||
2.53%, due 3/15/28 | 2,900,000 | 2,702,614 |
Series 2021-C, Class E | ||
3.21%, due 9/15/28 | 2,570,000 | 2,358,745 |
Series 2020-C, Class E | ||
4.22%, due 5/17/27 | 855,000 | 822,903 |
Series 2019-C, Class E | ||
4.30%, due 7/15/25 | 1,491,335 | 1,472,948 |
Drive Auto Receivables Trust | ||
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,135,000 | 2,948,858 |
DT Auto Owner Trust | ||
Series 2021-4A, Class D | ||
1.99%, due 9/15/27 (a) | 695,000 | 633,937 |
Exeter Automobile Receivables Trust | ||
Series 2021-2A, Class D | ||
1.40%, due 4/15/27 | 1,710,000 | 1,584,930 |
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 2,795,000 | 2,492,939 |
Flagship Credit Auto Trust (a) | ||
Series 2021-4, Class C | ||
1.96%, due 12/15/27 | 1,340,000 | 1,222,058 |
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 3,765,000 | 3,371,067 |
Series 2020-1, Class D | ||
2.48%, due 3/16/26 | 1,000,000 | 954,559 |
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 2,460,000 | 2,227,063 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,258,000 | 1,190,133 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Flagship Credit Auto Trust (a) (continued) | ||
Series 2020-3, Class E | ||
4.98%, due 12/15/27 | $ 1,295,000 | $ 1,170,074 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 | 1,565,000 | 1,451,829 |
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 3,630,000 | 3,315,731 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 2,285,000 | 2,101,813 |
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 1,075,000 | 970,287 |
Series 2021-1A, Class E | ||
3.14%, due 1/18/28 | 1,140,000 | 1,070,169 |
Series 2021-3A, Class E | ||
3.20%, due 10/16/28 | 2,780,000 | 2,496,248 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,430,000 | 1,379,487 |
Series 2019-3A, Class D | ||
3.84%, due 5/15/26 | 1,635,000 | 1,603,763 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 5,027,000 | 4,334,695 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 3,289,000 | 2,818,844 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 1,155,000 | 1,073,753 |
Santander Drive Auto Receivables Trust | ||
Series 2021-3, Class D | ||
1.33%, due 9/15/27 | 575,000 | 536,828 |
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 3,260,000 | 3,008,820 |
Series 2022-2, Class B | ||
3.44%, due 9/15/27 | 2,300,000 | 2,226,856 |
63,269,506 | ||
Credit Card Asset-Backed Security 0.1% | ||
Golden Credit Card Trust | ||
Series 2021-1A, Class C | ||
1.74%, due 8/15/28 (a) | 540,000 | 473,660 |
Home Equity Asset-Backed Securities 0.1% | ||
First NLC Trust | ||
Series 2007-1, Class A1 | ||
5.22% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 53,223 | 26,819 |
10 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Home Equity Asset-Backed Securities (continued) | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.982% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | $ 18,520 | $ 11,355 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.25% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 15,375 | 4,900 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
5.26% (1 Month LIBOR + 0.11%), due 2/25/37 | 16,309 | 5,086 |
Series 2007-HE7, Class M1 | ||
7.15% (1 Month LIBOR + 2.00%), due 7/25/37 | 930,000 | 706,858 |
755,018 | ||
Other Asset-Backed Securities 6.0% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,396,091 | 1,198,770 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 1,175,481 | 999,963 |
Series 2021-1, Class B | ||
3.95%, due 7/11/30 | 1,432,500 | 1,246,990 |
Series 2015-2, Class A | ||
4.00%, due 9/22/27 | 334,202 | 300,061 |
AMSR Trust (a) | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 | 2,995,000 | 2,703,698 |
Series 2020-SFR5, Class A | ||
1.379%, due 11/17/37 | 840,000 | 758,565 |
CF Hippolyta Issuer LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,358,173 | 1,218,812 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 5,579,290 | 4,721,175 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,307,523 | 1,092,078 |
Series 2020-1, Class B1 | ||
2.28%, due 7/15/60 | 1,300,608 | 1,161,609 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 1,511,975 | 1,197,455 |
FirstKey Homes Trust (a) | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 | 4,544,851 | 4,124,707 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
FirstKey Homes Trust (a) (continued) | ||
Series 2021-SFR2, Class B | ||
1.607%, due 9/17/38 | $ 840,000 | $ 726,962 |
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 | 3,755,000 | 3,266,456 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | 2,333,829 | 2,057,119 |
Mosaic Solar Loan Trust | ||
Series 2021-2A, Class B | ||
2.09%, due 4/22/47 (a) | 1,768,477 | 1,300,432 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 3,490,000 | 2,327,527 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,485,000 | 1,146,271 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 840,000 | 688,199 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,835,000 | 1,562,882 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,800,000 | 1,498,924 |
PFS Financing Corp. | ||
Series 2022-D, Class B | ||
4.90%, due 8/15/27 (a) | 1,790,000 | 1,733,769 |
Progress Residential Trust | ||
Series 2020-SFR3, Class B | ||
1.495%, due 10/17/27 (a) | 1,680,000 | 1,512,493 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,457,800 | 1,133,803 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 690,453 | 684,587 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,602,664 | 1,588,901 |
41,952,208 | ||
Total Asset-Backed Securities (Cost $116,467,999) | 106,450,392 | |
Corporate Bonds 40.4% | ||
Aerospace & Defense 0.3% | ||
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 2,260,000 | 2,172,168 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | $ 1,160,000 | $ 825,316 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 650,000 | 613,541 |
1,438,857 | ||
Airlines 1.4% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,640,000 | 1,624,731 |
5.75%, due 4/20/29 | 3,255,000 | 3,160,536 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 987,006 | 965,479 |
4.75%, due 10/20/28 | 2,245,000 | 2,179,196 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,640,000 | 1,644,095 |
9,574,037 | ||
Auto Manufacturers 2.2% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 1,085,000 | 1,014,247 |
4.125%, due 8/17/27 | 1,380,000 | 1,260,140 |
6.80%, due 5/12/28 | 2,175,000 | 2,176,994 |
6.95%, due 3/6/26 | 1,150,000 | 1,156,094 |
7.20%, due 6/10/30 | 965,000 | 973,888 |
General Motors Co. | ||
5.60%, due 10/15/32 | 685,000 | 662,720 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 908,000 | 711,276 |
2.70%, due 6/10/31 | 2,255,000 | 1,798,590 |
4.30%, due 4/6/29 | 1,400,000 | 1,284,787 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 5,030,000 | 4,267,253 |
15,305,989 | ||
Auto Parts & Equipment 0.5% | ||
Dana, Inc. | ||
4.50%, due 2/15/32 | 3,885,000 | 3,224,628 |
Banks 12.7% | ||
Banco Santander SA | ||
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) | 3,000,000 | 2,808,311 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 1,895,000 | 1,616,736 |
2.687%, due 4/22/32 (c) | 2,520,000 | 2,088,441 |
3.384%, due 4/2/26 (c) | 2,185,000 | 2,094,333 |
Principal Amount | Value | |
Banks (continued) | ||
Bank of America Corp. (continued) | ||
3.705%, due 4/24/28 (c) | $ 1,695,000 | $ 1,588,651 |
Series MM | ||
4.30%, due 1/28/25 (c)(d) | 1,741,000 | 1,570,225 |
8.57%, due 11/15/24 | 455,000 | 470,065 |
Barclays plc | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(d) | 2,340,000 | 1,589,796 |
5.20%, due 5/12/26 | 1,725,000 | 1,664,190 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 (b)(d) | 1,000,000 | 893,400 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (c) | 1,720,000 | 1,469,092 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 1,600,000 | 1,263,041 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 2,250,000 | 1,605,937 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 705,000 | 682,370 |
BPCE SA (a) | ||
2.045%, due 10/19/27 (c) | 1,370,000 | 1,194,562 |
5.125%, due 1/18/28 | 1,285,000 | 1,260,956 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (c) | 1,465,000 | 1,180,365 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 1,915,000 | 1,540,617 |
5.50%, due 9/13/25 | 2,710,000 | 2,694,317 |
Series M | ||
6.30%, due 5/15/24 (c)(d) | 3,975,000 | 3,865,687 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(d) | 2,965,000 | 2,357,175 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (c) | 640,000 | 503,992 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 4,285,000 | 3,618,204 |
5.371%, due 9/9/27 | 1,050,000 | 1,032,460 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,795,000 | 1,558,826 |
12 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | $ 1,205,000 | $ 1,109,214 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (c) | 1,555,000 | 1,383,216 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(d) | 1,035,000 | 865,219 |
6.75%, due 10/1/37 | 1,828,000 | 1,966,094 |
Huntington National Bank (The) | ||
3.55%, due 10/6/23 | 894,000 | 886,744 |
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b) | 2,515,000 | 1,874,400 |
JPMorgan Chase & Co. (c) | ||
1.764%, due 11/19/31 | 1,769,000 | 1,400,018 |
Series HH | ||
4.60%, due 2/1/25 (d) | 882,000 | 822,465 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 2,500,000 | 2,394,147 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 1,095,000 | 1,024,264 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(c) | 2,065,000 | 1,649,219 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 2,895,000 | 2,196,553 |
5.00%, due 11/24/25 | 2,190,000 | 2,152,919 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,685,000 | 2,414,803 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (d) | 2,740,000 | 1,897,450 |
5.847% (1 Year Treasury Constant Maturity Rate + 1.35%), due 3/2/27 | 1,665,000 | 1,646,762 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,953,000 | 1,947,424 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 1,270,000 | 1,256,199 |
Societe Generale SA (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 1,540,000 | 1,214,659 |
Principal Amount | Value | |
Banks (continued) | ||
Societe Generale SA (a)(b)(d) (continued) | ||
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | $ 1,745,000 | $ 1,294,754 |
Sumitomo Mitsui Trust Bank Ltd. | ||
5.65%, due 3/9/26 (a) | 1,825,000 | 1,831,515 |
Synchrony Bank | ||
5.40%, due 8/22/25 | 1,970,000 | 1,885,263 |
UBS Group AG (a) | ||
3.091%, due 5/14/32 (c) | 895,000 | 723,989 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) | 2,715,000 | 1,912,554 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 590,000 | 559,172 |
6.442%, due 8/11/28 (c) | 830,000 | 833,070 |
Wells Fargo & Co. | ||
3.00%, due 10/23/26 | 1,640,000 | 1,522,353 |
3.35%, due 3/2/33 (c) | 1,510,000 | 1,292,339 |
Series U | ||
5.875% (3 Month LIBOR + 3.99%), due 6/15/25 (b)(d) | 595,000 | 583,039 |
Series S | ||
5.90% (3 Month LIBOR + 3.11%), due 6/15/24 (b)(d) | 2,725,000 | 2,687,531 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,825,000 | 1,399,841 |
88,838,938 | ||
Building Materials 0.4% | ||
CEMEX Materials LLC | ||
7.70%, due 7/21/25 (a) | 2,645,000 | 2,661,531 |
Chemicals 0.5% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 3,185,000 | 2,573,798 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,015,000 | 932,407 |
3,506,205 | ||
Commercial Services 0.4% | ||
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 1,960,000 | 1,778,835 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
California Institute of Technology | ||
3.65%, due 9/1/2119 | $ 1,144,000 | $ 780,133 |
2,558,968 | ||
Computers 1.0% | ||
Dell International LLC | ||
5.25%, due 2/1/28 | 3,085,000 | 3,078,603 |
6.02%, due 6/15/26 | 625,000 | 635,256 |
8.10%, due 7/15/36 | 670,000 | 783,872 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 3,210,000 | 2,864,701 |
7,362,432 | ||
Diversified Financial Services 3.1% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 2,200,000 | 1,902,236 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,820,000 | 1,711,393 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 3,325,000 | 2,320,518 |
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | 3,570,000 | 3,438,129 |
8.00%, due 11/1/31 | 2,010,000 | 2,086,623 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,340,000 | 2,084,714 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 2,420,000 | 2,202,453 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 1,875,000 | 1,862,369 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 | 1,985,000 | 1,948,048 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 1,175,000 | 1,008,080 |
6.125%, due 3/15/24 | 880,000 | 876,998 |
21,441,561 | ||
Electric 2.9% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,460,000 | 1,397,076 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 1,850,000 | 1,880,820 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 1,260,000 | 1,124,427 |
Principal Amount | Value | |
Electric (continued) | ||
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(d) | $ 1,045,000 | $ 877,927 |
Duke Energy Carolinas LLC | ||
4.95%, due 1/15/33 | 1,205,000 | 1,196,074 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 2,685,000 | 2,319,571 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 1,675,000 | 1,633,280 |
Georgia Power Co. | ||
4.95%, due 5/17/33 | 1,850,000 | 1,826,130 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 2,460,000 | 1,564,819 |
Sempra Energy | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | 2,935,000 | 2,372,091 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 2,345,000 | 2,344,740 |
WEC Energy Group, Inc. | ||
7.433% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 1,860,340 | 1,564,656 |
20,101,611 | ||
Electronics 0.3% | ||
Arrow Electronics, Inc. | ||
6.125%, due 3/1/26 | 1,830,000 | 1,825,666 |
Environmental Control 0.1% | ||
Covanta Holding Corp. | ||
4.875%, due 12/1/29 (a) | 1,025,000 | 886,625 |
Food 0.6% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 2,290,000 | 2,152,492 |
Kraft Heinz Foods Co. | ||
5.00%, due 7/15/35 | 718,000 | 707,244 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 2,005,000 | 1,572,033 |
4,431,769 |
14 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Gas 0.8% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | $ 1,195,000 | $ 955,971 |
5.50%, due 10/1/26 | 2,120,000 | 2,067,068 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 1,330,000 | 1,196,825 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 2,010,000 | 1,356,307 |
5,576,171 | ||
Home Builders 0.4% | ||
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 | 1,251,000 | 1,120,379 |
4.35%, due 2/15/28 | 2,089,000 | 1,961,623 |
3,082,002 | ||
Household Products & Wares 0.4% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,890,000 | 2,644,350 |
Insurance 1.5% | ||
Lincoln National Corp. | ||
7.688% (3 Month LIBOR + 2.358%), due 5/17/66 (b) | 6,418,000 | 4,244,724 |
MassMutual Global Funding II | ||
2.95%, due 1/11/25 (a) | 2,995,000 | 2,876,717 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 870,000 | 879,162 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,564,000 | 1,857,921 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 840,000 | 610,310 |
10,468,834 | ||
Internet 1.0% | ||
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 1,950,000 | 1,697,183 |
Match Group Holdings II LLC (a) | ||
3.625%, due 10/1/31 | 1,975,000 | 1,623,331 |
5.00%, due 12/15/27 | 3,170,000 | 2,939,905 |
Meta Platforms, Inc. | ||
4.95%, due 5/15/33 | 600,000 | 599,536 |
6,859,955 | ||
Lodging 1.0% | ||
Hyatt Hotels Corp. | ||
1.80%, due 10/1/24 | 5,450,000 | 5,187,246 |
Principal Amount | Value | |
Lodging (continued) | ||
Marriott International, Inc. | ||
3.75%, due 10/1/25 | $ 1,860,000 | $ 1,784,494 |
6,971,740 | ||
Media 0.4% | ||
CCO Holdings LLC | ||
4.75%, due 3/1/30 (a) | 835,000 | 713,995 |
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,445,000 | 1,074,767 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,335,000 | 1,198,910 |
2,987,672 | ||
Miscellaneous—Manufacturing 0.3% | ||
Textron Financial Corp. | ||
7.056% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 3,055,000 | 2,246,619 |
Oil & Gas 0.4% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a)(e) | 920,000 | 736,000 |
Marathon Petroleum Corp. | ||
5.125%, due 12/15/26 | 2,425,000 | 2,401,086 |
3,137,086 | ||
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 166,000 | 159,568 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 943,000 | 933,737 |
1,093,305 | ||
Pharmaceuticals 0.4% | ||
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 10,000 | 8,960 |
4.75%, due 5/9/27 | 2,855,000 | 2,641,082 |
7.875%, due 9/15/29 | 10,000 | 10,305 |
2,660,347 | ||
Pipelines 4.6% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,825,000 | 1,438,424 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,715,000 | 2,302,825 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 | 2,490,000 | 2,107,508 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,660,000 | 1,436,693 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Enbridge, Inc. | ||
5.70%, due 3/8/33 | $ 1,295,000 | $ 1,312,782 |
5.969%, due 3/8/26 | 2,440,000 | 2,443,823 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(d) | 3,435,000 | 3,120,079 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 785,000 | 759,631 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,325,000 | 1,021,243 |
4.20%, due 1/31/50 | 545,000 | 455,496 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,310,000 | 1,836,575 |
Hess Midstream Operations LP | ||
4.25%, due 2/15/30 (a) | 3,710,000 | 3,236,975 |
MPLX LP | ||
4.00%, due 3/15/28 | 2,500,000 | 2,355,893 |
4.125%, due 3/1/27 | 1,780,000 | 1,703,173 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,330,000 | 1,180,092 |
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | 2,710,000 | 2,705,337 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 935,000 | 827,604 |
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (f) | 2,100,000 | 1,720,047 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,000,000 | 689,673 |
32,653,873 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.25%, due 4/15/30 (a)(g) | 1,425,000 | 1,012,726 |
Real Estate Investment Trusts 0.8% | ||
Iron Mountain, Inc. (a) | ||
4.875%, due 9/15/29 | 2,254,000 | 2,017,637 |
5.25%, due 7/15/30 | 465,000 | 418,990 |
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | 3,409,000 | 2,932,663 |
5,369,290 | ||
Retail 0.6% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,570,000 | 1,467,959 |
Principal Amount | Value | |
Retail (continued) | ||
Nordstrom, Inc. | ||
4.25%, due 8/1/31 | $ 3,200,000 | $ 2,494,400 |
3,962,359 | ||
Semiconductors 0.4% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,470,000 | 2,026,162 |
3.75%, due 2/15/51 | 910,000 | 669,200 |
2,695,362 | ||
Telecommunications 0.6% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 3,495,000 | 2,481,008 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 1,860,000 | 1,316,723 |
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | 875,000 | 759,962 |
4,557,693 | ||
Total Corporate Bonds (Cost $320,380,766) | 283,310,369 | |
Foreign Government Bonds 2.6% | ||
Brazil 0.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 565,000 | 487,278 |
Chile 0.5% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 4,005,000 | 3,340,571 |
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 2,065,000 | 1,526,158 |
4.50%, due 1/28/26 (g) | 650,000 | 618,266 |
2,144,424 | ||
Mexico 1.7% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 3,255,000 | 2,508,333 |
4.677%, due 2/9/51 | 2,765,000 | 1,861,536 |
Mexico Government Bond | ||
3.75%, due 4/19/71 | 2,230,000 | 1,484,747 |
16 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Mexico (continued) | ||
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | $ 3,570,000 | $ 3,176,326 |
6.75%, due 9/21/47 | 4,990,000 | 3,133,337 |
12,164,279 | ||
Total Foreign Government Bonds (Cost $24,143,354) | 18,136,552 | |
Loan Assignments 0.2% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.202% (1 Month SOFR + 4.00%), due 11/2/27 | 939,270 | 861,781 |
Second Lien Initial Term Loan | ||
13.773% (3 Month LIBOR + 8.50%), due 11/2/28 | 645,000 | 367,650 |
1,229,431 | ||
Total Loan Assignments (Cost $1,569,076) | 1,229,431 | |
Mortgage-Backed Securities 34.2% | ||
Agency (Collateralized Mortgage Obligations) 7.7% | ||
FHLMC | ||
REMIC, Series 4660 | ||
(zero coupon), due 1/15/33 | 1,930,830 | 1,456,903 |
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,862,947 | 101,071 |
REMIC, Series 5164, Class SA | ||
(zero coupon) (SOFR 30A + 3.75%), due 11/25/51 (b)(h) | 9,028,912 | 276,900 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 3,257,172 | 79,944 |
REMIC, Series 4839, Class WO | ||
(zero coupon), due 8/15/56 | 1,166,134 | 818,262 |
REMIC, Series 4993, Class KS | ||
0.90% (1 Month LIBOR + 6.05%), due 7/25/50 (b)(h) | 4,998,274 | 652,185 |
REMIC, Series 5038, Class IB | ||
2.50%, due 10/25/50 (h) | 1,009,138 | 149,584 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (h) | 5,069,719 | 639,679 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5205, Class KI | ||
3.00%, due 12/25/48 (h) | $ 2,319,203 | $ 247,755 |
REMIC, Series 5152, Class BI | ||
3.00%, due 7/25/50 (h) | 3,678,851 | 604,774 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 2,761,445 | 420,763 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,707,064 | 276,271 |
REMIC, Series 5167, Class GI | ||
3.00%, due 11/25/51 (h) | 4,467,088 | 715,184 |
REMIC, Series 5191 | ||
3.50%, due 9/25/50 (h) | 2,364,882 | 427,513 |
REMIC, Series 5036 | ||
3.50%, due 11/25/50 (h) | 2,843,020 | 543,026 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,559,312 | 246,305 |
FHLMC, Strips | ||
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 830,940 | 624,209 |
REMIC, Series 311, Class S1 | ||
0.757% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | 2,461,448 | 244,742 |
REMIC, Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 3,876,139 | 474,359 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 1,760,366 | 1,457,259 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 501,950 | 413,856 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 545,561 | 477,929 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 682,884 | 558,923 |
REMIC, Series 2021-81, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 12/25/51 (b)(h) | 13,726,566 | 162,134 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 10,804,348 | 120,924 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,747,010 | 18,930 |
REMIC, Series 2022-10, Class SA | ||
0.683% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 2,548,192 | 309,429 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-40, Class SI | ||
0.80% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | $ 3,219,409 | $ 294,997 |
REMIC, Series 2016-57, Class SN | ||
0.90% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 2,479,856 | 251,662 |
REMIC, Series 2019-32, Class SB | ||
0.90% (1 Month LIBOR + 6.05%), due 6/25/49 (b)(h) | 2,538,308 | 241,594 |
REMIC, Series 2020-23, Class PS | ||
0.90% (1 Month LIBOR + 6.05%), due 2/25/50 (b)(h) | 2,886,423 | 319,735 |
REMIC, Series 2016-19, Class SD | ||
0.95% (1 Month LIBOR + 6.10%), due 4/25/46 (b)(h) | 5,107,597 | 356,082 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 (h) | 1,313,008 | 188,942 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 1,651,157 | 235,960 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 2,043,392 | 298,667 |
REMIC, Series 2021-95, Class KI | ||
2.50%, due 4/25/51 (h) | 5,946,244 | 803,949 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 818,260 | 98,067 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 4,271,261 | 689,648 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,730,099 | 530,223 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,392,194 | 1,279,671 |
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | 7,106,693 | 666,432 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 4,801,950 | 704,279 |
GNMA | ||
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 706,513 | 9,496 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 1/20/50 (b)(h) | 4,108,721 | 57,555 |
REMIC, Series 2020-129, Class SB | ||
(zero coupon) (1 Month LIBOR + 3.20%), due 9/20/50 (b)(h) | 5,811,614 | 93,830 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-97, Class SD | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | $ 12,966,685 | $ 178,912 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 4,763,938 | 148,303 |
REMIC, Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 9,526,079 | 135,508 |
REMIC, Series 2021-214, Class SA | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) | 44,264,429 | 375,159 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 7,601,644 | 71,727 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 38,133,521 | 303,657 |
REMIC, Series 2023-56 | ||
(zero coupon), due 7/20/52 | 2,234,639 | 1,984,819 |
REMIC, Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 1,517,090 | 1,146,603 |
REMIC, Series 2023-53 | ||
(zero coupon), due 4/20/53 | 966,777 | 774,509 |
REMIC, Series 2020-183, Class HT | ||
0.704% (SOFR 30A + 5.77%), due 12/20/50 (b)(h) | 4,520,417 | 353,308 |
REMIC, Series 2020-34, Class SC | ||
0.893% (1 Month LIBOR + 6.05%), due 3/20/50 (b)(h) | 3,234,774 | 344,777 |
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 3,095,410 | 2,296,125 |
REMIC, Series 2023-60, Class ES | ||
1.067% (SOFR 30A + 11.20%), due 4/20/53 (b) | 2,319,250 | 2,118,641 |
REMIC, Series 2020-146, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 10/20/50 (b)(h) | 3,094,768 | 380,121 |
REMIC, Series 2020-167, Class SN | ||
1.143% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 1,488,295 | 175,111 |
REMIC, Series 2021-179, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 4,568,373 | 544,500 |
REMIC, Series 2020-189, Class SU | ||
1.143% (1 Month LIBOR + 6.30%), due 12/20/50 (b)(h) | 996,137 | 127,251 |
18 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-46, Class TS | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | $ 2,168,916 | $ 262,131 |
REMIC, Series 2021-57, Class SA | ||
1.143% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 3,524,754 | 418,034 |
REMIC, Series 2021-96, Class NS | ||
1.143% (1 Month LIBOR + 6.30%), due 6/20/51 (b)(h) | 5,677,014 | 663,625 |
REMIC, Series 2021-96, Class SN | ||
1.143% (1 Month LIBOR + 6.30%), due 6/20/51 (b)(h) | 3,919,818 | 444,679 |
REMIC, Series 2021-97, Class SM | ||
1.143% (1 Month LIBOR + 6.30%), due 6/20/51 (b)(h) | 4,118,962 | 510,804 |
REMIC, Series 2021-122, Class HS | ||
1.143% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 3,610,742 | 460,107 |
REMIC, Series 2022-137, Class S | ||
1.143% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 3,984,565 | 465,072 |
REMIC, Series 2021-96, Class JS | ||
1.193% (1 Month LIBOR + 6.35%), due 6/20/51 (b)(h) | 3,699,384 | 369,513 |
REMIC, Series 2023-86, Class SE | ||
1.583% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | 2,800,000 | 383,681 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,583,096 | 433,559 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 1,978,132 | 200,773 |
REMIC, Series 2020-176, Class AI | ||
2.00%, due 11/20/50 (h) | 12,282,580 | 1,215,500 |
REMIC, Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 2,261,564 | 251,695 |
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 4,275,218 | 436,754 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (h) | 4,532,157 | 452,448 |
REMIC, Series 2021-49, Class YI | ||
2.00%, due 3/20/51 (h) | 612,935 | 66,427 |
REMIC, Series 2021-205, Class GA | ||
2.00%, due 11/20/51 | 850,649 | 701,398 |
REMIC, Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 3,261,628 | 386,523 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-66, Class MP | ||
2.167% (SOFR 30A + 12.30%), due 5/20/53 (b) | $ 2,247,438 | $ 2,093,945 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 5,522,150 | 563,236 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 1,605,753 | 1,391,869 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 820,325 | 108,089 |
REMIC, Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 2,824,126 | 363,175 |
REMIC, Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 2,638,067 | 342,984 |
REMIC, Series 2021-56, Class FE | ||
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 5,119,045 | 582,347 |
REMIC, Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 2,926,682 | 395,003 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 1,448,336 | 183,783 |
REMIC, Series 2021-137, Class HI | ||
2.50%, due 8/20/51 (h) | 3,194,822 | 435,162 |
REMIC, Series 2021-149, Class CI | ||
2.50%, due 8/20/51 (h) | 4,124,044 | 532,243 |
REMIC, Series 2021-177, Class CI | ||
2.50%, due 10/20/51 (h) | 3,057,611 | 396,976 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 4,484,246 | 584,776 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 5,546,077 | 818,300 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 557,410 | 79,650 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 1,024,138 | 863,100 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,833,422 | 314,379 |
REMIC, Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 2,919,996 | 437,094 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 4,728,479 | 698,951 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,856,751 | 514,907 |
REMIC, Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 3,812,023 | 538,590 |
REMIC, Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 1,683,172 | 1,532,589 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | $ 3,408,828 | $ 526,950 |
53,519,454 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 11.6% | ||
BAMLL Commercial Mortgage Securities Trust (a)(b) | ||
Series 2022-DKLX, Class E | ||
9.274% (1 Month SOFR + 4.127%), due 1/15/39 | 1,335,000 | 1,270,015 |
Series 2022-DKLX, Class F | ||
10.104% (1 Month SOFR + 4.957%), due 1/15/39 | 1,850,000 | 1,746,427 |
Bayview Commercial Asset Trust | ||
Series 2005-3A, Class A1 | ||
5.47% (1 Month LIBOR + 0.48%), due 11/25/35 (a)(b) | 873,924 | 790,256 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.66%, due 3/9/44 (i) | 2,240,000 | 1,827,427 |
Series 2020-VIV3, Class B | ||
3.662%, due 3/9/44 (i) | 1,160,000 | 973,670 |
Series 2020-VIVA, Class D | ||
3.667%, due 3/11/44 (i) | 2,515,000 | 2,003,295 |
Series 2021-VOLT, Class D | ||
6.843% (1 Month LIBOR + 1.65%), due 9/15/36 (b) | 1,750,000 | 1,654,493 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 300,000 | 257,343 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 975,000 | 826,353 |
Series 2019-OC11, Class D | ||
4.075%, due 12/9/41 (i) | 1,085,000 | 901,325 |
Series 2019-OC11, Class E | ||
4.075%, due 12/9/41 (i) | 3,505,000 | 2,809,539 |
Series 2023-LIFE, Class C | ||
5.884%, due 2/15/28 | 500,000 | 476,670 |
Series 2021-MFM1, Class C | ||
6.461% (1 Month SOFR + 1.314%), due 1/15/34 (b) | 2,852,894 | 2,777,638 |
Series 2018-GW, Class C | ||
6.663% (1 Month LIBOR + 1.47%), due 5/15/35 (b) | 1,145,000 | 1,125,545 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2021-MFM1, Class D | ||
6.761% (1 Month SOFR + 1.614%), due 1/15/34 (b) | $ 2,795,474 | $ 2,714,712 |
Series 2021-LBA, Class DV | ||
6.861% (1 Month SOFR + 1.714%), due 2/15/36 (b) | 2,300,000 | 2,154,482 |
Series 2021-RISE, Class D | ||
6.943% (1 Month LIBOR + 1.75%), due 11/15/36 (b) | 3,095,000 | 2,978,529 |
Series 2021-ARIA, Class E | ||
7.437% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 3,200,000 | 3,015,349 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class C | ||
6.293% (1 Month LIBOR + 1.10%), due 8/15/36 | 1,675,000 | 1,495,701 |
Series 2021-FILM, Class D | ||
6.693% (1 Month LIBOR + 1.50%), due 8/15/36 | 1,675,000 | 1,484,261 |
BXSC Commercial Mortgage Trust | ||
Series 2022-WSS, Class D | ||
8.335% (1 Month SOFR + 3.188%), due 3/15/35 (a)(b) | 1,675,000 | 1,645,595 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,705,000 | 1,424,698 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 2,657,500 | 1,966,718 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
6.343% (1 Month LIBOR + 1.15%), due 10/15/43 (a)(b) | 1,505,000 | 1,368,974 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
7.444% (1 Month LIBOR + 2.25%), due 7/15/38 (a)(b) | 4,077,575 | 3,962,438 |
FREMF Mortgage Trust (a)(i) | ||
REMIC, Series 2017-K71, Class B | ||
3.88%, due 11/25/50 | 485,000 | 446,159 |
REMIC, Series 2019-K97, Class B | ||
3.896%, due 9/25/51 | 1,150,000 | 1,037,930 |
REMIC, Series 2017-K63, Class C | ||
4.011%, due 2/25/50 | 1,925,000 | 1,786,427 |
REMIC, Series 2018-K154, Class B | ||
4.162%, due 11/25/32 | 2,450,000 | 2,109,510 |
20 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FREMF Mortgage Trust (a)(i) (continued) | ||
REMIC, Series 2018-K78, Class B | ||
4.267%, due 6/25/51 | $ 855,000 | $ 796,524 |
REMIC, Series 2018-K82, Class C | ||
4.27%, due 9/25/28 | 1,695,000 | 1,550,490 |
REMIC, Series 2018-K155, Class B | ||
4.308%, due 4/25/33 | 2,975,000 | 2,598,471 |
REMIC, Series 2018-K84, Class C | ||
4.314%, due 10/25/28 | 610,000 | 561,487 |
REMIC, Series 2018-K81, Class B | ||
4.315%, due 9/25/51 | 140,000 | 130,769 |
REMIC, Series 2018-K81, Class C | ||
4.315%, due 9/25/51 | 2,020,000 | 1,866,604 |
REMIC, Series 2018-K76, Class B | ||
4.351%, due 6/25/51 | 420,000 | 392,892 |
REMIC, Series 2018-K79, Class B | ||
4.351%, due 7/25/51 | 535,000 | 500,251 |
REMIC, Series 2018-K80, Class C | ||
4.376%, due 8/25/50 | 1,385,000 | 1,282,525 |
REMIC, Series 2019-K88, Class C | ||
4.529%, due 2/25/52 | 2,185,000 | 2,018,320 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 945,000 | 811,233 |
J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
Series 2019-OSB, Class A | ||
3.397%, due 6/5/39 (a) | 810,000 | 699,063 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,660,000 | 1,416,125 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.40% (1 Month LIBOR + 3.25%), due 10/25/49 | 3,794,685 | 3,661,871 |
Series 2020-01, Class M10 | ||
8.90% (1 Month LIBOR + 3.75%), due 3/25/50 | 2,130,000 | 2,040,114 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 3,435,000 | 2,788,788 |
SLG Office Trust | ||
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 (a) | 2,130,000 | 1,451,200 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
SMRT | ||
Series 2022-MINI, Class D | ||
7.097% (1 Month SOFR + 1.95%), due 1/15/39 (a)(b) | $ 3,400,000 | $ 3,208,125 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.194%, due 8/17/36 (a)(i) | 2,520,000 | 2,271,059 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C21, Class AS | ||
3.891%, due 8/15/47 | 2,560,000 | 2,429,558 |
81,506,948 | ||
Whole Loan (Collateralized Mortgage Obligations) 14.9% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
5.71% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | 2,145,187 | 1,896,167 |
CIM Trust | ||
Series 2021-J2, Class AIOS | ||
0.21%, due 4/25/51 (a)(h)(j) | 52,198,640 | 506,713 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
6.717% (SOFR 30A + 1.65%), due 12/25/41 | 1,215,000 | 1,175,615 |
Series 2022-R01, Class 1M2 | ||
6.967% (SOFR 30A + 1.90%), due 12/25/41 | 690,000 | 672,322 |
Series 2020-R02, Class 2M2 | ||
7.15% (1 Month LIBOR + 2.00%), due 1/25/40 | 1,386,140 | 1,387,480 |
Series 2021-R01, Class 1B1 | ||
8.167% (SOFR 30A + 3.10%), due 10/25/41 | 4,575,000 | 4,513,669 |
Series 2022-R04, Class 1M2 | ||
8.167% (SOFR 30A + 3.10%), due 3/25/42 | 855,000 | 863,440 |
Series 2022-R01, Class 1B1 | ||
8.217% (SOFR 30A + 3.15%), due 12/25/41 | 1,305,000 | 1,282,163 |
Series 2020-SBT1, Class 1M2 | ||
8.80% (1 Month LIBOR + 3.65%), due 2/25/40 | 2,325,000 | 2,397,656 |
Series 2022-R02, Class 2B1 | ||
9.567% (SOFR 30A + 4.50%), due 1/25/42 | 1,105,000 | 1,109,139 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA6, Class M2 | ||
6.567% (SOFR 30A + 1.50%), due 10/25/41 | $ 1,120,000 | $ 1,092,000 |
Series 2022-DNA1, Class M1B | ||
6.917% (SOFR 30A + 1.85%), due 1/25/42 | 1,000,000 | 967,796 |
Series 2020-DNA6, Class M2 | ||
7.067% (SOFR 30A + 2.00%), due 12/25/50 | 3,451,363 | 3,461,040 |
Series 2021-HQA2, Class M2 | ||
7.117% (SOFR 30A + 2.05%), due 12/25/33 | 3,810,000 | 3,695,700 |
Series 2021-HQA3, Class M2 | ||
7.167% (SOFR 30A + 2.10%), due 9/25/41 | 3,320,000 | 3,154,000 |
Series 2021-HQA1, Class M2 | ||
7.317% (SOFR 30A + 2.25%), due 8/25/33 | 3,318,102 | 3,268,494 |
Series 2020-HQA1, Class B1 | ||
7.50% (1 Month LIBOR + 2.35%), due 1/25/50 | 2,305,000 | 2,239,912 |
Series 2020-DNA2, Class B1 | ||
7.65% (1 Month LIBOR + 2.50%), due 2/25/50 | 3,860,000 | 3,821,400 |
Series 2021-DNA1, Class B1 | ||
7.717% (SOFR 30A + 2.65%), due 1/25/51 | 2,230,000 | 2,163,100 |
Series 2021-HQA1, Class B1 | ||
8.067% (SOFR 30A + 3.00%), due 8/25/33 | 4,045,000 | 3,802,300 |
Series 2020-DNA6, Class B1 | ||
8.067% (SOFR 30A + 3.00%), due 12/25/50 | 750,000 | 739,263 |
Series 2021-DNA5, Class B1 | ||
8.117% (SOFR 30A + 3.05%), due 1/25/34 | 4,450,000 | 4,372,384 |
Series 2021-HQA2, Class B1 | ||
8.217% (SOFR 30A + 3.15%), due 12/25/33 | 2,990,000 | 2,825,550 |
Series 2021-HQA3, Class B1 | ||
8.417% (SOFR 30A + 3.35%), due 9/25/41 | 4,000,000 | 3,840,109 |
Series 2021-DNA6, Class B1 | ||
8.467% (SOFR 30A + 3.40%), due 10/25/41 | 3,110,000 | 3,098,342 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-DNA1, Class B1 | ||
8.467% (SOFR 30A + 3.40%), due 1/25/42 | $ 4,075,000 | $ 3,912,098 |
Series 2021-DNA3, Class B1 | ||
8.567% (SOFR 30A + 3.50%), due 10/25/33 | 1,490,000 | 1,491,863 |
Series 2021-DNA7, Class B1 | ||
8.717% (SOFR 30A + 3.65%), due 11/25/41 | 1,000,000 | 995,000 |
Series 2022-DNA2, Class M2 | ||
8.817% (SOFR 30A + 3.75%), due 2/25/42 | 2,895,000 | 2,913,079 |
FHLMC STACR Trust (a)(b) | ||
Series 2019-DNA3, Class B1 | ||
8.40% (1 Month LIBOR + 3.25%), due 7/25/49 | 2,645,000 | 2,718,557 |
Series 2019-DNA2, Class B1 | ||
9.50% (1 Month LIBOR + 4.35%), due 3/25/49 | 1,900,000 | 2,021,805 |
Series 2019-DNA1, Class B1 | ||
9.80% (1 Month LIBOR + 4.65%), due 1/25/49 | 1,620,000 | 1,749,600 |
Series 2018-HQA2, Class B2 | ||
16.15% (1 Month LIBOR + 11.00%), due 10/25/48 | 2,235,000 | 2,656,077 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2021-DNA2, Class B1 | ||
8.467% (SOFR 30A + 3.40%), due 8/25/33 (a)(b) | 1,765,000 | 1,781,547 |
FNMA (b) | ||
Series 2021-R02, Class 2M2 | ||
7.067% (SOFR 30A + 2.00%), due 11/25/41 (a) | 535,000 | 520,654 |
Series 2021-R02, Class 2B1 | ||
8.367% (SOFR 30A + 3.30%), due 11/25/41 (a) | 1,630,000 | 1,617,781 |
Series 2018-C01, Class 1B1 | ||
8.70% (1 Month LIBOR + 3.55%), due 7/25/30 | 3,805,000 | 4,006,168 |
Series 2018-C03, Class 1B1 | ||
8.90% (1 Month LIBOR + 3.75%), due 10/25/30 | 1,775,000 | 1,882,985 |
Series 2018-C06, Class 2B1 | ||
9.25% (1 Month LIBOR + 4.10%), due 3/25/31 | 2,180,000 | 2,336,630 |
22 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FNMA (b) (continued) | ||
Series 2018-C04, Class 2B1 | ||
9.65% (1 Month LIBOR + 4.50%), due 12/25/30 | $ 1,765,000 | $ 1,915,572 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(j) | 407,827 | 385,440 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
5.59% (1 Month LIBOR + 0.44%), due 6/25/37 (b) | 470,710 | 413,694 |
MASTR Alternative Loan Trust | ||
Series 2005-5, Class 3A1 | ||
5.75%, due 8/25/35 | 1,538,052 | 825,013 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.339%, due 8/25/59 (i) | 3,275,411 | 1,939,431 |
Series 2019-4A, Class B6 | ||
4.644%, due 12/25/58 (j) | 3,115,848 | 1,876,908 |
Series 2019-2A, Class B6 | ||
4.849%, due 12/25/57 (j) | 1,146,067 | 731,138 |
Sequoia Mortgage Trust (a) | ||
Series 2021-4, Class A1 | ||
0.166%, due 6/25/51 (h)(i) | 37,862,139 | 313,480 |
Series 2018-7, Class B3 | ||
4.254%, due 9/25/48 (j) | 1,514,811 | 1,275,962 |
STACR Trust (a)(b) | ||
Series 2018-HRP2, Class M3 | ||
7.55% (1 Month LIBOR + 2.40%), due 2/25/47 | 1,971,230 | 1,989,692 |
Series 2018-HRP2, Class B1 | ||
9.35% (1 Month LIBOR + 4.20%), due 2/25/47 | 3,100,000 | 3,313,941 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
5.024% (12 Month Monthly Treasury Average Index + 1.048%), due 8/25/46 (b) | 750,592 | 614,933 |
104,544,802 | ||
Total Mortgage-Backed Securities (Cost $249,535,748) | 239,571,204 |
Principal Amount | Value | |
Municipal Bond 0.3% | ||
California 0.3% | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | $ 3,030,000 | $ 2,136,723 |
Total Municipal Bond (Cost $3,030,000) | 2,136,723 | |
U.S. Government & Federal Agencies 5.3% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.2% | ||
UMBS Pool, 30 Year | ||
5.00%, due 11/1/52 | 1,502,211 | 1,472,799 |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.3% | ||
UMBS, 30 Year | ||
4.00%, due 6/1/52 | 12,326,099 | 11,573,989 |
4.00%, due 7/1/52 | 2,408,778 | 2,261,797 |
5.00%, due 11/1/52 | 7,657,248 | 7,503,849 |
5.00%, due 3/1/53 | 3,208,174 | 3,143,901 |
5.00%, due 3/1/53 | 694,419 | 681,132 |
5.50%, due 11/1/52 | 1,021,735 | 1,020,103 |
5.50%, due 2/1/53 | 1,772,452 | 1,763,984 |
5.50%, due 6/1/53 | 340,000 | 338,501 |
6.00%, due 3/1/53 | 1,729,700 | 1,744,851 |
30,032,107 | ||
United States Treasury Note 0.8% | ||
U.S. Treasury Notes | ||
3.875%, due 4/30/25 | 6,060,000 | 5,942,114 |
Total U.S. Government & Federal Agencies (Cost $38,376,716) | 37,447,020 | |
Total Long-Term Bonds (Cost $753,503,659) | 688,281,691 | |
Shares | ||
Short-Term Investments 1.3% | ||
Affiliated Investment Company 1.2% | ||
MainStay U.S. Government Liquidity Fund, 5.06% (k) | 7,982,004 | 7,982,004 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies 0.1% | |||
Goldman Sachs Financial Square Government Fund, 5.122% (k)(l) | 100,000 | $ 100,000 | |
Invesco Government & Agency Portfolio, 5.158% (k)(l) | 863,338 | 863,338 | |
Total Unaffiliated Investment Companies (Cost $963,338) | 963,338 | ||
Total Short-Term Investments (Cost $8,945,342) | 8,945,342 | ||
Total Investments (Cost $762,449,001) | 99.5% | 697,227,033 | |
Other Assets, Less Liabilities | 0.5 | 3,580,509 | |
Net Assets | 100.0% | $ 700,807,542 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Illiquid security—As of June 30, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $736,000, which represented 0.1% of the Portfolio’s net assets. |
(f) | Step coupon—Rate shown was the rate in effect as of June 30, 2023. |
(g) | All or a portion of this security was held on loan. As of June 30, 2023, the aggregate market value of securities on loan was $930,726. The Portfolio received cash collateral with a value of $963,338. (See Note 2(J)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2023. |
(j) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(k) | Current yield as of June 30, 2023. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 7,729 | $ 84,611 | $ (84,358) | $ — | $ — | $ 7,982 | $ 128 | $ — | 7,982 |
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 | 745 | September 2023 | $ 88,998,694 | $ 88,235,938 | $ (762,756) |
U.S. Treasury Long Bonds | 76 | September 2023 | 9,637,349 | 9,644,875 | 7,526 |
U.S. Treasury Ultra Bonds | 14 | September 2023 | 1,911,866 | 1,907,063 | (4,803) |
Total Long Contracts | (760,033) |
24 | MainStay VP MacKay Strategic Bond Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (581) | September 2023 | $ (119,600,425) | $ (118,142,719) | $ 1,457,706 |
U.S. Treasury 5 Year Notes | (998) | September 2023 | (108,644,272) | (106,879,563) | 1,764,709 |
U.S. Treasury 10 Year Notes | (203) | September 2023 | (23,090,123) | (22,789,922) | 300,201 |
Total Short Contracts | 3,522,616 | ||||
Net Unrealized Appreciation | $ 2,762,583 |
1. | As of June 30, 2023, cash in the amount of $1,719,823 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
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 |
UMBS—Uniform Mortgage Backed Securities |
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 | $ — | $ 106,450,392 | $ — | $ 106,450,392 | |||
Corporate Bonds | — | 283,310,369 | — | 283,310,369 | |||
Foreign Government Bonds | — | 18,136,552 | — | 18,136,552 | |||
Loan Assignments | — | 1,229,431 | — | 1,229,431 | |||
Mortgage-Backed Securities | — | 239,571,204 | — | 239,571,204 | |||
Municipal Bond | — | 2,136,723 | — | 2,136,723 | |||
U.S. Government & Federal Agencies | — | 37,447,020 | — | 37,447,020 | |||
Total Long-Term Bonds | — | 688,281,691 | — | 688,281,691 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 7,982,004 | — | — | 7,982,004 | |||
Unaffiliated Investment Companies | 963,338 | — | — | 963,338 | |||
Total Short-Term Investments | 8,945,342 | — | — | 8,945,342 | |||
Total Investments in Securities | 8,945,342 | 688,281,691 | — | 697,227,033 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 3,530,142 | — | — | 3,530,142 | |||
Total Investments in Securities and Other Financial Instruments | $ 12,475,484 | $ 688,281,691 | $ — | $ 700,757,175 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (767,559) | $ — | $ — | $ (767,559) |
(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 MacKay Strategic Bond Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $754,466,997) including securities on loan of $930,726 | $689,245,029 |
Investment in affiliated investment companies, at value (identified cost $7,982,004) | 7,982,004 |
Cash denominated in foreign currencies (identified cost $436) | 445 |
Cash collateral on deposit at broker for futures contracts | 1,719,823 |
Receivables: | |
Interest | 5,030,955 |
Investment securities sold | 467,885 |
Variation margin on futures contracts | 170,541 |
Portfolio shares sold | 117,848 |
Securities lending | 313 |
Other assets | 7,696 |
Total assets | 704,742,539 |
Liabilities | |
Cash collateral received for securities on loan | 963,338 |
Due to custodian | 475,140 |
Payables: | |
Investment securities purchased | 1,109,144 |
Portfolio shares redeemed | 808,970 |
Manager (See Note 3) | 337,821 |
NYLIFE Distributors (See Note 3) | 139,308 |
Professional fees | 37,697 |
Shareholder communication | 35,025 |
Custodian | 15,811 |
Accrued expenses | 12,743 |
Total liabilities | 3,934,997 |
Net assets | $700,807,542 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 76,107 |
Additional paid-in-capital | 793,963,504 |
794,039,611 | |
Total distributable earnings (loss) | (93,232,069) |
Net assets | $700,807,542 |
Initial Class | |
Net assets applicable to outstanding shares | $ 24,075,798 |
Shares of beneficial interest outstanding | 2,606,143 |
Net asset value per share outstanding | $ 9.24 |
Service Class | |
Net assets applicable to outstanding shares | $676,731,744 |
Shares of beneficial interest outstanding | 73,500,360 |
Net asset value per share outstanding | $ 9.21 |
Investment Income (Loss) | |
Income | |
Interest | $ 18,725,139 |
Dividends-affiliated | 127,804 |
Securities lending, net | 11,713 |
Other | 25,733 |
Total income | 18,890,389 |
Expenses | |
Manager (See Note 3) | 2,078,388 |
Distribution/Service—Service Class (See Note 3) | 860,208 |
Professional fees | 58,742 |
Custodian | 27,977 |
Trustees | 9,149 |
Shareholder communication | 316 |
Miscellaneous | 9,081 |
Total expenses | 3,043,861 |
Net investment income (loss) | 15,846,528 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (16,586,687) |
Futures transactions | 704,272 |
Swap transactions | 454,364 |
Net realized gain (loss) | (15,428,051) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 23,954,505 |
Futures contracts | 2,843,898 |
Swap contracts | (450,108) |
Translation of other assets and liabilities in foreign currencies | 9 |
Net change in unrealized appreciation (depreciation) | 26,348,304 |
Net realized and unrealized gain (loss) | 10,920,253 |
Net increase (decrease) in net assets resulting from operations | $ 26,766,781 |
28 | MainStay VP MacKay Strategic Bond Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 15,846,528 | $ 26,576,158 |
Net realized gain (loss) | (15,428,051) | 6,455,834 |
Net change in unrealized appreciation (depreciation) | 26,348,304 | (101,796,224) |
Net increase (decrease) in net assets resulting from operations | 26,766,781 | (68,764,232) |
Distributions to shareholders: | ||
Initial Class | (563,181) | (806,220) |
Service Class | (15,768,044) | (25,435,101) |
(16,331,225) | (26,241,321) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (8,594) |
Service Class | — | (271,136) |
— | (279,730) | |
Total distributions to shareholders | (16,331,225) | (26,521,051) |
Capital share transactions: | ||
Net proceeds from sales of shares | 17,510,840 | 18,852,102 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 16,331,225 | 26,521,051 |
Cost of shares redeemed | (66,664,952) | (184,274,909) |
Increase (decrease) in net assets derived from capital share transactions | (32,822,887) | (138,901,756) |
Net increase (decrease) in net assets | (22,387,331) | (234,187,039) |
Net Assets | ||
Beginning of period | 723,194,873 | 957,381,912 |
End of period | $700,807,542 | $ 723,194,873 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.11 | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | |||||
Net investment income (loss) (a) | 0.22 | 0.34 | 0.29 | 0.28 | 0.29 | 0.30 | |||||
Net realized and unrealized gain (loss) | 0.14 | (1.08) | (0.10) | 0.32 | 0.38 | (0.43) | |||||
Total from investment operations | 0.36 | (0.74) | 0.19 | 0.60 | 0.67 | (0.13) | |||||
Less distributions: | |||||||||||
From net investment income | (0.23) | (0.34) | (0.25) | (0.26) | (0.35) | (0.33) | |||||
Return of capital | — | (0.00)‡ | — | (0.01) | — | — | |||||
Total distributions | (0.23) | (0.34) | (0.25) | (0.27) | (0.35) | (0.33) | |||||
Net asset value at end of period | $ 9.24 | $ 9.11 | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | |||||
Total investment return (b) | 3.90% | (7.24)% | 1.96% | 6.12% | 7.06% | (1.21)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.70%†† | 3.54% | 2.80% | 2.84% | 2.96% | 3.04% | |||||
Net expenses (c) | 0.61%†† | 0.62% | 0.62%(d) | 0.70%(d) | 0.76%(d) | 0.75%(d) | |||||
Portfolio turnover rate | 31% | 60% | 62% | 52%(e) | 51%(e) | 33% | |||||
Net assets at end of period (in 000's) | $ 24,076 | $ 21,924 | $ 24,820 | $ 22,538 | $ 49,296 | $ 116,901 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
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% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 51% and 45% for the years ended December 31, 2020 and 2019, respectively. |
30 | MainStay VP MacKay Strategic Bond Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.08 | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | |||||
Net investment income (loss) (a) | 0.20 | 0.31 | 0.26 | 0.26 | 0.26 | 0.28 | |||||
Net realized and unrealized gain (loss) | 0.14 | (1.07) | (0.08) | 0.30 | 0.39 | (0.43) | |||||
Total from investment operations | 0.34 | (0.76) | 0.18 | 0.56 | 0.65 | (0.15) | |||||
Less distributions: | |||||||||||
From net investment income | (0.21) | (0.32) | (0.23) | (0.23) | (0.33) | (0.31) | |||||
Return of capital | — | (0.00)‡ | — | (0.01) | — | — | |||||
Total distributions | (0.21) | (0.32) | (0.23) | (0.24) | (0.33) | (0.31) | |||||
Net asset value at end of period | $ 9.21 | $ 9.08 | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | |||||
Total investment return (b) | 3.78% | (7.47)% | 1.71% | 5.86% | 6.80% | (1.46)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.45%†† | 3.26% | 2.53% | 2.59% | 2.66% | 2.79% | |||||
Net expenses (c) | 0.86%†† | 0.87% | 0.87%(d) | 0.93%(d) | 1.01%(d) | 1.00%(d) | |||||
Portfolio turnover rate | 31% | 60% | 62% | 52%(e) | 51%(e) | 33% | |||||
Net assets at end of period (in 000's) | $ 676,732 | $ 701,271 | $ 932,562 | $ 969,321 | $ 990,736 | $ 999,100 |
* | Unaudited. |
‡ | Less than one cent per share. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Period Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
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% |
(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 |
32 | MainStay VP MacKay Strategic Bond Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
34 | MainStay VP 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) | $3,530,142 | $3,530,142 |
Total Fair Value | $3,530,142 | $3,530,142 |
(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) | $(767,559) | $(767,559) |
Total Fair Value | $(767,559) | $(767,559) |
(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 Transactions | $ 704,272 | $ 704,272 |
Swap Transactions | 454,364 | 454,364 |
Total Net Realized Gain (Loss) | $1,158,636 | $1,158,636 |
38 | MainStay VP MacKay Strategic Bond Portfolio |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $2,843,898 | $2,843,898 |
Swap Contracts | (450,108) | (450,108) |
Total Net Change in Unrealized Appreciation (Depreciation) | $2,393,790 | $2,393,790 |
Average Notional Amount | Total |
Futures Contracts Long | $ 107,034,070 |
Futures Contracts Short | $(203,289,858) |
Swap Contracts Long (a) | $ 100,000,000 |
(a) | Positions were open for two months during the reporting period. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $762,524,633 | $3,572,953 | $(68,870,553) | $(65,297,600) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $14,843 |
2022 | |
Distributions paid from: | |
Ordinary Income | $26,241,321 |
Return of Capital | 279,730 |
Total | $26,521,051 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 216,941 | $ 2,017,662 |
Shares issued to shareholders in reinvestment of distributions | 61,037 | 563,181 |
Shares redeemed | (78,165) | (729,479) |
Net increase (decrease) | 199,813 | $ 1,851,364 |
Year ended December 31, 2022: | ||
Shares sold | 89,545 | $ 852,271 |
Shares issued to shareholders in reinvestment of distributions | 88,439 | 814,814 |
Shares redeemed | (206,737) | (1,972,794) |
Net increase (decrease) | (28,753) | $ (305,709) |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,670,110 | $ 15,493,178 |
Shares issued to shareholders in reinvestment of distributions | 1,714,743 | 15,768,044 |
Shares redeemed | (7,108,340) | (65,935,473) |
Net increase (decrease) | (3,723,487) | $ (34,674,251) |
Year ended December 31, 2022: | ||
Shares sold | 1,908,507 | $ 17,999,831 |
Shares issued to shareholders in reinvestment of distributions | 2,796,524 | 25,706,237 |
Shares redeemed | (19,275,558) | (182,302,115) |
Net increase (decrease) | (14,570,527) | $(138,596,047) |
40 | MainStay VP MacKay Strategic Bond Portfolio |
42 | MainStay VP MacKay Strategic Bond Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029527 | MSVPUB10-08/23 |
MainStay VP Conservative Allocation Portfolio |
MainStay VP Moderate Allocation Portfolio |
MainStay VP Growth Allocation Portfolio |
MainStay VP Equity 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 Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/13/2006 | 5.03% | 6.54% | 3.47% | 4.41% | 0.50% |
Service Class Shares | 2/13/2006 | 4.90 | 6.27 | 3.21 | 4.15 | 0.75 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index2 | 2.09% | -0.94% | 0.77% | 1.52% |
S&P 500® Index3 | 16.89 | 19.59 | 12.31 | 12.86 |
MSCI EAFE® Index (Net)4 | 11.67 | 18.77 | 4.39 | 5.41 |
Conservative Allocation Composite Index5 | 7.36 | 7.06 | 4.85 | 5.45 |
Morningstar Moderately Conservative Allocation Category Average6 | 5.34 | 5.41 | 3.59 | 4.33 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as its primary benchmark as a replacement for the S&P 500® Index because it believes that the Bloomberg U.S. Aggregate Bond Index is more reflective of its principal investment strategies. 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 Treasuries, 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. |
3. | 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. |
4. | The Portfolio has selected the MSCI EAFE® Index (Net) as an additional benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
5. | The Portfolio has selected the Conservative Allocation Composite Index as an additional benchmark. Effective February 28, 2014, 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. Prior to February 28, 2014, the Conservative Allocation Composite Index consisted of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 35%, 5% and 60%, respectively. |
6. | The Morningstar Moderately Conservative Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately conservative strategies prioritize preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 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 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,050.30 | $0.15 | $1,024.65 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,049.00 | $1.42 | $1,023.41 | $1.40 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 36.7% |
Fixed Income Funds | 53.0 |
Short-Term Investment | 10.1 |
Other Assets, Less Liabilities | 0.2 |
8 | MainStay VP Conservative Allocation Portfolio |
• | Management of the stock/bond blend: The Portfolio maintained slightly underweight exposure to equities, which dragged mildly on performance as stocks outperformed bonds. |
• | Equity size: The equity portion of the Portfolio also held a pronounced skew favoring mid- and small-cap company stocks. While we partially unwound this position during the reporting period, this bias substantially undermined performance, as large-cap stocks significantly outperformed their smaller-cap counterparts. |
• | Equity style: Similarly, the equity portion of the Portfolio persistently favored value-oriented shares over growth-oriented shares, which markedly detracted from performance. |
• | Equity sector: The equity portion of the Portfolio favored energy, materials, health care and low volatility stocks in areas such as staples and utilities, all of which underperformed market averages by a wide margin, with energy, utilities and health care producing negative returns within the S&P 500® Index. |
• | Tailored exposure: The equity portion of the Portfolio held inverse exposure to a basket of companies that generate inadequate free cash flow to service their debt obligations (so-called “zombie companies”). However, loan-dependent companies—led by a handful of travel-related companies enjoying a boom in leisure activities— generated market-beating returns, thereby detracting from relative performance. |
• | Geographic allocation: Underweight exposure to both developing and developed non-U.S. markets contributed positively, if only modestly, to the equity portion of the Portfolio’s relative return. (Contributions take weightings and total returns into account.) |
• | Duration:3 The fixed-income portion of the Portfolio’s duration position further bolstered relative returns at the margin. While yields changed little over the reporting period in total, material swings occurred at times. The Portfolio successfully added duration when yields were elevated and removed duration when yields contracted. |
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. | 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. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
10 | MainStay VP Conservative Allocation 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. |
Shares | Value | |
Affiliated Investment Companies 89.7% | ||
Equity Funds 36.7% | ||
IQ 500 International ETF | 250,207 | $ 7,831,654 |
IQ Candriam ESG International Equity ETF | 290,376 | 7,891,403 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 336,307 | 13,045,651 |
IQ Candriam ESG US Mid Cap Equity ETF (a) | 180,275 | 5,108,615 |
IQ Chaikin U.S. Large Cap ETF | 288,751 | 9,574,088 |
IQ Chaikin U.S. Small Cap ETF | 118,822 | 3,853,968 |
IQ FTSE International Equity Currency Neutral ETF | 400,532 | 9,596,747 |
MainStay Epoch Capital Growth Fund Class I | 135,641 | 1,731,949 |
MainStay Epoch International Choice Fund Class I | 122,003 | 4,783,169 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 896,464 | 11,408,854 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 1,034,344 | 7,129,735 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 566,776 | 9,770,985 |
MainStay VP MacKay International Equity Portfolio Initial Class | 442,171 | 4,806,660 |
MainStay VP S&P 500 Index Portfolio Initial Class | 92,725 | 7,549,515 |
MainStay VP Small Cap Growth Portfolio Initial Class | 617,726 | 6,457,213 |
MainStay VP Wellington Growth Portfolio Initial Class | 589,934 | 13,203,194 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 908,359 | 7,227,270 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 632,031 | 5,118,567 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 262,075 | 6,422,845 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 557,926 | 13,283,273 |
MainStay WMC Enduring Capital Fund Class R6 | 178,335 | 5,703,973 |
MainStay WMC International Research Equity Fund Class I | 665,173 | 4,816,650 |
MainStay WMC Value Fund Class R6 | 307,357 | 9,025,766 |
Total Equity Funds (Cost $175,020,097) | 175,341,744 |
Shares | Value | ||
Fixed Income Funds 53.0% | |||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,350,708 | $ 28,108,639 | |
IQ Mackay ESG High Income ETF (a) | 305,074 | 7,893,790 | |
MainStay MacKay Short Duration High Yield Fund Class I | 2,168,901 | 20,111,781 | |
MainStay Short Term Bond Fund Class I (a) | 1,055,131 | 9,524,981 | |
MainStay VP Bond Portfolio Initial Class (a) | 2,147,262 | 26,478,750 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 3,129,921 | 26,521,389 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 14,006,459 | 121,835,184 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 871,909 | 7,896,448 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 570,004 | 4,757,426 | |
Total Fixed Income Funds (Cost $285,569,234) | 253,128,388 | ||
Total Affiliated Investment Companies (Cost $460,589,331) | 428,470,132 | ||
Short-Term Investment 10.1% | |||
Affiliated Investment Company 10.1% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (b) | 48,387,509 | 48,387,509 | |
Total Short-Term Investment (Cost $48,387,509) | 10.1% | 48,387,509 | |
Total Investments (Cost $508,976,840) | 99.8% | 476,857,641 | |
Other Assets, Less Liabilities | 0.2 | 978,689 | |
Net Assets | 100.0% | $ 477,836,330 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of June 30, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2023. |
12 | MainStay VP Conservative Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 500 International ETF | $ 8,664 | $ — | $ (1,710) | $ 133 | $ 745 | $ 7,832 | $ 198 | $ — | 250 |
IQ Candriam ESG International Equity ETF | 8,631 | — | (1,528) | 331 | 457 | 7,891 | 174 | — | 290 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 13,462 | 108 | (3,133) | 752 | 1,857 | 13,046 | 88 | — | 336 |
IQ Candriam ESG US Mid Cap Equity ETF | — | 5,030 | — | — | 79 | 5,109 | 1 | — | 180 |
IQ Chaikin U.S. Large Cap ETF | 10,544 | — | (1,536) | 400 | 166 | 9,574 | 80 | — | 289 |
IQ Chaikin U.S. Small Cap ETF | 5,732 | 686 | (2,637) | 658 | (585) | 3,854 | 39 | — | 119 |
IQ FTSE International Equity Currency Neutral ETF | 10,112 | — | (1,692) | 230 | 947 | 9,597 | 132 | — | 401 |
IQ MacKay ESG Core Plus Bond ETF | 30,115 | 141 | (2,413) | (341) | 607 | 28,109 | 557 | — | 1,351 |
IQ Mackay ESG High Income ETF | — | 7,948 | (92) | — | 38 | 7,894 | 42 | — | 305 |
MainStay Epoch Capital Growth Fund Class I | 1,798 | — | (361) | (50) | 345 | 1,732 | — | — | 136 |
MainStay Epoch International Choice Fund Class I | 5,146 | — | (1,124) | 69 | 692 | 4,783 | — | — | 122 |
MainStay MacKay Short Duration High Yield Fund Class I | 21,988 | 604 | (2,814) | (68) | 402 | 20,112 | 604 | — | 2,169 |
MainStay Short Term Bond Fund Class I | — | 9,694 | (66) | (1) | (102) | 9,525 | 80 | — | 1,055 |
MainStay U.S. Government Liquidity Fund | 50,554 | 61,034 | (63,201) | — | — | 48,387 | 1,033 | — | 48,388 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 11,908 | 69 | (2,221) | 559 | 1,094 | 11,409 | — | — | 896 |
MainStay VP Bond Portfolio Initial Class | 28,504 | 4 | (2,646) | (403) | 1,020 | 26,479 | — | — | 2,147 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 7,756 | 15 | (999) | (259) | 617 | 7,130 | — | — | 1,034 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 10,918 | — | (1,387) | 118 | 122 | 9,771 | — | — | 567 |
MainStay VP Floating Rate Portfolio Initial Class | 39,427 | 1,383 | (14,853) | (690) | 1,254 | 26,521 | 1,383 | — | 3,130 |
MainStay VP Indexed Bond Portfolio Initial Class | 130,714 | 301 | (12,151) | (1,368) | 4,339 | 121,835 | — | — | 14,006 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 17,222 | — | (10,088) | (793) | 1,555 | 7,896 | — | — | 872 |
MainStay VP MacKay International Equity Portfolio Initial Class | 5,125 | — | (610) | (317) | 609 | 4,807 | — | — | 442 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 4,942 | 156 | (418) | (14) | 91 | 4,757 | — | — | 570 |
MainStay VP S&P 500 Index Portfolio Initial Class | 7,718 | — | (1,366) | 191 | 1,006 | 7,549 | — | — | 93 |
MainStay VP Small Cap Growth Portfolio Initial Class | 7,726 | 232 | (2,298) | (852) | 1,649 | 6,457 | — | — | 618 |
MainStay VP Wellington Growth Portfolio Initial Class | 13,421 | 110 | (3,585) | (3,738) | 6,995 | 13,203 | — | — | 590 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 8,619 | 333 | (2,305) | (1,675) | 2,255 | 7,227 | — | — | 908 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 6,680 | 582 | (2,467) | (783) | 1,107 | 5,119 | — | — | 632 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 6,274 | 98 | (816) | (385) | 1,252 | 6,423 | — | — | 262 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 13,076 | 285 | (3,146) | (242) | 3,310 | 13,283 | — | — | 558 |
MainStay WMC Enduring Capital Fund Class R6 | 6,120 | 119 | (984) | (65) | 514 | 5,704 | — | — | 178 |
MainStay WMC International Research Equity Fund Class I | 5,237 | — | (951) | (73) | 604 | 4,817 | — | — | 665 |
MainStay WMC Value Fund Class R6 | 10,306 | — | (1,478) | (285) | 483 | 9,026 | — | — | 307 |
$508,439 | $88,932 | $(147,076) | $(8,961) | $35,524 | $476,858 | $4,411 | $ — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (6,284) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (2,869) | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 4,888 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 9,653 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (7,242) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (5,056) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 14,236 | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 5,103 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (7,681) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% | 4/9/24 - 5/7/24 | Daily | (20,949) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.36% | 5/7/24 | Daily | 14,823 | — |
Citibank NA | S&P 500 Health Care | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 4,928 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (23,718) | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 13,144 | — |
Citibank NA | S&P SmallCap 600 Index | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 24,174 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 3,600 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 3,873 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (4,704) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (1,793) | (228,955) | — | 3.64 |
Apollo Commercial Real Estate Finance, Inc. | (361) | (46,166) | — | 0.74 |
Atlantica Sustainable Infrastructure plc | (263) | (33,576) | — | 0.53 |
Brandywine Realty Trust | (343) | (43,869) | — | 0.70 |
Carnival Corp. | (7,225) | (922,818) | — | 14.69 |
Chart Industries, Inc. | (2,324) | (296,787) | — | 4.72 |
Coherent Corp. | (1,211) | (154,665) | — | 2.46 |
CommScope Holding Co, Inc. | (248) | (31,658) | — | 0.50 |
Crane NXT Co | (1,407) | (179,687) | — | 2.86 |
Cushman & Wakefield plc | (367) | (46,822) | — | 0.75 |
Delta Air Lines, Inc. | (5,296) | (676,447) | — | 10.76 |
Designer Brands, Inc. | (364) | (46,451) | — | 0.74 |
DigitalBridge Group, Inc. | (534) | (68,218) | — | 1.09 |
Elanco Animal Health, Inc. | (1,643) | (209,877) | — | 3.34 |
Entegris, Inc. | (2,873) | (366,907) | — | 5.84 |
Fidelity National Information Services, Inc. | (3,799) | (485,199) | — | 7.72 |
Hanesbrands, Inc. | (1,011) | (129,082) | — | 2.05 |
JetBlue Airways Corp. | (1,159) | (148,065) | — | 2.36 |
Lumen Technologies, Inc. | (1,568) | (200,252) | — | 3.19 |
MKS Instruments, Inc. | (1,108) | (141,493) | — | 2.25 |
Oatly Group AB | (172) | (22,018) | — | 0.35 |
Opendoor Technologies, Inc. | (1,482) | (189,312) | — | 3.01 |
Par Pacific Holdings, Inc. | (434) | (55,463) | — | 0.88 |
PureCycle Technologies, Inc. | (509) | (65,065) | — | 1.04 |
Scorpio Tankers, Inc. | (1,017) | (129,917) | — | 2.07 |
Topgolf Callaway Brands Corp. | (576) | (73,584) | — | 1.17 |
Uber Technologies, Inc. | (5,344) | (682,562) | — | 10.86 |
14 | MainStay VP Conservative Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
United Airlines Holdings, Inc. | (4,770) | (609,165) | — | 9.69 |
1. | As of June 30, 2023, cash in the amount $650,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2023. |
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 | $ 175,341,744 | $ — | $ — | $ 175,341,744 | |||
Fixed Income Funds | 253,128,388 | — | — | 253,128,388 | |||
Total Affiliated Investment Companies | 428,470,132 | — | — | 428,470,132 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 48,387,509 | — | — | 48,387,509 | |||
Total Investments in Securities | $ 476,857,641 | $ — | $ — | $ 476,857,641 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $508,976,840) | $476,857,641 |
Cash collateral on deposit at broker for swap contracts | 650,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 685,127 |
Dividends | 621,738 |
Portfolio shares sold | 103,828 |
Other assets | 5,400 |
Total assets | 478,923,734 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 759,640 |
Investment securities purchased | 184,029 |
NYLIFE Distributors (See Note 3) | 95,468 |
Professional fees | 18,084 |
Shareholder communication | 17,410 |
Custodian | 8,217 |
Accrued expenses | 4,556 |
Total liabilities | 1,087,404 |
Net assets | $477,836,330 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 47,814 |
Additional paid-in-capital | 520,203,616 |
520,251,430 | |
Total distributable earnings (loss) | (42,415,100) |
Net assets | $477,836,330 |
Initial Class | |
Net assets applicable to outstanding shares | $ 13,882,293 |
Shares of beneficial interest outstanding | 1,370,989 |
Net asset value per share outstanding | $ 10.13 |
Service Class | |
Net assets applicable to outstanding shares | $463,954,037 |
Shares of beneficial interest outstanding | 46,442,702 |
Net asset value per share outstanding | $ 9.99 |
16 | MainStay VP Conservative Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 4,411,320 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 597,462 |
Professional fees | 33,302 |
Custodian | 14,367 |
Trustees | 6,420 |
Shareholder communication | 1,252 |
Miscellaneous | 6,164 |
Total expenses | 658,967 |
Net investment income (loss) | 3,752,353 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (8,961,207) |
Swap transactions | (6,301,129) |
Net realized gain (loss) | (15,262,336) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 35,524,279 |
Net realized and unrealized gain (loss) | 20,261,943 |
Net increase (decrease) in net assets resulting from operations | $ 24,014,296 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,752,353 | $ 11,725,991 |
Net realized gain (loss) | (15,262,336) | 15,991,904 |
Net change in unrealized appreciation (depreciation) | 35,524,279 | (109,330,812) |
Net increase (decrease) in net assets resulting from operations | 24,014,296 | (81,612,917) |
Distributions to shareholders: | ||
Initial Class | — | (1,966,692) |
Service Class | — | (74,201,160) |
Total distributions to shareholders | — | (76,167,852) |
Capital share transactions: | ||
Net proceeds from sales of shares | 11,418,180 | 36,820,287 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 76,167,852 |
Cost of shares redeemed | (67,386,808) | (133,464,320) |
Increase (decrease) in net assets derived from capital share transactions | (55,968,628) | (20,476,181) |
Net increase (decrease) in net assets | (31,954,332) | (178,256,950) |
Net Assets | ||
Beginning of period | 509,790,662 | 688,047,612 |
End of period | $477,836,330 | $ 509,790,662 |
18 | MainStay VP Conservative Allocation Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.64 | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | |||||
Net investment income (loss) (a) | 0.09 | 0.26 | 0.27 | 0.21 | 0.20 | 0.23 | |||||
Net realized and unrealized gain (loss) | 0.40 | (1.89) | 0.61 | 0.97 | 1.38 | (0.98) | |||||
Total from investment operations | 0.49 | (1.63) | 0.88 | 1.18 | 1.58 | (0.75) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.53) | (0.25) | (0.25) | (0.34) | (0.28) | |||||
From net realized gain on investments | — | (1.11) | (0.16) | (0.19) | (0.31) | — | |||||
Total distributions | — | (1.64) | (0.41) | (0.44) | (0.65) | (0.28) | |||||
Net asset value at end of period | $ 10.13 | $ 9.64 | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | |||||
Total investment return (b) | 5.08%(c) | (12.05)% | 7.13% | 10.28% | 14.83% | (6.47)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.78%†† | 2.31% | 2.12% | 1.76% | 1.75% | 2.02% | |||||
Net expenses (d) | 0.03%†† | 0.03% | 0.03% | 0.04% | 0.03% | 0.03% | |||||
Portfolio turnover rate | 6% | 26% | 25% | 29% | 42% | 58% | |||||
Net assets at end of period (in 000's) | $ 13,882 | $ 13,487 | $ 17,168 | $ 16,707 | $ 16,327 | $ 14,616 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.52 | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | |||||
Net investment income (loss) (a) | 0.07 | 0.23 | 0.23 | 0.17 | 0.17 | 0.20 | |||||
Net realized and unrealized gain (loss) | 0.40 | (1.88) | 0.61 | 0.97 | 1.35 | (0.96) | |||||
Total from investment operations | 0.47 | (1.65) | 0.84 | 1.14 | 1.52 | (0.76) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.49) | (0.21) | (0.22) | (0.30) | (0.25) | |||||
From net realized gain on investments | — | (1.11) | (0.16) | (0.19) | (0.31) | — | |||||
Total distributions | — | (1.60) | (0.37) | (0.41) | (0.61) | (0.25) | |||||
Net asset value at end of period | $ 9.99 | $ 9.52 | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | |||||
Total investment return (b) | 4.94%(c) | (12.27)% | 6.86% | 10.01% | 14.55% | (6.68)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.52%†† | 2.03% | 1.83% | 1.50% | 1.47% | 1.70% | |||||
Net expenses (d) | 0.28%†† | 0.28% | 0.28% | 0.29% | 0.28% | 0.28% | |||||
Portfolio turnover rate | 6% | 26% | 25% | 29% | 42% | 58% | |||||
Net assets at end of period (in 000's) | $ 463,954 | $ 496,304 | $ 670,879 | $ 686,344 | $ 716,077 | $ 714,720 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/13/2006 | 6.95% | 9.43% | 4.63% | 5.73% | 0.52% |
Service Class Shares | 2/13/2006 | 6.82 | 9.16 | 4.37 | 5.46 | 0.77 |
1. | Not annualized. |
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. |
20 | MainStay VP Moderate Allocation Portfolio |
Benchmark Performance* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
MSCI EAFE® Index (Net)3 | 11.67 | 18.77 | 4.39 | 5.41 |
Bloomberg U.S. Aggregate Bond Index4 | 2.09 | -0.94 | 0.77 | 1.52 |
Moderate Allocation Composite Index5 | 10.07 | 11.15 | 6.77 | 7.36 |
Morningstar Moderate Allocation Category Average6 | 7.33 | 8.56 | 5.68 | 6.45 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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 Treasuries, 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. |
5. | The Portfolio has selected the Moderate Allocation Composite Index as an additional benchmark. Effective February 28, 2014, 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. Prior to February 28, 2014, the Moderate Allocation Composite Index consisted of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 50%, 10% and 40%, respectively. |
6. | The Morningstar Moderate Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,069.50 | $0.10 | $1,024.70 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,068.20 | $1.38 | $1,023.46 | $1.35 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
22 | MainStay VP Moderate Allocation Portfolio |
Equity Funds | 56.8% |
Fixed Income Funds | 32.7 |
Short-Term Investment | 10.1 |
Other Assets, Less Liabilities | 0.4 |
• | Management of the stock/bond blend: The Portfolio maintained slightly underweight exposure to equities, which dragged mildly on performance as stocks outperformed bonds. |
• | Equity size: The equity portion of the Portfolio also held a pronounced skew favoring mid- and small-cap company stocks. While we partially unwound this position during the reporting period, this bias substantially undermined performance, as large-cap stocks significantly outperformed their smaller-cap counterparts. |
• | Equity style: Similarly, the equity portion of the Portfolio persistently favored value-oriented shares over growth-oriented shares, which markedly detracted from performance. |
• | Equity sector: The equity portion of the Portfolio favored energy, materials, health care and low volatility stocks in areas such as staples and utilities, all of which underperformed market averages by a wide margin, with energy, utilities and health care producing negative returns within the S&P 500® Index. |
• | Tailored exposure: The equity portion of the Portfolio held inverse exposure to a basket of companies that generate inadequate free cash flow to service their debt obligations (so-called “zombie companies”). However, loan-dependent companies—led by a handful of travel-related companies enjoying a boom in leisure activities— generated market-beating returns, thereby detracting from relative performance. |
• | Geographic allocation: Underweight exposure to both developing and developed non-U.S. markets contributed positively, if only modestly, to the equity portion of the Portfolio’s relative return. (Contributions take weightings and total returns into account.) |
• | Gold exposure: Returns also benefited from the equity portion of the Portfolio’s exposure to gold mining stocks early in the reporting period. We removed the exposure as the stocks rose to reach our targets, providing an opportunity to lock in gains. |
• | Duration:3 The fixed-income portion of the Portfolio’s duration position further bolstered relative returns at the margin. While yields changed little over the reporting period in total, material swings occurred at times. The Portfolio successfully added duration when yields were elevated and removed duration when yields contracted. |
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 21 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
24 | MainStay VP Moderate Allocation Portfolio |
4. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
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. |
26 | MainStay VP Moderate Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 89.5% | ||
Equity Funds 56.8% | ||
IQ 500 International ETF (a) | 627,946 | $ 19,655,149 |
IQ Candriam ESG International Equity ETF (a) | 725,677 | 19,721,361 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 952,117 | 36,933,475 |
IQ Candriam ESG US Mid Cap Equity ETF (a) | 287,281 | 8,140,940 |
IQ Chaikin U.S. Large Cap ETF (a) | 840,440 | 27,866,385 |
IQ Chaikin U.S. Small Cap ETF | 234,924 | 7,619,713 |
IQ FTSE International Equity Currency Neutral ETF | 676,551 | 16,210,162 |
MainStay Epoch Capital Growth Fund Class I | 234,440 | 2,993,470 |
MainStay Epoch International Choice Fund Class I (a) | 369,755 | 14,496,362 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 2,660,921 | 33,864,207 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 2,922,527 | 20,144,976 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 1,652,963 | 28,496,427 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,337,847 | 14,543,196 |
MainStay VP S&P 500 Index Portfolio Initial Class | 160,845 | 13,095,781 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 1,503,885 | 15,720,409 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 1,661,153 | 37,177,936 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 2,290,756 | 18,226,170 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 1,429,340 | 11,575,649 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 830,689 | 20,358,271 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 1,571,998 | 37,426,604 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 493,787 | 15,793,595 |
MainStay WMC International Research Equity Fund Class I (a) | 2,016,631 | 14,602,830 |
MainStay WMC Value Fund Class R6 (a) | 890,176 | 26,140,632 |
Total Equity Funds (Cost $464,052,105) | 460,803,700 |
Shares | Value | ||
Fixed Income Funds 32.7% | |||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,354,496 | $ 28,187,468 | |
IQ Mackay ESG High Income ETF (a) | 358,595 | 9,278,646 | |
MainStay MacKay Short Duration High Yield Fund Class I | 2,357,676 | 21,862,258 | |
MainStay Short Term Bond Fund Class I (a) | 1,779,547 | 16,064,507 | |
MainStay VP Bond Portfolio Initial Class (a) | 2,150,282 | 26,515,986 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 2,879,196 | 24,396,865 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 14,045,805 | 122,177,436 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 1,024,879 | 9,281,814 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 959,278 | 8,006,420 | |
Total Fixed Income Funds (Cost $296,665,197) | 265,771,400 | ||
Total Affiliated Investment Companies (Cost $760,717,302) | 726,575,100 | ||
Short-Term Investment 10.1% | |||
Affiliated Investment Company 10.1% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (a)(b) | 82,034,463 | 82,034,463 | |
Total Short-Term Investment (Cost $82,034,463) | 10.1% | 82,034,463 | |
Total Investments (Cost $842,751,765) | 99.6% | 808,609,563 | |
Other Assets, Less Liabilities | 0.4 | 3,043,817 | |
Net Assets | 100.0% | $ 811,653,380 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of June 30, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2023. |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 500 International ETF | $ 20,603 | $ 131 | $ (3,178) | $ 238 | $ 1,861 | $ 19,655 | $ 499 | $ — | 628 |
IQ Candriam ESG International Equity ETF | 20,524 | 84 | (2,784) | 672 | 1,225 | 19,721 | 429 | — | 726 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 36,306 | 124 | (6,674) | 1,609 | 5,569 | 36,934 | 243 | — | 952 |
IQ Candriam ESG US Mid Cap Equity ETF | — | 8,039 | — | — | 102 | 8,141 | —(a) | — | 287 |
IQ Chaikin U.S. Large Cap ETF | 29,044 | 267 | (3,019) | 806 | 768 | 27,866 | 229 | — | 840 |
IQ Chaikin U.S. Small Cap ETF | 10,212 | 849 | (3,554) | (452) | 565 | 7,620 | 77 | — | 235 |
IQ FTSE International Equity Currency Neutral ETF | 16,242 | — | (1,947) | 175 | 1,740 | 16,210 | 219 | — | 677 |
IQ MacKay ESG Core Plus Bond ETF | 28,762 | 1,236 | (2,060) | (288) | 538 | 28,188 | 546 | — | 1,354 |
IQ Mackay ESG High Income ETF | — | 9,255 | (21) | — | 45 | 9,279 | 50 | — | 359 |
MainStay Epoch Capital Growth Fund Class I | 2,888 | — | (381) | (56) | 542 | 2,993 | — | — | 234 |
MainStay Epoch International Choice Fund Class I | 14,905 | 12 | (2,646) | 107 | 2,118 | 14,496 | — | — | 370 |
MainStay MacKay Short Duration High Yield Fund Class I | 22,722 | 1,115 | (2,323) | (137) | 485 | 21,862 | 641 | — | 2,358 |
MainStay Short Term Bond Fund Class I | — | 16,237 | — | — | (172) | 16,065 | 134 | — | 1,780 |
MainStay U.S. Government Liquidity Fund | 82,310 | 84,601 | (84,877) | — | — | 82,034 | 1,765 | — | 82,034 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 33,749 | — | (4,658) | 196 | 4,577 | 33,864 | — | — | 2,661 |
MainStay VP Bond Portfolio Initial Class | 27,135 | 846 | (2,065) | (295) | 895 | 26,516 | — | — | 2,150 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 20,762 | 133 | (1,699) | (786) | 1,735 | 20,145 | — | — | 2,923 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 30,211 | 156 | (2,548) | 221 | 457 | 28,497 | — | — | 1,653 |
MainStay VP Floating Rate Portfolio Initial Class | 42,220 | 1,799 | (20,187) | (1,098) | 1,663 | 24,397 | 1,442 | — | 2,879 |
MainStay VP Indexed Bond Portfolio Initial Class | 124,844 | 4,398 | (9,958) | (2,705) | 5,598 | 122,177 | — | — | 14,046 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 19,280 | 383 | (11,253) | (1,038) | 1,910 | 9,282 | — | — | 1,025 |
MainStay VP MacKay International Equity Portfolio Initial Class | 14,856 | 252 | (1,397) | (583) | 1,415 | 14,543 | — | — | 1,338 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 8,281 | 295 | (700) | (24) | 154 | 8,006 | — | — | 959 |
MainStay VP S&P 500 Index Portfolio Initial Class | 12,369 | 16 | (1,261) | 222 | 1,750 | 13,096 | — | — | 161 |
MainStay VP Small Cap Growth Portfolio Initial Class | 16,604 | 448 | (3,135) | (1,235) | 3,038 | 15,720 | — | — | 1,504 |
MainStay VP Wellington Growth Portfolio Initial Class | 36,156 | 225 | (8,163) | (7,115) | 16,075 | 37,178 | — | — | 1,661 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 19,598 | 346 | (3,082) | (2,665) | 4,029 | 18,226 | — | — | 2,291 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 13,342 | 784 | (3,218) | (1,534) | 2,202 | 11,576 | — | — | 1,429 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 19,349 | — | (1,711) | (816) | 3,536 | 20,358 | — | — | 831 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 35,054 | 793 | (6,841) | (1,802) | 10,223 | 37,427 | — | — | 1,572 |
MainStay WMC Enduring Capital Fund Class R6 | 15,971 | 389 | (1,768) | (114) | 1,316 | 15,794 | — | — | 494 |
MainStay WMC International Research Equity Fund Class I | 15,147 | — | (2,098) | (617) | 2,171 | 14,603 | — | — | 2,017 |
MainStay WMC Value Fund Class R6 | 28,256 | — | (2,662) | (1,079) | 1,626 | 26,141 | — | — | 890 |
$ 817,702 | $133,213 | $(201,868) | $(20,193) | $ 79,756 | $ 808,610 | $6,274 | $ — |
(a) | Less than $500. |
28 | 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 | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (10,443) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (4,768) | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 8,092 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 16,136 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (12,211) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (8,286) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 24,005 | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 8,380 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (12,948) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% | 4/9/24 - 5/7/24 | Daily | (37,151) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.36% | 5/7/24 | Daily | 24,999 | — |
Citibank NA | S&P 500 Health Care | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 8,158 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (40,036) | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.31% | 12/4/23 | Daily | 24,006 | — |
Citibank NA | S&P SmallCap 600 Index | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 40,768 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 6,068 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 6,497 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (7,860) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (2,979) | (380,487) | — | 3.64 |
Apollo Commercial Real Estate Finance, Inc. | (601) | (76,721) | — | 0.74 |
Atlantica Sustainable Infrastructure plc | (437) | (55,798) | — | 0.53 |
Brandywine Realty Trust | (571) | (72,903) | — | 0.70 |
Carnival Corp. | (12,007) | (1,533,579) | — | 14.69 |
Chart Industries, Inc. | (3,862) | (493,214) | — | 4.72 |
Coherent Corp. | (2,012) | (257,029) | — | 2.46 |
CommScope Holding Co, Inc. | (412) | (52,610) | — | 0.50 |
Crane NXT Co | (2,338) | (298,612) | — | 2.86 |
Cushman & Wakefield plc | (609) | (77,811) | — | 0.75 |
Delta Air Lines, Inc. | (8,802) | (1,124,149) | — | 10.76 |
Designer Brands, Inc. | (604) | (77,194) | — | 0.74 |
DigitalBridge Group, Inc. | (888) | (113,367) | — | 1.09 |
Elanco Animal Health, Inc. | (2,731) | (348,783) | — | 3.34 |
Entegris, Inc. | (4,774) | (609,742) | — | 5.84 |
Fidelity National Information Services, Inc. | (6,313) | (806,324) | — | 7.72 |
Hanesbrands, Inc. | (1,680) | (214,514) | — | 2.05 |
JetBlue Airways Corp. | (1,927) | (246,061) | — | 2.36 |
Lumen Technologies, Inc. | (2,606) | (332,788) | — | 3.19 |
MKS Instruments, Inc. | (1,841) | (235,139) | — | 2.25 |
Oatly Group AB | (286) | (36,591) | — | 0.35 |
Opendoor Technologies, Inc. | (2,463) | (314,606) | — | 3.01 |
Par Pacific Holdings, Inc. | (722) | (92,171) | — | 0.88 |
PureCycle Technologies, Inc. | (847) | (108,127) | — | 1.04 |
Scorpio Tankers, Inc. | (1,690) | (215,902) | — | 2.07 |
Topgolf Callaway Brands Corp. | (957) | (122,286) | — | 1.17 |
Uber Technologies, Inc. | (8,881) | (1,134,310) | — | 10.86 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
United Airlines Holdings, Inc. | (7,926) | (1,012,336) | — | 9.69 |
1. | As of June 30, 2023, cash in the amount $1,450,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2023. |
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 | $ 460,803,700 | $ — | $ — | $ 460,803,700 | |||
Fixed Income Funds | 265,771,400 | — | — | 265,771,400 | |||
Total Affiliated Investment Companies | 726,575,100 | — | — | 726,575,100 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 82,034,463 | — | — | 82,034,463 | |||
Total Investments in Securities | $ 808,609,563 | $ — | $ — | $ 808,609,563 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
30 | MainStay VP Moderate Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $842,751,765) | $808,609,563 |
Cash | 13,425 |
Cash collateral on deposit at broker for swap contracts | 1,450,000 |
Receivables: | |
Dividends | 1,120,972 |
Dividends and interest on OTC swaps contracts | 1,103,577 |
Portfolio shares sold | 443,398 |
Other assets | 8,509 |
Total assets | 812,749,444 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 714,432 |
Investment securities purchased | 168,276 |
NYLIFE Distributors (See Note 3) | 156,760 |
Shareholder communication | 23,292 |
Professional fees | 18,775 |
Custodian | 9,860 |
Accrued expenses | 4,669 |
Total liabilities | 1,096,064 |
Net assets | $811,653,380 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 83,248 |
Additional paid-in-capital | 861,997,461 |
862,080,709 | |
Total distributable earnings (loss) | (50,427,329) |
Net assets | $811,653,380 |
Initial Class | |
Net assets applicable to outstanding shares | $ 45,315,013 |
Shares of beneficial interest outstanding | 4,596,478 |
Net asset value per share outstanding | $ 9.86 |
Service Class | |
Net assets applicable to outstanding shares | $766,338,367 |
Shares of beneficial interest outstanding | 78,651,507 |
Net asset value per share outstanding | $ 9.74 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 6,273,826 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 960,590 |
Professional fees | 41,266 |
Custodian | 17,153 |
Trustees | 10,272 |
Shareholder communication | 2,960 |
Miscellaneous | 10,842 |
Total expenses | 1,043,083 |
Net investment income (loss) | 5,230,743 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (20,192,738) |
Swap transactions | (10,683,335) |
Net realized gain (loss) | (30,876,073) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 79,756,329 |
Net realized and unrealized gain (loss) | 48,880,256 |
Net increase (decrease) in net assets resulting from operations | $ 54,110,999 |
32 | MainStay VP Moderate Allocation Portfolio |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,230,743 | $ 14,965,942 |
Net realized gain (loss) | (30,876,073) | 41,896,923 |
Net change in unrealized appreciation (depreciation) | 79,756,329 | (203,014,624) |
Net increase (decrease) in net assets resulting from operations | 54,110,999 | (146,151,759) |
Distributions to shareholders: | ||
Initial Class | — | (7,194,477) |
Service Class | — | (127,271,222) |
Total distributions to shareholders | — | (134,465,699) |
Capital share transactions: | ||
Net proceeds from sales of shares | 21,205,520 | 44,680,512 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 134,465,699 |
Cost of shares redeemed | (83,463,441) | (153,174,796) |
Increase (decrease) in net assets derived from capital share transactions | (62,257,921) | 25,971,415 |
Net increase (decrease) in net assets | (8,146,922) | (254,646,043) |
Net Assets | ||
Beginning of period | 819,800,302 | 1,074,446,345 |
End of period | $811,653,380 | $ 819,800,302 |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.22 | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | |||||
Net investment income (loss) (a) | 0.07 | 0.21 | 0.23 | 0.20 | 0.23 | 0.23 | |||||
Net realized and unrealized gain (loss) | 0.57 | (2.06) | 1.11 | 1.07 | 1.60 | (1.16) | |||||
Total from investment operations | 0.64 | (1.85) | 1.34 | 1.27 | 1.83 | (0.93) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.43) | (0.15) | (0.29) | (0.36) | (0.27) | |||||
From net realized gain on investments | — | (1.34) | (0.34) | (0.31) | (0.48) | (0.36) | |||||
Total distributions | — | (1.77) | (0.49) | (0.60) | (0.84) | (0.63) | |||||
Net asset value at end of period | $ 9.86 | $ 9.22 | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | |||||
Total investment return (b) | 6.94%(c) | (13.69)% | 11.37% | 11.57% | 18.29% | (8.40)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.53%†† | 1.91% | 1.81% | 1.83% | 2.04% | 1.99% | |||||
Net expenses (d) | 0.02%†† | 0.02% | 0.02% | 0.03% | 0.03% | 0.02% | |||||
Portfolio turnover rate | 7% | 31% | 27% | 31% | 40% | 52% | |||||
Net assets at end of period (in 000's) | $ 45,315 | $ 43,783 | $ 53,604 | $ 48,025 | $ 45,283 | $ 43,161 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.12 | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | |||||
Net investment income (loss) (a) | 0.06 | 0.18 | 0.19 | 0.17 | 0.20 | 0.20 | |||||
Net realized and unrealized gain (loss) | 0.56 | (2.05) | 1.11 | 1.06 | 1.60 | (1.16) | |||||
Total from investment operations | 0.62 | (1.87) | 1.30 | 1.23 | 1.80 | (0.96) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.39) | (0.12) | (0.26) | (0.33) | (0.24) | |||||
From net realized gain on investments | — | (1.34) | (0.34) | (0.31) | (0.48) | (0.36) | |||||
Total distributions | — | (1.73) | (0.46) | (0.57) | (0.81) | (0.60) | |||||
Net asset value at end of period | $ 9.74 | $ 9.12 | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | |||||
Total investment return (b) | 6.80%(c) | (13.91)% | 11.10% | 11.29% | 18.00% | (8.63)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.27%†† | 1.63% | 1.51% | 1.52% | 1.76% | 1.73% | |||||
Net expenses (d) | 0.27%†† | 0.27% | 0.27% | 0.28% | 0.27% | 0.27% | |||||
Portfolio turnover rate | 7% | 31% | 27% | 31% | 40% | 52% | |||||
Net assets at end of period (in 000's) | $ 766,338 | $ 776,017 | $ 1,020,842 | $ 1,037,900 | $ 1,102,149 | $ 1,103,235 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
34 | MainStay VP Moderate Allocation Portfolio |
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/13/2006 | 8.48% | 12.61% | 5.77% | 7.02% | 0.58% |
Service Class Shares | 2/13/2006 | 8.34 | 12.33 | 5.51 | 6.75 | 0.83 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
MSCI EAFE® Index (Net)3 | 11.67 | 18.77 | 4.39 | 5.41 |
Bloomberg U.S. Aggregate Bond Index4 | 2.09 | -0.94 | 0.77 | 1.52 |
Growth Allocation Composite Index5 | 12.81 | 15.31 | 8.61 | 9.21 |
Morningstar Moderately Aggressive Allocation Category Average6 | 8.65 | 10.86 | 6.07 | 7.18 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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. |
4. | 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 Treasuries, 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. |
5. | The Portfolio has selected the Growth Allocation Composite Index as an additional benchmark. Effective February 28, 2014, 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. Prior to February 28, 2014, the Growth Allocation Composite Index consisted of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 65%, 15% and 20%, respectively. |
6. | The Morningstar Moderately Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderately aggressive strategies prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
36 | MainStay VP Growth Allocation Portfolio |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,084.80 | $0.10 | $1,024.70 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,083.40 | $1.39 | $1,023.46 | $1.35 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 77.0% |
Fixed Income Funds | 12.9 |
Short-Term Investment | 9.8 |
Other Assets, Less Liabilities | 0.3 |
38 | MainStay VP Growth Allocation Portfolio |
• | Management of the stock/bond blend: The Portfolio maintained slightly underweight exposure to equities, which dragged mildly on performance as stocks outperformed bonds. |
• | Equity size: The equity portion of the Portfolio also held a pronounced skew favoring mid- and small-cap company stocks. While we partially unwound this position during the reporting period, this bias substantially undermined performance, as large-cap stocks significantly outperformed their smaller-cap counterparts. |
• | Equity style: Similarly, the equity portion of the Portfolio persistently favored value-oriented shares over growth-oriented shares, which markedly detracted from performance. |
• | Equity sector: The equity portion of the Portfolio favored energy, materials, health care and low volatility stocks in areas such as staples and utilities, all of which underperformed market averages by a wide margin, with energy, utilities and health care producing negative returns within the S&P 500® Index. |
• | Tailored exposure: The equity portion of the Portfolio held inverse exposure to a basket of companies that generate inadequate free cash flow to service their debt obligations (so-called “zombie companies”). However, loan-dependent companies—led by a handful of travel-related companies enjoying a boom in leisure activities— generated market-beating returns, thereby detracting from relative performance. |
• | Geographic allocation: Underweight exposure to both developing and developed non-U.S. markets contributed positively, if only modestly, to the equity portion of the Portfolio’s relative return. (Contributions take weightings and total returns into account.) |
• | Gold exposure: Returns also benefited from the equity portion of the Portfolio’s exposure to gold mining stocks early in the reporting period. We removed the exposure as the stocks rose to reach our targets, providing an opportunity to lock in gains. |
• | Duration:3 The fixed-income portion of the Portfolio’s duration position further bolstered relative returns at the margin. While yields changed little over the reporting period in total, material swings occurred at times. The Portfolio successfully added duration when yields were elevated and removed duration when yields contracted. |
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 36 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
40 | MainStay VP Growth Allocation 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. |
Shares | Value | |
Affiliated Investment Companies 89.9% | ||
Equity Funds 77.0% | ||
IQ 500 International ETF (a) | 1,291,709 | $ 40,431,396 |
IQ Candriam ESG International Equity ETF (a) | 1,494,870 | 40,625,335 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 1,758,781 | 68,224,698 |
IQ Candriam ESG US Mid Cap Equity ETF (a) | 483,254 | 13,694,404 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,752,198 | 58,097,454 |
IQ Chaikin U.S. Small Cap ETF (a) | 1,137,071 | 36,880,670 |
IQ FTSE International Equity Currency Neutral ETF (a) | 1,056,391 | 25,311,128 |
MainStay Epoch Capital Growth Fund Class I (a) | 364,575 | 4,655,110 |
MainStay Epoch International Choice Fund Class I (a) | 834,721 | 32,725,476 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 5,098,797 | 64,889,834 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,387,004 | 44,025,618 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 3,408,819 | 58,766,683 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 2,998,439 | 32,594,831 |
MainStay VP S&P 500 Index Portfolio Initial Class | 254,047 | 20,684,161 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 4,453,850 | 46,556,982 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 3,128,541 | 70,019,247 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 6,157,126 | 48,988,554 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 5,126,685 | 41,518,970 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (a) | 1,433,231 | 35,125,190 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,947,309 | 70,170,413 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 1,007,278 | 32,217,378 |
MainStay WMC International Research Equity Fund Class I (a) | 4,535,091 | 32,839,502 |
MainStay WMC Value Fund Class R6 (a) | 1,912,053 | 56,148,788 |
Total Equity Funds (Cost $986,660,340) | 975,191,822 |
Shares | Value | ||
Fixed Income Funds 12.9% | |||
IQ MacKay ESG Core Plus Bond ETF | 192,406 | $ 4,004,027 | |
IQ Mackay ESG High Income ETF (a) | 582,239 | 15,065,434 | |
MainStay MacKay Short Duration High Yield Fund Class I | 3,551,442 | 32,931,815 | |
MainStay Short Term Bond Fund Class I (a) | 2,780,655 | 25,101,809 | |
MainStay VP Bond Portfolio Initial Class | 305,849 | 3,771,549 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 4,498,774 | 38,120,362 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 1,995,207 | 17,355,304 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 1,664,064 | 15,070,599 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 1,503,509 | 12,548,738 | |
Total Fixed Income Funds (Cost $165,122,765) | 163,969,637 | ||
Total Affiliated Investment Companies (Cost $1,151,783,105) | 1,139,161,459 | ||
Short-Term Investment 9.8% | |||
Affiliated Investment Company 9.8% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (a)(b) | 124,078,722 | 124,078,722 | |
Total Short-Term Investment (Cost $124,078,722) | 9.8% | 124,078,722 | |
Total Investments (Cost $1,275,861,827) | 99.7% | 1,263,240,181 | |
Other Assets, Less Liabilities | 0.3 | 3,718,033 | |
Net Assets | 100.0% | $ 1,266,958,214 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of June 30, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2023. |
42 | MainStay VP Growth Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 500 International ETF | $ 42,946 | $ 265 | $ (7,147) | $ 534 | $ 3,833 | $ 40,431 | $ 1,027 | $ — | 1,292 |
IQ Candriam ESG International Equity ETF | 42,781 | 228 | (6,327) | 1,563 | 2,380 | 40,625 | 886 | — | 1,495 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 67,442 | 718 | (13,220) | 2,236 | 11,049 | 68,225 | 453 | — | 1,759 |
IQ Candriam ESG US Mid Cap Equity ETF | — | 13,471 | — | — | 223 | 13,694 | 2 | — | 483 |
IQ Chaikin U.S. Large Cap ETF | 59,698 | — | (4,857) | 1,317 | 1,939 | 58,097 | 476 | — | 1,752 |
IQ Chaikin U.S. Small Cap ETF | 44,173 | 2,851 | (10,916) | 1,549 | (776) | 36,881 | 323 | — | 1,137 |
IQ FTSE International Equity Currency Neutral ETF | 25,561 | — | (3,252) | 248 | 2,754 | 25,311 | 343 | — | 1,056 |
IQ MacKay ESG Core Plus Bond ETF | 4,114 | 221 | (368) | 13 | 24 | 4,004 | 78 | — | 192 |
IQ Mackay ESG High Income ETF | — | 14,993 | — | — | 72 | 15,065 | 80 | — | 582 |
MainStay Epoch Capital Growth Fund Class I | 4,545 | — | (652) | (95) | 857 | 4,655 | — | — | 365 |
MainStay Epoch International Choice Fund Class I | 33,905 | 55 | (6,281) | 166 | 4,880 | 32,725 | — | — | 835 |
MainStay MacKay Short Duration High Yield Fund Class I | 34,581 | 1,880 | (4,059) | (212) | 742 | 32,932 | 968 | — | 3,551 |
MainStay Short Term Bond Fund Class I | — | 25,370 | — | — | (268) | 25,102 | 209 | — | 2,781 |
MainStay U.S. Government Liquidity Fund | 126,767 | 146,533 | (149,221) | — | — | 124,079 | 2,718 | — | 124,079 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 63,735 | 533 | (8,418) | 329 | 8,711 | 64,890 | — | — | 5,099 |
MainStay VP Bond Portfolio Initial Class | 3,901 | 142 | (357) | 20 | 66 | 3,772 | — | — | 306 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 45,742 | 381 | (4,193) | (1,765) | 3,861 | 44,026 | — | — | 6,387 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 61,208 | 917 | (4,760) | 511 | 891 | 58,767 | — | — | 3,409 |
MainStay VP Floating Rate Portfolio Initial Class | 66,439 | 3,176 | (32,387) | (1,762) | 2,654 | 38,120 | 2,254 | — | 4,499 |
MainStay VP Indexed Bond Portfolio Initial Class | 17,856 | 828 | (1,749) | 103 | 317 | 17,355 | — | — | 1,995 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 31,527 | 818 | (18,699) | (1,722) | 3,147 | 15,071 | — | — | 1,664 |
MainStay VP MacKay International Equity Portfolio Initial Class | 33,805 | 288 | (3,400) | (920) | 2,822 | 32,595 | — | — | 2,998 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 12,031 | 1,425 | (1,106) | 37 | 162 | 12,549 | — | — | 1,504 |
MainStay VP S&P 500 Index Portfolio Initial Class | 19,459 | 27 | (1,906) | 192 | 2,912 | 20,684 | — | — | 254 |
MainStay VP Small Cap Growth Portfolio Initial Class | 50,198 | 306 | (9,323) | (2,822) | 8,198 | 46,557 | — | — | 4,454 |
MainStay VP Wellington Growth Portfolio Initial Class | 67,510 | 566 | (14,741) | (9,374) | 26,058 | 70,019 | — | — | 3,129 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 53,177 | 1,129 | (8,995) | (8,077) | 11,755 | 48,989 | — | — | 6,157 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 46,945 | 2,928 | (10,827) | (7,066) | 9,539 | 41,519 | — | — | 5,127 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 33,350 | 552 | (3,508) | (1,640) | 6,371 | 35,125 | — | — | 1,433 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 66,245 | 949 | (12,855) | (2,981) | 18,812 | 70,170 | — | — | 2,947 |
MainStay WMC Enduring Capital Fund Class R6 | 32,025 | 12 | (2,236) | (156) | 2,572 | 32,217 | — | — | 1,007 |
MainStay WMC International Research Equity Fund Class I | 34,436 | — | (5,119) | (1,801) | 5,324 | 32,840 | — | — | 4,535 |
MainStay WMC Value Fund Class R6 | 59,234 | 164 | (4,414) | (1,887) | 3,052 | 56,149 | — | — | 1,912 |
$1,285,336 | $221,726 | $(355,293) | $(33,462) | $144,933 | $1,263,240 | $ 9,817 | $ — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (16,254) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (7,421) | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 12,576 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 25,092 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (19,078) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (12,860) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 37,506 | — |
JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF plus 0.02% | 6/20/24 | Daily | (6,412) | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 13,223 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (20,222) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% | 4/9/24 - 5/7/24 | Daily | (55,211) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.36% | 5/7/24 | Daily | 39,057 | — |
Citibank NA | S&P 500 Health Care | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 12,678 | — |
Citibank NA | S&P 500 Telecom Services | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 4,907 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (65,446) | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 38,950 | — |
Citibank NA | S&P SmallCap 600 Index | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 63,701 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 9,489 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 10,103 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (12,209) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (4,637) | (592,192) | — | 3.64 |
Apollo Commercial Real Estate Finance, Inc. | (935) | (119,408) | — | 0.74 |
Atlantica Sustainable Infrastructure plc | (680) | (86,845) | — | 0.53 |
Brandywine Realty Trust | (888) | (113,467) | — | 0.70 |
Carnival Corp. | (18,688) | (2,386,869) | — | 14.69 |
Chart Industries, Inc. | (6,010) | (767,641) | — | 4.72 |
Coherent Corp. | (3,132) | (400,042) | — | 2.46 |
CommScope Holding Co, Inc. | (641) | (81,883) | — | 0.50 |
Crane NXT Co | (3,639) | (464,761) | — | 2.86 |
Cushman & Wakefield plc | (948) | (121,105) | — | 0.75 |
Delta Air Lines, Inc. | (13,699) | (1,749,630) | — | 10.76 |
Designer Brands, Inc. | (941) | (120,145) | — | 0.74 |
DigitalBridge Group, Inc. | (1,381) | (176,445) | — | 1.09 |
Elanco Animal Health, Inc. | (4,250) | (542,848) | — | 3.34 |
Entegris, Inc. | (7,430) | (949,006) | — | 5.84 |
Fidelity National Information Services, Inc. | (9,826) | (1,254,967) | — | 7.72 |
Hanesbrands, Inc. | (2,614) | (333,870) | — | 2.05 |
JetBlue Airways Corp. | (2,999) | (382,970) | — | 2.36 |
Lumen Technologies, Inc. | (4,055) | (517,953) | — | 3.19 |
MKS Instruments, Inc. | (2,865) | (365,972) | — | 2.25 |
Oatly Group AB | (446) | (56,951) | — | 0.35 |
Opendoor Technologies, Inc. | (3,834) | (489,655) | — | 3.01 |
Par Pacific Holdings, Inc. | (1,123) | (143,455) | — | 0.88 |
PureCycle Technologies, Inc. | (1,318) | (168,289) | — | 1.04 |
Scorpio Tankers, Inc. | (2,631) | (336,030) | — | 2.07 |
44 | MainStay VP Growth Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Topgolf Callaway Brands Corp. | (1,490) | (190,326) | — | 1.17 |
Uber Technologies, Inc. | (13,823) | (1,765,446) | — | 10.86 |
United Airlines Holdings, Inc. | (12,336) | (1,575,604) | — | 9.69 |
1. | As of June 30, 2023, cash in the amount $1,000,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2023. |
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 | $ 975,191,822 | $ — | $ — | $ 975,191,822 | |||
Fixed Income Funds | 163,969,637 | — | — | 163,969,637 | |||
Total Affiliated Investment Companies | 1,139,161,459 | — | — | 1,139,161,459 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 124,078,722 | — | — | 124,078,722 | |||
Total Investments in Securities | $ 1,263,240,181 | $ — | $ — | $ 1,263,240,181 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,275,861,827) | $1,263,240,181 |
Cash | 787,302 |
Cash collateral on deposit at broker for swap contracts | 1,000,000 |
Receivables: | |
Dividends | 2,128,838 |
Dividends and interest on OTC swaps contracts | 1,790,605 |
Portfolio shares sold | 50,497 |
Other assets | 13,702 |
Total assets | 1,269,011,125 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 1,462,681 |
Investment securities purchased | 261,976 |
NYLIFE Distributors (See Note 3) | 240,137 |
Shareholder communication | 41,622 |
Professional fees | 26,589 |
Custodian | 14,119 |
Accrued expenses | 5,787 |
Total liabilities | 2,052,911 |
Net assets | $1,266,958,214 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 124,531 |
Additional paid-in-capital | 1,270,100,822 |
1,270,225,353 | |
Total distributable earnings (loss) | (3,267,139) |
Net assets | $1,266,958,214 |
Initial Class | |
Net assets applicable to outstanding shares | $ 94,007,414 |
Shares of beneficial interest outstanding | 9,120,360 |
Net asset value per share outstanding | $ 10.31 |
Service Class | |
Net assets applicable to outstanding shares | $1,172,950,800 |
Shares of beneficial interest outstanding | 115,410,315 |
Net asset value per share outstanding | $ 10.16 |
46 | MainStay VP Growth Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 9,816,799 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,475,833 |
Professional fees | 54,063 |
Custodian | 18,624 |
Trustees | 16,226 |
Shareholder communication | 3,803 |
Miscellaneous | 17,041 |
Total expenses | 1,585,590 |
Net investment income (loss) | 8,231,209 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (33,461,965) |
Swap transactions | (16,640,350) |
Net realized gain (loss) | (50,102,315) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 144,932,508 |
Net realized and unrealized gain (loss) | 94,830,193 |
Net increase (decrease) in net assets resulting from operations | $103,061,402 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,231,209 | $ 18,584,745 |
Net realized gain (loss) | (50,102,315) | 107,969,094 |
Net change in unrealized appreciation (depreciation) | 144,932,508 | (377,385,911) |
Net increase (decrease) in net assets resulting from operations | 103,061,402 | (250,832,072) |
Distributions to shareholders: | ||
Initial Class | — | (15,428,348) |
Service Class | — | (216,661,264) |
Total distributions to shareholders | — | (232,089,612) |
Capital share transactions: | ||
Net proceeds from sales of shares | 15,492,564 | 26,427,493 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 232,089,612 |
Cost of shares redeemed | (138,968,459) | (251,331,929) |
Increase (decrease) in net assets derived from capital share transactions | (123,475,895) | 7,185,176 |
Net increase (decrease) in net assets | (20,414,493) | (475,736,508) |
Net Assets | ||
Beginning of period | 1,287,372,707 | 1,763,109,215 |
End of period | $1,266,958,214 | $1,287,372,707 |
48 | MainStay VP Growth Allocation Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.50 | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | |||||
Net investment income (loss) (a) | 0.08 | 0.18 | 0.20 | 0.21 | 0.26 | 0.21 | |||||
Net realized and unrealized gain (loss) | 0.73 | (2.28) | 1.72 | 1.21 | 1.91 | (1.47) | |||||
Total from investment operations | 0.81 | (2.10) | 1.92 | 1.42 | 2.17 | (1.26) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.42) | (0.33) | (0.34) | (0.39) | (0.24) | |||||
From net realized gain on investments | — | (1.60) | (0.16) | (0.40) | (0.84) | (0.54) | |||||
Total distributions | — | (2.02) | (0.49) | (0.74) | (1.23) | (0.78) | |||||
Net asset value at end of period | $ 10.31 | $ 9.50 | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | |||||
Total investment return (b) | 8.53%(c) | (14.43)% | 16.01% | 12.94% | 21.42% | (10.73)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.54%†† | 1.55% | 1.53% | 1.87% | 2.22% | 1.71% | |||||
Net expenses (d) | 0.02%†† | 0.02% | 0.02% | 0.03% | 0.02% | 0.02% | |||||
Portfolio turnover rate | 7% | 32% | 24% | 32% | 41% | 44% | |||||
Net assets at end of period (in 000's) | $ 94,007 | $ 88,026 | $ 108,059 | $ 98,314 | $ 91,615 | $ 80,133 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.38 | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | |||||
Net investment income (loss) (a) | 0.06 | 0.14 | 0.16 | 0.17 | 0.22 | 0.17 | |||||
Net realized and unrealized gain (loss) | 0.72 | (2.24) | 1.71 | 1.21 | 1.88 | (1.44) | |||||
Total from investment operations | 0.78 | (2.10) | 1.87 | 1.38 | 2.10 | (1.27) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.38) | (0.30) | (0.31) | (0.35) | (0.21) | |||||
From net realized gain on investments | — | (1.60) | (0.16) | (0.40) | (0.84) | (0.54) | |||||
Total distributions | — | (1.98) | (0.46) | (0.71) | (1.19) | (0.75) | |||||
Net asset value at end of period | $ 10.16 | $ 9.38 | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | |||||
Total investment return (b) | 8.32%(c) | (14.64)% | 15.72% | 12.65% | 21.12% | (10.95)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 1.28%†† | 1.26% | 1.24% | 1.55% | 1.90% | 1.42% | |||||
Net expenses (d) | 0.27%†† | 0.27% | 0.27% | 0.28% | 0.27% | 0.27% | |||||
Portfolio turnover rate | 7% | 32% | 24% | 32% | 41% | 44% | |||||
Net assets at end of period (in 000's) | $ 1,172,951 | $ 1,199,347 | $ 1,655,050 | $ 1,711,623 | $ 1,868,634 | $ 1,849,974 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/13/2006 | 9.70% | 13.58% | 6.38% | 7.86% | 0.60% |
Service Class Shares | 2/13/2006 | 9.56 | 13.30 | 6.11 | 7.59 | 0.85 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
S&P 500® Index2 | 16.89% | 19.59% | 12.31% | 12.86% |
MSCI EAFE® Index (Net)3 | 11.67 | 18.77 | 4.39 | 5.41 |
Equity Allocation Composite Index4 | 15.60 | 19.52 | 10.35 | 11.01 |
Morningstar Aggressive Allocation Category Average5 | 9.72 | 12.04 | 6.25 | 7.85 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | 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. |
4. | The Portfolio has selected the Equity Allocation Composite Index as an additional benchmark. Effective February 28, 2014, 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. |
5. | The Morningstar Aggressive Allocation Category Average is representative of funds in allocation categories that seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These aggressive strategies typically allocate at least 10% to equities of foreign companies and prioritize capital appreciation over preservation. They typically expect volatility similar to a strategic equity exposure of more than 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
50 | MainStay VP Equity Allocation Portfolio |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,097.00 | $0.10 | $1,024.70 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,095.60 | $1.40 | $1,023.46 | $1.35 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 96.7% |
Short-Term Investment | 2.9 |
Other Assets, Less Liabilities | 0.4 |
52 | MainStay VP Equity Allocation Portfolio |
• | Cash management: Slightly underweight exposure to equities implemented by building a deliberate cash balance proved a minor drag on Portfolio performance, as a rally in mega-cap technology names provided a boost to the broader market. |
• | Equity size: The Portfolio also held a pronounced skew favoring mid- and small-cap company stocks. While we partially unwound this position during the reporting period, this bias substantially undermined performance, as large-cap stocks significantly outperformed their smaller-cap counterparts. |
• | Equity style: Similarly, the Portfolio persistently favored value-oriented shares over growth-oriented shares, which markedly detracted from performance. |
• | Equity sector: The Portfolio favored energy, materials, health care and low volatility stocks in areas such as staples and utilities, all of which underperformed market averages by a wide margin, |
• | Tailored exposure: The Portfolio held inverse exposure to a basket of companies that generate inadequate free cash flow to service their debt obligations (so-called “zombie companies”). However, loan-dependent companies—led by a handful of travel-related companies enjoying a boom in leisure activities— generated market-beating returns, thereby detracting from relative performance. |
• | Geographic allocation: Underweight exposure to both developing and developed non-U.S. markets contributed positively, if only modestly, to the Portfolio’s relative return. (Contributions take weightings and total returns into account.) |
• | Gold exposure: Returns also benefited from the Portfolio’s exposure to gold mining stocks early in the reporting period. We removed the exposure as the stocks rose to reach our targets, providing an opportunity to lock in gains. |
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 50 for more information on benchmark and peer group returns. |
3. | Beta is a measure of volatility in relation to the market as a whole. A beta higher than 1 indicates that a security or portfolio will tend to exhibit higher volatility than the market. A beta lower than 1 indicates that a security or portfolio will tend to exhibit lower volatility than the market. |
54 | MainStay VP Equity Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 96.7% | ||
Equity Funds 96.7% | ||
IQ 500 International ETF (a) | 1,087,347 | $ 34,034,722 |
IQ Candriam ESG International Equity ETF (a) | 1,255,548 | 34,121,400 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 1,515,516 | 58,788,230 |
IQ Candriam ESG US Mid Cap Equity ETF (a) | 632,406 | 17,921,058 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,530,556 | 50,748,492 |
IQ Chaikin U.S. Small Cap ETF (a) | 1,008,577 | 32,712,993 |
IQ FTSE International Equity Currency Neutral ETF | 724,737 | 17,364,699 |
MainStay Epoch Capital Growth Fund Class I | 250,089 | 3,193,284 |
MainStay Epoch International Choice Fund Class I (a) | 729,169 | 28,587,276 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 4,427,037 | 56,340,684 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,234,575 | 42,974,927 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 2,977,458 | 51,330,176 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 2,644,023 | 28,742,113 |
MainStay VP S&P 500 Index Portfolio Initial Class | 171,150 | 13,934,819 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 3,901,272 | 40,780,780 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 2,687,255 | 60,142,922 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 5,370,995 | 42,733,785 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 4,515,400 | 36,568,416 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 1,235,896 | $ 30,288,980 | |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,536,622 | 60,392,656 | |
MainStay WMC Enduring Capital Fund Class R6 (a) | 878,354 | 28,093,790 | |
MainStay WMC International Research Equity Fund Class I (a) | 3,974,590 | 28,780,798 | |
MainStay WMC Value Fund Class R6 (a) | 1,673,578 | 49,145,802 | |
Total Affiliated Investment Companies (Cost $888,985,123) | 847,722,802 | ||
Short-Term Investment 2.9% | |||
Affiliated Investment Company 2.9% | |||
MainStay U.S. Government Liquidity Fund, 5.06% (b) | 25,292,167 | 25,292,167 | |
Total Short-Term Investment (Cost $25,292,167) | 2.9% | 25,292,167 | |
Total Investments (Cost $914,277,290) | 99.6% | 873,014,969 | |
Other Assets, Less Liabilities | 0.4 | 3,540,673 | |
Net Assets | 100.0% | $ 876,555,642 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of June 30, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of June 30, 2023. |
56 | MainStay VP Equity Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
IQ 500 International ETF | $ 34,730 | $ 881 | $ (5,107) | $ 611 | $ 2,920 | $ 34,035 | $ 865 | $ — | 1,087 |
IQ Candriam ESG International Equity ETF | 34,598 | 763 | (4,442) | 972 | 2,230 | 34,121 | 730 | — | 1,256 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 56,355 | 754 | (9,576) | 2,355 | 8,900 | 58,788 | 384 | — | 1,516 |
IQ Candriam ESG US Mid Cap Equity ETF | — | 17,223 | — | — | 698 | 17,921 | 19 | — | 632 |
IQ Chaikin U.S. Large Cap ETF | 50,884 | — | (2,923) | 843 | 1,944 | 50,748 | 414 | — | 1,531 |
IQ Chaikin U.S. Small Cap ETF | 38,632 | 2,956 | (9,447) | (835) | 1,407 | 32,713 | 287 | — | 1,009 |
IQ FTSE International Equity Currency Neutral ETF | 17,024 | 93 | (1,765) | 108 | 1,905 | 17,365 | 233 | — | 725 |
MainStay Epoch Capital Growth Fund Class I | 3,031 | — | (351) | (53) | 566 | 3,193 | — | — | 250 |
MainStay Epoch International Choice Fund Class I | 28,668 | 355 | (4,727) | 902 | 3,389 | 28,587 | — | — | 729 |
MainStay U.S. Government Liquidity Fund | 28,276 | 83,823 | (86,807) | — | — | 25,292 | 560 | — | 25,292 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 53,955 | 391 | (5,753) | 232 | 7,516 | 56,341 | — | — | 4,427 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 43,485 | 1,184 | (3,674) | (1,177) | 3,157 | 42,975 | — | — | 6,235 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 52,113 | 1,486 | (3,475) | 366 | 840 | 51,330 | — | — | 2,977 |
MainStay VP MacKay International Equity Portfolio Initial Class | 28,578 | 874 | (2,305) | (1,509) | 3,104 | 28,742 | — | — | 2,644 |
MainStay VP S&P 500 Index Portfolio Initial Class | 12,948 | 26 | (1,118) | 73 | 2,006 | 13,935 | — | — | 171 |
MainStay VP Small Cap Growth Portfolio Initial Class | 43,165 | 795 | (7,795) | (2,402) | 7,018 | 40,781 | — | — | 3,901 |
MainStay VP Wellington Growth Portfolio Initial Class | 56,440 | 558 | (10,952) | (6,518) | 20,615 | 60,143 | — | — | 2,687 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 45,490 | 1,415 | (7,300) | (7,003) | 10,132 | 42,734 | — | — | 5,371 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 40,757 | 3,026 | (9,279) | (3,313) | 5,377 | 36,568 | — | — | 4,515 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 28,318 | 510 | (2,599) | (1,112) | 5,172 | 30,289 | — | — | 1,236 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 55,437 | 957 | (9,400) | (2,517) | 15,916 | 60,393 | — | — | 2,537 |
MainStay WMC Enduring Capital Fund Class R6 | 26,912 | 383 | (1,278) | (92) | 2,169 | 28,094 | — | — | 878 |
MainStay WMC International Research Equity Fund Class I | 29,109 | 294 | (3,614) | (1,296) | 4,288 | 28,781 | — | — | 3,975 |
MainStay WMC Value Fund Class R6 | 50,562 | 649 | (3,063) | (1,041) | 2,039 | 49,146 | — | — | 1,674 |
$ 859,467 | $119,396 | $(196,750) | $(22,406) | $113,308 | $ 873,015 | $3,492 | $ — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (11,036) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (5,039) | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 8,508 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (13,108) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/4/23 | Daily | (8,620) | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 25,771 | — |
JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF plus 0.02% | 6/20/24 | Daily | (7,379) | — |
JPMorgan Chase Bank NA | Materials Select Sector SPDR Fund | 1 day FEDF plus 0.18% | 2/5/24 | Daily | 8,943 | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (13,890) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% | 4/9/24 - 5/7/24 | Daily | (36,771) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.36% | 5/7/24 | Daily | 26,834 | — |
Citibank NA | S&P 500 Health Care | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 8,577 | — |
Citibank NA | S&P 500 Telecom Services | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 1,929 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/4/23 | Daily | (39,740) | — |
Citibank NA | S&P 600 Small CAP TRI Index | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 43,777 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 24,976 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 6,516 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 6,898 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (8,297) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (3,148) | (402,084) | — | 3.64 |
Apollo Commercial Real Estate Finance, Inc. | (635) | (81,075) | — | 0.74 |
Atlantica Sustainable Infrastructure plc | (462) | (58,965) | — | 0.53 |
Brandywine Realty Trust | (603) | (77,041) | — | 0.70 |
Carnival Corp. | (12,689) | (1,620,624) | — | 14.69 |
Chart Industries, Inc. | (4,081) | (521,209) | — | 4.72 |
Coherent Corp. | (2,127) | (271,618) | — | 2.46 |
CommScope Holding Co, Inc. | (435) | (55,596) | — | 0.50 |
Crane NXT Co | (2,471) | (315,561) | — | 2.86 |
Cushman & Wakefield plc | (644) | (82,227) | — | 0.75 |
Delta Air Lines, Inc. | (9,301) | (1,187,955) | — | 10.76 |
Designer Brands, Inc. | (639) | (81,576) | — | 0.74 |
DigitalBridge Group, Inc. | (938) | (119,801) | — | 1.09 |
Elanco Animal Health, Inc. | (2,886) | (368,580) | — | 3.34 |
Entegris, Inc. | (5,045) | (644,351) | — | 5.84 |
Fidelity National Information Services, Inc. | (6,672) | (852,091) | — | 7.72 |
Hanesbrands, Inc. | (1,775) | (226,690) | — | 2.05 |
JetBlue Airways Corp. | (2,036) | (260,027) | — | 2.36 |
Lumen Technologies, Inc. | (2,753) | (351,677) | — | 3.19 |
MKS Instruments, Inc. | (1,946) | (248,486) | — | 2.25 |
Oatly Group AB | (303) | (38,668) | — | 0.35 |
Opendoor Technologies, Inc. | (2,603) | (332,463) | — | 3.01 |
Par Pacific Holdings, Inc. | (763) | (97,403) | — | 0.88 |
PureCycle Technologies, Inc. | (895) | (114,264) | — | 1.04 |
Scorpio Tankers, Inc. | (1,786) | (228,156) | — | 2.07 |
Topgolf Callaway Brands Corp. | (1,012) | (129,226) | — | 1.17 |
58 | MainStay VP Equity Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Uber Technologies, Inc. | (9,385) | (1,198,693) | — | 10.86 |
United Airlines Holdings, Inc. | (8,376) | (1,069,795) | — | 9.69 |
1. | As of June 30, 2023, cash in the amount $700,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of June 30, 2023. |
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 |
TRI—Total Return 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) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 847,722,802 | $ — | $ — | $ 847,722,802 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 25,292,167 | — | — | 25,292,167 | |||
Total Investments in Securities | $ 873,014,969 | $ — | $ — | $ 873,014,969 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $914,277,290) | $873,014,969 |
Cash | 1,144,068 |
Cash collateral on deposit at broker for swap contracts | 700,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 1,325,379 |
Dividends | 1,272,276 |
Portfolio shares sold | 25,083 |
Other assets | 8,972 |
Total assets | 877,490,747 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 728,114 |
NYLIFE Distributors (See Note 3) | 159,744 |
Professional fees | 19,067 |
Shareholder communication | 17,363 |
Custodian | 6,169 |
Accrued expenses | 4,648 |
Total liabilities | 935,105 |
Net assets | $876,555,642 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 85,910 |
Additional paid-in-capital | 870,079,172 |
870,165,082 | |
Total distributable earnings (loss) | 6,390,560 |
Net assets | $876,555,642 |
Initial Class | |
Net assets applicable to outstanding shares | $ 92,958,931 |
Shares of beneficial interest outstanding | 8,984,789 |
Net asset value per share outstanding | $ 10.35 |
Service Class | |
Net assets applicable to outstanding shares | $783,596,711 |
Shares of beneficial interest outstanding | 76,924,782 |
Net asset value per share outstanding | $ 10.19 |
60 | MainStay VP Equity Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 3,492,030 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 967,367 |
Professional fees | 41,761 |
Custodian | 14,111 |
Trustees | 10,752 |
Shareholder communication | 8,968 |
Miscellaneous | 11,912 |
Total expenses | 1,054,871 |
Net investment income (loss) | 2,437,159 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (22,406,053) |
Swap transactions | (13,526,959) |
Net realized gain (loss) | (35,933,012) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 113,307,887 |
Net realized and unrealized gain (loss) | 77,374,875 |
Net increase (decrease) in net assets resulting from operations | $ 79,812,034 |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,437,159 | $ 8,458,183 |
Net realized gain (loss) | (35,933,012) | 117,518,501 |
Net change in unrealized appreciation (depreciation) | 113,307,887 | (328,806,143) |
Net increase (decrease) in net assets resulting from operations | 79,812,034 | (202,829,459) |
Distributions to shareholders: | ||
Initial Class | — | (16,509,845) |
Service Class | — | (152,373,206) |
Total distributions to shareholders | — | (168,883,051) |
Capital share transactions: | ||
Net proceeds from sales of shares | 9,016,100 | 19,615,742 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 168,883,051 |
Cost of shares redeemed | (74,080,292) | (120,792,336) |
Increase (decrease) in net assets derived from capital share transactions | (65,064,192) | 67,706,457 |
Net increase (decrease) in net assets | 14,747,842 | (304,006,053) |
Net Assets | ||
Beginning of period | 861,807,800 | 1,165,813,853 |
End of period | $876,555,642 | $ 861,807,800 |
62 | MainStay VP Equity Allocation Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.43 | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | |||||
Net investment income (loss) (a) | 0.04 | 0.13 | 0.18 | 0.18 | 0.21 | 0.18 | |||||
Net realized and unrealized gain (loss) | 0.88 | (2.83) | 2.33 | 1.49 | 2.25 | (1.67) | |||||
Total from investment operations | 0.92 | (2.70) | 2.51 | 1.67 | 2.46 | (1.49) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.40) | (0.27) | (0.27) | (0.36) | (0.19) | |||||
From net realized gain on investments | — | (1.86) | (0.47) | (0.58) | (0.80) | (0.47) | |||||
Total distributions | — | (2.26) | (0.74) | (0.85) | (1.16) | (0.66) | |||||
Net asset value at end of period | $ 10.35 | $ 9.43 | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | |||||
Total investment return (b) | 9.76%(c) | (17.64)% | 20.16% | 15.02% | 24.58% | (12.78)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.80%†† | 1.14% | 1.26% | 1.64% | 1.80% | 1.42% | |||||
Net expenses (d) | 0.02%†† | 0.02% | 0.02% | 0.03% | 0.03% | 0.02% | |||||
Portfolio turnover rate | 4% | 23% | 22% | 26% | 38% | 28% | |||||
Net assets at end of period (in 000's) | $ 92,959 | $ 86,162 | $ 107,062 | $ 92,647 | $ 83,143 | $ 66,326 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 9.30 | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | |||||
Net investment income (loss) (a) | 0.03 | 0.10 | 0.13 | 0.15 | 0.17 | 0.14 | |||||
Net realized and unrealized gain (loss) | 0.86 | (2.79) | 2.32 | 1.47 | 2.24 | (1.65) | |||||
Total from investment operations | 0.89 | (2.69) | 2.45 | 1.62 | 2.41 | (1.51) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.36) | (0.24) | (0.24) | (0.33) | (0.16) | |||||
From net realized gain on investments | — | (1.86) | (0.47) | (0.58) | (0.80) | (0.47) | |||||
Total distributions | — | (2.22) | (0.71) | (0.82) | (1.13) | (0.63) | |||||
Net asset value at end of period | $ 10.19 | $ 9.30 | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | |||||
Total investment return (b) | 9.57%(c) | (17.85)% | 19.86% | 14.74% | 24.27% | (12.99)% | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 0.54%†† | 0.86% | 0.97% | 1.34% | 1.49% | 1.16% | |||||
Net expenses (d) | 0.27%†† | 0.27% | 0.27% | 0.28% | 0.28% | 0.27% | |||||
Portfolio turnover rate | 4% | 23% | 22% | 26% | 38% | 28% | |||||
Net assets at end of period (in 000's) | $ 783,597 | $ 775,646 | $ 1,058,752 | $ 1,041,818 | $ 1,033,813 | $ 929,230 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations1 |
MainStay VP Conservative Allocation 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. |
64 | MainStay VP Asset Allocation Portfolios |
• | Level 1—quoted prices (unadjusted) 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) |
66 | MainStay VP Asset Allocation Portfolios |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(6,301,129) | $(6,301,129) |
Total Net Realized Gain (Loss) | $(6,301,129) | $(6,301,129) |
Average Notional Amount | Total |
Swap Contracts Long | $ 77,841,486 |
Swap Contracts Short | $(62,292,975) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(10,683,335) | $(10,683,335) |
Total Net Realized Gain (Loss) | $(10,683,335) | $(10,683,335) |
Average Notional Amount | Total |
Swap Contracts Long | $ 128,706,815 |
Swap Contracts Short | $(103,770,192) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(16,640,350) | $(16,640,350) |
Total Net Realized Gain (Loss) | $(16,640,350) | $(16,640,350) |
Average Notional Amount | Total |
Swap Contracts Long | $ 206,140,655 |
Swap Contracts Short | $(168,189,185) |
68 | MainStay VP Asset Allocation Portfolios |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(13,526,959) | $(13,526,959) |
Total Net Realized Gain (Loss) | $(13,526,959) | $(13,526,959) |
Average Notional Amount | Total |
Swap Contracts Long | $ 134,742,244 |
Swap Contracts Short | $(115,696,146) |
MainStay VP Conservative Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $512,706,793 | $8,820,789 | $(44,669,941) | $(35,849,152) |
MainStay VP Moderate Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $849,875,240 | $25,627,689 | $(66,893,366) | $(41,265,677) |
MainStay VP Growth Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,297,265,917 | $41,344,941 | $(75,370,677) | $(34,025,736) |
MainStay VP Equity Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $923,312,167 | $34,585,266 | $(84,882,464) | $(50,297,198) |
2022 | |||
Fund | Ordinary Income | Long-Term Capital Gains | Total |
MainStay VP Conservative Allocation Portfolio | $38,778,554 | $ 37,389,298 | $ 76,167,852 |
MainStay VP Moderate Allocation Portfolio | 60,632,330 | 73,833,369 | 134,465,699 |
MainStay VP Growth Allocation Portfolio | 90,433,602 | 141,656,010 | 232,089,612 |
MainStay VP Equity Allocation Portfolio | 54,259,646 | 114,623,405 | 168,883,051 |
Fund | Purchases | Sales |
MainStay VP Conservative Allocation Portfolio | $27,898 | $ 83,875 |
MainStay VP Moderate Allocation Portfolio | 48,608 | 116,989 |
MainStay VP Growth Allocation Portfolio | 75,193 | 206,070 |
MainStay VP Equity Allocation Portfolio | 35,574 | 109,944 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 49,688 | $ 494,125 |
Shares redeemed | (77,668) | (774,301) |
Net increase (decrease) | (27,980) | $ (280,176) |
Year ended December 31, 2022: | ||
Shares sold | 66,953 | $ 761,710 |
Shares issued to shareholders in reinvestment of distributions | 213,286 | 1,966,692 |
Shares redeemed | (210,688) | (2,472,033) |
Net increase (decrease) | 69,551 | $ 256,369 |
70 | MainStay VP Asset Allocation Portfolios |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,108,886 | $ 10,924,055 |
Shares redeemed | (6,782,392) | (66,612,507) |
Net increase (decrease) | (5,673,506) | $ (55,688,452) |
Year ended December 31, 2022: | ||
Shares sold | 3,229,695 | $ 36,058,577 |
Shares issued to shareholders in reinvestment of distributions | 8,142,074 | 74,201,160 |
Shares redeemed | (11,801,655) | (130,992,287) |
Net increase (decrease) | (429,886) | $ (20,732,550) |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 70,102 | $ 671,837 |
Shares redeemed | (223,380) | (2,140,087) |
Net increase (decrease) | (153,278) | $ (1,468,250) |
Year ended December 31, 2022: | ||
Shares sold | 177,636 | $ 2,077,596 |
Shares issued to shareholders in reinvestment of distributions | 823,223 | 7,194,477 |
Shares redeemed | (424,835) | (4,547,952) |
Net increase (decrease) | 576,024 | $ 4,724,121 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 2,163,267 | $ 20,533,683 |
Shares redeemed | (8,586,276) | (81,323,354) |
Net increase (decrease) | (6,423,009) | $ (60,789,671) |
Year ended December 31, 2022: | ||
Shares sold | 3,891,896 | $ 42,602,916 |
Shares issued to shareholders in reinvestment of distributions | 14,708,845 | 127,271,222 |
Shares redeemed | (13,786,867) | (148,626,844) |
Net increase (decrease) | 4,813,874 | $ 21,247,294 |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 121,685 | $ 1,206,659 |
Shares redeemed | (265,299) | (2,636,078) |
Net increase (decrease) | (143,614) | $ (1,429,419) |
Year ended December 31, 2022: | ||
Shares sold | 306,566 | $ 3,636,507 |
Shares issued to shareholders in reinvestment of distributions | 1,729,015 | 15,428,348 |
Shares redeemed | (704,896) | (8,497,093) |
Net increase (decrease) | 1,330,685 | $ 10,567,762 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,452,410 | $ 14,285,905 |
Shares redeemed | (13,895,037) | (136,332,381) |
Net increase (decrease) | (12,442,627) | $(122,046,476) |
Year ended December 31, 2022: | ||
Shares sold | 2,009,708 | $ 22,790,986 |
Shares issued to shareholders in reinvestment of distributions | 24,581,213 | 216,661,264 |
Shares redeemed | (21,669,058) | (242,834,836) |
Net increase (decrease) | 4,921,863 | $ (3,382,586) |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 124,797 | $ 1,230,991 |
Shares redeemed | (275,447) | (2,733,441) |
Net increase (decrease) | (150,650) | $ (1,502,450) |
Year ended December 31, 2022: | ||
Shares sold | 217,177 | $ 2,501,367 |
Shares issued to shareholders in reinvestment of distributions | 1,875,309 | 16,509,845 |
Shares redeemed | (396,277) | (4,648,111) |
Net increase (decrease) | 1,696,209 | $ 14,363,101 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 800,589 | $ 7,785,109 |
Shares redeemed | (7,300,444) | (71,346,851) |
Net increase (decrease) | (6,499,855) | $ (63,561,742) |
Year ended December 31, 2022: | ||
Shares sold | 1,506,192 | $ 17,114,375 |
Shares issued to shareholders in reinvestment of distributions | 17,547,845 | 152,373,206 |
Shares redeemed | (10,123,962) | (116,144,225) |
Net increase (decrease) | 8,930,075 | $ 53,343,356 |
72 | MainStay VP Asset Allocation Portfolios |
74 | MainStay VP Asset Allocation Portfolios |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029444 | MSVPAA10-08/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Period-Ended June 30, 2023 | ||||||
Class | Inception Date | Six Months1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 1.48% | -1.42% | 2.44% | 1.91% | 0.76% |
Service Class Shares | 2/17/2012 | 1.36 | -1.67 | 2.18 | 1.66 | 1.01 |
1. | Not annualized. |
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* | Six Months1 | One Year | Five Years | Ten Years |
Bloomberg U.S. TIPS Index2 | 1.87% | -1.40% | 2.49% | 2.08% |
Morningstar Inflation-Protected Bond Category Average3 | 1.36 | -1.30 | 2.17 | 1.65 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | Not annualized. |
2. | 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. |
3. | The Morningstar Inflation-Protected Bond Category Average is representative of funds that invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 1/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 6/30/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,014.80 | $4.15 | $1,020.68 | $4.16 | 0.83% |
Service Class Shares | $1,000.00 | $1,013.60 | $5.39 | $1,019.44 | $5.41 | 1.08% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
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%-1.625%, due 1/15/24–7/15/32 |
2. | U.S. Treasury Inflation Linked Bonds, 0.125%-3.375%, due 1/15/25–2/15/52 |
3. | UMBS, Single Family, 30 Year, 4.00%-5.00%, due 7/25/53 |
4. | Italy Buoni Poliennali Del Tesoro, 0.40%-1.40%, due 5/26/25–5/15/30 |
5. | France Government Bond, 0.10%-0.25%, due 7/25/24–7/25/38 |
6. | Japan Government CPI Linked Bond, 0.005%-0.10%, due 3/10/28–3/10/31 |
7. | Nykredit Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
8. | VMC Finance LLC, 6.967%, due 2/18/39 |
9. | Nordea Kredit Realkreditaktieselskab, 0.50%-2.50%, due 10/1/43–10/1/53 |
10. | UniCredit SpA, 7.83%, due 12/4/23 |
• | Short exposure to Japanese interest rates, as Japanese interest rates broadly moved lower over the reporting period, |
• | Out-of-Index exposure to Danish covered bonds as spreads2 widened, and |
• | Positioning within U.S. interest rates, specifically exposure to medium-term maturities relative to underweight exposure to front-end maturities, as medium-term maturities rose modestly over the reporting period. |
• | Out-of-Index holdings of non-agency mortgage positions, as mortgage spreads tightened, and |
• | Overweight U.S. breakeven inflation3 positioning, as inflation expectations rose in the United States. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
3. | Breakeven inflation is the difference between the nominal yield on a fixed-rate investment and the real yield (fixed spread) on an inflation-linked investment of similar maturity and credit quality. |
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. |
8 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Long-Term Bonds 104.7% | ||
Asset-Backed Securities 9.2% | ||
Collateralized Debt Obligations (Commercial Real Estate Collateralized Debt Obligations) 1.0% | ||
Arbor Realty Commercial Real Estate Notes Ltd. (a)(b) | ||
Series 2022-FL1, Class A | ||
6.517% (SOFR 30A + 1.45%), due 1/15/37 | $ 1,400,000 | $ 1,374,652 |
Series 2021-FL4, Class A | ||
6.543% (1 Month LIBOR + 1.35%), due 11/15/36 | 600,000 | 588,013 |
LoanCore Issuer Ltd. | ||
Series 2022-CRE7, Class A | ||
6.616% (SOFR 30A + 1.55%), due 1/17/37 (a)(b) | 600,000 | 588,600 |
VMC Finance LLC | ||
Series 2022-FL5, Class A | ||
6.967% (SOFR 30A + 1.90%), due 2/18/39 (a)(b) | 2,500,000 | 2,451,478 |
5,002,743 | ||
Home Equity Asset-Backed Securities 1.5% | ||
Argent Securities Trust | ||
Series 2006-W4, Class A2C | ||
5.47% (1 Month LIBOR + 0.32%), due 5/25/36 (b) | 283,610 | 68,387 |
Credit Suisse First Boston Mortgage Securities Corp. | ||
Series 2001-HE17, Class A1 | ||
4.599% (1 Month LIBOR + 0.62%), due 1/25/32 (b) | 426,980 | 405,580 |
Credit-Based Asset Servicing and Securitization LLC | ||
Series 2007-CB6, Class A3 | ||
5.37% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b) | 793,748 | 518,177 |
CWABS Asset-Backed Certificates Trust | ||
Series 2007-8, Class 1A1 | ||
5.34% (1 Month LIBOR + 0.19%), due 11/25/37 (b) | 1,266,217 | 1,157,769 |
First Franklin Mortgage Loan Trust | ||
Series 2006-FF17, Class A2 | ||
5.27% (1 Month LIBOR + 0.12%), due 12/25/36 (b) | 394,082 | 334,289 |
GSAA Home Equity Trust | ||
Series 2006-17, Class A3A | ||
5.63% (1 Month LIBOR + 0.48%), due 11/25/36 (b) | 976,676 | 339,497 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
Home Equity Asset Trust | ||
Series 2005-8, Class M2 | ||
3.883% (1 Month LIBOR + 0.675%), due 2/25/36 (b) | $ 203,364 | $ 194,667 |
Lehman XS Trust | ||
Series 2007-20N, Class A1 | ||
7.45% (1 Month LIBOR + 2.30%), due 12/25/37 (b) | 26,217 | 26,527 |
Long Beach Mortgage Loan Trust | ||
Series 2006-7, Class 2A2 | ||
5.39% (1 Month LIBOR + 0.24%), due 8/25/36 (b) | 221,770 | 89,711 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-WMC4, Class A5 | ||
5.30% (1 Month LIBOR + 0.15%), due 10/25/36 (b) | 111,706 | 35,817 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2005-WMC1, Class M3 | ||
5.93% (1 Month LIBOR + 0.78%), due 1/25/35 (b) | 112,065 | 107,736 |
New Century Home Equity Loan Trust | ||
Series 2004-4, Class M1 | ||
5.915% (1 Month LIBOR + 0.765%), due 2/25/35 (b) | 49,704 | 45,166 |
Option One Mortgage Loan Trust | ||
Series 2006-1, Class M1 | ||
5.69% (1 Month LIBOR + 0.54%), due 1/25/36 (b) | 1,200,000 | 1,064,626 |
Popular ABS Mortgage Pass-Through Trust | ||
Series 2006-A, Class M2 | ||
6.02% (1 Month LIBOR + 0.87%), due 2/25/36 (b) | 1,238,000 | 1,109,630 |
RASC Trust (b) | ||
Series 2006-EMX4, Class A4 | ||
5.61% (1 Month LIBOR + 0.23%), due 6/25/36 | 397,968 | 380,048 |
Series 2005-EMX1, Class M2 | ||
6.245% (1 Month LIBOR + 1.095%), due 3/25/35 | 631,323 | 615,710 |
Saxon Asset Securities Trust | ||
Series 2007-3, Class 1A | ||
5.46% (1 Month LIBOR + 0.31%), due 9/25/37 (b) | 87,009 | 81,749 |
Securitized Asset-Backed Receivables LLC Trust (b) | ||
Series 2006-HE2, Class A2C | ||
5.45% (1 Month LIBOR + 0.30%), due 7/25/36 | 331,483 | 134,078 |
10 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Home Equity Asset-Backed Securities (continued) | ||
Securitized Asset-Backed Receivables LLC Trust (b) (continued) | ||
Series 2006-HE1, Class A2C | ||
5.47% (1 Month LIBOR + 0.32%), due 7/25/36 | $ 536,092 | $ 184,057 |
Soundview Home Loan Trust (b) | ||
Series 2007-OPT2, Class 2A3 | ||
5.33% (1 Month LIBOR + 0.18%), due 7/25/37 | 156,297 | 132,293 |
Series 2007-OPT1, Class 1A1 | ||
5.35% (1 Month LIBOR + 0.20%), due 6/25/37 | 257,758 | 174,319 |
7,199,833 | ||
Other Asset-Backed Securities 6.7% | ||
ACAS CLO Ltd. | ||
Series 2015-1A, Class AR3 | ||
6.152% (3 Month LIBOR + 0.89%), due 10/18/28 (a)(b) | 392,994 | 387,903 |
Anchorage Capital CLO 6 Ltd. | ||
Series 2015-6A, Class ARR | ||
6.31% (3 Month LIBOR + 1.05%), due 7/15/30 (a)(b) | 481,880 | 477,934 |
Anchorage Capital CLO 9 Ltd. | ||
Series 2016-9A, Class AR2 | ||
6.40% (3 Month LIBOR + 1.14%), due 7/15/32 (a)(b) | 300,000 | 295,350 |
Anchorage Capital CLO 11 Ltd. | ||
Series 2019-11A, Class AR | ||
6.413% (3 Month LIBOR + 1.14%), due 7/22/32 (a)(b) | 300,000 | 296,102 |
Apidos CLO XXVI | ||
Series 2017-26A, Class A1AR | ||
6.162% (3 Month LIBOR + 0.90%), due 7/18/29 (a)(b) | 790,298 | 784,590 |
ARES European CLO VI DAC | ||
Series 2013-6A, Class ARR | ||
3.787% (3 Month EURIBOR + 0.61%), due 4/15/30 (a)(b) | EUR 590,138 | 630,766 |
ARES European CLO X DAC | ||
Series 10A, Class AR | ||
3.957% (3 Month EURIBOR + 0.78%), due 10/15/31 (a)(b) | 1,100,000 | 1,175,082 |
ARES XL CLO Ltd. | ||
Series 2016-40A, Class A1RR | ||
6.13% (3 Month LIBOR + 0.87%), due 1/15/29 (a)(b) | $ 836,344 | 832,253 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Atlas Senior Loan Fund Ltd. | ||
Series 2017-8A, Class A | ||
6.41% (3 Month LIBOR + 1.15%), due 1/16/30 (a)(b) | $ 900,171 | $ 893,367 |
Atlas Static Senior Loan Fund I Ltd. | ||
Series 2022-1A, Class A | ||
7.586% (3 Month SOFR + 2.60%), due 7/15/30 (a)(b) | 458,091 | 458,366 |
Bain Capital Euro CLO DAC | ||
Series 2020-1A, Class A | ||
4.311% (3 Month EURIBOR + 1.10%), due 1/24/33 (a)(b) | EUR 500,000 | 535,795 |
Benefit Street Partners CLO XII Ltd. | ||
Series 2017-12A, Class A1R | ||
6.21% (3 Month LIBOR + 0.95%), due 10/15/30 (a)(b) | $ 471,890 | 466,358 |
Benefit Street Partners CLO XVI Ltd. | ||
Series 2018-16A, Class A1R | ||
6.29% (3 Month LIBOR + 1.03%), due 1/17/32 (a)(b) | 300,000 | 296,096 |
Black Diamond CLO DAC | ||
Series 2017-2A, Class A1 | ||
4.06% (3 Month EURIBOR + 0.86%), due 1/20/32 (a)(b) | EUR 836,724 | 902,088 |
BlueMountain Fuji EUR CLO V DAC | ||
Series 5A, Class A | ||
4.087% (3 Month EURIBOR + 0.91%), due 1/15/33 (a)(b) | 1,100,000 | 1,168,193 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-1A, Class A1RR | ||
6.271% (3 Month LIBOR + 0.95%), due 8/14/30 (a)(b) | $ 546,061 | 541,683 |
Carlyle Global Market Strategies Euro CLO Ltd. | ||
Series 2014-2A, Class AR1 | ||
4.073% (3 Month EURIBOR + 0.75%), due 11/15/31 (a)(b) | EUR 1,000,000 | 1,065,632 |
Carlyle U.S. CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
6.25% (3 Month LIBOR + 1.00%), due 4/20/31 (a)(b) | $ 700,000 | 690,229 |
CIFC Funding Ltd. (a)(b) | ||
Series 2017-4A, Class A1R | ||
6.223% (3 Month LIBOR + 0.95%), due 10/24/30 | 380,802 | 376,862 |
Series 2018-3A, Class A | ||
6.362% (3 Month LIBOR + 1.10%), due 7/18/31 | 500,000 | 495,286 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Crestline Denali CLO XV Ltd. | ||
Series 2017-1A, Class AR | ||
6.28% (3 Month LIBOR + 1.03%), due 4/20/30 (a)(b) | $ 219,623 | $ 218,076 |
Dryden 52 Euro CLO DAC | ||
Series 2017-52A, Class AR | ||
4.183% (3 Month EURIBOR + 0.86%), due 5/15/34 (a)(b) | EUR 500,000 | 533,585 |
Gallatin CLO VIII Ltd. | ||
Series 2017-1A, Class A1R | ||
6.35% (3 Month LIBOR + 1.09%), due 7/15/31 (a)(b) | $ 400,000 | 395,290 |
HalseyPoint CLO 3 Ltd. | ||
Series 2020-3A, Class A1A | ||
6.749% (3 Month LIBOR + 1.45%), due 11/30/32 (a)(b) | 500,000 | 495,394 |
Invesco Euro CLO I DAC | ||
Series 1A, Class A1R | ||
3.827% (3 Month EURIBOR + 0.65%), due 7/15/31 (a)(b) | EUR 500,000 | 531,432 |
Jubilee CLO DAC | ||
Series 2015-16A, Class A1R | ||
4.326% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b) | 583,499 | 630,131 |
LCM 30 Ltd. | ||
Series 30A, Class AR | ||
6.33% (3 Month LIBOR + 1.08%), due 4/20/31 (a)(b) | $ 1,350,000 | 1,327,312 |
LCM XIII LP | ||
Series 13A, Class AR3 | ||
6.135% (3 Month LIBOR + 0.87%), due 7/19/27 (a)(b) | 881,990 | 875,535 |
LCM XV LP | ||
Series 15A, Class AR2 | ||
6.25% (3 Month LIBOR + 1.00%), due 7/20/30 (a)(b) | 333,951 | 330,970 |
LCM XXV Ltd. | ||
Series 25A, Class AR | ||
6.148% (3 Month SOFR + 1.10%), due 7/20/30 (a)(b) | 1,289,710 | 1,280,752 |
Madison Park Euro Funding IX DAC | ||
Series 9A, Class AR | ||
4.057% (3 Month EURIBOR + 0.88%), due 7/15/35 (a)(b) | EUR 500,000 | 528,557 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Madison Park Funding XLI Ltd. | ||
Series 12A, Class AR | ||
6.103% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b) | $ 163,674 | $ 162,666 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR2 | ||
6.201% (3 Month LIBOR + 0.88%), due 11/15/28 (a)(b) | 338,829 | 336,808 |
Man GLG Euro CLO II DAC | ||
Series 2A, Class A1R | ||
4.047% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b) | EUR 109,913 | 118,489 |
MidOcean Credit CLO II | ||
Series 2013-2A, Class ARR | ||
6.329% (3 Month LIBOR + 1.03%), due 1/29/30 (a)(b) | $ 174,815 | 172,645 |
OCP Euro CLO DAC | ||
Series 2017-2A, Class A | ||
3.997% (3 Month EURIBOR + 0.82%), due 1/15/32 (a)(b) | EUR 987,033 | 1,062,661 |
OSD CLO Ltd. | ||
Series 2021-23A, Class A | ||
6.13% (3 Month LIBOR + 0.87%), due 4/17/31 (a)(b) | $ 1,269,645 | 1,251,393 |
OZLM VIII Ltd. | ||
Series 2014-8A, Class A1R3 | ||
6.24% (3 Month LIBOR + 0.98%), due 10/17/29 (a)(b) | 288,536 | 286,027 |
OZLM XI Ltd. | ||
Series 2015-11A, Class A1R | ||
6.549% (3 Month LIBOR + 1.25%), due 10/30/30 (a)(b) | 788,267 | 783,873 |
OZLM XXIV Ltd. | ||
Series 2019-24A, Class A1AR | ||
6.41% (3 Month LIBOR + 1.16%), due 7/20/32 (a)(b) | 200,000 | 196,537 |
Palmer Square Loan Funding Ltd. (a)(b) | ||
Series 2021-3A, Class A1 | ||
6.05% (3 Month LIBOR + 0.80%), due 7/20/29 | 910,607 | 903,976 |
Series 2021-4A, Class A1 | ||
6.06% (3 Month LIBOR + 0.80%), due 10/15/29 | 377,267 | 373,322 |
Rad CLO 5 Ltd. | ||
Series 2019-5A, Class AR | ||
6.393% (3 Month LIBOR + 1.12%), due 7/24/32 (a)(b) | 1,700,000 | 1,675,493 |
12 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Romark CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
6.303% (3 Month LIBOR + 1.03%), due 10/23/30 (a)(b) | $ 397,104 | $ 392,753 |
Saranac CLO VI Ltd. | ||
Series 2018-6A, Class A1R | ||
6.684% (3 Month LIBOR + 1.14%), due 8/13/31 (a)(b) | 300,000 | 295,854 |
SLM Student Loan Trust | ||
Series 2004-3A, Class A6B | ||
5.805% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b) | 300,579 | 293,785 |
Sound Point CLO IX Ltd. | ||
Series 2015-2A, Class ARRR | ||
6.46% (3 Month LIBOR + 1.21%), due 7/20/32 (a)(b) | 500,000 | 490,431 |
Sound Point CLO XIV Ltd. | ||
Series 2016-3A, Class AR2 | ||
6.263% (3 Month LIBOR + 0.99%), due 1/23/29 (a)(b) | 132,401 | 132,209 |
Sound Point CLO XV Ltd. | ||
Series 2017-1A, Class ARR | ||
6.173% (3 Month LIBOR + 0.90%), due 1/23/29 (a)(b) | 491,561 | 487,230 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-3A, Class AR | ||
6.34% (3 Month LIBOR + 1.08%), due 4/15/31 (a)(b) | 300,000 | 294,863 |
Toro European CLO DAC (a)(b) | ||
Series 5A, Class A | ||
3.917% (3 Month EURIBOR + 0.74%), due 10/15/30 | EUR 459,785 | 493,334 |
Series 5A, Class ANV | ||
3.917% (3 Month EURIBOR + 0.74%), due 10/15/30 | 643,700 | 690,668 |
Venture 36 CLO Ltd. | ||
Series 2019-36A, Class A1AR | ||
6.38% (3 Month LIBOR + 1.13%), due 4/20/32 (a)(b) | $ 600,000 | 588,042 |
Venture XXIV CLO Ltd. | ||
Series 2016-24A, Class ARR | ||
6.15% (3 Month LIBOR + 0.90%), due 10/20/28 (a)(b) | 256,367 | 254,305 |
Venture XXV CLO Ltd. | ||
Series 2016-25A, Class ARR | ||
6.27% (3 Month LIBOR + 1.02%), due 4/20/29 (a)(b) | 203,355 | 202,308 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Vibrant CLO VI Ltd. | ||
Series 2017-6A, Class AR | ||
6.46% (3 Month LIBOR + 0.95%), due 6/20/29 (a)(b) | $ 419,703 | $ 415,346 |
Vibrant CLO XI Ltd. | ||
Series 2019-11A, Class A1R1 | ||
6.37% (3 Month LIBOR + 1.12%), due 7/20/32 (a)(b) | 400,000 | 392,892 |
VOYA CLO | ||
Series 2017-2A, Class A1R | ||
6.24% (3 Month LIBOR + 0.98%), due 6/7/30 (a)(b) | 256,030 | 253,992 |
Wellfleet CLO Ltd. | ||
Series 2015-1A, Class AR4 | ||
6.14% (3 Month LIBOR + 0.89%), due 7/20/29 (a)(b) | 274,864 | 272,327 |
33,191,198 | ||
Total Asset-Backed Securities (Cost $47,003,864) | 45,393,774 | |
Corporate Bonds 2.4% | ||
Banks 1.4% | ||
Banco Bilbao Vizcaya Argentaria SA | ||
Series Reg S | ||
5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (b)(c) | EUR 400,000 | 432,115 |
Bank of America Corp. | ||
Series FF | ||
5.875%, due 3/15/28 (c)(d) | $ 190,000 | 174,088 |
Lloyds Banking Group plc | ||
Series Reg S | ||
4.947% (5 Year EURIBOR ICE Swap Rate + 5.29%), due 6/27/25 (b)(c) | EUR 200,000 | 198,577 |
Nykredit Realkredit A/S | ||
Series Reg S | ||
0.50%, due 10/1/43 | DKK 11,866,350 | 1,306,455 |
Series Reg S | ||
1.00%, due 10/1/50 | 13,489,158 | 1,420,874 |
Series Reg S | ||
1.00%, due 10/1/53 | 496,688 | 48,042 |
Series Reg S | ||
1.50%, due 10/1/53 | 321,036 | 33,169 |
Series Reg S | ||
1.50%, due 10/1/53 | 10,454,487 | 1,149,097 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Nykredit Realkredit A/S (continued) | ||
Series Reg S | ||
1.50%, due 10/1/53 | DKK 99,757 | $ 9,649 |
Series Reg S | ||
2.00%, due 10/1/53 | 299,354 | 32,245 |
Series Reg S | ||
2.00%, due 10/1/53 | 495,284 | 56,435 |
Series Reg S | ||
2.50%, due 10/1/47 | 1,630 | 208 |
UBS Group AG | ||
Series Reg S | ||
7.75%, due 3/1/29 (d) | EUR 100,000 | 120,794 |
UniCredit SpA | ||
7.83%, due 12/4/23 (a) | $ 1,800,000 | 1,806,073 |
6,787,821 | ||
Distribution & Wholesale 0.0% ‡ | ||
Toyota Tsusho Corp. | ||
Series Reg S | ||
3.625%, due 9/13/23 | 200,000 | 199,096 |
Diversified Financial Services 1.0% | ||
Avolon Holdings Funding Ltd. | ||
2.528%, due 11/18/27 (a) | 66,000 | 55,644 |
Jyske Realkredit A/S | ||
Series CCE | ||
0.50%, due 10/1/43 | DKK 2,329,634 | 257,340 |
Series Reg S | ||
1.00%, due 10/1/50 | 5,642,758 | 593,344 |
Series Reg S | ||
1.00%, due 10/1/53 | 3,904,870 | 378,412 |
Series cce | ||
1.50%, due 10/1/53 | 1,635,835 | 180,101 |
Series CCE | ||
1.50%, due 10/1/53 | 1,984,783 | 205,067 |
Series 111E | ||
2.50%, due 10/1/47 | 4,270 | 547 |
Nordea Kredit Realkreditaktieselskab | ||
Series Reg S | ||
0.50%, due 10/1/43 | 885,935 | 97,539 |
Series Reg S | ||
1.00%, due 10/1/50 | 6,319,109 | 667,935 |
Series Reg S | ||
1.00%, due 10/1/53 | 91,405 | 9,494 |
1.50%, due 10/1/53 | 10,598,641 | 1,095,045 |
Series Reg S | ||
1.50%, due 10/1/53 | 34,640 | 3,808 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Nordea Kredit Realkreditaktieselskab (continued) | ||
1.50%, due 10/1/53 | DKK 500,000 | $ 48,362 |
Series Reg S | ||
2.00%, due 10/1/53 (a) | 399,775 | 45,772 |
Series Reg S | ||
2.50%, due 10/1/47 | 1,881 | 241 |
Realkredit Danmark A/S | ||
Series Reg S | ||
1.00%, due 10/1/50 | 4,880,739 | 513,216 |
Series Reg S | ||
1.00%, due 10/1/53 | 5,955 | 576 |
Series Reg S | ||
1.00%, due 10/1/53 | 1,430,174 | 148,289 |
Series Reg S | ||
1.50%, due 10/1/53 | 809,641 | 88,991 |
Series Reg S | ||
1.50%, due 10/1/53 | 1,491,162 | 154,066 |
Series Reg S | ||
2.00%, due 10/1/53 | 1,693,696 | 182,438 |
Series Reg S | ||
2.50%, due 4/1/47 | 8,617 | 1,103 |
4,727,330 | ||
Home Builders 0.0% ‡ | ||
DR Horton, Inc. | ||
5.75%, due 8/15/23 | $ 100,000 | 100,000 |
Pharmaceuticals 0.0% ‡ | ||
Cigna Group (The) | ||
3.75%, due 7/15/23 | 73,000 | 72,934 |
Total Corporate Bonds (Cost $15,798,305) | 11,887,181 | |
Foreign Government Bonds 6.9% | ||
Canada 0.2% | ||
Canadian Government Real Return Bond | ||
4.25%, due 12/1/26 (e) | CAD 1,068,480 | 868,770 |
France 1.7% | ||
France Government Bond (e) | ||
Series Reg S | ||
0.10%, due 3/1/26 (a) | EUR 3,620,738 | 3,868,928 |
Series Reg S | ||
0.10%, due 7/25/31 (a) | 818,860 | 867,967 |
14 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
France (continued) | ||
France Government Bond (e) (continued) | ||
Series Reg S | ||
0.10%, due 7/25/38 (a) | EUR 1,607,998 | $ 1,628,657 |
Series Reg S | ||
0.25%, due 7/25/24 | 1,618,422 | 1,748,817 |
8,114,369 | ||
Italy 3.1% | ||
Italy Buoni Poliennali Del Tesoro (a)(e) | ||
Series Reg S | ||
0.40%, due 5/15/30 | 2,728,007 | 2,717,843 |
Series Reg S | ||
1.40%, due 5/26/25 | 11,528,175 | 12,444,944 |
15,162,787 | ||
Japan 1.6% | ||
Japan Government CPI Linked Bond (e) | ||
0.005%, due 3/10/31 | JPY 82,856,800 | 616,710 |
0.10%, due 3/10/28 | 206,240,760 | 1,506,482 |
0.10%, due 3/10/28 | 242,697,460 | 1,772,779 |
0.10%, due 3/10/29 | 174,766,280 | 1,285,661 |
0.10%, due 3/10/29 | 374,351,440 | 2,753,900 |
7,935,532 | ||
New Zealand 0.2% | ||
New Zealand Government Inflation Linked Bond | ||
Series Reg S | ||
2.00%, due 9/20/25 (e) | NZD 1,790,880 | 1,111,890 |
Peru 0.1% | ||
Peru Government Bond | ||
5.94%, due 2/12/29 | PEN 1,000,000 | 270,117 |
6.15%, due 8/12/32 | 900,000 | 236,766 |
506,883 | ||
Total Foreign Government Bonds (Cost $37,367,032) | 33,700,231 | |
Mortgage-Backed Securities 6.5% | ||
Agency (Collateralized Mortgage Obligations) 5.5% | ||
FHLMC (b) | ||
REMIC, Series 4779, Class WF | ||
4.401% (1 Month LIBOR + 0.35%), due 7/15/44 | $ 137,161 | 132,119 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (b) (continued) | ||
REMIC, Series 4694, Class FA | ||
5.593% (1 Month LIBOR + 0.40%), due 6/15/47 | $ 851,410 | $ 819,637 |
FHLMC, Strips | ||
REMIC, Series 278, Class F1 | ||
5.643% (1 Month LIBOR + 0.45%), due 9/15/42 (b) | 147,241 | 142,768 |
GNMA (b) | ||
REMIC, Series 2018-H15, Class FG | ||
3.858% (12 Month LIBOR + 0.15%), due 8/20/68 | 330,213 | 321,322 |
REMIC, Series 2023-H11, Class FC | ||
6.166% (SOFR 30A + 1.10%), due 5/20/73 | 501,576 | 503,194 |
REMIC, Series 2017-H10, Class FB | ||
6.464% (12 Month LIBOR + 0.75%), due 4/20/67 | 198,773 | 197,619 |
UMBS, Single Family, 30 Year (f) | ||
4.00%, due 7/25/53 TBA | 10,000,000 | 9,383,984 |
4.50%, due 7/25/53 TBA | 7,000,000 | 6,729,844 |
5.00%, due 7/25/53 TBA | 9,000,000 | 8,818,594 |
27,049,081 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.2% | ||
GS Mortgage Securities Corp. Trust | ||
Series 2022-GTWY, Class A | ||
8.547% (1 Month SOFR + 3.40%), due 8/15/39 (a)(b) | 1,300,000 | 1,297,554 |
Whole Loan (Collateralized Mortgage Obligations) 0.8% | ||
Alternative Loan Trust | ||
Series 2005-29CB, Class A4 | ||
5.00%, due 7/25/35 | 26,246 | 15,591 |
Series 2007-1T1, Class 1A1 | ||
6.00%, due 3/25/37 | 525,512 | 207,658 |
CHL Mortgage Pass-Through Trust | ||
Series 2007-1, Class A1 | ||
6.00%, due 3/25/37 | 25,293 | 12,625 |
Citigroup Mortgage Loan Trust | ||
Series 2007-AR4, Class 1A1A | ||
4.001%, due 3/25/37 (g) | 159,130 | 136,941 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2004-NCM2, Class 1CB1 | ||
5.50%, due 8/25/34 | 122,352 | 108,515 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Eurosail-UK plc (b) | ||
Series 2007-3A, Class A3C | ||
6.008% (SONIA3M IR + 1.069%), due 6/13/45 (a) | GBP 20,661 | $ 25,876 |
Series 2007-3X, Class A3A | ||
6.008% (SONIA3M IR + 1.069%), due 6/13/45 | 77,490 | 97,652 |
Series 2007-3X, Class A3C | ||
6.008% (SONIA3M IR + 1.069%), due 6/13/45 | 20,660 | 25,876 |
GreenPoint Mortgage Funding Trust | ||
Series 2006-AR4, Class A6A | ||
5.51% (1 Month LIBOR + 0.36%), due 9/25/46 (b) | $ 60,292 | 53,875 |
IndyMac INDX Mortgage Loan Trust (b) | ||
Series 2005-AR12, Class 2A1A | ||
5.63% (1 Month LIBOR + 0.48%), due 7/25/35 | 89,230 | 83,281 |
Series 2005-AR14, Class 1A1A | ||
5.71% (1 Month LIBOR + 0.56%), due 7/25/35 | 663,058 | 478,571 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-A4, Class 1A | ||
4.054%, due 7/25/35 (g) | 142,205 | 75,775 |
New Residential Mortgage Loan Trust (a)(h) | ||
Series 2019-RPL3, Class A1 | ||
2.75%, due 7/25/59 | 186,714 | 172,109 |
Series 2018-3A, Class A1 | ||
4.50%, due 5/25/58 | 107,112 | 101,843 |
OBX Trust | ||
Series 2018-1, Class A2 | ||
5.80% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b) | 24,027 | 22,682 |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | ||
Series 2005-2, Class M7 | ||
6.95% (1 Month LIBOR + 1.80%), due 4/25/35 (b) | 100,000 | 95,650 |
RALI Trust | ||
Series 2006-QH1, Class A1 | ||
5.53% (1 Month LIBOR + 0.38%), due 12/25/36 (b) | 749,163 | 651,815 |
Residential Asset Securitization Trust | ||
Series 2006-A10, Class A5 | ||
6.50%, due 9/25/36 | 218,510 | 76,996 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Residential Mortgage Securities 32 plc | ||
Series 32A, Class A | ||
6.184% (SONIA3M IR + 1.25%), due 6/20/70 (a)(b) | GBP 118,778 | $ 150,926 |
Thornburg Mortgage Securities Trust | ||
Series 2004-2, Class A1 | ||
5.77% (1 Month LIBOR + 0.62%), due 6/25/44 (b) | $ 372,552 | 337,872 |
Towd Point Mortgage Funding Granite 4 plc | ||
Series 2019-GR4A, Class A1 | ||
6.114% (SONIA3M IR + 1.144%), due 10/20/51 (a)(b) | GBP 486,911 | 618,494 |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | ||
Series 2007-HY1, Class A2A | ||
5.47% (1 Month LIBOR + 0.32%), due 2/25/37 (b) | $ 369,340 | 278,625 |
Series 2006-5, Class 2CB1 | ||
6.00%, due 7/25/36 | 32,075 | 22,257 |
3,851,505 | ||
Total Mortgage-Backed Securities (Cost $33,018,525) | 32,198,140 | |
U.S. Government & Federal Agencies 79.7% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.1% | ||
UMBS Pool, 30 Year | ||
2.00%, due 3/1/52 | 187,189 | 152,874 |
3.00%, due 1/1/52 | 391,035 | 344,992 |
497,866 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.4% | ||
FNMA (b) | ||
4.536% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 | 132,645 | 135,213 |
4.559% (11th District Cost of Funds Index + 1.927%), due 12/1/36 | 47,564 | 47,153 |
5.176% (12 Month Monthly Treasury Average Index + 1.199%), due 6/1/43 | 111,162 | 107,452 |
UMBS, 30 Year | ||
3.50%, due 7/1/52 | 287,240 | 261,805 |
4.00%, due 8/1/52 | 458,632 | 430,505 |
16 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.50%, due 7/1/52 | $ 579,349 | $ 557,107 |
4.50%, due 3/1/53 | 496,897 | 477,777 |
2,017,012 | ||
United States Treasury Inflation - Indexed Notes 79.2% | ||
U.S. Treasury Inflation Linked Bonds (e) | ||
0.125%, due 2/15/51 | 5,721,181 | 3,812,296 |
0.125%, due 2/15/52 (i) | 1,961,568 | 1,299,596 |
0.25%, due 2/15/50 | 3,516,281 | 2,456,211 |
0.625%, due 2/15/43 | 2,348,674 | 1,925,179 |
0.75%, due 2/15/42 | 7,021,537 | 5,961,655 |
0.75%, due 2/15/45 | 9,971,210 | 8,233,162 |
0.875%, due 2/15/47 | 13,752,287 | 11,526,941 |
1.00%, due 2/15/46 | 7,669,057 | 6,646,766 |
1.00%, due 2/15/48 | 4,684,602 | 4,025,555 |
1.00%, due 2/15/49 | 7,173,142 | 6,162,177 |
1.375%, due 2/15/44 | 14,175,077 | 13,341,461 |
1.75%, due 1/15/28 | 14,804,965 | 14,631,614 |
2.00%, due 1/15/26 | 7,088,951 | 6,994,109 |
2.125%, due 2/15/40 | 4,856,283 | 5,207,368 |
2.125%, due 2/15/41 | 6,690,902 | 7,174,947 |
2.375%, due 1/15/25 | 14,629,264 | 14,475,971 |
2.375%, due 1/15/27 | 30,086 | 30,235 |
2.50%, due 1/15/29 | 7,389,781 | 7,609,165 |
3.375%, due 4/15/32 (i) | 558,872 | 635,368 |
U.S. Treasury Inflation Linked Notes (e) | ||
0.125%, due 10/15/24 | 8,513,280 | 8,211,408 |
0.125%, due 4/15/25 | 3,288,488 | 3,128,238 |
0.125%, due 10/15/25 (i) | 10,171,692 | 9,642,843 |
0.125%, due 4/15/26 (i) | 4,916,273 | 4,609,630 |
0.125%, due 7/15/26 | 10,896,730 | 10,234,945 |
0.125%, due 10/15/26 | 2,553,391 | 2,386,872 |
0.125%, due 4/15/27 | 3,653,096 | 3,380,969 |
0.125%, due 1/15/30 | 2,664,766 | 2,389,858 |
0.125%, due 7/15/30 | 17,771,664 | 15,933,755 |
0.125%, due 1/15/31 | 19,158,518 | 17,022,456 |
0.125%, due 7/15/31 (i) | 3,282,394 | 2,909,887 |
0.125%, due 1/15/32 | 25,608,258 | 22,537,268 |
0.25%, due 1/15/25 | 7,172,480 | 6,875,565 |
0.25%, due 7/15/29 | 20,208,929 | 18,449,726 |
0.375%, due 7/15/25 | 12,792,400 | 12,241,352 |
0.375%, due 1/15/27 | 4,998,283 | 4,689,453 |
0.375%, due 7/15/27 | 2,629,118 | 2,464,310 |
0.50%, due 4/15/24 | 27,208,015 | 26,549,602 |
0.50%, due 1/15/28 (i) | 383,713 | 358,869 |
Principal Amount | Value | |
United States Treasury Inflation - Indexed Notes (continued) | ||
U.S. Treasury Inflation Linked Notes (e) (continued) | ||
0.625%, due 1/15/24 | $ 18,105,750 | $ 17,798,801 |
0.625%, due 1/15/26 | 5,400,526 | 5,149,222 |
0.625%, due 7/15/32 (j) | 31,845,355 | 29,261,652 |
0.75%, due 7/15/28 | 19,348,725 | 18,332,539 |
0.875%, due 1/15/29 | 13,804,410 | 13,064,580 |
1.625%, due 10/15/27 | 10,343,208 | 10,190,181 |
389,963,757 | ||
Total U.S. Government & Federal Agencies (Cost $434,684,221) | 392,478,635 | |
Total Long-Term Bonds (Cost $567,871,947) | 515,657,961 | |
Shares | ||
Short-Term Investments 40.6% | ||
Affiliated Investment Company 0.3% | ||
MainStay U.S. Government Liquidity Fund, 5.06% (k) | 1,700,329 | 1,700,329 |
Principal Amount | ||
Commercial Paper 0.3% | ||
AT&T, Inc. | ||
6.033%, due 3/19/24 | $ 1,300,000 | 1,244,432 |
Repurchase Agreements 40.0% | ||
BNP Paribas S.A. 5.16%, dated 6/30/23 due 7/3/23 Proceeds at Maturity $13,105,633 (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 $15,127,372 and a Market Value of $13,421,005) | 13,100,000 | 13,100,000 |
Principal Amount | Value | ||
Short-Term Investments (continued) | |||
Repurchase Agreements (continued) | |||
BNP Paribas S.A. 5.08%, dated 6/30/23 due 7/5/23 Proceeds at Maturity $61,343,251 (Collateralized by United States Treasury Inflation Protected Bond with a rate of 1.375% and maturity date of 11/15/31, with a Principal Amount of $75,679,000 and a Market Value of $62,420,039) | $ 61,300,000 | $ 61,300,000 | |
Deutsche Bank Securities Inc. 5.14%, dated 6/30/23 due 7/5/23 Proceeds at Maturity $61,343,761 (Collateralized by United States Treasury Bond with a rate of 2.25% and maturity date of 5/15/41, with a Principal Amount of $81,370,000 and a Market Value of $62,736,270) | 61,300,000 | 61,300,000 | |
JPMorgan Chase Bank N.A. 5.14%, dated 6/30/23 due 7/5/23 Proceeds at Maturity $61,343,761 (Collateralized by United States Treasury Inflation Protected Bond with a rate of 3.625% and maturity date of 4/15/28, with a Principal Amount of $56,030,277 and a Market Value of $60,159,709) | 61,300,000 | 61,300,000 | |
Total Repurchase Agreements (Cost $197,000,000) | 197,000,000 | ||
Total Short-Term Investments (Cost $199,946,401) | 199,944,761 | ||
Total Investments (Cost $767,818,348) | 145.3% | 715,602,722 | |
Other Assets, Less Liabilities | (45.3) | (223,164,444) | |
Net Assets | 100.0% | $ 492,438,278 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(c) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2023. |
(e) | 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. |
(f) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2023, the total net market value was $24,932,422, which represented 5.1% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(g) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2023. |
(h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of June 30, 2023. |
(i) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for futures, swaps and Repurchase Agreement. |
(j) | Delayed delivery security. |
(k) | Current yield as of June 30, 2023. |
18 | MainStay VP PIMCO Real Return Portfolio |
Affiliated Investment Companies | Value, Beginning of Period | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Period | Dividend Income | Other Distributions | Shares End of Period |
MainStay U.S. Government Liquidity Fund | $ 4,226 | $ 44,575 | $ (47,101) | $ — | $ — | $ 1,700 | $ 26 | $ — | 1,700 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 20,589 | USD | 13,697 | Barclays Capital | 8/2/23 | $ 31 |
AUD | 130,035 | USD | 86,199 | BNP Paribas S.A. | 8/2/23 | 502 |
EUR | 255,000 | USD | 273,910 | Morgan Stanley & Co. International | 7/5/23 | 4,346 |
NZD | 1,038,000 | USD | 632,550 | BNP Paribas S.A. | 7/5/23 | 4,471 |
USD | 4,466,331 | DKK | 30,316,941 | Bank of America N.A. | 8/2/23 | 15,294 |
USD | 3,484,996 | DKK | 23,732,668 | Morgan Stanley & Co. International | 8/2/23 | 641 |
USD | 35,564,808 | EUR | 32,413,000 | BNP Paribas S.A. | 8/2/23 | 142,490 |
USD | 6,163,763 | JPY | 856,361,179 | BNP Paribas S.A. | 7/5/23 | 228,968 |
USD | 2,039,231 | JPY | 290,391,184 | JPMorgan Chase Bank N.A. | 8/2/23 | 17,399 |
USD | 1,345,716 | JPY | 193,161,087 | JPMorgan Chase Bank N.A. | 8/2/23 | 843 |
Total Unrealized Appreciation | 414,985 | |||||
AUD | 2,166,000 | USD | 1,448,654 | JPMorgan Chase Bank N.A. | 7/5/23 | (5,773) |
EUR | 257,000 | USD | 281,555 | Bank of America N.A. | 7/5/23 | (1,116) |
EUR | 233,000 | USD | 254,880 | Barclays Capital | 7/5/23 | (630) |
JPY | 291,630,425 | USD | 2,039,231 | JPMorgan Chase Bank N.A. | 7/5/23 | (18,160) |
USD | 1,307,393 | AUD | 2,015,376 | Bank of America N.A. | 7/5/23 | (35,150) |
USD | 827,039 | CAD | 1,121,000 | BNP Paribas S.A. | 7/5/23 | (19,158) |
USD | 9,490,460 | DKK | 65,721,721 | Bank of America N.A. | 7/5/23 | (141,213) |
USD | 33,838 | DKK | 235,000 | Morgan Stanley & Co. International | 7/5/23 | (602) |
USD | 34,761,449 | EUR | 32,336,000 | BNP Paribas S.A. | 7/5/23 | (523,594) |
USD | 896,121 | EUR | 822,000 | JPMorgan Chase Bank N.A. | 7/5/23 | (845) |
USD | 838,475 | GBP | 663,000 | JPMorgan Chase Bank N.A. | 8/2/23 | (3,722) |
USD | 824,018 | GBP | 663,000 | Morgan Stanley & Co. International | 7/5/23 | (17,993) |
USD | 1,761,562 | JPY | 253,918,610 | JPMorgan Chase Bank N.A. | 8/2/23 | (6,332) |
USD | 220,476 | JPY | 31,709,054 | JPMorgan Chase Bank N.A. | 8/2/23 | (296) |
USD | 577,343 | JPY | 83,193,786 | Morgan Stanley & Co. International | 8/2/23 | (1,889) |
USD | 1,822,927 | NZD | 3,004,635 | Bank of America N.A. | 7/5/23 | (21,017) |
USD | 1,348,098 | NZD | 2,217,139 | Barclays Capital | 8/2/23 | (12,388) |
USD | 30,671 | NZD | 51,000 | BNP Paribas S.A. | 7/5/23 | (628) |
USD | 120,744 | NZD | 199,504 | Morgan Stanley & Co. International | 7/5/23 | (1,692) |
USD | 758,326 | PEN | 2,792,157 | JPMorgan Chase Bank N.A.* | 9/20/23 | (6,611) |
Total Unrealized Depreciation | (818,809) | |||||
Net Unrealized Depreciation | $ (403,824) |
* | Non-deliverable forward. |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Euro-Bund | 93 | September 2023 | $ 13,678,935 | $ 13,572,149 | $ (106,786) |
U.S. Treasury 5 Year Notes | 396 | September 2023 | 42,865,579 | 42,409,125 | (456,454) |
U.S. Treasury 10 Year Ultra Bonds | 8 | September 2023 | 953,118 | 947,500 | (5,618) |
Total Long Contracts | (568,858) | ||||
Short Contracts | |||||
Euro-Bobl | (91) | September 2023 | (11,619,514) | (11,489,910) | 129,604 |
Euro-BTP | (29) | September 2023 | (3,645,272) | (3,674,278) | (29,006) |
Euro-BTP | (56) | September 2023 | (6,450,668) | (6,394,868) | 55,800 |
Euro-Buxl 30 Year Bonds | (54) | September 2023 | (8,119,821) | (8,225,902) | (106,081) |
Euro-OAT | (30) | September 2023 | (4,226,036) | (4,203,302) | 22,734 |
Euro-Schatz | (868) | September 2023 | (100,135,557) | (99,309,894) | 825,663 |
Japan 10 Year Bonds | (16) | September 2023 | (16,411,796) | (16,471,811) | (60,015) |
U.S. Treasury 2 Year Notes | (89) | September 2023 | (18,118,007) | (18,097,594) | 20,413 |
U.S. Treasury 10 Year Notes | (349) | September 2023 | (39,780,957) | (39,180,703) | 600,254 |
U.S. Treasury Long Bonds | (38) | September 2023 | (4,834,316) | (4,822,438) | 11,878 |
U.S. Treasury Ultra Bonds | (69) | September 2023 | (9,311,176) | (9,399,094) | (87,918) |
Total Short Contracts | 1,383,326 | ||||
Net Unrealized Appreciation | $ 814,468 |
1. | As of June 30, 2023, cash in the amount of $2,022,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2023. |
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) | $ (183) | $ (82,889) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-U.S. Treasury 10 Year Notes | Barclays Capital | $ 113.00 | 7/21/23 | (74) | $ (7,400,000) | $ (52,233) | $ (84,407) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-2-Year Interest Rate Swap | BNP Paribas S.A. | $ 3.75 | 9/12/23 | (28,700,000) | $ (28,700,000) | $ (79,557) | $ (33,145) | |
Call-2-Year Interest Rate Swap | Bank of America N.A. | 4.42 | 9/21/23 | (28,500,000) | (28,500,000) | (163,875) | (121,892) | |
$ (243,432) | $ (155,037) |
20 | 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) | ||
$ 26,500,000 | USD | 12/20/25 | Fixed 4.25% | 1 day SOFR | Annually/Annually | $ (109,230) | $ 49,816 | $ 159,046 | ||
14,000,000 | JPY | 9/20/27 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (1,922) | (173) | 1,749 | ||
50,000,000 | JPY | 3/20/28 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (7,457) | (220) | 7,237 | ||
106,980,000 | JPY | 3/20/29 | Fixed 0.45% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (27,270) | (4,066) | 23,204 | ||
1,116,000,000 | JPY | 12/15/31 | Fixed 0.50% | 1 day TONAR | Annually/Annually | 2,006 | (6,518) | (8,524) | ||
5,900,000 | EUR | 8/15/32 | 6 month EURIBOR | Fixed 2.88% | Semi-Annually/Annually | — | (70,483) | (70,483) | ||
8,500,000 | EUR | 9/20/33 | 6 month EURIBOR | Fixed 3.00% | Semi-Annually/Annually | (42,158) | 11,979 | 54,137 | ||
15,800,000 | USD | 2/13/34 | 1 day SOFR | Fixed 3.085% | Annually/Annually | (122,180) | (406,288) | (284,108) | ||
1,400,000 | EUR | 11/4/52 | Fixed 0.19% | 6 month EURIBOR | Annually/Semi-Annually | — | 721,469 | 721,469 | ||
1,800,000 | EUR | 9/20/53 | Fixed 2.50% | 6 month EURIBOR | Annually/Semi-Annually | 27,495 | 4,904 | (22,591) | ||
7,000,000 | USD | 2/13/54 | Fixed 2.87% | 1 day SOFR | Annually/Annually | 134,233 | 297,770 | 163,537 | ||
$ (146,483) | $ 598,190 | $ 744,673 |
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) |
$ 2,800,000 | EUR | 3/15/24 | Fixed 1.03% | 1 Month FRCPI | At Maturity | $ (5,665) | $ 264,448 | $ 270,113 |
200,000 | EUR | 9/15/24 | 1-Month EUR-CPI | Fixed 3.52% | At Maturity | (298) | (2,651) | (2,353) |
1,200,000 | EUR | 9/15/24 | 1-Month EUR-CPI | Fixed 3.72% | At Maturity | (1,519) | (10,725) | (9,206) |
5,400,000 | USD | 2/26/26 | Fixed 2.314% | 1 Month USD-CPI | At Maturity | 104,121 | 536,289 | 432,168 |
2,700,000 | USD | 3/5/26 | Fixed 2.419% | 1 Month USD-CPI | At Maturity | 43,048 | 253,333 | 210,285 |
2,200,000 | USD | 5/13/26 | Fixed 2.768% | 1 Month USD-CPI | At Maturity | 6,940 | 160,489 | 153,549 |
1,000,000 | USD | 5/14/26 | Fixed 2.813% | 1 Month USD-CPI | At Maturity | 1,635 | 70,613 | 68,978 |
1,250,000 | USD | 5/25/26 | Fixed 2.703% | 1 Month USD-CPI | At Maturity | 5,738 | 93,726 | 87,988 |
500,000 | USD | 6/1/26 | Fixed 2.69% | 1 Month USD-CPI | At Maturity | 2,319 | 37,480 | 35,161 |
500,000 | EUR | 5/15/27 | Fixed 3.13% | 1-Month EUR-CPI | At Maturity | — | 14,376 | 14,376 |
800,000 | EUR | 6/15/27 | 1-Month EUR-CPI | Fixed 1.36% | At Maturity | 2,414 | (139,092) | (141,506) |
1,000,000 | EUR | 3/15/28 | 1-Month EUR-CPI | Fixed 1.535% | At Maturity | 18,745 | (162,373) | (181,118) |
770,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.36% | At Maturity | (6,528) | (66,804) | (60,276) |
510,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.353% | At Maturity | (4,641) | (44,638) | (39,997) |
300,000 | USD | 8/26/28 | Fixed 2.573% | 1 Month USD-CPI | At Maturity | — | 18,766 | 18,766 |
500,000 | USD | 9/10/28 | Fixed 2.645% | 1 Month USD-CPI | At Maturity | — | 27,595 | 27,595 |
2,600,000 | USD | 11/4/29 | 1 Month USD-CPI | Fixed 1.76% | At Maturity | (170,236) | (397,995) | (227,759) |
2,200,000 | USD | 5/19/30 | 1 Month USD-CPI | Fixed 1.28% | At Maturity | (237,210) | (436,330) | (199,120) |
4,500,000 | EUR | 3/15/31 | 1-Month EUR-CPI | Fixed 1.38% | At Maturity | (120,606) | (1,031,589) | (910,983) |
800,000 | EUR | 5/15/32 | Fixed 2.6% | 1-Month EUR-CPI | At Maturity | 6,926 | 40,423 | 33,497 |
800,000 | EUR | 5/15/32 | Fixed 2.6% | 1-Month EUR-CPI | At Maturity | 418 | 40,423 | 40,005 |
800,000 | EUR | 6/15/32 | Fixed 2.72% | 1-Month EUR-CPI | At Maturity | 1,394 | 17,104 | 15,710 |
1,000,000 | EUR | 6/15/32 | Fixed 2.72% | 1-Month EUR-CPI | At Maturity | (8,621) | 21,380 | 30,001 |
700,000 | EUR | 6/15/32 | Fixed 2.57% | 1-Month EUR-CPI | At Maturity | — | 26,259 | 26,259 |
800,000 | EUR | 7/15/32 | Fixed 2.47% | 1-Month EUR-CPI | At Maturity | — | 38,116 | 38,116 |
200,000 | EUR | 3/15/33 | Fixed 1.71% | 1-Month EUR-CPI | At Maturity | (9,937) | 36,976 | 46,913 |
1,680,000 | EUR | 5/15/37 | 1-Month EUR-CPI | Fixed 2.488% | At Maturity | — | (122,198) | (122,198) |
400,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.59% | At Maturity | (10,022) | (50,162) | (40,140) |
100,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.58% | At Maturity | — | (12,884) | (12,884) |
100,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.58% | At Maturity | 115 | (12,884) | (12,999) |
100,000 | EUR | 4/15/52 | 1-Month EUR-CPI | Fixed 2.55% | At Maturity | 123 | (12,400) | (12,523) |
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) | ||
$ 1,000,000 | EUR | 4/15/53 | 1-Month EUR-CPI | Fixed 2.7% | At Maturity | $ 6,640 | $ (2,223) | $ (8,863) | ||
$ (374,707) | $ (807,152) | $ (432,445) |
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 | $ 295 | $ 335 | $ 40 |
Swap Counterparty | Reference Obligation | Floating Rate6 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)7 | Unrealized Appreciation/ (Depreciation) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 01/15/2030 | 1 day SOFR + 0.15% | 2/23/24 | Daily | $ 15,000 | $ (107,995) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 04/15/2025 | 1 day SOFR | 7/24/23 | Daily | 5,000 | (77,439) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 07/15/2031 | 1 day SOFR | 7/24/23 | Daily | 10,000 | (282,754) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 07/15/2031 | 1 day SOFR + 0.15% | 2/23/24 | Daily | 10,000 | (23,711) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2024 | 1 day SOFR | 7/24/23 | Daily | 5,000 | (44,735) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2026 | 1 day SOFR | 7/24/23 | Daily | 25,000 | (557,672) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/2025 | 1 day SOFR | 7/24/23 | Daily | 5,000 | (75,691) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 01/15/2027 | 1 day SOFR | 7/24/23 | Daily | 10,000 | (255,797) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 07/15/2027 | 1 day SOFR | 7/24/23 | Daily | 10,000 | (281,906) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.50%, 01/15/2028 | 1 day SOFR + 5.39% | 7/6/23 | Daily | 15,000 | (164,770) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.625%, 01/15/2026 | 1 day SOFR + 5.07% | 7/6/23 | Daily | 5,000 | (50,750) |
$ (1,923,220) |
1. | As of June 30, 2023, cash in the amount of $352,000 was on deposit with a broker for centrally cleared swap agreements. |
2. | Sell—Portfolio receives premium and sells credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
3. | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract. |
4. | The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract. |
5. | Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at June 30, 2023. |
6. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
22 | MainStay VP PIMCO Real Return Portfolio |
7. | 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. |
Abbreviation(s): |
AUD—Australia Dollar |
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index) |
CAD—Canada Dollar |
CLO—Collateralized Loan Obligation |
CPI—Consumer Price Index |
DKK—Denmark Krone |
EUR—Euro |
EURIBOR—Euro Interbank Offered Rate |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FRCPI—France Consumer Price Index |
GBP—British Pound Sterling |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
NZD—New Zealand Dollar |
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 | $ — | $ 45,393,774 | $ — | $ 45,393,774 | |||
Corporate Bonds | — | 11,887,181 | — | 11,887,181 | |||
Foreign Government Bonds | — | 33,700,231 | — | 33,700,231 | |||
Mortgage-Backed Securities | — | 32,198,140 | — | 32,198,140 | |||
U.S. Government & Federal Agencies | — | 392,478,635 | — | 392,478,635 | |||
Total Long-Term Bonds | — | 515,657,961 | — | 515,657,961 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,700,329 | — | — | 1,700,329 | |||
Commercial Paper | — | 1,244,432 | — | 1,244,432 | |||
Repurchase Agreements | — | 197,000,000 | — | 197,000,000 | |||
Total Short-Term Investments | 1,700,329 | 198,244,432 | — | 199,944,761 | |||
Total Investments in Securities | 1,700,329 | 713,902,393 | — | 715,602,722 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 414,985 | — | 414,985 | |||
Futures Contracts (b) | 1,666,346 | — | — | 1,666,346 | |||
Interest Rate Swap Contracts (b) | — | 1,130,379 | — | 1,130,379 | |||
Inflation Swap Contracts (b) | — | 1,549,480 | — | 1,549,480 | |||
Credit Default Swap Contracts (b) | — | 40 | — | 40 | |||
Total Other Financial Instruments | 1,666,346 | 3,094,884 | — | 4,761,230 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,366,675 | $ 716,997,277 | $ — | $ 720,363,952 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (818,809) | $ — | $ (818,809) | |||
Futures Contracts (b) | (851,878) | — | — | (851,878) | |||
Written Options | — | (322,333) | — | (322,333) | |||
Interest Rate Swap Contracts (b) | — | (385,706) | — | (385,706) | |||
Inflation Swap Contracts (b) | — | (1,981,925) | — | (1,981,925) | |||
OTC Debt Total Return Swap Contracts (b) | — | (1,923,220) | — | (1,923,220) | |||
Total Other Financial Instruments | $ (851,878) | $ (5,431,993) | $ — | $ (6,283,871) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
24 | MainStay VP PIMCO Real Return Portfolio |
Counterparty | Borrowing Rate (a) | Borrowing Date | Maturity Date | Amount Borrowed (a) | Payable for Sale-Buyback Transcations (b) | |
BNP Paribas S.A. | 5.19% | 6/14/2023 | 7/13/2023 | $ 18,037,810 | $ 18,041,474 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 14,674,675 | 14,674,714 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 14,835,436 | 14,835,024 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 13,537,889 | 13,537,325 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 13,221,110 | 13,220,239 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 26,586,118 | 26,583,653 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 18,617,885 | 18,615,988 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 17,855,466 | 17,853,827 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 12,308,701 | 12,307,388 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 18,517,800 | 18,516,426 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 16,073,352 | 16,071,653 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 17,171,837 | 17,170,097 | |
BNP Paribas S.A. | 5.24 | 6/26/2023 | 7/5/2023 | 22,720,610 | 22,718,389 | |
$ 224,158,689 | $ 224,146,197 |
Assets | |
Investment in unaffiliated securities, at value (identified cost $569,118,019) | $516,902,393 |
Investment in affiliated investment companies, at value (identified cost $1,700,329) | 1,700,329 |
Repurchase agreements, at value (amortized cost $197,000,000) | 197,000,000 |
Cash denominated in foreign currencies (identified cost $1,810,225) | 1,607,984 |
Cash collateral on deposit at broker for futures contracts | 2,022,000 |
Cash collateral on deposit at broker for swap contracts | 352,000 |
Receivables: | |
Investment securities sold | 205,441,491 |
Interest | 1,712,752 |
Portfolio shares sold | 1,082,109 |
Variation margin on futures contracts | 340,845 |
Variation margin on centrally cleared swap contracts | 209,700 |
Unrealized appreciation on foreign currency forward contracts | 414,985 |
Other assets | 13,013 |
Total assets | 928,799,601 |
Liabilities | |
Written options, at value (premiums received $295,848) | 322,333 |
Due to custodian | 43,319 |
Payables: | |
Sale buyback transactions | 224,146,197 |
Investment securities purchased | 208,396,241 |
Portfolio shares redeemed | 355,991 |
Manager (See Note 3) | 174,493 |
NYLIFE Distributors (See Note 3) | 74,592 |
Professional fees | 46,271 |
Custodian | 46,126 |
Shareholder communication | 9,501 |
Accrued expenses | 4,230 |
Unrealized depreciation on OTC swap contracts | 1,923,220 |
Unrealized depreciation on foreign currency forward contracts | 818,809 |
Total liabilities | 436,361,323 |
Net assets | $492,438,278 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 59,181 |
Additional paid-in-capital | 579,847,968 |
579,907,149 | |
Total distributable earnings (loss) | (87,468,871) |
Net assets | $492,438,278 |
Initial Class | |
Net assets applicable to outstanding shares | $130,825,182 |
Shares of beneficial interest outstanding | 15,674,283 |
Net asset value per share outstanding | $ 8.35 |
Service Class | |
Net assets applicable to outstanding shares | $361,613,096 |
Shares of beneficial interest outstanding | 43,506,958 |
Net asset value per share outstanding | $ 8.31 |
26 | MainStay VP PIMCO Real Return Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 12,546,355 |
Dividends-affiliated | 25,974 |
Securities lending, net | 14 |
Other | 54,297 |
Total income | 12,626,640 |
Expenses | |
Manager (See Note 3) | 1,235,016 |
Interest expense | 751,457 |
Distribution/Service—Service Class (See Note 3) | 461,273 |
Custodian | 117,557 |
Professional fees | 87,121 |
Trustees | 6,021 |
Shareholder communication | 2,843 |
Miscellaneous | 5,371 |
Total expenses before waiver/reimbursement | 2,666,659 |
Expense waiver/reimbursement from Manager (See Note 3) | (144,811) |
Reimbursement from prior custodian(a) | (42,322) |
Net expenses | 2,479,526 |
Net investment income (loss) | 10,147,114 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (7,749,117) |
Futures transactions | (816,748) |
Swap transactions | (1,578,686) |
Foreign currency transactions | (1,637,693) |
Foreign currency forward transactions | (1,498,118) |
Written option transactions | 261,186 |
Net realized gain (loss) | (13,019,176) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 8,380,778 |
Futures contracts | (1,052,757) |
Swap contracts | 1,565,808 |
Foreign currency forward contracts | 1,389,461 |
Translation of other assets and liabilities in foreign currencies | (323,848) |
Written option contracts | (133,612) |
Net change in unrealized appreciation (depreciation) | 9,825,830 |
Net realized and unrealized gain (loss) | (3,193,346) |
Net increase (decrease) in net assets resulting from operations | $ 6,953,768 |
(a) | Represents a refund for overbilling of custody fees. |
for the six months ended June 30, 2023 (Unaudited) and the year ended December 31, 2022
Six months ended June 30, 2023 | Year ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,147,114 | $ 37,910,942 |
Net realized gain (loss) | (13,019,176) | 4,414,215 |
Net change in unrealized appreciation (depreciation) | 9,825,830 | (107,138,056) |
Net increase (decrease) in net assets resulting from operations | 6,953,768 | (64,812,899) |
Distributions to shareholders: | ||
Initial Class | — | (6,510,777) |
Service Class | — | (22,747,983) |
Total distributions to shareholders | — | (29,258,760) |
Capital share transactions: | ||
Net proceeds from sales of shares | 31,342,592 | 102,583,407 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 29,258,760 |
Cost of shares redeemed | (39,750,525) | (135,760,697) |
Increase (decrease) in net assets derived from capital share transactions | (8,407,933) | (3,918,530) |
Net increase (decrease) in net assets | (1,454,165) | (97,990,189) |
Net Assets | ||
Beginning of period | 493,892,443 | 591,882,632 |
End of period | $492,438,278 | $ 493,892,443 |
28 | MainStay VP PIMCO Real Return Portfolio |
for the six-month period ended June 30, 2023 (Unaudited)
Cash Flows From (Used in) Operating Activities: | |
Net increase in net assets resulting from operations | $ 6,953,768 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (162,342,433) |
Long term investments sold | 189,097,884 |
Purchases to cover securities sold short | (9,318,251) |
Proceeds from securities sold short | 9,451,406 |
Sale of short term investments, net | (193,853,839) |
Purchase of affiliated investments, net | 2,525,484 |
Amortization (accretion) of discount and premium, net | (6,930,086) |
Decrease in investment securities sold receivable | 77,114,738 |
Increase in interest receivable | (47,026) |
Decrease in securities lending | 141 |
Increase in other assets | (5,985) |
Increase in unrealized appreciation for open forward foreign currency contracts | (370,875) |
Increase in premiums from written options | 47,517 |
Increase in investment securities purchased payable | 194,426,306 |
Decrease in due to NYLIFE Distributors | (5,704) |
Increase in professional fees payable | 1,845 |
Increase in custodian payable | 14,161 |
Decrease in shareholder communication payable | (17,054) |
Decrease in due to manager | (9,231) |
Decrease in variation margin on centrally cleared swap contracts | 76,226 |
Decrease in variation margin on futures contracts | (1,350,843) |
Decrease in unrealized depreciation for open forward foreign currency contracts | (1,018,586) |
Decrease in accrued expenses | (4,629) |
Decrease in unrealized appreciation on OTC swap contracts | 171,800 |
Increase in unrealized depreciation on OTC swap contracts | 973,020 |
Net realized loss from investments | 7,749,117 |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | (8,380,778) |
Net change in unrealized (appreciation) depreciation on written options | 133,612 |
Net cash from operating activities | 105,081,705 |
Cash Flows From (Used in) Financing Activities: | |
Proceeds from shares sold | 30,313,004 |
Payment on shares redeemed | (39,504,485) |
Increase in due to custodian | 43,319 |
Proceeds on sale-buyback transactions | 834,222,230 |
Payments from sale-buyback transactions | (930,797,346) |
Net cash used in financing activities | (105,723,278) |
Effect of exchange rate changes on cash | (109,093) |
Net decrease in cash | (750,666) |
Cash, restricted cash and foreign currency at beginning of period | 4,732,650 |
Cash, restricted cash and foreign currency at end of period | $ 3,981,984 |
Supplemental disclosure of cash flow information: | |
The following tables provide a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows: | |
Cash and restricted cash at beginning of period | |
Cash | $ 38,705 |
Cash denominated in foreign currencies | 1,844,945 |
Cash collateral on deposit at broker for futures contracts | 2,288,000 |
Cash collateral on deposit at broker for swap contracts | 291,000 |
Cash collateral on deposit at broker for sale-buyback transactions | 270,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,732,650 |
Cash and restricted cash at end of period | |
Cash denominated in foreign currencies | $1,607,984 |
Cash collateral on deposit at broker for futures contracts | 2,022,000 |
Cash collateral on deposit at broker for swap contracts | 352,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $3,981,984 |
Restricted cash consists of cash that has been segregated to cover the Portfolio’s collateral or margin obligations under derivative contracts. It is separately reported on the Statement of Assets and Liabilities as cash collateral on deposit at brokers. |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.23 | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | |||||
Net investment income (loss) (a) | 0.18 | 0.68 | 0.50 | 0.12 | 0.20 | 0.23 | |||||
Net realized and unrealized gain (loss) | (0.06) | (1.82) | — | 0.91 | 0.51 | (0.43) | |||||
Total from investment operations | 0.12 | (1.14) | 0.50 | 1.03 | 0.71 | (0.20) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.55) | (0.05) | (0.19) | (0.28) | (0.14) | |||||
Net asset value at end of period | $ 8.35 | $ 8.23 | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | |||||
Total investment return (b) | 1.46%(c) | (11.45)% | 5.36%(c) | 11.93%(c) | 8.56%(c) | (2.38)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.34%††(d) | 7.42% | 5.20% | 1.27% | 2.35% | 2.78% | |||||
Net expenses (e) | 0.83%††(f) | 0.71% | 0.55% | 0.78% | 1.65% | 1.43% | |||||
Expenses (before waiver/reimbursement) (e) | 0.89%†† | 0.76% | 0.59% | 0.83% | 1.71% | 1.43% | |||||
Interest expense and fees | 0.30% | 0.18% | 0.02% | 0.25% | 1.09% | 0.81% | |||||
Portfolio turnover rate | 32% | 71% | 125%(g) | 199%(g) | 187%(g) | 157%(g) | |||||
Net assets at end of period (in 000's) | $ 130,825 | $ 119,313 | $ 139,038 | $ 48,479 | $ 48,707 | $ 44,523 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 4.32%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.85%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128%, 139% and 48% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
30 | MainStay VP PIMCO Real Return Portfolio |
Six months ended June 30, 2023* | Year Ended December 31, | ||||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||
Net asset value at beginning of period | $ 8.20 | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | |||||
Net investment income (loss) (a) | 0.17 | 0.66 | 0.44 | 0.09 | 0.18 | 0.21 | |||||
Net realized and unrealized gain (loss) | (0.06) | (1.82) | 0.04 | 0.91 | 0.50 | (0.44) | |||||
Total from investment operations | 0.11 | (1.16) | 0.48 | 1.00 | 0.68 | (0.23) | |||||
Less distributions: | |||||||||||
From net investment income | — | (0.53) | (0.03) | (0.17) | (0.26) | (0.11) | |||||
Net asset value at end of period | $ 8.31 | $ 8.20 | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | |||||
Total investment return (b) | 1.34%(c) | (11.68)% | 5.12% | 11.61%(c) | 8.30%(c) | (2.63)%(c) | |||||
Ratios (to average net assets)/Supplemental Data: | |||||||||||
Net investment income (loss) | 4.03%††(d) | 7.27% | 4.58% | 1.04% | 2.14% | 2.53% | |||||
Net expenses (e) | 1.08%††(f) | 0.96% | 0.80% | 1.03% | 1.89% | 1.68% | |||||
Expenses (before waiver/reimbursement) (e) | 1.14%†† | 1.01% | 0.84% | 1.08% | 1.96% | 1.68% | |||||
Interest expense and fees | 0.30% | 0.18% | 0.02% | 0.25% | 1.09% | 0.81% | |||||
Portfolio turnover rate | 32% | 71% | 125%(g) | 199%(g) | 187%(g) | 157%(g) | |||||
Net assets at end of period (in 000's) | $ 361,613 | $ 374,580 | $ 452,844 | $ 433,668 | $ 343,332 | $ 282,052 |
* | Unaudited. |
†† | Annualized. |
(a) | Per share data based on average shares outstanding during the period. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 4.01%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 1.10%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128%, 139% and 48% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
32 | MainStay VP PIMCO Real Return Portfolio |
• | Level 1—quoted prices (unadjusted) 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 |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $— | $1,666,346 | $1,666,346 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | — | 40 | 2,679,859 | 2,679,899 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 414,985 | — | — | 414,985 |
Total Fair Value | $414,985 | $ 40 | $4,346,205 | $4,761,230 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Written Options - Investments in written options, at value | $ — | $ (322,333) | $ (322,333) |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | — | (851,878) | (851,878) |
OTC Swap Contracts - Unrealized depreciation on OTC swap contracts | — | (1,923,220) | (1,923,220) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (2,367,631) | (2,367,631) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (818,809) | — | (818,809) |
Total Fair Value | $(818,809) | $(5,465,062) | $(6,283,871) |
(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 | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Option Transactions | $ — | $ — | $ (181,498) | $ (181,498) |
Written Option Transactions | — | — | 261,186 | 261,186 |
Futures Transactions | — | — | (816,748) | (816,748) |
Swap Transactions | — | 195 | (1,578,881) | (1,578,686) |
Forward Transactions | (1,498,118) | — | — | (1,498,118) |
Total Net Realized Gain (Loss) | $(1,498,118) | $195 | $(2,315,941) | $(3,813,864) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $— | $ 218,656 | $ 218,656 |
Written Options | — | — | (133,612) | (133,612) |
Futures Contracts | — | — | (1,052,757) | (1,052,757) |
Swap Contracts | — | 93 | 1,565,715 | 1,565,808 |
Forward Contracts | 1,389,461 | — | — | 1,389,461 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,389,461 | $ 93 | $ 598,002 | $ 1,987,556 |
42 | MainStay VP PIMCO Real Return Portfolio |
Average Notional Amount | Total |
Purchased Swaptions (a) | $ 17,100,000 |
Written Swaptions | $ (16,783,333) |
Written Inflation—Capped Options | $ (300,000) |
Options on Futures Contracts (b) | $ 53,402 |
Futures Contracts Long | $ 99,590,364 |
Futures Contracts Short | $(233,556,065) |
Swap Contracts Long | $ 95,227,783 |
Forward Contracts Long | $ 4,964,811 |
Forward Contracts Short | $(115,512,514) |
(a) | Positions were open five months during the reporting period. |
(b) | Positions were open two months during the reporting period. |
Counterparty | Payable for Sale-Buyback Transactions | Total Borrowings and Other Financing Transactions | Collateral (Received)/ Pledged | Net Exposure (a) |
Master Securities Forward Transaction Agreement | ||||
BNP Paribas S.A. | $(224,146,197) | $(224,146,197) | $224,158,689 | $12,492 |
Total Borrowings and Other Financing Transactions | $(224,146,197) | $(224,146,197) | $224,158,689 | $12,492 |
(a) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater than 90 days | Total | |
Sale-Buyback Transactions | |||||
US Treasury Obligations | $— | $224,146,197 | $— | $— | $224,146,197 |
Total Borrowings | $— | $224,146,197 | $— | $— | $224,146,197 |
Payable for reverse repurchase agreements and sale-buyback financing transactions | $224,146,197 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $836,097,439 | $246,805 | $(120,741,522) | $(120,494,717) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $3,427 |
2022 | |
Distributions paid from: | |
Ordinary Income | $29,258,760 |
44 | MainStay VP PIMCO Real Return Portfolio |
Initial Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 2,091,782 | $ 17,545,680 |
Shares redeemed | (923,308) | (7,792,351) |
Net increase (decrease) | 1,168,474 | $ 9,753,329 |
Year ended December 31, 2022: | ||
Shares sold | 6,286,978 | $ 56,587,286 |
Shares issued to shareholders in reinvestment of distributions | 806,908 | 6,510,777 |
Shares redeemed | (6,598,491) | (62,522,654) |
Net increase (decrease) | 495,395 | $ 575,409 |
Service Class | Shares | Amount |
Six-month period ended June 30, 2023: | ||
Shares sold | 1,655,670 | $ 13,796,912 |
Shares redeemed | (3,823,732) | (31,958,174) |
Net increase (decrease) | (2,168,062) | $(18,161,262) |
Year ended December 31, 2022: | ||
Shares sold | 5,046,128 | $ 45,996,121 |
Shares issued to shareholders in reinvestment of distributions | 2,826,082 | 22,747,983 |
Shares redeemed | (7,970,053) | (73,238,043) |
Net increase (decrease) | (97,843) | $ (4,493,939) |
46 | MainStay VP PIMCO Real Return Portfolio |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5029480 | MSVPPRR10-08/23 |
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) | Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal |
financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. | Exhibits. |
(a) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY VP FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |||
Kirk C. Lehneis President and Principal Executive Officer | ||||
Date: | September 6, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |||
Kirk C. Lehneis President and Principal Executive Officer | ||||
Date: | September 6, 2023 | |||
By: | /s/ Jack R. Benintende | |||
Jack R. Benintende Treasurer and Principal Financial and Accounting Officer | ||||
Date: | September 6, 2023 |