UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-03833
MAINSTAY VP FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2023
FORM N-CSR
Item 1. Reports to Stockholders.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/23/1984 | 24.58% | 13.16% | 10.46% | 0.57% |
Service Class Shares | 6/5/2003 | 24.27 | 12.88 | 10.19 | 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. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor, MacKay Shields LLC, 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
Morningstar Large Blend Category Average2 | 22.32 | 14.26 | 10.55 |
* | 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. | 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. |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,083.70 | $2.94 | $1,022.38 | $2.85 | 0.56% |
Service Class Shares | $1,000.00 | $1,082.30 | $4.25 | $1,021.12 | $4.13 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington U.S. Equity Portfolio |
Software | 11.8% |
Semiconductors & Semiconductor Equipment | 9.2 |
Interactive Media & Services | 8.6 |
Technology Hardware, Storage & Peripherals | 5.9 |
Broadline Retail | 4.8 |
Banks | 3.9 |
Machinery | 3.7 |
Pharmaceuticals | 3.5 |
Insurance | 3.2 |
Health Care Equipment & Supplies | 3.1 |
Oil, Gas & Consumable Fuels | 3.1 |
Electric Utilities | 2.6 |
Health Care Providers & Services | 2.5 |
Capital Markets | 2.5 |
Hotels, Restaurants & Leisure | 2.4 |
Beverages | 2.3 |
Life Sciences Tools & Services | 2.2 |
Chemicals | 2.0 |
Financial Services | 2.0 |
Specialty Retail | 2.0 |
Household Products | 1.9% |
Biotechnology | 1.9 |
Building Products | 1.8 |
Entertainment | 1.4 |
Electrical Equipment | 1.3 |
Textiles, Apparel & Luxury Goods | 1.3 |
Industrial REITs | 1.2 |
IT Services | 1.2 |
Consumer Finance | 1.1 |
Personal Care Products | 1.1 |
Aerospace & Defense | 1.1 |
Electronic Equipment, Instruments & Components | 1.0 |
Residential REITs | 0.7 |
Energy Equipment & Services | 0.7 |
Automobiles | 0.7 |
Short–Term Investment | 0.3 |
Other Assets, Less Liabilities | –0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc. |
4. | Amazon.com, Inc. |
5. | NVIDIA Corp. |
6. | Meta Platforms, Inc., Class A |
7. | UnitedHealth Group, Inc. |
8. | JPMorgan Chase & Co. |
9. | Broadcom, Inc. |
10. | Eli Lilly & Co. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks 99.7% | ||
Aerospace & Defense 1.1% | ||
RTX Corp. | 119,334 | $ 10,040,763 |
Automobiles 0.7% | ||
Tesla, Inc. (a) | 24,637 | 6,121,802 |
Banks 3.9% | ||
Bank of America Corp. | 390,808 | 13,158,505 |
JPMorgan Chase & Co. | 132,710 | 22,573,971 |
35,732,476 | ||
Beverages 2.3% | ||
Constellation Brands, Inc., Class A | 43,433 | 10,499,928 |
Monster Beverage Corp. (a) | 184,189 | 10,611,128 |
21,111,056 | ||
Biotechnology 1.9% | ||
Regeneron Pharmaceuticals, Inc. (a) | 8,335 | 7,320,547 |
Vertex Pharmaceuticals, Inc. (a) | 24,876 | 10,121,796 |
17,442,343 | ||
Broadline Retail 4.8% | ||
Amazon.com, Inc. (a) | 290,659 | 44,162,728 |
Building Products 1.8% | ||
Builders FirstSource, Inc. (a) | 44,171 | 7,373,907 |
Johnson Controls International plc | 161,967 | 9,335,778 |
16,709,685 | ||
Capital Markets 2.5% | ||
Charles Schwab Corp. (The) | 128,964 | 8,872,723 |
Morgan Stanley | 146,683 | 13,678,190 |
22,550,913 | ||
Chemicals 2.0% | ||
PPG Industries, Inc. | 63,704 | 9,526,933 |
Sherwin-Williams Co. (The) | 29,695 | 9,261,871 |
18,788,804 | ||
Consumer Finance 1.1% | ||
American Express Co. | 55,775 | 10,448,889 |
Electric Utilities 2.6% | ||
American Electric Power Co., Inc. | 78,760 | 6,396,887 |
Duke Energy Corp. | 100,708 | 9,772,704 |
Eversource Energy | 82,551 | 5,095,048 |
PG&E Corp. | 157,232 | 2,834,893 |
24,099,532 |
Shares | Value | |
Electrical Equipment 1.3% | ||
AMETEK, Inc. | 70,392 | $ 11,606,937 |
Electronic Equipment, Instruments & Components 1.0% | ||
CDW Corp. | 38,846 | 8,830,473 |
Energy Equipment & Services 0.7% | ||
Schlumberger NV | 118,359 | 6,159,402 |
Entertainment 1.4% | ||
Netflix, Inc. (a) | 25,737 | 12,530,831 |
Financial Services 2.0% | ||
Mastercard, Inc., Class A | 43,489 | 18,548,493 |
Health Care Equipment & Supplies 3.1% | ||
Abbott Laboratories | 109,379 | 12,039,347 |
Boston Scientific Corp. (a) | 221,013 | 12,776,761 |
Hologic, Inc. (a) | 56,451 | 4,033,424 |
28,849,532 | ||
Health Care Providers & Services 2.5% | ||
UnitedHealth Group, Inc. | 44,166 | 23,252,074 |
Hotels, Restaurants & Leisure 2.4% | ||
Marriott International, Inc., Class A | 47,696 | 10,755,925 |
McDonald's Corp. | 38,728 | 11,483,239 |
22,239,164 | ||
Household Products 1.9% | ||
Procter & Gamble Co. (The) | 121,045 | 17,737,934 |
Industrial REITs 1.2% | ||
Prologis, Inc. | 83,816 | 11,172,673 |
Insurance 3.2% | ||
Arch Capital Group Ltd. (a) | 85,606 | 6,357,957 |
Chubb Ltd. | 49,816 | 11,258,416 |
Progressive Corp. (The) | 72,249 | 11,507,821 |
29,124,194 | ||
Interactive Media & Services 8.6% | ||
Alphabet, Inc. (a) | ||
Class A | 271,102 | 37,870,238 |
Class C | 61,919 | 8,726,245 |
Meta Platforms, Inc., Class A (a) | 81,672 | 28,908,621 |
10 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Interactive Media & Services (continued) | ||
ZoomInfo Technologies, Inc. (a) | 175,178 | $ 3,239,041 |
78,744,145 | ||
IT Services 1.2% | ||
Accenture plc, Class A | 30,249 | 10,614,677 |
Life Sciences Tools & Services 2.2% | ||
Danaher Corp. | 42,526 | 9,837,965 |
Thermo Fisher Scientific, Inc. | 19,867 | 10,545,205 |
20,383,170 | ||
Machinery 3.7% | ||
Deere & Co. | 32,568 | 13,022,966 |
Illinois Tool Works, Inc. | 40,438 | 10,592,330 |
Nordson Corp. | 39,961 | 10,556,098 |
34,171,394 | ||
Oil, Gas & Consumable Fuels 3.1% | ||
ConocoPhillips | 65,072 | 7,552,907 |
Diamondback Energy, Inc. | 34,944 | 5,419,115 |
EOG Resources, Inc. | 79,919 | 9,666,203 |
Phillips 66 | 41,042 | 5,464,332 |
28,102,557 | ||
Personal Care Products 1.1% | ||
Estee Lauder Cos., Inc. (The), Class A | 70,817 | 10,356,986 |
Pharmaceuticals 3.5% | ||
Eli Lilly & Co. | 32,223 | 18,783,431 |
Merck & Co., Inc. | 120,692 | 13,157,842 |
31,941,273 | ||
Residential REITs 0.7% | ||
AvalonBay Communities, Inc. | 36,313 | 6,798,520 |
Semiconductors & Semiconductor Equipment 9.2% | ||
Advanced Micro Devices, Inc. (a) | 63,596 | 9,374,686 |
Broadcom, Inc. | 17,188 | 19,186,105 |
KLA Corp. | 19,397 | 11,275,476 |
NVIDIA Corp. | 69,293 | 34,315,280 |
Texas Instruments, Inc. | 58,102 | 9,904,067 |
84,055,614 |
Shares | Value | ||
Software 11.8% | |||
Intuit, Inc. | 14,957 | $ 9,348,574 | |
Microsoft Corp. | 184,511 | 69,383,516 | |
Palo Alto Networks, Inc. (a) | 25,078 | 7,395,001 | |
Salesforce, Inc. (a) | 46,257 | 12,172,067 | |
Workday, Inc., Class A (a) | 34,132 | 9,422,480 | |
107,721,638 | |||
Specialty Retail 2.0% | |||
AutoZone, Inc. (a) | 3,060 | 7,911,966 | |
TJX Cos., Inc. (The) | 110,638 | 10,378,951 | |
18,290,917 | |||
Technology Hardware, Storage & Peripherals 5.9% | |||
Apple, Inc. | 278,749 | 53,667,545 | |
Textiles, Apparel & Luxury Goods 1.3% | |||
NIKE, Inc., Class B | 106,120 | 11,521,448 | |
Total Common Stocks (Cost $720,899,629) | 913,630,582 | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 2,752,478 | 2,752,478 | |
Total Short-Term Investment (Cost $2,752,478) | 2,752,478 | ||
Total Investments (Cost $723,652,107) | 100.0% | 916,383,060 | |
Other Assets, Less Liabilities | (0.0)‡ | (435,738) | |
Net Assets | 100.0% | $ 915,947,322 |
† | 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 December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 21,509 | $ 142,187 | $ (160,944) | $ — | $ — | $ 2,752 | $ 547 | $ — | 2,752 |
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 | $ 913,630,582 | $ — | $ — | $ 913,630,582 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 2,752,478 | — | — | 2,752,478 | |||
Total Investments in Securities | $ 916,383,060 | $ — | $ — | $ 916,383,060 |
(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 $720,899,629) | $913,630,582 |
Investment in affiliated investment companies, at value (identified cost $2,752,478) | 2,752,478 |
Receivables: | |
Investment securities sold | 2,565,988 |
Dividends | 495,896 |
Portfolio shares sold | 27,375 |
Securities lending | 939 |
Other assets | 4,356 |
Total assets | 919,477,614 |
Liabilities | |
Payables: | |
Investment securities purchased | 2,662,663 |
Manager (See Note 3) | 413,720 |
Portfolio shares redeemed | 334,645 |
NYLIFE Distributors (See Note 3) | 51,426 |
Professional fees | 29,865 |
Shareholder communication | 26,975 |
Custodian | 10,169 |
Accrued expenses | 829 |
Total liabilities | 3,530,292 |
Net assets | $915,947,322 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 35,007 |
Additional paid-in-capital | 727,977,810 |
728,012,817 | |
Total distributable earnings (loss) | 187,934,505 |
Net assets | $915,947,322 |
Initial Class | |
Net assets applicable to outstanding shares | $670,328,474 |
Shares of beneficial interest outstanding | 25,485,811 |
Net asset value per share outstanding | $ 26.30 |
Service Class | |
Net assets applicable to outstanding shares | $245,618,848 |
Shares of beneficial interest outstanding | 9,520,899 |
Net asset value per share outstanding | $ 25.80 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 12,274,395 |
Dividends-affiliated | 547,361 |
Securities lending, net | 1,095 |
Total income | 12,822,851 |
Expenses | |
Manager (See Note 3) | 4,719,504 |
Distribution/Service—Service Class (See Note 3) | 590,777 |
Professional fees | 105,819 |
Custodian | 23,772 |
Trustees | 22,304 |
Miscellaneous | 30,897 |
Total expenses | 5,493,073 |
Net investment income (loss) | 7,329,778 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 12,794,409 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 172,050,018 |
Net realized and unrealized gain (loss) | 184,844,427 |
Net increase (decrease) in net assets resulting from operations | $192,174,205 |
14 | MainStay VP Wellington U.S. Equity Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,329,778 | $ 7,480,194 |
Net realized gain (loss) | 12,794,409 | (24,077,250) |
Net change in unrealized appreciation (depreciation) | 172,050,018 | (202,149,971) |
Net increase (decrease) in net assets resulting from operations | 192,174,205 | (218,747,027) |
Distributions to shareholders: | ||
Initial Class | (6,075,145) | (127,232,665) |
Service Class | (1,664,828) | (48,423,993) |
Total distributions to shareholders | (7,739,973) | (175,656,658) |
Capital share transactions: | ||
Net proceeds from sales of shares | 42,700,997 | 139,698,289 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 7,739,973 | 175,656,658 |
Cost of shares redeemed | (152,655,655) | (125,658,917) |
Increase (decrease) in net assets derived from capital share transactions | (102,214,685) | 189,696,030 |
Net increase (decrease) in net assets | 82,219,547 | (204,707,655) |
Net Assets | ||
Beginning of year | 833,727,775 | 1,038,435,430 |
End of year | $ 915,947,322 | $ 833,727,775 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 21.32 | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | ||||
Net investment income (loss) (a) | 0.21 | 0.25 | 0.21 | 0.28 | 0.38 | ||||
Net realized and unrealized gain (loss) | 5.00 | (7.58) | 7.77 | 3.68 | 5.74 | ||||
Total from investment operations | 5.21 | (7.33) | 7.98 | 3.96 | 6.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.19) | (0.29) | (0.43) | (0.43) | ||||
From net realized gain on investments | — | (5.55) | (1.58) | (2.08) | (4.09) | ||||
Total distributions | (0.23) | (5.74) | (1.87) | (2.51) | (4.52) | ||||
Net asset value at end of year | $ 26.30 | $ 21.32 | $ 34.39 | $ 28.28 | $ 26.83 | ||||
Total investment return (b) | 24.58% | (20.68)% | 28.78% | 15.55% | 26.21% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.90% | 0.90% | 0.65% | 1.09% | 1.37% | ||||
Net expenses (c) | 0.56% | 0.57% | 0.58% | 0.58% | 0.58% | ||||
Portfolio turnover rate | 28% | 21% | 26% | 143% | 119% | ||||
Net assets at end of year (in 000's) | $ 670,328 | $ 607,323 | $ 732,245 | $ 497,644 | $ 543,355 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 20.91 | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | ||||
Net investment income (loss) (a) | 0.15 | 0.18 | 0.13 | 0.21 | 0.31 | ||||
Net realized and unrealized gain (loss) | 4.91 | (7.46) | 7.65 | 3.62 | 5.67 | ||||
Total from investment operations | 5.06 | (7.28) | 7.78 | 3.83 | 5.98 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.11) | (0.22) | (0.35) | (0.36) | ||||
From net realized gain on investments | — | (5.55) | (1.58) | (2.08) | (4.09) | ||||
Total distributions | (0.17) | (5.66) | (1.80) | (2.43) | (4.45) | ||||
Net asset value at end of year | $ 25.80 | $ 20.91 | $ 33.85 | $ 27.87 | $ 26.47 | ||||
Total investment return (b) | 24.27% | (20.87)% | 28.46% | 15.26% | 25.89% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.66% | 0.65% | 0.40% | 0.83% | 1.12% | ||||
Net expenses (c) | 0.81% | 0.82% | 0.83% | 0.83% | 0.83% | ||||
Portfolio turnover rate | 28% | 21% | 26% | 143% | 119% | ||||
Net assets at end of year (in 000's) | $ 245,619 | $ 226,405 | $ 306,191 | $ 270,170 | $ 268,992 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington U.S. Equity Portfolio |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (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 | $724,758,000 | $210,878,907 | $(19,253,847) | $191,625,060 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$7,318,375 | $(11,008,930) | $— | $191,625,060 | $187,934,505 |
20 | MainStay VP Wellington U.S. Equity Portfolio |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $11,009 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $7,739,973 | $100,243,996 |
Long-Term Capital Gains | — | 75,412,662 |
Total | $7,739,973 | $175,656,658 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,098,980 | $ 25,462,776 |
Shares issued to shareholders in reinvestment of distributions | 253,757 | 6,075,145 |
Shares redeemed | (4,354,600) | (103,158,247) |
Net increase (decrease) | (3,001,863) | $ (71,620,326) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 744,785 | $ 17,238,221 |
Shares issued to shareholders in reinvestment of distributions | 70,860 | 1,664,828 |
Shares redeemed | (2,122,516) | (49,497,408) |
Net increase (decrease) | (1,306,871) | $ (30,594,359) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP Wellington U.S. Equity Portfolio |
26 | MainStay VP Wellington U.S. Equity Portfolio |
28 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
30 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Wellington U.S. Equity Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015874 | MSVPCS11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 15.51% | 10.57% | 7.53% | 0.85% |
Service Class Shares | 2/17/2012 | 15.22 | 10.29 | 7.26 | 1.10 |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies as of May 1, 2020. Therefore, the performance information shown in this report prior to May 1, 2020 reflects the Portfolio’s prior subadvisor and its principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 2000® Growth Index1 | 18.66% | 9.22% | 7.16% |
Morningstar Small Growth Category Average2 | 16.68 | 10.99 | 8.09 |
* | 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. | 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. |
2. | The Morningstar Small Growth Category Average is representative of funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,035.10 | $4.31 | $1,020.97 | $4.28 | 0.84% |
Service Class Shares | $1,000.00 | $1,033.80 | $5.59 | $1,019.71 | $5.55 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Small Cap Growth Portfolio |
Software | 10.4% |
Health Care Providers & Services | 7.1 |
Commercial Services & Supplies | 6.2 |
Semiconductors & Semiconductor Equipment | 6.1 |
Biotechnology | 5.9 |
Health Care Equipment & Supplies | 5.8 |
Capital Markets | 3.7 |
Chemicals | 3.7 |
Building Products | 3.6 |
Energy Equipment & Services | 2.9 |
Hotels, Restaurants & Leisure | 2.9 |
Diversified Consumer Services | 2.8 |
Life Sciences Tools & Services | 2.6 |
Aerospace & Defense | 2.6 |
Industrial REITs | 2.3 |
Machinery | 2.3 |
Electronic Equipment, Instruments & Components | 1.8 |
Construction & Engineering | 1.7 |
IT Services | 1.6 |
Insurance | 1.6 |
Professional Services | 1.5 |
Trading Companies & Distributors | 1.4 |
Oil, Gas & Consumable Fuels | 1.4 |
Banks | 1.3 |
Interactive Media & Services | 1.2% |
Consumer Staples Distribution & Retail | 1.1 |
Food Products | 1.0 |
Exchange–Traded Fund | 1.0 |
Health Care Technology | 0.9 |
Ground Transportation | 0.9 |
Household Durables | 0.8 |
Media | 0.8 |
Financial Services | 0.8 |
Diversified Telecommunication Services | 0.7 |
Personal Care Products | 0.7 |
Electrical Equipment | 0.7 |
Specialty Retail | 0.6 |
Entertainment | 0.5 |
Communications Equipment | 0.5 |
Metals & Mining | 0.4 |
Real Estate Management & Development | 0.3 |
Leisure Products | 0.2 |
Automobile Components | 0.1 |
Pharmaceuticals | 0.1 |
Short–Term Investments | 6.1 |
Other Assets, Less Liabilities | –2.6 |
100.0% |
1. | Bright Horizons Family Solutions, Inc. |
2. | Workiva, Inc. |
3. | Waste Connections, Inc. |
4. | Churchill Downs, Inc. |
5. | BlackLine, Inc. |
6. | Casella Waste Systems, Inc., Class A |
7. | Houlihan Lokey, Inc. |
8. | SiteOne Landscape Supply, Inc. |
9. | AZEK Co., Inc. (The) |
10. | Inari Medical, Inc. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
2. | 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. |
8 | MainStay VP Small Cap Growth Portfolio |
10 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks 95.5% | ||
Aerospace & Defense 2.6% | ||
Curtiss-Wright Corp. | 10,970 | $ 2,444,006 |
Hexcel Corp. | 56,917 | 4,197,629 |
Kratos Defense & Security Solutions, Inc. (a) | 112,005 | 2,272,582 |
Woodward, Inc. | 18,708 | 2,546,720 |
11,460,937 | ||
Automobile Components 0.1% | ||
XPEL, Inc. (a) | 8,922 | 480,450 |
Banks 1.3% | ||
Prosperity Bancshares, Inc. | 81,224 | 5,501,302 |
Biotechnology 5.9% | ||
Alkermes plc (a) | 124,066 | 3,441,591 |
Ascendis Pharma A/S, ADR (a) | 14,341 | 1,806,249 |
Blueprint Medicines Corp. (a) | 60,974 | 5,624,242 |
Karuna Therapeutics, Inc. (a) | 10,609 | 3,357,854 |
Natera, Inc. (a) | 45,819 | 2,870,102 |
Neurocrine Biosciences, Inc. (a) | 34,464 | 4,540,977 |
Vaxcyte, Inc. (a) | 51,262 | 3,219,254 |
Xencor, Inc. (a) | 50,132 | 1,064,302 |
25,924,571 | ||
Building Products 3.6% | ||
AAON, Inc. | 31,066 | 2,294,845 |
AZEK Co., Inc. (The) (a) | 151,206 | 5,783,629 |
Simpson Manufacturing Co., Inc. | 15,617 | 3,091,854 |
Trex Co., Inc. (a) | 26,377 | 2,183,752 |
Zurn Elkay Water Solutions Corp. | 92,490 | 2,720,131 |
16,074,211 | ||
Capital Markets 3.7% | ||
Evercore, Inc., Class A | 11,857 | 2,028,140 |
Hamilton Lane, Inc., Class A | 44,840 | 5,086,650 |
Houlihan Lokey, Inc. | 52,538 | 6,299,832 |
StepStone Group, Inc., Class A | 90,244 | 2,872,466 |
16,287,088 | ||
Chemicals 3.7% | ||
Avient Corp. | 57,520 | 2,391,106 |
HB Fuller Co. | 52,851 | 4,302,600 |
Innospec, Inc. | 27,766 | 3,421,882 |
Livent Corp. (a)(b) | 114,616 | 2,060,796 |
Quaker Chemical Corp. | 18,906 | 4,034,918 |
16,211,302 |
Shares | Value | |
Commercial Services & Supplies 6.2% | ||
Casella Waste Systems, Inc., Class A (a) | 73,749 | $ 6,302,590 |
Montrose Environmental Group, Inc. (a) | 59,379 | 1,907,847 |
MSA Safety, Inc. | 20,734 | 3,500,521 |
Rentokil Initial plc, Sponsored ADR | 99,666 | 2,851,444 |
Tetra Tech, Inc. | 33,876 | 5,654,921 |
Waste Connections, Inc. | 48,759 | 7,278,256 |
27,495,579 | ||
Communications Equipment 0.5% | ||
Infinera Corp. (a)(b) | 435,476 | 2,068,511 |
Construction & Engineering 1.7% | ||
Ameresco, Inc., Class A (a)(b) | 50,047 | 1,584,988 |
Comfort Systems USA, Inc. | 16,661 | 3,426,668 |
Valmont Industries, Inc. | 10,762 | 2,513,035 |
7,524,691 | ||
Consumer Staples Distribution & Retail 1.1% | ||
Casey's General Stores, Inc. | 18,263 | 5,017,577 |
Diversified Consumer Services 2.8% | ||
Bright Horizons Family Solutions, Inc. (a) | 93,873 | 8,846,591 |
Mister Car Wash, Inc. (a)(b) | 416,115 | 3,595,234 |
12,441,825 | ||
Diversified Telecommunication Services 0.7% | ||
Cogent Communications Holdings, Inc. | 42,328 | 3,219,468 |
Electrical Equipment 0.7% | ||
Atkore, Inc. (a) | 19,181 | 3,068,960 |
Electronic Equipment, Instruments & Components 1.8% | ||
Littelfuse, Inc. | 10,262 | 2,745,701 |
Novanta, Inc. (a) | 31,564 | 5,315,693 |
8,061,394 | ||
Energy Equipment & Services 2.9% | ||
Cactus, Inc., Class A | 107,108 | 4,862,703 |
ChampionX Corp. | 144,236 | 4,213,133 |
TechnipFMC plc | 189,683 | 3,820,216 |
12,896,052 | ||
Entertainment 0.5% | ||
Take-Two Interactive Software, Inc. (a) | 14,357 | 2,310,759 |
Financial Services 0.8% | ||
WEX, Inc. (a) | 17,650 | 3,433,808 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products 1.0% | ||
Simply Good Foods Co. (The) (a) | 115,429 | $ 4,570,988 |
Ground Transportation 0.9% | ||
Knight-Swift Transportation Holdings, Inc. | 16,955 | 977,456 |
Saia, Inc. (a) | 6,834 | 2,994,795 |
3,972,251 | ||
Health Care Equipment & Supplies 5.8% | ||
CONMED Corp. | 24,868 | 2,723,295 |
Establishment Labs Holdings, Inc. (a)(b) | 76,353 | 1,976,779 |
Glaukos Corp. (a) | 28,207 | 2,242,174 |
Globus Medical, Inc., Class A (a) | 35,338 | 1,883,162 |
Inari Medical, Inc. (a) | 87,591 | 5,686,408 |
Integra LifeSciences Holdings Corp. (a) | 40,337 | 1,756,676 |
Lantheus Holdings, Inc. (a) | 41,252 | 2,557,624 |
OrthoPediatrics Corp. (a) | 52,493 | 1,706,547 |
SI-BONE, Inc. (a) | 131,917 | 2,768,938 |
TransMedics Group, Inc. (a) | 29,963 | 2,364,980 |
25,666,583 | ||
Health Care Providers & Services 7.1% | ||
Accolade, Inc. (a) | 188,512 | 2,264,029 |
Addus HomeCare Corp. (a) | 33,546 | 3,114,746 |
agilon health, Inc. (a) | 134,770 | 1,691,363 |
Alignment Healthcare, Inc. (a) | 116,860 | 1,006,165 |
Encompass Health Corp. | 55,278 | 3,688,148 |
Ensign Group, Inc. (The) | 42,025 | 4,715,625 |
HealthEquity, Inc. (a) | 51,672 | 3,425,854 |
LifeStance Health Group, Inc. (a)(b) | 147,974 | 1,158,636 |
NeoGenomics, Inc. (a) | 290,298 | 4,697,022 |
Option Care Health, Inc. (a) | 95,264 | 3,209,444 |
Surgery Partners, Inc. (a)(b) | 81,544 | 2,608,593 |
31,579,625 | ||
Health Care Technology 0.9% | ||
Definitive Healthcare Corp. (a) | 122,760 | 1,220,234 |
Phreesia, Inc. (a) | 123,979 | 2,870,114 |
4,090,348 | ||
Hotels, Restaurants & Leisure 2.9% | ||
Choice Hotels International, Inc. (b) | 5,047 | 571,825 |
Churchill Downs, Inc. | 48,642 | 6,563,265 |
First Watch Restaurant Group, Inc. (a) | 38,169 | 767,197 |
Shake Shack, Inc., Class A (a) | 23,603 | 1,749,454 |
Texas Roadhouse, Inc. | 24,646 | 3,012,481 |
12,664,222 |
Shares | Value | |
Household Durables 0.8% | ||
TopBuild Corp. (a) | 7,073 | $ 2,647,141 |
Vizio Holding Corp., Class A (a) | 130,650 | 1,006,005 |
3,653,146 | ||
Industrial REITs 2.3% | ||
Americold Realty Trust, Inc. | 87,533 | 2,649,624 |
EastGroup Properties, Inc. | 20,248 | 3,716,318 |
Terreno Realty Corp. | 61,680 | 3,865,485 |
10,231,427 | ||
Insurance 1.6% | ||
Goosehead Insurance, Inc., Class A (a) | 26,831 | 2,033,790 |
Kinsale Capital Group, Inc. | 7,810 | 2,615,647 |
Selective Insurance Group, Inc. | 24,348 | 2,422,139 |
7,071,576 | ||
Interactive Media & Services 1.2% | ||
Pinterest, Inc., Class A (a) | 140,074 | 5,188,341 |
IT Services 1.6% | ||
Endava plc, Sponsored ADR (a) | 47,421 | 3,691,725 |
Globant SA (a) | 14,682 | 3,494,022 |
7,185,747 | ||
Leisure Products 0.2% | ||
Clarus Corp. (b) | 151,928 | 1,047,544 |
Life Sciences Tools & Services 2.6% | ||
Azenta, Inc. (a) | 34,477 | 2,245,832 |
Bio-Techne Corp. | 22,876 | 1,765,112 |
Bruker Corp. | 52,583 | 3,863,799 |
Medpace Holdings, Inc. (a) | 12,465 | 3,820,896 |
11,695,639 | ||
Machinery 2.3% | ||
Enpro, Inc. | 5,613 | 879,782 |
IDEX Corp. | 5,529 | 1,200,401 |
John Bean Technologies Corp. | 52,772 | 5,248,176 |
Mueller Water Products, Inc., Class A | 106,813 | 1,538,107 |
SPX Technologies, Inc. (a) | 10,912 | 1,102,221 |
9,968,687 | ||
Media 0.8% | ||
New York Times Co. (The), Class A | 74,352 | 3,642,504 |
Metals & Mining 0.4% | ||
Materion Corp. | 13,267 | 1,726,435 |
12 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels 1.4% | ||
Matador Resources Co. | 63,057 | $ 3,585,421 |
Range Resources Corp. | 77,550 | 2,360,622 |
5,946,043 | ||
Personal Care Products 0.7% | ||
BellRing Brands, Inc. (a) | 56,862 | 3,151,861 |
Pharmaceuticals 0.1% | ||
Arvinas, Inc. (a) | 8,788 | 361,714 |
Professional Services 1.5% | ||
CBIZ, Inc. (a) | 40,763 | 2,551,356 |
FTI Consulting, Inc. (a) | 16,182 | 3,222,645 |
Genpact Ltd. | 29,752 | 1,032,692 |
6,806,693 | ||
Real Estate Management & Development 0.3% | ||
DigitalBridge Group, Inc. | 76,031 | 1,333,584 |
Semiconductors & Semiconductor Equipment 6.1% | ||
Credo Technology Group Holding Ltd. (a) | 116,143 | 2,261,304 |
Entegris, Inc. | 35,971 | 4,310,045 |
Lattice Semiconductor Corp. (a) | 23,757 | 1,638,995 |
MACOM Technology Solutions Holdings, Inc. (a) | 33,896 | 3,150,633 |
Onto Innovation, Inc. (a) | 22,775 | 3,482,298 |
PDF Solutions, Inc. (a) | 39,250 | 1,261,495 |
Power Integrations, Inc. | 59,950 | 4,922,495 |
Rambus, Inc. (a) | 42,904 | 2,928,198 |
SiTime Corp. (a) | 24,090 | 2,940,907 |
26,896,370 | ||
Software 10.4% | ||
Bentley Systems, Inc., Class B | 33,728 | 1,759,927 |
BlackLine, Inc. (a) | 101,570 | 6,342,031 |
Box, Inc., Class A (a) | 124,733 | 3,194,412 |
CCC Intelligent Solutions Holdings, Inc. (a) | 318,447 | 3,627,111 |
Clear Secure, Inc., Class A | 100,983 | 2,085,299 |
Clearwater Analytics Holdings, Inc., Class A (a) | 90,856 | 1,819,846 |
Descartes Systems Group, Inc. (The) (a) | 42,637 | 3,584,066 |
Dynatrace, Inc. (a) | 72,438 | 3,961,634 |
Envestnet, Inc. (a) | 34,307 | 1,698,883 |
Guidewire Software, Inc. (a) | 17,807 | 1,941,675 |
Procore Technologies, Inc. (a) | 19,040 | 1,317,949 |
PROS Holdings, Inc. (a) | 86,753 | 3,365,149 |
Shares | Value | ||
Software (continued) | |||
Sprout Social, Inc., Class A (a)(b) | 58,371 | $ 3,586,314 | |
Workiva, Inc. (a) | 77,937 | 7,912,944 | |
46,197,240 | |||
Specialty Retail 0.6% | |||
Boot Barn Holdings, Inc. (a) | 36,147 | 2,774,644 | |
Trading Companies & Distributors 1.4% | |||
SiteOne Landscape Supply, Inc. (a) | 37,243 | 6,051,987 | |
Total Common Stocks (Cost $366,992,268) | 422,953,684 | ||
Exchange-Traded Fund 1.0% | |||
SPDR S&P Biotech ETF (b) | 51,897 | 4,633,883 | |
Total Exchange-Traded Fund (Cost $4,186,124) | 4,633,883 | ||
Short-Term Investments 6.1% | |||
Affiliated Investment Company 3.8% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 16,935,730 | 16,935,730 | |
Unaffiliated Investment Companies 2.3% | |||
BlackRock Liquidity FedFund, 5.374% (c)(d) | 1,933,262 | 1,933,262 | |
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (c)(d) | 3,396,734 | 3,396,734 | |
Fidelity Government Portfolio, 5.358% (c)(d) | 1,002,660 | 1,002,660 | |
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 3,545,371 | 3,545,371 | |
9,878,027 | |||
Total Short-Term Investments (Cost $26,813,757) | 26,813,757 | ||
Total Investments (Cost $397,992,149) | 102.6% | 454,401,324 | |
Other Assets, Less Liabilities | (2.6) | (11,548,287) | |
Net Assets | 100.0% | $ 442,853,037 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $15,814,638; the total market value of collateral held by the Portfolio was $16,689,470. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,811,443. The Portfolio received cash collateral with a value of $9,878,027. (See Note 2(G)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 23,456 | $ 128,436 | $ (134,956) | $ — | $ — | $ 16,936 | $ 1,020 | $ — | 16,936 |
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 | $ 422,953,684 | $ — | $ — | $ 422,953,684 | |||
Exchange-Traded Fund | 4,633,883 | — | — | 4,633,883 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 16,935,730 | — | — | 16,935,730 | |||
Unaffiliated Investment Companies | 9,878,027 | — | — | 9,878,027 | |||
Total Short-Term Investments | 26,813,757 | — | — | 26,813,757 | |||
Total Investments in Securities | $ 454,401,324 | $ — | $ — | $ 454,401,324 |
(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 $381,056,419) including securities on loan of $15,814,638 | $437,465,594 |
Investment in affiliated investment companies, at value (identified cost $16,935,730) | 16,935,730 |
Receivables: | |
Dividends | 282,990 |
Portfolio shares sold | 117,303 |
Securities lending | 4,835 |
Other assets | 2,625 |
Total assets | 454,809,077 |
Liabilities | |
Cash collateral received for securities on loan | 9,878,027 |
Payables: | |
Investment securities purchased | 1,491,274 |
Manager (See Note 3) | 297,676 |
Portfolio shares redeemed | 221,010 |
Professional fees | 28,385 |
NYLIFE Distributors (See Note 3) | 28,080 |
Custodian | 10,194 |
Shareholder communication | 986 |
Accrued expenses | 408 |
Total liabilities | 11,956,040 |
Net assets | $442,853,037 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 41,801 |
Additional paid-in-capital | 389,495,226 |
389,537,027 | |
Total distributable earnings (loss) | 53,316,010 |
Net assets | $442,853,037 |
Initial Class | |
Net assets applicable to outstanding shares | $308,539,665 |
Shares of beneficial interest outstanding | 28,625,221 |
Net asset value per share outstanding | $ 10.78 |
Service Class | |
Net assets applicable to outstanding shares | $134,313,372 |
Shares of beneficial interest outstanding | 13,175,395 |
Net asset value per share outstanding | $ 10.19 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $29,091) | $ 2,015,071 |
Dividends-affiliated | 1,020,361 |
Securities lending, net | 113,681 |
Total income | 3,149,113 |
Expenses | |
Manager (See Note 3) | 3,502,425 |
Distribution/Service—Service Class (See Note 3) | 310,590 |
Professional fees | 82,902 |
Custodian | 24,479 |
Trustees | 11,199 |
Shareholder communication | 6,877 |
Miscellaneous | 7,953 |
Total expenses | 3,946,425 |
Net investment income (loss) | (797,312) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (1,715,872) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 65,684,810 |
Net realized and unrealized gain (loss) | 63,968,938 |
Net increase (decrease) in net assets resulting from operations | $63,171,626 |
16 | MainStay VP Small Cap Growth Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (797,312) | $ (2,042,122) |
Net realized gain (loss) | (1,715,872) | 964,390 |
Net change in unrealized appreciation (depreciation) | 65,684,810 | (151,607,563) |
Net increase (decrease) in net assets resulting from operations | 63,171,626 | (152,685,295) |
Distributions to shareholders: | ||
Initial Class | (1,034,891) | (82,864,939) |
Service Class | (486,364) | (32,444,804) |
Total distributions to shareholders | (1,521,255) | (115,309,743) |
Capital share transactions: | ||
Net proceeds from sales of shares | 43,230,420 | 85,439,744 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 1,521,255 | 115,309,743 |
Cost of shares redeemed | (100,715,035) | (64,467,524) |
Increase (decrease) in net assets derived from capital share transactions | (55,963,360) | 136,281,963 |
Net increase (decrease) in net assets | 5,687,011 | (131,713,075) |
Net Assets | ||
Beginning of year | 437,166,026 | 568,879,101 |
End of year | $ 442,853,037 | $ 437,166,026 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.37 | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | ||||
Net investment income (loss) (a) | (0.01) | (0.05) | (0.11) | (0.06) | (0.06) | ||||
Net realized and unrealized gain (loss) | 1.46 | (4.74) | 1.98 | 5.36 | 2.96 | ||||
Total from investment operations | 1.45 | (4.79) | 1.87 | 5.30 | 2.90 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.04) | (3.37) | (2.50) | (0.45) | (1.79) | ||||
Net asset value at end of year | $ 10.78 | $ 9.37 | $ 17.53 | $ 18.16 | $ 13.31 | ||||
Total investment return (b) | 15.51% | (26.49)% | 10.31% | 40.48% | 25.59% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.11)% | (0.37)% | (0.56)% | (0.41)% | (0.41)% | ||||
Net expenses (c) | 0.84% | 0.85% | 0.84%(d) | 0.85%(d) | 0.85% | ||||
Portfolio turnover rate | 26% | 39% | 32% | 101% | 46% | ||||
Net assets at end of year (in 000's) | $ 308,540 | $ 320,091 | $ 395,321 | $ 422,200 | $ 332,474 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.88 | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | ||||
Net investment income (loss) (a) | (0.03) | (0.08) | (0.15) | (0.09) | (0.09) | ||||
Net realized and unrealized gain (loss) | 1.38 | (4.58) | 1.92 | 5.21 | 2.89 | ||||
Total from investment operations | 1.35 | (4.66) | 1.77 | 5.12 | 2.80 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.04) | (3.37) | (2.50) | (0.45) | (1.79) | ||||
Net asset value at end of year | $ 10.19 | $ 8.88 | $ 16.91 | $ 17.64 | $ 12.97 | ||||
Total investment return (b) | 15.22% | (26.67)% | 10.03% | 40.13% | 25.28% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.36)% | (0.63)% | (0.81)% | (0.66)% | (0.65)% | ||||
Net expenses (c) | 1.09% | 1.10% | 1.09%(d) | 1.10%(d) | 1.10% | ||||
Portfolio turnover rate | 26% | 39% | 32% | 101% | 46% | ||||
Net assets at end of year (in 000's) | $ 134,313 | $ 117,075 | $ 173,558 | $ 154,543 | $ 125,306 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay VP Small Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (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 | $398,972,262 | $76,770,005 | $(21,340,943) | $55,429,062 |
22 | MainStay VP Small Cap Growth Portfolio |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(2,156,677) | $43,625 | $55,429,062 | $53,316,010 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$667,078 | $(667,078) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,849 | $307 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ — | $ 42,583,224 |
Long-Term Capital Gains | 1,521,255 | 72,726,519 |
Total | $1,521,255 | $115,309,743 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,438,021 | $ 23,880,849 |
Shares issued to shareholders in reinvestment of distributions | 108,664 | 1,034,891 |
Shares redeemed | (8,091,566) | (80,734,142) |
Net increase (decrease) | (5,544,881) | $ (55,818,402) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,040,248 | $ 19,349,571 |
Shares issued to shareholders in reinvestment of distributions | 53,966 | 486,364 |
Shares redeemed | (2,097,356) | (19,980,893) |
Net increase (decrease) | (3,142) | $ (144,958) |
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 |
New York, New York
February 26, 2024
26 | MainStay VP Small Cap Growth Portfolio |
28 | MainStay VP Small Cap Growth Portfolio |
30 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015523 | MSVPESCG11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1995 | 4.27% | 5.36% | 4.11% | 0.86% |
Service Class Shares | 6/5/2003 | 4.01 | 5.10 | 3.85 | 1.11 |
1. | Effective August 28, 2023, 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI EAFE® Index (Net)1 | 18.24% | 8.16% | 4.28% |
MSCI ACWI® ex USA Index (Net)2 | 15.62 | 7.08 | 3.83 |
Morningstar Foreign Large Growth Category Average3 | 16.18 | 8.42 | 5.02 |
* | 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. | The Portfolio has selected the MSCI EAFE® Index (Net) as a replacement for the MSCI ACWI® (All Country World Index) ex USA Index (Net) because it believes that the MSCI EAFE® Index (Net) is more reflective of its principal investment strategies. The MSCI EAFE® Index (Net) is the Portfolio's primary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
2. | Prior to August 28, 2023, the MSCI ACWI® (All Country World Index) ex USA Index (Net) was the Portfolio's 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 Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $986.90 | $4.51 | $1,020.67 | $4.58 | 0.90% |
Service Class Shares | $1,000.00 | $985.60 | $5.76 | $1,019.41 | $5.85 | 1.15% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP PineStone International Equity Portfolio |
United Kingdom | 25.0% |
France | 16.2 |
United States | 12.7 |
Switzerland | 10.9 |
Japan | 7.2 |
Denmark | 6.7 |
Taiwan | 5.8 |
Germany | 4.4 |
Netherlands | 3.6% |
Canada | 3.2 |
India | 2.2 |
Australia | 2.0 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | Novo Nordisk A/S, Class B |
2. | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR |
3. | Nestle SA (Registered) |
4. | London Stock Exchange Group plc |
5. | LVMH Moet Hennessy Louis Vuitton SE |
6. | InterContinental Hotels Group plc |
7. | Air Liquide SA |
8. | EssilorLuxottica SA |
9. | L'Oreal SA |
10. | ASML Holding NV |
The market events that likely impacted the Portfolio’s performance most during the time MacKay Shields managed the Portfolio included the stickiness of inflationary pressures and the sharp rise in interest rates that followed. These trends put cost pressures on many companies, raised borrowing costs and impacted the
There were no market events impacting performance or liquidity during the period that PineStone managed the Portfolio.
During the time MacKay Shields managed the Portfolio, observed through a multi-factor attribution lens, negative contributions from stock selection primarily drove the Portfolio’s underperformance relative to the MSCI ACWI® ex USA Index (Net)—which was the Portfolio’s primary benchmark during the time MacKay managed the Portfolio—followed by a negative effect from country allocation. (Contributions take weightings and total returns into account.) Positive contributions from industry and currency allocation partly offset these negative effects.
During the time PineStone managed the Portfolio, security selection largely drove underperformance relative to the MSCI EAFE® Index (Net).
During the time MacKay Shields managed the Portfolio, the strongest positive contributions to performance relative to the MSCI ACWI® ex USA Index (Net) came from the health care and communication services sectors. During the same period, the industrials, materials and consumer discretionary sectors provided the weakest contributions to relative performance.
During the time PineStone managed the Portfolio, the strongest positive contributions to performance relative to the MSCI EAFE® Index (Net) came from the industrials, health care and energy sectors. Not owning any positions in the lagging energy sector contributed positively as well. During the same period, the consumer staples, materials and financials sectors were the most significant detractors from relative performance.
During the time MacKay Shields managed the Portfolio, the top
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP PineStone International Equity Portfolio |
During the time PineStone managed the Portfolio, the leading contributors to the Portfolio’s absolute performance included positions in the UK-based leading hospitality company InterContinental Hotels Group, Denmark-based pharmaceutical giant Novo Nordisk, and the UK-based financials and data business, London Stock Exchange Group (LSEG). Shares in InterContinental benefited from the company’s strong financial results and increased occupancy across its hotels globally. The company continues to focus on new builds, converting existing hotel brands and its loyalty program, among other items. Shares in Novo Nordisk benefited from mainstream adoption of the company’s obesity/weight-loss and diabetes drugs. Studies revealed that Novo Nordisk’s weight loss drugs may materially reduce patients’ risks of cardiovascular disease. London Stock Exchange shares benefited from increased market appreciation for the company’s integration of Refinitiv, a financial market data and infrastructure provider acquired by LSEG in 2021. Additionally, with what we believe are strong assets across data, trade execution and other areas, the business was seen as well positioned to offer increasingly more value-added services to clients.
During the time MacKay Shields managed the Portfolio, the most notable purchases included a new position in Spanish travel transaction processor Amadeus IT Group, and additional exposure to French 3D product design software company Dassault Systèmes. The Portfolio’s largest sales during the same period included the full sale of a position in Dutch nutrition, health and beauty solutions provider DSM-Firmenich.
During the time PineStone managed the Portfolio, we did not fully exit nor initiate any positions. We did, however, trim the Portfolio’s existing position in Novo Nordisk, described above.
During the time MacKay Shields managed the Portfolio, the largest increases in sector exposures relative to the MSCI ACWI® ex USA Index (Net) occurred in the financials and consumer discretionary sectors. Conversely, the most significant decreases in sector exposure were in materials and industrials. However, note that changes to the Global Industry Classification Standard (GICS®) sector structure in March 2023 meaningfully affected these sector weighting changes.
During the time PineStone managed the Portfolio, the largest increases in sector exposures relative to the MSCI EAFE® Index (Net) occurred in the industrials and consumer discretionary sectors. Conversely, the most significant decreases in relative sector exposure were in the consumer staples and health care sectors. Sector allocations are residual of our bottom-up stock selection process.
10 | MainStay VP PineStone International Equity Portfolio |
Shares | Value | |
Common Stocks 99.9% | ||
Australia 2.0% | ||
Commonwealth Bank of Australia (Banks) | 125,309 | $ 9,546,805 |
Canada 3.2% | ||
Canadian National Railway Co. (Ground Transportation) | 120,218 | 15,102,987 |
Denmark 6.7% | ||
Novo Nordisk A/S, Class B (Pharmaceuticals) | 303,530 | 31,379,196 |
France 16.2% | ||
Air Liquide SA (Chemicals) | 96,276 | 18,718,719 |
EssilorLuxottica SA (Health Care Equipment & Supplies) | 91,153 | 18,274,109 |
L'Oreal SA (Personal Care Products) | 36,367 | 18,092,403 |
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 26,341 | 21,332,462 |
76,417,693 | ||
Germany 4.4% | ||
Rational AG (Machinery) | 8,974 | 6,929,840 |
SAP SE (Software) | 90,885 | 13,994,376 |
20,924,216 | ||
India 2.2% | ||
HDFC Bank Ltd., ADR (Banks) | 151,606 | 10,174,279 |
Japan 7.2% | ||
Keyence Corp. (Electronic Equipment, Instruments & Components) | 38,400 | 16,917,787 |
Shimano, Inc. (Leisure Products) | 62,200 | 9,632,177 |
Unicharm Corp. (Household Products) | 205,600 | 7,433,680 |
33,983,644 | ||
Netherlands 3.6% | ||
ASML Holding NV (Semiconductors & Semiconductor Equipment) | 22,601 | 17,008,670 |
Switzerland 10.9% | ||
Alcon, Inc. (Health Care Equipment & Supplies) | 155,838 | 12,162,423 |
Cie Financiere Richemont SA (Registered) (Textiles, Apparel & Luxury Goods) | 107,443 | 14,786,906 |
Geberit AG (Registered) (Building Products) | 18,541 | 11,882,289 |
Schindler Holding AG (Machinery) | 50,442 | 12,612,749 |
51,444,367 | ||
Taiwan 5.8% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment) | 264,833 | 27,542,632 |
Shares | Value | ||
United Kingdom 25.0% | |||
Ashtead Group plc (Trading Companies & Distributors) | 147,563 | $ 10,273,540 | |
Bunzl plc (Trading Companies & Distributors) | 242,774 | 9,871,515 | |
Diageo plc (Beverages) | 422,462 | 15,379,308 | |
Howden Joinery Group plc (Trading Companies & Distributors) | 1,151,005 | 11,936,558 | |
InterContinental Hotels Group plc (Hotels, Restaurants & Leisure) | 221,166 | 19,987,365 | |
Intertek Group plc (Professional Services) | 164,116 | 8,882,227 | |
London Stock Exchange Group plc (Capital Markets) | 200,637 | 23,717,509 | |
Spirax-Sarco Engineering plc (Machinery) | 73,514 | 9,843,670 | |
Unilever plc (Personal Care Products) | 161,874 | 7,836,924 | |
117,728,616 | |||
United States 12.7% | |||
Aon plc, Class A (Insurance) | 28,932 | 8,419,791 | |
Nestle SA (Registered) (Food Products) | 230,586 | 26,733,774 | |
Roche Holding AG (Pharmaceuticals) | 28,084 | 8,164,245 | |
S&P Global, Inc. (Capital Markets) | 37,929 | 16,708,483 | |
60,026,293 | |||
Total Common Stocks (Cost $441,020,297) | 471,279,398 | ||
Short-Term Investment 0.0% ‡ | |||
Affiliated Investment Company 0.0% ‡ | |||
United States 0.0% ‡ | |||
MainStay U.S. Government Liquidity Fund, 5.235% (a) | 83,001 | 83,001 | |
Total Short-Term Investment (Cost $83,001) | 83,001 | ||
Total Investments (Cost $441,103,298) | 99.9% | 471,362,399 | |
Other Assets, Less Liabilities | 0.1 | 586,576 | |
Net Assets | 100.0% | $ 471,948,975 |
† | 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) | Current yield as of December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 872 | $ 188,098 | $ (188,887) | $ — | $ — | $ 83 | $ 129 | $ — | 83 |
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 | $ 471,279,398 | $ — | $ — | $ 471,279,398 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 83,001 | — | — | 83,001 | |||
Total Investments in Securities | $ 471,362,399 | $ — | $ — | $ 471,362,399 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP PineStone International Equity Portfolio |
Value | Percent †^ | ||
Banks | $ 19,721,084 | 4.2% | |
Beverages | 15,379,308 | 3.3 | |
Building Products | 11,882,289 | 2.5 | |
Capital Markets | 40,425,992 | 8.6 | |
Chemicals | 18,718,719 | 4.0 | |
Electronic Equipment, Instruments & Components | 16,917,787 | 3.6 | |
Food Products | 26,733,774 | 5.7 | |
Ground Transportation | 15,102,987 | 3.2 | |
Health Care Equipment & Supplies | 30,436,532 | 6.4 | |
Hotels, Restaurants & Leisure | 19,987,365 | 4.2 | |
Household Products | 7,433,680 | 1.6 | |
Insurance | 8,419,791 | 1.8 | |
Leisure Products | 9,632,177 | 2.0 | |
Machinery | 29,386,259 | 6.2 | |
Personal Care Products | 25,929,327 | 5.5 | |
Pharmaceuticals | 39,543,441 | 8.4 | |
Professional Services | 8,882,227 | 1.9 | |
Semiconductors & Semiconductor Equipment | 44,551,302 | 9.4 | |
Software | 13,994,376 | 3.0 | |
Textiles, Apparel & Luxury Goods | 36,119,368 | 7.6 | |
Trading Companies & Distributors | 32,081,613 | 6.8 | |
471,279,398 | 99.9 | ||
Short-Term Investment | 83,001 | 0.0‡ | |
Other Assets, Less Liabilities | 586,576 | 0.1 | |
Net Assets | $471,948,975 | 100.0% |
† | 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. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $441,020,297) | $471,279,398 |
Investment in affiliated investment companies, at value (identified cost $83,001) | 83,001 |
Cash denominated in foreign currencies (identified cost $503,630) | 520,566 |
Receivables: | |
Dividends | 854,445 |
Portfolio shares sold | 32,924 |
Other assets | 2,681 |
Total assets | 472,773,015 |
Liabilities | |
Due to custodian | 93 |
Payables: | |
Portfolio shares redeemed | 386,458 |
Manager (See Note 3) | 313,101 |
NYLIFE Distributors (See Note 3) | 47,329 |
Professional fees | 46,400 |
Custodian | 28,189 |
Shareholder communication | 1,621 |
Accrued expenses | 849 |
Total liabilities | 824,040 |
Net assets | $471,948,975 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 44,390 |
Additional paid-in-capital | 553,606,906 |
553,651,296 | |
Total distributable earnings (loss) | (81,702,321) |
Net assets | $471,948,975 |
Initial Class | |
Net assets applicable to outstanding shares | $244,913,570 |
Shares of beneficial interest outstanding | 22,829,421 |
Net asset value per share outstanding | $ 10.73 |
Service Class | |
Net assets applicable to outstanding shares | $227,035,405 |
Shares of beneficial interest outstanding | 21,560,568 |
Net asset value per share outstanding | $ 10.53 |
14 | MainStay VP PineStone International Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $637,396) | $ 7,069,830 |
Dividends-affiliated | 128,910 |
Securities lending, net | 13,015 |
Total income | 7,211,755 |
Expenses | |
Manager (See Note 3) | 3,945,900 |
Distribution/Service—Service Class (See Note 3) | 568,429 |
Professional fees | 163,999 |
Custodian | 75,866 |
Trustees | 11,741 |
Shareholder communication | 7,994 |
Miscellaneous | 12,673 |
Total expenses | 4,786,602 |
Net investment income (loss) | 2,425,153 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | (40,369,908) |
Foreign currency transactions | (13,743) |
Net realized gain (loss) | (40,383,651) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | 57,978,479 |
Translation of other assets and liabilities in foreign currencies | 92,000 |
Net change in unrealized appreciation (depreciation) | 58,070,479 |
Net realized and unrealized gain (loss) | 17,686,828 |
Net increase (decrease) in net assets resulting from operations | $ 20,111,981 |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(400,126). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $301,599. |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,425,153 | $ (31,905) |
Net realized gain (loss) | (40,383,651) | (71,744,140) |
Net change in unrealized appreciation (depreciation) | 58,070,479 | (85,428,146) |
Net increase (decrease) in net assets resulting from operations | 20,111,981 | (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 | 114,523,839 | 56,783,387 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 90,193,618 |
Cost of shares redeemed | (104,097,981) | (46,049,495) |
Increase (decrease) in net assets derived from capital share transactions | 10,425,858 | 100,927,510 |
Net increase (decrease) in net assets | 30,537,839 | (146,470,299) |
Net Assets | ||
Beginning of year | 441,411,136 | 587,881,435 |
End of year | $ 471,948,975 | $ 441,411,136 |
16 | MainStay VP PineStone International Equity Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.29 | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | ||||
Net investment income (loss) (a) | 0.07 | 0.02 | 0.07 | 0.03 | 0.12 | ||||
Net realized and unrealized gain (loss) | 0.37 | (5.06) | 2.12 | 3.24 | 3.31 | ||||
Total from investment operations | 0.44 | (5.04) | 2.19 | 3.27 | 3.43 | ||||
Less distributions: | |||||||||
From net investment income | — | (0.04) | (0.02) | (0.12) | (0.08) | ||||
From net realized gain on investments | — | (2.61) | (2.62) | (0.93) | (2.13) | ||||
Total distributions | — | (2.65) | (2.64) | (1.05) | (2.21) | ||||
Net asset value at end of year | $ 10.73 | $ 10.29 | $ 17.98 | $ 18.43 | $ 16.21 | ||||
Total investment return (b) | 4.28%(c) | (26.45)% | 12.24% | 20.85% | 24.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.65% | 0.12% | 0.37% | 0.16% | 0.74% | ||||
Net expenses (d) | 0.92% | 0.95% | 0.93% | 0.96% | 0.96% | ||||
Portfolio turnover rate | 155% | 102% | 86% | 135% | 66% | ||||
Net assets at end of year (in 000's) | $ 244,914 | $ 205,666 | $ 266,747 | $ 245,101 | $ 209,278 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 10.12 | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | ||||
Net investment income (loss) (a) | 0.04 | (0.02) | 0.02 | (0.01) | 0.08 | ||||
Net realized and unrealized gain (loss) | 0.37 | (5.00) | 2.11 | 3.20 | 3.28 | ||||
Total from investment operations | 0.41 | (5.02) | 2.13 | 3.19 | 3.36 | ||||
Less distributions: | |||||||||
From net investment income | — | — | — | (0.08) | (0.03) | ||||
From net realized gain on investments | — | (2.61) | (2.62) | (0.93) | (2.13) | ||||
Total distributions | — | (2.61) | (2.62) | (1.01) | (2.16) | ||||
Net asset value at end of year | $ 10.53 | $ 10.12 | $ 17.75 | $ 18.24 | $ 16.06 | ||||
Total investment return (b) | 4.05%(c) | (26.63)% | 11.96% | 20.54% | 24.49% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.41% | (0.12)% | 0.12% | (0.08)% | 0.52% | ||||
Net expenses (d) | 1.17% | 1.20% | 1.18% | 1.21% | 1.21% | ||||
Portfolio turnover rate | 155% | 102% | 86% | 135% | 66% | ||||
Net assets at end of year (in 000's) | $ 227,035 | $ 235,745 | $ 321,135 | $ 315,244 | $ 303,135 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 5, 2003 |
18 | MainStay VP PineStone 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 PineStone International Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $441,346,884 | $36,862,914 | $(6,847,399) | $30,015,515 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,011,284 | $(113,736,555) | $— | $30,022,950 | $(81,702,321) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $63,034 | $50,703 |
22 | MainStay VP PineStone International Equity Portfolio |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $— | $46,066,083 |
Long-Term Capital Gains | — | 44,127,535 |
Total | $— | $90,193,618 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 8,777,135 | $ 93,252,336 |
Shares redeemed | (5,936,901) | (64,239,211) |
Net increase (decrease) | 2,840,234 | $ 29,013,125 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,128,562 | $ 21,271,503 |
Shares redeemed | (3,852,976) | (39,858,770) |
Net increase (decrease) | (1,724,414) | $(18,587,267) |
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 PineStone International Equity Portfolio |
New York, New York
February 26, 2024
26 | MainStay VP PineStone International Equity Portfolio |
28 | MainStay VP PineStone International Equity Portfolio |
30 | MainStay VP PineStone International Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
32 | MainStay VP PineStone International Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP PineStone International Equity Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015577 | MSVPIE11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1998 | 43.05% | 17.58% | 13.47% | 0.75% |
Service Class Shares | 6/6/2003 | 42.70 | 17.29 | 13.18 | 1.00 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 42.68% | 19.50% | 14.86% |
S&P 500® Index2 | 26.29 | 15.69 | 12.03 |
Morningstar Large Growth Category Average3 | 36.74 | 15.74 | 12.03 |
* | 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. | 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. |
2. | The S&P 500® Index is the Portfolio's secondary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,138.80 | $3.99 | $1,021.47 | $3.77 | 0.74% |
Service Class Shares | $1,000.00 | $1,137.40 | $5.33 | $1,020.21 | $5.04 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Winslow Large Cap Growth Portfolio |
Software | 21.6% |
Semiconductors & Semiconductor Equipment | 13.2 |
Interactive Media & Services | 9.2 |
Broadline Retail | 6.9 |
Technology Hardware, Storage & Peripherals | 6.4 |
Health Care Equipment & Supplies | 6.3 |
Hotels, Restaurants & Leisure | 5.3 |
Capital Markets | 4.1 |
Financial Services | 4.1 |
IT Services | 2.4 |
Ground Transportation | 2.2 |
Entertainment | 1.9 |
Health Care Providers & Services | 1.8 |
Biotechnology | 1.6 |
Pharmaceuticals | 1.6% |
Life Sciences Tools & Services | 1.6 |
Chemicals | 1.5 |
Specialty Retail | 1.5 |
Machinery | 1.5 |
Automobiles | 1.4 |
Consumer Staples Distribution & Retail | 1.2 |
Textiles, Apparel & Luxury Goods | 1.2 |
Energy Equipment & Services | 1.0 |
Short–Term Investment | 0.4 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Amazon.com, Inc. |
3. | Apple, Inc. |
4. | Alphabet, Inc. |
5. | NVIDIA Corp. |
6. | Meta Platforms, Inc., Class A |
7. | Broadcom, Inc. |
8. | Workday, Inc., Class A |
9. | ServiceNow, Inc. |
10. | Intuitive Surgical, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Automobiles 1.4% | ||
Tesla, Inc. (a) | 85,790 | $ 21,317,099 |
Biotechnology 1.6% | ||
Vertex Pharmaceuticals, Inc. (a) | 58,160 | 23,664,722 |
Broadline Retail 6.9% | ||
Amazon.com, Inc. (a) | 683,950 | 103,919,363 |
Capital Markets 4.1% | ||
KKR & Co., Inc. | 262,000 | 21,706,700 |
Moody's Corp. | 43,940 | 17,161,206 |
MSCI, Inc. | 40,760 | 23,055,894 |
61,923,800 | ||
Chemicals 1.5% | ||
Linde plc | 57,190 | 23,488,505 |
Consumer Staples Distribution & Retail 1.2% | ||
Costco Wholesale Corp. | 26,940 | 17,782,555 |
Energy Equipment & Services 1.0% | ||
Schlumberger NV | 285,400 | 14,852,216 |
Entertainment 1.9% | ||
Netflix, Inc. (a) | 58,130 | 28,302,334 |
Financial Services 4.1% | ||
Mastercard, Inc., Class A | 84,840 | 36,185,108 |
Visa, Inc., Class A | 96,850 | 25,214,898 |
61,400,006 | ||
Ground Transportation 2.2% | ||
Uber Technologies, Inc. (a) | 237,920 | 14,648,734 |
Union Pacific Corp. | 77,500 | 19,035,550 |
33,684,284 | ||
Health Care Equipment & Supplies 6.3% | ||
Boston Scientific Corp. (a) | 325,190 | 18,799,234 |
Dexcom, Inc. (a) | 146,570 | 18,187,871 |
IDEXX Laboratories, Inc. (a) | 36,240 | 20,115,012 |
Intuitive Surgical, Inc. (a) | 114,230 | 38,536,633 |
95,638,750 | ||
Health Care Providers & Services 1.8% | ||
UnitedHealth Group, Inc. | 50,350 | 26,507,765 |
Shares | Value | |
Hotels, Restaurants & Leisure 5.3% | ||
Chipotle Mexican Grill, Inc. (a) | 15,300 | $ 34,990,488 |
Hilton Worldwide Holdings, Inc. | 92,280 | 16,803,265 |
McDonald's Corp. | 63,750 | 18,902,513 |
Starbucks Corp. | 91,390 | 8,774,354 |
79,470,620 | ||
Interactive Media & Services 9.2% | ||
Alphabet, Inc. (a) | ||
Class A | 286,410 | 40,008,613 |
Class C | 251,050 | 35,380,476 |
Meta Platforms, Inc., Class A (a) | 181,100 | 64,102,156 |
139,491,245 | ||
IT Services 2.4% | ||
Accenture plc, Class A | 55,950 | 19,633,415 |
Snowflake, Inc., Class A (a) | 87,560 | 17,424,440 |
37,057,855 | ||
Life Sciences Tools & Services 1.6% | ||
Thermo Fisher Scientific, Inc. | 44,400 | 23,567,076 |
Machinery 1.5% | ||
Parker-Hannifin Corp. | 49,600 | 22,850,720 |
Pharmaceuticals 1.6% | ||
Eli Lilly & Co. | 40,520 | 23,619,918 |
Semiconductors & Semiconductor Equipment 13.2% | ||
Analog Devices, Inc. | 81,890 | 16,260,078 |
ASML Holding NV (Registered) | 45,600 | 34,515,552 |
Broadcom, Inc. | 42,940 | 47,931,775 |
Lam Research Corp. | 36,410 | 28,518,497 |
NVIDIA Corp. | 144,190 | 71,405,772 |
198,631,674 | ||
Software 21.6% | ||
Atlassian Corp., Class A (a) | 73,640 | 17,516,010 |
Microsoft Corp. | 453,460 | 170,519,099 |
Salesforce, Inc. (a) | 144,250 | 37,957,945 |
ServiceNow, Inc. (a) | 56,270 | 39,754,192 |
Synopsys, Inc. (a) | 39,190 | 20,179,323 |
Workday, Inc., Class A (a) | 146,620 | 40,475,917 |
326,402,486 | ||
Specialty Retail 1.5% | ||
O'Reilly Automotive, Inc. (a) | 24,500 | 23,276,960 |
10 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Technology Hardware, Storage & Peripherals 6.4% | |||
Apple, Inc. | 505,450 | $ 97,314,289 | |
Textiles, Apparel & Luxury Goods 1.2% | |||
Lululemon Athletica, Inc. (a) | 34,330 | 17,552,586 | |
Total Common Stocks (Cost $1,128,816,991) | 1,501,716,828 | ||
Short-Term Investment 0.4% | |||
Affiliated Investment Company 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 6,290,754 | 6,290,754 | |
Total Short-Term Investment (Cost $6,290,754) | 6,290,754 | ||
Total Investments (Cost $1,135,107,745) | 99.9% | 1,508,007,582 | |
Other Assets, Less Liabilities | 0.1 | 787,413 | |
Net Assets | 100.0% | $ 1,508,794,995 |
† | 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 December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 8,117 | $ 258,817 | $ (260,643) | $ — | $ — | $ 6,291 | $ 313 | $ — | 6,291 |
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 | $ 1,501,716,828 | $ — | $ — | $ 1,501,716,828 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 6,290,754 | — | — | 6,290,754 | |||
Total Investments in Securities | $ 1,508,007,582 | $ — | $ — | $ 1,508,007,582 |
(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 $1,128,816,991) | $1,501,716,828 |
Investment in affiliated investment companies, at value (identified cost $6,290,754) | 6,290,754 |
Receivables: | |
Investment securities sold | 4,507,658 |
Dividends | 538,004 |
Portfolio shares sold | 430,377 |
Other assets | 8,016 |
Total assets | 1,513,491,637 |
Liabilities | |
Payables: | |
Investment securities purchased | 2,997,765 |
Manager (See Note 3) | 913,639 |
Portfolio shares redeemed | 493,376 |
NYLIFE Distributors (See Note 3) | 240,094 |
Professional fees | 32,011 |
Custodian | 13,275 |
Shareholder communication | 3,777 |
Accrued expenses | 2,705 |
Total liabilities | 4,696,642 |
Net assets | $1,508,794,995 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 63,047 |
Additional paid-in-capital | 974,715,483 |
974,778,530 | |
Total distributable earnings (loss) | 534,016,465 |
Net assets | $1,508,794,995 |
Initial Class | |
Net assets applicable to outstanding shares | $ 364,451,871 |
Shares of beneficial interest outstanding | 13,961,416 |
Net asset value per share outstanding | $ 26.10 |
Service Class | |
Net assets applicable to outstanding shares | $1,144,343,124 |
Shares of beneficial interest outstanding | 49,085,562 |
Net asset value per share outstanding | $ 23.31 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $54,343) | $ 7,663,207 |
Dividends-affiliated | 313,161 |
Securities lending, net | 886 |
Total income | 7,977,254 |
Expenses | |
Manager (See Note 3) | 10,065,569 |
Distribution/Service—Service Class (See Note 3) | 2,582,926 |
Professional fees | 125,701 |
Trustees | 35,114 |
Shareholder communication | 31,130 |
Custodian | 30,917 |
Miscellaneous | 43,961 |
Total expenses before waiver/reimbursement | 12,915,318 |
Expense waiver/reimbursement from Manager (See Note 3) | (29,342) |
Net expenses | 12,885,976 |
Net investment income (loss) | (4,908,722) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 169,646,539 |
Foreign currency transactions | (306) |
Net realized gain (loss) | 169,646,233 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 332,668,480 |
Net realized and unrealized gain (loss) | 502,314,713 |
Net increase (decrease) in net assets resulting from operations | $497,405,991 |
14 | MainStay VP Winslow Large Cap Growth Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (4,908,722) | $ (3,749,572) |
Net realized gain (loss) | 169,646,233 | 55,370,337 |
Net change in unrealized appreciation (depreciation) | 332,668,480 | (658,798,432) |
Net increase (decrease) in net assets resulting from operations | 497,405,991 | (607,177,667) |
Distributions to shareholders: | ||
Initial Class | (12,502,210) | (88,754,424) |
Service Class | (42,877,621) | (263,426,186) |
Total distributions to shareholders | (55,379,831) | (352,180,610) |
Capital share transactions: | ||
Net proceeds from sales of shares | 67,019,422 | 214,496,273 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 55,379,831 | 352,180,610 |
Cost of shares redeemed | (323,071,143) | (282,463,949) |
Increase (decrease) in net assets derived from capital share transactions | (200,671,890) | 284,212,934 |
Net increase (decrease) in net assets | 241,354,270 | (675,145,343) |
Net Assets | ||
Beginning of year | 1,267,440,725 | 1,942,586,068 |
End of year | $1,508,794,995 | $1,267,440,725 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 18.95 | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | ||||
Net investment income (loss) (a) | (0.04) | (0.02) | (0.12) | (0.04) | 0.00‡ | ||||
Net realized and unrealized gain (loss) | 8.07 | (12.18) | 8.01 | 9.36 | 6.95 | ||||
Total from investment operations | 8.03 | (12.20) | 7.89 | 9.32 | 6.95 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.88) | (6.77) | (2.73) | (2.07) | (3.08) | ||||
Net asset value at end of year | $ 26.10 | $ 18.95 | $ 37.92 | $ 32.76 | $ 25.51 | ||||
Total investment return (b) | 43.05% | (31.16)% | 24.52% | 37.16% | 33.64% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.17)% | (0.09)% | (0.34)% | (0.16)% | 0.01% | ||||
Net expenses (c)(d) | 0.74% | 0.75% | 0.74% | 0.75% | 0.76% | ||||
Portfolio turnover rate | 82% | 75% | 62% | 54% | 56% | ||||
Net assets at end of year (in 000's) | $ 364,452 | $ 335,309 | $ 632,666 | $ 534,965 | $ 438,089 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.04 | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | ||||
Net investment income (loss) (a) | (0.08) | (0.08) | (0.20) | (0.11) | (0.06) | ||||
Net realized and unrealized gain (loss) | 7.23 | (11.34) | 7.48 | 8.81 | 6.59 | ||||
Total from investment operations | 7.15 | (11.42) | 7.28 | 8.70 | 6.53 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (0.88) | (6.77) | (2.73) | (2.07) | (3.08) | ||||
Net asset value at end of year | $ 23.31 | $ 17.04 | $ 35.23 | $ 30.68 | $ 24.05 | ||||
Total investment return (b) | 42.70% | (31.34)% | 24.20% | 36.81% | 33.30% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.42)% | (0.33)% | (0.59)% | (0.41)% | (0.25)% | ||||
Net expenses (c)(d) | 0.99% | 1.00% | 0.99% | 1.00% | 1.01% | ||||
Portfolio turnover rate | 82% | 75% | 62% | 54% | 56% | ||||
Net assets at end of year (in 000's) | $ 1,144,343 | $ 932,131 | $ 1,309,920 | $ 1,093,847 | $ 825,075 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
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 |
20 | MainStay VP Winslow Large Cap Growth Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,137,385,449 | $371,594,891 | $(972,758) | $370,622,133 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$39,141,583 | $124,252,749 | $— | $370,622,133 | $534,016,465 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$331,932 | $(331,932) |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ — | $ 51,907,115 |
Long-Term Capital Gains | 55,379,831 | 300,273,495 |
Total | $55,379,831 | $352,180,610 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 471,629 | $ 10,182,187 |
Shares issued to shareholders in reinvestment of distributions | 550,050 | 12,502,210 |
Shares redeemed | (4,751,218) | (109,156,142) |
Net increase (decrease) | (3,729,539) | $ (86,471,745) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,796,721 | $ 56,837,235 |
Shares issued to shareholders in reinvestment of distributions | 2,111,148 | 42,877,621 |
Shares redeemed | (10,509,566) | (213,915,001) |
Net increase (decrease) | (5,601,697) | $(114,200,145) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP Winslow Large Cap Growth Portfolio |
26 | MainStay VP Winslow Large Cap Growth Portfolio |
28 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015530 | MSVPLG11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 7/2/2001 | 13.69% | 8.20% | 6.66% | 0.89% |
Service Class Shares | 6/5/2003 | 13.41 | 7.93 | 6.39 | 1.14 |
1. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor, MacKay Shields LLC, 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell Midcap® Index1 | 17.23% | 12.68% | 9.42% |
S&P MidCap 400® Index2 | 16.44 | 12.62 | 9.27 |
Morningstar Mid-Cap Blend Category Average3 | 16.00 | 11.96 | 8.28 |
* | 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. | 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. |
2. | The Portfolio has selected the S&P MidCap 400® Index as its secondary benchmark. The S&P MidCap 400® Index is a market capitalization-weighted index of common stocks representing the mid-cap U.S. equity market. |
3. | The Morningstar Mid-Cap Blend Category Average is representative of funds that invest primarily in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,060.40 | $4.47 | $1,020.87 | $4.38 | 0.86% |
Service Class Shares | $1,000.00 | $1,059.10 | $5.76 | $1,019.61 | $5.65 | 1.11% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Mid Cap Portfolio |
Banks | 7.2% |
Machinery | 6.7 |
Chemicals | 5.9 |
Insurance | 5.6 |
Oil, Gas & Consumable Fuels | 5.2 |
Software | 4.3 |
Professional Services | 4.1 |
Biotechnology | 3.9 |
Financial Services | 3.8 |
Ground Transportation | 3.7 |
Semiconductors & Semiconductor Equipment | 3.7 |
Health Care Equipment & Supplies | 3.6 |
Building Products | 3.6 |
Hotels, Restaurants & Leisure | 2.9 |
Automobile Components | 2.8 |
Specialty Retail | 2.5 |
Containers & Packaging | 2.3 |
Textiles, Apparel & Luxury Goods | 2.2 |
Health Care Providers & Services | 2.1 |
Electronic Equipment, Instruments & Components | 2.1 |
Communications Equipment | 2.0 |
Specialized REITs | 1.9 |
Trading Companies & Distributors | 1.6 |
Household Durables | 1.6 |
Consumer Staples Distribution & Retail | 1.4% |
Consumer Finance | 1.2 |
IT Services | 1.1 |
Aerospace & Defense | 1.1 |
Air Freight & Logistics | 1.1 |
Retail REITs | 1.0 |
Pharmaceuticals | 1.0 |
Life Sciences Tools & Services | 0.9 |
Gas Utilities | 0.8 |
Electric Utilities | 0.8 |
Electrical Equipment | 0.6 |
Capital Markets | 0.6 |
Multi–Utilities | 0.6 |
Food Products | 0.6 |
Interactive Media & Services | 0.5 |
Media | 0.4 |
Metals & Mining | 0.3 |
Industrial REITs | 0.3 |
Entertainment | 0.3 |
Short–Term Investments | 1.5 |
Other Assets, Less Liabilities | –1.4 |
100.0% |
1. | Celanese Corp. |
2. | Knight-Swift Transportation Holdings, Inc. |
3. | MKS Instruments, Inc. |
4. | M&T Bank Corp. |
5. | Marathon Oil Corp. |
6. | NVR, Inc. |
7. | Flex Ltd. |
8. | Builders FirstSource, Inc. |
9. | WEX, Inc. |
10. | Lennox International, Inc. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks 99.9% | ||
Aerospace & Defense 1.1% | ||
Axon Enterprise, Inc. (a) | 29,748 | $ 7,684,801 |
Air Freight & Logistics 1.1% | ||
Expeditors International of Washington, Inc. | 59,584 | 7,579,085 |
Automobile Components 2.8% | ||
BorgWarner, Inc. | 123,851 | 4,440,058 |
Gentex Corp. | 192,022 | 6,271,439 |
Goodyear Tire & Rubber Co. (The) (a) | 260,388 | 3,728,756 |
Visteon Corp. (a) | 43,053 | 5,377,320 |
19,817,573 | ||
Banks 7.2% | ||
Cadence Bank | 198,090 | 5,861,483 |
Cullen | 57,562 | 6,244,901 |
First Citizens BancShares, Inc., Class A | 6,038 | 8,567,741 |
M&T Bank Corp. | 87,891 | 12,048,098 |
New York Community Bancorp, Inc. | 624,706 | 6,390,743 |
Prosperity Bancshares, Inc. | 71,318 | 4,830,368 |
SouthState Corp. | 84,919 | 7,171,410 |
51,114,744 | ||
Biotechnology 3.9% | ||
Apellis Pharmaceuticals, Inc. (a) | 79,234 | 4,742,947 |
Exact Sciences Corp. (a) | 32,575 | 2,409,899 |
Neurocrine Biosciences, Inc. (a) | 29,894 | 3,938,833 |
PTC Therapeutics, Inc. (a) | 136,967 | 3,774,811 |
Sarepta Therapeutics, Inc. (a) | 16,887 | 1,628,413 |
Ultragenyx Pharmaceutical, Inc. (a) | 73,812 | 3,529,690 |
United Therapeutics Corp. (a) | 33,499 | 7,366,095 |
27,390,688 | ||
Building Products 3.6% | ||
Builders FirstSource, Inc. (a) | 60,705 | 10,134,092 |
Fortune Brands Innovations, Inc. | 80,020 | 6,092,723 |
Lennox International, Inc. | 21,146 | 9,463,258 |
25,690,073 | ||
Capital Markets 0.6% | ||
Hamilton Lane, Inc., Class A | 32,265 | 3,660,142 |
Morningstar, Inc. | 2,405 | 688,407 |
4,348,549 | ||
Chemicals 5.9% | ||
Celanese Corp. | 95,962 | 14,909,616 |
Element Solutions, Inc. | 367,235 | 8,497,818 |
FMC Corp. | 122,703 | 7,736,424 |
Shares | Value | |
Chemicals (continued) | ||
Huntsman Corp. | 207,182 | $ 5,206,484 |
Ingevity Corp. (a) | 109,319 | 5,162,043 |
41,512,385 | ||
Communications Equipment 2.0% | ||
F5, Inc. (a) | 46,887 | 8,391,835 |
Lumentum Holdings, Inc. (a) | 105,661 | 5,538,750 |
13,930,585 | ||
Consumer Finance 1.2% | ||
Credit Acceptance Corp. (a) | 16,094 | 8,573,757 |
Consumer Staples Distribution & Retail 1.4% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 60,258 | 4,016,798 |
U.S. Foods Holding Corp. (a) | 125,631 | 5,704,904 |
9,721,702 | ||
Containers & Packaging 2.3% | ||
Ball Corp. | 62,379 | 3,588,040 |
Graphic Packaging Holding Co. | 240,469 | 5,927,561 |
Silgan Holdings, Inc. | 143,142 | 6,477,175 |
15,992,776 | ||
Electric Utilities 0.8% | ||
Alliant Energy Corp. | 107,943 | 5,537,476 |
Electrical Equipment 0.6% | ||
Acuity Brands, Inc. | 21,381 | 4,379,470 |
Electronic Equipment, Instruments & Components 2.1% | ||
CDW Corp. | 17,321 | 3,937,410 |
Flex Ltd. (a) | 348,433 | 10,613,269 |
14,550,679 | ||
Entertainment 0.3% | ||
Roku, Inc. (a) | 21,151 | 1,938,701 |
Financial Services 3.8% | ||
Nuvei Corp. (b) | 153,217 | 4,023,478 |
Shift4 Payments, Inc., Class A (a) | 101,911 | 7,576,064 |
Voya Financial, Inc. | 79,103 | 5,771,355 |
WEX, Inc. (a) | 49,106 | 9,553,572 |
26,924,469 | ||
Food Products 0.6% | ||
Post Holdings, Inc. (a) | 45,926 | 4,044,243 |
10 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Gas Utilities 0.8% | ||
Atmos Energy Corp. | 49,355 | $ 5,720,244 |
Ground Transportation 3.7% | ||
JB Hunt Transport Services, Inc. | 28,371 | 5,666,823 |
Knight-Swift Transportation Holdings, Inc. | 237,841 | 13,711,534 |
U-Haul Holding Co. | 100,311 | 7,065,907 |
26,444,264 | ||
Health Care Equipment & Supplies 3.6% | ||
Dentsply Sirona, Inc. | 181,027 | 6,442,751 |
Hologic, Inc. (a) | 48,560 | 3,469,612 |
Inari Medical, Inc. (a) | 88,570 | 5,749,964 |
Integra LifeSciences Holdings Corp. (a) | 133,671 | 5,821,372 |
Shockwave Medical, Inc. (a) | 22,360 | 4,260,922 |
25,744,621 | ||
Health Care Providers & Services 2.1% | ||
Acadia Healthcare Co., Inc. (a) | 65,462 | 5,090,325 |
agilon health, Inc. (a) | 250,762 | 3,147,063 |
Molina Healthcare, Inc. (a) | 17,644 | 6,374,954 |
14,612,342 | ||
Hotels, Restaurants & Leisure 2.9% | ||
Choice Hotels International, Inc. (b) | 41,352 | 4,685,182 |
Denny's Corp. (a) | 400,622 | 4,358,767 |
DraftKings, Inc., Class A (a) | 20,433 | 720,263 |
Hyatt Hotels Corp., Class A (b) | 41,112 | 5,361,416 |
Wyndham Hotels & Resorts, Inc. | 68,148 | 5,479,781 |
20,605,409 | ||
Household Durables 1.6% | ||
NVR, Inc. (a) | 1,586 | 11,102,714 |
Industrial REITs 0.3% | ||
Rexford Industrial Realty, Inc. | 37,632 | 2,111,155 |
Insurance 5.6% | ||
Aegon Ltd. (Registered) | 1,091,227 | 6,285,468 |
Globe Life, Inc. | 36,976 | 4,500,719 |
Hanover Insurance Group, Inc. (The) | 45,208 | 5,489,155 |
Kemper Corp. | 177,203 | 8,624,471 |
Markel Group, Inc. (a) | 6,256 | 8,882,894 |
W R Berkley Corp. | 40,612 | 2,872,081 |
White Mountains Insurance Group Ltd. | 2,199 | 3,309,517 |
39,964,305 |
Shares | Value | |
Interactive Media & Services 0.5% | ||
Cargurus, Inc. (a) | 142,078 | $ 3,432,604 |
IT Services 1.1% | ||
MongoDB, Inc. (a) | 6,558 | 2,681,238 |
VeriSign, Inc. (a) | 26,612 | 5,481,008 |
8,162,246 | ||
Life Sciences Tools & Services 0.9% | ||
Bio-Techne Corp. | 31,134 | 2,402,299 |
ICON plc (a) | 13,365 | 3,783,231 |
6,185,530 | ||
Machinery 6.7% | ||
Fortive Corp. | 69,168 | 5,092,840 |
Graco, Inc. | 82,725 | 7,177,221 |
IDEX Corp. | 26,702 | 5,797,271 |
Ingersoll Rand, Inc. | 63,668 | 4,924,083 |
John Bean Technologies Corp. | 40,028 | 3,980,784 |
Lincoln Electric Holdings, Inc. | 20,369 | 4,429,443 |
Middleby Corp. (The) (a) | 47,387 | 6,973,945 |
Westinghouse Air Brake Technologies Corp. | 70,428 | 8,937,313 |
47,312,900 | ||
Media 0.4% | ||
Cable One, Inc. | 5,515 | 3,069,594 |
Metals & Mining 0.3% | ||
Steel Dynamics, Inc. | 19,407 | 2,291,967 |
Multi-Utilities 0.6% | ||
NiSource, Inc. | 153,986 | 4,088,328 |
Oil, Gas & Consumable Fuels 5.2% | ||
Coterra Energy, Inc. | 157,415 | 4,017,231 |
Diamondback Energy, Inc. | 30,438 | 4,720,325 |
Marathon Oil Corp. | 479,397 | 11,582,231 |
Ovintiv, Inc. | 164,127 | 7,208,458 |
Targa Resources Corp. | 104,937 | 9,115,877 |
36,644,122 | ||
Pharmaceuticals 1.0% | ||
Jazz Pharmaceuticals plc (a) | 55,640 | 6,843,720 |
Professional Services 4.1% | ||
Ceridian HCM Holding, Inc. (a) | 79,460 | 5,333,355 |
Genpact Ltd. | 247,173 | 8,579,375 |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services (continued) | ||
Leidos Holdings, Inc. | 43,050 | $ 4,659,732 |
Robert Half, Inc. | 55,728 | 4,899,606 |
Science Applications International Corp. | 35,243 | 4,381,410 |
TransUnion | 18,806 | 1,292,160 |
29,145,638 | ||
Retail REITs 1.0% | ||
Brixmor Property Group, Inc. | 313,032 | 7,284,255 |
Semiconductors & Semiconductor Equipment 3.7% | ||
First Solar, Inc. (a) | 14,471 | 2,493,064 |
Lattice Semiconductor Corp. (a) | 20,764 | 1,432,508 |
MKS Instruments, Inc. | 118,127 | 12,151,724 |
Onto Innovation, Inc. (a) | 15,932 | 2,436,003 |
Rambus, Inc. (a) | 43,880 | 2,994,810 |
Silicon Motion Technology Corp., ADR | 80,128 | 4,909,443 |
26,417,552 | ||
Software 4.3% | ||
CyberArk Software Ltd. (a) | 16,545 | 3,624,182 |
Dynatrace, Inc. (a) | 161,443 | 8,829,318 |
Fair Isaac Corp. (a) | 6,872 | 7,999,077 |
HubSpot, Inc. (a) | 5,139 | 2,983,395 |
Informatica, Inc., Class A (a) | 85,470 | 2,426,493 |
PTC, Inc. (a) | 17,708 | 3,098,192 |
Unity Software, Inc. (a)(b) | 39,400 | 1,611,066 |
30,571,723 | ||
Specialized REITs 1.9% | ||
Extra Space Storage, Inc. | 16,641 | 2,668,052 |
Gaming and Leisure Properties, Inc. | 107,355 | 5,297,969 |
Lamar Advertising Co., Class A | 55,169 | 5,863,361 |
13,829,382 | ||
Specialty Retail 2.5% | ||
CarMax, Inc. (a) | 77,813 | 5,971,370 |
Chewy, Inc., Class A (a)(b) | 95,380 | 2,253,829 |
Floor & Decor Holdings, Inc., Class A (a) | 31,343 | 3,496,625 |
Valvoline, Inc. (a) | 159,701 | 6,001,564 |
17,723,388 | ||
Textiles, Apparel & Luxury Goods 2.2% | ||
Deckers Outdoor Corp. (a) | 11,173 | 7,468,368 |
Steven Madden Ltd. | 191,400 | 8,038,800 |
15,507,168 |
Shares | Value | ||
Trading Companies & Distributors 1.6% | |||
AerCap Holdings NV (a) | 70,155 | $ 5,213,919 | |
Watsco, Inc. | 13,921 | 5,964,731 | |
11,178,650 | |||
Total Common Stocks (Cost $616,137,212) | 706,725,577 | ||
Short-Term Investments 1.5% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 1,471,327 | 1,471,327 | |
Unaffiliated Investment Companies 1.3% | |||
BlackRock Liquidity FedFund, 5.374% (c)(d) | 2,000,000 | 2,000,000 | |
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (c)(d) | 1,000,000 | 1,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 5,355,134 | 5,355,134 | |
Morgan Stanley Institutional Liquidity Fund Government Portfolio, 5.363% (c)(d) | 1,000,000 | 1,000,000 | |
9,355,134 | |||
Total Short-Term Investments (Cost $10,826,461) | 10,826,461 | ||
Total Investments (Cost $626,963,673) | 101.4% | 717,552,038 | |
Other Assets, Less Liabilities | (1.4) | (10,073,537) | |
Net Assets | 100.0% | $ 707,478,501 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $14,012,339; the total market value of collateral held by the Portfolio was $14,465,363. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $5,110,229. The Portfolio received cash collateral with a value of $9,355,134. (See Note 2(H)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
12 | MainStay VP Wellington Mid Cap Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 995 | $ 90,159 | $ (89,683) | $ — | $ — | $ 1,471 | $ 73 | $ — | 1,471 |
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 | $ 706,725,577 | $ — | $ — | $ 706,725,577 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,471,327 | — | — | 1,471,327 | |||
Unaffiliated Investment Companies | 9,355,134 | — | — | 9,355,134 | |||
Total Short-Term Investments | 10,826,461 | — | — | 10,826,461 | |||
Total Investments in Securities | $ 717,552,038 | $ — | $ — | $ 717,552,038 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $625,492,346) including securities on loan of $14,012,339 | $716,080,711 |
Investment in affiliated investment companies, at value (identified cost $1,471,327) | 1,471,327 |
Receivables: | |
Dividends | 301,826 |
Portfolio shares sold | 86,167 |
Securities lending | 1,142 |
Other assets | 4,213 |
Total assets | 717,945,386 |
Liabilities | |
Cash collateral received for securities on loan | 9,355,134 |
Due to custodian | 18 |
Payables: | |
Manager (See Note 3) | 490,160 |
Portfolio shares redeemed | 430,110 |
NYLIFE Distributors (See Note 3) | 90,583 |
Shareholder communication | 52,462 |
Professional fees | 28,802 |
Custodian | 18,089 |
Accrued expenses | 1,527 |
Total liabilities | 10,466,885 |
Net assets | $707,478,501 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 86,153 |
Additional paid-in-capital | 765,851,509 |
765,937,662 | |
Total distributable earnings (loss) | (58,459,161) |
Net assets | $707,478,501 |
Initial Class | |
Net assets applicable to outstanding shares | $272,691,243 |
Shares of beneficial interest outstanding | 32,359,316 |
Net asset value per share outstanding | $ 8.43 |
Service Class | |
Net assets applicable to outstanding shares | $434,787,258 |
Shares of beneficial interest outstanding | 53,793,723 |
Net asset value per share outstanding | $ 8.08 |
14 | MainStay VP Wellington Mid Cap Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $61,870) | $ 8,061,978 |
Dividends-affiliated | 73,264 |
Securities lending, net | 48,120 |
Total income | 8,183,362 |
Expenses | |
Manager (See Note 3) | 5,918,420 |
Distribution/Service—Service Class (See Note 3) | 1,058,458 |
Professional fees | 92,589 |
Custodian | 44,902 |
Trustees | 17,879 |
Miscellaneous | 15,841 |
Total expenses before waiver/reimbursement | 7,148,089 |
Expense waiver/reimbursement from Manager (See Note 3) | (101,577) |
Net expenses | 7,046,512 |
Net investment income (loss) | 1,136,850 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (62,984,706) |
Foreign currency transactions | (36) |
Net realized gain (loss) | (62,984,742) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 151,672,379 |
Translation of other assets and liabilities in foreign currencies | (15) |
Net change in unrealized appreciation (depreciation) | 151,672,364 |
Net realized and unrealized gain (loss) | 88,687,622 |
Net increase (decrease) in net assets resulting from operations | $ 89,824,472 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 1,136,850 | $ (213,024) |
Net realized gain (loss) | (62,984,742) | (85,034,575) |
Net change in unrealized appreciation (depreciation) | 151,672,364 | (105,118,238) |
Net increase (decrease) in net assets resulting from operations | 89,824,472 | (190,365,837) |
Distributions to shareholders: | ||
Initial Class | (294,972) | (116,195,297) |
Service Class | — | (181,440,133) |
Total distributions to shareholders | (294,972) | (297,635,430) |
Capital share transactions: | ||
Net proceeds from sales of shares | 30,975,645 | 49,449,693 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 294,972 | 297,635,430 |
Cost of shares redeemed | (125,818,257) | (78,282,585) |
Increase (decrease) in net assets derived from capital share transactions | (94,547,640) | 268,802,538 |
Net increase (decrease) in net assets | (5,018,140) | (219,198,729) |
Net Assets | ||
Beginning of year | 712,496,641 | 931,695,370 |
End of year | $ 707,478,501 | $ 712,496,641 |
16 | MainStay VP Wellington Mid Cap Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.42 | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | ||||
Net investment income (loss) (a) | 0.02 | 0.02 | (0.02) | 0.08 | 0.11 | ||||
Net realized and unrealized gain (loss) | 1.00 | (3.69) | 2.80 | 1.32 | 2.54 | ||||
Total from investment operations | 1.02 | (3.67) | 2.78 | 1.40 | 2.65 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | — | (0.10) | (0.12) | (0.16) | ||||
From net realized gain on investments | — | (5.25) | (0.30) | (0.88) | (0.87) | ||||
Total distributions | (0.01) | (5.25) | (0.40) | (1.00) | (1.03) | ||||
Net asset value at end of year | $ 8.43 | $ 7.42 | $ 16.34 | $ 13.96 | $ 13.56 | ||||
Total investment return (b) | 13.69% | (20.52)% | 20.00% | 11.28% | 22.88% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.31% | 0.13% | (0.12)% | 0.65% | 0.84% | ||||
Net expenses (c) | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | ||||
Expenses (before waiver/reimbursement) (c) | 0.88% | 0.89% | 0.89% | 0.89% | 0.88% | ||||
Portfolio turnover rate | 60% | 49% | 54% | 178% | 174% | ||||
Net assets at end of year (in 000's) | $ 272,691 | $ 286,378 | $ 360,437 | $ 346,379 | $ 398,240 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.13 | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | ||||
Net investment income (loss) (a) | 0.01 | (0.01) | (0.04) | 0.05 | 0.08 | ||||
Net realized and unrealized gain (loss) | 0.94 | (3.61) | 2.72 | 1.28 | 2.49 | ||||
Total from investment operations | 0.95 | (3.62) | 2.68 | 1.33 | 2.57 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.06) | (0.09) | (0.12) | ||||
From net realized gain on investments | — | (5.25) | (0.30) | (0.88) | (0.87) | ||||
Total distributions | — | (5.25) | (0.36) | (0.97) | (0.99) | ||||
Net asset value at end of year | $ 8.08 | $ 7.13 | $ 16.00 | $ 13.68 | $ 13.32 | ||||
Total investment return (b) | 13.32%(c) | (20.71)% | 19.70% | 11.00% | 22.57% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.07% | (0.13)% | (0.25)% | 0.42% | 0.58% | ||||
Net expenses (d) | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | ||||
Expenses (before waiver/reimbursement) (d) | 1.13% | 1.14% | 1.14% | 1.14% | 1.13% | ||||
Portfolio turnover rate | 60% | 49% | 54% | 178% | 174% | ||||
Net assets at end of year (in 000's) | $ 434,787 | $ 426,119 | $ 571,259 | $ 551,856 | $ 516,445 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | July 2, 2001 |
Service Class | June 5, 2003 |
18 | MainStay VP Wellington Mid 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 |
20 | MainStay VP Wellington Mid Cap Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $655,617,325 | $90,272,007 | $(28,337,294) | $61,934,713 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,232,012 | $(121,625,886) | $— | $61,934,713 | $(58,459,161) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$10,655 | $(10,655) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $17,562 | $104,064 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $294,972 | $163,719,831 |
Long-Term Capital Gains | — | 133,915,599 |
Total | $294,972 | $297,635,430 |
22 | MainStay VP Wellington Mid Cap Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,214,876 | $ 9,459,304 |
Shares issued to shareholders in reinvestment of distributions | 39,462 | 294,972 |
Shares redeemed | (7,485,796) | (58,703,344) |
Net increase (decrease) | (6,231,458) | $ (48,949,068) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,918,716 | $ 21,516,341 |
Shares redeemed | (8,916,610) | (67,114,913) |
Net increase (decrease) | (5,997,894) | $ (45,598,572) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP Wellington Mid Cap Portfolio |
26 | MainStay VP Wellington Mid Cap Portfolio |
28 | MainStay VP Wellington Mid Cap Portfolio |
30 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
32 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP Wellington Mid Cap Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015903 | MSVPMCC11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 4.81% | 1.61% | 0.99% | 0.40% |
7-Day Current Yield = 5.11%; 7-Day Effective Yield = 5.24%.3 |
1. | Effective August 26, 2016 and October 14, 2016, the Portfolio modified its principal investment strategies in connection with commencing operations as a "government money market fund." Consequently the performance information may have been different if the current investment strategies had been in effect during the period prior to the Portfolio commencing operations as a "government money market fund." |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Average Lipper Variable Products U.S. Government Money Market Portfolio1 | 4.66% | 1.56% | 0.95% |
Morningstar Prime Money Market Category Average2 | 4.84 | 1.69 | 1.11 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Average Lipper VP U.S. Government Money Market Portfolio is an equally weighted performance average consisting of funds that invest 99.5% of their assets in cash, government securities and/or repurchase agreements that are collateralized solely by government securities or cash, and have a weighted average maturity of 60 days or less. These funds intend to keep a constant net asset value. |
2. | The Morningstar Prime Money Market Category Average is representative of funds that invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,025.70 | $1.43 | $1,023.79 | $1.43 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP U.S. Government Money Market Portfolio |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
8 | MainStay VP U.S. Government Money Market Portfolio |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Government Agency Debt 34.0% | ||
Federal Agricultural Mortgage Corp. | ||
5.292%, due 2/1/24 | $ 20,000,000 | $ 19,909,411 |
5.346%, due 1/25/24 | 15,000,000 | 14,947,000 |
Federal Farm Credit Banks | ||
5.286%, due 1/16/24 | 50,000,000 | 49,890,208 |
Federal Home Loan Banks | ||
5.302%, due 1/8/24 | 50,000,000 | 49,948,764 |
5.302%, due 1/10/24 | 25,000,000 | 24,967,062 |
Federal Home Loan Mortgage Corp. | ||
5.252%, due 1/3/24 | 75,000,000 | 74,978,167 |
Tennessee Valley Authority | ||
5.266%, due 1/3/24 | 50,000,000 | 49,985,403 |
5.291%, due 1/10/24 | 96,300,000 | 96,172,884 |
Total Government Agency Debt (Cost $380,798,899) | 380,798,899 | |
Treasury Debt 49.5% | ||
U.S. Treasury Bills (a) | ||
5.287%, due 1/16/24 | 103,000,000 | 102,774,252 |
5.311%, due 1/11/24 | 99,000,000 | 98,854,855 |
5.318%, due 1/9/24 | 43,000,000 | 42,949,596 |
5.321%, due 1/23/24 | 111,000,000 | 110,642,009 |
5.344%, due 3/19/24 | 200,000,000 | 197,724,567 |
Total Treasury Debt (Cost $552,945,279) | 552,945,279 | |
Treasury Repurchase Agreements 16.5% | ||
BofA Securities, Inc. 5.31%, dated 12/29/23 due 1/2/24 Proceeds at Maturity $95,000,062 (Collateralized by United States Treasury securities with rates between 0.00% and 4.375% and maturity dates between 05/15/26 and 03/31/28, with a Principal Amount of $96,848,000 and a Market Value of $96,900,063) | 95,000,000 | 95,000,000 |
Principal Amount | Value | ||
Treasury Repurchase Agreements (continued) | |||
RBC Capital Markets LLC 5.32%, dated 12/29/23 due 1/2/24 Proceeds at Maturity $39,150,211 (Collateralized by United States Treasury security with a rate of 5.368% and with maturity date of 07/31/24, with a Principal Amount of $39,618,300 and a Market Value of $39,933,216) | $ 39,127,000 | $ 39,127,000 | |
TD Securities, Inc. 5.32%, dated 12/29/23 due 1/2/24 Proceeds at Maturity $50,000,077 (Collateralized by United States Treasury securities with rates between 1.125% and 4.125% and maturity dates between 02/28/25 and 02/15/30, with a Principal Amount of $54,237,000 and a Market Value of $51,000,079) | 50,000,000 | 50,000,000 | |
Total Treasury Repurchase Agreements (Cost $184,127,000) | 184,127,000 | ||
Total Short-Term Investments (Cost $1,117,871,178) | 100.0% | 1,117,871,178 | |
Other Assets, Less Liabilities | (0.0)‡ | (194,337) | |
Net Assets | 100.0% | $ 1,117,676,841 |
† | 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 | $ — | $ 380,798,899 | $ — | $ 380,798,899 | |||
Treasury Debt | — | 552,945,279 | — | 552,945,279 | |||
Treasury Repurchase Agreements | — | 184,127,000 | — | 184,127,000 | |||
Total Investments in Securities | $ — | $ 1,117,871,178 | $ — | $ 1,117,871,178 |
(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 $933,744,178) | $ 933,744,178 |
Repurchase agreements, at value (amortized cost $184,127,000) | 184,127,000 |
Cash | 415 |
Receivables: | |
Interest | 81,550 |
Other assets | 4,488 |
Total assets | 1,117,957,631 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 245,274 |
Professional fees | 24,938 |
Custodian | 10,509 |
Shareholder communication | 34 |
Accrued expenses | 35 |
Total liabilities | 280,790 |
Net assets | $1,117,676,841 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 1,117,567 |
Additional paid-in-capital | 1,116,548,080 |
1,117,665,647 | |
Total distributable earnings (loss) | 11,194 |
Net assets | $1,117,676,841 |
Initial Class | |
Net assets applicable to outstanding shares | $1,117,676,841 |
Shares of beneficial interest outstanding | 1,117,567,298 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $44,534,777 |
Expenses | |
Manager (See Note 3) | 3,354,484 |
Professional fees | 101,245 |
Shareholder communication | 37,690 |
Custodian | 25,009 |
Trustees | 22,250 |
Miscellaneous | 18,381 |
Total expenses before waiver/reimbursement | 3,559,059 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,065,586) |
Net expenses | 2,493,473 |
Net investment income (loss) | 42,041,304 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | 10,901 |
Net increase (decrease) in net assets resulting from operations | $42,052,205 |
12 | MainStay VP U.S. Government Money Market Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 42,041,304 | $ 11,150,568 |
Net realized gain (loss) | 10,901 | (14,591) |
Net increase (decrease) in net assets resulting from operations | 42,052,205 | 11,135,977 |
Distributions to shareholders: | ||
Initial Class | (42,041,305) | (11,150,567) |
Capital share transactions: | ||
Net proceeds from sales of shares | 819,313,638 | 767,061,320 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 42,041,305 | 11,150,567 |
Cost of shares redeemed | (601,012,209) | (550,908,451) |
Increase (decrease) in net assets derived from capital share transactions | 260,342,734 | 227,303,436 |
Net increase (decrease) in net assets | 260,353,634 | 227,288,846 |
Net Assets | ||
Beginning of year | 857,323,207 | 630,034,361 |
End of year | $1,117,676,841 | $ 857,323,207 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) | 0.05 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Net realized and unrealized gain (loss) on investments | 0.00‡ | 0.00‡ | 0.00 | 0.00 | 0.00 | ||||
Total from investment operations | 0.05 | 0.01 | 0.00‡ | 0.00‡ | 0.02 | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.01) | (0.00)‡ | 0.00‡ | (0.02) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (a) | 4.81% | 1.29% | 0.01% | 0.24% | 1.78% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.72% | 1.40% | 0.01% | 0.15% | 1.78% | ||||
Net expenses | 0.28% | 0.24% | 0.04% | 0.16% | 0.44% | ||||
Expenses (before waiver/reimbursement) | 0.40% | 0.40% | 0.41% | 0.42% | 0.44% | ||||
Net assets at end of year (in 000's) | $ 1,117,677 | $ 857,323 | $ 630,034 | $ 827,050 | $ 396,254 |
‡ | Less than one cent per share. |
(a) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
14 | MainStay VP U.S. Government Money Market Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
• | Level 1—quoted prices (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 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$14,884 | $(3,690) | $— | $— | $11,194 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $42,041,305 | $11,150,567 |
18 | MainStay VP U.S. Government Money Market Portfolio |
Initial Class (at $1 per share) | Shares |
Year ended December 31, 2023: | |
Shares sold | 819,231,716 |
Shares issued to shareholders in reinvestment of distributions | 42,038,318 |
Shares redeemed | (600,952,109) |
Net increase (decrease) | 260,317,925 |
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 |
New York, New York
February 26, 2024
20 | MainStay VP U.S. Government Money Market Portfolio |
22 | MainStay VP U.S. Government Money Market Portfolio |
24 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
26 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
28 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015536 | MSVPUSGMM11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 10/1/1996 | 8.85% | 11.59% | 8.50% | 0.57% |
Service Class Shares | 6/5/2003 | 8.58 | 11.31 | 8.23 | 0.82 |
Service 2 Class Shares | 4/26/2016 | 8.47 | 11.20 | 9.67 | 0.92 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | 12.87% | 11.93% | 8.90% |
Morningstar Convertibles Category Average2 | 8.97 | 9.88 | 7.21 |
* | 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. | 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. |
2. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP MacKay Convertible Portfolio |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,027.90 | $2.91 | $1,022.33 | $2.91 | 0.57% |
Service Class Shares | $1,000.00 | $1,026.60 | $4.19 | $1,021.07 | $4.18 | 0.82% |
Service 2 Class Shares | $1,000.00 | $1,026.10 | $4.70 | $1,020.57 | $4.69 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | Nice Ltd., (zero coupon), due 9/15/25 |
2. | BioMarin Pharmaceutical, Inc., 1.25%, due 5/15/27 |
3. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
4. | NRG Energy, Inc., 2.75%, due 6/1/48 |
5. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
6. | Palo Alto Networks, Inc., 0.375%, due 6/1/25 |
7. | Ford Motor Co., (zero coupon), due 3/15/26 |
8. | Exact Sciences Corp., 0.375%, due 3/1/28 |
9. | Southwest Airlines Co., 1.25%, due 5/1/25 |
10. | Lantheus Holdings, Inc., 2.625%, due 12/15/27 |
8 | MainStay VP MacKay Convertible Portfolio |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
10 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Long-Term Bonds 1.1% | ||
Corporate Bonds 1.1% | ||
Biotechnology 0.5% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,895,000 | $ 8,346,398 |
Hotels, Restaurants & Leisure 0.6% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 8,205,000 | 10,527,015 |
Total Corporate Bonds (Cost $16,869,030) | 18,873,413 | |
Total Long-Term Bonds (Cost $16,869,030) | 18,873,413 | |
Convertible Securities 89.8% | ||
Convertible Bonds 84.9% | ||
Automobile Components 1.1% | ||
Patrick Industries, Inc. | ||
1.75%, due 12/1/28 | 17,313,000 | 19,736,820 |
Automobiles 2.8% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 | 32,843,000 | 32,843,000 |
Rivian Automotive, Inc. | ||
4.625%, due 3/15/29 (a) | 11,411,000 | 16,078,099 |
48,921,099 | ||
Beverages 1.4% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 | 20,955,000 | 24,517,350 |
Biotechnology 7.0% | ||
Alnylam Pharmaceuticals, Inc. | ||
1.00%, due 9/15/27 | 5,744,000 | 5,672,200 |
BioMarin Pharmaceutical, Inc. | ||
1.25%, due 5/15/27 (b) | 37,741,000 | 38,944,938 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 34,798,000 | 32,710,120 |
Halozyme Therapeutics, Inc. | ||
1.00%, due 8/15/28 | 18,801,000 | 17,513,131 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 | 13,035,000 | 13,777,995 |
Mirum Pharmaceuticals, Inc. | ||
4.00%, due 5/1/29 (a) | 10,839,000 | 13,223,580 |
121,841,964 |
Principal Amount | Value | |
Broadline Retail 1.2% | ||
Etsy, Inc. | ||
0.25%, due 6/15/28 | $ 26,578,000 | $ 21,344,792 |
Commercial Services & Supplies 1.3% | ||
Tetra Tech, Inc. | ||
2.25%, due 8/15/28 (a) | 21,270,000 | 22,399,437 |
Communications Equipment 2.4% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 4,490,000 | 4,120,914 |
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 26,640,000 | 23,869,440 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,133,000 | 13,868,006 |
41,858,360 | ||
Consumer Staples Distribution & Retail 0.7% | ||
Chefs' Warehouse, Inc. (The) | ||
2.375%, due 12/15/28 | 11,991,000 | 11,442,016 |
Electric Utilities 3.4% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 29,752,000 | 38,380,080 |
PG&E Corp. | ||
4.25%, due 12/1/27 (a) | 19,748,000 | 20,794,644 |
59,174,724 | ||
Electrical Equipment 0.5% | ||
Array Technologies, Inc. | ||
1.00%, due 12/1/28 | 8,045,000 | 7,942,426 |
Electronic Equipment, Instruments & Components 0.7% | ||
Advanced Energy Industries, Inc. | ||
2.50%, due 9/15/28 (a) | 11,024,000 | 11,657,880 |
Energy Equipment & Services 1.5% | ||
Oil States International, Inc. | ||
4.75%, due 4/1/26 | 26,829,000 | 26,863,878 |
Entertainment 2.9% | ||
Liberty Media Corp. | ||
2.25%, due 8/15/27 | 14,461,000 | 14,741,931 |
3.75%, due 3/15/28 (a) | 14,595,000 | 17,492,107 |
Live Nation Entertainment, Inc. | ||
3.125%, due 1/15/29 (a)(b) | 16,943,000 | 19,282,828 |
51,516,866 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Financial Services 2.8% | ||
Block, Inc. | ||
0.125%, due 3/1/25 | $ 20,457,000 | $ 20,086,728 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 | 11,685,000 | 11,042,325 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 | 15,202,000 | 16,941,109 |
48,070,162 | ||
Food Products 0.9% | ||
Post Holdings, Inc. | ||
2.50%, due 8/15/27 | 15,651,000 | 15,893,591 |
Ground Transportation 1.2% | ||
Uber Technologies, Inc. | ||
Series 2028 | ||
0.875%, due 12/1/28 (a) | 18,821,000 | 20,561,942 |
Health Care Equipment & Supplies 11.7% | ||
CONMED Corp. | ||
2.25%, due 6/15/27 | 24,108,000 | 24,214,075 |
Dexcom, Inc. | ||
0.25%, due 11/15/25 | 16,942,000 | 17,772,158 |
Envista Holdings Corp. | ||
1.75%, due 8/15/28 (a) | 14,683,000 | 13,434,945 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 | 9,354,000 | 8,371,830 |
Integer Holdings Corp. | ||
2.125%, due 2/15/28 (a) | 18,837,000 | 24,130,197 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,831,000 | 8,336,464 |
Lantheus Holdings, Inc. | ||
2.625%, due 12/15/27 | 25,213,000 | 28,379,753 |
Merit Medical Systems, Inc. | ||
3.00%, due 2/1/29 (a) | 19,757,000 | 21,959,905 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 12,958,000 | 11,953,755 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 10,024,000 | 9,240,875 |
Shockwave Medical, Inc. | ||
1.00%, due 8/15/28 (a) | 14,655,000 | 14,339,918 |
TransMedics Group, Inc. | ||
1.50%, due 6/1/28 (a) | 20,422,000 | 23,154,464 |
205,288,339 | ||
Health Care Technology 0.6% | ||
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 12,551,000 | 10,378,422 |
Principal Amount | Value | |
Hotel & Resort REITs 1.0% | ||
Pebblebrook Hotel Trust | ||
1.75%, due 12/15/26 | $ 5,863,000 | $ 5,250,903 |
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | 13,238,000 | 11,801,677 |
17,052,580 | ||
Hotels, Restaurants & Leisure 5.3% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 | 11,000,000 | 20,776,800 |
Carnival Corp. | ||
5.75%, due 12/1/27 | 10,962,000 | 18,043,452 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,488,000 | 8,230,840 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 | 2,758,000 | 2,621,479 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 | 3,060,000 | 2,701,980 |
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 1,756,000 | 2,650,506 |
Royal Caribbean Cruises Ltd. | ||
6.00%, due 8/15/25 | 3,850,000 | 10,267,950 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,185,000 | 1,168,766 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 | 30,094,000 | 26,915,321 |
93,377,094 | ||
Interactive Media & Services 1.9% | ||
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (a) | 13,160,000 | 11,901,904 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 | 10,555,000 | 8,484,109 |
0.125%, due 3/1/28 | 12,850,000 | 10,112,950 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 | 3,285,000 | 3,120,750 |
33,619,713 | ||
IT Services 2.4% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 18,297,000 | 20,465,194 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,540,000 | 14,919,775 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 7,194,000 | 6,658,047 |
42,043,016 | ||
Machinery 0.5% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 | 9,472,000 | 9,339,392 |
12 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Media 0.6% | ||
Liberty Broadband Corp. | ||
3.125%, due 3/31/53 (a) | $ 9,771,000 | $ 9,703,580 |
Oil, Gas & Consumable Fuels 4.8% | ||
EQT Corp. | ||
1.75%, due 5/1/26 | 7,385,000 | 19,639,669 |
Northern Oil and Gas, Inc. | ||
3.625%, due 4/15/29 | 6,828,000 | 8,084,352 |
Permian Resources Operating LLC | ||
3.25%, due 4/1/28 | 7,534,000 | 17,530,865 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 15,534,000 | 37,825,290 |
83,080,176 | ||
Passenger Airlines 2.1% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 6,895,000 | 7,670,688 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 | 29,005,000 | 29,418,321 |
37,089,009 | ||
Pharmaceuticals 2.2% | ||
Amphastar Pharmaceuticals, Inc. | ||
2.00%, due 3/15/29 (a) | 18,758,000 | 22,837,865 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 17,427,000 | 16,152,651 |
38,990,516 | ||
Professional Services 0.2% | ||
Parsons Corp. | ||
0.25%, due 8/15/25 | 2,878,000 | 4,131,369 |
Real Estate Management & Development 1.1% | ||
Zillow Group, Inc. | ||
2.75%, due 5/15/25 | 17,202,000 | 18,987,568 |
Semiconductors & Semiconductor Equipment 5.7% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 | 16,664,000 | 15,264,224 |
Impinj, Inc. | ||
1.125%, due 5/15/27 | 4,870,000 | 5,326,806 |
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (b) | 35,083,000 | 38,503,592 |
ON Semiconductor Corp. | ||
0.50%, due 3/1/29 (a) | 24,345,000 | 25,988,287 |
Principal Amount | Value | |
Semiconductors & Semiconductor Equipment (continued) | ||
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | $ 8,449,000 | $ 7,725,766 |
Wolfspeed, Inc. | ||
0.25%, due 2/15/28 (b) | 9,771,000 | 6,629,624 |
1.875%, due 12/1/29 | 1,000 | 685 |
99,438,984 | ||
Software 11.2% | ||
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 | 3,445,000 | 3,421,230 |
BILL Holdings, Inc. | ||
(zero coupon), due 12/1/25 | 5,190,000 | 4,894,170 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 10,168,000 | 14,245,368 |
Dropbox, Inc. | ||
(zero coupon), due 3/1/28 | 12,063,000 | 12,198,709 |
Envestnet, Inc. | ||
2.625%, due 12/1/27 | 14,965,000 | 14,834,056 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 2,860,000 | 3,857,425 |
Model N, Inc. | ||
1.875%, due 3/15/28 (a) | 11,215,000 | 10,464,716 |
Nice Ltd. | ||
(zero coupon), due 9/15/25 | 48,248,000 | 45,883,848 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 11,770,000 | 34,933,360 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 2,800,000 | 2,558,640 |
Rapid7, Inc. | ||
1.25%, due 3/15/29 (a) | 6,375,000 | 7,116,412 |
Splunk, Inc. | ||
1.125%, due 9/15/25 | 17,442,000 | 19,255,968 |
Workiva, Inc. | ||
1.25%, due 8/15/28 (a) | 8,290,000 | 8,401,915 |
Zscaler, Inc. | ||
0.125%, due 7/1/25 | 9,088,000 | 13,818,304 |
195,884,121 | ||
Specialty Retail 0.7% | ||
Burlington Stores, Inc. | ||
1.25%, due 12/15/27 (a) | 10,100,000 | 11,418,050 |
Technology Hardware, Storage & Peripherals 1.1% | ||
Seagate HDD Cayman | ||
3.50%, due 6/1/28 (a) | 4,885,000 | 5,918,178 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Technology Hardware, Storage & Peripherals (continued) | ||
Western Digital Corp. | ||
1.50%, due 2/1/24 (c) | $ 4,634,000 | $ 4,638,634 |
3.00%, due 11/15/28 (a) | 7,380,000 | 9,044,190 |
19,601,002 | ||
Total Convertible Bonds (Cost $1,456,680,810) | 1,483,166,238 | |
Shares | ||
Convertible Preferred Stocks 4.9% | ||
Banks 1.6% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (d) | 11,636 | 14,024,638 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (d) | 12,264 | 14,663,084 |
28,687,722 | ||
Electric Utilities 1.0% | ||
NextEra Energy, Inc. | ||
6.926% | 480,000 | 18,297,600 |
Financial Services 1.0% | ||
Apollo Global Management, Inc. | ||
6.75% | 308,350 | 17,387,856 |
Independent Power and Renewable Electricity Producers 0.7% | ||
AES Corp. (The) | ||
6.875% | 150,600 | 11,457,648 |
Machinery 0.6% | ||
Chart Industries, Inc. | ||
Series B | ||
6.75% | 172,700 | 9,598,666 |
Total Convertible Preferred Stocks (Cost $93,600,217) | 85,429,492 | |
Total Convertible Securities (Cost $1,550,281,027) | 1,568,595,730 | |
Common Stocks 1.3% | ||
Life Sciences Tools & Services 1.0% | ||
Danaher Corp. | 76,813 | 17,769,919 |
Shares | Value | ||
Oil, Gas & Consumable Fuels 0.3% | |||
Kosmos Energy Ltd. (e) | 772,131 | $ 5,180,999 | |
Total Common Stocks (Cost $24,614,987) | 22,950,918 | ||
Short-Term Investments 10.8% | |||
Affiliated Investment Company 7.6% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (f)(g) | 133,028,844 | 133,028,844 | |
Unaffiliated Investment Companies 3.2% | |||
BlackRock Liquidity FedFund, 5.374% (g)(h) | 10,000,000 | 10,000,000 | |
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (g)(h) | 8,610,264 | 8,610,264 | |
Fidelity Government Portfolio, 5.356% (g)(h) | 10,000,000 | 10,000,000 | |
Goldman Sachs Financial Square Government Fund, 5.351% (g)(h) | 10,000,000 | 10,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (g)(h) | 4,394,609 | 4,394,609 | |
Morgan Stanley Institutional Liquidity Fund Government Portfolio, 5.363% (g)(h) | 7,000,000 | 7,000,000 | |
RBC U.S. Government Money Market Fund, 5.293% (g)(h) | 1,000,000 | 1,000,000 | |
State Street Institutional U.S. Government Money Market Fund, 5.379% (g)(h) | 5,505,068 | 5,505,068 | |
56,509,941 | |||
Total Short-Term Investments (Cost $189,538,785) | 189,538,785 | ||
Total Investments (Cost $1,781,303,829) | 103.0% | 1,799,958,846 | |
Other Assets, Less Liabilities | (3.0) | (52,844,020) | |
Net Assets | 100.0% | $ 1,747,114,826 |
† | 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) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $55,262,886. The Portfolio received cash collateral with a value of $56,509,941. (See Note 2(G)) |
(c) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
14 | MainStay VP MacKay Convertible Portfolio |
(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 December 31, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(g) | Current yield as of December 31, 2023. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 87,784 | $ 480,040 | $ (434,795) | $ — | $ — | $ 133,029 | $ 6,611 | $ — | 133,029 |
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) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 18,873,413 | $ — | $ 18,873,413 | |||
Total Corporate Bonds | — | 18,873,413 | — | 18,873,413 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,483,166,238 | — | 1,483,166,238 | |||
Convertible Preferred Stocks | 85,429,492 | — | — | 85,429,492 | |||
Total Convertible Securities | 85,429,492 | 1,483,166,238 | — | 1,568,595,730 | |||
Common Stocks | 22,950,918 | — | — | 22,950,918 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 133,028,844 | — | — | 133,028,844 | |||
Unaffiliated Investment Companies | 56,509,941 | — | — | 56,509,941 | |||
Total Short-Term Investments | 189,538,785 | — | — | 189,538,785 | |||
Total Investments in Securities | $ 297,919,195 | $ 1,502,039,651 | $ — | $ 1,799,958,846 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,648,274,985) including securities on loan of $55,262,886 | $1,666,930,002 |
Investment in affiliated investment companies, at value (identified cost $133,028,844) | 133,028,844 |
Cash | 76,336 |
Receivables: | |
Dividends and interest | 5,058,601 |
Portfolio shares sold | 342,267 |
Securities lending | 153,120 |
Other assets | 9,465 |
Total assets | 1,805,598,635 |
Liabilities | |
Cash collateral received for securities on loan | 56,509,941 |
Payables: | |
Portfolio shares redeemed | 893,821 |
Manager (See Note 3) | 796,607 |
NYLIFE Distributors (See Note 3) | 192,461 |
Professional fees | 48,572 |
Shareholder communication | 20,070 |
Custodian | 14,535 |
Accrued expenses | 7,802 |
Total liabilities | 58,483,809 |
Net assets | $1,747,114,826 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 118,489 |
Additional paid-in-capital | 1,679,991,510 |
1,680,109,999 | |
Total distributable earnings (loss) | 67,004,827 |
Net assets | $1,747,114,826 |
Initial Class | |
Net assets applicable to outstanding shares | $833,552,659 |
Shares of beneficial interest outstanding | 56,160,743 |
Net asset value per share outstanding | $ 14.84 |
Service Class | |
Net assets applicable to outstanding shares | $905,662,582 |
Shares of beneficial interest outstanding | 61,788,902 |
Net asset value per share outstanding | $ 14.66 |
Service 2 Class | |
Net assets applicable to outstanding shares | $ 7,899,585 |
Shares of beneficial interest outstanding | 538,876 |
Net asset value and offering price per share outstanding | $ 14.66 |
16 | MainStay VP MacKay Convertible Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 17,815,926 |
Dividends-unaffiliated | 6,624,788 |
Dividends-affiliated | 6,610,636 |
Securities lending, net | 1,867,424 |
Total income | 32,918,774 |
Expenses | |
Manager (See Note 3) | 9,262,503 |
Distribution/Service—Service Class (See Note 3) | 2,228,740 |
Distribution/Service—Service 2 Class (See Note 3) | 18,456 |
Professional fees | 180,481 |
Shareholder communication | 99,075 |
Trustees | 43,982 |
Custodian | 29,293 |
Shareholder service (See Note 3) | 7,383 |
Miscellaneous | 62,537 |
Total expenses | 11,932,450 |
Net investment income (loss) | 20,986,324 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 67,703,508 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 53,359,581 |
Net realized and unrealized gain (loss) | 121,063,089 |
Net increase (decrease) in net assets resulting from operations | $142,049,413 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 20,986,324 | $ 12,372,739 |
Net realized gain (loss) | 67,703,508 | (1,458,820) |
Net change in unrealized appreciation (depreciation) | 53,359,581 | (272,476,633) |
Net increase (decrease) in net assets resulting from operations | 142,049,413 | (261,562,714) |
Distributions to shareholders: | ||
Initial Class | (17,237,211) | (119,474,150) |
Service Class | (17,118,342) | (135,597,007) |
Service 2 Class | (130,346) | (1,046,632) |
Total distributions to shareholders | (34,485,899) | (256,117,789) |
Capital share transactions: | ||
Net proceeds from sales of shares | 106,654,993 | 113,733,843 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 34,485,899 | 256,117,789 |
Cost of shares redeemed | (163,442,197) | (275,440,951) |
Increase (decrease) in net assets derived from capital share transactions | (22,301,305) | 94,410,681 |
Net increase (decrease) in net assets | 85,262,209 | (423,269,822) |
Net Assets | ||
Beginning of year | 1,661,852,617 | 2,085,122,439 |
End of year | $1,747,114,826 | $1,661,852,617 |
18 | MainStay VP MacKay Convertible Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.93 | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | ||||
Net investment income (loss) (a) | 0.19 | 0.13 | 0.10 | 0.10 | 0.13 | ||||
Net realized and unrealized gain (loss) | 1.03 | (2.49) | 1.56 | 4.74 | 2.56 | ||||
Total from investment operations | 1.22 | (2.36) | 1.66 | 4.84 | 2.69 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.55) | (0.22) | (0.11) | (0.20) | ||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | ||||
Total distributions | (0.31) | (2.39) | (1.15) | (0.27) | (1.40) | ||||
Net asset value at end of year | $ 14.84 | $ 13.93 | $ 18.68 | $ 18.17 | $ 13.60 | ||||
Total investment return (b) | 8.85% | (12.67)% | 9.25% | 36.04% | 22.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.37% | 0.82% | 0.51% | 0.70% | 0.94% | ||||
Net expenses (c) | 0.57% | 0.57% | 0.56% | 0.61% | 0.61% | ||||
Portfolio turnover rate | 38% | 14% | 41% | 49% | 26% | ||||
Net assets at end of year (in 000's) | $ 833,553 | $ 782,970 | $ 946,696 | $ 370,733 | $ 202,104 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.76 | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | ||||
Net investment income (loss) (a) | 0.16 | 0.09 | 0.05 | 0.06 | 0.09 | ||||
Net realized and unrealized gain (loss) | 1.01 | (2.46) | 1.54 | 4.69 | 2.53 | ||||
Total from investment operations | 1.17 | (2.37) | 1.59 | 4.75 | 2.62 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.51) | (0.17) | (0.07) | (0.16) | ||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | ||||
Total distributions | (0.27) | (2.35) | (1.10) | (0.23) | (1.36) | ||||
Net asset value at end of year | $ 14.66 | $ 13.76 | $ 18.48 | $ 17.99 | $ 13.47 | ||||
Total investment return (b) | 8.58% | (12.89)% | 8.98% | 35.70% | 22.15% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.12% | 0.57% | 0.25% | 0.44% | 0.69% | ||||
Net expenses (c) | 0.82% | 0.82% | 0.81% | 0.86% | 0.86% | ||||
Portfolio turnover rate | 38% | 14% | 41% | 49% | 26% | ||||
Net assets at end of year (in 000's) | $ 905,663 | $ 872,109 | $ 1,129,151 | $ 982,863 | $ 752,670 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class 2 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.76 | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | ||||
Net investment income (loss) (a) | 0.14 | 0.08 | 0.03 | 0.05 | 0.08 | ||||
Net realized and unrealized gain (loss) | 1.02 | (2.47) | 1.53 | 4.70 | 2.53 | ||||
Total from investment operations | 1.16 | (2.39) | 1.56 | 4.75 | 2.61 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.49) | (0.15) | (0.06) | (0.15) | ||||
From net realized gain on investments | — | (1.84) | (0.93) | (0.16) | (1.20) | ||||
Total distributions | (0.26) | (2.33) | (1.08) | (0.22) | (1.35) | ||||
Net asset value at end of year | $ 14.66 | $ 13.76 | $ 18.48 | $ 18.00 | $ 13.47 | ||||
Total investment return (b) | 8.47% | (12.97)% | 8.87% | 35.57% | 22.03% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.02% | 0.47% | 0.16% | 0.32% | 0.56% | ||||
Net expenses (c) | 0.92% | 0.92% | 0.91% | 0.96% | 0.96% | ||||
Portfolio turnover rate | 38% | 14% | 41% | 49% | 26% | ||||
Net assets at end of year (in 000's) | $ 7,900 | $ 6,774 | $ 9,275 | $ 8,196 | $ 6,555 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay VP MacKay Convertible Portfolio |
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 | $1,797,148,859 | $112,361,777 | $(109,551,790) | $2,809,987 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$37,373,339 | $26,821,501 | $— | $2,809,987 | $67,004,827 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $34,485,899 | $ 81,124,031 |
Long-Term Capital Gains | — | 174,993,758 |
Total | $34,485,899 | $256,117,789 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 716,916 | $ 10,224,385 |
Shares issued to shareholders in reinvestment of distributions | 1,207,380 | 17,237,211 |
Shares redeemed | (1,968,945) | (28,103,401) |
Net increase (decrease) | (44,649) | $ (641,805) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 6,712,086 | $ 94,803,492 |
Shares issued to shareholders in reinvestment of distributions | 1,215,573 | 17,118,342 |
Shares redeemed | (9,515,370) | (134,196,532) |
Net increase (decrease) | (1,587,711) | $ (22,274,698) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 118,793 | $ 1,627,116 |
Shares issued to shareholders in reinvestment of distributions | 9,249 | 130,346 |
Shares redeemed | (81,329) | (1,142,264) |
Net increase (decrease) | 46,713 | $ 615,198 |
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 |
New York, New York
February 26, 2024
28 | MainStay VP MacKay Convertible Portfolio |
30 | MainStay VP MacKay Convertible Portfolio |
32 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015869 | MSVPC11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 1/29/1993 | 38.61% | 13.79% | 10.32% | 0.73% |
Service Class Shares | 6/5/2003 | 38.26 | 13.51 | 10.05 | 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, a former subadvisor, transitioned to MacKay Shields LLC. |
3. | Effective May 1, 2021, the Portfolio replaced its subadvisor, MacKay Shields LLC, 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | 42.68% | 19.50% | 14.86% |
Morningstar Large Growth Category Average2 | 36.74 | 15.74 | 12.03 |
* | 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. | 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. |
2. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,092.20 | $3.80 | $1,021.58 | $3.67 | 0.72% |
Service Class Shares | $1,000.00 | $1,090.80 | $5.11 | $1,020.32 | $4.94 | 0.97% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Growth Portfolio |
Software | 19.3% |
Interactive Media & Services | 10.9 |
Semiconductors & Semiconductor Equipment | 10.0 |
Financial Services | 7.8 |
Technology Hardware, Storage & Peripherals | 7.2 |
Capital Markets | 5.9 |
Broadline Retail | 4.6 |
Pharmaceuticals | 4.1 |
Health Care Providers & Services | 2.9 |
Hotels, Restaurants & Leisure | 2.7 |
IT Services | 2.7 |
Specialized REITs | 2.7 |
Insurance | 2.6 |
Life Sciences Tools & Services | 1.8 |
Aerospace & Defense | 1.6 |
Commercial Services & Supplies | 1.5 |
Specialty Retail | 1.5% |
Ground Transportation | 1.5 |
Entertainment | 1.4 |
Professional Services | 1.3 |
Health Care Equipment & Supplies | 1.1 |
Health Care REITs | 1.0 |
Biotechnology | 1.0 |
Textiles, Apparel & Luxury Goods | 0.6 |
Automobiles | 0.5 |
Industrial REITs | 0.5 |
Consumer Finance | 0.4 |
Machinery | 0.3 |
Short–Term Investments | 0.7 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class C |
4. | Amazon.com, Inc. |
5. | NVIDIA Corp. |
6. | Mastercard, Inc., Class A |
7. | Meta Platforms, Inc., Class A |
8. | UnitedHealth Group, Inc. |
9. | Eli Lilly & Co. |
10. | S&P Global, Inc. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks 99.4% | ||
Aerospace & Defense 1.6% | ||
Airbus SE, ADR | 109,404 | $ 4,219,712 |
General Dynamics Corp. | 20,484 | 5,319,080 |
9,538,792 | ||
Automobiles 0.5% | ||
Tesla, Inc. (a) | 13,186 | 3,276,457 |
Biotechnology 1.0% | ||
Vertex Pharmaceuticals, Inc. (a) | 15,048 | 6,122,881 |
Broadline Retail 4.6% | ||
Amazon.com, Inc. (a) | 186,309 | 28,307,789 |
Capital Markets 5.9% | ||
Ares Management Corp. | 46,899 | 5,577,229 |
Blackstone, Inc. | 21,254 | 2,782,574 |
KKR & Co., Inc. | 57,305 | 4,747,719 |
Morgan Stanley | 54,360 | 5,069,070 |
MSCI, Inc. | 12,631 | 7,144,725 |
S&P Global, Inc. | 24,888 | 10,963,662 |
36,284,979 | ||
Commercial Services & Supplies 1.5% | ||
Copart, Inc. (a) | 124,696 | 6,110,104 |
Waste Connections, Inc. | 22,085 | 3,296,628 |
9,406,732 | ||
Consumer Finance 0.4% | ||
American Express Co. | 11,600 | 2,173,144 |
Entertainment 1.4% | ||
Netflix, Inc. (a) | 17,231 | 8,389,429 |
Financial Services 7.8% | ||
FleetCor Technologies, Inc. (a) | 35,793 | 10,115,460 |
Global Payments, Inc. | 31,146 | 3,955,542 |
Mastercard, Inc., Class A | 61,591 | 26,269,177 |
Visa, Inc., Class A | 29,119 | 7,581,132 |
47,921,311 | ||
Ground Transportation 1.5% | ||
Uber Technologies, Inc. (a) | 145,153 | 8,937,070 |
Health Care Equipment & Supplies 1.1% | ||
Boston Scientific Corp. (a) | 64,010 | 3,700,418 |
Shares | Value | |
Health Care Equipment & Supplies (continued) | ||
Stryker Corp. | 10,141 | $ 3,036,824 |
6,737,242 | ||
Health Care Providers & Services 2.9% | ||
UnitedHealth Group, Inc. | 33,861 | 17,826,801 |
Health Care REITs 1.0% | ||
Welltower, Inc. | 71,040 | 6,405,677 |
Hotels, Restaurants & Leisure 2.7% | ||
Airbnb, Inc., Class A (a) | 63,373 | 8,627,600 |
Hilton Worldwide Holdings, Inc. | 44,121 | 8,033,993 |
16,661,593 | ||
Industrial REITs 0.5% | ||
Prologis, Inc. | 24,435 | 3,257,185 |
Insurance 2.6% | ||
Marsh & McLennan Cos., Inc. | 30,449 | 5,769,172 |
Progressive Corp. (The) | 65,658 | 10,458,006 |
16,227,178 | ||
Interactive Media & Services 10.9% | ||
Alphabet, Inc., Class C (a) | 257,458 | 36,283,556 |
Meta Platforms, Inc., Class A (a) | 69,094 | 24,456,512 |
ZoomInfo Technologies, Inc. (a) | 315,732 | 5,837,885 |
66,577,953 | ||
IT Services 2.7% | ||
Gartner, Inc. (a) | 7,626 | 3,440,165 |
MongoDB, Inc. (a) | 19,432 | 7,944,773 |
Shopify, Inc., Class A (a) | 64,728 | 5,042,311 |
VeriSign, Inc. (a) | 1,036 | 213,375 |
16,640,624 | ||
Life Sciences Tools & Services 1.8% | ||
Danaher Corp. | 37,807 | 8,746,271 |
Mettler-Toledo International, Inc. (a) | 1,663 | 2,017,153 |
10,763,424 | ||
Machinery 0.3% | ||
IDEX Corp. | 7,311 | 1,587,291 |
Pharmaceuticals 4.1% | ||
Eli Lilly & Co. | 25,606 | 14,926,249 |
Zoetis, Inc. | 50,088 | 9,885,869 |
24,812,118 |
10 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Professional Services 1.3% | ||
TransUnion | 114,070 | $ 7,837,750 |
Semiconductors & Semiconductor Equipment 10.0% | ||
Advanced Micro Devices, Inc. (a) | 56,846 | 8,379,669 |
ARM Holdings plc, ADR (a)(b) | 15,096 | 1,134,389 |
ASML Holding NV (Registered) | 9,558 | 7,234,641 |
Microchip Technology, Inc. | 63,660 | 5,740,859 |
Monolithic Power Systems, Inc. | 16,231 | 10,238,190 |
NVIDIA Corp. | 57,057 | 28,255,768 |
60,983,516 | ||
Software 19.3% | ||
ANSYS, Inc. (a) | 16,780 | 6,089,126 |
Atlassian Corp., Class A (a) | 35,344 | 8,406,924 |
Cadence Design Systems, Inc. (a) | 18,977 | 5,168,766 |
HubSpot, Inc. (a) | 11,537 | 6,697,690 |
Intuit, Inc. | 17,431 | 10,894,898 |
Microsoft Corp. | 169,160 | 63,610,926 |
Salesforce, Inc. (a) | 29,964 | 7,884,727 |
ServiceNow, Inc. (a) | 13,243 | 9,356,047 |
118,109,104 | ||
Specialized REITs 2.7% | ||
American Tower Corp. | 46,607 | 10,061,519 |
Equinix, Inc. | 7,863 | 6,332,782 |
16,394,301 | ||
Specialty Retail 1.5% | ||
TJX Cos., Inc. (The) | 98,107 | 9,203,418 |
Technology Hardware, Storage & Peripherals 7.2% | ||
Apple, Inc. | 229,468 | 44,179,474 |
Textiles, Apparel & Luxury Goods 0.6% | ||
Lululemon Athletica, Inc. (a) | 7,193 | 3,677,709 |
Total Common Stocks (Cost $475,156,271) | 608,240,942 |
Shares | Value | ||
Short-Term Investments 0.7% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 3,733,076 | $ 3,733,076 | |
Unaffiliated Investment Company 0.1% | |||
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 212,170 | 212,170 | |
Total Short-Term Investments (Cost $3,945,246) | 3,945,246 | ||
Total Investments (Cost $479,101,517) | 100.1% | 612,186,188 | |
Other Assets, Less Liabilities | (0.1) | (463,992) | |
Net Assets | 100.0% | $ 611,722,196 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $1,134,314; the total market value of collateral held by the Portfolio was $1,287,477. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,075,307. The Portfolio received cash collateral with a value of $212,170. (See Note 2(G)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 16,085 | $ 118,008 | $ (130,360) | $ — | $ — | $ 3,733 | $ 454 | $ — | 3,733 |
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 | $ 608,240,942 | $ — | $ — | $ 608,240,942 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,733,076 | — | — | 3,733,076 | |||
Unaffiliated Investment Company | 212,170 | — | — | 212,170 | |||
Total Short-Term Investments | 3,945,246 | — | — | 3,945,246 | |||
Total Investments in Securities | $ 612,186,188 | $ — | $ — | $ 612,186,188 |
(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 $475,368,441) including securities on loan of $1,134,314 | $608,453,112 |
Investment in affiliated investment companies, at value (identified cost $3,733,076) | 3,733,076 |
Receivables: | |
Investment securities sold | 2,377,978 |
Dividends | 152,905 |
Portfolio shares sold | 7,152 |
Securities lending | 1,796 |
Other assets | 3,263 |
Total assets | 614,729,282 |
Liabilities | |
Cash collateral received for securities on loan | 212,170 |
Payables: | |
Investment securities purchased | 2,175,067 |
Manager (See Note 3) | 354,410 |
Portfolio shares redeemed | 176,575 |
Shareholder communication | 34,718 |
Professional fees | 29,172 |
Custodian | 10,277 |
NYLIFE Distributors (See Note 3) | 8,289 |
Accrued expenses | 6,408 |
Total liabilities | 3,007,086 |
Net assets | $611,722,196 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 25,079 |
Additional paid-in-capital | 535,322,975 |
535,348,054 | |
Total distributable earnings (loss) | 76,374,142 |
Net assets | $611,722,196 |
Initial Class | |
Net assets applicable to outstanding shares | $572,152,635 |
Shares of beneficial interest outstanding | 23,406,205 |
Net asset value per share outstanding | $ 24.44 |
Service Class | |
Net assets applicable to outstanding shares | $ 39,569,561 |
Shares of beneficial interest outstanding | 1,673,131 |
Net asset value per share outstanding | $ 23.65 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $16,859) | $ 3,586,564 |
Dividends-affiliated | 453,981 |
Securities lending, net | 4,838 |
Total income | 4,045,383 |
Expenses | |
Manager (See Note 3) | 4,083,433 |
Distribution/Service—Service Class (See Note 3) | 95,322 |
Professional fees | 91,731 |
Custodian | 23,708 |
Trustees | 14,999 |
Miscellaneous | 24,323 |
Total expenses | 4,333,516 |
Net investment income (loss) | (288,133) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 2,925,180 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 189,464,907 |
Net realized and unrealized gain (loss) | 192,390,087 |
Net increase (decrease) in net assets resulting from operations | $192,101,954 |
14 | MainStay VP Wellington Growth Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (288,133) | $ (827,127) |
Net realized gain (loss) | 2,925,180 | (58,896,810) |
Net change in unrealized appreciation (depreciation) | 189,464,907 | (205,606,983) |
Net increase (decrease) in net assets resulting from operations | 192,101,954 | (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 | 3,301,321 | 94,150,878 |
Net asset value of shares issued to shareholders in reinvestment of distributions | — | 183,718,639 |
Cost of shares redeemed | (127,839,061) | (58,166,556) |
Increase (decrease) in net assets derived from capital share transactions | (124,537,740) | 219,702,961 |
Net increase (decrease) in net assets | 67,564,214 | (229,346,598) |
Net Assets | ||
Beginning of year | 544,157,982 | 773,504,580 |
End of year | $ 611,722,196 | $ 544,157,982 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.64 | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | ||||
Net investment income (loss) (a) | (0.01) | (0.03) | (0.12) | 0.12 | 0.18 | ||||
Net realized and unrealized gain (loss) | 6.81 | (13.45) | 7.70 | 10.08 | 7.77 | ||||
Total from investment operations | 6.80 | (13.48) | 7.58 | 10.20 | 7.95 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.15) | (0.21) | (0.19) | ||||
From net realized gain on investments | — | (8.97) | (6.49) | (3.48) | (2.86) | ||||
Total distributions | — | (8.97) | (6.64) | (3.69) | (3.05) | ||||
Net asset value at end of year | $ 24.44 | $ 17.64 | $ 40.09 | $ 39.15 | $ 32.64 | ||||
Total investment return (b) | 38.55%(c) | (33.17)% | 19.75% | 32.30% | 30.01% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.03)% | (0.12)% | (0.28)% | 0.35% | 0.56% | ||||
Net expenses (d) | 0.72% | 0.73% | 0.72% | 0.73% | 0.72% | ||||
Expenses (before waiver/reimbursement) (d) | 0.72% | 0.73% | 0.73% | 0.73% | 0.72% | ||||
Portfolio turnover rate | 40% | 42% | 48% | 144% | 156% | ||||
Net assets at end of year (in 000's) | $ 572,153 | $ 509,030 | $ 716,521 | $ 590,841 | $ 652,081 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 17.11 | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | ||||
Net investment income (loss) (a) | (0.06) | (0.10) | (0.22) | 0.04 | 0.10 | ||||
Net realized and unrealized gain (loss) | 6.60 | (13.21) | 7.57 | 9.93 | 7.66 | ||||
Total from investment operations | 6.54 | (13.31) | 7.35 | 9.97 | 7.76 | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.04) | (0.11) | (0.09) | ||||
From net realized gain on investments | — | (8.97) | (6.49) | (3.48) | (2.86) | ||||
Total distributions | — | (8.97) | (6.53) | (3.59) | (2.95) | ||||
Net asset value at end of year | $ 23.65 | $ 17.11 | $ 39.39 | $ 38.57 | $ 32.19 | ||||
Total investment return (b) | 38.22%(c) | (33.33)% | 19.45% | 31.97% | 29.69% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.28)% | (0.37)% | (0.53)% | 0.11% | 0.32% | ||||
Net expenses (d) | 0.97% | 0.98% | 0.97% | 0.98% | 0.97% | ||||
Expenses (before waiver/reimbursement) (d) | 0.97% | 0.98% | 0.98% | 0.98% | 0.97% | ||||
Portfolio turnover rate | 40% | 42% | 48% | 144% | 156% | ||||
Net assets at end of year (in 000's) | $ 39,570 | $ 35,128 | $ 56,983 | $ 57,351 | $ 56,122 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington Growth 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 |
18 | MainStay VP Wellington Growth Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $483,693,402 | $138,067,155 | $(9,574,369) | $128,492,786 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(52,198,170) | $79,526 | $128,492,786 | $76,374,142 |
20 | MainStay VP Wellington Growth Portfolio |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$365,022 | $(365,022) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $44,091 | $8,107 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $— | $ 50,614,417 |
Long-Term Capital Gains | — | 133,104,222 |
Total | $— | $183,718,639 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 127,521 | $ 2,517,254 |
Shares redeemed | (5,584,865) | (119,216,813) |
Net increase (decrease) | (5,457,344) | $(116,699,559) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 38,294 | $ 784,067 |
Shares redeemed | (418,809) | (8,622,248) |
Net increase (decrease) | (380,515) | $ (7,838,181) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP Wellington Growth Portfolio |
26 | MainStay VP Wellington Growth Portfolio |
28 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015881 | MSVPCG11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1998 | 8.69% | 10.10% | 7.17% | 0.71% |
Service Class Shares | 6/5/2003 | 8.42 | 9.82 | 6.91 | 0.96 |
1. | Effective January 9, 2017, the Portfolio replaced its subadvisor and modified its principal investment strategy as of March 13, 2017. The past performance in the graph and table prior to those dates reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 11.46% | 10.91% | 8.40% |
U.S. Equity Yield Composite Index2 | 7.18 | 8.88 | 8.92 |
Morningstar Large Value Category Average3 | 11.63 | 11.37 | 8.39 |
* | 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. | 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. |
2. | The Portfolio has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints). |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,062.10 | $3.53 | $1,021.78 | $3.47 | 0.68% |
Service Class Shares | $1,000.00 | $1,060.70 | $4.83 | $1,020.52 | $4.74 | 0.93% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Banks | 9.1% |
Pharmaceuticals | 7.1 |
Semiconductors & Semiconductor Equipment | 6.2 |
Oil, Gas & Consumable Fuels | 5.6 |
Electric Utilities | 5.4 |
Insurance | 5.0 |
Chemicals | 4.6 |
Electrical Equipment | 3.4 |
Health Care Providers & Services | 3.2 |
Technology Hardware, Storage & Peripherals | 3.1 |
Specialized REITs | 3.0 |
Capital Markets | 2.9 |
Biotechnology | 2.8 |
Aerospace & Defense | 2.8 |
Media | 2.4 |
Beverages | 2.4 |
Multi–Utilities | 2.3 |
Hotels, Restaurants & Leisure | 1.9 |
Machinery | 1.8 |
Diversified Telecommunication Services | 1.7 |
Household Products | 1.7 |
Specialty Retail | 1.6 |
Software | 1.6% |
Consumer Staples Distribution & Retail | 1.6 |
Health Care Equipment & Supplies | 1.6 |
IT Services | 1.4 |
Communications Equipment | 1.3 |
Tobacco | 1.2 |
Trading Companies & Distributors | 1.2 |
Commercial Services & Supplies | 1.2 |
Professional Services | 1.1 |
Industrial Conglomerates | 1.1 |
Air Freight & Logistics | 0.8 |
Leisure Products | 0.8 |
Industrial REITs | 0.6 |
Household Durables | 0.6 |
Retail REITs | 0.6 |
Health Care REITs | 0.6 |
Food Products | 0.5 |
Containers & Packaging | 0.5 |
Short–Term Investments | 2.3 |
Other Assets, Less Liabilities | –0.6 |
100.0% |
1. | JPMorgan Chase & Co. |
2. | Broadcom, Inc. |
3. | Eli Lilly & Co. |
4. | MetLife, Inc. |
5. | Bank of America Corp. |
6. | UnitedHealth Group, Inc. |
7. | AbbVie, Inc. |
8. | Merck & Co., Inc. |
9. | Cummins, Inc. |
10. | Johnson & Johnson |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Epoch U.S. Equity Yield Portfolio |
10 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks 98.3% | ||
Aerospace & Defense 2.8% | ||
General Dynamics Corp. | 35,612 | $ 9,247,368 |
Lockheed Martin Corp. | 17,741 | 8,040,931 |
RTX Corp. | 89,967 | 7,569,823 |
24,858,122 | ||
Air Freight & Logistics 0.8% | ||
United Parcel Service, Inc., Class B | 48,615 | 7,643,736 |
Banks 9.1% | ||
Bank of America Corp. | 528,320 | 17,788,534 |
Columbia Banking System, Inc. | 343,465 | 9,163,646 |
JPMorgan Chase & Co. | 131,751 | 22,410,845 |
PNC Financial Services Group, Inc. (The) | 45,187 | 6,997,207 |
Regions Financial Corp. | 351,433 | 6,810,772 |
Truist Financial Corp. | 155,154 | 5,728,286 |
U.S. Bancorp | 297,998 | 12,897,353 |
81,796,643 | ||
Beverages 2.4% | ||
Coca-Cola Co. (The) | 116,021 | 6,837,118 |
Coca-Cola Europacific Partners plc | 134,527 | 8,978,332 |
PepsiCo, Inc. | 35,661 | 6,056,664 |
21,872,114 | ||
Biotechnology 2.8% | ||
AbbVie, Inc. | 112,113 | 17,374,151 |
Amgen, Inc. | 26,689 | 7,686,966 |
25,061,117 | ||
Capital Markets 2.9% | ||
BlackRock, Inc. | 15,095 | 12,254,121 |
CME Group, Inc. | 32,201 | 6,781,531 |
Lazard Ltd., Class A | 200,012 | 6,960,417 |
25,996,069 | ||
Chemicals 4.6% | ||
Air Products and Chemicals, Inc. | 24,409 | 6,683,184 |
Dow, Inc. | 132,728 | 7,278,804 |
Linde plc | 25,402 | 10,432,855 |
LyondellBasell Industries NV, Class A | 71,371 | 6,785,955 |
Nutrien Ltd. (a) | 97,840 | 5,511,327 |
PPG Industries, Inc. | 34,603 | 5,174,879 |
41,867,004 | ||
Commercial Services & Supplies 1.2% | ||
Republic Services, Inc. | 31,110 | 5,130,350 |
Waste Management, Inc. | 29,905 | 5,355,986 |
10,486,336 |
Shares | Value | |
Communications Equipment 1.3% | ||
Cisco Systems, Inc. | 231,610 | $ 11,700,937 |
Consumer Staples Distribution & Retail 1.6% | ||
Walmart, Inc. | 90,537 | 14,273,158 |
Containers & Packaging 0.5% | ||
Amcor plc | 494,598 | 4,767,925 |
Diversified Telecommunication Services 1.7% | ||
AT&T, Inc. | 394,934 | 6,626,993 |
Verizon Communications, Inc. | 235,200 | 8,867,040 |
15,494,033 | ||
Electric Utilities 5.4% | ||
Alliant Energy Corp. | 113,936 | 5,844,917 |
American Electric Power Co., Inc. | 132,337 | 10,748,411 |
Duke Energy Corp. | 52,989 | 5,142,052 |
Entergy Corp. | 72,877 | 7,374,424 |
Evergy, Inc. | 96,505 | 5,037,561 |
NextEra Energy, Inc. | 152,038 | 9,234,788 |
Pinnacle West Capital Corp. | 69,212 | 4,972,190 |
48,354,343 | ||
Electrical Equipment 3.4% | ||
Eaton Corp. plc | 50,650 | 12,197,533 |
Emerson Electric Co. | 115,426 | 11,234,412 |
Hubbell, Inc. | 23,106 | 7,600,257 |
31,032,202 | ||
Food Products 0.5% | ||
Mondelez International, Inc., Class A | 68,122 | 4,934,076 |
Health Care Equipment & Supplies 1.6% | ||
Medtronic plc | 172,346 | 14,197,864 |
Health Care Providers & Services 3.2% | ||
CVS Health Corp. | 145,470 | 11,486,311 |
UnitedHealth Group, Inc. | 33,284 | 17,523,028 |
29,009,339 | ||
Health Care REITs 0.6% | ||
Welltower, Inc. | 56,154 | 5,063,406 |
Hotels, Restaurants & Leisure 1.9% | ||
McDonald's Corp. | 34,399 | 10,199,647 |
Vail Resorts, Inc. | 32,685 | 6,977,267 |
17,176,914 |
Shares | Value | |
Common Stocks (continued) | ||
Household Durables 0.6% | ||
Garmin Ltd. | 42,321 | $ 5,439,941 |
Household Products 1.7% | ||
Colgate-Palmolive Co. | 72,576 | 5,785,033 |
Procter & Gamble Co. (The) | 64,157 | 9,401,567 |
15,186,600 | ||
Industrial Conglomerates 1.1% | ||
Honeywell International, Inc. | 45,610 | 9,564,873 |
Industrial REITs 0.6% | ||
Prologis, Inc. | 42,989 | 5,730,434 |
Insurance 5.0% | ||
Arthur J. Gallagher & Co. | 22,250 | 5,003,580 |
Marsh & McLennan Cos., Inc. | 47,507 | 9,001,152 |
MetLife, Inc. | 280,501 | 18,549,531 |
Travelers Cos., Inc. (The) | 64,937 | 12,369,849 |
44,924,112 | ||
IT Services 1.4% | ||
International Business Machines Corp. | 75,613 | 12,366,506 |
Leisure Products 0.8% | ||
Hasbro, Inc. | 149,459 | 7,631,377 |
Machinery 1.8% | ||
Cummins, Inc. | 68,851 | 16,494,634 |
Media 2.4% | ||
Comcast Corp., Class A | 316,057 | 13,859,100 |
Omnicom Group, Inc. | 93,481 | 8,087,041 |
21,946,141 | ||
Multi-Utilities 2.3% | ||
Ameren Corp. | 58,963 | 4,265,383 |
CMS Energy Corp. | 111,266 | 6,461,217 |
NiSource, Inc. | 208,756 | 5,542,472 |
WEC Energy Group, Inc. | 58,924 | 4,959,633 |
21,228,705 | ||
Oil, Gas & Consumable Fuels 5.6% | ||
Chevron Corp. | 102,147 | 15,236,247 |
Enterprise Products Partners LP | 433,242 | 11,415,927 |
MPLX LP | 263,509 | 9,676,050 |
TotalEnergies SE, Sponsored ADR (a) | 97,229 | 6,551,290 |
Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | ||
Williams Cos., Inc. (The) | 234,435 | $ 8,165,371 |
51,044,885 | ||
Pharmaceuticals 7.1% | ||
Bristol-Myers Squibb Co. | 95,275 | 4,888,560 |
Eli Lilly & Co. | 33,463 | 19,506,252 |
Johnson & Johnson | 102,958 | 16,137,637 |
Merck & Co., Inc. | 152,233 | 16,596,442 |
Pfizer, Inc. | 239,947 | 6,908,074 |
64,036,965 | ||
Professional Services 1.1% | ||
Automatic Data Processing, Inc. | 21,673 | 5,049,159 |
Paychex, Inc. | 41,572 | 4,951,641 |
10,000,800 | ||
Retail REITs 0.6% | ||
Realty Income Corp. | 88,827 | 5,100,446 |
Semiconductors & Semiconductor Equipment 6.2% | ||
Analog Devices, Inc. | 72,666 | 14,428,561 |
Broadcom, Inc. | 19,280 | 21,521,300 |
KLA Corp. | 22,740 | 13,218,762 |
Texas Instruments, Inc. | 38,478 | 6,558,960 |
55,727,583 | ||
Software 1.6% | ||
Microsoft Corp. | 38,405 | 14,441,816 |
Specialized REITs 3.0% | ||
American Tower Corp. | 27,308 | 5,895,251 |
Iron Mountain, Inc. | 204,017 | 14,277,110 |
VICI Properties, Inc. | 227,503 | 7,252,795 |
27,425,156 | ||
Specialty Retail 1.6% | ||
Best Buy Co., Inc. | 65,134 | 5,098,690 |
Home Depot, Inc. (The) | 26,990 | 9,353,384 |
14,452,074 | ||
Technology Hardware, Storage & Peripherals 3.1% | ||
Apple, Inc. | 39,024 | 7,513,291 |
Dell Technologies, Inc., Class C | 97,742 | 7,477,263 |
Hewlett Packard Enterprise Co. | 304,023 | 5,162,310 |
NetApp, Inc. | 90,179 | 7,950,181 |
28,103,045 | ||
Tobacco 1.2% | ||
Philip Morris International, Inc. | 117,722 | 11,075,286 |
12 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Trading Companies & Distributors 1.2% | |||
MSC Industrial Direct Co., Inc., Class A | 107,594 | $ 10,894,968 | |
Total Common Stocks (Cost $719,475,664) | 888,401,685 | ||
Short-Term Investments 2.3% | |||
Affiliated Investment Company 1.6% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 14,122,333 | 14,122,333 | |
Unaffiliated Investment Companies 0.7% | |||
Fidelity Government Portfolio, 5.356% (b)(c) | 2,000,000 | 2,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (b)(c) | 4,494,573 | 4,494,573 | |
6,494,573 | |||
Total Short-Term Investments (Cost $20,616,906) | 20,616,906 | ||
Total Investments (Cost $740,092,570) | 100.6% | 909,018,591 | |
Other Assets, Less Liabilities | (0.6) | (5,156,174) | |
Net Assets | 100.0% | $ 903,862,417 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $6,346,648. The Portfolio received cash collateral with a value of $6,494,573. (See Note 2(H)) |
(b) | Current yield as of December 31, 2023. |
(c) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 7,380 | $ 188,873 | $ (182,131) | $ — | $ — | $ 14,122 | $ 509 | $ — | 14,122 |
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 | $ 888,401,685 | $ — | $ — | $ 888,401,685 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 14,122,333 | — | — | 14,122,333 | |||
Unaffiliated Investment Companies | 6,494,573 | — | — | 6,494,573 | |||
Total Short-Term Investments | 20,616,906 | — | — | 20,616,906 | |||
Total Investments in Securities | $ 909,018,591 | $ — | $ — | $ 909,018,591 |
(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 $725,970,237) including securities on loan of $6,346,648 | $894,896,258 |
Investment in affiliated investment companies, at value (identified cost $14,122,333) | 14,122,333 |
Receivables: | |
Investment securities sold | 2,301,916 |
Dividends | 1,896,452 |
Portfolio shares sold | 113,396 |
Securities lending | 857 |
Other assets | 4,902 |
Total assets | 913,336,114 |
Liabilities | |
Cash collateral received for securities on loan | 6,494,573 |
Due to custodian | 12,464 |
Payables: | |
Investment securities purchased | 2,116,123 |
Manager (See Note 3) | 492,644 |
Portfolio shares redeemed | 222,765 |
NYLIFE Distributors (See Note 3) | 81,164 |
Professional fees | 36,510 |
Custodian | 11,925 |
Shareholder communication | 3,154 |
Accrued expenses | 2,375 |
Total liabilities | 9,473,697 |
Net assets | $903,862,417 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 54,932 |
Additional paid-in-capital | 665,865,842 |
665,920,774 | |
Total distributable earnings (loss) | 237,941,643 |
Net assets | $903,862,417 |
Initial Class | |
Net assets applicable to outstanding shares | $516,354,329 |
Shares of beneficial interest outstanding | 31,145,872 |
Net asset value per share outstanding | $ 16.58 |
Service Class | |
Net assets applicable to outstanding shares | $387,508,088 |
Shares of beneficial interest outstanding | 23,785,878 |
Net asset value per share outstanding | $ 16.29 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $89,531) | $27,885,081 |
Dividends-affiliated | 509,155 |
Securities lending, net | 21,426 |
Total income | 28,415,662 |
Expenses | |
Manager (See Note 3) | 6,272,695 |
Distribution/Service—Service Class (See Note 3) | 970,121 |
Professional fees | 120,350 |
Shareholder communication | 28,333 |
Custodian | 26,077 |
Trustees | 23,589 |
Miscellaneous | 29,657 |
Total expenses before waiver/reimbursement | 7,470,822 |
Expense waiver/reimbursement from Manager (See Note 3) | (328,000) |
Net expenses | 7,142,822 |
Net investment income (loss) | 21,272,840 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 53,543,397 |
Foreign currency transactions | (128) |
Net realized gain (loss) | 53,543,269 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (1,650,954) |
Net realized and unrealized gain (loss) | 51,892,315 |
Net increase (decrease) in net assets resulting from operations | $73,165,155 |
16 | MainStay VP Epoch U.S. Equity Yield Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 21,272,840 | $ 20,017,367 |
Net realized gain (loss) | 53,543,269 | 59,959,200 |
Net change in unrealized appreciation (depreciation) | (1,650,954) | (109,365,957) |
Net increase (decrease) in net assets resulting from operations | 73,165,155 | (29,389,390) |
Distributions to shareholders: | ||
Initial Class | (46,136,902) | (24,054,585) |
Service Class | (34,391,207) | (17,626,723) |
Total distributions to shareholders | (80,528,109) | (41,681,308) |
Capital share transactions: | ||
Net proceeds from sales of shares | 65,644,769 | 75,116,545 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 80,528,109 | 41,681,308 |
Cost of shares redeemed | (184,794,294) | (198,345,383) |
Increase (decrease) in net assets derived from capital share transactions | (38,621,416) | (81,547,530) |
Net increase (decrease) in net assets | (45,984,370) | (152,618,228) |
Net Assets | ||
Beginning of year | 949,846,787 | 1,102,465,015 |
End of year | $ 903,862,417 | $ 949,846,787 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.85 | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | ||||
Net investment income (loss) (a) | 0.41 | 0.37 | 0.34 | 0.35 | 0.38 | ||||
Net realized and unrealized gain (loss) | 0.91 | (0.90) | 3.09 | (0.41) | 2.92 | ||||
Total from investment operations | 1.32 | (0.53) | 3.43 | (0.06) | 3.30 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.37) | (0.41) | (0.41) | (0.52) | ||||
From net realized gain on investments | (1.12) | (0.40) | — | (0.52) | (0.67) | ||||
Total distributions | (1.59) | (0.77) | (0.41) | (0.93) | (1.19) | ||||
Net asset value at end of year | $ 16.58 | $ 16.85 | $ 18.15 | $ 15.13 | $ 16.12 | ||||
Total investment return (b) | 8.69% | (2.50)% | 22.89% | 0.03% | 24.18% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.45% | 2.13% | 2.02% | 2.47% | 2.43% | ||||
Net expenses (c) | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | ||||
Expenses (before waiver/reimbursement) (c) | 0.72% | 0.71% | 0.72% | 0.73% | 0.72% | ||||
Portfolio turnover rate | 19% | 19% | 20% | 26% | 22% | ||||
Net assets at end of year (in 000's) | $ 516,354 | $ 539,762 | $ 640,585 | $ 495,193 | $ 591,185 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 16.57 | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | ||||
Net investment income (loss) (a) | 0.36 | 0.32 | 0.29 | 0.31 | 0.34 | ||||
Net realized and unrealized gain (loss) | 0.90 | (0.88) | 3.05 | (0.42) | 2.88 | ||||
Total from investment operations | 1.26 | (0.56) | 3.34 | (0.11) | 3.22 | ||||
Less distributions: | |||||||||
From net investment income | (0.42) | (0.33) | (0.38) | (0.36) | (0.47) | ||||
From net realized gain on investments | (1.12) | (0.40) | — | (0.52) | (0.67) | ||||
Total distributions | (1.54) | (0.73) | (0.38) | (0.88) | (1.14) | ||||
Net asset value at end of year | $ 16.29 | $ 16.57 | $ 17.86 | $ 14.90 | $ 15.89 | ||||
Total investment return (b) | 8.42% | (2.74)% | 22.58% | (0.22)% | 23.87% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.20% | 1.89% | 1.77% | 2.21% | 2.18% | ||||
Net expenses (c) | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% | ||||
Expenses (before waiver/reimbursement) (c) | 0.97% | 0.96% | 0.97% | 0.98% | 0.97% | ||||
Portfolio turnover rate | 19% | 19% | 20% | 26% | 22% | ||||
Net assets at end of year (in 000's) | $ 387,508 | $ 410,085 | $ 461,880 | $ 422,053 | $ 460,793 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (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 Epoch U.S. Equity Yield Portfolio |
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 | $745,752,451 | $189,699,572 | $(26,433,432) | $163,266,140 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$20,342,963 | $54,101,072 | $231,468 | $163,266,140 | $237,941,643 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $22,976,175 | $19,553,373 |
Long-Term Capital Gains | 57,551,934 | 22,127,935 |
Total | $80,528,109 | $41,681,308 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,083,263 | $ 34,699,500 |
Shares issued to shareholders in reinvestment of distributions | 3,026,105 | 46,136,902 |
Shares redeemed | (6,005,847) | (100,601,391) |
Net increase (decrease) | (896,479) | $ (19,764,989) |
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) |
Service Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,884,974 | $ 30,945,269 |
Shares issued to shareholders in reinvestment of distributions | 2,294,200 | 34,391,207 |
Shares redeemed | (5,135,703) | (84,192,903) |
Net increase (decrease) | (956,529) | $ (18,856,427) |
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) |
24 | MainStay VP Epoch U.S. Equity Yield Portfolio |
New York, New York
February 26, 2024
26 | MainStay VP Epoch U.S. Equity Yield Portfolio |
28 | MainStay VP Epoch U.S. Equity Yield Portfolio |
30 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015520 | MSVPEUE11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 24.39% | 12.95% | 8.73% | 0.67% |
Service Class Shares | 2/17/2012 | 24.08 | 12.66 | 8.46 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
Morningstar Large Value Category Average2 | 11.63 | 11.37 | 8.39 |
* | 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. | 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. |
2. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,081.70 | $3.52 | $1,021.83 | $3.41 | 0.67% |
Service Class Shares | $1,000.00 | $1,080.40 | $4.82 | $1,020.57 | $4.69 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP American Century Sustainable Equity Portfolio |
Software | 11.8% |
Semiconductors & Semiconductor Equipment | 6.9 |
Interactive Media & Services | 6.2 |
Technology Hardware, Storage & Peripherals | 5.2 |
Capital Markets | 4.7 |
Pharmaceuticals | 3.7 |
Specialty Retail | 3.6 |
Banks | 3.2 |
Life Sciences Tools & Services | 3.2 |
Broadline Retail | 3.1 |
Health Care Providers & Services | 3.0 |
Financial Services | 2.9 |
Consumer Staples Distribution & Retail | 2.9 |
Oil, Gas & Consumable Fuels | 2.6 |
Machinery | 2.4 |
Biotechnology | 2.3 |
Insurance | 2.2 |
IT Services | 2.1 |
Chemicals | 2.0 |
Electronic Equipment, Instruments & Components | 2.0 |
Industrial REITs | 1.8 |
Building Products | 1.5 |
Ground Transportation | 1.4 |
Electric Utilities | 1.3 |
Beverages | 1.3 |
Automobiles | 1.2% |
Electrical Equipment | 1.2 |
Energy Equipment & Services | 1.2 |
Household Products | 1.1 |
Diversified Telecommunication Services | 1.1 |
Communications Equipment | 1.1 |
Air Freight & Logistics | 1.0 |
Entertainment | 1.0 |
Hotels, Restaurants & Leisure | 1.0 |
Automobile Components | 0.8 |
Industrial Conglomerates | 0.8 |
Food Products | 0.8 |
Health Care Equipment & Supplies | 0.7 |
Specialized REITs | 0.6 |
Distributors | 0.6 |
Textiles, Apparel & Luxury Goods | 0.6 |
Consumer Finance | 0.6 |
Aerospace & Defense | 0.5 |
Containers & Packaging | 0.5 |
Exchange–Traded Fund | 0.1 |
Short–Term Investments | 0.4 |
Other Assets, Less Liabilities | –0.2 |
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. | Prologis, Inc. |
8. | Meta Platforms, Inc., Class A |
9. | Visa, Inc., Class A |
10. | Home Depot, Inc. (The) |
1. | See "Investment and Performance Comparison" 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 0.5% | ||
Lockheed Martin Corp. | 4,814 | $ 2,181,897 |
Air Freight & Logistics 1.0% | ||
FedEx Corp. | 4,954 | 1,253,213 |
United Parcel Service, Inc., Class B | 20,468 | 3,218,184 |
4,471,397 | ||
Automobile Components 0.8% | ||
Aptiv plc (a) | 40,369 | 3,621,907 |
Automobiles 1.2% | ||
Tesla, Inc. (a) | 21,193 | 5,266,037 |
Banks 3.2% | ||
Bank of America Corp. | 119,350 | 4,018,515 |
JPMorgan Chase & Co. | 40,460 | 6,882,246 |
Regions Financial Corp. | 159,566 | 3,092,389 |
13,993,150 | ||
Beverages 1.3% | ||
PepsiCo, Inc. | 32,779 | 5,567,185 |
Biotechnology 2.3% | ||
AbbVie, Inc. | 31,771 | 4,923,552 |
Amgen, Inc. | 11,583 | 3,336,136 |
Vertex Pharmaceuticals, Inc. (a) | 4,509 | 1,834,667 |
10,094,355 | ||
Broadline Retail 3.1% | ||
Amazon.com, Inc. (a) | 88,387 | 13,429,521 |
Building Products 1.5% | ||
Johnson Controls International plc | 71,021 | 4,093,650 |
Masco Corp. | 34,377 | 2,302,572 |
6,396,222 | ||
Capital Markets 4.7% | ||
Ameriprise Financial, Inc. | 7,559 | 2,871,135 |
BlackRock, Inc. | 4,642 | 3,768,376 |
Intercontinental Exchange, Inc. | 17,407 | 2,235,581 |
Morgan Stanley | 70,422 | 6,566,851 |
S&P Global, Inc. | 11,182 | 4,925,895 |
20,367,838 | ||
Chemicals 2.0% | ||
Air Products and Chemicals, Inc. | 12,695 | 3,475,891 |
Shares | Value | |
Chemicals (continued) | ||
Ecolab, Inc. | 9,967 | $ 1,976,954 |
Linde plc | 7,814 | 3,209,288 |
8,662,133 | ||
Communications Equipment 1.1% | ||
Cisco Systems, Inc. | 93,956 | 4,746,657 |
Consumer Finance 0.6% | ||
American Express Co. | 13,101 | 2,454,341 |
Consumer Staples Distribution & Retail 2.9% | ||
Costco Wholesale Corp. | 4,769 | 3,147,922 |
Kroger Co. (The) | 53,849 | 2,461,438 |
Sysco Corp. | 52,941 | 3,871,575 |
Target Corp. | 21,094 | 3,004,207 |
12,485,142 | ||
Containers & Packaging 0.5% | ||
Ball Corp. | 35,213 | 2,025,452 |
Distributors 0.6% | ||
LKQ Corp. | 54,390 | 2,599,298 |
Diversified Telecommunication Services 1.1% | ||
Verizon Communications, Inc. | 126,792 | 4,780,058 |
Electric Utilities 1.3% | ||
NextEra Energy, Inc. | 96,149 | 5,840,090 |
Electrical Equipment 1.2% | ||
Eaton Corp. plc | 18,781 | 4,522,841 |
Generac Holdings, Inc. (a) | 4,322 | 558,575 |
5,081,416 | ||
Electronic Equipment, Instruments & Components 2.0% | ||
CDW Corp. | 19,134 | 4,349,541 |
Keysight Technologies, Inc. (a) | 26,591 | 4,230,362 |
8,579,903 | ||
Energy Equipment & Services 1.2% | ||
Schlumberger NV | 97,049 | 5,050,430 |
Entertainment 1.0% | ||
Electronic Arts, Inc. | 11,796 | 1,613,811 |
Liberty Media Corp.-Liberty Formula One, Class C (a) | 12,805 | 808,380 |
10 | MainStay VP American Century Sustainable Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Entertainment (continued) | ||
Walt Disney Co. (The) (a) | 20,098 | $ 1,814,648 |
4,236,839 | ||
Financial Services 2.9% | ||
Block, Inc. (a) | 5,752 | 444,917 |
Mastercard, Inc., Class A | 10,456 | 4,459,589 |
Visa, Inc., Class A (b) | 29,769 | 7,750,359 |
12,654,865 | ||
Food Products 0.8% | ||
Mondelez International, Inc., Class A | 45,389 | 3,287,525 |
Ground Transportation 1.4% | ||
Uber Technologies, Inc. (a) | 33,561 | 2,066,351 |
Union Pacific Corp. | 16,358 | 4,017,852 |
6,084,203 | ||
Health Care Equipment & Supplies 0.7% | ||
Dexcom, Inc. (a) | 6,559 | 813,907 |
Intuitive Surgical, Inc. (a) | 7,223 | 2,436,751 |
3,250,658 | ||
Health Care Providers & Services 3.0% | ||
Cigna Group (The) | 14,659 | 4,389,638 |
CVS Health Corp. | 7,888 | 622,836 |
UnitedHealth Group, Inc. | 15,555 | 8,189,241 |
13,201,715 | ||
Hotels, Restaurants & Leisure 1.0% | ||
Airbnb, Inc., Class A (a) | 7,170 | 976,124 |
Chipotle Mexican Grill, Inc. (a) | 496 | 1,134,332 |
Starbucks Corp. | 21,149 | 2,030,515 |
4,140,971 | ||
Household Products 1.1% | ||
Colgate-Palmolive Co. | 15,183 | 1,210,237 |
Procter & Gamble Co. (The) | 25,319 | 3,710,246 |
4,920,483 | ||
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 16,846 | 3,532,775 |
Industrial REITs 1.8% | ||
Prologis, Inc. | 59,105 | 7,878,697 |
Insurance 2.2% | ||
Marsh & McLennan Cos., Inc. | 16,826 | 3,188,022 |
Shares | Value | |
Insurance (continued) | ||
MetLife, Inc. | 26,621 | $ 1,760,447 |
Prudential Financial, Inc. | 26,479 | 2,746,137 |
Travelers Cos., Inc. (The) | 10,164 | 1,936,140 |
9,630,746 | ||
Interactive Media & Services 6.2% | ||
Alphabet, Inc., Class A (a) | 136,859 | 19,117,834 |
Meta Platforms, Inc., Class A (a) | 22,169 | 7,846,939 |
26,964,773 | ||
IT Services 2.1% | ||
Accenture plc, Class A | 14,137 | 4,960,815 |
International Business Machines Corp. | 26,807 | 4,384,285 |
9,345,100 | ||
Life Sciences Tools & Services 3.2% | ||
Agilent Technologies, Inc. | 32,836 | 4,565,189 |
Danaher Corp. | 19,128 | 4,425,071 |
Thermo Fisher Scientific, Inc. | 9,407 | 4,993,142 |
13,983,402 | ||
Machinery 2.4% | ||
Cummins, Inc. | 12,840 | 3,076,079 |
Deere & Co. | 5,376 | 2,149,701 |
Parker-Hannifin Corp. | 5,943 | 2,737,940 |
Xylem, Inc. | 21,348 | 2,441,357 |
10,405,077 | ||
Oil, Gas & Consumable Fuels 2.6% | ||
ConocoPhillips | 52,889 | 6,138,826 |
EOG Resources, Inc. | 42,716 | 5,166,500 |
11,305,326 | ||
Pharmaceuticals 3.7% | ||
Bristol-Myers Squibb Co. | 57,221 | 2,936,009 |
Eli Lilly & Co. | 4,054 | 2,363,158 |
Merck & Co., Inc. | 37,478 | 4,085,852 |
Novo Nordisk A/S, Class B | 29,408 | 3,040,225 |
Zoetis, Inc. | 18,190 | 3,590,160 |
16,015,404 | ||
Semiconductors & Semiconductor Equipment 6.9% | ||
Advanced Micro Devices, Inc. (a) | 41,391 | 6,101,447 |
Analog Devices, Inc. | 23,107 | 4,588,126 |
Applied Materials, Inc. | 22,489 | 3,644,792 |
ASML Holding NV | 1,673 | 1,259,038 |
GlobalFoundries, Inc. (a)(b) | 14,802 | 897,001 |
NVIDIA Corp. | 27,288 | 13,513,563 |
30,003,967 |
Shares | Value | |
Common Stocks (continued) | ||
Software 11.8% | ||
Adobe, Inc. (a) | 2,502 | $ 1,492,693 |
Cadence Design Systems, Inc. (a) | 14,542 | 3,960,805 |
Microsoft Corp. | 100,821 | 37,912,729 |
Salesforce, Inc. (a) | 19,311 | 5,081,496 |
ServiceNow, Inc. (a) | 1,768 | 1,249,074 |
Workday, Inc., Class A (a) | 6,246 | 1,724,271 |
51,421,068 | ||
Specialized REITs 0.6% | ||
Equinix, Inc. | 3,231 | 2,602,215 |
Specialty Retail 3.6% | ||
CarMax, Inc. (a) | 19,551 | 1,500,344 |
Home Depot, Inc. (The) | 21,299 | 7,381,168 |
TJX Cos., Inc. (The) | 47,711 | 4,475,769 |
Tractor Supply Co. | 9,752 | 2,096,973 |
15,454,254 | ||
Technology Hardware, Storage & Peripherals 5.2% | ||
Apple, Inc. | 117,592 | 22,639,988 |
Textiles, Apparel & Luxury Goods 0.6% | ||
Deckers Outdoor Corp. (a) | 3,717 | 2,484,554 |
Total Common Stocks (Cost $382,119,775) | 433,139,034 | |
Exchange-Traded Fund 0.1% | ||
SPDR S&P 500 ETF Trust | 1,122 | 533,298 |
Total Exchange-Traded Fund (Cost $530,095) | 533,298 |
Shares | Value | ||
Short-Term Investments 0.4% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 905,596 | $ 905,596 | |
Unaffiliated Investment Company 0.2% | |||
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 899,270 | 899,270 | |
Total Short-Term Investments (Cost $1,804,866) | 1,804,866 | ||
Total Investments (Cost $384,454,736) | 100.2% | 435,477,198 | |
Other Assets, Less Liabilities | (0.2) | (1,017,828) | |
Net Assets | 100.0% | $ 434,459,370 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $1,082,987; the total market value of collateral held by the Portfolio was $1,169,781. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $270,511. The Portfolio received cash collateral with a value of $899,270. (See Note 2(J)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 467 | $ 53,374 | $ (52,935) | $ — | $ — | $ 906 | $ 34 | $ — | 906 |
12 | MainStay VP American Century Sustainable Equity Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 354,830 | EUR | 323,374 | Bank of America N.A. | 3/28/24 | $ (3,391) |
USD | 354,893 | EUR | 323,374 | JPMorgan Chase Bank N.A. | 3/28/24 | (3,327) |
USD | 354,893 | EUR | 323,374 | Morgan Stanley & Co. | 3/28/24 | (3,327) |
Total Unrealized Depreciation | $ (10,045) |
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 | $ 433,139,034 | $ — | $ — | $ 433,139,034 | |||
Exchange-Traded Fund | 533,298 | — | — | 533,298 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 905,596 | — | — | 905,596 | |||
Unaffiliated Investment Company | 899,270 | — | — | 899,270 | |||
Total Short-Term Investments | 1,804,866 | — | — | 1,804,866 | |||
Total Investments in Securities | $ 435,477,198 | $ — | $ — | $ 435,477,198 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (10,045) | $ — | $ (10,045) |
(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 $383,549,140) including securities on loan of $1,082,987 | $434,571,602 |
Investment in affiliated investment companies, at value (identified cost $905,596) | 905,596 |
Cash denominated in foreign currencies (identified cost $15) | 15 |
Receivables: | |
Dividends | 354,206 |
Portfolio shares sold | 49,932 |
Securities lending | 443 |
Other assets | 4,068 |
Total assets | 435,885,862 |
Liabilities | |
Cash collateral received for securities on loan | 899,270 |
Due to custodian | 1,200 |
Payables: | |
Manager (See Note 3) | 231,547 |
Portfolio shares redeemed | 162,208 |
Professional fees | 47,427 |
NYLIFE Distributors (See Note 3) | 36,529 |
Shareholder communication | 23,896 |
Custodian | 10,678 |
Accrued expenses | 3,692 |
Unrealized depreciation on foreign currency forward contracts | 10,045 |
Total liabilities | 1,426,492 |
Net assets | $434,459,370 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 48,684 |
Additional paid-in-capital | 370,178,299 |
370,226,983 | |
Total distributable earnings (loss) | 64,232,387 |
Net assets | $434,459,370 |
Initial Class | |
Net assets applicable to outstanding shares | $260,343,871 |
Shares of beneficial interest outstanding | 29,119,791 |
Net asset value per share outstanding | $ 8.94 |
Service Class | |
Net assets applicable to outstanding shares | $174,115,499 |
Shares of beneficial interest outstanding | 19,564,195 |
Net asset value per share outstanding | $ 8.90 |
14 | MainStay VP American Century Sustainable Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $9,746) | $ 7,446,348 |
Dividends-affiliated | 33,866 |
Securities lending, net | 15,645 |
Total income | 7,495,859 |
Expenses | |
Manager (See Note 3) | 2,840,782 |
Distribution/Service—Service Class (See Note 3) | 432,476 |
Professional fees | 101,442 |
Shareholder communication | 35,665 |
Custodian | 25,896 |
Trustees | 11,723 |
Miscellaneous | 9,580 |
Total expenses | 3,457,564 |
Net investment income (loss) | 4,038,295 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 9,837,383 |
Futures transactions | (78,896) |
Foreign currency transactions | 1,649 |
Foreign currency forward transactions | 12,155 |
Net realized gain (loss) | 9,772,291 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 84,416,236 |
Foreign currency forward contracts | 4,286 |
Translation of other assets and liabilities in foreign currencies | 2,119 |
Net change in unrealized appreciation (depreciation) | 84,422,641 |
Net realized and unrealized gain (loss) | 94,194,932 |
Net increase (decrease) in net assets resulting from operations | $98,233,227 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,038,295 | $ 4,673,156 |
Net realized gain (loss) | 9,772,291 | 145,834,961 |
Net change in unrealized appreciation (depreciation) | 84,422,641 | (190,246,775) |
Net increase (decrease) in net assets resulting from operations | 98,233,227 | (39,738,658) |
Distributions to shareholders: | ||
Initial Class | (88,591,811) | (38,151,110) |
Service Class | (57,869,790) | (23,305,146) |
Total distributions to shareholders | (146,461,601) | (61,456,256) |
Capital share transactions: | ||
Net proceeds from sales of shares | 12,120,830 | 21,588,692 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 146,461,601 | 61,456,256 |
Cost of shares redeemed | (130,462,666) | (80,669,845) |
Increase (decrease) in net assets derived from capital share transactions | 28,119,765 | 2,375,103 |
Net increase (decrease) in net assets | (20,108,609) | (98,819,811) |
Net Assets | ||
Beginning of year | 454,567,979 | 553,387,790 |
End of year | $ 434,459,370 | $ 454,567,979 |
16 | MainStay VP American Century Sustainable Equity Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 11.07 | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | ||||
Net investment income (loss) (a) | 0.11 | 0.13 | 0.21 | 0.25 | 0.29 | ||||
Net realized and unrealized gain (loss) | 2.14 | (1.30) | 2.71 | (0.33) | 2.58 | ||||
Total from investment operations | 2.25 | (1.17) | 2.92 | (0.08) | 2.87 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.23) | (0.34) | (0.40) | (0.31) | ||||
From net realized gain on investments | (4.21) | (1.46) | (0.21) | (0.85) | (1.06) | ||||
Total distributions | (4.38) | (1.69) | (0.55) | (1.25) | (1.37) | ||||
Net asset value at end of year | $ 8.94 | $ 11.07 | $ 13.93 | $ 11.56 | $ 12.89 | ||||
Total investment return (b) | 24.39% | (7.70)% | 25.49% | 0.96% | 26.36%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.99% | 1.03% | 1.57% | 2.32% | 2.30% | ||||
Net expenses (d) | 0.67% | 0.70% | 0.76% | 0.76% | 0.75% | ||||
Portfolio turnover rate | 28% | 20% | 18% | 28% | 16% | ||||
Net assets at end of year (in 000's) | $ 260,344 | $ 281,471 | $ 324,378 | $ 302,584 | $ 464,120 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.36%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 11.03 | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | ||||
Net investment income (loss) (a) | 0.08 | 0.10 | 0.17 | 0.22 | 0.26 | ||||
Net realized and unrealized gain (loss) | 2.13 | (1.29) | 2.71 | (0.33) | 2.56 | ||||
Total from investment operations | 2.21 | (1.19) | 2.88 | (0.11) | 2.82 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.19) | (0.31) | (0.36) | (0.27) | ||||
From net realized gain on investments | (4.21) | (1.46) | (0.21) | (0.85) | (1.06) | ||||
Total distributions | (4.34) | (1.65) | (0.52) | (1.21) | (1.33) | ||||
Net asset value at end of year | $ 8.90 | $ 11.03 | $ 13.87 | $ 11.51 | $ 12.83 | ||||
Total investment return (b) | 24.08% | (7.93)% | 25.18% | 0.71% | 26.04%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.74% | 0.79% | 1.32% | 2.05% | 2.05% | ||||
Net expenses (d) | 0.92% | 0.95% | 1.01% | 1.01% | 1.00% | ||||
Portfolio turnover rate | 28% | 20% | 18% | 28% | 16% | ||||
Net assets at end of year (in 000's) | $ 174,115 | $ 173,097 | $ 229,010 | $ 226,836 | $ 262,717 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.04%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
18 | MainStay VP American Century Sustainable 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) |
• 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 |
Liability Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | $(10,045) | $(10,045) |
Total Fair Value | $(10,045) | $(10,045) |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Total |
Futures Transactions | $ — | $(78,896) | $(78,896) |
Forward Transactions | 12,155 | — | 12,155 |
Total Net Realized Gain (Loss) | $12,155 | $(78,896) | $(66,741) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Total |
Forward Contracts | $4,286 | $4,286 |
Total Net Change in Unrealized Appreciation (Depreciation) | $4,286 | $4,286 |
Average Notional Amount | Total |
Forward Contracts Long (a) | $ 611,174 |
Forward Contracts Short | $(2,677,936) |
(a) | Positions were open for nine months during the reporting period. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $385,776,126 | $65,071,441 | $(15,370,369) | $49,701,072 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$4,040,429 | $10,492,653 | $— | $49,699,305 | $64,232,387 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 5,052,058 | $13,654,316 |
Long-Term Capital Gains | 141,409,543 | 47,801,940 |
Total | $146,461,601 | $61,456,256 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 193,775 | $ 2,200,917 |
Shares issued to shareholders in reinvestment of distributions | 10,919,197 | 88,591,811 |
Shares redeemed | (7,425,754) | (84,155,536) |
Net increase (decrease) | 3,687,218 | $ 6,637,192 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 943,390 | $ 9,919,913 |
Shares issued to shareholders in reinvestment of distributions | 7,161,393 | 57,869,790 |
Shares redeemed | (4,237,815) | (46,307,130) |
Net increase (decrease) | 3,866,968 | $ 21,482,573 |
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) |
24 | MainStay VP American Century Sustainable Equity Portfolio |
New York, New York
February 26, 2024
26 | MainStay VP American Century Sustainable Equity Portfolio |
28 | MainStay VP American Century Sustainable Equity Portfolio |
30 | MainStay VP American Century Sustainable Equity Portfolio |
32 | MainStay VP American Century Sustainable Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
34 | MainStay VP American Century Sustainable Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay VP American Century Sustainable Equity Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015854 | MSVPTRPE11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 20231 | |||||
Class | Inception Date2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | 1.92% | 18.96% | 2.79% | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P Global Natural Resources Index1 | 4.08% | 11.15% | 5.15% |
Morningstar Natural Resources Category Average2 | 7.61 | 12.51 | 4.77 |
* | 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. | 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. |
2. | The Morningstar Natural Resources Category Average is representative of funds that invest primarily on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Some funds invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Funds that concentrate primarily in energy-related industries are part of the equity energy category. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,049.20 | $4.34 | $1,020.97 | $4.28 | 0.84% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Natural Resources Portfolio |
United States | 77.9% |
Canada | 12.2 |
Netherlands | 4.6 |
Norway | 2.7 |
Germany | 2.4 |
Australia | 1.4 |
Chile | 1.2% |
Brazil | 0.5 |
Zambia | 0.5 |
Other Assets, Less Liabilities | –3.4 |
100.0% |
1. | Freeport-McMoRan, Inc. |
2. | Weatherford International plc |
3. | Occidental Petroleum Corp. |
4. | Shell plc |
5. | CF Industries Holdings, Inc. |
6. | ConocoPhillips |
7. | CRH plc |
8. | Schlumberger NV |
9. | Teck Resources Ltd., Class B |
10. | Phillips 66 |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
2. | Alpha measures the relationship between a mutual fund’s return and its beta over a three-year period. Often, alpha is viewed as the excess return (positive or negative) or the value added by the portfolio manager. |
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. |
8 | MainStay VP Natural Resources Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Australia 1.4% | ||
South32 Ltd. (Metals & Mining) | 1,346,400 | $ 3,055,289 |
Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 83,859 | 1,774,946 |
4,830,235 | ||
Brazil 0.5% | ||
Adecoagro SA (Food Products) | 146,602 | 1,627,282 |
Canada 12.2% | ||
Cameco Corp. (Oil, Gas & Consumable Fuels) | 248,517 | 10,711,083 |
Capstone Copper Corp. (Metals & Mining) (a) | 818,386 | 3,983,691 |
Ivanhoe Mines Ltd., Class A (Metals & Mining) (a) | 430,086 | 4,170,865 |
NexGen Energy Ltd. (Oil, Gas & Consumable Fuels) (a) | 881,905 | 6,169,774 |
Nutrien Ltd. (Chemicals) (b) | 58,060 | 3,270,520 |
Teck Resources Ltd., Class B (Metals & Mining) | 302,291 | 12,777,841 |
41,083,774 | ||
Chile 1.2% | ||
Antofagasta plc (Metals & Mining) | 189,805 | 4,063,297 |
Germany 2.4% | ||
Bayer AG (Registered) (Pharmaceuticals) | 221,757 | 8,232,915 |
Netherlands 4.6% | ||
Shell plc (Oil, Gas & Consumable Fuels) | 468,291 | 15,349,467 |
Norway 2.7% | ||
Equinor ASA, Sponsored ADR (Oil, Gas & Consumable Fuels) | 228,492 | 7,229,487 |
Norsk Hydro ASA (Metals & Mining) | 276,419 | 1,860,949 |
9,090,436 | ||
United States 74.0% | ||
Albemarle Corp. (Chemicals) | 21,220 | 3,065,866 |
Alcoa Corp. (Metals & Mining) | 231,562 | 7,873,108 |
Antero Resources Corp. (Oil, Gas & Consumable Fuels) (a) | 452,486 | 10,262,382 |
Bunge Global SA (Food Products) | 90,840 | 9,170,298 |
CF Industries Holdings, Inc. (Chemicals) | 188,651 | 14,997,754 |
Chemours Co. (The) (Chemicals) | 240,861 | 7,596,756 |
Shares | Value | |
United States (continued) | ||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) (b) | 74,246 | $ 5,712,487 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | 128,699 | 14,938,093 |
Corteva, Inc. (Chemicals) | 71,777 | 3,439,554 |
CRH plc (Construction Materials) | 197,703 | 13,673,139 |
Darling Ingredients, Inc. (Food Products) (a) | 135,365 | 6,746,592 |
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 64,007 | 9,926,206 |
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels) (a)(b) | 348,141 | 2,503,134 |
EQT Corp. (Oil, Gas & Consumable Fuels) | 286,859 | 11,089,969 |
Fluor Corp. (Construction & Engineering) (a) | 115,915 | 4,540,391 |
Freeport-McMoRan, Inc. (Metals & Mining) | 375,418 | 15,981,544 |
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 453,668 | 10,960,619 |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 70,636 | 10,479,557 |
Mosaic Co. (The) (Chemicals) | 101,424 | 3,623,880 |
Newmont Corp. (Metals & Mining) | 204,106 | 8,447,947 |
NOV, Inc. (Energy Equipment & Services) | 156,144 | 3,166,600 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 260,827 | 15,573,980 |
Phillips 66 (Oil, Gas & Consumable Fuels) | 92,207 | 12,276,440 |
Schlumberger NV (Energy Equipment & Services) | 261,100 | 13,587,644 |
Transocean Ltd. (Energy Equipment & Services) (a) | 1,584,391 | 10,060,883 |
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 12,632 | 1,642,160 |
Vulcan Materials Co. (Construction Materials) | 8,239 | 1,870,335 |
Weatherford International plc (Energy Equipment & Services) (a) | 163,128 | 15,958,812 |
249,166,130 | ||
Zambia 0.5% | ||
First Quantum Minerals Ltd. (Metals & Mining) | 194,549 | 1,593,039 |
Total Common Stocks (Cost $306,842,141) | 335,036,575 |
10 | MainStay VP Natural Resources Portfolio |
Shares | Value | ||
Short-Term Investments 3.9% | |||
Affiliated Investment Company 0.4% | |||
United States 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 1,387,605 | $ 1,387,605 | |
Unaffiliated Investment Companies 3.5% | |||
United States 3.5% | |||
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (c)(d) | 5,865,355 | 5,865,355 | |
Fidelity Government Portfolio, 5.356% (c)(d) | 2,000,000 | 2,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 3,715,123 | 3,715,123 | |
11,580,478 | |||
Total Short-Term Investments (Cost $12,968,083) | 12,968,083 | ||
Total Investments (Cost $319,810,224) | 103.4% | 348,004,658 | |
Other Assets, Less Liabilities | (3.4) | (11,325,433) | |
Net Assets | 100.0% | $ 336,679,225 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $11,232,661. The Portfolio received cash collateral with a value of $11,580,478. (See Note 2(I)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,917 | $ 100,172 | $ (100,701) | $ — | $ — | $ 1,388 | $ 107 | $ — | 1,388 |
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 | $ 335,036,575 | $ — | $ — | $ 335,036,575 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,387,605 | — | — | 1,387,605 | |||
Unaffiliated Investment Companies | 11,580,478 | — | — | 11,580,478 | |||
Total Short-Term Investments | 12,968,083 | — | — | 12,968,083 | |||
Total Investments in Securities | $ 348,004,658 | $ — | $ — | $ 348,004,658 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Natural Resources Portfolio |
Value | Percent †^ | ||
Chemicals | $ 35,994,330 | 10.7% | |
Construction & Engineering | 4,540,391 | 1.4 | |
Construction Materials | 15,543,474 | 4.6 | |
Energy Equipment & Services | 42,773,939 | 12.7 | |
Food Products | 17,544,172 | 5.2 | |
Metals & Mining | 63,807,570 | 19.0 | |
Oil, Gas & Consumable Fuels | 146,599,784 | 43.5 | |
Pharmaceuticals | 8,232,915 | 2.4 | |
335,036,575 | 99.5 | ||
Short-Term Investments | 12,968,083 | 3.9 | |
Other Assets, Less Liabilities | (11,325,433) | (3.4) | |
Net Assets | $336,679,225 | 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 $318,422,619) including securities on loan of $11,232,661 | $346,617,053 |
Investment in affiliated investment companies, at value (identified cost $1,387,605) | 1,387,605 |
Cash denominated in foreign currencies (identified cost $355,448) | 365,666 |
Receivables: | |
Dividends | 441,818 |
Portfolio shares sold | 17,560 |
Securities lending | 1,811 |
Other assets | 1,506 |
Total assets | 348,833,019 |
Liabilities | |
Cash collateral received for securities on loan | 11,580,478 |
Payables: | |
Portfolio shares redeemed | 294,000 |
Manager (See Note 3) | 221,288 |
Professional fees | 44,419 |
Custodian | 13,547 |
Shareholder communication | 46 |
Accrued expenses | 16 |
Total liabilities | 12,153,794 |
Net assets | $336,679,225 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 28,124 |
Additional paid-in-capital | 343,127,406 |
343,155,530 | |
Total distributable earnings (loss) | (6,476,305) |
Net assets | $336,679,225 |
Initial Class | |
Net assets applicable to outstanding shares | $336,679,225 |
Shares of beneficial interest outstanding | 28,123,768 |
Net asset value per share outstanding | $ 11.97 |
14 | MainStay VP Natural Resources Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $323,387) | $ 8,755,987 |
Securities lending, net | 111,179 |
Dividends-affiliated | 106,702 |
Total income | 8,973,868 |
Expenses | |
Manager (See Note 3) | 2,886,962 |
Professional fees | 95,231 |
Custodian | 36,470 |
Shareholder communication | 17,773 |
Trustees | 9,550 |
Miscellaneous | 17,413 |
Total expenses | 3,063,399 |
Net investment income (loss) | 5,910,469 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 39,619,078 |
Foreign currency transactions | 95,490 |
Net realized gain (loss) | 39,714,568 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (37,904,702) |
Translation of other assets and liabilities in foreign currencies | 6,798 |
Net change in unrealized appreciation (depreciation) | (37,897,904) |
Net realized and unrealized gain (loss) | 1,816,664 |
Net increase (decrease) in net assets resulting from operations | $ 7,727,133 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,910,469 | $ 7,413,546 |
Net realized gain (loss) | 39,714,568 | 107,424,418 |
Net change in unrealized appreciation (depreciation) | (37,897,904) | (8,349,052) |
Net increase (decrease) in net assets resulting from operations | 7,727,133 | 106,488,912 |
Distributions to shareholders: | ||
Initial Class | (7,514,547) | (4,193,860) |
Capital share transactions: | ||
Net proceeds from sales of shares | 40,152,127 | 117,317,650 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 7,514,547 | 4,193,860 |
Cost of shares redeemed | (107,337,171) | (120,252,694) |
Increase (decrease) in net assets derived from capital share transactions | (59,670,497) | 1,258,816 |
Net increase (decrease) in net assets | (59,457,911) | 103,553,868 |
Net Assets | ||
Beginning of year | 396,137,136 | 292,583,268 |
End of year | $ 336,679,225 | $ 396,137,136 |
16 | MainStay VP Natural Resources Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.00 | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | ||||
Net investment income (loss) | 0.19 | 0.22 | 0.12(a) | 0.09(a) | 0.13(a) | ||||
Net realized and unrealized gain (loss) | 0.04 | 2.97 | 2.36 | 0.32 | 0.78 | ||||
Total from investment operations | 0.23 | 3.19 | 2.48 | 0.41 | 0.91 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.12) | (0.10) | (0.15) | (0.05) | ||||
Net asset value at end of year | $ 11.97 | $ 12.00 | $ 8.93 | $ 6.55 | $ 6.29 | ||||
Total investment return (b) | 1.92% | 35.84% | 38.02% | 6.89% | 16.62% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.62% | 1.94% | 1.56% | 1.68% | 2.17% | ||||
Net expenses (c) | 0.84% | 0.83% | 0.85% | 0.86% | 0.96% | ||||
Portfolio turnover rate | 85% | 92% | 72% | 68% | 87% | ||||
Net assets at end of year (in 000's) | $ 336,679 | $ 396,137 | $ 292,583 | $ 238,908 | $ 249,276 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | 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 | $322,566,870 | $45,084,838 | $(19,647,050) | $25,437,788 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$8,439,500 | $(40,362,591) | $— | $25,446,786 | $(6,476,305) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $21,667 | $18,695 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $7,514,547 | $4,193,860 |
22 | MainStay VP Natural Resources Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 3,386,394 | $ 40,152,127 |
Shares issued to shareholders in reinvestment of distributions | 620,463 | 7,514,547 |
Shares redeemed | (8,887,032) | (107,337,171) |
Net increase (decrease) | (4,880,175) | $ (59,670,497) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP Natural Resources Portfolio |
26 | MainStay VP Natural Resources Portfolio |
28 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
30 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015939 | MSVPVEG11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 26.14% | 15.53% | 11.81% | 0.19% |
Service Class Shares | 6/5/2003 | 25.83 | 15.25 | 11.53 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
Morningstar Large Blend Category Average2 | 22.32 | 14.26 | 10.55 |
* | 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. | 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). |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. These funds tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the funds' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,079.80 | $0.63 | $1,024.60 | $0.61 | 0.12% |
Service Class Shares | $1,000.00 | $1,078.40 | $1.94 | $1,023.34 | $1.89 | 0.37% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP S&P 500 Index Portfolio |
Software | 10.6% |
Semiconductors & Semiconductor Equipment | 8.0 |
Technology Hardware, Storage & Peripherals | 7.2 |
Interactive Media & Services | 5.7 |
Financial Services | 4.1 |
Pharmaceuticals | 3.7 |
Oil, Gas & Consumable Fuels | 3.5 |
Broadline Retail | 3.5 |
Banks | 3.2 |
Capital Markets | 3.0 |
Health Care Providers & Services | 2.8 |
Health Care Equipment & Supplies | 2.5 |
Hotels, Restaurants & Leisure | 2.2 |
Insurance | 2.0 |
Specialty Retail | 2.0 |
Biotechnology | 2.0 |
Automobiles | 1.9 |
Consumer Staples Distribution & Retail | 1.8 |
Machinery | 1.8 |
Aerospace & Defense | 1.6 |
Chemicals | 1.6 |
Electric Utilities | 1.5 |
Beverages | 1.5 |
Life Sciences Tools & Services | 1.4 |
IT Services | 1.2 |
Household Products | 1.2 |
Entertainment | 1.2 |
Specialized REITs | 1.1 |
Ground Transportation | 1.1 |
Food Products | 0.9 |
Industrial Conglomerates | 0.8 |
Communications Equipment | 0.8 |
Professional Services | 0.7 |
Diversified Telecommunication Services | 0.7 |
Media | 0.7 |
Multi–Utilities | 0.6 |
Electrical Equipment | 0.6% |
Electronic Equipment, Instruments & Components | 0.6 |
Commercial Services & Supplies | 0.6 |
Tobacco | 0.5 |
Textiles, Apparel & Luxury Goods | 0.5 |
Consumer Finance | 0.5 |
Air Freight & Logistics | 0.5 |
Building Products | 0.5 |
Metals & Mining | 0.4 |
Household Durables | 0.4 |
Energy Equipment & Services | 0.4 |
Industrial REITs | 0.3 |
Residential REITs | 0.3 |
Retail REITs | 0.3 |
Trading Companies & Distributors | 0.3 |
Containers & Packaging | 0.2 |
Wireless Telecommunication Services | 0.2 |
Health Care REITs | 0.2 |
Personal Care Products | 0.2 |
Passenger Airlines | 0.2 |
Real Estate Management & Development | 0.2 |
Construction Materials | 0.2 |
Distributors | 0.1 |
Automobile Components | 0.1 |
Construction & Engineering | 0.1 |
Office REITs | 0.1 |
Water Utilities | 0.1 |
Gas Utilities | 0.0‡ |
Hotel & Resort REITs | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 1.2 |
Other Assets, Less Liabilities | 0.1 |
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. | Meta Platforms, Inc., Class A |
7. | Tesla, Inc. |
8. | Berkshire Hathaway, Inc., Class B |
9. | JPMorgan Chase & Co. |
10. | Broadcom, Inc. |
8 | MainStay VP S&P 500 Index Portfolio |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
Shares | Value | |
Common Stocks 98.7% | ||
Aerospace & Defense 1.6% | ||
Axon Enterprise, Inc. (a) | 6,583 | $ 1,700,587 |
Boeing Co. (The) (a) | 53,152 | 13,854,600 |
General Dynamics Corp. | 21,170 | 5,497,214 |
Howmet Aerospace, Inc. | 36,560 | 1,978,627 |
Huntington Ingalls Industries, Inc. | 3,713 | 964,043 |
L3Harris Technologies, Inc. | 17,715 | 3,731,133 |
Lockheed Martin Corp. | 20,638 | 9,353,967 |
Northrop Grumman Corp. | 13,248 | 6,201,919 |
RTX Corp. | 134,394 | 11,307,911 |
Textron, Inc. | 18,320 | 1,473,295 |
TransDigm Group, Inc. | 5,170 | 5,229,972 |
61,293,268 | ||
Air Freight & Logistics 0.5% | ||
CH Robinson Worldwide, Inc. | 10,896 | 941,305 |
Expeditors International of Washington, Inc. | 13,589 | 1,728,521 |
FedEx Corp. | 21,619 | 5,468,958 |
United Parcel Service, Inc., Class B | 67,599 | 10,628,591 |
18,767,375 | ||
Automobile Components 0.1% | ||
Aptiv plc (a) | 26,438 | 2,372,018 |
BorgWarner, Inc. | 21,999 | 788,664 |
3,160,682 | ||
Automobiles 1.9% | ||
Ford Motor Co. | 367,515 | 4,480,008 |
General Motors Co. | 127,999 | 4,597,724 |
Tesla, Inc. (a) | 258,493 | 64,230,341 |
73,308,073 | ||
Banks 3.2% | ||
Bank of America Corp. | 643,503 | 21,666,746 |
Citigroup, Inc. | 178,881 | 9,201,639 |
Citizens Financial Group, Inc. | 43,576 | 1,444,109 |
Comerica, Inc. | 12,333 | 688,305 |
Fifth Third Bancorp | 63,651 | 2,195,323 |
Huntington Bancshares, Inc. | 135,345 | 1,721,588 |
JPMorgan Chase & Co. | 270,209 | 45,962,551 |
KeyCorp | 87,508 | 1,260,115 |
M&T Bank Corp. | 15,511 | 2,126,248 |
PNC Financial Services Group, Inc. (The) | 37,231 | 5,765,220 |
Regions Financial Corp. | 86,929 | 1,684,684 |
Truist Financial Corp. | 124,655 | 4,602,262 |
U.S. Bancorp | 145,525 | 6,298,322 |
Wells Fargo & Co. | 339,432 | 16,706,843 |
Shares | Value | |
Banks (continued) | ||
Zions Bancorp NA | 13,864 | $ 608,214 |
121,932,169 | ||
Beverages 1.5% | ||
Brown-Forman Corp., Class B | 17,102 | 976,524 |
Coca-Cola Co. (The) | 363,680 | 21,431,662 |
Constellation Brands, Inc., Class A | 15,106 | 3,651,876 |
Keurig Dr Pepper, Inc. | 94,101 | 3,135,445 |
Molson Coors Beverage Co., Class B | 17,307 | 1,059,361 |
Monster Beverage Corp. (a) | 69,044 | 3,977,625 |
PepsiCo, Inc. | 128,502 | 21,824,780 |
56,057,273 | ||
Biotechnology 2.0% | ||
AbbVie, Inc. | 165,016 | 25,572,529 |
Amgen, Inc. | 50,020 | 14,406,760 |
Biogen, Inc. (a) | 13,543 | 3,504,522 |
Gilead Sciences, Inc. | 116,462 | 9,434,587 |
Incyte Corp. (a) | 17,385 | 1,091,604 |
Moderna, Inc. (a) | 31,004 | 3,083,348 |
Regeneron Pharmaceuticals, Inc. (a) | 10,013 | 8,794,318 |
Vertex Pharmaceuticals, Inc. (a) | 24,084 | 9,799,539 |
75,687,207 | ||
Broadline Retail 3.5% | ||
Amazon.com, Inc. (a) | 849,967 | 129,143,987 |
eBay, Inc. | 48,508 | 2,115,919 |
Etsy, Inc. (a) | 11,192 | 907,112 |
132,167,018 | ||
Building Products 0.5% | ||
A O Smith Corp. | 11,480 | 946,411 |
Allegion plc | 8,205 | 1,039,492 |
Builders FirstSource, Inc. (a) | 11,534 | 1,925,486 |
Carrier Global Corp. | 78,422 | 4,505,344 |
Johnson Controls International plc | 63,586 | 3,665,097 |
Masco Corp. | 20,983 | 1,405,441 |
Trane Technologies plc | 21,347 | 5,206,533 |
18,693,804 | ||
Capital Markets 3.0% | ||
Ameriprise Financial, Inc. | 9,458 | 3,592,432 |
Bank of New York Mellon Corp. (The) | 71,882 | 3,741,458 |
BlackRock, Inc. | 13,070 | 10,610,226 |
Blackstone, Inc. | 66,411 | 8,694,528 |
Cboe Global Markets, Inc. | 9,866 | 1,761,673 |
Charles Schwab Corp. (The) | 139,096 | 9,569,805 |
CME Group, Inc. | 33,647 | 7,086,058 |
FactSet Research Systems, Inc. | 3,551 | 1,694,005 |
10 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
Franklin Resources, Inc. | 26,349 | $ 784,937 |
Goldman Sachs Group, Inc. (The) | 30,480 | 11,758,270 |
Intercontinental Exchange, Inc. | 53,496 | 6,870,491 |
Invesco Ltd. | 41,985 | 749,012 |
MarketAxess Holdings, Inc. | 3,543 | 1,037,568 |
Moody's Corp. | 14,710 | 5,745,138 |
Morgan Stanley | 118,122 | 11,014,876 |
MSCI, Inc. | 7,392 | 4,181,285 |
Nasdaq, Inc. | 31,816 | 1,849,782 |
Northern Trust Corp. | 19,351 | 1,632,837 |
Raymond James Financial, Inc. | 17,564 | 1,958,386 |
S&P Global, Inc. | 30,283 | 13,340,267 |
State Street Corp. | 28,842 | 2,234,101 |
T. Rowe Price Group, Inc. | 20,887 | 2,249,321 |
112,156,456 | ||
Chemicals 1.6% | ||
Air Products and Chemicals, Inc. | 20,763 | 5,684,909 |
Albemarle Corp. | 10,968 | 1,584,657 |
Celanese Corp. | 9,367 | 1,455,351 |
CF Industries Holdings, Inc. | 17,857 | 1,419,631 |
Corteva, Inc. | 65,868 | 3,156,395 |
Dow, Inc. | 65,556 | 3,595,091 |
DuPont de Nemours, Inc. | 40,194 | 3,092,124 |
Eastman Chemical Co. | 11,082 | 995,385 |
Ecolab, Inc. | 23,719 | 4,704,664 |
FMC Corp. | 11,651 | 734,596 |
International Flavors & Fragrances, Inc. | 23,860 | 1,931,944 |
Linde plc | 45,320 | 18,613,377 |
LyondellBasell Industries NV, Class A | 23,950 | 2,277,166 |
Mosaic Co. (The) | 30,548 | 1,091,480 |
PPG Industries, Inc. | 22,041 | 3,296,232 |
Sherwin-Williams Co. (The) | 22,010 | 6,864,919 |
60,497,921 | ||
Commercial Services & Supplies 0.6% | ||
Cintas Corp. | 8,093 | 4,877,327 |
Copart, Inc. (a) | 81,667 | 4,001,683 |
Republic Services, Inc. | 19,115 | 3,152,255 |
Rollins, Inc. | 26,251 | 1,146,381 |
Veralto Corp. | 20,499 | 1,686,248 |
Waste Management, Inc. | 34,257 | 6,135,429 |
20,999,323 | ||
Communications Equipment 0.8% | ||
Arista Networks, Inc. (a) | 23,552 | 5,546,732 |
Cisco Systems, Inc. | 378,585 | 19,126,114 |
F5, Inc. (a) | 5,581 | 998,887 |
Shares | Value | |
Communications Equipment (continued) | ||
Juniper Networks, Inc. | 29,803 | $ 878,593 |
Motorola Solutions, Inc. | 15,512 | 4,856,652 |
31,406,978 | ||
Construction & Engineering 0.1% | ||
Quanta Services, Inc. | 13,579 | 2,930,348 |
Construction Materials 0.2% | ||
Martin Marietta Materials, Inc. | 5,777 | 2,882,203 |
Vulcan Materials Co. | 12,419 | 2,819,237 |
5,701,440 | ||
Consumer Finance 0.5% | ||
American Express Co. | 53,809 | 10,080,578 |
Capital One Financial Corp. | 35,596 | 4,667,348 |
Discover Financial Services | 23,372 | 2,627,013 |
Synchrony Financial | 38,676 | 1,477,036 |
18,851,975 | ||
Consumer Staples Distribution & Retail 1.8% | ||
Costco Wholesale Corp. | 41,381 | 27,314,771 |
Dollar General Corp. | 20,513 | 2,788,742 |
Dollar Tree, Inc. (a) | 19,535 | 2,774,947 |
Kroger Co. (The) | 61,853 | 2,827,301 |
Sysco Corp. | 47,125 | 3,446,251 |
Target Corp. | 43,144 | 6,144,568 |
Walgreens Boots Alliance, Inc. | 67,056 | 1,750,832 |
Walmart, Inc. | 133,331 | 21,019,632 |
68,067,044 | ||
Containers & Packaging 0.2% | ||
Amcor plc | 135,089 | 1,302,258 |
Avery Dennison Corp. | 7,527 | 1,521,658 |
Ball Corp. | 29,485 | 1,695,977 |
International Paper Co. | 32,337 | 1,168,983 |
Packaging Corp. of America | 8,377 | 1,364,697 |
Westrock Co. | 23,984 | 995,816 |
8,049,389 | ||
Distributors 0.1% | ||
Genuine Parts Co. | 13,104 | 1,814,904 |
LKQ Corp. | 25,011 | 1,195,276 |
Pool Corp. | 3,615 | 1,441,336 |
4,451,516 | ||
Diversified Telecommunication Services 0.7% | ||
AT&T, Inc. | 668,278 | 11,213,705 |
Verizon Communications, Inc. | 392,937 | 14,813,725 |
26,027,430 |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities 1.5% | ||
Alliant Energy Corp. | 23,850 | $ 1,223,505 |
American Electric Power Co., Inc. | 49,151 | 3,992,044 |
Constellation Energy Corp. | 29,851 | 3,489,283 |
Duke Energy Corp. | 72,035 | 6,990,277 |
Edison International | 35,824 | 2,561,058 |
Entergy Corp. | 19,765 | 2,000,020 |
Evergy, Inc. | 21,471 | 1,120,786 |
Eversource Energy | 32,650 | 2,015,158 |
Exelon Corp. | 93,039 | 3,340,100 |
FirstEnergy Corp. | 48,293 | 1,770,421 |
NextEra Energy, Inc. | 191,763 | 11,647,685 |
NRG Energy, Inc. | 21,101 | 1,090,922 |
PG&E Corp. | 199,409 | 3,595,344 |
Pinnacle West Capital Corp. | 10,605 | 761,863 |
PPL Corp. | 68,895 | 1,867,055 |
Southern Co. (The) | 101,935 | 7,147,682 |
Xcel Energy, Inc. | 51,576 | 3,193,070 |
57,806,273 | ||
Electrical Equipment 0.6% | ||
AMETEK, Inc. | 21,572 | 3,557,007 |
Eaton Corp. plc | 37,321 | 8,987,643 |
Emerson Electric Co. | 53,284 | 5,186,132 |
Generac Holdings, Inc. (a) | 5,742 | 742,096 |
Hubbell, Inc. | 5,015 | 1,649,584 |
Rockwell Automation, Inc. | 10,718 | 3,327,725 |
23,450,187 | ||
Electronic Equipment, Instruments & Components 0.6% | ||
Amphenol Corp., Class A | 55,921 | 5,543,449 |
CDW Corp. | 12,521 | 2,846,274 |
Corning, Inc. | 71,768 | 2,185,335 |
Jabil, Inc. | 11,958 | 1,523,449 |
Keysight Technologies, Inc. (a) | 16,597 | 2,640,417 |
TE Connectivity Ltd. | 29,047 | 4,081,103 |
Teledyne Technologies, Inc. (a) | 4,410 | 1,968,139 |
Trimble, Inc. (a) | 23,240 | 1,236,368 |
Zebra Technologies Corp., Class A (a) | 4,800 | 1,311,984 |
23,336,518 | ||
Energy Equipment & Services 0.4% | ||
Baker Hughes Co. | 94,048 | 3,214,561 |
Halliburton Co. | 83,656 | 3,024,164 |
Schlumberger NV | 133,511 | 6,947,912 |
13,186,637 | ||
Entertainment 1.2% | ||
Electronic Arts, Inc. | 22,876 | 3,129,666 |
Shares | Value | |
Entertainment (continued) | ||
Live Nation Entertainment, Inc. (a) | 13,269 | $ 1,241,978 |
Netflix, Inc. (a) | 40,908 | 19,917,287 |
Take-Two Interactive Software, Inc. (a) | 14,783 | 2,379,324 |
Walt Disney Co. (The) (a) | 171,021 | 15,441,486 |
Warner Bros Discovery, Inc. (a) | 207,408 | 2,360,303 |
44,470,044 | ||
Financial Services 4.1% | ||
Berkshire Hathaway, Inc., Class B (a) | 170,054 | 60,651,460 |
Fidelity National Information Services, Inc. | 55,377 | 3,326,496 |
Fiserv, Inc. (a) | 56,096 | 7,451,793 |
FleetCor Technologies, Inc. (a) | 6,749 | 1,907,335 |
Global Payments, Inc. | 24,332 | 3,090,164 |
Jack Henry & Associates, Inc. | 6,807 | 1,112,332 |
Mastercard, Inc., Class A | 77,398 | 33,011,021 |
PayPal Holdings, Inc. (a) | 100,769 | 6,188,224 |
Visa, Inc., Class A | 148,983 | 38,787,724 |
155,526,549 | ||
Food Products 0.9% | ||
Archer-Daniels-Midland Co. | 49,853 | 3,600,384 |
Bunge Global SA | 13,579 | 1,370,800 |
Campbell Soup Co. | 18,359 | 793,660 |
Conagra Brands, Inc. | 44,673 | 1,280,328 |
General Mills, Inc. | 54,329 | 3,538,991 |
Hershey Co. (The) | 14,009 | 2,611,838 |
Hormel Foods Corp. | 27,095 | 870,020 |
J M Smucker Co. (The) | 9,928 | 1,254,701 |
Kellanova | 24,670 | 1,379,300 |
Kraft Heinz Co. (The) | 74,515 | 2,755,565 |
Lamb Weston Holdings, Inc. | 13,546 | 1,464,187 |
McCormick & Co., Inc. (Non-Voting) | 23,500 | 1,607,870 |
Mondelez International, Inc., Class A | 127,152 | 9,209,619 |
Tyson Foods, Inc., Class A | 26,659 | 1,432,921 |
33,170,184 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. | 13,879 | 1,608,576 |
Ground Transportation 1.1% | ||
CSX Corp. | 184,699 | 6,403,514 |
JB Hunt Transport Services, Inc. | 7,616 | 1,521,220 |
Norfolk Southern Corp. | 21,136 | 4,996,128 |
Old Dominion Freight Line, Inc. | 8,363 | 3,389,775 |
Uber Technologies, Inc. (a) | 192,154 | 11,830,922 |
Union Pacific Corp. | 56,976 | 13,994,445 |
42,136,004 |
12 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Health Care Equipment & Supplies 2.5% | ||
Abbott Laboratories | 162,196 | $ 17,852,914 |
Align Technology, Inc. (a) | 6,661 | 1,825,114 |
Baxter International, Inc. | 47,393 | 1,832,213 |
Becton Dickinson & Co. | 27,115 | 6,611,451 |
Boston Scientific Corp. (a) | 136,854 | 7,911,530 |
Cooper Cos., Inc. (The) | 4,629 | 1,751,799 |
Dentsply Sirona, Inc. | 19,798 | 704,611 |
Dexcom, Inc. (a) | 36,113 | 4,481,262 |
Edwards Lifesciences Corp. (a) | 56,687 | 4,322,384 |
GE HealthCare Technologies, Inc. | 36,607 | 2,830,453 |
Hologic, Inc. (a) | 22,894 | 1,635,776 |
IDEXX Laboratories, Inc. (a) | 7,767 | 4,311,073 |
Insulet Corp. (a) | 6,526 | 1,416,012 |
Intuitive Surgical, Inc. (a) | 32,906 | 11,101,168 |
Medtronic plc | 124,359 | 10,244,694 |
ResMed, Inc. | 13,751 | 2,365,447 |
STERIS plc | 9,232 | 2,029,655 |
Stryker Corp. | 31,601 | 9,463,236 |
Teleflex, Inc. | 4,392 | 1,095,101 |
Zimmer Biomet Holdings, Inc. | 19,532 | 2,377,044 |
96,162,937 | ||
Health Care Providers & Services 2.8% | ||
Cardinal Health, Inc. | 23,036 | 2,322,029 |
Cencora, Inc. | 15,581 | 3,200,026 |
Centene Corp. (a) | 49,929 | 3,705,231 |
Cigna Group (The) | 27,350 | 8,189,957 |
CVS Health Corp. | 120,047 | 9,478,911 |
DaVita, Inc. (a) | 5,040 | 527,990 |
Elevance Health, Inc. | 21,960 | 10,355,458 |
HCA Healthcare, Inc. | 18,513 | 5,011,099 |
Henry Schein, Inc. (a) | 12,206 | 924,116 |
Humana, Inc. | 11,507 | 5,268,020 |
Laboratory Corp. of America Holdings | 7,935 | 1,803,546 |
McKesson Corp. | 12,437 | 5,758,082 |
Molina Healthcare, Inc. (a) | 5,449 | 1,968,778 |
Quest Diagnostics, Inc. | 10,504 | 1,448,292 |
UnitedHealth Group, Inc. | 86,448 | 45,512,279 |
Universal Health Services, Inc., Class B | 5,702 | 869,213 |
106,343,027 | ||
Health Care REITs 0.2% | ||
Healthpeak Properties, Inc. | 51,132 | 1,012,414 |
Ventas, Inc. | 37,609 | 1,874,432 |
Welltower, Inc. | 51,730 | 4,664,494 |
7,551,340 |
Shares | Value | |
Hotel & Resort REITs 0.0% ‡ | ||
Host Hotels & Resorts, Inc. | 65,934 | $ 1,283,735 |
Hotels, Restaurants & Leisure 2.2% | ||
Airbnb, Inc., Class A (a) | 40,634 | 5,531,913 |
Booking Holdings, Inc. (a) | 3,261 | 11,567,484 |
Caesars Entertainment, Inc. (a) | 20,148 | 944,538 |
Carnival Corp. (a) | 94,166 | 1,745,838 |
Chipotle Mexican Grill, Inc. (a) | 2,565 | 5,866,052 |
Darden Restaurants, Inc. | 11,245 | 1,847,553 |
Domino's Pizza, Inc. | 3,260 | 1,343,870 |
Expedia Group, Inc. (a) | 12,461 | 1,891,455 |
Hilton Worldwide Holdings, Inc. | 23,968 | 4,364,333 |
Las Vegas Sands Corp. | 34,503 | 1,697,893 |
Marriott International, Inc., Class A | 23,058 | 5,199,810 |
McDonald's Corp. | 67,794 | 20,101,599 |
MGM Resorts International (a) | 25,541 | 1,141,172 |
Norwegian Cruise Line Holdings Ltd. (a) | 39,814 | 797,873 |
Royal Caribbean Cruises Ltd. (a) | 22,033 | 2,853,053 |
Starbucks Corp. | 106,793 | 10,253,196 |
Wynn Resorts Ltd. | 8,973 | 817,530 |
Yum! Brands, Inc. | 26,199 | 3,423,161 |
81,388,323 | ||
Household Durables 0.4% | ||
DR Horton, Inc. | 28,167 | 4,280,821 |
Garmin Ltd. | 14,306 | 1,838,893 |
Lennar Corp., Class A | 23,380 | 3,484,555 |
Mohawk Industries, Inc. (a) | 4,947 | 512,015 |
NVR, Inc. (a) | 297 | 2,079,134 |
PulteGroup, Inc. | 20,151 | 2,079,986 |
Whirlpool Corp. | 5,130 | 624,680 |
14,900,084 | ||
Household Products 1.2% | ||
Church & Dwight Co., Inc. | 23,027 | 2,177,433 |
Clorox Co. (The) | 11,588 | 1,652,333 |
Colgate-Palmolive Co. | 76,957 | 6,134,242 |
Kimberly-Clark Corp. | 31,586 | 3,838,015 |
Procter & Gamble Co. (The) | 220,287 | 32,280,857 |
46,082,880 | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
AES Corp. (The) | 62,587 | 1,204,800 |
Industrial Conglomerates 0.8% | ||
3M Co. | 51,622 | 5,643,317 |
General Electric Co. | 101,726 | 12,983,290 |
Shares | Value | |
Common Stocks (continued) | ||
Industrial Conglomerates (continued) | ||
Honeywell International, Inc. | 61,617 | $ 12,921,701 |
31,548,308 | ||
Industrial REITs 0.3% | ||
Prologis, Inc. | 86,359 | 11,511,655 |
Insurance 2.0% | ||
Aflac, Inc. | 49,703 | 4,100,497 |
Allstate Corp. (The) | 24,459 | 3,423,771 |
American International Group, Inc. | 65,616 | 4,445,484 |
Aon plc, Class A | 18,713 | 5,445,857 |
Arch Capital Group Ltd. (a) | 34,879 | 2,590,463 |
Arthur J. Gallagher & Co. | 20,179 | 4,537,853 |
Assurant, Inc. | 4,915 | 828,128 |
Brown & Brown, Inc. | 22,078 | 1,569,967 |
Chubb Ltd. | 38,132 | 8,617,832 |
Cincinnati Financial Corp. | 14,665 | 1,517,241 |
Everest Group Ltd. | 4,056 | 1,434,120 |
Globe Life, Inc. | 8,005 | 974,369 |
Hartford Financial Services Group, Inc. (The) | 28,112 | 2,259,643 |
Loews Corp. | 17,110 | 1,190,685 |
Marsh & McLennan Cos., Inc. | 46,085 | 8,731,725 |
MetLife, Inc. | 58,113 | 3,843,013 |
Principal Financial Group, Inc. | 20,501 | 1,612,814 |
Progressive Corp. (The) | 54,681 | 8,709,590 |
Prudential Financial, Inc. | 33,741 | 3,499,279 |
Travelers Cos., Inc. (The) | 21,347 | 4,066,390 |
W R Berkley Corp. | 19,040 | 1,346,509 |
Willis Towers Watson plc | 9,651 | 2,327,821 |
77,073,051 | ||
Interactive Media & Services 5.7% | ||
Alphabet, Inc. (a) | ||
Class A | 553,127 | 77,266,311 |
Class C | 465,527 | 65,606,720 |
Match Group, Inc. (a) | 25,405 | 927,282 |
Meta Platforms, Inc., Class A (a) | 207,456 | 73,431,126 |
217,231,439 | ||
IT Services 1.2% | ||
Accenture plc, Class A | 58,660 | 20,584,381 |
Akamai Technologies, Inc. (a) | 14,098 | 1,668,498 |
Cognizant Technology Solutions Corp., Class A | 46,865 | 3,539,713 |
EPAM Systems, Inc. (a) | 5,393 | 1,603,555 |
Gartner, Inc. (a) | 7,286 | 3,286,787 |
Shares | Value | |
IT Services (continued) | ||
International Business Machines Corp. | 85,345 | $ 13,958,175 |
VeriSign, Inc. (a) | 8,302 | 1,709,880 |
46,350,989 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 12,205 | 623,187 |
Life Sciences Tools & Services 1.4% | ||
Agilent Technologies, Inc. | 27,347 | 3,802,053 |
Bio-Rad Laboratories, Inc., Class A (a) | 1,954 | 630,927 |
Bio-Techne Corp. | 14,782 | 1,140,579 |
Charles River Laboratories International, Inc. (a) | 4,798 | 1,134,247 |
Danaher Corp. | 61,467 | 14,219,776 |
Illumina, Inc. (a) | 14,842 | 2,066,600 |
IQVIA Holdings, Inc. (a) | 17,116 | 3,960,300 |
Mettler-Toledo International, Inc. (a) | 2,027 | 2,458,670 |
Revvity, Inc. | 11,534 | 1,260,782 |
Thermo Fisher Scientific, Inc. | 36,112 | 19,167,888 |
Waters Corp. (a) | 5,526 | 1,819,325 |
West Pharmaceutical Services, Inc. | 6,915 | 2,434,910 |
54,096,057 | ||
Machinery 1.8% | ||
Caterpillar, Inc. | 47,681 | 14,097,841 |
Cummins, Inc. | 13,248 | 3,173,823 |
Deere & Co. | 25,034 | 10,010,346 |
Dover Corp. | 13,075 | 2,011,066 |
Fortive Corp. | 32,847 | 2,418,525 |
IDEX Corp. | 7,068 | 1,534,533 |
Illinois Tool Works, Inc. | 25,591 | 6,703,306 |
Ingersoll Rand, Inc. | 37,846 | 2,927,010 |
Nordson Corp. | 5,062 | 1,337,178 |
Otis Worldwide Corp. | 38,251 | 3,422,317 |
PACCAR, Inc. (a) | 48,889 | 4,774,011 |
Parker-Hannifin Corp. | 12,007 | 5,531,625 |
Pentair plc | 15,452 | 1,123,515 |
Snap-on, Inc. | 4,933 | 1,424,848 |
Stanley Black & Decker, Inc. | 14,340 | 1,406,754 |
Westinghouse Air Brake Technologies Corp. | 16,745 | 2,124,940 |
Xylem, Inc. | 22,538 | 2,577,446 |
66,599,084 | ||
Media 0.7% | ||
Charter Communications, Inc., Class A (a) | 9,401 | 3,653,980 |
Comcast Corp., Class A | 375,322 | 16,457,870 |
14 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Media (continued) | ||
Fox Corp. | ||
Class A | 23,107 | $ 685,585 |
Class B | 12,346 | 341,367 |
Interpublic Group of Cos., Inc. (The) | 35,798 | 1,168,447 |
News Corp. | ||
Class A | 35,571 | 873,268 |
Class B | 10,730 | 275,975 |
Omnicom Group, Inc. | 18,490 | 1,599,570 |
Paramount Global, Class B | 45,129 | 667,458 |
25,723,520 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 134,027 | 5,705,529 |
Newmont Corp. | 107,718 | 4,458,448 |
Nucor Corp. | 22,977 | 3,998,917 |
Steel Dynamics, Inc. | 14,217 | 1,679,028 |
15,841,922 | ||
Multi-Utilities 0.6% | ||
Ameren Corp. | 24,590 | 1,778,841 |
CenterPoint Energy, Inc. | 58,997 | 1,685,544 |
CMS Energy Corp. | 27,270 | 1,583,569 |
Consolidated Edison, Inc. | 32,266 | 2,935,238 |
Dominion Energy, Inc. | 78,211 | 3,675,917 |
DTE Energy Co. | 19,270 | 2,124,710 |
NiSource, Inc. | 38,625 | 1,025,494 |
Public Service Enterprise Group, Inc. | 46,575 | 2,848,061 |
Sempra | 58,820 | 4,395,619 |
WEC Energy Group, Inc. | 29,482 | 2,481,500 |
24,534,493 | ||
Office REITs 0.1% | ||
Alexandria Real Estate Equities, Inc. | 14,618 | 1,853,124 |
Boston Properties, Inc. | 13,506 | 947,716 |
2,800,840 | ||
Oil, Gas & Consumable Fuels 3.5% | ||
APA Corp. | 28,668 | 1,028,608 |
Chevron Corp. | 164,088 | 24,475,366 |
ConocoPhillips | 110,981 | 12,881,565 |
Coterra Energy, Inc. | 70,304 | 1,794,158 |
Devon Energy Corp. | 59,883 | 2,712,700 |
Diamondback Energy, Inc. | 16,735 | 2,595,264 |
EOG Resources, Inc. | 54,504 | 6,592,259 |
EQT Corp. | 38,445 | 1,486,284 |
Exxon Mobil Corp. | 374,391 | 37,431,612 |
Hess Corp. | 25,838 | 3,724,806 |
Kinder Morgan, Inc. | 180,744 | 3,188,324 |
Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | ||
Marathon Oil Corp. | 54,700 | $ 1,321,552 |
Marathon Petroleum Corp. | 35,488 | 5,265,000 |
Occidental Petroleum Corp. | 61,713 | 3,684,883 |
ONEOK, Inc. | 54,448 | 3,823,338 |
Phillips 66 | 41,121 | 5,474,850 |
Pioneer Natural Resources Co. | 21,806 | 4,903,733 |
Targa Resources Corp. | 20,840 | 1,810,371 |
Valero Energy Corp. | 31,820 | 4,136,600 |
Williams Cos., Inc. (The) | 113,700 | 3,960,171 |
132,291,444 | ||
Passenger Airlines 0.2% | ||
American Airlines Group, Inc. (a) | 61,146 | 840,146 |
Delta Air Lines, Inc. | 60,141 | 2,419,473 |
Southwest Airlines Co. | 55,743 | 1,609,858 |
United Airlines Holdings, Inc. (a) | 30,655 | 1,264,825 |
6,134,302 | ||
Personal Care Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 21,712 | 3,175,380 |
Kenvue, Inc. | 161,087 | 3,468,203 |
6,643,583 | ||
Pharmaceuticals 3.7% | ||
Bristol-Myers Squibb Co. | 190,179 | 9,758,084 |
Catalent, Inc. (a) | 16,871 | 758,014 |
Eli Lilly & Co. | 74,531 | 43,445,611 |
Johnson & Johnson | 224,997 | 35,266,030 |
Merck & Co., Inc. | 236,843 | 25,820,624 |
Pfizer, Inc. | 527,743 | 15,193,721 |
Viatris, Inc. | 112,127 | 1,214,335 |
Zoetis, Inc. | 42,911 | 8,469,344 |
139,925,763 | ||
Professional Services 0.7% | ||
Automatic Data Processing, Inc. | 38,443 | 8,956,066 |
Broadridge Financial Solutions, Inc. | 10,996 | 2,262,427 |
Ceridian HCM Holding, Inc. (a) | 14,563 | 977,469 |
Equifax, Inc. | 11,516 | 2,847,792 |
Jacobs Solutions, Inc. | 11,769 | 1,527,616 |
Leidos Holdings, Inc. | 12,854 | 1,391,317 |
Paychex, Inc. | 30,049 | 3,579,136 |
Paycom Software, Inc. | 4,584 | 947,604 |
Robert Half, Inc. | 9,897 | 870,144 |
Verisk Analytics, Inc. | 13,555 | 3,237,747 |
26,597,318 | ||
Real Estate Management & Development 0.2% | ||
CBRE Group, Inc., Class A (a) | 28,488 | 2,651,948 |
Shares | Value | |
Common Stocks (continued) | ||
Real Estate Management & Development (continued) | ||
CoStar Group, Inc. (a) | 38,168 | $ 3,335,501 |
5,987,449 | ||
Residential REITs 0.3% | ||
AvalonBay Communities, Inc. | 13,273 | 2,484,971 |
Camden Property Trust | 9,979 | 990,815 |
Equity Residential | 32,280 | 1,974,245 |
Essex Property Trust, Inc. | 5,999 | 1,487,392 |
Invitation Homes, Inc. | 53,765 | 1,833,924 |
Mid-America Apartment Communities, Inc. | 10,906 | 1,466,421 |
UDR, Inc. | 28,284 | 1,082,994 |
11,320,762 | ||
Retail REITs 0.3% | ||
Federal Realty OP LP | 6,867 | 707,644 |
Kimco Realty Corp. | 62,145 | 1,324,310 |
Realty Income Corp. | 67,662 | 3,885,152 |
Regency Centers Corp. | 15,354 | 1,028,718 |
Simon Property Group, Inc. | 30,492 | 4,349,379 |
11,295,203 | ||
Semiconductors & Semiconductor Equipment 8.0% | ||
Advanced Micro Devices, Inc. (a) | 151,009 | 22,260,237 |
Analog Devices, Inc. | 46,575 | 9,247,932 |
Applied Materials, Inc. | 78,187 | 12,671,767 |
Broadcom, Inc. | 41,026 | 45,795,272 |
Enphase Energy, Inc. (a) | 12,769 | 1,687,296 |
First Solar, Inc. (a) | 9,986 | 1,720,388 |
Intel Corp. | 394,049 | 19,800,962 |
KLA Corp. | 12,705 | 7,385,416 |
Lam Research Corp. | 12,318 | 9,648,197 |
Microchip Technology, Inc. | 50,569 | 4,560,312 |
Micron Technology, Inc. | 102,628 | 8,758,274 |
Monolithic Power Systems, Inc. | 4,478 | 2,824,633 |
NVIDIA Corp. | 230,859 | 114,325,994 |
NXP Semiconductors NV | 24,092 | 5,533,451 |
ON Semiconductor Corp. (a) | 40,255 | 3,362,500 |
Qorvo, Inc. (a) | 9,098 | 1,024,526 |
QUALCOMM, Inc. | 104,027 | 15,045,425 |
Skyworks Solutions, Inc. | 14,898 | 1,674,833 |
Teradyne, Inc. | 14,289 | 1,550,642 |
Texas Instruments, Inc. | 84,885 | 14,469,497 |
303,347,554 | ||
Software 10.6% | ||
Adobe, Inc. (a) | 42,555 | 25,388,313 |
ANSYS, Inc. (a) | 8,112 | 2,943,683 |
Shares | Value | |
Software (continued) | ||
Autodesk, Inc. (a) | 19,979 | $ 4,864,487 |
Cadence Design Systems, Inc. (a) | 25,428 | 6,925,824 |
Fair Isaac Corp. (a) | 2,310 | 2,688,863 |
Fortinet, Inc. (a) | 59,571 | 3,486,691 |
Gen Digital, Inc. | 52,662 | 1,201,747 |
Intuit, Inc. | 26,194 | 16,372,036 |
Microsoft Corp. | 694,658 | 261,219,194 |
Oracle Corp. | 148,501 | 15,656,460 |
Palo Alto Networks, Inc. (a) | 29,050 | 8,566,264 |
PTC, Inc. (a) | 11,107 | 1,943,281 |
Roper Technologies, Inc. | 9,984 | 5,442,977 |
Salesforce, Inc. (a) | 90,942 | 23,930,478 |
ServiceNow, Inc. (a) | 19,160 | 13,536,348 |
Synopsys, Inc. (a) | 14,215 | 7,319,446 |
Tyler Technologies, Inc. (a) | 3,933 | 1,644,466 |
403,130,558 | ||
Specialized REITs 1.1% | ||
American Tower Corp. | 43,570 | 9,405,892 |
Crown Castle, Inc. | 40,564 | 4,672,567 |
Digital Realty Trust, Inc. | 28,306 | 3,809,421 |
Equinix, Inc. | 8,775 | 7,067,297 |
Extra Space Storage, Inc. | 19,747 | 3,166,037 |
Iron Mountain, Inc. | 27,291 | 1,909,824 |
Public Storage | 14,791 | 4,511,255 |
SBA Communications Corp. | 10,084 | 2,558,210 |
VICI Properties, Inc. | 96,693 | 3,082,573 |
Weyerhaeuser Co. | 68,230 | 2,372,357 |
42,555,433 | ||
Specialty Retail 2.0% | ||
AutoZone, Inc. (a) | 1,648 | 4,261,085 |
Bath & Body Works, Inc. | 21,252 | 917,236 |
Best Buy Co., Inc. | 18,104 | 1,417,181 |
CarMax, Inc. (a) | 14,830 | 1,138,054 |
Home Depot, Inc. (The) | 93,471 | 32,392,375 |
Lowe's Cos., Inc. | 53,940 | 12,004,347 |
O'Reilly Automotive, Inc. (a) | 5,530 | 5,253,943 |
Ross Stores, Inc. | 31,650 | 4,380,044 |
TJX Cos., Inc. (The) | 106,932 | 10,031,291 |
Tractor Supply Co. | 10,105 | 2,172,878 |
Ulta Beauty, Inc. (a) | 4,601 | 2,254,444 |
76,222,878 | ||
Technology Hardware, Storage & Peripherals 7.2% | ||
Apple, Inc. (b) | 1,366,422 | 263,077,228 |
Hewlett Packard Enterprise Co. | 119,903 | 2,035,953 |
HP, Inc. | 81,284 | 2,445,835 |
NetApp, Inc. | 19,515 | 1,720,442 |
16 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Technology Hardware, Storage & Peripherals (continued) | ||
Seagate Technology Holdings plc | 18,183 | $ 1,552,283 |
Western Digital Corp. (a) | 30,305 | 1,587,073 |
272,418,814 | ||
Textiles, Apparel & Luxury Goods 0.5% | ||
Lululemon Athletica, Inc. (a) | 10,763 | 5,503,014 |
NIKE, Inc., Class B | 114,403 | 12,420,734 |
Ralph Lauren Corp. | 3,715 | 535,703 |
Tapestry, Inc. | 21,421 | 788,507 |
VF Corp. (c) | 30,934 | 581,559 |
19,829,517 | ||
Tobacco 0.5% | ||
Altria Group, Inc. | 165,307 | 6,668,484 |
Philip Morris International, Inc. | 145,096 | 13,650,632 |
20,319,116 | ||
Trading Companies & Distributors 0.3% | ||
Fastenal Co. | 53,407 | 3,459,171 |
United Rentals, Inc. | 6,335 | 3,632,616 |
WW Grainger, Inc. | 4,129 | 3,421,661 |
10,513,448 | ||
Water Utilities 0.1% | ||
American Water Works Co., Inc. | 18,198 | 2,401,954 |
Wireless Telecommunication Services 0.2% | ||
T-Mobile US, Inc. | 47,560 | 7,625,295 |
Total Common Stocks (d) (Cost $1,060,694,584) | 3,742,309,723 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Health Care Equipment & Supplies 0.0% ‡ | ||
ABIOMED, Inc., CVR (a)(e)(f) | 4,165 | 4,249 |
Total Rights (Cost $4,248) | 4,249 | |
Shares | ||
Short-Term Investments 1.2% | ||
Affiliated Investment Company 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 5.235% (g) | 22,379 | 22,379 |
Shares | Value | ||
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government & Agency Portfolio, 5.361% (g)(h) | 570,726 | $ 570,726 | |
Principal Amount | |||
U.S. Treasury Debt 1.2% | |||
U.S. Treasury Bills | |||
5.28%, due 3/19/24 (b)(i) | $ 45,000,000 | 44,499,524 | |
Total Short-Term Investments (Cost $45,085,393) | 45,092,629 | ||
Total Investments (Cost $1,105,784,225) | 99.9% | 3,787,406,601 | |
Other Assets, Less Liabilities | 0.1 | 2,373,761 | |
Net Assets | 100.0% | $ 3,789,780,362 |
† | 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) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
(c) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $550,238. The Portfolio received cash collateral with a value of $570,726. (See Note 2(I)) |
(d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 99.9% of the Portfolio’s net assets. |
(e) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $4,249, which represented less than one-tenth of a percent of the Portfolio’s net assets. (Unaudited) |
(f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(g) | Current yield as of December 31, 2023. |
(h) | Represents a security purchased with cash collateral received for securities on loan. |
(i) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ —(a) | $ 35,221 | $ (35,199) | $ — | $ — | $ 22 | $ 12 | $ — | 22 |
(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 | 183 | March 2024 | $ 43,324,810 | $ 44,103,000 | $ 778,190 |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 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 | $ 3,742,309,723 | $ — | $ — | $ 3,742,309,723 | |||
Rights | — | — | 4,249 | 4,249 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 22,379 | — | — | 22,379 | |||
Unaffiliated Investment Company | 570,726 | — | — | 570,726 | |||
U.S. Treasury Debt | — | 44,499,524 | — | 44,499,524 | |||
Total Short-Term Investments | 593,105 | 44,499,524 | — | 45,092,629 | |||
Total Investments in Securities | 3,742,902,828 | 44,499,524 | 4,249 | 3,787,406,601 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 778,190 | — | — | 778,190 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,743,681,018 | $ 44,499,524 | $ 4,249 | $ 3,788,184,791 |
(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 S&P 500 Index Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,105,761,846) including securities on loan of $550,238 | $3,787,384,222 |
Investment in affiliated investment companies, at value (identified cost $22,379) | 22,379 |
Receivables: | |
Dividends | 3,488,147 |
Portfolio shares sold | 1,603,513 |
Securities lending | 2,341 |
Other assets | 17,076 |
Total assets | 3,792,517,678 |
Liabilities | |
Cash collateral received for securities on loan | 570,726 |
Due to custodian | 5,041 |
Payables: | |
Portfolio shares redeemed | 1,155,060 |
NYLIFE Distributors (See Note 3) | 456,527 |
Manager (See Note 3) | 274,257 |
Variation margin on futures contracts | 111,993 |
Investment securities purchased | 89,699 |
Professional fees | 42,295 |
Custodian | 18,638 |
Shareholder communication | 26 |
Accrued expenses | 13,054 |
Total liabilities | 2,737,316 |
Net assets | $3,789,780,362 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 44,666 |
Additional paid-in-capital | 1,061,747,285 |
1,061,791,951 | |
Total distributable earnings (loss) | 2,727,988,411 |
Net assets | $3,789,780,362 |
Initial Class | |
Net assets applicable to outstanding shares | $1,592,464,944 |
Shares of beneficial interest outstanding | 18,655,616 |
Net asset value per share outstanding | $ 85.36 |
Service Class | |
Net assets applicable to outstanding shares | $2,197,315,418 |
Shares of beneficial interest outstanding | 26,010,472 |
Net asset value per share outstanding | $ 84.48 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $14,640) | $ 54,958,175 |
Interest | 1,950,294 |
Securities lending, net | 61,839 |
Dividends-affiliated | 11,588 |
Total income | 56,981,896 |
Expenses | |
Manager (See Note 3) | 5,302,180 |
Distribution/Service—Service Class (See Note 3) | 4,864,298 |
Professional fees | 248,852 |
Shareholder communication | 122,996 |
Trustees | 84,272 |
Custodian | 51,445 |
Registration | 79 |
Miscellaneous | 452,021 |
Total expenses before waiver/reimbursement | 11,126,143 |
Expense waiver/reimbursement from Manager (See Note 3) | (2,220,095) |
Net expenses | 8,906,048 |
Net investment income (loss) | 48,075,848 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 9,881,329 |
Futures transactions | 3,231,501 |
Foreign currency transactions | (167) |
Net realized gain (loss) | 13,112,663 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 713,894,203 |
Futures contracts | 1,592,915 |
Net change in unrealized appreciation (depreciation) | 715,487,118 |
Net realized and unrealized gain (loss) | 728,599,781 |
Net increase (decrease) in net assets resulting from operations | $776,675,629 |
20 | MainStay VP S&P 500 Index Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 48,075,848 | $ 42,206,959 |
Net realized gain (loss) | 13,112,663 | 54,948,557 |
Net change in unrealized appreciation (depreciation) | 715,487,118 | (780,676,025) |
Net increase (decrease) in net assets resulting from operations | 776,675,629 | (683,520,509) |
Distributions to shareholders: | ||
Initial Class | (42,435,488) | (62,047,386) |
Service Class | (53,781,028) | (79,677,136) |
Total distributions to shareholders | (96,216,516) | (141,724,522) |
Capital share transactions: | ||
Net proceeds from sales of shares | 352,819,092 | 291,292,111 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 96,216,516 | 141,724,522 |
Cost of shares redeemed | (342,435,534) | (417,633,674) |
Increase (decrease) in net assets derived from capital share transactions | 106,600,074 | 15,382,959 |
Net increase (decrease) in net assets | 787,059,187 | (809,862,072) |
Net Assets | ||
Beginning of year | 3,002,721,175 | 3,812,583,247 |
End of year | $3,789,780,362 | $3,002,721,175 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 69.69 | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | ||||
Net investment income (loss) (a) | 1.22 | 1.12 | 1.03 | 1.00 | 1.01 | ||||
Net realized and unrealized gain (loss) | 16.77 | (17.63) | 19.19 | 10.13 | 13.88 | ||||
Total from investment operations | 17.99 | (16.51) | 20.22 | 11.13 | 14.89 | ||||
Less distributions: | |||||||||
From net investment income | (1.10) | (1.12) | (1.01) | (0.91) | (1.00) | ||||
From net realized gain on investments | (1.22) | (2.44) | (0.86) | (0.51) | (0.30) | ||||
Total distributions | (2.32) | (3.56) | (1.87) | (1.42) | (1.30) | ||||
Net asset value at end of year | $ 85.36 | $ 69.69 | $ 89.76 | $ 71.41 | $ 61.70 | ||||
Total investment return (b) | 26.14% | (18.19)% | 28.55% | 18.24% | 31.25% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.57% | 1.45% | 1.28% | 1.61% | 1.80% | ||||
Net expenses (c) | 0.12% | 0.12% | 0.12% | 0.13% | 0.16% | ||||
Expenses (before waiver/reimbursement) (c) | 0.19% | 0.19% | 0.18% | 0.20% | 0.19% | ||||
Portfolio turnover rate | 2% | 2% | 3% | 2% | 7% | ||||
Net assets at end of year (in 000's) | $ 1,592,465 | $ 1,271,411 | $ 1,745,640 | $ 1,749,834 | $ 1,123,943 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 69.01 | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | ||||
Net investment income (loss) (a) | 1.02 | 0.92 | 0.83 | 0.83 | 0.86 | ||||
Net realized and unrealized gain (loss) | 16.59 | (17.43) | 18.99 | 10.03 | 13.77 | ||||
Total from investment operations | 17.61 | (16.51) | 19.82 | 10.86 | 14.63 | ||||
Less distributions: | |||||||||
From net investment income | (0.92) | (0.91) | (0.85) | (0.78) | (0.88) | ||||
From net realized gain on investments | (1.22) | (2.44) | (0.86) | (0.51) | (0.30) | ||||
Total distributions | (2.14) | (3.35) | (1.71) | (1.29) | (1.18) | ||||
Net asset value at end of year | $ 84.48 | $ 69.01 | $ 88.87 | $ 70.76 | $ 61.19 | ||||
Total investment return (b) | 25.83% | (18.40)% | 28.23% | 17.95% | 30.92% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.32% | 1.21% | 1.03% | 1.37% | 1.54% | ||||
Net expenses (c) | 0.37% | 0.37% | 0.37% | 0.38% | 0.41% | ||||
Expenses (before waiver/reimbursement) (c) | 0.44% | 0.44% | 0.43% | 0.45% | 0.44% | ||||
Portfolio turnover rate | 2% | 2% | 3% | 2% | 7% | ||||
Net assets at end of year (in 000's) | $ 2,197,315 | $ 1,731,310 | $ 2,066,943 | $ 1,620,242 | $ 1,341,639 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
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) | $778,190 | $778,190 |
Total Fair Value | $778,190 | $778,190 |
(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 | $3,231,501 | $3,231,501 |
Total Net Realized Gain (Loss) | $3,231,501 | $3,231,501 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $1,592,915 | $1,592,915 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,592,915 | $1,592,915 |
Average Notional Amount | Total |
Futures Contracts Long | $38,818,693 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,121,798,727 | $2,696,120,905 | $(30,513,031) | $2,665,607,874 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$49,970,336 | $12,123,728 | $286,473 | $2,665,607,874 | $2,727,988,411 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(17,341) | $17,341 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $43,318,899 | $ 88,524,568 |
Long-Term Capital Gains | 52,897,617 | 53,199,954 |
Total | $96,216,516 | $141,724,522 |
28 | MainStay VP S&P 500 Index Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,090,498 | $ 88,147,557 |
Shares issued to shareholders in reinvestment of distributions | 546,877 | 42,435,488 |
Shares redeemed | (1,224,341) | (95,637,216) |
Net increase (decrease) | 413,034 | $ 34,945,829 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 3,417,303 | $ 264,671,535 |
Shares issued to shareholders in reinvestment of distributions | 699,951 | 53,781,028 |
Shares redeemed | (3,196,047) | (246,798,318) |
Net increase (decrease) | 921,207 | $ 71,654,245 |
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 |
New York, New York
February 26, 2024
32 | MainStay VP S&P 500 Index Portfolio |
34 | MainStay VP S&P 500 Index Portfolio |
36 | MainStay VP S&P 500 Index Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
38 | MainStay VP S&P 500 Index Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
40 | MainStay VP S&P 500 Index Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015886 | MSVPSP11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2015 | 4.06% | 0.71% | -2.61% | 1.13% |
Service Class Shares | 5/1/2015 | 3.80 | 0.46 | -2.84 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)1 | 2.21% | 6.04% | 5.01% |
Morningstar Infrastructure Category Average2 | 4.88 | 7.67 | 4.10 |
* | 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. | 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. |
2. | The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,022.10 | $4.84 | $1,020.42 | $4.84 | 0.95% |
Service Class Shares | $1,000.00 | $1,020.90 | $6.11 | $1,019.16 | $6.11 | 1.20% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP CBRE Global Infrastructure Portfolio |
United States | 56.2% |
Australia | 7.2 |
Canada | 7.2 |
Spain | 7.1 |
France | 5.6 |
Japan | 5.5 |
Italy | 3.0 |
United Kingdom | 2.8 |
Portugal | 2.0% |
China | 1.5 |
Mexico | 0.8 |
Switzerland | 0.6 |
Hong Kong | 0.5 |
Other Assets, Less Liabilities | 0.0‡ |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | American Tower Corp. |
2. | NextEra Energy, Inc. |
3. | Transurban Group |
4. | CSX Corp. |
5. | Cellnex Telecom SA |
6. | Sempra |
7. | Aena SME SA |
8. | WEC Energy Group, Inc. |
9. | Central Japan Railway Co. |
10. | Targa Resources Corp. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | |
Common Stocks 99.7% | ||
Australia 7.2% | ||
Atlas Arteria Ltd. (Transportation) | 240,619 | $ 947,746 |
NEXTDC Ltd. (Communications) (a) | 21,028 | 196,744 |
Transurban Group (Transportation) | 145,021 | 1,354,885 |
2,499,375 | ||
Canada 7.2% | ||
Canadian National Railway Co. (Transportation) | 6,297 | 791,491 |
Enbridge, Inc. (Midstream / Pipelines) | 16,727 | 602,149 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 29,532 | 1,016,754 |
Pembina Pipeline Corp. (Midstream / Pipelines) (a) | 2,242 | 76,141 |
2,486,535 | ||
China 1.5% | ||
China Resources Gas Group Ltd. (Utilities) | 78,277 | 256,630 |
Guangdong Investment Ltd. (Utilities) | 342,395 | 249,062 |
505,692 | ||
France 5.6% | ||
Eiffage SA (Transportation) | 8,019 | 858,877 |
Vinci SA (Transportation) | 8,632 | 1,083,481 |
1,942,358 | ||
Hong Kong 0.5% | ||
CK Infrastructure Holdings Ltd. (Utilities) | 31,281 | 173,060 |
Italy 3.0% | ||
Enel SpA (Utilities) | 142,597 | 1,059,436 |
Japan 5.5% | ||
Central Japan Railway Co. (Transportation) | 44,005 | 1,118,538 |
West Japan Railway Co. (Transportation) | 19,424 | 810,160 |
1,928,698 | ||
Mexico 0.8% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 15,373 | 268,360 |
Portugal 2.0% | ||
EDP - Energias de Portugal SA (Utilities) | 141,835 | 713,216 |
Spain 7.1% | ||
Aena SME SA (Transportation) | 6,617 | 1,198,724 |
Cellnex Telecom SA (Communications) | 31,884 | 1,255,173 |
2,453,897 |
Shares | Value | |
Switzerland 0.6% | ||
Flughafen Zurich AG (Registered) (Transportation) | 1,088 | $ 227,160 |
United Kingdom 2.8% | ||
National Grid plc (Utilities) | 53,247 | 718,078 |
Pennon Group plc (Utilities) | 26,566 | 254,476 |
972,554 | ||
United States 55.9% | ||
AES Corp. (The) (Utilities) | 42,713 | 822,225 |
ALLETE, Inc. (Utilities) | 4,051 | 247,759 |
American Tower Corp. (Communications) | 9,146 | 1,974,439 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 6,098 | 1,040,990 |
CMS Energy Corp. (Utilities) | 13,259 | 769,950 |
Constellation Energy Corp. (Utilities) | 3,095 | 361,774 |
Crown Castle, Inc. (Communications) | 3,211 | 369,875 |
CSX Corp. (Transportation) | 36,220 | 1,255,747 |
Duke Energy Corp. (Utilities) | 5,743 | 557,301 |
Equinix, Inc. (Communications) | 745 | 600,015 |
Eversource Energy (Utilities) | 5,628 | 347,360 |
Kinder Morgan, Inc. (Midstream / Pipelines) | 44,887 | 791,807 |
NextEra Energy Partners LP (Utilities) | 6,429 | 195,506 |
NextEra Energy, Inc. (Utilities) | 30,350 | 1,843,459 |
NiSource, Inc. (Utilities) | 13,851 | 367,744 |
OGE Energy Corp. (Utilities) | 14,129 | 493,526 |
PG&E Corp. (Utilities) | 36,254 | 653,660 |
Portland General Electric Co. (Utilities) | 5,237 | 226,972 |
PPL Corp. (Utilities) | 34,791 | 942,836 |
SBA Communications Corp. (Communications) | 2,127 | 539,599 |
Sempra (Utilities) | 16,455 | 1,229,682 |
Southern Co. (The) (Utilities) | 10,436 | 731,772 |
Targa Resources Corp. (Midstream / Pipelines) | 12,856 | 1,116,801 |
Union Pacific Corp. (Transportation) | 3,072 | 754,545 |
WEC Energy Group, Inc. (Utilities) | 14,030 | 1,180,905 |
19,416,249 | ||
Total Common Stocks (Cost $32,558,458) | 34,646,590 |
10 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | ||
Short-Term Investment 0.3% | |||
Affiliated Investment Company 0.3% | |||
United States 0.3% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 97,270 | $ 97,270 | |
Total Short-Term Investment (Cost $97,270) | 97,270 | ||
Total Investments (Cost $32,655,728) | 100.0% | 34,743,860 | |
Other Assets, Less Liabilities | 0.0‡ | 5,911 | |
Net Assets | 100.0% | $ 34,749,771 |
† | 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) | Current yield as of December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 631 | $ 7,629 | $ (8,163) | $ — | $ — | $ 97 | $ 16 | $ — | 97 |
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 | $ 34,646,590 | $ — | $ — | $ 34,646,590 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 97,270 | — | — | 97,270 | |||
Total Investments in Securities | $ 34,743,860 | $ — | $ — | $ 34,743,860 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Utilities | $14,396,389 | 41.4% | |
Transportation | 10,669,714 | 30.7 | |
Communications | 4,935,845 | 14.2 | |
Midstream / Pipelines | 4,644,642 | 13.4 | |
34,646,590 | 99.7 | ||
Short-Term Investment | 97,270 | 0.3 | |
Other Assets, Less Liabilities | 5,911 | 0.0‡ | |
Net Assets | $34,749,771 | 100.0% |
† | 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. |
12 | MainStay VP CBRE Global Infrastructure Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $32,558,458) | $ 34,646,590 |
Investment in affiliated investment companies, at value (identified cost $97,270) | 97,270 |
Cash denominated in foreign currencies (identified cost $5) | 5 |
Receivables: | |
Dividends | 84,620 |
Investment securities sold | 37,325 |
Portfolio shares sold | 5,711 |
Securities lending | 467 |
Other assets | 125 |
Total assets | 34,872,113 |
Liabilities | |
Payables: | |
Shareholder communication | 26,856 |
Professional fees | 23,178 |
Manager (See Note 3) | 20,530 |
Investment securities purchased | 16,996 |
Portfolio shares redeemed | 15,157 |
Custodian | 10,032 |
NYLIFE Distributors (See Note 3) | 6,817 |
Accrued expenses | 2,776 |
Total liabilities | 122,342 |
Net assets | $ 34,749,771 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 4,986 |
Additional paid-in-capital | 69,192,570 |
69,197,556 | |
Total distributable earnings (loss) | (34,447,785) |
Net assets | $ 34,749,771 |
Initial Class | |
Net assets applicable to outstanding shares | $ 2,439,319 |
Shares of beneficial interest outstanding | 345,697 |
Net asset value per share outstanding | $ 7.06 |
Service Class | |
Net assets applicable to outstanding shares | $32,310,452 |
Shares of beneficial interest outstanding | 4,640,490 |
Net asset value per share outstanding | $ 6.96 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $57,375) | $1,089,147 |
Dividends-affiliated | 16,125 |
Securities lending, net | 4,863 |
Total income | 1,110,135 |
Expenses | |
Manager (See Note 3) | 287,875 |
Distribution/Service—Service Class (See Note 3) | 79,249 |
Professional fees | 56,949 |
Custodian | 24,005 |
Trustees | 868 |
Miscellaneous | 278 |
Total expenses before waiver/reimbursement | 449,224 |
Expense waiver/reimbursement from Manager (See Note 3) | (48,231) |
Net expenses | 400,993 |
Net investment income (loss) | 709,142 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (265,305) |
Foreign currency transactions | (6,040) |
Net realized gain (loss) | (271,345) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 875,024 |
Translation of other assets and liabilities in foreign currencies | 411 |
Net change in unrealized appreciation (depreciation) | 875,435 |
Net realized and unrealized gain (loss) | 604,090 |
Net increase (decrease) in net assets resulting from operations | $1,313,232 |
14 | MainStay VP CBRE Global Infrastructure Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 709,142 | $ 518,708 |
Net realized gain (loss) | (271,345) | (937,133) |
Net change in unrealized appreciation (depreciation) | 875,435 | (2,045,417) |
Net increase (decrease) in net assets resulting from operations | 1,313,232 | (2,463,842) |
Distributions to shareholders: | ||
Initial Class | (40,585) | (27,062) |
Service Class | (502,552) | (387,536) |
Total distributions to shareholders | (543,137) | (414,598) |
Capital share transactions: | ||
Net proceeds from sales of shares | 8,530,228 | 20,290,734 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 543,137 | 414,598 |
Cost of shares redeemed | (8,984,738) | (10,775,375) |
Increase (decrease) in net assets derived from capital share transactions | 88,627 | 9,929,957 |
Net increase (decrease) in net assets | 858,722 | 7,051,517 |
Net Assets | ||
Beginning of year | 33,891,049 | 26,839,532 |
End of year | $34,749,771 | $ 33,891,049 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.92 | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | ||||
Net investment income (loss) (a) | 0.16 | 0.13 | 0.15 | 0.03 | 0.03 | ||||
Net realized and unrealized gain (loss) | 0.10 | (0.58) | 0.84 | (1.08) | 0.37 | ||||
Total from investment operations | 0.26 | (0.45) | 0.99 | (1.05) | 0.40 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.10) | — | (0.48) | — | ||||
Net asset value at end of year | $ 7.06 | $ 6.92 | $ 7.47 | $ 6.48 | $ 8.01 | ||||
Total investment return (b) | 4.06% | (5.99)% | 15.28%(c) | (12.81)% | 5.26%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.32% | 1.87% | 2.08% | 0.41% | 0.33% | ||||
Net expenses (d) | 0.95% | 0.95% | 0.95% | 1.05% | 1.21% | ||||
Expenses (before waiver/reimbursement) (d) | 1.09% | 1.13% | 1.32% | 1.44% | 1.21% | ||||
Portfolio turnover rate | 41% | 54% | 43% | 163% | 119% | ||||
Net assets at end of year (in 000's) | $ 2,439 | $ 2,111 | $ 1,899 | $ 1,022 | $ 1,009 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.83 | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | ||||
Net investment income (loss) (a) | 0.14 | 0.11 | 0.12 | 0.04 | 0.01 | ||||
Net realized and unrealized gain (loss) | 0.10 | (0.58) | 0.84 | (1.09) | 0.37 | ||||
Total from investment operations | 0.24 | (0.47) | 0.96 | (1.05) | 0.38 | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.08) | — | (0.46) | — | ||||
Net asset value at end of year | $ 6.96 | $ 6.83 | $ 7.38 | $ 6.42 | $ 7.93 | ||||
Total investment return (b) | 3.80% | (6.22)% | 14.95%(c) | (13.03)% | 5.03%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.08% | 1.60% | 1.79% | 0.62% | 0.11% | ||||
Net expenses (d) | 1.20% | 1.20% | 1.20% | 1.52% | 1.62% | ||||
Expenses (before waiver/reimbursement) (d) | 1.34% | 1.38% | 1.60% | 1.95% | 1.62% | ||||
Portfolio turnover rate | 41% | 54% | 43% | 163% | 119% | ||||
Net assets at end of year (in 000's) | $ 32,310 | $ 31,780 | $ 24,941 | $ 20,041 | $ 22,798 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP CBRE Global Infrastructure Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2015 |
Service Class | May 1, 2015 |
• | Level 1—quoted prices (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 | $33,403,315 | $2,348,825 | $(1,008,280) | $1,340,545 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$715,865 | $(36,519,547) | $15,681 | $1,340,216 | $(34,447,785) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,283 | $2,236 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $543,137 | $414,598 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 77,302 | $ 519,694 |
Shares issued to shareholders in reinvestment of distributions | 6,579 | 40,585 |
Shares redeemed | (43,447) | (306,011) |
Net increase (decrease) | 40,434 | $ 254,268 |
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 |
22 | MainStay VP CBRE Global Infrastructure Portfolio |
Service Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,181,990 | $ 8,010,534 |
Shares issued to shareholders in reinvestment of distributions | 82,511 | 502,552 |
Shares redeemed | (1,279,988) | (8,678,727) |
Net increase (decrease) | (15,487) | $ (165,641) |
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 |
New York, New York
February 26, 2024
24 | MainStay VP CBRE Global Infrastructure Portfolio |
26 | MainStay VP CBRE Global Infrastructure Portfolio |
28 | MainStay VP CBRE Global Infrastructure Portfolio |
30 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
32 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP CBRE Global Infrastructure Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015937 | MSVPCRA11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | -1.46% | 8.41% | 6.42% | 0.66% |
Service Class Shares | 2/17/2012 | -1.71 | 8.14 | 6.15 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI USA IMI Utilities 25/50 Index (Gross)1 | -7.37% | 6.46% | 8.64% |
Morningstar Utilities Category Average2 | -4.36 | 6.18 | 7.35 |
* | 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. | 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. |
2. | The Morningstar Utilities Category Average is representative of funds that seek capital appreciation by investing primarily in equity securities of U.S. or non-U.S. public utilities including electric, gas, and telephone-service providers. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,019.70 | $3.41 | $1,021.83 | $3.41 | 0.67% |
Service Class Shares | $1,000.00 | $1,018.40 | $4.68 | $1,020.57 | $4.69 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Electric Utilities | 69.5% |
Multi–Utilities | 19.2 |
Independent Power and Renewable Electricity Producers | 7.3 |
Water Utilities | 0.7 |
Gas Utilities | 0.7 |
Electrical Equipment | 0.2% |
Short–Term Investments | 1.9 |
Other Assets, Less Liabilities | 0.5 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Sempra |
3. | Southern Co. (The) |
4. | Duke Energy Corp. |
5. | PG&E Corp. |
6. | Edison International |
7. | Entergy Corp. |
8. | American Electric Power Co., Inc. |
9. | PPL Corp. |
10. | Constellation Energy Corp. |
1. | Fidelity Institutional AM is a registered trademark of FMR LLC. Used with permission. |
2. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Shares | Value | |
Common Stocks 97.6% | ||
Electric Utilities 69.5% | ||
American Electric Power Co., Inc. | 465,500 | $ 37,807,910 |
Constellation Energy Corp. | 310,968 | 36,349,050 |
Duke Energy Corp. | 788,013 | 76,468,782 |
Edison International | 648,537 | 46,363,910 |
Entergy Corp. | 396,648 | 40,136,811 |
Evergy, Inc. | 352,400 | 18,395,280 |
Eversource Energy | 404,009 | 24,935,435 |
FirstEnergy Corp. | 986,281 | 36,157,061 |
Fortum OYJ | 180,000 | 2,595,166 |
IDACORP, Inc. | 46,700 | 4,591,544 |
NextEra Energy, Inc. | 2,160,560 | 131,232,414 |
NRG Energy, Inc. | 118,880 | 6,146,096 |
PG&E Corp. | 4,030,399 | 72,668,094 |
Pinnacle West Capital Corp. | 102,989 | 7,398,730 |
PPL Corp. | 1,393,569 | 37,765,720 |
Southern Co. (The) | 1,115,421 | 78,213,320 |
657,225,323 | ||
Electrical Equipment 0.2% | ||
Sunrun, Inc. (a) | 109,900 | 2,157,337 |
Gas Utilities 0.7% | ||
Southwest Gas Holdings, Inc. | 23,100 | 1,463,385 |
UGI Corp. | 217,795 | 5,357,757 |
6,821,142 | ||
Independent Power and Renewable Electricity Producers 7.3% | ||
AES Corp. (The) | 1,112,500 | 21,415,625 |
Clearway Energy, Inc. | 84,500 | 2,161,510 |
Energy Harbor Corp. (a) | 164,600 | 13,250,300 |
NextEra Energy Partners LP | 259,768 | 7,899,545 |
Sunnova Energy International, Inc. (a)(b) | 352,900 | 5,381,725 |
Vistra Corp. | 476,710 | 18,362,869 |
68,471,574 | ||
Multi-Utilities 19.2% | ||
Consolidated Edison, Inc. | 153,600 | 13,972,992 |
DTE Energy Co. | 209,900 | 23,143,574 |
NiSource, Inc. | 1,168,284 | 31,017,940 |
Public Service Enterprise Group, Inc. | 509,324 | 31,145,163 |
Sempra | 1,092,886 | 81,671,371 |
180,951,040 |
Shares | Value | ||
Water Utilities 0.7% | |||
American Water Works Co., Inc. | 35,815 | $ 4,727,222 | |
Essential Utilities, Inc. | 60,800 | 2,270,880 | |
6,998,102 | |||
Total Common Stocks (Cost $913,401,858) | 922,624,518 | ||
Short-Term Investments 1.9% | |||
Affiliated Investment Company 1.4% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 13,214,112 | 13,214,112 | |
Unaffiliated Investment Companies 0.5% | |||
BlackRock Liquidity FedFund, 5.374% (c)(d) | 2,000,000 | 2,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 2,981,841 | 2,981,841 | |
4,981,841 | |||
Total Short-Term Investments (Cost $18,195,953) | 18,195,953 | ||
Total Investments (Cost $931,597,811) | 99.5% | 940,820,471 | |
Other Assets, Less Liabilities | 0.5 | 4,476,722 | |
Net Assets | 100.0% | $ 945,297,193 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $4,687,179. The Portfolio received cash collateral with a value of $4,981,841. (See Note 2(H)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
10 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 19,414 | $ 285,431 | $ (291,631) | $ — | $ — | $ 13,214 | $ 528 | $ — | 13,214 |
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 | $ 909,374,218 | $ 13,250,300 | $ — | $ 922,624,518 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 13,214,112 | — | — | 13,214,112 | |||
Unaffiliated Investment Companies | 4,981,841 | — | — | 4,981,841 | |||
Total Short-Term Investments | 18,195,953 | — | — | 18,195,953 | |||
Total Investments in Securities | $ 927,570,171 | $ 13,250,300 | $ — | $ 940,820,471 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $918,383,699) including securities on loan of $4,687,179 | $927,606,359 |
Investment in affiliated investment companies, at value (identified cost $13,214,112) | 13,214,112 |
Cash denominated in foreign currencies (identified cost $30) | 31 |
Receivables: | |
Investment securities sold | 9,694,281 |
Dividends | 1,910,493 |
Portfolio shares sold | 143,162 |
Securities lending | 1,201 |
Other assets | 5,520 |
Total assets | 952,575,159 |
Liabilities | |
Cash collateral received for securities on loan | 4,981,841 |
Payables: | |
Investment securities purchased | 1,057,519 |
Manager (See Note 3) | 510,558 |
Portfolio shares redeemed | 496,387 |
NYLIFE Distributors (See Note 3) | 152,800 |
Professional fees | 50,540 |
Custodian | 16,225 |
Shareholder communication | 7,560 |
Accrued expenses | 4,536 |
Total liabilities | 7,277,966 |
Net assets | $945,297,193 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 88,497 |
Additional paid-in-capital | 854,095,743 |
854,184,240 | |
Total distributable earnings (loss) | 91,112,953 |
Net assets | $945,297,193 |
Initial Class | |
Net assets applicable to outstanding shares | $222,112,066 |
Shares of beneficial interest outstanding | 20,722,215 |
Net asset value per share outstanding | $ 10.72 |
Service Class | |
Net assets applicable to outstanding shares | $723,185,127 |
Shares of beneficial interest outstanding | 67,774,725 |
Net asset value per share outstanding | $ 10.67 |
12 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $12,846) | $ 27,350,777 |
Dividends-affiliated | 528,240 |
Securities lending, net | 24,641 |
Total income | 27,903,658 |
Expenses | |
Manager (See Note 3) | 6,207,596 |
Distribution/Service—Service Class (See Note 3) | 1,908,495 |
Professional fees | 134,773 |
Custodian | 42,337 |
Shareholder communication | 32,245 |
Trustees | 21,275 |
Miscellaneous | 30,515 |
Total expenses | 8,377,236 |
Net investment income (loss) | 19,526,422 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 65,750,142 |
Foreign currency transactions | 4,048 |
Net realized gain (loss) | 65,754,190 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (104,738,214) |
Translation of other assets and liabilities in foreign currencies | 7,673 |
Net change in unrealized appreciation (depreciation) | (104,730,541) |
Net realized and unrealized gain (loss) | (38,976,351) |
Net increase (decrease) in net assets resulting from operations | $ (19,449,929) |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 19,526,422 | $ 13,893,104 |
Net realized gain (loss) | 65,754,190 | 143,420,705 |
Net change in unrealized appreciation (depreciation) | (104,730,541) | (99,750,150) |
Net increase (decrease) in net assets resulting from operations | (19,449,929) | 57,563,659 |
Distributions to shareholders: | ||
Initial Class | (35,326,559) | (13,874,720) |
Service Class | (118,635,558) | (59,581,954) |
Total distributions to shareholders | (153,962,117) | (73,456,674) |
Capital share transactions: | ||
Net proceeds from sales of shares | 90,808,057 | 83,467,996 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 153,962,117 | 73,456,674 |
Cost of shares redeemed | (183,186,887) | (278,193,216) |
Increase (decrease) in net assets derived from capital share transactions | 61,583,287 | (121,268,546) |
Net increase (decrease) in net assets | (111,828,759) | (137,161,561) |
Net Assets | ||
Beginning of year | 1,057,125,952 | 1,194,287,513 |
End of year | $ 945,297,193 | $1,057,125,952 |
14 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.20 | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | ||||
Net investment income (loss) (a) | 0.27 | 0.20 | 0.31 | 0.25 | 0.31 | ||||
Net realized and unrealized gain (loss) | (0.69) | 0.43 | 1.73 | (0.34) | 2.39 | ||||
Total from investment operations | (0.42) | 0.63 | 2.04 | (0.09) | 2.70 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.30) | (0.28) | (0.33) | (0.34) | ||||
From net realized gain on investments | (1.80) | (0.71) | (0.53) | (0.72) | (0.55) | ||||
Total distributions | (2.06) | (1.01) | (0.81) | (1.05) | (0.89) | ||||
Net asset value at end of year | $ 10.72 | $ 13.20 | $ 13.58 | $ 12.35 | $ 13.49 | ||||
Total investment return (b) | (1.46)% | 5.57% | 17.24% | (0.38)% | 23.26% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.23% | 1.46% | 2.41% | 2.06% | 2.41% | ||||
Net expenses (c) | 0.67% | 0.66% | 0.66% | 0.67% | 0.68% | ||||
Portfolio turnover rate | 71% | 53% | 34% | 62% | 47% | ||||
Net assets at end of year (in 000's) | $ 222,112 | $ 202,092 | $ 215,594 | $ 135,814 | $ 97,503 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.14 | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | ||||
Net investment income (loss) (a) | 0.24 | 0.17 | 0.27 | 0.22 | 0.28 | ||||
Net realized and unrealized gain (loss) | (0.69) | 0.43 | 1.72 | (0.35) | 2.37 | ||||
Total from investment operations | (0.45) | 0.60 | 1.99 | (0.13) | 2.65 | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.26) | (0.24) | (0.29) | (0.30) | ||||
From net realized gain on investments | (1.80) | (0.71) | (0.53) | (0.72) | (0.55) | ||||
Total distributions | (2.02) | (0.97) | (0.77) | (1.01) | (0.85) | ||||
Net asset value at end of year | $ 10.67 | $ 13.14 | $ 13.51 | $ 12.29 | $ 13.43 | ||||
Total investment return (b) | (1.71)% | 5.31% | 16.95% | (0.63)% | 22.95% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.95% | 1.22% | 2.14% | 1.80% | 2.15% | ||||
Net expenses (c) | 0.92% | 0.91% | 0.91% | 0.92% | 0.93% | ||||
Portfolio turnover rate | 71% | 53% | 34% | 62% | 47% | ||||
Net assets at end of year (in 000's) | $ 723,185 | $ 855,034 | $ 978,694 | $ 953,655 | $ 1,121,657 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | 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 | $935,459,627 | $60,267,127 | $(54,906,283) | $5,360,844 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$20,314,084 | $65,451,878 | $— | $5,346,991 | $91,112,953 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$462 | $(462) |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $ 25,879,043 | $23,960,588 |
Long-Term Capital Gains | 128,083,074 | 49,496,086 |
Total | $153,962,117 | $73,456,674 |
20 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$4,275 | $23,961 | $1,094 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 3,031,623 | $ 36,492,478 |
Shares issued to shareholders in reinvestment of distributions | 3,657,334 | 35,326,559 |
Shares redeemed | (1,273,025) | (14,354,261) |
Net increase (decrease) | 5,415,932 | $ 57,464,776 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 4,557,944 | $ 54,315,579 |
Shares issued to shareholders in reinvestment of distributions | 12,330,897 | 118,635,558 |
Shares redeemed | (14,170,338) | (168,832,626) |
Net increase (decrease) | 2,718,503 | $ 4,118,511 |
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) |
New York, New York
February 26, 2024
22 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
24 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
26 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
28 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
30 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015526 | MSVPMFS11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2016 | 13.89% | 6.68% | 6.25% | 0.86% |
Service Class Shares | 5/2/2016 | 13.60 | 6.42 | 5.99 | 1.11 |
1. | Effective January 1, 2018, due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor, MacKay Shields LLC, 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Russell 2000® Index1 | 16.93% | 9.97% | 9.27% |
Morningstar Small Blend Category Average2 | 16.18 | 10.86 | 8.63 |
* | 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. | 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. |
2. | The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,081.00 | $3.88 | $1,021.47 | $3.77 | 0.74% |
Service Class Shares | $1,000.00 | $1,079.70 | $5.19 | $1,020.21 | $5.04 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Small Cap Portfolio |
Banks | 9.1% |
Software | 6.3 |
Biotechnology | 6.3 |
Health Care Equipment & Supplies | 4.2 |
Trading Companies & Distributors | 3.9 |
Energy Equipment & Services | 3.6 |
Semiconductors & Semiconductor Equipment | 3.2 |
Financial Services | 2.9 |
Machinery | 2.8 |
Commercial Services & Supplies | 2.8 |
Chemicals | 2.7 |
Diversified Consumer Services | 2.7 |
Textiles, Apparel & Luxury Goods | 2.5 |
Electronic Equipment, Instruments & Components | 2.3 |
Consumer Finance | 2.2 |
Insurance | 2.0 |
Household Durables | 2.0 |
Hotels, Restaurants & Leisure | 2.0 |
Professional Services | 2.0 |
Exchange–Traded Funds | 1.8 |
Gas Utilities | 1.7 |
Automobile Components | 1.6 |
Health Care Providers & Services | 1.6 |
Building Products | 1.5 |
Mortgage Real Estate Investment Trusts | 1.4 |
Personal Care Products | 1.3 |
Media | 1.3 |
Metals & Mining | 1.3% |
Oil, Gas & Consumable Fuels | 1.3 |
Capital Markets | 1.3 |
Real Estate Management & Development | 1.2 |
Hotel & Resort REITs | 1.2 |
Interactive Media & Services | 1.2 |
Food Products | 1.2 |
Aerospace & Defense | 1.2 |
Pharmaceuticals | 1.2 |
Ground Transportation | 1.1 |
Construction & Engineering | 0.9 |
Leisure Products | 0.7 |
Health Care REITs | 0.6 |
Office REITs | 0.6 |
Electrical Equipment | 0.6 |
Specialized REITs | 0.6 |
Health Care Technology | 0.6 |
Specialty Retail | 0.6 |
Communications Equipment | 0.5 |
Household Products | 0.5 |
Electric Utilities | 0.4 |
Beverages | 0.4 |
Broadline Retail | 0.4 |
Short–Term Investments | 5.2 |
Other Assets, Less Liabilities | –2.5 |
100.0% |
1. | Skyline Champion Corp. |
2. | Cadence Bank |
3. | H&R Block, Inc. |
4. | iShares Russell 2000 Value ETF |
5. | Cytokinetics, Inc. |
6. | elf Beauty, Inc. |
7. | Freshpet, Inc. |
8. | Xometry, Inc., Class A |
9. | MRC Global, Inc. |
10. | Taboola.com Ltd. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks 95.5% | ||
Aerospace & Defense 1.2% | ||
BWX Technologies, Inc. | 33,348 | $ 2,558,792 |
Spirit AeroSystems Holdings, Inc., Class A (a) | 65,249 | 2,073,613 |
4,632,405 | ||
Automobile Components 1.6% | ||
Dana, Inc. | 87,136 | 1,273,057 |
Phinia, Inc. | 66,860 | 2,025,190 |
Visteon Corp. (a) | 9,381 | 1,171,687 |
XPEL, Inc. (a) | 33,359 | 1,796,382 |
6,266,316 | ||
Banks 9.1% | ||
Bank OZK | 50,429 | 2,512,877 |
Banner Corp. | 23,304 | 1,248,162 |
Cadence Bank | 148,929 | 4,406,809 |
Columbia Banking System, Inc. | 91,004 | 2,427,987 |
First Hawaiian, Inc. | 98,413 | 2,249,721 |
First Interstate BancSystem, Inc., Class A | 74,916 | 2,303,667 |
FNB Corp. | 145,299 | 2,000,767 |
Home BancShares, Inc. | 97,402 | 2,467,193 |
OFG Bancorp | 43,971 | 1,648,033 |
Old National Bancorp | 128,311 | 2,167,173 |
Pacific Premier Bancorp, Inc. | 88,233 | 2,568,463 |
Sandy Spring Bancorp, Inc. | 86,399 | 2,353,509 |
Stellar Bancorp, Inc. | 67,312 | 1,873,966 |
United Community Banks, Inc. | 59,852 | 1,751,269 |
Veritex Holdings, Inc. | 73,186 | 1,703,038 |
WSFS Financial Corp. | 33,163 | 1,523,177 |
35,205,811 | ||
Beverages 0.4% | ||
Celsius Holdings, Inc. (a) | 29,947 | 1,632,711 |
Biotechnology 6.3% | ||
Ascendis Pharma A/S, ADR (a) | 3,608 | 454,428 |
Blueprint Medicines Corp. (a) | 11,367 | 1,048,492 |
Celldex Therapeutics, Inc. (a) | 76,332 | 3,027,327 |
Crinetics Pharmaceuticals, Inc. (a) | 10,041 | 357,259 |
Cytokinetics, Inc. (a) | 43,828 | 3,659,200 |
Halozyme Therapeutics, Inc. (a) | 49,968 | 1,846,817 |
Immunocore Holdings plc, ADR (a)(b) | 13,570 | 927,102 |
Intellia Therapeutics, Inc. (a) | 13,176 | 401,736 |
Kymera Therapeutics, Inc. (a) | 39,493 | 1,005,492 |
Merus NV (a) | 72,322 | 1,988,855 |
Morphic Holding, Inc. (a) | 11,929 | 344,509 |
Nuvalent, Inc., Class A (a) | 33,131 | 2,438,110 |
Shares | Value | |
Biotechnology (continued) | ||
Prothena Corp. plc (a) | 8,778 | $ 318,993 |
PTC Therapeutics, Inc. (a) | 15,680 | 432,141 |
REVOLUTION Medicines, Inc. (a) | 54,594 | 1,565,756 |
Rocket Pharmaceuticals, Inc. (a) | 39,896 | 1,195,683 |
Syndax Pharmaceuticals, Inc. (a) | 26,699 | 576,965 |
Vaxcyte, Inc. (a) | 44,372 | 2,786,562 |
24,375,427 | ||
Broadline Retail 0.4% | ||
Global-e Online Ltd. (a) | 37,371 | 1,481,013 |
Building Products 1.5% | ||
AZEK Co., Inc. (The) (a) | 60,008 | 2,295,306 |
Masonite International Corp. (a) | 20,996 | 1,777,521 |
Zurn Elkay Water Solutions Corp. | 59,602 | 1,752,895 |
5,825,722 | ||
Capital Markets 1.3% | ||
Hamilton Lane, Inc., Class A | 25,586 | 2,902,476 |
PJT Partners, Inc., Class A | 19,060 | 1,941,642 |
4,844,118 | ||
Chemicals 2.7% | ||
Cabot Corp. | 28,613 | 2,389,185 |
Livent Corp. (a)(b) | 74,880 | 1,346,342 |
Mativ Holdings, Inc. | 123,925 | 1,897,292 |
Minerals Technologies, Inc. | 36,999 | 2,638,399 |
Quaker Chemical Corp. | 10,395 | 2,218,501 |
10,489,719 | ||
Commercial Services & Supplies 2.8% | ||
Brady Corp., Class A | 43,334 | 2,543,273 |
Casella Waste Systems, Inc., Class A (a) | 19,324 | 1,651,429 |
Interface, Inc. | 207,339 | 2,616,618 |
Loomis AB | 65,954 | 1,749,871 |
MillerKnoll, Inc. | 78,567 | 2,096,168 |
10,657,359 | ||
Communications Equipment 0.5% | ||
Calix, Inc. (a) | 42,751 | 1,867,791 |
Construction & Engineering 0.9% | ||
Ameresco, Inc., Class A (a) | 28,082 | 889,357 |
Fluor Corp. (a) | 63,420 | 2,484,161 |
3,373,518 | ||
Consumer Finance 2.2% | ||
Bread Financial Holdings, Inc. | 69,539 | 2,290,615 |
Enova International, Inc. (a) | 49,511 | 2,740,929 |
10 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Consumer Finance (continued) | ||
Navient Corp. | 93,265 | $ 1,736,594 |
PROG Holdings, Inc. (a) | 55,320 | 1,709,941 |
8,478,079 | ||
Diversified Consumer Services 2.7% | ||
Adtalem Global Education, Inc. (a) | 37,816 | 2,229,253 |
Duolingo, Inc. (a) | 5,786 | 1,312,554 |
European Wax Center, Inc., Class A (a)(b) | 48,228 | 655,419 |
H&R Block, Inc. | 79,145 | 3,828,244 |
Laureate Education, Inc. | 178,607 | 2,448,702 |
10,474,172 | ||
Electric Utilities 0.4% | ||
Portland General Electric Co. | 39,307 | 1,703,565 |
Electrical Equipment 0.6% | ||
Acuity Brands, Inc. | 4,389 | 898,999 |
Shoals Technologies Group, Inc., Class A (a) | 91,094 | 1,415,601 |
2,314,600 | ||
Electronic Equipment, Instruments & Components 2.3% | ||
CTS Corp. | 48,853 | 2,136,830 |
Napco Security Technologies, Inc. | 64,108 | 2,195,699 |
Novanta, Inc. (a) | 14,135 | 2,380,475 |
TTM Technologies, Inc. (a) | 149,339 | 2,361,050 |
9,074,054 | ||
Energy Equipment & Services 3.6% | ||
Cactus, Inc., Class A | 40,805 | 1,852,547 |
ChampionX Corp. | 64,710 | 1,890,179 |
DMC Global, Inc. (a) | 104,345 | 1,963,773 |
Helix Energy Solutions Group, Inc. (a) | 188,884 | 1,941,728 |
Liberty Energy, Inc. | 112,987 | 2,049,584 |
Patterson-UTI Energy, Inc. | 118,924 | 1,284,379 |
Seadrill Ltd. (a) | 28,291 | 1,337,598 |
Select Water Solutions, Inc. | 234,901 | 1,782,899 |
14,102,687 | ||
Financial Services 2.9% | ||
Federal Agricultural Mortgage Corp., Class C | 11,880 | 2,271,694 |
NMI Holdings, Inc., Class A (a) | 66,596 | 1,976,569 |
Radian Group, Inc. | 86,615 | 2,472,858 |
Remitly Global, Inc. (a) | 111,793 | 2,171,020 |
Shift4 Payments, Inc., Class A (a) | 29,451 | 2,189,388 |
11,081,529 |
Shares | Value | |
Food Products 1.2% | ||
Freshpet, Inc. (a) | 39,350 | $ 3,414,006 |
TreeHouse Foods, Inc. (a) | 31,223 | 1,294,193 |
4,708,199 | ||
Gas Utilities 1.7% | ||
New Jersey Resources Corp. | 54,923 | 2,448,467 |
Spire, Inc. | 35,399 | 2,206,774 |
UGI Corp. | 82,517 | 2,029,918 |
6,685,159 | ||
Ground Transportation 1.1% | ||
Marten Transport Ltd. | 96,496 | 2,024,486 |
Ryder System, Inc. | 20,566 | 2,366,324 |
4,390,810 | ||
Health Care Equipment & Supplies 4.2% | ||
Artivion, Inc. (a) | 137,655 | 2,461,271 |
Glaukos Corp. (a) | 14,804 | 1,176,770 |
Globus Medical, Inc., Class A (a) | 33,413 | 1,780,579 |
Inari Medical, Inc. (a) | 20,448 | 1,327,484 |
Inspire Medical Systems, Inc. (a) | 9,133 | 1,857,926 |
Lantheus Holdings, Inc. (a) | 20,211 | 1,253,082 |
Omnicell, Inc. (a) | 31,739 | 1,194,339 |
PROCEPT BioRobotics Corp. (a)(b) | 47,120 | 1,974,799 |
Shockwave Medical, Inc. (a) | 6,014 | 1,146,028 |
SI-BONE, Inc. (a) | 89,274 | 1,873,861 |
16,046,139 | ||
Health Care Providers & Services 1.6% | ||
Acadia Healthcare Co., Inc. (a) | 19,818 | 1,541,048 |
Cross Country Healthcare, Inc. (a) | 44,560 | 1,008,838 |
Premier, Inc., Class A | 54,755 | 1,224,322 |
Progyny, Inc. (a) | 60,048 | 2,232,585 |
6,006,793 | ||
Health Care REITs 0.6% | ||
CareTrust REIT, Inc. | 108,960 | 2,438,525 |
Health Care Technology 0.6% | ||
Veradigm, Inc. (a) | 210,174 | 2,204,725 |
Hotel & Resort REITs 1.2% | ||
Pebblebrook Hotel Trust | 152,366 | 2,434,809 |
Ryman Hospitality Properties, Inc. | 21,217 | 2,335,143 |
4,769,952 | ||
Hotels, Restaurants & Leisure 2.0% | ||
Cracker Barrel Old Country Store, Inc. (b) | 29,366 | 2,263,531 |
Hilton Grand Vacations, Inc. (a) | 62,261 | 2,501,647 |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure (continued) | ||
Wingstop, Inc. | 11,317 | $ ���2,903,716 |
7,668,894 | ||
Household Durables 2.0% | ||
Helen of Troy Ltd. (a) | 17,775 | 2,147,398 |
Skyline Champion Corp. (a) | 74,533 | 5,534,820 |
7,682,218 | ||
Household Products 0.5% | ||
Energizer Holdings, Inc. | 58,421 | 1,850,777 |
Insurance 2.0% | ||
Kemper Corp. | 33,983 | 1,653,953 |
Lancashire Holdings Ltd. | 260,825 | 2,074,554 |
ProAssurance Corp. | 137,000 | 1,889,230 |
SiriusPoint Ltd. (a) | 181,465 | 2,104,994 |
7,722,731 | ||
Interactive Media & Services 1.2% | ||
Eventbrite, Inc., Class A (a) | 65,887 | 550,815 |
Taboola.com Ltd. (a) | 714,278 | 3,092,824 |
Ziff Davis, Inc. (a) | 16,207 | 1,088,948 |
4,732,587 | ||
Leisure Products 0.7% | ||
Sturm Ruger & Co., Inc. | 32,910 | 1,495,759 |
YETI Holdings, Inc. (a) | 24,510 | 1,269,128 |
2,764,887 | ||
Machinery 2.8% | ||
Blue Bird Corp. (a) | 94,994 | 2,561,038 |
Greenbrier Cos., Inc. (The) | 54,291 | 2,398,576 |
Kennametal, Inc. | 78,777 | 2,031,659 |
Middleby Corp. (The) (a) | 8,293 | 1,220,481 |
REV Group, Inc. | 135,291 | 2,458,238 |
10,669,992 | ||
Media 1.3% | ||
Criteo SA, Sponsored ADR (a) | 46,948 | 1,188,723 |
Magnite, Inc. (a) | 256,399 | 2,394,767 |
National CineMedia, Inc. (a)(b) | 368,202 | 1,524,356 |
5,107,846 | ||
Metals & Mining 1.3% | ||
Carpenter Technology Corp. | 41,382 | 2,929,846 |
Compass Minerals International, Inc. | 38,676 | 979,276 |
MP Materials Corp. (a) | 59,200 | 1,175,120 |
5,084,242 |
Shares | Value | |
Mortgage Real Estate Investment Trusts 1.4% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 46,406 | $ 1,279,878 |
Redwood Trust, Inc. | 317,259 | 2,350,889 |
Rithm Capital Corp. | 177,282 | 1,893,372 |
5,524,139 | ||
Office REITs 0.6% | ||
Piedmont Office Realty Trust, Inc., Class A | 331,236 | 2,355,088 |
Oil, Gas & Consumable Fuels 1.3% | ||
PBF Energy, Inc., Class A | 50,413 | 2,216,155 |
Viper Energy, Inc. | 88,354 | 2,772,549 |
4,988,704 | ||
Personal Care Products 1.3% | ||
Edgewell Personal Care Co. | 46,386 | 1,699,119 |
elf Beauty, Inc. (a) | 23,714 | 3,422,879 |
5,121,998 | ||
Pharmaceuticals 1.2% | ||
Intra-Cellular Therapies, Inc. (a) | 18,213 | 1,304,415 |
Pacira BioSciences, Inc. (a) | 66,840 | 2,255,181 |
Structure Therapeutics, Inc., ADR (a) | 7,376 | 300,646 |
Verona Pharma plc, ADR (a)(b) | 37,469 | 744,884 |
4,605,126 | ||
Professional Services 2.0% | ||
ExlService Holdings, Inc. (a) | 77,993 | 2,406,084 |
TriNet Group, Inc. (a) | 18,919 | 2,250,037 |
Verra Mobility Corp. (a) | 128,669 | 2,963,247 |
7,619,368 | ||
Real Estate Management & Development 1.2% | ||
Marcus & Millichap, Inc. | 58,993 | 2,576,814 |
Tricon Residential, Inc. | 245,118 | 2,230,574 |
4,807,388 | ||
Semiconductors & Semiconductor Equipment 3.2% | ||
Ichor Holdings Ltd. (a) | 79,955 | 2,688,887 |
MKS Instruments, Inc. | 10,206 | 1,049,891 |
Semtech Corp. (a) | 87,693 | 1,921,354 |
Silicon Motion Technology Corp., ADR | 35,963 | 2,203,453 |
SiTime Corp. (a) | 7,841 | 957,229 |
Synaptics, Inc. (a) | 10,468 | 1,194,189 |
Tower Semiconductor Ltd. (a) | 73,621 | 2,246,913 |
12,261,916 | ||
Software 6.3% | ||
Adeia, Inc. | 159,310 | 1,973,851 |
Agilysys, Inc. (a) | 26,944 | 2,285,390 |
12 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Software (continued) | ||
Altair Engineering, Inc., Class A (a) | 32,165 | $ 2,706,685 |
Clearwater Analytics Holdings, Inc., Class A (a) | 21,100 | 422,633 |
CyberArk Software Ltd. (a) | 10,029 | 2,196,852 |
DoubleVerify Holdings, Inc. (a) | 50,515 | 1,857,942 |
Five9, Inc. (a) | 21,331 | 1,678,536 |
Intapp, Inc. (a) | 20,565 | 781,881 |
InterDigital, Inc. (b) | 21,724 | 2,357,923 |
Jamf Holding Corp. (a) | 71,478 | 1,290,893 |
Manhattan Associates, Inc. (a) | 4,881 | 1,050,977 |
PowerSchool Holdings, Inc., Class A (a) | 77,917 | 1,835,725 |
SolarWinds Corp. (a) | 169,586 | 2,118,129 |
Xperi, Inc. (a) | 176,894 | 1,949,372 |
24,506,789 | ||
Specialized REITs 0.6% | ||
Uniti Group, Inc. | 400,362 | 2,314,092 |
Specialty Retail 0.6% | ||
Boot Barn Holdings, Inc. (a) | 11,897 | 913,214 |
Monro, Inc. | 43,375 | 1,272,622 |
2,185,836 | ||
Textiles, Apparel & Luxury Goods 2.5% | ||
Carter's, Inc. | 25,153 | 1,883,708 |
Crocs, Inc. (a) | 13,269 | 1,239,457 |
Figs, Inc., Class A (a) | 279,995 | 1,945,965 |
Kontoor Brands, Inc. | 36,189 | 2,258,918 |
Steven Madden Ltd. | 57,653 | 2,421,426 |
9,749,474 | ||
Trading Companies & Distributors 3.9% | ||
Air Lease Corp. | 50,092 | 2,100,859 |
Applied Industrial Technologies, Inc. | 15,570 | 2,688,783 |
McGrath RentCorp | 18,708 | 2,237,851 |
MRC Global, Inc. (a) | 284,887 | 3,136,606 |
Rush Enterprises, Inc., Class A | 34,086 | 1,714,526 |
Xometry, Inc., Class A (a) | 90,086 | 3,234,988 |
15,113,613 | ||
Total Common Stocks (Cost $346,183,361) | 369,568,603 | |
Exchange-Traded Funds 1.8% | ||
iShares Russell 2000 ETF (b) | 11,638 | 2,335,863 |
Shares | Value | ||
iShares Russell 2000 Growth ETF (b) | 3,752 | $ 946,329 | |
iShares Russell 2000 Value ETF (b) | 24,391 | 3,788,654 | |
Total Exchange-Traded Funds (Cost $6,404,655) | 7,070,846 | ||
Short-Term Investments 5.2% | |||
Affiliated Investment Company 2.5% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (c) | 9,753,530 | 9,753,530 | |
Unaffiliated Investment Companies 2.7% | |||
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (c)(d) | 2,147,071 | 2,147,071 | |
Goldman Sachs Financial Square Government Fund, 5.351% (c)(d) | 1,000,000 | 1,000,000 | |
Invesco Government & Agency Portfolio, 5.361% (c)(d) | 4,074,380 | 4,074,380 | |
Morgan Stanley Institutional Liquidity Fund Government Portfolio, 5.363% (c)(d) | 2,000,000 | 2,000,000 | |
RBC U.S. Government Money Market Fund, 5.293% (c)(d) | 1,000,000 | 1,000,000 | |
10,221,451 | |||
Total Short-Term Investments (Cost $19,974,981) | 19,974,981 | ||
Total Investments (Cost $372,562,997) | 102.5% | 396,614,430 | |
Other Assets, Less Liabilities | (2.5) | (9,790,041) | |
Net Assets | 100.0% | $ 386,824,389 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $13,789,557; the total market value of collateral held by the Portfolio was $14,372,599. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,151,148. The Portfolio received cash collateral with a value of $10,221,451. (See Note 2(I)) |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 3,651 | $ 95,008 | $ (88,905) | $ — | $ — | $ 9,754 | $ 291 | $ — | 9,754 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Russell 2000 E-Mini Index | 88 | March 2024 | $ 8,702,414 | $ 9,009,880 | $ 307,466 |
1. | As of December 31, 2023, cash in the amount of $629,200 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 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 | $ 369,568,603 | $ — | $ — | $ 369,568,603 | |||
Exchange-Traded Funds | 7,070,846 | — | — | 7,070,846 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 9,753,530 | — | — | 9,753,530 | |||
Unaffiliated Investment Companies | 10,221,451 | — | — | 10,221,451 | |||
Total Short-Term Investments | 19,974,981 | — | — | 19,974,981 | |||
Total Investments in Securities | 396,614,430 | — | — | 396,614,430 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 307,466 | — | — | 307,466 | |||
Total Investments in Securities and Other Financial Instruments | $ 396,921,896 | $ — | $ — | $ 396,921,896 |
(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 $362,809,467) including securities on loan of $13,789,557 | $386,860,900 |
Investment in affiliated investment companies, at value (identified cost $9,753,530) | 9,753,530 |
Cash collateral on deposit at broker for futures contracts | 629,200 |
Receivables: | |
Dividends | 503,250 |
Portfolio shares sold | 58,853 |
Securities lending | 3,893 |
Other assets | 2,435 |
Total assets | 397,812,061 |
Liabilities | |
Cash collateral received for securities on loan | 10,221,451 |
Payables: | |
Portfolio shares redeemed | 253,203 |
Manager (See Note 3) | 222,019 |
Variation margin on futures contracts | 139,135 |
Shareholder communication | 62,619 |
NYLIFE Distributors (See Note 3) | 47,478 |
Professional fees | 27,628 |
Custodian | 13,440 |
Accrued expenses | 699 |
Total liabilities | 10,987,672 |
Net assets | $386,824,389 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 44,912 |
Additional paid-in-capital | 430,274,669 |
430,319,581 | |
Total distributable earnings (loss) | (43,495,192) |
Net assets | $386,824,389 |
Initial Class | |
Net assets applicable to outstanding shares | $155,564,578 |
Shares of beneficial interest outstanding | 17,932,065 |
Net asset value per share outstanding | $ 8.68 |
Service Class | |
Net assets applicable to outstanding shares | $231,259,811 |
Shares of beneficial interest outstanding | 26,979,957 |
Net asset value per share outstanding | $ 8.57 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $26,792) | $ 5,640,895 |
Dividends-affiliated | 291,060 |
Securities lending, net | 82,987 |
Total income | 6,014,942 |
Expenses | |
Manager (See Note 3) | 3,032,185 |
Distribution/Service—Service Class (See Note 3) | 551,898 |
Professional fees | 78,815 |
Custodian | 30,208 |
Trustees | 9,762 |
Miscellaneous | 7,990 |
Total expenses before waiver/reimbursement | 3,710,858 |
Expense waiver/reimbursement from Manager (See Note 3) | (354,186) |
Net expenses | 3,356,672 |
Net investment income (loss) | 2,658,270 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (21,755,794) |
Futures transactions | 173,152 |
Foreign currency transactions | 720 |
Net realized gain (loss) | (21,581,922) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 68,280,447 |
Futures contracts | 386,366 |
Translation of other assets and liabilities in foreign currencies | (2) |
Net change in unrealized appreciation (depreciation) | 68,666,811 |
Net realized and unrealized gain (loss) | 47,084,889 |
Net increase (decrease) in net assets resulting from operations | $ 49,743,159 |
16 | MainStay VP Wellington Small Cap Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,658,270 | $ 2,367,068 |
Net realized gain (loss) | (21,581,922) | (47,768,878) |
Net change in unrealized appreciation (depreciation) | 68,666,811 | (62,073,610) |
Net increase (decrease) in net assets resulting from operations | 49,743,159 | (107,475,420) |
Distributions to shareholders: | ||
Initial Class | (1,214,596) | (49,470,351) |
Service Class | (1,227,562) | (66,408,806) |
Total distributions to shareholders | (2,442,158) | (115,879,157) |
Capital share transactions: | ||
Net proceeds from sales of shares | 32,412,984 | 42,762,495 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 2,442,158 | 115,879,157 |
Cost of shares redeemed | (91,826,360) | (57,789,013) |
Increase (decrease) in net assets derived from capital share transactions | (56,971,218) | 100,852,639 |
Net increase (decrease) in net assets | (9,670,217) | (122,501,938) |
Net Assets | ||
Beginning of year | 396,494,606 | 518,996,544 |
End of year | $386,824,389 | $ 396,494,606 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.69 | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | ||||
Net investment income (loss) (a) | 0.07 | 0.07 | 0.16 | 0.04 | 0.05 | ||||
Net realized and unrealized gain (loss) | 0.99 | (3.05) | 1.95 | 1.05 | 1.61 | ||||
Total from investment operations | 1.06 | (2.98) | 2.11 | 1.09 | 1.66 | ||||
Less distributions: | |||||||||
From net investment income | (0.07) | (0.13) | (0.05) | (0.01) | (0.02) | ||||
From net realized gain on investments | — | (2.99) | — | — | (0.81) | ||||
Total distributions | (0.07) | (3.12) | (0.05) | (0.01) | (0.83) | ||||
Net asset value at end of year | $ 8.68 | $ 7.69 | $ 13.79 | $ 11.73 | $ 10.65 | ||||
Total investment return (b) | 13.89% | (20.83)% | 18.03% | 10.22% | 17.82% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.84% | 0.70% | 0.93% | 0.42% | 0.48% | ||||
Net expenses (c) | 0.74% | 0.74% | 0.74% | 0.75% | 0.82% | ||||
Expenses (before waiver/reimbursement) (c) | 0.83% | 0.85% | 0.86% | 0.86% | 0.86% | ||||
Portfolio turnover rate | 61% | 71% | 83% | 225% | 257% | ||||
Net assets at end of year (in 000's) | $ 155,565 | $ 172,629 | $ 206,410 | $ 197,586 | $ 198,292 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 7.59 | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | ||||
Net investment income (loss) (a) | 0.05 | 0.05 | 0.12 | 0.02 | 0.02 | ||||
Net realized and unrealized gain (loss) | 0.97 | (3.02) | 1.95 | 1.03 | 1.59 | ||||
Total from investment operations | 1.02 | (2.97) | 2.07 | 1.05 | 1.61 | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.10) | (0.03) | — | (0.00)‡ | ||||
From net realized gain on investments | — | (2.99) | — | — | (0.81) | ||||
Total distributions | (0.04) | (3.09) | (0.03) | — | (0.81) | ||||
Net asset value at end of year | $ 8.57 | $ 7.59 | $ 13.65 | $ 11.61 | $ 10.56 | ||||
Total investment return (b) | 13.60% | (21.03)% | 17.73% | 9.94%(c) | 17.53% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.60% | 0.44% | 0.66% | 0.17% | 0.22% | ||||
Net expenses (d) | 0.99% | 0.99% | 0.99% | 1.00% | 1.07% | ||||
Expenses (before waiver/reimbursement) (d) | 1.08% | 1.10% | 1.11% | 1.11% | 1.12% | ||||
Portfolio turnover rate | 61% | 71% | 83% | 225% | 257% | ||||
Net assets at end of year (in 000's) | $ 231,260 | $ 223,866 | $ 312,587 | $ 304,479 | $ 317,216 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Small Cap Portfolio |
Class | Commenced Operations |
Initial Class | May 2, 2016 |
Service Class | May 2, 2016 |
• | Level 1—quoted prices (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 Small Cap Portfolio |
22 | MainStay VP Wellington Small Cap Portfolio |
Asset Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $307,466 | $307,466 |
Total Fair Value | $307,466 | $307,466 |
(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 | $173,152 | $173,152 |
Total Net Realized Gain (Loss) | $173,152 | $173,152 |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $386,366 | $386,366 |
Total Net Change in Unrealized Appreciation (Depreciation) | $386,366 | $386,366 |
Average Notional Amount | Total |
Futures Contracts Long | $4,894,439 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $378,524,780 | $48,679,740 | $(30,590,090) | $18,089,650 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,544,017 | $(65,262,594) | $133,736 | $18,089,650 | $(43,495,191) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $35,175 | $30,087 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $2,442,158 | $ 88,089,468 |
Long-Term Capital Gains | — | 27,789,689 |
Total | $2,442,158 | $115,879,157 |
24 | MainStay VP Wellington Small Cap Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$397 | $1,360 | $(409) |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,624,524 | $ 12,642,093 |
Shares issued to shareholders in reinvestment of distributions | 163,077 | 1,214,596 |
Shares redeemed | (6,311,366) | (50,520,270) |
Net increase (decrease) | (4,523,765) | $(36,663,581) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,561,024 | $ 19,770,891 |
Shares issued to shareholders in reinvestment of distributions | 166,720 | 1,227,562 |
Shares redeemed | (5,239,480) | (41,306,090) |
Net increase (decrease) | (2,511,736) | $(20,307,637) |
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 |
New York, New York
February 26, 2024
26 | MainStay VP Wellington Small Cap Portfolio |
28 | MainStay VP Wellington Small Cap Portfolio |
30 | MainStay VP Wellington Small Cap Portfolio |
32 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
34 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay VP Wellington Small Cap Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015867 | MSVPSCC11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 2/17/2012 | 7.25% | 2.49% | 0.08% | 1.16% |
Service Class Shares | 2/17/2012 | 6.98 | 2.24 | -0.17 | 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, a former subadvisor, transitioned to MacKay Shields LLC. |
3. | Effective May 1, 2021, the Portfolio replaced one of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI Emerging Markets Index (Net)1 | 9.83% | 3.69% | 2.66% |
Morningstar Diversified Emerging Markets Category Average2 | 12.32 | 4.70 | 2.62 |
* | 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. | 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. |
2. | The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,027.60 | $5.78 | $1,019.51 | $5.75 | 1.13% |
Service Class Shares | $1,000.00 | $1,026.30 | $7.05 | $1,018.25 | $7.02 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Candriam Emerging Markets Equity Portfolio |
China | 25.9% |
India | 17.5 |
Taiwan | 15.8 |
Republic of Korea | 13.7 |
Brazil | 7.4 |
South Africa | 4.6 |
Mexico | 4.4 |
Indonesia | 3.1 |
Thailand | 2.0 |
Turkey | 1.8 |
Poland | 0.9% |
Malaysia | 0.8 |
United States | 0.6 |
Russia | 0.0‡ |
Greece | 0.0‡ |
Hong Kong | 0.0‡ |
Other Assets, Less Liabilities | 1.5 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. |
2. | Samsung Electronics Co. Ltd. |
3. | Tencent Holdings Ltd. |
4. | SK Hynix, Inc. |
5. | Alibaba Group Holding Ltd. |
6. | Reliance Industries Ltd. |
7. | PDD Holdings, Inc., ADR |
8. | Bharti Airtel Ltd. |
9. | Axis Bank Ltd. |
10. | KB Financial Group, Inc. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks 96.5% | ||
Brazil 6.0% | ||
Banco do Brasil SA (Banks) | 226,000 | $ 2,581,980 |
Localiza Rent a Car SA (Ground Transportation) | 148,000 | 1,929,777 |
MercadoLibre, Inc. (Broadline Retail) (a) | 1,160 | 1,822,986 |
NU Holdings Ltd., Class A (Banks) (a) | 176,000 | 1,466,080 |
PRIO SA (Oil, Gas & Consumable Fuels) | 246,000 | 2,323,911 |
Raia Drogasil SA (Consumer Staples Distribution & Retail) | 294,000 | 1,774,538 |
WEG SA (Electrical Equipment) | 156,000 | 1,212,150 |
13,111,422 | ||
China 25.9% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 300,116 | 669,445 |
Airtac International Group (Machinery) | 26,000 | 855,639 |
Alibaba Group Holding Ltd. (Broadline Retail) | 578,000 | 5,596,056 |
Anhui Huaheng Biotechnology Co. Ltd., Class A (Chemicals) | 72,898 | 1,294,078 |
ANTA Sports Products Ltd. (Textiles, Apparel & Luxury Goods) | 56,000 | 543,254 |
Baidu, Inc., Class A (Interactive Media & Services) (a) | 88,000 | 1,308,420 |
Bank of Jiangsu Co. Ltd., Class A (Banks) | 2,639,994 | 2,490,280 |
Beijing Compass Technology Development Co. Ltd., Class A (Capital Markets) (a) | 115,992 | 985,544 |
BYD Co. Ltd., Class H (Automobiles) | 61,961 | 1,701,279 |
BYD Electronic International Co. Ltd. (Communications Equipment) | 388,000 | 1,818,634 |
China Merchants Bank Co. Ltd., Class H (Banks) | 402,000 | 1,400,320 |
China Resources Land Ltd. (Real Estate Management & Development) | 475,888 | 1,706,456 |
CMOC Group Ltd., Class H (Metals & Mining) | 2,849,828 | 1,558,400 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 24,073 | 554,152 |
Flat Glass Group Co. Ltd., Class H (Semiconductors & Semiconductor Equipment) | 220,000 | 371,339 |
JD.com, Inc., Class A (Broadline Retail) | 56,000 | 806,813 |
Kanzhun Ltd., ADR (Interactive Media & Services) | 40,000 | 664,400 |
Kuaishou Technology (Interactive Media & Services) (a)(b) | 192,000 | 1,301,966 |
Li Auto, Inc., Class A (Automobiles) (a) | 77,000 | 1,450,560 |
Longshine Technology Group Co. Ltd., Class A (Software) | 189,991 | 439,067 |
Luzhou Laojiao Co. Ltd., Class A (Beverages) | 32,000 | 809,543 |
Shares | Value | |
China (continued) | ||
Meituan (Hotels, Restaurants & Leisure) (a)(b) | 200,000 | $ 2,097,714 |
NARI Technology Co. Ltd., Class A (Electrical Equipment) | 300,196 | 944,753 |
NetEase, Inc. (Entertainment) | 98,000 | 1,764,590 |
Ningbo Deye Technology Co. Ltd., Class A (Machinery) | 44,175 | 522,586 |
Nongfu Spring Co. Ltd., Class H (Beverages) (b) | 330,000 | 1,908,113 |
PDD Holdings, Inc., ADR (Broadline Retail) (a) | 33,000 | 4,828,230 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 580,000 | 2,625,728 |
Proya Cosmetics Co. Ltd., Class A (Personal Care Products) | 73,045 | 1,023,755 |
Shandong Gold Mining Co. Ltd., Class H (Metals & Mining) (b) | 860,000 | 1,632,221 |
Shanghai Baosight Software Co. Ltd., Class A (Software) | 142,076 | 977,596 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 90,000 | 801,247 |
Shenzhen Transsion Holdings Co. Ltd., Class A (Technology Hardware, Storage & Peripherals) | 56,000 | 1,092,806 |
Tencent Holdings Ltd. (Interactive Media & Services) | 172,000 | 6,467,209 |
Yadea Group Holdings Ltd. (Automobiles) (b) | 460,000 | 808,247 |
Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy Equipment & Services) | 320,000 | 1,268,323 |
57,088,763 | ||
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 17.5% | ||
ABB India Ltd. (Electrical Equipment) | 38,000 | 2,134,795 |
APL Apollo Tubes Ltd. (Metals & Mining) | 92,000 | 1,699,065 |
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 24,000 | 1,645,142 |
Axis Bank Ltd. (Banks) | 278,000 | 3,682,557 |
Bajaj Finance Ltd. (Consumer Finance) | 26,000 | 2,289,544 |
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 312,000 | 3,870,110 |
10 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
India (continued) | ||
HDFC Bank Ltd. (Banks) | 92,000 | $ 1,889,724 |
ICICI Bank Ltd. (Banks) | 176,000 | 2,107,844 |
Indraprastha Gas Ltd. (Gas Utilities) | 270,000 | 1,357,402 |
KPIT Technologies Ltd. (Software) | 84,000 | 1,528,154 |
Mahindra & Mahindra Ltd. (Automobiles) | 74,000 | 1,537,914 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 158,000 | 4,908,108 |
SBI Cards & Payment Services Ltd. (Consumer Finance) | 148,000 | 1,351,077 |
Tata Elxsi Ltd. (Software) | 11,000 | 1,157,116 |
Tata Motors Ltd. (Automobiles) | 232,000 | 2,174,501 |
Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | 73,000 | 2,022,564 |
Varun Beverages Ltd. (Beverages) | 216,000 | 3,210,652 |
38,566,269 | ||
Indonesia 3.1% | ||
Aneka Tambang Tbk. (Metals & Mining) | 4,400,000 | 487,238 |
Bank Central Asia Tbk. PT (Banks) | 4,000,000 | 2,442,034 |
Bank Mandiri Persero Tbk. PT (Banks) | 4,500,000 | 1,768,202 |
Merdeka Copper Gold Tbk. PT (Metals & Mining) (a) | 5,000,000 | 876,794 |
Sumber Alfaria Trijaya Tbk. PT (Consumer Staples Distribution & Retail) | 6,800,000 | 1,294,018 |
6,868,286 | ||
Malaysia 0.8% | ||
Press Metal Aluminium Holdings Bhd. (Metals & Mining) | 1,580,000 | 1,653,928 |
Mexico 4.4% | ||
America Movil SAB de CV (Wireless Telecommunication Services) | 2,940,000 | 2,725,140 |
Cemex SAB de CV (Construction Materials) (a) | 1,420,000 | 1,105,494 |
Gruma SAB de CV, Class B (Food Products) | 108,000 | 1,978,866 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 40,000 | 698,263 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 324,000 | 3,258,126 |
9,765,889 | ||
Poland 0.9% | ||
Dino Polska SA (Consumer Staples Distribution & Retail) (a)(b) | 17,000 | 1,990,444 |
Republic of Korea 13.7% | ||
Coupang, Inc. (Broadline Retail) (a) | 48,000 | 777,120 |
Shares | Value | |
Republic of Korea (continued) | ||
Daejoo Electronic Materials Co. Ltd. (Electronic Equipment, Instruments & Components) (a) | 10,400 | $ 693,508 |
DB Insurance Co. Ltd. (Insurance) (a) | 42,000 | 2,724,133 |
HPSP Co. Ltd. (Semiconductors & Semiconductor Equipment) (a) | 24,000 | 811,043 |
JYP Entertainment Corp. (Entertainment) (a) | 16,000 | 1,253,390 |
KB Financial Group, Inc. (Banks) | 87,000 | 3,638,806 |
LG Chem Ltd. (Chemicals) (a) | 4,500 | 1,733,295 |
Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | 2,500 | 1,473,651 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 142,000 | 8,636,428 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 106,000 | 2,377,587 |
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 55,000 | 6,005,185 |
30,124,146 | ||
Russia 0.0% ‡ | ||
Magnit PJSC (Consumer Staples Distribution & Retail) (c)(d) | 22,529 | — |
South Africa 4.6% | ||
Capitec Bank Holdings Ltd. (Banks) | 18,600 | 2,060,423 |
FirstRand Ltd. (Financial Services) | 652,000 | 2,620,119 |
Gold Fields Ltd. (Metals & Mining) | 180,000 | 2,733,383 |
Naspers Ltd., Class N (Broadline Retail) | 16,400 | 2,804,384 |
10,218,309 | ||
Taiwan 15.8% | ||
Accton Technology Corp. (Communications Equipment) | 164,000 | 2,794,741 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 22,000 | 2,347,632 |
Chailease Holding Co. Ltd. (Financial Services) | 330,000 | 2,075,235 |
CTBC Financial Holding Co. Ltd. (Banks) | 3,080,000 | 2,845,115 |
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 180,000 | 1,838,680 |
E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 120,000 | 770,271 |
Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals) | 160,000 | 1,170,395 |
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 72,000 | 1,106,140 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 972,000 | 18,780,926 |
Shares | Value | |
Common Stocks (continued) | ||
Taiwan (continued) | ||
Voltronic Power Technology Corp. (Electrical Equipment) | 18,000 | $ 1,002,916 |
34,732,051 | ||
Thailand 2.0% | ||
Airports of Thailand PCL, NVDR (Transportation Infrastructure) | 820,000 | 1,433,837 |
Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 820,000 | 666,667 |
Kasikornbank PCL, NVDR (Banks) | 240,000 | 948,674 |
PTT PCL, NVDR (Oil, Gas & Consumable Fuels) | 1,360,000 | 1,424,490 |
4,473,668 | ||
Turkey 1.8% | ||
BIM Birlesik Magazalar A/S (Consumer Staples Distribution & Retail) | 232,000 | 2,367,729 |
Turkiye Garanti Bankasi A/S (Banks) (e) | 760,000 | 1,504,848 |
3,872,577 | ||
Total Common Stocks (Cost $204,969,139) | 212,465,752 | |
Preferred Stock 1.4% | ||
Brazil 1.4% | ||
Itau Unibanco Holding SA (Banks) | 460,000 | 3,198,623 |
Total Preferred Stock (Cost $2,271,803) | 3,198,623 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Brazil 0.0% ‡ | ||
Localiza Rent a Car SA (Ground Transportation) | ||
Expires 2/5/24 (a) | 531 | 2,186 |
Total Rights (Cost $0) | 2,186 | |
Short-Term Investments 0.6% | ||
Unaffiliated Investment Companies 0.6% | ||
United States 0.6% | ||
Dreyfus Treasury Obligations Cash Management Fund, 5.40% (f)(g) | 3,600 | 3,600 |
Number of Rights | Value | ||
United States (continued) | |||
Invesco Government & Agency Portfolio, 5.361% (f)(g) | 1,218,202 | $ 1,218,202 | |
1,221,802 | |||
Total Short-Term Investments (Cost $1,221,802) | 1,221,802 | ||
Total Investments (Cost $208,462,744) | 98.5% | 216,888,363 | |
Other Assets, Less Liabilities | 1.5 | 3,342,681 | |
Net Assets | 100.0% | $ 220,231,044 |
† | 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 December 31, 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. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $1,352,585; the total market value of collateral held by the Portfolio was $1,400,014. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $178,212. The Portfolio received cash collateral with a value of $1,221,802. (See Note 2(J)) |
(f) | Current yield as of December 31, 2023. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
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 | |||||||
Brazil | $ 3,289,066 | $ 9,822,356 | $ — | $ 13,111,422 | |||
Republic of Korea | 777,120 | 29,347,026 | — | 30,124,146 | |||
Thailand | — | 4,473,668 | — | 4,473,668 | |||
All Other Countries | 164,756,516 | — | — | 164,756,516 | |||
Total Common Stocks | 168,822,702 | 43,643,050 | — | 212,465,752 | |||
Preferred Stock | — | 3,198,623 | — | 3,198,623 | |||
Rights | 2,186 | — | — | 2,186 | |||
Short-Term Investments | |||||||
Unaffiliated Investment Companies | 1,221,802 | — | — | 1,221,802 | |||
Total Investments in Securities | $ 170,046,690 | $ 46,841,673 | $ — | $ 216,888,363 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Automobiles | $ 7,672,501 | 3.5% | |
Banks | 37,283,636 | 16.9 | |
Beverages | 5,928,308 | 2.7 | |
Broadline Retail | 16,635,589 | 7.6 | |
Capital Markets | 985,544 | 0.4 | |
Chemicals | 3,027,373 | 1.4 | |
Communications Equipment | 4,613,375 | 2.1 | |
Construction & Engineering | 2,377,587 | 1.1 | |
Construction Materials | 1,105,494 | 0.5 | |
Consumer Finance | 3,640,621 | 1.6 | |
Consumer Staples Distribution & Retail | 7,426,729 | 3.4 | |
Electrical Equipment | 5,848,766 | 2.7 | |
Electronic Equipment, Instruments & Components | 3,302,459 | 1.5 | |
Energy Equipment & Services | 1,268,323 | 0.6 | |
Entertainment | 3,017,980 | 1.4 | |
Financial Services | 4,695,354 | 2.1 | |
Food Products | 1,978,866 | 0.9 | |
Gas Utilities | 1,357,402 | 0.6 | |
Ground Transportation | 1,931,963 | 0.9 | |
Health Care Providers & Services | 2,981,254 | 1.3 | |
Hotels, Restaurants & Leisure | 2,097,714 | 0.9 | |
Insurance | 5,349,861 | 2.4 | |
Interactive Media & Services | 9,741,995 | 4.4 | |
Life Sciences Tools & Services | 1,473,651 | 0.7 | |
Machinery | 2,179,472 | 1.0 | |
Metals & Mining | 10,641,029 | 4.8 | |
Oil, Gas & Consumable Fuels | 8,656,509 | 3.9 | |
Personal Care Products | 1,023,755 | 0.5 | |
Pharmaceuticals | 2,022,564 | 0.9 | |
Real Estate Management & Development | 1,706,456 | 0.8 | |
Semiconductors & Semiconductor Equipment | 29,422,265 | 13.4 | |
Software | 4,101,933 | 1.9 | |
Technology Hardware, Storage & Peripherals | 10,899,629 | 4.9 | |
Textiles, Apparel & Luxury Goods | 543,254 | 0.2 | |
Transportation Infrastructure | 2,132,100 | 1.0 | |
Wireless Telecommunication Services | 6,595,250 | 3.0 | |
215,666,561 | 97.9 | ||
Short-Term Investments | 1,221,802 | 0.6 | |
Other Assets, Less Liabilities | 3,342,681 | 1.5 | |
Net Assets | $220,231,044 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
14 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Assets | |
Investment in securities, at value (identified cost $208,462,744) including securities on loan of $1,352,585 | $216,888,363 |
Cash | 5,562,597 |
Cash denominated in foreign currencies (identified cost $168,346) | 169,096 |
Receivables: | |
Dividends | 316,613 |
Portfolio shares sold | 8,743 |
Securities lending | 3,687 |
Investment securities sold | 379 |
Other assets | 1,643 |
Total assets | 222,951,121 |
Liabilities | |
Cash collateral received for securities on loan | 1,221,802 |
Payables: | |
Foreign capital gains tax (See Note 2) | 1,019,329 |
Manager (See Note 3) | 181,678 |
Portfolio shares redeemed | 109,696 |
Custodian | 67,580 |
Professional fees | 43,126 |
Investment securities purchased | 30,372 |
Shareholder communication | 26,501 |
NYLIFE Distributors (See Note 3) | 13,626 |
Accrued expenses | 6,367 |
Total liabilities | 2,720,077 |
Net assets | $220,231,044 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 31,630 |
Additional paid-in-capital | 272,071,566 |
272,103,196 | |
Total distributable earnings (loss) | (51,872,152) |
Net assets | $220,231,044 |
Initial Class | |
Net assets applicable to outstanding shares | $154,578,617 |
Shares of beneficial interest outstanding | 22,223,195 |
Net asset value per share outstanding | $ 6.96 |
Service Class | |
Net assets applicable to outstanding shares | $ 65,652,427 |
Shares of beneficial interest outstanding | 9,407,176 |
Net asset value per share outstanding | $ 6.98 |
Investment Income (Loss) | |
Income | |
Dividends (net of foreign tax withholding of $503,347) | $ 4,882,649 |
Securities lending, net | 9,103 |
Other | 55,966 |
Total income | 4,947,718 |
Expenses | |
Manager (See Note 3) | 2,227,427 |
Distribution/Service—Service Class (See Note 3) | 171,128 |
Custodian | 162,666 |
Professional fees | 126,972 |
Trustees | 5,787 |
Miscellaneous | 8,765 |
Total expenses before waiver/reimbursement | 2,702,745 |
Reimbursement from prior custodian(a) | (10,272) |
Net expenses | 2,692,473 |
Net investment income (loss) | 2,255,245 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(b) | (14,207,289) |
Foreign currency transactions | (229,122) |
Net realized gain (loss) | (14,436,411) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(c) | 28,270,386 |
Translation of other assets and liabilities in foreign currencies | (79,740) |
Net change in unrealized appreciation (depreciation) | 28,190,646 |
Net realized and unrealized gain (loss) | 13,754,235 |
Net increase (decrease) in net assets resulting from operations | $ 16,009,480 |
(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 $152,030. |
(c) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(570,082). |
16 | MainStay VP Candriam Emerging Markets Equity Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,255,245 | $ 3,076,160 |
Net realized gain (loss) | (14,436,411) | (44,773,229) |
Net change in unrealized appreciation (depreciation) | 28,190,646 | (48,297,244) |
Net increase (decrease) in net assets resulting from operations | 16,009,480 | (89,994,313) |
Distributions to shareholders: | ||
Initial Class | (2,643,644) | (25,368,728) |
Service Class | (958,432) | (11,240,825) |
Total distributions to shareholders | (3,602,076) | (36,609,553) |
Capital share transactions: | ||
Net proceeds from sales of shares | 7,298,977 | 25,988,468 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,602,076 | 36,609,553 |
Cost of shares redeemed | (32,178,378) | (20,777,407) |
Increase (decrease) in net assets derived from capital share transactions | (21,277,325) | 41,820,614 |
Net increase (decrease) in net assets | (8,869,921) | (84,783,252) |
Net Assets | ||
Beginning of year | 229,100,965 | 313,884,217 |
End of year | $220,231,044 | $229,100,965 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.60 | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | ||||
Net investment income (loss) | 0.07 | 0.11 | 0.12(a) | 0.07(a) | 0.19(a) | ||||
Net realized and unrealized gain (loss) | 0.41 | (3.39) | (0.34) | 2.30 | 1.41 | ||||
Total from investment operations | 0.48 | (3.28) | (0.22) | 2.37 | 1.60 | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.09) | (0.13) | (0.32) | (0.13) | ||||
From net realized gain on investments | — | (1.19) | — | — | — | ||||
Total distributions | (0.12) | (1.28) | (0.13) | (0.32) | (0.13) | ||||
Net asset value at end of year | $ 6.96 | $ 6.60 | $ 11.16 | $ 11.51 | $ 9.46 | ||||
Total investment return (b) | 7.25% | (28.72)% | (2.00)% | 25.71% | 20.08% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.09%(c) | 1.28% | 1.02% | 0.79% | 2.18% | ||||
Net expenses (d) | 1.13%(e) | 1.16% | 1.13% | 1.18% | 1.17% | ||||
Expenses (before waiver/reimbursement) (d) | 1.14% | 1.16% | 1.14% | 1.18% | 1.17% | ||||
Portfolio turnover rate | 52% | 115% | 63% | 123% | 121% | ||||
Net assets at end of year (in 000's) | $ 154,579 | $ 158,187 | $ 211,647 | $ 257,933 | $ 273,042 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Without the custody fee reimbursement, net investment income (loss) would have been 1.08%. |
(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 1.14%. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 6.62 | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | ||||
Net investment income (loss) | 0.06 | 0.09 | 0.09(a) | 0.05(a) | 0.17(a) | ||||
Net realized and unrealized gain (loss) | 0.40 | (3.39) | (0.35) | 2.31 | 1.40 | ||||
Total from investment operations | 0.46 | (3.30) | (0.26) | 2.36 | 1.57 | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.05) | (0.10) | (0.29) | (0.10) | ||||
From net realized gain on investments | — | (1.19) | — | — | — | ||||
Total distributions | (0.10) | (1.24) | (0.10) | (0.29) | (0.10) | ||||
Net asset value at end of year | $ 6.98 | $ 6.62 | $ 11.16 | $ 11.52 | $ 9.45 | ||||
Total investment return (b) | 6.98% | (28.89)% | (2.25)% | 25.40% | 19.78% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.84%(c) | 1.03% | 0.78% | 0.57% | 2.00% | ||||
Net expenses (d) | 1.38%(e) | 1.41% | 1.38% | 1.43% | 1.42% | ||||
Expenses (before waiver/reimbursement) (d) | 1.39% | 1.41% | 1.39% | 1.43% | 1.42% | ||||
Portfolio turnover rate | 52% | 115% | 63% | 123% | 121% | ||||
Net assets at end of year (in 000's) | $ 65,652 | $ 70,914 | $ 102,237 | $ 120,450 | $ 127,042 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Without the custody fee reimbursement, net investment income (loss) would have been 0.83%. |
(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%. |
18 | MainStay VP Candriam Emerging Markets 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) |
• 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 Candriam Emerging Markets Equity Portfolio |
22 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $212,961,818 | $25,363,595 | $(21,437,050) | $3,926,545 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,787,586 | $(56,481,526) | $— | $2,821,788 | $(51,872,152) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $49,693 | $6,788 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $3,602,076 | $ 2,194,677 |
Long-Term Capital Gains | — | 34,414,876 |
Total | $3,602,076 | $36,609,553 |
24 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 728,793 | $ 4,910,032 |
Shares issued to shareholders in reinvestment of distributions | 399,245 | 2,643,644 |
Shares redeemed | (2,855,196) | (19,862,854) |
Net increase (decrease) | (1,727,158) | $(12,309,178) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 351,247 | $ 2,388,945 |
Shares issued to shareholders in reinvestment of distributions | 144,184 | 958,432 |
Shares redeemed | (1,797,103) | (12,315,524) |
Net increase (decrease) | (1,301,672) | $ (8,968,147) |
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 |
New York, New York
February 26, 2024
26 | MainStay VP Candriam Emerging Markets Equity Portfolio |
28 | MainStay VP Candriam Emerging Markets Equity Portfolio |
30 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
32 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015935 | MSVPEME11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2013 | 10.26% | 2.78% | -1.46% | 1.18% |
Service Class Shares | 5/1/2013 | 9.98 | 2.53 | -1.67 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P Balanced Equity and Bond Conservative Index1 | 9.22% | 4.15% | 4.34% |
Barclay Hedge Fund Index2 | 9.28 | 6.33 | 4.50 |
Barclay Fund of Funds Index3 | 5.85 | 4.03 | 2.31 |
IQ Hedge Multi-Strategy Index4 | 10.80 | 3.50 | 2.63 |
Morningstar Multistrategy Category Average5 | 6.24 | 4.13 | 2.25 |
* | 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. | 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%). |
2. | The Portfolio has selected the Barclay Hedge Fund Index as an additional 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. |
3. | The Portfolio has selected the Barclay Fund of Funds Index as its secondary benchmark. The Barclay Fund of Funds Index is a measure of the average return of all reporting funds in the Barclay database. |
4. | 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. |
5. | 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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,050.30 | $3.62 | $1,021.68 | $3.57 | 0.70% |
Service Class Shares | $1,000.00 | $1,049.00 | $4.91 | $1,020.42 | $4.84 | 0.95% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Bank Loan Funds | 23.4% |
Floating Rate—Investment Grade Funds | 23.2 |
Unaffiliated Investment Companies (a) | 17.1 |
Convertible Bond Funds | 12.7 |
Emerging Small Cap Equity Fund | 11.2 |
Derivative Income Funds | 9.2 |
U.S. Large Cap Core Funds | 7.7 |
Affiliated Investment Company | 5.7 |
International Small Cap Equity Fund | 3.2 |
Merger Arbitrage Fund | 1.1% |
Emerging Equity Fund | 0.6 |
Volatility | 0.6 |
Broad Fund | 0.6 |
U.S. Small Cap Core Funds | 0.5 |
Private Equity Replication Fund | 0.4 |
Other Assets, Less Liabilities | –17.2 |
100.0% |
(a) | Represents a security purchased with cash collateral received for securities on loan. |
1. | iShares Floating Rate Bond ETF |
2. | Invesco Senior Loan ETF |
3. | SPDR Blackstone 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. | IQ Merger Arbitrage ETF |
9. | JPMorgan Nasdaq Equity Premium Income ETF |
10. | Financial Select Sector SPDR Fund |
8 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
1. | See "Investment and Performance Comparison" 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. |
5. | Beta is a measure of historical volatility relative to an appropriate index (benchmark) based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark’s. |
6. | Alpha measures a fund’s risk-adjusted performance and is expressed as an annualized percentage. |
10 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Exchange-Traded Funds 97.8% | ||
Alternative 15.3% | ||
Affiliated Investment Company 4.6% | ||
IQ Merger Arbitrage ETF (a) | 387,129 | $ 12,159,721 |
Derivative Income Funds 9.2% | ||
JPMorgan Equity Premium Income ETF | 228,368 | 12,555,672 |
JPMorgan Nasdaq Equity Premium Income ETF (a) | 230,190 | 11,493,387 |
24,049,059 | ||
Merger Arbitrage Fund 1.1% | ||
AltShares Merger Arbitrage ETF (b) | 112,412 | 3,007,021 |
Private Equity Replication Fund 0.4% | ||
Invesco Global Listed Private Equity ETF | 15,184 | 944,445 |
Total Alternative (Cost $38,987,290) | 40,160,246 | |
Bonds 59.3% | ||
Bank Loan Funds 23.4% | ||
Invesco Senior Loan ETF (a) | 1,510,379 | 31,989,827 |
SPDR Blackstone Senior Loan ETF (a) | 702,243 | 29,445,049 |
61,434,876 | ||
Convertible Bond Funds 12.7% | ||
iShares Convertible Bond ETF | 100,458 | 7,894,994 |
SPDR Bloomberg Convertible Securities ETF | 351,909 | 25,390,235 |
33,285,229 | ||
Floating Rate—Investment Grade Funds 23.2% | ||
iShares Floating Rate Bond ETF (a) | 904,619 | 45,791,814 |
SPDR Bloomberg Investment Grade Floating Rate ETF | 491,896 | 15,047,098 |
60,838,912 | ||
Total Bonds (Cost $152,606,397) | 155,559,017 | |
Equities 23.2% | ||
Emerging Equity Fund 0.6% | ||
iShares MSCI India ETF | 31,586 | 1,541,713 |
Emerging Small Cap Equity Fund 11.2% | ||
SPDR S&P Emerging Markets Small-Cap ETF (a) | 520,776 | 29,403,013 |
Shares | Value | |
International Small Cap Equity Fund 3.2% | ||
Schwab International Small-Cap Equity ETF (a) | 238,140 | $ 8,308,704 |
U.S. Large Cap Core Funds 7.7% | ||
Energy Select Sector SPDR Fund | 1,993 | 167,093 |
Financial Select Sector SPDR Fund | 301,772 | 11,346,627 |
Materials Select Sector SPDR Fund (a) | 40,317 | 3,448,716 |
Vanguard Energy ETF | 315 | 36,943 |
Vanguard Financials ETF | 33,824 | 3,120,602 |
Vanguard Materials ETF (a) | 10,629 | 2,018,873 |
20,138,854 | ||
U.S. Small Cap Core Funds 0.5% | ||
iShares Core S&P Small-Cap ETF | 7,187 | 777,993 |
Schwab U.S. Small-Cap ETF (a) | 3,342 | 157,876 |
Vanguard Small-Cap ETF (a) | 2,348 | 500,899 |
1,436,768 | ||
Total Equities (Cost $55,262,622) | 60,829,052 | |
Total Exchange-Traded Funds (Cost $246,856,309) | 256,548,315 | |
Exchange-Traded Note 0.6% | ||
Volatility 0.6% | ||
Volatility 0.6% | ||
iPath S&P 500 VIX Short-Term Futures ETN (a)(b) | 105,543 | 1,638,027 |
Total Exchange-Traded Note (Cost $3,034,286) | 1,638,027 | |
Exchange-Traded Vehicle 0.6% | ||
Commodity 0.6% | ||
Broad Fund 0.6% | ||
iShares GSCI Commodity Dynamic Roll Strategy ETF (a) | 61,922 | 1,552,385 |
Total Exchange-Traded Vehicle (Cost $1,608,424) | 1,552,385 | |
Short-Term Investments 18.2% | ||
Affiliated Investment Company 1.1% | ||
MainStay U.S. Government Liquidity Fund, 5.23% (c) | 2,889,285 | 2,889,285 |
Unaffiliated Investment Companies 17.1% | ||
BlackRock Liquidity FedFund, 5.37% (c)(d) | 18,000,000 | 18,000,000 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Fidelity Government Portfolio, 5.36% (c)(d) | 10,000,000 | $ 10,000,000 | |
Goldman Sachs Financial Square Government Fund, 5.35% (c)(d) | 3,000,000 | 3,000,000 | |
Invesco Government & Agency Portfolio, 5.36% (c)(d) | 753,088 | 753,088 | |
State Street Institutional U.S. Government Money Market Fund, 5.38% (c)(d) | 8,000,000 | 8,000,000 | |
Wells Fargo Government Money Market Fund, 5.36% (c)(d) | 5,000,000 | 5,000,000 | |
Total Unaffiliated Investment Companies (Cost $44,753,088) | 44,753,088 | ||
Total Short-Term Investments (Cost $47,642,373) | 47,642,373 | ||
Total Investments (Cost $299,141,392) | 117.2% | 307,381,100 | |
Other Assets, Less Liabilities | (17.2) | (45,211,153) | |
Net Assets | 100.0% | $ 262,169,947 |
† | 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 December 31, 2023, the aggregate market value of securities on loan was $44,684,449; the total market value of collateral held by the Portfolio was $45,859,837. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,106,749. The Portfolio received cash collateral with a value of $44,753,088. (See Note 2(I)) |
(b) | Non-income producing security. |
(c) | Current yield as of December 31, 2023. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
12 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ Merger Arbitrage ETF | $ — | $ 13,093 | $ (1,058) | $ 10 | $ 115 | $ 12,160 | $ 147 | $ — | 387 |
IQ Ultra Short Duration ETF | 9,690 | 732 | (10,428) | (116) | 122 | — | 151 | — | — |
MainStay U.S. Government Liquidity Fund | 67 | 37,615 | (34,793) | — | — | 2,889 | 36 | — | 2,889 |
$9,757 | $ 51,440 | $ (46,279) | $(106) | $ 237 | $ 15,049 | $ 334 | $ — |
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 | Monthly | 51 | $ — |
Morgan Stanley & Co. | AltShares Merger Arbitrage ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 51 | — |
Bank of America Merrill Lynch | Energy Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 3 | — |
Morgan Stanley & Co. | Energy Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 3 | — |
Bank of America Merrill Lynch | Financial Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 211 | — |
Morgan Stanley & Co. | Financial Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 211 | — |
Bank of America Merrill Lynch | Invesco Global Listed Private Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 17 | — |
Morgan Stanley & Co. | Invesco Global Listed Private Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 17 | — |
Bank of America Merrill Lynch | Invesco Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 595 | — |
Morgan Stanley & Co. | Invesco Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 595 | — |
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 | Monthly | 29 | — |
Morgan Stanley & Co. | iPath S&P 500 VIX Short-Term Futures ETN | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 28 | — |
Bank of America Merrill Lynch | IQ Merger Arbitrage ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 226 | — |
Morgan Stanley & Co. | IQ Merger Arbitrage ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 226 | — |
Bank of America Merrill Lynch | iShares Convertible Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 147 | — |
Morgan Stanley & Co. | iShares Convertible Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 147 | — |
Bank of America Merrill Lynch | iShares Core S&P Mid-Cap ETF | Federal Funds Composite Interest Rate | 9/4/24 | Monthly | (2,797) | — |
Morgan Stanley & Co. | iShares Core S&P Mid-Cap ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (2,797) | — |
Bank of America Merrill Lynch | iShares Core S&P Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 14 | — |
Morgan Stanley & Co. | iShares Core S&P Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 14 | — |
Bank of America Merrill Lynch | iShares Floating Rate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 852 | — |
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 Floating Rate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 852 | $ — |
Bank of America Merrill Lynch | iShares GSCI Commodity Dynamic Roll Strategy ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 26 | — |
Morgan Stanley & Co. | iShares GSCI Commodity Dynamic Roll Strategy ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 27 | — |
Bank of America Merrill Lynch | iShares MSCI India ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 26 | — |
Morgan Stanley & Co. | iShares MSCI India ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 26 | — |
Bank of America Merrill Lynch | JPMorgan Equity Premium Income ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 234 | — |
Morgan Stanley & Co. | JPMorgan Equity Premium Income ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 234 | — |
Bank of America Merrill Lynch | JPMorgan Nasdaq Equity Premium Income ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 214 | — |
Morgan Stanley & Co. | JPMorgan Nasdaq Equity Premium Income ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 214 | — |
Bank of America Merrill Lynch | Materials Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 64 | — |
Morgan Stanley & Co. | Materials Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 64 | — |
Bank of America Merrill Lynch | Schwab International Small-Cap Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 155 | — |
Morgan Stanley & Co. | Schwab International Small-Cap Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 155 | — |
Bank of America Merrill Lynch | Schwab U.S. Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 3 | — |
Morgan Stanley & Co. | Schwab U.S. Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 3 | — |
Bank of America Merrill Lynch | SPDR Blackstone Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 548 | — |
Morgan Stanley & Co. | SPDR Blackstone Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 548 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Convertible Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 472 | — |
Morgan Stanley & Co. | SPDR Bloomberg Convertible Securities ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 472 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 280 | — |
Morgan Stanley & Co. | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 280 | — |
Bank of America Merrill Lynch | SPDR S&P Emerging Markets Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 547 | — |
Morgan Stanley & Co. | SPDR S&P Emerging Markets Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 547 | — |
Bank of America Merrill Lynch | Vanguard Energy ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 1 | — |
Morgan Stanley & Co. | Vanguard Energy ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1 | — |
Bank of America Merrill Lynch | Vanguard Financials ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 53 | — |
Morgan Stanley & Co. | Vanguard Financials ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 53 | — |
Bank of America Merrill Lynch | Vanguard Materials ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 35 | — |
Morgan Stanley & Co. | Vanguard Materials ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 35 | — |
14 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Vanguard Mid-Cap ETF | Federal Funds Composite Interest Rate | 9/4/24 | Monthly | (2,068) | $ — |
Morgan Stanley & Co. | Vanguard Mid-Cap ETF | Federal Fund Rate minus 0.68% | 9/16/24 | Monthly | (2,068) | — |
Bank of America Merrill Lynch | Vanguard Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 9/4/24 | Monthly | 9 | — |
Morgan Stanley & Co. | Vanguard Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 9 | — |
$ — |
1. | As of December 31, 2023, cash in the amount $88,893 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2023. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
ETN—Exchange-Traded Note |
GSCI—Goldman Sachs Commodity Index |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
VIX—CBOE Volatility Index |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Exchange-Traded Funds | $ 256,548,315 | $ — | $ — | $ 256,548,315 | |||
Exchange-Traded Note | 1,638,027 | — | — | 1,638,027 | |||
Exchange-Traded Vehicle | 1,552,385 | — | — | 1,552,385 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 2,889,285 | — | — | 2,889,285 | |||
Unaffiliated Investment Companies | 44,753,088 | — | — | 44,753,088 | |||
Total Short-Term Investments | 47,642,373 | — | — | 47,642,373 | |||
Total Investments in Securities | $ 307,381,100 | $ — | $ — | $ 307,381,100 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $284,207,364) including securities on loan of $44,684,449 | $292,332,094 |
Investment in affiliated investment companies, at value (identified cost $14,934,028) | 15,049,006 |
Cash denominated in foreign currencies (identified cost $4,598) | 4,666 |
Cash collateral on deposit at broker for swap contracts | 88,893 |
Receivables: | |
Dividends | 370,523 |
Portfolio shares sold | 56,714 |
Securities lending | 43,900 |
Other assets | 1,840 |
Total assets | 307,947,636 |
Liabilities | |
Cash collateral received for securities on loan | 44,753,088 |
Payables: | |
Dividends and interest on OTC swaps contracts | 514,102 |
Portfolio shares redeemed | 239,586 |
Manager (See Note 3) | 142,684 |
NYLIFE Distributors (See Note 3) | 52,828 |
Custodian | 31,167 |
Professional fees | 22,928 |
Shareholder communication | 13,184 |
Accrued expenses | 8,122 |
Total liabilities | 45,777,689 |
Net assets | $262,169,947 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 31,123 |
Additional paid-in-capital | 332,279,037 |
332,310,160 | |
Total distributable earnings (loss) | (70,140,213) |
Net assets | $262,169,947 |
Initial Class | |
Net assets applicable to outstanding shares | $ 11,879,742 |
Shares of beneficial interest outstanding | 1,409,675 |
Net asset value per share outstanding | $ 8.43 |
Service Class | |
Net assets applicable to outstanding shares | $250,290,205 |
Shares of beneficial interest outstanding | 29,713,303 |
Net asset value per share outstanding | $ 8.42 |
16 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $11,704,596 |
Securities lending, net | 822,177 |
Dividends-affiliated | 333,802 |
Total income | 12,860,575 |
Expenses | |
Manager (See Note 3) | 2,061,715 |
Distribution/Service—Service Class (See Note 3) | 657,839 |
Professional fees | 68,732 |
Custodian | 64,519 |
Trustees | 7,240 |
Miscellaneous | 5,783 |
Total expenses before waiver/reimbursement | 2,865,828 |
Expense waiver/reimbursement from Manager (See Note 3) | (283,457) |
Reimbursement from prior custodian(a) | (85,488) |
Net expenses | 2,496,883 |
Net investment income (loss) | 10,363,692 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (2,120,537) |
Affiliated investment company transactions | (106,165) |
Swap transactions | (1,006,017) |
Foreign currency transactions | (2,667) |
Net realized gain (loss) | (3,235,386) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 18,558,755 |
Affiliated investments | 237,349 |
Translation of other assets and liabilities in foreign currencies | 5,176 |
Net change in unrealized appreciation (depreciation) | 18,801,280 |
Net realized and unrealized gain (loss) | 15,565,894 |
Net increase (decrease) in net assets resulting from operations | $25,929,586 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 10,363,692 | $ 5,845,226 |
Net realized gain (loss) | (3,235,386) | (28,946,491) |
Net change in unrealized appreciation (depreciation) | 18,801,280 | (8,397,896) |
Net increase (decrease) in net assets resulting from operations | 25,929,586 | (31,499,161) |
Distributions to shareholders: | ||
Initial Class | (588,271) | (245,307) |
Service Class | (11,163,374) | (4,860,946) |
Total distributions to shareholders | (11,751,645) | (5,106,253) |
Capital share transactions: | ||
Net proceeds from sales of shares | 9,065,487 | 7,315,445 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 11,751,645 | 5,106,253 |
Cost of shares redeemed | (58,900,317) | (63,501,869) |
Increase (decrease) in net assets derived from capital share transactions | (38,083,185) | (51,080,171) |
Net increase (decrease) in net assets | (23,905,244) | (87,685,585) |
Net Assets | ||
Beginning of year | 286,075,191 | 373,760,776 |
End of year | $262,169,947 | $286,075,191 |
18 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.04 | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | ||||
Net investment income (loss) (a) | 0.34 | 0.18 | 0.09 | 0.14 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.49 | (0.94) | (0.14) | 0.33 | 0.49 | ||||
Total from investment operations | 0.83 | (0.76) | (0.05) | 0.47 | 0.69 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.17) | — | (0.16) | (0.16) | ||||
Return of capital | — | — | — | (0.03) | (0.01) | ||||
Total distributions | (0.44) | (0.17) | — | (0.19) | (0.17) | ||||
Net asset value at end of year | $ 8.43 | $ 8.04 | $ 8.97 | $ 9.02 | $ 8.74 | ||||
Total investment return (b) | 10.26% | (8.48)% | (0.55)%(c) | 5.38% | 8.47% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.02%(d) | 2.12% | 0.97% | 1.56% | 2.36% | ||||
Net expenses (e) | 0.67%(f) | 0.70% | 0.70% | 0.70% | 0.70% | ||||
Expenses (before waiver/reimbursement) (e) | 0.80% | 0.81% | 0.83% | 1.00% | 1.20% | ||||
Portfolio turnover rate | 107% | 139% | 126% | 179% | 151% | ||||
Net assets at end of year (in 000's) | $ 11,880 | $ 12,070 | $ 13,499 | $ 12,044 | $ 10,749 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 3.99%. |
(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%. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.01 | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | ||||
Net investment income (loss) (a) | 0.31 | 0.15 | 0.06 | 0.11 | 0.18 | ||||
Net realized and unrealized gain (loss) | 0.49 | (0.94) | (0.13) | 0.34 | 0.49 | ||||
Total from investment operations | 0.80 | (0.79) | (0.07) | 0.45 | 0.67 | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.14) | — | (0.14) | (0.12) | ||||
Return of capital | — | — | — | (0.03) | (0.00)‡ | ||||
Total distributions | (0.39) | (0.14) | — | (0.17) | (0.12) | ||||
Net asset value at end of year | $ 8.42 | $ 8.01 | $ 8.94 | $ 9.01 | $ 8.73 | ||||
Total investment return (b) | 9.98% | (8.70)% | (0.78)%(c) | 5.14% | 8.23% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.76%(d) | 1.82% | 0.65% | 1.29% | 2.09% | ||||
Net expenses (e) | 0.92%(f) | 0.95% | 0.95% | 0.95% | 0.95% | ||||
Expenses (before waiver/reimbursement) (e) | 1.05% | 1.06% | 1.09% | 1.25% | 1.45% | ||||
Portfolio turnover rate | 107% | 139% | 126% | 179% | 151% | ||||
Net assets at end of year (in 000's) | $ 250,290 | $ 274,005 | $ 360,262 | $ 371,833 | $ 389,101 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 3.73%. |
(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%. |
20 | 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 |
22 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
24 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(1,006,017) | $(1,006,017) |
Total Net Realized Gain (Loss) | $(1,006,017) | $(1,006,017) |
Average Notional Amount | Total |
Swap Contracts Long | $ 17,659,202 |
Swap Contracts Short | $(17,680,448) |
26 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $303,027,930 | $5,860,745 | $(1,513,018) | $4,347,727 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(74,495,096) | $— | $4,354,883 | $(70,140,213) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $57,771 | $15,750 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $11,751,645 | $5,106,253 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 92,848 | $ 783,651 |
Shares issued to shareholders in reinvestment of distributions | 69,798 | 588,271 |
Shares redeemed | (253,924) | (2,101,275) |
Net increase (decrease) | (91,278) | $ (729,353) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 986,872 | $ 8,281,836 |
Shares issued to shareholders in reinvestment of distributions | 1,325,351 | 11,163,374 |
Shares redeemed | (6,786,433) | (56,799,042) |
Net increase (decrease) | (4,474,210) | $(37,353,832) |
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) |
28 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
New York, New York
February 26, 2024
30 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
32 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
34 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
36 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
38 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015925 | MSVPARM11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2005 | 7.55% | 8.42% | 6.16% | 0.71% |
Service Class Shares | 5/2/2005 | 7.28 | 8.15 | 5.90 | 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. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | 11.46% | 10.91% | 8.40% |
Bloomberg U.S. Intermediate Government/Credit Bond Index2 | 5.24 | 1.59 | 1.72 |
Balanced Composite Index3 | 9.13 | 7.51 | 5.97 |
Morningstar Moderate Allocation Category Average4 | 13.78 | 8.16 | 6.07 |
* | 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. | 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. |
2. | The Portfolio has selected the Bloomberg U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar denominated U.S. treasuries, government related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
3. | The Portfolio has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively. |
4. | 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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,056.70 | $3.58 | $1,021.73 | $3.52 | 0.69% |
Service Class Shares | $1,000.00 | $1,055.30 | $4.87 | $1,020.47 | $4.79 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | U.S. Treasury Notes, 2.50%-5.00%, due 5/15/24–11/15/33 |
2. | iShares Intermediate Government/Credit Bond ETF |
3. | JPMorgan Chase & Co. |
4. | iShares Russell 1000 Value ETF |
5. | Vanguard Russell 1000 Value |
6. | Johnson & Johnson |
7. | Merck & Co., Inc. |
8. | Cisco Systems, Inc. |
9. | PNC Financial Services Group, Inc. |
10. | Morgan Stanley |
8 | MainStay VP Balanced Portfolio |
1. | See "Investment and Performance Comparison" 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. |
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. |
Principal Amount | Value | |
Long-Term Bonds 33.3% | ||
Asset-Backed Securities 1.1% | ||
Other Asset-Backed Securities 1.1% | ||
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
7.257% (3 Month SOFR + 1.862%), due 10/18/31 (a)(b) | $ 650,000 | $ 648,200 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
7.077% (3 Month SOFR + 1.662%), due 4/20/30 (a)(b) | 400,000 | 396,898 |
Ballyrock CLO 23 Ltd. | ||
Series 2023-23A, Class A1 | ||
7.358% (3 Month SOFR + 1.98%), due 4/25/36 (a)(b) | 600,000 | 603,288 |
Benefit Street Partners CLO XXX Ltd. | ||
Series 2023-30A, Class A | ||
7.478% (3 Month SOFR + 2.10%), due 4/25/36 (a)(b) | 600,000 | 603,019 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
7.055% (3 Month SOFR + 1.662%), due 10/15/30 (a)(b) | 800,000 | 791,519 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
7.227% (3 Month SOFR + 1.812%), due 7/20/30 (a)(b) | 750,000 | 749,950 |
Store Master Funding I-VII XIV XIX XX | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 240,703 | 203,404 |
Total Asset-Backed Securities (Cost $4,036,651) | 3,996,278 | |
Corporate Bonds 12.7% | ||
Aerospace & Defense 0.1% | ||
Boeing Co. (The) | ||
5.15%, due 5/1/30 | 230,000 | 234,142 |
5.805%, due 5/1/50 | 95,000 | 98,377 |
HEICO Corp. | ||
5.35%, due 8/1/33 | 170,000 | 174,039 |
506,558 | ||
Auto Manufacturers 0.4% | ||
Ford Motor Co. | ||
3.25%, due 2/12/32 | 175,000 | 145,548 |
Ford Motor Credit Co. LLC | ||
4.542%, due 8/1/26 | 355,000 | 343,750 |
Principal Amount | Value | |
Auto Manufacturers (continued) | ||
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | $ 505,000 | $ 510,749 |
Hyundai Capital America | ||
5.68%, due 6/26/28 (a) | 460,000 | 468,860 |
1,468,907 | ||
Auto Parts & Equipment 0.1% | ||
Aptiv plc | ||
3.25%, due 3/1/32 | 260,000 | 229,683 |
Banks 5.1% | ||
ABN AMRO Bank NV | ||
6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(b) | 315,000 | 321,874 |
Bank of America Corp. (c) | ||
1.734%, due 7/22/27 | 845,000 | 774,148 |
1.922%, due 10/24/31 | 205,000 | 166,429 |
2.087%, due 6/14/29 | 675,000 | 594,890 |
5.202%, due 4/25/29 | 530,000 | 533,279 |
Bank of New York Mellon Corp. (The) | ||
6.474%, due 10/25/34 (c) | 140,000 | 155,076 |
Barclays plc | ||
5.829%, due 5/9/27 (c) | 780,000 | 786,975 |
7.385% (1 Year Treasury Constant Maturity Rate + 3.30%), due 11/2/28 (b) | 325,000 | 347,317 |
Citigroup, Inc. (c) | ||
2.014%, due 1/25/26 | 733,000 | 704,349 |
5.61%, due 9/29/26 | 885,000 | 891,447 |
6.174%, due 5/25/34 | 325,000 | 336,302 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 320,000 | 312,182 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 805,000 | 822,727 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(b) | 690,000 | 694,892 |
Deutsche Bank AG | ||
7.079%, due 2/10/34 (c) | 210,000 | 215,953 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (c) | 315,000 | 326,842 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 710,000 | 711,693 |
HSBC Holdings plc (c) | ||
6.547%, due 6/20/34 | 260,000 | 271,736 |
7.39%, due 11/3/28 | 395,000 | 423,257 |
12 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Huntington National Bank (The) | ||
5.65%, due 1/10/30 | $ 455,000 | $ 458,830 |
JPMorgan Chase & Co. (c) | ||
1.578%, due 4/22/27 | 790,000 | 729,031 |
4.565%, due 6/14/30 | 440,000 | 430,567 |
5.546%, due 12/15/25 | 595,000 | 595,379 |
Mitsubishi UFJ Financial Group, Inc. | ||
5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 (b)(d) | 200,000 | 207,129 |
Morgan Stanley (c) | ||
4.679%, due 7/17/26 | 1,150,000 | 1,138,963 |
5.123%, due 2/1/29 | 120,000 | 120,546 |
6.296%, due 10/18/28 | 140,000 | 146,655 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 340,000 | 339,771 |
National Securities Clearing Corp. | ||
5.00%, due 5/30/28 (a) | 300,000 | 305,620 |
PNC Financial Services Group, Inc. (The) (c) | ||
5.812%, due 6/12/26 | 330,000 | 331,980 |
6.615%, due 10/20/27 | 430,000 | 446,048 |
6.875%, due 10/20/34 | 320,000 | 355,244 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 (d) | 625,000 | 626,430 |
Truist Financial Corp. | ||
5.122%, due 1/26/34 (c) | 130,000 | 125,879 |
U.S. Bancorp (c) | ||
4.653%, due 2/1/29 (d) | 290,000 | 285,432 |
5.775%, due 6/12/29 | 395,000 | 405,805 |
6.787%, due 10/26/27 | 305,000 | 318,440 |
UBS Group AG (a) | ||
6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (b) | 440,000 | 453,484 |
6.442%, due 8/11/28 (c) | 440,000 | 456,939 |
Wells Fargo & Co. (c) | ||
5.389%, due 4/24/34 | 340,000 | 341,477 |
6.303%, due 10/23/29 | 495,000 | 521,691 |
18,532,708 | ||
Beverages 0.1% | ||
Constellation Brands, Inc. | ||
4.90%, due 5/1/33 | 270,000 | 271,629 |
Keurig Dr Pepper, Inc. | ||
4.05%, due 4/15/32 | 90,000 | 86,606 |
358,235 |
Principal Amount | Value | |
Biotechnology 0.3% | ||
Amgen, Inc. | ||
4.05%, due 8/18/29 | $ 500,000 | $ 489,500 |
5.15%, due 3/2/28 | 250,000 | 255,938 |
5.25%, due 3/2/30 | 165,000 | 169,619 |
915,057 | ||
Chemicals 0.3% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 335,000 | 351,171 |
6.55%, due 11/15/30 | 185,000 | 195,569 |
RPM International, Inc. | ||
2.95%, due 1/15/32 | 450,000 | 379,217 |
925,957 | ||
Commercial Services 0.1% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 325,000 | 299,194 |
Computers 0.0% ‡ | ||
Dell International LLC | ||
5.75%, due 2/1/33 (d) | 120,000 | 126,420 |
Diversified Financial Services 0.7% | ||
Air Lease Corp. | ||
0.70%, due 2/15/24 | 550,000 | 546,581 |
American Express Co. | ||
6.489%, due 10/30/31 (c) | 305,000 | 330,762 |
Ares Management Corp. | ||
6.375%, due 11/10/28 | 335,000 | 351,169 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a)(d) | 500,000 | 518,747 |
Charles Schwab Corp. (The) | ||
6.196%, due 11/17/29 (c) | 370,000 | 388,000 |
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | 590,000 | 588,090 |
2,723,349 | ||
Electric 1.5% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 45,000 | 43,946 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 175,000 | 182,313 |
Appalachian Power Co. | ||
Series BB | ||
4.50%, due 8/1/32 | 35,000 | 33,689 |
Arizona Public Service Co. | ||
5.55%, due 8/1/33 | 330,000 | 340,974 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 | $ 250,000 | $ 245,470 |
Duke Energy Carolinas LLC | ||
4.95%, due 1/15/33 | 170,000 | 173,148 |
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 195,000 | 169,997 |
4.50%, due 8/15/32 | 130,000 | 125,834 |
Duke Energy Ohio, Inc. | ||
5.25%, due 4/1/33 | 60,000 | 61,812 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 200,000 | 213,422 |
Entergy Arkansas LLC | ||
5.15%, due 1/15/33 | 180,000 | 183,499 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 520,000 | 531,521 |
Georgia Power Co. | ||
4.65%, due 5/16/28 | 605,000 | 609,625 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 260,000 | 266,747 |
NextEra Energy Capital Holdings, Inc. | ||
6.051%, due 3/1/25 | 230,000 | 232,048 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 320,000 | 322,578 |
6.10%, due 1/15/29 | 190,000 | 196,612 |
6.15%, due 1/15/33 | 365,000 | 378,310 |
6.40%, due 6/15/33 | 90,000 | 94,700 |
PECO Energy Co. | ||
4.90%, due 6/15/33 | 245,000 | 249,074 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 310,000 | 318,164 |
5.95%, due 11/1/32 | 145,000 | 155,777 |
Southern Co. (The) | ||
5.15%, due 10/6/25 | 190,000 | 190,406 |
5.70%, due 10/15/32 | 90,000 | 94,481 |
5,414,147 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 | 192,000 | 182,168 |
Environmental Control 0.1% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | 380,000 | 340,924 |
Principal Amount | Value | |
Food 0.0% ‡ | ||
Kraft Heinz Foods Co. | ||
3.75%, due 4/1/30 | $ 105,000 | $ 100,321 |
Gas 0.1% | ||
CenterPoint Energy Resources Corp. | ||
1.75%, due 10/1/30 (d) | 420,000 | 348,717 |
Southwest Gas Corp. | ||
5.45%, due 3/23/28 | 180,000 | 183,984 |
532,701 | ||
Healthcare-Products 0.1% | ||
Baxter International, Inc. | ||
3.95%, due 4/1/30 | 480,000 | 454,613 |
Healthcare-Services 0.1% | ||
HCA, Inc. | ||
3.625%, due 3/15/32 | 420,000 | 375,553 |
Insurance 0.2% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 | 275,000 | 259,133 |
RGA Global Funding | ||
6.00%, due 11/21/28 (a) | 555,000 | 575,431 |
834,564 | ||
Internet 0.2% | ||
Amazon.com, Inc. | ||
2.10%, due 5/12/31 | 355,000 | 306,120 |
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | 365,000 | 347,166 |
653,286 | ||
Investment Companies 0.1% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 350,000 | 356,188 |
Media 0.2% | ||
Charter Communications Operating LLC | ||
2.80%, due 4/1/31 | 165,000 | 139,171 |
Paramount Global | ||
4.20%, due 5/19/32 | 490,000 | 437,327 |
576,498 | ||
Miscellaneous—Manufacturing 0.0% ‡ | ||
3M Co. | ||
3.05%, due 4/15/30 | 169,000 | 152,323 |
14 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas 0.1% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 | $ 455,000 | $ 416,221 |
Pharmaceuticals 0.2% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 (d) | 190,000 | 182,191 |
CVS Health Corp. | ||
3.75%, due 4/1/30 | 140,000 | 131,698 |
5.30%, due 6/1/33 | 55,000 | 56,442 |
Merck & Co., Inc. | ||
2.15%, due 12/10/31 | 385,000 | 328,693 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.75%, due 5/19/33 | 175,000 | 175,393 |
874,417 | ||
Pipelines 0.4% | ||
Columbia Pipelines Operating Co. LLC | ||
5.927%, due 8/15/30 (a) | 215,000 | 222,313 |
Energy Transfer LP | ||
3.75%, due 5/15/30 | 150,000 | 139,294 |
5.75%, due 2/15/33 | 165,000 | 170,111 |
Enterprise Products Operating LLC | ||
5.35%, due 1/31/33 | 350,000 | 366,297 |
MPLX LP | ||
4.95%, due 9/1/32 | 82,000 | 80,236 |
Targa Resources Partners LP | ||
5.50%, due 3/1/30 | 595,000 | 594,893 |
1,573,144 | ||
Real Estate Investment Trusts 0.4% | ||
American Tower Corp. | ||
2.10%, due 6/15/30 | 515,000 | 431,988 |
CubeSmart LP | ||
2.25%, due 12/15/28 (d) | 290,000 | 256,073 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 375,000 | 336,982 |
Sun Communities Operating LP | ||
2.70%, due 7/15/31 (d) | 345,000 | 287,472 |
1,312,515 | ||
Retail 0.3% | ||
AutoZone, Inc. | ||
5.20%, due 8/1/33 | 330,000 | 335,868 |
Home Depot, Inc. (The) | ||
1.875%, due 9/15/31 | 310,000 | 259,345 |
Lowe's Cos., Inc. | ||
4.80%, due 4/1/26 | 245,000 | 245,157 |
Principal Amount | Value | |
Retail (continued) | ||
Lowe's Cos., Inc. (continued) | ||
5.00%, due 4/15/33 | $ 170,000 | $ 173,617 |
5.15%, due 7/1/33 | 85,000 | 87,334 |
1,101,321 | ||
Semiconductors 0.4% | ||
Broadcom, Inc. | ||
2.45%, due 2/15/31 (a) | 315,000 | 269,345 |
Intel Corp. | ||
5.125%, due 2/10/30 | 235,000 | 243,715 |
5.20%, due 2/10/33 | 170,000 | 177,595 |
Micron Technology, Inc. | ||
5.375%, due 4/15/28 | 310,000 | 315,457 |
5.875%, due 9/15/33 | 170,000 | 176,814 |
QUALCOMM, Inc. | ||
2.15%, due 5/20/30 | 410,000 | 361,214 |
1,544,140 | ||
Software 0.2% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 180,000 | 122,881 |
Oracle Corp. | ||
4.50%, due 5/6/28 | 180,000 | 179,978 |
4.90%, due 2/6/33 | 225,000 | 223,976 |
6.15%, due 11/9/29 | 160,000 | 172,121 |
698,956 | ||
Telecommunications 0.6% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 (d) | 775,000 | 764,854 |
5.40%, due 2/15/34 | 40,000 | 41,253 |
T-Mobile USA, Inc. | ||
2.625%, due 4/15/26 (d) | 545,000 | 518,369 |
2.625%, due 2/15/29 | 130,000 | 117,036 |
5.75%, due 1/15/34 (d) | 320,000 | 339,406 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 300,000 | 271,381 |
3.376%, due 2/15/25 | 6,000 | 5,887 |
4.016%, due 12/3/29 | 2,000 | 1,934 |
2,060,120 | ||
Transportation 0.1% | ||
Norfolk Southern Corp. | ||
3.00%, due 3/15/32 | 200,000 | 177,826 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 (d) | 200,000 | 177,432 |
United Parcel Service, Inc. | ||
4.45%, due 4/1/30 | 180,000 | 181,727 |
536,985 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP (a) | ||
5.75%, due 5/24/26 | $ 190,000 | $ 191,505 |
6.05%, due 8/1/28 | 130,000 | 134,743 |
326,248 | ||
Total Corporate Bonds (Cost $45,920,880) | 46,503,421 | |
Mortgage-Backed Securities 0.4% | ||
Agency (Collateralized Mortgage Obligation) 0.1% | ||
FNMA | ||
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 (e) | 2,141,183 | 344,139 |
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 | 431,087 |
Whole Loan (Collateralized Mortgage Obligation) 0.2% | ||
BRAVO Residential Funding Trust | ||
Series 2023-NQM8, Class A1 | ||
6.394%, due 10/25/63 (a)(f) | 500,000 | 503,157 |
Total Mortgage-Backed Securities (Cost $1,359,202) | 1,278,383 | |
U.S. Government & Federal Agencies 19.1% | ||
United States Treasury Bonds 0.2% | ||
U.S. Treasury Bonds | ||
4.375%, due 8/15/43 | 400,000 | 408,313 |
4.75%, due 11/15/53 | 200,000 | 224,281 |
632,594 | ||
United States Treasury Notes 18.9% | ||
U.S. Treasury Notes | ||
2.50%, due 5/15/24 | 5,800,000 | 5,743,359 |
4.375%, due 11/30/28 | 10,150,000 | 10,386,305 |
4.375%, due 11/30/30 | 13,150,000 | 13,521,898 |
4.50%, due 11/15/33 | 4,025,000 | 4,225,621 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
4.625%, due 11/15/26 (d) | $ 15,550,000 | $ 15,795,399 |
5.00%, due 10/31/25 | 19,200,000 | 19,419,001 |
69,091,583 | ||
Total U.S. Government & Federal Agencies (Cost $68,496,923) | 69,724,177 | |
Total Long-Term Bonds (Cost $119,813,656) | 121,502,259 | |
Shares | ||
Common Stocks 55.6% | ||
Aerospace & Defense 1.7% | ||
General Dynamics Corp. | 11,725 | 3,044,631 |
L3Harris Technologies, Inc. | 15,516 | 3,267,980 |
6,312,611 | ||
Air Freight & Logistics 0.9% | ||
United Parcel Service, Inc., Class B | 21,518 | 3,383,275 |
Automobile Components 0.8% | ||
Gentex Corp. | 94,949 | 3,101,034 |
Banks 5.2% | ||
JPMorgan Chase & Co. | 47,007 | 7,995,891 |
M&T Bank Corp. | 28,575 | 3,917,061 |
New York Community Bancorp, Inc. | 293,839 | 3,005,973 |
PNC Financial Services Group, Inc. (The) | 25,378 | 3,929,783 |
18,848,708 | ||
Beverages 1.4% | ||
Keurig Dr Pepper, Inc. | 83,507 | 2,782,453 |
Pernod Ricard SA, Sponsored ADR | 62,982 | 2,223,265 |
5,005,718 | ||
Biotechnology 0.9% | ||
Gilead Sciences, Inc. | 38,549 | 3,122,855 |
Building Products 1.4% | ||
Fortune Brands Innovations, Inc. | 28,533 | 2,172,503 |
Johnson Controls International plc | 54,021 | 3,113,770 |
5,286,273 | ||
Capital Markets 4.6% | ||
Ares Management Corp. | 24,464 | 2,909,259 |
Intercontinental Exchange, Inc. | 24,175 | 3,104,795 |
16 | MainStay VP Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
KKR & Co., Inc. | 24,408 | $ 2,022,203 |
LPL Financial Holdings, Inc. | 9,773 | 2,224,530 |
Morgan Stanley | 35,533 | 3,313,452 |
Raymond James Financial, Inc. | 29,393 | 3,277,320 |
16,851,559 | ||
Chemicals 0.7% | ||
Axalta Coating Systems Ltd. (g) | 71,193 | 2,418,426 |
Communications Equipment 2.3% | ||
Cisco Systems, Inc. | 103,847 | 5,246,350 |
F5, Inc. (g) | 17,854 | 3,195,509 |
8,441,859 | ||
Containers & Packaging 0.5% | ||
Sealed Air Corp. | 49,027 | 1,790,466 |
Distributors 0.8% | ||
LKQ Corp. | 60,154 | 2,874,760 |
Diversified Consumer Services 0.9% | ||
H&R Block, Inc. | 65,199 | 3,153,676 |
Electric Utilities 0.6% | ||
Exelon Corp. | 63,889 | 2,293,615 |
Electrical Equipment 0.9% | ||
Emerson Electric Co. | 35,139 | 3,420,079 |
Electronic Equipment, Instruments & Components 0.9% | ||
Corning, Inc. | 101,934 | 3,103,890 |
Entertainment 0.8% | ||
Electronic Arts, Inc. | 21,903 | 2,996,549 |
Financial Services 0.6% | ||
Global Payments, Inc. | 18,302 | 2,324,354 |
Food Products 0.8% | ||
Archer-Daniels-Midland Co. | 38,295 | 2,765,665 |
Gas Utilities 0.8% | ||
Atmos Energy Corp. | 23,940 | 2,774,646 |
Shares | Value | |
Ground Transportation 0.7% | ||
Knight-Swift Transportation Holdings, Inc. | 43,116 | $ 2,485,637 |
Health Care Equipment & Supplies 0.8% | ||
Boston Scientific Corp. (g) | 50,073 | 2,894,720 |
Health Care Providers & Services 3.1% | ||
Centene Corp. (g) | 49,410 | 3,666,716 |
Elevance Health, Inc. | 8,304 | 3,915,834 |
UnitedHealth Group, Inc. | 6,756 | 3,556,832 |
11,139,382 | ||
Hotel & Resort REITs 0.8% | ||
Host Hotels & Resorts, Inc. | 145,269 | 2,828,387 |
Household Durables 0.7% | ||
Lennar Corp., Class A | 16,082 | 2,396,861 |
Insurance 3.0% | ||
American International Group, Inc. | 53,706 | 3,638,581 |
Chubb Ltd. | 16,201 | 3,661,426 |
MetLife, Inc. | 55,027 | 3,638,936 |
10,938,943 | ||
Interactive Media & Services 0.6% | ||
Alphabet, Inc., Class C (g) | 16,645 | 2,345,780 |
IT Services 0.6% | ||
Amdocs Ltd. | 26,813 | 2,356,595 |
Machinery 0.7% | ||
Middleby Corp. (The) (g) | 16,866 | 2,482,169 |
Media 0.7% | ||
Omnicom Group, Inc. | 31,102 | 2,690,634 |
Multi-Utilities 0.8% | ||
Sempra | 40,230 | 3,006,388 |
Oil, Gas & Consumable Fuels 4.4% | ||
ConocoPhillips | 36,729 | 4,263,135 |
Coterra Energy, Inc. | 106,559 | 2,719,386 |
Diamondback Energy, Inc. | 17,646 | 2,736,542 |
EOG Resources, Inc. | 23,711 | 2,867,845 |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels (continued) | ||
Phillips 66 | 26,324 | $ 3,504,777 |
16,091,685 | ||
Personal Care Products 0.7% | ||
Unilever plc, Sponsored ADR | 52,558 | 2,548,012 |
Pharmaceuticals 5.6% | ||
AstraZeneca plc, Sponsored ADR | 37,324 | 2,513,771 |
Johnson & Johnson | 38,640 | 6,056,434 |
Merck & Co., Inc. | 49,465 | 5,392,674 |
Pfizer, Inc. | 162,959 | 4,691,590 |
Roche Holding AG | 6,727 | 1,955,593 |
20,610,062 | ||
Real Estate Management & Development 0.8% | ||
CBRE Group, Inc., Class A (g) | 31,187 | 2,903,198 |
Semiconductors & Semiconductor Equipment 2.2% | ||
Analog Devices, Inc. | 15,151 | 3,008,383 |
NXP Semiconductors NV | 11,972 | 2,749,729 |
QUALCOMM, Inc. | 16,697 | 2,414,887 |
8,172,999 | ||
Specialized REITs 1.5% | ||
Crown Castle, Inc. | 21,509 | 2,477,622 |
Gaming and Leisure Properties, Inc. | 62,162 | 3,067,694 |
5,545,316 | ||
Specialty Retail 0.4% | ||
Victoria's Secret & Co. (g) | 59,556 | 1,580,616 |
Total Common Stocks (Cost $178,699,246) | 203,287,402 | |
Exchange-Traded Funds 9.1% | ||
iShares Intermediate Government/Credit Bond ETF | 148,659 | 15,573,517 |
iShares Russell 1000 Value ETF | 52,164 | 8,620,101 |
Vanguard Intermediate-Term Treasury ETF (d) | 31,315 | 1,857,606 |
Vanguard Russell 1000 Value | 97,602 | 7,080,049 |
Total Exchange-Traded Funds (Cost $30,819,363) | 33,131,273 |
Shares | Value | ||
Short-Term Investments 1.3% | |||
Affiliated Investment Company 0.4% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (h) | 1,725,011 | $ 1,725,011 | |
Unaffiliated Investment Companies 0.9% | |||
Goldman Sachs Financial Square Government Fund, 5.351% (h)(i) | 400,000 | 400,000 | |
Invesco Government & Agency Portfolio, 5.361% (h)(i) | 2,801,857 | 2,801,857 | |
3,201,857 | |||
Total Short-Term Investments (Cost $4,926,868) | 4,926,868 | ||
Total Investments (Cost $334,259,133) | 99.3% | 362,847,802 | |
Other Assets, Less Liabilities | 0.7 | 2,462,724 | |
Net Assets | 100.0% | $ 365,310,526 |
† | 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 December 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2023. |
(d) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $15,451,803; the total market value of collateral held by the Portfolio was $15,854,044. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $12,652,187. The Portfolio received cash collateral with a value of $3,201,857. (See Note 2(H)) |
(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) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
(g) | Non-income producing security. |
(h) | Current yield as of December 31, 2023. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
18 | MainStay VP Balanced Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 1,793 | $ 39,891 | $ (39,959) | $ — | $ — | $ 1,725 | $ 86 | $ — | 1,725 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 7 | March 2024 | $ 1,428,421 | $ 1,441,398 | $ 12,977 |
U.S. Treasury 5 Year Notes | 98 | March 2024 | 10,436,410 | 10,659,797 | 223,387 |
Total Long Contracts | 236,364 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (2) | March 2024 | (218,840) | (225,781) | (6,941) |
U.S. Treasury 10 Year Ultra Bonds | (8) | March 2024 | (905,106) | (944,125) | (39,019) |
U.S. Treasury Long Bonds | (4) | March 2024 | (464,992) | (499,750) | (34,758) |
U.S. Treasury Ultra Bonds | (3) | March 2024 | (366,280) | (400,781) | (34,501) |
Total Short Contracts | (115,219) | ||||
Net Unrealized Appreciation | $ 121,145 |
1. | As of December 31, 2023, cash in the amount of $103,488 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
FNMA—Federal National Mortgage Association |
REIT—Real Estate Investment Trust |
REMIC—Real Estate Mortgage Investment Conduit |
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 | $ — | $ 3,996,278 | $ — | $ 3,996,278 | |||
Corporate Bonds | — | 46,503,421 | — | 46,503,421 | |||
Mortgage-Backed Securities | — | 1,278,383 | — | 1,278,383 | |||
U.S. Government & Federal Agencies | — | 69,724,177 | — | 69,724,177 | |||
Total Long-Term Bonds | — | 121,502,259 | — | 121,502,259 | |||
Common Stocks | 203,287,402 | — | — | 203,287,402 | |||
Exchange-Traded Funds | 33,131,273 | — | — | 33,131,273 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,725,011 | — | — | 1,725,011 | |||
Unaffiliated Investment Companies | 3,201,857 | — | — | 3,201,857 | |||
Total Short-Term Investments | 4,926,868 | — | — | 4,926,868 | |||
Total Investments in Securities | 241,345,543 | 121,502,259 | — | 362,847,802 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 236,364 | — | — | 236,364 | |||
Total Investments in Securities and Other Financial Instruments | $ 241,581,907 | $ 121,502,259 | $ — | $ 363,084,166 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (115,219) | $ — | $ — | $ (115,219) |
(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. |
20 | MainStay VP Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $332,534,122) including securities on loan of $15,451,803 | $361,122,791 |
Investment in affiliated investment companies, at value (identified cost $1,725,011) | 1,725,011 |
Cash | 4,155,121 |
Cash collateral on deposit at broker for futures contracts | 103,488 |
Receivables: | |
Dividends and interest | 1,301,352 |
Investment securities sold | 594,070 |
Portfolio shares sold | 102,175 |
Variation margin on futures contracts | 11,335 |
Securities lending | 3,024 |
Other assets | 1,890 |
Total assets | 369,120,257 |
Liabilities | |
Cash collateral received for securities on loan | 3,201,857 |
Payables: | |
Portfolio shares redeemed | 277,203 |
Manager (See Note 3) | 199,511 |
NYLIFE Distributors (See Note 3) | 72,249 |
Professional fees | 29,922 |
Custodian | 14,369 |
Shareholder communication | 13,216 |
Accrued expenses | 1,404 |
Total liabilities | 3,809,731 |
Net assets | $365,310,526 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 27,685 |
Additional paid-in-capital | 339,217,158 |
339,244,843 | |
Total distributable earnings (loss) | 26,065,683 |
Net assets | $365,310,526 |
Initial Class | |
Net assets applicable to outstanding shares | $ 21,526,918 |
Shares of beneficial interest outstanding | 1,609,974 |
Net asset value per share outstanding | $ 13.37 |
Service Class | |
Net assets applicable to outstanding shares | $343,783,608 |
Shares of beneficial interest outstanding | 26,074,667 |
Net asset value per share outstanding | $ 13.18 |
Investment Income (Loss) | |
Income | |
Interest | $ 5,995,355 |
Dividends-unaffiliated (net of foreign tax withholding of $29,199) | 5,757,972 |
Dividends-affiliated | 86,334 |
Securities lending, net | 62,882 |
Total income | 11,902,543 |
Expenses | |
Manager (See Note 3) | 2,420,889 |
Distribution/Service—Service Class (See Note 3) | 879,217 |
Professional fees | 84,642 |
Custodian | 32,359 |
Trustees | 9,759 |
Miscellaneous | 13,250 |
Total expenses | 3,440,116 |
Net investment income (loss) | 8,462,427 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 1,440,539 |
Futures transactions | (392,944) |
Net realized gain (loss) | 1,047,595 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 15,872,886 |
Futures contracts | 85,981 |
Translation of other assets and liabilities in foreign currencies | 3,159 |
Net change in unrealized appreciation (depreciation) | 15,962,026 |
Net realized and unrealized gain (loss) | 17,009,621 |
Net increase (decrease) in net assets resulting from operations | $25,472,048 |
22 | MainStay VP Balanced Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,462,427 | $ 5,975,234 |
Net realized gain (loss) | 1,047,595 | (11,775,579) |
Net change in unrealized appreciation (depreciation) | 15,962,026 | (19,400,126) |
Net increase (decrease) in net assets resulting from operations | 25,472,048 | (25,200,471) |
Distributions to shareholders: | ||
Initial Class | (395,078) | (3,971,697) |
Service Class | (5,733,941) | (72,269,473) |
Total distributions to shareholders | (6,129,019) | (76,241,170) |
Capital share transactions: | ||
Net proceeds from sales of shares | 36,006,032 | 76,410,539 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 6,129,019 | 76,241,170 |
Cost of shares redeemed | (85,020,318) | (76,942,898) |
Increase (decrease) in net assets derived from capital share transactions | (42,885,267) | 75,708,811 |
Net increase (decrease) in net assets | (23,542,238) | (25,732,830) |
Net Assets | ||
Beginning of year | 388,852,764 | 414,585,594 |
End of year | $365,310,526 | $388,852,764 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.68 | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | ||||
Net investment income (loss) (a) | 0.32 | 0.26 | 0.18 | 0.21 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.62 | (1.38) | 2.36 | 0.88 | 1.93 | ||||
Total from investment operations | 0.94 | (1.12) | 2.54 | 1.09 | 2.18 | ||||
Less distributions: | |||||||||
From net investment income | (0.25) | (0.17) | (0.22) | (0.30) | (0.29) | ||||
From net realized gain on investments | — | (2.88) | (0.30) | (0.55) | (0.53) | ||||
Total distributions | (0.25) | (3.05) | (0.52) | (0.85) | (0.82) | ||||
Net asset value at end of year | $ 13.37 | $ 12.68 | $ 16.85 | $ 14.83 | $ 14.59 | ||||
Total investment return (b) | 7.55% | (5.74)% | 17.29% | 7.90% | 16.75% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.51% | 1.73% | 1.11% | 1.52% | 1.75% | ||||
Net expenses (c) | 0.69% | 0.70% | 0.72% | 0.76% | 0.76% | ||||
Portfolio turnover rate | 279% | 306% | 195% | 218% | 186% | ||||
Net assets at end of year (in 000's) | $ 21,527 | $ 20,643 | $ 22,345 | $ 18,533 | $ 18,653 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.50 | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | ||||
Net investment income (loss) (a) | 0.29 | 0.22 | 0.14 | 0.17 | 0.21 | ||||
Net realized and unrealized gain (loss) | 0.60 | (1.37) | 2.34 | 0.88 | 1.91 | ||||
Total from investment operations | 0.89 | (1.15) | 2.48 | 1.05 | 2.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.13) | (0.19) | (0.26) | (0.25) | ||||
From net realized gain on investments | — | (2.88) | (0.30) | (0.55) | (0.53) | ||||
Total distributions | (0.21) | (3.01) | (0.49) | (0.81) | (0.78) | ||||
Net asset value at end of year | $ 13.18 | $ 12.50 | $ 16.66 | $ 14.67 | $ 14.43 | ||||
Total investment return (b) | 7.28% | (5.97)% | 17.00% | 7.63% | 16.46% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.26% | 1.49% | 0.86% | 1.27% | 1.50% | ||||
Net expenses (c) | 0.94% | 0.95% | 0.97% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 279% | 306% | 195% | 218% | 186% | ||||
Net assets at end of year (in 000's) | $ 343,784 | $ 368,209 | $ 392,240 | $ 335,032 | $ 375,050 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
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) | $236,364 | $236,364 |
Total Fair Value | $236,364 | $236,364 |
(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) | $(115,219) | $(115,219) |
Total Fair Value | $(115,219) | $(115,219) |
(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 | $(392,944) | $(392,944) |
Total Net Realized Gain (Loss) | $(392,944) | $(392,944) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $85,981 | $85,981 |
Total Net Change in Unrealized Appreciation (Depreciation) | $85,981 | $85,981 |
Average Notional Amount | Total |
Futures Contracts Long | $15,429,512 |
Futures Contracts Short | $ (5,981,413) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $336,991,108 | $31,774,638 | $(6,072,048) | $25,702,590 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$8,555,593 | $(8,344,971) | $— | $25,855,061 | $26,065,683 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $5,237 | $2,954 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $6,129,019 | $41,144,789 |
Long-Term Capital Gains | — | 35,096,381 |
Total | $6,129,019 | $76,241,170 |
30 | MainStay VP Balanced Portfolio |
Sales (000's) | Realized Gain / (Loss) (000's) |
$303 | $58 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 106,155 | $ 1,368,105 |
Shares issued to shareholders in reinvestment of distributions | 31,674 | 395,078 |
Shares redeemed | (155,604) | (1,992,822) |
Net increase (decrease) | (17,775) | $ (229,639) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,737,109 | $ 34,637,927 |
Shares issued to shareholders in reinvestment of distributions | 465,935 | 5,733,941 |
Shares redeemed | (6,574,265) | (83,027,496) |
Net increase (decrease) | (3,371,221) | $(42,655,628) |
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 |
New York, New York
February 26, 2024
34 | MainStay VP Balanced Portfolio |
36 | MainStay VP Balanced Portfolio |
38 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
40 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
42 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015928 | MSVPBL11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/23/1984 | 5.58% | 0.96% | 1.70% | 0.53% |
Service Class Shares | 6/4/2003 | 5.31 | 0.71 | 1.45 | 0.78 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 5.53% | 1.10% | 1.81% |
Morningstar Intermediate Core Bond Category Average2 | 5.59 | 1.05 | 1.66 |
* | 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. | 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. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,033.90 | $2.67 | $1,022.58 | $2.65 | 0.52% |
Service Class Shares | $1,000.00 | $1,032.60 | $3.94 | $1,021.32 | $3.92 | 0.77% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Bond Portfolio |
1. | U.S. Treasury Notes, 4.375%-5.00%, due 10/31/25–11/30/30 |
2. | UMBS, 30 Year, 2.00%-7.50%, due 7/1/28–9/1/53 |
3. | UMBS Pool, 30 Year, 2.00%-5.50%, due 7/1/50–7/1/53 |
4. | U.S. Treasury Bonds, 1.875%-4.75%, due 2/15/41–11/15/53 |
5. | GNMA II, 30 Year, 2.00%-4.50%, due 1/20/51–9/20/52 |
6. | GNMA II, Single Family, 30 Year, 3.00%-5.00%, due 8/20/51–7/20/52 |
7. | Bank of America Corp., 1.734%-5.288%, due 7/22/27–4/25/34 |
8. | JPMorgan Chase & Co., 1.578%-5.546%, due 12/15/25–6/14/30 |
9. | GNMA, 0.612%-0.859%, due 8/16/59–9/16/63 |
10. | UBS Group AG, 6.301%-6.442%, due 12/22/27–9/22/34 |
1. | See "Investment and Performance Comparison" 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. |
8 | MainStay VP Bond 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. |
Principal Amount | Value | |
Long-Term Bonds 98.8% | ||
Asset-Backed Securities 7.3% | ||
Automobile Asset-Backed Security 0.5% | ||
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2023-8A, Class A | ||
6.02%, due 2/20/30 (a) | $ 3,000,000 | $ 3,088,775 |
Home Equity Asset-Backed Securities 0.1% | ||
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (b) | 7,592 | 7,548 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-CH2, Class AF3 | ||
5.552%, due 10/25/30 (b) | 403,926 | 210,069 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-17XS, Class A3A | ||
6.151%, due 10/25/46 (b) | 768,243 | 226,871 |
444,488 | ||
Other Asset-Backed Securities 6.7% | ||
522 Funding CLO Ltd. | ||
Series 2019-4A, Class BR | ||
7.277% (3 Month SOFR + 1.862%), due 4/20/30 (a)(c) | 3,000,000 | 2,980,743 |
ALLO Issuer LLC | ||
Series 2023-1A, Class A2 | ||
6.20%, due 6/20/53 (a) | 2,200,000 | 2,150,514 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
7.077% (3 Month SOFR + 1.662%), due 4/20/30 (a)(c) | 2,000,000 | 1,984,488 |
Barings Loan Partners CLO Ltd. 3 | ||
Series LP-3A, Class BR | ||
7.418% (3 Month SOFR + 2.10%), due 7/20/33 (a)(c)(d) | 2,250,000 | 2,250,000 |
Cars Net Lease Mortgage Notes | ||
Series 2020-1A, Class A2 | ||
2.48%, due 12/15/50 (a) | 1,950,000 | 1,516,358 |
CARS-DB7 LP | ||
Series 2023-1A, Class A2 | ||
6.50%, due 9/15/53 (a) | 1,744,531 | 1,748,910 |
CMFT Net Lease Master Issuer LLC | ||
Series 2021-1, Class A1 | ||
2.09%, due 7/20/51 (a) | 1,915,410 | 1,543,705 |
Cook Park CLO Ltd. | ||
Series 2018-1A, Class B | ||
7.064% (3 Month SOFR + 1.662%), due 4/17/30 (a)(c) | 3,000,000 | 2,974,686 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
CyrusOne Data Centers Issuer I LLC | ||
Series 2023-1A, Class A2 | ||
4.30%, due 4/20/48 (a) | $ 2,750,000 | $ 2,511,573 |
Galaxy XXI CLO Ltd. | ||
Series 2015-21A, Class BR | ||
7.027% (3 Month SOFR + 1.612%), due 4/20/31 (a)(c) | 1,500,000 | 1,482,084 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2021-2A, Class A1 | ||
2.38%, due 11/20/51 (a) | 3,367,384 | 2,972,261 |
Owl Rock CLO XIV LLC | ||
Series 2023-14A, Class A | ||
7.75% (3 Month SOFR + 2.40%), due 10/20/35 (a)(c) | 2,500,000 | 2,500,328 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
7.227% (3 Month SOFR + 1.812%), due 7/20/30 (a)(c) | 2,000,000 | 1,999,868 |
Retained Vantage Data Centers Issuer LLC | ||
Series 2023-1A, Class A2A | ||
5.00%, due 9/15/48 (a) | 2,500,000 | 2,347,773 |
SMB Private Education Loan Trust | ||
Series 2021-A, Class B | ||
2.31%, due 1/15/53 (a) | 2,324,148 | 2,150,688 |
Store Master Funding I-VII XIV XIX XX XXIV | ||
Series 2023-1A, Class A1 | ||
6.19%, due 6/20/53 (a) | 2,991,250 | 3,030,199 |
Texas Debt Capital CLO Ltd. | ||
Series 2023-2A, Class A | ||
7.362% (3 Month SOFR + 1.95%), due 7/21/35 (a)(c) | 2,750,000 | 2,759,647 |
Voya CLO Ltd. (a)(c) | ||
Series 2022-4A, Class A | ||
7.566% (3 Month SOFR + 2.15%), due 10/20/33 | 2,000,000 | 2,000,364 |
Series 2022-4A, Class B | ||
8.716% (3 Month SOFR + 3.30%), due 10/20/33 | 2,000,000 | 2,001,100 |
42,905,289 | ||
Total Asset-Backed Securities (Cost $47,127,001) | 46,438,552 | |
Corporate Bonds 40.0% | ||
Aerospace & Defense 0.7% | ||
Boeing Co. (The) | ||
5.15%, due 5/1/30 | 1,190,000 | 1,211,433 |
5.805%, due 5/1/50 | 495,000 | 512,598 |
10 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Aerospace & Defense (continued) | ||
HEICO Corp. | ||
5.35%, due 8/1/33 | $ 865,000 | $ 885,549 |
L3Harris Technologies, Inc. | ||
5.40%, due 7/31/33 | 430,000 | 447,090 |
Lockheed Martin Corp. | ||
4.75%, due 2/15/34 | 1,095,000 | 1,114,405 |
RTX Corp. | ||
6.40%, due 3/15/54 | 405,000 | 468,861 |
4,639,936 | ||
Auto Manufacturers 1.7% | ||
Ford Motor Credit Co. LLC | ||
4.542%, due 8/1/26 | 1,870,000 | 1,810,738 |
7.122%, due 11/7/33 | 1,780,000 | 1,917,835 |
General Motors Financial Co., Inc. | ||
6.00%, due 1/9/28 | 1,225,000 | 1,266,557 |
6.05%, due 10/10/25 | 3,295,000 | 3,332,511 |
Hyundai Capital America | ||
5.68%, due 6/26/28 (a) | 2,350,000 | 2,395,266 |
10,722,907 | ||
Auto Parts & Equipment 0.1% | ||
Aptiv plc | ||
4.15%, due 5/1/52 | 730,000 | 577,711 |
Banks 14.5% | ||
ABN AMRO Bank NV | ||
6.339% (1 Year Treasury Constant Maturity Rate + 1.65%), due 9/18/27 (a)(c) | 1,655,000 | 1,691,114 |
Bank of America Corp. (e) | ||
1.734%, due 7/22/27 | 4,150,000 | 3,802,027 |
1.922%, due 10/24/31 | 2,357,000 | 1,913,532 |
2.087%, due 6/14/29 | 1,970,000 | 1,736,197 |
5.288%, due 4/25/34 | 1,675,000 | 1,678,855 |
Bank of New York Mellon Corp. (The) | ||
6.474%, due 10/25/34 (e) | 725,000 | 803,071 |
Barclays plc | ||
6.224%, due 5/9/34 (e) | 390,000 | 404,499 |
7.119%, due 6/27/34 (e) | 930,000 | 991,124 |
7.437% (1 Year Treasury Constant Maturity Rate + 3.50%), due 11/2/33 (c) | 1,850,000 | 2,071,489 |
Citigroup, Inc. (e) | ||
5.61%, due 9/29/26 | 3,705,000 | 3,731,991 |
6.174%, due 5/25/34 | 1,640,000 | 1,697,031 |
Principal Amount | Value | |
Banks (continued) | ||
Citizens Bank NA | ||
6.064%, due 10/24/25 (e) | $ 1,750,000 | $ 1,707,244 |
Cooperatieve Rabobank UA | ||
4.655% (1 Year Treasury Constant Maturity Rate + 1.75%), due 8/22/28 (a)(c) | 1,495,000 | 1,472,227 |
Credit Suisse AG | ||
7.95%, due 1/9/25 | 5,770,000 | 5,897,064 |
Danske Bank A/S | ||
6.466% (1 Year Treasury Constant Maturity Rate + 2.10%), due 1/9/26 (a)(c) | 3,420,000 | 3,444,246 |
Deutsche Bank AG | ||
7.079%, due 2/10/34 (e) | 1,200,000 | 1,234,015 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (e) | 1,590,000 | 1,649,772 |
Goldman Sachs Group, Inc. (The) | ||
5.70%, due 11/1/24 | 3,815,000 | 3,824,095 |
HSBC Holdings plc (e) | ||
6.547%, due 6/20/34 | 1,320,000 | 1,379,583 |
7.39%, due 11/3/28 | 2,415,000 | 2,587,762 |
HSBC USA, Inc. | ||
5.625%, due 3/17/25 | 3,405,000 | 3,421,100 |
Huntington National Bank (The) | ||
5.65%, due 1/10/30 | 2,285,000 | 2,304,237 |
JPMorgan Chase & Co. (e) | ||
1.578%, due 4/22/27 | 3,505,000 | 3,234,498 |
4.565%, due 6/14/30 | 1,290,000 | 1,262,343 |
5.546%, due 12/15/25 | 2,915,000 | 2,916,856 |
Mitsubishi UFJ Financial Group, Inc. | ||
5.406% (1 Year Treasury Constant Maturity Rate + 1.97%), due 4/19/34 (c) | 880,000 | 911,369 |
Morgan Stanley (e) | ||
4.679%, due 7/17/26 | 2,590,000 | 2,565,144 |
4.889%, due 7/20/33 | 495,000 | 482,659 |
5.123%, due 2/1/29 | 605,000 | 607,751 |
6.296%, due 10/18/28 | 795,000 | 832,793 |
Morgan Stanley Bank NA | ||
4.754%, due 4/21/26 | 1,730,000 | 1,728,833 |
National Securities Clearing Corp. | ||
5.00%, due 5/30/28 (a) | 1,490,000 | 1,517,912 |
PNC Financial Services Group, Inc. (The) (e) | ||
5.812%, due 6/12/26 | 1,670,000 | 1,680,022 |
6.875%, due 10/20/34 | 2,575,000 | 2,858,605 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 3,345,000 | 3,352,656 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Truist Financial Corp. | ||
5.122%, due 1/26/34 (e) | $ 1,715,000 | $ 1,660,640 |
U.S. Bancorp (e) | ||
4.653%, due 2/1/29 | 1,495,000 | 1,471,451 |
5.775%, due 6/12/29 | 1,985,000 | 2,039,298 |
6.787%, due 10/26/27 | 1,580,000 | 1,649,624 |
UBS Group AG (a) | ||
6.301% (1 Year Treasury Constant Maturity Rate + 2.00%), due 9/22/34 (c) | 1,305,000 | 1,381,503 |
6.327% (1 Year Treasury Constant Maturity Rate + 1.60%), due 12/22/27 (c) | 2,310,000 | 2,380,790 |
6.442%, due 8/11/28 (e) | 2,485,000 | 2,580,668 |
Wells Fargo & Co. (e) | ||
4.54%, due 8/15/26 | 2,735,000 | 2,705,796 |
5.389%, due 4/24/34 | 1,705,000 | 1,712,406 |
6.491%, due 10/23/34 | 1,750,000 | 1,903,804 |
92,879,696 | ||
Beverages 0.9% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 1,770,000 | 1,902,061 |
Constellation Brands, Inc. | ||
4.90%, due 5/1/33 | 1,595,000 | 1,604,623 |
Keurig Dr Pepper, Inc. | ||
3.20%, due 5/1/30 | 825,000 | 758,445 |
4.05%, due 4/15/32 | 765,000 | 736,154 |
PepsiCo, Inc. | ||
2.625%, due 10/21/41 | 1,230,000 | 926,683 |
5,927,966 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.875%, due 3/1/53 | 605,000 | 565,328 |
5.25%, due 3/2/30 | 805,000 | 827,537 |
1,392,865 | ||
Chemicals 0.8% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 1,000,000 | 1,048,272 |
6.379%, due 7/15/32 | 480,000 | 507,401 |
6.55%, due 11/15/30 | 955,000 | 1,009,556 |
FMC Corp. | ||
6.375%, due 5/18/53 | 555,000 | 567,915 |
Principal Amount | Value | |
Chemicals (continued) | ||
RPM International, Inc. | ||
2.95%, due 1/15/32 | $ 2,295,000 | $ 1,934,008 |
5,067,152 | ||
Commercial Services 0.3% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 1,970,000 | 1,813,578 |
Computers 0.2% | ||
Apple, Inc. | ||
2.65%, due 2/8/51 | 1,210,000 | 828,348 |
Dell International LLC | ||
5.75%, due 2/1/33 | 630,000 | 663,705 |
1,492,053 | ||
Diversified Financial Services 1.9% | ||
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,550,000 | 1,540,364 |
American Express Co. | ||
6.489%, due 10/30/31 (e) | 1,585,000 | 1,718,880 |
Ares Management Corp. | ||
6.375%, due 11/10/28 | 1,750,000 | 1,834,466 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 3,000,000 | 3,112,484 |
Charles Schwab Corp. (The) | ||
6.196%, due 11/17/29 (e) | 1,945,000 | 2,039,619 |
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | 1,625,000 | 1,619,738 |
5.20%, due 6/15/62 | 185,000 | 189,075 |
12,054,626 | ||
Electric 4.4% | ||
AEP Texas, Inc. | ||
5.40%, due 6/1/33 | 90,000 | 91,372 |
AEP Transmission Co. LLC | ||
Series O | ||
4.50%, due 6/15/52 | 235,000 | 212,168 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 865,000 | 901,149 |
Arizona Public Service Co. | ||
5.55%, due 8/1/33 | 1,700,000 | 1,756,531 |
Baltimore Gas and Electric Co. | ||
5.40%, due 6/1/53 | 505,000 | 521,079 |
Dayton Power & Light Co. (The) | ||
3.95%, due 6/15/49 | 500,000 | 383,552 |
Duke Energy Corp. | ||
2.45%, due 6/1/30 | 960,000 | 836,909 |
5.00%, due 8/15/52 | 365,000 | 340,718 |
12 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Duke Energy Indiana LLC | ||
6.45%, due 4/1/39 | $ 600,000 | $ 672,368 |
Duke Energy Ohio, Inc. | ||
5.25%, due 4/1/33 | 205,000 | 211,191 |
5.65%, due 4/1/53 | 110,000 | 115,207 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 2,280,000 | 2,433,015 |
Entergy Arkansas LLC | ||
5.15%, due 1/15/33 | 1,695,000 | 1,727,946 |
Florida Power & Light Co. | ||
5.05%, due 4/1/28 | 2,550,000 | 2,606,498 |
Georgia Power Co. | ||
4.30%, due 3/15/42 | 141,000 | 124,658 |
4.95%, due 5/17/33 | 1,735,000 | 1,748,996 |
National Rural Utilities Cooperative Finance Corp. | ||
5.05%, due 9/15/28 | 1,345,000 | 1,379,902 |
NextEra Energy Capital Holdings, Inc. | ||
6.051%, due 3/1/25 | 1,120,000 | 1,129,975 |
NSTAR Electric Co. | ||
4.55%, due 6/1/52 | 1,060,000 | 965,083 |
Oklahoma Gas and Electric Co. | ||
5.60%, due 4/1/53 | 700,000 | 735,021 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 2,090,000 | 2,106,839 |
6.10%, due 1/15/29 | 965,000 | 998,580 |
6.40%, due 6/15/33 | 445,000 | 468,237 |
6.75%, due 1/15/53 | 570,000 | 620,000 |
6.95%, due 3/15/34 | 860,000 | 944,632 |
PECO Energy Co. | ||
4.90%, due 6/15/33 | 1,255,000 | 1,275,867 |
Southern California Edison Co. | ||
5.30%, due 3/1/28 | 760,000 | 780,015 |
5.70%, due 3/1/53 | 195,000 | 205,244 |
5.95%, due 11/1/32 | 885,000 | 950,774 |
Southern Co. (The) | ||
5.15%, due 10/6/25 | 770,000 | 771,645 |
5.70%, due 10/15/32 | 370,000 | 388,423 |
28,403,594 | ||
Engineering & Construction 0.4% | ||
Jacobs Engineering Group, Inc. | ||
5.90%, due 3/1/33 | 935,000 | 954,484 |
6.35%, due 8/18/28 | 1,505,000 | 1,571,817 |
2,526,301 |
Principal Amount | Value | |
Entertainment 0.2% | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 | $ 535,000 | $ 507,603 |
5.141%, due 3/15/52 | 560,000 | 480,679 |
988,282 | ||
Environmental Control 0.3% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | 1,785,000 | 1,601,445 |
Food 0.0% ‡ | ||
Kraft Heinz Foods Co. | ||
4.875%, due 10/1/49 | 275,000 | 260,567 |
Gas 0.4% | ||
CenterPoint Energy Resources Corp. | ||
1.75%, due 10/1/30 | 1,945,000 | 1,614,893 |
NiSource, Inc. | ||
5.65%, due 2/1/45 | 590,000 | 592,516 |
Southwest Gas Corp. | ||
5.45%, due 3/23/28 | 445,000 | 454,850 |
2,662,259 | ||
Healthcare-Products 0.4% | ||
Baxter International, Inc. | ||
2.539%, due 2/1/32 | 1,090,000 | 913,869 |
3.132%, due 12/1/51 | 620,000 | 426,331 |
Thermo Fisher Scientific, Inc. | ||
4.95%, due 11/21/32 | 1,305,000 | 1,346,694 |
2,686,894 | ||
Healthcare-Services 0.4% | ||
HCA, Inc. | ||
3.625%, due 3/15/32 | 2,035,000 | 1,819,645 |
4.625%, due 3/15/52 | 85,000 | 72,285 |
UnitedHealth Group, Inc. | ||
6.05%, due 2/15/63 | 825,000 | 951,336 |
2,843,266 | ||
Insurance 0.9% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 | 370,000 | 348,651 |
4.35%, due 4/5/42 | 190,000 | 161,035 |
MetLife, Inc. | ||
5.875%, due 2/6/41 | 660,000 | 717,932 |
Metropolitan Life Global Funding I | ||
5.15%, due 3/28/33 (a) | 1,300,000 | 1,322,567 |
Prudential Financial, Inc. | ||
3.935%, due 12/7/49 | 225,000 | 185,091 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Insurance (continued) | ||
RGA Global Funding | ||
6.00%, due 11/21/28 (a) | $ 2,870,000 | $ 2,975,652 |
5,710,928 | ||
Internet 0.5% | ||
Amazon.com, Inc. | ||
3.10%, due 5/12/51 | 1,035,000 | 769,302 |
3.95%, due 4/13/52 | 710,000 | 621,237 |
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | 1,115,000 | 1,060,522 |
4.45%, due 8/15/52 | 1,000,000 | 918,800 |
3,369,861 | ||
Investment Companies 0.3% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 | 1,870,000 | 1,903,062 |
Iron & Steel 0.2% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 1,550,000 | 1,487,976 |
Media 0.5% | ||
Charter Communications Operating LLC | ||
6.65%, due 2/1/34 | 1,720,000 | 1,813,711 |
Comcast Corp. | ||
4.60%, due 10/15/38 | 740,000 | 714,569 |
Paramount Global | ||
4.20%, due 5/19/32 | 555,000 | 495,339 |
3,023,619 | ||
Miscellaneous—Manufacturing 0.0% ‡ | ||
3M Co. | ||
3.625%, due 10/15/47 | 410,000 | 313,006 |
Oil & Gas 0.5% | ||
Occidental Petroleum Corp. | ||
6.45%, due 9/15/36 | 720,000 | 761,761 |
Phillips 66 Co. | ||
3.15%, due 12/15/29 | 2,395,000 | 2,190,879 |
2,952,640 | ||
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
5.50%, due 4/15/28 (a) | 865,000 | 874,480 |
Principal Amount | Value | |
Pharmaceuticals 0.8% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | $ 850,000 | $ 815,063 |
4.05%, due 11/21/39 | 135,000 | 121,898 |
Cigna Group (The) | ||
4.90%, due 12/15/48 | 1,025,000 | 974,507 |
CVS Health Corp. | ||
5.30%, due 6/1/33 | 850,000 | 872,285 |
Eli Lilly & Co. | ||
3.375%, due 3/15/29 | 1,215,000 | 1,168,494 |
Merck & Co., Inc. | ||
5.00%, due 5/17/53 | 290,000 | 298,180 |
5.15%, due 5/17/63 | 260,000 | 271,066 |
Pfizer Investment Enterprises Pte. Ltd. | ||
5.30%, due 5/19/53 | 370,000 | 377,727 |
4,899,220 | ||
Pipelines 2.2% | ||
Cheniere Energy, Inc. | ||
4.625%, due 10/15/28 | 2,005,000 | 1,957,139 |
Columbia Pipelines Operating Co. LLC | ||
6.714%, due 8/15/63 (a) | 445,000 | 490,745 |
Energy Transfer LP | ||
5.00%, due 5/15/50 | 1,045,000 | 931,691 |
Enterprise Products Operating LLC | ||
4.80%, due 2/1/49 | 550,000 | 520,245 |
5.35%, due 1/31/33 | 1,700,000 | 1,779,155 |
Kinder Morgan, Inc. | ||
5.45%, due 8/1/52 | 390,000 | 373,006 |
MPLX LP | ||
4.95%, due 9/1/32 | 875,000 | 856,178 |
ONEOK, Inc. | ||
5.55%, due 11/1/26 | 980,000 | 997,245 |
5.85%, due 1/15/26 | 1,615,000 | 1,638,421 |
6.05%, due 9/1/33 | 390,000 | 413,212 |
6.625%, due 9/1/53 | 265,000 | 296,571 |
Targa Resources Partners LP | ||
5.50%, due 3/1/30 | 3,075,000 | 3,074,447 |
Williams Cos., Inc. (The) | ||
4.85%, due 3/1/48 | 570,000 | 517,748 |
13,845,803 | ||
Real Estate Investment Trusts 1.1% | ||
American Tower Corp. | ||
2.10%, due 6/15/30 | 2,695,000 | 2,260,599 |
Crown Castle, Inc. | ||
5.80%, due 3/1/34 | 1,225,000 | 1,267,876 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 1,950,000 | 1,752,307 |
14 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts (continued) | ||
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | $ 1,800,000 | $ 1,499,855 |
6,780,637 | ||
Retail 0.7% | ||
AutoZone, Inc. | ||
5.20%, due 8/1/33 | 1,710,000 | 1,740,406 |
Home Depot, Inc. (The) | ||
4.95%, due 9/15/52 | 1,070,000 | 1,081,176 |
Lowe's Cos., Inc. | ||
5.15%, due 7/1/33 | 450,000 | 462,353 |
5.625%, due 4/15/53 | 625,000 | 655,266 |
5.75%, due 7/1/53 | 230,000 | 243,672 |
4,182,873 | ||
Semiconductors 1.1% | ||
Broadcom, Inc. (a) | ||
2.45%, due 2/15/31 | 1,250,000 | 1,068,829 |
3.137%, due 11/15/35 | 925,000 | 759,410 |
3.469%, due 4/15/34 | 835,000 | 726,454 |
Intel Corp. | ||
5.20%, due 2/10/33 | 605,000 | 632,031 |
5.70%, due 2/10/53 | 960,000 | 1,037,865 |
5.90%, due 2/10/63 | 205,000 | 228,494 |
Micron Technology, Inc. | ||
6.75%, due 11/1/29 | 1,210,000 | 1,307,509 |
NXP BV | ||
5.00%, due 1/15/33 | 955,000 | 956,477 |
QUALCOMM, Inc. | ||
4.50%, due 5/20/52 | 260,000 | 242,788 |
Texas Instruments, Inc. | ||
5.05%, due 5/18/63 | 90,000 | 92,192 |
7,052,049 | ||
Software 0.5% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 965,000 | 658,779 |
Oracle Corp. | ||
3.95%, due 3/25/51 | 360,000 | 281,904 |
4.90%, due 2/6/33 | 1,170,000 | 1,164,677 |
5.55%, due 2/6/53 | 850,000 | 850,237 |
2,955,597 | ||
Telecommunications 1.8% | ||
AT&T, Inc. | ||
3.50%, due 9/15/53 | 730,000 | 529,766 |
3.55%, due 9/15/55 | 997,000 | 716,820 |
4.35%, due 3/1/29 | 1,464,000 | 1,444,834 |
Principal Amount | Value | |
Telecommunications (continued) | ||
AT&T, Inc. (continued) | ||
5.40%, due 2/15/34 | $ 1,565,000 | $ 1,614,024 |
Bell Canada | ||
3.65%, due 8/15/52 | 425,000 | 327,977 |
Rogers Communications, Inc. | ||
4.55%, due 3/15/52 | 385,000 | 335,753 |
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | 2,095,000 | 1,886,074 |
3.40%, due 10/15/52 | 400,000 | 291,339 |
5.75%, due 1/15/34 | 1,680,000 | 1,781,879 |
Verizon Communications, Inc. | ||
3.40%, due 3/22/41 | 685,000 | 545,288 |
4.50%, due 8/10/33 | 705,000 | 687,702 |
5.05%, due 5/9/33 | 1,285,000 | 1,310,863 |
11,472,319 | ||
Transportation 0.7% | ||
FedEx Corp. | ||
5.25%, due 5/15/50 | 970,000 | 965,426 |
Norfolk Southern Corp. | ||
3.00%, due 3/15/32 | 1,005,000 | 893,576 |
3.05%, due 5/15/50 | 605,000 | 430,314 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 2,060,000 | 1,827,546 |
United Parcel Service, Inc. | ||
5.30%, due 4/1/50 | 520,000 | 553,857 |
4,670,719 | ||
Trucking & Leasing 0.3% | ||
Penske Truck Leasing Co. LP (a) | ||
5.75%, due 5/24/26 | 940,000 | 947,443 |
6.05%, due 8/1/28 | 670,000 | 694,447 |
1,641,890 | ||
Total Corporate Bonds (Cost $250,607,513) | 255,677,777 | |
Mortgage-Backed Securities 6.6% | ||
Agency (Collateralized Mortgage Obligations) 1.2% | ||
FHLMC, Strips | ||
REMIC, Series 390, Class C5 | ||
2.00%, due 4/15/42 (f) | 2,463,390 | 222,564 |
FNMA (f) | ||
REMIC, Series 2023-2, Class DI | ||
2.00%, due 5/25/51 | 16,658,773 | 2,179,196 |
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 | 16,701,229 | 2,684,285 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, Strips (f) | ||
REMIC, Series 432, Class C6 | ||
2.00%, due 4/25/42 (g) | $ 13,219,267 | $ 1,280,094 |
REMIC, Series 365, Class 13 | ||
5.50%, due 5/25/36 | 7,565,892 | 1,390,226 |
7,756,365 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.5% | ||
BWAY Mortgage Trust | ||
Series 2013-1515, Class A2 | ||
3.454%, due 3/10/33 (a) | 2,320,000 | 2,177,918 |
CENT Trust | ||
Series 2023-CITY, Class A | ||
7.982% (1 Month SOFR + 2.62%), due 9/15/38 (a)(c) | 2,400,000 | 2,412,027 |
FNMA, ACES | ||
REMIC, Series 2019-M12, Class X3 | ||
0.602%, due 6/25/29 (f)(h) | 77,000,000 | 2,206,104 |
GNMA (f)(h) | ||
REMIC, Series 2023-179 | ||
0.612%, due 9/16/63 | 49,913,565 | 2,071,977 |
REMIC, Series 2023-108 | ||
0.699%, due 8/16/59 | 60,840,742 | 2,132,164 |
REMIC, Series 2021-106 | ||
0.859%, due 4/16/63 | 40,376,562 | 2,639,985 |
OPEN Trust | ||
Series 2023-AIR, Class A | ||
8.451% (1 Month SOFR + 3.089%), due 10/15/28 (a)(c) | 2,303,890 | 2,308,604 |
15,948,779 | ||
Whole Loan (Collateralized Mortgage Obligations) 2.9% | ||
A&D Mortgage Trust (a)(b) | ||
Series 2023-NQM3, Class A2 | ||
7.139%, due 7/25/68 | 2,895,214 | 2,925,694 |
Series 2023-NQM4, Class A1 | ||
7.472%, due 9/25/68 | 2,705,997 | 2,764,701 |
Series 2023-NQM4, Class A2 | ||
7.826%, due 9/25/68 | 1,967,998 | 2,010,851 |
BRAVO Residential Funding Trust | ||
Series 2023-NQM8, Class A1 | ||
6.394%, due 10/25/63 (a)(b) | 2,250,000 | 2,264,204 |
COLT Mortgage Loan Trust (a)(b) | ||
Series 2023-4, Class A1 | ||
7.163%, due 10/25/68 | 2,730,065 | 2,796,868 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
COLT Mortgage Loan Trust (a)(b) (continued) | ||
Series 2023-3, Class A1 | ||
7.18%, due 9/25/68 | $ 2,461,075 | $ 2,520,828 |
GCAT Trust | ||
Series 2023-NQM3, Class A1 | ||
6.889%, due 8/25/68 (a)(i) | 2,943,647 | 2,987,904 |
18,271,050 | ||
Total Mortgage-Backed Securities (Cost $41,636,306) | 41,976,194 | |
U.S. Government & Federal Agencies 44.9% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 6.0% | ||
FHLMC Gold Pools, 15 Year | ||
5.00%, due 3/1/25 | 2,142 | 2,156 |
FHLMC Gold Pools, 30 Year | ||
6.50%, due 11/1/35 | 1,737 | 1,817 |
6.50%, due 8/1/37 | 13,092 | 13,725 |
UMBS Pool, 30 Year | ||
2.00%, due 8/1/50 | 3,258,368 | 2,682,978 |
2.00%, due 11/1/50 | 2,593,726 | 2,158,766 |
2.00%, due 3/1/51 | 2,833,269 | 2,333,190 |
2.50%, due 7/1/50 | 4,230,746 | 3,665,589 |
2.50%, due 10/1/50 | 2,354,681 | 2,037,806 |
2.50%, due 11/1/50 | 2,569,653 | 2,238,274 |
2.50%, due 2/1/51 | 2,883,854 | 2,504,611 |
2.50%, due 10/1/51 | 2,131,471 | 1,842,024 |
2.50%, due 4/1/52 | 2,356,761 | 2,032,084 |
3.00%, due 3/1/52 | 4,588,763 | 4,148,698 |
3.50%, due 11/1/51 | 3,207,527 | 2,957,817 |
4.00%, due 10/1/52 | 2,987,255 | 2,839,976 |
5.00%, due 12/1/52 | 2,555,164 | 2,531,149 |
5.00%, due 7/1/53 | 2,435,897 | 2,418,263 |
5.50%, due 10/1/52 | 1,639,451 | 1,651,066 |
38,059,989 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.3% | ||
UMBS, 15 Year | ||
2.00%, due 3/1/37 | 5,398,292 | 4,869,979 |
4.50%, due 5/1/24 | 5,708 | 5,676 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 3,486,771 | 2,881,425 |
2.00%, due 9/1/50 | 5,493,986 | 4,571,380 |
2.00%, due 12/1/50 | 3,368,395 | 2,779,244 |
2.00%, due 3/1/51 | 4,346,581 | 3,604,240 |
2.00%, due 3/1/51 | 5,432,899 | 4,492,435 |
16 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.00%, due 3/1/52 | $ 4,846,405 | $ 4,001,427 |
2.50%, due 5/1/43 | 233,788 | 203,970 |
2.50%, due 6/1/50 | 2,907,316 | 2,514,914 |
2.50%, due 9/1/50 | 2,060,769 | 1,792,967 |
2.50%, due 8/1/51 | 4,559,861 | 3,952,425 |
2.50%, due 9/1/51 | 2,000,000 | 1,717,106 |
2.50%, due 10/1/51 | 3,591,691 | 3,095,609 |
2.50%, due 10/1/51 | 2,918,977 | 2,535,387 |
2.50%, due 11/1/51 | 3,231,276 | 2,804,614 |
2.50%, due 4/1/52 | 2,350,000 | 2,026,581 |
3.00%, due 11/1/48 | 2,940,479 | 2,678,988 |
3.00%, due 2/1/50 | 4,921,684 | 4,473,849 |
3.00%, due 1/1/52 | 3,594,430 | 3,217,053 |
3.50%, due 5/1/48 | 4,807,753 | 4,511,675 |
3.50%, due 2/1/52 | 2,189,941 | 2,019,319 |
3.50%, due 3/1/52 | 2,614,340 | 2,407,529 |
4.00%, due 5/1/52 | 5,119,480 | 4,886,861 |
4.50%, due 7/1/52 | 2,740,739 | 2,658,431 |
4.50%, due 7/1/52 | 1,926,998 | 1,877,132 |
5.50%, due 10/1/52 | 2,671,393 | 2,689,702 |
5.50%, due 12/1/52 | 4,612,851 | 4,694,128 |
6.00%, due 9/1/53 | 2,404,082 | 2,487,285 |
6.50%, due 10/1/36 | 10,004 | 10,589 |
6.50%, due 8/1/37 | 1,831 | 1,901 |
7.00%, due 9/1/37 | 15,893 | 16,593 |
7.00%, due 10/1/37 | 263 | 275 |
7.00%, due 11/1/37 | 3,553 | 3,673 |
7.50%, due 7/1/28 | 3,403 | 3,402 |
UMBS, Single Family, 30 Year (j) | ||
4.50%, due 1/25/54 TBA | 1,500,000 | 1,453,945 |
6.00%, due 1/25/54 TBA | 1,850,000 | 1,878,328 |
6.50%, due 1/25/54 TBA | 1,600,000 | 1,639,563 |
91,459,600 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 4.4% | ||
GNMA I, Single Family, 30 Year | ||
4.00%, due 3/15/44 | 19,243 | 18,677 |
4.00%, due 7/15/44 | 127,521 | 123,007 |
4.00%, due 7/15/45 | 56,413 | 54,697 |
4.50%, due 6/15/39 | 305,806 | 307,547 |
4.50%, due 6/15/40 | 127,173 | 126,661 |
GNMA II, 30 Year | ||
2.00%, due 3/20/51 | 3,824,379 | 3,160,116 |
2.50%, due 1/20/51 | 1,883,691 | 1,626,855 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, 30 Year (continued) | ||
2.50%, due 3/20/51 | $ 3,747,053 | $ 3,268,777 |
2.50%, due 4/20/51 | 4,704,175 | 4,100,794 |
3.50%, due 5/20/52 | 3,187,589 | 2,961,345 |
4.50%, due 9/20/52 | 2,987,124 | 2,923,171 |
GNMA II, Single Family, 30 Year | ||
3.00%, due 8/20/51 | 3,014,974 | 2,734,982 |
3.00%, due 10/20/51 | 3,248,238 | 2,942,158 |
4.00%, due 4/20/52 | 2,199,742 | 2,098,922 |
5.00%, due 7/20/52 | 1,599,098 | 1,589,119 |
28,036,828 | ||
United States Treasury Bonds 3.5% | ||
U.S. Treasury Bonds | ||
1.875%, due 2/15/41 | 3,770,000 | 2,710,424 |
2.375%, due 2/15/42 | 2,140,000 | 1,641,948 |
2.875%, due 5/15/52 | 4,560,000 | 3,630,544 |
3.25%, due 5/15/42 | 500,000 | 438,672 |
4.375%, due 8/15/43 | 5,050,000 | 5,154,945 |
4.75%, due 11/15/53 | 7,925,000 | 8,887,145 |
22,463,678 | ||
United States Treasury Notes 16.7% | ||
U.S. Treasury Notes | ||
4.375%, due 11/30/28 | 16,835,000 | 17,226,940 |
4.375%, due 11/30/30 | 37,900,000 | 38,971,859 |
4.625%, due 11/15/26 | 30,100,000 | 30,575,015 |
5.00%, due 10/31/25 | 19,975,000 | 20,202,840 |
106,976,654 | ||
Total U.S. Government & Federal Agencies (Cost $284,629,849) | 286,996,749 | |
Total Long-Term Bonds (Cost $624,000,669) | 631,089,272 | |
Total Investments, Before Investments Sold Short (Cost $624,000,669) | 98.8% | 631,089,272 |
Principal Amount | Value | ||
Investments Sold Short (0.1)% | |||
U.S. Government & Federal Agency Sold Short (0.1)% | |||
Federal National Mortgage Association (Mortgage Pass-Through Security) (0.1)% | |||
UMBS, Single Family, 30 Year | |||
4.00%, due 1/25/54 TBA (j) | $ (750,000) | $ (709,306) | |
Total Investments Sold Short (Proceeds $688,711) | (709,306) | ||
Total Investments, Net of Investments Sold Short (Cost $623,311,958) | 98.7% | 630,379,966 | |
Other Assets, Less Liabilities | 1.3 | 8,386,738 | |
Net Assets | 100.0% | $ 638,766,704 |
† | 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) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
(c) | Floating rate—Rate shown was the rate in effect as of December 31, 2023. |
(d) | Delayed delivery security. |
(e) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2023. |
(f) | 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. |
(g) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,280,094, which represented 0.2% of the Portfolio’s net assets. (Unaudited) |
(h) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 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 December 31, 2023. |
(j) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2023, the total net market value was $4,262,530, which represented 0.7% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 87 | March 2024 | $ 17,763,647 | $ 17,914,523 | $ 150,876 |
U.S. Treasury 5 Year Notes | 110 | March 2024 | 11,720,166 | 11,965,078 | 244,912 |
U.S. Treasury Ultra Bonds | 334 | March 2024 | 40,804,174 | 44,620,313 | 3,816,139 |
Total Long Contracts | 4,211,927 | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Notes | (136) | March 2024 | (14,915,240) | (15,353,125) | (437,885) |
U.S. Treasury 10 Year Ultra Bonds | (114) | March 2024 | (12,897,758) | (13,453,781) | (556,023) |
Total Short Contracts | (993,908) | ||||
Net Unrealized Appreciation | $ 3,218,019 |
1. | As of December 31, 2023, cash in the amount of $1,981,500 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2023. |
Abbreviation(s): |
ACES—Alternative Credit Enhancement Securities |
CLO—Collateralized Loan Obligation |
18 | MainStay VP Bond Portfolio |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 46,438,552 | $ — | $ 46,438,552 | |||
Corporate Bonds | — | 255,677,777 | — | 255,677,777 | |||
Mortgage-Backed Securities | — | 41,976,194 | — | 41,976,194 | |||
U.S. Government & Federal Agencies | — | 286,996,749 | — | 286,996,749 | |||
Total Investments in Securities | — | 631,089,272 | — | 631,089,272 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 4,211,927 | — | — | 4,211,927 | |||
Total Investments in Securities and Other Financial Instruments | $ 4,211,927 | $ 631,089,272 | $ — | $ 635,301,199 | |||
Liability Valuation Inputs | |||||||
Long-Term Bonds Sold Short | |||||||
U.S. Government & Federal Agency Sold Short | $ — | $ (709,306) | $ — | $ (709,306) | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | (993,908) | — | — | (993,908) | |||
Total Investments in Securities Sold Short and Other Financial Instruments | $ (993,908) | $ (709,306) | $ — | $ (1,703,214) |
(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 $624,000,669) | $631,089,272 |
Cash | 4,280,651 |
Cash collateral on deposit at broker for futures contracts | 1,981,500 |
Receivables: | |
Investment securities sold | 6,894,292 |
Interest | 5,281,303 |
Portfolio shares sold | 24,192 |
Other assets | 19,325 |
Total assets | 649,570,535 |
Liabilities | |
Investments sold short (proceeds $688,711) | 709,306 |
Payables: | |
Investment securities purchased | 9,133,555 |
Portfolio shares redeemed | 439,408 |
Manager (See Note 3) | 267,615 |
Variation margin on futures contracts | 103,849 |
NYLIFE Distributors (See Note 3) | 78,423 |
Professional fees | 41,324 |
Custodian | 21,832 |
Shareholder communication | 7,047 |
Accrued expenses | 1,472 |
Total liabilities | 10,803,831 |
Net assets | $638,766,704 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 52,002 |
Additional paid-in-capital | 736,598,369 |
736,650,371 | |
Total distributable earnings (loss) | (97,883,667) |
Net assets | $638,766,704 |
Initial Class | |
Net assets applicable to outstanding shares | $266,632,296 |
Shares of beneficial interest outstanding | 21,559,320 |
Net asset value per share outstanding | $ 12.37 |
Service Class | |
Net assets applicable to outstanding shares | $372,134,408 |
Shares of beneficial interest outstanding | 30,442,965 |
Net asset value per share outstanding | $ 12.22 |
20 | MainStay VP Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 32,268,620 |
Expenses | |
Manager (See Note 3) | 3,301,721 |
Distribution/Service—Service Class (See Note 3) | 942,184 |
Professional fees | 117,421 |
Custodian | 48,058 |
Trustees | 17,698 |
Shareholder communication | 3,599 |
Miscellaneous | 13,325 |
Total expenses | 4,444,006 |
Net investment income (loss) | 27,824,614 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (27,627,313) |
Futures transactions | (7,306,683) |
Net realized gain (loss) | (34,933,996) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 37,045,289 |
Futures contracts | 3,914,711 |
Investments sold short | (20,595) |
Net change in unrealized appreciation (depreciation) | 40,939,405 |
Net realized and unrealized gain (loss) | 6,005,409 |
Net increase (decrease) in net assets resulting from operations | $ 33,830,023 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 27,824,614 | $ 17,635,047 |
Net realized gain (loss) | (34,933,996) | (99,034,005) |
Net change in unrealized appreciation (depreciation) | 40,939,405 | (42,710,979) |
Net increase (decrease) in net assets resulting from operations | 33,830,023 | (124,109,937) |
Distributions to shareholders: | ||
Initial Class | (8,428,021) | (5,913,796) |
Service Class | (9,819,848) | (6,975,813) |
Total distributions to shareholders | (18,247,869) | (12,889,609) |
Capital share transactions: | ||
Net proceeds from sales of shares | 60,830,751 | 90,735,240 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 18,247,869 | 12,889,609 |
Cost of shares redeemed | (135,979,597) | (172,961,774) |
Increase (decrease) in net assets derived from capital share transactions | (56,900,977) | (69,336,925) |
Net increase (decrease) in net assets | (41,318,823) | (206,336,471) |
Net Assets | ||
Beginning of year | 680,085,527 | 886,421,998 |
End of year | $ 638,766,704 | $ 680,085,527 |
22 | MainStay VP Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.08 | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | ||||
Net investment income (loss) (a) | 0.52 | 0.33 | 0.21 | 0.28 | 0.37 | ||||
Net realized and unrealized gain (loss) | 0.12 | (2.42) | (0.42) | 0.87 | 0.88 | ||||
Total from investment operations | 0.64 | (2.09) | (0.21) | 1.15 | 1.25 | ||||
Less distributions: | |||||||||
From net investment income | (0.35) | (0.26) | (0.27) | (0.31) | (0.40) | ||||
From net realized gain on investments | — | — | (0.46) | (0.04) | — | ||||
Total distributions | (0.35) | (0.26) | (0.73) | (0.35) | (0.40) | ||||
Net asset value at end of year | $ 12.37 | $ 12.08 | $ 14.43 | $ 15.37 | $ 14.57 | ||||
Total investment return (b) | 5.58% | (14.47)% | (1.37)% | 7.94% | 9.12% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.30% | 2.53% | 1.39% | 1.83% | 2.60% | ||||
Net expenses (c) | 0.52% | 0.53% | 0.52% | 0.53% | 0.54% | ||||
Portfolio turnover rate (d) | 469% | 474% | 326% | 255% | 204% | ||||
Net assets at end of year (in 000's) | $ 266,632 | $ 292,815 | $ 366,020 | $ 412,053 | $ 341,408 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 463%, 438%, 194%, 241% and 197% for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 11.93 | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | ||||
Net investment income (loss) (a) | 0.49 | 0.29 | 0.17 | 0.24 | 0.33 | ||||
Net realized and unrealized gain (loss) | 0.12 | (2.39) | (0.41) | 0.86 | 0.87 | ||||
Total from investment operations | 0.61 | (2.10) | (0.24) | 1.10 | 1.20 | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.22) | (0.24) | (0.28) | (0.37) | ||||
From net realized gain on investments | — | — | (0.46) | (0.04) | — | ||||
Total distributions | (0.32) | (0.22) | (0.70) | (0.32) | (0.37) | ||||
Net asset value at end of year | $ 12.22 | $ 11.93 | $ 14.25 | $ 15.19 | $ 14.41 | ||||
Total investment return (b) | 5.31% | (14.68)% | (1.62)% | 7.67% | 8.85% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.05% | 2.26% | 1.14% | 1.57% | 2.34% | ||||
Net expenses (c) | 0.77% | 0.78% | 0.77% | 0.78% | 0.79% | ||||
Portfolio turnover rate (d) | 469% | 474% | 326% | 255% | 204% | ||||
Net assets at end of year (in 000's) | $ 372,134 | $ 387,271 | $ 520,402 | $ 530,338 | $ 427,338 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 463%, 438%, 194%, 241% and 197% for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, 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 |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $4,211,927 | $4,211,927 |
Total Fair Value | $4,211,927 | $4,211,927 |
(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) | $(993,908) | $(993,908) |
Total Fair Value | $(993,908) | $(993,908) |
(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 | $(7,306,683) | $(7,306,683) |
Total Net Realized Gain (Loss) | $(7,306,683) | $(7,306,683) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $3,914,711 | $3,914,711 |
Total Net Change in Unrealized Appreciation (Depreciation) | $3,914,711 | $3,914,711 |
Average Notional Amount | Total |
Futures Contracts Long | $ 79,945,218 |
Futures Contracts Short | $(39,212,523) |
28 | MainStay VP Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $623,437,725 | $13,522,406 | $(7,907,495) | $5,614,911 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$27,827,035 | $(132,652,944) | $— | $6,942,242 | $(97,883,667) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $62,592 | $68,733 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $18,247,869 | $12,889,609 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,871,598 | $ 35,227,311 |
Shares issued to shareholders in reinvestment of distributions | 734,475 | 8,428,021 |
Shares redeemed | (6,294,173) | (76,014,720) |
Net increase (decrease) | (2,688,100) | $(32,359,388) |
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) |
Service Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,124,875 | $ 25,603,440 |
Shares issued to shareholders in reinvestment of distributions | 865,314 | 9,819,848 |
Shares redeemed | (4,998,282) | (59,964,877) |
Net increase (decrease) | (2,008,093) | $(24,541,589) |
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) |
30 | MainStay VP Bond Portfolio |
New York, New York
February 26, 2024
32 | MainStay VP Bond Portfolio |
34 | MainStay VP Bond Portfolio |
36 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
38 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
40 | MainStay VP Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015932 | MSVPB11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 5.00% | 0.30% | 0.97% | 0.56% |
Service Class Shares | 6/4/2003 | 4.74 | 0.05 | 0.72 | 0.81 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Government Bond Index1 | 4.09% | 0.56% | 1.27% |
Morningstar Intermediate Government Category Average2 | 4.42 | 0.27 | 0.96 |
* | 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. | The Bloomberg U.S. Government Bond Index is the Portfolio’s primary benchmark. The Bloomberg U.S. Government Bond Index is a broad-based benchmark that consists of publicly issued debt of the U.S. Treasury and government agencies. Results assume the reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Intermediate Government Category Average is representative of funds that have at least 90% of their bond holdings in bonds backed by U.S. government or by U.S. government-linked agencies. These funds have durations between 3.5 and 6 years and/or average effective maturities between 4 and 10 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,030.70 | $2.87 | $1,022.38 | $2.85 | 0.56% |
Service Class Shares | $1,000.00 | $1,029.40 | $4.14 | $1,021.12 | $4.13 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay Government Portfolio |
1. | UMBS, 30 Year, 2.00%-6.50%, due 2/1/41–9/1/53 |
2. | U.S. Treasury Notes, 0.375%-3.00%, due 8/15/24–2/15/30 |
3. | UMBS Pool, 30 Year, 2.00%-6.50%, due 6/1/46–12/1/53 |
4. | FREMF Mortgage Trust, 3.455%-4.325%, due 6/25/47–2/25/52 |
5. | GNMA, (zero coupon)-6.952%, due 6/16/37–2/20/52 |
6. | FNMA, (zero coupon)-3.50%, due 7/25/42–3/25/60 |
7. | FNMA, Other, 2.50%-6.50%, due 4/1/25–6/1/57 |
8. | FHLMC Gold Pools, 30 Year, 2.50%-5.00%, due 11/1/41–3/1/49 |
9. | U.S. Treasury Inflation Linked Notes, 0.125%, due 1/15/30–7/15/30 |
10. | UMBS, 20 Year, 2.00%-3.00%, due 10/1/32–7/1/41 |
1. | See "Investment and Performance Comparison" 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 98.7% | ||
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 | $ 407,162 | $ 383,048 |
PSNH Funding LLC 3 | ||
Series 2018-1, Class A1 | ||
3.094%, due 2/1/26 | 22,741 | 22,685 |
United States Small Business Administration | ||
Series 2012-20L, Class 1 | ||
1.93%, due 12/1/32 | 182,235 | 165,275 |
Series 2014-20H, Class 1 | ||
2.88%, due 8/1/34 | 218,261 | 203,541 |
Series 2015-20G, Class 1 | ||
2.88%, due 7/1/35 | 622,678 | 582,568 |
Series 2014-20I, Class 1 | ||
2.92%, due 9/1/34 | 241,554 | 225,481 |
Series 2014-20C, Class 1 | ||
3.21%, due 3/1/34 | 399,842 | 378,257 |
Series 2018-20B, Class 1 | ||
3.22%, due 2/1/38 | 1,064,187 | 991,067 |
Series 2018-20D, Class 1 | ||
3.31%, due 4/1/38 | 1,364,265 | 1,271,479 |
Total Asset-Backed Securities (Cost $4,646,198) | 4,223,401 | |
Corporate Bonds 1.5% | ||
Electric 1.5% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,631,249 | 1,527,204 |
PG&E Energy Recovery Funding LLC | ||
Series A-1 | ||
1.46%, due 7/15/31 | 1,657,798 | 1,469,691 |
2,996,895 | ||
Total Corporate Bonds (Cost $3,284,842) | 2,996,895 | |
Mortgage-Backed Securities 23.0% | ||
Agency (Collateralized Mortgage Obligations) 10.8% | ||
FHLMC | ||
REMIC, Series 5038, Class SA | ||
(zero coupon) (SOFR 30A + 4.10%), due 11/25/50 (a)(b) | 2,151,159 | 125,567 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5057, Class SH | ||
0.413% (SOFR 30A + 5.75%), due 12/25/50 (a)(b) | $ 749,060 | $ 99,814 |
REMIC, Series 5019, Class PL | ||
1.00%, due 10/25/50 | 596,968 | 435,574 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (a) | 1,726,359 | 212,321 |
REMIC, Series 5013, Class DI | ||
3.00%, due 9/25/50 (a) | 1,534,795 | 288,107 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (a) | 512,968 | 81,948 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (a) | 565,071 | 87,622 |
REMIC, Series 5155, Class KI | ||
3.00%, due 10/25/51 (a) | 1,424,438 | 190,543 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (a) | 678,792 | 77,674 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 116,029 | 108,449 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 127,723 | 118,852 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 177,483 | 165,020 |
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (a)(b) | 3,462,562 | 35,252 |
REMIC, Series 2022-10, Class SA | ||
0.413% (SOFR 30A + 5.75%), due 2/25/52 (a)(b) | 1,058,000 | 154,067 |
REMIC, Series 2016-19, Class SD | ||
0.648% (SOFR 30A + 5.986%), due 4/25/46 (a)(b) | 2,685,135 | 241,028 |
REMIC, Series 2020-74, Class DA | ||
1.00%, due 10/25/50 | 529,618 | 377,520 |
REMIC, Series 2020-63, Class B | ||
1.25%, due 9/25/50 | 221,128 | 169,925 |
REMIC, Series 2012-124, Class PG | ||
2.00%, due 7/25/42 | 611,116 | 542,850 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (a) | 1,783,190 | 262,773 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 184,828 | 166,623 |
REMIC, Series 2019-58, Class LP | ||
3.00%, due 10/25/49 | 405,334 | 359,158 |
REMIC, Series 2019-77, Class LZ | ||
3.00%, due 1/25/50 | 1,684,957 | 1,492,222 |
10 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (a) | $ 966,892 | $ 163,125 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (a) | 1,361,530 | 220,935 |
REMIC, Series 2020-10, Class LP | ||
3.50%, due 3/25/50 | 1,293,070 | 1,144,529 |
REMIC, Series 2021-6, Class MC | ||
3.50%, due 6/25/50 | 1,245,110 | 1,149,108 |
REMIC, Series 2021-6, Class ML | ||
3.50%, due 6/25/50 | 654,017 | 593,867 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 991,466 | 905,451 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,293,055 | 1,142,269 |
FNMA, Strips (a) | ||
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 1,353,540 | 194,254 |
REMIC, Series 360, Class 2 | ||
5.00%, due 8/25/35 | 33,929 | 5,498 |
REMIC, Series 361, Class 2 | ||
6.00%, due 10/25/35 | 8,037 | 1,555 |
GNMA | ||
REMIC, Series 2010-151, Class KO | ||
(zero coupon), due 6/16/37 | 476,663 | 441,541 |
REMIC, Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (a)(b) | 5,261,360 | 15,583 |
REMIC, Series 2020-34, Class SC | ||
0.578% (1 Month SOFR + 5.936%), due 3/20/50 (a)(b) | 875,977 | 114,557 |
REMIC, Series 2020-146, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 10/20/50 (a)(b) | 854,338 | 128,447 |
REMIC, Series 2021-57, Class SD | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (a)(b) | 1,208,051 | 154,803 |
REMIC, Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 1,335,959 | 1,024,985 |
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 572,295 | 438,797 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 292,380 | 223,848 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (a) | 2,300,141 | 229,487 |
REMIC, Series 2021-57, Class IN | ||
2.00%, due 2/20/51 (a) | 396,544 | 42,903 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2014-63, Class PG | ||
2.50%, due 7/20/43 | $ 417,943 | $ 392,130 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 604,807 | 525,230 |
REMIC, Series 2023-19 | ||
2.50%, due 2/20/51 (a) | 1,621,816 | 222,295 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (a) | 1,432,269 | 208,962 |
REMIC, Series 2019-3, Class A | ||
3.00%, due 4/20/48 | 59,215 | 56,279 |
REMIC, Series 2019-59, Class KA | ||
3.00%, due 12/20/48 | 345,492 | 310,927 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (a) | 529,738 | 91,714 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (a) | 2,705,123 | 418,059 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (a) | 1,455,345 | 215,598 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 1,174,802 | 1,008,302 |
REMIC, Series 2019-92, Class GF | ||
3.50% (1 Month SOFR + 0.804%), due 7/20/49 (b) | 300,897 | 268,209 |
REMIC, Series 2019-97, Class FG | ||
3.50% (1 Month SOFR + 0.804%), due 8/20/49 (b) | 633,238 | 564,480 |
REMIC, Series 2019-110, Class FG | ||
3.50% (1 Month SOFR + 0.764%), due 9/20/49 (b) | 218,479 | 193,659 |
REMIC, Series 2019-128, Class KF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 335,853 | 298,446 |
REMIC, Series 2019-128, Class YF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 433,447 | 386,148 |
REMIC, Series 2021-175, Class DF | ||
3.50% (SOFR 30A + 0.25%), due 10/20/51 (b) | 1,850,506 | 1,637,866 |
REMIC, Series 2023-59, Class YC | ||
6.952%, due 9/20/51 (c) | 601,354 | 660,747 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 217,116 | 206,064 |
21,793,566 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 11.7% | ||
Arbor Multifamily Mortgage Securities Trust (d) | ||
Series 2021-MF3, Class A5 | ||
2.575%, due 10/15/54 | $ 3,000,000 | $ 2,539,768 |
Series 2022-MF4, Class A5 | ||
3.293%, due 2/15/55 (e) | 2,000,000 | 1,785,372 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (d) | 1,750,000 | 1,626,373 |
FREMF Mortgage Trust (d)(e) | ||
REMIC, Series 2019-K103, Class B | ||
3.455%, due 12/25/51 | 2,144,000 | 1,933,205 |
REMIC, Series 2020-K104, Class C | ||
3.541%, due 2/25/52 | 1,200,000 | 1,067,206 |
REMIC, Series 2016-K59, Class B | ||
3.58%, due 11/25/49 | 500,000 | 476,989 |
REMIC, Series 2015-K49, Class C | ||
3.721%, due 10/25/48 | 500,000 | 482,749 |
REMIC, Series 2016-K58, Class B | ||
3.738%, due 9/25/49 | 1,000,000 | 958,909 |
REMIC, Series 2017-K71, Class B | ||
3.752%, due 11/25/50 | 1,935,000 | 1,829,397 |
REMIC, Series 2014-K41, Class B | ||
3.834%, due 11/25/47 | 2,700,000 | 2,650,419 |
REMIC, Series 2014-K40, Class B | ||
4.052%, due 11/25/47 | 1,645,000 | 1,619,312 |
REMIC, Series 2016-K54, Class B | ||
4.053%, due 4/25/48 | 695,000 | 674,590 |
REMIC, Series 2016-K55, Class B | ||
4.167%, due 4/25/49 | 1,570,000 | 1,525,085 |
REMIC, Series 2014-K38, Class B | ||
4.196%, due 6/25/47 | 2,000,000 | 1,983,215 |
REMIC, Series 2019-K87, Class C | ||
4.325%, due 1/25/51 | 1,500,000 | 1,410,903 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (d) | 1,265,000 | 1,070,991 |
23,634,483 | ||
Whole Loan (Collateralized Mortgage Obligations) 0.5% | ||
Citigroup Mortgage Loan Trust | ||
Series 2006-AR6, Class 1A1 | ||
4.546%, due 8/25/36 (e) | 45,221 | 39,496 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (c)(d) | $ 1,203,711 | $ 988,569 |
1,028,065 | ||
Total Mortgage-Backed Securities (Cost $51,759,522) | 46,456,114 | |
Municipal Bonds 2.9% | ||
New Jersey 1.2% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
Series A | ||
7.102%, due 1/1/41 | 2,000,000 | 2,422,418 |
New York 1.7% | ||
New York State Thruway Authority Revenue Bonds | ||
Series M | ||
2.90%, due 1/1/35 | 4,000,000 | 3,487,525 |
Total Municipal Bonds (Cost $7,293,971) | 5,909,943 | |
U.S. Government & Federal Agencies 69.2% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 16.6% | ||
FHLMC Gold Pools, 30 Year | ||
2.50%, due 8/1/46 | 533,806 | 465,275 |
3.00%, due 2/1/46 | 906,088 | 829,445 |
3.00%, due 4/1/47 | 983,895 | 894,158 |
3.50%, due 1/1/44 | 230,182 | 217,926 |
3.50%, due 1/1/48 | 886,493 | 828,447 |
4.00%, due 7/1/44 | 512,775 | 500,124 |
4.00%, due 12/1/46 | 341,454 | 329,882 |
4.00%, due 10/1/48 | 435,376 | 419,951 |
4.00%, due 3/1/49 | 172,547 | 165,059 |
4.50%, due 12/1/44 | 695,740 | 695,830 |
5.00%, due 11/1/41 | 522,418 | 531,625 |
FHLMC Gold Pools, Other | ||
4.50%, due 3/1/41 | 100,360 | 99,754 |
Tennessee Valley Authority | ||
4.65%, due 6/15/35 | 4,395,000 | 4,475,555 |
UMBS Pool, 15 Year | ||
2.00%, due 6/1/35 | 605,717 | 544,579 |
2.50%, due 9/1/34 | 190,892 | 176,219 |
12 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year | ||
2.00%, due 7/1/50 | $ 2,505,165 | $ 2,068,705 |
2.00%, due 7/1/50 | 465,421 | 384,337 |
2.00%, due 8/1/50 | 1,173,720 | 966,756 |
2.00%, due 8/1/50 | 18,108 | 15,026 |
2.00%, due 8/1/50 | 1,676,773 | 1,379,185 |
2.00%, due 9/1/50 | 820,471 | 675,376 |
2.00%, due 11/1/50 | 1,518,965 | 1,254,326 |
2.50%, due 3/1/50 | 847,186 | 726,812 |
2.50%, due 7/1/50 | 1,432,671 | 1,228,959 |
2.50%, due 10/1/50 | 129,018 | 111,005 |
2.50%, due 1/1/51 | 328,812 | 280,695 |
2.50%, due 2/1/51 | 1,985,942 | 1,701,594 |
2.50%, due 5/1/51 | 1,112,056 | 952,011 |
3.00%, due 6/1/46 | 472,706 | 430,478 |
3.00%, due 8/1/49 | 863,449 | 773,962 |
3.00%, due 9/1/49 | 148,176 | 132,461 |
3.00%, due 11/1/49 | 498,932 | 449,323 |
3.00%, due 1/1/52 | 3,298,640 | 2,919,152 |
3.00%, due 4/1/52 | 949,390 | 839,933 |
3.50%, due 1/1/50 | 864,834 | 805,401 |
4.00%, due 5/1/52 | 904,028 | 855,106 |
4.00%, due 10/1/52 | 1,289,018 | 1,219,122 |
4.50%, due 11/1/52 | 601,025 | 582,788 |
4.50%, due 5/1/53 | 729,032 | 706,912 |
6.50%, due 12/1/53 | 785,000 | 807,087 |
33,440,341 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 30.7% | ||
FNMA, Other | ||
2.50%, due 1/1/57 | 565,414 | 480,831 |
2.68%, due 5/1/25 | 1,939,945 | 1,880,940 |
2.73%, due 4/1/25 | 1,025,000 | 995,374 |
3.00%, due 9/1/46 | 392,553 | 348,420 |
3.00%, due 10/1/46 | 393,936 | 349,701 |
3.00%, due 10/1/48 | 7,597 | 6,873 |
3.00%, due 2/1/57 | 434,819 | 382,719 |
3.00%, due 6/1/57 | 493,249 | 434,189 |
4.38%, due 7/1/28 | 2,400,000 | 2,398,566 |
6.00%, due 4/1/37 | 4,330 | 4,432 |
6.50%, due 8/1/47 | 7,959 | 8,180 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 1,968,416 | 1,687,217 |
2.50%, due 6/1/41 | 1,608,850 | 1,432,342 |
2.50%, due 7/1/41 | 1,703,614 | 1,516,521 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 20 Year (continued) | ||
3.00%, due 10/1/32 | $ 260,405 | $ 246,108 |
UMBS, 30 Year | ||
2.00%, due 6/1/50 | 1,349,319 | 1,111,307 |
2.00%, due 10/1/50 | 1,598,929 | 1,313,165 |
2.00%, due 3/1/51 | 2,006,765 | 1,659,147 |
2.50%, due 1/1/47 | 1,389,659 | 1,201,296 |
2.50%, due 9/1/49 | 1,205,953 | 1,034,778 |
2.50%, due 3/1/50 | 383,249 | 331,336 |
2.50%, due 3/1/50 | 963,456 | 826,092 |
2.50%, due 3/1/50 | 942,006 | 807,700 |
2.50%, due 4/1/50 | 1,729,429 | 1,493,464 |
2.50%, due 5/1/50 | 2,978,417 | 2,553,793 |
2.50%, due 7/1/50 | 1,420,533 | 1,218,437 |
2.50%, due 8/1/50 | 1,763,933 | 1,513,558 |
2.50%, due 8/1/50 | 1,992,321 | 1,721,873 |
2.50%, due 9/1/50 | 2,145,407 | 1,859,079 |
2.50%, due 10/1/50 | 1,528,070 | 1,308,308 |
2.50%, due 11/1/50 | 2,154,601 | 1,866,834 |
2.50%, due 1/1/51 | 1,653,184 | 1,423,277 |
2.50%, due 4/1/51 | 1,356,640 | 1,171,825 |
3.00%, due 10/1/44 | 821,348 | 754,956 |
3.00%, due 3/1/47 | 469,481 | 425,745 |
3.00%, due 12/1/47 | 582,503 | 529,077 |
3.00%, due 10/1/49 | 538,686 | 481,927 |
3.00%, due 3/1/50 | 831,780 | 743,066 |
3.00%, due 3/1/50 | 909,382 | 811,729 |
3.00%, due 5/1/50 | 756,046 | 674,504 |
3.00%, due 7/1/50 | 1,433,350 | 1,279,430 |
3.00%, due 11/1/51 | 2,429,722 | 2,150,314 |
3.50%, due 11/1/44 | 361,475 | 341,526 |
3.50%, due 3/1/45 | 420,787 | 393,861 |
3.50%, due 8/1/46 | 277,276 | 258,775 |
3.50%, due 10/1/47 | 173,920 | 162,312 |
3.50%, due 2/1/48 | 95,254 | 88,897 |
3.50%, due 8/1/49 | 492,354 | 458,265 |
3.50%, due 9/1/50 | 1,533,199 | 1,451,697 |
4.00%, due 1/1/46 | 362,139 | 352,268 |
4.00%, due 9/1/47 | 141,756 | 136,288 |
4.00%, due 7/1/48 | 358,775 | 345,361 |
4.00%, due 8/1/48 | 1,817,237 | 1,747,476 |
4.00%, due 9/1/48 | 312,347 | 298,993 |
4.00%, due 4/1/49 | 89,901 | 86,317 |
4.00%, due 3/1/50 | 670,178 | 641,937 |
4.50%, due 2/1/41 | 1,205,299 | 1,203,371 |
4.50%, due 4/1/41 | 2,904,195 | 2,900,447 |
4.50%, due 8/1/42 | 475,025 | 474,412 |
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 8/1/44 | $ 547,646 | $ 546,940 |
5.00%, due 9/1/41 | 1,041,533 | 1,058,408 |
5.00%, due 10/1/41 | 807,702 | 820,739 |
5.50%, due 7/1/41 | 1,501,418 | 1,546,149 |
6.00%, due 9/1/53 | 419,921 | 427,379 |
6.50%, due 9/1/53 | 1,675,785 | 1,717,206 |
61,897,454 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.4% | ||
GNMA II, Other | ||
2.50%, due 1/20/50 | 238,635 | 205,057 |
GNMA II, Single Family, 30 Year | ||
4.00%, due 11/20/49 | 325,960 | 312,505 |
4.50%, due 7/20/49 | 267,574 | 263,969 |
781,531 | ||
United States Treasury Bonds 1.7% | ||
U.S. Treasury Bonds | ||
3.00%, due 5/15/45 | 2,790,000 | 2,301,750 |
4.375%, due 11/15/39 | 1,200,000 | 1,250,016 |
3,551,766 | ||
United States Treasury Inflation - Indexed Notes 2.6% | ||
U.S. Treasury Inflation Linked Notes (f) | ||
0.125%, due 1/15/30 | 3,312,477 | 3,001,966 |
0.125%, due 7/15/30 | 2,424,020 | 2,189,622 |
5,191,588 | ||
United States Treasury Notes 17.2% | ||
U.S. Treasury Notes | ||
0.375%, due 9/15/24 | 1,600,000 | 1,549,500 |
0.375%, due 4/30/25 | 5,000,000 | 4,731,640 |
1.375%, due 10/31/28 | 3,050,000 | 2,714,619 |
1.50%, due 2/15/30 | 13,865,000 | 12,079,340 |
2.375%, due 8/15/24 | 395,000 | 388,550 |
2.625%, due 1/31/26 | 5,900,000 | 5,714,473 |
3.00%, due 10/31/25 | 7,805,000 | 7,623,290 |
34,801,412 | ||
Total U.S. Government & Federal Agencies (Cost $157,316,898) | 139,664,092 | |
Total Long-Term Bonds (Cost $224,301,431) | 199,250,445 | |
Shares | Value | ||
Short-Term Investments 0.9% | |||
Affiliated Investment Company 0.6% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (g) | 1,270,459 | $ 1,270,459 | |
Principal Amount | |||
U.S. Treasury Debt 0.3% | |||
U.S. Treasury Bills | |||
5.291%, due 1/4/24 (h) | $ 550,000 | 549,840 | |
Total Short-Term Investments (Cost $1,820,217) | 1,820,299 | ||
Total Investments (Cost $226,121,648) | 99.6% | 201,070,744 | |
Other Assets, Less Liabilities | 0.4 | 726,626 | |
Net Assets | 100.0% | $ 201,797,370 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(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 December 31, 2023. |
(c) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 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 December 31, 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 December 31, 2023. |
(h) | Interest rate shown represents yield to maturity. |
14 | MainStay VP MacKay Government Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 844 | $ 35,351 | $ (34,925) | $ — | $ — | $ 1,270 | $ 44 | $ — | 1,270 |
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 | 18 | March 2024 | $ 1,965,089 | $ 2,032,031 | $ 66,942 |
U.S. Treasury 10 Year Ultra Bonds | 16 | March 2024 | 1,805,638 | 1,888,250 | 82,612 |
Net Unrealized Appreciation | $ 149,554 |
1. | As of December 31, 2023, cash in the amount of $86,250 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2023. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
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 | $ — | $ 4,223,401 | $ — | $ 4,223,401 | |||
Corporate Bonds | — | 2,996,895 | — | 2,996,895 | |||
Mortgage-Backed Securities | — | 46,456,114 | — | 46,456,114 | |||
Municipal Bonds | — | 5,909,943 | — | 5,909,943 | |||
U.S. Government & Federal Agencies | — | 139,664,092 | — | 139,664,092 | |||
Total Long-Term Bonds | — | 199,250,445 | — | 199,250,445 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,270,459 | — | — | 1,270,459 | |||
U.S. Treasury Debt | — | 549,840 | — | 549,840 | |||
Total Short-Term Investments | 1,270,459 | 549,840 | — | 1,820,299 | |||
Total Investments in Securities | 1,270,459 | 199,800,285 | — | 201,070,744 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 149,554 | — | — | 149,554 | |||
Total Investments in Securities and Other Financial Instruments | $ 1,420,013 | $ 199,800,285 | $ — | $ 201,220,298 |
(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 $224,851,189) | $199,800,285 |
Investment in affiliated investment companies, at value (identified cost $1,270,459) | 1,270,459 |
Cash | 32 |
Cash collateral on deposit at broker for futures contracts | 86,250 |
Receivables: | |
Interest | 872,865 |
Portfolio shares sold | 11,719 |
Securities lending | 30 |
Other assets | 1,713 |
Total assets | 202,043,353 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 84,936 |
Portfolio shares redeemed | 68,856 |
NYLIFE Distributors (See Note 3) | 35,589 |
Professional fees | 28,761 |
Custodian | 17,117 |
Shareholder communication | 8,344 |
Variation margin on futures contracts | 1,416 |
Accrued expenses | 964 |
Total liabilities | 245,983 |
Net assets | $201,797,370 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 21,014 |
Additional paid-in-capital | 230,898,672 |
230,919,686 | |
Total distributable earnings (loss) | (29,122,316) |
Net assets | $201,797,370 |
Initial Class | |
Net assets applicable to outstanding shares | $ 32,615,199 |
Shares of beneficial interest outstanding | 3,372,310 |
Net asset value per share outstanding | $ 9.67 |
Service Class | |
Net assets applicable to outstanding shares | $169,182,171 |
Shares of beneficial interest outstanding | 17,641,946 |
Net asset value per share outstanding | $ 9.59 |
Investment Income (Loss) | |
Income | |
Interest | $ 5,901,372 |
Dividends-affiliated | 44,461 |
Securities lending, net | 259 |
Total income | 5,946,092 |
Expenses | |
Manager (See Note 3) | 1,041,163 |
Distribution/Service—Service Class (See Note 3) | 436,349 |
Professional fees | 71,447 |
Custodian | 41,257 |
Trustees | 5,512 |
Miscellaneous | 2,309 |
Total expenses | 1,598,037 |
Net investment income (loss) | 4,348,055 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (1,605,268) |
Futures transactions | (330,102) |
Net realized gain (loss) | (1,935,370) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 6,788,198 |
Futures contracts | 163,728 |
Net change in unrealized appreciation (depreciation) | 6,951,926 |
Net realized and unrealized gain (loss) | 5,016,556 |
Net increase (decrease) in net assets resulting from operations | $ 9,364,611 |
18 | MainStay VP MacKay Government Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,348,055 | $ 4,475,430 |
Net realized gain (loss) | (1,935,370) | (4,157,083) |
Net change in unrealized appreciation (depreciation) | 6,951,926 | (34,055,749) |
Net increase (decrease) in net assets resulting from operations | 9,364,611 | (33,737,402) |
Distributions to shareholders: | ||
Initial Class | (802,031) | (711,147) |
Service Class | (3,702,120) | (3,018,585) |
Total distributions to shareholders | (4,504,151) | (3,729,732) |
Capital share transactions: | ||
Net proceeds from sales of shares | 18,552,022 | 21,581,852 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 4,504,151 | 3,729,732 |
Cost of shares redeemed | (40,812,646) | (96,041,715) |
Increase (decrease) in net assets derived from capital share transactions | (17,756,473) | (70,730,131) |
Net increase (decrease) in net assets | (12,896,013) | (108,197,265) |
Net Assets | ||
Beginning of year | 214,693,383 | 322,890,648 |
End of year | $201,797,370 | $ 214,693,383 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.45 | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | ||||
Net investment income (loss) (a) | 0.22 | 0.20 | 0.13 | 0.17 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.23 | (1.43) | (0.30) | 0.36 | 0.32 | ||||
Total from investment operations | 0.45 | (1.23) | (0.17) | 0.53 | 0.57 | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.19) | (0.17) | (0.16) | (0.22) | ||||
Net asset value at end of year | $ 9.67 | $ 9.45 | $ 10.87 | $ 11.21 | $ 10.84 | ||||
Total investment return (b) | 5.00% | (11.29)% | (1.50)% | 4.97% | 5.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.30% | 1.92% | 1.15% | 1.50% | 2.35% | ||||
Net expenses (c) | 0.56% | 0.56% | 0.55% | 0.56% | 0.57% | ||||
Portfolio turnover rate | 7% | 17%(d) | 69%(d) | 77%(d) | 30% | ||||
Net assets at end of year (in 000's) | $ 32,615 | $ 34,601 | $ 83,838 | $ 107,954 | $ 51,698 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37% and 53% for the years ended December 31, 2022, 2021 and 2020, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.37 | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | ||||
Net investment income (loss) (a) | 0.19 | 0.17 | 0.10 | 0.14 | 0.22 | ||||
Net realized and unrealized gain (loss) | 0.23 | (1.41) | (0.29) | 0.37 | 0.31 | ||||
Total from investment operations | 0.42 | (1.24) | (0.19) | 0.51 | 0.53 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.16) | (0.14) | (0.15) | (0.20) | ||||
Net asset value at end of year | $ 9.59 | $ 9.37 | $ 10.77 | $ 11.10 | $ 10.74 | ||||
Total investment return (b) | 4.74% | (11.51)% | (1.74)% | 4.70% | 5.15% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.05% | 1.72% | 0.94% | 1.29% | 2.09% | ||||
Net expenses (c) | 0.81% | 0.81% | 0.80% | 0.80% | 0.82% | ||||
Portfolio turnover rate | 7% | 17%(d) | 69%(d) | 77%(d) | 30% | ||||
Net assets at end of year (in 000's) | $ 169,182 | $ 180,093 | $ 239,053 | $ 281,054 | $ 200,869 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37% and 53% for the years ended December 31, 2022, 2021 and 2020, 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 |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $149,554 | $149,554 |
Total Fair Value | $149,554 | $149,554 |
(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 | $(330,102) | $(330,102) |
Total Net Realized Gain (Loss) | $(330,102) | $(330,102) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $163,728 | $163,728 |
Total Net Change in Unrealized Appreciation (Depreciation) | $163,728 | $163,728 |
Average Notional Amount | Total |
Futures Contracts Long | $5,778,219 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $226,175,523 | $693,753 | $(25,798,532) | $(25,104,779) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$4,348,050 | $(8,365,588) | $— | $(25,104,779) | $(29,122,317) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,976 | $6,390 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $4,504,151 | $3,729,732 |
26 | MainStay VP MacKay Government Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 179,792 | $ 1,725,962 |
Shares issued to shareholders in reinvestment of distributions | 88,787 | 802,031 |
Shares redeemed | (558,392) | (5,298,673) |
Net increase (decrease) | (289,813) | $ (2,770,680) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 1,779,431 | $ 16,826,060 |
Shares issued to shareholders in reinvestment of distributions | 413,100 | 3,702,120 |
Shares redeemed | (3,780,442) | (35,513,973) |
Net increase (decrease) | (1,587,911) | $(14,985,793) |
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) |
New York, New York
February 26, 2024
28 | MainStay VP MacKay Government Portfolio |
30 | MainStay VP MacKay Government Portfolio |
32 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
34 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015889 | MSVPG11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 5/1/2017 | 5.25% | 0.79% | 0.70% | 0.32% |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Bloomberg U.S. Aggregate Bond Index1 | 5.53% | 1.10% | 1.12% |
Morningstar Intermediate Core Bond Category Average2 | 5.59 | 1.05 | 0.91 |
* | 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. | 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. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,029.80 | $1.59 | $1,023.64 | $1.58 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Indexed Bond Portfolio |
1. | U.S. Treasury Notes, 0.125%-5.00%, due 1/15/24–2/15/33 |
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%-4.75%, due 2/15/47–11/15/53 |
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. | Bank of America Corp., 2.972%-5.08%, due 1/20/27–7/21/52 |
9. | Mexico Government Bond, 4.125%-4.875%, due 1/21/26–5/19/33 |
10. | iShares iBoxx $ Investment Grade Corporate Bond ETF |
1. | See "Investment and Performance Comparison" 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 Standard & Poor's ("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 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 97.1% | ||
Corporate Bonds 23.3% | ||
Aerospace & Defense 0.6% | ||
Boeing Co. (The) | ||
3.25%, due 3/1/28 | $ 585,000 | $ 549,304 |
5.15%, due 5/1/30 | 250,000 | 254,503 |
Lockheed Martin Corp. | ||
4.30%, due 6/15/62 | 135,000 | 120,967 |
Northrop Grumman Systems Corp. | ||
7.75%, due 2/15/31 | 275,000 | 319,284 |
RTX Corp. | ||
3.125%, due 7/1/50 | 105,000 | 73,944 |
3.50%, due 3/15/27 | 275,000 | 264,978 |
1,582,980 | ||
Apparel 0.0% ‡ | ||
NIKE, Inc. | ||
3.625%, due 5/1/43 | 95,000 | 81,797 |
Auto Manufacturers 0.2% | ||
General Motors Co. | ||
5.40%, due 4/1/48 | 81,000 | 74,005 |
General Motors Financial Co., Inc. | ||
2.40%, due 10/15/28 | 250,000 | 221,936 |
3.10%, due 1/12/32 | 167,000 | 142,178 |
4.35%, due 1/17/27 | 130,000 | 127,395 |
565,514 | ||
Banks 5.8% | ||
Bank of America Corp. | ||
2.972%, due 7/21/52 (a) | 525,000 | 370,071 |
3.846% (5 Year Treasury Constant Maturity Rate + 2.00%), due 3/8/37 (b) | 230,000 | 201,941 |
5.08%, due 1/20/27 (a) | 3,040,000 | 3,033,304 |
Barclays plc | ||
5.25%, due 8/17/45 | 270,000 | 264,192 |
Citigroup, Inc. | ||
2.561%, due 5/1/32 (a) | 260,000 | 216,925 |
4.45%, due 9/29/27 | 1,085,000 | 1,060,055 |
4.65%, due 7/30/45 | 180,000 | 163,480 |
Cooperatieve Rabobank UA | ||
5.25%, due 5/24/41 | 215,000 | 226,852 |
Fifth Third Bancorp | ||
4.337%, due 4/25/33 (a) | 200,000 | 185,958 |
Goldman Sachs Group, Inc. (The) | ||
2.64%, due 2/24/28 (a) | 715,000 | 662,812 |
4.80%, due 7/8/44 | 420,000 | 396,743 |
Principal Amount | Value | |
Banks (continued) | ||
HSBC Holdings plc (a) | ||
7.336%, due 11/3/26 | $ 575,000 | $ 596,883 |
7.39%, due 11/3/28 | 305,000 | 326,819 |
JPMorgan Chase & Co. (a) | ||
1.578%, due 4/22/27 | 870,000 | 802,857 |
4.26%, due 2/22/48 | 605,000 | 534,437 |
4.912%, due 7/25/33 | 305,000 | 301,563 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 1,265,000 | 1,213,976 |
Morgan Stanley | ||
5.05%, due 1/28/27 (a) | 75,000 | 75,072 |
5.948% (5 Year Treasury Constant Maturity Rate + 2.43%), due 1/19/38 (b) | 55,000 | 55,621 |
6.296%, due 10/18/28 (a) | 1,270,000 | 1,330,374 |
6.342%, due 10/18/33 (a) | 375,000 | 404,362 |
State Street Corp. | ||
5.82%, due 11/4/28 (a) | 810,000 | 840,471 |
UBS Group AG | ||
2.593%, due 9/11/25 (a)(c) | 500,000 | 489,142 |
Wells Fargo & Co. | ||
3.00%, due 4/22/26 | 525,000 | 502,893 |
4.75%, due 12/7/46 | 605,000 | 532,826 |
14,789,629 | ||
Beverages 0.4% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 525,000 | 564,171 |
Coca-Cola Co. (The) | ||
2.60%, due 6/1/50 | 260,000 | 179,595 |
Constellation Brands, Inc. | ||
3.60%, due 2/15/28 | 130,000 | 124,731 |
Keurig Dr Pepper, Inc. | ||
4.985%, due 5/25/38 | 95,000 | 88,794 |
Molson Coors Beverage Co. | ||
4.20%, due 7/15/46 | 95,000 | 80,951 |
PepsiCo, Inc. | ||
3.625%, due 3/19/50 | 30,000 | 25,161 |
1,063,403 | ||
Biotechnology 0.1% | ||
Amgen, Inc. | ||
3.375%, due 2/21/50 | 205,000 | 152,608 |
Gilead Sciences, Inc. | ||
4.60%, due 9/1/35 | 215,000 | 212,661 |
365,269 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Building Materials 0.0% ‡ | ||
Johnson Controls International plc | ||
6.00%, due 1/15/36 | $ 80,000 | $ 85,400 |
Chemicals 0.9% | ||
Dow Chemical Co. (The) | ||
2.10%, due 11/15/30 | 145,000 | 124,082 |
3.60%, due 11/15/50 | 65,000 | 50,206 |
DuPont de Nemours, Inc. | ||
4.493%, due 11/15/25 | 470,000 | 466,538 |
Ecolab, Inc. | ||
2.70%, due 11/1/26 | 275,000 | 263,169 |
LYB International Finance II BV | ||
3.50%, due 3/2/27 | 275,000 | 263,781 |
LYB International Finance III LLC | ||
3.625%, due 4/1/51 | 50,000 | 36,381 |
Mosaic Co. (The) | ||
4.05%, due 11/15/27 | 505,000 | 492,438 |
Nutrien Ltd. | ||
5.875%, due 12/1/36 | 275,000 | 286,336 |
Sherwin-Williams Co. (The) | ||
3.95%, due 1/15/26 | 320,000 | 313,744 |
2,296,675 | ||
Commercial Services 0.0% ‡ | ||
PayPal Holdings, Inc. | ||
5.05%, due 6/1/52 | 95,000 | 95,741 |
Computers 0.7% | ||
Apple, Inc. | ||
4.50%, due 2/23/36 | 660,000 | 674,593 |
Dell International LLC | ||
3.45%, due 12/15/51 | 95,000 | 68,662 |
5.25%, due 2/1/28 | 310,000 | 317,709 |
5.75%, due 2/1/33 | 180,000 | 189,630 |
HP, Inc. | ||
6.00%, due 9/15/41 | 40,000 | 42,135 |
International Business Machines Corp. | ||
3.50%, due 5/15/29 | 465,000 | 443,350 |
1,736,079 | ||
Cosmetics & Personal Care 0.1% | ||
Procter & Gamble Co. (The) | ||
2.70%, due 2/2/26 | 275,000 | 265,671 |
Unilever Capital Corp. | ||
3.10%, due 7/30/25 | 100,000 | 97,790 |
363,461 |
Principal Amount | Value | |
Diversified Financial Services 0.3% | ||
AerCap Ireland Capital DAC | ||
3.85%, due 10/29/41 | $ 150,000 | $ 120,808 |
Capital One Financial Corp. | ||
5.268%, due 5/10/33 (a) | 155,000 | 152,091 |
Nomura Holdings, Inc. | ||
2.999%, due 1/22/32 | 200,000 | 168,603 |
Visa, Inc. | ||
4.30%, due 12/14/45 | 210,000 | 195,653 |
637,155 | ||
Electric 1.9% | ||
AEP Texas, Inc. | ||
5.25%, due 5/15/52 | 95,000 | 91,753 |
CenterPoint Energy Houston Electric LLC | ||
Series AC | ||
4.25%, due 2/1/49 | 315,000 | 277,493 |
Commonwealth Edison Co. | ||
3.65%, due 6/15/46 | 195,000 | 153,811 |
Consolidated Edison Co. of New York, Inc. | ||
Series 06-A | ||
5.85%, due 3/15/36 | 410,000 | 432,643 |
DTE Electric Co. | ||
3.375%, due 3/1/25 | 215,000 | 211,198 |
Duke Energy Carolinas LLC | ||
3.875%, due 3/15/46 | 365,000 | 295,572 |
Duke Energy Corp. | ||
4.50%, due 8/15/32 | 95,000 | 91,955 |
5.00%, due 8/15/52 | 95,000 | 88,680 |
Entergy Louisiana LLC | ||
4.20%, due 4/1/50 | 365,000 | 308,223 |
Florida Power & Light Co. | ||
3.80%, due 12/15/42 | 175,000 | 151,144 |
MidAmerican Energy Co. | ||
3.95%, due 8/1/47 | 400,000 | 334,284 |
Ohio Power Co. | ||
Series G | ||
6.60%, due 2/15/33 | 200,000 | 219,528 |
PPL Electric Utilities Corp. | ||
3.95%, due 6/1/47 | 130,000 | 109,868 |
Public Service Electric and Gas Co. | ||
2.70%, due 5/1/50 | 235,000 | 160,876 |
Sempra | ||
3.80%, due 2/1/38 | 275,000 | 234,820 |
Southern California Edison Co. | ||
Series C | ||
4.125%, due 3/1/48 | 275,000 | 230,837 |
Southern Co. (The) | ||
4.40%, due 7/1/46 | 350,000 | 308,151 |
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 | $ 349,699 |
Xcel Energy, Inc. | ||
3.30%, due 6/1/25 | 885,000 | 863,259 |
4,913,794 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
5.141%, due 3/15/52 | 218,000 | 187,122 |
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
3.20%, due 3/15/25 | 320,000 | 312,517 |
Waste Management, Inc. | ||
3.15%, due 11/15/27 | 320,000 | 306,315 |
618,832 | ||
Food 0.4% | ||
General Mills, Inc. | ||
4.20%, due 4/17/28 | 95,000 | 93,685 |
Kraft Heinz Foods Co. | ||
4.375%, due 6/1/46 | 230,000 | 200,741 |
Kroger Co. (The) | ||
2.20%, due 5/1/30 | 230,000 | 196,831 |
Sysco Corp. | ||
3.25%, due 7/15/27 | 320,000 | 305,874 |
Tyson Foods, Inc. | ||
5.10%, due 9/28/48 | 155,000 | 140,563 |
937,694 | ||
Forest Products & Paper 0.2% | ||
Suzano International Finance BV | ||
5.50%, due 1/17/27 | 505,000 | 511,330 |
Gas 0.1% | ||
NiSource, Inc. | ||
3.49%, due 5/15/27 | 275,000 | 264,756 |
Healthcare-Products 0.4% | ||
Abbott Laboratories | ||
3.75%, due 11/30/26 | 185,000 | 182,270 |
4.90%, due 11/30/46 | 290,000 | 296,318 |
Boston Scientific Corp. | ||
4.70%, due 3/1/49 | 80,000 | 76,878 |
Medtronic, Inc. | ||
4.625%, due 3/15/45 | 209,000 | 203,080 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
Stryker Corp. | ||
3.65%, due 3/7/28 | $ 275,000 | $ 265,965 |
1,024,511 | ||
Healthcare-Services 0.6% | ||
Aetna, Inc. | ||
6.625%, due 6/15/36 | 275,000 | 307,877 |
Elevance Health, Inc. | ||
4.375%, due 12/1/47 | 320,000 | 285,044 |
HCA, Inc. | ||
3.625%, due 3/15/32 | 85,000 | 76,005 |
4.625%, due 3/15/52 | 170,000 | 144,570 |
Laboratory Corp. of America Holdings | ||
3.60%, due 2/1/25 | 320,000 | 314,520 |
UnitedHealth Group, Inc. | ||
4.25%, due 4/15/47 | 315,000 | 280,957 |
1,408,973 | ||
Home Builders 0.1% | ||
PulteGroup, Inc. | ||
5.50%, due 3/1/26 | 220,000 | 222,135 |
Household Products & Wares 0.2% | ||
Clorox Co. (The) | ||
3.90%, due 5/15/28 | 275,000 | 266,230 |
Kimberly-Clark Corp. | ||
2.75%, due 2/15/26 | 275,000 | 265,753 |
531,983 | ||
Insurance 0.8% | ||
Allstate Corp. (The) | ||
5.35%, due 6/1/33 | 275,000 | 282,419 |
American International Group, Inc. | ||
6.25%, due 5/1/36 | 350,000 | 371,588 |
Berkshire Hathaway Finance Corp. | ||
4.30%, due 5/15/43 | 425,000 | 397,679 |
MetLife, Inc. | ||
3.60%, due 11/13/25 | 815,000 | 800,178 |
Prudential Financial, Inc. | ||
3.70%, due 3/13/51 | 135,000 | 106,629 |
3.935%, due 12/7/49 | 155,000 | 127,507 |
2,086,000 | ||
Internet 0.3% | ||
Alibaba Group Holding Ltd. | ||
2.70%, due 2/9/41 | 200,000 | 136,771 |
Amazon.com, Inc. | ||
3.875%, due 8/22/37 | 535,000 | 496,445 |
633,216 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery—Construction & Mining 0.1% | ||
Caterpillar, Inc. | ||
5.30%, due 9/15/35 | $ 325,000 | $ 350,803 |
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.90%, due 6/9/42 | 180,000 | 161,697 |
Media 0.8% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 445,000 | 440,770 |
5.75%, due 4/1/48 | 420,000 | 372,741 |
Comcast Corp. | ||
3.40%, due 7/15/46 | 795,000 | 615,809 |
Discovery Communications LLC | ||
3.95%, due 3/20/28 | 121,000 | 115,091 |
Fox Corp. | ||
5.576%, due 1/25/49 | 86,000 | 82,938 |
Paramount Global | ||
4.95%, due 1/15/31 | 352,000 | 333,810 |
Walt Disney Co. (The) | ||
3.60%, due 1/13/51 | 204,000 | 163,972 |
2,125,131 | ||
Mining 0.1% | ||
Barrick North America Finance LLC | ||
5.70%, due 5/30/41 | 130,000 | 137,036 |
Newmont Corp. | ||
2.25%, due 10/1/30 | 125,000 | 107,888 |
2.60%, due 7/15/32 | 105,000 | 89,754 |
334,678 | ||
Miscellaneous—Manufacturing 0.2% | ||
3M Co. | ||
4.00%, due 9/14/48 | 135,000 | 115,345 |
Eaton Corp. | ||
4.00%, due 11/2/32 | 275,000 | 265,988 |
General Electric Co. | ||
4.125%, due 10/9/42 | 99,000 | 83,152 |
Parker-Hannifin Corp. | ||
4.20%, due 11/21/34 | 95,000 | 91,102 |
555,587 | ||
Oil & Gas 0.7% | ||
BP Capital Markets America, Inc. | ||
3.001%, due 3/17/52 | 115,000 | 80,672 |
3.588%, due 4/14/27 | 315,000 | 305,391 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Canadian Natural Resources Ltd. | ||
6.25%, due 3/15/38 | $ 130,000 | $ 136,007 |
ConocoPhillips Co. | ||
5.95%, due 3/15/46 | 200,000 | 216,516 |
EOG Resources, Inc. | ||
3.90%, due 4/1/35 | 215,000 | 197,821 |
Exxon Mobil Corp. | ||
4.114%, due 3/1/46 | 215,000 | 191,631 |
Hess Corp. | ||
7.125%, due 3/15/33 | 130,000 | 150,254 |
Phillips 66 Co. | ||
4.68%, due 2/15/45 | 260,000 | 235,104 |
Shell International Finance BV | ||
3.75%, due 9/12/46 | 325,000 | 270,054 |
1,783,450 | ||
Oil & Gas Services 0.0% ‡ | ||
Halliburton Co. | ||
3.80%, due 11/15/25 | 12,000 | 11,759 |
Pharmaceuticals 1.2% | ||
AbbVie, Inc. | ||
3.80%, due 3/15/25 | 185,000 | 182,475 |
4.70%, due 5/14/45 | 345,000 | 328,295 |
Allergan Funding SCS | ||
3.80%, due 3/15/25 | 50,000 | 48,636 |
4.75%, due 3/15/45 | 25,000 | 18,657 |
AstraZeneca plc | ||
6.45%, due 9/15/37 | 250,000 | 292,171 |
Bristol-Myers Squibb Co. | ||
3.70%, due 3/15/52 | 75,000 | 58,937 |
Cigna Group (The) | ||
4.90%, due 12/15/48 | 185,000 | 175,887 |
CVS Health Corp. | ||
3.75%, due 4/1/30 | 50,000 | 47,035 |
5.05%, due 3/25/48 | 340,000 | 318,005 |
Eli Lilly & Co. | ||
3.95%, due 3/15/49 | 155,000 | 137,650 |
GlaxoSmithKline Capital, Inc. | ||
3.875%, due 5/15/28 | 320,000 | 315,496 |
Johnson & Johnson | ||
4.95%, due 5/15/33 | 315,000 | 340,077 |
Merck & Co., Inc. | ||
5.00%, due 5/17/53 | 220,000 | 226,206 |
Mylan, Inc. | ||
5.20%, due 4/15/48 | 95,000 | 78,496 |
12 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
Pfizer, Inc. | ||
4.00%, due 12/15/36 | $ 395,000 | $ 372,800 |
2,940,823 | ||
Pipelines 1.0% | ||
Enbridge, Inc. | ||
4.50%, due 6/10/44 | 275,000 | 234,772 |
Energy Transfer LP | ||
5.00%, due 5/15/50 | 200,000 | 178,314 |
Enterprise Products Operating LLC | ||
3.70%, due 2/15/26 | 500,000 | 492,343 |
4.80%, due 2/1/49 | 260,000 | 245,934 |
Kinder Morgan, Inc. | ||
4.30%, due 6/1/25 | 590,000 | 582,511 |
4.80%, due 2/1/33 | 240,000 | 230,970 |
5.45%, due 8/1/52 | 115,000 | 109,989 |
MPLX LP | ||
4.95%, due 3/14/52 | 145,000 | 128,984 |
ONEOK, Inc. | ||
5.20%, due 7/15/48 | 85,000 | 79,654 |
TransCanada PipeLines Ltd. | ||
4.875%, due 1/15/26 | 10,000 | 9,972 |
4.875%, due 5/15/48 | 150,000 | 137,420 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 65,000 | 47,443 |
2,478,306 | ||
Real Estate Investment Trusts 0.4% | ||
American Tower Corp. | ||
2.30%, due 9/15/31 | 145,000 | 119,890 |
AvalonBay Communities, Inc. | ||
2.90%, due 10/15/26 | 215,000 | 204,673 |
Crown Castle, Inc. | ||
3.25%, due 1/15/51 | 95,000 | 66,381 |
ERP Operating LP | ||
3.25%, due 8/1/27 | 275,000 | 261,229 |
Realty Income Corp. | ||
4.65%, due 3/15/47 | 155,000 | 144,319 |
Simon Property Group LP | ||
4.25%, due 11/30/46 | 260,000 | 218,578 |
1,015,070 | ||
Retail 0.5% | ||
Home Depot, Inc. (The) | ||
2.375%, due 3/15/51 | 365,000 | 230,464 |
Lowe's Cos., Inc. | ||
4.05%, due 5/3/47 | 185,000 | 152,220 |
Principal Amount | Value | |
Retail (continued) | ||
McDonald's Corp. | ||
4.20%, due 4/1/50 | $ 85,000 | $ 75,176 |
Starbucks Corp. | ||
3.00%, due 2/14/32 | 260,000 | 233,261 |
Target Corp. | ||
2.35%, due 2/15/30 | 185,000 | 165,064 |
Walmart, Inc. | ||
4.30%, due 4/22/44 | 340,000 | 322,403 |
1,178,588 | ||
Semiconductors 0.8% | ||
Applied Materials, Inc. | ||
5.10%, due 10/1/35 | 275,000 | 288,615 |
Broadcom, Inc. | ||
4.926%, due 5/15/37 (c) | 410,000 | 396,769 |
Intel Corp. | ||
2.00%, due 8/12/31 | 338,000 | 285,432 |
4.75%, due 3/25/50 | 112,000 | 105,816 |
KLA Corp. | ||
4.95%, due 7/15/52 | 105,000 | 106,076 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 | 460,000 | 411,880 |
2.00%, due 6/15/31 | 220,000 | 188,567 |
NXP BV | ||
5.00%, due 1/15/33 | 75,000 | 75,116 |
QUALCOMM, Inc. | ||
4.65%, due 5/20/35 | 115,000 | 117,626 |
1,975,897 | ||
Software 1.2% | ||
Fidelity National Information Services, Inc. | ||
5.625%, due 7/15/52 | 75,000 | 76,122 |
Fiserv, Inc. | ||
4.40%, due 7/1/49 | 105,000 | 92,548 |
Microsoft Corp. | ||
2.921%, due 3/17/52 | 290,000 | 214,030 |
3.30%, due 2/6/27 | 240,000 | 233,742 |
Oracle Corp. | ||
2.95%, due 5/15/25 | 2,100,000 | 2,038,201 |
4.00%, due 7/15/46 | 70,000 | 56,108 |
5.375%, due 7/15/40 | 210,000 | 206,338 |
Salesforce, Inc. | ||
3.05%, due 7/15/61 | 65,000 | 45,600 |
2,962,689 | ||
Telecommunications 1.0% | ||
AT&T, Inc. | ||
2.55%, due 12/1/33 | 507,000 | 413,216 |
3.50%, due 9/15/53 | 217,000 | 157,478 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
AT&T, Inc. (continued) | ||
3.55%, due 9/15/55 | $ 261,000 | $ 187,653 |
Corning, Inc. | ||
5.45%, due 11/15/79 | 30,000 | 28,955 |
Deutsche Telekom International Finance BV | ||
8.75%, due 6/15/30 (d) | 275,000 | 331,199 |
Telefonica Emisiones SA | ||
4.895%, due 3/6/48 | 150,000 | 132,209 |
T-Mobile USA, Inc. | ||
3.40%, due 10/15/52 | 113,000 | 82,303 |
3.875%, due 4/15/30 | 430,000 | 407,770 |
Verizon Communications, Inc. | ||
2.355%, due 3/15/32 | 128,000 | 106,467 |
3.00%, due 11/20/60 | 104,000 | 68,174 |
5.50%, due 3/16/47 | 470,000 | 489,911 |
Vodafone Group plc | ||
4.25%, due 9/17/50 | 190,000 | 157,599 |
2,562,934 | ||
Transportation 0.8% | ||
Burlington Northern Santa Fe LLC | ||
3.25%, due 6/15/27 | 751,000 | 723,849 |
Canadian National Railway Co. | ||
6.25%, due 8/1/34 | 275,000 | 309,676 |
CSX Corp. | ||
3.35%, due 9/15/49 | 155,000 | 117,161 |
FedEx Corp. | ||
2.40%, due 5/15/31 | 75,000 | 64,554 |
5.25%, due 5/15/50 | 75,000 | 74,646 |
Norfolk Southern Corp. | ||
3.942%, due 11/1/47 | 156,000 | 130,129 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 180,000 | 159,689 |
3.50%, due 2/14/53 | 75,000 | 59,397 |
3.85%, due 2/14/72 | 40,000 | 31,767 |
United Parcel Service, Inc. | ||
3.40%, due 11/15/46 | 505,000 | 402,407 |
2,073,275 | ||
Total Corporate Bonds (Cost $66,525,708) | 59,514,136 | |
Foreign Government Bonds 3.0% | ||
Canada 0.8% | ||
Province of Ontario Canada | ||
2.50%, due 4/27/26 | 1,205,000 | 1,155,626 |
Principal Amount | Value | |
Canada (continued) | ||
Province of Quebec Canada | ||
2.50%, due 4/20/26 | $ 820,000 | $ 786,955 |
1,942,581 | ||
Japan 0.2% | ||
Japan Bank for International Cooperation | ||
2.875%, due 6/1/27 | 576,000 | 548,494 |
Mexico 1.1% | ||
Mexico Government Bond | ||
4.125%, due 1/21/26 | 2,585,000 | 2,562,739 |
4.875%, due 5/19/33 | 360,000 | 346,931 |
2,909,670 | ||
Norway 0.2% | ||
Equinor ASA | ||
5.10%, due 8/17/40 | 405,000 | 415,073 |
Panama 0.3% | ||
Panama Government Bond | ||
3.75%, due 3/16/25 | 750,000 | 728,582 |
Philippines 0.2% | ||
Philippines Government Bond | ||
5.00%, due 1/13/37 | 600,000 | 615,000 |
Supranational 0.2% | ||
European Investment Bank | ||
2.375%, due 5/24/27 | 545,000 | 515,871 |
Total Foreign Government Bonds (Cost $8,175,997) | 7,675,271 | |
Mortgage-Backed Securities 1.6% | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.6% | ||
CFCRE Commercial Mortgage Trust | ||
Series 2016-C6, Class A3 | ||
3.217%, due 11/10/49 (e) | 300,000 | 282,166 |
Series 2017-C8, Class A3 | ||
3.305%, due 6/15/50 | 163,342 | 153,284 |
Citigroup Commercial Mortgage Trust | ||
Series 2017-P8, Class A4 | ||
3.465%, due 9/15/50 | 300,000 | 281,520 |
Series 2015-GC35, Class A4 | ||
3.818%, due 11/10/48 | 300,000 | 288,874 |
14 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
CSAIL Commercial Mortgage Trust | ||
Series 2017-CX9, Class A5 | ||
3.446%, due 9/15/50 | $ 300,000 | $ 275,657 |
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K094, Class A2 | ||
2.903%, due 6/25/29 | 2,000,000 | 1,860,548 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A4 | ||
2.85%, due 10/10/49 | 300,000 | 280,612 |
Series 2014-GC22, Class A5 | ||
3.862%, due 6/10/47 | 300,000 | 296,351 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-SG1, Class A4 | ||
3.789%, due 9/15/48 | 291,173 | 282,117 |
Total Mortgage-Backed Securities (Cost $4,466,682) | 4,001,129 | |
U.S. Government & Federal Agencies 69.2% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.4% | ||
FFCB | ||
0.68%, due 1/13/27 | 1,125,000 | 1,012,509 |
5.30%, due 10/19/26 | 1,500,000 | 1,499,648 |
FHLMC | ||
5.40%, due 2/24/26 | 700,000 | 698,193 |
FHLMC Gold Pools, 15 Year | ||
2.50%, due 10/1/31 | 30,067 | 27,906 |
2.50%, due 2/1/32 | 123,257 | 115,971 |
2.50%, due 2/1/33 | 116,017 | 109,262 |
2.50%, due 4/1/33 | 172,372 | 160,636 |
2.50%, due 6/1/33 | 24,396 | 22,734 |
2.50%, due 7/1/33 | 51,082 | 48,108 |
3.00%, due 9/1/27 | 45,777 | 44,483 |
3.00%, due 4/1/32 | 73,089 | 69,867 |
3.00%, due 6/1/32 | 19,292 | 18,432 |
3.00%, due 9/1/32 | 9,320 | 8,926 |
3.00%, due 10/1/32 | 41,236 | 39,450 |
3.00%, due 5/1/33 | 50,630 | 48,275 |
3.00%, due 9/1/33 | 38,890 | 37,080 |
3.50%, due 12/1/25 | 7,179 | 7,063 |
3.50%, due 5/1/33 | 42,814 | 42,196 |
3.50%, due 9/1/33 | 12,203 | 11,996 |
FHLMC Gold Pools, 20 Year | ||
3.00%, due 9/1/36 | 71,876 | 66,996 |
3.00%, due 11/1/37 | 35,388 | 32,859 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 20 Year (continued) | ||
3.00%, due 12/1/37 | $ 63,465 | $ 58,902 |
3.50%, due 2/1/37 | 66,922 | 64,103 |
3.50%, due 1/1/38 | 64,684 | 61,464 |
4.50%, due 5/1/38 | 33,502 | 33,472 |
5.50%, due 1/1/29 | 3,741 | 3,759 |
FHLMC Gold Pools, 30 Year | ||
3.00%, due 9/1/46 | 316,986 | 288,749 |
3.00%, due 12/1/46 | 21,200 | 19,194 |
3.00%, due 2/1/47 | 27,752 | 25,179 |
3.00%, due 3/1/47 | 124,775 | 113,114 |
3.00%, due 4/1/47 | 35,167 | 31,753 |
3.00%, due 1/1/48 | 228,724 | 206,281 |
3.00%, due 2/1/48 | 133,438 | 120,274 |
3.00%, due 3/1/48 | 121,432 | 109,503 |
3.00%, due 4/1/48 | 466,981 | 420,135 |
3.00%, due 6/1/48 | 218,322 | 196,784 |
3.50%, due 6/1/43 | 96,391 | 90,919 |
3.50%, due 9/1/44 | 73,078 | 68,484 |
3.50%, due 8/1/45 | 114,059 | 106,593 |
3.50%, due 8/1/46 | 153,231 | 144,186 |
3.50%, due 8/1/47 | 14,165 | 13,238 |
3.50%, due 9/1/47 | 35,092 | 32,538 |
3.50%, due 11/1/47 | 79,318 | 74,125 |
3.50%, due 12/1/47 | 163,694 | 152,621 |
3.50%, due 1/1/48 | 16,060 | 15,008 |
3.50%, due 3/1/48 | 236,345 | 220,869 |
3.50%, due 5/1/48 | 71,716 | 67,020 |
3.50%, due 8/1/48 | 117,509 | 109,814 |
3.50%, due 9/1/48 | 92,042 | 85,976 |
3.50%, due 11/1/48 | 32,448 | 30,303 |
3.50%, due 12/1/48 | 91,214 | 85,374 |
4.00%, due 4/1/46 | 134,413 | 129,763 |
4.00%, due 5/1/46 | 42,125 | 40,668 |
4.00%, due 4/1/47 | 31,187 | 30,108 |
4.00%, due 6/1/47 | 78,257 | 75,550 |
4.00%, due 8/1/47 | 153,201 | 147,853 |
4.00%, due 10/1/47 | 37,312 | 35,736 |
4.00%, due 12/1/47 | 98,056 | 94,583 |
4.00%, due 1/1/48 | 30,004 | 29,065 |
4.00%, due 5/1/48 | 41,327 | 39,953 |
4.00%, due 9/1/48 | 150,252 | 144,773 |
4.00%, due 12/1/48 | 83,389 | 80,314 |
4.50%, due 9/1/46 | 8,418 | 8,355 |
4.50%, due 9/1/46 | 25,539 | 25,348 |
4.50%, due 10/1/46 | 62,786 | 62,367 |
4.50%, due 2/1/47 | 13,298 | 13,188 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 30 Year (continued) | ||
4.50%, due 11/1/47 | $ 16,242 | $ 16,073 |
4.50%, due 2/1/48 | 31,697 | 31,310 |
4.50%, due 4/1/48 | 37,714 | 37,249 |
4.50%, due 6/1/48 | 20,685 | 20,432 |
4.50%, due 7/1/48 | 78,095 | 77,001 |
4.50%, due 8/1/48 | 76,097 | 74,989 |
5.00%, due 9/1/38 | 30,301 | 30,836 |
5.00%, due 11/1/41 | 42,081 | 42,823 |
5.00%, due 3/1/47 | 100,008 | 100,728 |
5.00%, due 9/1/48 | 142,501 | 143,050 |
5.00%, due 1/1/49 | 50,052 | 50,427 |
5.50%, due 7/1/38 | 45,850 | 47,049 |
UMBS Pool, 20 Year | ||
2.00%, due 1/1/41 | 2,030,336 | 1,747,521 |
UMBS Pool, 30 Year | ||
2.00%, due 11/1/50 | 2,196,034 | 1,806,175 |
2.00%, due 3/1/51 | 1,872,839 | 1,542,278 |
2.50%, due 5/1/50 | 1,919,244 | 1,655,585 |
2.50%, due 10/1/50 | 1,345,532 | 1,164,461 |
3.00%, due 3/1/52 | 1,005,158 | 908,762 |
4.00%, due 7/1/52 | 1,108,595 | 1,048,599 |
4.50%, due 1/1/49 | 100,111 | 98,445 |
18,773,741 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.3% | ||
UMBS, 10 Year | ||
3.00%, due 4/1/25 | 5,183 | 5,098 |
UMBS, 15 Year | ||
1.50%, due 3/1/36 | 1,138,367 | 995,086 |
1.50%, due 7/1/36 | 1,655,035 | 1,446,159 |
2.00%, due 9/1/36 | 2,267,014 | 2,046,944 |
2.50%, due 10/1/27 | 56,979 | 54,815 |
2.50%, due 4/1/30 | 49,325 | 47,382 |
2.50%, due 10/1/31 | 82,873 | 78,302 |
2.50%, due 2/1/32 | 100,357 | 94,524 |
2.50%, due 2/1/32 | 113,253 | 106,477 |
2.50%, due 8/1/32 | 322,385 | 303,193 |
2.50%, due 3/1/33 | 138,750 | 129,119 |
2.50%, due 6/1/33 | 78,056 | 73,408 |
3.00%, due 11/1/31 | 68,795 | 65,830 |
3.00%, due 1/1/32 | 65,108 | 62,155 |
3.00%, due 6/1/32 | 50,437 | 48,243 |
3.00%, due 1/1/33 | 80,226 | 76,585 |
3.00%, due 2/1/33 | 103,369 | 98,678 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 15 Year (continued) | ||
3.00%, due 4/1/33 | $ 94,750 | $ 90,450 |
3.00%, due 5/1/33 | 127,996 | 122,208 |
3.00%, due 9/1/33 | 20,052 | 19,092 |
3.50%, due 5/1/26 | 8,977 | 8,808 |
3.50%, due 11/1/31 | 13,613 | 13,286 |
3.50%, due 5/1/33 | 35,247 | 34,603 |
3.50%, due 6/1/33 | 54,196 | 53,474 |
3.50%, due 7/1/33 | 25,838 | 25,367 |
3.50%, due 9/1/33 | 33,697 | 33,081 |
4.00%, due 5/1/24 | 2,458 | 2,439 |
4.00%, due 11/1/29 | 23,773 | 23,338 |
UMBS, 20 Year | ||
3.00%, due 2/1/37 | 104,497 | 97,336 |
3.00%, due 1/1/38 | 203,277 | 189,126 |
4.00%, due 2/1/37 | 17,631 | 17,215 |
4.00%, due 8/1/38 | 106,138 | 103,332 |
5.00%, due 8/1/31 | 11,399 | 11,323 |
5.50%, due 8/1/27 | 20,512 | 20,589 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,574,820 | 1,300,751 |
2.00%, due 8/1/50 | 1,676,332 | 1,385,301 |
2.00%, due 9/1/50 | 2,020,527 | 1,661,727 |
2.00%, due 2/1/51 | 1,617,769 | 1,327,556 |
2.00%, due 3/1/51 | 1,738,632 | 1,441,696 |
2.00%, due 5/1/51 | 1,976,125 | 1,620,804 |
2.00%, due 1/1/52 | 2,580,545 | 2,117,603 |
2.50%, due 4/1/46 | 23,265 | 20,252 |
2.50%, due 10/1/46 | 110,189 | 95,031 |
2.50%, due 11/1/50 | 1,662,205 | 1,421,104 |
2.50%, due 6/1/51 | 2,045,464 | 1,741,475 |
2.50%, due 12/1/51 | 686,130 | 583,993 |
2.50%, due 4/1/52 | 867,381 | 756,140 |
2.50%, due 4/1/52 | 1,900,000 | 1,638,512 |
3.00%, due 9/1/42 | 444,740 | 408,937 |
3.00%, due 3/1/43 | 1,267,727 | 1,165,132 |
3.00%, due 12/1/43 | 511,455 | 469,650 |
3.00%, due 10/1/44 | 334,753 | 307,693 |
3.00%, due 10/1/46 | 47,018 | 42,570 |
3.00%, due 12/1/46 | 561,492 | 508,781 |
3.00%, due 2/1/47 | 89,333 | 80,882 |
3.00%, due 8/1/47 | 456,654 | 415,904 |
3.00%, due 11/1/47 | 80,614 | 72,646 |
3.00%, due 6/1/48 | 46,184 | 41,543 |
3.50%, due 5/1/45 | 399,697 | 376,039 |
3.50%, due 9/1/45 | 26,846 | 25,055 |
3.50%, due 12/1/45 | 71,334 | 66,575 |
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) | ||
3.50%, due 12/1/45 | $ 187,998 | $ 177,553 |
3.50%, due 1/1/46 | 131,505 | 123,762 |
3.50%, due 1/1/46 | 105,865 | 98,802 |
3.50%, due 4/1/46 | 44,105 | 41,162 |
3.50%, due 9/1/46 | 237,480 | 222,865 |
3.50%, due 10/1/46 | 107,748 | 100,557 |
3.50%, due 10/1/46 | 41,355 | 38,595 |
3.50%, due 1/1/47 | 80,985 | 75,893 |
3.50%, due 7/1/47 | 17,053 | 15,915 |
3.50%, due 7/1/47 | 100,761 | 94,788 |
3.50%, due 10/1/47 | 60,569 | 56,455 |
3.50%, due 11/1/47 | 199,966 | 186,621 |
3.50%, due 11/1/47 | 85,809 | 80,037 |
3.50%, due 11/1/47 | 230,850 | 215,443 |
3.50%, due 12/1/47 | 16,523 | 15,411 |
3.50%, due 8/1/48 | 106,696 | 99,529 |
3.50%, due 9/1/48 | 136,492 | 127,324 |
3.50%, due 2/1/49 | 254,319 | 236,450 |
3.50%, due 6/1/49 | 2,904 | 2,701 |
3.50%, due 10/1/52 | 618,666 | 567,620 |
4.00%, due 8/1/44 | 110,615 | 107,324 |
4.00%, due 2/1/45 | 88,645 | 85,461 |
4.00%, due 9/1/45 | 16,772 | 16,170 |
4.00%, due 5/1/46 | 77,111 | 74,340 |
4.00%, due 9/1/46 | 30,835 | 29,727 |
4.00%, due 9/1/46 | 37,569 | 36,208 |
4.00%, due 2/1/47 | 16,277 | 15,692 |
4.00%, due 4/1/47 | 6,335 | 6,107 |
4.00%, due 5/1/47 | 46,957 | 45,090 |
4.00%, due 5/1/47 | 37,949 | 36,586 |
4.00%, due 6/1/47 | 147,455 | 142,683 |
4.00%, due 10/1/47 | 15,773 | 15,155 |
4.00%, due 11/1/47 | 15,423 | 14,836 |
4.00%, due 12/1/47 | 35,302 | 33,902 |
4.00%, due 1/1/48 | 85,921 | 82,636 |
4.00%, due 1/1/48 | 16,217 | 15,621 |
4.00%, due 1/1/48 | 92,448 | 88,833 |
4.00%, due 2/1/48 | 46,005 | 44,304 |
4.00%, due 6/1/48 | 211,255 | 203,138 |
4.00%, due 7/1/48 | 110,003 | 105,867 |
4.00%, due 7/1/48 | 36,259 | 34,853 |
4.00%, due 7/1/48 | 177,219 | 170,486 |
4.00%, due 8/1/48 | 28,233 | 27,154 |
4.00%, due 9/1/48 | 112,315 | 108,139 |
4.00%, due 9/1/48 | 27,358 | 26,305 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 10/1/48 | $ 19,179 | $ 18,446 |
4.00%, due 11/1/48 | 49,180 | 47,311 |
4.00%, due 1/1/49 | 39,410 | 37,871 |
4.50%, due 7/1/46 | 16,504 | 16,367 |
4.50%, due 12/1/46 | 26,006 | 25,775 |
4.50%, due 4/1/47 | 250,903 | 246,829 |
4.50%, due 5/1/47 | 6,797 | 6,721 |
4.50%, due 7/1/47 | 107,008 | 105,020 |
4.50%, due 7/1/47 | 25,269 | 24,893 |
4.50%, due 8/1/47 | 1,372 | 1,355 |
4.50%, due 2/1/48 | 102,440 | 100,713 |
4.50%, due 4/1/48 | 15,727 | 15,499 |
4.50%, due 4/1/48 | 8,064 | 7,951 |
4.50%, due 4/1/48 | 32,491 | 32,090 |
4.50%, due 5/1/48 | 62,658 | 61,784 |
4.50%, due 6/1/48 | 34,886 | 34,403 |
4.50%, due 8/1/48 | 62,000 | 60,883 |
4.50%, due 10/1/48 | 21,292 | 20,974 |
4.50%, due 9/1/49 | 280,356 | 275,664 |
4.50%, due 11/1/52 | 1,104,352 | 1,070,843 |
5.00%, due 6/1/39 | 70,782 | 71,926 |
5.00%, due 6/1/40 | 17,618 | 17,903 |
5.00%, due 7/1/47 | 32,439 | 32,555 |
5.00%, due 1/1/48 | 39,178 | 39,378 |
5.00%, due 4/1/48 | 26,895 | 27,162 |
5.00%, due 5/1/48 | 35,460 | 35,470 |
5.00%, due 9/1/48 | 22,586 | 22,777 |
5.00%, due 2/1/53 | 472,841 | 467,785 |
5.50%, due 6/1/36 | 21,314 | 21,949 |
5.50%, due 5/1/44 | 46,343 | 47,724 |
5.50%, due 9/1/48 | 71,105 | 72,442 |
UMBS, Single Family, 30 Year | ||
5.50%, due 1/25/54 TBA (f) | 1,650,000 | 1,656,961 |
36,559,941 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 5.5% | ||
GNMA I, Single Family, 30 Year | ||
3.00%, due 6/15/45 | 13,320 | 12,120 |
3.00%, due 10/15/45 | 7,917 | 7,224 |
3.00%, due 5/15/48 | 58,865 | 52,836 |
3.50%, due 3/15/45 | 6,514 | 6,153 |
3.50%, due 4/15/45 | 12,882 | 12,166 |
3.50%, due 5/15/48 | 23,086 | 21,337 |
4.00%, due 8/15/46 | 23,261 | 22,461 |
4.00%, due 11/15/47 | 54,233 | 52,368 |
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) | ||
4.00%, due 7/15/49 | $ 49,103 | $ 47,174 |
4.50%, due 8/15/46 | 48,612 | 48,086 |
4.50%, due 2/15/47 | 2,804 | 2,769 |
4.50%, due 4/15/47 | 16,875 | 17,109 |
4.50%, due 8/15/47 | 88,541 | 88,377 |
4.50%, due 8/15/47 | 122,123 | 123,702 |
5.00%, due 4/15/47 | 16,072 | 15,948 |
5.00%, due 12/15/47 | 18,285 | 18,000 |
GNMA II, Single Family, 30 Year | ||
2.00%, due 6/20/51 | 4,536,603 | 3,841,297 |
2.50%, due 4/20/47 | 25,606 | 22,676 |
2.50%, due 5/20/51 | 4,614,259 | 4,038,784 |
3.00%, due 11/20/45 | 244,430 | 225,052 |
3.00%, due 8/20/46 | 81,374 | 74,768 |
3.00%, due 9/20/46 | 43,399 | 39,868 |
3.00%, due 10/20/46 | 273,091 | 250,809 |
3.00%, due 1/20/47 | 316,469 | 290,520 |
3.00%, due 5/20/47 | 55,637 | 51,073 |
3.00%, due 12/20/47 | 164,301 | 150,424 |
3.00%, due 2/20/48 | 180,666 | 165,373 |
3.00%, due 3/20/48 | 208,730 | 191,073 |
3.00%, due 9/20/51 | 1,330,801 | 1,205,312 |
3.50%, due 11/20/42 | 101,894 | 95,281 |
3.50%, due 9/20/44 | 135,135 | 127,796 |
3.50%, due 11/20/45 | 151,655 | 143,004 |
3.50%, due 7/20/46 | 15,674 | 14,775 |
3.50%, due 10/20/46 | 16,684 | 15,724 |
3.50%, due 11/20/46 | 203,059 | 191,381 |
3.50%, due 1/20/47 | 230,135 | 217,120 |
3.50%, due 5/20/47 | 166,405 | 156,835 |
3.50%, due 9/20/47 | 164,947 | 155,333 |
3.50%, due 10/20/47 | 296,883 | 279,555 |
3.50%, due 12/20/47 | 147,227 | 138,850 |
3.50%, due 7/20/48 | 79,520 | 74,682 |
3.50%, due 10/20/48 | 83,524 | 78,602 |
4.00%, due 12/20/46 | 13,911 | 13,427 |
4.00%, due 1/20/47 | 105,642 | 101,994 |
4.00%, due 2/20/47 | 25,426 | 24,551 |
4.00%, due 3/20/47 | 18,666 | 18,000 |
4.00%, due 4/20/47 | 40,016 | 38,583 |
4.00%, due 5/20/47 | 33,647 | 32,523 |
4.00%, due 7/20/47 | 13,111 | 12,638 |
4.00%, due 11/20/47 | 164,781 | 159,068 |
4.00%, due 12/20/47 | 36,432 | 35,108 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, Single Family, 30 Year (continued) | ||
4.00%, due 4/20/48 | $ 122,297 | $ 118,134 |
4.00%, due 5/20/48 | 54,599 | 52,723 |
4.00%, due 6/20/48 | 22,831 | 21,958 |
4.00%, due 8/20/48 | 154,430 | 148,574 |
4.00%, due 9/20/48 | 82,761 | 79,560 |
4.00%, due 3/20/49 | 20,673 | 19,931 |
4.50%, due 8/20/46 | 48,336 | 48,405 |
4.50%, due 4/20/47 | 37,839 | 37,684 |
4.50%, due 11/20/47 | 34,855 | 34,503 |
4.50%, due 1/20/48 | 79,665 | 78,821 |
4.50%, due 3/20/48 | 33,638 | 33,297 |
4.50%, due 5/20/48 | 27,674 | 27,355 |
4.50%, due 6/20/48 | 45,616 | 45,084 |
5.00%, due 8/20/45 | 61,603 | 62,693 |
5.00%, due 11/20/46 | 37,996 | 38,700 |
5.00%, due 11/20/47 | 34,361 | 34,647 |
5.00%, due 3/20/48 | 20,179 | 20,409 |
5.00%, due 6/20/48 | 41,724 | 41,995 |
14,164,162 | ||
United States Treasury Bonds 4.1% | ||
U.S. Treasury Bonds | ||
2.75%, due 8/15/47 | 235,000 | 182,988 |
2.75%, due 11/15/47 | 300,000 | 233,508 |
2.875%, due 5/15/49 | 250,000 | 198,652 |
3.00%, due 2/15/47 | 315,000 | 257,525 |
3.00%, due 5/15/47 | 175,000 | 142,933 |
3.00%, due 2/15/48 | 1,730,000 | 1,409,747 |
3.00%, due 8/15/48 | 715,000 | 581,999 |
3.00%, due 2/15/49 | 845,000 | 687,586 |
3.00%, due 8/15/52 | 1,020,000 | 834,129 |
3.125%, due 5/15/48 | 1,310,000 | 1,091,394 |
3.375%, due 11/15/48 | 550,000 | 479,230 |
3.625%, due 5/15/53 | 415,000 | 383,680 |
4.00%, due 11/15/52 | 1,900,000 | 1,874,617 |
4.125%, due 8/15/53 | 350,000 | 353,773 |
4.75%, due 11/15/53 | 1,600,000 | 1,794,250 |
10,506,011 | ||
United States Treasury Notes 37.9% | ||
U.S. Treasury Notes | ||
0.125%, due 1/15/24 | 700,000 | 698,713 |
0.125%, due 2/15/24 | 400,000 | 397,517 |
0.25%, due 3/15/24 | 1,400,000 | 1,386,055 |
0.25%, due 5/15/24 | 1,300,000 | 1,276,641 |
0.25%, due 6/15/24 | 1,300,000 | 1,271,613 |
18 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
0.25%, due 5/31/25 | $ 1,850,000 | $ 1,742,252 |
0.25%, due 6/30/25 | 200,000 | 187,852 |
0.25%, due 8/31/25 | 150,000 | 140,033 |
0.375%, due 4/15/24 | 1,000,000 | 986,250 |
0.375%, due 7/15/24 | 400,000 | 390,094 |
0.375%, due 8/15/24 | 1,250,000 | 1,214,160 |
0.50%, due 8/31/27 | 800,000 | 706,812 |
0.875%, due 1/31/24 | 1,825,000 | 1,818,534 |
1.00%, due 7/31/28 | 225,000 | 197,903 |
1.125%, due 2/29/28 | 400,000 | 357,562 |
1.25%, due 3/31/28 | 200,000 | 179,344 |
1.25%, due 5/31/28 | 875,000 | 781,655 |
1.25%, due 6/30/28 | 1,200,000 | 1,070,156 |
1.50%, due 2/29/24 | 1,650,000 | 1,639,988 |
1.50%, due 1/31/27 | 325,000 | 301,679 |
1.75%, due 6/30/24 | 2,875,000 | 2,827,046 |
1.75%, due 7/31/24 | 2,100,000 | 2,060,379 |
1.875%, due 8/31/24 | 650,000 | 636,695 |
1.875%, due 2/28/27 | 475,000 | 445,275 |
1.875%, due 2/28/29 | 1,710,000 | 1,550,088 |
2.00%, due 4/30/24 | 2,535,000 | 2,508,462 |
2.125%, due 7/31/24 | 150,000 | 147,469 |
2.25%, due 3/31/24 | 2,575,000 | 2,555,788 |
2.375%, due 3/31/29 | 1,550,000 | 1,439,018 |
2.375%, due 5/15/29 | 825,000 | 764,672 |
2.50%, due 4/30/24 | 300,000 | 297,258 |
2.50%, due 5/15/24 | 2,000,000 | 1,980,469 |
2.50%, due 5/31/24 | 3,200,000 | 3,164,250 |
2.50%, due 3/31/27 | 300,000 | 286,723 |
2.625%, due 7/31/29 | 700,000 | 655,484 |
2.75%, due 6/30/25 | 275,000 | 268,265 |
2.75%, due 7/31/27 | 775,000 | 743,939 |
2.75%, due 5/31/29 | 675,000 | 637,268 |
2.875%, due 5/31/25 | 300,000 | 293,168 |
2.875%, due 6/15/25 | 750,000 | 733,008 |
2.875%, due 4/30/29 | 400,000 | 380,484 |
3.00%, due 7/31/24 | 1,500,000 | 1,482,305 |
3.125%, due 8/15/25 | 3,175,000 | 3,111,748 |
3.125%, due 8/31/29 | 1,490,000 | 1,431,040 |
3.25%, due 8/31/24 | 1,600,000 | 1,581,062 |
3.25%, due 6/30/29 | 1,275,000 | 1,234,011 |
3.50%, due 9/15/25 | 1,575,000 | 1,551,806 |
3.50%, due 1/31/28 | 1,075,000 | 1,058,035 |
3.50%, due 1/31/30 | 1,810,000 | 1,770,194 |
3.50%, due 2/15/33 | 175,000 | 169,702 |
3.625%, due 5/15/26 | 1,805,000 | 1,784,059 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
3.625%, due 3/31/28 | $ 250,000 | $ 247,275 |
3.75%, due 4/15/26 | 1,000,000 | 990,703 |
3.75%, due 6/30/30 | 375,000 | 371,631 |
3.875%, due 1/15/26 | 500,000 | 496,191 |
3.875%, due 9/30/29 | 2,325,000 | 2,320,277 |
3.875%, due 11/30/29 | 1,425,000 | 1,422,272 |
4.00%, due 12/15/25 | 2,500,000 | 2,486,621 |
4.00%, due 2/15/26 | 1,000,000 | 995,430 |
4.00%, due 2/29/28 | 500,000 | 501,641 |
4.00%, due 10/31/29 | 1,520,000 | 1,527,066 |
4.00%, due 2/28/30 | 2,075,000 | 2,084,808 |
4.125%, due 6/15/26 | 1,450,000 | 1,449,660 |
4.125%, due 10/31/27 | 960,000 | 966,037 |
4.125%, due 8/31/30 | 585,000 | 592,335 |
4.25%, due 9/30/24 | 2,375,000 | 2,362,847 |
4.25%, due 10/15/25 | 2,300,000 | 2,295,687 |
4.375%, due 10/31/24 | 1,200,000 | 1,194,891 |
4.375%, due 8/15/26 | 1,300,000 | 1,308,734 |
4.375%, due 11/30/30 | 800,000 | 822,625 |
4.50%, due 11/15/25 | 3,000,000 | 3,010,078 |
4.50%, due 7/15/26 | 700,000 | 706,508 |
4.625%, due 6/30/25 | 200,000 | 200,477 |
4.625%, due 3/15/26 | 175,000 | 176,518 |
4.625%, due 9/15/26 | 2,325,000 | 2,357,423 |
4.625%, due 10/15/26 | 1,385,000 | 1,405,559 |
4.625%, due 11/15/26 | 2,625,000 | 2,666,426 |
4.875%, due 10/31/30 | 795,000 | 840,837 |
5.00%, due 8/31/25 | 300,000 | 302,766 |
5.00%, due 10/31/25 | 4,275,000 | 4,323,763 |
96,721,069 | ||
Total U.S. Government & Federal Agencies (Cost $184,089,268) | 176,724,924 | |
Total Long-Term Bonds (Cost $263,257,655) | 247,915,460 | |
Shares | Value | ||
Exchange-Traded Fund 1.1% | |||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 24,654 | $ 2,728,212 | |
Total Exchange-Traded Fund (Cost $2,486,968) | 2,728,212 | ||
Total Investments (Cost $265,744,623) | 98.2% | 250,643,672 | |
Other Assets, Less Liabilities | 1.8 | 4,673,990 | |
Net Assets | 100.0% | $ 255,317,662 |
† | 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 December 31, 2023. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 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 December 31, 2023. |
(e) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2023. |
(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 December 31, 2023, the total net market value was $1,656,961, which represented 0.6% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
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 | 110 | March 2024 | $ 11,736,690 | $ 11,965,078 | $ 228,388 |
U.S. Treasury 10 Year Notes | 96 | March 2024 | 10,508,286 | 10,837,500 | 329,214 |
U.S. Treasury 10 Year Ultra Bonds | 42 | March 2024 | 4,752,240 | 4,956,656 | 204,416 |
U.S. Treasury Long Bonds | 76 | March 2024 | 8,835,737 | 9,495,250 | 659,513 |
U.S. Treasury Ultra Bonds | 20 | March 2024 | 2,442,588 | 2,671,875 | 229,287 |
Total Long Contracts | 1,650,818 |
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 | (52) | March 2024 | $ (10,603,850) | $ (10,707,531) | $ (103,681) |
Net Unrealized Appreciation | $ 1,547,137 |
1. | As of December 31, 2023, cash in the amount of $933,856 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 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 | $ — | $ 59,514,136 | $ — | $ 59,514,136 | |||
Foreign Government Bonds | — | 7,675,271 | — | 7,675,271 | |||
Mortgage-Backed Securities | — | 4,001,129 | — | 4,001,129 | |||
U.S. Government & Federal Agencies | — | 176,724,924 | — | 176,724,924 | |||
Total Long-Term Bonds | — | 247,915,460 | — | 247,915,460 | |||
Exchange-Traded Fund | 2,728,212 | — | — | 2,728,212 | |||
Total Investments in Securities | 2,728,212 | 247,915,460 | — | 250,643,672 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 1,650,818 | — | — | 1,650,818 | |||
Total Investments in Securities and Other Financial Instruments | $ 4,379,030 | $ 247,915,460 | $ — | $ 252,294,490 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (103,681) | $ — | $ — | $ (103,681) |
(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 $265,744,623) | $250,643,672 |
Cash | 3,396,428 |
Cash collateral on deposit at broker for futures contracts | 933,856 |
Receivables: | |
Interest | 1,831,727 |
Investment securities sold | 650,000 |
Other assets | 14,049 |
Total assets | 257,469,732 |
Liabilities | |
Payables: | |
Investment securities purchased | 1,941,522 |
Manager (See Note 3) | 53,754 |
Shareholder communication | 43,964 |
Variation margin on futures contracts | 36,056 |
Professional fees | 32,174 |
Custodian | 25,989 |
Accrued expenses | 18,611 |
Total liabilities | 2,152,070 |
Net assets | $255,317,662 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 29,251 |
Additional paid-in-capital | 286,366,448 |
286,395,699 | |
Total distributable earnings (loss) | (31,078,037) |
Net assets | $255,317,662 |
Initial Class | |
Net assets applicable to outstanding shares | $255,317,662 |
Shares of beneficial interest outstanding | 29,250,945 |
Net asset value per share outstanding | $ 8.73 |
22 | MainStay VP Indexed Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 8,637,626 |
Dividends | 183,633 |
Total income | 8,821,259 |
Expenses | |
Manager (See Note 3) | 653,881 |
Professional fees | 78,952 |
Custodian | 64,183 |
Trustees | 6,695 |
Miscellaneous | 2,281 |
Total expenses | 805,992 |
Net investment income (loss) | 8,015,267 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (2,176,162) |
Futures transactions | (2,382,813) |
Net realized gain (loss) | (4,558,975) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 8,230,646 |
Futures contracts | 1,739,740 |
Net change in unrealized appreciation (depreciation) | 9,970,386 |
Net realized and unrealized gain (loss) | 5,411,411 |
Net increase (decrease) in net assets resulting from operations | $13,426,678 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,015,267 | $ 5,997,650 |
Net realized gain (loss) | (4,558,975) | (18,031,556) |
Net change in unrealized appreciation (depreciation) | 9,970,386 | (31,077,237) |
Net increase (decrease) in net assets resulting from operations | 13,426,678 | (43,111,143) |
Distributions to shareholders: | ||
Initial Class | (6,208,537) | (11,493,602) |
Capital share transactions: | ||
Net proceeds from sales of shares | 6,717,751 | 66,908,730 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 6,208,537 | 11,493,602 |
Cost of shares redeemed | (38,241,669) | (180,601,111) |
Increase (decrease) in net assets derived from capital share transactions | (25,315,381) | (102,198,779) |
Net increase (decrease) in net assets | (18,097,240) | (156,803,524) |
Net Assets | ||
Beginning of year | 273,414,902 | 430,218,426 |
End of year | $255,317,662 | $ 273,414,902 |
24 | MainStay VP Indexed Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.51 | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | ||||
Net investment income (loss) (a) | 0.26 | 0.19 | 0.14 | 0.18 | 0.27 | ||||
Net realized and unrealized gain (loss) | 0.17 | (1.58) | (0.36) | 0.60 | 0.55 | ||||
Total from investment operations | 0.43 | (1.39) | (0.22) | 0.78 | 0.82 | ||||
Less distributions: | |||||||||
From net investment income | (0.21) | (0.28) | (0.31) | (0.13) | — | ||||
From net realized gain on investments | — | (0.12) | (0.42) | (0.02) | — | ||||
Total distributions | (0.21) | (0.40) | (0.73) | (0.15) | — | ||||
Net asset value at end of year | $ 8.73 | $ 8.51 | $ 10.30 | $ 11.25 | $ 10.62 | ||||
Total investment return (b) | 5.25% | (13.34)% | (1.95)% | 7.40% | 8.37%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.06% | 2.06% | 1.26% | 1.59% | 2.66% | ||||
Net expenses (d) | 0.31% | 0.32% | 0.30% | 0.29% | 0.30% | ||||
Portfolio turnover rate (e) | 49% | 182% | 239% | 191% | 65% | ||||
Net assets at end of year (in 000's) | $ 255,318 | $ 273,415 | $ 430,218 | $ 757,632 | $ 422,163 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 48%, 146%, 55%, 138%, and 57% for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, 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) | $1,650,818 | $1,650,818 |
Total Fair Value | $1,650,818 | $1,650,818 |
(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) | $(103,681) | $(103,681) |
Total Fair Value | $(103,681) | $(103,681) |
(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 | $(2,382,813) | $(2,382,813) |
Total Net Realized Gain (Loss) | $(2,382,813) | $(2,382,813) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $1,739,740 | $1,739,740 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,739,740 | $1,739,740 |
Average Notional Amount | Total |
Futures Contracts Long | $34,826,482 |
Futures Contracts Short | $ (8,571,606) |
30 | MainStay VP Indexed Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $266,255,222 | $1,570,678 | $(17,351,659) | $(15,780,981) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$8,026,771 | $(23,493,258) | $— | $(15,611,550) | $(31,078,037) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $9,353 | $13,970 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $6,208,537 | $ 7,933,251 |
Long-Term Capital Gains | — | 3,560,351 |
Total | $6,208,537 | $11,493,602 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 783,139 | $ 6,717,751 |
Shares issued to shareholders in reinvestment of distributions | 763,686 | 6,208,537 |
Shares redeemed | (4,420,609) | (38,241,669) |
Net increase (decrease) | (2,873,784) | $ (25,315,381) |
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 |
New York, New York
February 26, 2024
34 | MainStay VP Indexed Bond Portfolio |
36 | MainStay VP Indexed Bond Portfolio |
38 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
40 | MainStay VP Indexed Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
42 | MainStay VP Indexed Bond Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015877 | MSVPIN11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 15.52% | 9.76% | 8.05% | 0.57% |
Service Class Shares | 2/17/2012 | 15.23 | 9.48 | 7.78 | 0.82 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
Bloomberg U.S. Aggregate Bond Index2 | 5.53 | 1.10 | 1.81 |
Janus Balanced Composite Index3 | 16.62 | 9.26 | 7.59 |
Morningstar Moderate Allocation Category Average4 | 13.78 | 8.16 | 6.07 |
* | 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. | 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. |
2. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including 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 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). |
4. | 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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,057.50 | $2.96 | $1,022.33 | $2.91 | 0.57% |
Service Class Shares | $1,000.00 | $1,056.10 | $4.25 | $1,021.07 | $4.18 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Janus Henderson Balanced Portfolio |
1. | U.S. Treasury Bonds, 4.125%-4.75%, due 8/15/43–11/15/53 |
2. | Microsoft Corp. |
3. | UMBS, 30 Year, 2.50%-6.00%, due 2/1/37–9/1/53 |
4. | Apple, Inc. |
5. | Alphabet, Inc., Class C |
6. | U.S. Treasury Notes, 4.375%-4.50%, due 12/15/26–11/15/33 |
7. | NVIDIA Corp. |
8. | UMBS Pool, 30 Year, 2.50%-6.50%, due 4/1/40–11/1/53 |
9. | Mastercard, Inc., Class A |
10. | UnitedHealth Group, Inc. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
8 | MainStay VP Janus Henderson Balanced Portfolio |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
4. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
10 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 37.8% | ||
Asset-Backed Securities 2.6% | ||
Automobile Asset-Backed Securities 0.3% | ||
ACC Auto Trust | ||
Series 2022-A, Class A | ||
4.58%, due 7/15/26 (a) | $ 128,695 | $ 127,689 |
Arivo Acceptance Auto Loan Receivables Trust | ||
Series 2022-1A, Class A | ||
3.93%, due 5/15/28 (a) | 210,990 | 207,114 |
Exeter Automobile Receivables Trust | ||
Series 2021-1A, Class D | ||
1.08%, due 11/16/26 | 674,000 | 652,023 |
JPMorgan Chase Bank NA (a) | ||
Series 2021-1, Class B | ||
0.875%, due 9/25/28 | 58,467 | 57,416 |
Series 2021-2, Class B | ||
0.889%, due 12/26/28 | 152,797 | 149,367 |
LAD Auto Receivables Trust (a) | ||
Series 2021-1A, Class A | ||
1.30%, due 8/17/26 | 113,297 | 111,916 |
Series 2022-1A, Class A | ||
5.21%, due 6/15/27 | 666,039 | 662,621 |
Lendbuzz Securitization Trust (a) | ||
Series 2022-1A, Class A | ||
4.22%, due 5/17/27 | 572,562 | 560,313 |
Series 2023-1A, Class A2 | ||
6.92%, due 8/15/28 | 447,959 | 450,315 |
Santander Bank Auto Credit-Linked Notes (a) | ||
Series 2022-A, Class B | ||
5.281%, due 5/15/32 | 599,075 | 593,972 |
Series 2022-B, Class A2 | ||
5.587%, due 8/16/32 | 203,481 | 202,918 |
Santander Bank NA | ||
Series 2021-1A, Class B | ||
1.833%, due 12/15/31 (a) | 85,324 | 83,125 |
Tesla Auto Lease Trust | ||
Series 2021-B, Class B | ||
0.91%, due 9/22/25 (a) | 258,000 | 251,637 |
Westlake Automobile Receivables Trust | ||
Series 2020-1A, Class D | ||
2.80%, due 6/16/25 (a) | 119,565 | 119,279 |
4,229,705 | ||
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 | 1,076,644 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities 0.2% | ||
Saluda Grade Alternative Mortgage Trust (a)(b) | ||
Series 2023-FIG4, Class A | ||
6.718%, due 11/25/53 | $ 1,040,000 | $ 1,056,250 |
Series 2023-FIG3, Class A | ||
7.067%, due 8/25/53 | 1,578,469 | 1,579,191 |
Towd Point Mortgage Trust | ||
Series 2023-CES2, Class A1A | ||
7.294%, due 10/25/63 (a)(b) | 603,610 | 617,591 |
3,253,032 | ||
Other Asset-Backed Securities 2.0% | ||
American Tower Trust #1 | ||
5.49%, due 3/15/28 (a) | 2,081,000 | 2,110,750 |
Aqua Finance Trust | ||
Series 2021-A, Class A | ||
1.54%, due 7/17/46 (a) | 238,861 | 213,376 |
ARES LX CLO Ltd. | ||
Series 2021-60A, Class A | ||
6.777% (3 Month SOFR + 1.382%), due 7/18/34 (a)(c) | 322,000 | 321,661 |
CBAM Ltd. (a)(c) | ||
Series 2019-11RA, Class A1 | ||
6.857% (3 Month SOFR + 1.442%), due 1/20/35 | 1,569,000 | 1,565,073 |
Series 2019-11RA, Class B | ||
7.427% (3 Month SOFR + 2.012%), due 1/20/35 | 400,456 | 398,053 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 951,872 | 850,797 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 360,015 | 305,338 |
Series 2022-1A, Class A1 | ||
5.97%, due 8/15/62 | 1,257,567 | 1,236,762 |
Series 2022-1A, Class A2 | ||
6.11%, due 8/15/62 | 2,900,123 | 2,832,168 |
CIFC Funding Ltd. (a)(c) | ||
Series 2021-7A, Class A1 | ||
6.804% (3 Month SOFR + 1.392%), due 1/23/35 | 483,000 | 482,982 |
Series 2021-7A, Class B | ||
7.274% (3 Month SOFR + 1.862%), due 1/23/35 | 323,837 | 321,594 |
CIM Trust (a)(d) | ||
Series 2021-NR1, Class A1 | ||
2.569%, due 7/25/55 | 317,907 | 313,410 |
Series 2021-NR4, Class A1 | ||
2.816%, due 10/25/61 | 252,896 | 243,010 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
CP EF Asset Securitization I LLC | ||
Series 2022-1A, Class A | ||
5.96%, due 4/15/30 (a) | $ 268,615 | $ 266,666 |
CP EF Asset Securitization II LLC | ||
Series 2023-1A, Class A | ||
7.48%, due 3/15/32 (a) | 734,701 | 737,313 |
CRB Securitization Trust | ||
Series 2023-1, Class A | ||
6.96%, due 10/20/33 (a) | 315,990 | 319,610 |
CyrusOne Data Centers Issuer I LLC | ||
Series 2023-2A, Class A2 | ||
5.56%, due 11/20/48 (a) | 1,402,000 | 1,334,543 |
Diamond Infrastructure Funding LLC | ||
Series 2021-1A, Class A | ||
1.76%, due 4/15/49 (a) | 1,031,000 | 915,152 |
Domino's Pizza Master Issuer LLC | ||
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 (a) | 879,700 | 854,664 |
Elmwood CLO II Ltd. | ||
Series 2019-2A, Class AR | ||
6.827% (3 Month SOFR + 1.412%), due 4/20/34 (a)(c) | 485,000 | 484,971 |
HPS Loan Management Ltd. | ||
Series 2021-16A, Class B | ||
7.374% (3 Month SOFR + 1.962%), due 1/23/35 (a)(c) | 310,367 | 309,025 |
Libra Solutions LLC (a) | ||
Series 2022-1A, Class A | ||
4.75%, due 5/15/34 | 125,414 | 125,017 |
Series 2022-2A, Class A | ||
6.85%, due 10/15/34 | 174,545 | 174,439 |
LL ABS Trust | ||
Series 2022-2A, Class A | ||
6.63%, due 5/15/30 (a) | 79,556 | 79,531 |
Logan CLO II Ltd. | ||
Series 2021-2A, Class A | ||
6.827% (3 Month SOFR + 1.412%), due 1/20/35 (a)(c) | 761,109 | 761,074 |
M&T Equipment Notes (a) | ||
Series 2023-1A, Class A3 | ||
5.74%, due 7/15/30 | 331,000 | 333,017 |
Series 2023-1A, Class A2 | ||
6.09%, due 7/15/30 | 602,000 | 603,323 |
Marlette Funding Trust | ||
Series 2023-2A, Class B | ||
6.54%, due 6/15/33 (a) | 338,000 | 340,354 |
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 | $ 416,713 |
NRZ Excess Spread-Collateralized Notes (a) | ||
Series 2021-FHT1, Class A | ||
3.104%, due 7/25/26 | 313,876 | 291,538 |
Series 2020-PLS1, Class A | ||
3.844%, due 12/25/25 | 172,356 | 164,278 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2020-1A, Class A1 | ||
1.85%, due 11/20/50 (a) | 793,809 | 720,309 |
Octagon Investment Partners 48 Ltd. | ||
Series 2020-3A, Class AR | ||
6.827% (3 Month SOFR + 1.412%), due 10/20/34 (a)(c) | 454,000 | 453,982 |
Pagaya AI Debt Trust | ||
Series 2022-1, Class A | ||
2.03%, due 10/15/29 (a) | 171,465 | 168,866 |
PRET LLC | ||
Series 2023-RN1, Class A1 | ||
8.232%, due 9/25/53 (a)(d) | 1,583,572 | 1,615,696 |
PRPM LLC (a)(d) | ||
Series 2021-9, Class A1 | ||
2.363%, due 10/25/26 | 682,038 | 660,842 |
Series 2021-10, Class A1 | ||
2.487%, due 10/25/26 | 793,387 | 763,734 |
Series 2022-2, Class A1 | ||
5.00%, due 3/25/27 | 1,293,317 | 1,268,249 |
RAD CLO 21 Ltd. | ||
Series 2023-21A, Class A | ||
6.964% (3 Month SOFR + 1.59%), due 1/25/33 (a)(c) | 835,946 | 835,522 |
Regatta XXIII Funding Ltd. (a)(c) | ||
Series 2021-4A, Class A1 | ||
6.827% (3 Month SOFR + 1.412%), due 1/20/35 | 1,413,000 | 1,412,965 |
Series 2021-4A, Class B | ||
7.377% (3 Month SOFR + 1.962%), due 1/20/35 | 343,955 | 343,931 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-1A, Class AR | ||
6.837% (3 Month SOFR + 1.422%), due 7/20/34 (a)(c) | 448,000 | 445,938 |
Upstart Securitization Trust (a) | ||
Series 2021-4, Class A | ||
0.84%, due 9/20/31 | 18,036 | 17,978 |
Series 2021-5, Class A | ||
1.31%, due 11/20/31 | 40,592 | 40,305 |
12 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Upstart Securitization Trust (a) (continued) | ||
Series 2022-1, Class A | ||
3.12%, due 3/20/32 | $ 369,359 | $ 364,740 |
Series 2022-2, Class A | ||
4.37%, due 5/20/32 | 390,048 | 388,380 |
Vantage Data Centers Issuer LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 1,091,000 | 1,008,742 |
Vantage Data Centers LLC | ||
Series 2020-2A, Class A2 | ||
1.992%, due 9/15/45 (a) | 705,000 | 612,895 |
VCAT LLC | ||
Series 2021-NPL1, Class A1 | ||
5.289%, due 12/26/50 (a)(d) | 94,740 | 94,316 |
Westgate Resorts LLC | ||
Series 2022-1A, Class A | ||
1.788%, due 8/20/36 (a) | 197,738 | 189,441 |
31,113,033 | ||
Total Asset-Backed Securities (Cost $40,350,659) | 39,672,414 | |
Corporate Bonds 9.0% | ||
Aerospace & Defense 0.1% | ||
L3Harris Technologies, Inc. | ||
5.40%, due 7/31/33 | 1,027,000 | 1,067,817 |
Banks 3.1% | ||
Bank of America Corp. (e) | ||
5.819%, due 9/15/29 | 2,761,000 | 2,850,108 |
5.872%, due 9/15/34 | 2,636,000 | 2,759,286 |
6.204%, due 11/10/28 | 1,776,000 | 1,852,618 |
Series X | ||
6.25%, due 9/5/24 (f) | 1,172,000 | 1,161,205 |
Bank of Montreal | ||
3.088% (5 Year Treasury Constant Maturity Rate + 1.40%), due 1/10/37 (c) | 1,270,000 | 1,024,295 |
Bank of New York Mellon Corp. (The) (e) | ||
4.947%, due 4/26/27 | 806,000 | 806,240 |
5.834%, due 10/25/33 | 266,000 | 282,003 |
6.317%, due 10/25/29 | 704,000 | 747,782 |
6.474%, due 10/25/34 (g) | 1,448,000 | 1,603,927 |
BNP Paribas SA | ||
2.591%, due 1/20/28 (a)(e) | 728,000 | 673,434 |
Principal Amount | Value | |
Banks (continued) | ||
Citigroup, Inc. (e) | ||
3.887%, due 1/10/28 | $ 2,060,000 | $ 1,991,994 |
Series P | ||
5.95%, due 5/15/25 (f) | 584,000 | 571,624 |
Series M | ||
6.30%, due 5/15/24 (f) | 123,000 | 121,282 |
Goldman Sachs Group, Inc. (The) | ||
3.50%, due 4/1/25 | 2,399,000 | 2,344,439 |
JPMorgan Chase & Co. (e) | ||
Series FF | ||
5.00%, due 8/1/24 (f) | 441,000 | 432,959 |
5.299%, due 7/24/29 | 1,374,000 | 1,394,213 |
5.35%, due 6/1/34 | 567,000 | 575,071 |
6.087%, due 10/23/29 (g) | 1,391,000 | 1,462,515 |
6.254%, due 10/23/34 | 2,396,000 | 2,597,233 |
Mitsubishi UFJ Financial Group, Inc. | ||
4.788% (1 Year Treasury Constant Maturity Rate + 1.70%), due 7/18/25 (c) | 931,000 | 926,598 |
Morgan Stanley | ||
1.593%, due 5/4/27 (e) | 685,000 | 631,150 |
2.188%, due 4/28/26 (e) | 1,231,000 | 1,182,566 |
2.943%, due 1/21/33 (e) | 1,008,000 | 857,464 |
3.772%, due 1/24/29 (e) | 134,000 | 127,793 |
4.35%, due 9/8/26 | 898,000 | 881,265 |
5.05%, due 1/28/27 (e) | 404,000 | 404,390 |
5.123%, due 2/1/29 (e) | 907,000 | 911,125 |
5.164%, due 4/20/29 (e) | 1,265,000 | 1,272,231 |
5.424%, due 7/21/34 (e) | 2,042,000 | 2,072,381 |
5.449%, due 7/20/29 (e) | 614,000 | 625,636 |
National Australia Bank Ltd. | ||
2.99%, due 5/21/31 (a) | 1,708,000 | 1,428,690 |
Nordea Bank Abp | ||
5.375%, due 9/22/27 (a) | 1,834,000 | 1,864,403 |
PNC Financial Services Group, Inc. (The) (e) | ||
5.582%, due 6/12/29 | 2,018,000 | 2,061,048 |
6.037%, due 10/28/33 | 556,000 | 580,914 |
6.875%, due 10/20/34 | 2,133,000 | 2,367,924 |
Sumitomo Mitsui Financial Group, Inc. | ||
5.852%, due 7/13/30 | 472,000 | 493,608 |
Toronto-Dominion Bank (The) | ||
5.523%, due 7/17/28 (g) | 1,363,000 | 1,403,264 |
Truist Financial Corp. | ||
6.047%, due 6/8/27 (e) | 779,000 | 792,721 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
U.S. Bancorp | ||
2.491% (5 Year Treasury Constant Maturity Rate + 0.95%), due 11/3/36 (c)(g) | $ 1,471,000 | $ 1,140,806 |
5.775%, due 6/12/29 (e) | 1,244,000 | 1,278,028 |
48,556,233 | ||
Beverages 0.0% ‡ | ||
Diageo Capital plc | ||
1.375%, due 9/29/25 | 461,000 | 435,181 |
Biotechnology 0.1% | ||
Illumina, Inc. | ||
5.80%, due 12/12/25 | 707,000 | 709,419 |
Royalty Pharma plc | ||
3.55%, due 9/2/50 (g) | 899,000 | 638,294 |
1,347,713 | ||
Chemicals 0.3% | ||
Celanese US Holdings LLC | ||
6.33%, due 7/15/29 | 575,000 | 602,756 |
6.35%, due 11/15/28 (g) | 581,000 | 609,304 |
6.55%, due 11/15/30 | 1,456,000 | 1,539,177 |
6.70%, due 11/15/33 | 1,419,000 | 1,539,045 |
4,290,282 | ||
Commercial Services 0.2% | ||
CoStar Group, Inc. | ||
2.80%, due 7/15/30 (a) | 711,000 | 604,307 |
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 651,000 | 599,309 |
4.80%, due 4/1/26 | 629,000 | 623,515 |
GXO Logistics, Inc. | ||
1.65%, due 7/15/26 | 885,000 | 797,728 |
2.65%, due 7/15/31 | 135,000 | 110,694 |
2,735,553 | ||
Computers 0.1% | ||
Leidos, Inc. | ||
2.30%, due 2/15/31 | 250,000 | 209,251 |
5.75%, due 3/15/33 | 832,000 | 867,591 |
1,076,842 | ||
Cosmetics & Personal Care 0.1% | ||
Haleon US Capital LLC | ||
3.375%, due 3/24/27 | 753,000 | 724,502 |
3.375%, due 3/24/29 (g) | 480,000 | 453,961 |
1,178,463 |
Principal Amount | Value | |
Distribution & Wholesale 0.1% | ||
LKQ Corp. | ||
5.75%, due 6/15/28 | $ 1,278,000 | $ 1,307,996 |
6.25%, due 6/15/33 | 1,199,000 | 1,252,922 |
2,560,918 | ||
Diversified Financial Services 0.8% | ||
AerCap Ireland Capital DAC | ||
4.625%, due 10/15/27 | 610,000 | 597,292 |
Air Lease Corp. | ||
1.875%, due 8/15/26 (g) | 1,020,000 | 938,208 |
American Express Co. | ||
5.043%, due 5/1/34 (e) | 1,297,000 | 1,294,743 |
Capital One Financial Corp. (e) | ||
6.312%, due 6/8/29 | 546,000 | 560,147 |
7.624%, due 10/30/31 | 808,000 | 887,900 |
Charles Schwab Corp. (The) | ||
6.136%, due 8/24/34 (e) | 1,709,000 | 1,801,415 |
LPL Holdings, Inc. | ||
6.75%, due 11/17/28 | 1,921,000 | 2,047,824 |
Nasdaq, Inc. | ||
5.35%, due 6/28/28 | 291,000 | 299,715 |
5.55%, due 2/15/34 | 1,947,000 | 2,022,642 |
5.95%, due 8/15/53 | 919,000 | 987,122 |
6.10%, due 6/28/63 | 390,000 | 421,036 |
11,858,044 | ||
Electric 0.6% | ||
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 1,325,000 | 1,380,373 |
Duke Energy Corp. | ||
4.30%, due 3/15/28 | 920,000 | 907,025 |
Duquesne Light Holdings, Inc. | ||
2.775%, due 1/7/32 (a) | 1,005,000 | 802,517 |
Georgia Power Co. | ||
4.65%, due 5/16/28 | 681,000 | 686,206 |
4.95%, due 5/17/33 (g) | 1,077,000 | 1,085,688 |
National Grid plc | ||
5.602%, due 6/12/28 | 480,000 | 494,528 |
5.809%, due 6/12/33 | 1,006,000 | 1,057,065 |
Xcel Energy, Inc. | ||
5.45%, due 8/15/33 | 2,316,000 | 2,388,426 |
8,801,828 | ||
Electronics 0.2% | ||
Trimble, Inc. | ||
4.75%, due 12/1/24 | 1,238,000 | 1,225,458 |
4.90%, due 6/15/28 | 468,000 | 470,230 |
6.10%, due 3/15/33 | 1,656,000 | 1,772,253 |
3,467,941 |
14 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Food 0.3% | ||
Albertsons Cos., Inc. | ||
6.50%, due 2/15/28 (a) | $ 871,000 | $ 881,407 |
JBS USA LUX SA | ||
3.00%, due 5/15/32 | 795,000 | 647,258 |
3.625%, due 1/15/32 | 551,000 | 472,357 |
5.50%, due 1/15/30 | 1,130,000 | 1,110,537 |
Mondelez International, Inc. | ||
2.75%, due 4/13/30 (g) | 80,000 | 72,259 |
Pilgrim's Pride Corp. | ||
6.25%, due 7/1/33 | 1,429,000 | 1,470,332 |
Sysco Corp. | ||
5.75%, due 1/17/29 | 551,000 | 573,966 |
5,228,116 | ||
Hand & Machine Tools 0.1% | ||
Regal Rexnord Corp. | ||
6.05%, due 4/15/28 (a) | 1,026,000 | 1,038,596 |
Healthcare-Services 0.6% | ||
Centene Corp. | ||
2.45%, due 7/15/28 | 1,025,000 | 912,865 |
3.00%, due 10/15/30 (g) | 1,079,000 | 934,461 |
4.25%, due 12/15/27 | 3,132,000 | 3,017,849 |
HCA, Inc. | ||
3.625%, due 3/15/32 | 663,000 | 592,838 |
5.20%, due 6/1/28 | 346,000 | 349,550 |
5.375%, due 9/1/26 | 220,000 | 221,010 |
5.50%, due 6/1/33 (g) | 1,130,000 | 1,147,744 |
5.625%, due 9/1/28 | 310,000 | 317,244 |
5.875%, due 2/15/26 (g) | 286,000 | 288,432 |
5.875%, due 2/1/29 | 459,000 | 473,803 |
UnitedHealth Group, Inc. | ||
5.25%, due 2/15/28 | 598,000 | 618,374 |
8,874,170 | ||
Insurance 0.2% | ||
Athene Global Funding (a) | ||
2.646%, due 10/4/31 | 1,063,000 | 863,633 |
2.717%, due 1/7/29 | 1,235,000 | 1,073,703 |
Brown & Brown, Inc. | ||
4.95%, due 3/17/52 | 1,071,000 | 949,241 |
2,886,577 | ||
Investment Companies 0.2% | ||
Blackstone Private Credit Fund | ||
7.30%, due 11/27/28 (a) | 1,324,000 | 1,376,336 |
Principal Amount | Value | |
Investment Companies (continued) | ||
Blue Owl Credit Income Corp. | ||
4.70%, due 2/8/27 | $ 163,000 | $ 153,966 |
7.75%, due 9/16/27 | 973,000 | 1,003,207 |
7.95%, due 6/13/28 (a) | 558,000 | 578,378 |
3,111,887 | ||
Media 0.4% | ||
Charter Communications Operating LLC | ||
6.65%, due 2/1/34 | 2,805,000 | 2,957,825 |
Comcast Corp. | ||
4.55%, due 1/15/29 | 867,000 | 870,708 |
Fox Corp. | ||
4.03%, due 1/25/24 | 429,000 | 428,474 |
6.50%, due 10/13/33 (g) | 1,309,000 | 1,416,922 |
5,673,929 | ||
Oil & Gas 0.1% | ||
EQT Corp. | ||
5.70%, due 4/1/28 | 459,000 | 465,801 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 716,000 | 662,452 |
Viper Energy, Inc. | ||
7.375%, due 11/1/31 (a) | 1,269,000 | 1,313,415 |
2,441,668 | ||
Pipelines 0.3% | ||
Columbia Pipelines Operating Co. LLC (a) | ||
5.927%, due 8/15/30 | 332,000 | 343,293 |
6.036%, due 11/15/33 (g) | 799,000 | 836,769 |
6.497%, due 8/15/43 | 161,000 | 172,421 |
6.544%, due 11/15/53 | 833,000 | 917,141 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 | 709,000 | 736,932 |
6.20%, due 11/15/30 (g) | 278,000 | 297,465 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 116,000 | 115,546 |
5.55%, due 2/15/28 (g) | 880,000 | 897,688 |
Hess Midstream Operations LP | ||
5.125%, due 6/15/28 (a) | 670,000 | 646,414 |
4,963,669 | ||
Real Estate 0.2% | ||
CBRE Services, Inc. | ||
5.95%, due 8/15/34 | 2,507,000 | 2,633,760 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts 0.2% | ||
Agree LP | ||
2.00%, due 6/15/28 | $ 684,000 | $ 593,130 |
2.60%, due 6/15/33 | 513,000 | 406,562 |
2.90%, due 10/1/30 | 473,000 | 405,203 |
Equinix, Inc. | ||
2.15%, due 7/15/30 | 623,000 | 527,825 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 86,000 | 85,503 |
5.375%, due 4/15/26 | 381,000 | 378,644 |
Sun Communities Operating LP | ||
2.70%, due 7/15/31 (g) | 1,283,000 | 1,069,064 |
3,465,931 | ||
Semiconductors 0.4% | ||
Analog Devices, Inc. | ||
2.95%, due 4/1/25 | 676,000 | 661,501 |
Foundry JV Holdco LLC | ||
5.875%, due 1/25/34 (a) | 3,338,000 | 3,428,573 |
Marvell Technology, Inc. | ||
1.65%, due 4/15/26 | 793,000 | 737,731 |
4.875%, due 6/22/28 | 883,000 | 880,337 |
5.75%, due 2/15/29 | 612,000 | 632,317 |
6,340,459 | ||
Software 0.2% | ||
MSCI, Inc. (a) | ||
3.625%, due 9/1/30 | 1,643,000 | 1,486,577 |
3.875%, due 2/15/31 | 1,122,000 | 1,025,150 |
4.00%, due 11/15/29 | 104,000 | 97,747 |
2,609,474 | ||
Telecommunications 0.0% ‡ | ||
AT&T, Inc. | ||
3.65%, due 9/15/59 | 105,000 | 75,253 |
Toys, Games & Hobbies 0.1% | ||
Hasbro, Inc. | ||
3.90%, due 11/19/29 | 2,072,000 | 1,926,900 |
5.10%, due 5/15/44 | 189,000 | 169,027 |
2,095,927 | ||
Total Corporate Bonds (Cost $139,895,492) | 138,816,231 |
Principal Amount | Value | |
Foreign Government Bonds 0.1% | ||
France 0.1% | ||
Electricite de France SA (a) | ||
5.70%, due 5/23/28 | $ 557,000 | $ 576,299 |
6.25%, due 5/23/33 | 873,000 | 944,749 |
1,521,048 | ||
Total Foreign Government Bonds (Cost $1,432,452) | 1,521,048 | |
Mortgage-Backed Securities 6.2% | ||
Agency (Collateralized Mortgage Obligations) 0.1% | ||
FNMA | ||
REMIC, Series 2018-27, Class EA | ||
3.00%, due 5/25/48 | 493,407 | 441,171 |
REMIC, Series 2019-71, Class P | ||
3.00%, due 11/25/49 | 711,466 | 637,737 |
1,078,908 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.8% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A | ||
6.542% (1 Month SOFR + 1.18%), due 9/15/34 (a)(c) | 699,152 | 671,541 |
BBCMS Trust | ||
Series 2015-SRCH, Class A2 | ||
4.197%, due 8/10/35 (a) | 875,000 | 801,238 |
BPR Trust (a) | ||
Series 2023-BRK2, Class A | ||
6.899%, due 11/5/28 (b) | 1,329,000 | 1,390,460 |
Series 2022-OANA, Class A | ||
7.26% (1 Month SOFR + 1.898%), due 4/15/37 (c) | 1,896,000 | 1,868,647 |
BX Commercial Mortgage Trust (a)(c) | ||
Series 2021-VINO, Class A | ||
6.129% (1 Month SOFR + 0.767%), due 5/15/38 | 845,772 | 832,243 |
Series 2019-XL, Class A | ||
6.396% (1 Month SOFR + 1.034%), due 10/15/36 | 594,701 | 593,189 |
Series 2020-VKNG, Class A | ||
6.406% (1 Month SOFR + 1.044%), due 10/15/37 | 183,076 | 181,639 |
Series 2021-VOLT, Class B | ||
6.426% (1 Month SOFR + 1.064%), due 9/15/36 | 937,000 | 912,293 |
16 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a)(c) (continued) | ||
Series 2019-XL, Class B | ||
6.556% (1 Month SOFR + 1.194%), due 10/15/36 | $ 411,400 | $ 409,308 |
Series 2021-VOLT, Class D | ||
7.126% (1 Month SOFR + 1.764%), due 9/15/36 | 984,000 | 945,702 |
Series 2023-VLT2, Class A | ||
7.643% (1 Month SOFR + 2.281%), due 6/15/40 | 328,000 | 328,269 |
Series 2023-VLT2, Class B | ||
8.491% (1 Month SOFR + 3.129%), due 6/15/40 | 729,000 | 730,093 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 284,000 | 253,158 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 564,000 | 500,762 |
Series 2022-FOX2, Class A2 | ||
6.111% (1 Month SOFR + 0.749%), due 4/15/39 (c) | 1,009,670 | 979,904 |
Series 2021-LBA, Class AJV | ||
6.276% (1 Month SOFR + 0.914%), due 2/15/36 (c) | 1,118,000 | 1,099,773 |
Series 2021-LBA, Class AV | ||
6.276% (1 Month SOFR + 0.914%), due 2/15/36 (c) | 887,288 | 872,823 |
Series 2019-MMP, Class C | ||
6.856% (1 Month SOFR + 1.494%), due 8/15/36 (c) | 292,536 | 279,494 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 396,000 | 368,025 |
CENT Trust | ||
Series 2023-CITY, Class A | ||
7.982% (1 Month SOFR + 2.62%), due 9/15/38 (a)(c) | 1,337,000 | 1,343,700 |
Cold Storage Trust (a)(c) | ||
Series 2020-ICE5, Class A | ||
6.372% (1 Month SOFR + 1.014%), due 11/15/37 | 1,480,384 | 1,473,397 |
Series 2020-ICE5, Class B | ||
6.772% (1 Month SOFR + 1.414%), due 11/15/37 | 657,621 | 650,172 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Cold Storage Trust (a)(c) (continued) | ||
Series 2020-ICE5, Class C | ||
7.122% (1 Month SOFR + 1.764%), due 11/15/37 | $ 660,570 | $ 653,088 |
Credit Suisse Mortgage Capital Certificates (a)(c) | ||
Series 2019-ICE4, Class A | ||
6.389% (1 Month SOFR + 1.027%), due 5/15/36 | 1,555,131 | 1,555,161 |
Series 2019-ICE4, Class C | ||
6.839% (1 Month SOFR + 1.477%), due 5/15/36 | 332,174 | 331,205 |
CSMC Trust | ||
Series 2021-WEHO, Class A | ||
9.446% (1 Month SOFR + 4.084%), due 4/15/26 (a)(c) | 660,526 | 645,904 |
DBCCRE Mortgage Trust (a)(h) | ||
Series 2014-ARCP, Class D | ||
4.934%, due 1/10/34 | 151,000 | 149,419 |
Series 2014-ARCP, Class E | ||
4.934%, due 1/10/34 | 699,000 | 690,747 |
Series 2014-ARCP, Class F | ||
4.934%, due 1/10/34 | 128,000 | 126,202 |
DC Commercial Mortgage Trust | ||
Series 2023-DC, Class A | ||
6.314%, due 9/12/40 (a) | 1,114,000 | 1,149,060 |
Extended Stay America Trust | ||
Series 2021-ESH, Class A | ||
6.556% (1 Month SOFR + 1.194%), due 7/15/38 (a)(c) | 504,058 | 499,316 |
Great Wolf Trust (a)(c) | ||
Series 2019-WOLF, Class A | ||
6.71% (1 Month SOFR + 1.148%), due 12/15/36 | 695,000 | 692,360 |
Series 2019-WOLF, Class B | ||
7.01% (1 Month SOFR + 1.448%), due 12/15/36 | 303,000 | 301,082 |
Series 2019-WOLF, Class C | ||
7.309% (1 Month SOFR + 1.747%), due 12/15/36 | 337,000 | 334,227 |
Hudsons Bay Simon JV Trust (a) | ||
Series 2015-HB7, Class A7 | ||
3.914%, due 8/5/34 | 397,301 | 355,565 |
Series 2015-HB10, Class A10 | ||
4.155%, due 8/5/34 | 173,485 | 152,817 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
J.P. Morgan Chase Commercial Mortgage Securities Trust (a) | ||
Series 2020-ACE, Class A | ||
3.287%, due 1/10/37 | $ 1,235,000 | $ 1,190,225 |
Series 2020-ACE, Class B | ||
3.64%, due 1/10/37 | 840,000 | 800,145 |
Life Mortgage Trust (a)(c) | ||
Series 2021-BMR, Class A | ||
6.176% (1 Month SOFR + 0.814%), due 3/15/38 | 2,072,101 | 2,026,517 |
Series 2021-BMR, Class C | ||
6.576% (1 Month SOFR + 1.214%), due 3/15/38 | 908,264 | 879,722 |
Series 2022-BMR2, Class A1 | ||
6.657% (1 Month SOFR + 1.295%), due 5/15/39 | 1,231,000 | 1,203,303 |
Series 2022-BMR2, Class B | ||
7.156% (1 Month SOFR + 1.794%), due 5/15/39 | 357,000 | 348,044 |
Med Trust (a)(c) | ||
Series 2021-MDLN, Class A | ||
6.426% (1 Month SOFR + 1.064%), due 11/15/38 | 289,610 | 283,975 |
Series 2021-MDLN, Class E | ||
8.626% (1 Month SOFR + 3.264%), due 11/15/38 | 1,255,972 | 1,220,764 |
MHC Commercial Mortgage Trust (a)(c) | ||
Series 2021-MHC, Class A | ||
6.277% (1 Month SOFR + 0.915%), due 4/15/38 | 1,533,866 | 1,517,509 |
Series 2021-MHC, Class C | ||
6.827% (1 Month SOFR + 1.465%), due 4/15/38 | 866,138 | 853,099 |
NCMF Trust | ||
Series 2022-MFP, Class A | ||
7.104% (1 Month SOFR + 1.742%), due 3/15/39 (a)(c) | 639,000 | 632,819 |
OPEN Trust | ||
Series 2023-AIR, Class C | ||
10.598% (1 Month SOFR + 5.236%), due 10/15/28 (a)(c) | 327,599 | 328,585 |
SMRT | ||
Series 2022-MINI, Class A | ||
6.362% (1 Month SOFR + 1.00%), due 1/15/39 (a)(c) | 1,975,000 | 1,932,865 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
SREIT Trust | ||
Series 2021-MFP, Class A | ||
6.207% (1 Month SOFR + 0.845%), due 11/15/38 (a)(c) | $ 130,133 | $ 127,971 |
Trust (The) | ||
Series 2023-MIC, Class A | ||
8.437%, due 12/5/38 (a)(h) | 933,823 | 979,399 |
TYSN Mortgage Trust | ||
Series 2023-CRNR, Class A | ||
6.799%, due 12/10/33 (a)(b) | 1,489,099 | 1,549,862 |
VASA Trust | ||
Series 2021-VASA, Class A | ||
6.376% (1 Month SOFR + 1.014%), due 7/15/39 (a)(c) | 525,000 | 474,025 |
VMC Finance LLC | ||
Series 2021-HT1, Class A | ||
7.123% (1 Month SOFR + 1.764%), due 1/18/37 (a)(c) | 595,954 | 585,107 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class A | ||
6.626% (1 Month SOFR + 1.264%), due 2/15/40 (a)(c) | 219,896 | 213,770 |
42,269,689 | ||
Whole Loan (Collateralized Mortgage Obligations) 3.3% | ||
A&D Mortgage Trust (a)(d) | ||
Series 2023-NQM2, Class A1 | ||
6.132%, due 5/25/68 | 966,958 | 966,194 |
Series 2023-NQM5, Class A1 | ||
7.049%, due 11/25/68 | 476,688 | 485,296 |
Series 2023-NQM4, Class A1 | ||
7.472%, due 9/25/68 | 969,239 | 990,266 |
Angel Oak Mortgage Trust (a)(b) | ||
Series 2020-3, Class A2 | ||
2.41%, due 4/25/65 | 161,754 | 150,871 |
Series 2019-5, Class A1 | ||
2.593%, due 10/25/49 | 71,022 | 68,391 |
Series 2019-6, Class A1 | ||
2.62%, due 11/25/59 | 63,959 | 61,698 |
Bayview MSR Opportunity Master Fund Trust (a) | ||
Series 2022-2, Class A1 | ||
3.00%, due 12/25/51 (b) | 1,730,510 | 1,473,840 |
Series 2021-5, Class AF | ||
5.00% (SOFR 30A + 0.85%), due 11/25/51 (c) | 863,130 | 795,252 |
18 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Chase Mortgage Finance Corp. | ||
Series 2021-CL1, Class M1 | ||
6.537% (SOFR 30A + 1.20%), due 2/25/50 (a)(c) | $ 867,043 | $ 837,265 |
COLT Mortgage Loan Trust (a)(b) | ||
Series 2020-3, Class A1 | ||
1.506%, due 4/27/65 | 51,914 | 48,474 |
Series 2020-2, Class A1 | ||
1.853%, due 3/25/65 | 3,048 | 3,028 |
Connecticut Avenue Securities Trust (a)(c) | ||
Series 2023-R08, Class 1M1 | ||
6.837% (SOFR 30A + 1.50%), due 10/25/43 | 768,102 | 769,786 |
Series 2021-R03, Class 1M2 | ||
6.987% (SOFR 30A + 1.65%), due 12/25/41 | 612,000 | 603,402 |
Series 2023-R06, Class 1M1 | ||
7.037% (SOFR 30A + 1.70%), due 7/25/43 | 808,124 | 811,445 |
Series 2022-R05, Class 2M1 | ||
7.237% (SOFR 30A + 1.90%), due 4/25/42 | 534,910 | 537,913 |
Series 2023-R07, Class 2M1 | ||
7.287% (SOFR 30A + 1.95%), due 9/25/43 | 372,353 | 375,830 |
Series 2022-R04, Class 1M1 | ||
7.337% (SOFR 30A + 2.00%), due 3/25/42 | 444,968 | 449,167 |
Series 2022-R03, Class 1M1 | ||
7.437% (SOFR 30A + 2.10%), due 3/25/42 | 1,062,250 | 1,074,671 |
Series 2019-R07, Class 1M2 | ||
7.552% (SOFR 30A + 2.214%), due 10/25/39 | 3,230 | 3,230 |
Series 2023-R04, Class 1M1 | ||
7.637% (SOFR 30A + 2.30%), due 5/25/43 | 869,937 | 888,239 |
Series 2023-R01, Class 1M1 | ||
7.737% (SOFR 30A + 2.40%), due 12/25/42 | 1,432,628 | 1,460,134 |
Series 2022-R09, Class 2M1 | ||
7.837% (SOFR 30A + 2.50%), due 9/25/42 | 1,024,320 | 1,042,132 |
Series 2023-R03, Class 2M1 | ||
7.837% (SOFR 30A + 2.50%), due 4/25/43 | 696,794 | 707,726 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(c) (continued) | ||
Series 2018-R07, Class 1M2 | ||
7.852% (SOFR 30A + 2.514%), due 4/25/31 | $ 14,461 | $ 14,485 |
Series 2022-R02, Class 2M2 | ||
8.337% (SOFR 30A + 3.00%), due 1/25/42 | 706,000 | 715,468 |
Series 2022-R05, Class 2M2 | ||
8.337% (SOFR 30A + 3.00%), due 4/25/42 | 521,000 | 530,152 |
CRSO Trust | ||
Series 2023-BRND | ||
7.121%, due 7/10/28 (a) | 1,975,000 | 2,056,170 |
FHLMC STACR REMIC Trust (a)(c) | ||
Series 2021-DNA7, Class M1 | ||
6.187% (SOFR 30A + 0.85%), due 11/25/41 | 536,459 | 533,455 |
Series 2021-HQA4, Class M1 | ||
6.287% (SOFR 30A + 0.95%), due 12/25/41 | 1,118,968 | 1,105,016 |
Series 2022-DNA2, Class M1A | ||
6.637% (SOFR 30A + 1.30%), due 2/25/42 | 214,214 | 214,215 |
Series 2021-DNA1, Class M2 | ||
7.137% (SOFR 30A + 1.80%), due 1/25/51 | 272,160 | 273,756 |
Series 2023-HQA3, Class A1 | ||
7.187% (SOFR 30A + 1.85%), due 11/25/43 | 386,540 | 389,298 |
Series 2023-HQA3, Class M1 | ||
7.187% (SOFR 30A + 1.85%), due 11/25/43 | 665,462 | 669,462 |
Series 2022-DNA3, Class M1A | ||
7.337% (SOFR 30A + 2.00%), due 4/25/42 | 213,254 | 215,192 |
Series 2020-DNA6, Class M2 | ||
7.337% (SOFR 30A + 2.00%), due 12/25/50 | 709,739 | 715,238 |
Series 2022-HQA1, Class M1A | ||
7.437% (SOFR 30A + 2.10%), due 3/25/42 | 1,323,592 | 1,333,811 |
Series 2022-DNA6, Class M1A | ||
7.487% (SOFR 30A + 2.15%), due 9/25/42 | 165,721 | 167,249 |
Series 2021-HQA1, Class M2 | ||
7.587% (SOFR 30A + 2.25%), due 8/25/33 | 2,682,420 | 2,674,748 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(c) (continued) | ||
Series 2022-HQA3, Class M1A | ||
7.637% (SOFR 30A + 2.30%), due 8/25/42 | $ 336,110 | $ 341,714 |
FHLMC STACR Trust | ||
Series 2019-DNA4, Class M2 | ||
7.402% (SOFR 30A + 2.064%), due 10/25/49 (a)(c) | 1,763 | 1,765 |
FHLMC Structured Agency Credit Risk Debt Notes (a)(c) | ||
Series 2023-HQA2, Class M1A | ||
7.337% (SOFR 30A + 2.00%), due 6/25/43 | 97,527 | 98,368 |
Series 2023-DNA2, Class M1A | ||
7.437% (SOFR 30A + 2.10%), due 4/25/43 | 377,755 | 383,649 |
Series 2021-DNA2, Class M2 | ||
7.637% (SOFR 30A + 2.30%), due 8/25/33 | 1,651,996 | 1,667,514 |
Series 2020-HQA5, Class M2 | ||
7.937% (SOFR 30A + 2.60%), due 11/25/50 | 759,853 | 773,610 |
Series 2022-HQA2, Class M1A | ||
7.987% (SOFR 30A + 2.65%), due 7/25/42 | 365,453 | 373,941 |
Flagstar Mortgage Trust | ||
Series 2021-13IN, Class A2 | ||
3.00%, due 12/30/51 (a)(b) | 1,281,936 | 1,091,799 |
FNMA | ||
Series 2021-R02, Class 2M2 | ||
7.337% (SOFR 30A + 2.00%), due 11/25/41 (a)(c) | 1,891,000 | 1,875,034 |
GCAT Trust (a)(b) | ||
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 | 2,296,147 | 1,955,583 |
Series 2023-INV1, Class A1 | ||
6.00%, due 8/25/53 | 1,444,474 | 1,448,594 |
Imperial Fund Mortgage Trust | ||
Series 2023-NQM1, Class A1 | ||
5.941%, due 2/25/68 (a)(d) | 715,237 | 713,441 |
Mello Mortgage Capital Acceptance (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (b) | 398,592 | 325,911 |
Series 2022-INV1, Class A2 | ||
3.00%, due 3/25/52 (b) | 1,570,857 | 1,337,868 |
Series 2021-INV2, Class A11 | ||
5.00% (SOFR 30A + 0.95%), due 8/25/51 (c) | 625,339 | 576,551 |
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 (c) | $ 771,431 | $ 711,671 |
New Residential Mortgage Loan Trust | ||
Series 2018-2A, Class A1 | ||
4.50%, due 2/25/58 (a)(b) | 121,602 | 117,848 |
OBX Trust (a)(b) | ||
Series 2021-INV3, Class A3 | ||
2.50%, due 10/25/51 | 378,596 | 309,561 |
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 | 1,733,206 | 1,476,137 |
Series 2022-INV1, Class A18 | ||
3.00%, due 12/25/51 | 735,115 | 611,381 |
Oceanview Mortgage Trust | ||
Series 2022-1, Class A1 | ||
3.00%, due 12/25/51 (a)(b) | 928,950 | 791,168 |
PRPM LLC | ||
Series 2020-4, Class A1 | ||
5.951%, due 10/25/25 (a)(d) | 494,774 | 493,174 |
RCKT Mortgage Trust (a) | ||
Series 2021-3, Class A21 | ||
5.00% (SOFR 30A + 0.80%), due 7/25/51 (c) | 556,173 | 511,846 |
Series 2023-CES1, Class A1A | ||
6.515%, due 6/25/43 (b) | 786,929 | 795,917 |
Series 2023-CES2, Class A1A | ||
6.808%, due 9/25/43 (b) | 1,518,648 | 1,540,198 |
Series 2023-CES3, Class A1A | ||
7.113%, due 11/25/43 | 2,174,194 | 2,216,943 |
Saluda Grade Alternative Mortgage Trust | ||
Series 2023-SEQ3, Class A1 | ||
7.162%, due 6/1/53 (a)(b) | 405,562 | 408,385 |
Seasoned Loans Structured Transaction Trust | ||
Series 2020-2, Class M1 | ||
4.75%, due 9/25/60 (a)(b) | 334,364 | 319,947 |
Sequoia Mortgage Trust (a) | ||
Series 2013-5, Class A1 | ||
2.50%, due 5/25/43 (h) | 160,785 | 135,773 |
Series 2020-2, Class A19 | ||
3.50%, due 3/25/50 (b) | 57,066 | 49,190 |
Spruce Hill Mortgage Loan Trust (a)(b) | ||
Series 2020-SH1, Class A1 | ||
2.521%, due 1/28/50 | 1,503 | 1,496 |
Series 2020-SH1, Class A2 | ||
2.624%, due 1/28/50 | 8,540 | 8,500 |
20 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Towd Point Mortgage Trust | ||
Series 2023-CES1, Class A1A | ||
6.75%, due 7/25/63 (a)(b) | $ 419,838 | $ 426,493 |
UWM Mortgage Trust (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (b) | 304,661 | 249,488 |
Series 2021-INV1, Class A9 | ||
5.00% (SOFR 30A + 0.90%), due 8/25/51 (c) | 743,488 | 683,610 |
51,036,033 | ||
Total Mortgage-Backed Securities (Cost $96,594,309) | 94,384,630 | |
U.S. Government & Federal Agencies 19.9% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.6% | ||
FHLMC Gold Pools, 30 Year | ||
4.00%, due 8/1/48 | 143,022 | 138,204 |
4.00%, due 9/1/48 | 95,063 | 91,508 |
FHLMC Gold Pools, Other | ||
3.00%, due 6/1/43 | 9,549 | 8,682 |
4.50%, due 5/1/44 | 296,710 | 293,396 |
4.50%, due 3/1/50 | 438,105 | 417,506 |
UMBS Pool, 15 Year | ||
2.50%, due 12/1/33 | 691,755 | 652,693 |
2.50%, due 11/1/34 | 122,188 | 113,700 |
2.50%, due 11/1/34 | 186,151 | 173,037 |
2.50%, due 6/1/37 | 1,603,997 | 1,483,526 |
3.00%, due 5/1/31 | 572,052 | 549,732 |
3.00%, due 9/1/32 | 140,082 | 133,777 |
3.00%, due 10/1/32 | 49,011 | 46,805 |
3.00%, due 1/1/33 | 78,652 | 75,082 |
3.00%, due 10/1/34 | 82,376 | 78,126 |
3.00%, due 10/1/34 | 177,513 | 168,358 |
UMBS Pool, 30 Year | ||
2.50%, due 8/1/50 | 60,631 | 52,854 |
2.50%, due 8/1/50 | 23,301 | 20,312 |
2.50%, due 9/1/50 | 112,389 | 97,930 |
2.50%, due 6/1/51 | 1,146,860 | 991,417 |
2.50%, due 10/1/51 | 2,652,837 | 2,270,834 |
2.50%, due 11/1/51 | 850,367 | 733,478 |
2.50%, due 1/1/52 | 146,710 | 126,960 |
2.50%, due 1/1/52 | 234,437 | 202,998 |
2.50%, due 2/1/52 | 349,111 | 300,778 |
2.50%, due 3/1/52 | 54,122 | 46,629 |
2.50%, due 3/1/52 | 1,855,313 | 1,587,703 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
2.50%, due 5/1/52 | $ 778,561 | $ 666,748 |
3.00%, due 1/1/45 | 93,933 | 85,861 |
3.00%, due 4/1/47 | 13,373 | 12,023 |
3.00%, due 8/1/49 | 45,782 | 41,080 |
3.00%, due 12/1/49 | 49,263 | 44,265 |
3.00%, due 12/1/49 | 108,471 | 97,398 |
3.00%, due 2/1/52 | 195,709 | 175,776 |
3.00%, due 2/1/52 | 134,284 | 120,866 |
3.00%, due 3/1/52 | 202,645 | 182,180 |
3.00%, due 6/1/52 | 75,932 | 68,279 |
3.50%, due 7/1/46 | 79,122 | 74,511 |
3.50%, due 12/1/47 | 645,594 | 605,852 |
3.50%, due 2/1/48 | 151,998 | 142,203 |
3.50%, due 3/1/50 | 3,009 | 2,797 |
3.50%, due 4/1/52 | 62,595 | 58,555 |
3.50%, due 4/1/52 | 59,191 | 55,370 |
3.50%, due 4/1/52 | 208,140 | 194,125 |
3.50%, due 4/1/52 | 206,629 | 192,715 |
3.50%, due 4/1/52 | 188,027 | 175,694 |
3.50%, due 6/1/52 | 400,233 | 374,328 |
4.00%, due 3/1/47 | 25,774 | 24,847 |
4.00%, due 3/1/48 | 102,389 | 99,163 |
4.00%, due 4/1/48 | 1,861 | 1,790 |
4.00%, due 4/1/48 | 157,907 | 152,778 |
4.00%, due 4/1/48 | 16,657 | 16,038 |
4.00%, due 5/1/48 | 329,457 | 317,303 |
4.00%, due 11/1/48 | 30,058 | 28,908 |
4.00%, due 12/1/48 | 375,840 | 359,565 |
4.00%, due 7/1/49 | 272,909 | 261,717 |
4.00%, due 3/1/50 | 367,087 | 352,755 |
4.00%, due 6/1/50 | 592,374 | 570,090 |
4.00%, due 10/1/50 | 98,280 | 94,066 |
4.00%, due 11/1/50 | 660,306 | 632,727 |
4.50%, due 3/1/48 | 101,854 | 99,972 |
4.50%, due 12/1/48 | 151,139 | 150,044 |
4.50%, due 6/1/49 | 25,032 | 24,729 |
4.50%, due 7/1/49 | 206,873 | 203,602 |
4.50%, due 7/1/49 | 31,838 | 31,301 |
4.50%, due 8/1/49 | 187,108 | 184,091 |
4.50%, due 1/1/50 | 35,196 | 34,563 |
4.50%, due 1/1/50 | 126,792 | 124,820 |
4.50%, due 9/1/50 | 1,054,148 | 1,035,856 |
4.50%, due 10/1/50 | 570,242 | 559,303 |
4.50%, due 3/1/52 | 17,695 | 17,158 |
4.50%, due 8/1/52 | 833,063 | 807,786 |
4.50%, due 8/1/52 | 3,705,894 | 3,593,448 |
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 8/1/52 | $ 1,594,763 | $ 1,546,822 |
4.50%, due 10/1/52 | 525,201 | 514,898 |
4.50%, due 5/1/53 | 2,028,899 | 1,988,063 |
5.00%, due 9/1/48 | 8,334 | 8,382 |
5.00%, due 8/1/52 | 838,229 | 842,528 |
5.00%, due 10/1/52 | 22,247 | 22,150 |
5.00%, due 10/1/52 | 723,259 | 720,933 |
5.00%, due 10/1/52 | 1,110,810 | 1,107,237 |
5.00%, due 1/1/53 | 35,863 | 35,637 |
5.00%, due 1/1/53 | 41,422 | 41,289 |
5.00%, due 3/1/53 | 305,871 | 302,659 |
5.00%, due 3/1/53 | 56,766 | 56,180 |
5.00%, due 3/1/53 | 152,102 | 151,142 |
5.00%, due 3/1/53 | 147,184 | 146,255 |
5.00%, due 4/1/53 | 181,427 | 180,843 |
5.00%, due 5/1/53 | 902,325 | 897,329 |
5.00%, due 5/1/53 | 372,592 | 370,528 |
5.00%, due 5/1/53 | 210,169 | 209,005 |
5.00%, due 5/1/53 | 40,427 | 40,240 |
5.00%, due 6/1/53 | 61,371 | 61,031 |
5.00%, due 6/1/53 | 53,729 | 53,154 |
5.00%, due 6/1/53 | 144,563 | 143,017 |
5.00%, due 6/1/53 | 138,776 | 137,293 |
5.00%, due 6/1/53 | 113,119 | 111,910 |
5.00%, due 6/1/53 | 142,767 | 141,241 |
5.00%, due 6/1/53 | 85,811 | 84,894 |
5.00%, due 6/1/53 | 80,007 | 79,152 |
5.00%, due 7/1/53 | 173,691 | 171,900 |
5.00%, due 7/1/53 | 271,999 | 273,725 |
5.50%, due 9/1/52 | 490,766 | 503,412 |
5.50%, due 10/1/52 | 25,982 | 26,416 |
5.50%, due 5/1/53 | 386,522 | 396,490 |
5.50%, due 5/1/53 | 33,267 | 33,637 |
5.50%, due 6/1/53 | 73,127 | 73,940 |
5.50%, due 6/1/53 | 112,599 | 113,111 |
5.50%, due 6/1/53 | 89,620 | 90,044 |
5.50%, due 6/1/53 | 137,070 | 137,947 |
5.50%, due 6/1/53 | 108,154 | 108,671 |
5.50%, due 7/1/53 | 269,321 | 270,545 |
5.50%, due 7/1/53 | 404,331 | 409,375 |
5.50%, due 7/1/53 | 255,683 | 258,873 |
6.00%, due 4/1/40 | 314,166 | 328,377 |
6.00%, due 1/1/53 | 870,814 | 885,734 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
6.00%, due 11/1/53 | $ 876,886 | $ 906,389 |
6.50%, due 11/1/53 | 1,142,302 | 1,189,951 |
40,177,420 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.5% | ||
FNMA, Other | ||
3.00%, due 2/1/43 | 12,342 | 11,251 |
3.00%, due 5/1/43 | 66,290 | 60,432 |
3.00%, due 2/1/57 | 767,878 | 675,851 |
3.00%, due 6/1/57 | 11,916 | 10,489 |
3.50%, due 8/1/56 | 931,712 | 845,202 |
4.50%, due 6/1/45 | 106,911 | 105,602 |
4.50%, due 7/1/50 | 907,541 | 864,874 |
5.00%, due 7/1/44 | 175,847 | 177,398 |
UMBS, 15 Year | ||
2.50%, due 11/1/34 | 176,622 | 164,176 |
2.50%, due 12/1/36 | 1,423,827 | 1,318,711 |
3.00%, due 10/1/34 | 69,764 | 66,124 |
3.00%, due 11/1/34 | 17,451 | 16,565 |
3.00%, due 12/1/34 | 16,605 | 15,749 |
UMBS, 30 Year | ||
2.50%, due 8/1/50 | 121,199 | 105,390 |
2.50%, due 8/1/50 | 3,750,288 | 3,249,673 |
2.50%, due 1/1/52 | 761,369 | 656,283 |
2.50%, due 2/1/52 | 3,742,893 | 3,224,697 |
2.50%, due 2/1/52 | 3,470,423 | 2,973,192 |
2.50%, due 3/1/52 | 570,912 | 491,867 |
2.50%, due 3/1/52 | 1,520,851 | 1,310,283 |
2.50%, due 3/1/52 | 44,984 | 38,935 |
2.50%, due 3/1/52 | 119,572 | 103,017 |
2.50%, due 3/1/52 | 106,820 | 92,055 |
2.50%, due 3/1/52 | 1,525,920 | 1,314,761 |
2.50%, due 3/1/52 | 132,473 | 114,132 |
2.50%, due 3/1/52 | 1,462,108 | 1,251,648 |
3.00%, due 1/1/43 | 41,540 | 38,179 |
3.00%, due 1/1/46 | 2,028 | 1,849 |
3.00%, due 2/1/47 | 5,339,132 | 4,907,519 |
3.00%, due 3/1/47 | 395,748 | 360,432 |
3.00%, due 8/1/49 | 149,046 | 133,757 |
3.00%, due 9/1/49 | 714,506 | 640,546 |
3.00%, due 9/1/49 | 34,827 | 31,746 |
3.00%, due 12/1/51 | 6,647,634 | 5,933,788 |
3.00%, due 3/1/52 | 727,725 | 650,198 |
3.00%, due 4/1/52 | 615,198 | 553,069 |
3.00%, due 4/1/52 | 525,475 | 471,950 |
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) | ||
3.00%, due 4/1/52 | $ 1,293,489 | $ 1,157,448 |
3.50%, due 8/1/47 | 65,248 | 61,767 |
3.50%, due 12/1/47 | 19,387 | 18,353 |
3.50%, due 12/1/47 | 30,339 | 28,623 |
3.50%, due 1/1/48 | 172,750 | 162,321 |
3.50%, due 3/1/48 | 30,058 | 28,378 |
3.50%, due 5/1/49 | 595,059 | 552,210 |
3.50%, due 2/1/51 | 775,050 | 721,430 |
3.50%, due 1/1/52 | 176,575 | 165,099 |
3.50%, due 2/1/52 | 461,282 | 431,341 |
3.50%, due 3/1/52 | 2,781,409 | 2,595,527 |
3.50%, due 3/1/52 | 316,402 | 295,923 |
3.50%, due 4/1/52 | 96,247 | 89,982 |
3.50%, due 4/1/52 | 287,276 | 268,735 |
3.50%, due 4/1/52 | 530,768 | 495,027 |
3.50%, due 4/1/52 | 85,837 | 79,904 |
3.50%, due 4/1/52 | 173,459 | 161,779 |
3.50%, due 4/1/52 | 396,508 | 370,142 |
3.50%, due 5/1/52 | 290,479 | 270,919 |
3.50%, due 6/1/52 | 1,681,502 | 1,568,275 |
3.50%, due 6/1/52 | 962,027 | 899,402 |
3.50%, due 7/1/52 | 248,289 | 231,570 |
3.50%, due 7/1/52 | 88,834 | 83,068 |
3.50%, due 8/1/52 | 164,659 | 153,572 |
4.00%, due 5/1/45 | 41,025 | 39,308 |
4.00%, due 10/1/47 | 234,011 | 224,478 |
4.00%, due 11/1/47 | 326,072 | 315,224 |
4.00%, due 1/1/48 | 386,289 | 374,213 |
4.00%, due 1/1/48 | 679,537 | 657,310 |
4.00%, due 1/1/48 | 132,132 | 127,274 |
4.00%, due 3/1/48 | 118,681 | 114,970 |
4.00%, due 7/1/48 | 285,973 | 275,281 |
4.00%, due 8/1/48 | 88,370 | 84,978 |
4.00%, due 9/1/48 | 211,215 | 203,192 |
4.00%, due 10/1/48 | 112,769 | 108,389 |
4.00%, due 11/1/48 | 333,711 | 319,239 |
4.00%, due 12/1/48 | 52,810 | 50,781 |
4.00%, due 2/1/49 | 97,420 | 93,617 |
4.00%, due 6/1/49 | 43,535 | 41,790 |
4.00%, due 9/1/49 | 205,137 | 196,937 |
4.00%, due 11/1/49 | 715,041 | 685,265 |
4.00%, due 11/1/49 | 63,060 | 60,528 |
4.00%, due 3/1/50 | 217,122 | 208,140 |
4.00%, due 3/1/50 | 561,541 | 536,609 |
4.00%, due 3/1/50 | 1,042,056 | 1,002,512 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 4/1/50 | $ 138,147 | $ 132,047 |
4.00%, due 8/1/50 | 124,798 | 119,286 |
4.00%, due 9/1/50 | 1,185,884 | 1,130,659 |
4.00%, due 10/1/50 | 1,137,168 | 1,090,996 |
4.00%, due 3/1/51 | 2,932,360 | 2,816,850 |
4.00%, due 3/1/51 | 28,581 | 27,431 |
4.00%, due 3/1/51 | 56,679 | 54,256 |
4.00%, due 8/1/51 | 518,881 | 496,909 |
4.00%, due 10/1/51 | 410,444 | 393,826 |
4.00%, due 10/1/51 | 2,995,108 | 2,866,058 |
4.00%, due 4/1/52 | 440,982 | 421,579 |
4.50%, due 11/1/42 | 50,911 | 50,845 |
4.50%, due 10/1/44 | 154,102 | 152,952 |
4.50%, due 3/1/45 | 241,123 | 239,324 |
4.50%, due 2/1/46 | 256,976 | 256,645 |
4.50%, due 3/1/48 | 129,496 | 127,676 |
4.50%, due 6/1/48 | 246,873 | 242,730 |
4.50%, due 8/1/48 | 62,247 | 61,152 |
4.50%, due 6/1/49 | 22,245 | 21,877 |
4.50%, due 8/1/49 | 31,073 | 30,559 |
4.50%, due 1/1/50 | 559,519 | 551,713 |
4.50%, due 1/1/50 | 41,891 | 41,092 |
4.50%, due 10/1/50 | 688,050 | 677,267 |
4.50%, due 12/1/50 | 974,003 | 956,813 |
4.50%, due 4/1/52 | 21,057 | 20,418 |
4.50%, due 4/1/52 | 41,190 | 39,940 |
4.50%, due 4/1/52 | 71,846 | 69,667 |
4.50%, due 4/1/52 | 84,907 | 82,741 |
4.50%, due 4/1/52 | 32,699 | 31,707 |
4.50%, due 4/1/52 | 37,406 | 36,271 |
4.50%, due 5/1/52 | 114,001 | 110,541 |
4.50%, due 7/1/52 | 462,942 | 448,895 |
4.50%, due 8/1/52 | 1,686,927 | 1,635,741 |
4.50%, due 11/1/52 | 999,628 | 980,019 |
4.50%, due 7/1/53 | 442,972 | 434,834 |
4.50%, due 8/1/53 | 388,510 | 380,881 |
5.00%, due 5/1/48 | 103,986 | 104,502 |
5.00%, due 9/1/52 | 800,598 | 793,075 |
5.00%, due 10/1/52 | 161,562 | 161,042 |
5.00%, due 10/1/52 | 367,410 | 366,228 |
5.00%, due 11/1/52 | 902,371 | 899,468 |
5.00%, due 1/1/53 | 221,619 | 220,906 |
5.00%, due 1/1/53 | 71,713 | 71,316 |
5.00%, due 2/1/53 | 91,050 | 90,757 |
5.00%, due 3/1/53 | 193,399 | 191,369 |
5.00%, due 3/1/53 | 52,481 | 52,150 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
5.00%, due 4/1/53 | $ 50,361 | $ 49,842 |
5.00%, due 4/1/53 | 59,046 | 58,422 |
5.00%, due 4/1/53 | 252,643 | 250,039 |
5.00%, due 4/1/53 | 101,380 | 100,740 |
5.00%, due 5/1/53 | 51,631 | 51,305 |
5.00%, due 6/1/53 | 73,473 | 73,066 |
5.00%, due 6/1/53 | 63,089 | 62,691 |
5.00%, due 6/1/53 | 207,609 | 210,221 |
5.00%, due 7/1/53 | 717,385 | 726,410 |
5.00%, due 8/1/53 | 63,345 | 63,142 |
5.00%, due 8/1/53 | 968,398 | 974,154 |
5.50%, due 9/1/52 | 2,108,459 | 2,123,042 |
5.50%, due 11/1/52 | 791,802 | 806,119 |
5.50%, due 3/1/53 | 16,107 | 16,308 |
5.50%, due 4/1/53 | 7,692 | 7,788 |
5.50%, due 5/1/53 | 7,438 | 7,531 |
5.50%, due 5/1/53 | 14,252 | 14,430 |
5.50%, due 6/1/53 | 30,830 | 31,388 |
5.50%, due 6/1/53 | 1,964,372 | 1,999,921 |
5.50%, due 7/1/53 | 88,407 | 89,510 |
5.50%, due 7/1/53 | 53,166 | 54,128 |
5.50%, due 7/1/53 | 3,123,332 | 3,140,421 |
5.50%, due 9/1/53 | 3,347,827 | 3,403,255 |
6.00%, due 2/1/37 | 18,731 | 19,578 |
UMBS, Single Family, 15 Year (i) | ||
3.00%, due 1/25/39 TBA | 1,070,515 | 1,009,253 |
3.50%, due 1/25/39 TBA | 4,102,000 | 3,948,656 |
4.00%, due 1/25/39 TBA | 4,025,000 | 3,948,902 |
UMBS, Single Family, 30 Year (i) | ||
2.50%, due 1/25/54 TBA | 6,359,176 | 5,409,274 |
4.00%, due 1/25/54 TBA | 733,861 | 694,043 |
4.50%, due 1/25/54 TBA | 5,757 | 5,580 |
5.00%, due 1/25/54 TBA | 692,400 | 684,989 |
99,809,378 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 2.0% | ||
GNMA I, 30 Year | ||
4.00%, due 1/15/45 | 357,669 | 349,076 |
4.50%, due 8/15/46 | 398,227 | 393,960 |
GNMA I, Single Family, 30 Year | ||
4.00%, due 7/15/47 | 265,556 | 255,768 |
4.00%, due 8/15/47 | 32,841 | 31,800 |
4.00%, due 11/15/47 | 20,493 | 19,922 |
4.00%, due 12/15/47 | 63,917 | 61,543 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, Single Family, 30 Year | ||
2.50%, due 3/20/51 | $ 2,489,785 | $ 2,177,345 |
2.50%, due 1/15/54 TBA (i) | 6,748,240 | 5,902,618 |
3.00%, due 11/20/46 | 1,975,360 | 1,813,038 |
3.00%, due 4/20/51 | 1,918,704 | 1,742,653 |
3.00%, due 7/20/51 | 1,285,094 | 1,164,760 |
3.00%, due 8/20/51 | 2,932,302 | 2,659,987 |
3.50%, due 5/20/49 | 2,634,147 | 2,477,826 |
3.50%, due 1/15/54 TBA (i) | 5,935,510 | 5,527,444 |
4.00%, due 8/20/47 | 16,473 | 15,844 |
4.00%, due 8/20/47 | 44,964 | 43,053 |
4.00%, due 8/20/47 | 13,333 | 12,825 |
4.00%, due 6/20/48 | 176,337 | 169,596 |
4.00%, due 1/15/54 TBA (i) | 3,120,650 | 2,979,253 |
4.50%, due 2/20/48 | 36,863 | 36,485 |
4.50%, due 5/20/48 | 34,090 | 33,327 |
4.50%, due 5/20/48 | 77,275 | 75,736 |
4.50%, due 1/15/54 TBA (i) | 1,844,638 | 1,800,256 |
5.00%, due 8/20/48 | 206,170 | 207,325 |
5.00%, due 1/15/54 TBA (i) | 1,144,836 | 1,136,788 |
31,088,228 | ||
United States Treasury Bonds 6.3% | ||
U.S. Treasury Bonds | ||
4.125%, due 8/15/53 | 45,745,000 | 46,238,188 |
4.375%, due 8/15/43 | 19,504,000 | 19,909,318 |
4.75%, due 11/15/43 (g) | 26,440,000 | 28,361,031 |
4.75%, due 11/15/53 | 915,000 | 1,026,087 |
95,534,624 | ||
United States Treasury Notes 2.5% | ||
U.S. Treasury Notes | ||
4.375%, due 12/15/26 | 1,117,000 | 1,127,908 |
4.375%, due 11/30/28 | 11,894,000 | 12,170,907 |
4.375%, due 11/30/30 | 4,226,000 | 4,345,517 |
4.50%, due 11/15/33 | 19,251,700 | 20,211,277 |
37,855,609 | ||
Total U.S. Government & Federal Agencies (Cost $299,053,916) | 304,465,259 | |
Total Long-Term Bonds (Cost $577,326,828) | 578,859,582 | |
24 | MainStay VP Janus Henderson Balanced Portfolio |
Shares | Value | |
Common Stocks 61.2% | ||
Aerospace & Defense 0.7% | ||
General Dynamics Corp. | 38,852 | $ 10,088,699 |
Air Freight & Logistics 0.7% | ||
United Parcel Service, Inc., Class B | 64,343 | 10,116,650 |
Banks 1.3% | ||
JPMorgan Chase & Co. | 116,663 | 19,844,376 |
Beverages 1.3% | ||
Constellation Brands, Inc., Class A | 32,862 | 7,944,389 |
Monster Beverage Corp. (j) | 196,399 | 11,314,546 |
19,258,935 | ||
Biotechnology 1.0% | ||
AbbVie, Inc. | 72,893 | 11,296,228 |
Vertex Pharmaceuticals, Inc. (j) | 11,854 | 4,823,274 |
16,119,502 | ||
Broadline Retail 1.6% | ||
Amazon.com, Inc. (j) | 164,326 | 24,967,692 |
Building Products 0.5% | ||
Trane Technologies plc | 30,373 | 7,407,975 |
Capital Markets 2.1% | ||
Charles Schwab Corp. (The) | 101,062 | 6,953,066 |
CME Group, Inc. | 49,261 | 10,374,367 |
Morgan Stanley | 152,350 | 14,206,637 |
31,534,070 | ||
Chemicals 0.5% | ||
Corteva, Inc. | 148,033 | 7,093,741 |
Communications Equipment 0.2% | ||
Cisco Systems, Inc. | 61,985 | 3,131,482 |
Consumer Finance 1.3% | ||
American Express Co. | 109,881 | 20,585,107 |
Consumer Staples Distribution & Retail 1.4% | ||
Costco Wholesale Corp. | 19,047 | 12,572,544 |
Sysco Corp. | 126,986 | 9,286,486 |
21,859,030 |
Shares | Value | |
Electrical Equipment 0.5% | ||
Rockwell Automation, Inc. | 22,596 | $ 7,015,606 |
Energy Equipment & Services 0.4% | ||
Schlumberger NV | 113,512 | 5,907,164 |
Entertainment 0.3% | ||
Netflix, Inc. (j) | 10,977 | 5,344,482 |
Financial Services 2.3% | ||
Mastercard, Inc., Class A | 82,908 | 35,361,091 |
Food Products 0.4% | ||
Hershey Co. (The) | 33,838 | 6,308,757 |
Health Care Equipment & Supplies 1.9% | ||
Abbott Laboratories | 138,306 | 15,223,341 |
Edwards Lifesciences Corp. (j) | 71,645 | 5,462,931 |
Stryker Corp. | 27,882 | 8,349,544 |
29,035,816 | ||
Health Care Providers & Services 2.3% | ||
HCA Healthcare, Inc. | 18,656 | 5,049,806 |
UnitedHealth Group, Inc. | 58,049 | 30,561,057 |
35,610,863 | ||
Hotels, Restaurants & Leisure 4.5% | ||
Booking Holdings, Inc. (j) | 3,973 | 14,093,105 |
Chipotle Mexican Grill, Inc. (j) | 2,983 | 6,822,002 |
Hilton Worldwide Holdings, Inc. | 96,353 | 17,544,918 |
McDonald's Corp. | 65,419 | 19,397,388 |
Starbucks Corp. | 112,659 | 10,816,390 |
68,673,803 | ||
Household Products 0.7% | ||
Procter & Gamble Co. (The) | 78,813 | 11,549,257 |
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 62,550 | 13,117,361 |
Insurance 1.7% | ||
Marsh & McLennan Cos., Inc. | 37,752 | 7,152,872 |
Progressive Corp. (The) | 122,622 | 19,531,232 |
26,684,104 | ||
Interactive Media & Services 4.5% | ||
Alphabet, Inc., Class C (j) | 297,722 | 41,957,962 |
Shares | Value | |
Common Stocks (continued) | ||
Interactive Media & Services (continued) | ||
Meta Platforms, Inc., Class A (j) | 74,766 | $ 26,464,173 |
68,422,135 | ||
IT Services 1.5% | ||
Accenture plc, Class A | 65,723 | 23,062,858 |
Life Sciences Tools & Services 1.2% | ||
Danaher Corp. | 28,052 | 6,489,549 |
Thermo Fisher Scientific, Inc. | 22,887 | 12,148,191 |
18,637,740 | ||
Machinery 1.0% | ||
Deere & Co. | 40,402 | 16,155,548 |
Media 0.9% | ||
Comcast Corp., Class A | 301,081 | 13,202,402 |
Oil, Gas & Consumable Fuels 1.5% | ||
Chevron Corp. | 63,496 | 9,471,063 |
ConocoPhillips | 113,022 | 13,118,464 |
22,589,527 | ||
Pharmaceuticals 2.3% | ||
Eli Lilly & Co. | 25,405 | 14,809,083 |
Merck & Co., Inc. | 114,263 | 12,456,952 |
Zoetis, Inc. | 41,352 | 8,161,644 |
35,427,679 | ||
Professional Services 0.7% | ||
Automatic Data Processing, Inc. | 43,651 | 10,169,373 |
Semiconductors & Semiconductor Equipment 5.3% | ||
KLA Corp. | 18,410 | 10,701,733 |
Lam Research Corp. | 27,623 | 21,635,991 |
NVIDIA Corp. | 75,697 | 37,486,668 |
Texas Instruments, Inc. | 68,027 | 11,595,883 |
81,420,275 | ||
Software 7.8% | ||
Adobe, Inc. (j) | 18,557 | 11,071,106 |
Cadence Design Systems, Inc. (j) | 17,969 | 4,894,216 |
Intuit, Inc. | 14,994 | 9,371,700 |
Microsoft Corp. | 230,179 | 86,556,511 |
Oracle Corp. | 79,746 | 8,407,621 |
120,301,154 |
Shares | Value | ||
Specialty Retail 1.6% | |||
Home Depot, Inc. (The) | 40,037 | $ 13,874,822 | |
TJX Cos., Inc. (The) | 121,287 | 11,377,934 | |
25,252,756 | |||
Technology Hardware, Storage & Peripherals 3.3% | |||
Apple, Inc. | 259,745 | 50,008,705 | |
Textiles, Apparel & Luxury Goods 1.1% | |||
NIKE, Inc., Class B | 157,092 | 17,055,478 | |
Total Common Stocks (Cost $597,380,372) | 938,321,193 | ||
Short-Term Investments 3.0% | |||
Affiliated Investment Company 2.8% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (k) | 42,339,770 | 42,339,770 | |
Unaffiliated Investment Company 0.2% | |||
Invesco Government & Agency Portfolio, 5.361% (k)(l) | 3,478,050 | 3,478,050 | |
Total Short-Term Investments (Cost $45,817,820) | 45,817,820 | ||
Total Investments (Cost $1,220,525,020) | 102.0% | 1,562,998,595 | |
Other Assets, Less Liabilities | (2.0) | (30,168,666) | |
Net Assets | 100.0% | $ 1,532,829,929 |
† | 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) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2023. |
(c) | Floating rate—Rate shown was the rate in effect as of December 31, 2023. |
(d) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
(e) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2023. |
(f) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
26 | MainStay VP Janus Henderson Balanced Portfolio |
(g) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $31,704,067; the total market value of collateral held by the Portfolio was $32,820,423. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $29,342,373. The Portfolio received cash collateral with a value of $3,478,050. (See Note 2(G)) |
(h) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2023. |
(i) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2023, the total net market value was $33,047,056, which represented 2.2% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(j) | Non-income producing security. |
(k) | Current yield as of December 31, 2023. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 71,693 | $ 287,402 | $ (316,755) | $ — | $ — | $ 42,340 | $ 2,334 | $ — | 42,340 |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
STACR—Structured Agency Credit Risk |
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 | $ — | $ 39,672,414 | $ — | $ 39,672,414 | |||
Corporate Bonds | — | 138,816,231 | — | 138,816,231 | |||
Foreign Government Bonds | — | 1,521,048 | — | 1,521,048 | |||
Mortgage-Backed Securities | — | 94,384,630 | — | 94,384,630 | |||
U.S. Government & Federal Agencies | — | 304,465,259 | — | 304,465,259 | |||
Total Long-Term Bonds | — | 578,859,582 | — | 578,859,582 | |||
Common Stocks | 938,321,193 | — | — | 938,321,193 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 42,339,770 | — | — | 42,339,770 | |||
Unaffiliated Investment Company | 3,478,050 | — | — | 3,478,050 | |||
Total Short-Term Investments | 45,817,820 | — | — | 45,817,820 | |||
Total Investments in Securities | $ 984,139,013 | $ 578,859,582 | $ — | $ 1,562,998,595 |
(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 $1,178,185,250) including securities on loan of $31,704,067 | $1,520,658,825 |
Investment in affiliated investment companies, at value (identified cost $42,339,770) | 42,339,770 |
Receivables: | |
Investment securities sold | 10,922,653 |
Dividends and interest | 5,342,558 |
Portfolio shares sold | 637,038 |
Securities lending | 83,333 |
Other assets | 7,577 |
Total assets | 1,579,991,754 |
Liabilities | |
Cash collateral received for securities on loan | 3,478,050 |
Due to custodian | 5,945 |
Payables: | |
Investment securities purchased | 42,117,396 |
Manager (See Note 3) | 695,707 |
Portfolio shares redeemed | 519,609 |
NYLIFE Distributors (See Note 3) | 245,146 |
Custodian | 52,582 |
Professional fees | 46,126 |
Shareholder communication | 29 |
Accrued expenses | 1,235 |
Total liabilities | 47,161,825 |
Net assets | $1,532,829,929 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 108,960 |
Additional paid-in-capital | 1,164,189,197 |
1,164,298,157 | |
Total distributable earnings (loss) | 368,531,772 |
Net assets | $1,532,829,929 |
Initial Class | |
Net assets applicable to outstanding shares | $ 362,919,633 |
Shares of beneficial interest outstanding | 25,622,846 |
Net asset value per share outstanding | $ 14.16 |
Service Class | |
Net assets applicable to outstanding shares | $1,169,910,296 |
Shares of beneficial interest outstanding | 83,337,251 |
Net asset value per share outstanding | $ 14.04 |
Investment Income (Loss) | |
Income | |
Interest | $ 24,138,944 |
Dividends-unaffiliated | 13,289,112 |
Dividends-affiliated | 2,333,571 |
Securities lending, net | 189,727 |
Total income | 39,951,354 |
Expenses | |
Manager (See Note 3) | 7,864,923 |
Distribution/Service—Service Class (See Note 3) | 2,740,521 |
Professional fees | 166,127 |
Custodian | 132,213 |
Shareholder communication | 42,879 |
Trustees | 37,117 |
Miscellaneous | 52,103 |
Total expenses | 11,035,883 |
Net investment income (loss) | 28,915,471 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (888,360) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | 178,155,089 |
Net realized and unrealized gain (loss) | 177,266,729 |
Net increase (decrease) in net assets resulting from operations | $206,182,200 |
30 | MainStay VP Janus Henderson Balanced Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 28,915,471 | $ 18,327,740 |
Net realized gain (loss) | (888,360) | 56,703,333 |
Net change in unrealized appreciation (depreciation) | 178,155,089 | (356,411,959) |
Net increase (decrease) in net assets resulting from operations | 206,182,200 | (281,380,886) |
Distributions to shareholders: | ||
Initial Class | (18,261,202) | (30,995,228) |
Service Class | (56,801,991) | (87,814,323) |
Total distributions to shareholders | (75,063,193) | (118,809,551) |
Capital share transactions: | ||
Net proceeds from sales of shares | 166,034,427 | 160,730,282 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 75,063,193 | 118,809,551 |
Cost of shares redeemed | (209,187,488) | (215,614,470) |
Increase (decrease) in net assets derived from capital share transactions | 31,910,132 | 63,925,363 |
Net increase (decrease) in net assets | 163,029,139 | (336,265,074) |
Net Assets | ||
Beginning of year | 1,369,800,790 | 1,706,065,864 |
End of year | $1,532,829,929 | $1,369,800,790 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.95 | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | ||||
Net investment income (loss) (a) | 0.30 | 0.21 | 0.17 | 0.22 | 0.27 | ||||
Net realized and unrealized gain (loss) | 1.65 | (3.06) | 2.42 | 1.74 | 2.48 | ||||
Total from investment operations | 1.95 | (2.85) | 2.59 | 1.96 | 2.75 | ||||
Less distributions: | |||||||||
From net investment income | (0.20) | (0.17) | (0.22) | (0.27) | (0.25) | ||||
From net realized gain on investments | (0.54) | (1.07) | (0.54) | (0.52) | (0.77) | ||||
Total distributions | (0.74) | (1.24) | (0.76) | (0.79) | (1.02) | ||||
Net asset value at end of year | $ 14.16 | $ 12.95 | $ 17.04 | $ 15.21 | $ 14.04 | ||||
Total investment return (b) | 15.52% | (16.39)% | 17.35% | 14.32% | 22.93% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.18% | 1.43% | 1.03% | 1.57% | 2.01% | ||||
Net expenses (c) | 0.57% | 0.57% | 0.57% | 0.58% | 0.58% | ||||
Portfolio turnover rate | 143% | 197% | 103%(d) | 106%(d) | 98%(d) | ||||
Net assets at end of year (in 000's) | $ 362,920 | $ 348,495 | $ 453,022 | $ 416,712 | $ 404,231 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95% and 93% for the years ended December 31, 2021, 2020 and 2019, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 12.84 | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | ||||
Net investment income (loss) (a) | 0.26 | 0.17 | 0.12 | 0.18 | 0.24 | ||||
Net realized and unrealized gain (loss) | 1.65 | (3.03) | 2.41 | 1.74 | 2.45 | ||||
Total from investment operations | 1.91 | (2.86) | 2.53 | 1.92 | 2.69 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.13) | (0.19) | (0.24) | (0.22) | ||||
From net realized gain on investments | (0.54) | (1.07) | (0.54) | (0.52) | (0.77) | ||||
Total distributions | (0.71) | (1.20) | (0.73) | (0.76) | (0.99) | ||||
Net asset value at end of year | $ 14.04 | $ 12.84 | $ 16.90 | $ 15.10 | $ 13.94 | ||||
Total investment return (b) | 15.23% | (16.60)% | 17.06% | 14.03% | 22.62% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.93% | 1.18% | 0.77% | 1.31% | 1.76% | ||||
Net expenses (c) | 0.82% | 0.82% | 0.82% | 0.83% | 0.83% | ||||
Portfolio turnover rate | 143% | 197% | 103%(d) | 106%(d) | 98%(d) | ||||
Net assets at end of year (in 000's) | $ 1,169,910 | $ 1,021,306 | $ 1,253,044 | $ 1,042,214 | $ 919,661 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95% and 93% for the years ended December 31, 2021, 2020 and 2019, respectively. |
32 | MainStay VP Janus Henderson Balanced 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 |
34 | MainStay VP Janus Henderson Balanced Portfolio |
36 | MainStay VP Janus Henderson Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,221,891,534 | $362,068,445 | $(20,961,384) | $341,107,061 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$29,169,889 | $(1,745,178) | $— | $341,107,061 | $368,531,772 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,745 | $— |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $18,438,876 | $ 19,906,699 |
Long-Term Capital Gains | 56,624,317 | 98,902,852 |
Total | $75,063,193 | $118,809,551 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 418,650 | $ 5,760,821 |
Shares issued to shareholders in reinvestment of distributions | 1,399,369 | 18,261,202 |
Shares redeemed | (3,101,877) | (42,452,530) |
Net increase (decrease) | (1,283,858) | $ (18,430,507) |
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) |
38 | MainStay VP Janus Henderson Balanced Portfolio |
Service Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 11,739,443 | $ 160,273,606 |
Shares issued to shareholders in reinvestment of distributions | 4,389,338 | 56,801,991 |
Shares redeemed | (12,311,786) | (166,734,958) |
Net increase (decrease) | 3,816,995 | $ 50,340,639 |
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 |
New York, New York
February 26, 2024
40 | MainStay VP Janus Henderson Balanced Portfolio |
42 | MainStay VP Janus Henderson Balanced Portfolio |
44 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
46 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
48 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015923 | MSVPJB11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/2/2005 | 11.86% | 4.96% | 3.81% | 0.64% |
Service Class Shares | 5/2/2005 | 11.58 | 4.69 | 3.54 | 0.89 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Morningstar LSTA US Leveraged Loan Index1 | 13.32% | 5.80% | 4.42% |
Morningstar Bank Loan Category Average2 | 12.19 | 4.42 | 3.35 |
* | 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. | 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. |
2. | The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,057.10 | $3.32 | $1,021.98 | $3.26 | 0.64% |
Service Class Shares | $1,000.00 | $1,055.80 | $4.61 | $1,020.72 | $4.53 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Floating Rate Portfolio |
Finance | 6.2% |
Electronics | 5.8 |
Chemicals, Plastics & Rubber | 5.4 |
Services: Business | 4.9 |
Healthcare, Education & Childcare | 4.2 |
Insurance | 4.1 |
Software | 3.7 |
Hotels, Motels, Inns & Gaming | 3.6 |
Aerospace & Defense | 3.5 |
Telecommunications | 3.0 |
Containers, Packaging & Glass | 3.0 |
Manufacturing | 3.0 |
High Tech Industries | 2.7 |
Diversified/Conglomerate Manufacturing | 2.2 |
Media | 2.1 |
Other Asset-Backed Securities | 2.1 |
Buildings & Real Estate | 2.0 |
Oil & Gas | 1.8 |
Diversified/Conglomerate Service | 1.8 |
Utilities | 1.8 |
Automobile | 1.6 |
Entertainment | 1.6 |
Healthcare | 1.6 |
Broadcasting & Entertainment | 1.5 |
Personal & Nondurable Consumer Products | 1.5 |
Beverage, Food & Tobacco | 1.4 |
Mining, Steel, Iron & Non-Precious Metals | 1.4 |
Personal, Food & Miscellaneous Services | 1.4 |
Leisure, Amusement, Motion Pictures & Entertainment | 1.3 |
Healthcare & Pharmaceuticals | 0.9 |
Commercial Services | 0.8 |
Retail Store | 0.7 |
Retail | 0.7 |
Chemicals | 0.6 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.6 |
Banking | 0.6 |
Energy (Electricity) | 0.5 |
Auto Manufacturers | 0.5 |
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) | 0.4 |
Capital Equipment | 0.4 |
Packaging & Containers | 0.4 |
Real Estate | 0.3 |
Printing & Publishing | 0.3% |
Cargo Transport | 0.3 |
Water | 0.3 |
Packaging | 0.3 |
Hotel, Gaming & Leisure | 0.3 |
Diversified Financial Services | 0.3 |
Affiliated Investment Company | 0.2 |
Pharmaceuticals | 0.2 |
Consumer Durables | 0.2 |
Electric | 0.2 |
Real Estate Investment Trusts | 0.2 |
Animal Food | 0.1 |
Services: Consumer | 0.1 |
Ecological | 0.1 |
Personal Transportation | 0.1 |
Healthcare-Services | 0.1 |
Machinery-Diversified | 0.1 |
Food | 0.1 |
Airlines | 0.1 |
Environmental Control | 0.1 |
Internet | 0.1 |
Engineering & Construction | 0.1 |
Technology Hardware, Storage & Peripherals | 0.1 |
Lodging | 0.0‡ |
Iron & Steel | 0.0‡ |
Distribution & Wholesale | 0.0‡ |
Oil & Gas Services | 0.0‡ |
Healthcare-Products | 0.0‡ |
Health Care Providers & Services | 0.0‡ |
Communications Equipment | 0.0‡ |
Machinery | 0.0‡ |
Specialty Retail | 0.0‡ |
Health Care Equipment & Supplies | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Automobile Components | 0.0‡ |
Household Durables | 0.0‡ |
Financial Services | 0.0‡ |
Capital Markets | 0.0‡ |
Short-Term Investments | 8.0 |
Other Assets, Less Liabilities | 0.4 |
100.0% |
‡ | Less than one-tenth of a percent. |
1. | EMRLD Borrower LP, 8.356%, due 5/31/30 |
2. | UKG, Inc., 8.764%-10.764%, due 5/4/26–5/3/27 |
3. | Asurion LLC, 8.72%-10.72%, due 12/23/26–1/20/29 |
4. | AmWINS Group, Inc., TBD - 7.72%, due 2/19/28 |
5. | GTCR W. Merger Sub LLC, TBD, due 9/20/30 |
6. | Univision Communications, Inc., 6.625%-9.598%, due 6/1/27–6/24/29 |
7. | Gates Global LLC, 7.956%-8.356%, due 3/31/27–11/16/29 |
8. | TransDigm, Inc., 7.125%-8.598%, due 8/24/28–12/1/31 |
9. | Chariot Buyer LLC, 8.706%, due 11/3/28 |
10. | Nouryon Finance BV, 9.441%-9.467%, due 4/3/28 |
8 | MainStay VP Floating Rate Portfolio |
1. | See "Investment and Performance Comparison" 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. |
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 91.3% | ||
Asset-Backed Securities 2.1% | ||
Other Asset-Backed Securities 2.1% | ||
AIMCO CLO 20 Ltd. (a)(b) | ||
Series 2023-20A, Class B1 | ||
7.565% (3 Month SOFR + 2.20%), due 10/16/36 | $ 1,000,000 | $ 998,596 |
Series 2023-20A, Class D | ||
9.365% (3 Month SOFR + 4.00%), due 10/16/36 | 848,215 | 846,895 |
Ballyrock CLO 21 Ltd. (a)(b) | ||
Series 2022-21A, Class A2A | ||
8.216% (3 Month SOFR + 2.80%), due 10/20/35 | 900,000 | 904,719 |
Series 2022-21A, Class C | ||
10.736% (3 Month SOFR + 5.32%), due 10/20/35 | 1,000,000 | 1,011,051 |
Danby Park CLO Ltd. (a)(b) | ||
Series 2022-1A, Class B | ||
8.362% (3 Month SOFR + 2.95%), due 10/21/35 | 1,000,000 | 1,006,278 |
Series 2022-1A, Class D | ||
10.742% (3 Month SOFR + 5.33%), due 10/21/35 | 1,000,000 | 1,012,089 |
Empower CLO Ltd. (a)(b) | ||
Series 2023-2A, Class B | ||
8.09% (3 Month SOFR + 2.75%), due 7/15/36 | 1,250,000 | 1,257,323 |
Series 2023-2A, Class D | ||
10.74% (3 Month SOFR + 5.40%), due 7/15/36 | 1,250,000 | 1,247,581 |
Galaxy 32 CLO Ltd. (a)(b) | ||
Series 2023-32A, Class B | ||
7.674% (3 Month SOFR + 2.30%), due 10/20/36 | 1,000,000 | 995,517 |
Series 2023-32A, Class D | ||
9.674% (3 Month SOFR + 4.30%), due 10/20/36 | 1,000,000 | 971,950 |
Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
Series 2022-51A, Class B | ||
8.462% (3 Month SOFR + 3.05%), due 10/23/35 | 750,000 | 754,087 |
Series 2022-51A, Class D | ||
11.112% (3 Month SOFR + 5.70%), due 10/23/35 | 750,000 | 757,598 |
OHA Credit Funding 16 Ltd. (a)(b) | ||
Series 2023-16A, Class B | ||
7.606% (3 Month SOFR + 2.25%), due 10/20/36 | 1,000,000 | 999,889 |
Series 2023-16A, Class D | ||
9.356% (3 Month SOFR + 4.00%), due 10/20/36 | 1,000,000 | 995,279 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Palmer Square CLO Ltd. | ||
Series 2021-4A, Class D | ||
8.605% (3 Month SOFR + 3.212%), due 10/15/34 (a)(b) | $ 1,575,000 | $ 1,565,923 |
Sixth Street CLO XXI Ltd. (a)(b) | ||
Series 2022-21A, Class B | ||
8.394% (3 Month SOFR + 3.00%), due 10/15/35 | 1,500,000 | 1,509,244 |
Series 2022-21A, Class D | ||
10.494% (3 Month SOFR + 5.10%), due 10/15/35 | 1,071,000 | 1,082,229 |
Total Asset-Backed Securities (Cost $17,783,684) | 17,916,248 | |
Corporate Bonds 4.7% | ||
Aerospace & Defense 0.1% | ||
Howmet Aerospace, Inc. | ||
6.875%, due 5/1/25 | 200,000 | 202,593 |
Spirit AeroSystems, Inc. | ||
9.375%, due 11/30/29 (a) | 250,000 | 273,569 |
TransDigm, Inc. | ||
7.125%, due 12/1/31 (a) | 500,000 | 523,957 |
1,000,119 | ||
Airlines 0.1% | ||
United Airlines, Inc. (a) | ||
4.375%, due 4/15/26 | 200,000 | 194,881 |
4.625%, due 4/15/29 | 600,000 | 561,141 |
756,022 | ||
Auto Manufacturers 0.5% | ||
Ford Motor Co. | ||
6.10%, due 8/19/32 | 2,100,000 | 2,116,865 |
Ford Motor Credit Co. LLC | ||
7.35%, due 11/4/27 | 2,000,000 | 2,109,098 |
4,225,963 | ||
Chemicals 0.4% | ||
ASP Unifrax Holdings, Inc. | ||
5.25%, due 9/30/28 (a) | 330,000 | 238,294 |
INEOS Quattro Finance 2 plc | ||
9.625%, due 3/15/29 (a) | 1,000,000 | 1,064,461 |
Olympus Water US Holding Corp. | ||
9.75%, due 11/15/28 (a) | 1,500,000 | 1,592,090 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 350,000 | 335,976 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (a) | 300,000 | 263,987 |
3,494,808 | ||
Commercial Services 0.5% | ||
Avis Budget Car Rental LLC | ||
8.00%, due 2/15/31 (a) | 1,500,000 | 1,497,937 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | $ 850,000 | $ 839,219 |
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 994,169 |
Sotheby's/Bidfair Holdings, Inc. | ||
5.875%, due 6/1/29 (a) | 900,000 | 778,374 |
4,109,699 | ||
Distribution & Wholesale 0.0% ‡ | ||
OPENLANE, Inc. | ||
5.125%, due 6/1/25 (a) | 350,000 | 343,875 |
Diversified Financial Services 0.3% | ||
GGAM Finance Ltd. (a) | ||
7.75%, due 5/15/26 | 1,125,000 | 1,141,873 |
8.00%, due 2/15/27 | 750,000 | 768,780 |
NFP Corp. | ||
8.50%, due 10/1/31 (a) | 670,000 | 726,213 |
2,636,866 | ||
Electric 0.2% | ||
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,460,402 |
Engineering & Construction 0.1% | ||
Brand Industrial Services, Inc. | ||
10.375%, due 8/1/30 (a) | 1,000,000 | 1,057,530 |
Entertainment 0.3% | ||
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (a) | 1,410,000 | 1,445,866 |
Light & Wonder International, Inc. | ||
7.00%, due 5/15/28 (a) | 900,000 | 909,159 |
2,355,025 | ||
Environmental Control 0.1% | ||
GFL Environmental, Inc. | ||
4.75%, due 6/15/29 (a) | 1,000,000 | 941,960 |
Food 0.1% | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 231,256 |
US Foods, Inc. | ||
7.25%, due 1/15/32 (a) | 250,000 | 260,678 |
491,934 | ||
Healthcare-Products 0.0% ‡ | ||
Medline Borrower LP | ||
5.25%, due 10/1/29 (a) | 200,000 | 188,515 |
Principal Amount | Value | |
Healthcare-Services 0.1% | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | $ 120,000 | $ 115,200 |
Fortrea Holdings, Inc. | ||
7.50%, due 7/1/30 (a) | 360,000 | 369,710 |
484,910 | ||
Internet 0.1% | ||
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (a) | 560,000 | 569,704 |
Iron & Steel 0.0% ‡ | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 310,000 | 308,837 |
Lodging 0.0% ‡ | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 400,000 | 384,840 |
Machinery-Diversified 0.1% | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | 220,000 | 145,840 |
GrafTech Global Enterprises, Inc. | ||
9.875%, due 12/15/28 (a) | 900,000 | 694,125 |
839,965 | ||
Media 0.3% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | 370,000 | 282,200 |
Univision Communications, Inc. (a) | ||
6.625%, due 6/1/27 | 600,000 | 598,364 |
8.00%, due 8/15/28 | 1,600,000 | 1,650,592 |
2,531,156 | ||
Oil & Gas 0.1% | ||
Civitas Resources, Inc. | ||
8.625%, due 11/1/30 (a) | 1,130,000 | 1,198,616 |
Oil & Gas Services 0.0% ‡ | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | 360,000 | 358,482 |
Packaging & Containers 0.4% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 400,000 | 338,591 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 972,522 |
Clydesdale Acquisition Holdings, Inc. | ||
8.75%, due 4/15/30 (a) | 100,000 | 93,237 |
Mauser Packaging Solutions Holding Co. | ||
7.875%, due 8/15/26 (a) | 1,500,000 | 1,526,521 |
12 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Packaging & Containers (continued) | ||
Trident TPI Holdings, Inc. | ||
12.75%, due 12/31/28 (a) | $ 790,000 | $ 845,300 |
3,776,171 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 300,000 | 274,431 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 600,000 | 512,907 |
787,338 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 1,330,000 | 1,033,628 |
Real Estate Investment Trusts 0.2% | ||
Iron Mountain, Inc. | ||
5.00%, due 7/15/28 (a) | 350,000 | 336,276 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 289,766 |
7.25%, due 7/15/28 (a) | 900,000 | 935,718 |
1,561,760 | ||
Retail 0.3% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 1,040,000 | 932,775 |
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | 580,000 | 580,000 |
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | 1,000,000 | 892,950 |
2,405,725 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 300,000 | 282,868 |
4.875%, due 7/1/29 | 300,000 | 281,500 |
564,368 | ||
Telecommunications 0.1% | ||
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 280,000 | 270,508 |
Level 3 Financing, Inc. | ||
10.50%, due 5/15/30 (a) | 368,000 | 356,844 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 600,000 | 354,584 |
981,936 | ||
Total Corporate Bonds (Cost $41,934,834) | 40,850,154 |
Principal Amount | Value | |
Loan Assignments 84.5% | ||
Aerospace & Defense 3.4% | ||
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche Term Loan 3 | ||
9.358% (1 Month SOFR + 4.00%), due 2/15/29 | $ 2,790,833 | $ 2,787,345 |
First Lien Tranche Term Loan 1 | ||
9.47% (1 Month SOFR + 4.00%), due 1/29/27 | 1,089,271 | 1,088,249 |
Arcline FM Holdings LLC | ||
First Lien Initial Term Loan | ||
10.36% (3 Month SOFR + 4.75%), due 6/23/28 (b) | 2,862,679 | 2,857,311 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
7.206% (1 Month SOFR + 1.75%), due 9/7/27 (b) | 2,584,437 | 2,585,332 |
Barnes Group, Inc. | ||
Initial Term Loan | ||
8.456% (1 Month SOFR + 3.00%), due 9/3/30 (b) | 798,000 | 799,330 |
Cobham Ultra SeniorCo. SARL | ||
USD Facility Term Loan B | ||
9.363% (6 Month SOFR + 3.50%), due 8/3/29 (b) | 987,562 | 972,255 |
Dynasty Acquisition Co., Inc. (b) | ||
2023 Specified Refinancing Term Loan B1 | ||
9.356% (1 Month SOFR + 4.00%), due 8/24/28 | 2,642,791 | 2,647,878 |
2023 Specified Refinancing Term Loan B2 | ||
9.356% (1 Month SOFR + 4.00%), due 8/24/28 | 1,132,625 | 1,134,805 |
Russell Investments U.S. Institutional Holdco, Inc. | ||
2025 Term Loan | ||
8.956% (1 Month SOFR + 3.50%), due 5/30/25 (b) | 4,263,344 | 3,978,233 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
9.166% (3 Month SOFR + 3.75%), due 10/20/27 (b) | 2,148,571 | 2,198,405 |
TransDigm, Inc. | ||
Tranche Term Loan I | ||
8.598% (3 Month SOFR + 3.25%), due 8/24/28 (b) | 4,188,374 | 4,204,516 |
United AirLines, Inc. | ||
Term Loan B | ||
9.22% (1 Month SOFR + 3.75%), due 4/21/28 (b) | 2,167,286 | 2,171,891 |
WestJet Airlines Ltd. | ||
Term Loan | ||
8.455% (1 Month SOFR + 3.00%), due 12/11/26 (b) | 1,940,229 | 1,934,468 |
29,360,018 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Animal Food 0.1% | ||
Alltech, Inc. | ||
Term Loan B | ||
9.47% (1 Month SOFR + 4.00%), due 10/13/28 (b) | $ 522,667 | $ 514,827 |
Automobile 1.6% | ||
American Auto Auction Group LLC | ||
First Lien Tranche Term Loan B | ||
10.498% (3 Month SOFR + 5.00%), due 12/30/27 (b) | 1,470,000 | 1,441,824 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term Loan B | ||
9.97% (1 Month SOFR + 4.50%), due 4/6/28 (b) | 1,991,134 | 1,997,356 |
Belron Finance 2019 LLC | ||
Dollar Second Incremental Term Loan | ||
7.902% (3 Month SOFR + 2.25%), due 10/30/26 (b) | 1,200,000 | 1,200,750 |
Belron Finance U.S. LLC (b) | ||
First Incremental Term Loan | ||
7.883% (3 Month SOFR + 2.25%), due 11/13/25 | 950,000 | 950,594 |
Dollar Fourth Incremental Term Loan | ||
7.995% (3 Month SOFR + 2.50%), due 4/18/29 | 497,500 | 498,033 |
Belron Group SA | ||
Dollar Third Incremental Term Loan | ||
8.067% (3 Month SOFR + 2.425%), due 4/13/28 (b) | 940,894 | 941,364 |
Clarios Global LP | ||
First Lien 2023 Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 5/6/30 (b) | 3,420,000 | 3,422,565 |
First Brand Group LLC | ||
First Lien 2021 Term Loan | ||
10.881% (6 Month SOFR + 5.00%), due 3/30/27 (b) | 664,957 | 658,862 |
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
8.22% (1 Month SOFR + 2.75%), due 2/5/26 (b) | 2,586,288 | 2,589,343 |
13,700,691 | ||
Banking 0.6% | ||
Apollo Commercial Real Estate Finance, Inc. | ||
Term Loan B1 | ||
8.97% (1 Month SOFR + 3.50%), due 3/11/28 (b) | 139,876 | 136,379 |
Edelman Financial Engines Center LLC (The) | ||
First Lien 2021 Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 4/7/28 (b) | 1,620,206 | 1,618,406 |
Principal Amount | Value | |
Banking (continued) | ||
Jane Street Group LLC | ||
Dollar Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 1/26/28 (b) | $ 3,720,338 | $ 3,735,841 |
5,490,626 | ||
Beverage, Food & Tobacco 1.4% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 10/1/25 (b) | 1,997,160 | 1,913,944 |
CHG PPC Parent LLC | ||
First Lien 2021-1 U.S. Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 12/8/28 (b) | 1,296,771 | 1,296,771 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
7.706% (1 Month SOFR + 2.25%), due 1/29/27 (b) | 1,433,025 | 1,433,697 |
H-Food Holdings LLC | ||
Initial Term Loan | ||
9.337% (3 Month SOFR + 3.688%), due 5/23/25 (b) | 2,203,940 | 1,767,628 |
Naked Juice LLC | ||
First Lien Initial Term Loan | ||
8.698% (3 Month SOFR + 3.25%), due 1/24/29 (b) | 729,446 | 704,485 |
Pegasus BidCo BV | ||
Initial Dollar Term Loan | ||
9.63% (3 Month SOFR + 4.25%), due 7/12/29 (b) | 1,584,000 | 1,582,681 |
Sotheby's | ||
2021 Second Refinancing Term Loan | ||
10.155% (3 Month SOFR + 4.50%), due 1/15/27 (b) | 2,239,607 | 2,206,947 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 10/22/25 (b) | 866,415 | 864,397 |
11,770,550 | ||
Broadcasting & Entertainment 1.5% | ||
Altice France SA | ||
USD Term Loan B14 | ||
10.894% (3 Month SOFR + 5.50%), due 8/15/28 (b) | 2,985,458 | 2,672,916 |
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B | ||
9.145% (3 Month SOFR + 3.50%), due 8/21/26 (b) | 1,193,304 | 1,179,581 |
14 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Broadcasting & Entertainment (continued) | ||
CMG Media Corp. | ||
First Lien 2021 Term Loan B | ||
8.948% (3 Month SOFR + 3.50%), due 12/17/26 (b) | $ 2,721,811 | $ 2,514,273 |
Gray Television, Inc. (b) | ||
Term Loan E | ||
7.957% (1 Month SOFR + 2.50%), due 1/2/26 | 506,446 | 505,602 |
Term Loan D | ||
8.457% (1 Month SOFR + 3.00%), due 12/1/28 | 1,568,000 | 1,553,626 |
Nexstar Media, Inc. | ||
Term Loan B4 | ||
7.97% (1 Month SOFR + 2.50%), due 9/18/26 (b) | 1,719,214 | 1,719,393 |
Univision Communications, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 1/31/29 | 2,043,600 | 2,035,299 |
First Lien 2022 Incremental Term Loan | ||
9.598% (3 Month SOFR + 4.25%), due 6/24/29 | 664,875 | 665,499 |
12,846,189 | ||
Buildings & Real Estate 2.0% | ||
Allspring Buyer LLC | ||
Initial Term Loan | ||
8.887% (3 Month SOFR + 3.25%), due 11/1/28 (b) | 1,568,831 | 1,561,476 |
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
7.97% (1 Month SOFR + 2.50%), due 5/19/28 (b) | 1,462,500 | 1,466,488 |
Core & Main LP | ||
Tranche Term Loan B 7.955% - 8.056% | ||
(1 Month SOFR + 2.50%, 6 Month SOFR + 2.50%), due 7/27/28 (b) | 2,480,784 | 2,476,909 |
Cornerstone Building Brands, Inc. (b) | ||
Tranche Term Loan B | ||
8.712% (1 Month SOFR + 3.25%), due 4/12/28 | 2,450,614 | 2,445,253 |
Initial Term Loan | ||
10.987% (1 Month SOFR + 5.625%), due 8/1/28 | 1,188,000 | 1,194,930 |
Cushman & Wakefield U.S. Borrower LLC (b) | ||
Replacement Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 8/21/25 | 149,512 | 149,138 |
2023-1 Refinancing Term Loan | ||
8.706% (1 Month SOFR + 3.25%), due 1/31/30 | 1,521,385 | 1,506,171 |
Principal Amount | Value | |
Buildings & Real Estate (continued) | ||
Cushman & Wakefield U.S. Borrower LLC (b) (continued) | ||
2023-2 Refinancing Term Loan | ||
9.356% (1 Month SOFR + 4.00%), due 1/31/30 | $ 833,333 | $ 831,250 |
SRS Distribution, Inc. (b) | ||
2022 Refinancing Term Loan | ||
8.956% (1 Month SOFR + 3.50%), due 6/2/28 | 589,500 | 588,468 |
2021 Refinancing Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 6/2/28 | 2,033,200 | 2,031,167 |
VC GB Holdings I Corp. | ||
First Lien Initial Term Loan | ||
8.61% (3 Month SOFR + 3.00%), due 7/21/28 (b) | 490,000 | 486,427 |
Wilsonart LLC | ||
Tranche Term Loan E | ||
8.698% (3 Month SOFR + 3.25%), due 12/31/26 (b) | 2,865,153 | 2,868,287 |
17,605,964 | ||
Capital Equipment 0.4% | ||
AZZ, Inc. | ||
Initial Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 5/13/29 (b) | 792,500 | 795,307 |
CPM Holdings, Inc. | ||
Initial Term Loan | ||
9.843% (1 Month SOFR + 4.50%), due 9/28/28 (b) | 2,500,000 | 2,506,250 |
3,301,557 | ||
Cargo Transport 0.3% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
7.448% (3 Month SOFR + 2.00%), due 12/30/26 (b) | 2,415,972 | 2,420,251 |
Chemicals 0.2% | ||
LSF11 A5 Holdco LLC (b) | ||
Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 10/15/28 | 1,310,000 | 1,307,544 |
Fourth Amendment Incremental Term Loan | ||
9.706% (1 Month SOFR + 4.25%), due 10/15/28 | 447,750 | 448,496 |
1,756,040 | ||
Chemicals, Plastics & Rubber 5.4% | ||
Aruba Investments Holdings LLC (b) | ||
First Lien Initial Dollar Term Loan | ||
9.456% (1 Month SOFR + 4.00%), due 11/24/27 | 518,721 | 512,021 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Aruba Investments Holdings LLC (b) (continued) | ||
First Lien 2022 Incremental Term Loan | ||
10.106% (1 Month SOFR + 4.75%), due 11/24/27 (c)(d) | $ 1,485,000 | $ 1,462,725 |
Axalta Coating Systems Dutch Holding B BV | ||
Dollar Facility Term Loan B5 | ||
7.848% (3 Month SOFR + 2.50%), due 12/20/29 (b) | 2,232,219 | 2,236,962 |
Bakelite U.S. Holdco, Inc. | ||
Term Loan | ||
9.498% (3 Month SOFR + 4.00%), due 5/29/29 (b) | 1,773,000 | 1,763,027 |
Clydesdale Acquisition Holdings, Inc. | ||
First Lien Term Loan B | ||
9.631% (1 Month SOFR + 4.175%), due 4/13/29 (b) | 2,955,000 | 2,966,841 |
Entegris, Inc. | ||
Tranche Term Loan B 7.848% - 7.856% | ||
(1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 7/6/29 (b) | 1,377,258 | 1,380,701 |
Herens Holdco SARL | ||
USD Facility Term Loan B | ||
9.373% (3 Month SOFR + 3.925%), due 7/3/28 (b) | 1,157,733 | 1,046,302 |
Ineos Quattro Holdings U.K. Ltd. | ||
2030 Tranche Dollar Term Loan B | ||
9.206% (1 Month SOFR + 3.75%), due 3/14/30 (b) | 1,492,500 | 1,447,725 |
Ineos U.S. Finance LLC (b) | ||
2030 Dollar Term Loan | ||
8.956% (1 Month SOFR + 3.50%), due 2/18/30 | 995,000 | 995,000 |
2027-II Dollar Term Loan | ||
9.206% (1 Month SOFR + 3.75%), due 11/8/27 | 1,412,051 | 1,413,523 |
INEOS US Petrochem LLC | ||
USD Term Loan | ||
9.706% (1 Month SOFR + 4.25%), due 4/2/29 (b) | 1,896,350 | 1,853,682 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 2/5/27 (b) | 1,443,750 | 1,414,425 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 5/5/28 (b) | 2,634,677 | 2,645,380 |
Koppers, Inc. | ||
Term Loan B | ||
8.96% (1 Month SOFR + 3.50%), due 4/10/30 (b) | 3,491,250 | 3,504,342 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Nouryon Finance BV (b) | ||
2023 Term Loan | ||
9.441% (1 Month SOFR + 4.00%), due 4/3/28 | $ 1,243,750 | $ 1,246,548 |
Extended Dollar Term Loan | ||
9.467% (3 Month SOFR + 4.00%), due 4/3/28 | 3,413,310 | 3,421,843 |
Olympus Water U.S. Holding Corp. | ||
Initial Dollar Term Loan | ||
9.36% (3 Month SOFR + 3.75%), due 11/9/28 (b) | 1,225,000 | 1,221,386 |
Oxea Holding Vier GmbH | ||
Tranche Term Loan B2 | ||
9.014% (3 Month SOFR + 3.50%), due 10/14/24 (b) | 1,676,433 | 1,619,853 |
PMHC II, Inc. | ||
Initial Term Loan | ||
9.807% (3 Month SOFR + 4.25%), due 4/23/29 (b) | 2,962,500 | 2,827,336 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
9.47% (1 Month SOFR + 4.00%), due 3/16/27 (b) | 2,664,022 | 2,663,606 |
Sparta U.S. Holdco LLC | ||
First Lien Initial Term Loan | ||
8.705% (1 Month SOFR + 3.25%), due 8/2/28 (b) | 882,000 | 879,427 |
Tricorbraun Holdings, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 3/3/28 (b) | 2,595,462 | 2,574,914 |
Tronox Finance LLC | ||
First Lien Refinancing Term Loan 7.97% - 8.11% | ||
(1 Month SOFR + 2.50%, 3 Month SOFR + 2.50%), due 3/10/28 (b) | 1,219,316 | 1,217,283 |
W. R. Grace Holdings LLC | ||
Initial Term Loan | ||
9.36% (3 Month SOFR + 3.75%), due 9/22/28 (b) | 1,470,000 | 1,472,143 |
Windsor Holdings III LLC | ||
Dollar Term Loan B | ||
9.841% (1 Month SOFR + 4.50%), due 8/1/30 (b) | 2,493,750 | 2,507,109 |
46,294,104 | ||
Commercial Services 0.3% | ||
Prime Security Services Borrower LLC | ||
First Lien 2023 Refinancing Term Loan B1 | ||
7.841% (1 Month SOFR + 2.50%), due 10/13/30 (b) | 2,500,000 | 2,504,515 |
16 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Consumer Durables 0.2% | ||
SWF Holdings I Corp. | ||
First Lien Initial Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 10/6/28 (b) | $ 2,063,250 | $ 1,833,198 |
Containers, Packaging & Glass 3.0% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B | ||
8.994% (3 Month SOFR + 3.50%), due 10/8/27 (b) | 1,630,286 | 1,633,682 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 2/3/28 (b) | 2,028,610 | 2,028,927 |
Anchor Glass Container Corp. | ||
First Lien August 2023 Extended Term Loan 10.827% - 10.896% | ||
(3 Month SOFR + 5.00%, 6 Month SOFR + 5.00%), due 12/7/25 (b) | 2,070,944 | 1,692,997 |
Berlin Packaging LLC (b) | ||
Tranche Initial Term Loan B4 8.594% - 8.728% | ||
(1 Month SOFR + 3.25%, 3 Month SOFR + 3.25%), due 3/11/28 | 1,945,007 | 1,936,325 |
Tranche Term Loan B5 9.207% - 9.36% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/11/28 | 1,055,700 | 1,055,832 |
Charter Next Generation, Inc. | ||
First Lien 2021 Initial Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 12/1/27 (b) | 2,820,191 | 2,825,919 |
Flint Group Packaging Inks North America Holdings LLC (b) | ||
USD Facility Term Loan B | ||
10.674% (3 Month SOFR + 5.00%), due 12/31/26 | 711,096 | 648,875 |
USD PIK Holdco Term Loan | ||
12.674% (6.90% PIK) (3 Month SOFR + 0.362%), due 12/31/27 (e) | 346,742 | 251,821 |
Second Lien USD PIK Holdco Term Loan | ||
12.674% (6.90% PIK) (3 Month SOFR + 0.362%), due 12/31/27 (e) | 462,398 | 46,240 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 8/4/27 (b) | 3,184,160 | 3,186,303 |
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan | ||
9.343% (1 Month SOFR + 4.00%), due 8/14/26 (b) | 182,417 | 182,898 |
Principal Amount | Value | |
Containers, Packaging & Glass (continued) | ||
Pactiv Evergreen, Inc. (b) | ||
Tranche U.S. Term Loan B2 | ||
8.72% (1 Month SOFR + 3.25%), due 2/5/26 | $ 622,200 | $ 624,088 |
Tranche U.S. Term Loan B3 | ||
8.72% (1 Month SOFR + 3.25%), due 9/24/28 | 487,500 | 488,442 |
Pretium PKG Holdings, Inc. (b) | ||
Second Lien Initial Term Loan 12.186% - 12.194% | ||
(1 Month SOFR + 6.75%), due 10/1/29 (c) | 750,000 | 289,375 |
First Lien Third Amendment Tranche Initial Term Loan A1 | ||
9.995% (3 Month SOFR + 4.60%), due 10/2/28 | 1,581,746 | 1,233,762 |
First Lien Third Amendment Tranche Term Loan A | ||
10.395% (3 Month SOFR + 5.00%), due 10/2/28 | 423,485 | 413,956 |
ProAmpac PG Borrower LLC | ||
2023-1 Term Loan 9.868% - 9.887% | ||
(3 Month SOFR + 4.50%), due 9/15/28 (b) | 1,666,667 | 1,666,667 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
7.206% (1 Month SOFR + 1.75%), due 2/4/27 (b) | 1,117,917 | 1,119,060 |
RLG Holdings LLC | ||
First Lien Closing Date Initial Term Loan | ||
9.72% (1 Month SOFR + 4.25%), due 7/7/28 (b) | 784,000 | 735,163 |
Trident TPI Holdings, Inc. (b) | ||
Tranche Initial Term Loan B3 | ||
9.61% (3 Month SOFR + 4.00%), due 9/15/28 | 503,051 | 501,291 |
Tranche Initial Term Loan B5 | ||
9.848% (3 Month SOFR + 4.50%), due 9/15/28 | 2,658,595 | 2,658,595 |
Tranche Initial Term Loan B4 | ||
10.598% (3 Month SOFR + 5.25%), due 9/15/28 | 396,000 | 396,742 |
25,616,960 | ||
Diversified/Conglomerate Manufacturing 2.2% | ||
Allied Universal Holdco LLC | ||
Initial U.S. Dollar Term Loan | ||
9.206% (1 Month SOFR + 3.75%), due 5/12/28 (b) | 4,218,690 | 4,185,071 |
Filtration Group Corp. (b) | ||
2021 Incremental Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 10/21/28 | 782,000 | 782,760 |
2023 Extended Dollar Term Loan | ||
9.72% (1 Month SOFR + 4.25%), due 10/21/28 | 2,713,808 | 2,724,549 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Manufacturing (continued) | ||
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
7.206% (1 Month SOFR + 1.75%), due 3/1/27 (b) | $ 1,938,231 | $ 1,941,866 |
GYP Holdings III Corp. | ||
First Lien 2023 Refinancing Term Loan | ||
8.356% (1 Month SOFR + 3.00%), due 5/12/30 (b) | 1,367,027 | 1,370,444 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
7.206% (1 Month SOFR + 1.75%), due 3/1/27 (b) | 159,843 | 160,143 |
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
7.22% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 1,767,188 | 1,763,874 |
LTI Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 9/6/25 | 1,041,014 | 1,002,627 |
First Lien First Amendment Additional Term Loan | ||
10.22% (1 Month SOFR + 4.75%), due 7/24/26 | 983,412 | 949,812 |
QUIKRETE Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.095% (1 Month SOFR + 2.625%), due 2/1/27 | 2,243,321 | 2,248,088 |
First Lien Fourth Amendment Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 3/19/29 | 1,473,750 | 1,477,987 |
Red Ventures LLC | ||
First Lien Term Loan B4 | ||
8.356% (1 Month SOFR + 3.00%), due 3/3/30 (b) | 533,845 | 531,843 |
19,139,064 | ||
Diversified/Conglomerate Service 1.8% | ||
Applied Systems, Inc. (b) | ||
First Lien 2026 Term Loan | ||
9.848% (3 Month SOFR + 4.50%), due 9/18/26 | 2,517,175 | 2,525,716 |
Second Lien 2021 Term Loan | ||
12.098% (3 Month SOFR + 6.75%), due 9/17/27 | 445,140 | 447,087 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
8.138% (3 Month SOFR + 2.75%), due 6/15/25 (b) | 1,916,723 | 1,913,527 |
Brightview Landscapes LLC | ||
2022 Initial Term Loan | ||
8.383% (3 Month SOFR + 3.00%), due 4/20/29 (b) | 666,321 | 666,113 |
Principal Amount | Value | |
Diversified/Conglomerate Service (continued) | ||
Element Materials Technology Group U.S. Holdings, Inc. (b) | ||
First Lien Delayed Draw Term Loan B | ||
9.698% (3 Month SOFR + 4.25%), due 6/22/29 | $ 218,842 | $ 216,289 |
Initial Delayed Draw Term Loan | ||
9.698% (3 Month SOFR + 4.25%), due 7/6/29 | 474,158 | 468,626 |
Genesys Cloud Services Holdings I LLC | ||
2020 Initial Dollar Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 12/1/27 (b) | 2,389,718 | 2,396,813 |
MKS Instruments, Inc. | ||
2023-1 Dollar Term Loan B | ||
7.841% (1 Month SOFR + 2.50%), due 8/17/29 (b) | 3,305,638 | 3,307,998 |
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
9.456% (1 Month SOFR + 4.00%), due 11/2/27 (b) | 2,651,329 | 2,558,533 |
Verscend Holding Corp. | ||
Term Loan B1 | ||
9.47% (1 Month SOFR + 4.00%), due 8/27/25 (b) | 1,030,673 | 1,030,190 |
15,530,892 | ||
Ecological 0.1% | ||
GFL Environmental, Inc. | ||
2023 Refinancing Term Loan A | ||
7.912% (3 Month SOFR + 2.50%), due 5/31/27 (b) | 1,136,545 | 1,139,387 |
Electronics 5.8% | ||
Camelot U.S. Acquisition LLC (b) | ||
Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 10/30/26 | 1,445,433 | 1,446,517 |
Amendment No. 2 Incremental Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 10/30/26 | 964,687 | 964,515 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
9.40% (3 Month SOFR + 3.75%), due 1/29/27 | 348,803 | 244,423 |
Dollar Term Loan B2 | ||
9.65% (3 Month SOFR + 4.00%), due 1/29/27 | 2,442,708 | 1,697,682 |
Commscope, Inc. | ||
Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 4/6/26 (b) | 4,128,019 | 3,677,375 |
18 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 6/2/28 (b) | $ 4,398,750 | $ 4,267,887 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
9.356% (1 Month SOFR + 4.00%), due 10/16/26 (b) | 2,409,887 | 2,384,657 |
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
9.36% (3 Month SOFR + 3.75%), due 11/9/27 (b) | 1,940,000 | 1,938,060 |
Epicor Software Corp. (b) | ||
Term Loan C | ||
8.72% (1 Month SOFR + 3.25%), due 7/30/27 | 3,001,380 | 3,009,225 |
Term Loan D | ||
9.106% (1 Month SOFR + 3.75%), due 7/30/27 | 1,250,000 | 1,260,312 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
9.22% (1 Month SOFR + 3.75%), due 3/3/28 (b) | 2,322,758 | 2,318,693 |
Gainwell Acquisition Corp. | ||
First Lien Term Loan B | ||
9.448% (3 Month SOFR + 4.00%), due 10/1/27 (b) | 1,500,322 | 1,455,313 |
Go Daddy Operating Co. LLC | ||
Amendment No. 6 Term Loan | ||
7.856% (1 Month SOFR + 2.50%), due 11/9/29 (b) | 1,150,102 | 1,153,080 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
9.248% (3 Month SOFR + 3.75%), due 3/11/28 (b) | 350,752 | 349,612 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
10.198% (3 Month SOFR + 4.75%), due 4/1/28 (b) | 975,000 | 974,391 |
MH Sub I LLC | ||
First Lien 2023 May Incremental Term Loan | ||
9.606% (1 Month SOFR + 4.25%), due 5/3/28 (b) | 3,506,594 | 3,442,161 |
Project Alpha Intermediate Holding, Inc. | ||
Initial Term Loan | ||
10.106% (1 Month SOFR + 4.75%), due 10/28/30 (b) | 3,500,000 | 3,516,408 |
Proofpoint, Inc. | ||
First Lien Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 8/31/28 (b) | 2,450,000 | 2,448,050 |
Principal Amount | Value | |
Electronics (continued) | ||
Rocket Software, Inc. | ||
Extended Dollar Term Loan | ||
10.106% (1 Month SOFR + 4.75%), due 11/28/28 (b) | $ 2,319,936 | $ 2,275,147 |
Sharp Services LLC (b) | ||
First Lien Initial Term Loan | ||
9.448% (3 Month SOFR + 4.00%), due 12/31/28 | 1,768,500 | 1,770,711 |
First Lien Tranche Term Loan B | ||
9.848% (3 Month SOFR + 4.50%), due 12/31/28 | 1,000,000 | 1,000,000 |
Sophos Holdings LLC | ||
First Lien Dollar Tranche Term Loan | ||
8.974% (1 Month SOFR + 3.50%), due 3/5/27 (b) | 1,979,742 | 1,982,492 |
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B3 | ||
7.22% (1 Month SOFR + 1.75%), due 4/16/25 | 506,960 | 507,033 |
Term Loan B4 | ||
7.22% (1 Month SOFR + 1.75%), due 4/16/25 | 478,683 | 478,897 |
Term Loan B5 | ||
7.22% (1 Month SOFR + 1.75%), due 4/16/25 | 1,761,861 | 1,762,963 |
Vertiv Group Corp. | ||
Term Loan B1 | ||
7.974% (1 Month SOFR + 2.50%), due 3/2/27 (b) | 1,925,586 | 1,931,845 |
VS Buyer LLC | ||
Initial Term Loan | ||
8.706% (1 Month SOFR + 3.25%), due 2/28/27 (b) | 962,500 | 963,703 |
WEX, Inc. | ||
Term Loan B | ||
7.72% (1 Month SOFR + 2.25%), due 3/31/28 (b) | 972,500 | 974,526 |
50,195,678 | ||
Energy (Electricity) 0.5% | ||
Covanta Holding Corp. (b) | ||
Initial Term Loan B | ||
7.856% (1 Month SOFR + 2.50%), due 11/30/28 | 548,420 | 547,636 |
Initial Term Loan C | ||
7.856% (1 Month SOFR + 2.50%), due 11/30/28 | 41,812 | 41,752 |
2023 Incremental Term Loan B | ||
8.36% (1 Month SOFR + 3.00%), due 11/30/28 | 3,711,628 | 3,713,176 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Energy (Electricity) (continued) | ||
Covanta Holding Corp. (b) (continued) | ||
2023 Incremental Term Loan C | ||
8.36% (1 Month SOFR + 3.00%), due 11/30/28 | $ 279,069 | $ 279,186 |
4,581,750 | ||
Entertainment 1.3% | ||
Alterra Mountain Co. | ||
Term Loan B2 | ||
8.97% (1 Month SOFR + 3.50%), due 8/17/28 (b) | 2,337,669 | 2,339,130 |
Fertitta Entertainment LLC | ||
Initial Term Loan B | ||
9.356% (1 Month SOFR + 4.00%), due 1/27/29 (b) | 4,180,550 | 4,178,857 |
Formula One Management Ltd. | ||
First Lien Facility Term Loan B | ||
7.598% (3 Month SOFR + 2.25%), due 1/15/30 (b) | 861,538 | 862,884 |
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
9.61% (3 Month SOFR + 4.00%), due 4/26/28 (b) | 3,910,000 | 3,868,456 |
11,249,327 | ||
Finance 6.2% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
10.427% (3 Month SOFR + 4.75%), due 4/20/28 (b) | 3,060,000 | 3,142,238 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
9.498% (3 Month SOFR + 4.00%), due 2/16/28 (b) | 2,269,531 | 2,264,566 |
ADMI Corp. (b) | ||
Amendment No.4 Refinancing Term Loan | ||
8.845% (1 Month SOFR + 3.375%), due 12/23/27 | 1,462,500 | 1,373,532 |
Amendment No. 5 Incremental Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 12/23/27 | 735,000 | 695,187 |
Ahlstrom-Munksjo Holding 3 Oy | ||
USD Facility Term Loan B | ||
9.61% (3 Month SOFR + 4.00%), due 2/4/28 (b) | 780,223 | 776,322 |
AlixPartners LLP | ||
Initial Dollar Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 2/4/28 (b) | 1,458,749 | 1,461,484 |
Principal Amount | Value | |
Finance (continued) | ||
Blackstone Mortgage Trust, Inc. | ||
Term Loan B4 | ||
8.856% (1 Month SOFR + 3.50%), due 5/9/29 (b) | $ 313,948 | $ 310,023 |
Blue Tree Holdings, Inc. | ||
Term Loan | ||
8.11% (3 Month SOFR + 2.50%), due 3/4/28 (b) | 486,250 | 482,603 |
Boxer Parent Co., Inc. | ||
USD Term Loan | ||
TBD, due 12/2/28 | 3,220,631 | 3,242,170 |
Covia Holdings LLC | ||
Initial Term Loan | ||
9.676% (3 Month SOFR + 4.00%), due 7/31/26 (b) | 709,736 | 703,881 |
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
9.36% (3 Month SOFR + 3.75%), due 12/29/27 (b) | 1,738,715 | 1,393,145 |
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
9.098% (3 Month SOFR + 3.75%), due 4/9/27 (b) | 1,459,872 | 1,446,186 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
9.422% (6 Month SOFR + 3.50%), due 2/10/28 (b) | 3,806,941 | 3,715,339 |
GTCR W. Merger Sub LLC | ||
USD Term Loan B | ||
TBD, due 9/20/30 | 5,000,000 | 5,010,050 |
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
9.206% (1 Month SOFR + 3.75%), due 12/17/27 (b) | 834,581 | 824,496 |
LSF11 Trinity Bidco, Inc. | ||
Term Loan | ||
9.358% (1 Month SOFR + 4.00%), due 6/14/30 (b) | 3,687,054 | 3,705,489 |
Minimax Viking GmbH | ||
Facility Term Loan B1D | ||
8.22% (1 Month SOFR + 2.75%), due 7/31/28 (b) | 2,128,162 | 2,132,152 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
10.395% (3 Month SOFR + 4.75%), due 2/28/28 (b) | 975,000 | 955,500 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.907% (3 Month SOFR + 3.25%), due 12/28/27 (b) | 1,299,981 | 1,265,044 |
20 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Peraton Corp. | ||
First Lien Term Loan B | ||
9.206% (1 Month SOFR + 3.75%), due 2/1/28 (b) | $ 3,351,675 | $ 3,355,027 |
Pluto Acquisition I, Inc. | ||
First Lien 2021 Term Loan | ||
9.65% (3 Month SOFR + 4.00%), due 6/22/26 (b) | 2,047,500 | 1,576,575 |
Potters Industries LLC | ||
Initial Term Loan | ||
9.448% (3 Month SOFR + 4.00%), due 12/14/27 (b) | 778,000 | 779,621 |
RealPage, Inc. | ||
First Lien Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 4/24/28 (b) | 2,330,210 | 2,312,316 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 1/31/28 (b) | 1,050,300 | 1,035,531 |
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.86% (3 Month SOFR + 3.25%), due 3/31/28 (b) | 2,161,753 | 2,139,234 |
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 1/8/27 (b) | 2,215,114 | 2,217,882 |
WildBrain Ltd. | ||
Initial Term Loan | ||
9.713% (1 Month SOFR + 4.25%), due 3/24/28 (b) | 3,544,762 | 3,438,420 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 3/24/28 (b) | 2,184,000 | 2,047,500 |
53,801,513 | ||
Healthcare 1.6% | ||
AHP Health Partners, Inc. | ||
Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 8/24/28 (b) | 1,332,794 | 1,335,710 |
Chariot Buyer LLC | ||
First Lien Initial Term Loan | ||
8.706% (1 Month SOFR + 3.25%), due 11/3/28 (b) | 4,704,000 | 4,687,202 |
CHG Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 9/29/28 (b) | 1,270,750 | 1,271,103 |
Principal Amount | Value | |
Healthcare (continued) | ||
ICU Medical, Inc. | ||
Tranche Term Loan B | ||
7.998% (3 Month SOFR + 2.50%), due 1/8/29 (b) | $ 836,981 | $ 834,628 |
LSCS Holdings, Inc. | ||
First Lien Initial Term Loan | ||
9.97% (1 Month SOFR + 4.50%), due 12/16/28 (b) | 686,000 | 674,852 |
Medical Solutions Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.706% (1 Month SOFR + 3.25%), due 11/1/28 (b) | 505,699 | 464,990 |
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 10/23/28 (b) | 3,053,174 | 3,062,716 |
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
9.707% (1 Month SOFR + 4.25%), due 10/1/28 (b) | 1,930,140 | 1,759,874 |
14,091,075 | ||
Healthcare & Pharmaceuticals 0.9% | ||
Bausch & Lomb Corp. | ||
Initial Term Loan | ||
8.71% (1 Month SOFR + 3.25%), due 5/10/27 (b) | 1,975,000 | 1,949,696 |
Bausch Health Cos., Inc. | ||
Second Amendment Term Loan | ||
10.706% (1 Month SOFR + 5.25%), due 2/1/27 (b) | 1,387,500 | 1,126,477 |
Embecta Corp. | ||
First Lien Initial Term Loan | ||
8.356% (1 Month SOFR + 3.00%), due 3/30/29 (b) | 1,103,685 | 1,081,784 |
Envision Healthcare Corp. (c)(f) | ||
Second Out Term Loan | ||
TBD, due 3/31/27 (d) | 1,064,041 | 159,606 |
2018 Third Out Term Loan | ||
TBD, due 3/31/27 | 499,477 | 2,497 |
Owens & Minor, Inc. | ||
Term Loan B1 9.198% - 9.206% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/29/29 (b) | 861,667 | 862,026 |
Pediatric Associates Holding Co. LLC | ||
Amendment No. 1 Incremental Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 12/29/28 (b) | 1,572,948 | 1,517,895 |
Physician Partners LLC | ||
Initial Term Loan | ||
9.533% (3 Month SOFR + 4.00%), due 12/23/28 (b) | 1,105,312 | 1,041,757 |
7,741,738 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare 4.2% | ||
Agiliti Health, Inc. | ||
Term Loan | ||
8.395% (3 Month SOFR + 3.00%), due 5/1/30 (b) | $ 3,748,812 | $ 3,744,126 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan | ||
10.856% (1 Month SOFR + 5.50%), due 5/4/28 (b) | 3,086,157 | 3,029,579 |
athenahealth Group, Inc. | ||
Initial Term Loan | ||
8.606% (1 Month SOFR + 3.25%), due 2/15/29 (b) | 4,390,570 | 4,370,449 |
Auris Luxembourg III SARL | ||
Facility Term Loan B2 9.598% - 9.619% | ||
(6 Month SOFR + 3.75%), due 2/27/26 (b) | 1,126,292 | 1,112,213 |
Carestream Dental Technology Parent Ltd. (b) | ||
First Lien Initial Term Loan | ||
8.86% (3 Month LIBOR + 3.25%), due 9/1/24 | 689,648 | 562,063 |
First Lien Tranche Term Loan B | ||
9.948% (3 Month SOFR + 4.50%), due 9/1/24 | 229,335 | 189,201 |
Carestream Health, Inc. | ||
Term Loan | ||
12.948% (3 Month SOFR + 7.50%), due 9/30/27 (b) | 1,716,005 | 1,321,324 |
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
7.983% (3 Month SOFR + 2.50%), due 6/9/28 (b) | 1,755,000 | 1,755,626 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
7.193% (1 Month SOFR + 1.75%), due 8/1/27 (b) | 1,436,456 | 1,424,051 |
FC Compassus LLC | ||
Term Loan B1 | ||
9.895% (3 Month SOFR + 4.25%), due 12/31/26 (b)(c) | 2,009,719 | 1,967,850 |
Grifols Worldwide Operations Ltd. | ||
Dollar Tranche Term Loan B | ||
7.538% (3 Month SOFR + 2.00%), due 11/15/27 (b) | 923,152 | 921,854 |
Insulet Corp. | ||
Term Loan B | ||
8.72% (1 Month SOFR + 3.25%), due 5/4/28 (b) | 1,859,924 | 1,865,154 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
9.72% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 977,500 | 962,023 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Mallinckrodt International Finance SA | ||
Second Out Term Loan | ||
14.865% (1 Month SOFR + 9.50%), due 11/14/28 (b) | $ 444,788 | $ 476,480 |
National Mentor Holdings, Inc. (b) | ||
First Lien Initial Term Loan 9.198% - 9.206% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 3/2/28 | 1,534,644 | 1,377,891 |
First Lien Initial Term Loan C | ||
9.198% (3 Month SOFR + 3.75%), due 3/2/28 | 49,563 | 44,500 |
Organon & Co. | ||
Dollar Term Loan | ||
8.472% (1 Month SOFR + 3.00%), due 6/2/28 (b) | 2,326,377 | 2,329,285 |
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
8.86% (3 Month SOFR + 3.25%), due 3/3/28 (b) | 1,876,765 | 1,772,662 |
Raptor Acquisition Corp. | ||
First Lien Term Loan B | ||
9.633% (3 Month SOFR + 4.00%), due 11/1/26 (b) | 1,231,250 | 1,234,712 |
Select Medical Corp. | ||
Tranche Term Loan B1 | ||
8.356% (1 Month SOFR + 3.00%), due 3/6/27 (b) | 2,038,149 | 2,036,238 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
8.645% (3 Month SOFR + 3.00%), due 6/27/25 (b)(c) | 472,500 | 143,286 |
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
8.948% (3 Month SOFR + 3.50%), due 10/1/26 (b) | 3,355,560 | 3,370,241 |
36,010,808 | ||
High Tech Industries 2.7% | ||
Altar BidCo, Inc. | ||
First Lien Initial Term Loan 8.262% - 8.313% | ||
(1 Year SOFR + 3.10%), due 2/1/29 (b) | 1,846,875 | 1,840,873 |
AP Gaming I LLC | ||
Term Loan B | ||
9.456% (1 Month SOFR + 4.00%), due 2/15/29 (b) | 2,865,625 | 2,870,101 |
Central Parent LLC | ||
First Lien 2023 Refinancing Term Loan | ||
9.348% (3 Month SOFR + 4.00%), due 7/6/29 (b) | 1,000,000 | 1,003,269 |
22 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
High Tech Industries (continued) | ||
Hanesbands, Inc. | ||
Tranche Initial Term Loan B | ||
9.106% (1 Month SOFR + 3.75%), due 3/8/30 (b) | $ 1,488,750 | $ 1,485,028 |
NAB Holdings LLC | ||
Initial Term Loan | ||
8.248% (3 Month SOFR + 2.75%), due 11/23/28 (b) | 1,764,000 | 1,765,469 |
Nielsen Consumer, Inc. | ||
Fifth Amendment Dollar Incremental Term Loan | ||
11.606% (1 Month SOFR + 6.25%), due 3/6/28 (b) | 1,658,333 | 1,618,948 |
Open Text Corp. | ||
2023 Replacement Term Loan | ||
8.206% (1 Month SOFR + 2.75%), due 1/31/30 (b) | 3,876,318 | 3,877,702 |
Scientific Games Holdings LP | ||
First Lien Initial Dollar Term Loan | ||
8.664% (3 Month SOFR + 3.25%), due 4/4/29 (b) | 1,709,135 | 1,707,236 |
Star Parent, Inc. | ||
Term Loan | ||
9.348% (3 Month SOFR + 4.00%), due 9/27/30 (b) | 4,500,000 | 4,458,375 |
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ||
7.72% (1 Month SOFR + 2.25%), due 12/1/28 (b) | 2,502,851 | 2,509,109 |
23,136,110 | ||
Hotel, Gaming & Leisure 0.3% | ||
Flutter Entertainment plc | ||
2028 Third Amendment Term Loan B | ||
8.902% (3 Month SOFR + 3.25%), due 7/22/28 (b) | 897,281 | 898,902 |
Hilton Domestic Operating Co., Inc. | ||
Term Loan B4 | ||
7.457% (1 Month SOFR + 2.00%), due 11/8/30 (b) | 235,804 | 236,393 |
Ontario Gaming GTA LP | ||
First Lien Term Loan B | ||
9.598% (3 Month SOFR + 4.25%), due 8/1/30 (b) | 1,000,000 | 1,003,281 |
2,138,576 | ||
Hotels, Motels, Inns & Gaming 3.6% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 2/2/26 (b) | 1,398,900 | 1,300,103 |
Principal Amount | Value | |
Hotels, Motels, Inns & Gaming (continued) | ||
Caesars Entertainment, Inc. | ||
2023 Incremental Term Loan B | ||
8.706% (1 Month SOFR + 3.25%), due 2/6/30 (b) | $ 2,084,250 | $ 2,087,973 |
Entain plc (b) | ||
USD Facility Term Loan B | ||
7.948% (3 Month SOFR + 2.50%), due 3/29/27 | 1,253,571 | 1,255,138 |
USD Facility Term Loan B2 | ||
8.948% (3 Month SOFR + 3.50%), due 10/31/29 | 1,584,009 | 1,585,197 |
Everi Holdings, Inc. | ||
Term Loan B | ||
7.97% (1 Month SOFR + 2.50%), due 8/3/28 (b) | 1,440,881 | 1,444,033 |
Four Seasons Holdings, Inc. | ||
First Lien 2023 Repricing Term Loan | ||
7.956% (1 Month SOFR + 2.50%), due 11/30/29 (b) | 1,413,583 | 1,417,470 |
Golden Entertainment, Inc. | ||
First Lien 2023 Refinancing Term Loan B1 | ||
8.206% (1 Month SOFR + 2.75%), due 5/28/30 (b) | 870,625 | 869,537 |
Light & Wonder International, Inc. | ||
Initial Term Loan B | ||
8.465% (1 Month SOFR + 3.00%), due 4/14/29 (b) | 3,693,750 | 3,698,367 |
Oceankey U.S. II Corp. | ||
Initial Term Loan | ||
8.956% (1 Month SOFR + 3.50%), due 12/15/28 (b) | 1,972,424 | 1,925,579 |
PCI Gaming Authority | ||
Facility Term Loan B | ||
7.97% (1 Month SOFR + 2.50%), due 5/29/26 (b) | 2,449,126 | 2,455,249 |
Penn Entertainment, Inc. | ||
Facility Term Loan B | ||
8.205% (1 Month SOFR + 2.75%), due 5/3/29 (b) | 492,500 | 492,993 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
7.706% (1 Month SOFR + 2.25%), due 2/8/27 (b) | 1,597,891 | 1,599,177 |
Travel + Leisure Co. | ||
Term Loan B | ||
TBD, due 12/14/29 | 1,500,000 | 1,501,875 |
Term Loan B | ||
7.895% (3 Month SOFR + 2.25%), due 5/30/25 (b) | 1,907,179 | 1,909,563 |
UFC Holdings LLC | ||
First Lien Term Loan B3 | ||
8.399% (3 Month SOFR + 2.75%), due 4/29/26 (b) | 3,971,682 | 3,980,122 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Hotels, Motels, Inns & Gaming (continued) | ||
Whatabrands LLC | ||
Initial Term Loan B | ||
8.47% (1 Month SOFR + 3.00%), due 8/3/28 (b) | $ 1,960,000 | $ 1,958,775 |
Wyndham Hotels & Resorts, Inc. | ||
2023 Term Loan B | ||
7.706% (1 Month SOFR + 2.25%), due 5/24/30 (b) | 1,783,939 | 1,787,385 |
31,268,536 | ||
Insurance 4.1% | ||
Acrisure LLC (b) | ||
First Lien 2020 Term Loan | ||
9.15% (3 Month LIBOR + 3.50%), due 2/15/27 | 1,953,387 | 1,946,412 |
First Lien 2021-2 Additional Term Loan | ||
9.90% (3 Month LIBOR + 4.25%), due 2/15/27 | 1,029,000 | 1,029,857 |
Alliant Holdings Intermediate LLC | ||
New Term Loan B6 | ||
8.865% (1 Month SOFR + 3.50%), due 11/6/30 (b) | 1,606,088 | 1,611,665 |
AmWINS Group, Inc. | ||
February 2023 Incremental Term Loan | ||
TBD, due 2/19/28 | 3,465,000 | 3,470,568 |
Term Loan | ||
7.72% (1 Month SOFR + 2.25%), due 2/19/28 (b) | 1,940,029 | 1,940,029 |
AssuredPartners, Inc. (b) | ||
2020 February Refinancing Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 2/12/27 | 3,092,654 | 3,096,520 |
2023 Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 2/12/27 | 395,010 | 396,096 |
Asurion LLC (b) | ||
New Term Loan B8 | ||
8.72% (1 Month SOFR + 3.25%), due 12/23/26 | 970,000 | 966,882 |
New Term Loan B9 | ||
8.72% (1 Month SOFR + 3.25%), due 7/31/27 | 486,250 | 482,082 |
New Term Loan B11 | ||
9.706% (1 Month SOFR + 4.25%), due 8/19/28 | 1,413,902 | 1,407,539 |
Second Lien New Term Loan B3 | ||
10.72% (1 Month SOFR + 5.25%), due 1/31/28 | 300,000 | 285,000 |
Second Lien New Term Loan B4 | ||
10.72% (1 Month SOFR + 5.25%), due 1/20/29 | 2,500,000 | 2,353,573 |
Principal Amount | Value | |
Insurance (continued) | ||
Broadstreet Partners, Inc. (b) | ||
2020 Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 1/27/27 | $ 2,464,341 | $ 2,461,839 |
Tranche Term Loan B2 | ||
8.72% (1 Month SOFR + 3.25%), due 1/27/27 | 684,250 | 683,573 |
Initial Term Loan B | ||
9.098% (1 Month SOFR + 3.75%), due 1/27/29 | 498,750 | 499,339 |
Hub International Ltd. (b) | ||
2022 Incremental Term Loan | ||
9.369% (3 Month SOFR + 4.00%), due 11/10/29 | 356,400 | 357,551 |
2023 Refinancing Term Loan | ||
9.662% (3 Month SOFR + 4.25%), due 6/20/30 | 2,394,000 | 2,403,476 |
NFP Corp. | ||
Closing Date Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 2/16/27 (b) | 1,890,016 | 1,898,678 |
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
8.456% (1 Month SOFR + 3.00%), due 9/1/27 (b) | 967,500 | 965,686 |
Sedgwick Claims Management Services, Inc. | ||
2023 Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 2/24/28 (b) | 3,830,894 | 3,840,471 |
USI, Inc. | ||
Term Loan | ||
8.348%, due 11/22/29 | 2,821,500 | 2,826,204 |
34,923,040 | ||
Leisure, Amusement, Motion Pictures & Entertainment 1.3% | ||
Bombardier Recreational Products, Inc. | ||
2023 Replacement Term Loan | ||
8.106% (1 Month SOFR + 2.75%), due 12/13/29 (b) | $ 2,962,613 | 2,960,761 |
Creative Artists Agency LLC | ||
Term Loan B | ||
8.856% (1 Month SOFR + 3.50%), due 11/27/28 (b) | 3,374,509 | 3,385,756 |
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
7.706% (1 Month SOFR + 2.25%), due 3/24/25 (b) | 988,228 | 984,699 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
7.206% (1 Month SOFR + 1.75%), due 8/29/25 (b) | 1,313,765 | 1,313,436 |
24 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Leisure, Amusement, Motion Pictures & Entertainment (continued) | ||
William Morris Endeavor Entertainment LLC (IMG Worldwide Holdings LLC) | ||
First Lien Term Loan B1 | ||
8.22% (1 Month SOFR + 2.75%), due 5/18/25 (b) | $ 2,108,400 | $ 2,107,346 |
10,751,998 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.4% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
7.693% (1 Month SOFR + 2.25%), due 7/31/26 (b) | 452,143 | 455,421 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
8.389% (3 Month SOFR + 2.75%), due 5/14/28 (b) | 1,220,852 | 1,222,378 |
Husky Injection Molding Systems Ltd. | ||
Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 3/28/25 (b) | 1,767,183 | 1,764,154 |
3,441,953 | ||
Manufacturing 3.0% | ||
ASP Blade Holdings, Inc. | ||
Initial Term Loan | ||
9.61% (3 Month SOFR + 4.00%), due 10/13/28 (b) | 1,471,765 | 1,310,177 |
Chart Industries, Inc. | ||
Amendment No. 5 Term Loan | ||
8.691% (1 Month SOFR + 3.25%), due 3/15/30 (b) | 1,952,570 | 1,957,452 |
Coherent Corp. | ||
Initial Term Loan B | ||
8.22% (1 Month SOFR + 2.75%), due 7/2/29 (b) | 2,438,292 | 2,442,357 |
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
9.206% (1 Month SOFR + 3.75%), due 11/23/27 (b) | 2,298,349 | 2,256,691 |
CPG International LLC | ||
Closing Date Term Loan | ||
7.956% (1 Month SOFR + 2.50%), due 4/28/29 (b) | 1,234,375 | 1,233,758 |
EMRLD Borrower LP | ||
Initial Term Loan B | ||
8.356% (1 Month SOFR + 3.00%), due 5/31/30 (b) | 6,193,766 | 6,207,039 |
FCG Acquisitions, Inc. | ||
First Lien Initial Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 3/31/28 (b) | 1,469,940 | 1,469,205 |
Principal Amount | Value | |
Manufacturing (continued) | ||
LSF12 Badger Bidco LLC | ||
Initial Term Loan | ||
11.356% (1 Month SOFR + 6.00%), due 8/30/30 (b) | $ 1,250,000 | $ 1,246,875 |
Madison IAQ LLC | ||
Term Loan | ||
8.721% (1 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,306,900 | 2,295,077 |
Pro Mach Group, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 8/31/28 (b) | 2,757,036 | 2,762,550 |
Standard Building Solutions, Inc. | ||
Initial Term Loan | ||
7.721% (1 Month SOFR + 2.25%), due 9/22/28 (b) | 1,036,704 | 1,038,092 |
Summit Materials LLC | ||
Incremental Cov-Lite Term Loan B | ||
TBD, due 11/30/28 | 1,000,000 | 1,001,250 |
Zurn LLC | ||
First Lien Term Loan B | ||
7.47% (1 Month SOFR + 2.00%), due 10/4/28 (b) | 742,398 | 744,975 |
25,965,498 | ||
Media 1.8% | ||
Apple Bidco LLC (b) | ||
First Lien Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 9/22/28 | 2,322,600 | 2,317,518 |
First Lien Amendment No. 3 Term Loan | ||
8.856% (1 Month SOFR + 3.50%), due 9/22/28 | 742,514 | 744,834 |
Cogeco Communications Finance LP | ||
Incremental Term Loan | ||
7.97% (1 Month SOFR + 2.50%), due 9/1/28 (b) | 2,740,643 | 2,697,821 |
Diamond Sports Group LLC | ||
Second Lien Term Loan | ||
10.708% (1 Month SOFR + 5.25%), due 8/24/26 (b)(f)(g) | 2,898,312 | 123,178 |
Directv Financing LLC | ||
Closing Date Term Loan | ||
10.65% (3 Month SOFR + 5.00%), due 8/2/27 (b) | 2,427,535 | 2,429,962 |
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
7.97% (1 Month SOFR + 2.50%), due 6/2/28 (b) | 585,000 | 584,123 |
Radiate Holdco LLC | ||
Amendment No. 6 Term Loan B | ||
8.72% (1 Month SOFR + 3.25%), due 9/25/26 (b) | 2,023,346 | 1,618,396 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Media (continued) | ||
Sinclair Television Group, Inc. | ||
Term Loan B4 | ||
9.206% (1 Month SOFR + 3.75%), due 4/21/29 (b) | $ 1,970,000 | $ 1,598,777 |
Virgin Media Bristol LLC | ||
Facility Term Loan Y | ||
8.79% (6 Month SOFR + 3.25%), due 3/31/31 (b) | 3,666,667 | 3,649,096 |
15,763,705 | ||
Mining, Steel, Iron & Non-Precious Metals 1.4% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 6/9/28 (b) | 1,225,714 | 1,152,171 |
Arsenal AIC Parent LLC | ||
Term Loan B | ||
9.856% (1 Month SOFR + 4.50%), due 8/18/30 (b) | 1,710,000 | 1,714,275 |
Gates Global LLC (b) | ||
Initial Dollar Term Loan B3 | ||
7.956% (1 Month SOFR + 2.50%), due 3/31/27 | 2,869,775 | 2,872,384 |
Initial Dollar Term Loan B4 | ||
8.356% (1 Month SOFR + 3.00%), due 11/16/29 | 1,975,000 | 1,979,937 |
MRC Global (U.S.), Inc. | ||
2018 Refinancing Term Loan | ||
8.47% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | 1,035,027 | 1,035,027 |
U.S. Silica Co. | ||
Term Loan | ||
10.106% (1 Month SOFR + 4.75%), due 3/25/30 (b) | 2,896,614 | 2,898,062 |
11,651,856 | ||
Oil & Gas 1.7% | ||
Buckeye Partners LP (b) | ||
2021 Tranche Term Loan B1 | ||
7.706% (1 Month SOFR + 2.25%), due 11/1/26 | 865,414 | 866,994 |
2023 Tranche Term Loan B2 | ||
7.856% (1 Month SOFR + 2.50%), due 11/22/30 | 458,333 | 459,479 |
ChampionX Corp. | ||
Term Loan B2 | ||
8.206% (1 Month SOFR + 2.75%), due 6/7/29 (b) | 1,485,028 | 1,488,741 |
DT Midstream, Inc. | ||
Initial Term Loan | ||
7.47% (1 Month SOFR + 2.00%), due 6/26/28 (b) | 319,462 | 320,461 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Fleet Midco I Ltd. | ||
Facility Term Loan B | ||
8.47% (1 Month LIBOR + 3.00%), due 10/7/26 (b) | $ 1,196,875 | $ 1,196,875 |
GIP III Stetson I LP | ||
2023 Initial Term Loan | ||
9.706% (1 Month SOFR + 4.25%), due 10/31/28 (b) | 1,226,489 | 1,226,488 |
GIP Pilot Acquisition Partners LP | ||
Initial Term Loan | ||
8.388% (3 Month SOFR + 3.00%), due 10/4/30 (b) | 1,363,636 | 1,363,636 |
Medallion Midland Acquisition LP | ||
2023 Repricing Term Loan | ||
8.864% (3 Month SOFR + 3.50%), due 10/18/28 (b) | 1,559,819 | 1,563,719 |
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
7.205% (1 Month SOFR + 1.75%), due 1/31/28 (b) | $ 438,750 | 439,847 |
NorthRiver Midstream Finance LP | ||
First Lien Initial Term Loan B | ||
8.395% (3 Month SOFR + 3.00%), due 8/16/30 (b) | 432,598 | 433,139 |
Oryx Midstream Services Permian Basin LLC | ||
2023 Incremental Term Loan | ||
8.71% (1 Month SOFR + 3.25%), due 10/5/28 (b) | 1,960,157 | 1,963,097 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
10.206% (1 Month SOFR + 4.75%), due 3/11/26 (b) | 1,182,320 | 1,182,185 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B | ||
8.97% (1 Month SOFR + 3.50%), due 11/17/28 (b) | 494,949 | 492,990 |
Traverse Midstream Partners LLC | ||
Advance Term Loan | ||
9.24% (3 Month SOFR + 3.75%), due 2/16/28 (b) | 1,059,501 | 1,058,507 |
Veritas U.S., Inc. | ||
Dollar 2021 Term Loan B | ||
10.47% (1 Month SOFR + 5.00%), due 9/1/25 (b) | 1,169,849 | 964,541 |
15,020,699 | ||
Packaging 0.3% | ||
LABL, Inc. | ||
Initial Dollar Term Loan | ||
10.456% (1 Month SOFR + 5.00%), due 10/29/28 (b) | 1,470,000 | 1,406,974 |
26 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Packaging (continued) | ||
Plastipak Holdings, Inc. | ||
2021 Tranche Term Loan B | ||
7.956% (1 Month SOFR + 2.50%), due 12/1/28 (b) | $ 950,588 | $ 949,909 |
2,356,883 | ||
Personal & Nondurable Consumer Products 1.5% | ||
ABG Intermediate Holdings 2 LLC | ||
First Lien Tranche Term Loan B1 | ||
8.956% (1 Month SOFR + 3.50%), due 12/21/28 (b) | 2,839,275 | 2,848,148 |
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan | ||
8.895% (3 Month SOFR + 3.25%), due 1/31/28 (b) | 1,721,098 | 1,712,850 |
Hunter Douglas Holding BV | ||
Tranche Term Loan B1 | ||
8.88% (3 Month SOFR + 3.50%), due 2/26/29 (b) | 2,955,000 | 2,941,147 |
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 3/9/28 (b) | 1,945,000 | 1,913,934 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
9.86% (3 Month SOFR + 4.25%), due 4/15/28 (b) | 3,120,000 | 2,589,600 |
Perrigo Co. plc | ||
Initial Term Loan B | ||
7.706% (1 Month SOFR + 2.25%), due 4/20/29 (b) | 992,462 | 988,431 |
Prestige Brands, Inc. | ||
Term Loan B5 | ||
7.47% (1 Month SOFR + 2.00%), due 7/3/28 (b) | 315,000 | 315,731 |
13,309,841 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.6% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
7.456% (1 Month SOFR + 2.00%), due 1/15/27 (b) | 1,665,953 | 1,668,414 |
Hercules Achievement, Inc. | ||
First Lien Third Amendment Extended Term Loan | ||
10.47% (1 Month SOFR + 5.00%), due 12/15/26 (b) | 1,881,088 | 1,868,156 |
SRAM LLC | ||
Initial Term Loan 8.22% - 10.25% | ||
(1 Month SOFR + 2.75%, 3 Month SOFR + 1.75%), due 5/18/28 (b) | 1,990,909 | 1,987,590 |
5,524,160 |
Principal Amount | Value | |
Personal Transportation 0.1% | ||
Uber Technologies, Inc. | ||
2023 Refinancing Term Loan | ||
8.135% (3 Month SOFR + 2.75%), due 3/3/30 (b) | $ 1,199,057 | $ 1,201,388 |
Personal, Food & Miscellaneous Services 1.4% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B5 | ||
7.606% (1 Month SOFR + 2.25%), due 9/23/30 (b) | 2,110,185 | 2,109,432 |
Aramark Intermediate HoldCo Corp. (b) | ||
U.S. Term Loan B5 | ||
7.97% (1 Month SOFR + 2.50%), due 4/6/28 | 1,402,972 | 1,402,847 |
U.S. Term Loan B6 | ||
7.97% (1 Month SOFR + 2.50%), due 6/22/30 | 1,430,788 | 1,432,354 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 5/30/28 (b) | 1,737,634 | 1,734,593 |
Hillman Group, Inc. (The) | ||
Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 7/14/28 (b) | 486,431 | 486,778 |
IRB Holding Corp. | ||
2022 Replacement Term Loan B | ||
8.456% (1 Month SOFR + 3.00%), due 12/15/27 (b) | 3,657,794 | 3,659,871 |
KFC Holding Co. | ||
2021 Term Loan B | ||
7.223% (1 Month SOFR + 1.75%), due 3/15/28 (b) | 1,434,492 | 1,433,468 |
12,259,343 | ||
Pharmaceuticals 0.1% | ||
Padagis LLC | ||
Term Loan B | ||
10.434% (3 Month SOFR + 4.75%), due 7/6/28 (b) | 1,129,412 | 1,089,882 |
Printing & Publishing 0.3% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan | ||
9.948% (3 Month SOFR + 4.50%), due 2/19/26 (b) | 931,631 | 934,542 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
8.633% (3 Month SOFR + 3.25%), due 8/1/27 (b) | 1,914,868 | 1,917,262 |
2,851,804 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Real Estate 0.2% | ||
RHP Hotel Properties LP | ||
Tranche Term Loan B | ||
8.106% (1 Month SOFR + 2.75%), due 5/18/30 (b) | $ 1,323,333 | $ 1,323,885 |
Retail 0.4% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
9.22% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 3,795,539 | 3,792,149 |
Retail Store 0.7% | ||
Harbor Freight Tools USA, Inc. | ||
2021 Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 10/19/27 (b) | 2,716,195 | 2,710,640 |
PetSmart LLC | ||
Initial Term Loan | ||
9.206% (1 Month SOFR + 3.75%), due 2/11/28 (b) | 1,616,596 | 1,596,389 |
White Cap Supply Holdings LLC | ||
Initial Closing Date Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 10/19/27 (b) | 1,942,875 | 1,946,518 |
6,253,547 | ||
Services: Business 4.9% | ||
Ascensus Group Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 8/2/28 (b) | 4,097,811 | 4,086,288 |
Brown Group Holdings LLC (b) | ||
Incremental Facility Term Loan B2 9.106% - 9.138% | ||
(1 Month SOFR + 3.75%, 3 Month SOFR + 3.75%), due 7/2/29 | 1,032,988 | 1,035,755 |
Initial Term Loan | ||
8.206% (1 Month SOFR + 2.75%), due 6/7/28 | 1,139,852 | 1,139,751 |
Charlotte Buyer, Inc. | ||
First Lien Initial Term Loan B | ||
10.607% (1 Month SOFR + 5.25%), due 2/11/28 (b) | 1,460,667 | 1,465,361 |
ConnectWise LLC | ||
Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 9/29/28 (b) | 1,372,000 | 1,363,768 |
Dun & Bradstreet Corp. (The) (b) | ||
Refinancing Term Loan | ||
8.205% (1 Month SOFR + 2.75%), due 2/6/26 | 2,785,156 | 2,789,072 |
Principal Amount | Value | |
Services: Business (continued) | ||
Dun & Bradstreet Corp. (The) (b) (continued) | ||
2022 Incremental Term Loan B2 | ||
8.355% (1 Month SOFR + 3.00%), due 1/18/29 | $ 294,750 | $ 295,241 |
Electron Bidco, Inc. | ||
First Lien Initial Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 11/1/28 (b) | 3,607,425 | 3,612,497 |
Fortrea Holdings, Inc. | ||
Initial Term Loan B | ||
9.106% (1 Month SOFR + 3.75%), due 7/1/30 (b) | 1,243,750 | 1,241,029 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.97% (1 Month SOFR + 4.50%), due 9/29/28 (b) | 2,022,405 | 2,029,989 |
Hunter Holdco 3 Ltd. | ||
First Lien Initial Dollar Term Loan | ||
9.698% (3 Month SOFR + 4.25%), due 8/19/28 (b) | 3,033,000 | 3,017,835 |
ICON plc (b) | ||
Lux Term Loan | ||
7.86% (3 Month SOFR + 2.25%), due 7/3/28 | 1,179,845 | 1,183,451 |
U.S. Term Loan | ||
7.86% (3 Month SOFR + 2.25%), due 7/3/28 | 293,959 | 294,858 |
Mitchell International, Inc. (b) | ||
First Lien Initial Term Loan | ||
9.40% (3 Month SOFR + 3.75%), due 10/15/28 | 1,965,000 | 1,963,035 |
Second Lien Initial Term Loan | ||
12.15% (3 Month SOFR + 6.50%), due 10/15/29 | 1,200,000 | 1,175,000 |
MPH Acquisition Holdings LLC | ||
Initial Term Loan | ||
9.90% (3 Month SOFR + 4.25%), due 9/1/28 (b) | 2,443,750 | 2,347,310 |
Nielsen Consumer, Inc. | ||
2021 Refinancing Dollar Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 3/6/28 (b) | 1,458,919 | 1,393,267 |
Orbit Private Holdings I Ltd. | ||
First Lien Initial Dollar Term Loan | ||
9.934% (6 Month SOFR + 4.50%), due 12/11/28 (b) | 494,949 | 495,568 |
Parexel International, Inc. | ||
First Lien Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 11/15/28 (b) | 2,463,674 | 2,472,913 |
28 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Services: Business (continued) | ||
PECF USS Intermediate Holding III Corp. | ||
Initial Term Loan | ||
9.895% (3 Month SOFR + 4.25%), due 12/15/28 (b) | $ 2,449,907 | $ 1,895,615 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 6/2/28 (b) | 2,436,307 | 2,400,474 |
Project Boost Purchaser LLC | ||
2021 Tranche Term Loan 2 | ||
8.97% (1 Month SOFR + 3.50%), due 5/30/26 (b) | 1,132,765 | 1,131,821 |
Prometric Holdings, Inc. | ||
First Lien Initial Term Loan | ||
10.72% (1 Month SOFR + 5.25%), due 1/31/28 (b) | 1,617,647 | 1,614,412 |
Ryan LLC | ||
Closing Date Initial Term Loan | ||
9.856% (1 Month SOFR + 4.50%), due 11/14/30 (b) | 814,286 | 816,321 |
Vizient, Inc. | ||
Term Loan B7 | ||
7.706% (1 Month SOFR + 2.25%), due 5/16/29 (b) | 738,750 | 739,674 |
42,000,305 | ||
Services: Consumer 0.1% | ||
West Technology Group LLC | ||
Term Loan B3 | ||
9.633% (3 Month SOFR + 4.00%), due 4/10/27 (b) | 406,838 | 386,496 |
Software 3.6% | ||
AppLovin Corp. | ||
Amendment No. 6 New Term Loan | ||
8.556% (1 Month SOFR + 3.10%), due 10/25/28 (b) | 1,179,000 | 1,179,737 |
Cloud Software Group, Inc. | ||
First Lien Dollar Term Loan B | ||
9.948% (3 Month SOFR + 4.50%), due 3/30/29 (b) | 2,086,723 | 2,039,771 |
Cloudera, Inc. | ||
Delayed Term Loan | ||
9.198% (1 Month SOFR + 3.75%), due 10/8/28 (b) | 1,500,000 | 1,483,751 |
Cornerstone OnDemand, Inc. | ||
First Lien Initial Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 10/16/28 (b) | 1,842,187 | 1,784,619 |
Principal Amount | Value | |
Software (continued) | ||
Gen Digital, Inc. | ||
Tranche Initial Term Loan B | ||
7.456% (1 Month SOFR + 2.00%), due 9/12/29 (b) | $ 3,911,841 | $ 3,912,542 |
Informatica LLC | ||
Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 10/27/28 (b) | 1,915,776 | 1,918,170 |
ISolved, Inc. | ||
Closing Date Term Loan | ||
9.484% (6 Month SOFR + 4.00%), due 10/15/30 (b) | 588,235 | 588,235 |
Magenta Buyer LLC | ||
First Lien Initial Term Loan | ||
10.645% (3 Month SOFR + 5.00%), due 7/27/28 (b) | 686,000 | 476,770 |
McAfee Corp. | ||
Tranche Term Loan B1 | ||
9.193% (1 Month SOFR + 3.75%), due 3/1/29 (b) | 3,932,557 | 3,903,063 |
Mitnick Corp. Purchaser, Inc. | ||
Initial Term Loan | ||
9.983% (3 Month SOFR + 4.50%), due 5/2/29 (b) | 1,975,000 | 1,862,672 |
Precisely Software, Inc. | ||
First Lien Third Incremental Term Loan | ||
9.64% (3 Month SOFR + 4.00%), due 4/24/28 (b) | 1,629,167 | 1,611,518 |
Quartz AcquireCo LLC | ||
Term Loan | ||
8.856% (1 Month SOFR + 3.50%), due 6/28/30 (b) | 1,246,875 | 1,249,992 |
Quest Software U.S. Holdins, Inc. | ||
First Lien Initial Term Loan | ||
9.783% (3 Month SOFR + 4.25%), due 2/1/29 (b) | 2,777,344 | 2,122,932 |
Sophia LP | ||
First Lien Term Loan B | ||
8.956% (1 Month SOFR + 3.50%), due 10/7/27 (b) | 666,325 | 667,158 |
Sovos Compliance LLC | ||
First Lien Initial Term Loan | ||
9.97% (1 Month SOFR + 4.50%), due 8/11/28 (b) | 490,368 | 484,852 |
UKG, Inc. (b) | ||
First Lien 2021-2 Incremental Term Loan | ||
8.764% (3 Month SOFR + 3.25%), due 5/4/26 | 3,823,532 | 3,830,051 |
First Lien Initial Term Loan | ||
9.233% (3 Month SOFR + 3.75%), due 5/4/26 | 1,675,625 | 1,679,115 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Software (continued) | ||
UKG, Inc. (b) (continued) | ||
Second Lien 2021 Incremental Term Loan | ||
10.764% (3 Month SOFR + 5.25%), due 5/3/27 | $ 200,000 | $ 200,083 |
30,995,031 | ||
Telecommunications 2.9% | ||
Avaya, Inc. | ||
Initial Term Loan | ||
13.856% (7.00% PIK) (1 Month SOFR + 8.50%), due 8/1/28 (b)(e) | 121,994 | 106,806 |
Azalea TopCo, Inc. | ||
First Lien Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 7/24/26 (b) | 2,393,750 | 2,366,820 |
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
8.726% (1 Month SOFR + 3.25%), due 11/30/27 (b) | 1,462,312 | 1,456,828 |
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
8.856% (1 Month SOFR + 3.50%), due 12/11/26 (b) | 3,879,495 | 3,876,803 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
7.976% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 3,561,852 | 3,361,497 |
Cyxtera DC Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
10.50% (3 Month SOFR + 2.00%), due 5/1/24 (c)(g) | 942,500 | 578,224 |
Initial Term Loan | ||
13.974% (1 Month SOFR + 8.50%), due 1/5/24 | 1,064,353 | 1,065,018 |
Frontier Communications Holdings LLC | ||
Term Loan B | ||
9.22% (1 Month SOFR + 3.75%), due 10/8/27 (b) | 2,090,875 | 2,060,557 |
Gogo Intermediate Holdings LLC | ||
Initial Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 4/30/28 (b) | 2,513,305 | 2,514,652 |
Iridium Satellite LLC | ||
Term Loan B3 | ||
7.856% (1 Month SOFR + 2.50%), due 9/20/30 (b) | 500,000 | 500,938 |
Lumen Technologies, Inc. | ||
Term Loan B | ||
7.72% (1 Month SOFR + 2.25%), due 3/15/27 (b) | 2,129,632 | 1,437,502 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
10.22% (1 Month SOFR + 4.75%), due 4/27/28 (b) | $ 915,766 | $ 687,110 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
7.21% (1 Month SOFR + 1.75%), due 4/11/25 (b) | 1,734,695 | 1,736,382 |
Telesat Canada | ||
Term Loan B5 | ||
8.40% (3 Month SOFR + 2.75%), due 12/7/26 (b) | 1,220,447 | 780,069 |
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
8.47% (1 Month SOFR + 3.00%), due 3/9/27 (b) | 3,348,136 | 2,866,841 |
25,396,047 | ||
Utilities 1.8% | ||
Astoria Energy LLC | ||
2020 Advance Term Loan B | ||
8.97% (1 Month SOFR + 3.50%), due 12/10/27 (b) | 622,732 | 624,202 |
Brookfield WEC Holdings, Inc. (b) | ||
First Lien 2021 Initial Term Loan | ||
8.22% (1 Month SOFR + 2.75%), due 8/1/25 | 1,861,861 | 1,865,451 |
Initial Term Loan | ||
9.106% (1 Month SOFR + 3.75%), due 8/1/25 | 1,152,083 | 1,155,273 |
Calpine Corp. | ||
2019 Term Loan | ||
7.47% (1 Month SOFR + 2.00%), due 4/5/26 (b) | 3,008,250 | 3,012,762 |
Constellation Renewables LLC | ||
Term Loan | ||
8.15% (3 Month SOFR + 2.50%), due 12/15/27 (b) | 1,312,749 | 1,311,108 |
Edgewater Generation LLC | ||
Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 12/13/25 (b) | 2,999,395 | 2,939,407 |
Granite Generation LLC | ||
Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 11/9/26 (b) | 2,900,001 | 2,888,320 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
9.97% (1 Month SOFR + 4.50%), due 6/17/27 (b) | 1,926,861 | 1,932,366 |
15,728,889 |
30 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Water 0.3% | ||
Osmosis Buyer Ltd. | ||
2022 Refinanciang Term Loan B | ||
9.093% (1 Month SOFR + 3.75%), due 7/31/28 (b) | $ 2,364,000 | $ 2,362,523 |
Total Loan Assignments (Cost $742,618,955) | 729,390,866 | |
Total Long-Term Bonds (Cost $802,337,473) | 788,157,268 | |
Shares | ||
Affiliated Investment Company 0.2% | ||
Fixed Income Fund 0.2% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 436,571 | 2,255,018 |
Total Affiliated Investment Company (Cost $2,445,688) | 2,255,018 | |
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)(h) | 12,043 | 78,280 |
Financial Services 0.0% ‡ | ||
New Topco Shares, Class A (c)(d)(h) | 405,109 | — |
Health Care Equipment & Supplies 0.0% ‡ | ||
Carestream Equity (c)(d)(h) | 3,656 | 37 |
Health Care Providers & Services 0.0% ‡ | ||
Mallinckrodt International Corp. (c)(d)(h) | 5,706 | 216,828 |
Household Durables 0.0% ‡ | ||
SSB Equipment Co., Inc. (c)(d)(h) | 735 | — |
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Sempra Texas Holdings Corp. (c)(d)(h) | 94,456 | — |
Machinery 0.0% ‡ | ||
Ameriforge Group, Inc. (c)(d)(h) | 45,694 | 44,323 |
Specialty Retail 0.0% ‡ | ||
Serta Simmons Bedding, Inc. (c)(h) | 735 | 4,318 |
Shares | Value | ||
Technology Hardware, Storage & Peripherals 0.1% | |||
Diebold Nixdorf, Inc. (h) | 8,023 | $ 232,266 | |
Total Common Stocks (Cost $2,248,714) | 576,052 | ||
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 | 86,353 | |
Total Rights (Cost $47,301) | 86,353 | ||
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 | |||
Short-Term Investments 8.0% | |||
U.S. Treasury Debt 8.0% | |||
U.S. Treasury Bills (j) | |||
5.248%, due 1/16/24 | $ 29,843,000 | 29,781,984 | |
5.282%, due 1/23/24 | 1,362,000 | 1,357,814 | |
5.289%, due 1/9/24 | 3,088,000 | 3,084,851 | |
5.292%, due 1/2/24 | 28,406,000 | 28,406,000 | |
5.293%, due 1/18/24 | 1,500,000 | 1,496,479 | |
5.306%, due 2/6/24 | 5,013,000 | 4,987,269 | |
Total Short-Term Investments (Cost $69,104,733) | 69,114,397 | ||
Total Investments (Cost $876,183,909) | 99.6% | 860,189,088 | |
Other Assets, Less Liabilities | 0.4 | 3,187,676 | |
Net Assets | 100.0% | $ 863,376,764 |
† | 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 December 31, 2023. |
(c) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $5,033,702, which represented 0.6% of the Portfolio’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(f) | Issue in non-accrual status. |
(g) | Issue in default. |
(h) | Non-income producing security. |
(i) | Less than $1. |
(j) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 2,142 | $ — | $ — | $ — | $ 113 | $ 2,255 | $ 131 | $ — | 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 |
32 | MainStay VP Floating Rate Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 17,916,248 | $ — | $ 17,916,248 | |||
Corporate Bonds | — | 40,850,154 | — | 40,850,154 | |||
Loan Assignments | — | 727,768,535 | 1,622,331 | 729,390,866 | |||
Total Long-Term Bonds | — | 786,534,937 | 1,622,331 | 788,157,268 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 2,255,018 | — | — | 2,255,018 | |||
Common Stocks | 232,266 | 82,598 | 261,188 | 576,052 | |||
Rights | — | — | 86,353 | 86,353 | |||
Warrants (b) | — | — | 0 | 0 | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 69,114,397 | — | 69,114,397 | |||
Total Investments in Securities | $ 2,487,284 | $ 855,731,932 | $ 1,969,872 | $ 860,189,088 |
(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 $873,738,221) | $857,934,070 |
Investment in affiliated investment companies, at value (identified cost $2,445,688) | 2,255,018 |
Cash | 8,162,648 |
Unrealized appreciation on unfunded commitments (See Note 5) | 214 |
Receivables: | |
Interest | 4,152,695 |
Investment securities sold | 1,472,497 |
Portfolio shares sold | 1,121,073 |
Other assets | 3,828 |
Total assets | 875,102,043 |
Liabilities | |
Payables: | |
Investment securities purchased | 10,551,107 |
Portfolio shares redeemed | 538,672 |
Manager (See Note 3) | 433,915 |
NYLIFE Distributors (See Note 3) | 133,742 |
Professional fees | 51,786 |
Custodian | 15,967 |
Shareholder communication | 29 |
Accrued expenses | 61 |
Total liabilities | 11,725,279 |
Net assets | $863,376,764 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 100,492 |
Additional paid-in-capital | 939,722,076 |
939,822,568 | |
Total distributable earnings (loss) | (76,445,804) |
Net assets | $863,376,764 |
Initial Class | |
Net assets applicable to outstanding shares | $225,591,842 |
Shares of beneficial interest outstanding | 26,272,521 |
Net asset value per share outstanding | $ 8.59 |
Service Class | |
Net assets applicable to outstanding shares | $637,784,922 |
Shares of beneficial interest outstanding | 74,219,464 |
Net asset value per share outstanding | $ 8.59 |
34 | MainStay VP Floating Rate Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 74,833,628 |
Dividends-affiliated | 130,733 |
Total income | 74,964,361 |
Expenses | |
Manager (See Note 3) | 5,023,423 |
Distribution/Service—Service Class (See Note 3) | 1,497,177 |
Professional fees | 154,144 |
Custodian | 39,319 |
Shareholder communication | 31,805 |
Trustees | 21,689 |
Miscellaneous | 57,935 |
Total expenses | 6,825,492 |
Net investment income (loss) | 68,138,869 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (13,269,188) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 37,417,118 |
Affiliated investments | 112,897 |
Unfunded commitments | 63,624 |
Net change in unrealized appreciation (depreciation) | 37,593,639 |
Net realized and unrealized gain (loss) | 24,324,451 |
Net increase (decrease) in net assets resulting from operations | $ 92,463,320 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 68,138,869 | $ 38,693,702 |
Net realized gain (loss) | (13,269,188) | (5,194,020) |
Net change in unrealized appreciation (depreciation) | 37,593,639 | (45,313,026) |
Net increase (decrease) in net assets resulting from operations | 92,463,320 | (11,813,344) |
Distributions to shareholders: | ||
Initial Class | (19,710,895) | (13,236,901) |
Service Class | (48,172,988) | (25,226,121) |
Total distributions to shareholders | (67,883,883) | (38,463,022) |
Capital share transactions: | ||
Net proceeds from sales of shares | 145,778,567 | 199,338,625 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 67,883,883 | 38,463,022 |
Cost of shares redeemed | (212,263,440) | (183,816,446) |
Increase (decrease) in net assets derived from capital share transactions | 1,399,010 | 53,985,201 |
Net increase (decrease) in net assets | 25,978,447 | 3,708,835 |
Net Assets | ||
Beginning of year | 837,398,317 | 833,689,482 |
End of year | $ 863,376,764 | $ 837,398,317 |
36 | MainStay VP Floating Rate Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.34 | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | ||||
Net investment income (loss) (a) | 0.70 | 0.41 | 0.28 | 0.32 | 0.44 | ||||
Net realized and unrealized gain (loss) | 0.25 | (0.52) | 0.05 | (0.12) | 0.27 | ||||
Total from investment operations | 0.95 | (0.11) | 0.33 | 0.20 | 0.71 | ||||
Less distributions: | |||||||||
From net investment income | (0.70) | (0.41) | (0.28) | (0.32) | (0.44) | ||||
Net asset value at end of year | $ 8.59 | $ 8.34 | $ 8.86 | $ 8.81 | $ 8.93 | ||||
Total investment return (b) | 11.86% | (1.25)% | 3.76% | 2.45% | 8.48% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 8.30% | 4.80% | 3.23% | 3.81% | 4.98% | ||||
Net expenses (c) | 0.64% | 0.64% | 0.64% | 0.65% | 0.65% | ||||
Portfolio turnover rate | 20% | 14% | 29% | 19% | 35% | ||||
Net assets at end of year (in 000's) | $ 225,592 | $ 275,041 | $ 299,907 | $ 142,403 | $ 205,596 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.34 | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | ||||
Net investment income (loss) (a) | 0.69 | 0.39 | 0.26 | 0.30 | 0.42 | ||||
Net realized and unrealized gain (loss) | 0.24 | (0.53) | 0.05 | (0.12) | 0.27 | ||||
Total from investment operations | 0.93 | (0.14) | 0.31 | 0.18 | 0.69 | ||||
Less distributions: | |||||||||
From net investment income | (0.68) | (0.39) | (0.26) | (0.30) | (0.42) | ||||
Net asset value at end of year | $ 8.59 | $ 8.34 | $ 8.87 | $ 8.82 | $ 8.94 | ||||
Total investment return (b) | 11.58% | (1.49)% | 3.50% | 2.20% | 8.19% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 8.08% | 4.59% | 2.96% | 3.50% | 4.73% | ||||
Net expenses (c) | 0.89% | 0.89% | 0.89% | 0.90% | 0.90% | ||||
Portfolio turnover rate | 20% | 14% | 29% | 19% | 35% | ||||
Net assets at end of year (in 000's) | $ 637,785 | $ 562,357 | $ 533,782 | $ 496,645 | $ 579,419 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
38 | 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 |
40 | MainStay VP Floating Rate Portfolio |
42 | MainStay VP Floating Rate Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $876,239,071 | $5,084,987 | $(21,134,970) | $(16,049,983) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,083,696 | $(62,479,731) | $— | $(16,049,769) | $(76,445,804) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,658 | $57,822 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $67,883,883 | $38,463,022 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
Ryan LLC, Delayed Draw Term Loan 2.25%, due 11/14/30 | $85,929 | $214 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 1,190,046 | $ 10,107,544 |
Shares issued to shareholders in reinvestment of distributions | 2,323,880 | 19,710,895 |
Shares redeemed | (10,230,674) | (86,313,893) |
Net increase (decrease) | (6,716,748) | $ (56,495,454) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 15,985,471 | $ 135,671,023 |
Shares issued to shareholders in reinvestment of distributions | 5,673,044 | 48,172,988 |
Shares redeemed | (14,837,542) | (125,949,547) |
Net increase (decrease) | 6,820,973 | $ 57,894,464 |
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 |
44 | MainStay VP Floating Rate Portfolio |
New York, New York
February 26, 2024
46 | MainStay VP Floating Rate Portfolio |
48 | MainStay VP Floating Rate Portfolio |
50 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
52 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
54 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015906 | MSVPFR11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | 11.87% | 5.31% | 4.73% | 0.58% |
Service Class Shares | 6/4/2003 | 11.59 | 5.04 | 4.47 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | 13.47% | 5.19% | 4.51% |
Morningstar High Yield Bond Category Average2 | 12.08 | 4.70 | 3.68 |
* | 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. | 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 ICE BofA U.S. High Yield Constrained 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 ICE BofA U.S. High Yield Constrained Index. |
2. | The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These 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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,064.50 | $3.02 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,063.20 | $4.32 | $1,021.02 | $4.23 | 0.83% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
1. | CCO Holdings LLC, 4.25%-5.375%, due 5/1/27–1/15/34 |
2. | TransDigm, Inc., 4.625%-7.50%, due 3/15/26–12/1/31 |
3. | HCA, Inc., 5.375%-8.36%, due 4/15/24–11/6/33 |
4. | Yum! Brands, Inc., 3.625%-6.875%, due 1/15/30–11/15/37 |
5. | Carnival Corp., 4.00%-9.875%, due 3/1/27–5/1/29 |
6. | Sprint Capital Corp., 6.875%, due 11/15/28 |
7. | Churchill Downs, Inc., 4.75%-6.75%, due 4/1/27–5/1/31 |
8. | IHO Verwaltungs GmbH, 4.75%-6.375%, due 9/15/26–5/15/29 |
9. | VICI Properties LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
10. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
2. | An obligation rated `CCC' by Standard & Poors ("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 92.3% | ||
Convertible Bonds 1.1% | ||
Energy-Alternate Sources 0.1% | ||
NextEra Energy Partners LP (a) | ||
(zero coupon), due 11/15/25 | $ 2,000,000 | $ 1,757,000 |
2.50%, due 6/15/26 | 1,750,000 | 1,576,750 |
3,333,750 | ||
Media 0.4% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | 7,490,000 | 7,443,188 |
3.375%, due 8/15/26 | 6,570,000 | 3,514,950 |
10,958,138 | ||
Oil & Gas 0.4% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (b)(c) | 1,134,000 | 10,789,204 |
Oil & Gas Services 0.2% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (c) | 4,829,915 | 4,720,638 |
Total Convertible Bonds (Cost $22,965,643) | 29,801,730 | |
Corporate Bonds 86.3% | ||
Advertising 1.2% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 10,265,000 | 9,120,453 |
3.75%, due 2/15/28 | 6,320,000 | 5,928,300 |
4.00%, due 2/15/30 | 6,400,000 | 5,865,516 |
4.875%, due 1/15/29 | 2,570,000 | 2,480,870 |
Outfront Media Capital LLC (a) | ||
4.25%, due 1/15/29 | 1,650,000 | 1,488,911 |
5.00%, due 8/15/27 | 6,070,000 | 5,867,242 |
30,751,292 | ||
Aerospace & Defense 2.1% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (a) | 5,587,000 | 5,460,481 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (a) | 2,500,000 | 2,504,295 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 5,180,000 | 4,863,372 |
4.875%, due 5/1/29 | 4,155,000 | 3,883,613 |
6.25%, due 3/15/26 (a) | 23,850,000 | 23,808,794 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
TransDigm, Inc. (continued) | ||
6.75%, due 8/15/28 (a) | $ 5,350,000 | $ 5,473,489 |
6.875%, due 12/15/30 (a) | 2,500,000 | 2,575,000 |
7.125%, due 12/1/31 (a) | 2,900,000 | 3,038,953 |
7.50%, due 3/15/27 | 2,780,000 | 2,794,070 |
54,402,067 | ||
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 2,612,500 | 2,593,655 |
5.75%, due 4/20/29 | 3,750,000 | 3,655,359 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,714,029 | 1,687,985 |
7.00%, due 5/1/25 | 713,000 | 725,415 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 3,976,001 | 3,987,289 |
12,649,703 | ||
Auto Manufacturers 0.8% | ||
Ford Motor Credit Co. LLC | ||
4.389%, due 1/8/26 | 750,000 | 729,295 |
6.95%, due 6/10/26 | 1,575,000 | 1,615,673 |
7.20%, due 6/10/30 | 1,055,000 | 1,123,624 |
7.35%, due 3/6/30 | 2,000,000 | 2,148,602 |
JB Poindexter & Co., Inc. | ||
8.75%, due 12/15/31 (a) | 10,965,000 | 11,184,300 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (a) | 3,775,000 | 3,828,169 |
20,629,663 | ||
Auto Parts & Equipment 2.0% | ||
Adient Global Holdings Ltd. (a) | ||
4.875%, due 8/15/26 | 2,800,000 | 2,738,015 |
7.00%, due 4/15/28 | 1,000,000 | 1,033,637 |
8.25%, due 4/15/31 | 1,300,000 | 1,376,543 |
IHO Verwaltungs GmbH (a)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 7,973,000 | 7,634,148 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 11,976,000 | 11,668,506 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 11,645,000 | 11,427,974 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (a) | 9,125,000 | 7,866,991 |
Tenneco, Inc. | ||
8.00%, due 11/17/28 (a) | 6,095,000 | 5,203,606 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Parts & Equipment (continued) | ||
ZF North America Capital, Inc. (a) | ||
6.875%, due 4/14/28 | $ 1,650,000 | $ 1,709,844 |
7.125%, due 4/14/30 | 2,250,000 | 2,398,037 |
53,057,301 | ||
Beverages 0.1% | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (a) | 1,500,000 | 1,382,089 |
Building Materials 1.5% | ||
Builders FirstSource, Inc. | ||
6.375%, due 6/15/32 (a) | 3,000,000 | 3,063,525 |
Emerald Debt Merger Sub LLC | ||
6.625%, due 12/15/30 (a) | 7,000,000 | 7,149,590 |
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (a) | 8,011,000 | 7,749,315 |
Knife River Corp. | ||
7.75%, due 5/1/31 (a) | 3,490,000 | 3,715,942 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (a) | 2,500,000 | 2,384,775 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (a) | 4,360,000 | 4,344,448 |
Summit Materials LLC (a) | ||
5.25%, due 1/15/29 | 4,380,000 | 4,237,650 |
6.50%, due 3/15/27 | 5,635,000 | 5,627,725 |
7.25%, due 1/15/31 | 2,405,000 | 2,534,158 |
40,807,128 | ||
Chemicals 3.1% | ||
ASP Unifrax Holdings, Inc. (a) | ||
5.25%, due 9/30/28 | 5,505,000 | 3,975,183 |
7.50%, due 9/30/29 | 5,990,000 | 3,047,083 |
Avient Corp. (a) | ||
5.75%, due 5/15/25 | 2,000,000 | 2,000,058 |
7.125%, due 8/1/30 | 3,405,000 | 3,542,082 |
CVR Partners LP | ||
6.125%, due 6/15/28 (a) | 1,700,000 | 1,585,964 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (a) | 9,575,000 | 8,850,843 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (a) | 7,096,000 | 6,443,594 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (a)(c) | 5,105,000 | 4,313,418 |
Mativ Holdings, Inc. | ||
6.875%, due 10/1/26 (a) | 3,000,000 | 2,877,695 |
Principal Amount | Value | |
Chemicals (continued) | ||
NOVA Chemicals Corp. (a) | ||
4.875%, due 6/1/24 | $ 1,238,000 | $ 1,227,180 |
5.25%, due 6/1/27 | 4,870,000 | 4,565,668 |
8.50%, due 11/15/28 | 2,985,000 | 3,130,250 |
Olympus Water US Holding Corp. (a) | ||
7.125%, due 10/1/27 | 1,955,000 | 1,957,190 |
9.75%, due 11/15/28 | 7,825,000 | 8,305,400 |
SCIH Salt Holdings, Inc. (a) | ||
4.875%, due 5/1/28 | 6,000,000 | 5,611,898 |
6.625%, due 5/1/29 | 6,435,000 | 6,005,283 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 3,700,000 | 3,551,748 |
SK Invictus Intermediate II SARL | ||
5.00%, due 10/30/29 (a) | 10,450,000 | 9,065,375 |
WR Grace Holdings LLC | ||
7.375%, due 3/1/31 (a) | 1,360,000 | 1,360,415 |
81,416,327 | ||
Coal 0.1% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (a) | 2,430,000 | 2,531,605 |
Warrior Met Coal, Inc. | ||
7.875%, due 12/1/28 (a) | 1,337,000 | 1,327,018 |
3,858,623 | ||
Commercial Services 2.2% | ||
AMN Healthcare, Inc. | ||
4.625%, due 10/1/27 (a) | 2,430,000 | 2,299,387 |
Gartner, Inc. | ||
3.75%, due 10/1/30 (a) | 3,500,000 | 3,093,899 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (a) | 11,107,000 | 11,040,183 |
Korn Ferry | ||
4.625%, due 12/15/27 (a) | 4,000,000 | 3,854,734 |
MPH Acquisition Holdings LLC | ||
5.75%, due 11/1/28 (a) | 2,185,000 | 1,775,066 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (a) | 7,995,000 | 7,392,097 |
Service Corp. International | ||
3.375%, due 8/15/30 | 902,000 | 786,631 |
4.00%, due 5/15/31 | 6,650,000 | 5,955,075 |
TriNet Group, Inc. | ||
7.125%, due 8/15/31 (a) | 1,750,000 | 1,792,161 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 2,000,000 | 1,769,593 |
3.875%, due 2/15/31 | 3,500,000 | 3,180,100 |
4.875%, due 1/15/28 | 1,000,000 | 976,240 |
5.50%, due 5/15/27 | 500,000 | 501,104 |
10 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Williams Scotsman, Inc. (a) | ||
4.625%, due 8/15/28 | $ 4,270,000 | $ 4,033,129 |
6.125%, due 6/15/25 | 4,705,000 | 4,714,269 |
7.375%, due 10/1/31 | 1,500,000 | 1,573,136 |
WW International, Inc. | ||
4.50%, due 4/15/29 (a) | 4,750,000 | 3,114,808 |
57,851,612 | ||
Computers 0.2% | ||
McAfee Corp. | ||
7.375%, due 2/15/30 (a) | 4,310,000 | 3,936,114 |
Cosmetics & Personal Care 0.4% | ||
Edgewell Personal Care Co. (a) | ||
4.125%, due 4/1/29 | 6,780,000 | 6,169,800 |
5.50%, due 6/1/28 | 4,000,000 | 3,925,000 |
10,094,800 | ||
Distribution & Wholesale 0.8% | ||
Dealer Tire LLC | ||
8.00%, due 2/1/28 (a) | 5,540,000 | 5,484,600 |
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (a) | 5,450,000 | 5,475,654 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (a) | 3,120,000 | 2,837,064 |
Ritchie Bros Holdings, Inc. (a) | ||
6.75%, due 3/15/28 | 1,000,000 | 1,029,572 |
7.75%, due 3/15/31 | 6,565,000 | 6,999,012 |
21,825,902 | ||
Diversified Financial Services 2.1% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (a) | 6,787,000 | 7,135,804 |
Aretec Group, Inc. (a) | ||
7.50%, due 4/1/29 | 4,580,000 | 4,122,599 |
10.00%, due 8/15/30 | 2,500,000 | 2,656,625 |
Credit Acceptance Corp. | ||
6.625%, due 3/15/26 | 9,465,000 | 9,442,402 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (a) | 4,595,000 | 4,580,757 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (a) | 10,185,000 | 9,116,382 |
LPL Holdings, Inc. (a) | ||
4.00%, due 3/15/29 | 6,000,000 | 5,552,500 |
4.375%, due 5/15/31 | 3,375,000 | 3,056,166 |
4.625%, due 11/15/27 | 3,865,000 | 3,732,944 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Osaic Holdings, Inc. | ||
10.75%, due 8/1/27 (a) | $ 1,000,000 | $ 1,015,000 |
PennyMac Financial Services, Inc. (a) | ||
4.25%, due 2/15/29 | 2,700,000 | 2,430,226 |
5.75%, due 9/15/31 | 1,500,000 | 1,388,222 |
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (a) | 1,298,000 | 1,311,266 |
55,540,893 | ||
Electric 2.4% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (a) | 4,050,000 | 3,901,826 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 5,815,000 | 5,669,625 |
Keystone Power Pass-Through Holders LLC | ||
13.00%, due 6/1/24 (a)(b) | 2,738,582 | 1,780,078 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (a) | 3,650,000 | 3,179,117 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (a) | 4,000,000 | 3,808,480 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 2,555,000 | 2,560,496 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (a) | 4,205,000 | 3,977,339 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 4,770,000 | 4,641,121 |
5.25%, due 7/1/30 | 3,840,000 | 3,703,855 |
Talen Energy Supply LLC | ||
8.625%, due 6/1/30 (a) | 12,345,000 | 13,116,962 |
TransAlta Corp. | ||
7.75%, due 11/15/29 | 3,300,000 | 3,504,880 |
Vistra Corp. (a)(d)(e) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | 3,000,000 | 2,955,000 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 7,800,000 | 7,765,998 |
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 3,300,000 | 3,212,885 |
63,777,662 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electrical Components & Equipment 0.3% | ||
WESCO Distribution, Inc. (a) | ||
7.125%, due 6/15/25 | $ 4,535,000 | $ 4,568,115 |
7.25%, due 6/15/28 | 2,500,000 | 2,569,562 |
7,137,677 | ||
Engineering & Construction 0.5% | ||
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (a) | 4,100,000 | 3,485,865 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (a) | 2,800,000 | 2,772,000 |
TopBuild Corp. | ||
4.125%, due 2/15/32 (a) | 2,575,000 | 2,290,674 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (a) | 5,800,000 | 5,403,845 |
13,952,384 | ||
Entertainment 3.5% | ||
Affinity Interactive | ||
6.875%, due 12/15/27 (a) | 3,939,000 | 3,510,569 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (a) | 3,845,000 | 3,615,817 |
Caesars Entertainment, Inc. | ||
7.00%, due 2/15/30 (a) | 3,500,000 | 3,589,030 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (a) | 2,170,000 | 2,115,750 |
Churchill Downs, Inc. (a) | ||
4.75%, due 1/15/28 | 13,847,000 | 13,270,907 |
5.50%, due 4/1/27 | 9,376,000 | 9,277,644 |
5.75%, due 4/1/30 | 6,190,000 | 6,035,197 |
6.75%, due 5/1/31 | 3,340,000 | 3,389,884 |
International Game Technology plc | ||
6.25%, due 1/15/27 (a) | 7,225,000 | 7,332,248 |
Jacobs Entertainment, Inc. (a) | ||
6.75%, due 2/15/29 | 6,470,000 | 6,081,800 |
6.75%, due 2/15/29 | 2,325,000 | 2,185,500 |
Light & Wonder International, Inc. | ||
7.50%, due 9/1/31 (a) | 4,400,000 | 4,589,446 |
Live Nation Entertainment, Inc. (a) | ||
3.75%, due 1/15/28 | 1,000,000 | 932,593 |
6.50%, due 5/15/27 | 6,435,000 | 6,547,754 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (a) | 10,940,000 | 10,828,024 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (a) | 2,280,000 | 2,120,400 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (a) | 4,500,000 | 4,161,616 |
Principal Amount | Value | |
Entertainment (continued) | ||
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (a) | $ 2,800,000 | $ 2,786,000 |
92,370,179 | ||
Food 0.9% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 1,649,000 | 1,623,696 |
8.00%, due 9/15/28 (a) | 3,250,000 | 3,412,640 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (a) | 5,130,000 | 4,888,428 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (a) | 8,500,000 | 7,354,022 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (a) | 6,590,000 | 5,334,869 |
22,613,655 | ||
Forest Products & Paper 1.4% | ||
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 14,470,000 | 12,428,996 |
5.50%, due 1/15/26 | 3,415,000 | 3,269,694 |
12.875%, due 10/1/28 (a) | 4,235,000 | 4,629,075 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 15,843,000 | 16,255,997 |
36,583,762 | ||
Gas 0.3% | ||
AmeriGas Partners LP | ||
5.75%, due 5/20/27 | 2,485,000 | 2,416,718 |
5.875%, due 8/20/26 | 6,385,000 | 6,322,066 |
8,738,784 | ||
Hand & Machine Tools 0.4% | ||
Regal Rexnord Corp. (a) | ||
6.05%, due 2/15/26 | 1,750,000 | 1,769,343 |
6.05%, due 4/15/28 | 1,750,000 | 1,771,484 |
6.30%, due 2/15/30 | 1,550,000 | 1,590,162 |
6.40%, due 4/15/33 | 1,000,000 | 1,042,269 |
Werner FinCo. LP (a) | ||
11.50%, due 6/15/28 | 1,000,000 | 1,038,727 |
14.50% (8.75% Cash and 5.75% PIK), due 10/15/28 (b)(c) | 4,323,312 | 3,588,349 |
10,800,334 | ||
Healthcare-Products 1.6% | ||
Bausch & Lomb Escrow Corp. | ||
8.375%, due 10/1/28 (a) | 8,485,000 | 8,951,166 |
Garden Spinco Corp. | ||
8.625%, due 7/20/30 (a) | 4,350,000 | 4,646,393 |
12 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Products (continued) | ||
Hologic, Inc. (a) | ||
3.25%, due 2/15/29 | $ 8,500,000 | $ 7,706,265 |
4.625%, due 2/1/28 | 2,000,000 | 1,919,824 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (a) | 9,615,000 | 9,112,952 |
4.625%, due 11/15/27 | 3,500,000 | 3,402,201 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (a) | 5,237,000 | 5,265,884 |
41,004,685 | ||
Healthcare-Services 4.8% | ||
Acadia Healthcare Co., Inc. (a) | ||
5.00%, due 4/15/29 | 1,750,000 | 1,679,998 |
5.50%, due 7/1/28 | 1,850,000 | 1,821,970 |
Catalent Pharma Solutions, Inc. (a) | ||
3.125%, due 2/15/29 | 5,995,000 | 5,246,344 |
3.50%, due 4/1/30 | 1,150,000 | 1,000,429 |
5.00%, due 7/15/27 | 4,500,000 | 4,347,775 |
CHS/Community Health Systems, Inc. | ||
5.25%, due 5/15/30 (a) | 2,500,000 | 2,090,866 |
DaVita, Inc. (a) | ||
3.75%, due 2/15/31 | 2,700,000 | 2,217,646 |
4.625%, due 6/1/30 | 4,000,000 | 3,489,579 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,500,000 | 5,262,175 |
4.625%, due 4/1/31 | 3,875,000 | 3,565,711 |
4.75%, due 2/1/30 | 7,650,000 | 7,204,238 |
HCA, Inc. | ||
5.375%, due 2/1/25 | 6,530,000 | 6,520,404 |
5.875%, due 2/15/26 | 7,600,000 | 7,664,638 |
7.50%, due 11/6/33 | 10,500,000 | 11,815,012 |
7.58%, due 9/15/25 | 3,507,000 | 3,613,586 |
7.69%, due 6/15/25 | 9,035,000 | 9,330,637 |
8.36%, due 4/15/24 | 4,450,000 | 4,475,951 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (a) | 2,650,000 | 2,460,549 |
IQVIA, Inc. (a) | ||
5.00%, due 10/15/26 | 8,997,000 | 8,911,045 |
6.50%, due 5/15/30 | 2,000,000 | 2,050,216 |
LifePoint Health, Inc. (a) | ||
5.375%, due 1/15/29 | 4,900,000 | 3,623,345 |
11.00%, due 10/15/30 | 5,025,000 | 5,292,089 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (a) | 255,000 | 208,422 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (a) | 3,000,000 | 2,962,500 |
Principal Amount | Value | |
Healthcare-Services (continued) | ||
Molina Healthcare, Inc. | ||
3.875%, due 11/15/30 (a) | $ 1,500,000 | $ 1,348,352 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (a) | 12,915,000 | 12,812,717 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (a) | 2,000,000 | 2,009,948 |
Tenet Healthcare Corp. | ||
6.75%, due 5/15/31 (a) | 3,000,000 | 3,066,150 |
126,092,292 | ||
Holding Companies-Diversified 0.7% | ||
Benteler International AG | ||
10.50%, due 5/15/28 (a) | 9,735,000 | 10,255,141 |
Stena International SA | ||
6.125%, due 2/1/25 (a) | 9,525,000 | 9,469,879 |
19,725,020 | ||
Home Builders 1.8% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (a) | 1,500,000 | 1,482,600 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (a) | 4,450,000 | 4,311,545 |
Century Communities, Inc. | ||
3.875%, due 8/15/29 (a) | 4,370,000 | 3,955,617 |
6.75%, due 6/1/27 | 6,775,000 | 6,848,136 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (a) | 6,945,000 | 6,736,650 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | 1,695,000 | 1,508,550 |
4.95%, due 2/1/28 | 3,000,000 | 2,887,070 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (a) | 2,923,000 | 2,686,076 |
Shea Homes LP | ||
4.75%, due 2/15/28 | 7,300,000 | 6,862,000 |
4.75%, due 4/1/29 | 1,628,000 | 1,497,760 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (a) | 2,700,000 | 2,622,240 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (a) | 6,785,000 | 6,666,263 |
48,064,507 | ||
Household Products & Wares 0.2% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 2,020,000 | 1,837,264 |
4.125%, due 4/30/31 (a) | 4,323,000 | 3,820,542 |
5,657,806 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Housewares 0.5% | ||
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 | $ 6,500,000 | $ 5,514,635 |
4.375%, due 2/1/32 | 3,235,000 | 2,733,640 |
4.50%, due 10/15/29 | 6,400,000 | 5,686,465 |
13,934,740 | ||
Insurance 0.9% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (a) | 5,500,000 | 5,133,971 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 4,273,000 | 4,513,454 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (a) | 1,000,000 | 987,626 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 6,708,000 | 6,529,681 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 3,245,000 | 3,250,387 |
Ryan Specialty LLC | ||
4.375%, due 2/1/30 (a) | 1,000,000 | 927,500 |
USI, Inc. | ||
7.50%, due 1/15/32 (a) | 2,710,000 | 2,774,498 |
24,117,117 | ||
Internet 1.4% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (a) | 5,860,000 | 5,650,270 |
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (a) | 4,100,000 | 4,171,049 |
Netflix, Inc. | ||
5.75%, due 3/1/24 | 1,859,000 | 1,856,602 |
5.875%, due 11/15/28 | 6,500,000 | 6,843,089 |
Uber Technologies, Inc. | ||
7.50%, due 9/15/27 (a) | 6,065,000 | 6,281,096 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 6,000,000 | 5,943,382 |
5.25%, due 4/1/25 | 6,809,000 | 6,811,562 |
37,557,050 | ||
Investment Companies 0.6% | ||
Compass Group Diversified Holdings LLC (a) | ||
5.00%, due 1/15/32 | 1,810,000 | 1,630,333 |
5.25%, due 4/15/29 | 8,150,000 | 7,698,659 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 4,000,000 | 3,592,896 |
6.25%, due 5/15/26 | 4,000,000 | 3,816,443 |
16,738,331 |
Principal Amount | Value | |
Iron & Steel 1.4% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | $ 7,400,000 | $ 7,455,500 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (a) | 7,595,000 | 7,743,710 |
Mineral Resources Ltd. (a) | ||
8.125%, due 5/1/27 | 12,500,000 | 12,698,633 |
8.50%, due 5/1/30 | 3,375,000 | 3,517,851 |
9.25%, due 10/1/28 | 5,480,000 | 5,829,459 |
37,245,153 | ||
Leisure Time 2.0% | ||
Carnival Corp. (a) | ||
4.00%, due 8/1/28 | 8,500,000 | 7,902,772 |
5.75%, due 3/1/27 | 13,600,000 | 13,265,896 |
6.00%, due 5/1/29 | 7,280,000 | 7,004,856 |
9.875%, due 8/1/27 | 7,000,000 | 7,348,964 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (a) | 5,500,000 | 5,986,304 |
Royal Caribbean Cruises Ltd. (a) | ||
5.375%, due 7/15/27 | 2,000,000 | 1,979,843 |
5.50%, due 4/1/28 | 5,000,000 | 4,936,294 |
7.25%, due 1/15/30 | 3,450,000 | 3,603,111 |
52,028,040 | ||
Lodging 1.8% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 11,630,000 | 11,189,231 |
4.75%, due 6/15/31 (a) | 13,995,000 | 12,844,944 |
Hilton Domestic Operating Co., Inc. | ||
4.00%, due 5/1/31 (a) | 10,490,000 | 9,608,057 |
4.875%, due 1/15/30 | 9,020,000 | 8,741,795 |
5.75%, due 5/1/28 (a) | 2,200,000 | 2,200,834 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 3,030,000 | 2,701,411 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (a) | 1,500,000 | 1,414,243 |
48,700,515 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (a) | 2,150,000 | 2,026,375 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (a) | 6,755,000 | 6,337,672 |
8,364,047 |
14 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery-Diversified 0.7% | ||
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 (a) | 3,000,000 | 3,135,741 |
Maxim Crane Works Holdings Capital LLC | ||
11.50%, due 9/1/28 (a) | 3,540,000 | 3,668,290 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (a) | 3,053,000 | 2,998,935 |
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (a) | 9,040,000 | 8,880,507 |
18,683,473 | ||
Media 6.7% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (a) | 4,175,000 | 3,653,125 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (a) | 9,500,000 | 7,691,563 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (a) | 12,120,000 | 10,592,034 |
4.25%, due 1/15/34 (a) | 7,265,000 | 5,903,735 |
4.50%, due 8/15/30 (a) | 13,555,000 | 12,219,618 |
4.50%, due 5/1/32 | 11,250,000 | 9,635,226 |
4.75%, due 3/1/30 (a) | 7,715,000 | 7,049,696 |
5.00%, due 2/1/28 (a) | 8,550,000 | 8,180,491 |
5.125%, due 5/1/27 (a) | 12,000,000 | 11,594,035 |
5.375%, due 6/1/29 (a) | 4,780,000 | 4,505,563 |
CSC Holdings LLC (a) | ||
5.50%, due 4/15/27 | 1,000,000 | 924,297 |
5.75%, due 1/15/30 | 6,250,000 | 3,890,625 |
6.50%, due 2/1/29 | 3,090,000 | 2,727,234 |
7.50%, due 4/1/28 | 2,250,000 | 1,683,203 |
11.25%, due 5/15/28 | 3,405,000 | 3,508,376 |
Directv Financing LLC | ||
5.875%, due 8/15/27 (a) | 12,255,000 | 11,514,515 |
DISH DBS Corp. | ||
7.75%, due 7/1/26 | 5,600,000 | 3,900,456 |
LCPR Senior Secured Financing DAC (a) | ||
5.125%, due 7/15/29 | 4,255,000 | 3,706,681 |
6.75%, due 10/15/27 | 13,896,000 | 13,610,576 |
News Corp. (a) | ||
3.875%, due 5/15/29 | 10,070,000 | 9,259,060 |
5.125%, due 2/15/32 | 3,885,000 | 3,688,460 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (a) | 4,805,000 | 4,249,686 |
Principal Amount | Value | |
Media (continued) | ||
Sirius XM Radio, Inc. | ||
4.00%, due 7/15/28 (a) | $ 2,750,000 | $ 2,543,318 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (b)(f)(h) | 7,000,000 | 6,380,500 |
Videotron Ltd. (a) | ||
5.125%, due 4/15/27 | 3,835,000 | 3,777,475 |
5.375%, due 6/15/24 | 9,580,000 | 9,532,100 |
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (a) | 6,035,000 | 5,320,830 |
VZ Secured Financing BV | ||
5.00%, due 1/15/32 (a) | 5,285,000 | 4,511,918 |
175,754,396 | ||
Metal Fabricate & Hardware 0.2% | ||
Advanced Drainage Systems, Inc. (a) | ||
5.00%, due 9/30/27 | 2,275,000 | 2,195,375 |
6.375%, due 6/15/30 | 3,030,000 | 3,052,706 |
5,248,081 | ||
Mining 1.4% | ||
Century Aluminum Co. | ||
7.50%, due 4/1/28 (a) | 9,235,000 | 8,937,736 |
Compass Minerals International, Inc. | ||
6.75%, due 12/1/27 (a) | 7,990,000 | 7,910,100 |
Eldorado Gold Corp. | ||
6.25%, due 9/1/29 (a) | 3,050,000 | 2,875,808 |
First Quantum Minerals Ltd. (a) | ||
6.875%, due 3/1/26 | 430,000 | 384,908 |
6.875%, due 10/15/27 | 4,615,000 | 3,922,035 |
7.50%, due 4/1/25 | 3,415,000 | 3,256,186 |
8.625%, due 6/1/31 | 1,525,000 | 1,292,437 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (a) | 9,760,000 | 8,393,181 |
36,972,391 | ||
Miscellaneous—Manufacturing 1.0% | ||
Amsted Industries, Inc. (a) | ||
4.625%, due 5/15/30 | 2,615,000 | 2,393,300 |
5.625%, due 7/1/27 | 7,240,000 | 7,214,066 |
Calderys Financing LLC | ||
11.25%, due 6/1/28 (a) | 2,260,000 | 2,367,102 |
Enpro, Inc. | ||
5.75%, due 10/15/26 | 4,240,000 | 4,196,824 |
Hillenbrand, Inc. | ||
5.75%, due 6/15/25 | 2,000,000 | 1,997,500 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (a) | 4,735,000 | 4,490,692 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Miscellaneous—Manufacturing (continued) | ||
Trinity Industries, Inc. | ||
7.75%, due 7/15/28 (a) | $ 3,230,000 | $ 3,336,852 |
25,996,336 | ||
Office Furnishings 0.2% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (a) | 4,445,000 | 4,108,439 |
Oil & Gas 6.6% | ||
Ascent Resources Utica Holdings LLC (a) | ||
7.00%, due 11/1/26 | 3,400,000 | 3,421,485 |
9.00%, due 11/1/27 | 2,684,000 | 3,381,840 |
California Resources Corp. | ||
7.125%, due 2/1/26 (a) | 3,000,000 | 3,042,554 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (a) | 1,350,000 | 1,309,234 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (a) | 3,120,000 | 2,853,262 |
Diamond Foreign Asset Co. | ||
8.50%, due 10/1/30 (a) | 5,365,000 | 5,486,260 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (a) | 10,805,000 | 10,642,925 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 394,094 | 398,370 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (a) | 8,284,024 | 8,373,906 |
HF Sinclair Corp. (a) | ||
5.00%, due 2/1/28 | 2,845,000 | 2,759,096 |
6.375%, due 4/15/27 | 1,565,000 | 1,577,274 |
Hilcorp Energy I LP (a) | ||
5.75%, due 2/1/29 | 1,610,000 | 1,554,770 |
6.00%, due 4/15/30 | 2,400,000 | 2,327,548 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 3,000,000 | 2,925,884 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 7,250,000 | 7,189,813 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (a) | 1,765,000 | 1,761,604 |
Noble Finance II LLC | ||
8.00%, due 4/15/30 (a) | 1,685,000 | 1,753,332 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 10,200,000 | 10,273,746 |
6.45%, due 9/15/36 | 3,100,000 | 3,279,804 |
Parkland Corp. (a) | ||
4.50%, due 10/1/29 | 5,000,000 | 4,582,350 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Parkland Corp. (a) (continued) | ||
4.625%, due 5/1/30 | $ 4,390,000 | $ 4,038,800 |
5.875%, due 7/15/27 | 3,630,000 | 3,615,343 |
Permian Resources Operating LLC (a) | ||
5.375%, due 1/15/26 | 5,700,000 | 5,624,094 |
6.875%, due 4/1/27 | 5,958,000 | 5,953,916 |
7.75%, due 2/15/26 | 5,640,000 | 5,737,741 |
Range Resources Corp. | ||
4.75%, due 2/15/30 (a) | 1,000,000 | 924,390 |
8.25%, due 1/15/29 | 1,615,000 | 1,671,481 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (a) | 11,110,000 | 10,500,209 |
Southwestern Energy Co. | ||
5.375%, due 3/15/30 | 2,580,000 | 2,519,247 |
5.70%, due 1/23/25 (i) | 1,008,000 | 1,003,985 |
8.375%, due 9/15/28 | 1,600,000 | 1,655,331 |
Sunoco LP | ||
6.00%, due 4/15/27 | 2,000,000 | 2,001,712 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 19,985,000 | 20,559,569 |
Transocean Aquila Ltd. | ||
8.00%, due 9/30/28 (a) | 2,630,000 | 2,669,362 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (a) | 6,867,000 | 6,832,894 |
Transocean Titan Financing Ltd. | ||
8.375%, due 2/1/28 (a) | 2,500,000 | 2,593,719 |
Transocean, Inc. | ||
8.75%, due 2/15/30 (a) | 8,098,750 | 8,461,254 |
Vital Energy, Inc. | ||
7.75%, due 7/31/29 (a) | 3,930,000 | 3,757,487 |
10.125%, due 1/15/28 | 4,645,000 | 4,773,011 |
173,788,602 | ||
Oil & Gas Services 0.9% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (a) | 8,135,000 | 7,810,225 |
Nine Energy Service, Inc. | ||
13.00%, due 2/1/28 | 7,825,000 | 6,905,563 |
Oceaneering International, Inc. | ||
6.00%, due 2/1/28 (a) | 2,965,000 | 2,873,915 |
Weatherford International Ltd. (a) | ||
6.50%, due 9/15/28 | 3,741,000 | 3,871,258 |
8.625%, due 4/30/30 | 3,240,000 | 3,382,751 |
24,843,712 |
16 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Packaging & Containers 0.3% | ||
Cascades USA, Inc. (a) | ||
5.125%, due 1/15/26 | $ 2,810,000 | $ 2,732,725 |
5.375%, due 1/15/28 | 5,200,000 | 5,031,000 |
7,763,725 | ||
Pharmaceuticals 2.9% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (a) | 3,396,000 | 3,311,440 |
180 Medical, Inc. | ||
3.875%, due 10/15/29 (a) | 3,270,000 | 2,945,453 |
Bausch Health Cos., Inc. (a) | ||
7.00%, due 1/15/28 | 1,750,000 | 760,568 |
11.00%, due 9/30/28 | 4,000,000 | 2,907,920 |
14.00%, due 10/15/30 | 347,000 | 193,042 |
BellRing Brands, Inc. | ||
7.00%, due 3/15/30 (a) | 5,300,000 | 5,485,341 |
Grifols SA | ||
4.75%, due 10/15/28 (a) | 2,000,000 | 1,813,740 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (a) | 8,790,000 | 8,187,136 |
Organon & Co. (a) | ||
4.125%, due 4/30/28 | 7,000,000 | 6,443,233 |
5.125%, due 4/30/31 | 5,260,000 | 4,496,483 |
Owens & Minor, Inc. (a) | ||
4.50%, due 3/31/29 | 6,310,000 | 5,565,862 |
6.625%, due 4/1/30 | 9,835,000 | 9,390,584 |
Par Pharmaceutical, Inc. | ||
8.50%, due 4/1/27 (a)(g)(j) | 15,476,000 | 9,904,640 |
Prestige Brands, Inc. (a) | ||
3.75%, due 4/1/31 | 10,940,000 | 9,563,372 |
5.125%, due 1/15/28 | 4,895,000 | 4,753,681 |
75,722,495 | ||
Pipelines 4.4% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 395,000 | 395,452 |
Antero Midstream Partners LP | ||
5.75%, due 1/15/28 (a) | 1,265,000 | 1,252,392 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,285,000 | 2,051,890 |
DT Midstream, Inc. | ||
4.375%, due 6/15/31 (a) | 1,975,000 | 1,781,517 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 3,978,000 | 3,888,960 |
8.00%, due 4/1/29 (a) | 2,150,000 | 2,237,290 |
EnLink Midstream LLC | ||
6.50%, due 9/1/30 (a) | 1,675,000 | 1,710,126 |
Principal Amount | Value | |
Pipelines (continued) | ||
EQM Midstream Partners LP | ||
5.50%, due 7/15/28 | $ 720,000 | $ 713,399 |
6.00%, due 7/1/25 (a) | 1,092,000 | 1,091,498 |
6.50%, due 7/1/27 (a) | 1,850,000 | 1,883,729 |
7.50%, due 6/1/30 (a) | 1,480,000 | 1,591,028 |
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (a) | 8,115,000 | 8,418,028 |
Genesis Energy LP | ||
6.25%, due 5/15/26 | 3,596,000 | 3,591,744 |
7.75%, due 2/1/28 | 4,250,000 | 4,264,816 |
8.00%, due 1/15/27 | 9,870,000 | 10,033,595 |
8.25%, due 1/15/29 | 2,230,000 | 2,294,770 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (a) | 6,965,000 | 6,923,765 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 1,500,000 | 1,380,000 |
5.625%, due 2/15/26 | 3,300,000 | 3,275,844 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (a) | 6,160,000 | 5,449,382 |
MPLX LP | ||
4.875%, due 12/1/24 | 2,500,000 | 2,485,737 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (a) | 5,060,000 | 4,859,639 |
NGPL PipeCo LLC | ||
4.875%, due 8/15/27 (a) | 1,000,000 | 981,280 |
Northwest Pipeline LLC | ||
7.125%, due 12/1/25 | 2,195,000 | 2,249,430 |
Plains All American Pipeline LP | ||
Series B | ||
9.751% (3 Month SOFR + 4.372%), due 1/29/24 (d)(e) | 14,265,000 | 13,783,556 |
Rockies Express Pipeline LLC | ||
4.80%, due 5/15/30 (a) | 1,500,000 | 1,372,500 |
Summit Midstream Holdings LLC | ||
9.00%, due 10/15/26 (a)(i) | 3,720,000 | 3,690,313 |
Tallgrass Energy Partners LP | ||
6.00%, due 3/1/27 (a) | 2,750,000 | 2,689,170 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 8,330,000 | 7,517,825 |
Venture Global LNG, Inc. (a) | ||
8.125%, due 6/1/28 | 6,000,000 | 6,059,382 |
9.50%, due 2/1/29 | 4,975,000 | 5,264,381 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 2,000,000 | 1,964,948 |
117,147,386 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts 2.4% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (a) | $ 3,680,000 | $ 3,359,248 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 5,700,000 | 5,667,041 |
5.375%, due 4/15/26 | 956,000 | 950,089 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 5,100,000 | 3,667,210 |
5.00%, due 10/15/27 | 9,866,000 | 8,058,913 |
5.25%, due 8/1/26 | 1,500,000 | 1,340,907 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (a) | 2,081,000 | 1,935,415 |
4.75%, due 10/15/27 | 7,325,000 | 7,075,110 |
7.25%, due 7/15/28 (a) | 2,215,000 | 2,302,906 |
VICI Properties LP (a) | ||
3.875%, due 2/15/29 | 2,500,000 | 2,296,577 |
4.625%, due 6/15/25 | 2,800,000 | 2,750,300 |
5.625%, due 5/1/24 | 17,465,000 | 17,408,167 |
5.75%, due 2/1/27 | 6,525,000 | 6,544,360 |
63,356,243 | ||
Retail 6.1% | ||
1011778 BC ULC (a) | ||
3.875%, due 1/15/28 | 6,165,000 | 5,824,219 |
4.00%, due 10/15/30 | 14,205,000 | 12,740,450 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 4,631,000 | 4,398,290 |
4.625%, due 11/15/29 (a) | 3,945,000 | 3,651,495 |
4.75%, due 3/1/30 | 5,212,000 | 4,865,268 |
5.00%, due 2/15/32 (a) | 2,350,000 | 2,135,688 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (a) | 4,700,000 | 4,587,567 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (a) | 3,005,000 | 3,042,563 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (a) | 4,165,000 | 3,862,483 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (a) | 7,000,000 | 6,624,737 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (a) | 5,135,000 | 5,056,948 |
LCM Investments Holdings II LLC (a) | ||
4.875%, due 5/1/29 | 12,530,000 | 11,639,301 |
8.25%, due 8/1/31 | 2,665,000 | 2,781,472 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 3,000,000 | 2,842,500 |
5.625%, due 5/1/27 | 2,994,000 | 2,967,914 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (a) | 22,850,000 | 21,957,634 |
Principal Amount | Value | |
Retail (continued) | ||
Papa John's International, Inc. | ||
3.875%, due 9/15/29 (a) | $ 4,930,000 | $ 4,360,890 |
Patrick Industries, Inc. (a) | ||
4.75%, due 5/1/29 | 1,795,000 | 1,634,555 |
7.50%, due 10/15/27 | 5,615,000 | 5,629,037 |
PetSmart, Inc. | ||
7.75%, due 2/15/29 (a) | 4,285,000 | 4,168,525 |
Sonic Automotive, Inc. (a) | ||
4.625%, due 11/15/29 | 3,500,000 | 3,185,040 |
4.875%, due 11/15/31 | 3,210,000 | 2,861,241 |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 11,385,000 | 10,266,926 |
4.625%, due 1/31/32 | 10,950,000 | 10,239,341 |
4.75%, due 1/15/30 (a) | 9,687,000 | 9,389,803 |
5.375%, due 4/1/32 | 8,235,000 | 8,090,869 |
6.875%, due 11/15/37 | 2,000,000 | 2,196,160 |
161,000,916 | ||
Software 4.0% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (a) | 4,405,000 | 4,375,465 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (a) | 4,480,000 | 4,374,362 |
Central Parent LLC | ||
8.00%, due 6/15/29 (a) | 4,750,000 | 4,957,860 |
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 8,835,000 | 8,330,470 |
4.875%, due 7/1/29 | 16,500,000 | 15,482,513 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (a) | 3,219,000 | 3,196,081 |
MSCI, Inc. (a) | ||
3.25%, due 8/15/33 | 2,900,000 | 2,423,782 |
3.625%, due 9/1/30 | 4,000,000 | 3,619,177 |
3.625%, due 11/1/31 | 2,800,000 | 2,464,388 |
3.875%, due 2/15/31 | 10,120,000 | 9,246,449 |
4.00%, due 11/15/29 | 8,000,000 | 7,519,022 |
Open Text Corp. (a) | ||
3.875%, due 2/15/28 | 4,560,000 | 4,237,208 |
3.875%, due 12/1/29 | 2,500,000 | 2,242,085 |
6.90%, due 12/1/27 | 3,150,000 | 3,274,901 |
Open Text Holdings, Inc. (a) | ||
4.125%, due 2/15/30 | 8,499,000 | 7,692,230 |
4.125%, due 12/1/31 | 1,500,000 | 1,325,801 |
PTC, Inc. (a) | ||
3.625%, due 2/15/25 | 1,500,000 | 1,466,397 |
4.00%, due 2/15/28 | 9,236,000 | 8,752,865 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (a) | 5,885,000 | 5,801,037 |
18 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Software (continued) | ||
Veritas US, Inc. | ||
7.50%, due 9/1/25 (a) | $ 4,390,000 | $ 3,624,254 |
104,406,347 | ||
Telecommunications 2.8% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (a) | 14,105,000 | 14,020,508 |
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 2,500,000 | 2,415,253 |
Level 3 Financing, Inc. | ||
3.75%, due 7/15/29 (a) | 1,500,000 | 637,500 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 31,815,000 | 34,472,539 |
T-Mobile USA, Inc. | ||
3.375%, due 4/15/29 | 2,500,000 | 2,322,758 |
4.75%, due 2/1/28 | 11,450,000 | 11,408,443 |
5.375%, due 4/15/27 | 8,875,000 | 8,905,486 |
74,182,487 | ||
Transportation 0.9% | ||
GN Bondco LLC | ||
9.50%, due 10/15/31 (a) | 5,220,000 | 5,096,234 |
Seaspan Corp. | ||
5.50%, due 8/1/29 (a) | 6,765,000 | 5,659,460 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (a) | 12,665,000 | 12,665,000 |
23,420,694 | ||
Total Corporate Bonds (Cost $2,358,247,646) | 2,275,802,977 | |
Loan Assignments 4.9% | ||
Automobile 0.3% | ||
Dealer Tire Financial LLC | ||
Term Loan B2 | ||
9.856% (1 Month SOFR + 4.50%), due 12/14/27 (d) | 3,960,000 | 3,969,900 |
Tenneco, Inc. | ||
First Lien Term Loan B 10.448% - 10.469% | ||
(3 Month SOFR + 5.00%), due 11/17/28 (d) | 5,550,000 | 4,873,211 |
8,843,111 |
Principal Amount | Value | |
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 10/22/25 (d) | $ 3,434,215 | $ 3,426,213 |
Cargo Transport 0.2% | ||
Forward Air Corp.-Cov-Lite | ||
Senior Secured Term Loan B | ||
9.856%, due 9/20/30 | 5,900,000 | 5,590,250 |
Chemicals, Plastics & Rubber 0.4% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
8.72% (1 Month SOFR + 3.25%), due 2/5/27 (d) | 1,828,750 | 1,791,604 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 5/5/28 (d) | 8,136,855 | 8,169,907 |
9,961,511 | ||
Energy (Electricity) 0.1% | ||
Talen Energy Supply LLC | ||
Initial Term Loan B | ||
9.869% (3 Month SOFR + 4.50%), due 5/17/30 (d) | 2,383,025 | 2,392,333 |
Finance 0.6% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
10.427% (3 Month SOFR + 4.75%), due 4/20/28 (d) | 1,800,000 | 1,848,375 |
Mativ Holdings, Inc. | ||
Term Loan B | ||
9.22% (1 Month SOFR + 3.75%), due 4/20/28 (d) | 2,270,705 | 2,253,675 |
Osaic Holdings, Inc. | ||
Term Loan B2 | ||
9.856% (1 Month SOFR + 4.50%), due 8/17/28 (d) | 2,750,000 | 2,755,844 |
RealTruck Group, Inc. (d) | ||
Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 1/31/28 | 3,314,787 | 3,268,175 |
Second Amendment Incremental Term Loan | ||
10.47% (1 Month SOFR + 5.00%), due 1/31/28 | 2,550,000 | 2,508,562 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Superannuation and Investments Finco Pty. Ltd. | ||
Initial U.S. Term Loan | ||
9.22% (1 Month SOFR + 3.75%), due 12/1/28 (d) | $ 2,646,000 | $ 2,646,000 |
15,280,631 | ||
Healthcare, Education & Childcare 0.3% | ||
Endo Luxembourg Finance Co. I SARL | ||
2021 Term Loan | ||
14.50% (1 Month PRIME + 6.00%), due 3/27/28 (d) | 5,100,000 | 3,315,000 |
LifePoint Health, Inc. | ||
2023 Refinancing Term Loan | ||
11.168% (3 Month SOFR + 5.50%), due 11/16/28 (d) | 4,250,000 | 4,231,406 |
7,546,406 | ||
High Tech Industries 0.2% | ||
Open Text Corp. | ||
2023 Replacement Term Loan | ||
8.206% (1 Month SOFR + 2.75%), due 1/31/30 (d) | 4,845,398 | 4,847,127 |
Insurance 0.1% | ||
USI, Inc. | ||
Term Loan | ||
8.348% (1 Month SOFR + 3.00%), due 11/22/29 (d) | 3,400,000 | 3,405,668 |
Leisure, Amusement, Motion Pictures & Entertainment 0.3% | ||
Carnival Corp. (d) | ||
Initial Advance Term Loan | ||
8.357% (1 Month SOFR + 3.00%), due 8/9/27 | 4,477,500 | 4,481,230 |
2021 Incremental Advance Term Loan B | ||
8.72% (1 Month SOFR + 3.25%), due 10/18/28 | 3,332,000 | 3,336,165 |
7,817,395 | ||
Media 0.3% | ||
Directv Financing LLC | ||
Closing Date Term Loan | ||
10.65% (3 Month SOFR + 5.00%), due 8/2/27 (d) | 7,208,586 | 7,215,795 |
Principal Amount | Value | |
Mining, Steel, Iron & Non-Precious Metals 0.2% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
9.47% (1 Month SOFR + 4.00%), due 6/9/28 (d) | $ 4,707,928 | $ 4,425,453 |
Oil & Gas 0.5% | ||
New Fortress Energy, Inc. | ||
Initial Term Loan | ||
10.39% (3 Month SOFR + 5.00%), due 10/30/28 (d) | 5,600,000 | 5,509,000 |
PetroQuest Energy LLC (b)(f) | ||
Term Loan | ||
15.00%, due 11/8/25 | 7,145,883 | 3,430,024 |
2020 Term Loan | ||
15.00% (15.00% PIK) (1 Month LIBOR + 6.50%), due 9/19/26 (c)(d) | 697,151 | 697,150 |
Term Loan | ||
15.00% (1 Month LIBOR + 6.50%), due 1/1/28 (d) | 908,373 | 908,373 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B | ||
8.97% (1 Month SOFR + 3.50%), due 11/17/28 (d) | 3,332,000 | 3,318,812 |
13,863,359 | ||
Personal, Food & Miscellaneous Services 0.0% ‡ | ||
WW International, Inc. | ||
Initial Term Loan | ||
8.97% (1 Month SOFR + 3.50%), due 4/13/28 (d) | 1,550,000 | 1,092,750 |
Retail 0.9% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
9.22% (1 Month SOFR + 3.75%), due 3/6/28 (d) | 23,689,638 | 23,668,483 |
Services Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.97% (1 Month SOFR + 4.50%), due 9/29/28 (d) | 2,221,173 | 2,229,503 |
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 | ||
9.948% (3 Month SOFR + 4.50%), due 9/29/28 | $ 2,974,763 | $ 2,899,650 |
First Lien Dollar Term Loan B | ||
9.948% (3 Month SOFR + 4.50%), due 3/30/29 | 2,977,470 | 2,910,477 |
5,810,127 | ||
Utilities 0.1% | ||
PG&E Corp. | ||
Term Loan | ||
7.856% (1 Month SOFR + 2.50%), due 6/23/27 (d) | 2,250,000 | 2,249,437 |
Total Loan Assignments (Cost $132,101,584) | 129,665,552 | |
Total Long-Term Bonds (Cost $2,513,314,873) | 2,435,270,259 | |
Shares | ||
Common Stocks 1.7% | ||
Consumer Staples Distribution & Retail 0.0% ‡ | ||
ASG Warrant Corp. (b)(f)(k) | 3,368 | — |
Distributors 0.1% | ||
ATD New Holdings, Inc. (k) | 44,740 | 1,288,512 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (b)(f)(k) | 11,280 | 113 |
Electrical Equipment 0.1% | ||
Energy Technologies, Inc. (b)(f)(k) | 4,822 | 1,388,736 |
Energy Equipment & Services 0.1% | ||
Forum Energy Technologies, Inc. (k) | 161,661 | 3,584,024 |
Nine Energy Service, Inc. (k) | 35,103 | 94,076 |
3,678,100 | ||
Independent Power and Renewable Electricity Producers 0.2% | ||
GenOn Energy, Inc. (h) | 115,826 | 5,212,170 |
Oil, Gas & Consumable Fuels 1.2% | ||
Chord Energy Corp. | 13,354 | 2,219,836 |
Shares | Value | ||
Oil, Gas & Consumable Fuels (continued) | |||
Gulfport Energy Corp. (k) | 162,930 | $ 21,702,276 | |
PetroQuest Energy, Inc. (b)(f)(k) | 82,247 | — | |
Talos Energy, Inc. (k) | 550,880 | 7,839,022 | |
31,761,134 | |||
Total Common Stocks (Cost $69,247,918) | 43,328,765 | ||
Preferred Stock 0.4% | |||
Electrical Equipment 0.4% | |||
Energy Technologies Ltd. (b)(f)(k) | 10,741 | 9,666,900 | |
Total Preferred Stock (Cost $10,297,701) | 9,666,900 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (f)(k) | |||
Expires 11/19/26 | 44,246 | — | |
Expires 11/19/28 | 46,574 | — | |
— | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (k) | 9,742 | 188,800 | |
Total Warrants (Cost $8,174,223) | 188,800 | ||
Total Investments (Cost $2,601,034,715) | 94.4% | 2,488,454,724 | |
Other Assets, Less Liabilities | 5.6 | 148,825,144 | |
Net Assets | 100.0% | $ 2,637,279,868 |
† | 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) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $38,629,427, which represented 1.5% of the Portfolio’s net assets. (Unaudited) |
(c) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(d) | Floating rate—Rate shown was the rate in effect as of December 31, 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 December 31, 2023. |
(j) | Issue in default. |
(k) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
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 | |||||||
Convertible Bonds | $ — | $ 29,801,730 | $ — | $ 29,801,730 | |||
Corporate Bonds | — | 2,269,422,477 | 6,380,500 | 2,275,802,977 | |||
Loan Assignments | — | 124,630,005 | 5,035,547 | 129,665,552 | |||
Total Long-Term Bonds | — | 2,423,854,212 | 11,416,047 | 2,435,270,259 | |||
Common Stocks | 35,439,234 | 6,500,682 | 1,388,849 | 43,328,765 | |||
Preferred Stock | — | — | 9,666,900 | 9,666,900 | |||
Warrants | 188,800 | — | — | 188,800 | |||
Total Investments in Securities | $ 35,628,034 | $ 2,430,354,894 | $ 22,471,796 | $ 2,488,454,724 |
(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 $2,601,034,715) | $2,488,454,724 |
Cash | 115,284,772 |
Receivables: | |
Interest | 43,107,450 |
Portfolio shares sold | 526,328 |
Other assets | 510,647 |
Total assets | 2,647,883,921 |
Liabilities | |
Payables: | |
Investment securities purchased | 6,958,346 |
Portfolio shares redeemed | 1,795,406 |
Manager (See Note 3) | 1,234,554 |
NYLIFE Distributors (See Note 3) | 468,769 |
Professional fees | 74,668 |
Shareholder communication | 31,613 |
Custodian | 28,710 |
Accrued expenses | 11,987 |
Total liabilities | 10,604,053 |
Net assets | $2,637,279,868 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 295,163 |
Additional paid-in-capital | 2,797,707,540 |
2,798,002,703 | |
Total distributable earnings (loss) | (160,722,835) |
Net assets | $2,637,279,868 |
Initial Class | |
Net assets applicable to outstanding shares | $ 404,005,671 |
Shares of beneficial interest outstanding | 44,517,549 |
Net asset value per share outstanding | $ 9.08 |
Service Class | |
Net assets applicable to outstanding shares | $2,233,274,197 |
Shares of beneficial interest outstanding | 250,645,936 |
Net asset value per share outstanding | $ 8.91 |
Investment Income (Loss) | |
Income | |
Interest | $168,252,230 |
Dividends | 6,040,565 |
Total income | 174,292,795 |
Expenses | |
Manager (See Note 3) | 14,662,612 |
Distribution/Service—Service Class (See Note 3) | 5,519,496 |
Professional fees | 273,441 |
Shareholder communication | 96,704 |
Trustees | 68,704 |
Custodian | 67,639 |
Miscellaneous | 91,561 |
Total expenses | 20,780,157 |
Net investment income (loss) | 153,512,638 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (56,454,736) |
Net change in unrealized appreciation (depreciation) on investments | 190,921,470 |
Net realized and unrealized gain (loss) | 134,466,734 |
Net increase (decrease) in net assets resulting from operations | $287,979,372 |
24 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 153,512,638 | $ 146,111,580 |
Net realized gain (loss) | (56,454,736) | (27,833,550) |
Net change in unrealized appreciation (depreciation) | 190,921,470 | (393,576,205) |
Net increase (decrease) in net assets resulting from operations | 287,979,372 | (275,298,175) |
Distributions to shareholders: | ||
Initial Class | (23,513,967) | (24,718,944) |
Service Class | (123,530,101) | (121,925,643) |
Total distributions to shareholders | (147,044,068) | (146,644,587) |
Capital share transactions: | ||
Net proceeds from sales of shares | 157,785,599 | 170,826,531 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 147,044,068 | 146,644,587 |
Cost of shares redeemed | (463,040,044) | (612,645,987) |
Increase (decrease) in net assets derived from capital share transactions | (158,210,377) | (295,174,869) |
Net increase (decrease) in net assets | (17,275,073) | (717,117,631) |
Net Assets | ||
Beginning of year | 2,654,554,941 | 3,371,672,572 |
End of year | $2,637,279,868 | $2,654,554,941 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.62 | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | ||||
Net investment income (loss) (a) | 0.54 | 0.47 | 0.47 | 0.54 | 0.58 | ||||
Net realized and unrealized gain (loss) | 0.45 | (1.29) | 0.08 | (0.04) | 0.64 | ||||
Total from investment operations | 0.99 | (0.82) | 0.55 | 0.50 | 1.22 | ||||
Less distributions: | |||||||||
From net investment income | (0.53) | (0.50) | (0.50) | (0.57) | (0.58) | ||||
Net asset value at end of year | $ 9.08 | $ 8.62 | $ 9.94 | $ 9.89 | $ 9.96 | ||||
Total investment return (b) | 11.87% | (8.06)% | 5.51% | 5.40% | 13.22% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 6.03% | 5.15% | 4.66% | 5.56% | 5.84% | ||||
Net expenses | 0.58% | 0.58% | 0.58% | 0.59%(c) | 0.59%(c) | ||||
Portfolio turnover rate | 18% | 12% | 35% | 39% | 28% | ||||
Net assets at end of year (in 000's) | $ 404,006 | $ 444,733 | $ 592,890 | $ 461,075 | $ 471,775 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.47 | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | ||||
Net investment income (loss) (a) | 0.51 | 0.44 | 0.44 | 0.50 | 0.55 | ||||
Net realized and unrealized gain (loss) | 0.44 | (1.26) | 0.06 | (0.02) | 0.62 | ||||
Total from investment operations | 0.95 | (0.82) | 0.50 | 0.48 | 1.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.48) | (0.47) | (0.55) | (0.55) | ||||
Net asset value at end of year | $ 8.91 | $ 8.47 | $ 9.77 | $ 9.74 | $ 9.81 | ||||
Total investment return (b) | 11.59% | (8.29)% | 5.25% | 5.14% | 12.94% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.80% | 4.91% | 4.43% | 5.31% | 5.60% | ||||
Net expenses | 0.83% | 0.83% | 0.83% | 0.84%(c) | 0.84%(c) | ||||
Portfolio turnover rate | 18% | 12% | 35% | 39% | 28% | ||||
Net assets at end of year (in 000's) | $ 2,233,274 | $ 2,209,821 | $ 2,778,783 | $ 2,614,734 | $ 2,557,069 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
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 | $2,601,676,414 | $54,333,333 | $(167,555,023) | $(113,221,690) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$154,867,478 | $(201,019,889) | $(1,348,734) | $(113,221,690) | $(160,722,835) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $13,618 | $187,402 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $147,044,068 | $146,644,587 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 12/31/23 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% |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 115,826 | 12,970,154 | 5,212,170 | 0.2 |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 7,000,000 | 6,979,380 | 6,380,500 | 0.2 |
Total | $ 25,119,959 | $ 11,592,670 | 0.4% |
32 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,543,277 | $ 22,581,222 |
Shares issued to shareholders in reinvestment of distributions | 2,755,812 | 23,513,967 |
Shares redeemed | (12,386,994) | (109,896,288) |
Net increase (decrease) | (7,087,905) | $ (63,801,099) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 15,363,866 | $ 135,204,377 |
Shares issued to shareholders in reinvestment of distributions | 14,737,721 | 123,530,101 |
Shares redeemed | (40,427,375) | (353,143,756) |
Net increase (decrease) | (10,325,788) | $ (94,409,278) |
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 |
New York, New York
February 26, 2024
36 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
38 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
40 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
42 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
44 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015857 | MSVPHYCB11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | 10.05% | 6.04% | 5.01% | 0.62% |
Service Class Shares | 6/4/2003 | 9.78 | 5.78 | 4.75 | 0.87 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | 23.79% | 12.80% | 8.60% |
Bloomberg U.S. Aggregate Bond Index2 | 5.53 | 1.10 | 1.81 |
Blended Benchmark Index3 | 16.27 | 8.31 | 6.08 |
Morningstar World Allocation Category Average4 | 10.72 | 6.09 | 4.02 |
* | 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. | 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. |
2. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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 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. |
4. | The Morningstar World Allocation Category Average is representative of funds that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these funds do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such funds to invest more than 10% of their assets in emerging markets. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,051.90 | $3.21 | $1,022.08 | $3.16 | 0.62% |
Service Class Shares | $1,000.00 | $1,050.60 | $4.50 | $1,020.82 | $4.43 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Income Builder Portfolio |
1. | GNMA, (zero coupon)-7.83%, due 4/20/48–10/16/63 |
2. | FHLMC STACR REMIC Trust, 7.437%-12.837%, due 8/25/33–1/25/51 |
3. | UMBS, 30 Year, 2.50%-6.50%, due 8/1/48–12/1/53 |
4. | FHLMC, (zero coupon)-4.50%, due 1/15/41–1/25/55 |
5. | U.S. Treasury Bonds, 4.75%, due 11/15/43–11/15/53 |
6. | Broadcom, Inc. |
7. | Microsoft Corp. |
8. | UMBS Pool, 30 Year, 3.50%-6.50%, due 7/1/50–12/1/53 |
9. | Bank of America Corp. |
10. | International Business Machines Corp. |
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. |
10 | MainStay VP Income Builder 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. |
5. | 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. |
Principal Amount | Value | |
Long-Term Bonds 40.4% | ||
Asset-Backed Securities 3.1% | ||
Automobile Asset-Backed Securities 1.7% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 400,000 | $ 389,526 |
Series 2021-3, Class D | ||
1.34%, due 11/15/27 | 940,000 | 909,065 |
Series 2021-2, Class E | ||
2.54%, due 7/13/27 | 900,000 | 866,607 |
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 (a) | 570,000 | 518,405 |
CPS Auto Receivables Trust | ||
Series 2021-C, Class E | ||
3.21%, due 9/15/28 (a) | 260,000 | 244,358 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 800,000 | 759,246 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 855,000 | 778,705 |
Flagship Credit Auto Trust (a) | ||
Series 2021-1, Class D | ||
1.27%, due 3/15/27 | 575,000 | 534,671 |
Series 2020-3, Class D | ||
2.50%, due 9/15/26 | 280,000 | 266,794 |
Series 2022-2, Class D | ||
5.80%, due 4/17/28 | 655,000 | 607,839 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 795,000 | 741,270 |
Series 2019-4A, Class D | ||
4.09%, due 8/17/26 | 535,000 | 528,500 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 1,295,000 | 1,157,498 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 520,000 | 500,901 |
8,803,385 | ||
Home Equity Asset-Backed Securities 0.0% ‡ | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
4.414% (1 Month SOFR + 0.214%), due 3/25/47 (b) | 115,637 | 69,872 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) ‡ | ||
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.57% (1 Month SOFR + 0.214%), due 11/25/36 (b) | $ 184,490 | $ 57,700 |
127,572 | ||
Other Asset-Backed Securities 1.4% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 509,247 | 454,838 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 372,644 | 332,971 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 776,880 | 663,921 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 612,591 | 547,543 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 499,196 | 461,341 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 481,437 | 410,234 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 10,998 | 11,002 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 739,900 | 610,499 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 270,800 | 244,742 |
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | 250,182 | 226,388 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 383,475 | 333,487 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 279,957 | 253,521 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 665,000 | 581,934 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 755,000 | 612,098 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 648,450 | 524,955 |
12 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | $ 367,052 | $ 367,077 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 549,936 | 556,771 |
7,193,322 | ||
Total Asset-Backed Securities (Cost $17,308,822) | 16,124,279 | |
Corporate Bonds 15.1% | ||
Agriculture 0.1% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 605,000 | 444,739 |
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 500,000 | 496,393 |
5.75%, due 4/20/29 | 360,000 | 350,914 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 311,003 | 306,277 |
4.75%, due 10/20/28 | 900,000 | 885,140 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 556,500 | 558,081 |
2,596,805 | ||
Apparel 0.1% | ||
Tapestry, Inc. | ||
7.85%, due 11/27/33 | 345,000 | 368,074 |
Auto Manufacturers 1.0% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 230,000 | 221,184 |
2.70%, due 8/10/26 | 595,000 | 551,082 |
4.125%, due 8/17/27 | 485,000 | 459,142 |
6.80%, due 5/12/28 | 365,000 | 381,224 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 344,000 | 284,374 |
2.70%, due 6/10/31 | 850,000 | 712,689 |
4.30%, due 4/6/29 | 470,000 | 452,739 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 810,000 | 781,263 |
1.85%, due 9/16/26 | 1,350,000 | 1,213,803 |
5,057,500 |
Principal Amount | Value | |
Banks 5.4% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 (Spain) | $ 600,000 | $ 601,808 |
Bank of America Corp. (c) | ||
2.087%, due 6/14/29 | 345,000 | 304,055 |
2.496%, due 2/13/31 | 650,000 | 558,166 |
2.572%, due 10/20/32 | 510,000 | 422,827 |
2.687%, due 4/22/32 | 465,000 | 392,660 |
3.384%, due 4/2/26 | 465,000 | 452,240 |
Series MM | ||
4.30%, due 1/28/25 (d) | 631,000 | 594,807 |
Barclays plc (United Kingdom) (b)(d) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 835,000 | 649,134 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 680,000 | 667,360 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (c) | 565,000 | 496,340 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 625,000 | 546,116 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 885,000 | 712,847 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 230,000 | 234,777 |
BPCE SA (France) (a) | ||
2.045%, due 10/19/27 (c)(e) | 530,000 | 481,008 |
5.125%, due 1/18/28 | 185,000 | 184,561 |
6.714%, due 10/19/29 (c) | 250,000 | 263,226 |
Citigroup, Inc. | ||
3.668%, due 7/24/28 (c) | 430,000 | 409,803 |
3.98%, due 3/20/30 (c) | 565,000 | 536,142 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 740,000 | 635,095 |
6.625%, due 6/15/32 | 190,000 | 206,770 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 475,000 | 463,395 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 540,000 | 416,917 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (France) (a)(b)(d) | 1,000,000 | 848,299 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Deutsche Bank AG (Germany) | ||
3.035%, due 5/28/32 (c) | $ 255,000 | $ 213,023 |
6.654% (SOFR + 1.219%), due 11/16/27 (b) | 820,000 | 794,295 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 815,000 | 768,401 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 775,000 | 749,527 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 355,000 | 350,367 |
Goldman Sachs Group, Inc. (The) | ||
1.431%, due 3/9/27 (c)(e) | 535,000 | 493,317 |
1.948%, due 10/21/27 (c) | 610,000 | 558,041 |
1.992%, due 1/27/32 (c) | 480,000 | 387,835 |
6.75%, due 10/1/37 | 159,000 | 175,017 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (c) | 600,000 | 560,395 |
Intesa Sanpaolo SpA | ||
7.00%, due 11/21/25 (Italy) (a) | 200,000 | 204,880 |
JPMorgan Chase & Co. | ||
2.182%, due 6/1/28 (c) | 835,000 | 763,738 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 508,000 | 497,151 |
4.65%, due 3/24/26 (e) | 1,075,000 | 1,054,040 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 365,000 | 355,477 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(c) | 820,000 | 674,077 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (Japan) (b) | 345,000 | 314,334 |
Morgan Stanley (c) | ||
2.484%, due 9/16/36 | 885,000 | 701,440 |
2.511%, due 10/20/32 | 645,000 | 534,085 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 1,580,000 | 1,467,272 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 340,000 | 351,245 |
Principal Amount | Value | |
Banks (continued) | ||
Societe Generale SA (France) (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | $ 395,000 | $ 346,493 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,040,000 | 850,858 |
10.00% (5 Year Treasury Constant Maturity Rate + 5.448%), due 11/14/28 | 395,000 | 422,063 |
Standard Chartered plc | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 (United Kingdom) (a)(b) | 1,060,000 | 1,020,773 |
UBS Group AG (Switzerland) (a) | ||
3.091%, due 5/14/32 (c) | 500,000 | 425,833 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) | 1,005,000 | 793,728 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 160,000 | 157,566 |
6.442%, due 8/11/28 (c) | 245,000 | 254,432 |
Wells Fargo & Co. (c) | ||
3.35%, due 3/2/33 | 390,000 | 340,632 |
5.557%, due 7/25/34 | 190,000 | 193,441 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 533,000 | 433,272 |
28,285,401 | ||
Beverages 0.1% | ||
Anheuser-Busch Cos. LLC | ||
4.70%, due 2/1/36 (Belgium) | 475,000 | 473,450 |
Biotechnology 0.0% ‡ | ||
Amgen, Inc. | ||
5.75%, due 3/2/63 | 250,000 | 262,286 |
Chemicals 0.2% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | 745,000 | 609,810 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 731,000 | 704,165 |
1,313,975 |
14 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services 0.1% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | $ 380,000 | $ 357,541 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 385,000 | 274,180 |
631,721 | ||
Computers 0.3% | ||
Dell International LLC | ||
3.375%, due 12/15/41 | 885,000 | 667,308 |
5.30%, due 10/1/29 | 318,000 | 327,477 |
8.10%, due 7/15/36 | 527,000 | 648,157 |
1,642,942 | ||
Diversified Financial Services 1.6% | ||
AerCap Ireland Capital DAC | ||
2.45%, due 10/29/26 (Ireland) | 665,000 | 615,738 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 820,000 | 791,107 |
4.25%, due 9/15/24 | 420,000 | 415,274 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 565,000 | 484,381 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 310,000 | 307,320 |
6.992%, due 6/13/29 (c) | 265,000 | 273,681 |
8.00%, due 11/1/31 | 640,000 | 701,120 |
American Express Co. | ||
5.625%, due 7/28/34 (c) | 275,000 | 284,162 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 520,000 | 481,957 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 645,000 | 597,670 |
2.875%, due 2/15/25 | 1,040,000 | 1,003,116 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (Brazil) (a) | 505,000 | 475,937 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 515,000 | 528,344 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 (Japan) | 770,000 | 764,777 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 375,000 | 347,041 |
8,071,625 |
Principal Amount | Value | |
Electric 1.5% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | $ 475,000 | $ 463,872 |
Alabama Power Co. | ||
3.00%, due 3/15/52 | 335,000 | 234,117 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 750,000 | 609,321 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a)(e) | 290,000 | 278,046 |
Duke Energy Ohio, Inc. | ||
4.30%, due 2/1/49 | 565,000 | 480,855 |
Duke Energy Progress LLC | ||
5.35%, due 3/15/53 | 250,000 | 253,246 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 865,000 | 808,105 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 790,000 | 735,982 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 700,000 | 590,787 |
National Rural Utilities Cooperative Finance Corp. | ||
5.80%, due 1/15/33 | 460,000 | 487,134 |
Nevada Power Co. | ||
Series GG | ||
5.90%, due 5/1/53 | 230,000 | 245,951 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 420,000 | 284,425 |
Public Service Co. of Oklahoma | ||
5.25%, due 1/15/33 | 200,000 | 201,389 |
Sempra | ||
5.50%, due 8/1/33 (e) | 535,000 | 554,505 |
Southern California Edison Co. | ||
4.00%, due 4/1/47 | 520,000 | 423,880 |
5.70%, due 3/1/53 | 370,000 | 389,438 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 435,000 | 295,863 |
5.45%, due 4/1/53 | 225,000 | 231,665 |
WEC Energy Group, Inc. | ||
7.754% (3 Month SOFR + 2.374%), due 5/15/67 (b) | 480,000 | 429,362 |
7,997,943 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 | 565,000 | 517,090 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Food 0.3% | ||
J M Smucker Co. (The) | ||
6.50%, due 11/15/53 | $ 185,000 | $ 213,349 |
JBS USA LUX SA | ||
5.75%, due 4/1/33 | 810,000 | 802,375 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 500,000 | 478,748 |
1,494,472 | ||
Gas 0.3% | ||
Brooklyn Union Gas Co. (The) | ||
6.388%, due 9/15/33 (a) | 425,000 | 443,667 |
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 450,000 | 376,691 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 325,000 | 275,562 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 830,000 | 557,770 |
1,653,690 | ||
Insurance 0.5% | ||
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 425,000 | 417,929 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 725,000 | 909,795 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 950,000 | 924,610 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 185,000 | 142,958 |
2,395,292 | ||
Lodging 0.2% | ||
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 555,000 | 544,226 |
Sands China Ltd. | ||
5.375%, due 8/8/25 (Macao) (f) | 460,000 | 453,635 |
997,861 | ||
Media 0.1% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 495,000 | 394,812 |
Miscellaneous—Manufacturing 0.2% | ||
Textron Financial Corp. | ||
7.376% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | 1,045,000 | 821,407 |
Principal Amount | Value | |
Oil & Gas 0.0% ‡ | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a)(g) | $ 325,000 | $ 251,875 |
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 84,000 | 82,547 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 320,000 | 320,040 |
402,587 | ||
Pharmaceuticals 0.2% | ||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 360,000 | 333,324 |
4.75%, due 5/9/27 | 545,000 | 521,837 |
855,161 | ||
Pipelines 1.1% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 670,000 | 533,781 |
Columbia Pipelines Operating Co. LLC | ||
6.544%, due 11/15/53 (a) | 360,000 | 396,363 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 500,000 | 448,780 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 (Canada) | 365,000 | 379,380 |
Energy Transfer LP | ||
5.35%, due 5/15/45 | 415,000 | 385,427 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 260,000 | 257,058 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 865,000 | 708,027 |
MPLX LP | ||
2.65%, due 8/15/30 | 730,000 | 629,933 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 335,000 | 308,010 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 840,000 | 756,357 |
Venture Global LNG, Inc. | ||
9.875%, due 2/1/32 (a) | 315,000 | 328,116 |
Western Midstream Operating LP | ||
5.25%, due 2/1/50 (f) | 630,000 | 564,833 |
5,696,065 | ||
Real Estate Investment Trusts 0.6% | ||
American Tower Corp. | ||
3.60%, due 1/15/28 | 375,000 | 357,184 |
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | 660,000 | 636,468 |
16 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts (continued) | ||
GLP Capital LP | ||
3.35%, due 9/1/24 | $ 505,000 | $ 498,367 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 680,000 | 541,118 |
Starwood Property Trust, Inc. (a) | ||
3.75%, due 12/31/24 | 710,000 | 696,638 |
4.375%, due 1/15/27 | 415,000 | 391,108 |
3,120,883 | ||
Retail 0.1% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 373,000 | 360,259 |
Nordstrom, Inc. | ||
4.25%, due 8/1/31 (e) | 465,000 | 386,871 |
747,130 | ||
Telecommunications 0.3% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 865,000 | 672,987 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 680,000 | 493,481 |
T-Mobile USA, Inc. | ||
2.625%, due 2/15/29 | 300,000 | 270,082 |
1,436,550 | ||
Trucking & Leasing 0.1% | ||
Penske Truck Leasing Co. LP | ||
6.05%, due 8/1/28 (a) | 410,000 | 424,960 |
Total Corporate Bonds (Cost $86,025,120) | 78,356,296 | |
Foreign Government Bonds 0.3% | ||
Chile 0.2% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 980,000 | 823,653 |
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 725,000 | 575,417 |
4.50%, due 1/28/26 | 235,000 | 230,972 |
806,389 | ||
Total Foreign Government Bonds (Cost $1,932,830) | 1,630,042 |
Principal Amount | Value | |
Loan Assignments 0.1% | ||
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.456% (1 Month SOFR + 4.00%), due 11/2/27 | $ 312,119 | $ 301,195 |
Second Lien Initial Term Loan | ||
14.145% (3 Month SOFR + 8.50%), due 11/2/28 | 250,000 | 185,000 |
486,195 | ||
Total Loan Assignments (Cost $556,761) | 486,195 | |
Mortgage-Backed Securities 15.9% | ||
Agency (Collateralized Mortgage Obligations) 8.1% | ||
FHLMC | ||
REMIC, Series 5326, Class QO | ||
(zero coupon), due 9/25/50 | 802,221 | 569,552 |
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 1,236,273 | 38,094 |
REMIC, Series 5187, Class SA | ||
(zero coupon) (SOFR 30A + 1.80%), due 1/25/52 (b)(h) | 936,048 | 2,164 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 179,963 | 5,703 |
REMIC, Series 5326 | ||
(zero coupon), due 8/25/53 | 252,376 | 202,545 |
REMIC, Series 5351, Class DO | ||
(zero coupon), due 9/25/53 | 480,600 | 379,082 |
REMIC, Series 5351, Class EO | ||
(zero coupon), due 10/25/53 | 934,856 | 735,591 |
REMIC, Series 5315, Class OQ | ||
(zero coupon), due 1/25/55 | 393,812 | 318,753 |
REMIC, Series 5328, Class JY | ||
0.25%, due 9/25/50 | 750,427 | 501,070 |
REMIC, Series 4993, Class KS | ||
0.598% (SOFR 30A + 5.936%), due 7/25/50 (b)(h) | 1,519,729 | 232,640 |
REMIC, Series 4994, Class TS | ||
0.648% (SOFR 30A + 5.986%), due 7/25/50 (b)(h) | 818,610 | 117,352 |
REMIC, Series 4831, Class SA | ||
0.747% (SOFR 30A + 6.086%), due 10/15/48 (b)(h) | 692,136 | 90,735 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5092, Class XA | ||
1.00%, due 1/15/41 | $ 570,315 | $ 477,832 |
REMIC, Series 4988, Class BA | ||
1.50%, due 6/25/50 | 201,332 | 144,769 |
REMIC, Series 4120, Class ZA | ||
3.00%, due 10/15/42 | 405,233 | 363,260 |
REMIC, Series 5204, Class KA | ||
3.00%, due 5/25/49 | 929,379 | 856,277 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 844,866 | 147,405 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 807,564 | 126,049 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 570,720 | 91,174 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 623,933 | 96,749 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 670,990 | 76,781 |
REMIC, Series 4710, Class WZ | ||
3.50%, due 8/15/47 | 505,340 | 457,370 |
REMIC, Series 4725, Class WZ | ||
3.50%, due 11/15/47 | 899,367 | 812,246 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 481,836 | 75,271 |
REMIC, Series 5304, Class UB | ||
4.00%, due 2/25/52 | 648,150 | 608,035 |
REMIC, Series 5268, Class B | ||
4.50%, due 10/25/52 | 801,651 | 776,248 |
FHLMC, Strips | ||
REMIC, Series 272 | ||
(zero coupon), due 8/15/42 | 537,009 | 414,483 |
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 283,327 | 217,152 |
REMIC, Series 402 | ||
(zero coupon), due 9/25/53 | 577,313 | 470,683 |
REMIC, Series 311, Class S1 | ||
0.497% (SOFR 30A + 5.836%), due 8/15/43 (b)(h) | 789,095 | 93,892 |
REMIC, Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 1,324,899 | 162,878 |
FNMA | ||
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 552,929 | 2,945 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | $ 3,873,005 | $ 39,430 |
REMIC, Series 2023-24, Class OQ | ||
(zero coupon), due 7/25/54 | 515,427 | 420,466 |
REMIC, Series 2022-10, Class SA | ||
0.413% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 852,779 | 124,182 |
REMIC, Series 2021-40, Class SI | ||
0.498% (SOFR 30A + 5.836%), due 9/25/47 (b)(h) | 961,735 | 107,981 |
REMIC, Series 2016-57, Class SN | ||
0.598% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) | 793,042 | 92,263 |
REMIC, Series 2020-70, Class SD | ||
0.798% (SOFR 30A + 6.136%), due 10/25/50 (b)(h) | 1,078,810 | 156,417 |
REMIC, Series 2020-47, Class BD | ||
1.50%, due 7/25/50 | 172,568 | 123,311 |
REMIC, Series 2020-70, Class AD | ||
1.50%, due 10/25/50 | 1,035,222 | 821,307 |
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 (h) | 1,229,039 | 197,536 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 550,124 | 87,021 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 375,043 | 53,073 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 1,598,862 | 178,922 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 257,950 | 34,178 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 494,872 | 431,571 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 2,068,843 | 304,867 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 274,915 | 247,836 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 1,436,183 | 233,049 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 642,231 | 586,514 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 977,291 | 192,527 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 561,891 | 496,368 |
18 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | $ 2,266,704 | $ 213,003 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 1,531,878 | 219,848 |
REMIC, Series 429, Class C5 | ||
3.00%, due 10/25/52 | 2,124,074 | 366,695 |
GNMA | ||
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 11/20/49 (b)(h) | 422,420 | 6,279 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) | 1,404,649 | 21,333 |
REMIC, Series 2023-101, Class KO | ||
(zero coupon), due 1/20/51 | 1,149,675 | 785,334 |
REMIC, Series 2021-77, Class SN | ||
(zero coupon) (1 Month SOFR + 2.486%), due 5/20/51 (b)(h) | 3,015,407 | 43,943 |
REMIC, Series 2021-97, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 2,639,175 | 35,686 |
REMIC, Series 2021-136, Class SB | ||
(zero coupon) (SOFR 30A + 3.20%), due 8/20/51 (b)(h) | 7,427,902 | 149,962 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 1,498,843 | 56,040 |
REMIC, Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 3,135,879 | 54,365 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 2,431,907 | 23,760 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 12,362,484 | 99,905 |
REMIC, Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 697,973 | 540,756 |
REMIC, Series 2023-53 | ||
(zero coupon), due 4/20/53 | 323,750 | 237,334 |
REMIC, Series 2023-80, Class SA | ||
(zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (b)(h) | 2,979,847 | 133,092 |
REMIC, Series 2023-114, Class MO | ||
(zero coupon), due 8/20/53 | 419,678 | 340,755 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-60, Class ES | ||
0.525% (SOFR 30A + 11.20%), due 4/20/53 (b) | $ 757,188 | $ 690,689 |
REMIC, Series 2019-115, Class SA | ||
0.578% (1 Month SOFR + 5.936%), due 9/20/49 (b)(h) | 1,110,582 | 123,432 |
REMIC, Series 2020-34, Class SC | ||
0.578% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) | 1,032,145 | 134,980 |
REMIC, Series 2023-47, Class KS | ||
0.628% (1 Month SOFR + 5.986%), due 4/20/48 (b)(h) | 2,994,626 | 349,125 |
REMIC, Series 2020-146, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) | 990,772 | 148,959 |
REMIC, Series 2020-175, Class CS | ||
0.828% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 1,080,063 | 154,842 |
REMIC, Series 2021-179, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 1,439,098 | 200,033 |
REMIC, Series 2020-167, Class SN | ||
0.828% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 485,102 | 68,430 |
REMIC, Series 2020-189, Class SU | ||
0.828% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 641,285 | 93,011 |
REMIC, Series 2021-46, Class QS | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 584,117 | 80,984 |
REMIC, Series 2021-57, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 1,109,490 | 157,887 |
REMIC, Series 2021-57, Class SD | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 1,415,201 | 181,348 |
REMIC, Series 2021-46, Class TS | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 712,258 | 99,588 |
REMIC, Series 2021-96, Class SN | ||
0.828% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 1,247,535 | 160,880 |
REMIC, Series 2021-122, Class HS | ||
0.828% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 1,175,413 | 172,044 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2022-137, Class S | ||
0.828% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | $ 1,305,682 | $ 193,077 |
REMIC, Series 2021-135, Class GS | ||
0.828% (1 Month SOFR + 6.186%), due 8/20/51 (b)(h) | 1,966,362 | 261,483 |
REMIC, Series 2021-96, Class JS | ||
0.878% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h) | 1,031,287 | 122,566 |
REMIC, Series 2020-97, Class HB | ||
1.00%, due 7/20/50 | 315,752 | 232,637 |
REMIC, Series 2020-146, Class YK | ||
1.00%, due 10/20/50 | 614,480 | 471,446 |
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 683,460 | 509,598 |
REMIC, Series 2023-86, Class SE | ||
1.312% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | 876,890 | 125,912 |
REMIC, Series 2020-165, Class UD | ||
1.50%, due 11/20/50 | 263,970 | 204,764 |
REMIC, Series 2023-66, Class MP | ||
1.625% (SOFR 30A + 12.30%), due 5/20/53 (b) | 722,448 | 707,281 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 1,623,322 | 172,913 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 332,877 | 33,723 |
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 1,542,248 | 157,630 |
REMIC, Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 724,989 | 80,613 |
REMIC, Series 2021-30, Class HI | ||
2.00%, due 2/20/51 (h) | 2,148,428 | 221,583 |
REMIC, Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 1,050,801 | 125,465 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 2,129,515 | 219,379 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 548,979 | 476,747 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 255,702 | 34,068 |
REMIC, Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 915,705 | 119,830 |
REMIC, Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 852,917 | 110,754 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | $ 952,459 | $ 129,110 |
REMIC, Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | 2,089,891 | 285,943 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 623,588 | 79,729 |
REMIC, Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) | 1,406,606 | 1,160,984 |
REMIC, Series 2021-140, Class GF | ||
2.50% (1 Month SOFR + 0.764%), due 8/20/51 (b) | 518,258 | 427,940 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 1,663,426 | 242,687 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 1,348,422 | 177,086 |
REMIC, Series 2021-1, Class IT | ||
3.00%, due 1/20/51 (h) | 1,363,439 | 217,756 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 1,387,667 | 220,293 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 175,573 | 25,155 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 387,343 | 334,957 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 627,996 | 108,726 |
REMIC, Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 1,603,497 | 254,294 |
REMIC, Series 2022-189, Class AT | ||
3.00%, due 7/20/51 | 531,050 | 458,199 |
REMIC, Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 855,529 | 134,802 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 2,066,883 | 319,424 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 1,674,523 | 248,068 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 1,394,780 | 186,330 |
REMIC, Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 1,298,474 | 198,278 |
REMIC, Series 2022-207, Class NA | ||
3.00%, due 1/20/52 | 2,202,864 | 1,907,061 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 1,585,505 | 1,360,798 |
20 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2019-92, Class GF | ||
3.50% (1 Month SOFR + 0.804%), due 7/20/49 (b) | $ 335,285 | $ 298,862 |
REMIC, Series 2019-97, Class FG | ||
3.50% (1 Month SOFR + 0.804%), due 8/20/49 (b) | 701,794 | 625,592 |
REMIC, Series 2019-110, Class FG | ||
3.50% (1 Month SOFR + 0.764%), due 9/20/49 (b) | 243,448 | 215,791 |
REMIC, Series 2019-128, Class KF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 374,236 | 332,554 |
REMIC, Series 2019-128, Class YF | ||
3.50% (1 Month SOFR + 0.764%), due 10/20/49 (b) | 482,984 | 430,279 |
REMIC, Series 2020-5, Class FA | ||
3.50% (1 Month SOFR + 0.814%), due 1/20/50 (b) | 752,077 | 669,174 |
REMIC, Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 618,419 | 568,339 |
REMIC, Series 2021-125, Class AF | ||
3.50% (SOFR 30A + 0.25%), due 7/20/51 (b) | 739,849 | 659,358 |
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 1,110,194 | 191,344 |
REMIC, Series 2023-1, Class HD | ||
3.50%, due 1/20/52 | 617,935 | 568,606 |
REMIC, Series 2022-69, Class FA | ||
4.50% (SOFR 30A + 0.75%), due 4/20/52 (b) | 421,568 | 396,977 |
REMIC, Series 2023-81, Class LA | ||
5.00%, due 6/20/52 | 482,976 | 484,421 |
REMIC, Series 2023-38, Class WT | ||
6.727%, due 12/20/51 (i) | 305,930 | 328,116 |
REMIC, Series 2023-59, Class YC | ||
6.952%, due 9/20/51 (i) | 676,523 | 743,340 |
REMIC, Series 2023-55, Class CG | ||
7.505%, due 7/20/51 (i) | 755,073 | 837,037 |
REMIC, Series 2023-55, Class LB | ||
7.83%, due 11/20/51 (i) | 863,521 | 1,000,754 |
42,147,554 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.8% | ||
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
5.815% (1 Month SOFR + 0.459%), due 12/25/36 (a)(b) | $ 21,349 | $ 19,920 |
BBCMS Mortgage Trust (a)(b) | ||
Series 2018-TALL, Class C | ||
6.68% (1 Month SOFR + 1.318%), due 3/15/37 | 320,000 | 259,914 |
Series 2018-TALL, Class D | ||
7.008% (1 Month SOFR + 1.646%), due 3/15/37 | 360,000 | 269,174 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 935,000 | 855,777 |
BX Commercial Mortgage Trust (a)(j) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 | 365,000 | 311,773 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 | 450,059 | 393,810 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 | 340,000 | 283,663 |
BX Trust (a) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 205,000 | 182,015 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (j) | 450,000 | 391,664 |
Series 2021-ARIA, Class E | ||
7.721% (1 Month SOFR + 2.359%), due 10/15/36 (b) | 970,000 | 916,427 |
Series 2022-PSB, Class B | ||
8.311% (1 Month SOFR + 2.949%), due 8/15/39 (b) | 633,324 | 633,090 |
Series 2022-PSB, Class C | ||
9.059% (1 Month SOFR + 3.697%), due 8/15/39 (b) | 168,296 | 168,331 |
BXHPP Trust | ||
Series 2021-FILM, Class B | ||
6.376% (1 Month SOFR + 1.014%), due 8/15/36 (a)(b) | 535,000 | 490,943 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
6.626% (1 Month SOFR + 1.264%), due 10/15/43 (a)(b) | 295,000 | 272,506 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
7.726% (1 Month SOFR + 2.364%), due 7/15/38 (a)(b) | 588,067 | 577,727 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
GNMA (h)(j) | ||
REMIC, Series 2021-164 | ||
0.949%, due 10/16/63 | $ 1,907,952 | $ 132,184 |
REMIC, Series 2021-108 | ||
0.967%, due 6/16/61 | 4,174,830 | 292,451 |
REMIC, Series 2020-168, Class IA | ||
0.978%, due 12/16/62 | 1,445,706 | 100,652 |
REMIC, Series 2021-47 | ||
0.992%, due 3/16/61 | 3,371,936 | 234,601 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 665,000 | 588,254 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2017-C34, Class A4 | ||
3.536%, due 11/15/52 | 320,000 | 298,231 |
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 200,000 | 190,907 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 395,000 | 380,133 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.702% (SOFR 30A + 3.364%), due 10/25/49 | 949,495 | 923,341 |
Series 2020-01, Class M10 | ||
9.202% (SOFR 30A + 3.864%), due 3/25/50 | 1,052,040 | 1,014,108 |
Series 2023-01, Class M10 | ||
11.837% (SOFR 30A + 6.50%), due 11/25/53 | 1,040,000 | 1,055,874 |
Series 2020-01, Class CE | ||
12.952% (SOFR 30A + 7.614%), due 3/25/50 | 180,000 | 175,899 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,140,000 | 965,162 |
ORL Trust (a)(b) | ||
Series 2023-GLKS, Class C | ||
9.013% (1 Month SOFR + 3.651%), due 10/19/36 | 395,000 | 394,630 |
Series 2023-GLKS, Class D | ||
9.663% (1 Month SOFR + 4.301%), due 10/19/36 | 320,000 | 319,701 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
SLG Office Trust (a) | ||
Series 2021-OVA, Class A | ||
2.585%, due 7/15/41 | $ 325,000 | $ 268,493 |
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 | 355,000 | 251,250 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(j) | 705,000 | 643,532 |
14,256,137 | ||
Whole Loan (Collateralized Mortgage Obligations) 5.0% | ||
CIM Trust | ||
Series 2021-J2, Class AS | ||
0.21%, due 4/25/51 (a)(h)(i) | 17,974,593 | 198,905 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2022-R01, Class 1M2 | ||
7.237% (SOFR 30A + 1.90%), due 12/25/41 | 235,000 | 235,367 |
Series 2021-R03, Class 1B1 | ||
8.087% (SOFR 30A + 2.75%), due 12/25/41 | 545,000 | 546,353 |
Series 2021-R01, Class 1B1 | ||
8.437% (SOFR 30A + 3.10%), due 10/25/41 | 1,290,000 | 1,300,412 |
Series 2022-R02, Class 2B1 | ||
9.837% (SOFR 30A + 4.50%), due 1/25/42 | 905,000 | 931,672 |
Series 2021-R01, Class 1B2 | ||
11.337% (SOFR 30A + 6.00%), due 10/25/41 | 1,020,000 | 1,042,652 |
Series 2022-R01, Class 1B2 | ||
11.337% (SOFR 30A + 6.00%), due 12/25/41 | 215,000 | 219,266 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-HQA3, Class M2 | ||
7.437% (SOFR 30A + 2.10%), due 9/25/41 | 1,210,000 | 1,193,716 |
Series 2021-HQA4, Class M2 | ||
7.687% (SOFR 30A + 2.35%), due 12/25/41 | 700,000 | 689,865 |
Series 2022-DNA1, Class M2 | ||
7.837% (SOFR 30A + 2.50%), due 1/25/42 | 925,000 | 923,287 |
Series 2021-HQA1, Class B1 | ||
8.337% (SOFR 30A + 3.00%), due 8/25/33 | 1,385,000 | 1,402,353 |
22 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-DNA5, Class B1 | ||
8.387% (SOFR 30A + 3.05%), due 1/25/34 | $ 1,730,000 | $ 1,745,747 |
Series 2021-HQA2, Class B1 | ||
8.487% (SOFR 30A + 3.15%), due 12/25/33 | 635,000 | 636,588 |
Series 2021-HQA3, Class B1 | ||
8.687% (SOFR 30A + 3.35%), due 9/25/41 | 1,035,000 | 1,032,436 |
Series 2021-DNA6, Class B1 | ||
8.737% (SOFR 30A + 3.40%), due 10/25/41 | 340,000 | 345,486 |
Series 2022-DNA1, Class B1 | ||
8.737% (SOFR 30A + 3.40%), due 1/25/42 | 250,000 | 248,993 |
Series 2021-DNA7, Class B1 | ||
8.987% (SOFR 30A + 3.65%), due 11/25/41 | 955,000 | 972,670 |
Series 2021-HQA4, Class B1 | ||
9.087% (SOFR 30A + 3.75%), due 12/25/41 | 190,000 | 189,645 |
Series 2021-DNA1, Class B2 | ||
10.087% (SOFR 30A + 4.75%), due 1/25/51 | 945,000 | 961,889 |
Series 2020-DNA2, Class B2 | ||
10.252% (SOFR 30A + 4.914%), due 2/25/50 | 260,000 | 268,701 |
Series 2020-HQA1, Class B2 | ||
10.552% (SOFR 30A + 5.214%), due 1/25/50 | 665,000 | 681,386 |
Series 2022-HQA1, Class M2 | ||
10.587% (SOFR 30A + 5.25%), due 3/25/42 | 155,000 | 165,292 |
Series 2022-HQA3, Class M2 | ||
10.687% (SOFR 30A + 5.35%), due 8/25/42 | 1,575,000 | 1,670,839 |
Series 2021-HQA2, Class B2 | ||
10.787% (SOFR 30A + 5.45%), due 12/25/33 | 245,000 | 252,396 |
Series 2022-DNA6, Class M2 | ||
11.087% (SOFR 30A + 5.75%), due 9/25/42 | 675,000 | 750,457 |
Series 2021-HQA4, Class B2 | ||
12.337% (SOFR 30A + 7.00%), due 12/25/41 | 140,000 | 142,592 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-HQA1, Class B1 | ||
12.337% (SOFR 30A + 7.00%), due 3/25/42 | $ 710,000 | $ 767,814 |
Series 2021-DNA6, Class B2 | ||
12.837% (SOFR 30A + 7.50%), due 10/25/41 | 300,000 | 314,791 |
FHLMC STACR Trust | ||
Series 2019-HQA3, Class B2 | ||
12.952% (SOFR 30A + 7.614%), due 9/25/49 (a)(b) | 450,000 | 491,242 |
FHLMC Structured Agency Credit Risk Debt Notes (a)(b) | ||
Series 2020-HQA5, Class B1 | ||
9.337% (SOFR 30A + 4.00%), due 11/25/50 | 305,000 | 330,642 |
Series 2022-HQA2, Class M2 | ||
11.337% (SOFR 30A + 6.00%), due 7/25/42 | 940,000 | 1,014,701 |
Flagstar Mortgage Trust | ||
Series 2021-6INV, Class A18 | ||
2.50%, due 8/25/51 (a)(i) | 403,695 | 322,010 |
HarborView Mortgage Loan Trust | ||
Series 2007-3, Class 2A1A | ||
5.87% (1 Month SOFR + 0.514%), due 5/19/37 (b) | 400,289 | 372,046 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | 304,940 | 250,437 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.317%, due 8/25/59 (j) | 1,176,800 | 703,581 |
Series 2019-2A, Class B6 | ||
4.825%, due 12/25/57 (i) | 462,967 | 300,684 |
OBX Trust | ||
Series 2022-NQM1, Class A1 | ||
2.305%, due 11/25/61 (a)(i) | 465,793 | 399,346 |
Onslow Bay Mortgage Loan Trust | ||
Series 2021-NQM4, Class A1 | ||
1.957%, due 10/25/61 (a)(i) | 1,264,216 | 1,031,954 |
Sequoia Mortgage Trust | ||
Series 2021-4, Class A1 | ||
0.166%, due 6/25/51 (a)(h)(j) | 14,639,218 | 121,533 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.652% (SOFR 30A + 4.314%), due 2/25/47 (a)(b) | $ 925,000 | $ 1,011,176 |
26,180,922 | ||
Total Mortgage-Backed Securities (Cost $82,945,032) | 82,584,613 | |
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 | 756,365 |
Total Municipal Bond (Cost $1,065,000) | 756,365 | |
U.S. Government & Federal Agencies 5.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.3% | ||
FHLMC Gold Pools, 30 Year | ||
3.50%, due 1/1/48 | 505,301 | 472,215 |
UMBS Pool, 30 Year | ||
3.50%, due 7/1/50 | 443,190 | 412,391 |
4.50%, due 10/1/52 | 194,393 | 188,495 |
5.50%, due 7/1/53 | 1,107,096 | 1,111,571 |
6.00%, due 10/1/53 | 1,048,303 | 1,069,080 |
6.00%, due 10/1/53 | 563,423 | 573,860 |
6.00%, due 11/1/53 | 49,923 | 50,990 |
6.50%, due 10/1/53 | 1,490,502 | 1,527,428 |
6.50%, due 11/1/53 | 937,188 | 960,353 |
6.50%, due 12/1/53 | 125,000 | 128,517 |
6,494,900 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 2.4% | ||
FNMA, Other | ||
6.00%, due 4/1/37 | 3,884 | 3,974 |
UMBS, 30 Year | ||
2.50%, due 6/1/51 | 1,798,151 | 1,548,822 |
3.00%, due 6/1/51 | 325,117 | 288,008 |
3.00%, due 11/1/51 | 690,507 | 611,102 |
3.00%, due 3/1/52 | 577,284 | 510,546 |
3.50%, due 7/1/52 | 108,312 | 99,385 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 8/1/48 | $ 625,580 | $ 601,565 |
4.00%, due 2/1/49 | 95,562 | 91,718 |
4.00%, due 6/1/52 | 326,466 | 308,809 |
4.00%, due 6/1/52 | 556,670 | 526,561 |
4.00%, due 7/1/52 | 701,894 | 664,342 |
5.00%, due 11/1/52 | 2,233,221 | 2,210,175 |
5.50%, due 2/1/53 | 189,882 | 190,715 |
5.50%, due 8/1/53 | 504,354 | 508,575 |
6.00%, due 8/1/53 | 465,710 | 473,218 |
6.00%, due 9/1/53 | 528,607 | 537,995 |
6.00%, due 9/1/53 | 2,112,169 | 2,144,620 |
6.00%, due 11/1/53 | 49,897 | 50,902 |
6.50%, due 9/1/53 | 608,071 | 623,100 |
6.50%, due 10/1/53 | 463,844 | 478,595 |
6.50%, due 12/1/53 | 70,000 | 71,970 |
12,544,697 | ||
United States Treasury Bonds 1.4% | ||
U.S. Treasury Bonds | ||
4.75%, due 11/15/43 (e) | 5,485,000 | 5,883,520 |
4.75%, due 11/15/53 | 1,360,000 | 1,525,112 |
7,408,632 | ||
United States Treasury Notes 0.7% | ||
U.S. Treasury Notes | ||
4.625%, due 10/15/26 | 1,900,000 | 1,928,203 |
4.875%, due 10/31/28 | 1,330,000 | 1,388,292 |
5.00%, due 10/31/25 | 275,000 | 278,137 |
3,594,632 | ||
Total U.S. Government & Federal Agencies (Cost $29,586,236) | 30,042,861 | |
Total Long-Term Bonds (Cost $219,419,801) | 209,980,651 | |
Shares | ||
Common Stocks 55.2% | ||
Aerospace & Defense 1.7% | ||
BAE Systems plc (United Kingdom) | 186,254 | 2,636,423 |
General Dynamics Corp. | 7,055 | 1,831,972 |
Lockheed Martin Corp. | 4,553 | 2,063,602 |
RTX Corp. | 26,234 | 2,207,329 |
8,739,326 |
24 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Air Freight & Logistics 1.3% | ||
Deutsche Post AG (Registered) (Germany) | 64,706 | $ 3,204,091 |
Hyundai Glovis Co. Ltd. (Republic of Korea) (k) | 12,965 | 1,922,636 |
United Parcel Service, Inc., Class B | 10,300 | 1,619,469 |
6,746,196 | ||
Automobile Components 0.3% | ||
Cie Generale des Etablissements Michelin SCA (France) | 49,834 | 1,785,762 |
Automobiles 0.3% | ||
Toyota Motor Corp. (Japan) | 88,400 | 1,624,115 |
Banks 3.8% | ||
Bank of America Corp. | 92,812 | 3,124,980 |
BAWAG Group AG (Austria) (a) | 31,887 | 1,688,975 |
Columbia Banking System, Inc. | 75,244 | 2,007,510 |
JPMorgan Chase & Co. | 23,656 | 4,023,886 |
PNC Financial Services Group, Inc. (The) | 11,992 | 1,856,961 |
Regions Financial Corp. | 96,858 | 1,877,108 |
Royal Bank of Canada (Canada) | 16,226 | 1,640,907 |
Truist Financial Corp. | 47,617 | 1,758,020 |
U.S. Bancorp | 44,881 | 1,942,450 |
19,920,797 | ||
Beverages 1.8% | ||
Coca-Cola Co. (The) | 35,629 | 2,099,617 |
Coca-Cola Europacific Partners plc (United Kingdom) | 79,684 | 5,318,110 |
PepsiCo, Inc. | 12,050 | 2,046,572 |
9,464,299 | ||
Biotechnology 0.7% | ||
AbbVie, Inc. | 24,048 | 3,726,719 |
Capital Markets 1.0% | ||
BlackRock, Inc. | 2,063 | 1,674,744 |
Lazard Ltd., Class A | 53,976 | 1,878,365 |
Schroders plc (United Kingdom) | 297,841 | 1,632,085 |
5,185,194 | ||
Chemicals 2.1% | ||
Air Products and Chemicals, Inc. | 7,268 | 1,989,979 |
Dow, Inc. | 35,300 | 1,935,852 |
Linde plc | 7,913 | 3,249,948 |
LyondellBasell Industries NV, Class A | 21,571 | 2,050,971 |
Shares | Value | |
Chemicals (continued) | ||
Nutrien Ltd. (Canada) (e) | 32,486 | $ 1,829,936 |
11,056,686 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 6 | 33 |
Communications Equipment 0.9% | ||
Cisco Systems, Inc. | 97,069 | 4,903,925 |
Construction & Engineering 0.3% | ||
Vinci SA (France) | 13,862 | 1,739,946 |
Consumer Staples Distribution & Retail 0.7% | ||
Walmart, Inc. | 23,948 | 3,775,402 |
Diversified Telecommunication Services 2.5% | ||
AT&T, Inc. | 96,107 | 1,612,675 |
BCE, Inc. (Canada) | 40,051 | 1,576,892 |
Deutsche Telekom AG (Registered) (Germany) | 185,670 | 4,458,106 |
Orange SA (France) | 177,261 | 2,016,362 |
TELUS Corp. (Canada) | 85,325 | 1,518,406 |
Verizon Communications, Inc. | 41,236 | 1,554,597 |
12,737,038 | ||
Electric Utilities 2.2% | ||
American Electric Power Co., Inc. | 30,758 | 2,498,165 |
Duke Energy Corp. | 16,464 | 1,597,666 |
Entergy Corp. | 16,558 | 1,675,504 |
Evergy, Inc. | 29,325 | 1,530,765 |
NextEra Energy, Inc. | 41,032 | 2,492,284 |
Pinnacle West Capital Corp. | 22,976 | 1,650,596 |
11,444,980 | ||
Electrical Equipment 1.0% | ||
Eaton Corp. plc | 13,164 | 3,170,154 |
Emerson Electric Co. | 22,606 | 2,200,242 |
5,370,396 | ||
Food Products 1.0% | ||
Mondelez International, Inc., Class A | 21,821 | 1,580,495 |
Nestle SA (Registered) | 17,199 | 1,994,025 |
Orkla ASA (Norway) | 209,051 | 1,622,219 |
5,196,739 | ||
Gas Utilities 0.5% | ||
Snam SpA (Italy) | 454,011 | 2,333,111 |
Shares | Value | |
Common Stocks (continued) | ||
Health Care Equipment & Supplies 0.6% | ||
Medtronic plc | 36,139 | $ 2,977,131 |
Health Care Providers & Services 1.1% | ||
CVS Health Corp. | 21,846 | 1,724,960 |
UnitedHealth Group, Inc. | 7,077 | 3,725,828 |
5,450,788 | ||
Hotels, Restaurants & Leisure 1.8% | ||
McDonald's Corp. | 7,612 | 2,257,034 |
Restaurant Brands International, Inc. (Canada) | 59,740 | 4,667,486 |
Vail Resorts, Inc. | 11,503 | 2,455,546 |
9,380,066 | ||
Household Durables 0.3% | ||
Garmin Ltd. | 13,666 | 1,756,628 |
Industrial Conglomerates 0.9% | ||
Honeywell International, Inc. | 7,411 | 1,554,161 |
Siemens AG (Registered) (Germany) | 16,498 | 3,094,747 |
4,648,908 | ||
Insurance 2.7% | ||
Allianz SE (Registered) (Germany) | 6,870 | 1,834,982 |
AXA SA (France) | 66,808 | 2,174,967 |
Manulife Financial Corp. (Canada) | 142,399 | 3,146,630 |
MetLife, Inc. | 49,120 | 3,248,306 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 4,712 | 1,951,200 |
Travelers Cos., Inc. (The) | 8,080 | 1,539,159 |
13,895,244 | ||
IT Services 1.1% | ||
International Business Machines Corp. | 35,747 | 5,846,422 |
Leisure Products 0.3% | ||
Hasbro, Inc. | 32,708 | 1,670,070 |
Machinery 0.7% | ||
Cummins, Inc. | 14,060 | 3,368,354 |
Media 0.8% | ||
Comcast Corp., Class A | 51,714 | 2,267,659 |
Omnicom Group, Inc. | 23,405 | 2,024,766 |
4,292,425 |
Shares | Value | |
Multi-Utilities 0.6% | ||
NiSource, Inc. | 66,488 | $ 1,765,256 |
WEC Energy Group, Inc. | 17,259 | 1,452,690 |
3,217,946 | ||
Oil, Gas & Consumable Fuels 2.0% | ||
Chevron Corp. | 10,928 | 1,630,021 |
Enterprise Products Partners LP | 52,920 | 1,394,442 |
MPLX LP | 39,178 | 1,438,616 |
TotalEnergies SE (France) | 67,268 | 4,574,447 |
Williams Cos., Inc. (The) | 43,854 | 1,527,435 |
10,564,961 | ||
Personal Care Products 0.3% | ||
Unilever plc (United Kingdom) | 29,714 | 1,439,248 |
Pharmaceuticals 5.5% | ||
Astellas Pharma, Inc. (Japan) | 160,300 | 1,916,779 |
AstraZeneca plc, Sponsored ADR (United Kingdom) | 63,463 | 4,274,233 |
Bristol-Myers Squibb Co. | 29,196 | 1,498,047 |
Eli Lilly & Co. | 5,886 | 3,431,067 |
GSK plc | 82,077 | 1,517,191 |
Johnson & Johnson | 12,458 | 1,952,667 |
Merck & Co., Inc. | 26,145 | 2,850,328 |
Novartis AG (Registered) (Switzerland) | 40,807 | 4,117,817 |
Pfizer, Inc. | 49,026 | 1,411,458 |
Roche Holding AG | 5,342 | 1,552,962 |
Sanofi SA | 39,201 | 3,884,449 |
28,406,998 | ||
Professional Services 0.4% | ||
Paychex, Inc. | 15,449 | 1,840,130 |
Retail REITs 0.4% | ||
Realty Income Corp. | 31,987 | 1,836,694 |
Semiconductors & Semiconductor Equipment 4.6% | ||
Analog Devices, Inc. | 27,983 | 5,556,305 |
Broadcom, Inc. | 6,213 | 6,935,261 |
KLA Corp. | 8,039 | 4,673,071 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 36,003 | 3,744,312 |
Texas Instruments, Inc. | 18,768 | 3,199,193 |
24,108,142 | ||
Software 1.3% | ||
Microsoft Corp. | 18,093 | 6,803,692 |
26 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Specialized REITs 1.2% | ||
Iron Mountain, Inc. | 60,129 | $ 4,207,827 |
VICI Properties, Inc. | 64,245 | 2,048,131 |
6,255,958 | ||
Specialty Retail 0.8% | ||
Best Buy Co., Inc. | 21,032 | 1,646,385 |
Home Depot, Inc. (The) | 6,587 | 2,282,725 |
3,929,110 | ||
Technology Hardware, Storage & Peripherals 2.8% | ||
Apple, Inc. | 24,328 | 4,683,870 |
Dell Technologies, Inc., Class C | 31,006 | 2,371,959 |
Hewlett Packard Enterprise Co. | 97,387 | 1,653,631 |
NetApp, Inc. | 27,614 | 2,434,450 |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 2,155 | 3,228,190 |
14,372,100 | ||
Tobacco 1.5% | ||
British American Tobacco plc (United Kingdom) | 69,803 | 2,042,407 |
Imperial Brands plc (United Kingdom) | 90,791 | 2,090,604 |
Philip Morris International, Inc. | 36,317 | 3,416,703 |
7,549,714 | ||
Trading Companies & Distributors 0.7% | ||
MSC Industrial Direct Co., Inc., Class A | 36,796 | 3,725,963 |
Wireless Telecommunication Services 0.7% | ||
Rogers Communications, Inc., Class B (Canada) | 38,179 | 1,787,286 |
SK Telecom Co. Ltd. (Republic of Korea) | 46,547 | 1,808,485 |
3,595,771 | ||
Total Common Stocks (Cost $253,110,842) | 286,683,127 | |
Short-Term Investments 2.8% | ||
Affiliated Investment Company 2.3% | ||
MainStay U.S. Government Liquidity Fund, 5.235% (l) | 12,142,456 | 12,142,456 |
Unaffiliated Investment Company 0.4% | ||
Invesco Government & Agency Portfolio, 5.361% (l)(m) | 2,298,070 | 2,298,070 |
Principal Amount | Value | ||
U.S. Treasury Debt 0.1% | |||
U.S. Treasury Bills | |||
5.29%, due 3/14/24 (n) | $ 260,000 | $ 257,302 | |
Total Short-Term Investments (Cost $14,697,774) | 14,697,828 | ||
Total Investments (Cost $487,228,417) | 98.4% | 511,361,606 | |
Other Assets, Less Liabilities | 1.6 | 8,340,876 | |
Net Assets | 100.0% | $ 519,702,482 |
† | 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 December 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $8,121,558; the total market value of collateral held by the Portfolio was $8,383,514. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,085,444. The Portfolio received cash collateral with a value of $2,298,070. (See Note 2(L)) |
(f) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
(g) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $251,875, which represented less than one-tenth of a percent of the Portfolio’s net assets. (Unaudited) |
(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 December 31, 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 December 31, 2023. |
(k) | Non-income producing security. |
(l) | Current yield as of December 31, 2023. |
(m) | Represents a security purchased with cash collateral received for securities on loan. |
(n) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 6,070 | $ 146,387 | $ (140,315) | $ — | $ — | $ 12,142 | $ 292 | $ — | 12,142 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 9,875,000 | USD | 6,283,711 | JPMorgan Chase Bank N.A. | 2/1/24 | $ 452,503 |
GBP | 133,000 | USD | 161,614 | JPMorgan Chase Bank N.A. | 2/1/24 | 7,944 |
JPY | 3,368,551,000 | USD | 22,624,324 | JPMorgan Chase Bank N.A. | 2/1/24 | 1,378,684 |
Total Unrealized Appreciation | 1,839,131 | |||||
USD | 2,859,798 | EUR | 2,684,147 | JPMorgan Chase Bank N.A. | 2/1/24 | (107,065) |
Total Unrealized Depreciation | (107,065) | |||||
Net Unrealized Appreciation | $ 1,732,066 |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
E-Mini Energy Select Sector Index | 49 | March 2024 | $ 4,187,875 | $ 4,342,870 | $ 154,995 |
E-Mini Health Care Select Sector Index | 47 | March 2024 | 6,319,244 | 6,543,810 | 224,566 |
E-Mini Utilities Select Sector Index | 81 | March 2024 | 5,207,991 | 5,224,500 | 16,509 |
S&P 500 E-Mini Index | 118 | March 2024 | 27,380,071 | 28,438,000 | 1,057,929 |
S&P Midcap 400 E-Mini Index | 10 | March 2024 | 2,649,420 | 2,809,500 | 160,080 |
U.S. Treasury 5 Year Notes | 66 | March 2024 | 7,085,591 | 7,179,047 | 93,456 |
U.S. Treasury 10 Year Notes | 147 | March 2024 | 16,308,763 | 16,594,922 | 286,159 |
U.S. Treasury 10 Year Ultra Bonds | 31 | March 2024 | 3,504,281 | 3,658,484 | 154,203 |
U.S. Treasury Long Bonds | 61 | March 2024 | 7,055,699 | 7,621,187 | 565,488 |
28 | MainStay VP Income Builder Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury Ultra Bonds | 81 | March 2024 | $ 9,955,266 | $ 10,821,094 | $ 865,828 |
Yen Denominated Nikkei 225 Index | 298 | March 2024 | 35,286,988 | 35,152,376 | (134,612) |
Total Long Contracts | 3,444,601 | ||||
Short Contracts | |||||
Euro STOXX 50 Index | (333) | March 2024 | (16,761,658) | (16,700,765) | 60,893 |
FTSE 100 Index | (71) | March 2024 | (6,856,591) | (7,019,644) | (163,053) |
S&P E-Mini Commercial Service Equity Index | (76) | March 2024 | (7,050,748) | (7,305,500) | (254,752) |
U.S. Treasury 2 Year Notes | (7) | March 2024 | (1,431,289) | (1,441,399) | (10,110) |
Total Short Contracts | (367,022) | ||||
Net Unrealized Appreciation | $ 3,077,579 |
1. | As of December 31, 2023, cash in the amount of $7,209,731 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2023. |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
REIT—Real Estate Investment Trust |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
STACR—Structured Agency Credit Risk |
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 | $ — | $ 16,124,279 | $ — | $ 16,124,279 | |||
Corporate Bonds | — | 78,356,296 | — | 78,356,296 | |||
Foreign Government Bonds | — | 1,630,042 | — | 1,630,042 | |||
Loan Assignments | — | 486,195 | — | 486,195 | |||
Mortgage-Backed Securities | — | 82,584,613 | — | 82,584,613 | |||
Municipal Bond | — | 756,365 | — | 756,365 | |||
U.S. Government & Federal Agencies | — | 30,042,861 | — | 30,042,861 | |||
Total Long-Term Bonds | — | 209,980,651 | — | 209,980,651 | |||
Common Stocks | |||||||
Air Freight & Logistics | 4,823,560 | 1,922,636 | — | 6,746,196 | |||
Wireless Telecommunication Services | 1,787,286 | 1,808,485 | — | 3,595,771 | |||
All Other Industries | 276,341,160 | — | — | 276,341,160 | |||
Total Common Stocks | 282,952,006 | 3,731,121 | — | 286,683,127 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 12,142,456 | — | — | 12,142,456 | |||
Unaffiliated Investment Company | 2,298,070 | — | — | 2,298,070 | |||
U.S. Treasury Debt | — | 257,302 | — | 257,302 | |||
Total Short-Term Investments | 14,440,526 | 257,302 | — | 14,697,828 | |||
Total Investments in Securities | 297,392,532 | 213,969,074 | — | 511,361,606 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 1,839,131 | — | 1,839,131 | |||
Futures Contracts | 3,640,106 | — | — | 3,640,106 | |||
Total Other Financial Instruments | 3,640,106 | 1,839,131 | — | 5,479,237 | |||
Total Investments in Securities and Other Financial Instruments | $ 301,032,638 | $ 215,808,205 | $ — | $ 516,840,843 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (107,065) | $ — | $ (107,065) | |||
Futures Contracts | (562,527) | — | — | (562,527) | |||
Total Other Financial Instruments | $ (562,527) | $ (107,065) | $ — | $ (669,592) |
(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 $475,085,961) including securities on loan of $8,121,558 | $499,219,150 |
Investment in affiliated investment companies, at value (identified cost $12,142,456) | 12,142,456 |
Cash | 31,091 |
Cash denominated in foreign currencies (identified cost $53,010) | 53,023 |
Cash collateral on deposit at broker for futures contracts | 7,209,731 |
Receivables: | |
Investment securities sold | 3,140,160 |
Dividends and interest | 2,431,769 |
Portfolio shares sold | 520,508 |
Securities lending | 17,141 |
Unrealized appreciation on foreign currency forward contracts | 1,839,131 |
Other assets | 29,119 |
Total assets | 526,633,279 |
Liabilities | |
Cash collateral received for securities on loan | 2,298,070 |
Payables: | |
Investment securities purchased | 3,542,237 |
Variation margin on futures contracts | 289,820 |
Portfolio shares redeemed | 284,770 |
Manager (See Note 3) | 247,696 |
NYLIFE Distributors (See Note 3) | 78,543 |
Professional fees | 41,225 |
Custodian | 35,813 |
Shareholder communication | 2,704 |
Accrued expenses | 2,854 |
Unrealized depreciation on foreign currency forward contracts | 107,065 |
Total liabilities | 6,930,797 |
Net assets | $519,702,482 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 35,952 |
Additional paid-in-capital | 536,592,461 |
536,628,413 | |
Total distributable earnings (loss) | (16,925,931) |
Net assets | $519,702,482 |
Initial Class | |
Net assets applicable to outstanding shares | $144,150,431 |
Shares of beneficial interest outstanding | 9,893,623 |
Net asset value per share outstanding | $ 14.57 |
Service Class | |
Net assets applicable to outstanding shares | $375,552,051 |
Shares of beneficial interest outstanding | 26,058,565 |
Net asset value per share outstanding | $ 14.41 |
Investment Income (Loss) | |
Income | |
Interest | $ 10,581,358 |
Dividends-unaffiliated (net of foreign tax withholding of $444,602) | 9,410,734 |
Dividends-affiliated | 292,367 |
Securities lending, net | 77,669 |
Total income | 20,362,128 |
Expenses | |
Manager (See Note 3) | 2,947,854 |
Distribution/Service—Service Class (See Note 3) | 932,646 |
Professional fees | 119,549 |
Custodian | 80,120 |
Trustees | 13,554 |
Shareholder communication | 5,577 |
Miscellaneous | 25,685 |
Total expenses | 4,124,985 |
Net investment income (loss) | 16,237,143 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (6,460,256) |
Futures transactions | (1,408,449) |
Foreign currency transactions | (125,253) |
Foreign currency forward transactions | (3,414,386) |
Net realized gain (loss) | (11,408,344) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 39,833,219 |
Futures contracts | 3,402,965 |
Foreign currency forward contracts | 1,055,996 |
Translation of other assets and liabilities in foreign currencies | (329,858) |
Net change in unrealized appreciation (depreciation) | 43,962,322 |
Net realized and unrealized gain (loss) | 32,553,978 |
Net increase (decrease) in net assets resulting from operations | $ 48,791,121 |
32 | MainStay VP Income Builder Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 16,237,143 | $ 14,927,789 |
Net realized gain (loss) | (11,408,344) | (36,987,033) |
Net change in unrealized appreciation (depreciation) | 43,962,322 | (72,100,871) |
Net increase (decrease) in net assets resulting from operations | 48,791,121 | (94,160,115) |
Distributions to shareholders: | ||
Initial Class | (3,886,538) | (18,520,336) |
Service Class | (9,476,787) | (44,926,426) |
(13,363,325) | (63,446,762) | |
Distributions to shareholders from return of capital: | ||
Initial Class | (826,081) | (1,897,990) |
Service Class | (2,014,286) | (4,604,122) |
(2,840,367) | (6,502,112) | |
Total distributions to shareholders | (16,203,692) | (69,948,874) |
Capital share transactions: | ||
Net proceeds from sales of shares | 31,660,834 | 44,815,527 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 16,203,692 | 69,948,874 |
Cost of shares redeemed | (104,798,961) | (105,661,713) |
Increase (decrease) in net assets derived from capital share transactions | (56,934,435) | 9,102,688 |
Net increase (decrease) in net assets | (24,347,006) | (155,006,301) |
Net Assets | ||
Beginning of year | 544,049,488 | 699,055,789 |
End of year | $ 519,702,482 | $ 544,049,488 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.69 | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | ||||
Net investment income (loss) (a) | 0.46 | 0.42 | 0.42 | 0.41 | 0.49 | ||||
Net realized and unrealized gain (loss) | 0.88 | (3.02) | 1.37 | 0.87 | 2.22 | ||||
Total from investment operations | 1.34 | (2.60) | 1.79 | 1.28 | 2.71 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.26) | (0.39) | (0.42) | (0.68) | ||||
From net realized gain on investments | — | (1.51) | (0.54) | (0.63) | (0.12) | ||||
Return of capital | (0.08) | (0.17) | — | — | — | ||||
Total distributions | (0.46) | (1.94) | (0.93) | (1.05) | (0.80) | ||||
Net asset value at end of year | $ 14.57 | $ 13.69 | $ 18.23 | $ 17.37 | $ 17.14 | ||||
Total investment return (b) | 10.05% | (13.52)% | 10.52% | 7.98% | 18.07% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.32% | 2.70% | 2.31% | 2.50% | 3.00% | ||||
Net expenses (c) | 0.62% | 0.62% | 0.61% | 0.62% | 0.63% | ||||
Portfolio turnover rate | 56% | 58% | 67%(d) | 68%(d) | 59%(d) | ||||
Net assets at end of year (in 000's) | $ 144,150 | $ 158,020 | $ 198,243 | $ 192,022 | $ 193,252 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 67%, 67%, and 52% for the years ended December 31, 2021, 2020, and 2019, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 13.54 | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | ||||
Net investment income (loss) (a) | 0.42 | 0.38 | 0.37 | 0.37 | 0.45 | ||||
Net realized and unrealized gain (loss) | 0.88 | (3.00) | 1.36 | 0.86 | 2.19 | ||||
Total from investment operations | 1.30 | (2.62) | 1.73 | 1.23 | 2.64 | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.22) | (0.35) | (0.37) | (0.64) | ||||
From net realized gain on investments | — | (1.51) | (0.54) | (0.63) | (0.12) | ||||
Return of capital | (0.07) | (0.17) | — | — | — | ||||
Total distributions | (0.43) | (1.90) | (0.89) | (1.00) | (0.76) | ||||
Net asset value at end of year | $ 14.41 | $ 13.54 | $ 18.06 | $ 17.22 | $ 16.99 | ||||
Total investment return (b) | 9.78% | (13.73)% | 10.24% | 7.71% | 17.78% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.07% | 2.45% | 2.06% | 2.25% | 2.74% | ||||
Net expenses (c) | 0.87% | 0.87% | 0.86% | 0.87% | 0.88% | ||||
Portfolio turnover rate | 56% | 58% | 67%(d) | 68%(d) | 59%(d) | ||||
Net assets at end of year (in 000's) | $ 375,552 | $ 386,030 | $ 500,812 | $ 473,118 | $ 433,515 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 67%, 67%, and 52% for the years ended December 31, 2021, 2020, and 2019, respectively. |
34 | MainStay VP Income Builder 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 |
36 | MainStay VP Income Builder Portfolio |
38 | MainStay VP Income Builder Portfolio |
40 | 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) | $ — | $1,674,972 | $1,965,134 | $3,640,106 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,839,131 | — | — | 1,839,131 |
Total Fair Value | $1,839,131 | $1,674,972 | $1,965,134 | $5,479,237 |
(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) | $ — | $(552,417) | $(10,110) | $(562,527) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (107,065) | — | — | (107,065) |
Total Fair Value | $(107,065) | $(552,417) | $(10,110) | $(669,592) |
(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 | $ — | $1,132,159 | $(2,540,608) | $(1,408,449) |
Forward Transactions | (3,414,386) | — | — | (3,414,386) |
Total Net Realized Gain (Loss) | $(3,414,386) | $1,132,159 | $(2,540,608) | $(4,822,835) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $1,234,793 | $2,168,172 | $3,402,965 |
Forward Contracts | 1,055,996 | — | — | 1,055,996 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,055,996 | $1,234,793 | $2,168,172 | $4,458,961 |
Average Notional Amount | Total |
Futures Contracts Long | $139,484,017 |
Futures Contracts Short | $ (31,535,608) |
Forward Contracts Long | $ 31,061,188 |
Forward Contracts Short | $ (9,510,540) |
42 | MainStay VP Income Builder Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $489,557,629 | $44,613,917 | $(22,846,284) | $21,767,633 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(37,541,956) | $59,406 | $20,556,619 | $(16,925,931) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(469,268) | $469,268 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $21,194 | $16,312 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $13,363,325 | $16,814,864 |
Long-Term Capital Gains | — | 46,631,898 |
Return of Capital | 2,840,367 | 6,502,112 |
Total | $16,203,692 | $69,948,874 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 161,726 | $ 2,247,369 |
Shares issued to shareholders in reinvestment of distributions | 337,238 | 4,712,619 |
Shares redeemed | (2,151,511) | (30,087,211) |
Net increase (decrease) | (1,652,547) | $(23,127,223) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,133,800 | $ 29,413,465 |
Shares issued to shareholders in reinvestment of distributions | 831,184 | 11,491,073 |
Shares redeemed | (5,418,948) | (74,711,750) |
Net increase (decrease) | (2,453,964) | $(33,807,212) |
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 |
44 | MainStay VP Income Builder Portfolio |
New York, New York
February 26, 2024
46 | MainStay VP Income Builder Portfolio |
48 | MainStay VP Income Builder Portfolio |
50 | MainStay VP Income Builder Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
52 | MainStay VP Income Builder Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
54 | MainStay VP Income Builder Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015533 | MSVPIB11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 4/29/2011 | 10.19% | 3.44% | 2.74% | 0.62% |
Service Class Shares | 4/29/2011 | 9.92 | 3.18 | 2.49 | 0.87 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 5.53% | 1.10% | 1.81% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 5.12 | 2.02 | 1.44 |
Morningstar Nontraditional Bond Category Average3 | 6.95 | 2.56 | 2.18 |
* | 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. | 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. |
2. | The Portfolio has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as a secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is unmanaged and tracks the performance of a synthetic asset paying 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. |
3. | The Portfolio has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,060.60 | $3.22 | $1,022.08 | $3.16 | 0.62% |
Service Class Shares | $1,000.00 | $1,059.20 | $4.52 | $1,020.82 | $4.43 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP MacKay Strategic Bond Portfolio |
1. | GNMA, (zero coupon)-3.50%, due 8/20/49–10/16/63 |
2. | UMBS Pool, 30 Year, 5.50%-6.50%, due 7/1/53–12/1/53 |
3. | UMBS, 30 Year, 4.00%-6.50%, due 6/1/52–12/1/53 |
4. | FHLMC, (zero coupon)-3.50%, due 1/15/33–8/15/56 |
5. | FNMA, (zero coupon)-9.552%, due 3/25/31–3/25/60 |
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. | Connecticut Avenue Securities Trust, 8.437%-11.337%, due 10/25/41 |
9. | FHLMC STACR REMIC Trust, 7.437%-8.687%, due 9/25/41 |
10. | FHLMC Structured Agency Credit Risk Debt Notes, 8.737%-11.337%, due 8/25/33–11/25/50 |
1. | See "Investment and Performance Comparison" 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. |
8 | MainStay VP MacKay Strategic Bond Portfolio |
3. | 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 98.3% | ||
Asset-Backed Securities 14.9% | ||
Automobile Asset-Backed Securities 10.5% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 1,915,000 | $ 1,864,854 |
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | 2,230,000 | 2,152,267 |
Series 2022-1, Class D | ||
2.46%, due 3/13/28 | 3,265,000 | 3,140,760 |
Series 2021-2, Class E | ||
2.54%, due 7/13/27 | 2,240,000 | 2,156,888 |
Series 2021-4, Class E | ||
3.12%, due 2/14/28 | 1,600,000 | 1,531,058 |
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 (a) | 1,345,000 | 1,223,254 |
CPS Auto Receivables Trust | ||
Series 2021-C, Class E | ||
3.21%, due 9/15/28 (a) | 1,560,000 | 1,466,148 |
Drive Auto Receivables Trust | ||
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,135,000 | 3,007,198 |
DT Auto Owner Trust (a) | ||
Series 2021-3A, Class D | ||
1.31%, due 5/17/27 | 2,330,000 | 2,166,539 |
Series 2021-4A, Class D | ||
1.99%, due 9/15/27 | 1,375,000 | 1,274,969 |
Series 2021-3A, Class E | ||
2.65%, due 9/15/28 | 905,000 | 842,738 |
Series 2020-3A, Class E | ||
3.62%, due 10/15/27 | 2,150,000 | 2,081,865 |
Exeter Automobile Receivables Trust | ||
Series 2021-2A, Class D | ||
1.40%, due 4/15/27 | 1,710,000 | 1,614,503 |
Series 2021-1A, Class E | ||
2.21%, due 2/15/28 (a) | 1,500,000 | 1,399,668 |
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 3,825,000 | 3,483,680 |
Flagship Credit Auto Trust (a) | ||
Series 2021-4, Class C | ||
1.96%, due 12/15/27 | 1,340,000 | 1,262,724 |
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 3,765,000 | 3,428,316 |
Series 2020-1, Class D | ||
2.48%, due 3/16/26 | 1,000,000 | 976,011 |
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 2,460,000 | 2,283,891 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Flagship Credit Auto Trust (a) (continued) | ||
Series 2022-1, Class D | ||
3.64%, due 3/15/28 | $ 715,000 | $ 662,424 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,258,000 | 1,227,381 |
Series 2020-3, Class E | ||
4.98%, due 12/15/27 | 1,295,000 | 1,217,986 |
Series 2022-2, Class D | ||
5.80%, due 4/17/28 | 1,995,000 | 1,851,356 |
Ford Credit Auto Owner Trust | ||
Series 2023-2, Class B | ||
5.92%, due 2/15/36 (a) | 1,405,000 | 1,440,408 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 3,630,000 | 3,386,410 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 2,285,000 | 2,137,313 |
Series 2021-2A, Class E | ||
2.87%, due 5/15/28 | 2,410,000 | 2,247,122 |
Series 2021-1A, Class E | ||
3.14%, due 1/18/28 | 1,140,000 | 1,088,641 |
Series 2021-3A, Class E | ||
3.20%, due 10/16/28 | 2,780,000 | 2,562,785 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,430,000 | 1,404,423 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 5,027,000 | 4,504,569 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 3,289,000 | 2,939,778 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 1,155,000 | 1,111,621 |
Santander Bank Auto Credit-Linked Notes | ||
Series 2023-B, Class F | ||
12.24%, due 12/15/33 (a) | 1,115,000 | 1,115,960 |
Santander Drive Auto Receivables Trust | ||
Series 2021-3, Class D | ||
1.33%, due 9/15/27 | 1,625,000 | 1,552,439 |
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 3,260,000 | 3,082,204 |
70,890,151 | ||
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 | 487,979 |
10 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Home Equity Asset-Backed Securities 0.1% | ||
First NLC Trust | ||
Series 2007-1, Class A1 | ||
5.54% (1 Month SOFR + 0.184%), due 8/25/37 (a)(b) | $ 52,510 | $ 25,636 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
4.414% (1 Month SOFR + 0.214%), due 3/25/47 (b) | 18,203 | 10,999 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
5.57% (1 Month SOFR + 0.214%), due 11/25/36 (b) | 15,057 | 4,709 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
5.58% (1 Month SOFR + 0.224%), due 2/25/37 | 16,174 | 5,118 |
Series 2007-HE7, Class M1 | ||
7.47% (1 Month SOFR + 2.114%), due 7/25/37 | 930,000 | 692,957 |
739,419 | ||
Other Asset-Backed Securities 4.2% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,351,023 | 1,206,675 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 1,096,601 | 979,851 |
Series 2021-1, Class B | ||
3.95%, due 7/11/30 | 1,365,000 | 1,211,534 |
Series 2015-2, Class A | ||
4.00%, due 9/22/27 | 322,355 | 294,511 |
Auxilior Term Funding LLC | ||
Series 2023-1A, Class D | ||
7.27%, due 12/16/30 (a) | 955,000 | 970,402 |
CF Hippolyta Issuer LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,358,173 | 1,255,181 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 5,579,289 | 4,731,942 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,304,258 | 1,111,361 |
Series 2020-1, Class B1 | ||
2.28%, due 7/15/60 | 1,300,608 | 1,190,184 |
DB Master Finance LLC | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 (a) | 1,504,300 | 1,241,213 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
FirstKey Homes Trust | ||
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 (a) | $ 1,735,000 | $ 1,567,027 |
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | 750,546 | 679,165 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,485,000 | 1,141,978 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 840,000 | 686,399 |
New Economy Assets Phase 1 Sponsor LLC | ||
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 (a) | 3,775,000 | 3,060,491 |
PFS Financing Corp. | ||
Series 2022-D, Class B | ||
4.90%, due 8/15/27 (a) | 1,790,000 | 1,753,646 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2023-2A, Class C | ||
7.30%, due 4/20/40 (a) | 712,142 | 728,159 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,454,100 | 1,177,172 |
Tricon American Homes | ||
Series 2020-SFR1, Class C | ||
2.249%, due 7/17/38 (a) | 1,780,000 | 1,628,430 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 638,602 | 638,647 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,442,773 | 1,460,706 |
28,714,674 | ||
Total Asset-Backed Securities (Cost $106,017,315) | 100,832,223 | |
Corporate Bonds 34.4% | ||
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | 1,160,000 | 852,722 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 650,000 | 639,251 |
1,491,973 | ||
Airlines 1.3% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,366,667 | 1,356,808 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Airlines (continued) | ||
American Airlines, Inc. (a) (continued) | ||
5.75%, due 4/20/29 | $ 3,255,000 | $ 3,172,852 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 787,009 | 775,051 |
4.75%, due 10/20/28 | 2,245,000 | 2,207,932 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,435,000 | 1,439,074 |
8,951,717 | ||
Apparel 0.2% | ||
Tapestry, Inc. | ||
7.85%, due 11/27/33 | 1,040,000 | 1,109,557 |
Auto Manufacturers 2.3% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 1,085,000 | 1,043,413 |
4.125%, due 8/17/27 | 1,380,000 | 1,306,423 |
6.80%, due 5/12/28 | 2,175,000 | 2,271,680 |
6.95%, due 3/6/26 | 1,150,000 | 1,178,122 |
7.20%, due 6/10/30 | 965,000 | 1,027,770 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 908,000 | 750,614 |
2.70%, due 6/10/31 | 2,255,000 | 1,890,722 |
4.30%, due 4/6/29 | 1,400,000 | 1,348,583 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 5,030,000 | 4,522,541 |
15,339,868 | ||
Banks 12.3% | ||
Banco Santander SA | ||
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) | 3,000,000 | 2,887,022 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 920,000 | 810,813 |
2.687%, due 4/22/32 (c) | 2,520,000 | 2,127,965 |
3.384%, due 4/2/26 (c) | 2,185,000 | 2,125,040 |
Series MM | ||
4.30%, due 1/28/25 (c)(d) | 1,741,000 | 1,641,139 |
8.57%, due 11/15/24 | 455,000 | 467,704 |
Barclays plc | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(d) | 2,340,000 | 1,819,129 |
5.20%, due 5/12/26 | 1,725,000 | 1,713,817 |
Principal Amount | Value | |
Banks (continued) | ||
Barclays plc (continued) | ||
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 (b)(d) | $ 1,000,000 | $ 981,412 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (c) | 1,720,000 | 1,510,981 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 1,600,000 | 1,398,057 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 2,250,000 | 1,812,323 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 705,000 | 719,643 |
BPCE SA (a) | ||
2.045%, due 10/19/27 (c) | 1,370,000 | 1,243,361 |
5.125%, due 1/18/28 | 585,000 | 583,612 |
6.714%, due 10/19/29 (c) | 700,000 | 737,033 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (c) | 1,465,000 | 1,207,622 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 1,915,000 | 1,643,523 |
5.50%, due 9/13/25 | 2,710,000 | 2,722,341 |
Series M | ||
6.30%, due 5/15/24 (c)(d) | 3,975,000 | 3,919,480 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(d) | 2,965,000 | 2,515,206 |
Deutsche Bank AG | ||
3.035%, due 5/28/32 (c) | 640,000 | 534,647 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 4,285,000 | 3,995,037 |
Fifth Third Bank NA | ||
3.85%, due 3/15/26 | 1,375,000 | 1,322,106 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,795,000 | 1,692,367 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (c) | 1,555,000 | 1,422,546 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(d) | 1,035,000 | 921,720 |
6.75%, due 10/1/37 | 1,828,000 | 2,012,145 |
12 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b)(e) | $ 2,515,000 | $ 2,073,789 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 2,500,000 | 2,446,611 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 1,095,000 | 1,066,432 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(c) | 2,065,000 | 1,697,524 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 2,895,000 | 2,294,541 |
5.00%, due 11/24/25 | 2,190,000 | 2,186,760 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,685,000 | 2,493,434 |
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (d) | 2,740,000 | 2,056,164 |
5.847% (1 Year Treasury Constant Maturity Rate + 1.35%), due 3/2/27 | 1,665,000 | 1,678,936 |
Santander Holdings USA, Inc. | ||
6.499%, due 3/9/29 (c) | 1,270,000 | 1,312,005 |
Societe Generale SA (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 1,540,000 | 1,350,884 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 1,745,000 | 1,427,642 |
Synchrony Bank | ||
5.40%, due 8/22/25 | 1,970,000 | 1,940,417 |
UBS Group AG (a) | ||
3.091%, due 5/14/32 (c) | 895,000 | 762,241 |
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (b)(d) | 2,715,000 | 2,144,250 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 (b) | 590,000 | 581,026 |
6.442%, due 8/11/28 (c) | 830,000 | 861,954 |
Wells Fargo & Co. | ||
3.00%, due 10/23/26 (e) | 1,640,000 | 1,556,974 |
3.35%, due 3/2/33 (c) | 1,510,000 | 1,318,859 |
Principal Amount | Value | |
Banks (continued) | ||
Wells Fargo & Co. (continued) | ||
5.557%, due 7/25/34 (c) | $ 395,000 | $ 402,153 |
Series U | ||
5.875% (3 Month LIBOR + 3.99%), due 6/15/25 (b)(d) | 595,000 | 588,798 |
Series S | ||
5.90% (3 Month LIBOR + 3.11%), due 6/15/24 (b)(d) | 2,725,000 | 2,696,272 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,825,000 | 1,483,528 |
82,908,985 | ||
Building Materials 0.4% | ||
CEMEX Materials LLC | ||
7.70%, due 7/21/25 (a) | 2,645,000 | 2,697,900 |
Chemicals 0.9% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a) | 3,185,000 | 2,728,363 |
Braskem Netherlands Finance BV (a) | ||
4.50%, due 1/10/28 | 1,015,000 | 830,815 |
8.50%, due 1/12/31 | 610,000 | 567,300 |
Sasol Financing USA LLC | ||
5.875%, due 3/27/24 | 2,080,000 | 2,067,260 |
6,193,738 | ||
Commercial Services 0.4% | ||
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 1,960,000 | 1,830,165 |
California Institute of Technology | ||
3.65%, due 9/1/2119 | 1,144,000 | 814,706 |
2,644,871 | ||
Computers 0.1% | ||
Dell International LLC | ||
8.10%, due 7/15/36 | 670,000 | 824,033 |
Diversified Financial Services 2.9% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 2,200,000 | 2,008,575 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,820,000 | 1,755,873 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 1,740,000 | 1,491,722 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Diversified Financial Services (continued) | ||
Ally Financial, Inc. | ||
5.75%, due 11/20/25 | $ 3,570,000 | $ 3,547,758 |
8.00%, due 11/1/31 | 2,010,000 | 2,201,955 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,340,000 | 2,164,127 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 1,545,000 | 1,456,084 |
Capital One Financial Corp. | ||
6.312%, due 6/8/29 (c) | 1,875,000 | 1,923,581 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 | 1,985,000 | 1,971,537 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 1,175,000 | 1,087,397 |
19,608,609 | ||
Electric 2.2% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,460,000 | 1,425,797 |
American Electric Power Co., Inc. | ||
5.625%, due 3/1/33 | 1,850,000 | 1,927,312 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 1,260,000 | 1,208,061 |
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(d) | 1,045,000 | 926,617 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 1,675,000 | 1,647,945 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 2,460,000 | 1,698,324 |
Sempra | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | 2,935,000 | 2,518,725 |
Virginia Electric and Power Co. | ||
5.70%, due 8/15/53 | 1,585,000 | 1,679,488 |
WEC Energy Group, Inc. | ||
7.754% (3 Month SOFR + 2.374%), due 5/15/67 (b) | 1,860,340 | 1,664,080 |
14,696,349 | ||
Electronics 0.3% | ||
Arrow Electronics, Inc. | ||
6.125%, due 3/1/26 (e) | 1,830,000 | 1,832,220 |
Principal Amount | Value | |
Environmental Control 0.1% | ||
Covanta Holding Corp. | ||
4.875%, due 12/1/29 (a) | $ 1,025,000 | $ 895,532 |
Food 0.7% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 | 2,290,000 | 2,268,443 |
Minerva Luxembourg SA | ||
8.875%, due 9/13/33 (a) | 1,075,000 | 1,136,591 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 2,005,000 | 1,645,949 |
5,050,983 | ||
Gas 1.0% | ||
Brooklyn Union Gas Co. (The) | ||
6.388%, due 9/15/33 (a) | 1,300,000 | 1,357,100 |
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,195,000 | 1,000,324 |
5.50%, due 10/1/26 | 2,120,000 | 2,123,144 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 1,330,000 | 1,233,924 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 2,010,000 | 1,350,744 |
7,065,236 | ||
Household Products & Wares 0.4% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,890,000 | 2,817,750 |
Insurance 1.1% | ||
Lincoln National Corp. | ||
7.988% (3 Month SOFR + 2.619%), due 5/17/66 (b) | 6,418,000 | 4,520,583 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 870,000 | 871,444 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,564,000 | 1,962,646 |
7,354,673 | ||
Media 0.2% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,445,000 | 1,152,532 |
Miscellaneous—Manufacturing 0.4% | ||
Textron Financial Corp. | ||
7.376% (3 Month SOFR + 1.997%), due 2/15/42 (a)(b) | 3,055,000 | 2,401,338 |
14 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Oil & Gas 0.1% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a)(f) | $ 920,000 | $ 713,000 |
Packaging & Containers 0.2% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 166,000 | 163,129 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 943,000 | 943,118 |
1,106,247 | ||
Pharmaceuticals 0.6% | ||
Bayer US Finance LLC | ||
6.875%, due 11/21/53 (a)(e) | 1,020,000 | 1,086,300 |
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 10,000 | 9,259 |
4.75%, due 5/9/27 | 2,855,000 | 2,733,662 |
7.875%, due 9/15/29 | 10,000 | 10,778 |
3,839,999 | ||
Pipelines 4.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 1,825,000 | 1,453,956 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,715,000 | 2,438,022 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 | 2,490,000 | 2,159,111 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,660,000 | 1,489,950 |
Enbridge, Inc. | ||
5.70%, due 3/8/33 | 1,085,000 | 1,127,746 |
5.969%, due 3/8/26 | 2,440,000 | 2,440,463 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(d) | 3,435,000 | 3,264,212 |
EnLink Midstream LLC | ||
5.625%, due 1/15/28 (a) | 785,000 | 776,116 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,310,000 | 1,890,799 |
MPLX LP | ||
4.00%, due 3/15/28 | 2,500,000 | 2,410,043 |
4.125%, due 3/1/27 | 1,780,000 | 1,742,413 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 (e) | 1,330,000 | 1,223,857 |
Principal Amount | Value | |
Pipelines (continued) | ||
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | $ 411,000 | $ 410,762 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 935,000 | 859,670 |
Venture Global LNG, Inc. | ||
9.875%, due 2/1/32 (a) | 980,000 | 1,020,806 |
Western Midstream Operating LP | ||
5.25%, due 2/1/50 (g) | 2,100,000 | 1,882,777 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,000,000 | 729,898 |
27,320,601 | ||
Real Estate Investment Trusts 0.8% | ||
Iron Mountain, Inc. | ||
4.875%, due 9/15/29 (a) | 2,254,000 | 2,134,726 |
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | 3,409,000 | 3,229,278 |
5,364,004 | ||
Retail 0.4% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 1,116,000 | 1,077,879 |
Nordstrom, Inc. | ||
4.25%, due 8/1/31 (e) | 1,675,000 | 1,393,566 |
2,471,445 | ||
Semiconductors 0.4% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,470,000 | 2,148,912 |
3.75%, due 2/15/51 | 910,000 | 715,407 |
2,864,319 | ||
Telecommunications 0.5% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a)(e) | 3,495,000 | 2,719,177 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 1,405,000 | 1,019,619 |
3,738,796 | ||
Total Corporate Bonds (Cost $253,232,840) | 232,456,275 | |
Foreign Government Bonds 2.2% | ||
Brazil 0.1% | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 | 565,000 | 503,547 |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Chile 0.5% | ||
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | $ 4,005,000 | $ 3,366,049 |
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 2,065,000 | 1,638,947 |
4.50%, due 1/28/26 | 650,000 | 638,859 |
2,277,806 | ||
Mexico 1.3% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 2,315,000 | 1,874,963 |
4.677%, due 2/9/51 | 2,765,000 | 1,958,141 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 3,570,000 | 3,327,707 |
6.75%, due 9/21/47 | 1,945,000 | 1,272,645 |
8,433,456 | ||
Total Foreign Government Bonds (Cost $17,915,057) | 14,580,858 | |
Loan Assignments 0.2% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
9.456% (1 Month SOFR + 4.00%), due 11/2/27 | 934,454 | 901,748 |
Second Lien Initial Term Loan | ||
14.145% (3 Month SOFR + 8.50%), due 11/2/28 | 645,000 | 477,300 |
1,379,048 | ||
Total Loan Assignments (Cost $1,564,966) | 1,379,048 | |
Mortgage-Backed Securities 38.4% | ||
Agency (Collateralized Mortgage Obligations) 9.0% | ||
FHLMC | ||
REMIC, Series 4660 | ||
(zero coupon), due 1/15/33 | 1,930,827 | 1,519,391 |
REMIC, Series 5326, Class QO | ||
(zero coupon), due 9/25/50 | 2,445,325 | 1,736,103 |
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,737,240 | 115,157 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5164, Class SA | ||
(zero coupon) (SOFR 30A + 3.75%), due 11/25/51 (b)(h) | $ 8,837,614 | $ 350,231 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 3,097,942 | 98,182 |
REMIC, Series 5326 | ||
(zero coupon), due 8/25/53 | 758,171 | 608,473 |
REMIC, Series 5351, Class EO | ||
(zero coupon), due 10/25/53 | 2,913,965 | 2,292,854 |
REMIC, Series 5357, Class OE | ||
(zero coupon), due 11/25/53 | 1,347,844 | 1,084,297 |
REMIC, Series 5363 | ||
(zero coupon), due 12/25/53 | 1,434,215 | 1,207,323 |
REMIC, Series 4839, Class WO | ||
(zero coupon), due 8/15/56 | 1,128,607 | 811,518 |
REMIC, Series 4993, Class KS | ||
0.598% (SOFR 30A + 5.936%), due 7/25/50 (b)(h) | 4,833,921 | 739,977 |
REMIC, Series 5038, Class IB | ||
2.50%, due 10/25/50 (h) | 984,558 | 148,089 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (h) | 4,950,213 | 608,817 |
REMIC, Series 5205, Class KI | ||
3.00%, due 12/25/48 (h) | 2,164,270 | 222,702 |
REMIC, Series 5152, Class BI | ||
3.00%, due 7/25/50 (h) | 3,520,730 | 586,112 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 2,665,943 | 465,132 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,593,259 | 254,529 |
REMIC, Series 5167, Class GI | ||
3.00%, due 11/25/51 (h) | 4,282,935 | 673,295 |
REMIC, Series 5191 | ||
3.50%, due 9/25/50 (h) | 2,231,532 | 401,980 |
REMIC, Series 5036 | ||
3.50%, due 11/25/50 (h) | 2,717,535 | 527,433 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,474,225 | 230,299 |
FHLMC, Strips | ||
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 795,589 | 609,767 |
REMIC, Series 311, Class S1 | ||
0.497% (SOFR 30A + 5.836%), due 8/15/43 (b)(h) | 2,356,730 | 280,419 |
REMIC, Series 389, Class C35 | ||
2.00%, due 6/15/52 (h) | 3,749,184 | 460,909 |
16 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA | ||
REMIC, Series 2021-81, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 12/25/51 (b)(h) | $ 13,102,777 | $ 161,928 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 10,405,152 | 105,933 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,727,332 | 9,200 |
REMIC, Series 2023-41 | ||
(zero coupon), due 9/25/53 | 1,186,691 | 919,765 |
REMIC, Series 2023-45 | ||
(zero coupon), due 10/25/53 | 1,487,743 | 1,144,714 |
REMIC, Series 2023-51 | ||
(zero coupon), due 11/25/53 | 1,455,525 | 1,204,558 |
REMIC, Series 2022-10, Class SA | ||
0.413% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 2,458,265 | 357,974 |
REMIC, Series 2021-40, Class SI | ||
0.498% (SOFR 30A + 5.836%), due 9/25/47 (b)(h) | 3,027,052 | 339,868 |
REMIC, Series 2016-57, Class SN | ||
0.598% (SOFR 30A + 5.936%), due 6/25/46 (b)(h) | 2,320,676 | 269,990 |
REMIC, Series 2019-32, Class SB | ||
0.598% (SOFR 30A + 5.936%), due 6/25/49 (b)(h) | 2,390,315 | 270,480 |
REMIC, Series 2020-23, Class PS | ||
0.598% (SOFR 30A + 5.936%), due 2/25/50 (b)(h) | 2,757,388 | 359,053 |
REMIC, Series 2016-19, Class SD | ||
0.648% (SOFR 30A + 5.986%), due 4/25/46 (b)(h) | 4,716,788 | 423,397 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 1,596,719 | 225,954 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,982,007 | 313,522 |
REMIC, Series 2021-95, Class KI | ||
2.50%, due 4/25/51 (h) | 5,775,251 | 766,937 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 795,711 | 105,432 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 4,041,932 | 655,883 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,634,573 | 519,012 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | $ 1,316,565 | $ 1,163,038 |
FNMA, Strips (h) | ||
REMIC, Series 426, Class C32 | ||
1.50%, due 2/25/52 | 6,859,732 | 644,612 |
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 4,609,351 | 661,513 |
GNMA | ||
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 11/20/49 (b)(h) | 667,334 | 9,919 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month SOFR + 2.716%), due 1/20/50 (b)(h) | 3,941,404 | 59,860 |
REMIC, Series 2020-129, Class SB | ||
(zero coupon) (1 Month SOFR + 3.086%), due 9/20/50 (b)(h) | 5,458,189 | 99,292 |
REMIC, Series 2021-97, Class SD | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 12,351,569 | 180,999 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 4,632,788 | 173,214 |
REMIC, Series 2021-205, Class DS | ||
(zero coupon) (SOFR 30A + 3.20%), due 11/20/51 (b)(h) | 9,212,997 | 159,721 |
REMIC, Series 2021-214, Class SA | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (b)(h) | 42,797,361 | 220,492 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 7,241,118 | 70,747 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 36,545,811 | 295,338 |
REMIC, Series 2023-66, Class OQ | ||
(zero coupon), due 7/20/52 | 1,447,821 | 1,121,703 |
REMIC, Series 2023-53 | ||
(zero coupon), due 4/20/53 | 937,424 | 687,205 |
REMIC, Series 2023-80, Class SA | ||
(zero coupon) (SOFR 30A + 5.25%), due 6/20/53 (b)(h) | 9,157,337 | 409,003 |
REMIC, Series 2023-101, Class EO | ||
(zero coupon), due 7/20/53 | 1,316,888 | 1,091,478 |
REMIC, Series 2020-183, Class HT | ||
0.432% (SOFR 30A + 5.77%), due 12/20/50 (b)(h) | 4,413,330 | 415,327 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2023-60, Class ES | ||
0.525% (SOFR 30A + 11.20%), due 4/20/53 (b) | $ 2,238,018 | $ 2,041,466 |
REMIC, Series 2022-190, Class HS | ||
0.578% (1 Month SOFR + 5.936%), due 2/20/50 (b)(h) | 8,927,134 | 1,034,286 |
REMIC, Series 2020-34, Class SC | ||
0.578% (1 Month SOFR + 5.936%), due 3/20/50 (b)(h) | 2,970,784 | 388,507 |
REMIC, Series 2020-146, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 10/20/50 (b)(h) | 2,907,347 | 437,110 |
REMIC, Series 2020-167, Class SN | ||
0.828% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 1,431,252 | 201,895 |
REMIC, Series 2021-179, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 11/20/50 (b)(h) | 4,346,588 | 604,172 |
REMIC, Series 2020-189, Class SU | ||
0.828% (1 Month SOFR + 6.186%), due 12/20/50 (b)(h) | 953,741 | 138,330 |
REMIC, Series 2021-46, Class TS | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 2,058,083 | 287,761 |
REMIC, Series 2021-57, Class SA | ||
0.828% (1 Month SOFR + 6.186%), due 3/20/51 (b)(h) | 3,330,403 | 473,936 |
REMIC, Series 2021-96, Class NS | ||
0.828% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 5,353,164 | 732,639 |
REMIC, Series 2021-96, Class SN | ||
0.828% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 3,745,294 | 482,987 |
REMIC, Series 2021-97, Class SM | ||
0.828% (1 Month SOFR + 6.186%), due 6/20/51 (b)(h) | 3,938,162 | 567,178 |
REMIC, Series 2021-122, Class HS | ||
0.828% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 3,473,729 | 508,446 |
REMIC, Series 2022-137, Class S | ||
0.828% (1 Month SOFR + 6.186%), due 7/20/51 (b)(h) | 3,763,937 | 556,591 |
REMIC, Series 2021-96, Class JS | ||
0.878% (1 Month SOFR + 6.236%), due 6/20/51 (b)(h) | 3,527,893 | 419,283 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | $ 2,992,352 | $ 2,231,141 |
REMIC, Series 2023-86, Class SE | ||
1.312% (SOFR 30A + 6.65%), due 9/20/50 (b)(h) | 2,640,099 | 379,089 |
REMIC, Series 2023-66, Class MP | ||
1.625% (SOFR 30A + 12.30%), due 5/20/53 (b) | 2,162,560 | 2,117,159 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,426,927 | 471,546 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 1,912,272 | 193,730 |
REMIC, Series 2020-176, Class AI | ||
2.00%, due 11/20/50 (h) | 11,872,387 | 1,172,266 |
REMIC, Series 2020-185, Class BI | ||
2.00%, due 12/20/50 (h) | 2,182,180 | 242,641 |
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 4,096,379 | 418,681 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (h) | 4,296,347 | 428,651 |
REMIC, Series 2021-49, Class YI | ||
2.00%, due 3/20/51 (h) | 584,366 | 63,067 |
REMIC, Series 2021-205, Class GA | ||
2.00%, due 11/20/51 | 794,693 | 652,206 |
REMIC, Series 2022-10, Class IC | ||
2.00%, due 11/20/51 (h) | 3,161,347 | 377,463 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 5,175,805 | 533,203 |
REMIC, Series 2019-159, Class P | ||
2.50%, due 9/20/49 | 1,525,974 | 1,325,196 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 804,299 | 107,160 |
REMIC, Series 2020-122, Class IW | ||
2.50%, due 7/20/50 (h) | 2,689,571 | 351,960 |
REMIC, Series 2020-151, Class TI | ||
2.50%, due 10/20/50 (h) | 2,510,751 | 326,029 |
REMIC, Series 2021-56, Class FE | ||
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,894,721 | 571,473 |
REMIC, Series 2020-173, Class EI | ||
2.50%, due 11/20/50 (h) | 2,795,929 | 379,000 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 1,430,094 | 182,846 |
REMIC, Series 2021-137, Class HI | ||
2.50%, due 8/20/51 (h) | 3,096,474 | 423,930 |
18 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-149, Class CI | ||
2.50%, due 8/20/51 (h) | $ 3,949,896 | $ 509,187 |
REMIC, Series 2021-177, Class CI | ||
2.50%, due 10/20/51 (h) | 2,921,281 | 382,106 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 4,252,390 | 558,460 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 5,280,071 | 838,214 |
REMIC, Series 2021-74, Class HI | ||
3.00%, due 4/20/51 (h) | 530,375 | 75,989 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 975,953 | 843,959 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,772,913 | 306,947 |
REMIC, Series 2022-207 | ||
3.00%, due 8/20/51 (h) | 2,764,710 | 435,623 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 4,568,869 | 676,843 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,728,355 | 498,075 |
REMIC, Series 2023-19, Class CI | ||
3.00%, due 11/20/51 (h) | 3,600,315 | 549,770 |
REMIC, Series 2023-63, Class MA | ||
3.50%, due 5/20/50 | 1,612,645 | 1,482,054 |
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 3,240,672 | 558,537 |
61,188,838 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 10.2% | ||
BAMLL Commercial Mortgage Securities Trust (a)(b) | ||
Series 2022-DKLX, Class E | ||
9.489% (1 Month SOFR + 4.127%), due 1/15/39 | 1,335,000 | 1,286,515 |
Series 2022-DKLX, Class F | ||
10.319% (1 Month SOFR + 4.957%), due 1/15/39 | 1,850,000 | 1,773,192 |
Bayview Commercial Asset Trust (a)(b) | ||
Series 2005-3A, Class A1 | ||
5.79% (1 Month SOFR + 0.594%), due 11/25/35 | 789,562 | 724,188 |
Series 2007-4A, Class A1 | ||
6.145% (1 Month SOFR + 0.789%), due 9/25/37 | 831,154 | 761,308 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BBCMS Mortgage Trust (a)(b) | ||
Series 2018-TALL, Class B | ||
6.53% (1 Month SOFR + 1.168%), due 3/15/37 | $ 590,000 | $ 516,250 |
Series 2018-TALL, Class C | ||
6.68% (1 Month SOFR + 1.318%), due 3/15/37 | 2,515,000 | 2,042,759 |
Series 2018-TALL, Class D | ||
7.008% (1 Month SOFR + 1.646%), due 3/15/37 | 1,425,000 | 1,065,479 |
BX Commercial Mortgage Trust (a)(i) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 | 1,050,000 | 896,880 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 | 1,160,000 | 1,015,021 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 | 865,000 | 721,672 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 300,000 | 267,420 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (i) | 1,085,000 | 944,346 |
Series 2019-OC11, Class E | ||
3.944%, due 12/9/41 (i) | 2,265,000 | 1,917,235 |
Series 2023-LIFE, Class C | ||
5.884%, due 2/15/28 | 500,000 | 480,728 |
Series 2018-GW, Class C | ||
6.879% (1 Month SOFR + 1.517%), due 5/15/35 (b) | 1,145,000 | 1,124,773 |
Series 2021-LBA, Class DV | ||
7.076% (1 Month SOFR + 1.714%), due 2/15/36 (b) | 1,818,862 | 1,739,961 |
Series 2021-RISE, Class D | ||
7.226% (1 Month SOFR + 1.864%), due 11/15/36 (b) | 2,838,219 | 2,779,437 |
Series 2021-ARIA, Class E | ||
7.721% (1 Month SOFR + 2.359%), due 10/15/36 (b) | 3,700,000 | 3,495,650 |
Series 2022-PSB, Class C | ||
9.059% (1 Month SOFR + 3.697%), due 8/15/39 (b) | 885,768 | 885,953 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class C | ||
6.576% (1 Month SOFR + 1.214%), due 8/15/36 | 1,275,000 | 1,142,772 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BXHPP Trust (a)(b) (continued) | ||
Series 2021-FILM, Class D | ||
6.976% (1 Month SOFR + 1.614%), due 8/15/36 | $ 1,675,000 | $ 1,452,374 |
BXSC Commercial Mortgage Trust | ||
Series 2022-WSS, Class D | ||
8.55% (1 Month SOFR + 3.188%), due 3/15/35 (a)(b) | 1,995,000 | 1,957,459 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,705,000 | 1,440,570 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 2,657,500 | 1,979,723 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
6.626% (1 Month SOFR + 1.264%), due 10/15/43 (a)(b) | 1,775,000 | 1,639,656 |
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
7.726% (1 Month SOFR + 2.364%), due 7/15/38 (a)(b) | 3,949,385 | 3,879,940 |
GNMA (h)(i) | ||
REMIC, Series 2020-177 | ||
0.817%, due 6/16/62 | 5,511,294 | 319,241 |
REMIC, Series 2021-164 | ||
0.949%, due 10/16/63 | 5,956,534 | 412,673 |
REMIC, Series 2021-108 | ||
0.967%, due 6/16/61 | 12,769,513 | 894,517 |
REMIC, Series 2020-168, Class IA | ||
0.978%, due 12/16/62 | 4,435,892 | 308,832 |
REMIC, Series 2021-47 | ||
0.992%, due 3/16/61 | 10,356,999 | 720,583 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 795,000 | 703,252 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,660,000 | 1,466,404 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2017-C34, Class A4 | ||
3.536%, due 11/15/52 | 800,000 | 745,578 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
8.702% (SOFR 30A + 3.364%), due 10/25/49 | 2,989,664 | 2,907,312 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Multifamily Connecticut Avenue Securities Trust (a)(b) (continued) | ||
Series 2020-01, Class M10 | ||
9.202% (SOFR 30A + 3.864%), due 3/25/50 | $ 3,200,992 | $ 3,085,582 |
Series 2019-01, Class B10 | ||
10.952% (SOFR 30A + 5.614%), due 10/25/49 | 1,500,000 | 1,436,908 |
Series 2023-01, Class M10 | ||
11.837% (SOFR 30A + 6.50%), due 11/25/53 | 3,105,000 | 3,152,394 |
Series 2020-01, Class CE | ||
12.952% (SOFR 30A + 7.614%), due 3/25/50 | 640,000 | 625,417 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 3,435,000 | 2,908,185 |
One Market Plaza Trust | ||
Series 2017-1MKT, Class A | ||
3.614%, due 2/10/32 (a) | 2,430,000 | 2,211,300 |
ORL Trust (a)(b) | ||
Series 2023-GLKS, Class C | ||
9.013% (1 Month SOFR + 3.651%), due 10/19/36 | 660,000 | 659,383 |
Series 2023-GLKS, Class D | ||
9.663% (1 Month SOFR + 4.301%), due 10/19/36 | 1,115,000 | 1,113,957 |
SLG Office Trust | ||
Series 2021-OVA, Class F | ||
2.851%, due 7/15/41 (a) | 2,130,000 | 1,507,498 |
SMRT | ||
Series 2022-MINI, Class D | ||
7.312% (1 Month SOFR + 1.95%), due 1/15/39 (a)(b) | 3,505,000 | 3,333,479 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(i) | 2,520,000 | 2,300,287 |
68,744,043 | ||
Whole Loan (Collateralized Mortgage Obligations) 19.2% | ||
American Home Mortgage Investment Trust | ||
Series 2005-4, Class 3A1 | ||
6.07% (1 Month SOFR + 0.714%), due 11/25/45 (b) | 1,132,786 | 784,545 |
CIM Trust | ||
Series 2021-J2, Class AS | ||
0.21%, due 4/25/51 (a)(h)(j) | 50,615,456 | 560,106 |
20 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
6.987% (SOFR 30A + 1.65%), due 12/25/41 | $ 1,215,000 | $ 1,197,931 |
Series 2020-R02, Class 2M2 | ||
7.452% (SOFR 30A + 2.114%), due 1/25/40 | 1,145,934 | 1,154,635 |
Series 2021-R03, Class 1B1 | ||
8.087% (SOFR 30A + 2.75%), due 12/25/41 | 2,595,000 | 2,601,443 |
Series 2021-R01, Class 1B1 | ||
8.437% (SOFR 30A + 3.10%), due 10/25/41 | 4,745,000 | 4,783,297 |
Series 2022-R01, Class 1B1 | ||
8.487% (SOFR 30A + 3.15%), due 12/25/41 | 2,425,000 | 2,442,307 |
Series 2022-R02, Class 2B1 | ||
9.837% (SOFR 30A + 4.50%), due 1/25/42 | 3,700,000 | 3,809,044 |
Series 2021-R03, Class 1B2 | ||
10.837% (SOFR 30A + 5.50%), due 12/25/41 | 1,410,000 | 1,421,466 |
Series 2022-R08, Class 1B1 | ||
10.937% (SOFR 30A + 5.60%), due 7/25/42 | 1,085,000 | 1,175,260 |
Series 2021-R01, Class 1B2 | ||
11.337% (SOFR 30A + 6.00%), due 10/25/41 | 3,170,000 | 3,240,398 |
Series 2022-R01, Class 1B2 | ||
11.337% (SOFR 30A + 6.00%), due 12/25/41 | 1,785,000 | 1,820,418 |
Series 2020-SBT1, Class 1B1 | ||
12.202% (SOFR 30A + 6.864%), due 2/25/40 | 1,900,000 | 1,994,214 |
Series 2022-R04, Class 1B2 | ||
14.837% (SOFR 30A + 9.50%), due 3/25/42 | 965,000 | 1,075,207 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA6, Class M2 | ||
6.837% (SOFR 30A + 1.50%), due 10/25/41 | 1,120,000 | 1,110,201 |
Series 2021-HQA2, Class M2 | ||
7.387% (SOFR 30A + 2.05%), due 12/25/33 | 3,810,000 | 3,752,390 |
Series 2021-HQA3, Class M2 | ||
7.437% (SOFR 30A + 2.10%), due 9/25/41 | 4,820,000 | 4,755,135 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-HQA4, Class M2 | ||
7.687% (SOFR 30A + 2.35%), due 12/25/41 | $ 2,650,000 | $ 2,611,630 |
Series 2022-DNA1, Class M2 | ||
7.837% (SOFR 30A + 2.50%), due 1/25/42 | 710,000 | 708,685 |
Series 2021-DNA1, Class B1 | ||
7.987% (SOFR 30A + 2.65%), due 1/25/51 | 2,795,000 | 2,830,818 |
Series 2021-HQA1, Class B1 | ||
8.337% (SOFR 30A + 3.00%), due 8/25/33 | 4,325,000 | 4,379,188 |
Series 2020-DNA6, Class B1 | ||
8.337% (SOFR 30A + 3.00%), due 12/25/50 | 750,000 | 776,177 |
Series 2021-DNA5, Class B1 | ||
8.387% (SOFR 30A + 3.05%), due 1/25/34 | 4,450,000 | 4,490,505 |
Series 2021-HQA2, Class B1 | ||
8.487% (SOFR 30A + 3.15%), due 12/25/33 | 3,090,000 | 3,097,728 |
Series 2021-HQA3, Class B1 | ||
8.687% (SOFR 30A + 3.35%), due 9/25/41 | 3,140,000 | 3,132,221 |
Series 2021-DNA6, Class B1 | ||
8.737% (SOFR 30A + 3.40%), due 10/25/41 | 3,145,000 | 3,195,742 |
Series 2022-DNA1, Class B1 | ||
8.737% (SOFR 30A + 3.40%), due 1/25/42 | 4,075,000 | 4,058,588 |
Series 2021-DNA3, Class B1 | ||
8.837% (SOFR 30A + 3.50%), due 10/25/33 | 1,490,000 | 1,551,514 |
Series 2021-DNA7, Class B1 | ||
8.987% (SOFR 30A + 3.65%), due 11/25/41 | 3,170,000 | 3,228,655 |
Series 2021-HQA4, Class B1 | ||
9.087% (SOFR 30A + 3.75%), due 12/25/41 | 1,300,000 | 1,297,569 |
Series 2022-DNA3, Class M2 | ||
9.687% (SOFR 30A + 4.35%), due 4/25/42 | 670,000 | 704,053 |
Series 2021-DNA1, Class B2 | ||
10.087% (SOFR 30A + 4.75%), due 1/25/51 | 2,855,500 | 2,906,535 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2020-DNA2, Class B2 | ||
10.252% (SOFR 30A + 4.914%), due 2/25/50 | $ 780,000 | $ 806,103 |
Series 2021-HQA1, Class B2 | ||
10.337% (SOFR 30A + 5.00%), due 8/25/33 | 1,145,000 | 1,151,960 |
Series 2020-HQA1, Class B2 | ||
10.552% (SOFR 30A + 5.214%), due 1/25/50 | 2,011,000 | 2,060,554 |
Series 2022-HQA1, Class M2 | ||
10.587% (SOFR 30A + 5.25%), due 3/25/42 | 1,042,833 | 1,112,077 |
Series 2022-HQA3, Class M2 | ||
10.687% (SOFR 30A + 5.35%), due 8/25/42 | 2,385,000 | 2,530,127 |
Series 2020-DNA1, Class B2 | ||
10.702% (SOFR 30A + 5.364%), due 1/25/50 | 750,000 | 789,556 |
Series 2021-HQA2, Class B2 | ||
10.787% (SOFR 30A + 5.45%), due 12/25/33 | 745,000 | 767,490 |
Series 2021-DNA5, Class B2 | ||
10.837% (SOFR 30A + 5.50%), due 1/25/34 | 2,170,000 | 2,295,848 |
Series 2022-DNA6, Class M2 | ||
11.087% (SOFR 30A + 5.75%), due 9/25/42 | 2,165,000 | 2,407,022 |
Series 2021-DNA3, Class B2 | ||
11.587% (SOFR 30A + 6.25%), due 10/25/33 | 2,030,000 | 2,286,616 |
Series 2021-HQA4, Class B2 | ||
12.337% (SOFR 30A + 7.00%), due 12/25/41 | 920,000 | 937,034 |
Series 2022-HQA1, Class B1 | ||
12.337% (SOFR 30A + 7.00%), due 3/25/42 | 2,255,000 | 2,438,621 |
Series 2021-DNA6, Class B2 | ||
12.837% (SOFR 30A + 7.50%), due 10/25/41 | 900,000 | 944,372 |
FHLMC STACR Trust (a)(b) | ||
Series 2019-HQA3, Class B2 | ||
12.952% (SOFR 30A + 7.614%), due 9/25/49 | 1,365,000 | 1,490,102 |
Series 2018-HQA2, Class B2 | ||
16.452% (SOFR 30A + 11.114%), due 10/25/48 | 2,795,000 | 3,449,628 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC Structured Agency Credit Risk Debt Notes (a)(b) | ||
Series 2021-DNA2, Class B1 | ||
8.737% (SOFR 30A + 3.40%), due 8/25/33 | $ 1,765,000 | $ 1,833,520 |
Series 2020-HQA5, Class B1 | ||
9.337% (SOFR 30A + 4.00%), due 11/25/50 | 825,000 | 894,359 |
Series 2021-DNA2, Class B2 | ||
11.337% (SOFR 30A + 6.00%), due 8/25/33 | 1,270,000 | 1,415,657 |
Series 2022-HQA2, Class M2 | ||
11.337% (SOFR 30A + 6.00%), due 7/25/42 | 3,378,000 | 3,646,446 |
FNMA | ||
Series 2018-C06, Class 2B1 | ||
9.552% (SOFR 30A + 4.214%), due 3/25/31 (b) | 2,530,000 | 2,739,785 |
FNMA Connecticut Avenue Securities | ||
Series 2021-R02, Class 2B2 | ||
11.537% (SOFR 30A + 6.20%), due 11/25/41 (a)(b) | 1,615,000 | 1,660,840 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(j) | 387,096 | 365,126 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
5.91% (1 Month SOFR + 0.554%), due 6/25/37 (b) | 446,145 | 386,748 |
HarborView Mortgage Loan Trust | ||
Series 2007-3, Class 2A1A | ||
5.87% (1 Month SOFR + 0.514%), due 5/19/37 (b) | 1,255,747 | 1,167,147 |
MASTR Alternative Loan Trust | ||
Series 2005-5, Class 3A1 | ||
5.75%, due 8/25/35 | 1,526,438 | 774,592 |
New Residential Mortgage Loan Trust (a)(j) | ||
Series 2019-4A, Class B6 | ||
4.611%, due 12/25/58 | 3,120,093 | 1,916,140 |
Series 2019-2A, Class B6 | ||
4.825%, due 12/25/57 | 1,148,514 | 745,927 |
OBX Trust | ||
Series 2022-NQM1, Class A1 | ||
2.305%, due 11/25/61 (a)(j) | 1,164,483 | 998,364 |
Onslow Bay Mortgage Loan Trust | ||
Series 2021-NQM4, Class A1 | ||
1.957%, due 10/25/61 (a)(j) | 4,040,160 | 3,297,901 |
22 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Sequoia Mortgage Trust (a) | ||
Series 2021-4, Class A1 | ||
0.166%, due 6/25/51 (h)(i) | $ 36,218,726 | $ 300,684 |
Series 2018-7, Class B3 | ||
4.256%, due 9/25/48 (j) | 1,459,832 | 1,251,752 |
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
9.652% (SOFR 30A + 4.314%), due 2/25/47 (a)(b) | 3,480,000 | 3,804,208 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
6.06% (12 Month Monthly Treasury Average Index + 1.048%), due 8/25/46 (b) | 736,818 | 592,581 |
129,906,492 | ||
Total Mortgage-Backed Securities (Cost $258,589,774) | 259,839,373 | |
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 | 2,151,911 |
Total Municipal Bond (Cost $3,030,000) | 2,151,911 | |
U.S. Government & Federal Agencies 7.9% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.9% | ||
UMBS Pool, 30 Year | ||
5.50%, due 7/1/53 | 4,021,010 | 4,037,266 |
6.00%, due 9/1/53 | 3,009,926 | 3,056,169 |
6.00%, due 10/1/53 | 1,517,288 | 1,545,396 |
6.00%, due 11/1/53 | 524,194 | 535,399 |
6.50%, due 10/1/53 | 4,447,309 | 4,557,487 |
6.50%, due 11/1/53 | 8,007,806 | 8,205,735 |
6.50%, due 12/1/53 | 4,005,000 | 4,117,687 |
26,055,139 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.5% | ||
UMBS, 30 Year | ||
4.00%, due 6/1/52 | 4,842,424 | 4,580,525 |
Principal Amount | Value | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | |||
UMBS, 30 Year (continued) | |||
4.00%, due 7/1/52 | $ 1,877,367 | $ 1,776,925 | |
5.00%, due 11/1/52 | 3,822,422 | 3,782,977 | |
5.00%, due 3/1/53 | 689,678 | 682,557 | |
5.50%, due 6/1/53 | 331,609 | 333,166 | |
5.50%, due 8/1/53 | 1,299,683 | 1,310,558 | |
6.00%, due 8/1/53 | 1,367,404 | 1,389,449 | |
6.00%, due 9/1/53 | 607,651 | 618,443 | |
6.00%, due 9/1/53 | 5,716,421 | 5,804,247 | |
6.00%, due 11/1/53 | 474,018 | 483,569 | |
6.50%, due 10/1/53 | 663,347 | 684,442 | |
6.50%, due 12/1/53 | 2,400,000 | 2,467,528 | |
23,914,386 | |||
United States Treasury Notes 0.5% | |||
U.S. Treasury Notes | |||
4.50%, due 11/15/33 | 890,000 | 934,361 | |
4.625%, due 10/15/26 | 2,745,000 | 2,785,746 | |
3,720,107 | |||
Total U.S. Government & Federal Agencies (Cost $53,087,979) | 53,689,632 | ||
Total Long-Term Bonds (Cost $693,437,931) | 664,929,320 | ||
Shares | |||
Short-Term Investments 1.1% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (k) | 5,192,770 | 5,192,770 | |
Unaffiliated Investment Company 0.3% | |||
Invesco Government & Agency Portfolio, 5.361% (k)(l) | 2,374,556 | 2,374,556 | |
Total Short-Term Investments (Cost $7,567,326) | 7,567,326 | ||
Total Investments (Cost $701,005,257) | 99.4% | 672,496,646 | |
Other Assets, Less Liabilities | 0.6 | 3,927,231 | |
Net Assets | 100.0% | $ 676,423,877 |
† | 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 December 31, 2023. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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) | All or a portion of this security was held on loan. As of December 31, 2023, the aggregate market value of securities on loan was $2,316,387. The Portfolio received cash collateral with a value of $2,374,556. (See Note 2(J)) |
(f) | Illiquid security—As of December 31, 2023, the total market value deemed illiquid under procedures approved by the Board of Trustees was $713,000, which represented 0.1% of the Portfolio’s net assets. (Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of December 31, 2023. |
(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 December 31, 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 December 31, 2023. |
(k) | Current yield as of December 31, 2023. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 7,729 | $ 172,504 | $ (175,040) | $ — | $ — | $ 5,193 | $ 276 | $ — | 5,193 |
24 | MainStay VP MacKay Strategic Bond Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Notes | 3 | March 2024 | $ 331,085 | $ 338,672 | $ 7,587 |
U.S. Treasury 10 Year Ultra Bonds | 698 | March 2024 | 78,782,879 | 82,374,906 | 3,592,027 |
U.S. Treasury Long Bonds | 59 | March 2024 | 6,821,148 | 7,371,312 | 550,164 |
U.S. Treasury Ultra Bonds | 50 | March 2024 | 6,076,304 | 6,679,688 | 603,384 |
Net Unrealized Appreciation | $ 4,753,162 |
1. | As of December 31, 2023, cash in the amount of $2,934,993 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2023. |
Abbreviation(s): |
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 |
STACR—Structured Agency Credit Risk |
UMBS—Uniform Mortgage Backed Securities |
USISDA—U.S. 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 | $ — | $ 100,832,223 | $ — | $ 100,832,223 | |||
Corporate Bonds | — | 232,456,275 | — | 232,456,275 | |||
Foreign Government Bonds | — | 14,580,858 | — | 14,580,858 | |||
Loan Assignments | — | 1,379,048 | — | 1,379,048 | |||
Mortgage-Backed Securities | — | 259,839,373 | — | 259,839,373 | |||
Municipal Bond | — | 2,151,911 | — | 2,151,911 | |||
U.S. Government & Federal Agencies | — | 53,689,632 | — | 53,689,632 | |||
Total Long-Term Bonds | — | 664,929,320 | — | 664,929,320 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 5,192,770 | — | — | 5,192,770 | |||
Unaffiliated Investment Company | 2,374,556 | — | — | 2,374,556 | |||
Total Short-Term Investments | 7,567,326 | — | — | 7,567,326 | |||
Total Investments in Securities | 7,567,326 | 664,929,320 | — | 672,496,646 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 4,753,162 | — | — | 4,753,162 | |||
Total Investments in Securities and Other Financial Instruments | $ 12,320,488 | $ 664,929,320 | $ — | $ 677,249,808 |
(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 $695,812,487) including securities on loan of $2,316,387 | $667,303,876 |
Investment in affiliated investment companies, at value (identified cost $5,192,770) | 5,192,770 |
Cash | 139,806 |
Cash denominated in foreign currencies (identified cost $585) | 602 |
Cash collateral on deposit at broker for futures contracts | 2,934,993 |
Receivables: | |
Interest | 4,349,958 |
Investment securities sold | 2,770,895 |
Portfolio shares sold | 146,833 |
Securities lending | 1,322 |
Other assets | 4,752 |
Total assets | 682,845,807 |
Liabilities | |
Cash collateral received for securities on loan | 2,374,556 |
Payables: | |
Investment securities purchased | 2,787,140 |
Portfolio shares redeemed | 593,880 |
Manager (See Note 3) | 335,004 |
NYLIFE Distributors (See Note 3) | 137,163 |
Variation margin on futures contracts | 102,968 |
Professional fees | 40,386 |
Custodian | 25,308 |
Shareholder communication | 16,966 |
Accrued expenses | 8,559 |
Total liabilities | 6,421,930 |
Net assets | $676,423,877 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 71,058 |
Additional paid-in-capital | 747,956,022 |
748,027,080 | |
Total distributable earnings (loss) | (71,603,203) |
Net assets | $676,423,877 |
Initial Class | |
Net assets applicable to outstanding shares | $ 26,163,491 |
Shares of beneficial interest outstanding | 2,739,453 |
Net asset value per share outstanding | $ 9.55 |
Service Class | |
Net assets applicable to outstanding shares | $650,260,386 |
Shares of beneficial interest outstanding | 68,318,481 |
Net asset value per share outstanding | $ 9.52 |
Investment Income (Loss) | |
Income | |
Interest | $ 37,793,438 |
Dividends-affiliated | 276,400 |
Securities lending, net | 19,440 |
Other | 63,925 |
Total income | 38,153,203 |
Expenses | |
Manager (See Note 3) | 4,090,231 |
Distribution/Service—Service Class (See Note 3) | 1,686,172 |
Professional fees | 117,096 |
Custodian | 57,935 |
Trustees | 18,395 |
Shareholder communication | 675 |
Miscellaneous | 20,352 |
Total expenses | 5,990,856 |
Net investment income (loss) | 32,162,347 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (33,620,789) |
Futures transactions | 963,108 |
Swap transactions | 454,364 |
Net realized gain (loss) | (32,203,317) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 60,667,862 |
Futures contracts | 4,834,477 |
Swap contracts | (450,108) |
Translation of other assets and liabilities in foreign currencies | 17 |
Net change in unrealized appreciation (depreciation) | 65,052,248 |
Net realized and unrealized gain (loss) | 32,848,931 |
Net increase (decrease) in net assets resulting from operations | $ 65,011,278 |
28 | MainStay VP MacKay Strategic Bond Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 32,162,347 | $ 26,576,158 |
Net realized gain (loss) | (32,203,317) | 6,455,834 |
Net change in unrealized appreciation (depreciation) | 65,052,248 | (101,796,224) |
Net increase (decrease) in net assets resulting from operations | 65,011,278 | (68,764,232) |
Distributions to shareholders: | ||
Initial Class | (1,206,905) | (806,220) |
Service Class | (31,460,221) | (25,435,101) |
(32,667,126) | (26,241,321) | |
Distributions to shareholders from return of capital: | ||
Initial Class | — | (8,594) |
Service Class | — | (271,136) |
— | (279,730) | |
Total distributions to shareholders | (32,667,126) | (26,521,051) |
Capital share transactions: | ||
Net proceeds from sales of shares | 33,996,571 | 18,852,102 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 32,667,126 | 26,521,051 |
Cost of shares redeemed | (145,778,845) | (184,274,909) |
Increase (decrease) in net assets derived from capital share transactions | (79,115,148) | (138,901,756) |
Net increase (decrease) in net assets | (46,770,996) | (234,187,039) |
Net Assets | ||
Beginning of year | 723,194,873 | 957,381,912 |
End of year | $ 676,423,877 | $ 723,194,873 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.11 | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | ||||
Net investment income (loss) (a) | 0.45 | 0.34 | 0.29 | 0.28 | 0.29 | ||||
Net realized and unrealized gain (loss) | 0.46 | (1.08) | (0.10) | 0.32 | 0.38 | ||||
Total from investment operations | 0.91 | (0.74) | 0.19 | 0.60 | 0.67 | ||||
Less distributions: | |||||||||
From net investment income | (0.47) | (0.34) | (0.25) | (0.26) | (0.35) | ||||
Return of capital | — | (0.00)‡ | — | (0.01) | — | ||||
Total distributions | (0.47) | (0.34) | (0.25) | (0.27) | (0.35) | ||||
Net asset value at end of year | $ 9.55 | $ 9.11 | $ 10.19 | $ 10.25 | $ 9.92 | ||||
Total investment return (b) | 10.19% | (7.24)% | 1.96% | 6.12% | 7.06% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.86% | 3.54% | 2.80% | 2.84% | 2.96% | ||||
Net expenses (c)(d) | 0.62% | 0.62% | 0.62%(d) | 0.70%(d) | 0.76%(d) | ||||
Portfolio turnover rate | 70% | 60% | 62% | 52%(e) | 51%(e) | ||||
Net assets at end of year (in 000's) | $ 26,163 | $ 21,924 | $ 24,820 | $ 22,538 | $ 49,296 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year 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% |
(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 |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.08 | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | ||||
Net investment income (loss) (a) | 0.43 | 0.31 | 0.26 | 0.26 | 0.26 | ||||
Net realized and unrealized gain (loss) | 0.45 | (1.07) | (0.08) | 0.30 | 0.39 | ||||
Total from investment operations | 0.88 | (0.76) | 0.18 | 0.56 | 0.65 | ||||
Less distributions: | |||||||||
From net investment income | (0.44) | (0.32) | (0.23) | (0.23) | (0.33) | ||||
Return of capital | — | (0.00)‡ | — | (0.01) | — | ||||
Total distributions | (0.44) | (0.32) | (0.23) | (0.24) | (0.33) | ||||
Net asset value at end of year | $ 9.52 | $ 9.08 | $ 10.16 | $ 10.21 | $ 9.89 | ||||
Total investment return (b) | 9.92% | (7.47)% | 1.71% | 5.86% | 6.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.60% | 3.26% | 2.53% | 2.59% | 2.66% | ||||
Net expenses (c)(d) | 0.87% | 0.87% | 0.87%(d) | 0.93%(d) | 1.01%(d) | ||||
Portfolio turnover rate | 70% | 60% | 62% | 52%(e) | 51%(e) | ||||
Net assets at end of year (in 000's) | $ 650,260 | $ 701,271 | $ 932,562 | $ 969,321 | $ 990,736 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year 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% |
(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) | $4,753,162 | $4,753,162 |
Total Fair Value | $4,753,162 | $4,753,162 |
(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. |
38 | MainStay VP MacKay Strategic Bond Portfolio |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Transactions | $ 963,108 | $ 963,108 |
Swap Transactions | 454,364 | 454,364 |
Total Net Realized Gain (Loss) | $1,417,472 | $1,417,472 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $4,834,477 | $4,834,477 |
Swap Contracts | (450,108) | (450,108) |
Total Net Change in Unrealized Appreciation (Depreciation) | $4,384,369 | $4,384,369 |
Average Notional Amount | Total |
Futures Contracts Long | $ 102,186,767 |
Futures Contracts Short (a) | $(211,521,445) |
Swap Contracts Long (b) | $ 100,000,000 |
(a) | Positions were open ten months during the reporting period. |
(b) | 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 | $701,395,700 | $10,360,443 | $(39,259,497) | $(28,899,054) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$115,284 | $(42,819,450) | $— | $(28,899,037) | $(71,603,203) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(279,730) | $279,730 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $42,819 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $32,667,126 | $26,241,321 |
Return of Capital | — | 279,730 |
Total | $32,667,126 | $26,521,051 |
40 | MainStay VP MacKay Strategic Bond Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 333,886 | $ 3,104,371 |
Shares issued to shareholders in reinvestment of distributions | 130,069 | 1,206,905 |
Shares redeemed | (130,832) | (1,216,543) |
Net increase (decrease) | 333,123 | $ 3,094,733 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 3,331,140 | $ 30,892,200 |
Shares issued to shareholders in reinvestment of distributions | 3,404,406 | 31,460,221 |
Shares redeemed | (15,640,912) | (144,562,302) |
Net increase (decrease) | (8,905,366) | $ (82,209,881) |
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) |
New York, New York
February 26, 2024
42 | MainStay VP MacKay Strategic Bond Portfolio |
44 | MainStay VP MacKay Strategic Bond Portfolio |
46 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
48 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
50 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015540 | MSVPUB11-02/24 |
MainStay VP Conservative Allocation Portfolio |
MainStay VP Moderate Allocation Portfolio |
MainStay VP Growth Allocation Portfolio |
MainStay VP Equity Allocation Portfolio |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 10.29% | 5.65% | 4.08% | 0.50% |
Service Class Shares | 2/13/2006 | 10.02 | 5.38 | 3.82 | 0.75 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | 5.53% | 1.10% | 1.81% |
S&P 500® Index2 | 26.29 | 15.69 | 12.03 |
MSCI EAFE® Index (Net)3 | 18.24 | 8.16 | 4.28 |
Conservative Allocation Composite Index4 | 12.79 | 6.34 | 5.29 |
Morningstar Moderately Conservative Allocation Category Average5 | 10.43 | 5.40 | 4.16 |
* | 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. | 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. |
2. | The S&P 500® Index is the Portfolio's secondary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | 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. |
4. | 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. |
5. | 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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,050.10 | $0.16 | $1,025.05 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,048.80 | $1.45 | $1,023.79 | $1.43 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 37.0% |
Fixed Income Funds | 53.1 |
Short-Term Investment | 9.5 |
Other Assets, Less Liabilities | 0.4 |
8 | MainStay VP Conservative Allocation Portfolio |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See "Investment and Performance Comparison" 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. |
10 | MainStay VP Conservative Allocation Portfolio |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
12 | MainStay VP Conservative Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 90.1% | ||
Equity Funds 37.0% | ||
IQ 500 International ETF | 232,228 | $ 7,612,736 |
IQ Candriam International Equity ETF | 274,352 | 7,668,138 |
IQ Candriam U.S. Large Cap Equity ETF | 238,097 | 9,997,693 |
IQ Candriam U.S. Mid Cap Equity ETF | 213,752 | 6,436,693 |
IQ CBRE NextGen Real Estate ETF (a) | 510,713 | 10,433,867 |
IQ FTSE International Equity Currency Neutral ETF | 369,645 | 9,193,071 |
IQ U.S. Small Cap ETF | 102,553 | 3,697,036 |
MainStay Epoch Capital Growth Fund Class I | 119,225 | 1,664,819 |
MainStay Epoch International Choice Fund Class I | 117,117 | 4,667,147 |
MainStay Fiera SMID Growth Fund Class R6 | 400,762 | 6,649,612 |
MainStay PineStone U.S. Equity Fund Class R6 | 527,955 | 9,159,962 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 904,113 | 8,083,134 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 998,384 | 6,944,459 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 408,446 | 6,771,507 |
MainStay VP PineStone International Equity Portfolio Initial Class | 426,211 | 4,572,345 |
MainStay VP S&P 500 Index Portfolio Initial Class | 81,430 | 6,950,988 |
MainStay VP Small Cap Growth Portfolio Initial Class | 529,847 | 5,711,118 |
MainStay VP Wellington Growth Portfolio Initial Class | 419,074 | 10,244,060 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 762,936 | 6,429,181 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 542,856 | 4,709,387 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 171,192 | 4,502,679 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 399,585 | 10,430,853 |
MainStay WMC Enduring Capital Fund Class R6 | 121,779 | 4,215,000 |
MainStay WMC International Research Equity Fund Class I | 644,467 | 4,678,182 |
MainStay WMC Value Fund Class R6 | 202,744 | 6,094,504 |
Total Equity Funds (Cost $160,111,852) | 167,518,171 |
Shares | Value | ||
Fixed Income Funds 53.1% | |||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,405,849 | $ 29,621,237 | |
IQ Mackay ESG High Income ETF (a) | 283,809 | 7,537,967 | |
MainStay MacKay Short Duration High Yield Fund Class I | 1,992,889 | 18,896,373 | |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | 798,153 | 6,061,651 | |
MainStay Short Term Bond Fund Class I (a) | 986,097 | 8,999,414 | |
MainStay VP Bond Portfolio Initial Class (a) | 1,208,615 | 14,947,305 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 2,886,572 | 24,783,815 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 13,518,735 | 117,998,280 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 828,921 | 7,522,457 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 582,773 | 4,530,888 | |
Total Fixed Income Funds (Cost $267,482,305) | 240,899,387 | ||
Total Affiliated Investment Companies (Cost $427,594,157) | 408,417,558 | ||
Short-Term Investment 9.5% | |||
Affiliated Investment Company 9.5% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 43,091,435 | 43,091,435 | |
Total Short-Term Investment (Cost $43,091,435) | 9.5% | 43,091,435 | |
Total Investments (Cost $470,685,592) | 99.6% | 451,508,993 | |
Other Assets, Less Liabilities | 0.4 | 1,965,653 | |
Net Assets | 100.0% | $ 453,474,646 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of December 31, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | Current yield as of December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 8,664 | $ 190 | $ (2,468) | $ 215 | $ 1,012 | $ 7,613 | $ 312 | $ — | 232 |
IQ Candriam International Equity ETF | 8,631 | 140 | (2,097) | 460 | 535 | 7,669 | 245 | — | 274 |
IQ Candriam U.S. Large Cap Equity ETF | 13,462 | 109 | (7,003) | 1,871 | 1,559 | 9,998 | 152 | — | 238 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 6,913 | (899) | 20 | 403 | 6,437 | 40 | — | 214 |
IQ CBRE NextGen Real Estate ETF | — | 9,992 | (194) | 3 | 633 | 10,434 | 64 | — | 511 |
IQ FTSE International Equity Currency Neutral ETF | 10,112 | 69 | (2,495) | 355 | 1,152 | 9,193 | 248 | — | 370 |
IQ MacKay ESG Core Plus Bond ETF | 30,115 | 2,099 | (3,222) | (500) | 1,129 | 29,621 | 1,388 | — | 1,406 |
IQ Mackay ESG High Income ETF | — | 7,962 | (650) | (4) | 230 | 7,538 | 359 | 6 | 284 |
IQ U.S. Large Cap ETF | 10,544 | — | (11,180) | 2,762 | (2,126) | — | 127 | — | — |
IQ U.S. Small Cap ETF | 5,732 | 1,198 | (3,711) | 831 | (353) | 3,697 | 64 | — | 103 |
MainStay Epoch Capital Growth Fund Class I | 1,798 | 10 | (584) | (59) | 500 | 1,665 | 9 | —(a) | 119 |
MainStay Epoch International Choice Fund Class I | 5,146 | 119 | (1,426) | 91 | 737 | 4,667 | 79 | — | 117 |
MainStay Fiera SMID Growth Fund Class R6 | — | 6,247 | (12) | —(a) | 415 | 6,650 | — | 161 | 401 |
MainStay MacKay Short Duration High Yield Fund Class I | 21,988 | 1,192 | (5,035) | (189) | 940 | 18,896 | 1,189 | — | 1,993 |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 5,886 | — | — | 176 | 6,062 | 25 | — | 798 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 9,469 | (889) | 36 | 544 | 9,160 | 28 | 9 | 528 |
MainStay Short Term Bond Fund Class I | — | 10,003 | (997) | (14) | 7 | 8,999 | 308 | — | 986 |
MainStay U.S. Government Liquidity Fund | 50,554 | 110,096 | (117,559) | — | — | 43,091 | 2,217 | — | 43,091 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 11,908 | 3,105 | (6,240) | 1,312 | (2,002) | 8,083 | 114 | 2,913 | 904 |
MainStay VP Bond Portfolio Initial Class | 28,504 | 737 | (14,570) | (3,103) | 3,379 | 14,947 | 734 | — | 1,209 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 7,756 | 212 | (1,452) | (342) | 770 | 6,944 | 120 | — | 998 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 10,918 | 777 | (4,908) | 341 | (356) | 6,772 | 205 | 491 | 408 |
MainStay VP Floating Rate Portfolio Initial Class | 39,427 | 2,765 | (18,306) | (832) | 1,730 | 24,784 | 2,453 | — | 2,887 |
MainStay VP Indexed Bond Portfolio Initial Class | 130,714 | 3,189 | (19,284) | (2,649) | 6,028 | 117,998 | 2,887 | — | 13,519 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 17,222 | 427 | (10,926) | (821) | 1,620 | 7,522 | 427 | — | 829 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 4,942 | 549 | (739) | (44) | (177) | 4,531 | 392 | — | 583 |
MainStay VP PineStone International Equity Portfolio Initial Class (b) | 5,125 | 218 | (984) | (573) | 786 | 4,572 | — | — | 426 |
MainStay VP S&P 500 Index Portfolio Initial Class | 7,718 | 193 | (2,490) | 415 | 1,115 | 6,951 | 92 | 102 | 81 |
MainStay VP Small Cap Growth Portfolio Initial Class | 7,726 | 510 | (3,488) | (1,399) | 2,362 | 5,711 | — | 18 | 530 |
MainStay VP Wellington Growth Portfolio Initial Class | 13,421 | 111 | (7,463) | (6,714) | 10,889 | 10,244 | — | — | 419 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 8,619 | 416 | (3,549) | (2,372) | 3,315 | 6,429 | 7 | — | 763 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 6,680 | 994 | (3,631) | (1,242) | 1,908 | 4,709 | 35 | — | 543 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 6,274 | 299 | (3,280) | (1,172) | 2,382 | 4,503 | 48 | — | 171 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 13,076 | 679 | (7,433) | (806) | 4,915 | 10,431 | — | 393 | 400 |
MainStay WMC Enduring Capital Fund Class R6 | 6,120 | 292 | (2,979) | (100) | 882 | 4,215 | 44 | — | 122 |
14 | MainStay VP Conservative Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay WMC International Research Equity Fund Class I | $ 5,237 | $ 137 | $ (1,237) | $ (70) | $ 611 | $ 4,678 | $ 96 | $ — | 644 |
MainStay WMC Value Fund Class R6 | 10,306 | 436 | (5,012) | (452) | 817 | 6,095 | 113 | 200 | 203 |
$508,439 | $187,740 | $(278,392) | $(14,745) | $ 48,467 | $451,509 | $14,621 | $4,293 |
(a) | Less than $500. |
(b) | Prior to August 28, 2023, known as MainStay VP MacKay International Equity Portfolio Initial Class. |
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% | 12/3/24 | Daily | (6,403) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (8,341) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 11,501 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 10,584 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 16,225 | — |
Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (2,219) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (18,426) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/3/24 | Daily | (2,795) | — |
Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 2,463 | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 13,579 | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (20,998) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 21,190 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (12,053) | — |
Citibank NA | S&P 600 Total Return Index | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 24,260 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 3,311 | — |
JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 4,698 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (4,634) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (2,058) | (267,880) | — | 4.18 |
Apollo Commercial Real Estate Finance Inc | (392) | (50,973) | — | 0.80 |
Atlantica Sustainable Infrastructure PLC | (247) | (32,139) | — | 0.50 |
Brandywine Realty Trust | (422) | (54,878) | — | 0.86 |
Carnival Corp | (6,982) | (908,596) | — | 14.19 |
Chart Industries Inc | (1,946) | (253,211) | — | 3.95 |
Coherent Corp | (1,015) | (132,062) | — | 2.06 |
CommScope Holding Co Inc | (122) | (15,857) | — | 0.25 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Crane NXT Co | (1,398) | (181,983) | — | 2.84 |
Cushman & Wakefield PLC | (475) | (61,818) | — | 0.97 |
Delta Air Lines Inc | (4,420) | (575,234) | — | 8.98 |
Designer Brands Inc | (315) | (41,049) | — | 0.64 |
DigitalBridge Group Inc | (626) | (81,437) | — | 1.27 |
Elanco Animal Health Inc | (2,389) | (310,849) | — | 4.85 |
Entegris Inc | (3,055) | (397,516) | — | 6.21 |
Fidelity National Information Services Inc | (4,170) | (542,668) | — | 8.48 |
Hanesbrands Inc | (974) | (126,806) | — | 1.98 |
JetBlue Airways Corp | (713) | (92,748) | — | 1.45 |
Lumen Technologies Inc | (1,246) | (162,149) | — | 2.53 |
MKS Instruments Inc | (1,040) | (135,346) | — | 2.11 |
Oatly Group AB | (97) | (12,674) | — | 0.20 |
Opendoor Technologies Inc | (1,621) | (210,972) | — | 3.30 |
Par Pacific Holdings Inc | (582) | (75,805) | — | 1.18 |
PureCycle Technologies Inc | (189) | (24,650) | — | 0.39 |
Scorpio Tankers Inc | (1,300) | (169,153) | — | 2.64 |
Topgolf Callaway Brands Corp | (408) | (53,158) | — | 0.83 |
Uber Technologies Inc | (7,480) | (973,474) | — | 15.20 |
United Airlines Holdings Inc | (3,520) | (458,062) | — | 7.15 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Alteryx Inc | (918) | (112,279) | — | 1.35 |
AppLovin Corp | (1,829) | (223,843) | — | 2.68 |
Array Technologies Inc | (1,429) | (174,868) | — | 2.10 |
Asana Inc | (789) | (96,566) | — | 1.16 |
BILL Holdings Inc | (2,981) | (364,768) | — | 4.37 |
BioCryst Pharmaceuticals Inc | (313) | (38,314) | — | 0.46 |
Bloom Energy Corp | (710) | (86,871) | — | 1.04 |
Bridgebio Pharma Inc | (2,491) | (304,754) | — | 3.65 |
Carnival Corp | (5,157) | (631,005) | — | 7.57 |
Children's Place Inc/The | (284) | (34,730) | — | 0.42 |
Cinemark Holdings Inc | (708) | (86,655) | — | 1.04 |
Coeur Mining Inc | (300) | (36,679) | — | 0.44 |
Cytokinetics Inc | (2,002) | (245,020) | — | 2.94 |
DigitalBridge Group Inc | (696) | (85,181) | — | 1.02 |
Emergent BioSolutions Inc | (89) | (10,899) | — | 0.13 |
Enviva Inc | (16) | (1,978) | — | 0.02 |
Exact Sciences Corp | (2,317) | (283,530) | — | 3.40 |
Fastly Inc | (1,206) | (147,569) | — | 1.77 |
Gap Inc/The | (3,714) | (454,425) | — | 5.45 |
Guardant Health Inc | (955) | (116,867) | — | 1.40 |
IAC Inc | (715) | (87,480) | — | 1.05 |
Infinera Corp | (215) | (26,319) | — | 0.32 |
Insmed Inc | (696) | (85,126) | — | 1.02 |
JetBlue Airways Corp | (805) | (98,441) | — | 1.18 |
Kyndryl Holdings Inc | (574) | (70,196) | — | 0.84 |
Lyft Inc | (3,756) | (459,611) | — | 5.51 |
NeoGenomics Inc | (487) | (59,542) | — | 0.71 |
Oscar Health Inc | (1,236) | (151,289) | — | 1.81 |
Pacific Biosciences of California Inc | (583) | (71,314) | — | 0.86 |
Peloton Interactive Inc | (1,010) | (123,629) | — | 1.48 |
Q2 Holdings Inc | (680) | (83,245) | — | 1.00 |
Redfin Corp | (501) | (61,321) | — | 0.74 |
Revance Therapeutics Inc | (165) | (20,209) | — | 0.24 |
RingCentral Inc | (1,333) | (163,119) | — | 1.96 |
16 | MainStay VP Conservative Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Rivian Automotive Inc | (3,891) | (476,119) | — | 5.71 |
Royal Caribbean Cruises Ltd | (5,804) | (710,147) | — | 8.51 |
Scotts Miracle-Gro Co/The | (915) | (112,002) | — | 1.34 |
Spirit AeroSystems Holdings Inc | (750) | (91,781) | — | 1.10 |
Spirit Airlines Inc | (430) | (52,610) | — | 0.63 |
Sweetgreen Inc | (444) | (54,369) | — | 0.65 |
TG Therapeutics Inc | (1,329) | (162,571) | — | 1.95 |
Twist Bioscience Corp | (1,021) | (124,975) | — | 1.50 |
Vistra Corp | (2,702) | (330,676) | — | 3.96 |
Warner Bros Discovery Inc | (2,252) | (275,595) | — | 3.30 |
Wix.com Ltd | (1,428) | (174,724) | — | 2.10 |
Wolfspeed Inc | (1,699) | (207,917) | — | 2.49 |
WW International Inc | (710) | (86,859) | — | 1.04 |
Wynn Resorts Ltd | (2,650) | (324,195) | — | 3.89 |
Xerox Holdings Corp | (481) | (58,856) | — | 0.71 |
1. | As of December 31, 2023, cash in the amount $1,100,000 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 December 31, 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 |
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 | $ 167,518,171 | $ — | $ — | $ 167,518,171 | |||
Fixed Income Funds | 240,899,387 | — | — | 240,899,387 | |||
Total Affiliated Investment Companies | 408,417,558 | — | — | 408,417,558 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 43,091,435 | — | — | 43,091,435 | |||
Total Investments in Securities | $ 451,508,993 | $ — | $ — | $ 451,508,993 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $470,685,592) | $451,508,993 |
Cash collateral on deposit at broker for swap contracts | 1,100,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 559,592 |
Dividends | 507,460 |
Portfolio shares sold | 197,104 |
Other assets | 9,233 |
Total assets | 453,882,382 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 267,783 |
NYLIFE Distributors (See Note 3) | 92,452 |
Professional fees | 20,222 |
Custodian | 19,308 |
Shareholder communication | 6,316 |
Accrued expenses | 1,655 |
Total liabilities | 407,736 |
Net assets | $453,474,646 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 46,167 |
Additional paid-in-capital | 502,917,078 |
502,963,245 | |
Total distributable earnings (loss) | (49,488,599) |
Net assets | $453,474,646 |
Initial Class | |
Net assets applicable to outstanding shares | $ 13,958,507 |
Shares of beneficial interest outstanding | 1,404,271 |
Net asset value per share outstanding | $ 9.94 |
Service Class | |
Net assets applicable to outstanding shares | $439,516,139 |
Shares of beneficial interest outstanding | 44,763,010 |
Net asset value per share outstanding | $ 9.82 |
18 | MainStay VP Conservative Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 14,621,427 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,154,083 |
Professional fees | 65,447 |
Custodian | 38,354 |
Trustees | 12,587 |
Shareholder communication | 2,671 |
Miscellaneous | 12,850 |
Total expenses | 1,285,992 |
Net investment income (loss) | 13,335,435 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (14,745,273) |
Realized capital gain distributions from affiliated investment companies | 4,292,653 |
Swap transactions | (6,550,999) |
Net realized gain (loss) | (17,003,619) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 48,466,879 |
Net realized and unrealized gain (loss) | 31,463,260 |
Net increase (decrease) in net assets resulting from operations | $ 44,798,695 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,335,435 | $ 11,725,991 |
Net realized gain (loss) | (17,003,619) | 15,991,904 |
Net change in unrealized appreciation (depreciation) | 48,466,879 | (109,330,812) |
Net increase (decrease) in net assets resulting from operations | 44,798,695 | (81,612,917) |
Distributions to shareholders: | ||
Initial Class | (870,951) | (1,966,692) |
Service Class | (26,986,947) | (74,201,160) |
Total distributions to shareholders | (27,857,898) | (76,167,852) |
Capital share transactions: | ||
Net proceeds from sales of shares | 23,791,487 | 36,820,287 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 27,857,898 | 76,167,852 |
Cost of shares redeemed | (124,906,198) | (133,464,320) |
Increase (decrease) in net assets derived from capital share transactions | (73,256,813) | (20,476,181) |
Net increase (decrease) in net assets | (56,316,016) | (178,256,950) |
Net Assets | ||
Beginning of year | 509,790,662 | 688,047,612 |
End of year | $ 453,474,646 | $ 509,790,662 |
20 | MainStay VP Conservative Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.64 | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | ||||
Net investment income (loss) (a) | 0.31 | 0.26 | 0.27 | 0.21 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.63 | (1.89) | 0.61 | 0.97 | 1.38 | ||||
Total from investment operations | 0.94 | (1.63) | 0.88 | 1.18 | 1.58 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.53) | (0.25) | (0.25) | (0.34) | ||||
From net realized gain on investments | (0.34) | (1.11) | (0.16) | (0.19) | (0.31) | ||||
Total distributions | (0.64) | (1.64) | (0.41) | (0.44) | (0.65) | ||||
Net asset value at end of year | $ 9.94 | $ 9.64 | $ 12.91 | $ 12.44 | $ 11.70 | ||||
Total investment return (b) | 10.29% | (12.05)% | 7.13% | 10.28% | 14.83% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.12% | 2.31% | 2.12% | 1.76% | 1.75% | ||||
Net expenses (c) | 0.03% | 0.03% | 0.03% | 0.04% | 0.03% | ||||
Portfolio turnover rate | 18% | 26% | 25% | 29% | 42% | ||||
Net assets at end of year (in 000's) | $ 13,959 | $ 13,487 | $ 17,168 | $ 16,707 | $ 16,327 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.52 | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | ||||
Net investment income (loss) (a) | 0.27 | 0.23 | 0.23 | 0.17 | 0.17 | ||||
Net realized and unrealized gain (loss) | 0.64 | (1.88) | 0.61 | 0.97 | 1.35 | ||||
Total from investment operations | 0.91 | (1.65) | 0.84 | 1.14 | 1.52 | ||||
Less distributions: | |||||||||
From net investment income | (0.27) | (0.49) | (0.21) | (0.22) | (0.30) | ||||
From net realized gain on investments | (0.34) | (1.11) | (0.16) | (0.19) | (0.31) | ||||
Total distributions | (0.61) | (1.60) | (0.37) | (0.41) | (0.61) | ||||
Net asset value at end of year | $ 9.82 | $ 9.52 | $ 12.77 | $ 12.30 | $ 11.57 | ||||
Total investment return (b) | 10.02% | (12.27)% | 6.86% | 10.01% | 14.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.80% | 2.03% | 1.83% | 1.50% | 1.47% | ||||
Net expenses (c) | 0.28% | 0.28% | 0.28% | 0.29% | 0.28% | ||||
Portfolio turnover rate | 18% | 26% | 25% | 29% | 42% | ||||
Net assets at end of year (in 000's) | $ 439,516 | $ 496,304 | $ 670,879 | $ 686,344 | $ 716,077 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 13.01% | 7.47% | 5.16% | 0.52% |
Service Class Shares | 2/13/2006 | 12.73 | 7.20 | 4.90 | 0.77 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
22 | MainStay VP Moderate Allocation Portfolio |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
MSCI EAFE® Index (Net)2 | 18.24 | 8.16 | 4.28 |
Bloomberg U.S. Aggregate Bond Index3 | 5.53 | 1.10 | 1.81 |
Moderate Allocation Composite Index4 | 16.54 | 8.89 | 6.95 |
Morningstar Moderate Allocation Category Average5 | 13.78 | 8.16 | 6.07 |
* | 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. | 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. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including 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. |
4. | 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. |
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 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,056.70 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,055.40 | $1.40 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
24 | MainStay VP Moderate Allocation Portfolio |
Equity Funds | 57.3% |
Fixed Income Funds | 32.9 |
Short-Term Investment | 9.4 |
Other Assets, Less Liabilities | 0.4 |
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 "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
26 | MainStay VP Moderate Allocation 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. |
28 | MainStay VP Moderate 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 90.2% | ||
Equity Funds 57.3% | ||
IQ 500 International ETF (a) | 588,454 | $ 19,290,287 |
IQ Candriam International Equity ETF (a) | 695,350 | 19,435,033 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 714,186 | 29,988,670 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 540,702 | 16,282,105 |
IQ CBRE NextGen Real Estate ETF (a) | 878,410 | 17,945,916 |
IQ FTSE International Equity Currency Neutral ETF | 633,576 | 15,757,035 |
IQ U.S. Small Cap ETF | 210,756 | 7,597,754 |
MainStay Epoch Capital Growth Fund Class I | 204,725 | 2,858,725 |
MainStay Epoch International Choice Fund Class I (a) | 360,764 | 14,376,529 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 1,025,216 | 17,010,796 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 1,549,854 | 26,889,815 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 2,948,053 | 26,356,770 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 2,852,216 | 19,839,160 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 1,321,350 | 21,906,261 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 1,334,136 | 14,312,478 |
MainStay VP S&P 500 Index Portfolio Initial Class | 140,807 | 12,019,442 |
MainStay VP Small Cap Growth Portfolio Initial Class | 1,284,247 | 13,842,646 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 1,252,265 | 30,610,982 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 1,946,466 | 16,402,672 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 1,242,094 | 10,775,415 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 614,698 | 16,167,774 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 1,196,264 | 31,227,515 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 355,570 | 12,306,990 |
MainStay WMC International Research Equity Fund Class I (a) | 1,985,055 | 14,409,516 |
MainStay WMC Value Fund Class R6 (a) | 651,968 | 19,598,210 |
Total Equity Funds (Cost $435,570,742) | 447,208,496 |
Shares | Value | ||
Fixed Income Funds 32.9% | |||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,627,458 | $ 34,290,540 | |
IQ Mackay ESG High Income ETF (a) | 339,039 | 9,004,876 | |
MainStay MacKay Short Duration High Yield Fund Class I | 2,191,472 | 20,779,317 | |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | 1,352,838 | 10,274,262 | |
MainStay Short Term Bond Fund Class I (a) | 1,690,144 | 15,424,761 | |
MainStay VP Bond Portfolio Initial Class | 570,411 | 7,054,450 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 2,698,621 | 23,170,093 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 13,777,312 | 120,255,265 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 990,221 | 8,986,256 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 999,266 | 7,768,996 | |
Total Fixed Income Funds (Cost $280,470,424) | 257,008,816 | ||
Total Affiliated Investment Companies (Cost $716,041,166) | 704,217,312 | ||
Short-Term Investment 9.4% | |||
Affiliated Investment Company 9.4% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (a)(b) | 73,467,114 | 73,467,114 | |
Total Short-Term Investment (Cost $73,467,114) | 9.4% | 73,467,114 | |
Total Investments (Cost $789,508,280) | 99.6% | 777,684,426 | |
Other Assets, Less Liabilities | 0.4 | 3,396,861 | |
Net Assets | 100.0% | $ 781,081,287 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of December 31, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | Current yield as of December 31, 2023. |
30 | MainStay VP Moderate Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 20,603 | $ 551 | $ (4,840) | $ 413 | $ 2,563 | $ 19,290 | $ 786 | $ — | 588 |
IQ Candriam International Equity ETF | 20,524 | 504 | (4,013) | 947 | 1,473 | 19,435 | 608 | — | 695 |
IQ Candriam U.S. Large Cap Equity ETF | 36,306 | 123 | (15,992) | 4,093 | 5,459 | 29,989 | 430 | — | 714 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 15,957 | (583) | (14) | 922 | 16,282 | 100 | — | 541 |
IQ CBRE NextGen Real Estate ETF | — | 17,149 | (296) | 4 | 1,089 | 17,946 | 110 | — | 878 |
IQ FTSE International Equity Currency Neutral ETF | 16,242 | 156 | (3,119) | 324 | 2,154 | 15,757 | 416 | — | 634 |
IQ MacKay ESG Core Plus Bond ETF | 28,762 | 7,645 | (2,881) | (452) | 1,217 | 34,291 | 1,415 | — | 1,627 |
IQ Mackay ESG High Income ETF | — | 9,317 | (581) | (5) | 274 | 9,005 | 423 | 6 | 339 |
IQ U.S. Large Cap ETF | 29,044 | 267 | (31,116) | 8,117 | (6,312) | — | 375 | — | — |
IQ U.S. Small Cap ETF | 10,212 | 2,237 | (5,778) | (508) | 1,435 | 7,598 | 127 | — | 211 |
MainStay Epoch Capital Growth Fund Class I | 2,888 | 16 | (783) | (72) | 810 | 2,859 | 16 | 1 | 205 |
MainStay Epoch International Choice Fund Class I | 14,905 | 464 | (3,431) | 149 | 2,290 | 14,377 | 244 | — | 361 |
MainStay Fiera SMID Growth Fund Class R6 | — | 16,160 | (221) | (6) | 1,078 | 17,011 | — | 396 | 1,025 |
MainStay MacKay Short Duration High Yield Fund Class I | 22,722 | 1,759 | (4,508) | (248) | 1,054 | 20,779 | 1,282 | — | 2,191 |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 9,979 | — | — | 295 | 10,274 | 42 | — | 1,353 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 25,578 | — | — | 1,312 | 26,890 | 64 | 20 | 1,550 |
MainStay Short Term Bond Fund Class I | — | 16,840 | (1,407) | (20) | 12 | 15,425 | 522 | — | 1,690 |
MainStay U.S. Government Liquidity Fund | 82,310 | 161,200 | (170,043) | — | — | 73,467 | 3,809 | — | 73,467 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 33,749 | 9,288 | (14,302) | 1,726 | (4,104) | 26,357 | 350 | 8,937 | 2,948 |
MainStay VP Bond Portfolio Initial Class | 27,135 | 1,793 | (21,817) | (3,919) | 3,862 | 7,054 | 739 | — | 570 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 20,762 | 733 | (2,809) | (1,190) | 2,343 | 19,839 | 340 | — | 2,852 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 30,211 | 2,269 | (10,501) | 1,107 | (1,180) | 21,906 | 623 | 1,491 | 1,321 |
MainStay VP Floating Rate Portfolio Initial Class | 42,220 | 3,218 | (23,144) | (1,229) | 2,105 | 23,170 | 2,434 | — | 2,699 |
MainStay VP Indexed Bond Portfolio Initial Class | 124,844 | 8,348 | (16,290) | (4,703) | 8,056 | 120,255 | 2,910 | — | 13,777 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 19,280 | 932 | (12,146) | (1,066) | 1,986 | 8,986 | 505 | — | 990 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 8,281 | 1,003 | (1,143) | (61) | (311) | 7,769 | 664 | — | 999 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 14,856 | 1,053 | (2,215) | (1,080) | 1,698 | 14,312 | — | — | 1,334 |
MainStay VP S&P 500 Index Portfolio Initial Class | 12,369 | 378 | (3,287) | 725 | 1,834 | 12,019 | 163 | 180 | 141 |
MainStay VP Small Cap Growth Portfolio Initial Class | 16,604 | 657 | (5,610) | (2,561) | 4,753 | 13,843 | — | 46 | 1,284 |
MainStay VP Wellington Growth Portfolio Initial Class | 36,156 | 262 | (17,453) | (13,678) | 25,324 | 30,611 | — | — | 1,252 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 19,598 | 447 | (5,926) | (4,844) | 7,128 | 16,403 | 18 | — | 1,946 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 13,342 | 1,803 | (5,801) | (2,278) | 3,708 | 10,774 | 79 | — | 1,242 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 19,349 | 433 | (7,514) | (2,695) | 6,595 | 16,168 | 162 | — | 615 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 35,054 | 1,935 | (17,239) | (1,271) | 12,749 | 31,228 | — | 1,141 | 1,196 |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay WMC Enduring Capital Fund Class R6 | $ 15,971 | $ 514 | $ (6,339) | $ (202) | $ 2,363 | $ 12,307 | $ 125 | $ — | 356 |
MainStay WMC International Research Equity Fund Class I | 15,147 | 426 | (2,748) | (775) | 2,360 | 14,410 | 294 | — | 1,985 |
MainStay WMC Value Fund Class R6 | 28,256 | 927 | (10,666) | (2,600) | 3,681 | 19,598 | 335 | 592 | 652 |
$ 817,702 | $322,321 | $(436,542) | $(27,872) | $102,075 | $ 777,684 | $20,510 | $12,810 |
(a) | Prior to August 28, 2023, known as MainStay VP MacKay International Equity Portfolio Initial Class. |
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% | 12/3/24 | Daily | (10,641) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (14,098) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 19,571 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 17,868 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 27,796 | — |
Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (7,606) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (31,579) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/3/24 | Daily | (4,428) | — |
Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 8,143 | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 23,275 | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (37,822) | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 36,309 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (20,645) | — |
Citibank NA | S&P 600 Total Return Index | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 41,578 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 7,533 | — |
JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 8,050 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (7,943) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (3,421) | (445,175) | — | 4.18 |
Apollo Commercial Real Estate Finance Inc | (651) | (84,710) | — | 0.80 |
Atlantica Sustainable Infrastructure PLC | (410) | (53,409) | — | 0.50 |
Brandywine Realty Trust | (701) | (91,199) | — | 0.86 |
Carnival Corp | (11,602) | (1,509,944) | — | 14.19 |
Chart Industries Inc | (3,233) | (420,797) | — | 3.95 |
Coherent Corp | (1,686) | (219,466) | — | 2.06 |
32 | MainStay VP Moderate Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
CommScope Holding Co Inc | (202) | (26,352) | — | 0.25 |
Crane NXT Co | (2,324) | (302,427) | — | 2.84 |
Cushman & Wakefield PLC | (789) | (102,731) | — | 0.97 |
Delta Air Lines Inc | (7,346) | (955,949) | — | 8.98 |
Designer Brands Inc | (524) | (68,217) | — | 0.64 |
DigitalBridge Group Inc | (1,040) | (135,336) | — | 1.27 |
Elanco Animal Health Inc | (3,969) | (516,582) | — | 4.85 |
Entegris Inc | (5,076) | (660,609) | — | 6.21 |
Fidelity National Information Services Inc | (6,930) | (901,829) | — | 8.48 |
Hanesbrands Inc | (1,619) | (210,732) | — | 1.98 |
JetBlue Airways Corp | (1,184) | (154,133) | — | 1.45 |
Lumen Technologies Inc | (2,071) | (269,467) | — | 2.53 |
MKS Instruments Inc | (1,728) | (224,924) | — | 2.11 |
Oatly Group AB | (162) | (21,062) | — | 0.20 |
Opendoor Technologies Inc | (2,694) | (350,602) | — | 3.30 |
Par Pacific Holdings Inc | (968) | (125,976) | — | 1.18 |
PureCycle Technologies Inc | (315) | (40,964) | — | 0.39 |
Scorpio Tankers Inc | (2,160) | (281,106) | — | 2.64 |
Topgolf Callaway Brands Corp | (679) | (88,340) | — | 0.83 |
Uber Technologies Inc | (12,431) | (1,617,761) | — | 15.20 |
United Airlines Holdings Inc | (5,849) | (761,227) | — | 7.15 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Alteryx Inc | (1,551) | (189,773) | — | 1.35 |
AppLovin Corp | (3,092) | (378,337) | — | 2.68 |
Array Technologies Inc | (2,416) | (295,561) | — | 2.10 |
Asana Inc | (1,334) | (163,216) | — | 1.16 |
BILL Holdings Inc | (5,039) | (616,528) | — | 4.37 |
BioCryst Pharmaceuticals Inc | (529) | (64,757) | — | 0.46 |
Bloom Energy Corp | (1,200) | (146,829) | — | 1.04 |
Bridgebio Pharma Inc | (4,210) | (515,093) | — | 3.65 |
Carnival Corp | (8,716) | (1,066,519) | — | 7.57 |
Children's Place Inc/The | (480) | (58,700) | — | 0.42 |
Cinemark Holdings Inc | (1,197) | (146,464) | — | 1.04 |
Coeur Mining Inc | (507) | (61,994) | — | 0.44 |
Cytokinetics Inc | (3,385) | (414,130) | — | 2.94 |
DigitalBridge Group Inc | (1,177) | (143,973) | — | 1.02 |
Emergent BioSolutions Inc | (151) | (18,422) | — | 0.13 |
Enviva Inc | (27) | (3,343) | — | 0.02 |
Exact Sciences Corp | (3,916) | (479,221) | — | 3.40 |
Fastly Inc | (2,038) | (249,419) | — | 1.77 |
Gap Inc/The | (6,277) | (768,064) | — | 5.45 |
Guardant Health Inc | (1,614) | (197,527) | — | 1.40 |
IAC Inc | (1,208) | (147,858) | — | 1.05 |
Infinera Corp | (364) | (44,485) | — | 0.32 |
Insmed Inc | (1,176) | (143,879) | — | 1.02 |
JetBlue Airways Corp | (1,360) | (166,385) | — | 1.18 |
Kyndryl Holdings Inc | (970) | (118,644) | — | 0.84 |
Lyft Inc | (6,349) | (776,830) | — | 5.51 |
NeoGenomics Inc | (822) | (100,637) | — | 0.71 |
Oscar Health Inc | (2,090) | (255,707) | — | 1.81 |
Pacific Biosciences of California Inc | (985) | (120,534) | — | 0.86 |
Peloton Interactive Inc | (1,708) | (208,957) | — | 1.48 |
Q2 Holdings Inc | (1,150) | (140,700) | — | 1.00 |
Redfin Corp | (847) | (103,643) | — | 0.74 |
Revance Therapeutics Inc | (279) | (34,158) | — | 0.24 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
RingCentral Inc | (2,253) | (275,703) | — | 1.96 |
Rivian Automotive Inc | (6,577) | (804,733) | — | 5.71 |
Royal Caribbean Cruises Ltd | (9,809) | (1,200,285) | — | 8.51 |
Scotts Miracle-Gro Co/The | (1,547) | (189,305) | — | 1.34 |
Spirit AeroSystems Holdings Inc | (1,268) | (155,128) | — | 1.10 |
Spirit Airlines Inc | (727) | (88,921) | — | 0.63 |
Sweetgreen Inc | (751) | (91,894) | — | 0.65 |
TG Therapeutics Inc | (2,246) | (274,776) | — | 1.95 |
Twist Bioscience Corp | (1,726) | (211,232) | — | 1.50 |
Vistra Corp | (4,568) | (558,905) | — | 3.96 |
Warner Bros Discovery Inc | (3,807) | (465,808) | — | 3.30 |
Wix.com Ltd | (2,414) | (295,317) | — | 2.10 |
Wolfspeed Inc | (2,872) | (351,419) | — | 2.49 |
WW International Inc | (1,200) | (146,809) | — | 1.04 |
Wynn Resorts Ltd | (4,478) | (547,952) | — | 3.89 |
Xerox Holdings Corp | (813) | (99,479) | — | 0.71 |
1. | As of December 31, 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 December 31, 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 |
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 | $ 447,208,496 | $ — | $ — | $ 447,208,496 | |||
Fixed Income Funds | 257,008,816 | — | — | 257,008,816 | |||
Total Affiliated Investment Companies | 704,217,312 | — | — | 704,217,312 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 73,467,114 | — | — | 73,467,114 | |||
Total Investments in Securities | $ 777,684,426 | $ — | $ — | $ 777,684,426 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
34 | MainStay VP Moderate Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $789,508,280) | $777,684,426 |
Cash | 1,000,000 |
Cash collateral on deposit at broker for swap contracts | 1,000,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 1,283,821 |
Dividends | 867,814 |
Portfolio shares sold | 91,793 |
Other assets | 12,207 |
Total assets | 781,940,061 |
Liabilities | |
Payables: | |
Portfolio shares redeemed | 652,749 |
NYLIFE Distributors (See Note 3) | 154,255 |
Custodian | 23,208 |
Professional fees | 21,995 |
Shareholder communication | 4,838 |
Accrued expenses | 1,729 |
Total liabilities | 858,774 |
Net assets | $781,081,287 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 82,291 |
Additional paid-in-capital | 849,085,535 |
849,167,826 | |
Total distributable earnings (loss) | (68,086,539) |
Net assets | $781,081,287 |
Initial Class | |
Net assets applicable to outstanding shares | $ 46,889,449 |
Shares of beneficial interest outstanding | 4,890,175 |
Net asset value per share outstanding | $ 9.59 |
Service Class | |
Net assets applicable to outstanding shares | $734,191,838 |
Shares of beneficial interest outstanding | 77,400,582 |
Net asset value per share outstanding | $ 9.49 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 20,510,335 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,880,954 |
Professional fees | 82,754 |
Custodian | 45,753 |
Trustees | 20,853 |
Shareholder communication | 5,713 |
Miscellaneous | 22,495 |
Total expenses | 2,058,522 |
Net investment income (loss) | 18,451,813 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (27,871,758) |
Realized capital gain distributions from affiliated investment companies | 12,810,040 |
Swap transactions | (10,759,266) |
Net realized gain (loss) | (25,820,984) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 102,074,677 |
Net realized and unrealized gain (loss) | 76,253,693 |
Net increase (decrease) in net assets resulting from operations | $ 94,705,506 |
36 | MainStay VP Moderate Allocation Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,451,813 | $ 14,965,942 |
Net realized gain (loss) | (25,820,984) | 41,896,923 |
Net change in unrealized appreciation (depreciation) | 102,074,677 | (203,014,624) |
Net increase (decrease) in net assets resulting from operations | 94,705,506 | (146,151,759) |
Distributions to shareholders: | ||
Initial Class | (3,448,370) | (7,194,477) |
Service Class | (54,805,347) | (127,271,222) |
Total distributions to shareholders | (58,253,717) | (134,465,699) |
Capital share transactions: | ||
Net proceeds from sales of shares | 39,724,561 | 44,680,512 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 58,253,717 | 134,465,699 |
Cost of shares redeemed | (173,149,082) | (153,174,796) |
Increase (decrease) in net assets derived from capital share transactions | (75,170,804) | 25,971,415 |
Net increase (decrease) in net assets | (38,719,015) | (254,646,043) |
Net Assets | ||
Beginning of year | 819,800,302 | 1,074,446,345 |
End of year | $ 781,081,287 | $ 819,800,302 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.22 | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | ||||
Net investment income (loss) (a) | 0.25 | 0.21 | 0.23 | 0.20 | 0.23 | ||||
Net realized and unrealized gain (loss) | 0.88 | (2.06) | 1.11 | 1.07 | 1.60 | ||||
Total from investment operations | 1.13 | (1.85) | 1.34 | 1.27 | 1.83 | ||||
Less distributions: | |||||||||
From net investment income | (0.31) | (0.43) | (0.15) | (0.29) | (0.36) | ||||
From net realized gain on investments | (0.45) | (1.34) | (0.34) | (0.31) | (0.48) | ||||
Total distributions | (0.76) | (1.77) | (0.49) | (0.60) | (0.84) | ||||
Net asset value at end of year | $ 9.59 | $ 9.22 | $ 12.84 | $ 11.99 | $ 11.32 | ||||
Total investment return (b) | 13.01% | (13.69)% | 11.37% | 11.57% | 18.29% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.59% | 1.91% | 1.81% | 1.83% | 2.04% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | ||||
Portfolio turnover rate | 23% | 31% | 27% | 31% | 40% | ||||
Net assets at end of year (in 000's) | $ 46,889 | $ 43,783 | $ 53,604 | $ 48,025 | $ 45,283 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.12 | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | ||||
Net investment income (loss) (a) | 0.22 | 0.18 | 0.19 | 0.17 | 0.20 | ||||
Net realized and unrealized gain (loss) | 0.88 | (2.05) | 1.11 | 1.06 | 1.60 | ||||
Total from investment operations | 1.10 | (1.87) | 1.30 | 1.23 | 1.80 | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.39) | (0.12) | (0.26) | (0.33) | ||||
From net realized gain on investments | (0.45) | (1.34) | (0.34) | (0.31) | (0.48) | ||||
Total distributions | (0.73) | (1.73) | (0.46) | (0.57) | (0.81) | ||||
Net asset value at end of year | $ 9.49 | $ 9.12 | $ 12.72 | $ 11.88 | $ 11.22 | ||||
Total investment return (b) | 12.73% | (13.91)% | 11.10% | 11.29% | 18.00% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.30% | 1.63% | 1.51% | 1.52% | 1.76% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.27% | 0.28% | 0.27% | ||||
Portfolio turnover rate | 23% | 31% | 27% | 31% | 40% | ||||
Net assets at end of year (in 000's) | $ 734,192 | $ 776,017 | $ 1,020,842 | $ 1,037,900 | $ 1,102,149 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
38 | MainStay VP Moderate Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 15.49% | 9.47% | 6.22% | 0.58% |
Service Class Shares | 2/13/2006 | 15.20 | 9.20 | 5.96 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
MSCI EAFE® Index (Net)2 | 18.24 | 8.16 | 4.28 |
Bloomberg U.S. Aggregate Bond Index3 | 5.53 | 1.10 | 1.81 |
Growth Allocation Composite Index4 | 20.36 | 11.39 | 8.56 |
Morningstar Moderately Aggressive Allocation Category Average5 | 15.36 | 9.17 | 6.58 |
* | 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. | 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. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including 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. |
4. | 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. |
5. | 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. |
40 | MainStay VP Growth Allocation Portfolio |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,064.60 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,063.30 | $1.40 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 77.5% |
Fixed Income Funds | 12.8 |
Short-Term Investment | 9.2 |
Other Assets, Less Liabilities | 0.5 |
42 | MainStay VP Growth Allocation Portfolio |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See "Investment and Performance Comparison" 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. |
44 | MainStay VP Growth Allocation Portfolio |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
46 | MainStay VP Growth Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 90.3% | ||
Equity Funds 77.5% | ||
IQ 500 International ETF (a) | 1,212,946 | $ 39,761,947 |
IQ Candriam International Equity ETF (a) | 1,433,410 | 40,063,809 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 1,321,883 | 55,505,867 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 1,414,665 | 42,599,666 |
IQ CBRE NextGen Real Estate ETF (a) | 1,367,279 | 27,933,510 |
IQ FTSE International Equity Currency Neutral ETF (a) | 985,910 | 24,519,582 |
IQ U.S. Small Cap ETF (a) | 944,386 | 34,045,115 |
MainStay Epoch Capital Growth Fund Class I | 315,529 | 4,405,953 |
MainStay Epoch International Choice Fund Class I (a) | 810,438 | 32,296,111 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 2,635,250 | 43,725,119 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 3,001,881 | 52,082,327 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 5,617,117 | 50,219,269 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,278,633 | 43,672,286 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 2,731,032 | 45,276,959 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 3,038,508 | 32,596,808 |
MainStay VP S&P 500 Index Portfolio Initial Class | 218,322 | 18,636,259 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 3,737,241 | 40,282,976 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 2,304,450 | 56,331,116 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 5,069,491 | 42,720,097 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 4,337,330 | 37,627,205 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 1,050,493 | 27,630,072 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,180,817 | 56,928,476 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 719,180 | 24,892,251 |
MainStay WMC International Research Equity Fund Class I (a) | 4,460,784 | 32,380,830 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 (a) | 1,427,913 | $ 42,923,200 | |
Total Equity Funds (Cost $920,055,778) | 949,056,810 | ||
Fixed Income Funds 12.8% | |||
IQ MacKay ESG Core Plus Bond ETF | 253,456 | 5,340,318 | |
IQ Mackay ESG High Income ETF (a) | 549,887 | 14,604,999 | |
MainStay MacKay Short Duration High Yield Fund Class I | 3,332,654 | 31,599,892 | |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | 254,490 | 1,932,753 | |
MainStay Short Term Bond Fund Class I (a) | 2,637,999 | 24,075,166 | |
MainStay VP Bond Portfolio Initial Class | 2,681 | 33,157 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 4,212,028 | 36,164,055 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 1,954,898 | 17,063,330 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 1,606,030 | 14,574,718 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 1,559,229 | 12,122,537 | |
Total Fixed Income Funds (Cost $157,100,318) | 157,510,925 | ||
Total Affiliated Investment Companies (Cost $1,077,156,096) | 1,106,567,735 | ||
Short-Term Investment 9.2% | |||
Affiliated Investment Company 9.2% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (a)(b) | 112,555,559 | 112,555,559 | |
Total Short-Term Investment (Cost $112,555,559) | 9.2% | 112,555,559 | |
Total Investments (Cost $1,189,711,655) | 99.5% | 1,219,123,294 | |
Other Assets, Less Liabilities | 0.5 | 5,807,320 | |
Net Assets | 100.0% | $ 1,224,930,614 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of December 31, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | Current yield as of December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 42,946 | $ 1,831 | $ (11,200) | $ 971 | $ 5,214 | $ 39,762 | $ 1,619 | $ — | 1,213 |
IQ Candriam International Equity ETF | 42,781 | 1,168 | (8,901) | 2,210 | 2,806 | 40,064 | 1,255 | — | 1,433 |
IQ Candriam U.S. Large Cap Equity ETF | 67,442 | 717 | (30,279) | 6,136 | 11,490 | 55,506 | 796 | — | 1,322 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 40,648 | (588) | 43 | 2,497 | 42,600 | 258 | — | 1,415 |
IQ CBRE NextGen Real Estate ETF | — | 26,773 | (543) | 9 | 1,695 | 27,934 | 172 | — | 1,367 |
IQ FTSE International Equity Currency Neutral ETF | 25,561 | 184 | (5,102) | 428 | 3,449 | 24,520 | 650 | — | 986 |
IQ MacKay ESG Core Plus Bond ETF | 4,114 | 1,602 | (513) | 12 | 125 | 5,340 | 207 | — | 253 |
IQ Mackay ESG High Income ETF | — | 15,133 | (963) | (9) | 444 | 14,605 | 686 | 11 | 550 |
IQ U.S. Large Cap ETF | 59,698 | — | (63,396) | 15,585 | (11,887) | — | 775 | — | — |
IQ U.S. Small Cap ETF | 44,173 | 3,157 | (17,668) | 2,311 | 2,072 | 34,045 | 555 | — | 944 |
MainStay Epoch Capital Growth Fund Class I | 4,545 | 26 | (1,317) | (119) | 1,271 | 4,406 | 25 | 1 | 316 |
MainStay Epoch International Choice Fund Class I | 33,905 | 1,028 | (8,155) | 257 | 5,261 | 32,296 | 547 | — | 810 |
MainStay Fiera SMID Growth Fund Class R6 | — | 40,655 | (163) | 2 | 3,231 | 43,725 | — | 1,071 | 2,635 |
MainStay MacKay Short Duration High Yield Fund Class I | 34,581 | 3,152 | (7,354) | (380) | 1,601 | 31,600 | 1,934 | — | 3,333 |
MainStay Mackay U.S. Infrastructure Bond Fund Class R6 | — | 1,869 | — | — | 64 | 1,933 | 9 | — | 254 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 49,704 | — | — | 2,378 | 52,082 | 119 | 37 | 3,002 |
MainStay Short Term Bond Fund Class I | — | 26,411 | (2,323) | (33) | 20 | 24,075 | 813 | — | 2,638 |
MainStay U.S. Government Liquidity Fund | 126,767 | 274,644 | (288,855) | — | — | 112,556 | 5,908 | — | 112,556 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 63,735 | 18,039 | (27,104) | 148 | (4,599) | 50,219 | 661 | 16,846 | 5,617 |
MainStay VP Bond Portfolio Initial Class | 3,901 | 270 | (4,063) | 59 | (134) | 33 | 104 | — | 3 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 45,742 | 2,037 | (6,664) | (2,850) | 5,407 | 43,672 | 740 | — | 6,279 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 61,208 | 5,249 | (21,034) | 2,427 | (2,573) | 45,277 | 1,276 | 3,056 | 2,731 |
MainStay VP Floating Rate Portfolio Initial Class | 66,439 | 5,550 | (37,203) | (1,972) | 3,350 | 36,164 | 3,799 | — | 4,212 |
MainStay VP Indexed Bond Portfolio Initial Class | 17,856 | 1,389 | (2,668) | 128 | 358 | 17,063 | 411 | — | 1,955 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 31,527 | 1,741 | (20,197) | (1,759) | 3,263 | 14,575 | 815 | — | 1,606 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 12,031 | 2,490 | (1,817) | 31 | (612) | 12,123 | 1,033 | — | 1,559 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 33,805 | 2,489 | (5,127) | (1,470) | 2,900 | 32,597 | — | — | 3,039 |
MainStay VP S&P 500 Index Portfolio Initial Class | 19,459 | 581 | (5,409) | 818 | 3,187 | 18,636 | 264 | 291 | 218 |
MainStay VP Small Cap Growth Portfolio Initial Class | 50,198 | 566 | (16,941) | (5,356) | 11,816 | 40,283 | — | 137 | 3,737 |
MainStay VP Wellington Growth Portfolio Initial Class | 67,510 | 567 | (33,338) | (22,124) | 43,716 | 56,331 | — | — | 2,304 |
48 | MainStay VP Growth Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay VP Wellington Mid Cap Portfolio Initial Class | $ 53,177 | $ 1,175 | $ (17,704) | $ (14,788) | $ 20,860 | $ 42,720 | $ 47 | $ — | 5,069 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 46,945 | 4,000 | (18,459) | (10,735) | 15,876 | 37,627 | 289 | — | 4,337 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 33,350 | 829 | (13,287) | (4,408) | 11,146 | 27,630 | 276 | — | 1,050 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 66,245 | 3,010 | (33,591) | (3,984) | 25,248 | 56,928 | — | 2,061 | 2,181 |
MainStay WMC Enduring Capital Fund Class R6 | 32,025 | 268 | (11,788) | (311) | 4,698 | 24,892 | 256 | — | 719 |
MainStay WMC International Research Equity Fund Class I | 34,436 | 887 | (6,528) | (2,274) | 5,860 | 32,381 | 661 | — | 4,461 |
MainStay WMC Value Fund Class R6 | 59,234 | 2,174 | (20,809) | (3,144) | 5,468 | 42,923 | 728 | 1,284 | 1,428 |
$1,285,336 | $542,013 | $ (751,051) | $(44,141) | $186,966 | $1,219,123 | $ 27,688 | $24,795 |
(a) | Prior to August 28, 2023, known as MainStay VP MacKay International Equity Portfolio Initial Class. |
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% | 12/3/24 | Daily | (16,562) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (21,972) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 30,445 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 27,839 | — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.60% | 12/3/24 | Daily | 43,356 | — |
Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (11,872) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (49,289) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/3/24 | Daily | (6,812) | — |
Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 12,655 | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 36,327 | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (56,160) | — |
Citibank NA | S&P 500 Energy Total | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 1,448 | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 56,673 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (45,349) | — |
Citibank NA | S&P 600 Total Return Index | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 64,894 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 13,210 | — |
JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 12,564 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (12,397) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (5,324) | (692,872) | — | 4.18 |
Apollo Commercial Real Estate Finance Inc | (1,013) | (131,843) | — | 0.80 |
Atlantica Sustainable Infrastructure PLC | (639) | (83,127) | — | 0.50 |
Brandywine Realty Trust | (1,091) | (141,943) | — | 0.86 |
Carnival Corp | (18,058) | (2,350,084) | — | 14.19 |
Chart Industries Inc | (5,033) | (654,930) | — | 3.95 |
Coherent Corp | (2,625) | (341,578) | — | 2.06 |
CommScope Holding Co Inc | (315) | (41,014) | — | 0.25 |
Crane NXT Co | (3,617) | (470,699) | — | 2.84 |
Cushman & Wakefield PLC | (1,229) | (159,892) | — | 0.97 |
Delta Air Lines Inc | (11,433) | (1,487,844) | — | 8.98 |
Designer Brands Inc | (816) | (106,173) | — | 0.64 |
DigitalBridge Group Inc | (1,619) | (210,637) | — | 1.27 |
Elanco Animal Health Inc | (6,178) | (804,010) | — | 4.85 |
Entegris Inc | (7,901) | (1,028,175) | — | 6.21 |
Fidelity National Information Services Inc | (10,785) | (1,403,612) | — | 8.48 |
Hanesbrands Inc | (2,520) | (327,984) | — | 1.98 |
JetBlue Airways Corp | (1,843) | (239,894) | — | 1.45 |
Lumen Technologies Inc | (3,223) | (419,400) | — | 2.53 |
MKS Instruments Inc | (2,690) | (350,073) | — | 2.11 |
Oatly Group AB | (252) | (32,781) | — | 0.20 |
Opendoor Technologies Inc | (4,193) | (545,679) | — | 3.30 |
Par Pacific Holdings Inc | (1,507) | (196,070) | — | 1.18 |
PureCycle Technologies Inc | (490) | (63,757) | — | 0.39 |
Scorpio Tankers Inc | (3,362) | (437,515) | — | 2.64 |
Topgolf Callaway Brands Corp | (1,057) | (137,493) | — | 0.83 |
Uber Technologies Inc | (19,348) | (2,517,891) | — | 15.20 |
United Airlines Holdings Inc | (9,104) | (1,184,777) | — | 7.15 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Alteryx Inc | (2,417) | (295,760) | — | 1.35 |
AppLovin Corp | (4,819) | (589,637) | — | 2.68 |
Array Technologies Inc | (3,765) | (460,630) | — | 2.10 |
Asana Inc | (2,079) | (254,371) | — | 1.16 |
BILL Holdings Inc | (7,853) | (960,855) | — | 4.37 |
BioCryst Pharmaceuticals Inc | (825) | (100,924) | — | 0.46 |
Bloom Energy Corp | (1,870) | (228,833) | — | 1.04 |
Bridgebio Pharma Inc | (6,561) | (802,770) | — | 3.65 |
Carnival Corp | (13,584) | (1,662,163) | — | 7.57 |
Children's Place Inc/The | (748) | (91,484) | — | 0.42 |
Cinemark Holdings Inc | (1,866) | (228,263) | — | 1.04 |
Coeur Mining Inc | (790) | (96,617) | — | 0.44 |
Cytokinetics Inc | (5,275) | (645,419) | — | 2.94 |
DigitalBridge Group Inc | (1,834) | (224,381) | — | 1.02 |
Emergent BioSolutions Inc | (235) | (28,710) | — | 0.13 |
Enviva Inc | (43) | (5,209) | — | 0.02 |
Exact Sciences Corp | (6,104) | (746,863) | — | 3.40 |
Fastly Inc | (3,177) | (388,718) | — | 1.77 |
Gap Inc/The | (9,783) | (1,197,024) | — | 5.45 |
Guardant Health Inc | (2,516) | (307,845) | — | 1.40 |
IAC Inc | (1,883) | (230,435) | — | 1.05 |
Infinera Corp | (567) | (69,329) | — | 0.32 |
Insmed Inc | (1,833) | (224,235) | — | 1.02 |
JetBlue Airways Corp | (2,119) | (259,310) | — | 1.18 |
Kyndryl Holdings Inc | (1,511) | (184,906) | — | 0.84 |
50 | MainStay VP Growth Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Lyft Inc | (9,894) | (1,210,685) | — | 5.51 |
NeoGenomics Inc | (1,282) | (156,842) | — | 0.71 |
Oscar Health Inc | (3,257) | (398,518) | — | 1.81 |
Pacific Biosciences of California Inc | (1,535) | (187,851) | — | 0.86 |
Peloton Interactive Inc | (2,661) | (325,659) | — | 1.48 |
Q2 Holdings Inc | (1,792) | (219,280) | — | 1.00 |
Redfin Corp | (1,320) | (161,528) | — | 0.74 |
Revance Therapeutics Inc | (435) | (53,235) | — | 0.24 |
RingCentral Inc | (3,512) | (429,681) | — | 1.96 |
Rivian Automotive Inc | (10,250) | (1,254,171) | — | 5.71 |
Royal Caribbean Cruises Ltd | (15,288) | (1,870,637) | — | 8.51 |
Scotts Miracle-Gro Co/The | (2,411) | (295,030) | — | 1.34 |
Spirit AeroSystems Holdings Inc | (1,976) | (241,765) | — | 1.10 |
Spirit Airlines Inc | (1,133) | (138,582) | — | 0.63 |
Sweetgreen Inc | (1,170) | (143,216) | — | 0.65 |
TG Therapeutics Inc | (3,500) | (428,236) | — | 1.95 |
Twist Bioscience Corp | (2,690) | (329,203) | — | 1.50 |
Vistra Corp | (7,119) | (871,050) | — | 3.96 |
Warner Bros Discovery Inc | (5,933) | (725,959) | — | 3.30 |
Wix.com Ltd | (3,761) | (460,250) | — | 2.10 |
Wolfspeed Inc | (4,476) | (547,685) | — | 2.49 |
WW International Inc | (1,870) | (228,801) | — | 1.04 |
Wynn Resorts Ltd | (6,979) | (853,981) | — | 3.89 |
Xerox Holdings Corp | (1,267) | (155,037) | — | 0.71 |
1. | As of December 31, 2023, cash in the amount $100,000 was due to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 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 |
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 | $ 949,056,810 | $ — | $ — | $ 949,056,810 | |||
Fixed Income Funds | 157,510,925 | — | — | 157,510,925 | |||
Total Affiliated Investment Companies | 1,106,567,735 | — | — | 1,106,567,735 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 112,555,559 | — | — | 112,555,559 | |||
Total Investments in Securities | $ 1,219,123,294 | $ — | $ — | $ 1,219,123,294 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
52 | MainStay VP Growth Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,189,711,655) | $1,219,123,294 |
Cash | 2,900,000 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 2,335,732 |
Dividends | 1,347,983 |
Portfolio shares sold | 82,261 |
Other assets | 19,851 |
Total assets | 1,225,809,121 |
Liabilities | |
Cash collateral due to broker for swaps contracts | 100,000 |
Payables: | |
Portfolio shares redeemed | 470,668 |
NYLIFE Distributors (See Note 3) | 236,894 |
Custodian | 31,852 |
Professional fees | 24,973 |
Shareholder communication | 12,339 |
Accrued expenses | 1,781 |
Total liabilities | 878,507 |
Net assets | $1,224,930,614 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 127,082 |
Additional paid-in-capital | 1,282,770,302 |
1,282,897,384 | |
Total distributable earnings (loss) | (57,966,770) |
Net assets | $1,224,930,614 |
Initial Class | |
Net assets applicable to outstanding shares | $ 95,509,939 |
Shares of beneficial interest outstanding | 9,784,758 |
Net asset value per share outstanding | $ 9.76 |
Service Class | |
Net assets applicable to outstanding shares | $1,129,420,675 |
Shares of beneficial interest outstanding | 117,296,971 |
Net asset value per share outstanding | $ 9.63 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 27,687,718 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,882,416 |
Professional fees | 101,896 |
Custodian | 56,136 |
Trustees | 32,493 |
Shareholder communication | 7,465 |
Miscellaneous | 34,938 |
Total expenses | 3,115,344 |
Net investment income (loss) | 24,572,374 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (44,140,653) |
Realized capital gain distributions from affiliated investment companies | 24,794,545 |
Swap transactions | (16,421,018) |
Net realized gain (loss) | (35,767,126) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 186,965,793 |
Net realized and unrealized gain (loss) | 151,198,667 |
Net increase (decrease) in net assets resulting from operations | $175,771,041 |
54 | MainStay VP Growth Allocation Portfolio |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 24,572,374 | $ 18,584,745 |
Net realized gain (loss) | (35,767,126) | 107,969,094 |
Net change in unrealized appreciation (depreciation) | 186,965,793 | (377,385,911) |
Net increase (decrease) in net assets resulting from operations | 175,771,041 | (250,832,072) |
Distributions to shareholders: | ||
Initial Class | (9,842,480) | (15,428,348) |
Service Class | (117,566,790) | (216,661,264) |
Total distributions to shareholders | (127,409,270) | (232,089,612) |
Capital share transactions: | ||
Net proceeds from sales of shares | 30,880,642 | 26,427,493 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 127,409,270 | 232,089,612 |
Cost of shares redeemed | (269,093,776) | (251,331,929) |
Increase (decrease) in net assets derived from capital share transactions | (110,803,864) | 7,185,176 |
Net increase (decrease) in net assets | (62,442,093) | (475,736,508) |
Net Assets | ||
Beginning of year | 1,287,372,707 | 1,763,109,215 |
End of year | $1,224,930,614 | $1,287,372,707 |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.50 | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | ||||
Net investment income (loss) (a) | 0.22 | 0.18 | 0.20 | 0.21 | 0.26 | ||||
Net realized and unrealized gain (loss) | 1.14 | (2.28) | 1.72 | 1.21 | 1.91 | ||||
Total from investment operations | 1.36 | (2.10) | 1.92 | 1.42 | 2.17 | ||||
Less distributions: | |||||||||
From net investment income | (0.41) | (0.42) | (0.33) | (0.34) | (0.39) | ||||
From net realized gain on investments | (0.69) | (1.60) | (0.16) | (0.40) | (0.84) | ||||
Total distributions | (1.10) | (2.02) | (0.49) | (0.74) | (1.23) | ||||
Net asset value at end of year | $ 9.76 | $ 9.50 | $ 13.62 | $ 12.19 | $ 11.51 | ||||
Total investment return (b) | 15.49% | (14.43)% | 16.01% | 12.94% | 21.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.25% | 1.55% | 1.53% | 1.87% | 2.22% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.02% | 0.03% | 0.02% | ||||
Portfolio turnover rate | 24% | 32% | 24% | 32% | 41% | ||||
Net assets at end of year (in 000's) | $ 95,510 | $ 88,026 | $ 108,059 | $ 98,314 | $ 91,615 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.38 | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | ||||
Net investment income (loss) (a) | 0.19 | 0.14 | 0.16 | 0.17 | 0.22 | ||||
Net realized and unrealized gain (loss) | 1.13 | (2.24) | 1.71 | 1.21 | 1.88 | ||||
Total from investment operations | 1.32 | (2.10) | 1.87 | 1.38 | 2.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.38) | (0.30) | (0.31) | (0.35) | ||||
From net realized gain on investments | (0.69) | (1.60) | (0.16) | (0.40) | (0.84) | ||||
Total distributions | (1.07) | (1.98) | (0.46) | (0.71) | (1.19) | ||||
Net asset value at end of year | $ 9.63 | $ 9.38 | $ 13.46 | $ 12.05 | $ 11.38 | ||||
Total investment return (b) | 15.20% | (14.64)% | 15.72% | 12.65% | 21.12% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.95% | 1.26% | 1.24% | 1.55% | 1.90% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.27% | 0.28% | 0.27% | ||||
Portfolio turnover rate | 24% | 32% | 24% | 32% | 41% | ||||
Net assets at end of year (in 000's) | $ 1,129,421 | $ 1,199,347 | $ 1,655,050 | $ 1,711,623 | $ 1,868,634 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
56 | MainStay VP Growth Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | 17.40% | 10.73% | 6.89% | 0.60% |
Service Class Shares | 2/13/2006 | 17.10 | 10.45 | 6.62 | 0.85 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | 26.29% | 15.69% | 12.03% |
MSCI EAFE® Index (Net)2 | 18.24 | 8.16 | 4.28 |
Equity Allocation Composite Index3 | 24.28 | 13.83 | 10.10 |
Morningstar Aggressive Allocation Category Average4 | 17.66 | 10.39 | 7.09 |
* | 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. | 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. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | 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. |
4. | 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. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,070.20 | $0.16 | $1,025.05 | $0.15 | 0.03% |
Service Class Shares | $1,000.00 | $1,068.80 | $1.46 | $1,023.79 | $1.43 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
58 | MainStay VP Equity Allocation Portfolio |
Equity Funds | 97.6% |
Short-Term Investment | 2.2 |
Other Assets, Less Liabilities | 0.2 |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
60 | MainStay VP Equity Allocation Portfolio |
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. |
62 | MainStay VP Equity Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 97.6% | ||
Equity Funds 97.6% | ||
IQ 500 International ETF (a) | 1,030,928 | $ 33,795,160 |
IQ Candriam International Equity ETF (a) | 1,218,172 | 34,047,907 |
IQ Candriam U.S. Large Cap Equity ETF (a) | 1,181,486 | 49,610,597 |
IQ Candriam U.S. Mid Cap Equity ETF (a) | 1,263,618 | 38,051,202 |
IQ CBRE NextGen Real Estate ETF (a) | 969,235 | 19,801,471 |
IQ FTSE International Equity Currency Neutral ETF | 690,323 | 17,168,333 |
IQ U.S. Small Cap ETF (a) | 856,600 | 30,880,430 |
MainStay Epoch Capital Growth Fund Class I | 232,067 | 3,240,514 |
MainStay Epoch International Choice Fund Class I (a) | 720,181 | 28,699,368 |
MainStay Fiera SMID Growth Fund Class R6 (a) | 2,347,655 | 38,953,224 |
MainStay PineStone U.S. Equity Fund Class R6 (a) | 2,222,577 | 38,561,482 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 5,180,693 | 46,317,467 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,238,396 | 43,392,411 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 2,539,107 | 42,095,096 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 2,677,219 | 28,720,935 |
MainStay VP S&P 500 Index Portfolio Initial Class | 160,450 | 13,696,226 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 3,417,336 | 36,834,786 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 2,078,563 | 50,809,422 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 4,611,164 | 38,857,819 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 3,907,819 | $ 33,901,110 | |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 988,504 | 25,999,621 | |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 1,959,386 | 51,148,209 | |
MainStay WMC Enduring Capital Fund Class R6 (a) | 663,550 | 22,966,807 | |
MainStay WMC International Research Equity Fund Class I (a) | 3,962,932 | 28,766,924 | |
MainStay WMC Value Fund Class R6 (a) | 1,334,565 | 40,117,153 | |
Total Affiliated Investment Companies (Cost $838,825,704) | 836,433,674 | ||
Short-Term Investment 2.2% | |||
Affiliated Investment Company 2.2% | |||
MainStay U.S. Government Liquidity Fund, 5.235% (b) | 19,067,920 | 19,067,920 | |
Total Short-Term Investment (Cost $19,067,920) | 2.2% | 19,067,920 | |
Total Investments (Cost $857,893,624) | 99.8% | 855,501,594 | |
Other Assets, Less Liabilities | 0.2 | 1,444,317 | |
Net Assets | 100.0% | $ 856,945,911 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | As of December 31, 2023, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | Current yield as of December 31, 2023. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 34,730 | $ 1,613 | $ (7,616) | $ 1,054 | $ 4,014 | $ 33,795 | $ 1,368 | $ — | 1,031 |
IQ Candriam International Equity ETF | 34,598 | 1,529 | (6,202) | 1,245 | 2,878 | 34,048 | 1,044 | — | 1,218 |
IQ Candriam U.S. Large Cap Equity ETF | 56,355 | 756 | (22,577) | 5,685 | 9,393 | 49,612 | 688 | — | 1,181 |
IQ Candriam U.S. Mid Cap Equity ETF | — | 35,646 | (301) | 5 | 2,702 | 38,052 | 249 | — | 1,264 |
IQ CBRE NextGen Real Estate ETF | — | 18,639 | (40) | 1 | 1,202 | 19,802 | 122 | — | 969 |
IQ FTSE International Equity Currency Neutral ETF | 17,024 | 345 | (2,827) | 191 | 2,435 | 17,168 | 448 | — | 690 |
IQ U.S. Large Cap ETF | 50,884 | — | (54,103) | 13,295 | (10,076) | — | 687 | — | — |
IQ U.S. Small Cap ETF | 38,632 | 3,139 | (14,700) | (1,063) | 4,872 | 30,880 | 497 | — | 857 |
MainStay Epoch Capital Growth Fund Class I | 3,031 | 19 | (605) | (62) | 858 | 3,241 | 18 | 1 | 232 |
MainStay Epoch International Choice Fund Class I | 28,668 | 1,309 | (6,004) | 1,065 | 3,661 | 28,699 | 482 | — | 720 |
MainStay Fiera SMID Growth Fund Class R6 | — | 36,154 | — | — | 2,799 | 38,953 | — | 835 | 2,348 |
MainStay PineStone U.S. Equity Fund Class R6 | — | 36,873 | — | — | 1,688 | 38,561 | 82 | 26 | 2,223 |
MainStay U.S. Government Liquidity Fund | 28,276 | 168,049 | (177,257) | — | — | 19,068 | 1,249 | — | 19,068 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 53,955 | 16,290 | (19,449) | (740) | (3,739) | 46,317 | 600 | 15,300 | 5,181 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 43,485 | 2,802 | (5,324) | (1,851) | 4,280 | 43,392 | 734 | — | 6,238 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 52,113 | 5,448 | (15,280) | 953 | (1,139) | 42,095 | 1,167 | 2,795 | 2,539 |
MainStay VP PineStone International Equity Portfolio Initial Class (a) | 28,578 | 2,327 | (3,385) | (2,187) | 3,388 | 28,721 | — | — | 2,677 |
MainStay VP S&P 500 Index Portfolio Initial Class | 12,948 | 419 | (2,422) | 278 | 2,473 | 13,696 | 187 | 206 | 160 |
MainStay VP Small Cap Growth Portfolio Initial Class | 43,165 | 923 | (12,914) | (3,717) | 9,378 | 36,835 | — | 126 | 3,417 |
MainStay VP Wellington Growth Portfolio Initial Class | 56,440 | 581 | (24,720) | (18,946) | 37,454 | 50,809 | — | — | 2,079 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 45,490 | 1,459 | (13,424) | (11,389) | 16,722 | 38,858 | 43 | — | 4,611 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 40,757 | 3,702 | (14,974) | (4,759) | 9,175 | 33,901 | 263 | — | 3,908 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 28,318 | 767 | (9,027) | (2,996) | 8,938 | 26,000 | 256 | — | 989 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 55,437 | 2,793 | (25,347) | (3,818) | 22,083 | 51,148 | — | 1,838 | 1,959 |
MainStay WMC Enduring Capital Fund Class R6 | 26,912 | 621 | (8,461) | (192) | 4,087 | 22,967 | 237 | — | 664 |
MainStay WMC International Research Equity Fund Class I | 29,109 | 995 | (4,399) | (1,591) | 4,653 | 28,767 | 582 | — | 3,963 |
MainStay WMC Value Fund Class R6 | 50,562 | 2,501 | (14,999) | (5,946) | 7,999 | 40,117 | 669 | 1,182 | 1,335 |
$ 859,467 | $345,699 | $(466,357) | $(35,485) | $152,178 | $ 855,502 | $ 11,672 | $22,309 |
(a) | Prior to August 28, 2023, known as MainStay VP MacKay International Equity Portfolio Initial Class. |
64 | MainStay VP Equity Allocation Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Citi Leveraged Loan Basket | 1 day FEDF minus 0.20% | 12/3/24 | Daily | (11,245) | $ — |
Citibank NA | Citi Zombie Company Basket | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (15,127) | — |
JPMorgan Chase Bank NA | Global X Uranium ETF | 1 day FEDF plus 0.50% | 10/8/24 - 11/12/24 | Daily | 21,093 | — |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 19,135 | — |
Citibank NA | iShares MSCI China ETF | 1 day FEDF minus 0.56% | 12/3/24 | Daily | (8,293) | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/3/24 | Daily | (34,427) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.54% | 12/3/24 | Daily | (4,407) | — |
Citibank NA | iShares MSCI Emerging Markets ex China ETF | 1 day FEDF plus 0.55% | 12/3/24 | Daily | 8,778 | — |
JPMorgan Chase Bank NA | iShares MSCI Japan ETF | 1 day FEDF plus 0.15% | 4/24/24 - 5/7/24 | Daily | 25,376 | — |
JPMorgan Chase Bank NA | J.P. Morgan IDEX Pure Size Short | 1 day FEDF plus 0.00% - 0.02% | 6/20/24 | Daily | (5,097) | — |
JPMorgan Chase Bank NA | Russell 2000 Total Return Index | 1 day FEDF minus 0.15% - plus 0.05% | 4/9/24 - 5/7/24 | Daily | (38,017) | — |
Citibank NA | S&P 500 Energy Total | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 3,261 | — |
JPMorgan Chase Bank NA | S&P 500 Equal Weight | 1 day FEDF plus 0.30% - 0.51% | 5/7/24 | Daily | 39,576 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.05% | 12/3/24 | Daily | (27,895) | — |
Citibank NA | S&P 600 Total Return Index | 1 day FEDF plus 0.45% | 12/3/24 | Daily | 45,325 | — |
Citibank NA | S&P Midcap 400 Total Return Index | 1 day FEDF plus 0.35% | 12/3/24 | Daily | 7,330 | — |
JPMorgan Chase Bank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.15% | 11/5/24 | Daily | 8,775 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 0.50% | 12/3/24 | Daily | (8,659) | — |
$ — |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
AerCap Holdings NV | (3,615) | (470,443) | — | 4.18 |
Apollo Commercial Real Estate Finance Inc | (688) | (89,518) | — | 0.80 |
Atlantica Sustainable Infrastructure PLC | (434) | (56,441) | — | 0.50 |
Brandywine Realty Trust | (741) | (96,376) | — | 0.86 |
Carnival Corp | (12,261) | (1,595,647) | — | 14.19 |
Chart Industries Inc | (3,417) | (444,681) | — | 3.95 |
Coherent Corp | (1,782) | (231,923) | — | 2.06 |
CommScope Holding Co Inc | (214) | (27,847) | — | 0.25 |
Crane NXT Co | (2,456) | (319,593) | — | 2.84 |
Cushman & Wakefield PLC | (834) | (108,563) | — | 0.97 |
Delta Air Lines Inc | (7,762) | (1,010,208) | — | 8.98 |
Designer Brands Inc | (554) | (72,089) | — | 0.64 |
DigitalBridge Group Inc | (1,099) | (143,017) | — | 1.27 |
Elanco Animal Health Inc | (4,195) | (545,903) | — | 4.85 |
Entegris Inc | (5,364) | (698,105) | — | 6.21 |
Fidelity National Information Services Inc | (7,323) | (953,017) | — | 8.48 |
Hanesbrands Inc | (1,711) | (222,693) | — | 1.98 |
JetBlue Airways Corp | (1,252) | (162,882) | — | 1.45 |
Lumen Technologies Inc | (2,188) | (284,762) | — | 2.53 |
MKS Instruments Inc | (1,826) | (237,691) | — | 2.11 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Oatly Group AB | (171) | (22,257) | — | 0.20 |
Opendoor Technologies Inc | (2,847) | (370,502) | — | 3.30 |
Par Pacific Holdings Inc | (1,023) | (133,127) | — | 1.18 |
PureCycle Technologies Inc | (333) | (43,289) | — | 0.39 |
Scorpio Tankers Inc | (2,283) | (297,062) | — | 2.64 |
Topgolf Callaway Brands Corp | (717) | (93,354) | — | 0.83 |
Uber Technologies Inc | (13,136) | (1,709,584) | — | 15.20 |
United Airlines Holdings Inc | (6,181) | (804,434) | — | 7.15 |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
Alteryx Inc | (1,664) | (203,631) | — | 1.35 |
AppLovin Corp | (3,318) | (405,967) | — | 2.68 |
Array Technologies Inc | (2,592) | (317,145) | — | 2.10 |
Asana Inc | (1,431) | (175,135) | — | 1.16 |
BILL Holdings Inc | (5,407) | (661,551) | — | 4.37 |
BioCryst Pharmaceuticals Inc | (568) | (69,486) | — | 0.46 |
Bloom Energy Corp | (1,288) | (157,552) | — | 1.04 |
Bridgebio Pharma Inc | (4,517) | (552,709) | — | 3.65 |
Carnival Corp | (9,353) | (1,144,404) | — | 7.57 |
Children's Place Inc/The | (515) | (62,987) | — | 0.42 |
Cinemark Holdings Inc | (1,284) | (157,160) | — | 1.04 |
Coeur Mining Inc | (544) | (66,521) | — | 0.44 |
Cytokinetics Inc | (3,632) | (444,373) | — | 2.94 |
DigitalBridge Group Inc | (1,263) | (154,487) | — | 1.02 |
Emergent BioSolutions Inc | (162) | (19,767) | — | 0.13 |
Enviva Inc | (29) | (3,587) | — | 0.02 |
Exact Sciences Corp | (4,202) | (514,217) | — | 3.40 |
Fastly Inc | (2,187) | (267,634) | — | 1.77 |
Gap Inc/The | (6,735) | (824,154) | — | 5.45 |
Guardant Health Inc | (1,732) | (211,952) | — | 1.40 |
IAC Inc | (1,297) | (158,655) | — | 1.05 |
Infinera Corp | (390) | (47,733) | — | 0.32 |
Insmed Inc | (1,262) | (154,386) | — | 1.02 |
JetBlue Airways Corp | (1,459) | (178,536) | — | 1.18 |
Kyndryl Holdings Inc | (1,040) | (127,308) | — | 0.84 |
Lyft Inc | (6,812) | (833,560) | — | 5.51 |
NeoGenomics Inc | (883) | (107,986) | — | 0.71 |
Oscar Health Inc | (2,242) | (274,381) | — | 1.81 |
Pacific Biosciences of California Inc | (1,057) | (129,336) | — | 0.86 |
Peloton Interactive Inc | (1,832) | (224,217) | — | 1.48 |
Q2 Holdings Inc | (1,234) | (150,975) | — | 1.00 |
Redfin Corp | (909) | (111,212) | — | 0.74 |
Revance Therapeutics Inc | (300) | (36,652) | — | 0.24 |
RingCentral Inc | (2,418) | (295,837) | — | 1.96 |
Rivian Automotive Inc | (7,057) | (863,501) | — | 5.71 |
Royal Caribbean Cruises Ltd | (10,526) | (1,287,939) | — | 8.51 |
Scotts Miracle-Gro Co/The | (1,660) | (203,129) | — | 1.34 |
Spirit AeroSystems Holdings Inc | (1,360) | (166,456) | — | 1.10 |
Spirit Airlines Inc | (780) | (95,414) | — | 0.63 |
Sweetgreen Inc | (806) | (98,605) | — | 0.65 |
TG Therapeutics Inc | (2,410) | (294,842) | — | 1.95 |
Twist Bioscience Corp | (1,852) | (226,657) | — | 1.50 |
Vistra Corp | (4,901) | (599,721) | — | 3.96 |
Warner Bros Discovery Inc | (4,085) | (499,825) | — | 3.30 |
Wix.com Ltd | (2,590) | (316,883) | — | 2.10 |
Wolfspeed Inc | (3,082) | (377,082) | — | 2.49 |
66 | MainStay VP Equity Allocation Portfolio |
Security Description | Shares | Notional Value | Unrealized Appreciation/ Depreciation | Percent of Basket Net Assets |
WW International Inc | (1,287) | (157,530) | — | 1.04 |
Wynn Resorts Ltd | (4,805) | (587,968) | — | 3.89 |
Xerox Holdings Corp | (872) | (106,743) | — | 0.71 |
1. | As of December 31, 2023, cash in the amount $2,650,000 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 December 31, 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 |
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 | $ 836,433,674 | $ — | $ — | $ 836,433,674 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 19,067,920 | — | — | 19,067,920 | |||
Total Investments in Securities | $ 855,501,594 | $ — | $ — | $ 855,501,594 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $857,893,624) | $855,501,594 |
Cash collateral on deposit at broker for swap contracts | 2,650,000 |
Receivables: | |
Dividends | 731,116 |
Portfolio shares sold | 73,219 |
Other assets | 5,381 |
Total assets | 858,961,310 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 1,111,994 |
Portfolio shares redeemed | 695,027 |
NYLIFE Distributors (See Note 3) | 159,422 |
Custodian | 24,021 |
Professional fees | 22,103 |
Shareholder communication | 372 |
Accrued expenses | 2,460 |
Total liabilities | 2,015,399 |
Net assets | $856,945,911 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 92,735 |
Additional paid-in-capital | 916,803,124 |
916,895,859 | |
Total distributable earnings (loss) | (59,949,948) |
Net assets | $856,945,911 |
Initial Class | |
Net assets applicable to outstanding shares | $ 98,050,781 |
Shares of beneficial interest outstanding | 10,458,982 |
Net asset value per share outstanding | $ 9.37 |
Service Class | |
Net assets applicable to outstanding shares | $758,895,130 |
Shares of beneficial interest outstanding | 82,275,990 |
Net asset value per share outstanding | $ 9.22 |
68 | MainStay VP Equity Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 11,672,394 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,907,640 |
Professional fees | 84,703 |
Custodian | 47,362 |
Trustees | 22,054 |
Shareholder communication | 14,691 |
Miscellaneous | 25,282 |
Total expenses | 2,101,732 |
Net investment income (loss) | 9,570,662 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (35,485,215) |
Realized capital gain distributions from affiliated investment companies | 22,309,006 |
Swap transactions | (13,129,194) |
Net realized gain (loss) | (26,305,403) |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | 152,178,178 |
Net realized and unrealized gain (loss) | 125,872,775 |
Net increase (decrease) in net assets resulting from operations | $135,443,437 |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 9,570,662 | $ 8,458,183 |
Net realized gain (loss) | (26,305,403) | 117,518,501 |
Net change in unrealized appreciation (depreciation) | 152,178,178 | (328,806,143) |
Net increase (decrease) in net assets resulting from operations | 135,443,437 | (202,829,459) |
Distributions to shareholders: | ||
Initial Class | (13,605,752) | (16,509,845) |
Service Class | (109,771,556) | (152,373,206) |
Total distributions to shareholders | (123,377,308) | (168,883,051) |
Capital share transactions: | ||
Net proceeds from sales of shares | 18,978,897 | 19,615,742 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 123,377,308 | 168,883,051 |
Cost of shares redeemed | (159,284,223) | (120,792,336) |
Increase (decrease) in net assets derived from capital share transactions | (16,928,018) | 67,706,457 |
Net increase (decrease) in net assets | (4,861,889) | (304,006,053) |
Net Assets | ||
Beginning of year | 861,807,800 | 1,165,813,853 |
End of year | $ 856,945,911 | $ 861,807,800 |
70 | MainStay VP Equity Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.43 | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | ||||
Net investment income (loss) (a) | 0.13 | 0.13 | 0.18 | 0.18 | 0.21 | ||||
Net realized and unrealized gain (loss) | 1.34 | (2.83) | 2.33 | 1.49 | 2.25 | ||||
Total from investment operations | 1.47 | (2.70) | 2.51 | 1.67 | 2.46 | ||||
Less distributions: | |||||||||
From net investment income | (0.55) | (0.40) | (0.27) | (0.27) | (0.36) | ||||
From net realized gain on investments | (0.98) | (1.86) | (0.47) | (0.58) | (0.80) | ||||
Total distributions | (1.53) | (2.26) | (0.74) | (0.85) | (1.16) | ||||
Net asset value at end of year | $ 9.37 | $ 9.43 | $ 14.39 | $ 12.62 | $ 11.80 | ||||
Total investment return (b) | 17.40% | (17.64)% | 20.16% | 15.02% | 24.58% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.38% | 1.14% | 1.26% | 1.64% | 1.80% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.02% | 0.03% | 0.03% | ||||
Portfolio turnover rate | 22% | 23% | 22% | 26% | 38% | ||||
Net assets at end of year (in 000's) | $ 98,051 | $ 86,162 | $ 107,062 | $ 92,647 | $ 83,143 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 9.30 | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | ||||
Net investment income (loss) (a) | 0.10 | 0.10 | 0.13 | 0.15 | 0.17 | ||||
Net realized and unrealized gain (loss) | 1.32 | (2.79) | 2.32 | 1.47 | 2.24 | ||||
Total from investment operations | 1.42 | (2.69) | 2.45 | 1.62 | 2.41 | ||||
Less distributions: | |||||||||
From net investment income | (0.52) | (0.36) | (0.24) | (0.24) | (0.33) | ||||
From net realized gain on investments | (0.98) | (1.86) | (0.47) | (0.58) | (0.80) | ||||
Total distributions | (1.50) | (2.22) | (0.71) | (0.82) | (1.13) | ||||
Net asset value at end of year | $ 9.22 | $ 9.30 | $ 14.21 | $ 12.47 | $ 11.67 | ||||
Total investment return (b) | 17.10% | (17.85)% | 19.86% | 14.74% | 24.27% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.09% | 0.86% | 0.97% | 1.34% | 1.49% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.27% | 0.28% | 0.28% | ||||
Portfolio turnover rate | 22% | 23% | 22% | 26% | 38% | ||||
Net assets at end of year (in 000's) | $ 758,895 | $ 775,646 | $ 1,058,752 | $ 1,041,818 | $ 1,033,813 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations1 |
MainStay VP Conservative Allocation Portfolio | Initial Class, Service Class |
MainStay VP Moderate Allocation Portfolio | Initial Class, Service Class |
MainStay VP Growth Allocation Portfolio | Initial Class, Service Class |
MainStay VP Equity Allocation Portfolio | Initial Class, Service Class |
1. | For each VP Allocation Portfolio, Initial Class and Service Class shares were registered for sale as of February 13, 2006. |
72 | 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) |
74 | MainStay VP Asset Allocation Portfolios |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(6,550,999) | $(6,550,999) |
Total Net Realized Gain (Loss) | $(6,550,999) | $(6,550,999) |
Average Notional Amount | Total |
Swap Contracts Long | $ 93,532,494 |
Swap Contracts Short | $(67,748,971) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(10,759,266) | $(10,759,266) |
Total Net Realized Gain (Loss) | $(10,759,266) | $(10,759,266) |
Average Notional Amount | Total |
Swap Contracts Long | $ 158,066,588 |
Swap Contracts Short | $(114,525,315) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(16,421,018) | $(16,421,018) |
Total Net Realized Gain (Loss) | $(16,421,018) | $(16,421,018) |
Average Notional Amount | Total |
Swap Contracts Long | $ 250,082,081 |
Swap Contracts Short | $(182,926,304) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Transactions | $(13,129,194) | $(13,129,194) |
Total Net Realized Gain (Loss) | $(13,129,194) | $(13,129,194) |
Average Notional Amount | Total |
Swap Contracts Long | $ 152,278,515 |
Swap Contracts Short | $(127,175,182) |
76 | MainStay VP Asset Allocation Portfolios |
MainStay VP Conservative Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $475,205,615 | $13,268,558 | $(37,977,210) | $(24,708,652) |
MainStay VP Moderate Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $799,543,552 | $31,557,790 | $(55,768,197) | $(24,210,407) |
MainStay VP Growth Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,213,857,620 | $34,393,088 | $(31,930,471) | $2,462,617 |
MainStay VP Equity Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $868,178,061 | $44,151,063 | $(58,756,947) | $(14,605,884) |
Fund | Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
MainStay VP Conservative Allocation Portfolio | $5,652,321 | $ (8,862,165) | $(22,582,133) | $(23,696,622) | $(49,488,599) |
MainStay VP Moderate Allocation Portfolio | 6,285,647 | (11,584,615) | (40,928,445) | (21,859,126) | (68,086,539) |
MainStay VP Growth Allocation Portfolio | 6,394,384 | (15,177,758) | (54,449,070) | 5,265,674 | (57,966,770) |
MainStay VP Equity Allocation Portfolio | — | (14,112,480) | (33,161,001) | (12,676,467) | (59,949,948) |
Fund | Total Distributable Earnings (Loss) | Additional Paid-In Capital |
MainStay VP Conservative Allocation Portfolio | $ — | $ — |
MainStay VP Moderate Allocation Portfolio | — | — |
MainStay VP Growth Allocation Portfolio | — | — |
MainStay VP Equity Allocation Portfolio | 1,405,397 | (1,405,397) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $7,850 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $9,233 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $12,375 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $12,183 |
2023 | 2022 | ||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total | Ordinary Income | Long-Term Capital Gains | Total | |
MainStay VP Conservative Allocation Portfolio | $16,565,678 | $11,292,220 | $ 27,857,898 | $38,778,554 | $ 37,389,298 | $ 76,167,852 | |
MainStay VP Moderate Allocation Portfolio | 31,672,946 | 26,580,771 | 58,253,717 | 60,632,330 | 73,833,369 | 134,465,699 | |
MainStay VP Growth Allocation Portfolio | 62,031,594 | 65,377,676 | 127,409,270 | 90,433,602 | 141,656,010 | 232,089,612 | |
MainStay VP Equity Allocation Portfolio | 54,897,083 | 68,480,225 | 123,377,308 | 54,259,646 | 114,623,405 | 168,883,051 |
78 | MainStay VP Asset Allocation Portfolios |
Fund | Purchases | Sales |
MainStay VP Conservative Allocation Portfolio | $ 77,644 | $160,833 |
MainStay VP Moderate Allocation Portfolio | 161,119 | 266,498 |
MainStay VP Growth Allocation Portfolio | 267,367 | 462,194 |
MainStay VP Equity Allocation Portfolio | 177,650 | 289,100 |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 97,138 | $ 966,706 |
Shares issued to shareholders in reinvestment of distributions | 94,860 | 870,951 |
Shares redeemed | (186,696) | (1,839,680) |
Net increase (decrease) | 5,302 | $ (2,023) |
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 |
Service Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,339,997 | $ 22,824,781 |
Shares issued to shareholders in reinvestment of distributions | 2,973,998 | 26,986,947 |
Shares redeemed | (12,667,193) | (123,066,518) |
Net increase (decrease) | (7,353,198) | $ (73,254,790) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 157,854 | $ 1,510,821 |
Shares issued to shareholders in reinvestment of distributions | 392,395 | 3,448,370 |
Shares redeemed | (409,830) | (3,910,568) |
Net increase (decrease) | 140,419 | $ 1,048,623 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 4,058,373 | $ 38,213,740 |
Shares issued to shareholders in reinvestment of distributions | 6,300,624 | 54,805,347 |
Shares redeemed | (18,032,931) | (169,238,514) |
Net increase (decrease) | (7,673,934) | $ (76,219,427) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 212,317 | $ 2,110,658 |
Shares issued to shareholders in reinvestment of distributions | 1,110,000 | 9,842,480 |
Shares redeemed | (801,533) | (7,829,485) |
Net increase (decrease) | 520,784 | $ 4,123,653 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 2,961,702 | $ 28,769,984 |
Shares issued to shareholders in reinvestment of distributions | 13,433,595 | 117,566,790 |
Shares redeemed | (26,951,268) | (261,264,291) |
Net increase (decrease) | (10,555,971) | $(114,927,517) |
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 |
Year ended December 31, 2023: | ||
Shares sold | 248,142 | $ 2,414,486 |
Shares issued to shareholders in reinvestment of distributions | 1,608,511 | 13,605,752 |
Shares redeemed | (533,110) | (5,246,093) |
Net increase (decrease) | 1,323,543 | $ 10,774,145 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 1,754,839 | $ 16,564,411 |
Shares issued to shareholders in reinvestment of distributions | 13,182,764 | 109,771,556 |
Shares redeemed | (16,086,250) | (154,038,130) |
Net increase (decrease) | (1,148,647) | $ (27,702,163) |
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 |
80 | MainStay VP Asset Allocation Portfolios |
MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Growth Allocation Portfolio and MainStay VP Equity Allocation Portfolio
New York, New York
February 26, 2024
82 | MainStay VP Asset Allocation Portfolios |
84 | MainStay VP Asset Allocation Portfolios |
86 | MainStay VP Asset Allocation Portfolios |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
88 | MainStay VP Asset Allocation Portfolios |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
90 | MainStay VP Asset Allocation Portfolios |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015860 | MSVPAA11-02/24 |
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2023 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | 3.72% | 3.34% | 2.27% | 0.76% |
Service Class Shares | 2/17/2012 | 3.46 | 3.08 | 2.01 | 1.01 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. TIPS Index1 | 3.90% | 3.15% | 2.42% |
Morningstar Inflation-Protected Bond Category Average2 | 2.82 | 2.93 | 1.98 |
* | 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. | 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. |
2. | The Morningstar Inflation-Protected Bond Category Average is representative of funds that invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/23 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/23 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/23 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,022.10 | $3.72 | $1,021.53 | $3.72 | 0.73% |
Service Class Shares | $1,000.00 | $1,020.80 | $4.99 | $1,020.26 | $4.99 | 0.98% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP PIMCO Real Return Portfolio |
1. | U.S. Treasury Inflation Linked Notes, 0.125%-1.625%, due 4/15/24–1/15/33 |
2. | U.S. Treasury Inflation Linked Bonds, 0.125%-3.375%, due 1/15/25–2/15/53 |
3. | UMBS, Single Family, 30 Year, 4.00%-6.00%, due 1/25/54–2/25/54 |
4. | Italy Buoni Poliennali Del Tesoro, 0.40%-1.40%, due 5/26/25–5/15/30 |
5. | Japan Government CPI Linked Bond, 0.10%, due 3/10/28–3/10/29 |
6. | France Government Bond, 0.10%-0.25%, due 7/25/24–7/25/38 |
7. | GNMA, 6.238%-6.464%, due 4/20/67–7/20/73 |
8. | Nykredit Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
9. | VMC Finance LLC, 7.238%, due 2/18/39 |
10. | Jyske Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
• | Short exposure to Japanese interest rates and long exposure to the Japanese yen, as Japanese interest rates broadly moved lower over the reporting period. |
• | Out-of-Index holdings of non-agency mortgage positions, as mortgage spreads2 tightened, |
• | Nominal U.S. interest-rate strategies, including duration3 positioning, yield curve4 strategies and security selection, and, |
• | Overweight U.S. breakeven inflation positioning, as inflation expectations rose in the United States. |
1. | See "Investment and Performance Comparison" for more information on benchmark and peer group returns. |
2. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | 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 PIMCO Real Return Portfolio |
Principal Amount | Value | |
Long-Term Bonds 109.0% | ||
Asset-Backed Securities 8.4% | ||
Home Equity Asset-Backed Securities 1.5% | ||
Argent Securities Trust | ||
Series 2006-W4, Class A2C | ||
5.79% (1 Month SOFR + 0.434%), due 5/25/36 (a) | $ 279,422 | $ 66,320 |
Credit Suisse First Boston Mortgage Securities Corp. | ||
Series 2001-HE17, Class A1 | ||
5.077% (1 Month SOFR + 0.734%), due 1/25/32 (a) | 413,397 | 396,205 |
Credit-Based Asset Servicing and Securitization LLC | ||
Series 2007-CB6, Class A3 | ||
5.69% (1 Month SOFR + 0.334%), due 7/25/37 (a)(b) | 764,727 | 484,262 |
CWABS Asset-Backed Certificates Trust | ||
Series 2007-8, Class 1A1 | ||
5.66% (1 Month SOFR + 0.304%), due 11/25/37 (a) | 1,185,287 | 1,092,862 |
First Franklin Mortgage Loan Trust | ||
Series 2006-FF17, Class A2 | ||
5.59% (1 Month SOFR + 0.234%), due 12/25/36 (a) | 374,000 | 323,292 |
GSAA Home Equity Trust | ||
Series 2006-17, Class A3A | ||
5.95% (1 Month SOFR + 0.594%), due 11/25/36 (a) | 965,832 | 310,932 |
Home Equity Asset Trust | ||
Series 2005-8, Class M2 | ||
6.145% (1 Month SOFR + 0.789%), due 2/25/36 (a) | 184,428 | 177,564 |
Lehman XS Trust | ||
Series 2007-20N, Class A1 | ||
7.77% (1 Month SOFR + 2.414%), due 12/25/37 (a) | 24,309 | 23,111 |
Long Beach Mortgage Loan Trust | ||
Series 2006-7, Class 2A2 | ||
5.71% (1 Month SOFR + 0.354%), due 8/25/36 (a) | 217,173 | 84,468 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-WMC4, Class A5 | ||
5.62% (1 Month SOFR + 0.264%), due 10/25/36 (a) | 109,839 | 35,658 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2005-WMC1, Class M3 | ||
6.25% (1 Month SOFR + 0.894%), due 1/25/35 (a) | 95,433 | 92,896 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
New Century Home Equity Loan Trust | ||
Series 2004-4, Class M1 | ||
6.235% (1 Month SOFR + 0.879%), due 2/25/35 (a) | $ 47,341 | $ 45,586 |
Option One Mortgage Loan Trust | ||
Series 2006-1, Class M1 | ||
6.01% (1 Month SOFR + 0.654%), due 1/25/36 (a) | 1,200,000 | 1,086,765 |
Popular ABS Mortgage Pass-Through Trust | ||
Series 2006-A, Class M2 | ||
6.34% (1 Month SOFR + 0.984%), due 2/25/36 (a) | 1,238,000 | 1,127,373 |
RASC Trust (a) | ||
Series 2006-EMX4, Class A4 | ||
5.93% (1 Month SOFR + 0.344%), due 6/25/36 | 365,328 | 350,742 |
Series 2005-EMX1, Class M2 | ||
6.565% (1 Month SOFR + 1.209%), due 3/25/35 | 631,322 | 617,045 |
Saxon Asset Securities Trust | ||
Series 2007-3, Class 1A | ||
5.78% (1 Month SOFR + 0.424%), due 9/25/37 (a) | 81,059 | 76,124 |
Securitized Asset-Backed Receivables LLC Trust (a) | ||
Series 2006-HE2, Class A2C | ||
5.77% (1 Month SOFR + 0.414%), due 7/25/36 | 324,589 | 126,757 |
Series 2006-HE1, Class A2C | ||
5.79% (1 Month SOFR + 0.434%), due 7/25/36 | 522,759 | 177,011 |
Soundview Home Loan Trust (a) | ||
Series 2007-OPT2, Class 2A3 | ||
5.65% (1 Month SOFR + 0.294%), due 7/25/37 | 147,555 | 126,619 |
Series 2007-OPT1, Class 1A1 | ||
5.67% (1 Month SOFR + 0.314%), due 6/25/37 | 249,172 | 173,899 |
6,995,491 | ||
Other Asset-Backed Securities 6.9% | ||
ACAS CLO Ltd. | ||
Series 2015-1A, Class AR3 | ||
6.547% (3 Month SOFR + 1.152%), due 10/18/28 (a)(b) | 324,979 | 324,576 |
Anchorage Capital CLO 6 Ltd. | ||
Series 2015-6A, Class ARR | ||
6.705% (3 Month SOFR + 1.312%), due 7/15/30 (a)(b) | 334,196 | 334,183 |
10 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Anchorage Capital CLO 9 Ltd. | ||
Series 2016-9A, Class AR2 | ||
6.795% (3 Month SOFR + 1.402%), due 7/15/32 (a)(b) | $ 300,000 | $ 299,701 |
Anchorage Capital CLO 11 Ltd. | ||
Series 2019-11A, Class AR | ||
6.814% (3 Month SOFR + 1.402%), due 7/22/32 (a)(b) | 300,000 | 299,622 |
Anchorage Capital Europe CLO 1 DAC | ||
Series 1A, Class A1R | ||
4.745% (3 Month EURIBOR + 0.78%), due 1/15/31 (a)(b) | EUR 1,095,178 | 1,191,266 |
Apidos CLO XXVI | ||
Series 2017-26A, Class A1AR | ||
6.557% (3 Month SOFR + 1.162%), due 7/18/29 (a)(b) | $ 646,213 | 645,649 |
ARES European CLO VI DAC | ||
Series 2013-6A, Class ARR | ||
4.575% (3 Month EURIBOR + 0.61%), due 4/15/30 (a)(b) | EUR 575,205 | 627,721 |
ARES European CLO X DAC | ||
Series 10A, Class AR | ||
4.745% (3 Month EURIBOR + 0.78%), due 10/15/31 (a)(b) | 1,085,718 | 1,186,353 |
ARES XL CLO Ltd. | ||
Series 2016-40A, Class A1RR | ||
6.525% (3 Month SOFR + 1.132%), due 1/15/29 (a)(b) | $ 643,294 | 642,334 |
Atlas Senior Loan Fund Ltd. | ||
Series 2017-8A, Class A | ||
6.805% (3 Month SOFR + 1.412%), due 1/16/30 (a)(b) | 561,040 | 561,017 |
Atlas Static Senior Loan Fund I Ltd. | ||
Series 2022-1A, Class AR | ||
7.101% (3 Month SOFR + 1.75%), due 7/15/30 (a)(b) | 410,000 | 409,976 |
Bain Capital Euro CLO DAC | ||
Series 2020-1A, Class A | ||
5.102% (3 Month EURIBOR + 1.10%), due 1/24/33 (a)(b) | EUR 500,000 | 547,006 |
Benefit Street Partners CLO XII Ltd. | ||
Series 2017-12A, Class A1R | ||
6.605% (3 Month SOFR + 1.212%), due 10/15/30 (a)(b) | $ 391,928 | 391,485 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Benefit Street Partners CLO XVI Ltd. | ||
Series 2018-16A, Class A1R | ||
6.694% (3 Month SOFR + 1.292%), due 1/17/32 (a)(b) | $ 300,000 | $ 299,855 |
Black Diamond CLO DAC | ||
Series 2017-2A, Class A1 | ||
4.853% (3 Month EURIBOR + 0.86%), due 1/20/32 (a)(b) | EUR 604,651 | 662,326 |
BlueMountain Fuji EUR CLO V DAC | ||
Series 5A, Class A | ||
4.875% (3 Month EURIBOR + 0.91%), due 1/15/33 (a)(b) | 1,100,000 | 1,195,622 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-1A, Class A1RR | ||
6.589% (3 Month SOFR + 1.212%), due 8/14/30 (a)(b) | $ 396,469 | 396,275 |
Carlyle Global Market Strategies Euro CLO Ltd. | ||
Series 2014-2A, Class AR1 | ||
4.752% (3 Month EURIBOR + 0.75%), due 11/15/31 (a)(b) | EUR 998,134 | 1,083,163 |
Carlyle U.S. CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
6.677% (3 Month SOFR + 1.262%), due 4/20/31 (a)(b) | $ 636,738 | 636,555 |
CIFC Funding Ltd. (a)(b) | ||
Series 2017-4A, Class A1R | ||
6.61% (3 Month SOFR + 1.212%), due 10/24/30 | 337,490 | 337,322 |
Series 2018-3A, Class A | ||
6.757% (3 Month SOFR + 1.362%), due 7/18/31 | 499,914 | 499,906 |
Crestline Denali CLO XV Ltd. | ||
Series 2017-1A, Class AR | ||
6.707% (3 Month SOFR + 1.292%), due 4/20/30 (a)(b) | 178,768 | 178,811 |
Cumulus Static CLO DAC | ||
Series 2023-1A, Class A | ||
5.499% (3 Month EURIBOR + 1.50%), due 4/25/33 (a)(b) | EUR 1,000,000 | 1,102,254 |
Dryden 52 Euro CLO DAC | ||
Series 2017-52A, Class AR | ||
4.862% (3 Month EURIBOR + 0.86%), due 5/15/34 (a)(b) | 499,101 | 541,267 |
Elmwood CLO 24 Ltd. | ||
Series 2023-3A, Class A1 | ||
7.044% (3 Month SOFR + 1.70%), due 12/11/33 (a)(b) | $ 1,000,000 | 998,690 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Gallatin CLO VIII Ltd. | ||
Series 2017-1A, Class A1R | ||
6.745% (3 Month SOFR + 1.352%), due 7/15/31 (a)(b) | $ 397,612 | $ 396,408 |
HalseyPoint CLO 3 Ltd. | ||
Series 2020-3A, Class A1A | ||
7.102% (3 Month SOFR + 1.712%), due 11/30/32 (a)(b) | 500,000 | 500,196 |
Invesco Euro CLO I DAC | ||
Series 1A, Class A1R | ||
4.615% (3 Month EURIBOR + 0.65%), due 7/15/31 (a)(b) | EUR 500,000 | 542,864 |
LCM 30 Ltd. | ||
Series 30A, Class AR | ||
6.757% (3 Month SOFR + 1.342%), due 4/20/31 (a)(b) | $ 1,350,000 | 1,336,524 |
LCM Loan Income Fund I Ltd. | ||
Series 1A, Class A | ||
6.707% (3 Month SOFR + 1.292%), due 4/20/31 (a)(b) | 963,504 | 960,953 |
LCM XIII LP | ||
Series 13A, Class AR3 | ||
6.528% (3 Month SOFR + 1.132%), due 7/19/27 (a)(b) | 295,408 | 295,370 |
LCM XV LP | ||
Series 15A, Class AR2 | ||
6.677% (3 Month SOFR + 1.262%), due 7/20/30 (a)(b) | 232,840 | 232,727 |
LCM XXV Ltd. | ||
Series 25A, Class AR | ||
6.516% (3 Month SOFR + 1.10%), due 7/20/30 (a)(b) | 936,147 | 934,135 |
Lockwood Grove CLO Ltd. | ||
Series 2014-1A, Class A1RR | ||
6.81% (3 Month SOFR + 1.432%), due 1/25/30 (a)(b) | 176,400 | 176,393 |
Madison Park Euro Funding IX DAC | ||
Series 9A, Class AR | ||
4.845% (3 Month EURIBOR + 0.88%), due 7/15/35 (a)(b) | EUR 500,000 | 540,992 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR2 | ||
6.521% (3 Month SOFR + 1.142%), due 11/15/28 (a)(b) | $ 216,929 | 216,739 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Man GLG Euro CLO II DAC | ||
Series 2A, Class A1R | ||
4.835% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b) | EUR 65,565 | $ 72,114 |
MidOcean Credit CLO II | ||
Series 2013-2A, Class ARR | ||
6.682% (3 Month SOFR + 1.292%), due 1/29/30 (a)(b) | $ 84,998 | 84,944 |
Neuberger Berman Loan Advisers NBLA CLO 53 Ltd. | ||
Series 2023-53A, Class A | ||
6.957% (3 Month SOFR + 1.59%), due 10/24/32 (a)(b) | 700,000 | 699,939 |
OCP Euro CLO DAC | ||
Series 2017-2A, Class A | ||
4.785% (3 Month EURIBOR + 0.82%), due 1/15/32 (a)(b) | EUR 750,815 | 822,582 |
OSD CLO Ltd. | ||
Series 2021-23A, Class A | ||
6.534% (3 Month SOFR + 1.132%), due 4/17/31 (a)(b) | $ 1,150,838 | 1,146,938 |
OZLM VIII Ltd. | ||
Series 2014-8A, Class A1R3 | ||
6.644% (3 Month SOFR + 1.242%), due 10/17/29 (a)(b) | 222,472 | 222,250 |
OZLM XI Ltd. | ||
Series 2015-11A, Class A1R | ||
6.902% (3 Month SOFR + 1.512%), due 10/30/30 (a)(b) | 584,371 | 584,102 |
OZLM XXIV Ltd. | ||
Series 2019-24A, Class A1AR | ||
6.837% (3 Month SOFR + 1.422%), due 7/20/32 (a)(b) | 200,000 | 198,913 |
Palmer Square European Loan Funding DAC | ||
Series 2023-3A, Class A | ||
5.46% (3 Month EURIBOR + 1.50%), due 5/15/33 (a)(b) | EUR 500,000 | 551,934 |
Palmer Square Loan Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A1 | ||
6.455% (3 Month SOFR + 1.062%), due 10/15/29 | $ 330,103 | 329,188 |
Series 2021-3A, Class A1 | ||
6.477% (3 Month SOFR + 1.062%), due 7/20/29 | 750,812 | 749,403 |
Rad CLO 5 Ltd. | ||
Series 2019-5A, Class AR | ||
6.78% (3 Month SOFR + 1.382%), due 7/24/32 (a)(b) | 1,700,000 | 1,699,986 |
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 | ||
6.704% (3 Month SOFR + 1.292%), due 10/23/30 (a)(b) | $ 326,001 | $ 325,904 |
Saranac CLO VI Ltd. | ||
Series 2018-6A, Class A1R | ||
6.781% (3 Month SOFR + 1.402%), due 8/13/31 (a)(b) | 285,496 | 285,333 |
SLM Student Loan Trust | ||
Series 2004-3A, Class A6B | ||
6.146% (SOFR 90A + 0.812%), due 10/25/64 (a)(b) | 282,282 | 272,904 |
Sound Point CLO IX Ltd. | ||
Series 2015-2A, Class ARRR | ||
6.887% (3 Month SOFR + 1.472%), due 7/20/32 (a)(b) | 500,000 | 496,010 |
Sound Point CLO XV Ltd. | ||
Series 2017-1A, Class ARR | ||
6.574% (3 Month SOFR + 1.162%), due 1/23/29 (a)(b) | 166,811 | 166,774 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-3A, Class AR | ||
6.735% (3 Month SOFR + 1.342%), due 7/15/31 (a)(b) | 300,000 | 297,926 |
Toro European CLO DAC (a)(b) | ||
Series 5A, Class A | ||
4.705% (3 Month EURIBOR + 0.74%), due 10/15/30 | EUR 370,891 | 405,278 |
Series 5A, Class ANV | ||
4.705% (3 Month EURIBOR + 0.74%), due 10/15/30 | 519,248 | 567,390 |
Venture 36 CLO Ltd. | ||
Series 2019-36A, Class A1AR | ||
6.807% (3 Month SOFR + 1.392%), due 4/20/32 (a)(b) | $ 600,000 | 592,070 |
Venture XXIV CLO Ltd. | ||
Series 2016-24A, Class ARR | ||
6.577% (3 Month SOFR + 1.162%), due 10/20/28 (a)(b) | 188,452 | 188,124 |
Venture XXV CLO Ltd. | ||
Series 2016-25A, Class ARR | ||
6.697% (3 Month SOFR + 1.282%), due 4/20/29 (a)(b) | 86,802 | 86,779 |
Vibrant CLO VI Ltd. | ||
Series 2017-6A, Class AR | ||
6.582% (3 Month SOFR + 1.212%), due 6/20/29 (a)(b) | 178,047 | 177,891 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Vibrant CLO XI Ltd. | ||
Series 2019-11A, Class A1R1 | ||
6.797% (3 Month SOFR + 1.382%), due 7/20/32 (a)(b) | $ 400,000 | $ 399,352 |
VOYA CLO | ||
Series 2017-2A, Class A1R | ||
6.635% (3 Month SOFR + 1.242%), due 6/7/30 (a)(b) | 211,058 | 210,916 |
Wellfleet CLO Ltd. | ||
Series 2015-1A, Class AR4 | ||
6.567% (3 Month SOFR + 1.152%), due 7/20/29 (a)(b) | 151,593 | 151,409 |
33,312,589 | ||
Total Asset-Backed Securities (Cost $41,373,054) | 40,308,080 | |
Corporate Bonds 1.6% | ||
Banks 0.7% | ||
Bank of America Corp. | ||
Series FF | ||
5.875%, due 3/15/28 (c)(d) | 190,000 | 181,898 |
Lloyds Banking Group plc | ||
Series Reg S | ||
4.947% (5 Year EURIBOR ICE Swap Rate + 5.29%), due 6/27/25 (a)(d) | EUR 200,000 | 214,991 |
Nykredit Realkredit A/S | ||
Series Reg S | ||
0.50%, due 10/1/43 | DKK 9,852,441 | 1,178,902 |
Series Reg S | ||
1.00%, due 10/1/50 | 5,231,342 | 606,206 |
Series Reg S | ||
1.00%, due 10/1/53 | 495,766 | 53,301 |
Series Reg S | ||
1.50%, due 10/1/53 | 320,466 | 36,495 |
Series Reg S | ||
1.50%, due 10/1/53 | 7,801,754 | 936,703 |
Series Reg S | ||
1.50%, due 10/1/53 | 99,701 | 10,121 |
Series Reg S | ||
2.00%, due 10/1/53 | 299,110 | 33,498 |
Series Reg S | ||
2.00%, due 10/1/53 | 493,993 | 60,097 |
Series Reg S | ||
2.50%, due 10/1/47 | 1,601 | 219 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
UBS Group AG | ||
Series Reg S | ||
7.75%, due 3/1/29 (c) | EUR 100,000 | $ 127,155 |
3,439,586 | ||
Diversified Financial Services 0.9% | ||
Avolon Holdings Funding Ltd. | ||
2.528%, due 11/18/27 (b) | $ 66,000 | 58,465 |
Jyske Realkredit A/S | ||
Series CCE | ||
0.50%, due 10/1/43 | DKK 2,272,941 | 270,961 |
Series Reg S | ||
1.00%, due 10/1/50 | 5,547,424 | 640,369 |
Series CCE | ||
1.00%, due 10/1/53 | 3,891,935 | 419,060 |
Series CCE | ||
1.50%, due 10/1/53 | 1,612,857 | 193,943 |
Series CCE | ||
1.50%, due 10/1/53 | 1,981,706 | 225,164 |
Series 111E | ||
2.50%, due 10/1/47 | 4,185 | 572 |
Nordea Kredit Realkreditaktieselskab | ||
0.50%, due 10/1/43 | 859,765 | 103,283 |
1.00%, due 10/1/53 | 89,923 | 10,301 |
1.50%, due 10/1/53 | 10,597,645 | 1,204,117 |
1.50%, due 10/1/53 | 34,134 | 4,107 |
1.50%, due 10/1/53 | 500,000 | 50,794 |
Series Reg S | ||
2.00%, due 10/1/53 (b) | 399,715 | 48,716 |
2.50%, due 10/1/47 | 1,847 | 253 |
Realkredit Danmark A/S | ||
Series Reg S | ||
1.00%, due 10/1/50 | 4,797,328 | 553,781 |
Series Reg S | ||
1.00%, due 10/1/53 | 5,943 | 639 |
Series Reg S | ||
1.00%, due 10/1/53 | 1,408,698 | 161,362 |
Series Reg S | ||
1.50%, due 10/1/53 | 797,951 | 95,864 |
Series Reg S | ||
1.50%, due 10/1/53 | 1,488,768 | 169,156 |
Series Reg S | ||
2.00%, due 10/1/53 | 1,691,548 | 188,438 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Realkredit Danmark A/S (continued) | ||
Series Reg S | ||
2.50%, due 4/1/47 | DKK 8,463 | $ 1,151 |
4,400,496 | ||
Total Corporate Bonds (Cost $10,242,815) | 7,840,082 | |
Foreign Government Bonds 7.0% | ||
Canada 0.2% | ||
Canadian Government Real Return Bond | ||
4.25%, due 12/1/26 (e) | CAD 1,083,510 | 886,449 |
France 1.7% | ||
France Government Bond (e) | ||
Series Reg S | ||
0.10%, due 3/1/26 (b) | EUR 3,661,441 | 4,002,355 |
Series Reg S | ||
0.10%, due 7/25/31 (b) | 828,058 | 901,017 |
Series Reg S | ||
0.10%, due 7/25/38 (b) | 1,626,072 | 1,682,276 |
Series Reg S | ||
0.25%, due 7/25/24 | 1,636,622 | 1,793,390 |
8,379,038 | ||
Italy 3.2% | ||
Italy Buoni Poliennali Del Tesoro (b)(e) | ||
Series Reg S | ||
0.40%, due 5/15/30 | 2,758,666 | 2,845,083 |
Series Reg S | ||
1.40%, due 5/26/25 | 11,493,560 | 12,473,020 |
15,318,103 | ||
Japan 1.8% | ||
Japan Government CPI Linked Bond (e) | ||
0.10%, due 3/10/28 | JPY 464,579,210 | 3,464,575 |
0.10%, due 3/10/29 | 686,164,860 | 5,131,637 |
8,596,212 | ||
Peru 0.1% | ||
Peru Government Bond | ||
5.94%, due 2/12/29 | PEN 1,000,000 | 270,301 |
6.15%, due 8/12/32 | 900,000 | 237,410 |
507,711 | ||
Total Foreign Government Bonds (Cost $36,370,559) | 33,687,513 |
14 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities 3.6% | ||
Agency (Collateralized Mortgage Obligations) 1.5% | ||
FHLMC (a) | ||
REMIC, Series 4779, Class WF | ||
5.197% (SOFR 30A + 0.464%), due 7/15/44 | $ 122,895 | $ 119,841 |
REMIC, Series 4694, Class FA | ||
5.853% (SOFR 30A + 0.514%), due 6/15/47 | 821,035 | 795,622 |
FHLMC, Strips | ||
REMIC, Series 278, Class F1 | ||
5.903% (SOFR 30A + 0.564%), due 9/15/42 (a) | 138,424 | 135,058 |
GNMA (a) | ||
REMIC, Series 2023-H20, Class FA | ||
6.238% (SOFR 30A + 0.90%), due 7/20/73 | 5,045,386 | 5,014,945 |
REMIC, Series 2018-H15, Class FG | ||
6.246% (12 Month SOFR + 0.865%), due 8/20/68 | 317,432 | 311,171 |
REMIC, Series 2023-H11, Class FC | ||
6.438% (SOFR 30A + 1.10%), due 5/20/73 | 508,527 | 510,049 |
REMIC, Series 2017-H10, Class FB | ||
6.464% (12 Month SOFR + 1.465%), due 4/20/67 | 184,760 | 185,109 |
7,071,795 | ||
Collateralized Debt Obligations (Commercial Real Estate Collateralized Debt Obligations) 1.1% | ||
Arbor Realty Commercial Real Estate Notes Ltd. (a)(b) | ||
Series 2022-FL1, Class A | ||
6.788% (SOFR 30A + 1.45%), due 1/15/37 | 1,400,000 | 1,391,287 |
Series 2021-FL4, Class A | ||
6.826% (1 Month SOFR + 1.464%), due 11/15/36 | 600,000 | 595,909 |
LoanCore Issuer Ltd. | ||
Series 2022-CRE7, Class A | ||
6.888% (SOFR 30A + 1.55%), due 1/17/37 (a)(b) | 600,000 | 592,841 |
VMC Finance LLC | ||
Series 2022-FL5, Class A | ||
7.238% (SOFR 30A + 1.90%), due 2/18/39 (a)(b) | 2,500,000 | 2,467,535 |
5,047,572 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.3% | ||
GS Mortgage Securities Corp. Trust | ||
Series 2022-GTWY, Class A | ||
8.762% (1 Month SOFR + 3.40%), due 8/15/39 (a)(b) | $ 1,300,000 | $ 1,307,534 |
Whole Loan (Collateralized Mortgage Obligations) 0.7% | ||
Alternative Loan Trust | ||
Series 2005-29CB, Class A4 | ||
5.00%, due 7/25/35 | 25,127 | 14,271 |
Series 2007-1T1, Class 1A1 | ||
6.00%, due 3/25/37 | 525,483 | 197,977 |
CHL Mortgage Pass-Through Trust | ||
Series 2007-1, Class A1 | ||
6.00%, due 3/25/37 | 25,285 | 12,096 |
Citigroup Mortgage Loan Trust | ||
Series 2007-AR4, Class 1A1A | ||
4.203%, due 3/25/37 (f) | 155,798 | 133,231 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2004-NCM2, Class 1CB1 | ||
5.50%, due 8/25/34 | 117,785 | 103,719 |
Eurosail-UK plc (a) | ||
Series 2007-3A, Class A3C | ||
6.269% (SONIA3M IR + 1.069%), due 6/13/45 (b) | GBP 17,255 | 21,765 |
Series 2007-3X, Class A3A | ||
6.269% (SONIA3M IR + 1.069%), due 6/13/45 | 64,715 | 82,014 |
Series 2007-3X, Class A3C | ||
6.269% (SONIA3M IR + 1.069%), due 6/13/45 | 17,254 | 21,765 |
GreenPoint Mortgage Funding Trust | ||
Series 2006-AR4, Class A6A | ||
5.83% (1 Month SOFR + 0.474%), due 9/25/46 (a) | $ 57,710 | 50,812 |
IndyMac INDX Mortgage Loan Trust (a) | ||
Series 2005-AR12, Class 2A1A | ||
5.95% (1 Month SOFR + 0.594%), due 7/25/35 | 86,190 | 78,021 |
Series 2005-AR14, Class 1A1A | ||
6.03% (1 Month SOFR + 0.674%), due 7/25/35 | 643,634 | 460,046 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-A4, Class 1A | ||
4.822%, due 7/25/35 (f) | 137,209 | 62,989 |
New Residential Mortgage Loan Trust (b)(g) | ||
Series 2019-RPL3, Class A1 | ||
2.75%, due 7/25/59 | 168,089 | 158,137 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
New Residential Mortgage Loan Trust (b)(g) (continued) | ||
Series 2018-3A, Class A1 | ||
4.50%, due 5/25/58 | $ 99,379 | $ 95,959 |
OBX Trust | ||
Series 2018-1, Class A2 | ||
6.12% (1 Month SOFR + 0.764%), due 6/25/57 (a)(b) | 21,650 | 20,607 |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | ||
Series 2005-2, Class M7 | ||
7.27% (1 Month SOFR + 1.914%), due 4/25/35 (a) | 100,000 | 95,759 |
RALI Trust | ||
Series 2006-QH1, Class A1 | ||
5.85% (1 Month SOFR + 0.494%), due 12/25/36 (a) | 720,427 | 617,566 |
Residential Asset Securitization Trust | ||
Series 2006-A10, Class A5 | ||
6.50%, due 9/25/36 | 219,072 | 73,925 |
Residential Mortgage Securities 32 plc | ||
Series 32A, Class A | ||
6.445% (SONIA3M IR + 1.25%), due 6/20/70 (a)(b) | GBP 107,032 | 136,687 |
Thornburg Mortgage Securities Trust | ||
Series 2004-2, Class A1 | ||
6.09% (1 Month SOFR + 0.734%), due 6/25/44 (a) | $ 345,380 | 314,186 |
Towd Point Mortgage Funding Granite 4 plc | ||
Series 2019-GR4A, Class A1 | ||
6.384% (SONIA3M IR + 1.144%), due 10/20/51 (a)(b) | GBP 399,138 | 509,344 |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | ||
Series 2007-HY1, Class A2A | ||
5.79% (1 Month SOFR + 0.434%), due 2/25/37 (a) | $ 352,029 | 266,298 |
Series 2006-5, Class 2CB1 | ||
6.00%, due 7/25/36 | 31,550 | 20,905 |
3,548,079 | ||
Total Mortgage-Backed Securities (Cost $17,687,928) | 16,974,980 |
Principal Amount | Value | |
U.S. Government & Federal Agencies 88.4% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.1% | ||
UMBS Pool, 30 Year | ||
2.00%, due 3/1/52 | $ 182,181 | $ 148,870 |
3.00%, due 1/1/52 | 386,824 | 342,302 |
491,172 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 7.9% | ||
FNMA (a) | ||
5.075% (11th District Cost of Funds Index + 1.927%), due 12/1/36 | 36,302 | 35,917 |
6.211% (12 Month Monthly Treasury Average Index + 1.199%), due 6/1/43 | 98,462 | 95,284 |
6.377% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 | 120,666 | 124,000 |
UMBS, 30 Year | ||
3.50%, due 7/1/52 | 279,549 | 256,506 |
4.00%, due 8/1/52 | 445,198 | 421,096 |
4.50%, due 7/1/52 | 561,083 | 544,059 |
4.50%, due 3/1/53 | 487,233 | 472,449 |
UMBS, Single Family, 30 Year (h) | ||
4.00%, due 1/25/54 TBA | 10,000,000 | 9,457,422 |
4.50%, due 1/25/54 TBA | 7,000,000 | 6,785,078 |
5.00%, due 1/25/54 TBA | 9,000,000 | 8,903,672 |
6.00%, due 2/25/54 TBA | 10,800,000 | 10,965,796 |
38,061,279 | ||
United States Treasury Inflation - Indexed Notes 80.4% | ||
U.S. Treasury Inflation Linked Bonds (e) | ||
0.125%, due 2/15/51 | 5,802,393 | 3,587,737 |
0.125%, due 2/15/52 (i) | 1,989,432 | 1,218,144 |
0.25%, due 2/15/50 | 3,566,226 | 2,322,333 |
0.625%, due 2/15/43 | 2,382,032 | 1,859,465 |
0.75%, due 2/15/42 (i) | 7,121,220 | 5,768,414 |
0.75%, due 2/15/45 | 10,112,774 | 7,900,674 |
0.875%, due 2/15/47 | 13,947,620 | 10,982,523 |
1.00%, due 2/15/46 | 7,777,955 | 6,357,737 |
1.00%, due 2/15/48 | 4,751,127 | 3,830,272 |
1.00%, due 2/15/49 | 7,275,005 | 5,850,720 |
1.375%, due 2/15/44 (i) | 14,376,325 | 12,841,323 |
1.50%, due 2/15/53 (i) | 2,380,592 | 2,155,643 |
1.75%, due 1/15/28 | 15,015,171 | 14,921,443 |
2.00%, due 1/15/26 | 7,189,642 | 7,133,084 |
2.125%, due 2/15/40 | 4,925,241 | 5,056,094 |
16 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Inflation - Indexed Notes (continued) | ||
U.S. Treasury Inflation Linked Bonds (e) (continued) | ||
2.125%, due 2/15/41 | $ 6,785,909 | $ 6,965,418 |
2.375%, due 1/15/25 | 14,836,971 | 14,720,457 |
2.375%, due 1/15/27 (i) | 30,513 | 30,783 |
2.50%, due 1/15/29 | 7,494,747 | 7,746,891 |
3.375%, due 4/15/32 (i) | 566,809 | 634,027 |
U.S. Treasury Inflation Linked Notes (e) | ||
0.125%, due 10/15/24 | 8,634,168 | 8,445,970 |
0.125%, due 4/15/25 | 3,335,164 | 3,216,014 |
0.125%, due 10/15/25 (i) | 10,316,199 | 9,919,398 |
0.125%, due 4/15/26 (i) | 4,986,100 | 4,745,758 |
0.125%, due 7/15/26 | 11,051,452 | 10,529,734 |
0.125%, due 10/15/26 | 2,589,662 | 2,459,001 |
0.125%, due 4/15/27 | 12,640,404 | 11,876,950 |
0.125%, due 1/15/30 (i) | 2,702,598 | 2,449,258 |
0.125%, due 7/15/30 | 18,024,150 | 16,281,244 |
0.125%, due 1/15/31 | 19,430,600 | 17,341,200 |
0.125%, due 7/15/31 | 15,267,602 | 13,571,205 |
0.125%, due 1/15/32 | 23,752,074 | 20,857,689 |
0.25%, due 1/15/25 | 7,274,344 | 7,060,713 |
0.25%, due 7/15/29 | 20,495,882 | 18,939,713 |
0.375%, due 7/15/25 | 12,974,000 | 12,569,542 |
0.375%, due 1/15/27 | 5,069,286 | 4,817,040 |
0.375%, due 7/15/27 | 2,666,451 | 2,533,522 |
0.50%, due 4/15/24 | 9,539,696 | 9,419,332 |
0.50%, due 1/15/28 | 4,754,784 | 4,498,895 |
0.625%, due 1/15/26 (i) | 5,477,216 | 5,284,486 |
0.625%, due 7/15/32 (j) | 38,968,624 | 35,594,797 |
0.75%, due 7/15/28 | 15,823,787 | 15,142,170 |
0.875%, due 1/15/29 | 14,000,429 | 13,397,146 |
1.125%, due 1/15/33 | 3,098,640 | 2,930,997 |
1.625%, due 10/15/27 | 10,490,163 | 10,409,866 |
386,174,822 | ||
Total U.S. Government & Federal Agencies (Cost $469,102,719) | 424,727,273 | |
Total Long-Term Bonds (Cost $574,777,075) | 523,537,928 | |
Shares | Value | |
Short-Term Investments 58.4% | ||
Affiliated Investment Company 0.2% | ||
MainStay U.S. Government Liquidity Fund, 5.235% (k) | 1,122,983 | $ 1,122,983 |
Principal Amount | ||
Commercial Paper 0.3% | ||
AT&T, Inc. | ||
6.032%, due 3/19/24 | $ 1,300,000 | 1,283,626 |
Repurchase Agreements 57.8% | ||
BNP Paribas S.A. 5.47%, dated 12/29/23 due 1/3/24 Proceeds at Maturity $60,245,735 (Collateralized by United States Treasury Inflation Protected Bond with a rate of 2.75% and maturity date of 05/31/2029, with a Principal Amount of $64,860,400 and a Market Value of $61,455,942) | 60,200,000 | 60,200,000 |
BNP Paribas S.A. 5.51%, dated 12/29/23 due 1/3/24 Proceeds at Maturity $36,828,162 (Collateralized by United States Treasury Inflation Protected Bond with a rate of 2.13% and maturity date of 05/15/2025, with a Principal Amount of $38,680,100 and a Market Value of $37,557,105) | 36,800,000 | 36,800,000 |
BofA Securities, Inc. 5.49%, dated 12/29/23 due 1/3/24 Proceeds at Maturity $60,245,903 (Collateralized by United States Treasury Inflation Protected Bond with a rate of 0.75% and maturity date of 04/30/2026, with a Principal Amount of $66,294,000 and a Market Value of $61,441,383) | 60,200,000 | 60,200,000 |
Principal Amount | Value | ||
Short-Term Investments (continued) | |||
Repurchase Agreements (continued) | |||
Deutsche Bank Securities Inc. 5.48%, dated 12/29/23 due 1/3/24 Proceeds at Maturity $60,245,819 (Collateralized by United States Treasury Bond with a rate of 3.75% and maturity date of 08/15/2041, with a Principal Amount of $63,555,000 and a Market Value of $61,591,950) | $ 60,200,000 | $ 60,200,000 | |
Deutsche Bank Securities Inc. 5.51%, dated 12/29/23 due 1/3/24 Proceeds at Maturity $60,246,070 (Collateralized by United States Treasury Bond with a rate of 1.38% and maturity date of 02/15/2044, with a Principal Amount of $68,204,860 and a Market Value of $61,901,218) | 60,200,000 | 60,200,000 | |
Total Repurchase Agreements (Cost $277,600,000) | 277,600,000 | ||
Treasury Debt 0.1% | |||
Hungary Treasury Bill | |||
10.678%, due 1/4/24 (l) | HUF 233,000,000 | 671,637 | |
Total Short-Term Investments (Cost $280,682,562) | 280,678,246 | ||
Total Investments (Cost $855,459,637) | 167.4% | 804,216,174 | |
Other Assets, Less Liabilities | (67.4) | (323,695,386) | |
Net Assets | 100.0% | $ 480,520,788 |
† | Percentages indicated are based on Portfolio net assets. |
^ | Industry classifications may be different than those used for compliance monitoring purposes. |
(a) | Floating rate—Rate shown was the rate in effect as of December 31, 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) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 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) | 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) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2023. |
(g) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2023. |
(h) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2023, the total net market value was $36,111,968, which represented 7.5% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(i) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for future, swap, foreign currency forward contracts and repurchase agreement. |
(j) | Delayed delivery security. |
(k) | Current yield as of December 31, 2023. |
(l) | Interest rate shown represents yield to maturity. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,226 | $ 75,984 | $ (79,087) | $ — | $ — | $ 1,123 | $ 43 | $ — | 1,123 |
18 | MainStay VP PIMCO Real Return Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
DKK | 4,870,000 | USD | 715,289 | BNP Paribas S.A. | 1/9/24 | $ 6,117 |
DKK | 2,025,000 | USD | 298,255 | BNP Paribas S.A. | 1/9/24 | 1,714 |
NZD | 255,861 | USD | 155,897 | Bank of America N.A. | 1/9/24 | 5,847 |
Total Unrealized Appreciation | 13,678 | |||||
USD | 809,177 | CAD | 1,095,000 | Barclays Capital | 1/9/24 | (17,287) |
USD | 4,368,217 | DKK | 29,774,485 | Barclays Capital | 1/9/24 | (42,361) |
USD | 3,309,491 | DKK | 22,436,516 | BNP Paribas S.A. | 1/9/24 | (14,093) |
USD | 448,497 | DKK | 3,060,000 | Morgan Stanley & Co. International | 1/9/24 | (4,790) |
USD | 1,116,572 | EUR | 1,023,000 | Barclays Capital | 1/9/24 | (13,029) |
USD | 829,864 | EUR | 768,000 | BNP Paribas S.A. | 1/9/24 | (18,165) |
USD | 32,924,194 | EUR | 29,955,000 | Morgan Stanley & Co. International | 1/9/24 | (152,255) |
USD | 1,065,483 | EUR | 985,000 | Morgan Stanley & Co. International | 1/9/24 | (22,158) |
USD | 3,445 | GBP | 2,725 | Barclays Capital | 1/9/24 | (29) |
USD | 746,366 | GBP | 591,275 | BNP Paribas S.A. | 1/9/24 | (7,327) |
USD | 35,195 | HUF | 12,327,115 | BNP Paribas S.A. | 1/4/24 | (334) |
USD | 35,195 | HUF | 12,345,769 | BNP Paribas S.A. | 1/4/24 | (387) |
USD | 106,792 | HUF | 37,482,924 | BNP Paribas S.A. | 1/4/24 | (1,239) |
USD | 35,195 | HUF | 12,327,115 | JPMorgan Chase Bank N.A. | 1/4/24 | (333) |
USD | 165,953 | HUF | 58,349,075 | JPMorgan Chase Bank N.A. | 1/4/24 | (2,218) |
USD | 9,690 | HUF | 3,412,334 | JPMorgan Chase Bank N.A. | 1/4/24 | (145) |
USD | 80,974 | HUF | 28,336,851 | JPMorgan Chase Bank N.A. | 1/4/24 | (697) |
USD | 80,974 | HUF | 28,324,705 | JPMorgan Chase Bank N.A. | 1/4/24 | (662) |
USD | 113,208 | HUF | 39,870,726 | JPMorgan Chase Bank N.A. | 1/4/24 | (1,705) |
USD | 1 | HUF | 352 | Morgan Stanley & Co. International | 1/4/24 | — |
USD | 4,081,167 | JPY | 602,253,733 | Bank of America N.A. | 1/9/24 | (194,178) |
USD | 2,395,065 | JPY | 351,162,514 | BNP Paribas S.A. | 1/9/24 | (97,806) |
USD | 1,551,767 | JPY | 228,775,301 | Morgan Stanley & Co. International | 1/9/24 | (72,288) |
USD | 80,119 | JPY | 11,800,000 | Morgan Stanley & Co. International | 1/9/24 | (3,649) |
USD | 196,119 | JPY | 27,900,000 | Morgan Stanley & Co. International | 1/9/24 | (1,941) |
USD | 741,702 | PEN | 2,817,356 | Bank of America N.A.* | 3/20/24 | (18,040) |
Total Unrealized Depreciation | (687,116) | |||||
Net Unrealized Depreciation | $ (673,438) |
* | Non-deliverable forward. |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Euro-Bobl | 1 | March 2024 | $ 131,723 | $ 131,679 | $ (44) |
Euro-Bund | 102 | March 2024 | 14,991,536 | 15,451,370 | 459,834 |
U.S. Treasury 2 Year Notes | 12 | March 2024 | 2,447,454 | 2,470,969 | 23,515 |
U.S. Treasury 5 Year Notes | 307 | March 2024 | 32,814,105 | 33,393,445 | 579,340 |
U.S. Treasury 10 Year Ultra Bonds | 262 | March 2024 | 29,695,893 | 30,920,094 | 1,224,201 |
Total Long Contracts | 2,286,846 | ||||
Short Contracts | |||||
Euro-BTP | (58) | March 2024 | (6,771,147) | (6,828,704) | (57,557) |
Euro-BTP | (30) | March 2024 | (3,818,301) | (3,946,069) | (127,768) |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Euro-Buxl | (32) | March 2024 | $ (4,609,474) | $ (5,006,457) | $ (396,983) |
Euro-OAT | (31) | March 2024 | (4,375,402) | (4,500,594) | (125,192) |
Euro-Schatz | (566) | March 2024 | (66,181,336) | (66,573,120) | (391,784) |
U.S. Treasury 10 Year Notes | (492) | March 2024 | (53,821,370) | (55,542,187) | (1,720,817) |
U.S. Treasury Long Bonds | (18) | March 2024 | (2,088,817) | (2,248,875) | (160,058) |
U.S. Treasury Ultra Bonds | (121) | March 2024 | (14,930,880) | (16,164,844) | (1,233,964) |
Total Short Contracts | (4,214,123) | ||||
Net Unrealized Depreciation | $ (1,927,277) |
1. | As of December 31, 2023, cash in the amount of $1,031,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 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 | $ (77) | $ (84,979) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-3 Month Euro Euribor | ICE Clear Europe | $ 96.75 | 4/12/24 | (173) | EUR (432,500) | $ (117,959) | $ (116,977) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-2-Year Interest Rate Swap | Barclays Capital | $ 3.15 | 10/6/25 | (22,700,000) | EUR (22,700,000) | $ (262,860) | $ (94,782) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-2-Year Interest Rate Swap | Barclays Capital | $ 3.15 | 10/6/25 | (22,700,000) | EUR (22,700,000) | $ (262,860) | $ (592,256) | |
Call-2-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 4.76 | 1/16/24 | (17,300,000) | $ (17,300,000) | (79,580) | (243,357) | |
Call-2-Year Interest Rate Swap | BNP Paribas S.A. | 4.70 | 2/13/24 | (17,600,000) | (17,600,000) | (76,824) | (260,497) | |
Call-2-Year Interest Rate Swap | Barclays Capital | 3.90 | 3/20/24 | (19,600,000) | (19,600,000) | (93,590) | (109,174) | |
$ (512,854) | $(1,205,284) |
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) | ||
$ 27,100,000 | USD | 10/31/25 | 1 day SOFR | Fixed 4.61% | Annually/Annually | $ — | $ 203,482 | $ 203,482 | ||
53,300,000 | USD | 12/20/25 | Fixed 4.25% | 1 day SOFR | Annually/Annually | 68,136 | (151,049) | (219,185) | ||
9,800,000 | USD | 12/22/25 | Fixed 4.87% | 1 day SOFR | Annually/Annually | — | (142,065) | (142,065) | ||
9,800,000 | USD | 3/22/26 | 1 day SOFR | Fixed 3.90% | Annually/Annually | — | 16,374 | 16,374 | ||
14,000,000 | JPY | 9/20/27 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (1,754) | 445 | 2,199 | ||
50,000,000 | JPY | 3/20/28 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (6,870) | 2,414 | 9,284 | ||
420,000,000 | JPY | 9/14/28 | Fixed 0.55% | 1 day TONAR | Annually/Annually | (4,584) | (14,640) | (10,056) | ||
106,980,000 | JPY | 3/20/29 | Fixed 0.45% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (25,484) | 3,806 | 29,290 | ||
386,000,000 | JPY | 12/15/31 | Fixed 0.50% | 1 day TONAR | Annually/Annually | 413 | 46,213 | 45,800 | ||
5,900,000 | EUR | 8/15/32 | 6 month EURIBOR | Fixed 2.88% | Semi-Annually/Annually | — | 209,319 | 209,319 | ||
15,800,000 | USD | 2/13/34 | 1 day SOFR | Fixed 3.09% | Annually/Annually | (122,180) | (466,022) | (343,842) | ||
30,870,000 | EUR | 3/20/34 | 6 month EURIBOR | Fixed 3.00% | Semi-Annually/Annually | (586,618) | 1,629,758 | 2,216,376 | ||
1,400,000 | EUR | 11/4/52 | Fixed 0.19% | 6 month EURIBOR | Annually/Semi-Annually | — | 688,991 | 688,991 | ||
7,000,000 | USD | 2/13/54 | Fixed 2.87% | 1 day SOFR | Annually/Annually | 134,233 | 557,059 | 422,826 | ||
11,590,000 | EUR | 3/20/54 | Fixed 2.75% | 6 month EURIBOR | Annually/Semi-Annually | 395,637 | (1,204,966) | (1,600,603) | ||
$ (149,071) | $ 1,379,119 | $ 1,528,190 |
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 | $ (2,636) | $ 263,604 | $ 266,240 |
2,000,000 | USD | 9/8/24 | 1 Month USD-CPI | Fixed 2.51% | At Maturity | — | 2,123 | 2,123 |
1,700,000 | USD | 9/12/24 | 1 Month USD-CPI | Fixed 2.56% | At Maturity | — | 2,823 | 2,823 |
1,200,000 | USD | 9/12/24 | 1 Month USD-CPI | Fixed 2.565% | At Maturity | — | 2,051 | 2,051 |
200,000 | EUR | 9/15/24 | 1 Month EUR-CPI | Fixed 3.52% | At Maturity | (158) | (1,282) | (1,124) |
1,200,000 | EUR | 9/15/24 | 1 Month EUR-CPI | Fixed 3.72% | At Maturity | (806) | (2,338) | (1,532) |
5,400,000 | USD | 2/26/26 | Fixed 2.314% | 1 Month USD-CPI | At Maturity | 84,391 | 532,245 | 447,854 |
2,700,000 | USD | 3/5/26 | Fixed 2.419% | 1 Month USD-CPI | At Maturity | 34,949 | 250,924 | 215,975 |
2,200,000 | USD | 5/13/26 | Fixed 2.768% | 1 Month USD-CPI | At Maturity | 5,720 | 156,925 | 151,205 |
1,000,000 | USD | 5/14/26 | Fixed 2.813% | 1 Month USD-CPI | At Maturity | 1,348 | 68,908 | 67,560 |
1,250,000 | USD | 5/25/26 | Fixed 2.703% | 1 Month USD-CPI | At Maturity | 4,742 | 91,743 | 87,001 |
500,000 | USD | 6/1/26 | Fixed 2.69% | 1 Month USD-CPI | At Maturity | 1,919 | 36,684 | 34,765 |
500,000 | EUR | 5/15/27 | Fixed 3.13% | 1 Month EUR-CPI | At Maturity | — | 5,515 | 5,515 |
800,000 | EUR | 6/15/27 | 1 Month EUR-CPI | Fixed 1.36% | At Maturity | 2,143 | (129,827) | (131,970) |
1,000,000 | EUR | 3/15/28 | 1 Month EUR-CPI | Fixed 1.535% | At Maturity | 16,965 | (148,072) | (165,037) |
770,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.36% | At Maturity | (5,851) | (64,588) | (58,737) |
510,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.353% | At Maturity | (4,159) | (43,183) | (39,024) |
300,000 | USD | 8/26/28 | Fixed 2.573% | 1 Month USD-CPI | At Maturity | — | 17,724 | 17,724 |
500,000 | USD | 9/10/28 | Fixed 2.645% | 1 Month USD-CPI | At Maturity | — | 25,707 | 25,707 |
2,600,000 | USD | 11/4/29 | 1 Month USD-CPI | Fixed 1.76% | At Maturity | (156,723) | (392,696) | (235,973) |
2,200,000 | USD | 5/19/30 | 1 Month USD-CPI | Fixed 1.28% | At Maturity | (219,849) | (434,218) | (214,369) |
4,500,000 | EUR | 3/15/31 | 1 Month EUR-CPI | Fixed 1.38% | At Maturity | (113,521) | (953,593) | (840,072) |
800,000 | EUR | 5/15/32 | Fixed 2.60% | 1 Month EUR-CPI | At Maturity | 6,531 | 15,368 | 8,837 |
800,000 | EUR | 5/15/32 | Fixed 2.60% | 1 Month EUR-CPI | At Maturity | 394 | 15,368 | 14,974 |
800,000 | EUR | 6/15/32 | Fixed 2.72% | 1 Month EUR-CPI | At Maturity | 1,314 | (9,398) | (10,712) |
1,000,000 | EUR | 6/15/32 | Fixed 2.72% | 1 Month EUR-CPI | At Maturity | (8,117) | (11,748) | (3,631) |
700,000 | EUR | 6/15/32 | Fixed 2.57% | 1 Month EUR-CPI | At Maturity | — | 3,904 | 3,904 |
800,000 | EUR | 7/15/32 | Fixed 2.47% | 1 Month EUR-CPI | At Maturity | — | 13,047 | 13,047 |
200,000 | EUR | 3/15/33 | Fixed 1.71% | 1 Month EUR-CPI | At Maturity | (9,472) | 31,545 | 41,017 |
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) | ||
$ 700,000 | EUR | 11/15/33 | 1 Month EUR-CPI | Fixed 2.356% | At Maturity | $ — | $ 16,660 | $ 16,660 | ||
1,000,000 | EUR | 11/15/33 | 1 Month EUR-CPI | Fixed 2.39% | At Maturity | 967 | 27,495 | 26,528 | ||
1,000,000 | EUR | 11/15/33 | 1 Month EUR-CPI | Fixed 2.356% | At Maturity | (2,612) | 23,800 | 26,412 | ||
900,000 | EUR | 11/15/33 | 1 Month EUR-CPI | Fixed 2.363% | At Maturity | — | 22,055 | 22,055 | ||
1,680,000 | EUR | 5/15/37 | 1 Month EUR-CPI | Fixed 2.488% | At Maturity | — | (47,689) | (47,689) | ||
400,000 | EUR | 3/15/52 | 1 Month EUR-CPI | Fixed 2.59% | At Maturity | (9,852) | (14,507) | (4,655) | ||
100,000 | EUR | 3/15/52 | 1 Month EUR-CPI | Fixed 2.58% | At Maturity | — | (3,991) | (3,991) | ||
100,000 | EUR | 3/15/52 | 1 Month EUR-CPI | Fixed 2.58% | At Maturity | 113 | (3,991) | (4,104) | ||
100,000 | EUR | 4/15/52 | 1 Month EUR-CPI | Fixed 2.55% | At Maturity | 122 | (3,583) | (3,705) | ||
1,000,000 | EUR | 4/15/53 | 1 Month EUR-CPI | Fixed 2.7% | At Maturity | 6,530 | 88,423 | 81,893 | ||
400,000 | EUR | 9/15/53 | 1 Month EUR-CPI | Fixed 2.763% | At Maturity | — | 44,497 | 44,497 | ||
300,000 | EUR | 9/15/53 | 1 Month EUR-CPI | Fixed 2.763% | At Maturity | 836 | 33,373 | 32,537 | ||
200,000 | EUR | 9/15/53 | 1 Month EUR-CPI | Fixed 2.763% | At Maturity | 1,769 | 22,249 | 20,480 | ||
100,000 | EUR | 10/15/53 | 1 Month EUR-CPI | Fixed 2.736% | At Maturity | — | 10,325 | 10,325 | ||
300,000 | EUR | 10/15/53 | 1 Month EUR-CPI | Fixed 2.736% | At Maturity | 3,901 | 30,975 | 27,074 | ||
300,000 | EUR | 10/15/53 | 1 Month EUR-CPI | Fixed 2.682% | At Maturity | — | 25,036 | 25,036 | ||
300,000 | EUR | 11/15/53 | Fixed 2.62% | 1 Month EUR-CPI | At Maturity | — | (18,777) | (18,777) | ||
300,000 | EUR | 11/15/53 | Fixed 2.548% | 1 Month EUR-CPI | At Maturity | (925) | (11,092) | (10,167) | ||
$ (360,027) | $ (413,477) | $ (53,450) |
Swap Counterparty | Reference Obligation | Floating Rate3 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)4 | 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 | $ (104,764) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 04/15/2025 | 1 day SOFR | 1/16/24 | Daily | 5,000 | 13,119 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 07/15/2031 | 1 day SOFR | 1/16/24 | Daily | 10,000 | 542,753 |
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 | (93,405) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2024 | 1 day SOFR | 1/16/24 | Daily | 5,000 | (848) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2026 | 1 day SOFR | 1/16/24 | Daily | 25,000 | 411,615 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/2025 | 1 day SOFR | 1/16/24 | Daily | 5,000 | 2,006 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 01/15/2027 | 1 day SOFR | 1/16/24 | Daily | 10,000 | 218,780 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 07/15/2027 | 1 day SOFR | 1/16/24 | Daily | 10,000 | 265,947 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.50%, 01/15/2028 | 1 day SOFR + 5.57% | 1/9/24 | Daily | 15,000 | 328,861 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.625%, 01/15/2026 | 1 day SOFR | 1/9/24 | Daily | 5,000 | 50,414 |
$ 1,634,478 |
1. | As of December 31, 2023, cash in the amount of $828,000 was on deposit with a broker for centrally cleared swap agreements. |
2. | As of December 31, 2023, cash in the amount $1,290,000 was due to broker for OTC debt total return swap agreements. |
3. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
4. | 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. |
22 | MainStay VP PIMCO Real Return Portfolio |
Abbreviation(s): |
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 |
HUF—Hungarian Forint |
JPY—Japanese Yen |
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 |
SONIA3M IR—Sterling Overnight Interbank Average 3 Month Index 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 | $ — | $ 40,308,080 | $ — | $ 40,308,080 | |||
Corporate Bonds | — | 7,840,082 | — | 7,840,082 | |||
Foreign Government Bonds | — | 33,687,513 | — | 33,687,513 | |||
Mortgage-Backed Securities | — | 16,974,980 | — | 16,974,980 | |||
U.S. Government & Federal Agencies | — | 424,727,273 | — | 424,727,273 | |||
Total Long-Term Bonds | — | 523,537,928 | — | 523,537,928 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,122,983 | — | — | 1,122,983 | |||
Commercial Paper | — | 1,283,626 | — | 1,283,626 | |||
Repurchase Agreements | — | 277,600,000 | — | 277,600,000 | |||
Treasury Debt | — | 671,637 | — | 671,637 | |||
Total Short-Term Investments | 1,122,983 | 279,555,263 | — | 280,678,246 | |||
Total Investments in Securities | 1,122,983 | 803,093,191 | — | 804,216,174 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 13,678 | — | 13,678 | |||
Futures Contracts | 2,286,890 | — | — | 2,286,890 | |||
Interest Rate Swap Contracts | — | 3,843,941 | — | 3,843,941 | |||
Inflation Swap Contracts | — | 1,741,819 | — | 1,741,819 | |||
OTC Debt Total Return Swap Contracts | — | 1,833,495 | — | 1,833,495 | |||
Total Other Financial Instruments | 2,286,890 | 7,432,933 | — | 9,719,823 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,409,873 | $ 810,526,124 | $ — | $ 813,935,997 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (687,116) | $ — | $ (687,116) | |||
Futures Contracts (b) | (4,214,167) | — | — | (4,214,167) | |||
Written Options | — | (1,502,022) | — | (1,502,022) | |||
Interest Rate Swap Contracts (b) | — | (2,315,751) | — | (2,315,751) | |||
Inflation Swap Contracts (b) | — | (1,795,269) | — | (1,795,269) | |||
OTC Debt Total Return Swap Contracts (b) | — | (199,017) | — | (199,017) | |||
Total Other Financial Instruments | $ (4,214,167) | $ (6,499,175) | $ — | $ (10,713,342) |
(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. | 5.53% | 12/19/2023 | 1/10/2024 | $ 10,046,379 | $ 10,030,748 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 14,761,756 | 14,759,419 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 6,220,073 | 6,219,003 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 14,747,340 | 14,744,749 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 7,508,813 | 7,507,632 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 4,453,502 | 4,452,787 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 5,869,482 | 5,868,535 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 5,594,012 | 5,592,884 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 1,058,377 | 1,058,146 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 11,972,070 | 11,969,806 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 7,246,334 | 7,244,767 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 5,389,588 | 5,388,529 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 10,192,049 | 10,189,972 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 3,066,240 | 3,065,627 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 2,397,490 | 2,396,985 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 3,554,523 | 3,553,783 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 12,906,146 | 12,903,585 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 18,965,173 | 18,961,017 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 6,320,413 | 6,319,029 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 5,020,104 | 5,019,054 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 9,803,642 | 9,801,440 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 3,644,174 | 3,643,379 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 12,612,615 | 12,609,895 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 14,154,204 | 14,151,351 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 8,221,562 | 8,219,829 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 2,174,290 | 2,173,802 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 2,301,233 | 2,300,725 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 16,318,903 | 16,315,239 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 7,994,656 | 7,992,888 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 16,949,373 | 16,945,534 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 3,354,759 | 3,354,012 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 13,314,783 | 13,311,864 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 2,141,480 | 2,141,017 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 20,548,410 | 20,543,839 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 11,282,887 | 11,280,412 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 25,308,562 | 25,303,289 | |
BNP Paribas S.A. | 5.57 | 12/22/2023 | 1/3/2024 | 10,358,720 | 10,356,876 | |
BNP Paribas S.A. | 5.71 | 12/27/2023 | 1/4/2024 | 2,840,046 | 2,838,541 | |
$340,614,163 | $340,529,989 |
Assets | |
Investment in unaffiliated securities, at value (identified cost $576,736,654) | $ 525,493,191 |
Investment in affiliated investment companies, at value (identified cost $1,122,983) | 1,122,983 |
Repurchase agreements, at value (amortized cost $277,600,000) | 277,600,000 |
Cash | 9,503 |
Cash denominated in foreign currencies (identified cost $1,616,648) | 1,170,219 |
Cash collateral on deposit at broker for futures contracts | 1,031,000 |
Cash collateral on deposit at broker for swap contracts | 828,000 |
Due from custodian | 1,200,854 |
Receivables: | |
Investment securities sold | 337,548,526 |
Interest | 1,739,994 |
Variation margin on futures contracts | 384,496 |
Portfolio shares sold | 142,170 |
Variation margin on centrally cleared swap contracts | 134,154 |
Unrealized appreciation on OTC swap contracts | 1,833,495 |
Unrealized appreciation on foreign currency forward contracts | 13,678 |
Other assets | 2,673 |
Total assets | 1,150,254,936 |
Liabilities | |
Written options, at value (premiums received $893,750) | 1,502,022 |
Cash collateral due to broker for swaps contracts | 1,290,000 |
Cash collateral due to broker for TBA | 931,000 |
Payables: | |
Sale buyback transactions | 340,529,989 |
Investment securities purchased | 323,944,368 |
Portfolio shares redeemed | 228,155 |
Manager (See Note 3) | 194,968 |
Custodian | 91,319 |
NYLIFE Distributors (See Note 3) | 73,210 |
Professional fees | 62,810 |
Shareholder communication | 44 |
Accrued expenses | 130 |
Unrealized depreciation on OTC swap contracts | 199,017 |
Unrealized depreciation on foreign currency forward contracts | 687,116 |
Total liabilities | 669,734,148 |
Net assets | $ 480,520,788 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 61,921 |
Additional paid-in-capital | 599,316,010 |
599,377,931 | |
Total distributable earnings (loss) | (118,857,143) |
Net assets | $ 480,520,788 |
Initial Class | |
Net assets applicable to outstanding shares | $ 134,068,341 |
Shares of beneficial interest outstanding | 17,240,881 |
Net asset value per share outstanding | $ 7.77 |
Service Class | |
Net assets applicable to outstanding shares | $ 346,452,447 |
Shares of beneficial interest outstanding | 44,680,350 |
Net asset value per share outstanding | $ 7.75 |
26 | MainStay VP PIMCO Real Return Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 24,682,942 |
Dividends-affiliated | 43,452 |
Securities lending, net | 69 |
Other | 88,029 |
Total income | 24,814,492 |
Expenses | |
Manager (See Note 3) | 2,448,592 |
Interest expense | 1,234,517 |
Distribution/Service—Service Class (See Note 3) | 902,808 |
Custodian | 234,195 |
Professional fees | 180,104 |
Trustees | 12,855 |
Shareholder communication | 6,887 |
Miscellaneous | 12,359 |
Total expenses before waiver/reimbursement | 5,032,317 |
Expense waiver/reimbursement from Manager (See Note 3) | (299,482) |
Reimbursement from prior custodian(a) | (42,322) |
Net expenses | 4,690,513 |
Net investment income (loss) | 20,123,979 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (9,968,070) |
Futures transactions | 2,082,859 |
Swap transactions | (4,874,297) |
Foreign currency transactions | (2,313,165) |
Foreign currency forward transactions | (1,173,534) |
Written option transactions | 865,773 |
Net realized gain (loss) | (15,380,434) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | 9,352,941 |
Futures contracts | (3,794,502) |
Swap contracts | 6,285,978 |
Foreign currency forward contracts | 1,119,847 |
Translation of other assets and liabilities in foreign currencies | (432,867) |
Written option contracts | (715,399) |
Net change in unrealized appreciation (depreciation) | 11,815,998 |
Net realized and unrealized gain (loss) | (3,564,436) |
Net increase (decrease) in net assets resulting from operations | $ 16,559,543 |
(a) | Represents a refund for overbilling of custody fees. |
for the years ended December 31, 2023 and December 31, 2022
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 20,123,979 | $ 37,910,942 |
Net realized gain (loss) | (15,380,434) | 4,414,215 |
Net change in unrealized appreciation (depreciation) | 11,815,998 | (107,138,056) |
Net increase (decrease) in net assets resulting from operations | 16,559,543 | (64,812,899) |
Distributions to shareholders: | ||
Initial Class | (11,335,518) | (6,510,777) |
Service Class | (29,658,529) | (22,747,983) |
Total distributions to shareholders | (40,994,047) | (29,258,760) |
Capital share transactions: | ||
Net proceeds from sales of shares | 53,122,871 | 102,583,407 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 40,994,047 | 29,258,760 |
Cost of shares redeemed | (83,054,069) | (135,760,697) |
Increase (decrease) in net assets derived from capital share transactions | 11,062,849 | (3,918,530) |
Net increase (decrease) in net assets | (13,371,655) | (97,990,189) |
Net Assets | ||
Beginning of year | 493,892,443 | 591,882,632 |
End of year | $480,520,788 | $ 493,892,443 |
28 | MainStay VP PIMCO Real Return Portfolio |
for the year ended December 31, 2023
Cash Flows From (Used in) Operating Activities: | |
Net increase in net assets resulting from operations | $ 16,559,543 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (414,768,808) |
Long term investments sold | 403,768,878 |
Purchase of short term investments, net | (239,741,065) |
Sale of affiliated investments, net | 3,102,829 |
Amortization (accretion) of discount and premium, net | (12,944,460) |
Increase in due from custodian | (1,200,854) |
Increase in investment securities sold receivable | (54,992,297) |
Increase in interest receivable | (74,268) |
Decrease in securities lending | 141 |
Decrease in other assets | 4,355 |
Decrease in unrealized appreciation for open forward foreign currency contracts | 30,432 |
Increase in premiums from written options | 645,419 |
Increase in cash collateral due to broker for TBA | 931,000 |
Increase in cash collateral due to broker for swap contracts | 1,290,000 |
Increase in investment securities purchased payable | 309,974,433 |
Decrease in due to NYLIFE Distributors | (7,086) |
Increase in professional fees payable | 18,384 |
Increase in custodian payable | 59,354 |
Decrease in shareholder communication payable | (26,511) |
Increase in due to manager | 11,244 |
Decrease in variation margin on centrally cleared swap contracts | 151,772 |
Decrease in variation margin on futures contracts | (1,394,494) |
Decrease in unrealized depreciation for open forward foreign currency contracts | (1,150,279) |
Decrease in accrued expenses | (8,729) |
Increase in unrealized appreciation on OTC swap contracts | (1,661,695) |
Decrease in unrealized depreciation on OTC swap contracts | (751,183) |
Net realized loss from investments | 9,968,070 |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | (9,352,941) |
Net change in unrealized (appreciation) depreciation on written options | 715,399 |
Net cash from operating activities | 9,156,583 |
Cash Flows From (Used in) Financing Activities: | |
Proceeds from shares sold | 53,033,222 |
Payment on shares redeemed | (82,935,865) |
Proceeds on sale-buyback transactions | 1,738,712,481 |
Payments from sale-buyback transactions | (1,719,307,068) |
Net cash used in financing activities | (10,497,230) |
Effect of exchange rate changes on cash | (353,281) |
Net decrease in cash | (1,693,928) |
Cash, restricted cash and foreign currency at beginning of year | 4,732,650 |
Cash, restricted cash and foreign currency at end of year | $ 3,038,722 |
Non-cash financing activities not included herein consist of all reinvestment of dividends and distributions of $40,994,047. |
Supplemental disclosure of cash flow information: | |
The following tables provide a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows: | |
Cash and restricted cash at beginning of year | |
Cash | $ 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 year | |
Cash | $ 9,503 |
Cash denominated in foreign currencies | 1,170,219 |
Cash collateral on deposit at broker for futures contracts | 1,031,000 |
Cash collateral on deposit at broker for swap contracts | 828,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $3,038,722 |
Restricted cash consists of cash that has been segregated to cover the Portfolio’s collateral or margin obligations under derivative contracts. It is separately reported on the Statement of Assets and Liabilities as cash collateral on deposit at brokers. |
Year Ended December 31, | |||||||||
Initial Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.23 | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | ||||
Net investment income (loss) (a) | 0.35 | 0.68 | 0.50 | 0.12 | 0.20 | ||||
Net realized and unrealized gain (loss) | (0.09) | (1.82) | — | 0.91 | 0.51 | ||||
Total from investment operations | 0.26 | (1.14) | 0.50 | 1.03 | 0.71 | ||||
Less distributions: | |||||||||
From net investment income | (0.72) | (0.55) | (0.05) | (0.19) | (0.28) | ||||
Net asset value at end of year | $ 7.77 | $ 8.23 | $ 9.92 | $ 9.47 | $ 8.63 | ||||
Total investment return (b) | 3.72% | (11.45)% | 5.36%(c) | 11.93%(c) | 8.56%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.31%(d) | 7.42% | 5.20% | 1.27% | 2.35% | ||||
Net expenses (e) | 0.77%(f) | 0.71% | 0.55% | 0.78% | 1.65% | ||||
Expenses (before waiver/reimbursement) (e) | 0.84% | 0.76% | 0.59% | 0.83% | 1.71% | ||||
Interest expense and fees | 0.25% | 0.18% | 0.02% | 0.25% | 1.09% | ||||
Portfolio turnover rate | 81% | 71% | 125%(g) | 199%(g) | 187%(g) | ||||
Net assets at end of year (in 000's) | $ 134,068 | $ 119,313 | $ 139,038 | $ 48,479 | $ 48,707 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 4.30%. |
(e) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(f) | Without the custody fee reimbursement, net expenses would have been 0.78%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128% and 139% for the years ended December 31, 2021, 2020 and 2019, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
Net asset value at beginning of year | $ 8.20 | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | ||||
Net investment income (loss) (a) | 0.33 | 0.66 | 0.44 | 0.09 | 0.18 | ||||
Net realized and unrealized gain (loss) | (0.08) | (1.82) | 0.04 | 0.91 | 0.50 | ||||
Total from investment operations | 0.25 | (1.16) | 0.48 | 1.00 | 0.68 | ||||
Less distributions: | |||||||||
From net investment income | (0.70) | (0.53) | (0.03) | (0.17) | (0.26) | ||||
Net asset value at end of year | $ 7.75 | $ 8.20 | $ 9.89 | $ 9.44 | $ 8.61 | ||||
Total investment return (b) | 3.46% | (11.68)% | 5.12% | 11.61%(c) | 8.30%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.04%(d) | 7.27% | 4.58% | 1.04% | 2.14% | ||||
Net expenses (e) | 1.02%(f) | 0.96% | 0.80% | 1.03% | 1.89% | ||||
Expenses (before waiver/reimbursement) (e) | 1.09% | 1.01% | 0.84% | 1.08% | 1.96% | ||||
Interest expense and fees | 0.25% | 0.18% | 0.02% | 0.25% | 1.09% | ||||
Portfolio turnover rate | 81% | 71% | 125%(g) | 199%(g) | 187%(g) | ||||
Net assets at end of year (in 000's) | $ 346,452 | $ 374,580 | $ 452,844 | $ 433,668 | $ 343,332 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Without the custody fee reimbursement, net investment income (loss) would have been 4.03%. |
(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 1.03%. |
(g) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128% and 139% for the years ended December 31, 2021, 2020 and 2019, respectively. |
30 | MainStay VP PIMCO Real Return 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 |
• Equity and credit default swap curves | • Monthly payment information |
32 | MainStay VP PIMCO Real Return Portfolio |
34 | MainStay VP PIMCO Real Return Portfolio |
36 | MainStay VP PIMCO Real Return Portfolio |
38 | MainStay VP PIMCO Real Return Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $2,286,890 | $2,286,890 |
OTC Swap Contracts - Unrealized appreciation on OTC swap contracts | — | 1,833,495 | 1,833,495 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | — | 5,585,760 | 5,585,760 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 13,678 | — | 13,678 |
Total Fair Value | $13,678 | $9,706,145 | $9,719,823 |
(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 | $ — | $ (1,502,022) | $ (1,502,022) |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | — | (4,214,167) | (4,214,167) |
OTC Swap Contracts - Unrealized depreciation on OTC swap contracts | — | (199,017) | (199,017) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (4,111,020) | (4,111,020) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (687,116) | — | (687,116) |
Total Fair Value | $(687,116) | $(10,026,226) | $(10,713,342) |
(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 | — | — | 865,773 | 865,773 |
Futures Transactions | — | — | 2,082,859 | 2,082,859 |
Swap Transactions | — | 411 | (4,874,708) | (4,874,297) |
Forward Transactions | (1,173,534) | — | — | (1,173,534) |
Total Net Realized Gain (Loss) | $(1,173,534) | $411 | $(2,107,574) | $(3,280,697) |
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 | — | — | (715,399) | (715,399) |
Futures Contracts | — | — | (3,794,502) | (3,794,502) |
Swap Contracts | — | 53 | 6,285,925 | 6,285,978 |
Forward Contracts | 1,119,847 | — | — | 1,119,847 |
Total Net Change in Unrealized Appreciation (Depreciation) | $1,119,847 | $ 53 | $ 1,994,680 | $ 3,114,580 |
Average Notional Amount | Total |
Purchased Swaptions (a) | $ 17,100,000 |
Written Swaptions | $ (50,332,498) |
Written Inflation—Capped Options | $ (300,000) |
Options on Futures Contracts | $ 71,805 |
Futures Contracts Long | $ 79,516,471 |
Futures Contracts Short | $(203,739,299) |
Swap Contracts Long | $ 249,889,185 |
Forward Contracts Long | $ 8,940,325 |
Forward Contracts Short | $(102,541,755) |
(a) | Positions were open for five months during the reporting period. |
40 | MainStay VP PIMCO Real Return Portfolio |
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. | $(340,529,989) | $(340,529,989) | $340,614,163 | $84,174 |
Total Borrowings and Other Financing Transactions | $(340,529,989) | $(340,529,989) | $340,614,163 | $84,174 |
(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 | $— | $340,529,989 | $— | $— | $340,529,989 |
Total Borrowings | $— | $340,529,989 | $— | $— | $340,529,989 |
Payable for sale-buyback financing transactions | $340,529,989 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $933,861,523 | $1,347,274 | $(131,350,182) | $(130,002,908) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$14,949,766 | $(4,526,010) | $(1) | $(129,280,898) | $(118,857,143) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $4,214 |
2023 | 2022 | |
Distributions paid from: | ||
Ordinary Income | $40,994,047 | $29,258,760 |
42 | MainStay VP PIMCO Real Return Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2023: | ||
Shares sold | 2,958,161 | $ 24,393,797 |
Shares issued to shareholders in reinvestment of distributions | 1,535,125 | 11,335,518 |
Shares redeemed | (1,758,214) | (14,244,076) |
Net increase (decrease) | 2,735,072 | $ 21,485,239 |
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 |
Year ended December 31, 2023: | ||
Shares sold | 3,518,842 | $ 28,729,074 |
Shares issued to shareholders in reinvestment of distributions | 4,025,863 | 29,658,529 |
Shares redeemed | (8,539,375) | (68,809,993) |
Net increase (decrease) | (994,670) | $(10,422,390) |
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) |
New York, New York
February 26, 2024
44 | MainStay VP PIMCO Real Return Portfolio |
46 | MainStay VP PIMCO Real Return Portfolio |
48 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Naïm Abou-Jaoudé* 1966 | MainStay VP Funds Trust: Trustee since 2023 | Chief Executive Officer of New York Life Investment Management LLC (since 2023). Chief Executive Officer of Candriam (an affiliate of New York Life Investment Management LLC) (2007 to 2023). | 81 | MainStay Funds: Trustee since 2023 (11 Funds) MainStay Funds Trust: Trustee since 2023 (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2023; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2023; and New York Life Investment Management International (Chair) since 2015 |
* | This Trustee is considered to be an “interested person” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund, within the meaning of the 1940 Act because of his affiliation with New York Life Investment Management LLC and Candriam, as described in detail above in the column entitled “Principal Occupation(s) During Past Five Years.” |
50 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since 2021; VanEck Vectors Group of Exchange-Traded Funds: Trustee since 2006 and Independent Chairman of the Board of Trustees from 2008 to 2022 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Investment Committee since 2018 | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 81 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (11 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chair since 2017 and Trustee since 2007** | President, Strategic Management Advisors LLC since 1990 | 81 | MainStay Funds: Chair since January 2017 and Trustee since 2007 (11 Funds); MainStay Funds Trust: Chair since January 2017 and Trustee since 1990 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chair since January 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007** | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 81 | MainStay Funds: Trustee since 2006 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 81 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (11 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (37 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007** | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 81 | MainStay Funds: Trustee since 1994 (11 Funds); MainStay Funds Trust: Trustee since 2007 (37 Funds)***; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Term Fund: Trustee since June 2021 |
** | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
*** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
52 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since 2018); President, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015 to 2016); Managing Director, Product Development (from 2010 to 2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Term Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012 to 2022) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Term Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Term Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, New York Life Insurance Company, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to August 28, 2023, the Portfolio's name was MainStay VP MacKay International Equity Portfolio. |
2. | Effective on or about May 1, 2024, the MainStay VP MacKay Government Portfolio will be renamed the MainStay VP U.S. Infrastructure Bond Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015893 | MSVPPRR11-02/24 |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). During the period covered by this report, no amendments were made to the provisions of the Code. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report. A copy of the Code is filed herewith.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has three “audit committee financial experts” (as defined by Item 3 of Form N-CSR) serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, Karen Hammond and Susan B. Kerley. Mr. Latshaw, Ms. Hammond and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended December 31, 2023 for professional services rendered by PricewaterhouseCoopers LLP (“PwC”) for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,986,750.
The aggregate fees billed for the fiscal year ended December 31, 2022 for professional services rendered by PwC for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,949,250.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by PwC that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended December 31, 2023, and (ii) $0 for the fiscal year ended December 31, 2022.
(c) Tax Fees
The aggregate fees billed for professional services rendered by PwC for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended December 31, 2023; and (ii) $0 during the fiscal year ended December 31, 2022. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by PwC, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended December 31, 2023; and (ii) $0 during the fiscal year ended December 31, 2022.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than PwC’s full-time, permanent employees.
(g) All non-audit fees billed by PwC for services rendered to the Registrant for the fiscal years ended December 31, 2023 and December 31, 2022 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by PwC for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the Registrant were approximately: (i) $14,573,000 for the fiscal year ended December 31, 2023; and (ii) $13,012,000 for the fiscal year ended December 31, 2022.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by PwC for the fiscal year ended December 31, 2023 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of PwC during the relevant time period.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of Ethics | |
(a)(2) | Section 302 Certifications are attached | |
(b) | Section 906 Certifications are attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY VP FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | March 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | March 5, 2024 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | March 5, 2024 |